/raid1/www/Hosts/bankrupt/TCRAP_Public/200630.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, June 30, 2020, Vol. 23, No. 130
Headlines
A U S T R A L I A
BOUNTY MINING: Second Creditors' Meeting Set for July 6
GRAND CIRCLE: Second Creditors' Meeting Set for July 7
HEATH STREET: First Creditors' Meeting Set for July 7
PATTANI PRIVATE: Second Creditors' Meeting Set for July 7
SAPPHIRE XXIII 2020-1: S&P Assigns Prelim B (sf) Rating on F Notes
SEAFOLLY: KordaMentha Appointed as Voluntary Administrators
C H I N A
SICHUAN TRUST: Protest Raises Fears for US$3-Tril. Trust Sector
TIBET FINANCIAL: Moody's Cuts CFR & Senior Unsecured Rating to B1
TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-
TIMES CHINA: S&P Assigns B+ Rating on New USD Sr. Unsecured Notes
I N D I A
ABROAD VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITYA MULTICARE: CRISIL Lowers Rating on INR3cr Debt to B+
ADVENT HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Coop.
AGRAWAL MEDICO: CRISIL Keeps B+ INR6cr Debt Rating in Not Coop.
AKHANDALAMANI ELECTRICALS: IndRa Moves BB Rating to Non-cooperating
AKR CONSTRUCTION: CRISIL Keeps C INR27.75cr Debt Rating in Not Coop
ALLURE CONSUMER: CRISIL Keeps B+ INR19.8cr Debt Rating in Not Coop.
AMBICA PULSE: CRISIL Keeps B+ INR7cr Debt Rating in Not Cooperating
ANAND MOULD: CRISIL Keeps B+ INR4.5cr Debt Rating in Not Coop.
AQUAFINE MICRONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARCHANA MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
ARISTO TRANSMISSION: CRISIL Cuts Rating on INR10cr Loan to B+
AROCHEM INDUSTRIES: CRISIL Lowers Rating on INR5.75cr Loan to B+
ARYA VOYAGERS: CRISIL Lowers Rating on INR146.4cr Loan to B+
ASHTANGA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Coop
AVIAN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
AXIS BANK: S&P Cuts ICR to BB+ on Worsening Operating Conditions
BALAJI CONSTRUCTION: CRISIL Cuts Rating on INR4cr Loan to B+
BELIJ HYDRO: CRISIL Lowers Rating on INR20.35cr Loan to B+
BEVA SILICONES: CRISIL Lowers Rating on INR7cr Loans to B+
BHARAT MOTOR: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
CHIRANJILAL RAYONS: CRISIL Cuts Rating on INR4cr Loan to B+
CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
G SONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
GAYATRI ROLLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
GOVINDARAJA MUDALIAR: CRISIL Cuts Rating on INR50cr Loan to B+
GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
IVANTA CERAMICS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
MAYFAIR LEISURES: Insolvency Resolution Process Case Summary
NATIONAL PLASTIC: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
RASHMI MOTORS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
SAKTHI GANESH: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
STERLING AND WILSON: Promoters Seek More Time to Repay Loan
[*] INDIA: IBC Suspension May Lead to Riskier Behavior Among Firms
[*] S&P Lowers Ratings on Four Indian Nonbank Finance Companies
J A P A N
NISSAN MOTOR: CEO Vows to Restore Finances, Roll Out New Models
SOFTBANK GROUP: Moody's Confirms Ba3 CFR, Alters Outlook to Neg.
M A L A Y S I A
NAM CHEONG: Unable to Pay Interest Amid Cash Flow Constraints
S I N G A P O R E
HOME-FIX DIY: High Court OKs Application to Wind Up Company
S O U T H K O R E A
DOOSAN HEAVY: Picks Preferred Bidder for Golf Course
T H A I L A N D
NOKSCOOT AIRLINES: To Enter Liquidation Amid Coronavirus Pandemic
X X X X X X X X
[*] BOND PRICING: For the Week June 22, 2020 to June 26, 2020
- - - - -
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A U S T R A L I A
=================
BOUNTY MINING: Second Creditors' Meeting Set for July 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of:
- Bounty Mining Limited
- Bounty Cook Pty Limited
- Bounty Minyango Pty Limited
- Bounty Operations Pty Limited
- Bounty Mining Investments Pty Limited
has been set for July 6, 2020, at 2:00 p.m. via videoconference.
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 July 3, 2020, at 4:00 p.m.
Robert William Hutson and Jarrod Villani of KordaMentha were
appointed as administrators of Bounty Mining on Dec. 17, 2019.
GRAND CIRCLE: Second Creditors' Meeting Set for July 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Grand Circle
Opportunities Pty Ltd has been set for July 7, 2020, at 2:00 p.m.
The meeting will be conducted by online telephone conference using
Zoom Meetings.
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 July 2, 2020, at 5:00 p.m.
Glenn John Spooner and Barry Wight of Cor Cordis were appointed as
administrators of Pattani Private on June 1, 2020.
HEATH STREET: First Creditors' Meeting Set for July 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Heath Street
SH1 Pty. Ltd. will be held on July 7, 2020, at 3:00 p.m. via
teleconference facility.
Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Heath Street on June
25, 2020.
PATTANI PRIVATE: Second Creditors' Meeting Set for July 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Pattani Private
Capital Pty Ltd has been set for July 7, 2020, at 11:00 a.m. The
meeting will be conducted by online telephone conference using Zoom
Meetings.
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 July 2, 2020, at 5:00 p.m.
Glenn John Spooner and Barry Wight of Cor Cordis were appointed as
administrators of Pattani Private on June 1, 2020.
SAPPHIRE XXIII 2020-1: S&P Assigns Prelim B (sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXIII Series 2020-1 Trust. Sapphire XXIII
Series 2020-1 Trust is a securitization of nonconforming and prime
residential mortgages originated by Bluestone Group Pty Ltd. and
Bluestone Mortgages Pty Ltd. (collectively Bluestone).
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses it applies The credit support for the
rated notes comprises note subordination and excess spread.
-- The underwriting standards and centralized approval process of
the seller, Bluestone.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.0% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Commonwealth Bank of Australia to hedge the mismatch
between receipts on the fixed-rate mortgage loans and the
variable-rate RMBS.
-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of May 31, 2020, borrowers with
COVID-19-related hardship arrangements make up 13.89% of the pool
balance.
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."
PRELIMINARY RATINGS ASSIGNED
Sapphire XXIII Series 2020-1 Trust
Class Rating Amount (mil. A$)
A1S AAA (sf) 70.00
A1L AAA (sf) 175.00
A2 AAA (sf) 61.25
B AA (sf) 15.75
C A (sf) 10.50
D BBB (sf) 7.00
E BB (sf) 2.45
F B (sf) 3.50
G1 NR 2.45
G2 NR 2.10
NR--Not rated.
SEAFOLLY: KordaMentha Appointed as Voluntary Administrators
-----------------------------------------------------------
Scott Langdon and Rahul Goyal of KordaMentha Restructuring were
appointed Voluntary Administrators of the Australian swimwear and
women's beachwear fashion brand, Seafolly on June 29, 2020. The
appointment includes the entities relating to the Sunburn
business.
Seafolly made the appointment because of the crippling financial
impact of the COVID-19 pandemic.
Mr. Langdon reassured customers it will be business as usual for
Seafolly customers while the Administrators assessed the business.
Mr. Langdon advised: "All Seafolly gift cards and the popular Beach
Club Rewards points will continue to be redeemable at all Seafolly
stores. We encourage all loyal Seafolly customers to come to the
retail stores and redeem their Beach Club Rewards, plus earn more
points."
Mr. Langdon confirmed that KordaMentha will immediately commence a
sale of business process. Interested parties should contact the
KordaMentha Sydney office. "Given the quality of the brand and its
reputation, there will inevitably be a high level of interest in
purchasing the business", Mr. Langdon said.
Seafolly has a retail network of 44 stores throughout Australia and
12 stores overseas.
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C H I N A
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SICHUAN TRUST: Protest Raises Fears for US$3-Tril. Trust Sector
---------------------------------------------------------------
The Financial Times reports that strains are emerging across
China's RMB21 trillion ($3 trillion) trust industry, which has
lured millions of ordinary investors seeking more profitable--but
riskier--places to park their cash.
According to the FT, dozens of disgruntled Chinese investors
protested last week in Chengdu, capital of the southwestern
province of Sichuan, after Sichuan Trust, based in the city, said
the firm would struggle to make principal and interest payments on
at least RMB13 billion worth of "trust of trust" vehicles due by
the end of the year.
The FT says the incident highlights growing stresses faced by
China's financial system as the coronavirus crisis exposes weak
points in the world's second-largest economy. Trust products have
become a key part of the shadow banking industry, supplying funds
for companies and projects that find it hard to get bank loans,
while offering investors returns that stand well above rates
available on regular bank deposits.
The Sichuan incident points "to systemic risks down the road," said
Zhuang Bo, an analyst at TS Lombard. Yu Zhi, an analyst at
consultancy Yanglee, said: "We are seeing the bursting of a bubble
that has been under pressure for many years," the FT relays.
A trust of trust is a pooled investment fund that holds multiple
single-purpose trusts, each channelling money to a variety of
projects in sectors such as real estate, infrastructure and
manufacturing, according to the FT. Sales of such products are
generally limited to wealthy individuals: minimum investments tend
to start at RMB1 million, though Sichuan Trust lowered the bar to
RMB300,000.
But thanks to thin disclosure requirements on the vehicles'
underlying assets, trust companies are often able to issue new
products to offset losses incurred by old ones, said Mr. Yu of
Yanglee, the FT relates. As such, he said, the arrangement "works
on the belief that new investors will bail out the old ones."
Trust of trusts have performed well in recent years: multiple
Sichuan Trust investors told the Financial Times that they had no
trouble getting their principal and as much as 10 per cent interest
back. But things turned around in April, when the provincial
banking and insurance regulator restricted new sales of trusts of
trusts, saying it suspected misuse of funds. That made it hard for
Sichuan Trust to maintain payouts and meet redemption requests.
In a June 12 meeting with investors, Kong Weiwen, a director at
Sichuan Trust, said that the main reason for the firm's financial
trouble was the regulatory crackdown, according to a recording of
the meeting seen by the FT.
That has wrongfooted investors, some of whom told the FT that they
had expected that Sichuan Trust would continue to make investors
whole. Liu Canglong, the majority shareholder of Sichuan Trust, is
a former deputy chairman of the All-China Federation of Industry
and Commerce, a government-backed body, and a former member of the
Chinese People's Political Consultative Conference, the FT
discloses. Both titles give him access to senior officials in
Sichuan province and the central government.
"There is a belief that politically well-connected Sichuan Trust
has provided an implicit guarantee for their products — even
though the prospectus mentioned investment risks," said one
investor.
Zhou Shan, a director at Sichuan Provincial Banking and Insurance
Regulatory Bureau, said that Sichuan Trust had "kept the use of
trust proceeds a secret through complex insider transactions,"
according to a video of a recent meeting with investors seen by the
FT.
Sichuan Trust declined to comment for this article. It issued a
statement on June 24 saying the April suspension had put
"unprecedented pressure on every member of the firm." It promised
to "make utmost efforts to make sure clients have a satisfactory
result within a year," the FT relays.
The crackdown has led to a "liquidity crisis" at Sichuan Trust, Liu
Jingfeng, the firm's president, told the investor meeting two
weeks ago. He blamed a plunge in the value of the products'
underlying assets amid the economic downturn, the FT adds.
Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.
TIBET FINANCIAL: Moody's Cuts CFR & Senior Unsecured Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating, issuer rating and senior unsecured rating of Tibet
Financial Leasing Co., Ltd. to B1 from Ba2.
In addition, Moody's has downgraded the company's Baseline Credit
Assessment to b3 from b1.
Moody's has also placed all ratings on review for further
downgrade. The previous outlook on the company was negative.
DRIVERS OF RATING ACTION
The rating action follows the company's (1) recent liquidity
challenges stemming from the financial difficulties at its largest
shareholder Tunghsu Group Co., Ltd., and (2) weak corporate
governance and internal control over related party transactions.
Moody's credit assessment also takes into account the following
environmental, social and governance considerations.
Moody's regards Tibet Financial Leasing's weakness in corporate
governance and related-party risk as a governance risk under its
ESG framework, given the implications for the company's
organizational structure and internal controls. Its action reflects
the impact on Tibet Financial Leasing from the governance weakness,
and the deterioration in credit quality it has triggered.
RATINGS RATIONALE
The downgrade and review for further downgrade reflect Moody's
concerns over (1) Tunghsu Group's financial difficulties, which
have already materially impacted Tibet Financial Leasing's
financial position, operations and internal controls, and (2) the
uncertainty around the immediate support provided from the
Government of the Tibet Autonomous Region to Tibet Financial
Leasing.
Tibet Financial Leasing is 48.49% owned by Tunghsu Group, and 29.3%
owned by the Government of the Tibet Autonomous Region via the
Tibet Autonomous Region Investment Co Ltd, Bank of Tibet Co., Ltd,
and Tibet Autonomous Region State-owned Assets Management Company.
Tibet Financial Leasing relies on short-term wholesale funding,
including borrowings from banks and other financial leasing
companies, to support its long-term leasing business. The resulting
mismatch between the tenor of its assets and liabilities exposes it
to high refinancing risk. The company's ability to refinance has
been negatively affected in the past few months due to the
financial difficulties at Tunghsu Group, which has been unable to
repay its medium-term notes.
Moreover, Moody's believes Tibet Financial Leasing has weaker than
expected corporate governance and internal controls to ringfence
related-party transactions. Its assets in and transactions with
Tunghsu Group are more than Moody's had initially assumed, which
could materially weaken the company's liquidity and solvency if
Tunghsu Group goes bankrupt. There is also a high level of
uncertainty around the proposed sale of a 51.46% stake in Tunghsu
Group to Shijiazhuang State-owned Assets Supervision and
Administration Commission from the ultimate parent of Tunghsu
Group, Dongxu Optoelectronic Investment Co., Ltd.
Tibet Financial Leasing's B1 CFR incorporates a two-notch uplift
based on Moody's assumption of a moderate level of indirect support
from and a high level of dependence on the Government of China (A1
stable) via the Government of the Tibet Autonomous Region, in times
of need.
While the Government of the Tibet Autonomous Region, as an
originator and major shareholder, is required to provide liquidity
and capital support to Tibet Financial Leasing, under the China
Banking and Insurance Regulatory Commission's regulation on
financial leasing companies, it has so far not provided concrete
support to Tibet Financial Leasing to enhance its financial
position.
Moody's review will focus on (1) the company's ability to enhance
its liquidity and refinancing ability; (2) the contagion risk
arising from the financial difficulties at Tunghsu Group; (3) the
availability of updated financial statements and information
related to the company's liquidity position; as well as (4) the
ability and willingness of the Government of the Tibet Autonomous
Region to provide immediate support, including liquidity and
capital, to Tibet Financial Leasing.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given that the ratings are under review for downgrade, an upgrade
is unlikely in the near term. Moody's could confirm the company's
BCA and ratings if there is evidence that (1) the company has
strengthened its liquidity and refinancing ability; (2) Tunghsu
Group's financial difficulties are resolved, and (3) the Government
of the Tibet Autonomous Region provides concrete support to Tibet
Financial Leasing.
Moody's could further downgrade the BCA and ratings if: (1) the
company's liquidity and financial position further deteriorate; (2)
the Government of the Tibet Autonomous Region is constrained from
providing support.
The methodologies used in these ratings were Finance Companies
Methodology published in November 2019.
Headquartered in Beijing, Tibet Financial Leasing Co., Ltd.
reported unaudited assets of RMB56 billion at the end of September
2019.
TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-
---------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Times China Holdings
Limited's (BB-/Stable) proposed US-dollar senior notes. The
proposed notes are rated at the same level as Times China's senior
unsecured rating, as they will represent its direct, unconditional,
unsecured and unsubordinated obligations.
Times China's ratings are supported by its quality and sufficient
land bank, strong brand recognition in Guangdong province and a
healthy gross profit margin of around 30% for its
property-development business, despite a robust churn rate. In
addition, Times China has a new source of liquidity from the
primary-land development of its urban-renewal projects. Fitch
thinks the company's profitability will benefit from the
wider-margin urban-renewal business. The ratings are constrained by
the smaller scale of the company's property-development business
and higher leverage compared with 'BB' peers.
KEY RATING DRIVERS
URPs Support Rating: Times China's URPs started benefitting the
company from 2018; Times China receives government compensation for
carrying out primary-land development, which it is able to acquire
at below-market cost. Fitch expects URPs to account for 15%-20% of
Times China's land bank by 2021, based on a historical conversion
pace. The company will be able to tolerate higher leverage given
the wide URP margin, which Fitch thinks is sustainable. Around 30%
of Times China's newly acquired land bank has been converted from
URPs.
Stable Margin: Fitch expects the EBITDA margin, excluding
capitalised interest, of around 30% to improve along with a higher
portion of revenue recognised from URP projects. Development
property projects converted from URPs have a higher gross profit
margin of above 40%. This is due to lower land and initial URP
costs, rental subsidies and the below-market cost of resettlement
housing construction. Times China's gross profit margin was 29% in
2019, 31% in 2018 and 28% in 2017.
Cash Collection to Pick Up: Times China's cash collection rate
recovered to 77% in 2019, from a record-low of 70% in 2018, as
price-restriction policies eased and the mortgage-approval period
was shortened in some Guangdong cities. The low sales collection
rate in 2018 was due to a tight onshore credit environment starting
in 2H17. Tighter credit can lead to delays in buyers obtaining
mortgage loans, slowing cash collection for the market.
Scale Constrains Rating, Despite Growth: Fitch expects sustainable
sales growth over the next three years in light of Times China's
medium-term target of doubling its sales scale. Sales should also
be supported by robust demand in Guangdong province following a
government initiative to deepen integration within the Greater Bay
Area. Total contracted sales increased by 29% to CNY78 billion in
2019, of which around 75% was attributable to the company. Fitch
thinks Times China's attributable sales scale - compared with the
more than CNY90 billion of 'BB' peers in 2019 - is a major
constraint on its ratings.
Higher Leverage: Leverage - measured by net debt/adjusted
inventory, excluding financial guarantees to related party,
associates and joint ventures - rose slightly to 43% in 2019, from
42% in 2018, but was 58% if including financial guarantees. Fitch
expects leverage - measured by net debt/adjusted inventory, but
excluding financial guarantees to related parties, associates and
joint ventures, to be below 45% in 2020 in light of the company's
guidance of spending no more than half of its sales proceeds on
land. Its large land bank, which is sufficient to support 3.5-4.0
years of sales, also provides land-acquisition flexibility.
DERIVATION SUMMARY
Times China has a large footprint in Guangdong province, similarly
to KWG Group Holdings Limited (BB-/Stable), China Aoyuan Group
Limited (BB-/Positive) and Logan Property Holdings Company Limited
(BB/Stable). Both Aoyuan and Logan have a diversified geographic
exposure and large attributable sales scale, and its forecast for
the companies' leverage (net debt/adjusted inventory) of below 40%
over the next 12 to 18 months is lower than that of Times China.
Logan's EBITDA margin (excluding capitalised interest) of over 30%
is as strong as that of Times China, while Aoyuan's EBITDA margin
of 25%-30% is less competitive.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within its Rating Case for the Issuer
- Contracted sales to increase by 15% in 2020 and 10% in 2021
- Cash collected as a percentage of total sales at 80% in 2019
and 85% in 2020
- Attributable land premium of around 40%-45% of sale proceeds in
2020 and 2021
- EBITDA margin, excluding capitalised interest, to stay around
30% in 2020 and 2021
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Net debt/adjusted inventory sustained below 40%
- EBITDA margin, excluding capitalised interest, sustained above
30%
- Scale expands to a level that is comparable with that of 'BB'
peers
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Net debt/adjusted inventory above 50% for a sustained period
- EBITDA margin, excluding capitalised interest, below 25% for a
sustained period
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
Sufficient Liquidity: Times China had cash and cash equivalents of
CNY25.9 billion, excluding restricted cash of CNY3.4 billion, as of
end-2019, against CNY18.6 billion in short-term debt. Fitch
believes Times China maintains sufficient liquidity to fund
development costs, land premium payments and debt obligations in
2020 due to its diversified funding channels, healthy maturity
profile and flexible land-acquisition strategy.
SOURCES OF INFORMATION
ESG CONSIDERATIONS
Times China has an ESG relevance score of 4 for Environmental -
Waste and Hazardous Materials Management; Ecological Impacts as the
company is one of Guangdong's key URP developers that is helping to
improve the environment in the province. This has a positive impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).
TIMES CHINA: S&P Assigns B+ Rating on New USD Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B+' long-term issue
rating to a proposed issuance of U.S. dollar-denominated senior
unsecured notes by Times China Holdings Ltd. (BB-/Stable/--). The
China-based property developer intends to use the proceeds to
refinance existing debt. The issue rating is subject to its review
of the final issuance documentation.
S&P said, "We rate the notes one notch below the issuer credit
rating on Times China to reflect structural subordination risk. As
of Dec. 31, 2019, Times China's capital structure consists of
Chinese renminbi (RMB) 13.4 billion in secured debt and RMB23.9
billion in unsecured debt at the subsidiary level (including
financial guarantees provided to borrowings of joint ventures),
which we consider to be priority debt. The company also has RMB24.2
billion in unsecured debt at the parent level. As such, Times
China's priority debt ratio is about 60.7%, significantly above our
notching-down threshold of 50%.
"The stable outlook on Times China reflects our view that the
company's leverage will stabilize at about 4.5x over the next 12
months. We believe Times China's consistent strong sales and EBITDA
growth should temper the impacts of increased debt and a moderate
decline in margins.
"We expect Times China to continue to focus on China's Greater Bay
Area (GBA) to capture the growth momentum that comes from income
growth and accelerated integration in the region. This approach
supports the company's credit profile, in our view. It allows Times
China to leverage on its market position and expertise in its home
region."
Despite increasing competition for land parcels in GBA as more
developers expand in the region, Times China's market position and
development pipeline are partly protected. This is because of its
first-mover advantage in urban renewal development, especially in
Guangzhou and Foshan.
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ABROAD VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Abroad
Vitrified Private Limited (AVPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 21.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AVPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Incorporated in 2017, AVPL is establishing a greenfield project for
manufacturing vitrified tiles at Morbi, with an installed capacity
of 90,000 tonne per annum. The facility is expected to begin
commercial operations from April 2018.
ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of ABS
Wheels Private Limited (ABS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.25 CRISIL D (ISSUER NOT COOPERATING)
Cash Credit 0.75 CRISIL D (ISSUER NOT COOPERATING)
Proposed Long 2.75 CRISIL D (ISSUER NOT COOPERATING)
Term Bank Loan
Facility
Proposed Long 2.75 CRISIL D (ISSUER NOT COOPERATING)
Term Bank Loan
Facility
Term Loan 4.25 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with ABS for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ABS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of ABS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and his
family members, ABS has a Volkswagen passenger car dealership and
operates a 3S (sales-service-spares) showroom in Solapur,
Maharashtra. The company is the sole authorised Volkswagen dealer
for Solapur, Osmanabad, and Latur; Maharashtra. Commercial
operations began from March 2014.
ADITYA MULTICARE: CRISIL Lowers Rating on INR3cr Debt to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aditya
Multicare Hospital (AMCH) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 4 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Proposed Cash 3 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Term Loan 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AMCH for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AMCH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMCH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AMCH revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
AMCH is promoted by the Dr. Suresh Naidu and was founded in 2004.
The hospital is based out of Vizag in Andhra Pradesh. It has tie
ups with multiple doctors to provide multi-specialty care.
ADVENT HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Advent
Healthcare & Hi-Tech Products (AHHP) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit/ 4.5 CRISIL B+/Stable (ISSUER NOT
Overdraft facility COOPERATING)
Proposed Working 1 CRISIL B+/Stable (ISSUER NOT
Capital Facility COOPERATING)
CRISIL has been consistently following up with AHHP for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AHHP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHHP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AHHP continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Established in 2006 as a partnership firm by Mr Sandeep M Konde
Deshmukh and Ms Swaroopa S Konde Deshmukh, AHHP is an authorised
distributor of interventional cardiology and peripheral vascular
devices for Boston Scientific India Pvt Ltd. The firm covers Pune,
Ahmednagar, and Aurangabad.
AGRAWAL MEDICO: CRISIL Keeps B+ INR6cr Debt Rating in Not Coop.
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Agrawal
Medico (AM) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AM for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
AM was started in 1988 as a sole proprietorship firm by Mr Dilip
Agrawal in Bhopal, Madhya Pradesh. The firm is a wholesale dealer
of medicines, both ayurvedic and allopathic, in Bhopal for around
52 companies.
AKHANDALAMANI ELECTRICALS: IndRa Moves BB Rating to Non-cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Akhandalamani
Electricals & Construction'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:
-- INR55 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR65 mil. Non-fund-based working capital limit migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Akhandalamani Electricals & Construction was established in 1997
and incorporated in 2009 in Cuttack, Odisha as a proprietorship
firm. It is engaged in trading electrical equipment and handling
various electrical construction works and turnkey projects for
Odisha and Rajasthan government departments and public sector
units. Its Cuttack-based manufacturing facility manufactures
transformers.
AKR CONSTRUCTION: CRISIL Keeps C INR27.75cr Debt Rating in Not Coop
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of AKR
Construction Limited (AKR) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 90.25 CRISIL A4 (ISSUER NOT
COOPERATING)
Letter of Credit 3.00 CRISIL A4 (ISSUER NOT
COOPERATING)
Overdraft 27.75 CRISIL C (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AKR for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AKR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AKR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AKR continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.
Established in the early 1990s as a proprietary concern AKR
Construction and later converted into a closely held public company
in 2004, AKR undertakes civil construction works, primarily
irrigation projects in Andhra Pradesh, Telangana, Karnataka, and
Madhya Pradesh.
ALLURE CONSUMER: CRISIL Keeps B+ INR19.8cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Allure
Consumer Products Private Limited (ACPPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 19.8 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with ACPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ACPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ACPPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
ACPPL set up in October 2016, is engaged into job work of toilet
soaps manufacturing for FMCGs companies. The manufacturing plant is
located at Dehradun.
AMBICA PULSE: CRISIL Keeps B+ INR7cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Ambica
Pulse Mill (APM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with APM for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 APM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of APM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based
Mr Dinesh Jain, APM primarily processes urad dal and has capacity
of 20 tonne per day. The firm sells to traders and commission
agents under the Tiranga and Champion brands.
ANAND MOULD: CRISIL Keeps B+ INR4.5cr Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Anand
Mould Steels Private Limited (AMSPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Letter 5.5 CRISIL A4 (ISSUER NOT
of Credit COOPERATING)
CRISIL has been consistently following up with AMSPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AMSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AMSPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
AMSPL, incorporated in 2005 by Mr. Ashish Bhansali and his father
Mr. Karshandas Bhansali, is engaged in trading of special alloy
steels. The company is based in Navi Mumbai, Maharashtra.
AQUAFINE MICRONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Aquafine
Microns LLP (AML) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 3.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Fund- 0.33 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING)
Term Loan 5.77 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AML for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AML is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AML continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Established in 2017, AML is a limited liability partnership firm
which is setting up a project for manufacturing soda and potash
feldspar. Feldspar is used mainly in ceramic and glass industries
and to some extent in paints, plastics and rubber as an extender.
The unit is expected to commence commercial operations from April,
2018.
ARCHANA MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Archana
Motors Private Limited (AMPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Electronic Dealer 11.5 CRISIL B-/Stable (ISSUER NOT
Financing Scheme COOPERATING)
(e-DFS)
CRISIL has been consistently following up with AMPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AMPL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
AMPL was established in 2011 by promoter, Mr Shibu Job C. The
company is an authorised dealer of commercial vehicles of TML, in
Thrissur and Palakkad, and has 11 showrooms and 6 service centres.
ARISTO TRANSMISSION: CRISIL Cuts Rating on INR10cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aristo
Transmission Private Limited (ATPL) 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 ATPL for obtaining
information through letters and emails dated December 31, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 ATPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of ATPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.
ATPL, incorporated in 2009, manufactures mild-steel pipes and
galvanised iron pipes that are used in sectors such as
construction, automobile, engineering, agriculture, and irrigation.
It has a manufacturing facility in Siltara, near Raipur
(Chhattisgarh) with installed capacity of around 36,000 tonne per
annum.
AROCHEM INDUSTRIES: CRISIL Lowers Rating on INR5.75cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arochem
Industries Private Limited (AIPL) 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 0.5 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 5.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 1.75 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AIPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
AIPL was originally established as a partnership company in 1962 by
Mr. Suresh Chandra R Gandhi and his family members. In 2014-15, the
firm was reconstituted as a private limited company with the
current name. In the same year, Exochem, based in the UK, acquired
50 per cent of AIPL's shares. AIPL's day-to-day operations are
managed by Mr. Nilesh Gandhi. The company manufactures dye
intermediates (resist salt, metanilic acid, and 3'3' dinitro
diphenyl sulfone) used primarily in the textile industry and to
some extent in the aerospace industry. In 2014-15, the company
commenced manufacturing aniline 25 disulphonic acid. AIPL's
manufacturing facilities are in Vapi (Gujarat).
ARYA VOYAGERS: CRISIL Lowers Rating on INR146.4cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arya Voyagers
Private Limited (AVPL) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Currency 146.4 CRISIL B+/Stable (ISSUER NOT
Term Loan COOPERATING; Revised from
'CRISIL BB+/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AVPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of AVPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.
AVPL was incorporated in November 2012, by Mr. Ravindra Kumar Arya
and his sons, Mr. Nakul Arya and Mr. Varun Arya. It is engaged in
ship owning and chartering services. Company has 2 vessels and both
are chartered (time). The company is part of Arya group which is
also engaged in trading of iron & steel, ship breaking etc.
ASHTANGA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Coop
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Ashtanga
Educational Trust (AET) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term .03 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Rupee Term Loan 12.72 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AET for obtaining
information through letters and emails dated December 31, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AET is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AET continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Set up in 2012, AET operates an Ayurveda hospital and a residential
Ayurveda college in Kottanad, Kerala. Operations are managed by Mr
Narayana Namboodiri.
AVIAN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Avian
Technologies (AT) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (ISSUER NOT COOPERATING)
Foreign Letter
of Credit 1.95 CRISIL D (ISSUER NOT COOPERATING)
Long Term Loan 3.26 CRISIL D (ISSUER NOT COOPERATING)
Proposed Long
Term Bank Loan
Facility 0.39 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with AT for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 AT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of AT continues to be 'CRISIL D Issuer Not
Cooperating'.
AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.
AXIS BANK: S&P Cuts ICR to BB+ on Worsening Operating Conditions
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its ratings on Axis
Bank, reflecting its view that economic risks have increased for
banks operating in India. S&P placed its ratings on Indian Bank on
CreditWatch because it sees a high risk that the public sector
bank's credit profile could weaken over the coming quarters due to
COVID-19 as well as the merger with the weaker Allahabad Bank. S&P
affirmed the ratings on the other banks it rates in India.
RATINGS LIST
Axis Bank Ltd.
Downgraded; CreditWatch/Outlook Action
To From
Axis Bank Ltd.
Issuer Credit Rating BB+/Stable/B BBB-/Negative/A-3
Downgraded
To From
Axis Bank Ltd. (Dubai International Financial Centre Branch)
Senior Unsecured BB+ BBB-
Axis Bank Ltd. (GIFT City Branch)
Senior Unsecured BB+ BBB-
Axis Bank Ltd. (Hong Kong Branch)
Senior Unsecured BB+ BBB-
Indian Bank
Ratings Affirmed; CreditWatch/Outlook Action
To From
Indian Bank
Issuer Credit BBB-/Watch Neg/A-3 BBB-/Negative/A-3
Bank of India
Ratings Affirmed
Bank of India
Issuer Credit Rating BB+/Stable/B
Senior Unsecured BB+
Bank of India (New Zealand) Ltd.
Issuer Credit Rating BB+/Stable/B
Bank of India (London Branch)
Senior Unsecured BB+
HDFC Bank Ltd.
Ratings Affirmed
HDFC Bank Ltd.
Issuer Credit Rating BBB-/Stable/A-3
HDFC Bank Ltd.
Senior Unsecured BBB-
ICICI Bank Ltd.
Ratings Affirmed
ICICI Bank Ltd.
Issuer Credit Rating
Foreign Currency BBB-/Negative/A-3
ICICI Bank Ltd. (Dubai Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (Hong Kong Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (New York Branch)
Senior Unsecured BBB-
ICICI Bank Ltd. (Singapore Branch)
Senior Unsecured BBB-
IDBI Bank Ltd.
Ratings Affirmed
IDBI Bank Ltd.
Issuer Credit Rating
Foreign Currency BB/Negative/B
IDBI Bank Ltd. (Dubai International Financial Centre Branch)
Senior Unsecured BB
Kotak Mahindra Bank
Ratings Affirmed
Kotak Mahindra Bank
Issuer Credit Rating BBB-/Stable/A-3
State Bank of India
Ratings Affirmed
State Bank of India
Issuer Credit Rating BBB-/Stable/A-3
State Bank of India
Senior Unsecured BBB-
State Bank Of India (Dubai Branch)
Junior Subordinated BB-
State Bank of India (London Branch)
Senior Unsecured BBB-
State Bank of India (Tokyo Branch)
Senior Unsecured BBB-
Union Bank of India
Ratings Affirmed
Union Bank of India
Issuer Credit Rating BB+/Stable/B
S&P said, "We affirmed our ratings on the government-owned banks
because we continue to see a very high likelihood of government
support for these banks. This reflects our view that these banks
have a very strong link with, and play a very important role for,
the government. We expect the government to provide capital
support, even though it has not specifically allocated capital in
the budget for fiscal 2021 (year ending March 31, 2021).
"Among the private sector banks, we affirmed our ratings on HDFC
Bank Ltd. and Kotak Mahindra Bank because we believe these banks
have stronger asset quality and would be able to withstand the
weakness in operating conditions. We affirmed our ratings on ICICI
Bank Ltd. because we expect a likely improvement in the bank's
capitalization will offset the impact of deteriorating operating
conditions.
"In our view, economic conditions have turned adverse for Indian
banks due to COVID-19. Drastic efforts to curtail the spread of the
coronavirus have resulted in a sharp economic contraction. The
government's stimulus package, with a headline amount of 10% of
GDP, has about 1.2% of direct stimulus measures, which is low
relative to countries with similar economic impacts from the
pandemic. The remaining 8.8% of the package includes liquidity
support measures and credit guarantees that will not directly
support growth. We now forecast a 5.0% contraction in the economy
in fiscal 2021.
"We expect the tough operating conditions to lead to a rise in
nonperforming loans (NPLs), credit costs, and delays in recoveries
for the banking system. In our base case, we expect the weak assets
of Indian banks to shoot up to 13%-14% of gross loans by March 31,
2021. Our forecast is higher than the peak of 11.6% witnessed in
fiscal 2018, and about 8.5% estimated as on March 31, 2020. Credit
costs will likely rise to about 3.7% of gross loans, from 2.9%
estimated for March 31, 2020.
"Moreover, we anticipate the resolution of weak assets will be
delayed until at least fiscal 2022. Consequently, banks will likely
be saddled with a large stock of weak loans in fiscal 2022 too. We
have assumed only an about 100 basis points (bps) improvement in
NPLs. Steps taken by the government and the central bank should
provide some respite by delaying recognition of some of the weaker
loans, in our view."
AXIS BANK LTD.
(Primary credit analyst: Michael Puli)
S&P said, "We lowered our ratings on Axis to reflect our
expectation that heightened economic risks facing India's banking
system will affect the bank's asset quality and financial
performance. While Axis' asset quality is superior to the Indian
banking sector average, its level of nonperforming assets (NPAs)
will likely remain high compared to international peers'.
Nevertheless, we expect the bank to maintain its strong market
position and adequate capitalization.
"The stable outlook reflects our view that our ratings on Axis
already factor in some deterioration in the bank's asset quality
and performance over the next 12 months.
"We could lower the ratings on Axis if the bank's stressed assets
rise significantly beyond the system average over the next few
quarters.
"We could raise our ratings on Axis if the bank's performance,
particularly its asset quality, is significantly superior to that
of domestic peers and commensurate with international peers' over
the next 18 months."
INDIAN BANK
(Primary credit analyst: Nikita Anand)
S&P said, "The CreditWatch placement reflects our view of a
one-in-two chance of a downgrade of Indian Bank over the next three
to six months. We believe deteriorating operating conditions could
lead to a higher rate of NPL formation and increase in credit costs
for the bank over the next few quarters. Moreover, we believe the
merger with Allahabad Bank will be an overhang on Indian Bank's
credit profile because of the former's sizable stock of stressed
assets and weak capital levels. Indian Bank will continue to
benefit from a very high likelihood of government support.
"We aim to resolve the CreditWatch over the next three to six
months as we get greater clarity on the actual impact of the merger
on Indian Bank's credit profile.
"We will lower the rating by a notch if Indian Bank's: (a)
risk-adjusted capital (RAC) ratio falls below 5% on a sustained
basis; or (b) NPL ratio or credit costs rise sharply and we believe
they are likely to remain at that level or increase further.
"We would affirm the ratings if we believe Indian Bank's credit
profile will largely remain unchanged after the merger."
BANK OF INDIA (BOI)
(Primary credit analyst: Primary: Amit Pandey)
S&P said, "We affirmed the ratings on BOI to reflect a very high
likelihood that the government of India will continue to provide
timely and sufficient extraordinary support to the bank. BOI has a
good deposit franchise and liquidity, with a sizable branch
network. The bank's moderate capitalization and weak asset quality
temper these strengths.
"The stable outlook on BOI reflects our expectation that the
likelihood of government support for the bank will remain very high
over the next 12-18 months. The ratings and outlook on BOI's
subsidiary Bank of India (New Zealand) Ltd. will move in tandem
with those on BOI.
"We may lower the ratings on BOI if our assessment of the bank's
SACP weakens by two notches to 'b+'. We could lower the SACP if the
bank's capitalization weakens such that the RAC ratio falls below
5% on a sustainable basis, possibly due to continually weak
internal capital generation. We could also revise downward our
assessment of BOI's SACP due to delays in resolution of the bank's
bad loans, weakness in the group's finance companies, or an
economic slowdown in India that leads to sharp deterioration in
BOI's asset quality. We also expect a weaker SACP assessment if the
bank is unable to sustain the qualitative and quantitative
improvements in its funding profile.
"We may upgrade BOI if the bank's asset quality and operating
conditions improve significantly, a scenario that we view as
unlikely over the next 12 months."
HDFC BANK LTD.
(Primary credit analyst: Nikita Anand)
S&P said, "We affirmed the ratings on HDFC Bank to reflect the
bank's strong business franchise, low credit costs, and better
funding and liquidity profile than industry peers'. HDFC Bank's
capitalization is comfortable, in our view, supported by strong
earnings and regular capital raising to fund above-average growth.
The bank's asset quality remains among the best in the Indian
banking industry due to its better risk management and portfolio
diversity. We have therefore revised our assessment of HDFC Bank's
risk position to strong from adequate. Overall, we believe the
bank's individual creditworthiness is significantly stronger than
the average of the Indian banking sector. We assess HDFC Bank's
stand-alone credit profile (SACP) as 'bbb+'.
"The stable outlook on HDFC Bank reflects our view that the bank
will maintain its strong market position, low credit costs, and
favorable funding and liquidity metrics over the next 24 months.
"The ratings on HDFC Bank are capped by our sovereign credit
ratings on India (BBB-/Stable/A-3). The ratings on the bank will
therefore move in tandem with that on the sovereign. S&P Global
Ratings does not rate Indian banks above the sovereign because of
the direct and indirect influence that a sovereign has on banks
operating in the country.
"We could lower the ratings on HDFC Bank if we downgrade India. We
will lower our assessment of the bank's SACP if the challenging
operating conditions in India lead to a sharp rise in the bank's
NPLs and credit costs. We could also lower the SACP if we lower our
assessment of economic or industry risks in the Indian banking
sector, leading to a downward revision in our starting point for
rating banks in India. Outside of a change to the sovereign rating,
the bank's SACP would have to drop by three notches to result in a
downgrade, which is unlikely over the next two years, in our view.
"We would raise our ratings on HDFC Bank if we upgrade the
sovereign."
ICICI BANK LTD.
(Primary credit analyst: Michael Puli)
S&P said, "We affirmed our ratings on ICICI to reflect our
expectation that the bank will structurally improve its capital
position and balance sheet over the next 12-18 months. The bank has
recently divested its stake in some of its insurance subsidiaries.
Other capital accretion strategies may include internal capital
generation, external capital raising, and sale of stakes in
subsidiaries.
"As a result, while operating conditions have worsened, we believe
the likely improvement in the bank's capitalization will offset the
impact. We now assess ICICI's capital as strong. Our base case is
that the bank will maintain its strong market position,
better-than-system asset quality, and good funding and liquidity
over the next 12-18 month. That said, the bank's NPAs will likely
remain high compared to that of international peers.
"The negative outlook reflects our view that the structural
improvement in ICICI's capitalization is ongoing and that the
bank's asset quality and earnings could dip over the next 18
months. We see a one-in-three risk that the bank's capitalization,
earnings, and asset quality will deteriorate more than we expect
over this period.
"We could lower the ratings on ICICI if the bank does not maintain
a RAC ratio above 10% on a sustained basis. This could happen if
credit costs rise sharper than our expectation or if the bank's
capital strengthening is less than we expect.
"We could revise the outlook on ICICI to stable if we have greater
certainty that the bank will raise and structurally maintain higher
capitalization."
IDBI BANK LTD.
(Primary credit analyst: Nikita Anand)
S&P said, "We affirmed our ratings on IDBI Bank based on our view
of a very high likelihood that the government of India will
continue to provide timely and sufficient extraordinary support to
the bank.
"The negative outlook on IDBI Bank reflects the uncertainty over
the sustainability of the bank's capital owing to challenging
operating conditions. This uncertainty will increase residual
stress on the balance sheet and delay resolution of large accounts,
resulting in continued weak earnings.
"We will lower our ratings on IDBI Bank by two notches if the
bank's capitalization erodes, possibly due to weak earnings and an
inability to raise capital. These factors could bring IDBI Bank
close to breaching the regulatory minimum requirements for the
third time in the past two years.
"We could also downgrade IDBI Bank if we believe government support
for the bank has weakened. That could happen as government
shareholding in the bank declines following a government proposal
to sell its stake in the bank and in Life Insurance Corp. of India
(which holds a 51% stake in IDBI Bank). However, we believe a stake
sale will be tough over the next 12 months, given the sharp
correction in equity markets.
"We could revise the outlook on IDBI Bank to stable if the bank's
operating performance improves. This could be due to: (a) removal
of the bank from "prompt corrective action" and lifting of
associated restrictions on growth and expansion; (b) higher
recoveries from legacy NPLs and lower credit costs, leading to the
bank reporting profits on a sustained basis; and (c) capital
raising through sale of non-core assets.
"For revising the outlook to stable, we would look for signs that
IDBI Bank's capital will not again be at risk of breaching minimum
capital requirements. This will most likely occur if the bank's
capital reverts to a prudent buffer above minimum regulatory
guidelines, and we are confident that this buffer can be
sustained."
KOTAK MAHINDRA BANK
(Primary credit analyst: Amit Pandey)
S&P said, "We affirmed the ratings on Kotak Mahindra Bank because
we expect the bank's strengthening funding base to offset the
impact of a deterioration in operating conditions on its credit
profile. In our view, Kotak Mahindra Bank has a robust
capitalization, strong management, and better asset quality than
peers'. We believe the bank's funding profile is sustainably
improving on the back of an increasing distribution network and
deposit franchise, and a greater share of granular and low-cost
domestic deposits. As such, we have revised our assessment of Kotak
Mahindra Bank's funding to average from below average."
The stable outlook on Kotak Mahindra Bank reflects the view that
the bank will be able to withstand our current expectation of a
deterioration in operating conditions over the next 12-24 months.
This is due to the bank's above-industry-average risk management,
and earnings and capitalization buffers.
S&P said, "We would lower the ratings if Kotak Mahindra Bank's RAC
ratio declines below 10% on a sustained basis. We could also
downgrade the bank if its asset quality deteriorates sharply,
possibly due to a prolonged and deeper economic slowdown in
India."
An upgrade of Kotak Mahindra Bank is unlikely in the next one to
two years because that would require an improvement in the bank's
operating conditions as well as a raising of the sovereign credit
rating on India.
STATE BANK OF INDIA (SBI)
(Primary credit analyst: Michael Puli)
S&P said, "We affirmed the ratings on SBI to reflect our
expectation of a very high likelihood of government support for the
bank.
"In our view, SBI's performance is better than the domestic system
average, but at the weaker end when compared with international
peers with similar system risks. High customer confidence is likely
to keep the bank's funding and liquidity strong.
"The stable outlook over the next 18 months reflects our
expectation that SBI will remain the undisputed market leader in
India's banking sector and receive capital from the government, if
needed. We believe SBI will be hit by the current economic
headwinds, and have factored the impact in our capital forecasts.
We would downgrade SBI if we lower our sovereign credit rating on
India. Government support would offset a deterioration in the
bank's stand-alone creditworthiness. We could lower our assessment
of SBI's SACP if we expect the bank's capitalization to reduce over
the next 18 months such that the RAC ratio drops below 5% on a
sustained basis. This may arise from higher credit costs, faster
loan growth, or lower capital generation than we anticipate.
"We are unlikely to raise the ratings on SBI over the next 18
months. Ratings uplift would require the creditworthiness of both
SBI and the India sovereign to improve. This is because of the
likely impact the sovereign in distress would have on the bank's
operations, including its ability to service foreign currency
obligations."
UNION BANK OF INDIA
(Primary credit analyst: Nikita Anand)
S&P said, "We affirmed the ratings on Union Bank to reflect our
expectation of a very high likelihood of government support for the
bank. Union Bank's weak asset quality, capitalization, and earnings
constrain the rating.
"The stable outlook on Union Bank reflects our view that the bank's
financial profile following its merger with Andhra Bank and
Corporation Bank will be similar to the current level. We believe
the benefits from the increase in the bank's size and franchise
will be balanced by its weak profitability and drag on earnings
from provisioning costs over the next 12 months."
Given the government's support, Union Bank's SACP would need to
weaken by two notches for a downgrade of the issuer credit rating.
S&P would lower the SACP if: (a) the bank's RAC ratio falls below
5% on a sustained basis; (b) its asset quality deteriorates
significantly; or (c) Union Bank's funding profile weakens relative
to peers'.
In S&P's view, the merged bank's ability to mobilize low-cost
deposits will be key to maintaining its funding profile, which
could weaken following the merger of Union Bank with banks that
have a lower current and savings account deposit ratio.
S&P does not see any upside to the ratings on Union Bank over the
next 12-18 months.
BICRA SCORE SNAPSHOT
To From
BICRA 6 5
Economic Risk* 7 6
Economic Risk Trend Stable Negative
Economic Resilience** 4 4
Economic Imbalances** 4 2
Credit Risk In The Economy** 5 5
Industry Risk* 5 5
Industry Risk Trend Stable Stable
Institutional Framework** 4 4
Competitive Dynamics** 4 4
Systemwide Funding** 2 2
*On a scale of 1 (lowest risk) to 10 (highest risk).
**On a scale of 1 (lowest risk) to 6 (highest risk).
BALAJI CONSTRUCTION: CRISIL Cuts Rating on INR4cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Balaji
Construction Company - Jodhpur (BCC) 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 11 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 4 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with BCC for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 BCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BCC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of BCC revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Incorporated as a partnership company, BCC is promoted by the
Choudhary Family. The company is engaged into civil construction.
The company is into construction of water segment.
BELIJ HYDRO: CRISIL Lowers Rating on INR20.35cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Belij Hydro
Power Private Limited (BHPPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 20.35 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with BHPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 BHPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of BHPPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
BHPPL runs a run-of-the river 5 MW hydro power plant, on Belij
River, a tributary of Ravi River in Himachal Pradesh. The
day-to-day operations of the company are managed by its promoter
director Mr. Tanmay Das.
BEVA SILICONES: CRISIL Lowers Rating on INR7cr Loans to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Beva Silicones
Private Limited (BSPL) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 6.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
Working Capital 0.5 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with BSPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 BSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of BSPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
Incorporated in December 2008, BSPL manufactures silicone-based
softeners, which find application in textile finishing, leather
processing, and personal care. The company is based out of Chennai
and is promoted by Mr Arun Vivekanandan Ariyarathenam and his
brother Mr Ineeyan Vivekanandan Ariyaratnam.
BHARAT MOTOR: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Bharat
Motor Parcel Service (BMPS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Loan Against 10 CRISIL B+/Stable (ISSUER NOT
Property COOPERATING)
CRISIL has been consistently following up with BMPS for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 BMPS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BMPS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of BMPS continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
BMPS, setup in 1960 in Vijaywada, by Mr. T Sesharao and his
brothers, Mr. T Vara Prasad, Mr. T. Sathyanarayana and Mr. T
Ramakrishna, is engaged in the business of road transportation and
has a fleet of 120 trucks. It primarily deals in transportations of
food items, apart from pharmaceutical products, paints and
batteries.
CHIRANJILAL RAYONS: CRISIL Cuts Rating on INR4cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Chiranjilal
Rayons Private Limited (CRPL) 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 .22 CRISIL A4 (ISSUER NOT
COOPERATING; Revised from
'CRISIL A4+ ISSUER NOT
COOPERATING')
Cash Credit 4.00 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 0.56 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
Rupee Term Loan 3.92 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with CRPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 CRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of CRPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.
Incorporated in 1994, CRPL sells polyester, viscose, and cotton
yarn. Prior to 1994, the company operated as proprietorship firm,
Chiranjilal Rajkumar. CRPL sells its yarn under the brand name of
Jorahathi. Operations are managed by Mr Vinay Parasrampuria.
CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Creative
Limited (Creative) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest
Term Loan 2 CRISIL D (ISSUER NOT COOPERATING)
Packing Credit 1 CRISIL D (ISSUER NOT COOPERATING)
Working Capital
Term Loan 12.6 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with Creative for
obtaining information through letters and emails dated November 30,
2019 and May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 Creative, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Creative
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of Creative continues to be 'CRISIL D Issuer Not
Cooperating'.
Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.
G SONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of G Sons
Retail Private Limited (GSORPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.75 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Cash 4.25 CRISIL B+/Stable (ISSUER NOT
Credit Limit COOPERATING)
CRISIL has been consistently following up with GSORPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GSORPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSORPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GSORPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
G Sons Private Limited is engaged in in organised retail business
through its store. It was set up as partnership in 2015 in Koannur,
Kerala. The company presently operates segments textile, garment
and home furnishing.
GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gaurav
Rice & Food Processing Private Limited (GRFPPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 14.71 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GRFPPL for obtaining
information through letters and emails dated December 31, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GRFPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRFPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GRFPPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Incorporated in 2012, Gaurav Rice & Food Processing Private Limited
(GRFPPL), mills non-basmati rice at its Patna-based rice mill
having a capacity of 150 TPD. The operations began in September
2015 and the daily operations are looked after by its promoters cum
directors Mr Sunil Kumar, Ms Renu Devi and Mr Gaurav Gupta.
GAYATRI ROLLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gayatri
Rolling Mills Private Limited (GRMPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Term Loan 1.59 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with GRMPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GRMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GRMPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
GRMPL was established as a partnership firm and was reconstituted
as a private limited company in 2005. It is promoted by Raipur,
Chhattisgarh-based Mr Umesh Agarwal and his family. The company
manufactures steel ingots and thermo-mechanically treated (TMT)
bars, and is ISO 9001:2008 certified. Most of the ingot output is
used for captive consumption, and the rest is sold in the open
market.
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPPL; part of the Rathi group)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL C (ISSUER NOT COOPERATING)
Proposed Long 1.33 CRISIL C (ISSUER NOT COOPERATING)
Term Bank Loan
Facility
Term Loan 12.12 CRISIL C (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with GPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
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 GPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GPPL continues to be 'CRISIL C Issuer Not
Cooperating'.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GPPL, Rathi Feeds India Pvt. Ltd. (RFPL)
and RHPL. This is because the companies, collectively referred to
as the Rathi group are in the same line of business, extend
financial support to each other, and have a common management.
About the Group
RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.
RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).
GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.
RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.
GOVINDARAJA MUDALIAR: CRISIL Cuts Rating on INR50cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Govindaraja
Mudaliar Sons Private Limited (GMS) 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')
Channel Financing 40 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Revised from
'CRISIL BB/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GMS for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of GMS Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.
GMS is an authorised distributor for TSL's steel products in Tamil
Nadu and Pondicherry. The company is based in Chennai. The service
unit is in Gummidipoondi, Tamil Nadu.
GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Goyal
Educational and Welfare Society (GEWS) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 4.5 CRISIL D (ISSUER NOT COOPERATING)
Overdraft 1.0 CRISIL D (ISSUER NOT COOPERATING)
Proposed Long
Term Bank Loan
Facility 2.0 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with GEWS for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 GEWS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GEWS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.
Based on the last available information, the ratings on bank
facilities of GEWS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
GEWS was set up in 2008 by Rawal and Goyal families based in
Faridabad (Haryana) to impart education in engineering and
management streams. The society set up Rawal Institute of
Engineering and Technology and Rawal Institute of Management in
2010 in Faridabad. In 2012, it also started Rawal Institute of
Education. Courses are approved by the All India Council for
Technical Education, while the institutes are affiliated to
Maharshi Dayanand University, Rohtak (Haryana). There society has
eight members, with Mr Mahendra Goyal as president.
HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Hitro
Energy Solutions (HES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 0.5 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 6.0 CRISIL B-/Stable (ISSUER NOT
Term Loan COOPERATING)
CRISIL has been consistently following up with HES for obtaining
information through letters and emails dated November 30, 2019 and
May 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
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 HES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HES is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.
Based on the last available information, the ratings on bank
facilities of HES continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.
HES is a proprietary concern incorporated on January 28, 2014. The
firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed by
Mr. Rangachari.
IVANTA CERAMICS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ivanta Ceramics
LLP'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:
-- INR103.857 mil. Long-term loan due on September 2024 migrated
to non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating;
-- INR53 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR17 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 3, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Ivanta Ceramics manufactures ceramic wall tiles. It has an
installed capacity of about 12,000 square meters per day.
MAYFAIR LEISURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mayfair Leisures Limited
Registered office:
5/12, "Essen House"
B.I.D.C. Gorwa
Vadodara 390016
Gujarat
Insolvency Commencement Date: June 11, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: December 8, 2020
(180 days from commencement)
Insolvency professional: Mr. Chandra Prakash Jain
Interim Resolution
Professional: Mr. Chandra Prakash Jain
D-501, Ganesh Meridian
Opposite Gujarat High Court
S.G. Road
Ahmedabad 380060
E-mail: jain_cp@yahoo.com
Last date for
submission of claims: June 27, 2020
NATIONAL PLASTIC: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned National Plastic
Industries Limited (NPIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR36.3 mil. Term loan due on June 2023 assigned with IND BB+
/ stable rating;
-- INR272.5 mil. Fund-based facilities assigned with IND BB+ /
stable / IND A4+ rating; and
-- INR20 mil. Non-fund-based facilities assigned with IND A4+
rating.
KEY RATING DRIVERS
The ratings reflects NPIL's modest EBITDA margin due to the intense
competition in the industry. The margins fluctuated in the range of
7.26% to 10.27% during FY16-FY19 on account of the company's entry
into new segments such as coolers and spool. The margin fell to
7.26% in FY19 (FY18: 8.27%) owing to an increase in raw material
costs, higher labor charges and a rise in electricity, power and
fuel expenses. The return on capital employed was 7.6% in FY19
(FY18: 9.2%). The margin fell to 6.8% in 9MFY20 (9MFY19: 8.3%) on
account of an increase in the operating expenses as well as
competition. Consequently, Ind-Ra expects the margins to have
fallen on a yoy basis in FY20. The margins might fall further on a
yoy basis in FY21, considering the likely increase in competition
from both organized and unorganized players, the impact of the
COVID-19 outbreak on exports and an increase in the operating
expenses post the pandemic-led lockdown.
Liquidity Indicator – Stretched: NPIL's net cash conversion cycle
elongated to 161 days in FY19 (FY18: 152 days, FY17: 148 days,
FY16: 144 days) on account of an increase in the debtor days and
inventory days, resulting from the acquisition of new customers and
the foray into new segments. The free cash flow deteriorated
further to a negative INR32 million in FY19 (FY18: negative INR24
million, FY17: negative INR44 million) on account of an increase in
the capital expenditure. The average utilization of the fund-based
and non-fund-based facilities was around 88.6% and 22.0%,
respectively, in the 12 months ended March 2020. However, the cash
flow from operations remained positive during FY16-FY19 and
increased to INR29 million in FY19 (FY18: INR21 million, FY17:
INR41 million, FY16: INR62 million) because of higher absolute
EBITDA. Ind- Ra expects the cash flow from operations to have
remained positive in FY20. The cash and cash equivalent remained
low at INR7 million in FY19 (FY18: INR5 million, FY17: INR6
million). In 6MFY20, the cash and cash equivalent stood at INR18.76
million. NPIL has availed the Reserve Bank of India-prescribed debt
moratorium from Corporation Bank for the term loan and fund-based
facility during March-August 2020. It has not availed moratorium
from Yes Bank.
The ratings are also constrained by the fact that NPIL does not
have any agreements with its existing customers. Moreover, the
company faces supplier concentration risk, with its top three
suppliers accounting for around 77% of its purchases in FY19 - 57%
from Reliance Industries Limited ('IND AAA'/Stable), 13% from
Haldia Petrochemicals Limited ('IND AA'/RWN) and 7% from Indian Oil
Corporation Limited ('IND AAA'/Stable). This has resulted in low
bargaining power for NPIL.
The ratings factor in NPIL's medium scale of operations with
revenue of INR1,111 million in FY19 (FY18: INR1,022 million, FY17:
INR931 million). The revenue grew in FY19 owing to an increase in
the sales volumes to 8,911 metric tons per annum (MTPA) (FY18:
7,782MTPA). The revenue rose to INR859.27 million in 9MFY20
(9MFY19: INR777.07 million) on account of higher revenue generation
from new segments such as coolers and spools, which cater to Bajaj
Electricals Limited and Sterlite Technologies Limited. Therefore,
Ind-Ra expects the revenue to have increased on a yoy basis in
FY20. As of February 1, 2020, the orders in hand amounted to around
INR222 million, which the management expects to execute till
September 2020. Also, NPIL receives orders of around INR15 million
every month from reputed customers and the company has 140
distributors all over India. In FY21, the revenue growth is likely
to be impacted for a couple of quarters due to the COVID-19-led
lockdown.
The ratings also factor in NPIL's moderate credit metrics. The
interest coverage (operating EBITDA/gross interest expense) was
stable at 2.5x in FY19 (FY18: 2.5x, FY17: 2.7x), while the net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 5.4x (4.8x, 5.2x). This is attributed to an increase in the
interest-free unsecured loans to INR141 million in FY19 (FY18:
INR104 million). Excluding the unsecured loans from directors and
relatives, the net leverage was 3.7x in FY19 (FY18: 3.6x, FY17:
3.7x). Out of the total unsecured debt, the subordinated debt is
INR104.4 million. Every year, NPIL incurs an expenditure of around
INR20 million for the purchase of moulds of different sizes.
Ind-Ra expects the credit metrics to have improved marginally in
FY20 on account of the scheduled repayment of term loans and the
absence of any major debt-led capex. However, the metrics are
likely to deteriorate in FY21 due to the likely decrease in the
absolute EBITDA and an increase in the interest expenses due to a
rise in the total debt, as NPIL plans to purchase machineries worth
around INR30 million in FY21. The capex will be 100% financed
through a term loan from Corporation Bank; the loan was sanctioned
in April 2019 but has not yet been disbursed.
The ratings are supported by promoter's experience of more than
three decades in the manufacturing of injection moulded plastic
products such as chairs, tables etc., which enabled the company to
establish longstanding relationships with its customers and
suppliers.
RATING SENSITIVITIES
Negative: Significant deterioration in the revenue or EBITDA
margins, leading to deterioration in the credit metrics, would be
negative for the ratings.
Positive: An improvement in the revenue and EBITDA margins,
resulting in an improvement in the credit metrics, with the
interest coverage exceeding 3.2x, along with an improvement in
overall liquidity, all on a sustained basis, would be positive for
the ratings.
COMPANY PROFILE
NPIL, which was incorporated in 1987, manufactures injection
moulded plastic products such as chairs, tables, coolers etc. Its
head office (on rent) is located in Mumbai. The company has a
branch (on rent) in Hyderabad. It has three factories (all owned),
one each in Silvassa, Nellore and Patna. The three factories have a
combined installed capacity of 17,450MTPA. The company is listed on
the Bombay Stock Exchange.
RASHMI MOTORS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Rashmi Motors'
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 action is:
-- INR428 mil. Fund-based limits migrated to non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 16, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1995, Rashmi Motors' is an authorized dealer of
Ashok Leyland. It is managed by Rajat Kumar Baliarsinha and his
wife Babita Baliarsinha.
SAKTHI GANESH: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sakthi Ganesh
Textiles Private Limited's (SGTPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working capital limit Long-term rating
downgraded/short-term rating affirmed with IND BB/Stable/IND
A4+ rating;
-- INR90 mil. Non-fund-based working capital limit affirmed
with IND A4+ rating; and
-- INR70 mil. (reduced from INR92 mil.) Term loan due on October
2023 downgraded with IND BB/Stable rating.
KEY RATING DRIVERS
Liquidity Indicator - Poor: The downgrade reflects SGTPL's
stretched liquidity, as evident from the several instances of
over-utilization of the fund-based working capital limits over the
12 months ended March 2020. Also, the average utilization of
working capital facilities was high at around 98% over the same
period. Moreover, the net cash conversion cycle elongated to 178
days in FY20 (provisional numbers) (FY19: 168 days), owing to an
increase in receivables period to 121 days (119 days) and increase
in inventory days to 100 days (90 days).
SGTPL's cash flow from operations declined to INR22 million in FY20
(FY19: INR26 million; FY18: INR19 million) due to an increase in
working capital requirements. At FYE20, the cash and cash
equivalents stood at INR9 million (FYE19: INR5 million; FYE18: INR2
million) against debt repayments of INR16.22 million for FY21,
which is likely to be paid out of the internal accruals. The
company has availed the Reserve Bank of India-prescribed moratorium
on all the term loan installments for March-August 2020 and on all
the interest obligations for June-August 2020. Ind-Ra expects the
liquidity position to remain stretched in FY21, with high
utilization of the working capital limits due to a stretched
receivables cycle, resulting from the impact of the COVID-19
outbreak and the associated lockdown.
The ratings reflect the continued small scale of operations, as
indicated by revenue of INR811 million in FY20 (FY19: INR805
million; FY18: INR845 million). The revenue remained almost stable
in FY19 and FY20, with only marginal fluctuations, in line with the
orders received and executed. Ind-Ra expects the COVID-19 outbreak
and associated lockdown to have minimal impact on the company's
revenue and margins in FY21, since its end-products are used
largely for manufacturing affordable fashion clothing that is sold
in the fast fashion segment.
The ratings reflect the modest EBITDA margins due to the intense
competition in the industry and fluctuating raw material prices.
The margin improved to 9.2% in FY20 (FY19: 8.9%; FY18:11.2%) due to
the softening of cotton prices and increased export demand. The
margin had declined in FY19 on account of a sustained increase in
cotton prices, higher electricity cost incurred with the production
of higher count yarn, and the increased requirement of outsourcing
the weaving orders. The RoCE was 9.2% in FY20 (FY19: 9.1%; FY18:
12.7%).
The ratings factor in SGTPL's moderate credit metrics due to the
modest EBITDA levels. The metrics improved in FY20 due to an
increase in the absolute EBITDA to INR74 million (FY19: INR72
million). The gross interest coverage (operating EBITDA/gross
interest expense) was 2.1x in FY20 (FY19: 1.6x; FY18: 1.8x) and the
net leverage (total adjusted net debt/operating EBITDA) was 3.8x
(4.2x; 3.3x). Ind-Ra expects the credit metrics to be at similar
levels in the medium term, in the absence of any debt-led capex
plans.
The ratings continue to factor in the promoters' experience of over
two decades in the cotton yarn dyed woven fabric manufacturing
business, leading to established relationships with customers and
suppliers. Furthermore, the company's operations are based in Tamil
Nadu, which is one of the biggest hubs in the country for textile
and garment manufacturers.
RATING SENSITIVITIES
Positive: An improvement in the overall liquidity profile along
with an increase in the revenue and the profitability, leading to
an improvement in the credit metrics, all on a sustained basis,
could be positive for the ratings.
Negative: Any substantial decline in the overall operational and
financial profile and/or further deterioration in the overall
liquidity could be negative for the ratings.
COMPANY PROFILE
Established in 1996, SGTPL manufactures and sells cotton yarn dyed
woven fabric. The company has its manufacturing units in Tirupur
and Erode, Tamil Nadu, with an installed yarn capacity of 12,000
spindles, weaving capacity of 47.04 lakh meters per annum, sizing
and warping capacity of 0.30 lakh meters per day. It also has a
captive windmill of 250 kW.
STERLING AND WILSON: Promoters Seek More Time to Repay Loan
-----------------------------------------------------------
The Hindu BusinessLine reports that Shapoorji Pallonji and Khurshed
Daruvala, the promoters of Sterling and Wilson Solar Ltd (SWSL),
have informed the company board that there could be a delay in the
payment of INR500 crore of inter-corporate loan by a few weeks.
According to BusinessLine, the money was supposed to be paid by
June 30 but the promoters said that Covid-related lockdown has
impacted their fund-raising plan. Earlier, the board of Sterling
and Wilson Solar Ltd had given its nod to promoters for coming up
with a revised schedule to repay an outstanding loan amount of
INR2,563 crore. This loan amount includes principal amount of
INR2,335 crore and interest of INR228 crore, which the promoters
owe to SWPL and its subsidiary, Sterling and Wilson International
FZE. Since then the promoters have paid INR1,500 crore to the
company. This amount includes INR500 crore paid on March 31.
BusinessLine relates that the next tranche of payment is due on
June 30. "As you are aware, Covid-19, which has been recognised as
a global pandemic, has created a significant disruption to economic
activity in India and globally. This has also created execution
delays to our fund-raising plan that was envisaged in December
2019. In these extraordinary and unprecedented circumstances, while
we continue to strive towards achieving the originally agreed upon
milestone of June 2020, we apprehend that the next instalment of
INR500 crore envisaged to have been paid by June 30 might spill
beyond by a few weeks," the promoters said in a letter to the
board, BusinessLine relays.
"We reiterate our commitment to facilitate the complete payment
within the outer deadline of September 30, underlining our intent
to honour the commitment even during these difficult times," the
promoters, as cited by BusinessLine, added.
According to BusinessLine, the promoters said while there is still
a possibility of being able to fund INR500 crore by June 30, in the
event of a delay, they will request the board of directors for a
meeting so that they could apprise the members about the specific
actions that are underway at their end and to assure them about the
means by which their commitments are proposed to be met.
On June 25, BSR & Co, the auditors for Sterling and Wilson Solar
said the company has received queries from SEBI, Registrar of
Companies, Mumbai (RoC) and certain shareholders regarding matters
connected with delay in repayment of inter-corporate deposits by
the promoters, BusinessLine says.
[*] INDIA: IBC Suspension May Lead to Riskier Behavior Among Firms
------------------------------------------------------------------
The Hindu BusinessLine reports that even as the Centre has
temporarily suspended the Insolvency and Bankruptcy Code (IBC) due
to the current economic crisis following the Covid-19 pandemic,
academicians have highlighted the threat of a possible surge in
riskier behavior of firms under extended immunity from the IBC.
Earlier this month, the Centre had issued an ordinance to suspend
initiation of fresh insolvency proceedings against defaults arising
on or after March 25 for a period of one year, BusinessLine says.
The decision came after the Finance Ministry expressed its intent
to provide economic relief amid the Covid-induced economic crisis.
BusinessLine relates that a new study by Prof. Balagopal
Gopalakrishnan from IIM-Kozhikode and Professor Sanket Mohapatra
from IIM-Ahmedabad reveals that although the IBC is suspended
currently, "the insolvency reforms in India will have important
implications for the corporate sector in a post-Covid scenario.
While the suspension of IBC may be warranted in the current
economic climate, a possible downside of suspending it for an
extended period is that it could encourage riskier behaviour among
firms."
Notably, India had improved its world ranking in insolvency and
bankruptcy after implementation of the IBC in 2016. India's
position in the World Bank's ‘Resolving Insolvency' ranking has
increased sharply in recent years, from 132 in 2016, the year in
which IBC was introduced, to 52 in 2020, BusinessLine discloses.
Based on the data analysis of about 1,300 firms from 60 countries,
the study revealed that countries that have stronger insolvency
regimes are able to moderate the adverse effects of policy
uncertainty and an economic crisis, BusinessLine relays.
"In a stronger insolvency framework, where the promoters have a
greater risk of losing control of the firm, the study finds that
corporate managers are likely to be more conservative in their
investment and financing decisions and, consequently, can reduce
the risk of a debt default," it said.
According to BusinessLine, one of the arguments often advanced for
implementing a stronger insolvency and bankruptcy framework is that
it enhances credit discipline among firms. Using a large
cross-country firm-level data set, the study empirically tests and
confirms that a stronger insolvency regime moderates the adverse
effects of economic shocks on firms' default risk. The effects are
more pronounced for firms in the top half of the size
distribution.
The study also explored channels through which improved creditor
rights influence firms' default risk, including dependence on
external finance, corporate leverage, and managerial ethics, adds
BusinessLine.
[*] S&P Lowers Ratings on Four Indian Nonbank Finance Companies
---------------------------------------------------------------
S&P Global Ratings said it has taken the following rating actions
on Indian nonbank finance companies (NBFCs):
RATINGS LIST
Shriram Transport Finance Co. Ltd.
Downgraded; CreditWatch/Outlook Action
To From
Shriram Transport Finance Co. Ltd.
Issuer Credit Rating B-/Watch Neg/B BB/Negative/B
Senior Secured BB-/Watch Neg BB
Bajaj Finance Ltd.
Downgraded; Outlook Action
To From
Bajaj Finance Ltd.
Issuer Credit Rating BB+/Stable/B BBB-/Negative/A-3
Manappuram Finance Ltd.
Downgraded
To From
Manappuram Finance Ltd.
Issuer Credit Rating B+/Stable/B BB-/Negative/B
Senior Secured B+ BB-
Power Finance Corp. Ltd.
Downgraded
To From
Power Finance Corp. Ltd.
Issuer Credit Rating BB+/Stable/-- BBB-/Negative/--
Senior Unsecured BB+ BBB-
Ratings Withdrawn
To From
Power Finance Corp. Ltd.
Issuer Credit Rating
Foreign Currency NR BB+/Stable/NR
Local Currency NR BB+/Stable/--
Senior Unsecured NR BB+
Hero FinCorp Ltd.
Ratings Affirmed
Hero FinCorp Ltd.
Issuer Credit Rating BB+/Stable/B
Muthoot Finance Ltd.
Ratings Affirmed
Muthoot Finance Ltd.
Issuer Credit Rating BB/Negative/B
Senior Secured BB
S&P said, "These rating actions reflect our view that Indian
finance companies face increasing risks from challenging operating
conditions stemming from the COVID-19 pandemic.
"In our view, economic conditions have turned adverse for Indian
banks due to COVID-19. Drastic efforts to curtail the spread of the
coronavirus have resulted in a sharp economic contraction. The
government's stimulus package, with a headline amount of 10% of
GDP, has about 1.2% of direct stimulus measures, which is low
relative to countries with similar economic impact from the
pandemic. The remaining 8.8% of the package includes liquidity
support measures and credit guarantees that will not directly
support growth. We now forecast a 5.0% contraction in the economy
in fiscal 2021.
"Credit risks remain very high for finance companies in India, in
our view. We expect the deterioration in NBFCs' asset quality to
intensify as the economy slows amid the pandemic. We expect the
microfinance segment to be the most affected by the lockdown and
other measures in the fight against COVID-19. That is because the
microfinance institutions primarily rely on cash collections, and
many borrowers with weak credit profiles would have faced
disruptions in income generation. Home loans are likely to be less
affected because the majority of borrowers are salaried and
collections are through auto debit instructions. However,
affordable housing loans, which cater to the weaker economic
strata, could face challenges. Other pockets of stress include
loans to real estate developers, loans against property, loans
against shares, and loans to the telecommunications, aviation,
restaurant, or tourism-related sectors. Small and midsize
enterprises are likely be more affected in this scenario. Steps
taken by the government and the central bank should provide some
respite. Some of these measures may also have the unintended
consequence of delayed recognition of the problem loans in the
country."
In S&P's base case, the overall impact on finance companies will be
more pronounced than on banks. That is because some finance
companies lend to weaker customers and have high reliance on
wholesale funding. These companies were already facing a trust
deficit since the 2018 default of Infrastructure Leasing &
Financial Services.
Finance companies also face accentuated liquidity risks. Cash flows
are likely constrained as a large proportion of borrowers opt for
the moratorium. Some companies provided a moratorium for more than
70% of their customers. The finance companies would therefore be
dependent on liquid assets and refinancing to service upcoming debt
maturities. Currently, most of the finance companies that S&P rates
in India have sufficient liquidity, comprising liquid assets,
undrawn lines from banks, and in some cases funding lines from
group companies.
S&P could see more differentiation in liquidity available to
finance companies, with stronger NBFCs benefitting from a flight to
quality. Liquidity stress could be high for wholesale lenders with
large exposure to property developers, companies without a strong
parent, or companies with perceived weak governance.
SHRIRAM TRANSPORT FINANCE CO. LTD.
(Primary credit analyst: Nikita Anand)
S&P downgraded STFC and placed the ratings on CreditWatch because
it believes challenging operating conditions in the Indian
financial sector will lead to asset quality and liquidity stress
for the company over the next 12 months. STFC's dominant market
position as India's largest commercial vehicle financier and its
strong capitalization continue to support the ratings. STFC's plan
to raise Indian rupee (INR) 15 billion through a rights issue over
the next 30-40 days will bolster its capital position.
STFC's collection of loans is hit because a very large proportion
of its borrowers are under moratorium. Moreover, refinancing has
been slow as creditors remain risk averse. The company has also had
very few securitization transactions--its key resource-raising
avenue--due to investors' concerns over collection efficiency on
the pools. That said, STFC has recently completed a sizable
securitization transaction of Indian rupee (INR) 16 billion.
STFC has applied for a three-month moratorium on its upcoming bank
loan repayments to build liquidity. Based on the legal opinion
shared by the company, S&P understands the moratorium on bank loans
may not trigger an event of default (EOD) on its U.S. dollar bonds.
STFC has unencumbered liquid assets (cash, bank balances, and
liquid investments) of INR20 billion and unutilized bank lines of
INR54 billion, compared with its INR43 billion liabilities due over
July-September 2020. The company plans to draw down on unutilized
bank lines comprising cash credit facilities and sanctioned
securitization transactions to manage its upcoming repayments.
STFC's collections have strengthened over the past two months,
reflected in higher scheduled collections from borrowers (by value)
of 50% in June 2020 compared with 30% in May 2020. S&P said, "We
expect a further improvement in the coming months as cash flows of
road transport operators (the company's key borrowers) increase
owing to the phased reopening of the Indian economy. We believe
fund raising and higher collections will alleviate pressure on
STFC's liquidity."
S&P said, "We expect to resolve the CreditWatch over the next three
to six months.
"We could lower the rating by multiple notches over the next few
months if STFC's liquidity dwindles, challenging the company's
ability to service its upcoming debt obligations.
"We will affirm the rating if STFC demonstrates sustained access to
resources and augments liquidity to sufficiently meet its
obligations for the next 12 months. The company's ability to
improve its collections and raise necessary external funds will be
key credit factors."
BAJAJ FINANCE LTD. (Primary credit analyst: Nikita Anand)
S&P said, "We lowered our ratings on Bajaj Finance to reflect
weaker operating conditions faced by Indian financial institutions.
In our base case, we believe the company's asset quality and credit
costs will deteriorate over the next 12 months.
"We do not factor any extraordinary support from the Bajaj group
into our rating on Bajaj Finance because the group entities are
regulated or listed entities. They are therefore restricted in
their ability to support Bajaj Finance in the case of an
extraordinary event.
"Our ratings factor in a potential weakening in asset quality and
an increase in credit costs.
"The stable outlook on Bajaj Finance reflects our view that the
company will maintain its strong market position and healthy
capital levels over the next 12-18 months. We also believe the
company's liquidity and funding profile will remain adequate over
the period.
"We may downgrade the company if the deterioration in its asset
quality is significantly higher than our expectation.
"We believe stress in the wider Bajaj group could spill over to
Bajaj Finance. This is due to the benefits to the company's market
position and funding access from the common brand name. Although
this is not our base case, we would lower the rating on Bajaj
Finance if the group credit profile weakens substantially. This may
happen if the credit profile of either Bajaj Finance's sister
company Bajaj Auto Ltd. or ultimate parent, Bajaj Holdings and
Investments Ltd. deteriorates significantly.
"We may raise the ratings on Bajaj Finance if the company's
capital, which is already strong with the risk-adjusted capital
(RAC) ratio of 13.5%, improves such that RAC ratio stays above 15%.
That said, we view this as unlikely in the next 12-18 months."
MANAPPURAM FINANCE LTD.
(Primary credit analyst: Michael Puli)
S&P said, "We downgraded Manappuram to reflect the heightened risks
associated with economic conditions in India and their high impact
on the microfinance segment. That said, the gold-backed loan
business has held up relatively well under these conditions.
"Our stable outlook reflects our view that Manappuram's core
gold-backed loan portfolio will continue to offer stability against
an incremental deterioration in the company's microfinance
portfolio. Further, Manappuram's capitalization buffer and earnings
remains strong, with the company able to continue to access funding
markets. As a result, we believe Manappuram can absorb any
extraordinary losses from the microfinance portfolio over the next
12-18 months.
"We could downgrade Manappuram if it sees a higher increase in
write-offs than we expect, particularly in microfinance loans,
relative to peers. Significant difficulty in the company's rollover
of its funding would also lead to a lower rating.
"We see an upside scenario as unlikely for Manappuram over the next
12 months. We would upgrade the company if we believe its funding
profile has become more stable. Increased access to longer-term
funding would reduce the rollover risk associated with short-term
wholesale funding, in our view."
POWER FINANCE CORP. LTD. (PFC)
(Primary credit analyst: Michael Puli)
S&P said, "We lowered our ratings on PFC to reflect the weakening
general economic conditions in India. The power sector was severely
hit by COVID-19 due to decline in manufacturing demand and
additional collection challenges for distribution companies that
were already structurally weak. In our view, the government's
INR900 billion package to help distribution companies provides only
a temporary liquidity solution and doesn't address fundamental
issues with the creditworthiness of the sector. Our ratings on PFC
benefit from the oligopolistic nature of the consolidated group,
which accounts for 40%-50% of loans to the power sector, and its
government ownership. We subsequently withdrew the ratings on PFC
at the company's request.
"Our stable outlook prior to the withdrawal already considered the
economic headwinds faced by India's financial sector. Our base case
is that the government's linkages (including ownership) with PFC
will not dilute over the next 12-18 months."
HERO FINCORP LTD.
(Primary credit analyst: Michael Puli)
S&P said, "We affirmed our ratings on Hero FinCorp because we
expect the company to continue to benefit from its association with
a financially stronger group, Hero MotoCorp Ltd. This support
offsets our view that Hero FinCorp's stand-alone creditworthiness
could deteriorate in line with the operating conditions in India
over the next 12-18 months.
"The stable outlook reflects our view that Hero FinCorp is likely
to remain strategically important and supported by the stronger
group. We expect support (including equity injections) will
continue over the next 18 months to maintain the finance company's
capitalization.
"We would lower the ratings on Hero FinCorp if the company's
risk-adjusted capitalization deteriorates and stays below 10%."
Although unlikely, S&P would also downgrade Hero FinCorp if its
linkages to the wider group diminish or if the group credit profile
weakens. The group credit profile could weaken if:
-- S&P sees risks around Hero MotoCorp's ability to manage
economic headwinds over the next 12 months; or
-- In a remote scenario, the group's financial policies turn
sharply and become very aggressive, resulting in a substantial
increase in debt on a sustained basis.
S&P would raise the ratings on Hero FinCorp if the company and the
wider group's credit profile improves. It sees this as unlikely
over the next 12 months.
MUTHOOT FINANCE LTD.
(Primary credit analyst: Michael Puli)
S&P said, "We affirmed our ratings on Muthoot because we believe
the company's business franchise, asset quality, and access to
funding at competitive rates have not been as severely hit as for
other finance companies.
"The negative outlook reflects our view that Muthoot is still
subject to heightened economic risks affecting India's financial
system over the next 12-18 months.
"We would lower the ratings on Muthoot if the challenging operating
environment translates into funding challenges for the company and
affect its ability to roll over its short-term funding. We could
also downgrade the company if its credit costs increase
substantially relative to peers', which we view as unlikely.
"We would revise the outlook to stable if we believe Muthoot can
face up to the challenging operating environment without any major
hit to its asset quality. Increased stability in Muthoot's funding
profile would also result in a stable outlook. That's because
greater access to longer-term funding would reduce the rollover
risk associated with short-term wholesale funding."
=========
J A P A N
=========
NISSAN MOTOR: CEO Vows to Restore Finances, Roll Out New Models
---------------------------------------------------------------
Shiho Takezawa at Bloomberg News reports that Nissan Motor Co. will
need to return to positive cash flow and bolster its cash position
to start paying out dividends again, Chief Executive Officer Makoto
Uchida told shareholders at the Japanese automaker's annual meeting
on June 29.
Bloomberg relates that Mr. Uchida, who took the helm of Nissan in
December, said his goal is to reach positive cash flow during the
latter half of the next fiscal year, or October 2021 through March
2022. Nissan is implementing a pay freeze for senior managers for
at least six months as it seeks to turn the business around, he
said.
According to Bloomberg, Nissan is seeking to cut JPYY300 billion
($2.8 billion) in annual fixed costs and introduce new models to
jump-start sales after reporting a JPY671 billion loss for the
latest fiscal year, the first deficit in a decade and the biggest
in 20 years. Bloomberg says the coronavirus pandemic has added to
Nissan's pain, following a turbulent year caused by the 2018 arrest
of former chairman Carlos Ghosn. Nissan has enough funds to get
through the crisis, said Mr. Uchida, who sometimes faced agressive
questions from angry shareholders.
"I will put Nissan's growth back on track," Mr. Uchida said, adding
that he was prepared to step down if he fails, Bloomberg relays.
"We will make the utmost effort to resume shareholder returns as
soon as possible."
Bloomberg says the dividends are important for Renault SA, Nissan's
alliance partner of 20 years and 43% shareholder, which relies on
the cash to boost its own payouts. The French automaker is also
cutting costs and dividends, as it weathers the downturn in global
demand for automobiles.
Mr. Uchida emphasized the importance of the Japanese market, saying
that the carmaker will introduce two electric-vehicle and four
e-Power models by the end of 2023, Bloomberg relays. "Boosting
Nissan's presence in the home market is critical," he said.
As part of its overhaul, the carmaker is eliminating hundreds of
jobs at its Sunderland plant in northeast England, and is
shuttering its Barcelona factories. It's also reducing about 400
jobs in Brazil and about 200 jobs in Mexico, according to
Bloomberg.
At the meeting held at its headquarters in Yokohama, Nissan reduced
the number of seats to about 400 and kept them apart as part of
precautionary measure to prevent the risk of infections. Attendees
wore masks and hand sanitizers were prepared. The meeting was
streamed online, Bloomberg notes.
About Nissan Motor
Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.
As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2020, Egan-Jones Ratings Company, on April 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB from BBB.
SOFTBANK GROUP: Moody's Confirms Ba3 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Japan K.K. has confirmed SoftBank Group Corp.'s corporate
family rating and senior unsecured rating at Ba3, and its
subordinate rating at B2.
The outlook has been changed to negative from ratings under
review.
This rating action concludes the review for downgrade initiated on
March 25, 2020.
RATINGS RATIONALE
The confirmation of SBG's ratings reflects the substantial amount
of cash held at the holding company level that can cover debt
maturities over the next two years, and ownership of its highly
valuable investment portfolio including a majority stake in
SoftBank Corp. and a stake of about 25% in Alibaba Group Holding
Limited (Alibaba, A1 stable).
However, these strengths are balanced against: (1) the potential
for substantial changes in its credit profile as a result of its
large recapitalization plan, which could alter the value and
quality of its investment portfolio as well as its capital
structure; (2) its thin interest coverage in the low 1x range; and
(3) its aggressive financial policy and associated governance
concerns, including the scope of the recapitalization and the use
of margin loans which have resulted in debt raised against holdings
in investee companies.
Under its recapitalization plan, the company plans to monetize up
to JPY4.5 trillion (about $41 billion) of its investment portfolio
in fiscal year 2020 and use the proceeds to repurchase up to JPY2
trillion ($18 billion) of its own shares. It plans to use the
remaining JPY2.5 trillion ($23 billion) to reduce debt and increase
its cash liquidity at the holding company. Major asset sales have
been announced but given the structured nature of the transactions,
cash proceeds may not all yet have been received or applied towards
debt reduction.
The negative outlook takes into account the risks associated with
the successful execution of its recapitalization plan, volatile
capital market conditions that could weaken the valuation of SBG's
investee companies, and the company's governance and financial
policies, including the use of collateralized margin loans which
Moody's believes signals a heightened tolerance for risk and
financial complexity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade of the ratings is unlikely
in the foreseeable future. However, the outlook could return to
stable if SBG successfully executes on its recapitalization plan,
including paying down a substantial amount of debt with the asset
sale proceeds, and demonstrates greater transparency and
sustainability of its assets and capital structure. The elimination
of governance concerns would also be credit positive.
Moody's would consider downgrading the ratings if (1) there is a
significant deterioration in the credit quality and transparency of
SBG's investee companies, including a material decline in the
ownership of its dividend-paying SoftBank Corp. subsidiary or a
further reduction in its stake in Alibaba; (2) cash held at the
holding company level diminishes, whereby its cash and committed
credit facilities no longer cover two years of debt maturities; (3)
its debt increases, including margin loans and other secured debt;
(4) legal or other contingent obligations crystallize; or (5)
governance concerns rise further.
The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates (Japanese) published in August
2018.
Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding
company, with subsidiaries engaged in various businesses, including
telecommunications, internet and other technology businesses.
The following ratings are affected by its rating actions:
Issuer: SoftBank Group Corp.
LT Corporate Family Rating, Confirmed at Ba3
Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at Ba3
Subordinate Regular Bond/Debenture (Foreign Currency), Confirmed at
B2
Outlook, Changed to Negative from Rating Under Review
===============
M A L A Y S I A
===============
NAM CHEONG: Unable to Pay Interest Amid Cash Flow Constraints
-------------------------------------------------------------
Fiona Lam at The Business Times reports that Nam Cheong Ltd on June
29 said it needs to suspend the upcoming payment of its term loan's
cash interest coming due today, June 30.
The 2 per cent per annum interest is payable in cash for the half
year ending June 30, which will be the fifth interest period for
the term loan.
"This is primarily due to severe cash flow constraints faced by the
group for the foreseeable future as a result of the declining
vessel daily charter rates and utilisation as well as the
realisable value of the group's vessels," Nam Cheong said, adding
that these factors hindered the mainboard-listed company's ability
to meet its debt obligations, BT relays.
Moreover, there were "uncontrollable external factors" which also
had a severe adverse impact on the company, Nam Cheong noted,
according to BT. For instance, the OSV sector has taken a hit from
the oil price volatility since January this year as well as from
Malaysia's extended movement control order in response to the
Covid-19 pandemic.
Under the group's debt restructuring exercise completed in
late-2018, Nam Cheong is required to service the 2 per cent cash
interest as well as another 2 per cent in accrued interest by way
of shares to be allotted and issued on the last day of each
12-month period, BT says.
On June 29, Nam Cheong did not disclose the size of the term loan
or the amount of cash interest coming due on June 30, although
creditors owed about US$319.8 million had opted for the seven-year
term loan in January 2018, according to BT.
BT relates that the company said it "very much regrets" the
suspension of the cash interest payment, "but perhaps the term loan
creditors might empathise with its position".
Nam Cheong added that it is exploring a number of initiatives that
will hopefully place it in a better financial and operational
footing, BT relays.
It intends to update the term loan creditors in the near future,
"possibly before the end of August 2020", with some indication of
its plans to ensure the company's underlying viability and the
generation of sufficient earnings before interest, taxes,
depreciation and amortisation to meet its obligations.
In April, Nam Cheong announced that it is reviewing its options to
realign its businesses, operations and balance sheet to preserve
value for stakeholders, recalls BT. It said then that it was in
talks with lenders and may appoint advisers to help address
significant debt maturities, with possible steps including
extending the maturities or restructuring existing loans.
No definitive agreements in relation to any future restructuring
options have been signed by the group as at June 29, the report
states.
Mainboard-listed Nam Cheong has voluntarily suspended trading of
its shares since April 2018.
Malaysia-based Nam Cheong Limited operates as a global offshore
marine group. The Company specializes in providing Offshore Support
Vessels(OSVs), as well as owns and operates ship building yards for
OSVs in Malaysia for use in the offshore oil and gas exploration
and production and oil services industries.
=================
S I N G A P O R E
=================
HOME-FIX DIY: High Court OKs Application to Wind Up Company
-----------------------------------------------------------
The Business Times reports that hardware firm Home-Fix, which was
forced to shutter all its retail stores in Singapore last December
amid financial woes, will now be wound up for good--despite six
months of debt restructuring and plans to revive itself in a
different form.
It had its application to wind up--filed by its judicial
manager--approved in a hearing at the High Court on June 26, BT
says.
The Business Times understands that the coronavirus pandemic put
paid to Home-Fix's plans to revive itself by tapping other services
it offers, including home repairs, training courses and
e-commerce.
Talks with three potential investors also failed to make headway
because of the coronavirus crisis, the report notes.
According to BT, Home-Fix had undergone interim judicial management
last December while facing some SGD19.8 million in liabilities on
its books. BT understands that the debt has been pared down, though
with Home-Fix now to be liquidated, its creditors may stand to
receive nothing. There are apparently more than 200 creditors on
record.
In applying for judicial management in January, Home-Fix's lawyers
from Tan Kok Quan Partnership had sought to show that the business
had the potential to be revived, BT recalls. Failing that,
restructuring the company would also help to achieve a better
realisation of the company's assets than if it were wound up.
BT relates that the lawyers had said that in the event of a
liquidation, creditors would receive only five cents on the dollar,
excluding the cost of liquidating the company. Accounting for the
liquidation cost, creditors would receive nothing.
Home-Fix founder Low Cheong Kee's woes do not end here, BT states.
He was adjudged bankrupt on June 15, after the Supreme Court
granted his creditor Nippon Paint (Singapore) Company's application
over a judgement debt of SGD500,000, according to BT.
But his younger brother, Cheong Yew managed to get an interim order
on June 23 to propose a voluntary arrangement, which aims to
persuade the creditors to accept settlement of debts instead of
pursuing bankruptcy proceedings.
BT says the Low brothers faced bankruptcy proceedings from vendor
Nippon Paint (Singapore) after having failed to make payment for
goods worth more than SGD550,000 supplied to Home-Fix DIY. They had
each given personal guarantee for the stocks but did not honour
their obligations. They were subsequently sued for not fulfilling
the guarantee.
The Supreme Court issued a bankruptcy order against the elder Mr
Low two weeks ago. There was a notice in The Business Times on June
25 by the private trustee of Mr. Low's estate, who administers his
affairs while he is bankrupt. The notice informed debtors and
creditors of Mr. Low to contact the trustee by
Oct. 26.
Meanwhile, his younger brother has been granted a moratorium to put
forward a proposal to creditors on settling the debts. If the
creditors approve the proposal and he fulfils his obligations under
the voluntary arrangement, the debt is considered settled, BT
notes.
If the younger Mr. Low fails to comply with the voluntary
arrangement, he may still face bankruptcy proceedings from the
creditors.
Besides Nippon Paint, there are other creditors with whom the Low
brothers have furnished personal guarantees, BT understands.
Home-Fix D.I.Y. Pte Ltd was founded in 2000. The company's line of
business includes the wholesale distribution of cutlery and general
hardware.
=====================
S O U T H K O R E A
=====================
DOOSAN HEAVY: Picks Preferred Bidder for Golf Course
----------------------------------------------------
Yonhap reports that Doosan Heavy Industries & Construction Co. said
June 29 that it has singled out a group led by Hana Financial
Investment Co. as the preferred bidder for a golf course up for
sale.
Power plant builder Doosan Heavy has been seeking to sell non-core
assets to tide over a liquidity crunch, Yonhap says.
Yonhap relates that the consortium, which put up a bid price of
KRW100.8 billion (US$84.1 million) for the golf course, will
scrutinize the books of the golf course for two weeks, the company
said.
Doosan Heavy said it will complete the deal within July.
According to Yonhap, the heavy industry-focused Doosan Group has
been implementing a self-rescue plan to pay its 3.6 trillion-won
debt extended by its main creditors Korea Development Bank and the
Export-Import Bank of Korea.
Yonhap says Doosan Heavy plans to repay about KRW1 trillion of its
debts within this year by selling assets, including its 36 percent
stake in construction equipment maker Doosan Infracore Co.
Doosan Corp., the parent of the power plant maker, also will sell
its business divisions including oil pressure machine maker Doosan
Mottro and its affiliates such as copper foil maker Doosan Solus
Co. and venture capital firm Neoplux Co., the report says.
Based in South Korea, Doosan Heavy Industry & Construction Co.
(SEO:034020) -- http://www.doosanheavy.com-- is engaged in
supplying industrial facilities to both domestic and international
plant markets.
===============
T H A I L A N D
===============
NOKSCOOT AIRLINES: To Enter Liquidation Amid Coronavirus Pandemic
-----------------------------------------------------------------
Reuters reports that Thailand's long haul low cost carrier NokScoot
Airlines will enter liquidation as the coronavirus pandemic
worsened conditions for the struggling airline, its parent company
Nok Airlines PCL said on June 26.
Reuters relates that NokScoot, a joint venture between Thailand's
Nok Air and Singapore Airlines' owned Scoot, wrestled to grow its
network in a highly competitive sector for years and was yet to
record a profit since formation in 2014.
Reuters says the collapse in travel demand and grounding of flights
all over the globe this year after the coronavirus outbreak has
tipped several industry players over the edge, with the national
carrier Thai Airways filing for bankruptcy protection in May.
To date, NokScoot has retrenched 425 employees with full benefits,
Nok said, Reuters relays.
According to Reuters, the joint venture is set to hold a
shareholders meeting on July 14 to go ahead with the dissolution
and to appoint a liquidator, Nok added.
In a separate statement, Singapore Airlines said it would book a
one-off charge of SGD123.6 million in the first-quarter ending June
30 from the carrier's liquidation, mainly due to an impairment
arising from the Boeing aircrafts it leased to NokScoot, Reuters
adds.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week June 22, 2020 to June 26, 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
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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,
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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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