/raid1/www/Hosts/bankrupt/TCRAP_Public/200526.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, May 26, 2020, Vol. 23, No. 105
Headlines
A U S T R A L I A
BAMBRA PTY: First Creditors' Meeting Set for June 3
HORIZON GLOBAL: Incurs $16.7 Million Net Loss in First Quarter
ISIK & LANCELLOTTI: First Creditors' Meeting Set for June 2
MYHOUSE (AUST): Second Creditors' Meeting Set for June 2
SAMSON OIL: Posts $8.35 Million Net Income in Third Quarter
VR UNICOS: Jirsch Sutherland Appointed as Administrators
C H I N A
BAOSHANG BANK: China Central Bank to Extend Takeover by Six Months
TUNIU CORP: Faces Nasdaq Delisting Due to Sagging Stock
[*] CHINA: U.S. Blacklists 33 More Chinese Entities
F I J I
FIJI AIRWAYS: Cuts Workforce by Half Due to COVID-19 Pandemic
I N D I A
AMRIT LAL: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
BHAGIRATH DAIRY: CRISIL Lowers Rating on INR13cr Loan to 'D'
CHIMUR COTTON: CRISIL Lowers Rating on INR3.0cr Loan to B+
GRAFFITI LAMINATES: CRISIL Keeps B+ Debt Ratings in Not Coop.
GURU NANAK: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
HAIKO LOGISTICS: CRISIL Lowers Rating on INR11.5cr Loan to B+
HEADWORD PUBLISHING: CRISIL Keeps B INR7cr Debt Rating in Not Coop.
HIM TEKNOFORGE: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.
HINDUSTAN DISTRIBUTOR: CRISIL Cuts Rating on INR10cr Loan to B+
HINDUSTAN GUNNY: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
IMAN FRUIT: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
JITM TRUST: CRISIL Lowers Rating on INR32.95cr Loan to 'B+'
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMY JEWELLERY: CRISIL Lowers Rating on INR10.5cr Loan to B+
LGF VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHESH TIMBER: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
MONALISA ENGICONS: CRISIL Lowers Rating on INR1.5cr Loan to B+
NANDI COTTON: Ind-Ra Assigns 'B' Bank Loan Rating, Outlook Stable
NISWIN ENTERPRISES: CRISIL Lowers Rating on INR2cr Loan to B+
NOOR INDIA: CARE Keeps D INR7.0cr Debt Rating in Not Cooperating
PRIMACY INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B'
PRIME INSULATORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
R D SAMANT: CRISIL Lowers Rating on INR12cr Cash Loan to 'B+'
SAHIB TRADELINKS: CRISIL Cuts Rating on INR24.75cr Loan to B+
SAMRADDHI COT: CARE Keeps D INR7.01cr Debt Rating in Not Coop.
SVM CERA: CARE Keeps 'D' Debt Ratings in Not Cooperating
TATA STEEL: Fitch Cuts LT IDR 'BB-', Outlook Negative
VENKATA SRI: CRISIL Lowers Rating on INR22cr Loans to B+
VENKATESHWARA POWER: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
[*] INDIA: 124 Firms Slip Into Liquidation Despite Resolution Plan
N E W Z E A L A N D
FELTEX CARPETS: Investors Case Have Until July 13 to Raise Fund
TAB: Cuts Jobs After Plans to Axe 30 Percent of its Workforce
S I N G A P O R E
GEO ENERGY: Fitch Cuts LT IDR to 'C' on Distressed Debt Exchange
HATTEN LAND: Gets More Time to Repay US$20MM Loan
X X X X X X X X
[*] BOND PRICING: For the Week May 18, 2020 to May 22, 2020
- - - - -
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A U S T R A L I A
=================
BAMBRA PTY: First Creditors' Meeting Set for June 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bambra Pty
Ltd will be held on June 3, 2020, at 11:00 a.m. at the offices of
Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.
Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Bambra Pty on May 22, 2020.
HORIZON GLOBAL: Incurs $16.7 Million Net Loss in First Quarter
--------------------------------------------------------------
Horizon Global Corporation reported a net loss attributable to the
company of $16.74 million on $163.3 million of net sales for the
three months ended March 31, 2020, compared to a net loss
attributable to the company of $25.10 million on $177.7 million of
net sales for the three months ended March 31, 2019.
As of March 31, 2020, the Company had $445.8 million in total
assets, $458.2 million in total liabilities, and a total
shareholders' deficit of $12.41 million.
"Horizon Global delivered a strong year-over-year performance and
generated positive operating cash flow in the first quarter of
2020, despite the unfavorable impact of COVID-19 on our business
and economies around the globe," stated Terry Gohl, Horizon
Global's president and chief executive officer. "I want to thank
Horizon Global's employees for their commitment to maintaining our
operations and excellent service delivery to our customers during
these uncertain times. I also want to recognize their efforts in
ensuring the health and safety of their colleagues, customers and
those in the communities in which we operate."
Gohl continued, "As we resume our global operations, we are focused
on providing a safe and healthy workplace for our employees.
During the relaunch of our business, we are carefully managing our
liquidity in light of the continued macroeconomic uncertainty due
to COVID-19. We will continue to flex our operations and partner
with our supply chain to service our customers and meet market
demand. Importantly, our business continues to improve every day as
we aggressively pursue our operational improvement initiatives in
2020."
Gohl further commented, "We expect this unprecedented global
pandemic to have an ongoing effect on our business and customer
demand patterns, which will result in a continued impact on Horizon
Global's financial results in 2020. Due to these uncertain
macroeconomic conditions, we are proactively preserving liquidity
and managing our variable and support cost structure to allow for
operating flexibility, while continuing to execute on our
operational improvement initiatives that will support cash flow
generation and drive near- and long-term value for our employees,
customers and shareholders."
COVID-19 Pandemic
The Company has taken decisive actions in response to the
unprecedented uncertainty related to the impact the COVID-19
pandemic is having on the global automotive industry and economies
around the world. These actions include actively managing costs,
capital spending and working capital to further strengthen
liquidity, including the idling or ramping down of certain
production facilities and distribution centers in response to the
economic uncertainties and changes in customer ordering patterns.
The Company will continue to closely monitor the ongoing potential
impacts of COVID-19 and, while the ultimate impact of the pandemic
to its business remains highly uncertain, the Company will continue
to seek to aggressively mitigate and minimize its impact on its
business.
During the COVID-19 pandemic, Horizon Global's top priority is
ensuring the health and safety of its employees. The Company is
adhering to all federal, state and local mandates and guidelines,
including the frequent disinfection of its facilities, equipment
and individual work areas, promoting social distancing, requiring
office employees to work remotely, preventing visitors from
entering its facilities and restricting business travel.
A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:
https://is.gd/MAktdT
About Horizon Global
Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.
As of Dec. 31, 2019, the Company had $421.0 million in total
assets, $412.4 million in total liabilities, and $8.60 million in
total shareholders' equity.
* * *
As reported by the TCR on Dec. 16, 2019, S&P Global Ratings
affirmed the 'CCC' issuer credit rating on Horizon Global Corp. and
revised the outlook to negative from developing. The outlook
revision to negative reflects S&P's view that despite recent debt
reduction and temporary improvement in liquidity, Horizon's credit
metrics and liquidity remain quite weak and could worsen as the
rating agency expects the company to generate negative free flow.
As reported by the TCR on June 18, 2019, Moody's Investors Service
downgraded Horizon Global Corporation's Corporate Family Rating to
C from Caa3. The downgrade reflects Moody's expectations that
modest earnings improvement will not be sufficient to reduce
leverage to a sustainable level and that the sale of the
Asia-Pacific segment will, while reducing secured leverage,
increase total leverage and create greater reliance on a quick
turnaround in the more weakly performing U.S. and European
operations to diminish restructuring risk.
ISIK & LANCELLOTTI: First Creditors' Meeting Set for June 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Isik &
Lancellotti Pty Ltd, trading as Scales Fish and Chippery, will be
held on June 2, 2020, at 1:00 p.m. via video conference.
Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton Australia were appointed as administrators of Isik &
Lancellotti on May 21, 2020.
MYHOUSE (AUST): Second Creditors' Meeting Set for June 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of MyHouse (Aust)
Pty Limited has been set for June 2, 2020, at 3:00 p.m. via Cisco
Webex Web Event and via Cisco Webex Teleconference.
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 June 1, 2020, at 2:00 p.m.
Michael Brereton and Sean Wengel of William Buck were appointed as
administrators of MyHouse (Aust) on March 19, 2020.
SAMSON OIL: Posts $8.35 Million Net Income in Third Quarter
-----------------------------------------------------------
Samson Oil & Gas Limited reported net income of $8.35 million on
$2.07 million of total oil and gas income for the three months
ended March 31, 2020, compared to a net loss of $3.80 million on
$2.48 million of total oil and gas income for the three months
ended March 31, 2019.
For the nine months ended March 31, 2020, the Company reported net
income of $1 million on $9.21 million of total oil and gas income
compared to a net loss of $5.15 million on $9.08 million of total
oil and gas income for the nine months ended March 31, 2019.
As of March 31, 2020, the Company had $44.05 million in total
assets, $52.64 million in total liabilities, and a total
stockholders' deficit of $8.58 million.
Samson Oil said, "We do not generate adequate revenue to satisfy
our current operations, we continue to have negative cash flows
from operations, and we have incurred significant net operating
losses during the past two fiscal years which raise substantial
doubt about our ability to continue as a going concern. Our
financial statements have been prepared on the going concern basis,
which contemplates the continuity of normal business activities and
the realization of assets and settlement of liabilities in the
normal course of business. We are in breach of several of our
covenants related to the Credit Agreement resulting in our
borrowings payable of $33.5 million being classified in current
liabilities.
"Our ability to continue as a going concern is dependent on the
re-negotiation of the Credit Agreement, the sale or refinancing of
our oil and gas assets and/or raising further capital. These
factors raise substantial doubt over our ability to continue as a
going concern and therefore whether we will realize our assets and
extinguish our liabilities in the normal course of business and at
the amounts stated in the financial statements.
"We are seeking a waiver of our breaches of the Credit Agreement
from our Lender and thereafter plan to increase our cash flows from
operations through the successful development of the Foreman Butte
project and reducing our operating and general and administrative
costs. In addition, we have been negotiating a potential
transaction to divest substantially all of our oil and gas assets.
If those negotiations are successful and the transaction effected,
we believe it will result in proceeds not less than our obligations
under the Credit Agreement and to our vendors.
"However, there can be no assurances that we will successfully
obtain a waiver, divest our oil and gas assets or increase our cash
flows from operations. Given our current financial situation we
may be forced to accept terms on some or all of these transactions
that are less favorable than would be otherwise available."
The Company used $0.5 million of cash flow from our operations
during the nine month period ended March 31, 2020, compared to $0.2
million of cash used in operations during the comparative period in
the prior year. These cash outflows can be primarily attributed to
higher LOE costs in the first two fiscal quarters, higher interest
expenses related to its Credit Agreement and a proposed settlement
with the NDIC of $2.1 million recorded in general and
administrative expense, which, aggregated with LOE costs and
interest expense, equaled $16.2 million compared to $12.5 million
for the same period in the prior year.
Cash flows used in investing activities during the nine month
period ended March 31, 2020, was $44,289 compared to cash flow
provided by investing activities of $80,490 in the prior year.
During the nine month period ended March 31, 2020, the Company was
not engaged in any significant capital drilling projects. During
the nine month period ended March 31, 2019, the Company recorded
$1.0 million of other income related to the failed sale with Eagle
Energy Partners I, LLC, where they forfeited a nonrefundable
deposit of the same amount.
A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:
https://is.gd/bkAjw8
About Samson Oil
Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.
Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018. As of Dec. 31, 2019, the
Company had $35.68 million in total assets, $52.90 million in total
liabilities, and a total stockholders' deficit of $17.22 million.
Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
VR UNICOS: Jirsch Sutherland Appointed as Administrators
--------------------------------------------------------
Andrew John Spring and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of VR Unicos Pty Ltd
trading as Construct Health, on May 25, 2020.
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C H I N A
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BAOSHANG BANK: China Central Bank to Extend Takeover by Six Months
------------------------------------------------------------------
Reuters reports that China's central bank said on May 23 temporary
control of Inner Mongolia-based Baoshang Bank will be extended by
six months due to the novel coronavirus pandemic.
Chinese financial regulators took control of Baoshang in May last
year citing "serious" credit risks, and have since approved
Mengshang Bank and Huishang Bank to take over its assets and
operations, Reuters recalls.
Reuters relates that the People's Bank of China said in a statement
regulators would extend control of Baoshang -- initially set to
last for up to a year -- to Nov. 23. It added that Mengshang and
Huishang's acquisition plans were proceeding in an orderly manner.
Baoshang Bank came to prominence after its key stakeholder Tomorrow
Holdings was targeted in a government crackdown on systemic risks
posed by financial conglomerates.
The rare takeover, the first in nearly two decades, also highlights
the long struggle of some smaller regional lenders in China, which
suffer from deteriorating asset qualities, inadequate capital
buffers, and poor internal controls and corporate governance.
About Baoshang Bank
Baoshang Bank Co., Ltd. provides various commercial banking
products services to individuals and corporate customers in China.
As reported in the Troubled Company Reporter-Asia Pacific on May
27, 2019, Caixin Global said China's financial regulators took
control of a small private bank as part of authorities' efforts to
break up fallen tycoon Xiao Jianhua's business empire and contain
financial risks. According to Caixin, the People's Bank of China
(PBOC) and China Banking and Insurance Regulatory Commission
(CBIRC) announced on May 24, 2019, the takeover of Baoshang Bank
Co. for a year. The rare takeover came two years after Xiao, the
billionaire founder of conglomerate Tomorrow Holding Group, went
missing from a luxury Hong Kong hotel. He is reportedly to have
been placed under graft investigation by Chinese authorities. The
regulators said the takeover reflects the "severe credit risk" the
bank poses and is intended to protect the interests of the bank's
depositors and other clients.
TUNIU CORP: Faces Nasdaq Delisting Due to Sagging Stock
-------------------------------------------------------
Caixin Global reports that online travel agent Tuniu Corp. said it
has been notified that it could be delisted from the Nasdaq after
its stock price fell below the $1 level for the last 30 trading
days.
Caixin relates that the company said it has 180 days to bring its
price into compliance with Nasdaq rules, which require a minimum
price of $1 for all stocks that trade on the board.
According to the report, Tuniu first listed in 2014, and its
American depositary shares have moved steadily downward since then
from its listing price of $9.
Its stock closed below the $1 threshold on April 6, and now trades
at about 76 cents per share.
Caixin says the company has been particularly hard hit by a massive
travel slowdown during the Covid-19 pandemic, though it has yet to
report its first-quarter results. But even before that, the company
was reporting widening net losses and shrinking revenue.
Tuniu Corporation is an online leisure travel company. The Company
provides packaged tours, organized tours, self-guided tours and
other travel related products and services.
[*] CHINA: U.S. Blacklists 33 More Chinese Entities
---------------------------------------------------
Caixin Global reports that another 33 Chinese entities have been
added to a U.S. economic blacklist over allegations they violated
human rights and pose a threat to U.S. national security, the
nation's Department of Commerce announced on May 22.
Caixin says the entities targeted are mostly research organizations
and companies in surveillance, artificial intelligence, and
cybersecurity.
They include Qihoo360, a major Chinese cybersecurity firm and
CloudWalk, a Shanghai-based cloud startup, Caixin says.
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F I J I
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FIJI AIRWAYS: Cuts Workforce by Half Due to COVID-19 Pandemic
-------------------------------------------------------------
Macau Business reports that pandemic-hit Fiji Airways fired more
than half its workforce on May 25, as travel restrictions put the
islands' vital tourism sector in deep freeze and reduced the
national carrier's revenue to "virtually zero".
According to the report, Chief executive Andre Viljoen said that
after "exhausting all other options" the airline had decided to let
758 staff go -- some 51 percent of the workforce -- while those
remaining would face a permanent pay cut of 20 percent.
"The sad reality of prolonged flight suspensions means that we
simply do not have work for a large segment of our workforce now,"
the airline said in a statement, Macau Business relays. "The
airline will receive virtually zero revenue in the coming months."
Fiji Airways depends heavily on the tourist trade, particularly
from neighbouring Australia and New Zealand, but has seen virtually
all flights suspended.
Macau Business says talks are currently underway to create a
"travel bubble" among South Pacific nations that have coronavirus
under control, allowing some tourism to resume.
But details are still being worked out and implementation could be
many months away.
Both Australia and New Zealand have stringent restrictions on
overseas travel and impose a two-week quarantine on all
international arrivals, the report says.
According to Macau Business, Fiji Airways staff had already agreed
to a pay cut of up to 35 percent before the jobcuts.
Those who still have jobs will also face a permanent pay cut of 20
percent, the airline added.
Fiji has reported just 18 cases of COVID-19, with no deaths and no
new cases reported in more than a month, the report discloses.
Fiji Airways (formerly Air Pacific) is the national carrier of the
Republic of Fiji and is majority-owned by Fiji's National Provident
Fund. Based at Nadi International Airport, Fiji Airways provides a
network of domestic and international services that spans the
Pacific, North America, Asia, New Zealand and Australia. The
carrier operates a mixed fleet of Boeing and Airbus aircraft.
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I N D I A
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AMRIT LAL: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amrit Lal Khatri's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB-(ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR30 mil. Fund-based working capital migrated to non-
cooperating category with IND BB- (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR60 mil. Non-fund-based working capital migrated to non-
cooperating category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Amrit Lal Khatri was established in 1980 and is engaged in civil
construction work, mainly for organizations such as National
Highways authority of India ('IND AAA'/Stable), Public Works
Department Jaipur, Central Public Works Department and various
central and state government bodies. The company is located in
Barmer (Rajasthan).
BACKBONE PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Backbone
Projects Limited (BPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.56 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Short-term Bank 1.02 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 25, 2019 placed the
ratings of BPL under the 'issuer non-cooperating' category as BPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. BPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 9, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on March 25, 2019 the following
were the rating weaknesses (updated for details available from
publicly available information)
Detailed description of key rating drivers
Key Rating Weaknesses
* Ongoing delay in debt servicing: BPL has been irregular in
servicing its debt obligation and there are ongoing delays in
servicing debt obligation due to weak liquidity position of BPL.
BPL was initially constituted as a partnership firm 'Backbone
Construction Company' in 1987 by Mr. Jayantibhai M Jakasania and
subsequently converted into public limited company in 1995. The
company is in the business of construction of canals, dams, roads
and bridges. BPL mainly executes projects for government and
semi-government authorities.
BHAGIRATH DAIRY: CRISIL Lowers Rating on INR13cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Bhagirath Dairy Private Limited (BDPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating', as
after factoring that the company has delayed honouring debt
obligation on account of poor liquidity position.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit .50 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Term Loan 13.00 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with BDPL and has sought
information via letters and emails dated March 12, 2019 and April
11, 2019 and February 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 they have been arrived at without any
management interaction, and are based on the best available,
limited or dated information on the company'.
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 BDPL. This restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available for the company 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', as after factoring that the company has
delayed honouring debt obligation on account of poor liquidity
position.
BDPL, incorporated in 2012, is promoted by Mr. Bhagirath Choudhary,
Mr Mohan Choudhary and Mrs Tulchi Devi. The company set up a milk
processing unit with installed capacity of 5 lakhs litres per day
in Jodhpur, Rajasthan which commenced commercial operations in
October 2016. The company manufactures dairy products for Amul on
job work basis.
CHIMUR COTTON: CRISIL Lowers Rating on INR3.0cr Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Chimur
Cotton Industry (CCI) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .07 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 3.00 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Cash 3.00 CRISIL B+/Stable (Downgraded
Credit Limit from 'CRISIL BB-/Stable')
Proposed Rupee 1.50 CRISIL B+/Stable (Downgraded
Term Loan from 'CRISIL BB-/Stable')
Rupee Term Loan 1.50 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects weakening of the firm's credit risk profile
and stretched liquidity. Revenue is estimated to have decreased by
more than 100% in fiscal 2020 on account of raw material
unavailability, increase in competition, and nationwide lockdown
imposed to contain the Covid-19 outbreak, which affected sales in
March. Performance in the first quarter of fiscal 2021 will be
partly affected by the measures taken to restrict the pandemic.
Consequent to weaker operating performance, the financial risk
profile and liquidity have also been impacted. The bank limit was
utilised at 97% on average in the 3 months through March 2020.
Furthermore, the cushion between cash accrual and debt obligation
contracted. Improvement in revenue and profitability and generation
of adequate cash accrual for meeting debt obligation are critical
and will be key monitorables.
The ratings reflect the firm's modest scale of operations, average
financial risk profile, and susceptibility to volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of the partners in the cotton industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Revenue is estimated at INR28.68
crore in fiscal 2020. It is expected to decline marginally to
around INR26 crore in fiscal 2021. Intense competition constrains
scalability, pricing power, and profitability.
* Average financial risk profile: The financial risk profile is
weak, as indicated by modest networth of INR2.22 crore and high
gearing of 3.62 times, estimated as on March 31, 2020. Furthermore,
debt protection metrics are low, with interest coverage and net
cash accrual to adjusted debt ratio estimated at 1.86 times and
0.06 time, respectively, in fiscal 2020.
* Susceptibility to volatility in raw material prices: The price of
the raw material, cotton, has been volatile in the past few years
and is highly regulated by the government. Thus, operating margin
is susceptible to fluctuations in input price.
Strength:
* Extensive experience of the partners in the cotton industry: The
2-decade-long experience of the partners and healthy relationships
with customers and suppliers will continue to support the
business.
Liquidity Poor
Cash accrual is expected at INR0.5-0.7 crore per fiscal in the
medium term, which will be insufficient against annual debt
obligation of INR0.6 crore. The bank limit was utilised at 97% on
average during the 3 months through March 2020. Expected
enhancement in working capital limit will support liquidity.
Outlook: Stable
CRISIL believes CCI will continue to benefit from the extensive
industry experience of its partners.
Rating Sensitivity factors
Upward factors
* Increase in revenue by more than 50% while sustaining
profitability
* Improvement in liquidity, with enhancement in the bank limit
* Strengthening of the financial risk profile and prudent working
capital management
Downward factors
* Operating margin at less than 2.5%
* Significant decline in revenue post the pandemic
* Weakening of the financial risk profile and stretch in working
capital cycle
Incorporated in 2015, CCI is engaged in ginning and pressing of
cotton seeds. The firm is promoted by Mr Anil Meher and his three
partners, and is based in Chimur, Maharashtra.
GRAFFITI LAMINATES: CRISIL Keeps B+ Debt Ratings in Not Coop.
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Graffiti Laminates
Private Limited (GLPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 12.1 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 4.9 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GLPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 GLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GLPL 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 GLPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
GLPL, incorporated in 2013 and based in Morbi, Gujarat, is promoted
by Mr Kevinkumar Arvind Bhuva, Mr Raj Girish Khant, and Mr Sanjay
Govind Vachchani. It started commercial production of laminates in
April 2014.
GURU NANAK: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Guru Nanak Milk
Products (GNMP) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GNMP for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 GNMP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GNMP 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 GNMP continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
GNMP is a partnership concern established in April 2003. The firm
started its commercial operations in May 2003 through its
registered office and storage facility located at Ferozpur, Punjab.
Mr Kashmira Singh and his son, Mr Gurmeet Singh are the partners,
and have equal shares in profits or losses. The firm trades in
milk. It procures milk from the nearby villages and stores it in
the chilling centers. The milk is then sold to manufacturers of
milk products in Delhi, Jammu & Kashmir, and Punjab.
HAIKO LOGISTICS: CRISIL Lowers Rating on INR11.5cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Haiko
Logistics India Private Limited (HLIPL) to 'CRISIL B+/Stable Issuer
Not Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with HLIPL for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 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 HLIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HLIPL 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 HLIPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Incorporated in 2005 by Mr Manoj Gupta, Mumbai-based HLIPL provides
logistic solutions such as freight forwarding services, custom
clearances and warehousing services to wide range of customers.
HEADWORD PUBLISHING: CRISIL Keeps B INR7cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Headword Publishing
Company Private Limited (HPCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HPCPL for obtaining
information through letters and emails dated December 31, 2019 and
April 11, 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 HPCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HPCPL 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 HPCPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
HPCPL, incorporated in 2013, publishes books for Central Board of
Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and Nagaland Board of School Education (NBSE).
The company has been promoted by Mr Manzar Sayeed Khan and Mr.
Kapil Gupta.
HIM TEKNOFORGE: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Him Teknoforge
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 rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings.
The instrument-wise rating actions are:
-- INR630 mil. Fund-based working capital limit downgraded with
IND BB+ (ISSUER NOT COOPERATING) rating; and
-- INR350 mil. Non-fund-based bank facilities downgraded with IND
A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects a decline in HTL's revenue to INR1,733
million during 9MFY20 (9MFY19: INR2,443.5 million) due to a
slowdown in the automotive sector. Ind-Ra expects the revenue to
deteriorate further in FY21 due to the operational disruptions
caused by the ongoing COVID-19-led lockdown. In 9MFY20, HTL's
interest coverage fell to 1.7x (9MFY19: 2.2x), due to a reduction
in operating EBITDA to INR194.9 million (INR268 million).
The ratings have been maintained in the non-cooperating category as
HTL has not provided Ind-Ra information about its working capital
utilization, revised projections, sanction letters and updated
management certificate despite continuous requests and follow-ups.
COMPANY PROFILE
Established by Vijay Aggarwal in 1989, HTL manufactures rough
forgings, finished gears and axles for the automotive industry. It
has five manufacturing units in the following locations: Baddi
(two) and Manpura (one) in Himachal Pradesh and Pithampur (two) in
Madhya Pradesh.
HINDUSTAN DISTRIBUTOR: CRISIL Cuts Rating on INR10cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Hindustan
Distributor (HD) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with HD for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 HD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HD 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 HD Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
HD is a partnership firm of Mr. Ajay Hans and Mr. Shakti Hans, who
also manage operations. It is part of the Hans group based in
Bhubaneswar. The firm trades in fast-moving consumer goods and
consumer durables in Odisha, through retail and institutional
sales.
HINDUSTAN GUNNY: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hindustan Gunny Bags
and Allied Suppliers (HGBAS) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with HGBAS for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 HGBAS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HGBAS 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 HGBAS continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
HGBAS, established in 1984, is a partnership firm promoted by the
Bafna family. Sale of polypropylene and gunny bags contributes
about 95 and 5 per cent, respectively, to the firm's revenue. The
bags are sold mainly to the sugar industry. The operations are
managed by the partners, Mr. Bhushan Bafna and Mr. Sudarshan Bafna.
IMAN FRUIT: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Iman Fruit Company.
(IMAN) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 0.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Secured Overdraft 6.5 CRISIL B/Stable (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with IMAN for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 IMAN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IMAN 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 IMAN continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Established in 1968, Iman is a partnership firm engaged in trading
of mangoes and apples, and caters to the requirement of most of the
fruit pulp industries across South India. Its operations are
managed by partners ' Syed Mateen Aga and Syed Saleem Aga, both of
whom are brothers.
JITM TRUST: CRISIL Lowers Rating on INR32.95cr Loan to 'B+'
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of JITM Trust
(Centurion University of technology and Management) (JITM; part of
the CUTM group) 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')
Term Loan 32.95 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with JITM for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 JITM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JITM 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 JITM Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
For arriving at its rating, CRISIL has changed its analytical
approach and combined the business and financial risk profiles of
JITM Trust (JITM), CSREM, and Centurion University of Technology
and Management (CUTM). The three entities, collectively referred to
as the CUTM group, are likely to be merged over the medium term.
Moreover, they have financial linkages and common promoters.
CUTM, a private university, was formed by an Act of the Odisha
Legislative Assembly in 2010. CUTM has four campuses, at
Parlakhemundi, Bhubaneswar, Bolangir and Rayagada, offering
graduate and post-graduate engineering, management, and science
courses, apart from primary and secondary education, skill and
vocational training, social entrepreneurship initiatives, and
doctorate courses. The university includes School of Management,
School of Engineering and Technology, School of Vocational
Education and Training, School of Architecture Planning & Design,
School of Applied Science, School of Humanities & Social Science,
MS Swaminathan School of Agriculture, School of Media
Communication, School of Mines, School of Pharmacy & Life Sciences,
School of Paramedics and Allied Health Service, Institute of
Knowledge and Societies and PhD courses.
L N CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of L N Constructions
(LN) continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 4 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LN for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 LN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LN 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 LN continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
LN was established as a partnership concern by Mr. Sudarshan Reddy
and his family in 2004. The firm undertakes construction of
irrigation projects, roads, and bridges for the Government of
Andhra Pradesh and the Indian Railways. It is based in Hyderabad.
LAKSHMY JEWELLERY: CRISIL Lowers Rating on INR10.5cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lakshmy
Jewellery (LJ) to 'CRISIL B+/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with LJ for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 LJ, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LJ 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 LJ Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Set up in 1969, LJ is a gold jewellery retailer. It operates two
showrooms in Thrissur and one in Ernakulam (both in Kerala). Its
operations are managed by Mr. V R Sajeev and his brother Mr. V R
Anil Kumar.
LGF VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of LGF Vitrified Private
Limited (LGF) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4.1 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 19 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with LGF for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 LGF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LGF 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 LGF continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Incorporated in 2014, LGF, is a Morbi-Gujarat based company,
engaged in manufacturing of ceramic vitrified tiles. The company
commenced commercial operations from December 2015. The total
manufacturing capacity of the unit would be 6500 boxes per day. The
company is promoted by Mr. Dinesh Ghodasra, Mr. Damji Patel, Mr.
Ramniklal Ghodasara and Mr. Mayur Godhani.
MAHESH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahesh Industries
Private Limited (MIPL) continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (ISSUER NOT
COOPERATING)
Foreign Letter 60 CRISIL D (ISSUER NOT
of Credit COOPERATING)
CRISIL has been consistently following up with MIPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 MIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MIPL 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 MIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mahesh Timber Pvt Ltd (MTPL), its 100%
subsidiary Mahesh Timber Singapore Pte Ltd (MTSL), and MIPL. This
is because the companies, collectively referred to as the Mahesh
group, have a common management and are in related lines of
business.
MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.
MAHESH TIMBER: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahesh Timber Private
Limited (MTPL) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 60 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 20 CRISIL D (ISSUER NOT
COOPERATING)
Standby Line
of Credit 162 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with MTPL for obtaining
information through letters and emails dated October 15, 2019 and
April 17, 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 MTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTPL 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 MTPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MTPL, its 100% subsidiary Mahesh Timber
Singapore Pte Ltd (MTSL), and Mahesh Industries Pvt Ltd (MIPL).
This is because the companies, collectively referred to as the
Mahesh group, have a common management and are in related lines of
business.
MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.
MONALISA ENGICONS: CRISIL Lowers Rating on INR1.5cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Monalisa
Engicons to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 1.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 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'.
Based on the last available information, the ratings on bank
facilities of ME revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
ME was established in 2005 as a partnership firm. The firm is
presently managed by Mr Braja Kishor Das, who is also the partner
of the firm. His wife, Ms Monalisa Das, is the other partner. It
undertakes civil construction works, mainly roads and bridges, for
government departments. The firm is based in Modipara, at Sambalpur
in Odisha and is a special class contractor under the state
government. The promoters have almost two decades of experience in
civil construction.
NANDI COTTON: Ind-Ra Assigns 'B' Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nandi Cotton
Ginning Mill Private Limited's (NCGM) additional bank facility a
long-term 'IND B' rating with a Stable Outlook.
The detailed rating actions are:
-- Long-Term Issuer Rating affirmed with IND B/Stable rating;
-- INR6.2 mil. Term loans due on October 2020 affirmed with IND B
/ Stable rating;
-- INR 154.8 mil. Fund-based facilities affirmed with IND B /
Stable /IND A4 rating; and
-- INR 45.2 mil. Fund-based facilities assigned with IND B /
Stable/IND A4 rating.
KEY RATING DRIVERS
The ratings reflect NCGM's continued small scale of operations
despite an improvement in revenue to INR501.2 million in FY19
(FY18: INR493.4 million). The revenue increased owing to growth in
sales volumes and improved capacity utilization. The company
achieved revenue of INR481.7 million during 9MFY20.
Liquidity Indicator - Poor: NCGM's liquidity position was poor as
reflected in maximum average fund based utilization of 100.7%
during the last 12 months ended March 2020 (with 100% utilization
in all months except January 2020 (108.7%)). The company's cash
flow from operations remained negative at INR82 million in FY19
(FY18: negative INR6 million) due to unfavorable changes in the
working capital on an increase in receivables. Furthermore, the
company's working capital cycle deteriorated to 211 days in FY19
(FY18: 150 days) due to an increase in receivable days to 186
(111). The company has availed moratorium on interest and principal
on term loans and interest on working capital facilities for the
period of March 2020 to May 2020 in pursuant to the Reserve Bank of
India's circular on March 27, 2020.
NCGM's EBITDA margins remained modest despite improving to 7.2% in
FY19 (FY18: 5.4%) on account of the normalization of cotton prices,
which helped reduce variable cost. The company's margins were at
6.4% during 9MFY20. The return on capital employed was at 9.1% in
FY19 (FY18: 7.0%).
The ratings also factor in NCGM's moderate credit metrics as
reflected in the net leverage (adjusted net debt/operating EBITDA)
of 8.8x in FY19 (FY18: 8.6x) and interest coverage (operating
EBITDA/gross interest expense) of 1.2x (1.2x). The deterioration in
the leverage was due to a rise in debt levels mitigating the
improvement in absolute EBITDA to INR35.9 million in FY19 from
INR26.6 million in FY18.
However, the ratings continue to benefit from the promoters' more
than two decades of experience in the textile industry.
RATING SENSITIVITIES
Negative: A further stretch in the liquidity position, along with a
decline in the revenue or EBITDA resulting in a sustained
deterioration in the credit metrics, could lead to a negative
rating action.
Positive: An improvement in the liquidity position, along with a
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to a positive rating
action.
COMPANY PROFILE
NCGM is engaged in ginning and pressing of cotton (equipped with 36
ginning machines). It has a daily installed capacity of 300 bales.
NISWIN ENTERPRISES: CRISIL Lowers Rating on INR2cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Niswin
Enterprises (Niswin) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Letter of credit 8.5 CRISIL A4 (ISSUER NOT
& Bank Guarantee COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Long Term Loan 0.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with Niswin for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 Niswin, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Niswin 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 Niswin revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Niswin is a partnership firm, set up in 1998 by Mr R Ramkutty and
his wife, Ms R Vathsala. It trades in ingredients that are used to
manufacture poultry feed. These mainly include amino acids, micro
nutrients, and other chemicals.
NOOR INDIA: CARE Keeps D INR7.0cr Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Noor India
Buildcon Private Limited (NIBPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated March 29, 2019 placed the
rating of NIBPL under the 'issuer non-cooperating' category as
NIBPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. KIL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 09, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.
Detailed description of the key rating drivers
At the time of last rating done on March 29, 2019 the following
were the rating weaknesses (updated for details available
from publicly available information)
Detailed description of key rating drivers
Key Rating Weaknesses
* Delay in debt servicing: NIBPL was irregular in servicing its
debt obligation and there had been delays in servicing debt
obligation due to weak liquidity position of NIBPL.
Vapi-based NIBPL, was incorporated by Mr. Amin Yasid Saiyed in the
year 2006. NIBPL is registered as a 'Class AA' contractor (highest
on a scale of AA to E2), certified by Public Work Department of
Gujarat and secures all the contracts through open bidding process.
The company is in the business of undertaking turnkey projects
involving civil works, erection, commissioning and electrical works
of industrial buildings. NIBPL is executing the contract works for
public and private companies.
PRIMACY INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'B'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Primacy
Industries Limited's (PIL) Long-Term Issuer Rating to 'IND B
(ISSUER NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'.
The issuer did not provide adequate information for the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR285.4 mil. Term loan due on September 30, 2020, downgraded
with IND B (ISSUER NOT COOPERATING) rating;
-- INR1.40 bil. Fund-based working capital limits downgraded with
IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR52.8 mil. Non-fund-based working capital limits downgraded
with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information
ANALYTICAL APPROACH: Ind-Ra continues to take a consolidated view
of PIL its 79%-held US-based subsidiary MVP Group International
Inc. (MVP) to arrive at the ratings, on account of the strong
operating and strategic linkages between them. The remaining 21%
stake in MVP is held by the Gautham-Pai led Manipal Group. MVP
remains the major driver of the consolidated credit profile,
continuing to contribute more than 90% to the consolidated revenue
in FY19. In addition, PIL has provided a corporate guarantee for a
part of MVP's total bank facilities.
The downgrade reflects PIL's weakened consolidated liquidity
profile as is evident from the delays in debt-servicing obligations
by its subsidiary MVP.
KEY RATING DRIVERS
Liquidity Indicator- Poor: The downgrade reflects delayed servicing
of MVP's term loan obligations in February 2020 and subsequent
overdues. The company's liquidity position is further aggravated by
the COVID-19 led slowdown.
PIL has availed of the Reserve Bank of India's moratorium on its
debt obligations for March-May 2020 on its rupee borrowings.
Further, the company had also applied for a moratorium on its
external commercial borrowing, which is yet to be approved by the
lender. However, Ind-Ra draws comfort from PIL's sufficient funds
to service the external commercial borrowing.
PIL reported negative free cash flows of INR1 billion in FY19 and
FY18 owing to the capex and high working capital requirements. The
average utilization of PIL's standalone fund-based working capital
limits was 95% during the 12 months ended December 2019, while
MVP's limits were mostly fully utilized during this period,
indicating a very limited liquidity cushion. The agency believes
the decline in PIL's standalone profitability in 9MFY20 would have
further increased its need for external funding and the
consolidated liquidity remains under stress amid the COVID-19
outbreak.
The ratings have been maintained in the non-cooperating category as
PIL did not provide certain key information required for the
surveillance exercise, including non-default statements for
September 2019-April 2020, the interim financials of MVP and the
bank limit utilization reports for January-April 2020.
COMPANY PROFILE
Established in 2005, PIL manufactures scented decorative wax
candles and various air fresheners. The company's manufacturing
facilities are located in Mangalore and Gujarat. Incorporated in
1998, MVP manufactures imports and distributes wax candles and
related products.
PRIME INSULATORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prime Insulators
Private Limited (PIPL) continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 4.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with PIPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 PIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PIPL 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 PIPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.
Incorporated in May 2006, PIPL is promoted by Mr Jayendra Patel, Mr
Mahendra Patel, and Mr Naresh Patel. It manufactures electro
porcelain disc insulators and polymer insulators for high-extension
wires at its manufacturing facility at Himatnagar in Gujarat. It
has installed capacity of 6500 tonne per annum of porcelain
insulators and over 24 lakh pieces per annum of polymer insulators.
R D SAMANT: CRISIL Lowers Rating on INR12cr Cash Loan to 'B+'
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of R D Samant
Contractors Private Limited (RDSCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 12 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 3 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Standby Line 1.5 CRISIL A4 (ISSUER NOT
of Credit COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with RDSCPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 RDSCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RDSCPL 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 RDSCPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
RDSCPL was originally set up as a partnership firm by Mr Ravindra D
Samant and his family members in 1993, and was reconstituted as a
private limited company in 1999. The company constructs and repairs
roads and bridges, and primarily executes projects of the public
works department and other local bodies in Goa, and in Ratnagiri
and Sindhudurg in Maharashtra.
In fiscal 2013, RDSCPL took over the operations of group concern
Kirti Stone Crushers, which was engaged in stone crushing. RDSCPL
operates a stone metal quarry, taken on lease, in Sindhudurg.
SAHIB TRADELINKS: CRISIL Cuts Rating on INR24.75cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sahib
Tradelinks Private Limited (STPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 10 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 24.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Term Loan .25 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with STPL for obtaining
information through letters and emails dated October 15, 2019 and
April 11, 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 STPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STPL 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 STPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
STPL, incorporated in 2009, is managed by Mr Jaspreet Singh Bhaika
and his business associate, Mr Sumeet Siddhu. The company is an
exclusive regional distributor for Reliance Jio in Haryana, except
Gurugram. It is also a distributor of Xiaomi phones in Punjab,
Chandigarh, and Haryana.
SAMRADDHI COT: CARE Keeps D INR7.01cr Debt Rating in Not Coop.
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samraddhi
Cot Fibers Private Limited (SCFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.01 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 11, 2018 placed the
rating(s) of SCFPL under the 'Issuer not Cooperating' category as
SCFPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. SCFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an letter/email dated
April 28, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facility of SCFPL continued to
remain constraint on account of delay in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on March 13, 2019, the following were
the rating strengths and weaknesses.
Key rating weaknesses
* Irregularity in debt servicing and no operations in FY19 as well
as FY20: As per banker interaction, the account has been
classified as NPA. Further, the operation of the company has been
completely shut down.
SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing.
SVM CERA: CARE Keeps 'D' Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SVM Cera
Private Limited (SCPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.50 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Short-term Bank 2.40 CARE D; Issuer not cooperating;
Facilities Based on Best Available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 18, 2019 placed the
ratings of SCPL under the 'issuer non-cooperating' category as SCPL
had failed to provide information for monitoring of the ratings as
agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 9, 2020,
April 15, 2020 and April 17, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating done on February 18, 2019 the following
were the rating weaknesses (updated for details available
from publicly available information)
Detailed description of key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: SCPL was irregular in servicing its
debt obligation and there had been delays in debt servicing due to
weak liquidity position of the company.
Ankleshwar-based (Gujarat), SCPL (formerly known as SVM Cera Tea
Limited and SVM Cera Limited) was incorporated in January, 1986.
The registered office of the company is located at 2, Biplabi
Tarilokya Maharaj Sarani, Kolkata. The management of the company is
handled by Mr K.M. Bhandari (Director) under the leadership of Mr
S.V. Mohta (Director) and Mr Ghanshyam Chomal (Director). Initially
the company was engaged into the real estate business. In 1994, the
company diversified its area of operations by entering into the
manufacturing of ceramic glaze frit by setting up a manufacturing
unit in Ankleshwar, spread across 14,000 Sq. Metres with total
installed capacity of 14,490 metric tons per annum (MTPA) as on
March 31, 2016.
TATA STEEL: Fitch Cuts LT IDR 'BB-', Outlook Negative
-----------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Ratings of two
Indian steel companies -- JSW Steel Limited and Tata Steel Limited
-- to 'BB-' from 'BB' after completing a portfolio review. Fitch
has also downgraded Tata Steel UK Holdings Limited's Long-Term IDR
to 'B-' from 'B'. The Outlook is Negative. The agency has also
downgraded JSWS's and TSL's senior unsecured rating to 'BB-' from
'BB'. Simultaneously, Fitch is withdrawing TSUKH's Long-Term IDR
because TSUKH is no longer issuing debt and there is no Fitch-rated
debt outstanding following refinancing by TSL for its European
operations in January 2020.
The portfolio review follows its expectation of a decline in steel
demand in India for the year ending March 2021, compared with its
earlier assumption of a mid-single-digit volume increase, due to
the economic impact of the coronavirus pandemic. The Indian Steel
Association has forecast an 8% drop in domestic demand in FY21, and
Fitch assumes standalone sales volume for JSWS and TSL will decline
by 6%. It also expects a lower EBITDA margin in FY21 due to the
volume drop and weaker steel prices. Fitch assumes volume and
margins will increase significantly in FY22 from a weak base,
supported by a broader economic recovery.
JSWS's downgrade is based on its expectation that its gross
debt/EBITDA leverage, including acceptances and a long-term
customer advance, will remain above its previous negative rating
action threshold of 4.0x over the next three years. Fitch estimates
JSWS's gross leverage increased to above 6.0x in FY20 from 3.3x in
FY19 due to sharply lower EBITDA and negative free cash flow.
JSWS's sales volume fell and its EBITDA margin narrowed in FY20 due
to weaker demand in India, lower steel prices and the extension of
its working-capital cycle towards the end of the financial year due
to stoppage of business activity following government-mandated
restrictions to control the spread of COVID-19.
Fitch estimates JSWS's EBITDA will decline further in FY21 and
gross leverage will increase to above 7.0x due to the impact of the
pandemic, despite assuming a gradual recovery from 2QFY21. It also
includes potential outflows for the acquisition of assets in India
under insolvency proceedings. Fitch expects leverage to gradually
improve to around 4.5x in FY22 due to higher EBITDA, controlled
capex and neutral-to-positive FCF. JSWS's deleveraging and
improvement in its FCF profile may take longer if industry
conditions remain weak, capex is higher than Fitch expects or an
improvement in the performance of acquired assets is delayed. This
could indicate a weaker financial profile and the risk is reflected
in the Negative Outlook.
The downgrade of TSL's ratings is based on its expectation that
consolidated gross debt/EBITDA leverage will remain above its
previous negative rating action threshold of 4.0x over the next
three years. Fitch estimates TSL's leverage increased to around
7.0x in FY20 from 3.4x in FY19 due to sharply lower EBITDA and
negative FCF. Fitch estimates TSL had lower standalone sales volume
and EBITDA margin in FY20 due to the weaker demand in India and
lower steel prices, along with an EBITDA loss in Europe.
Fitch estimates TSL's EBITDA will decline further in FY21 and
leverage will increase to above 10.0x. Fitch expects leverage to
gradually improve to around 5.0x in FY22 due to higher EBITDA,
controlled capex and positive FCF. It also assumes the European
operations will start contributing to EBITDA from FY22, helped by
TSL's ongoing efforts to improve efficiency and cut costs. Gains in
Europe that are slower than its expectations could exacerbate the
impact of weak industry conditions on TSL's financial and overall
credit profile, and this risk is reflected in the Negative
Outlook.
The ratings of TSUKH were withdrawn with the following reason:
TSUKH is no longer issuing debt and there is no Fitch-rated debt
outstanding following refinancing by TSL for its European
operations in January 2020.
KEY RATING DRIVERS
JSWS
Lower Standalone Volume, Margins: Fitch estimates EBITDA for JSWS's
standalone operations in India, which comprise almost all of its
consolidated earnings, to fall by around 10% in FY21, hit by weaker
sales volume and EBITDA margin. Fitch assumes JSWS's sales volume
will drop 6% in FY21 after a 3% decline estimated in FY20, based on
a gradual recovery in domestic demand after a sharp fall 1QFY21 due
to the government's nationwide lockdown. Fitch expects a larger
volume decline for smaller producers in India, which are generally
less efficient and have weaker liquidity. JSWS could also increase
exports should domestic demand remain weak and the company's robust
global cost position should aid its efforts. Fitch expects Chinese
steel demand in 2020 to be supported by increased infrastructure
investment by the government following the impact of COVID-19,
which could create supply gaps in south-east Asia.
It also assumes its standalone EBITDA margin will contract by
around INR550/tonne (7%) in FY21 after falling by over
INR3,500/tonne in FY20 due to lower volume and further weakness in
steel prices. The impact of lower volume and steel prices should be
partly offset by a reduction in raw-material costs and the
company's efforts to trim its fixed costs.
EBITDA Losses at Overseas Assets: JSWS's 9MFY20 EBITDA was dragged
down by losses at its overseas operations, which mainly comprise a
plate and pipe mill in Baytown and a flat steelmaking facility in
Mingo Junction (Acero Junction), both in the US, and the Aferpi
rolling mill for long products in Italy. Aferpi and Acero Junction
were acquired in 2018 and JSWS had expected to improve their
utilisation rates and derive positive EBITDA in FY21. The company
had also expected to generate EBITDA from the plate and pipe mill
from FY21 following capex for an equipment upgrade. Fitch thinks
the prevailing weak demand conditions will delay EBITDA generation
at these units to FY22.
Bhushan Power Acquisition: JSWS received regulatory clearance to
acquire Bhushan Power and Steel Ltd on February 17, 2020. However,
the deal has been challenged in the Indian Supreme Court and the
timing of its resolution is uncertain. News reports indicate an
enterprise value of around INR195 billion. Fitch has assumed around
INR45 billion of outflow from JSWS for the purchase of a 49% stake
in FY21. In addition, Fitch is likely to consolidate, fully or
proportionally, BPSL's debt and EBITDA for calculating JSWS's
leverage metrics, even in the absence of any corporate guarantee
from JSWS, due to BPSL's high strategic importance for JSWS and
joint-management control. Fitch intends to fully consolidate BPSL's
financials if JSWS is unable to find a third-party partner.
Lower Capex Likely: JSWS cut its capex plans in India in FY20 by
over INR50 billion from INR157 billion by deferring certain
projects. Fitch expects consolidated capex in FY21 to be lower than
in FY20, with the company focusing on certain projects that can
generate healthy earnings within a year or two to keep leverage in
check. Fitch believes JSWS will focus on completing the expansion
of its crude steel capacity at its Dolvi plant by 5 million tonnes
per annum (mtpa) to 10mtpa, its pellet plant and cold-rolling
capacity expansion at Vijayanagar, and some downstream product
lines, which should improve the share of value-added products in
overall sales.
Fitch has assumed a limited capex increase in FY22 and FY23 as JSWS
will prioritise deleveraging over capacity enhancement. However,
the company scaled up its spending plans significantly in 2018, and
higher-than-expected capex remains a significant risk to JSWS's
credit profile.
Cost-Efficient Operations: JSWS has a strong market share in
southern and western India, where its plants are located, supported
by a gradually improving share of value-added products. JSWS's main
plant at Vijayanagar (12mtpa) was placed in the first quartile of
research group CRU's hot-rolled coil cost curve for 2019. This
lifted the weighted-average cost position of its steelmaking
operations, including plants at Dolvi and Mingo Junction, to a
level comparable with that of peers in the second quartile of the
cost curve. JSWS also ranks among the top-10 steel producers
globally, according to World Steel Dynamics, benefitting from
factors such as high yields and low labour costs.
Senior Unsecured Rating: JSWS has a significant amount of secured
debt, which Fitch estimates comprised around 45% of the total
(including acceptances) as of end-FY20. It also estimates secured
debt/EBITDA, on a consolidated basis, of around 3x in FY20. Fitch
regards a threshold of 2.0x-2.5x as the level at which unsecured
creditors' interests are materially subordinated to interests of
secured or prior-ranking creditors. However, further bespoke
recovery analysis suggests average recovery prospects for senior
unsecured creditors. Therefore, Fitch has rated the senior
unsecured debt and notes at the same level as the IDR.
Owner's Share Pledges: JSWS's major shareholder group held a 42.7%
stake in the company as of end-March 2020, of which 39.8% was
pledged. A drop in the major shareholder group's stake to below
26.0% and a downgrade in JSWS's rating could trigger the "change of
control" clause under its bonds. Fitch thinks the likelihood of
almost all of the share pledges being invoked is remote. It is also
unlikely that further shares have been pledged since end-March due
to the improvement in the company's share price. Fitch therefore
treats the triggering of the CoC clause and the mandatory debt
redemption under the clause as an event risk. However, a
substantial increase in the amount of pledged shares by JSWS's
major shareholder group may increase liquidity risks for the
company and affect its credit profile.
TSL
Lower Standalone Volumes, Margins: Fitch estimates EBITDA for TSL's
standalone operations, which contributed 88% to the consolidated
earnings in 9MFY20 and comprise steel plants at Jamshedpur and
Kalinganagar in India, to decline by around 20% in FY21, hit by
weaker sales volume and EBITDA margin. Fitch assumes TSL's sales
volume will be 6% lower in FY21 after a 3% decline estimated in
FY20. It also assumes standalone EBITDA margin will contract by
around INR1,900/tonne (16%) in FY21, following an estimated fall of
around INR4,500/tonne in FY20. The impact of lower volume and steel
prices should be partly offset by a reduction in coking coal prices
since early-2020.
Europe Remains a Drag: TSL's European operations incurred an EBITDA
loss in 3QFY20 and 9MFY20 due to weaker product spreads, which also
highlighted structural weaknesses of high costs and weak demand
growth in Europe. Fitch estimates EBITDA losses in Europe will
continue in FY21. TSL is undertaking a transformation programme to
improve profitability in Europe, focusing on areas such as
rationalisation of working capital and capex, workforce reduction
and improvement of product mix. TSL aims to generate positive FCF
in Europe in FY21 through its efforts and achieve a
through-the-cycle EBITDA margin of 10%. Fitch expects a more
gradual improvement in the FCF profile and EBITDA margins in Europe
in light of the current industry-wide pressures.
Contribution from Recent Acquisitions: Fitch expects the impact of
TSL's EBITDA loss in Europe on consolidated earnings in FY21 to be
partly offset by contribution from Tata Steel BSL Ltd, which was
acquired in 1QFY19, and the steel assets acquired from Usha Martin
Ltd in 1QFY20. Fitch estimates TSBSL's steel sales volume increased
to 4.3mt in FY20 from 4.0mt in FY19. Fitch expects volume to
decline in FY21, but increase thereafter to above 4.5mt by FY22.
Assets acquired from UML have steelmaking capacity of 1mtpa and
Fitch expects sales to increase over the longer term, from an
estimate of around 0.5mt in FY20. Captive iron-ore supply to TSBSL
has also improved with the company now sourcing almost all of its
iron ore from TSL's mines, which has supported overall
profitability.
Likely Delay in Kalinganagar Expansion: TSL plans to reduce capex
in FY21 by rationalising spending in Europe as well as slowing the
5mtpa capacity expansion at its Kalinganagar plant. The expansion
project, which involves a total planned spending of INR235 billion,
comprises hot-rolled coil capacity expansion by 5mtpa (INR160
billion), a 2.2mtpa cold-rolling mill to produce high-end steel for
use in products such as automobiles, a pellet plant and related
raw-material facilities. The company aims to prioritise completion
of the cold rolling mill and the pellet plant in FY21, while the
completion of the capacity expansion is likely to be pushed back to
end-FY23 or later from FY22. Fitch expects the Kalinganagar
expansion to gather pace and TSL's capex to pick up from FY22.
Tata Group Support for TSL: TSL's ratings benefit from a one-notch
uplift from its Standalone Credit Profile of 'b+' due to potential
support from the Tata Group based on the company's strategic
importance to the group.
TSUKH's Lower Rating: TSUKH, which has a very weak financial
profile, is rated three notches lower than its stronger parent TSL.
Fitch has assessed that their overall linkage is strong based on
their operational and strategic ties. TSL exerts a high degree of
management control over TSUKH and has continued to support it in
the last few years despite its structural weaknesses. However, the
rating is notched down as legal ties are weak in the absence of any
cross-default clauses or guarantees for TSUKH.
DERIVATION SUMMARY
JSWS is rated higher than TSL's SCP of 'b+'. TSL's SCP factors in
robust operations in India but is dragged down by a much weaker
operating profile in Europe. TSL's Indian operations have better
vertical integration and a higher EBITDA margin than that of JSWS.
However, this is partly counterbalanced by JSWS's cost-efficient
operations. It also estimates JSWS's total debt/EBITDA leverage,
after including acceptances and the long-term customer advance,
will be lower than that of TSL over the next two years.
JSWS and TSL are rated lower than ArcelorMittal S.A. (AM,
BB+/Negative) and EVRAZ plc (BB+/Stable). AM's business profile is
stronger as it is the world's most diversified steel producer by
product type and geography. AM is the largest global steel company
based on capacity and benefits from a solid level of vertical
integration into iron ore. In addition, it has a strong product mix
with over 50% of high value-added products. AM's leverage and
coverage metrics are also stronger. The higher rating of EVRAZ,
which is one of the leading integrated long steel producers in
Russia, reflects the integrated nature of its operations, high
self-sufficiency in raw materials and a competitive cost profile,
which underpin its higher EBITDA margin than that of the Indian
steel companies. EVRAZ's rating also benefits from lower leverage
and higher coverage ratios. EVRAZ's rating incorporates the
higher-than-average systemic risks associated with the Russian
business and jurisdictional environment.
JSWS and TSL are rated higher than United States Steel Corporation
(US Steel, B-/Negative), whose rating reflects Fitch's expectation
that its key steel end-markets, particularly automotive and energy,
will be materially weaker in 2020. As a result, Fitch estimates US
Steel's total debt/EBITDA leverage will increase significantly in
2020 from 7.4x as of end-2019. US Steel's scale in terms of EBITDA
and margins is also significantly lower than that of the Indian
companies.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for
JSWS
- Standalone sales volume to have CAGR of 3% over FY20-FY23
- Annual standalone EBITDA per tonne of around INR7,900 in FY20,
INR7,300 in in FY21, INR9,100 in FY22 and INR9,600 in FY23 (FY19:
INR11,700)
- No EBITDA contribution from subsidiaries in FY20, improving to
INR5 billion in FY21 and around INR20 billion annually thereafter
- Average annual consolidated capex of around INR100 billion over
FY20-FY23
- Spending on acquisitions of around INR58 billion in FY21
TSL
- Annual sales volume for standalone operations at Jamshedpur and
Kalinganagar of 11.5 million tonnes in FY21, increasing to 12.7
million tonnes in FY22 and FY23
- EBITDA/tonne margin for standalone operations of around
INR9,800 in FY21, improving to INR13,100 in FY22 and INR13,400 in
FY23
- EBITDA loss from other assets of INR4 billion in FY21,
improving to a gain of INR50 billion in FY22 and INR82 billion in
FY23
- Average annual capex of around INR90 billion over FY21-FY23
- No outflows or inflows from acquisitions and divestitures over
FY21-FY23
- No inflows from equity infusion over FY21-FY23
RATING SENSITIVITIES
JSWS
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Lack of clear deleveraging path towards 4.5x total debt/EBITDA
leverage by FY22
- Expectations of sustained negative FCF
- EBITDA/ (interest paid) below 3.0x on a sustained basis
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.
TSL
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Lack of clear deleveraging path towards 5.0x total debt/EBITDA
leverage by FY22
- EBITDA/ (interest paid) below 2.5x on a sustained basis
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch may revise the Outlook to Stable if performance is better
than the sensitivities for negative rating action.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
JSWS
Manageable Liquidity: Fitch estimates that JSWS had cash and cash
equivalents of over INR100 billion as of end-March 2020, compared
with long-term debt maturities (including the long-term customer
advance) of around INR75 billion. Fitch expects JSWS to be able to
roll over its short-term debt for working capital, including
acceptances, estimated at around INR200 billion, given its robust
operating profile. Negative FCF in FY21 could exert pressure on
JSWS's liquidity, but Fitch expects the company to be able to meet
its long-term debt repayment obligations through drawing down
available capex and working-capital facilities, and cutting
discretionary capex, if market conditions deter refinancing
efforts. JSWS had an undrawn capex facility of INR57 billion and
fund- and non-fund-based working facilities of INR105 billion.
Fitch estimates JSWS's long-term debt maturities in FY22 and FY23
at around INR200 billion, for which the company is likely to rely
on refinancing. Fitch thinks a material reduction in leverage and
negative FCF should support JSWS's refinancing efforts; however,
risks could increase in the absence of an improvement in its
financial profile.
The above estimates for JSWS's debt maturities include the effect
of the company availing itself of a three-month moratorium on
principal and interest payments from March to May 2020 on domestic
bank loans under a scheme announced by India's central bank for
corporate and individual borrowers. However, It also estimates that
the benefit from the moratorium is relatively insignificant.
TSL
Adequate Liquidity: TSL reported cash, bank balances and current
investments of INR52 billion as of December 31, 2019 and Fitch
estimates the amount increased in 4QFY20. TSL also reported
long-term debt maturities in FY21 of INR68 billion in its FY19
annual report. Fitch expects TSL to be able to roll over its
short-term debt for working capital given its healthy operating
profile. The company also enjoys strong banking relationships and
access to financial markets, which mitigate refinancing and
liquidity risks.
SUMMARY OF FINANCIAL ADJUSTMENTS
JSWS
Material Non-Standard Financial Adjustments:
- Payment of USD700 million (FY19: INR48.4 billion) by Duferco
S.A. under a five-year advance payment and supply agreement for
supply of steel products has been treated as debt. The advance is
interest-bearing and the repayable amount will be adjusted by
export of steel to Duferco. Fitch regards the advance, which would
be around 40% of JSWS's outstanding trade payables and customer
advances if included under working capital, as an alternative to
long-term bank borrowing for the company
- Acceptances, related to trade payables and payables for capital
projects, have been treated as debt (FY19: INR115.6 billion)
- Unamortised upfront fees on borrowing and premium on redemption
of debentures (FY19: INR7.4 billion) have been added back to debt.
TSL
Material Non-Standard Financial Adjustments
- The INR22.75 billion of hybrid perpetual bonds issued by TSL
have not been provided any equity credit in line with Fitch's
criteria. Distribution on hybrid perpetual securities has been
treated as interest
- Current investments in mutual funds (FY19: INR25.2 billion),
which are highly liquid, have been treated as readily available
cash
- Capitalised debt transaction costs (FY19: INR11.3 billion) have
been added back to better reflect amount repayable at maturity
- Net foreign-exchange loss (FY19: INR7.9 billion) included in
"other expenses" has been excluded from EBITDA.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
Tata Steel Limited
- LT IDR BB-; Downgrade
- Senior unsecured; LT BB-; Downgrade
JSW Steel Limited
- LT IDR BB-; DowngradeB
- Senior unsecured; LT BB-; Downgrade
Tata Steel UK Holdings Limited
- LT IDR B-; Downgrade
- LT IDR WD; Withdrawn
ABJA Investment Co. Pte. Ltd.
- Senior unsecured; LT BB-; Downgrade
VENKATA SRI: CRISIL Lowers Rating on INR22cr Loans to B+
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Venkata Sri Balaji Exports (VSBE) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Term Loan 12 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects expectation of deterioration in the business
risk profile over the medium term, on account of the impact of
Covid-19. Revenue and net cash accrual for fiscal 2021 are expected
to remain subdued amidst disruptions in economic activity due to
restrictions and the lockdown in India and abroad. Moreover, the
long working capital cycle, due to sizeable inventory and debtors,
could be further stretched in the current scenario. Any significant
delays in realising payments from customers can impact working
capital management and liquidity.
The rating reflects geographical concentration in revenue and a
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the managing
partner in the granite industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Geographic concentration in revenue: The firm derives 45-50% of
revenue from the US, Europe, and the Middle East. Any changes in
regulations or economic conditions in these regions or in India's
export policies could impact revenue and receivables. Any revision
in the business policies of counterparties can also hamper inflow
of orders.
* Below-average financial profile: The networth was low, the
gearing high, and the debt protection metrics moderate. The
networth is estimated at around INR7.38 crore and the gearing at
2.9 times, as on March 31, 2020. The net cash accrual to total debt
ratio is estimated at around 0.25 time and the interest coverage
ratio at around 3.73 times for fiscal 2020
* Working capital-intensive operations: Gross current assets
(GCAs) were high at around 157 days as on March 31, 2020. That's
mainly due to the preparatory time of 10-15 days for cutting and
moving granite blocks to the factory site, 20-30 days for
processing and finishing, 40-50 days for moving the finished slabs
to the foreign destination, and credit of 75-80 days to clients.
Operations are likely to remain working capital intensive over the
medium term as well.
Strength:
* Extensive industry experience of the managing partner
Mr S V Bala Subrahmanyam, has experience of more than a decade in
the granite processing industry. Association with firms, SVB
Granites and Vasavi Granites, which undertake quarrying and export
of granite, a strong understanding of business dynamics, and a
healthy relationship with suppliers and customers should continue
to help ramp up the scale of operations over the medium term.
Liquidity Stretched
Bank limit utilisation was moderate at around 85% during the 12
months through March 2020. Cash accrual is expected at INR3.7-3.8
crore, against term debt obligation of INR2.7-2.8 crore, per fiscal
over the medium term. The company has obtained a moratorium for
debt repayment due in March, April and May 2020.
Outlook: Stable
CRISIL believes VSBE will continue to benefit from the extensive
experience of the partner.
Rating Sensitivity factors
Upward factors
* Improvement in the working capital cycle, with GCAs reducing to
80 days
* Sustained increase in the scale of operation while maintaining
the operating margin, leading to higher cash accrual
Downward factors
* A decline in net cash accrual to below INR2.5 crore per fiscal,
driven by lower revenue or operating profits
* A substantial increase in working capital requirement, thus
weakening the financial risk profile, especially liquidity.
VSBE, set up by Mr Subrahmanyam in 2014 as a partnership firm, has
a granite cutting and processing unit in Ongole, Andhra Pradesh.
VENKATESHWARA POWER: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed Venkateshwara Power
Project Limited's (VPPL) Long-Term Issuer Rating at 'IND BB+. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR402 mil. Term loan due on September 2026 affirmed with
IND BB+/Stable rating; and
-- INR1.70 bil. Fund-based facilities affirmed with IND BB+ /
Stable/IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects VPPL's continued weak credit metrics
resulting from the high working capital-intensive and seasonal
nature of its business. In FY19, the company's interest coverage
deteriorated to 1.0x (FY18: 1.2x) and net leverage to 9.9x (9.5x)
due to an increase in the total debt to INR3,677 million (FY18:
INR3,063 million).
The company's working capital cycle elongated to 167 days in FY19
from 125 days in FY18 due to a rise in inventory days to 257 from
212.
Liquidity Indicator - Stretched: The company's cash flow from
operation turned negative to INR650 million in FY19 from INR798
million in FY18. Its average use of fund-based limits was 86% over
the 12 months ended March 2020. At FYE19, VPPL had a negative cash
balance of INR189 million and an unutilized credit line of INR36
million. It had a term loan repayment of INR167 million in FY20 and
has INR104 million repayable in FY21.
VPPL's EBITDA margin remained modest despite improving to 7.7% in
FY19 from 5.8% in FY18 due to various factors such as an increase
in the sugar price, and the company's extra neutral alcohol and
ethanol plant being operational from September 2018. The management
expects EBITDA margin to have improved further in FY20 due to the
revised minimum selling price (MSP) of INR31 per kg from INR29 per
kg and also as it completed the first full year operation of its
distillery plant. The margins of sugar players are vulnerable to
various factors such as changes in MSP and fair and remuneration
price, according to the government norms. The return on the capital
of the company was 4% in FY19 (FY18: 5%). In 9MFY19, the company
recorded EBITDA of 10%. The management expects the company's margin
to have improved in FY20 and continues to do so in the long term
due to the integrated operation of the company's sugar, power and
distillery unit.
The ratings are, however, supported by VPPL's medium scale of
operations despite revenue declining to INR5,077 million in FY19
from INR5,723 million in FY18, due to a reduction in the volume of
sugar sold from 116,949MTPA from 121,530MTPA. However, the average
price of sugar increased to INR29/kg in FY19 from INR24/kg in FY18.
The government introduced the MSP plan and quota for selling sugar
from June 2018. Due to quota for sugar, the volume of the sugar
sale deteriorated slightly and the average price of the sugar
increased in FY19. The government revised the MSP of the sugar to
INR31/kg from INR29/kg during February 2019. The company started to
sell under the export quota FY19 onward. The management expects the
company revenue to have increased in FY20 as it was the first full
year of its distillery operation. The company recorded revenue of
INR4,216 million in 9MFY20.
The ratings continue to be supported by the extensive operational
track record of around two decades of VPPL's promoter group, the
Mahadik Business Group. The promoter has had long-standing
relationships with suppliers (farmers) in Karnataka.
RATING SENSITIVITIES
Negative: Any significant fall in the revenue and/or the operating
margin than Ind-Ra's expectations and/or a further stretch in the
liquidity, leading to deterioration in the interest coverage below
1.5x, will be negative for the company.
Positive: A significant improvement in the operating margin and the
liquidity position, while maintaining the revenue, leading to an
increase in the interest coverage above 2.5x will be positive for
the ratings.
COMPANY PROFILE
VPPL has an integrated sugar plant in Bedkihal Village, Chikkodi
Taluk, Belgaum District, Karnataka. The plant has a cane crushing
capacity of 8,500 tons of cane per day, a 23MW co-generation unit,
and a distillery and ethanol unit of 90 kilolitres per day. In
Nagpur, the company has one sugar unit with a cane crushing
capacity of 2,000 tons of cane per day.
[*] INDIA: 124 Firms Slip Into Liquidation Despite Resolution Plan
------------------------------------------------------------------
The Economic Times report that Indian banks let 124 companies slip
into liquidation despite resolution plans that -- at least
theoretically -- promised higher recoveries, data with the
Insolvency and Bankruptcy Board of India (IBBI) showed.
At the end of March, insolvency processes for 914 companies were
closed. About 57% of the total insolvency cases closed ended in
orders of liquidation, compared with 14% that ended in resolution
plans, ET discloses.
"The code envisages maximisation of value and not price," wrote Dr
M.S.Sahoo, chairman, IBBI, in the latest newsletter released by the
bankruptcy regulator, ET relays. "The value improves if business is
continued and its assets are used more efficiently."
Sahoo added that efficiency could be brought in by a management
change, acquisition or disposal of assets, restructuring of the
company or turning around the business, ET relates.
Since the inception of the Insolvency and Bankruptcy Code, 396
manufacturing companies -- the highest number in any segment --
have been sent to liquidation, according to the report. More than
200 companies ordered to be sold piecemeal were in the real estate
and construction segment, while another 117 companies were in
retail and wholesale trade, ET notes.
=====================
N E W Z E A L A N D
=====================
FELTEX CARPETS: Investors Case Have Until July 13 to Raise Fund
---------------------------------------------------------------
Rob Stock at Stuff.co.nz reports that Feltex investors have until
July 13 to raise the money to take their case for compensation
against the failed carpet-maker's directors.
If they didn't raise the money by then, the "guillotine" would fall
on July 14, France's Bastille Day, and the case would be struck
out, Stuff says.
Feltex listed on the New Zealand NZX sharemarket in 2004, with
thousands of ordinary investors buying shares at NZD1.70. But by
September 2006, receivers had been called in leaving investors
angry, and in 2018 a ruling the Supreme Court held Feltex's 2004
prospectus contained a revenue forecast directors could not
reasonably assume would be achieved.
According to Stuff, the former Feltex directors targeted by
investors had sought to have the case struck out, but justice
Robert Dobson at the High Court in Wellington ruled the Feltex
investors should have "one last opportunity" to raise the money
they needed to take their class action claim for damages.
That money was now being raised through a crowd-sourcing service,
and members of the public were being invited to fund the lawsuit
through a share offer, the report states.
Stuff relates that JAFL Litigation Funding Partners, the company
raising the money, said it would seek a pre-tax return of NZD2 for
every NZD1 share issued.
The minimum needed to be raised is NZD500,000 for the case to go
ahead, said Tony Gavigan, one of JAFL's directors.
Collinson Crowdfunding was showing just under NZD200,000 raised.
Mr. Gavigan said the money raised so far had been from Feltex
investors, but he hoped to see members of the public support the
offer too, the report adds.
Some Feltex investors could not now personally benefit from the
case going forward as they were dead, Mr. Gavigan said, but their
estates, including that of former Fonterra chief executive Craig
Norgate were backing the case, Stuff relays.
The oldest investor actively involved in the case was now 98.
Mr. Gavigan hoped the case would be completed within three years,
at the latest.
The directors of Feltex named as defendants in the class
action--including Timothy Saunders, Peter Thomas and Joan
Withers--had sought to have the case struck out. So too had
international investment bank Credit Suisse.
"I accept that a case has been made out for striking out this
proceeding," ruled Dobson.
"Given the length of its history and the number of interests
affected by its determination, that is a regrettable outcome.
"However, in balancing the competing interests of justice as
reflected for claimants and defendants, it is an outcome I am
satisfied is warranted, subject to affording the claimants and
their funder one last opportunity to perform."
Stuff says the case would be struck out on July 14, if the funding
for security of costs was not achieved.
"He's given Bastille Day as the drop-dead day when the guillotine
will fall," the report quotes Mr. Gavigan as saying.
In his judgement dated May 22, Dobson said the defendants had
indicated they would challenge claims by individual shareholders
that they would not have invested at all if the untrue statement
had been revealed to them at the point in time they committed to
the purchase.
"The defendants will argue that the untrue statement did not reduce
the fair value of the shares, or not to the extent claimed,"
Dobson, as cited by Stuff, ruled.
And if they are found to have no reasonable basis for leaving the
revenue forecast unaltered in the prospectus they will argue they
were not liable for losses as they had conducted themselves with
reasonable diligence, the report says.
The Feltex carpet brand is now owned by Australian company Godfrey
Hirst.
About Feltex Carpets
Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet. The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.
ANZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.
The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings in
New Zealand, Australia, and the United States. Proceeds of the
sale will be used to ease the company's NZD128-million debt to ANZ
Bank.
On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation. John Vague was
appointed as liquidator.
TAB: Cuts Jobs After Plans to Axe 30 Percent of its Workforce
-------------------------------------------------------------
Radio New Zealand reports that the sports betting agency the TAB
has informed staff of job losses, after a proposal to cut hundreds
of roles due to the Covid-19 downturn.
TAB had consulted on removing 220 jobs over the last two weeks, 30
per cent of its workforce, the report says.
RNZ relates that a spokesperson wouldn't confirm the final number
or details of the redundancies, but said staff were being told the
fate of their jobs on May 25 before the company made a public
statement May 26.
According to the report, the betting company's parent entity, the
Racing Industry Transition Agency (formerly the Racing Board) said
revenue was down almost 50 per cent in April, with most live sports
and racing cancelled over the last few months.
"Despite far reaching efforts to reduce costs across the TAB,
including salary reductions, staff taking leave and reducing all
non-essential expenses, it simply was not enough to offset the blow
Covid-19 has had, and will have, on our industry," RNZ quotes
executive chair Dean McKenzie as saying.
"The implication of the pandemic extends beyond the immediate
impact to the TAB, with racing and sport looking very unpredictable
over the next year. The reality is the TAB will need to be a
leaner, more efficient business with fewer roles, and focused on
driving our core wagering and gaming business."
=================
S I N G A P O R E
=================
GEO ENERGY: Fitch Cuts LT IDR to 'C' on Distressed Debt Exchange
----------------------------------------------------------------
Fitch Ratings has downgraded Geo Energy Resources Limited's
Long-Term Issuer Default Rating to 'C', from 'CC'. The agency has
also downgraded the rating on subsidiary Geo Coal International
Pte. Ltd.'s outstanding senior unsecured guaranteed notes to 'C',
from 'CC', with a Recovery Rating of 'RR4'.
The downgrade follows Geo's tender offer and consent solicitation
to change the protective covenant of its US dollar notes due 2022,
which Fitch considers to be a distressed debt exchange under its
criteria. Geo has offered cash payments of USD430 for each USD1,000
of existing notes tendered before June 4, 2020. For notes tendered
after this date, but before the June 18, 2020 deadline, the offer
encompasses cash payments of USD400 for each USD1,000 of existing
notes. The company will also pay accrued interest on the notes.
The Recovery Rating of 'RR4' reflects an average recovery value of
31% to 50% for the US dollar notes based on the tender offer.
The tender offer and covenant change are subjected to no less than
75% participation in terms of the aggregate outstanding principal
amount. Fitch will reassess Geo's IDR after completion of the
exchange offer.
KEY RATING DRIVERS
Offer to Avoid Payment Default: Fitch believes Geo made the
exchange offer for the 2022 notes to avoid payment default in May
2021, given its tight liquidity. Geo reported around USD80 million
in cash at end-April 2020, against the outstanding US dollar notes
of around USD154 million. The company's operating profile has
weakened significantly, with a minimal safety margin for operations
amid weak coal prices and falling reserves.
Fitch thinks Geo will be required to buy back notes in May 2021 as
per the note terms, as it is unlikely to meet the condition of 80
million tonnes (mt) of coal reserves, which will trigger a put
option. Geo however is exploring the southern part of its PT Tanah
Bumbu Resources mine, which was previously unexplored. Geo aims to
obtain consent for changes to the bond covenant and buy back its
entire outstanding bond at a discount through the tender offer
using its available cash balance, which, if successful, will result
in minimal residual cash.
Reduction in Terms: Fitch believes the company's proposal to remove
the mandatory offer to purchase (put option) covenant from its
notes, the increase in its limit of working capital debt and the
additional general-purpose loan limit is a material reduction in
terms for the note holders.
Adequate Cash for Offer; Liquidity to Deteriorate: Fitch expects
Geo's cash balance to be sufficient to fund the tender offer, even
assuming all bond holders accept the offer. However, its liquidity
will deteriorate post tender, with the cash balance falling to
around USD10 million by end-June 2020. It also expects Geo's cash
generation to remain weak in the near term, given the low coal
prices and its weak cost position. Access to new funding is likely
to be challenging in light of the macro conditions, though Geo has
availed funding in the past in form of advances from key customers;
commodity trading companies.
Weak Cost Position: Geo has one of the weakest energy-adjusted cost
positions among Fitch-rated Indonesian coal miners. It produces
average-quality coal and Fitch estimates its unit profitability
will drop to around USD2.5/tonne (1Q20: USD5.4/tonne) based on the
recent downward revision of Fitch's coal-price assumptions. This is
much weaker than the around USD10.0/tonne in 2018, despite being
partly offset by recent cost contract negotiations with logistics
and service providers.
Declining Reserves; Small Scale: Fitch believes Geo's small and
declining reserve base is likely to pose a challenge. Geo's
operating reserve comprised 24mt at PT Sungal Danau Jaya and 41mt
at PT Tanah Bumbu Resources (as of end-2019. The company will
exhaust its operating reserve in nine years, based on Fitch's
expected annual production of around 7.0mt (2019: 7.4mt, 2018:
7.0mt). Geo expects 8mt annual production in 2020.
Geo has two other mines, but one is still in the exploratory phase
and the other has a weak cost position, making mining operations
unviable. In addition, the mining licenses of the SDJ and TBR mines
expire in 2022; Fitch will treat any adverse developments
pertaining to the renewal of the licences, including non-renewal,
as an event risk.
Low Off-Taker and Contractor Risk: Geo has life-of-mine contracts
for its two key operating mines on all coal produced, minimising
off-take risk. However, it has high exposure to China, which
contributed half of its 2019 sales (2018: 80%). Geo is exposed to
slowing demand due to the coronavirus pandemic, as its end-users
based in China, India and other Asian countries have experienced
restrictions to curb the spread.
Geo has prepayment facilities with off-takers for both mines, which
had been entirely utilised as of end-2019, limiting Geo's
flexibility for future working capital management. Its coal
production and over-burden removal contracts for the mines is with
one of Indonesia's largest mining contractors, PT Bukit Makmur
Mandiri Utama (BB-/Negative), limiting contractor risk.
DERIVATION SUMMARY
The ratings on Geo and its bonds are driven by the announced tender
and consent solicitation, which is considered as a DDE based on
Fitch's criteria.
KEY ASSUMPTIONS
- Coal prices in line with Fitch's mid-cycle commodity-price
assumptions, adjusted for the difference in calorific value
(average Newcastle 6,000 kcal free on board or FOB/tonne: USD63 in
2020, USD72 in 2021, USD72 in 2022 and USD70 thereafter).
- Annual total coal production from SDJ and TBR mines of 7mt over
the medium term.
- No acquisition and modest capex over the medium term.
- Strip ratio to remain at around 3.6x (2019: 3.5x) and
production cost at less than USD29.0/tonne (2019: USD29.3/tonne)
over 2020-2024.
Recovery Assumption
Based on company's tender offer of 43% (for tender before June 4,
2020) and 40% (after June 4, 2020 but before June 18, 2020) of the
note's principal amount.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch will reassess Geo's capital structure and cash flow after
the completion of the tender offer, or at the end of the offer
period if the offer is not completed, to determine its IDR and
senior unsecured ratings.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch will downgrade Geo's IDR to 'RD' if the offer is
completed.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Stretched Liquidity: Geo's weak cash balance and modest capex
requirements will continue to weigh on its near-term liquidity,
even if the tender offer is successful. Fitch estimates its
unrestricted cash balance would drop to around USD10 million post
note repurchase. Fitch believes Geo's funding access remains highly
uncertain in the current market conditions, considering its
deteriorating operating profile.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
HATTEN LAND: Gets More Time to Repay US$20MM Loan
-------------------------------------------------
Lynette Tan at The Business Times reports that Hatten Land has been
given more time to repay a US$20 million loan, but more shares in
the company have been pledged to the lender, Haitong International
Financial Products (Singapore).
According to BT, Hatten Holdings pledged an additional 360 million
ordinary shares it holds in the company to Haitong, bringing the
stake pledged to the lender to about 53 per cent.
BT relates that Hatten Holdings said it will notify the company of
any other share-pledging arrangement relating to the shares it
holds in the company, and of any event which may result in a breach
of the provisions of the convertible loan agreement.
Haitong and Hatten Land had entered the US$20 million convertible
loan agreement in 2017. The property developer initially had up to
April 10, 2020 to repay the loan, with a partial US$2.5 million
payment due by Jan. 10, BT discloses.
With the reprieve granted, Hatten Land will now repay the loan in
four instalments this year: US$2 million on Jan. 10 and US$6
million each on April 10, July 10 and Oct. 10.
Hatten Land said it is still in talks with the lender to further
extend the payment period for the instalments due to the impact of
Covid-19 on its operations, the report adds.
Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week May 18, 2020 to May 22, 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 0.97
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY L 13.25 02/15/18 USD 0.15
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
PALADIN ENERGY LTD 10.00 02/01/23 USD 52.48
VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 14.86
VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 19.55
VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 43.61
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.90
VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 14.65
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 15.77
VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 13.49
CHINA
-----
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.95
AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 60.87
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.52
AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 40.00
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 59.98
AN SHUN YU KUN REAL ES 5.48 11/10/21 CNY 66.31
ANHUI FOREIGN ECONOMIC 7.30 12/24/21 CNY 11.91
ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 20.19
ANHUI PINGTIANHU INVES 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 47.18
ANHUI PROVINCE TONGLIN 7.30 05/13/21 CNY 40.62
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNE 8.30 04/24/21 CNY 20.69
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 60.88
ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 59.92
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 41.61
ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 40.00
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.68
BAOJI HI-TECH INDUSTRI 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 41.25
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.39
BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 61.36
BAYAN ZHUOER HETAO WAT 8.54 03/31/22 CNY 31.85
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.89
BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED AS 8.50 04/25/21 CNY 20.77
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE IN 6.35 07/23/20 CNY 20.12
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELO 6.50 02/27/21 CNY 20.54
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.60
BEIJING CAPITAL DEVELO 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONST 6.74 04/22/21 CNY 20.80
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 61.13
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 60.90
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 20.16
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.15
BEIJING HAIDIAN STATE- 5.50 08/07/20 CNY 20.11
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.28
BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 20.27
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.42
BEIJING JINLIYUAN STAT 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 41.11
BEIJING XINCHENG INFRA 7.50 04/21/21 CNY 20.82
BEIJING XINGZHAN INVES 6.66 04/24/21 CNY 20.75
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 63.45
BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 52.56
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.75
BENGBU GAOXIN INVESTME 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.60
BENXI URBAN CONSTRUCTI 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 41.26
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUC 7.78 02/25/21 CNY 20.58
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELO 8.60 01/10/21 CNY 20.53
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.95
BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 61.22
BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 59.50
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.17
BORALA MONGOL AUTONOMO 7.18 08/09/20 CNY 20.00
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 61.73
BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 60.86
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 60.60
CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00
CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 61.11
CHANG DE DING LI INDUS 4.30 03/10/23 CNY 60.96
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 40.72
CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 38.00
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONST 7.00 03/24/21 CNY 20.66
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.64
CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 60.40
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 60.84
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.89
CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 42.80
CHANGSHA ECONOMIC & TE 8.45 04/13/22 CNY 31.50
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 61.53
CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 59.73
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 47.87
CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 45.80
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.59
CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 60.10
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 60.34
CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN C 7.17 04/18/21 CNY 20.80
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.67
CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 41.69
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 40.92
CHANGSHU TRANSPORTATIO 7.00 04/29/21 CNY 27.00
CHANGXING COUNTY TRANS 6.75 06/16/21 CNY 40.70
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 40.95
CHANGXING COUNTY TRANS 7.88 04/30/21 CNY 30.30
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 40.59
CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.62
CHANGZHOU BINHU CONSTR 8.04 12/12/20 CNY 20.00
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.52
CHANGZHOU PUBLIC HOUSI 6.64 07/02/21 CNY 40.50
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 41.45
CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.11
CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 46.00
CHENGDU ECONOMIC & TEC 6.90 05/30/21 CNY 40.91
CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 60.63
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.50
CHENGDU KONGGANG CITY 6.92 07/30/20 CNY 25.20
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.65
CHENGDU LONGBO INVESTM 8.10 04/24/21 CNY 20.30
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 41.70
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 20.35
CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 18.50
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 61.29
CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 59.30
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 41.60
CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 81.28
CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 61.23
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.19
CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 41.00
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 21.37
CHENGFA INVESTMENT GRO 6.87 04/30/21 CNY 20.78
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 40.24
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 60.68
CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 59.92
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 48.60
CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 39.92
CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 74.96
CHENZHOU XINTIAN INVES 6.15 04/24/22 CNY 39.41
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHENZHOU XINTIAN INVES 6.30 07/17/20 CNY 20.00
CHINA GRAND AUTOMOTIVE 8.63 04/08/22 USD 81.25
CHINA MINSHENG INVESTM 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDIN 8.90 12/13/21 CNY 55.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONME 7.10 10/18/20 CNY 20.36
CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 61.58
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 75.82
CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 56.59
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.40
CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 41.07
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 41.01
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.35
CHONGQING BEICHENG CON 7.30 10/16/20 CNY 20.30
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.25
CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 61.10
CHONGQING CHANGSHOU EC 7.20 07/15/21 CNY 40.79
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.68
CHONGQING CHANGSHOU EC 7.10 06/19/21 CNY 40.00
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.25
CHONGQING CITY CONSTRU 5.12 05/21/20 CNY 20.01
CHONGQING DASUN ASSET 6.98 09/10/20 CNY 20.24
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 60.63
CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 61.00
CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 60.46
CHONGQING FULING DISTR 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTR 7.89 03/20/21 CNY 20.84
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.89
CHONGQING FULING TRAFF 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 40.98
CHONGQING GAOXIN ZONE 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.96
CHONGQING GARDENING IN 8.45 06/03/21 CNY 40.00
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.55
CHONGQING HAOJIANG CON 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.33
CHONGQING HAOJIANG CON 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.10
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 41.00
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.32
CHONGQING HECHUAN INDU 6.19 06/17/20 CNY 20.04
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 25.00
CHONGQING HONGYE INDUS 6.30 06/03/20 CNY 20.08
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.50
CHONGQING INTERNATIONA 7.08 10/18/20 CNY 20.36
CHONGQING JIANGBEIZUI 6.50 07/21/21 CNY 40.90
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.70
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.00
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.99
CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 40.88
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.62
CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 59.05
CHONGQING KANGDA ENVIR 7.00 12/18/22 CNY 70.00
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.68
CHONGQING LAND PROPERT 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERT 6.30 08/22/20 CNY 20.23
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.19
CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 41.12
CHONGQING LIANGJIANG N 3.10 08/05/21 CNY 70.38
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 22.72
CHONGQING LIANGJIANG N 6.70 04/25/21 CNY 20.81
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.82
CHONGQING LIANGJIANG N 3.60 04/19/21 CNY 40.65
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.41
CHONGQING LIANGJIANG N 3.17 01/13/21 CNY 40.02
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.88
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.57
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CI 8.00 03/21/21 CNY 20.58
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.37
CHONGQING SHUANGFU CON 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 40.76
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE POR 7.50 04/24/21 CNY 20.85
CHONGQING TEA GARDEN I 7.70 05/20/21 CNY 40.68
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 41.39
CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.83
CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 60.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 45.00
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 40.52
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.64
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 69.90
CHONGQING WANZHOU SANX 4.95 08/25/22 CNY 61.51
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 62.91
CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 60.16
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 41.05
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 41.60
CHONGQING YONGCHUAN HU 7.28 05/30/21 CNY 40.87
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 41.86
CHONGQING YUELAI INVES 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.76
CHONGQING YUNAN ASSET 7.05 06/17/21 CNY 40.70
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.64
CHONGQING YUZHONG STAT 7.25 02/26/21 CNY 20.57
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 41.45
CHUZHOU CITY CONSTRUCT 6.17 11/30/21 CNY 61.66
CHUZHOU CITY CONSTRUCT 6.40 08/22/21 CNY 41.27
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 38.49
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 41.02
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.44
DALI ECONOMIC DEVELOPM 7.90 03/04/21 CNY 20.00
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPM 8.30 12/11/20 CNY 20.43
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 60.01
DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 59.00
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.76
DALIAN PULANDIAN CONST 3.80 01/25/23 CNY 57.00
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 58.72
DALIAN PUWAN ENGINEERI 4.50 02/01/23 CNY 52.11
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.68
DALIAN PUWAN ENGINEERI 7.09 02/20/21 CNY 19.64
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 41.00
DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 40.98
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.60
DALIAN RONGQIANG INVES 7.92 04/14/21 CNY 20.59
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.55
DALIAN RONGQIANG INVES 8.60 01/20/21 CNY 20.54
DANDONG PORT GROUP CO 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 63.00
DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 61.57
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.37
DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 60.11
DANGYANG XINYUAN INVES 7.99 05/23/21 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 39.72
DANYANG INVESTMENT GRO 3.99 01/25/23 CNY 60.50
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.36
DANYANG INVESTMENT GRO 6.90 10/23/20 CNY 20.15
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.32
DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 61.20
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 62.50
DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 59.53
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.99
DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 59.46
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEV 7.30 03/03/21 CNY 20.64
DAYE ZHENHENG CITY DEV 7.95 11/27/20 CNY 20.55
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 61.10
DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 41.04
DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.88
DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 40.85
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.60
DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 60.00
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELO 7.90 04/28/21 CNY 20.52
DONGLING GROUP INC CO 8.00 07/14/22 CNY 62.13
DONGLING GROUP INC CO 8.00 07/14/22 CNY 60.00
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCT 7.58 04/23/21 CNY 20.70
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.83
DONGTAI UBAN CONSTRUCT 8.65 01/13/21 CNY 20.54
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN AS 5.57 03/31/22 CNY 41.13
DR PENG HOLDING HONGKO 5.05 06/01/20 USD 55.56
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 40.00
DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 39.40
DUNYUN STATE-OWNED ASS 6.60 12/28/22 CNY 60.33
EASTAR HOLDINGS GROUP 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 47.54
ENSHI URBAN CONSTRUCTI 7.50 06/03/21 CNY 40.90
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 40.63
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 46.50
EZHOU CITY CONSTRUCTIO 7.76 05/15/21 CNY 41.06
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 22.00
FANGCHENGGANG CITY GAN 8.09 04/16/21 CNY 20.71
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.46
FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 60.23
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 41.10
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN 5.76 12/17/22 CNY 59.93
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 41.02
FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.52
FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 55.03
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.59
FUGU COUNTY STATE-OWNE 8.69 12/16/20 CNY 20.00
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUST 7.08 06/27/21 CNY 40.97
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 41.43
FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 61.62
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 41.09
FUQING CITY STATE-OWNE 5.94 11/26/22 CNY 57.26
FUQING CITY STATE-OWNE 6.66 03/01/21 CNY 25.40
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 42.80
FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 40.48
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 60.30
FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 59.66
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 61.52
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 60.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 41.14
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 61.80
GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 60.00
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 20.68
GANZHOU DEVELOPMENT ZO 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.22
GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 61.14
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 61.42
GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.52
GOLMUD INVESTMENT HOLD 8.70 12/30/20 CNY 20.30
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 62.42
GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 58.79
GOOCOO INVESTMENT CO L 8.00 02/01/21 CNY 50.00
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.06
GREENLAND HOLDING GROU 6.24 05/23/20 CNY 25.04
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 41.42
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.74
GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 60.20
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.80
GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 40.79
GUANGDONG TAIANTANG PH 4.98 02/02/21 CNY 69.00
GUANGXI BAISE DEVELOPM 7.27 06/20/21 CNY 40.40
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.92
GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCH 7.40 10/29/20 CNY 20.18
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.45
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUC 7.59 04/14/21 CNY 20.66
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT H 7.30 04/22/21 CNY 20.54
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 60.95
GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 59.99
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 41.35
GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 74.20
GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 73.62
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 64.46
GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.55
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 40.00
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 41.50
GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 41.80
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.83
GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 59.29
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 60.19
GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 59.78
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.65
GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 59.40
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 61.52
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 57.97
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 41.13
GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 60.89
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 52.21
GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 51.43
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.78
GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 73.72
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.85
GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 65.75
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.50
GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 42.02
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 72.67
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 59.66
HAIAN COUNTY DEVELOPME 5.45 04/13/23 CNY 58.04
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 61.64
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.33
HAICHENG URBAN JINCAI 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.46
HAICHENG URBAN JINCAI 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.82
HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 40.00
HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 59.11
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMEN 6.22 04/03/22 CNY 41.93
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.24
HAINING CITY DEVELOPME 5.58 10/22/21 CNY 41.00
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN 6.90 11/04/20 CNY 20.36
HAIXI STATE-OWNED CAPI 8.60 01/02/21 CNY 20.48
HAIYAN COUNTY STATE-OW 7.00 09/04/20 CNY 20.25
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 67.20
HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 61.44
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.75
HANGZHOU FUYANG CITY C 7.20 03/19/21 CNY 20.74
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 61.03
HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 59.96
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 40.92
HANGZHOU FUYANG DEVELO 7.70 04/28/21 CNY 29.00
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 41.23
HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 40.40
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 61.07
HANGZHOU LOWER DISTRIC 3.80 03/14/23 CNY 60.00
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 61.48
HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 60.85
HANGZHOU XIAOSHAN ECO& 6.90 05/13/21 CNY 40.99
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.41
HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 61.37
HANGZHOU YUHANG CITY C 7.00 03/03/21 CNY 20.84
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOM 7.45 03/03/21 CNY 20.66
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSP 7.19 04/18/21 CNY 20.77
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-A 7.30 11/11/20 CNY 20.49
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 60.07
HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 59.96
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 41.03
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 40.99
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 60.41
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 66.11
HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 65.84
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.97
HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 45.93
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.33
HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 40.00
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.79
HEILONGJIANG POST-DISA 7.06 11/20/20 CNY 6.78
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 25.52
HEILONGJIANG POST-DISA 7.10 11/19/20 CNY 18.55
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.67
HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 59.28
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 40.73
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.18
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.04
HENGYANG HONGXIANG STA 6.20 06/19/20 CNY 20.00
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WA 7.40 04/23/21 CNY 20.64
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.82
HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 60.77
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 41.16
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.95
HEZE INVESTMENT DEVELO 7.14 03/24/21 CNY 20.66
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 41.32
HEZHOU URBAN CONSTRUCT 8.16 05/16/21 CNY 40.81
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HNA GROUP INTERNATIONA 6.25 10/05/21 USD 74.46
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 20.00
HONGHEZHOU ROAD DEVELO 6.27 05/06/20 CNY 19.99
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 26.00
HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 61.13
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 41.39
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.80
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.56
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HO 7.30 03/10/21 CNY 20.62
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.72
HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 58.69
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 40.91
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.48
HUAI'AN NEW CITY INVES 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.20
HUAIHUA CITY INDUSTRIA 7.70 10/29/20 CNY 20.19
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 40.00
HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 39.89
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 60.07
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.95
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.65
HUAINAN URBAN CONSTRUC 6.79 07/09/21 CNY 41.05
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 61.22
HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 60.40
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.80
HUANGGANG CITY CONSTRU 7.45 03/04/21 CNY 20.72
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.62
HUANGGANG CITY CONSTRU 8.60 12/25/20 CNY 20.60
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 60.65
HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 41.75
HUANGSHI CIHU HIGH-TEC 9.30 01/21/21 CNY 20.71
HUANGSHI CIHU HIGH-TEC 8.70 12/05/20 CNY 20.45
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 41.57
HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 35.20
HUAWEN MEDIA GROUP 5.45 11/08/20 CNY 47.65
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 41.56
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 63.23
HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 60.00
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GRO 7.05 10/18/20 CNY 20.24
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 61.03
HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 42.25
HUNAN CHANGDE DEYUAN I 6.50 06/16/21 CNY 40.85
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 61.96
HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 60.26
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 60.40
HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 59.61
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.80
HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 60.47
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 39.66
HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.42
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.28
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 39.16
HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.93
HUNAN SHAODONG ECO-IND 6.50 01/11/23 CNY 59.36
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 58.79
HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 57.92
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.95
HUNAN TIER GROUP CO LT 7.10 03/03/21 CNY 20.62
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LT 8.00 12/23/20 CNY 20.67
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.80
HUNAN XIANGJIANG NEW A 7.36 03/17/21 CNY 20.00
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 41.10
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.59
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.15
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.84
HUZHOU XISAISHAN DEVEL 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 60.37
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 39.33
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 39.47
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 40.38
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 41.72
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 60.47
JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 58.77
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.87
JIAN CITY JINGANGSHAN 7.99 06/03/21 CNY 40.63
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 61.20
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 46.50
JIANAN INVESTMENT HOLD 6.85 05/23/21 CNY 40.85
JIANGDONG HOLDING GROU 7.14 04/24/21 CNY 20.89
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.55
JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 41.50
JIANGMEN NEW HI-TECH I 7.39 11/04/20 CNY 20.47
JIANGSU HAIZHOUWAN DEV 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.21
JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 61.00
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.12
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 20.01
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVEST 7.90 04/08/21 CNY 20.76
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.44
JIANGSU JINTAN GUOFA I 6.85 05/30/21 CNY 40.00
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.52
JIANGSU JURONG FUDI BI 7.70 03/21/21 CNY 41.20
JIANGSU NANTONG NO2 CO 8.10 07/10/21 CNY 40.18
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DE 7.00 08/27/20 CNY 25.22
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.80
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.12
JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 59.10
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 45.00
JIANGSU SUHAI INVESTME 7.28 05/29/21 CNY 40.76
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 40.92
JIANGSU TAICANG PORT D 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVEST 6.82 09/15/20 CNY 25.20
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 41.21
JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 61.70
JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 60.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 41.51
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMI 7.69 04/18/21 CNY 20.79
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 61.35
JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 60.00
JIANGSU ZHUFU INDUSTRI 4.93 12/29/20 CNY 40.33
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 58.84
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 70.72
JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 69.91
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.75
JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 60.10
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 49.34
JIANGXI PINGXIANG CHAN 8.18 05/22/21 CNY 40.89
JIANGXI PROVINCE SITON 8.20 04/18/21 CNY 20.82
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW C 7.10 11/07/20 CNY 20.38
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 60.93
JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 59.46
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 40.96
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 62.86
JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 60.42
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 69.56
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHN 7.89 03/05/21 CNY 20.82
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTME 7.45 02/26/21 CNY 20.65
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 61.33
JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 60.28
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.92
JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TO 6.55 08/27/21 CNY 40.56
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 61.98
JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.21
JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 60.17
JILIN NORTHEAST SOCK I 6.80 12/19/21 CNY 69.75
JILIN RAILWAY INVESTME 7.18 03/04/21 CNY 20.14
JINAN CITY CONSTRUCTIO 6.80 03/20/21 CNY 20.67
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.10
JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 60.09
JINAN HI-TECH HOLDING 6.38 06/19/21 CNY 40.81
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 61.31
JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.89
JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 40.87
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 60.26
JINGDE TAOCI CULTURAL 5.38 11/27/22 CNY 58.00
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.08
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 20.06
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 40.57
JINGHONG STATE-OWNED A 8.08 05/23/21 CNY 39.00
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 60.94
JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 59.73
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 40.24
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.90
JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 46.20
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 20.37
JINGMEN CITY CONSTRUCT 7.00 10/17/20 CNY 18.57
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 60.94
JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT Z 8.20 12/09/20 CNY 20.50
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.93
JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 60.55
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 40.91
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG D 6.39 01/29/22 CNY 41.34
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.58
JINING HI-TECH TOWN CO 6.09 04/30/22 CNY 41.50
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 81.32
JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 62.06
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 40.56
JINZHOU CITY INVESTMEN 8.50 12/27/20 CNY 20.58
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVEST 8.38 02/25/21 CNY 20.59
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVEST 9.10 01/21/21 CNY 20.59
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 40.06
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 61.56
JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 59.55
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 41.58
JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.40
JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 60.29
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVEL 7.40 02/26/21 CNY 20.53
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 40.46
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.81
KAIFENG NEW DISTRICT I 6.35 03/23/22 CNY 40.75
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.74
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 59.11
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.10
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.67
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 21.25
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 25.18
KASHGAR SHENKA INVESTM 7.08 07/07/20 CNY 24.75
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 61.41
KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 60.00
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.05
KUERLE CITY CONSTRUCTI 6.99 05/20/20 CNY 25.04
KUNMING DONGJUN REAL E 4.50 11/02/21 CNY 49.98
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 45.45
KUNSHAN COMMUNICATION 6.95 05/22/21 CNY 41.04
KUNSHAN HIGH TECHNOLOG 7.10 03/26/21 CNY 20.78
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.65
LAIWU CITY ECONOMIC DE 7.08 02/28/21 CNY 20.60
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 40.38
LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.42
LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 61.33
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.41
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 42.39
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 41.40
LEQING CITY STATE OWNE 5.99 10/20/21 CNY 40.85
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 41.10
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 40.82
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.66
LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 61.27
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 61.09
LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 60.81
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 61.84
LIAOCHENG XINGYE ECONO 5.20 04/13/23 CNY 58.99
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 11.46
LIAONING COASTAL ECONO 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 61.48
LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 59.87
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 60.10
LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 58.75
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 20.04
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 41.01
LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 40.37
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.13
LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 20.00
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 61.76
LISHUI CITY CONSTRUCTI 5.67 08/13/22 CNY 60.00
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.10
LISHUI CITY CONSTRUCTI 6.00 05/23/20 CNY 20.02
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.38
LIUPANSHUI AFFORDABLE 5.08 01/29/23 CNY 59.27
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 61.18
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 60.94
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 61.09
LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 60.14
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.68
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.30
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.50
LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 41.36
LIUZHOU CITY INVESTMEN 7.18 12/31/22 CNY 47.15
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.36
LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 60.35
LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 64.44
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 40.96
LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED AS 6.58 08/15/21 CNY 40.97
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 60.16
LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 59.25
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTIO 7.95 04/15/21 CNY 20.59
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.99
LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 60.23
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 41.00
LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 40.00
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 60.24
LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 59.91
LU'AN CITY CONSTRUCTIO 5.05 04/26/21 CNY 51.14
LU'AN CITY CONSTRUCTIO 3.97 02/22/21 CNY 50.60
LU'AN CITY CONSTRUCTIO 5.20 09/25/20 CNY 50.57
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 41.09
LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT 5.25 09/11/20 CNY 40.22
LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 61.83
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 61.91
LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU TOUZI JI 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.77
LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 59.76
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 41.24
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 41.11
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 41.42
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.70
MEISHAN CITY ASSET OPE 7.84 02/26/21 CNY 20.40
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.11
MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 60.08
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.06
MEISHAN HONGDA CONSTRU 6.56 06/19/20 CNY 20.02
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 41.60
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.25
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 20.23
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.40
MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 60.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 65.00
MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 61.56
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.57
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.56
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 60.00
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.09
NANCHANG WATER CONSERV 6.28 06/21/20 CNY 20.08
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 41.29
NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 40.95
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVE 8.28 04/21/21 CNY 20.84
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 61.25
NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 60.99
NANJING HEXI NEW TOWN 3.20 07/22/21 CNY 69.50
NANJING HEXI NEW TOWN 3.47 06/17/21 CNY 66.00
NANJING JIANGNING ECON 7.94 04/14/24 CNY 66.82
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 41.23
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.88
NANJING LISHUI URBAN C 4.97 04/28/23 CNY 61.01
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.13
NANJING LISHUI URBAN C 5.80 05/29/20 CNY 20.02
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.47
NANJING STATE OWNED AS 5.60 03/06/23 CNY 47.10
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 46.80
NANJING TANGSHAN CONST 6.80 06/30/21 CNY 40.98
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 59.66
NANNING HI-TECH INDUST 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 44.80
NANNING LVGANG CONSTRU 7.30 06/27/21 CNY 40.72
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 61.18
NANPING CITY WUYI NEW 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.15
NANPING CITY WUYI NEW 6.70 08/06/20 CNY 20.12
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URB 7.15 04/18/21 CNY 20.69
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.71
NANTONG CITY GANGZHA D 3.80 09/06/21 CNY 70.34
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.25
NANTONG ECONOMIC & TEC 5.80 05/17/20 CNY 20.01
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.87
NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 61.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 41.35
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 63.32
NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 62.94
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.36
NANYANG INVESTMENT GRO 7.05 10/24/20 CNY 20.29
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HO 7.99 04/24/21 CNY 20.62
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.60
NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 59.40
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 60.18
NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUA 7.75 03/06/21 CNY 20.77
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.34
NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 41.20
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECH 7.09 04/21/21 CNY 20.76
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 41.61
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 21.50
NINGGUO CITY STATE OWN 8.70 04/28/21 CNY 20.93
NINGHAI COUNTY URBAN I 7.99 04/16/21 CNY 20.88
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN I 8.00 01/02/21 CNY 20.61
NINGXIA TAIRUI PHARMAC 7.00 12/28/22 CNY 75.00
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 42.10
NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.58
NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TEC 8.20 04/16/21 CNY 20.67
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 61.56
PANJIN CITY SHUANGTAIZ 6.48 10/23/22 CNY 60.84
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZ 7.25 01/22/22 CNY 40.70
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 41.23
PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 42.36
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.48
PANZHIHUA STATE OWNED 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.69
PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 49.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 62.03
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 61.81
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.80
PINGHU ECONOMIC DEVELO 7.99 04/17/21 CNY 20.73
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.31
PINGLIANG CHENGXIANG C 7.10 09/17/20 CNY 20.20
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 61.14
PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 55.50
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.87
PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 60.30
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 60.28
PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 59.48
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.46
PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 40.00
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.92
PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 41.40
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 59.74
PIZHOU RUNCAI ASSET MA 5.90 12/18/20 CNY 50.49
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.10
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 51.09
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.51
PUYANG INVESTMENT GROU 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 41.18
QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.79
QIANAN URBAN CONSTRUCT 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 41.27
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 59.00
QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 57.28
QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 74.80
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.38
QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTR 8.38 04/22/21 CNY 20.91
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 39.56
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.50
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.92
QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 60.75
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 60.49
QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.67
QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 47.60
QIDONG URBAN CONSTRUCT 7.90 04/28/21 CNY 20.96
QIDONG URBAN CONSTRUCT 8.20 04/04/21 CNY 20.98
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.54
QIHE CITY OPERATION CO 5.10 03/07/23 CNY 60.02
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.65
QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 47.20
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 21.13
QINGDAO HICREAT DEVELO 6.88 04/25/21 CNY 20.78
QINGDAO JIAOZHOU BAY D 6.33 09/18/21 CNY 41.33
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.18
QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 41.00
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASS 7.50 03/06/21 CNY 20.69
QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 35.76
QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 35.47
QINGHAI STATE-OWNED AS 5.90 12/17/22 CNY 60.00
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.61
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.60
QINGYUAN TRANSPORTATIO 8.20 12/19/20 CNY 20.55
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 47.50
QINGZHOU HONGYUAN PUBL 7.59 05/29/21 CNY 40.52
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 60.76
QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 59.95
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMEN 8.45 04/18/21 CNY 20.73
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.42
QINHUANGDAO DEVELOPMEN 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.16
QINZHOU BINHAI NEW CIT 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.77
QINZHOU BINHAI NEW CIT 6.99 07/07/21 CNY 40.00
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 44.90
QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 41.00
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DIST 5.37 11/26/22 CNY 60.06
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 40.82
QUJING DEVELOPMENT INV 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.76
QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 40.50
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASS 7.20 04/21/21 CNY 20.79
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.91
RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 59.90
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.03
RENHUAI CITY DEVELOPME 8.09 05/16/21 CNY 41.01
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 60.53
RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.99
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.68
RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 60.10
RIZHAO CITY CONSTRUCTI 5.80 06/06/20 CNY 20.03
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 45.90
RUDONG COUNTY DONGTAI 6.99 06/20/21 CNY 40.91
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN T 8.08 03/03/21 CNY 20.73
RUDONG COUNTY KAITAI C 4.57 01/08/23 CNY 61.27
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.82
RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 60.50
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 61.02
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.88
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.76
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOP 8.60 01/24/21 CNY 20.74
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 61.49
RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 60.94
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 60.90
RUICHANG CITY INVESTME 5.68 03/25/23 CNY 59.58
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 49.61
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 41.12
SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 41.08
SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.72
SANMING TRANSPORTATION 3.68 03/29/23 CNY 60.15
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 41.60
SHAANXI PROVINCIAL EXP 5.99 06/18/20 CNY 60.22
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 40.98
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 41.22
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.07
SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 61.01
SHANDONG BORUN INDUSTR 6.50 11/02/21 CNY 66.53
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 42.00
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.34
SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 41.32
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 62.45
SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 61.76
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 44.00
SHANDONG HONGHE HOLDIN 8.50 06/23/21 CNY 41.24
SHANDONG JINMAO TEXTIL 6.97 04/01/21 CNY 20.70
SHANDONG JINMAO TEXTIL 8.00 09/25/20 CNY 35.84
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONG 7.30 10/18/20 CNY 20.32
SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP C 5.18 09/08/21 CNY 8.52
SHANDONG SNTON GROUP C 6.20 05/30/21 CNY 9.50
SHANDONG TAIYANG INDUS 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.73
SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 60.00
SHANDONG WANTONG PETRO 7.97 11/29/21 CNY 31.45
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.73
SHANGHAI CAOHEJING HI- 7.24 04/09/21 CNY 20.72
SHANGHAI CHONGMING CON 6.40 06/13/20 CNY 25.09
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD 6.80 04/23/21 CNY 20.64
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.61
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.51
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 41.78
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 73.52
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.24
SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 41.20
SHANGHAI PUTAILAI NEW 5.50 03/19/21 CNY 66.67
SHANGHAI PUTAILAI NEW 5.30 05/18/20 CNY 66.67
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 60.77
SHANGHAI YONGYE ENTERP 6.84 05/21/20 CNY 25.04
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUC 7.05 09/09/20 CNY 20.24
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.47
SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 61.34
SHANTOU CITY CONSTRUCT 8.57 03/23/22 CNY 32.23
SHANTOU INVESTMENT & F 7.99 03/04/24 CNY 66.22
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 68.38
SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 60.79
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 41.60
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTME 5.75 04/17/22 CNY 42.03
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 41.20
SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 40.98
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 41.67
SHAOXING COUNTY KEYAN 6.28 03/24/22 CNY 40.00
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 61.82
SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 41.90
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 41.29
SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 40.00
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 43.90
SHAOXING PAOJIANG INDU 6.98 05/29/21 CNY 40.74
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.50
SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 61.49
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZ 6.95 10/11/20 CNY 20.37
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 41.14
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 21.00
SHAOYANG CITY CONSTRUC 8.58 01/17/21 CNY 20.57
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 60.76
SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 58.14
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.57
SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 41.44
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.07
SHENMU CITY STATE-OWNE 7.28 06/23/21 CNY 41.00
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 41.19
SHENYANG DADONG STATE- 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 60.32
SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 41.26
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.06
SHENYANG SUJIATUN DIST 6.40 06/20/20 CNY 20.00
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 41.17
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 65.48
SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 64.90
SHENZHEN METRO GROUP C 5.40 03/25/23 CNY 47.44
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.96
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG REAL ESTA 5.65 05/15/20 CNY 20.00
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 41.54
SHIJIAZHUANG URBAN CON 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 61.90
SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 41.78
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 41.21
SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAP 6.88 10/11/20 CNY 20.36
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRU 7.10 10/18/20 CNY 20.29
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.20
SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 62.19
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 61.27
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.59
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.30
SICHUAN CHENGDU ABA DE 7.18 09/12/20 CNY 20.00
SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 60.45
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.88
SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 60.87
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 59.06
SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 58.24
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.71
SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 40.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 41.27
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 41.50
SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.95
SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 60.32
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 60.99
SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 58.68
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.86
SLENDER WEST LAKE TOUR 6.80 06/25/21 CNY 40.00
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 40.71
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DE 8.36 04/17/21 CNY 20.76
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.97
SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.74
SUINING COUNTY RUNQI I 7.10 06/25/21 CNY 40.30
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 41.18
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.42
SUINING KAIDA INVESTME 4.89 04/08/23 CNY 60.09
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.69
SUINING KAIDA INVESTME 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 21.91
SUIZHOU DEVELOPMENT IN 8.40 04/30/21 CNY 20.84
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT IN 8.50 12/20/20 CNY 20.64
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 60.89
SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 59.18
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 41.06
SUIZHOU YULONG WATER S 6.10 03/28/23 CNY 62.80
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 40.18
SUNSHINE KAIDI NEW ENE 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTI 6.88 10/29/20 CNY 20.38
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.81
SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 60.52
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.85
SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 61.55
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMEN 7.49 02/28/21 CNY 20.51
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.50
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 60.41
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 41.10
SUZHOU NEW DISTRICT EC 6.20 07/22/21 CNY 40.92
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.48
SUZHOU WUJIANG COMMUNI 6.80 10/31/20 CNY 25.19
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.83
SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 61.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBA 6.95 03/19/21 CNY 20.68
TAHOE GROUP CO LTD 7.50 07/05/20 CNY 70.00
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 62.09
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.92
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEM 7.00 02/27/21 CNY 20.38
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 61.80
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 21.30
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 20.43
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO 5.03 10/29/22 CNY 60.87
TAIYUAN ECONOMIC TECHN 7.43 04/24/21 CNY 20.83
TAIYUAN HIGH-SPEED RAI 6.50 10/30/20 CNY 25.45
TAIYUAN HIGH-SPEED RAI 5.18 09/06/20 CNY 40.41
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED IN 7.20 03/19/21 CNY 20.83
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 64.10
TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 63.91
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.60
TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 20.13
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.84
TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 64.00
TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 62.02
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STAT 7.46 09/13/20 CNY 25.33
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DE 7.60 03/05/21 CNY 20.71
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 61.03
TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 60.81
TANGSHAN CAOFEIDIAN DE 7.50 10/15/20 CNY 20.25
TIANJIN BAOXING INDUST 7.10 10/17/20 CNY 20.14
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRI 7.00 04/21/21 CNY 20.50
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 47.00
TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 40.25
TIANJIN BINHAI NEW ARE 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 60.35
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 40.65
TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.50
TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 59.41
TIANJIN DONGLI CITY IN 6.05 06/19/20 CNY 20.01
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 45.62
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.42
TIANJIN GUANGCHENG INV 5.40 04/20/23 CNY 58.30
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 44.67
TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 41.65
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INV 7.45 07/24/21 CNY 40.22
TIANJIN HARBOR CONSTRU 6.29 10/21/21 CNY 70.41
TIANJIN HARBOR CONSTRU 8.00 04/01/21 CNY 41.35
TIANJIN HARBOR CONSTRU 8.80 01/24/21 CNY 41.57
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.60
TIANJIN HI-TECH INDUST 6.65 09/12/21 CNY 40.51
TIANJIN HOPETONE CO LT 7.50 07/25/21 CNY 73.64
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 40.81
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.53
TIANJIN HUANCHENG URBA 7.20 03/21/21 CNY 20.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 47.35
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.65
TIANJIN JINNAN CITY CO 6.50 06/03/21 CNY 40.30
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.60
TIANJIN LINGANG INVEST 7.75 02/26/21 CNY 20.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 47.50
TIANJIN NINGHE DISTRIC 7.00 05/30/21 CNY 40.58
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.76
TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 59.74
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.59
TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 74.35
TIANJIN REAL ESTATE TR 8.59 03/13/21 CNY 20.87
TIANJIN RESIDENTIAL CO 8.00 12/19/20 CNY 20.19
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTME 6.60 07/28/21 CNY 38.95
TIANJIN WATER INVESTME 8.40 01/15/21 CNY 25.63
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.89
TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.89
TIANJIN WUQING STATE-O 7.18 03/19/21 CNY 20.68
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-O 8.00 12/17/20 CNY 20.47
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 41.44
TIANRUI GROUP CEMENT C 5.95 09/25/20 CNY 54.00
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 61.05
TONGCHENG CITY CONSTRU 5.47 11/09/22 CNY 60.00
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.57
TONGLING CONSTRUCTION 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION 6.98 08/26/20 CNY 20.20
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 48.00
TONGLING DAJIANG INVES 6.50 01/19/22 CNY 41.29
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASS 8.09 04/18/21 CNY 20.86
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TONGXIANG CITY CONSTRU 6.10 05/16/20 CNY 20.01
TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 54.00
TSINGHUA UNIGROUP CO L 4.94 03/25/22 CNY 70.00
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.40
TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 41.38
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMEN 8.39 04/25/22 CNY 52.47
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 62.06
ULANQAB JINING DISTRIC 6.16 03/24/23 CNY 59.19
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 41.88
URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 59.26
WAFANGDIAN COASTAL PRO 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 41.51
WEICHI HOLDING GROUP C 5.40 12/21/20 CNY 54.29
WEIFANG BINHAI INVESTM 6.16 04/16/21 CNY 25.66
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 60.62
WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 59.39
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 60.20
WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 58.40
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 41.58
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 60.46
WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 59.70
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.61
WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 62.57
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.29
WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 61.26
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.29
WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 61.28
WENZHOU HIGH-TECH INDU 7.30 05/30/21 CNY 40.75
WENZHOU HIGH-TECH INDU 7.95 03/21/21 CNY 20.77
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 43.00
WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 40.92
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 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
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 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
WUHAI CITY CONSTRUCTIO 8.19 04/21/21 CNY 20.78
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.74
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 41.35
WUHAN JIANGXIA URBAN C 8.99 01/20/21 CNY 20.92
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 41.50
WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 40.96
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.32
WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 61.22
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 41.22
WUHU JINGHU CONSTRUCTI 6.68 05/16/20 CNY 20.02
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.61
WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 60.49
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.90
WUHU JIUJIANG CONSTRUC 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 61.52
WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 59.40
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 41.27
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 04/24/21 CNY 20.00
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.57
WUWEI CITY ECONOMY DEV 8.20 12/09/20 CNY 20.40
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 60.70
WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.61
WUXI HUNING METRO HUIS 4.38 06/08/21 CNY 70.45
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.32
WUXI MUNICIPAL DEVELOP 6.10 10/11/20 CNY 20.23
WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 61.87
WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.34
WUZHONG URBAN RURAL CO 7.18 10/12/20 CNY 20.33
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 24.88
XIAMEN TORCH GROUP CO 7.49 04/21/21 CNY 20.63
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.52
XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 60.23
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 40.70
XI'AN INTERNATIONAL IN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 60.43
XIANGTAN CITY CONSTRUC 7.80 01/30/22 CNY 54.00
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.37
XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 74.39
XIANGTAN JIUHUA ECONOM 6.59 01/21/22 CNY 38.33
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.86
XIANGTAN JIUHUA ECONOM 7.15 10/15/20 CNY 19.67
XIANGTAN LIANGXING SOC 7.89 04/23/21 CNY 20.40
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 40.12
XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 35.49
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.06
XIANGTAN ZHENXIANG STA 6.60 08/07/20 CNY 20.00
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.87
XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 61.57
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 43.38
XIANGYANG HIGH TECH ST 7.00 05/29/21 CNY 40.79
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 61.02
XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 60.59
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 41.05
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.24
XIANNING HIGH-TECH INV 5.80 06/05/20 CNY 20.04
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.22
XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 61.06
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.83
XIANTAO CITY CONSTRUCT 8.15 02/24/21 CNY 20.50
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 41.17
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 52.72
XIAOGAN GAOCHUANG INVE 7.43 06/23/21 CNY 40.94
XIAOGAN URBAN CONSTRUC 6.89 05/29/21 CNY 40.97
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 61.15
XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 60.81
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 43.37
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.14
XINGHUA URBAN CONSTRUC 7.36 07/15/20 CNY 25.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 59.27
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.04
XINING ECONOMIC DEVELO 5.90 06/04/20 CNY 20.00
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.57
XINJIANG HUIFENG URBAN 3.60 03/16/23 CNY 60.49
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTM 7.80 04/22/21 CNY 20.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.38
XINJIANG RUNSHENG INVE 7.15 07/10/20 CNY 25.11
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.77
XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 60.70
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 41.34
XINTAI CITY COORDINATI 6.35 03/23/22 CNY 40.75
XINYANG HONGCHANG PIPE 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTM 7.55 04/15/21 CNY 20.79
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.54
XINYI CITY INVESTMENT 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.45
XINYI CITY INVESTMENT 7.39 10/15/20 CNY 20.40
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 41.50
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 47.00
XINYU CHENGDONG CONSTR 8.48 05/27/21 CNY 40.79
XINYU CITY SHANTYTOWN 6.42 12/09/20 CNY 40.43
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.70
XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 61.39
XINZHENG NEW DISTRICT 5.40 03/29/21 CNY 33.71
XINZHENG NEW DISTRICT 6.40 01/29/21 CNY 25.58
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEME 7.90 02/21/21 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.68
XINZHOU ASSET MANAGEME 8.50 12/18/20 CNY 20.00
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 61.13
XIUSHAN INDUSTRY DEVEL 5.85 04/14/23 CNY 60.50
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 41.39
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.26
XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 61.19
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED 7.95 03/27/21 CNY 20.90
XUZHOU BOCHANT DEVELOP 5.69 07/28/21 CNY 66.62
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.63
XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 60.30
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 61.53
XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 60.00
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN D 6.60 08/08/20 CNY 20.19
XUZHOU ECONOMIC TECHNO 7.35 04/21/21 CNY 20.92
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTR 7.86 04/22/21 CNY 20.75
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 41.00
XUZHOU TRANSPORTATION 7.09 05/15/21 CNY 40.88
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 62.10
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.21
YA'AN DEVELOPMENT INVE 7.00 09/13/20 CNY 20.20
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 20.36
YANCHENG CITY TINGHU D 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRI 8.70 01/24/21 CNY 20.71
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.62
YANCHENG DAFENG DISTRI 8.50 12/30/20 CNY 20.60
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.80
YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 60.40
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 41.07
YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 40.55
YANCHENG SOUTH DISTRIC 6.70 07/30/21 CNY 41.29
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 59.68
YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.86
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 20.22
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 61.60
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.55
YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 61.20
YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 60.99
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDU 8.58 01/24/21 CNY 20.50
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 41.51
YANGZHOU ECONOMIC & TE 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 66.63
YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 61.78
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.24
YANGZHOU JIANGDU YANJI 7.48 07/29/20 CNY 25.22
YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 60.49
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.82
YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPM 8.60 01/09/21 CNY 20.61
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 61.77
YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 43.47
YICHUN URBAN CONSTRUCT 7.09 05/15/21 CNY 40.79
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.76
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 6.50 05/02/22 CNY 72.33
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00
YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.84
YINCHUAN URBAN CONSTRU 6.88 05/12/21 CNY 40.90
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 39.68
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 59.42
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 59.96
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.66
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 47.64
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 70.36
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 60.63
YINING CITY STATE OWNE 5.37 09/24/22 CNY 61.40
YINING CITY STATE OWNE 5.37 09/24/22 CNY 60.19
YINING CITY STATE OWNE 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNE 8.90 01/23/21 CNY 20.73
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 61.18
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 50.41
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 41.95
YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 43.50
YIXING TUOYE INDUSTRIA 7.60 05/28/21 CNY 40.81
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 41.19
YONG ZHOU CITY CONSTRU 7.30 10/23/20 CNY 20.40
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 41.18
YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.82
YONGXING YINDU CONSTRU 5.60 03/24/23 CNY 60.06
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.63
YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 59.20
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.95
YUEYANG CITY DONGTING 6.15 03/20/22 CNY 40.73
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.29
YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 40.00
YUEYANG URBAN CONSTRUC 6.05 07/12/20 CNY 20.11
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 41.59
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 40.93
YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 62.10
YUNNAN METROPOLITAN CO 6.77 05/23/21 CNY 40.32
YUYAO CITY CONSTRUCTIO 7.09 05/19/21 CNY 41.02
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.65
YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 62.02
ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 60.55
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRAD 7.10 08/23/20 CNY 20.14
ZHANGJIAGANG JINCHENG 6.88 04/28/21 CNY 40.90
ZHANGJIAJIE ECONOMIC D 7.80 04/17/21 CNY 20.74
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 40.89
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 41.22
ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 41.00
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 40.89
ZHANJIANG INFRASTRUCTU 6.93 10/21/20 CNY 20.39
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 41.56
ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 61.44
ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JIN 7.99 03/03/21 CNY 20.54
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 41.09
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 71.44
ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 61.20
ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 41.39
ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.87
ZHEJIANG PROVINCE XINC 6.95 12/31/21 CNY 41.64
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.21
ZHEJIANG PROVINCE XINC 5.88 10/30/21 CNY 41.06
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 61.80
ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.50
ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 61.18
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 41.41
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.15
ZHENGZHOU PUBLIC HOUSI 5.98 07/17/20 CNY 20.12
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRU 8.20 01/13/21 CNY 20.67
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRU 7.90 12/18/20 CNY 20.55
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 40.17
ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URB 8.35 02/26/21 CNY 20.59
ZHENJIANG NEW AREA URB 8.99 01/16/21 CNY 20.51
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 60.52
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.45
ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 60.00
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.69
ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 60.65
ZHONGMINTOU LEASING HO 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 41.01
ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GR 7.00 10/15/20 CNY 15.00
ZHOUKOU INVESTMENT GRO 7.49 04/21/21 CNY 20.53
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 41.18
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE 7.25 08/31/20 CNY 25.38
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 57.19
ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 56.54
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 57.44
ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 56.90
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTR 7.15 09/17/20 CNY 20.31
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.80
ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 41.77
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVES 8.20 12/12/20 CNY 20.61
ZHUZHOU CITY CONSTRUCT 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.30
ZHUZHOU CITY CONSTRUCT 6.95 10/16/20 CNY 20.26
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 41.54
ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 41.05
ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 40.86
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 57.37
ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 56.83
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 61.23
ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 60.95
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.67
ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 60.11
ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 59.77
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.34
ZIYANG WATER INVESTMEN 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 60.92
ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 59.68
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 24.00
ZJ HZ QINGSHAN LAKE SC 7.90 04/23/21 CNY 20.88
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 58.58
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 70.61
ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 69.69
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 53.80
INDONESIA
---------
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 54.27
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 52.34
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.11
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.91
DELTA MERLIN DUNIA TEK 8.63 03/12/24 USD 9.72
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 17.14
AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 25.22
AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 25.26
APG HABITAT PVT LTD 1.00 09/09/28 INR 55.86
APG INTELLI HOMES PVT 1.25 02/04/35 INR 42.13
APG INTELLI HOMES PVT 1.25 02/04/35 INR 39.77
AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 60.50
AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 60.53
BENGAL AEROTROPOLIS PR 5.00 12/01/30 INR 73.11
BENGAL AEROTROPOLIS PR 5.00 12/01/29 INR 74.57
BRITANNIA INDUSTRIES L 8.00 08/28/22 INR 30.27
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 66.70
BUKIT MAKMUR MANDIRI U 7.75 02/13/22 USD 64.32
CREIXENT SPECIAL STEEL 0.01 08/28/25 INR 62.35
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 36.04
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 58.24
DAYAKARA SOLAR POWER P 0.10 04/05/26 INR 60.32
DEWAN HOUSING FINANCE 8.50 04/18/23 INR 21.72
DLF CYBER CITY DEVELOP 0.01 11/19/24 INR 71.11
EDELWEISS ASSET RECONS 2.00 07/22/29 INR 59.85
EDELWEISS ASSET RECONS 2.00 01/15/29 INR 61.38
EDELWEISS ASSET RECONS 2.00 10/07/28 INR 62.23
EDELWEISS ASSET RECONS 2.00 11/20/27 INR 65.18
EDELWEISS ASSET RECONS 2.00 03/28/27 INR 67.22
FUTURE RETAIL LTD 5.60 01/22/25 USD 27.41
FUTURE RETAIL LTD 5.60 01/22/25 USD 25.93
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 65.32
GREEN URJA PVT LTD 0.01 02/14/30 INR 44.65
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 56.25
HITODI INFRASTRUCTURE 0.01 06/30/27 INR 52.78
INDIA INFOLINE FINANCE 5.88 04/20/23 USD 63.35
INDIABULLS HOUSING FIN 6.38 05/28/22 USD 57.75
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTU 7.00 05/15/17 USD 3.22
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 26.85
JTPM ATSALI LTD 0.01 08/29/48 INR 13.57
KANAKADURGA FINANCE LT 0.01 04/15/36 INR 25.47
KVK ENERGY & INFRASTRU 0.01 01/25/24 INR 72.73
MARIS POWER SUPPLY CO 2.00 04/18/28 INR 63.44
MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 29.74
MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 27.63
MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 27.63
ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 26.57
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 42.29
PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 45.06
PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 48.08
PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 51.38
PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 55.01
PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 58.99
PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 63.34
PUNJAB INFRASTRUCTURE 0.40 10/15/26 INR 68.04
PUNJAB INFRASTRUCTURE 0.40 10/15/25 INR 73.08
PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.32
REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 63.50
REDKITE CAPITAL PVT LT 2.50 01/15/28 INR 66.88
REI AGRO LTD 5.50 11/13/14 USD 0.58
REI AGRO LTD 5.50 11/13/14 USD 0.58
RELIANCE COMMUNICATION 6.50 11/06/20 USD 10.02
SHRIRAM TRANSPORT FINA 5.10 07/16/23 USD 75.01
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.56
SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 79.61
SURBHI INVESTMENTS & T 2.50 10/21/28 INR 64.48
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.59
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 30.39
VIDEOCON INDUSTRIES LT 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT 4.00 10/16/37 INR 57.42
WS T&D LTD 0.10 03/24/29 INR 48.22
ZYDUS FOUNDATION 0.10 03/25/25 INR 65.49
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 72.59
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 72.62
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 73.17
KOREA
-----
ECOMAISTER CO LTD 2.00 10/11/22 KRW 54.19
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 46.84
KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 70.28
KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 71.11
KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 71.87
KIBO ABS SPECIALTY CO 5.00 02/26/21 KRW 62.77
KIBO ABS SPECIALTY CO 5.00 09/11/20 KRW 74.10
LOTTE CARD CO LTD 0.54 06/28/49 KRW 41.60
PAPERCOREA INC 1.00 01/21/21 KRW 0.08
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 63.06
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SILLAJEN INC 1.00 03/21/24 KRW 54.17
SINBO SECURITIZATION S 5.00 07/24/23 KRW 68.84
SINBO SECURITIZATION S 5.00 06/27/23 KRW 68.98
SINBO SECURITIZATION S 5.00 03/20/23 KRW 70.50
SINBO SECURITIZATION S 5.00 02/28/23 KRW 70.64
SINBO SECURITIZATION S 5.00 01/25/23 KRW 67.93
SINBO SECURITIZATION S 5.00 09/28/22 KRW 72.60
SINBO SECURITIZATION S 5.00 08/31/22 KRW 68.02
SINBO SECURITIZATION S 5.00 07/26/22 KRW 66.96
SINBO SECURITIZATION S 5.00 07/24/22 KRW 66.97
SINBO SECURITIZATION S 5.00 06/29/22 KRW 72.50
SINBO SECURITIZATION S 5.00 06/27/22 KRW 67.02
SINBO SECURITIZATION S 5.00 02/28/22 KRW 70.28
SINBO SECURITIZATION S 5.00 02/23/22 KRW 66.68
SINBO SECURITIZATION S 5.00 01/26/22 KRW 65.79
SINBO SECURITIZATION S 5.00 01/25/22 KRW 65.80
SINBO SECURITIZATION S 5.00 12/27/21 KRW 70.97
SINBO SECURITIZATION S 5.00 09/27/21 KRW 74.64
SINBO SECURITIZATION S 5.00 08/31/21 KRW 65.75
SINBO SECURITIZATION S 5.00 08/25/21 KRW 74.89
SINBO SECURITIZATION S 5.00 07/26/21 KRW 64.50
SINBO SECURITIZATION S 5.00 06/29/21 KRW 72.07
SINBO SECURITIZATION S 5.00 03/21/21 KRW 62.11
SINBO SECURITIZATION S 5.00 12/21/20 KRW 62.94
SINBO SECURITIZATION S 5.00 06/23/20 KRW 74.57
MALAYSIA
--------
AEON CREDIT SERVICE M 3.50 09/15/20 MYR 0.79
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.48
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.16
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.25
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.82
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.45
MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 0.97
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.83
SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.26
SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.51
SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 72.81
SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 73.99
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02
NEW ZEALAND
-----------
PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.04
SKY NETWORK TELEVISION 6.25 03/31/21 NZD 73.29
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 44.92
APL REALTY HOLDINGS PT 5.95 06/02/24 USD 46.14
ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 51.38
ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.82
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BERAU CAPITAL RESOURCE 12.50 07/08/15 USD 39.80
BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 31.59
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 32.06
EZION HOLDINGS LTD 0.25 11/20/27 SGD 67.22
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 61.94
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 52.13
GOLDEN ENERGY & RESOUR 9.00 02/14/23 USD 74.27
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 74.17
HYFLUX LTD 4.60 09/23/19 SGD 38.63
HYFLUX LTD 4.20 08/29/19 SGD 38.63
HYFLUX LTD 4.25 09/07/18 SGD 38.63
INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 30.53
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.80
MEDCO BELL PTE LTD 6.38 01/30/27 USD 60.04
MEDCO BELL PTE LTD 6.38 01/30/27 USD 58.19
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.70
MEDCO OAK TREE PTE LTD 7.38 05/14/26 USD 61.52
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 63.34
MEDCO PLATINUM ROAD PT 6.75 01/30/25 USD 62.86
MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 22.59
MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 64.39
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.42
MULHACEN PTE LTD 6.50 08/01/23 EUR 38.26
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.87
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.69
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.89
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 67.56
SSMS PLANTATION HOLDIN 7.75 01/23/23 USD 59.36
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
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 69.02
SRI LANKA
---------
SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 55.62
SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 54.95
SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 53.67
SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 53.51
SRI LANKA DEVELOPMENT 5.28 01/22/25 USD 50.49
SRI LANKA DEVELOPMENT 6.70 05/01/23 USD 59.93
SRI LANKA DEVELOPMENT 5.66 05/01/23 USD 57.94
SRI LANKA DEVELOPMENT 4.64 05/01/23 USD 56.43
SRI LANKA DEVELOPMENT 4.60 05/01/23 USD 56.36
SRI LANKA DEVELOPMENT 6.62 03/16/23 USD 60.36
SRI LANKA DEVELOPMENT 4.73 03/16/23 USD 56.35
SRI LANKA DEVELOPMENT 5.94 01/22/23 USD 59.93
SRI LANKA DEVELOPMENT 4.76 01/22/23 USD 57.79
SRI LANKA DEVELOPMENT 6.07 01/22/23 USD 57.48
SRI LANKA DEVELOPMENT 6.60 05/01/22 USD 66.58
SRI LANKA DEVELOPMENT 6.30 05/01/22 USD 66.15
SRI LANKA DEVELOPMENT 5.75 05/01/22 USD 65.38
SRI LANKA DEVELOPMENT 5.55 05/01/22 USD 65.09
SRI LANKA DEVELOPMENT 5.52 05/01/22 USD 65.05
SRI LANKA DEVELOPMENT 4.22 05/01/22 USD 63.58
SRI LANKA DEVELOPMENT 4.19 05/01/22 USD 63.53
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.94
SRI LANKA DEVELOPMENT 4.83 03/17/22 USD 64.93
SRI LANKA DEVELOPMENT 5.79 01/22/22 USD 68.19
SRI LANKA DEVELOPMENT 4.49 01/22/22 USD 66.62
SRI LANKA DEVELOPMENT 4.59 01/22/22 USD 66.45
SRI LANKA DEVELOPMENT 6.11 08/15/21 USD 74.11
SRI LANKA DEVELOPMENT 5.93 08/15/21 USD 73.89
SRI LANKA DEVELOPMENT 4.67 08/15/21 USD 72.69
SRI LANKA DEVELOPMENT 5.87 07/30/21 USD 74.46
SRI LANKA DEVELOPMENT 5.75 07/30/21 USD 74.35
SRI LANKA DEVELOPMENT 4.04 07/30/21 USD 72.79
SRI LANKA DEVELOPMENT 3.91 07/30/21 USD 72.66
SRI LANKA DEVELOPMENT 4.59 06/30/21 USD 74.72
SRI LANKA DEVELOPMENT 4.15 06/30/21 USD 74.33
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.71
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 55.66
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 56.03
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 55.89
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.79
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 55.63
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.81
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 55.61
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.44
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 56.32
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.67
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 56.49
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.88
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 56.75
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 59.08
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 57.93
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 58.85
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 57.80
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 58.03
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 57.88
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.78
SRI LANKA GOVERNMENT I 5.88 07/25/22 USD 60.66
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.31
SRI LANKA GOVERNMENT I 5.75 01/18/22 USD 62.25
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 70.24
SRI LANKA GOVERNMENT I 6.25 07/27/21 USD 69.99
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 66.74
THAILAND
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G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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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