/raid1/www/Hosts/bankrupt/TCRAP_Public/200825.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, August 25, 2020, Vol. 23, No. 170
Headlines
A U S T R A L I A
DIRECT MAIL: Second Creditors' Meeting Set for Sept. 3
FLEXI ABS 2019-2: Fitch Affirms BB+ Rating on Class E-G Notes
LION TRUST 2020-1: S&P Assigns Prelim. BB Rating on E Notes
STA TRAVEL: Deloitte Appointed as Administrators
VIRGIN AUSTRALIA: Bondholders Drop Plan to Rival Bain Capital
C H I N A
CHINA: Investors Predict Record Defaults in Risky End to 2020
EHI CAR SERVICES: S&P Cuts ICR to 'B' on Approaching Maturity Wall
PEKING UNIVERSITY: Administrator Rejects Keepwell Deed for Bond
H O N G K O N G
GENTING HONG KONG: Still Sailing Fully Booked Despite Pandemic
I N D I A
ANJANEYA RICE: ICRA Keeps B+ on INR10cr Loans in Not Cooperating
ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
AXIS OVERSEAS: Ind-Ra Lowers LongTerm Issuer Rating to 'B'
B.D. STEELS: ICRA Lowers Rating on INR15cr LT Loan to B+
BENGALURU METROPOLITAN: ICRA Reaffirms B- Rating on INR805cr Loan
BHARAT EXPORT: ICRA Keeps D on INR13cr Loans in Not Cooperating
BHAVYA ENTERPRISES: ICRA Keeps B on INR40cr Loans in NonCooperating
DREAM DIGITAL: ICRA Keeps B- Debt Ratings in Not Cooperating
IL&FS LTD: Spanish Court Declares Transport Arm Insolvent
K. C. FERRO: ICRA Keeps B+ on INR15cr Loan in Not Cooperating
KRISHNA RICE: ICRA Keeps B- on INR15cr Loan in Not Cooperating
LAXMI TRANSMISSIONS: ICRA Keeps B Debt Rating in Not Cooperating
MEGHAAARIKA INTERNATIONAL: Ind-Ra Lowers Issuer Rating to 'D'
MURARI OIL: ICRA Keeps D on INR16cr Loans in Not Cooperating
NALLAMILLI SATYANARAYANA: ICRA Cuts Rating on INR12cr Loans to B+
NEW ERA: ICRA Lowers Rating on INR10.85cr Loan to B+
OM FOODS: ICRA Moves B Ratings on INR5.3cr Loans to Not Cooperating
RAJ AGRO: ICRA Keeps B on INR5.86cr Loans in Not Cooperating
RAJ ENGINEERING: ICRA Lowers Rating on INR7cr Loans to B+
RAPID METRORAIL GURGAON: ICRA Keeps B Rating in Not Cooperating
RAPID METRORAIL: ICRA Keeps D on INR761.6cr Loan in Not Cooperating
RASYA STEELS: ICRA Withdraws B Rating on INR15cr LT Loan
RELIANCE COMMUNICATIONS: Court to Hear Bankruptcy Case vs. Founder
SAI POINT: ICRA Keeps B on INR12cr Debt in Not Cooperating
SS DEVELOPERS: ICRA Reaffirms B+ Rating on INR35.50cr LT Loan
TARA CHAND: ICRA Keeps D on INR150cr Loans in Not Cooperating
TRIUMPH WIRES: ICRA Lowers Ratings on INR15cr Loans to B+
V S EDUCATION: Ind-Ra Cuts Term Loan Rating to 'C/Not Cooperating'
VENKATESWARA SPINTEX: ICRA Keeps B+ Ratings in Not Cooperating
VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
CHANDRA ASRI: S&P Lowers ICR to 'B+', On CreditWatch Negative
N E W Z E A L A N D
COMVITA NEW ZEALAND: Posts NZD9.7MM Full-Year Loss; Axes 90 Jobs
S I N G A P O R E
KRISENERGY LTD: Revises Restructuring Proposal
SWEE HONG: Receives Delisting Notice From SGX
X X X X X X X X
BOND PRICING: For the Week Aug. 17 to Aug. 21, 2020
- - - - -
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A U S T R A L I A
=================
DIRECT MAIL: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Direct Mail And
Marketing Pty Ltd has been set for Sept. 3, 2020, at 2:30 p.m. via
electronic facilities.
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 Sept. 2, 2020, at 5:00 p.m.
Glenn John Spooner and Sam Kaso of Cor Cordis were appointed as
administrators of Direct Mail on July 30, 2020.
FLEXI ABS 2019-2: Fitch Affirms BB+ Rating on Class E-G Notes
-------------------------------------------------------------
Fitch Ratings has affirmed six tranches of Flexi ABS Trust 2019-2.
The Outlook has been revised to Negative, from Stable, for the
class C-G and D-G notes, reflecting a potential increase in
defaults due to the pandemic. The Outlook on the remaining notes is
Stable, as the notes can withstand Fitch's baseline stresses.
The ratings of the class D-G notes have been removed from Under
Criteria Observation, on which they were placed on June 12
following the publication of the updated Consumer ABS Rating
Criteria on June 9, 2020.
The transaction is a securitisaiton of first-ranking Australian
unsecured consumer receivables, branded as "humm", and originated
by Certegy Ezi-Pay Pty Ltd, a wholly owned subsidiary of FlexiGroup
Limited. The notes were issued by Perpetual Corporate Trust Limited
in its capacity as trustee of Flexi ABS Trust 2019-2.
Flexi ABS Trust 2019-2
- Class A1 AU3FN0051660; LT AAAsf; Affirmed
- Class A1-G AU3FN0051678; LT AAAsf; Affirmed
- Class B-G AU3FN0051686; LT AA+sf; Affirmed
- Class C-G AU3FN0051694; LT Asf; Affirmed
- Class D-G AU3FN0051702; LT BBBsf; Affirmed
- Class E-G AU3FN0051710 LT BB+sf; Affirmed
KEY RATING DRIVERS
Cash Flow Dynamics: Cash flow analysis was performed for the A1,
A1-G, B-G and E-G notes and found that the notes can withstand all
Fitch stresses at their current rating levels. However, the Outlook
on the class C-G and D-G notes has been revised to Negative, from
Stable, reflecting their notes' vulnerability to downgrade due to a
potential increase in defaults as a result of the coronavirus
pandemic.
Coronavirus-Related Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. Fitch assumes as a base-case (most
likely) scenario that global economic growth will begin to recover
in 3Q20 as the health crisis subsides. Fitch's downside
(sensitivity) scenario takes into consideration a more severe and
prolonged period of stress, with recovery to pre-crisis GDP levels
delayed until around the middle of the decade.
Coronavirus-Related Impact: Measures to limit the virus spread are
affecting Australia's economy, with many businesses continuing to
experience a decline in income. Fitch expects these measures to
affect loan performance and have factored this into its revised
base-case assumptions.
Commentary describing Fitch's credit views and analytical approach
as a consequence of the coronavirus is available in the following
reports:
- "Global Economic Outlook: June 2020 - Coronavirus Disruption
Easing", published on June 29, 2020
- "Fitch Ratings Coronavirus Scenarios: Baseline and Downside
Cases - Update", published on April 29, 2020
- "Global SF Rating Assumptions Updated to Reflect Coronavirus
Risk", published on April 3, 2020
Liquidity Risk from Payment Holidays: Fitch has reviewed the
transaction's ability to survive a significant proportion of
borrowers being offered and taking up a payment holiday. The
transaction benefits from a liquidity facility sized at 1.0% of the
outstanding class A1, A1-G, B-G, C-G, D-G and E-G note balance. The
transaction can withstand over 80% of the portfolio being granted a
payment holiday before needing to draw on the liquidity facility.
This is well above the 1.2% of receivables under payment holiday
arrangements as of end-June.
Obligor Default Risk: Obligor default and recovery rates are key
assumptions in Fitch's quantitative analysis. Fitch took into
consideration the historical performance of flexigroup's humm
portfolio in reviewing its base-case assumptions, as well as the
performance of US consumer receivables during the 2007-2008 global
financial crisis. This resulted in the base-case default rate being
increased by 1.6x. Fitch also adjusted its rating stress multiples
and haircuts to reflect its through-the-cycle approach and to
account for the fact that its base-case incorporates an additional
element of economic stress. The revised assumptions are shown below
and were applied in this analysis.
Base-case default expectations (and 'AAAsf' default multiples) are
as follows:
Home and Other Items: 8.8% (4.0x)
Jewellery: 11.5% (4.0x)
Solar Products: 6.4% (4.0x)
As of the July payment date, 30+ day arrears were 1.9%. Cumulative
losses to date of 1.2% of the original portfolio balance have been
covered by excess spread.
Fitch expects loan performance to deteriorate in the near term, but
to continue to support the Stable Outlook on most of the notes.
Fitch forecasts Australia's GDP to contract by 2.7% in 2020, with
an unemployment rate of 7.1% by the end of the year. This is to be
partially offset by a low cash rate of 0.25% and the application of
both central bank and government stimulus measures. Fitch expects
GDP growth to bounce back to 3.1% in 2021 and for the unemployment
rate to fall to 6.7% in the medium term.
Structural Risk: Structural risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinion and structural features. There have
been no material changes to the transaction since closing.
Counterparty Risk: Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinions and structural features. There have
been no material changes to any transaction counterparties since
closing.
Servicer, Operational Risk: Fitch reviewed Certegy's servicing
capabilities and found that the operations were comparable with
those of other consumer-finance lenders. Certegy's servicing and
collections teams in Adelaide and Manila are able to work remotely
and access the office if needed, with minimal disruption to
servicing procedures at present. Certegy is not rated and servicer
disruption risk is mitigated through back-up arrangements. The
nominated back-up servicer is illion Australia Pty Ltd, which has
live access to Certegy's systems and can step in immediately upon
servicer termination.
RATING SENSITIVITIES
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption − defaults and/or
recoveries − is stressed, while holding others equal. The
modelling process uses the estimation and stress of default and
recovery assumptions to reflect asset performance in a stressed
environment. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.
The class A1 and A1-G notes are rated at 'AAAsf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded.
Upgrade Sensitivity:
Class B-G / C-G / D-G / E-G
Recommended rating: AA+sf / Asf / BBBsf / BB+sf
Decrease defaults by 10%; increase recoveries by 10%: AA+sf / Asf /
BBBsf / BB+sf
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A longer pandemic than Fitch expects that leads to deterioration in
macroeconomic fundamentals and consumers' financial positions in
Australia beyond Fitch's baseline scenario. Credit enhancement
cannot compensate for the higher credit losses and cash flow
stresses, all else being equal.
Fitch conducted sensitivity analysis by increasing gross default
levels over the life of the transaction.
Downgrade Sensitivity:
Impact on note ratings of increased defaults:
Class A1 / A1-G / B-G / C-G / D-G / E-G
Current rating: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BB+sf
Increase defaults by 10%: AAAsf / AAAsf / AAsf / BBB+sf / BB+sf /
BBsf
Increase defaults by 25%: AA+sf / AA+sf / A+sf / BBBsf / BBsf /
B+sf
Increase defaults by 50%: AAsf / AAsf / Asf / BB+sf / B+sf / Below
Bsf
Coronavirus Downside Scenario Sensitivity:
Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in major economies and no meaningful
recovery until around the middle of the decade. Under this more
severe scenario, Fitch tested an increased base-case default rate
and decreased recovery rate.
Downside default expectations (and 'AAAsf' default multiples):
Home and Other Items: 11.0% (3.5x)
Jewellery: 14.4% (3.5x)
Solar Products: 8.0% (3.5x)
Impact on note ratings of multiple factors:
Class A1 / A1-G / B-G / C-G / D-G / E-G
Current rating: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BB+sf
Downside scenario: AAAsf / AAAsf / AA-sf / BBB+sf / BBsf / B+sf
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio as part of its
ongoing monitoring.
Prior to closing, Fitch sought to receive a third-party assessment
conducted on the asset portfolio information, but none was made
available.
As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of flexigroup's origination files and found the information
in the reviewed files was adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
LION TRUST 2020-1: S&P Assigns Prelim. BB Rating on E Notes
-----------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six classes of
prime floating-rate residential mortgage-backed securities (RMBS)
to be issued by Perpetual Corporate Trust Ltd. as trustee of Lion
Series 2020-1 Trust. Lion Series 2020-1 Trust is a securitization
of prime residential mortgages originated by HSBC Bank Australia
Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, lenders' mortgage insurance, and excess spread (if
any).
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws and an
amortizing liquidity facility equal to 1.0% of the outstanding
performing balance of the receivables, are sufficient under its
stress assumptions to ensure timely payment of interest on the
rated notes.
-- The extraordinary expense reserve of A$150,000, funded at
transaction close and available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.
-- The benefit of a fixed- to floating-rate interest-rate swap to
be provided by HSBC Bank Australia Ltd. to hedge the mismatch
between receipts from fixed-rate mortgage loans and the
variable-rate RMBS.
-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool for this transaction does not include any loans
where the borrower is currently in COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some loans enter hardship
arrangements following the closing date."
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P Siad, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."
PRELIMINARY RATINGS ASSIGNED
Lion Series 2020-1 Trust
Class Rating Amount (mil. A$)
A1 AAA (sf) 690.000
A2 AAA (sf) 22.500
B AA (sf) 20.250
C A (sf) 7.500
D BBB (sf) 3.375
E BB (sf) 3.000
F NR 3.375
NR--Not rated.
STA TRAVEL: Deloitte Appointed as Administrators
------------------------------------------------
SmartCompany reports that administrators for collapsed travel chain
STA Travel said they will not offer refunds to customers who
cancelled their holidays because of the COVID-19 pandemic.
STA Travel appointed administrators from Deloitte on Aug. 22 after
weeks of refund claims from angry customers forced to ditch their
travel plans amid domestic and international border closures,
SmartCompany discloses.
SmartCompany relates that the chain, which currently employs about
180 full-time staff, has closed its 27 stores amid the
administration, with administrator Jason Tracy assessing company
finances with an eye towards restructuring or a potential business
sale.
In the meantime, Deloitte has told customers they will not be able
to get cash refunds for cancelled trips, the report relays.
"Due to the current circumstances we are not currently in a
position to offer any cash refunds for cancelled trips," the
administrator, as cited by SmartCompany, said.
"Customers holding bookings should contact their airline, hotel or
travel operator regarding the status of those bookings. You can
also consider contacting your credit card provider if travel
bookings were paid by credit card."
Founded in 1971 by two Aussie students, STA has grown into a global
operation of more than 200 stores over the last 49 years, now owned
by publicly traded Swiss company DKSH.
SmartCompany notes that STA Travel's UK arm has already shut down
as the global travel industry grinds to a halt amid the coronavirus
pandemic, with a note now posted to the British website reassuring
scorned customers they will be contacted about derelict bookings.
VIRGIN AUSTRALIA: Bondholders Drop Plan to Rival Bain Capital
-------------------------------------------------------------
Reuters reports that Virgin Australia Holdings Ltd bondholders have
withdrawn plans for a proposed recapitalisation of the airline that
was meant to rival one from U.S. private equity firm Bain Capital,
a spokesman for the bondholders said on Aug. 21.
Singapore's Broad Peak and Hong Kong's Tor Investment Management,
which had proposed the rival deed of company arrangement (DOCA) to
recapitalise the airline, hold around AUD300 million ($216 million)
of Virgin's AUD2 billion of unsecured bonds, part of nearly AUD7
billion owed to creditors, Reuters discloses.
A court ruling last week makes it impossible to complete due
diligence and present a substantially unconditional DOCA proposal
to rival Bain's at a creditors' meeting on Sept. 4, the spokesman
for the bondholders said, Reuters relays.
Virgin Australia is in voluntary administration, the closest
Australian equivalent to Chapter 11 bankruptcy provisions used to
restructure companies in the United States.
According to Reuters, administrator Deloitte plans to issue a
report to creditors on Aug. 25 outlining the return they should
expect under the Bain deal, which has not yet been made public.
"After the release of the administrator's report, we reserve our
rights to take whatever action is necessary to protect our
interests as creditors," the bondholders' spokesman, as cited by
Reuters, said.
Reuters relates that the bondholders have said their DOCA would
allow for the conversion of noteholders' and certain other
unsecured creditors' debts into equity worth around 69 cents on the
dollar, with an option for creditors to sell their shares for
cash.
The administrator welcomes the bondholders' withdrawal as it will
allow it to focus on the binding agreement with Bain ahead of the
creditors' meeting, a Deloitte spokesman said, adds Reuters.
About Virgin Australia
Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.
Virgin Australia Holdings Ltd. was the first Asian airline to
succumb to the challenges of the coronavirus pandemic. The airline
carrier collapsed into voluntary administration in April 2020.
Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20. The administrators were tasked to restructure
and find new owners for the airline. The airline's frequent flyer
program is a separate company and is not in administration.
At the time of its collapse, Virgin Australia continued to operate
some flights for essential workers, freight and the repatriation of
Australians.
The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.
On April 29, 2020, Virgin Australia and more than 30 of its
affiliates filed petitions pursuant to Chapter 15 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Southern District of New
York. Vaughan Strawbridge, Richard Hughes, John Greig, Salvatore
Algeri were tapped as foreign representatives. Renee M. Dailey,
Esq. of Akin Gump Strauss Hauer & Feld LLP serves as counsel to the
Foreign Representatives.
In June 2020, administrator Deloitte agreed to sell the airline
carrier to American private equity giant Bain Capital. The size of
the bid for the airline has not been revealed.
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C H I N A
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CHINA: Investors Predict Record Defaults in Risky End to 2020
-------------------------------------------------------------
Bloomberg News reports that China's fragile economic recovery is
ushering in a dangerous new phase for the nation's $4.1 trillion
corporate bond market.
With the economy now strong enough for policy makers to dial back
financial support but still too weak to save the most distressed
borrowers, some fund managers are bracing for defaults on domestic
Chinese debt to hit record highs this year, Bloomberg says.
Delinquencies have already started rising after a remarkably quiet
second quarter, and pressure on borrowers is set to grow as CNY3.65
trillion (US$529 billion) of notes mature by year-end, Bloomberg
discloses.
While few see a crisis in the offing, debt specialists at SC Lowy
and Adamas Asset Management are becoming more selective in China,
arguing that the government-induced calm in local credit markets is
unlikely to last. Analysts said non-state companies, lower-rated
developers and some local government financing vehicles are
particularly vulnerable as borrowing costs climb and refinancing
becomes more difficult, Bloomberg relays.
"The government has neither the firepower nor the will to backstop
it all," Bloomberg quotes Brock Silvers, chief investment officer
at Adamas Asset Management in Hong Kong, as saying adding that he
expects onshore defaults in China to reach a new annual record.
That would mean another CNY72.2 billion of delinquencies by the end
of December, according to data compiled Bloomberg.
According to Bloomberg, local defaults so far this year have been
strikingly rare, considering that the Covid-19 pandemic plunged
China's economy into its worst contraction in decades during the
first quarter. Onshore delinquencies fell 17% in the first half to
CNY49 billion, in part because the government encouraged lenders to
refinance debt, accept payment delays, or find other solutions such
as swapping bonds for fresh notes with longer maturities.
Bloomberg says authorities' outsized focus on avoiding defaults now
appears to be easing as the economy bottoms out and the threat of
market contagion wanes, a policy stance that aligns with the
government's long-term goal of improving the financial system's
pricing of risk. Chinese companies reneged on CNY10.4 billion of
notes in July and about the same amount so far in August, with
luxury home developer Tahoe Group Co. among the latest to miss
payments.
"We have seen a somewhat illusory improvement in 'defaults' this
year, but drilling deeper the picture is less comforting,"
Bloomberg quotes Owen Gallimore, head of credit strategy at
Australia & New Zealand Banking Group Ltd. in Singapore, as
saying.
Bloomberg relates that Mr. Gallimore predicts China's onshore bond
market will catch up with the trend offshore, where defaults on
dollar debt tracked by Bloomberg have already exceeded last year's
total by 55%. He said funding stress will likely be concentrated in
non-state borrowers and may impact more property firms, which
account for the bulk of China's high-yield bond issuance.
The nation's developers need to refinance or repay CNY199.3 billion
of onshore debt and $12.3 billion of offshore notes before
year-end, data compiled by Bloomberg show. And they'll have to come
up with the cash while also adhering to issuance guidelines
introduced this month that restrict the size of bond offerings by
property companies in China's interbank market to 85% of
outstanding debt coming due.
Even as authorities grow more tolerant of defaults, they're
unlikely to turn off the credit taps entirely, the report states.
On Aug. 17, the People's Bank of China added CNY700 billion of
one-year funding via its medium-term lending facility, more than
offsetting upcoming maturities in a move that Citic Securities Co.
described as more accommodative than expected.
The upshot for bond investors is that security selection now
matters far more than it did earlier this year, according to Soo
Cheon Lee, chief investment officer at SC Lowy, a global banking
and asset management group in Hong Kong, Bloomberg relays. Smaller
companies and borrowers experiencing commodity-driven or
industry-related stress -- such as airlines and hotels -- will
likely remain under pressure, Mr. Lee said.
EHI CAR SERVICES: S&P Cuts ICR to 'B' on Approaching Maturity Wall
------------------------------------------------------------------
S&P Global Ratings, on Aug. 24, 2020, lowered to 'B' from 'B+' its
long-term issuer credit rating on China-based car rental and
chauffeur company eHi Car Services and the long-term issue rating
on the company's senior unsecured notes.
eHi's debt maturity profile is shortening and it is yet to secure
substantial long-term financing. S&P expects the company's weighted
average debt maturity to drop and remain below two years. It has
two major bullet maturities--the remaining two installments of the
US$195 million 2021 syndicate loan (due in April and October 2021)
and US$400 million 2022 senior unsecured notes due in August 2022.
S&P believed this reduces the margin of error for eHi's refinancing
efforts and weighs on its liquidity.
S&P's base case assumes eHi will secure onshore debt refinancing in
the next six months. This could largely cover the 2021 bullet
maturities, expand eHi's funding channels, and pave the way for its
future financial efforts. However, material improvement in the
capital structure will depend on eHi's execution of its refinancing
plan for the 2022 notes and is subject to offshore capital market
conditions in 2021.
Covenant amendments have expanded eHi's operational and financial
flexibility in tough times. The company and its lenders have on
Aug. 6, 2020, agreed to amend a syndicate facility agreement. The
amendments include the relaxation of EBITDA interest coverage
requirement (from 3x to 2x for June 2020 testing and 2.5x for
future testing), exclusion of the first-quarter EBITDA from
covenant testing for full-year 2020, and addition of equity cure
provisions. As a result, eHi prevented a breach of covenants for
its June 2020 test and, more importantly, alleviated financial and
operational constraints as the company strives to stabilize its
operations and execute its refinancing plan in tough times.
As part of the amendment deal, eHi will pull forward the repayment
of the first installment of the syndicated loan to August from
October. We estimate the company's cash balance (including cash
reserved for resolving dissenting shares) will be about Chinese
renminbi (RMB) 400 million after this repayment.
Recovery in demand for car rentals will likely be prolonged and
vulnerable to shocks. We estimate car rental demand has recovered
to over 80% of pre-pandemic levels, but a full recovery could take
longer. Although COVID-19 remains largely contained in China,
sporadic infections, most recently in Beijing, Xinjiang, Dalian,
and Shenzhen, require targeted containment measures and have
dampened people's willingness to travel. This means a more
drawn-out and uneven recovery for the travel and transportation
sector including car rental.
The fluid situation also undermines car rental companies' ability
to forecast demand and manage the fleet size accordingly. Given
their relatively fixed cost base and high operating leverage, car
rental companies will face a disproportionate hit on EBIT if they
are not able to shrink their fleet agilely amid soft demand.
eHi's interim results reflect its operating struggles and are
weaker than we expected. The company's EBIT declined by more than
90% in the first half of this year, substantially more than the
5.5% fall in EBITDA, because of a large and depreciating fleet.
eHi's rental revenue dipped 8.7% in the second quarter of 2020,
compared with the company's expectation of flat growth. However,
such revenue was up 9.7% from the hardest-hit first quarter.
S&P expects eHi to adjust its fleet strategy given the recalibrated
demand outlook. The company will likely shrink its fleet size in
2020 against our previous expectation of a flat fleet. eHi shrank
its car rental fleet to about 77,000 in the second quarter from
close to 85,000. Given the reduced fleet, eHi was able to ramp up
its utilization rate and significantly boost its car rental revenue
per available car (RevPac) during the period (RMB121 in the second
quarter versus RMB98 in the first quarter).
S&P said, "We have lowered our 2020 base case forecasts for eHi. We
now expect revenue will show a high single-digit decline, down from
flat in our earlier estimate. We foresee a 40%-50% decline in EBIT
for 2020 given the operating leverage, versus a 15%-20% fall
previously. We expect eHi's EBIT interest coverage to drop to
0.5x-0.6x this year (versus our earlier estimate of 0.9x-1.0x) due
to COVID-19 disruptions, before rebounding towards 2019 levels of
about 1.1x in 2021.
"The stable outlook reflects our view that eHi will obtain
sufficient funding for its debt maturities over the next 12 months.
We also expect the company's EBIT interest coverage to improve
toward 1.1x over the period."
eHi's debt structure will remain front-loaded with weighted average
maturities of below two years until it refinances its US$400
million 2022 senior unsecured notes.
S&P may downgrade eHi if the company's liquidity and leverage
profile weaken. This could occur if:
-- eHi is unable to execute its refinancing plan over the next six
months such that its liquidity buffer further diminishes; or
-- S&P believes eHi is unlikely to improve within the next 12
months its: (1) EBIT interest coverage toward 1.1x; and (2) ratio
of funds from operations (FFO) to debt to above 10%. This could
happen if the recovery from COVID-19 disruptions takes longer than
we expect, resulting in higher risk of liquidity stress, covenant
breach, or material deterioration in the company's financial
position and performance.
S&P may upgrade eHi if the company accumulates sufficient liquidity
and leverage buffer. This could occur if:
-- The company restores its EBIT interest coverage above 1.1x and
-- FFO-to-debt ratio above 10% on a sustained basis; and
-- eHi efficiently replaces sizable maturities over the next two
years with long-term financing.
PEKING UNIVERSITY: Administrator Rejects Keepwell Deed for Bond
---------------------------------------------------------------
Reuters reports that troubled Peking University Founder Group
Corp's (PUFG) administrator is not recognising the keepwell deed
the Chinese conglomerate provided for a $300 million dollar bond
issued by Nuoxi Capital, financial intelligence provider Redd
reported.
Reuters says keepwell deeds are used by some Chinese companies to
facilitate offshore bond sales by their subsidiaries.
Reuters relates that the deeds are similar, according to lawyers,
to "letters of support" where the issuer would be backed by an
onshore company, but they stopped short of guaranteeing the debt.
Some $96 billion of Chinese bonds still carry keepwell provisions,
estimates ratings agency Fitch.
According to Reuters, Redd said Bank of New York Mellon, trustee of
the Nuoxi bond, sent a notice notifying bondholders about the
administrator's decision on the bond that is due this year and said
that it was entitled to file an objection to a Chinese court by
Sept. 3.
Its restructuring administrator consists of China's central bank,
the Ministry of Education and relevant regulators and departments
of the Beijing municipal government, according to Redd, Reuters
relays.
There has previously been no precedent on enforcement of keepwell
structures. The administrator's decisions could lead to a
re-pricing of keepwell-backed bonds, the report says.
About Peking Founder
Chinese state-owned Peking University Founder Group Corp. provides
information technology services. The Company offers software
development, electronic publishing system development, smart city
solution development, data operation, and other services. Peking
University Founder Group also operates financing, medical
technology development, and other businesses.
On Feb. 19, 2020, Founder Holdings Limited received a notification
letter from Peking Founder, regarding a civil order and decision
letter received by Peking Founder from The First Intermediate
People's Court of Beijing. Pursuant to the civil order and decision
letter, the Court decided to accept the application made by Bank of
Beijing Co., Ltd. for the initiation of restructuring procedure
against Peking Founder, and appointed Peking Founder liquidation
team as the administrator of Peking Founder. The Peking Founder
liquidation team consists of, among others, the People's Bank of
China, the Ministry of Education of the People's Republic of China,
relevant financial regulators and relevant departments of Beijing
Municipal Government.
Bank of Beijing Co. Ltd., one of the creditors of Peking University
Founder Group Corp., asked a court to restructure the indebted
state-owned conglomerate in February 2020, according to Caixin
Global.
=================
H O N G K O N G
=================
GENTING HONG KONG: Still Sailing Fully Booked Despite Pandemic
--------------------------------------------------------------
K Oanh Ha at Bloomberg News reports that the Hong Kong-based cruise
operator that spooked creditors last week by suspending all
payments is still sailing a fully booked ship despite the crippling
pandemic, in what may be one bright spot for the beleaguered firm
seeking to revamp debt and raise fresh capital.
About a month ago, Genting Hong Kong Ltd. restarted two- and
three-day excursions around Taiwan, exclusively for residents of
the island that's seen success in containing the coronavirus
outbreak, Bloomberg says. Genting is the only liner to have resumed
operations in Asia among members of the industry's trade group,
according to Cruise Lines International Association.
According to Bloomberg, Genting's Dream Cruises said about 900
passengers are booked on each of its trips in July and August,
hitting the 50% maximum capacity allowed for social distancing.
This month, it announced its ship, Explorer Dream, is reopening the
casino, which may help bring in much-needed revenue.
"The Taiwan sailings prompt the investor or creditors to believe
that Genting is still running the cruise business with open casino
and this may be an important asset for the company to negotiate
with creditors and investors for proper restructuring," Bloomberg
quotes Banny Lam, head of research at CEB International Investment
Corp., as saying. "Reopening helps boost sentiment and hope, but
doesn't solve the problems."
Genting isn't alone, the report states. The cruise industry is
among the hardest-hit by the global health crisis, with many ports
still closed to the luxury liners due to continued concern about
Covid-19 infections while travel restrictions and curbs on flights
have forced the industry to suspend operations. Controlled by
Malaysian tycoon Lim Kok Thay, Genting now joins industry giants
such as Carnival Corp. and Norwegian Cruise Line Holdings Ltd. in
seeking capital to stay afloat, according to Bloomberg.
Bloomberg says Norwegian Cruise Line has raised about $3 billion
after initially expressing concerns it may not survive in May.
Carnival, the industry's biggest operator, has also raised almost
$9 billion during the pandemic.
This month, Genting warned it expects a net loss of at least $600
million for the first half of the year due to the suspension of
operations across its cruise businesses, Bloomberg discloses. The
company said it's working with advisers to raise funds. News that
the company has stopped payment to creditors sent shares tumbling
38% on Aug. 20 in Hong Kong before rebounding 5% on Aug. 21,
Bloomberg notes.
The single cruise and casino operations around Taiwan covers only a
small revenue share of the entire company, Lam said.
Genting Hong Kong is likely to reach a "pragmatic agreement" with
creditors and get additional financing to stay afloat until it can
fully resume cruise operations, UOB Kay Hian's Kuala Lumpur-based
analysts Vincent Khoo and Jack Goh wrote in a research note,
according to Bloomberg.
Bloomberg relates that the company's debt restructuring only
applies to financial creditors of Genting Hong Kong and business
for Dream Cruises will be unaffected, the cruise line said in a
statement.
Bloomberg notes that Genting's Dream Cruises line made headlines
when it resumed sailing July 26, becoming one of the few
internationally to restart operations while most of the industry
has pledged to suspend cruises until Oct. 31. Genting will continue
the sailings, dubbed as "island-hopping" excursions, which were
previously planned to continue through Oct. 16, according to a
Dream Cruises representative.
About Genting Hong Kong
Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.
=========
I N D I A
=========
ANJANEYA RICE: ICRA Keeps B+ on INR10cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Anjaneya Rice Industries continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 10.00 [ICRA]B+(Stable) ISSUER NOT
Based/CC COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
Founded in 2009, Anjaneya Rice Industries is engaged in the milling
of paddy and produces raw and boiled rice. The rice mill is located
at Miryalaguda, Nalgonda of Telangana. Anjaneya Rice Industries
processes paddy into raw and parboiled rice, rice bran, broken
rice, and husk. It has installed paddy milling capacity of 4 tons
per hour (tph) for raw rice and 4 tph for boiled rice. The firm's
operations are overseen by the managing partner Mr Voruganti
Venkateshwarlu. All the partners are from the same family.
ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR20.00-crore bank facilities of
Ansaldocaldaie GB Engineering Private Limited (AGEPL) continue to
remain under 'Issuer Not Cooperating' category'. The Long term
ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Loan 15.80 [ICRA]D; ISSUER NOT COOPERATING;
Facility Rating Continues to remain under
'Issuer Not Cooperating' category
Long Term-Fund 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Based Facilities Rating Continues to remain under
'Issuer Not Cooperating' category
Long Term- 2.20 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Ansaldocaldaie GB Engineering Private Limited is engaged in the
manufacturing and fabrication of Boiler components mainly pressure
vessels for boilers, mainly high pressure boilers and
super-critical boilers. The company is a 50:50 Joint Venture
between Ansaldocaldaie Boilers India Private Limited (ABIPL) and G
B Engineering Enterprises Private Limited (GBEEPL). The
manufacturing facility is located in Pudukkudy village near Trichy,
Tamil Nadu.
AXIS OVERSEAS: Ind-Ra Lowers LongTerm Issuer Rating to 'B'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Axis Overseas
Limited's Long-Term Issuer Rating to 'IND B' from 'IND BB-' and
simultaneously migrated it to the non-cooperating category. The
Outlook was Stable. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR220 mil. Fund-based working capital limits downgraded and
migrated to non-cooperating category with IND B (ISSUER NOT
COOPERATING) rating; and
-- INR30 mil. Non-fund-based working capital limits downgraded
and migrated to non-cooperating category with IND A4 (ISSUER
NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The downgrade reflects Ind-Ra's expectation of deterioration in the
coverage ratio below 1x in FY21, given the prevailing COVID-19 led
business disruptions. In FY21 so far, the Indian jute industry is
facing a considerable loss of production because of limited
availability of jute products, as mills are operating on limited
manpower owing to maintaining social distancing norms.
The ratings also reflect AOL's modest EBITDA margins, due to the
trading nature of business, and weak credit metrics. In FY19, the
margins declined to 2% (FY18: 2.2%) with an ROCE of 6% (6%). While
the interest cover declined to 1x in FY20 (FY19: 1.1x), due to an
increase in interest obligations to INR42.3 million (INR37.9
million), the leverage ratio improved to 10.9x (11.5x) due to a
decline in debt. The scale of operations was medium in FY19, as
indicated by the revenue of INR2,155.66 million (FY18: INR1,861.27
million).
COMPANY PROFILE
Kolkata-based AOL was incorporated in December 2005 by Aditya Sarda
and his family. The company primarily trades raw jute and finished
jute products. It mainly purchases raw jute from local brokers and
sells it to jute mills in West Bengal that manufacture jute bags.
B.D. STEELS: ICRA Lowers Rating on INR15cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of B.D.
Steels Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 15.00 [ICRA]B+ (Stable) ISSUER NOT
Based/CC COOPERATING; Rating downgraded
from [ICRA]BB(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Long Term-Non 3.00 [ICRA]A4 ISSUER NOT COOPERATING;
Fund Based Rating continues to remain in
the 'Issuer Not Cooperating'
category
Rationale
The rating downgrade is because of lack of adequate information
regarding B.D. Steels performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with B.D. Steels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Founded in 2004 as a partnership firm, BD Steels is into the
trading of iron and steel products of JSW and SAIL. In 2008, the
firm was reconstituted as a private limited company and named B D
Steels Private Limited (BDSPL). The company trades mainly in flat
steel products namely cold rolled close annealed (CRCA), galvanized
plain (GP), hot rolled (HR), cold rolled (CR) sheets/ coils. The
company has its registered office in Secunderabad and a warehouse
facility in Balanagar, Hyderabad. Managing Director of the company
Mr.Jagdish Sontalia is having more than three decades in trading of
iron and steel products.
BENGALURU METROPOLITAN: ICRA Reaffirms B- Rating on INR805cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Bengaluru
Metropolitan Transport Corporation (BMTC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Term Loans 495.00 [ICRA]B- (Stable); reaffirmed
Proposed Term
Loans 805.00 [ICRA]B- (Stable); reaffirmed
Rationale
The rating reaffirmation takes into consideration the strategic
importance of the BMTC to the Government of Karnataka (GoK), as
illustrated by the continuous financial support received over the
years and during the current pandemic, with the corporation playing
a critical role in providing transport services in the city of
Bengaluru.
The rating, however, continues to remain constrained by the
deterioration in the BMTCs overall operational profile owing to the
complete shutdown of operations due to the Covid-19 pandemic, which
has resulted in a sharp decline in its revenues, thus increasing
its already high operating losses. ICRA notes that the uncertainty
over the return of regular operations in the medium term, given the
restrictions imposed by the state government for plying passenger
buses in the city, is likely to impact its liquidity further.
Moreover, lower-than-optimal vehicle utilisation rates and
increasing competition from other modes of transport continues to
dent the passenger load factor, which is likely to widen the net
losses in the medium term. The lower-than-expected earnings during
the current year (FY2021) is likely to increase the BMTC's
dependence on grants from the state government and external
borrowings to meet critical revenue expenditures like salaries to
employees and payment of statutory liabilities like provident
funds. Additionally, the BMTC has significantly high repayment
obligations for the next couple of years, which will continue to
impact its already stretched liquidity position.
ICRA notes that although the BMTC's fixed costs have been funded in
a timely manner during the nationwide lockdown amidst the Covid-19
pandemic and some of loans sourced from the Karnataka Urban
Infrastructure Development & Finance Corporation Limited (KUIDFC),
would be repaid by the Government of Karnataka (GoK), its financial
profile is likely to be adversely impacted in the medium term,
given the high employee costs and lower traffic revenues.
Key rating drivers
Credit strengths
* Strategic importance to the GoK and financial flexibility derived
being a state-owned entity: The BMTC is wholly-owned by the GoK and
is strategically important to the state government, with the
corporation playing a critical role in providing transport services
in the capital city of the state. The BMTC receives support from
the GoK in the form of revenue and capital grants to meet its
funding requirements. Recently, the GoK has also approved utilising
the funds earmarked for capital expenditures for servicing the
BMTC's debt obligations to financial institutions, including
KUIDFC.
Credit challenges
* Complete shutdown of traffic operations owing to the pandemic has
severely impacted the BMTCs revenues and liquidity position: Due to
the Covid-19 pandemic, a nationwide lockdown was announced by the
Government of India in March 2020, which has been continuing with
periodic relaxations, thus impacting the traffic revenues of the
BMTC. With almost no operations for around two months and high
employee costs, the BMTCs liquidity position remains weak.
Nevertheless, support from the GoK in the form of revenue support
grant (~ INR200-crore) to meet critical fixed expenses (salaries
and pension to employees) has provided significant comfort.
However, despite such a timely support from the GoK in future, the
BMTC's liquidity position is likely to remain poor in the near to
medium term on account of the high fixed costs and weak traffic
revenues.
* Deteriorating operating profile, significant losses during
FY2020; losses to increase sharply in FY2021: The BMTC's operating
performance has been adversely impacted since FY2017, owing to the
limited addition to its fleet strength, a decline in the number of
profitable schedules operated and the rising cost of operations
amidst lower-than-optimal vehicle utilisation rates. These factors,
along with the lack of upward revision in tariffs (till February
2020) have constrained revenue growth, resulting in a deterioration
in the operating margins. The operating losses widened further
during FY2020 due to closure of operations for the better part of
March 2020, owing to the Covid-19 restrictions imposed by the state
government. The deterioration in the BMTC's operating performance
is likely to continue in FY2021 owing to the declining load factor,
low vehicle utilisation and increasing preference for private
transport. Moreover, limited operations with modified routes within
the Bangalore city and increasing awareness about social distancing
measures inside the bus during the current year is likely to impact
its profitability even further.
* Weak financial profile: BMTC's capitalisation ratios deteriorated
in FY2020, owing to the high losses incurred and the fresh loans
taken from the financial institutions to fund its overdue statutory
liabilities. Further, lack of additional support from the GoK to
meet its operating and capital expenditure requirements resulted in
its increasing dependence on external funding to support its cash
flows. The expected losses in FY2021, coupled with the high fixed
costs obligations are likely to further increase its dependence on
the state government for grants or increase in debt levels, which
is likely to have an adverse impact on its already stretched
capital structure.
* Increasing dependence on the GoK grants and external borrowings
for both revenue and capital purposes: The BMTC's dependence on
discretionary grants from the GoK to meet its revenue and capital
expenditure requirements has increased significantly over the
years. Further, the external borrowings in the form of long-term
loans have also been availed of by the BMTC to meet its capex
requirements and payment of statutory dues like provident fund and
pension for employees.
* High repayment obligations in the near term: The BMTC has
significantly high repayment obligations for the next couple of
years, which will continue to impact its liquidity position.
Although ICRA notes that some of the loans sourced from the KUIDFC,
would be repaid by the Government of Karnataka (GoK).
Liquidity position: Poor
The entity has substantial debt repayments amounting to INR~200
crore during FY2021 and INR~235 crore in FY2021. Its liquidity
position continues to remain poor, as reflected by the delays in
meeting key statutory liabilities like provident fund and other
employee benefits during FY2020. However, the BMTC's liquidity
position has been supported, to an extent, by the recent approval
received from the GoK regarding payment of salaries of the BMTC
staff for the month of April, May and June 2020, and an approval
received during the previous fiscal for utilisation of capital
grants towards the repayment of debt obligations during FY2021.
ICRA, however, notes that the legacy of large operating losses in
the past along with the recent deterioration in its financial
profile due to the pandemic has stretched its cash flows even
further.
Rating Sensitivities
Positive triggers - ICRA could upgrade the rating if the BMTC is
able to achieve operating profits after traffic operations are
normalised completely.
Negative triggers - ICRA could downgrade the rating if there is a
delay in receiving adequate support from the GoK to meet any
shortfalls and a higher-than-expected deterioration in BMTC's
operating performance during FY2021.
Parent/Group Support
The assigned rating factors in the importance that the BMTC holds
for the state government as an institution for providing public
transportation services in the state, which has induced it to
extend timely financial support to the rated entity.
The BMTC was established in August 1997 under the provisions of the
Road Transport Corporation (RTC) Act, 1950, to provide passenger
road transport services in and around the capital of Karnataka,
Bengaluru. It was carved out from the Karnataka State Road
Transport Corporation (KSRTC) by combining two divisions of the
Bangalore Transport Service (BTS), effective from August 1997. The
operational jurisdiction of the BMTC extends to around 25 km across
all directions from the Bruhat Bengaluru Mahanagara Palike (BBMP)
boundaries. As on March 31, 2020, with a fleet strength of 6690,
the BMTC is one of the largest among the urban state road transport
undertakings (SRTUs) in the country. It operates close to 6,200
schedules daily through 45 depots and two central workshops with
the support of 33,343 personnel.
BHARAT EXPORT: ICRA Keeps D on INR13cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR13.00-crore bank facility Bharat
Export Overseas continues to remain under 'Issuer Not Cooperating'
category. The Long-term rating is denoted as "[ICRA] D ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 13.00 [ICRA]D: ISSUER NOT COOPERATING;
Fund Based Rating continues to remain in the
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Incorporated in 1985, Bharat Export Overseas is a partnership firm
promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The firm is
engaged in manufacturing and export of garments for women. BEO has
three manufacturing facilities located in Gurgaon, Haryana with
total annual manufacturing capacity of 6 lakh pieces. The firm
primarily exports to U.K and Germany.
BHAVYA ENTERPRISES: ICRA Keeps B on INR40cr Loans in NonCooperating
-------------------------------------------------------------------
ICRA said ratings for the INR7.00 crore bank facilities of Bhavya
Enterprises continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 3.50 [ICRA]B(Stable); ISSUER NOT
Cash Credit COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Non Fund-based– 3.00 [ICRA]A4; ISSUER NOT
COOPERATING;
Bank Guarantee Rating Continues to remain under
issuer not cooperating category
Unallocated 0.50 [ICRA]B(Stable)/[ICRA]A4; ISSUER
Limit NOT COOPERATING; Rating Continues
to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Bhavya Enterprises (BE) was formed in 1997 as a proprietorship
firm. In the past, the firm has executed civil contracts for
Municipal Corporation of Greater Mumbai (MCGM) and other private
companies. Its area of operation includes construction of
buildings, roads, pipe line laying, land development, sewerage
repairs, storm water drainage repairs, widening of roads etc. The
firm operates in Mumbai and suburban areas of Mumbai.
DREAM DIGITAL: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR5.18 crore bank facilities of
Dream Digital continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B-(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 3.56 [ICRA]B-(Stable); ISSUER NOT
Term Loan COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Fund Based- 1.50 [ICRA]B-(Stable); ISSUER NOT
Cash credit COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Non-fund 0.12 [ICRA]A4; ISSUER NOT COOPERATING;
Based–Bank Rating Continues to remain under
Guarantee issuer not cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Established in the year 2015, Dream Digital is a Gujarat-based
partnership firm promoted by Mr. Parimal Vakharia andMr. Vinay
Patel. The firm is involved in the business of digital printing on
greige fabrics. The firm commenced its commercial production on
July 29, 2015 and has completed its first year of operation in
FY2016. It has its printing unit in GIDC, Surat which has an
installed capacity of printing 1.08 lac metres of cloth per month.
IL&FS LTD: Spanish Court Declares Transport Arm Insolvent
---------------------------------------------------------
The Hindu BusinessLine reports that the Madrid Mercantile Court in
Spain has declared Elsamex SAU, an IL&FS subsidiary as insolvent.
In July, the management of Elsamex SAU, Spain, a wholly-owned
subsidiary of IL&FS, filed for insolvency in the Madrid Mercantile
Court, the report recalls. In 2019, the Board of Elsamex
unanimously agreed for initiation of voluntary insolvency
proceedings in Spain.
Pursuant to the said Order, the Spanish court has appointed
Judicial Insolvency Administrator for Elsamex SAU, it said in a
filing to the exchanges, the Hindu BusinessLine relays.
About IL& FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
As reported in the Troubled Company Reporter-Asia Pacific, the
Indian Express related that the Indian government, in October 2018,
stepped in to take control of crisis-ridden IL&FS by moving the
National Company Law Tribunal (NCLT) to supersede and reconstitute
the board of the firm which has defaulted on a series of its debt
payments. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.
K. C. FERRO: ICRA Keeps B+ on INR15cr Loan in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR23.15 crore bank facilities of K.
C. Ferro & Rerolling Mills Private Limited continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 7.72 [ICRA]B+(Stable); ISSUER NOT
Term Loan COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Fund Based- 15.00 [ICRA]B+(Stable); ISSUER NOT
Cash credit COOPERATING; Rating Continues
to remain under issuer not
cooperating category
Non-fund (4.00) [ICRA]A4; ISSUER NOT
Based–Letter COOPERATING; Rating Continues
of Credit to remain under issuer not
cooperating category
Non-fund 0.43 [ICRA]A4; ISSUER NOT
Based–Bank COOPERATING; Rating Continues
Guarantee to remain under issuer not
cooperating category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
K. C. Ferro & Rerolling Mills Private Limited (KCFRMPL) was
established in 2008 to manufacture thermo-mechanically treated
(TMT) bars. The plant and machinery were fully installed in FY2013
and the company commenced manufacturing in January 2013, backed by
a capex of ~INR21.00 crore. Mr. Pawan Agarwal, the chairman and
managing director of the company, has nearly two decades of
experience in the steel industry while the other directors, namely
Mr. Neeraj Agarwal and Mr. Mohender Garg, have the experience of
around eight years in the steel industry.
KRISHNA RICE: ICRA Keeps B- on INR15cr Loan in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR15.00-crore bank facilities of
Shree Krishna Rice Mills continues to remain under 'Issuer Not
Cooperating' category'. The rating is denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 15.00 [ICRA]B-(Stable) ISSUER NOT
limits COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.
Shree Krishna Rice Mills (SKRM) is a partnership firm, was set up
in 2010 by Mr. Ravi Gupta, Mr. Krishan Chand and Mrs.Urmila Gupta.
SKRM is engaged in processing and export of basmati rice to
countries in the Middle East. It has a plant at Karnal (Haryana)
which has a milling capacity of 6 tonnes per hour.
LAXMI TRANSMISSIONS: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR40.00-crore bank facilities of
Laxmi Transmissions continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 10.00 [ICRA]B(Stable) ISSUER NOT
Based/ CC COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Short Term-Fund 30.00 [ICRA]A4 ISSUER NOT
Based TL COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
Laxmi Transmissions was set up in 1993 as a partnership firm. The
firm is involved in execution of contracts on turnkey basis for
installation of substation and connecting lines. LT has a proven
track record of execution of projects for major government
departments and is registered as class A contractor with
Transmission Corporation of Andhra Pradhesh (APTRANSCO),
Transmission Corporation of Telangana Limited (TSTRANSCO),
Telangana State Northern Power Distribution Company Limited
(TSNPDCL), Andhra Pradesh Northern Power Distribution Company
Limited (APNPDCL), Chhattisgarh State Power Transmission Company
Limited (CSPTCL) and others.
MEGHAAARIKA INTERNATIONAL: Ind-Ra Lowers Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Meghaaarika
International Private Limited's (MIPL) Long-Term Issuer Rating to
'IND D' from 'IND BB-' and has simultaneously migrated it to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based limits (Long-term/Short-term)
downgraded and migrated to non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR430 mil. Non-fund-based limits (Long-term/Short-term)
downgraded and migrated to non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information
KEY RATING DRIVERS
The downgrade reflects continuous overutilization of the working
capital limits by MIPL due to a tight liquidity position and the
classification of the company as a non-performing asset since June
2020.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months could
result in a positive rating action.
COMPANY PROFILE
Incorporated in 2007, MIPL is engaged in the trading of chemicals
and plasticizers.
MURARI OIL: ICRA Keeps D on INR16cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR16.00-crore bank facilities of Sri
Murari Oil Industries Private Limited continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 6.00 [ICRA]D ISSUER NOT COOPERATING;
Based/ CC Rating continues to remain in the
'Issuer Not Cooperating' category
Long Term-Fund 10.00 [ICRA]D ISSUER NOT COOPERATING;
Based TL Rating continues to remain in the
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated in 2014, SMOIPL is involved in delinting and crushing
of cottonseeds to produce cottonseed oil, deoiled cake and cotton
linters along with hull and liquid soap as byproducts since
November 2016. The plant is located in Ballari, Karnataka. Four
promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy, Mr.
Ananda Mohan Rao and Mr. V Chandrashekar manage the operations of
the company. The promoters have long experience in the businesses
including cotton ginning, edible oil extraction, manufacturing of
equipment for oil extraction and trading of agricultural products.
NALLAMILLI SATYANARAYANA: ICRA Cuts Rating on INR12cr Loans to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Nallamilli Satyanarayana Reddy and Others (NSRO), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 12.00 [ICRA]B+ (Stable) ISSUER NOT
Based/CC COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Long Term-Non 2.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Long Term/ 6.00 [ICRA]B+ (Stable)/[ICRA]A4
Short Term- ISSUER NOT COOPERATING;
Unallocated Long term rating downgraded
from [ICRA]BB-(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding NSRO and Others performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.
As part of its process and in accordance with its rating agreement
with Nallamilli Satyanarayana Reddy And Others, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.
Incorporated in 1982 as a partnership firm, Nallamilli
Satyanarayana Reddy and Others (NSRO) is involved in the milling of
paddy to produces raw, boiled rice and its by-products. The firm
has taken the production facility of Sri Venkata Padmavathi Raw &
Boiled rice mill on lease. The rice mill is located at Turangi
mandal, Kakinada district of Andhra Pradesh with milling capacity
of 72000 MT per annum.
NEW ERA: ICRA Lowers Rating on INR10.85cr Loan to B+
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of New ERA
Enviro Ventures Pvt. Ltd. (NEEVPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 10.85 [ICRA]B+ (Stable) ISSUER NOT
Based TL COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) and
Moved to the 'Issuer Not
Cooperating' category
Long Term- 4.15 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating downgraded
from [ICRA]BB-(Stable) and
Moved to the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding NEEVPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of noncooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with New ERA Enviro Ventures Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
New ERA Enviro Ventures Pvt. Ltd. (NEEVPL) is operating a 2.00-MW
solar photovoltaic (PV) power plant in Charki village of Deoghar
district in Jharkhand. The company has entered into a PPA with the
Jharkhand State Electricity Board for supply of power for 25 years
at a rate of INR17.96 per unit. The solar power project commenced
its operations in March 2012.
OM FOODS: ICRA Moves B Ratings on INR5.3cr Loans to Not Cooperating
-------------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Om Foods Suppliers Pvt. Ltd. (OFSPL) to the 'Issuer
Not Cooperating' category. The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 5.00 [ICRA]B (Stable) ISSUER NOT
Limit–Cash COOPERATING; Rating moved to
Credit the 'Issuer Not Cooperating'
category
Fund-based 0.20 [ICRA]B (Stable) ISSUER NOT
Limit–Term COOPERATING; Rating moved to
Loan the 'Issuer Not Cooperating'
category
Unallocated 0.10 [ICRA]B (Stable)/[ICRA]A4
Limits ISSUER NOT COOPERATING;
Ratings moved to the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.
Om Foods Suppliers Pvt. Ltd. (OFSPL) trades and processes yellow
peas (matar dal), red lentil (masoor dal), Bengal gram (chana dal),
fava beans (bakhla) among others at its facility in Kolkata, West
Bengal, with an installed capacity of 50 metric tonne per day
(MTPD).
RAJ AGRO: ICRA Keeps B on INR5.86cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR5.86-crore bank facilities of Raj
Agro continues to remain under 'Issuer Not Cooperating' category'.
The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING"
.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 5.86 [ICRA]B(Stable) ISSUER NOT
limits COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of noncooperation by a rated entity available at
www.icra.in.
Raj Agro (RA) is engaged in the business of milling and sorting of
Non-Basmati Rice. The company started established in th year 2009.
The installed capacity of the unit is 8 tons/hour which is located
at Sarriya District Gorakhpur (U.P.). The Company mainly exports to
Nepal. The day to day operations of the firm is managed by Mr.
Ranjan Gupta.
RAJ ENGINEERING: ICRA Lowers Rating on INR7cr Loans to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Raj
Engineering Co. (REC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 7.00 [ICRA]B+ (Stable) ISSUER NOT
limits- COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB (Stable) and
continues to remain in the
'Issuer Not Cooperating'
Category
Short term– 18.00 [ICRA]A4; ISSUER NOT
Non fund COOPERATING; Rating continues
Based to remain under the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding REC performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Raj Engineering Co., ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information.
Established in the year 1973, Raj Engineering Co. (REC) is a
partnership firm between Mr. Rajinder Singh Saini, Mr. Pritpal
Singh Saini and Raghvinder Singh Saini. The firm is an ISO
9001:2008 and ASME 'U' Stamp certified entity that is mainly
engaged in the business of manufacturing and fabrication of
critical process equipments like pressure vessels, heat exchangers,
columns and towers, etc., for refineries, petrochemicals,
fertiliser complexes and steel plants. The firm's manufacturing
plants are located at Turbhe, Navi Mumbai, and Murbad, Thane.
RAPID METRORAIL GURGAON: ICRA Keeps B Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR1500.00 crore bank facilities of
Rapid Metrorail Gurgaon South Limited (RMGSL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 1,500.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
RMGSL, a Special Purpose Vehicle (SPV), was incorporated with the
aim of implementing a Metro link from DMRC Sikandarpur Station to
Sector-56, in Gurgaon under concession from HUDA in Public Private
Partnership. The SPV's sponsors are IL&FS Rail Limited (IRL)
(65.0%) and IL &FS Transportation Networks Limited (ITNL) (35.0%).
The scope of the project includes design performance and execution,
engineering, financing, procurement, construction, installation,
commissioning and testing of the works together with subsequent
operation and maintenance of the entire project. HUDA has granted
the concession to the SPV for a period of 98 years starting from
July 2, 2013.
The total cost of the project was funded by a combination of debt
(INR1,500 crore) and equity. The entire term loan of INR1,500 crore
has been sanctioned by a consortium of five banks with Canara Bank
as the lead bank and an external commercial borrowing (ECB) loan
lender. The project achieved commercial operations on March 31,
2017.
RAPID METRORAIL: ICRA Keeps D on INR761.6cr Loan in Not Cooperating
-------------------------------------------------------------------
ICRA said the rating for the INR761.60 crore bank facilities of
Rapid Metrorail Gurgaon Limited (RMGL) continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 761.60 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
RMGL is a Special Purpose Vehicle (SPV) incorporated with the
purpose of implementing the metro link from Delhi Metro Rail
Corporation (DMRC) Sikandarpur Station to National Highway-8 (NH-8)
in Gurgaon (Haryana) under concession from Haryana Urban
Development Authority (HUDA) in Public Private Partnership. The
scope of the project includes the performance and execution of
design, engineering, financing, procurement, construction,
installation, commissioning and testing of the works together with
subsequent operations and maintenance of the entire project. The
concession has been granted by HUDA to the SPV for a period of 99
years starting from December 9th, 2009.
The metro became operational on November 14, 2013. The project was
completed at a cost of ~INR1,241 crore (including DSRA), as against
the initially expected project cost of INR1,088 crore. The cost
over runs incurred to complete the project has been entirely funded
through promoters' incremental contribution. The metro commenced
operations with a fare of INR12 per ride, however, the same was
increased to INR20 per ride in August 2014 under provisions of The
Metro Railway Operations & Maintenance Act 2002.
RASYA STEELS: ICRA Withdraws B Rating on INR15cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the long-term assigned to Rasya Steels (Opc)
Private Limited at the request of the company. ICRA is withdrawing
the rating and that it does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. ICRA has withdrawn the Stable outlook on the long-term
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 15.00 [ICRA]B (Stable); ISSUER NOT
Unallocated COOPERATING; Withdrawn
Key rating drivers and their description
Key rating drivers have not been captured as the rating is being
withdrawn.
Liquidity Position: Not captured as the rating is being withdrawn.
Rating sensitivities: Not captured as the rating is being
withdrawn.
Rasya Steels (OPC) Private Limited (RSPL) was incorporated in March
2018 to carry out the business of trading of steel products in
Hyderabad. The company is expected to start the operations from
April 2019 and has its godown at Chityal Grampanchayat, Pragi
Mandal, Rangareddy district.
RELIANCE COMMUNICATIONS: Court to Hear Bankruptcy Case vs. Founder
------------------------------------------------------------------
Bloomberg News reports that an Indian court has agreed to hear a
petition by the nation's largest lender seeking to initiate
personal bankruptcy against tycoon Anil Ambani after the former
billionaire failed to repay debt.
A two-member panel of the National Company Law Tribunal, or NCLT,
in Mumbai has appointed a bankruptcy administrator to verify a
claim by State Bank of India, or SBI, that Ambani offered about
$160 million of personal guarantees while seeking loans in 2016 for
his now insolvent Reliance Communications Ltd. and Reliance
Infratel Ltd., Bloomberg discloses citing an order on the court's
website. The tribunal can admit Ambani into bankruptcy process or
reject the case based on the report.
"The NCLT order directing appointment of the resolution
professional does not constitute an admission of SBI's insolvency
application," Bloomberg quotes Ambani's spokesperson as saying in
an emailed response. The court also rejected "SBI's request for a
restriction on Ambani from dealing or appropriating his assets,"
the spokesperson said, Bloomberg relays.
According to Bloomberg, the ruling is the most high-profile
insolvency case against a founder who pledged to pay loans on
behalf of their companies, which have since been dragged into
bankruptcy, and can set precedent for future law suits. Still, the
legal case puts a moratorium on attempts to recover dues from
Ambani and may hurt a group of Chinese banks' ability to enforce a
separate London court's order asking Ambani to pay $717 million,
Bloomberg relates.
Ambani is taking advice on challenging the verdict in an appellate
court, his spokesperson said. "The order of the NCLT will have no
bearing on the operations of Reliance Infrastructure Ltd., Reliance
Power Ltd. and Reliance Capital Ltd.," Ambani's spokesperson added,
listing out the tycoon's other companies, Bloomberg relays.
As per the rules, if the Mumbai court admits Ambani into the
bankruptcy process, a list of all claims against him will be
compiled and a repayment plan will be worked out. Lenders can
jointly agree on a plan that may include payouts from his
businesses or monetizing his assets, the report states.
Ambani had also offered a personal guarantee on the banks' loans to
Reliance Communications in 2012, Judge Nigel Teare said in a ruling
on May 22 in London handing a victory to three state-controlled
Chinese banks including Industrial & Commercial Bank of China Ltd,
Bloomberg recalls.
State Bank of India filed the latest petition on concerns that the
Chinese banks will attempt to seize Ambani's assets after the U.K.
courts ruling, the report says.
"Such action would have an adverse effect on the recovery rights,"
SBI said, according to the verdict on Aug. 20.
The Indian company court's ruling can be challenged in an appellate
court and then the Supreme Court, Bloomberg notes.
About Reliance Communications
Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.
The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency. With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.
SAI POINT: ICRA Keeps B on INR12cr Debt in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR12.00 crore bank facilities of Sai
Point Bikes and Cars continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 12.00 [ICRA]B (Stable); ISSUER NOT
Limits Dropline COOPERATING; Rating continues
Facility to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Established in 2015, Sai Point Bikes and Cars (SPBC or firm) is a
proprietorship concern started by Mr. Dilip Patil. The company
refurbishes and sells pre-owned luxury cars of known brands, mainly
Audi, Mercedes Benz, BMW and Jaguar and has two showrooms - one in
Mumbai and the other in Pune. SPBC is part of the established Sai
Point Group, based in Thane, Maharashtra. The group's flagship
company Sai Point Automobiles Private is an authorised dealer of
twowheelers and spare parts manufactured by Honda Motorcycle and
Scooter India, Private Limited. The other group companies are also
involved in automobile (four-wheeler) dealership and vehicle
financing and construction businesses.
SS DEVELOPERS: ICRA Reaffirms B+ Rating on INR35.50cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of SS
Developers (SSD), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 35.50 [ICRA]B+(Stable); reaffirmed;
Term Loan removed from Issuer Not
Cooperating Category
Rationale
The rating reaffirmation takes into account the long-term lease
agreements of SSD with its clients and sufficient lock-in period
with steady escalations every year. The rating captures the
presence of an escrow mechanism for all the loans, whereby rentals
are directly deposited in the escrow account and utilized first for
debt servicing before release of any surplus cashflows towards
other funding requirements. The rating also factors in presence of
long-term lease tenure with reputed clients thereby mitigating the
counterparty credit risk to an extent.
The rating is, however, constrained by relatively small scale of
operations which may restrict financial and pricing flexibility to
an extent. The firm is exposed to client concentration risk on
account of single tenant for each of the warehouses and the absence
of debt service reserve account (DSRA) which may affect the
liquidity position in case of delay in the payment of lease rentals
by the tenants. This is crucial in the backdrop of Covid pandemic
which may affect the timeliness of rentals. Being a partnership
firm, ICRA notes the exposure to risks such as withdrawal of
capital and dissolution of the firm.
Key rating drivers
Credit strengths
* Long term lease agreements with clients: The lease agreements for
all the three warehouses is ten years. SSD also has an automatic
lease renewal clause in the agreement for five years unless the
tenant wishes to vacate the premises. The rental escalations range
between 5% to 10% per annum, however the firm's ability to
implement the same in current scenario remains to be seen.
* Presence of escrow mechanism which reduces fungibility risk: As
per the terms of loan sanction, there is an escrow account
mechanism in place as per which all the rent receivables are to be
directly deposited into an escrow account and utilized first for
debt servicing before release of any surplus cash flows. The
presence of an escrow mechanism provides comfort in the form
restricting cash flow fungibility.
* Warehouses occupied by reputed companies which reduces the
counterparty credit risk: One warehouse is occupied by Puma Sports
India Private Limited (PSIPL) (warehouse-1) and the other two
warehouses are occupied by DHL Supply Chain India Private Limited
(DSCIPL) (warehouse 2, 3 and 4). Both the companies are reputed and
have an established brand presence.
Credit challenges
* Small scale of operations: The firm's scale of operations are
relatively modest thereby restricting its operational and financial
flexibility to an extent. Being a partnership firm, it is exposed
to capital withdrawal and dissolution risks. ICRA notes that the
firm has also earned revenues through real estate operations
however limited clarity exists on the same at present.
* Concentration risk on account of single tenant for each of the
warehouses: The firm faces high concentration risk as there are
only two clients which exposes SSD to market risks in case any of
these clients vacate the premises. Further, expiry of majority of
the lock in FY2020 and current fiscal also adds to vacancy risks.
* Absence of debt service reserve account (DSRA): The firm does not
maintain a debt service reserve account which makes SSD's
debt-servicing ability vulnerable to any delay in the payment of
lease rentals by the tenants. The same has been witnessed in the
current fiscal.
Liquidity Position: Stretched
The firm's rental collections have declined due to Covid outbreak
with tenants paying only around of 50% of the rentals from April
2020. The liquidity position is stretched any further decline in
rental collections may lead to delay in debt servicing. However,
the firm has availed moratorium for principal repayment for all its
term loans and is paying interest for all its term loans under
RBI's covid-19 package which supports the liquidity position to an
extent.
Rating Sensitivities
Positive Triggers - The rating could be upgraded if the firm
receives timely rentals from its tenants along with steady
escalations leading to improved liquidity position.
Negative Triggers - The rating could be downgraded if there is any
delay in rental payments from its customers or decline in occupancy
such that the cumulative cash flow cover declines. Escrow structure
for the rentals and cash flow waterfall remains critical for the
debt servicing and any non-adherence of the structure will result
in a rating downgrade.
SS Developers was established in the year 2011 by Mr. Ramalinga
Reddy and his wife Ms. Chamundeshwari along with Mr. Gopal Reddy.
Mr. Ramalinga Reddy has been a seven-time member of the legislative
assembly (MLA) from Bangalore and was appointed as a cabinet
minister in 2013. The partners have leased out the land to the firm
which has developed it and constructed four warehouses and leased
it out to PUMA Sports India Private Ltd and DHL Supply Chain India
Private Ltd. The warehouses are located in Mayasandra Village in
Anekal.
In FY2019, the company reported a net profit of INR9.4 crore on an
operating income of INR19.2 crore compared to a net profit of
INR7.9 crore on an operating income of INR15.9 crore in the
previous year. In FY2020, the firm is estimated to have received
INR14 crore as annual rentals.
TARA CHAND: ICRA Keeps D on INR150cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR150.00-crore bank facility Tara
Chand Rice Mills Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The Long-term rating is denoted as "[ICRA] D
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 150.00 [ICRA]D: ISSUER NOT COOPERATING;
limits Rating continues to remain in the
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
TCRM took over Tara Chand Rice Mills on September 5, 2013, along
with all its assets and liabilities. The company is primarily
involved in milling basmati rice. TCRM's milling unit is based at
Nissing in Karnal, Haryana and is close to the local grain market.
The company also exports rice to countries such as Saudi Arabia and
Dubai.
TRIUMPH WIRES: ICRA Lowers Ratings on INR15cr Loans to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Triumph
Wires Pvt. Ltd. (TWPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 5.00 [ICRA]B+ (Stable) ISSUER NOT
Based/CC COOPERATING; Rating downgraded
from [ICRA]BB(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Long Term-Non 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based COOPERATING; Rating downgraded
from [ICRA]BB(Stable) ISSUER
NOT COOPERATING and continues
to remain in the 'Issuer Not
Cooperating' category
Rationale
The rating downgrade is because of lack of adequate information
regarding Triumph Wires Private Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
noncooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Triumph Wires Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Incorporated in 2013 as a private limited company, Triumph Wires
Pvt. ltd. (TWPL) is a trader in steel and aluminium products such
as MS sheet, MS angle, MS plate, aluminium wire, aluminium E.C.
wire rod etc. The major shareholders of the company are Blue Chine
Creation Pvt. Ltd., Eco space Commodities Trade Pvt. Ltd., Saket
Suppliers Pvt. Ltd. and Grihalakshmi Sales Pvt. Ltd. And Mr. Hitesh
R Jain, holding about 99.94% shares of the company. As informed by
the management, the major shareholders of these companies are
friends/relatives of the directors.
V S EDUCATION: Ind-Ra Cuts Term Loan Rating to 'C/Not Cooperating'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded V S Education
Foundation's term loan rating to 'IND D (ISSUER NOT COOPERATING)'
from 'IND B (ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra has
reassigned V S Education Foundation's term loan 'IND C (ISSUER NOT
COOPERATING)'.
The instrument-wise rating actions is:
-- INR75 mil. *Term loan due on March 2024 downgraded and
Reassigned with IND C (ISSUER NOT COOPERATING) rating.
*Reassigned 'IND C (ISSUER NOT COOPERATING)' after being
downgraded to 'IND D (ISSUER NOT COOPERATING)'
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.
KEY RATING DRIVERS
The downgrade to 'IND D' reflects delay in servicing of vehicle
loan, not rated by Ind-Ra, in March 2019, the details of which are
unavailable.
The reassignment of 'IND C' reflects timely debt servicing in the
12 months ended May 2020.
COMPANY PROFILE
V S Education Foundation, established by Vishal Kansal, operates
Delhi Public World School in Ludhiana (Punjab), in collaboration
with DPS World Foundation.
VENKATESWARA SPINTEX: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR45.00-crore bank facilities of Sri
Venkateswara Spintex (P) Ltd continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 15.00 [ICRA]B+(Stable) ISSUER NOT
Based/ CC COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Long Term-Fund 18.67 [ICRA]B+(Stable) ISSUER NOT
Based TL COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
Long Term- 10.58 [ICRA]B+(Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' categor
Short Term- 0.75 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
to remain in the 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative.
The current rating action has been taken by ICRA basis best
available information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Sri Venkateswara Spintex (P) Limited (SVSPL), incorporated as a
private limited company on April 21, 2010 by Mr. P. Venkata Swamy
and Mr. Chitipotu Rakesh, is engaged in manufacturing of cotton
yarn. Based in Guntur district of Andhra Pradesh, the company set
up a 12,960 spindles capacity spinning unit with a project cost of
INR31 crore; the unit started its commercial production in December
2011. The capacity was later increased and is currently at 17,280
spindles.
VIDYA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR15.08-crore bank facilities of Sri
Vidya Educational and Charitable Trust (AGEPL) continue to remain
under 'Issuer Not Cooperating' category'. The Long term ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 12.68 [ICRA]D; ISSUER NOT COOPERATING;
Based-Term Loan Rating Continues to remain under
'Issuer Not Cooperating' category
Long Term-Fund 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Based Facilities- Rating Continues to remain under
Overdraft Limits 'Issuer Not Cooperating' category
Long Term- 0.40 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Sri Vidya Educational & Charitable Trust was registered in
September 2006 with Mr. R. Thiruvengada Ramanuja Doss, as the
founder Trustee and four other Trustees. The trust has its
registered office in Chennai and the following educational
institutions in Virudhanagar district, Tamil Nadu.
=================
I N D O N E S I A
=================
CHANDRA ASRI: S&P Lowers ICR to 'B+', On CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating and
issue rating on PT Chandra Asri Petrochemical Tbk.'s (CAP) to 'B+'
from 'BB-' and placed the ratings on CreditWatch with negative
implications.
S&P said, "We believe the recent issuance of the term loan has
placed downward pressure on Barito's credit quality. Barito
recently obtained a US$253 million term loan to help fund its
engagement in the Java 9&10 project, which covers coal fired power
plants due for completion in 2024. We had previously expected that
this additional debt was to be raised at the project level rather
than by Barito." With the term loan, Barito's consolidated debt
levels will be higher than we earlier forecast over the next two
years at around US$2.5 billion-US$2.8 billion, leading to a
consolidated debt to EBITDA to increase to 5.2x–5.8x in 2020.
At the parent level, Barito's total debt has increased to US$272
million as of June 30, 2020. It is likely to grow further to about
US$450 million by the end of 2020 as the company draws on the
US$253 million credit facility. This is more than double the US$195
million debt that Barito had borrowed at the holding company level
as of Dec. 31, 2019. S&P forecasts Barito's annual financing costs
will increase to around US$25 million in 2020 and 2021 (2019:
US$17.6 million), while the project service interest on the US$253
million loan.
Barito may become increasingly reliant on debt markets and
refinancing to fund its ongoing financial obligations. S&P said,
"Growing debt and interest charges are reducing the company's
ability to service its financial obligations because we project
cash dividends from its main operating subsidiaries will remain
limited in 2020 and 2021 amid a weak market environment. Barito did
not receive dividends from CAP for 2019 yearend. We project
dividend payments of US$4 million in 2020 only from Star Energy,
and US$9 million in 2021." Dividends received from Star Energy,
Barito's geothermal power operations, are structurally limited
given ongoing repayment of project debt at Star Energy and sizable
minority interests in key operating subsidiaries.
With limited dividends from operating subsidiaries in 2020 and
2021, Barito will become increasingly reliant on market access and
its ability to raise external capital to service its ongoing
financial obligations. S&P said, "Based on annual principal
amortization (US$48 million each due December 2020 and 2021),
interest expenses (US$25 million), and other operating expenses at
the parent level that we estimate at about US$10 million a year, we
estimate Barito's annual fixed charges to be about US$85 million
over the next two years."
Further downside risk to Barito's credit quality will materialize
over the next 12 to 24 months unless the company is able to
stabilize its liquidity position, either through the lengthening of
its debt maturity profile, equity injections, or higher dividends
or financial assistance from its operating subsidiaries.
Barito's weaker credit quality reduces its ability to provide
extraordinary financial support to CAP. S&P said, "As Barito's debt
grows and its liquidity erodes, we no longer view Barito as having
the financial capacity to provide extraordinary financial support
to CAP, if needed. As a result, we no longer apply a one-notch
uplift in CAP's stand-alone credit profile."
S&P said, "The weaker credit quality of Barito does not change our
view that CAP remains a core subsidiary to Barito. That's because
of its sizable contribution to consolidated earnings and status as
the main dividend contributor to the parent over an industry cycle.
We expect Barito and related parties to maintain a majority
shareholding in CAP over the next few years and influence the
company's strategic direction and financial policies.
"We also regard CAP to be a noninsulated subsidiary of Barito,
despite the presence of Siam Cement Group Public Co. Ltd. as a
minority shareholder. Hypothetical financial difficulties at the
group could affect CAP directly or indirectly--for example, through
a possibly more generous dividend policy. We also note some
commonality in funding sources. Barito has raised multiple bank
loans in the past using CAP's shares as collateral. Future
expansion at CAP may also require equity participation from Barito,
should CAP proceed with its rights issuance.
"That said, we are also mindful of changes in business structures,
following the acquisition of Star Energy, and Barito's lessening
dependency on CAP as funding source and earnings driver.
"Our view of CAP's stand-alone credit quality remains unchanged at
'b+'. We expect CAP's EBITDA per ton to average around US$50 in
2020 and US$80 in 2021, compared with the historical midcycle level
of US$140. A macroeconomic rebound should support earnings
recovery, but ample petrochemical supplies in the market will
likely limit the recovery. Petrochemical spreads are difficult to
predict beyond three to six months. However, we believe EBITDA per
ton of at least US$110 or a material reduction in CAP's debt
through sustainable cuts in capital expenditure (capex) and
dividends are crucial for the ratio of debt to EBITDA to revert
back to 3.5x levels."
CAP reported US$841 million in revenue in the first half of 2020,
down 20% year on year, driven by a decline in product prices, as
well as the overall decline in utilization rates of its
petrochemical plants. Despite recently commissioned polyolefin
capacity in the fourth quarter of 2019, run rates averaged 89% in
the 2020 first half compared with 100% in the equivalent period a
year earlier as slow demand amid COVID-19 hit the petrochemical
industry. Coupled with plummeting product prices, dwindling
spreads, and lower sales volume, CAP's EBITDA declined 96% year on
year to US$5 million for the first half of 2020. S&P said, "Given
weaker than expected first half operations, we have lowered our
2020 EBITDA estimates to around US$116 million from the previous
US$136 million. Nevertheless, we continue to expect CAP's
operations to show a notable recovery in the second half as product
prices and spreads normalize."
S&P said, "We forecast CAP's adjusted debt will remain at around
US$760 million–US$830 million over the next two years, which
compares with around US$600 million in 2017. The continued increase
in the company's absolute debt has led to its credit ratios being
more sensitive to volatility in petrochemical spreads than in the
past. We also believe CAP's appetite for long-term expansion for
the CAP2 project remains intact and weighs on the company's balance
sheet leverage. We expect CAP's debt-to-EBITDA ratio to be
6.4x–6.8x in 2020 and 4.2x-4.8x in 2021, from 4.6x in 2019, while
our pre-COVID-19 expectations were less than 3.5x debt-to-EBITDA
during the same period."
The CreditWatch negative placement reflects weakness in the
liquidity profile of its parent, Barito, as its ability to fully
service ongoing commitments with internal cash flows are at risk.
The CreditWatch placement also incorporates our expectation that
Barito could tap CAP's liquidity to meet its own shortfalls.
S&P said, "We could lower the rating on CAP if Barito is unable to
articulate and execute a credible strategy to stabilize its
liquidity position sustainably. This raises the risk, in our view,
that Barito could tap the resources of CAP in a manner that weakens
CAP's liquidity, financial position, or financial policies.
"In resolving the CreditWatch, we will assess Barito's measures to
remedy any liquidity shortfalls in a timely manner, and how those
measures could influence the financial position, liquidity, and
financial policies of its main operating subsidiaries."
=====================
N E W Z E A L A N D
=====================
COMVITA NEW ZEALAND: Posts NZD9.7MM Full-Year Loss; Axes 90 Jobs
----------------------------------------------------------------
John Anthony at Stuff.co.nz reports that Manuka honey business
Comvita has made 90 staff redundant as part of a company
restructure.
On Aug. 24, the health supplements manufacturer reported a 2020
full-year net loss of NZD9.7 million, which included a one-off
NZD9.3 million write down of underperforming or overvalued assets.
In the 2019 financial year, it made a NZD28 million net loss, Stuff
relates.
According to Stuff, Comvita also said it had removed management
layers, simplified structures and removed 90 jobs from the
business, as part of an organisation transformation completed
before June 30.
During a successful NZD50 million capital raise in June, Comvita
revealed a three-part plan to stabilise results, transform the
organisation and build long-term resilience and growth. Good
progress had been made on this, it said.
Stuff relates that Comvita chief executive David Banfield said
before restructuring Comvita's headcount was 630. It was now 540.
About 50 of the 90 job losses were in New Zealand with the
remainder in various locations around the world, the report says.
He did not rule out further redundancies but said that the company
was now at the right size for its future plans, Stuff relays.
"I expect this to be the foundation we build from," Stuff quotes
Mr. Banfield as saying.
He said some redundancies would have happened regardless of
Covid-19.
"We had become slow and complicated."
Comvita's total performance had benefited by about NZD20 million as
a result of Covid-19 boosting sales, he said. This had been offset
by a NZD12 million impact caused by Covid-19 disruptions to its
Australian New Zealand markets as well as part of its China
market.
During the 2020 financial year, Comvita faced challenges to its
performance in New Zealand and Australia as a result of its
airport, retail and daigou (China export) business being disrupted
by Covid-19, Stuff says.
This had an NZD11 million impact on its revenue and associated
margin in Australia and New Zealand in the second half.
Total revenue for 2020 was NZD196 million, up nearly 15 per cent on
2019, Stuff discloses.
Stuff says Comvita started work to reduce its 200 products by 30
per cent to help free up cash and pay down debt.
Net debt is NZD15.5 million, a reduction of NZD73.5 million on
2019, adds Stuff.
Comvita New Zealand Limited provides food and healthcare products.
The Company offers honey, lotions, creams, fish oil capsules,
jelly, vinegars, and oral care products. Comvita serves customers
worldwide.
=================
S I N G A P O R E
=================
KRISENERGY LTD: Revises Restructuring Proposal
----------------------------------------------
Nisha Ramchandani at The Business Times reports that KrisEnergy has
made changes to its restructuring proposal, it said in a filing to
the Singapore Exchange (SGX) on Aug. 21.
"The key change in the final restructuring proposal is a higher
allocation of equity to unsecured debt holders under the scheme,
and reduced dilution for existing shareholders," it said in a
presentation released to SGX, BT relays. Stakeholders are to vote
on the proposal either through a scheme of arrangement, a consent
solicitation process or shareholders' approval.
Post restructuring, the shareholding structure will see unsecured
creditors owning 46.2 per cent, while the zero coupon note holders
will hold 43.8 per cent, according to BT. Existing shareholders
will hold 10 per cent. In the earlier proposal, existing
shareholders were to be diluted to 7.5 per cent, and unsecured
creditors were to hold 35 per cent.
"If the scheme does not pass or shareholders do not approve or the
consent solicitation does not pass, then this consensual
restructuring will fail," KrisEnergy added. Without a comprehensive
restructuring, KrisEnergy is likely to face liquidation, it warned.
It aims to complete the restructuring by Nov. 18, BT adds.
KrisEnergy has invited shareholders, warrantholders and the
affected noteholders to its third informal investor meeting on Aug.
27, BT says.
About KrisEnergy Limited
KrisEnergy Limited -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.
In August 2019, the firm sought court protection from creditors'
legal action while it restructured its debts, according to The
Business Times. Keppel Corporation, a creditor and shareholder of
KrisEnergy, then publicly came out to support the application and
KrisEnergy's management in formulating a restructuring plan.
Trading in its shares has been suspended pending the restructuring,
BT noted.
Total debts stood at around US$558.8 million as at June 30, 2019,
according to KrisEnergy's presentation slides for its Sept. 10,
2019, informal investor meeting for noteholders and shareholders.
SWEE HONG: Receives Delisting Notice From SGX
---------------------------------------------
The Business Times reports that mainboard-listed construction
engineering company Swee Hong Ltd has received the notification of
delisting, after failing to meet the required financial criteria
and market capitalisation to be removed from the watch list.
In a regulatory statement on Aug. 23, the company said that
Singapore Exchange Securities Trading has notified it that it is to
be delisted by Sept. 21, and that a fair and reasonable exit offer
proposal must be offered to shareholders and holders of other
classes of listed securities, BT relays.
According to BT, Swee Hong was placed on the watch list on Dec. 5,
2016 based on the financial entry criteria. But the firm failed to
improve its financials and market capitalisation in order to be
removed from the watch list despite being given three years to meet
the requirements.
Trading in shares of Swee Hong has been suspended since May last
year with the last close price at SGD0.003, BT notes.
About Swee Hong
Swee Hong Ltd (SGX:QF6) -- http://sweehong.sg/-- is a
Singapore-based company, which is engaged in the business of
building construction and investment holding. Its segments include
Civil Engineering and Tunnelling. The Civil Engineering segment
includes civil engineering works, such as road construction works,
road maintenance works, sewerage rehabilitation (excluding
tunneling works), drains (excluding tunneling works), soil
improvement works and other infrastructure works. The Tunnelling
segment includes micro-tunneling works. The Company's ongoing
projects include road widening of upper Paya Lebar road from Upper
Serangoon road to Bartley road and sewer diversion at Springleaf
station. The Company focuses on Parks and Services, Infrastructure
Construction and Tunneling. It provides services, such as
architectural, mechanical and electrical (M&E); civil and structure
(C&S); soil works; landscaping; roads; bridges; flyover; canals,
and project management.
===============
X X X X X X X X
===============
BOND PRICING: For the Week Aug. 17 to Aug. 21, 2020
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.04
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63
VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 15.65
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.42
VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 15.23
VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.15
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00
VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 6.82
CHINA
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AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.75
AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.69
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.24
AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.12
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.30
AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 69.32
ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 59.01
ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 58.93
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 20.08
ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 27.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 20.32
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 20.65
ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 59.63
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.83
ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.82
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 60.02
ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 58.79
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 41.14
ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 40.00
ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 56.50
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.38
BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 41.45
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.47
BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 31.30
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 58.54
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 21.20
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 20.70
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 19.99
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.83
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.39
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.33
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.49
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.41
BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.45
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.12
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.05
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.11
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 40.51
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 20.61
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.40
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.00
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 62.03
BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 52.22
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.44
BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.02
BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.30
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 20.31
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.26
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.47
BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.00
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.42
BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.00
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.02
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.90
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.62
BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.50
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 60.85
CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 60.19
CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 59.93
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.21
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 21.40
CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 20.47
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 60.00
CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.87
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.78
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.86
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.80
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 30.93
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.67
CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.30
CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 72.69
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 71.74
CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 46.65
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 59.96
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 60.17
CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.77
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 20.55
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.60
CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 41.10
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 27.00
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 20.57
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 30.30
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 20.70
CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 20.55
CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 19.94
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.45
CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.34
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.30
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.20
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.19
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 41.01
CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 42.10
CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 41.16
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 26.00
CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 20.49
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.42
CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.04
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.05
CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.00
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 20.46
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 41.44
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.11
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 40.74
CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 39.30
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.92
CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.92
CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.58
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.60
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 20.52
CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 73.33
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25
CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.12
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.82
CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.80
CHENZHOU INDUSTRY INVESTM 6.45 01/23/22 CNY 40.36
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.87
CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.12
CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 39.78
CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDINGS 8.60 09/21/21 CNY 68.00
CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 63.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.14
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 61.50
CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 60.47
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.48
CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.41
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 41.00
CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 40.77
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.73
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.30
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.15
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.52
CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.16
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.34
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.00
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.29
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.00
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.07
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.38
CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.80
CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.13
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 20.42
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.66
CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 30.80
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 20.58
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.63
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.24
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.16
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 20.70
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.29
CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.13
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 20.51
CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 74.76
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.04
CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.01
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.55
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.88
CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.76
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.57
CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.06
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.00
CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 70.10
CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.73
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.14
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.05
CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.00
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 20.56
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.99
CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.44
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.90
CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.23
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 20.25
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.15
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 39.69
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 20.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 20.34
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.67
CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.76
CHONGQING TONGNAN DISTRIC 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 40.22
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 20.33
CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.73
CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 60.66
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.79
CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.50
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 40.63
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 21.60
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 20.65
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 41.08
CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.76
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.39
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.57
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.38
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 40.85
CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 40.71
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
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 IN 6.18 08/18/21 CNY 48.80
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.59
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.27
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.26
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 20.00
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 61.26
DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 58.42
DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.53
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 20.35
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.30
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 58.70
DALIAN SHITAI CITY CONSTR 4.50 02/01/23 CNY 57.73
DALIAN SHITAI CITY CONSTR 7.09 02/20/21 CNY 20.07
DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.40
DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 60.61
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.81
DANGYANG XINYUAN INVESTME 4.97 03/29/23 CNY 59.37
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 20.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 40.00
DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 39.71
DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.51
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.14
DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.28
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 38.92
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 59.06
DAYE ZHENHENG CITY DEVELO 4.50 03/28/23 CNY 58.92
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 20.33
DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.26
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.45
DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.83
DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.33
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 60.58
DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 59.78
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 20.34
DONGLING GROUP INC CO 8.00 07/14/22 CNY 41.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 20.52
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.35
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 40.61
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.31
DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.27
DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 39.46
DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.10
EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 20.52
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00
EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.22
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 20.65
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 22.00
FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 20.44
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.48
FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.42
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 61.24
FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 60.42
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 59.40
FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 58.77
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 41.02
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 59.35
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.79
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.33
FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 19.73
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.24
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.55
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.53
FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.74
FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.50
FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.18
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 25.18
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.39
FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.03
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 59.95
FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 58.80
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.34
FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.04
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.67
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.57
FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.55
FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.00
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.93
GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.00
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 20.27
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.68
GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.08
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.78
GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.26
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.00
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 61.13
GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 58.93
GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 41.21
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.56
GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.35
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.30
GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.06
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.10
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 20.00
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.59
GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.16
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 20.25
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 20.45
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 20.44
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.17
GUANGYUAN YUANQU CONSTRUC 4.48 03/10/23 CNY 59.16
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00
GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 40.99
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.48
GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 72.93
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 63.07
GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 62.87
GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.39
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 20.00
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.90
GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 40.51
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 59.26
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.89
GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 58.87
GUIYANG GUANSHANHU DISTRI 4.48 03/09/23 CNY 58.40
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.90
GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 60.00
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.72
GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 58.09
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 41.21
GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.20
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 51.28
GUIZHOU GUILONG INDUSTRIA 7.80 04/28/22 CNY 49.65
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.84
GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 48.41
GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 63.72
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.50
GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 41.38
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.66
GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 73.34
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.32
HAIAN COUNTY DEVELOPMENT 5.45 04/13/23 CNY 59.24
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.91
HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.22
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 20.10
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.00
HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 40.63
HAIKOU MEILAN INTERNATION 5.25 09/06/19 USD 55.18
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 41.16
HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.67
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.18
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIXI STATE-OWNED CAPITAL 8.60 01/02/21 CNY 20.30
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.20
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.07
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 47.20
HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 40.73
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.05
HANGZHOU CITY CONSTRUCTIO 3.80 03/14/23 CNY 60.00
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 20.45
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.12
HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 59.16
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 20.57
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 20.67
HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 72.89
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 61.22
HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 60.62
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 20.56
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.27
HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.15
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.49
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.44
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.48
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 20.56
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.32
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 CONST 4.10 11/16/21 CNY 59.92
HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.70
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99
HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.59
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.46
HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 64.27
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.36
HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.10
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.22
HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.93
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.80
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.22
HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.81
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.74
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28
HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.05
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50
HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.10
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00
HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 59.75
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 20.39
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.84
HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.67
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 40.68
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 20.40
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.80
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.52
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 31.83
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 64.10
HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 60.12
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 40.90
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.79
HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.21
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 20.42
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.85
HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.01
HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 58.96
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50
HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 40.52
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.33
HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.00
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.11
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.10
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.34
HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.65
HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.26
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 21.65
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 20.60
HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.27
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.60
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 20.42
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.37
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 41.14
HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 63.00
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.41
HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 60.17
HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.05
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.44
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.25
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 41.29
HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 40.00
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 45.50
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 41.28
HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.24
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.11
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.57
HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 22.25
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 20.48
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.09
HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 60.06
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.84
HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.82
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 59.54
HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 58.73
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 40.22
HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.50
HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.48
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 39.47
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 74.05
HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.84
HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.31
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.30
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.50
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.36
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.36
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.20
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.42
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.00
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.17
HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.16
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38
HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.78
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.40
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.38
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.20
INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 39.06
INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 38.90
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00
INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.02
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 59.80
JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.86
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.43
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.27
JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.26
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 20.44
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 20.48
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 41.10
JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 40.99
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.19
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 61.28
JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 60.32
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 61.51
JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 60.41
JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 61.00
JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 60.54
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.50
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.61
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.00
JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 40.84
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 20.22
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.06
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 20.49
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.88
JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.98
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 25.00
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 20.34
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.42
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.00
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10
JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.07
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.69
JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 40.91
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 40.78
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 20.51
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 60.00
JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 59.99
JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 58.33
JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.18
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 59.62
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 70.07
JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.59
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.70
JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.37
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 29.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 20.45
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.15
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.66
JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.31
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75
JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.47
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 69.27
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 42.86
JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 39.81
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 20.30
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 20.55
JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 59.79
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.47
JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00
JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.55
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95
JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.90
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 60.54
JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 59.22
JILIN NORTHEAST SOCK INDU 7.50 05/19/22 CNY 71.71
JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.84
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 20.11
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.49
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.48
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 20.37
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.60
JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50
JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.34
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.04
JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.33
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.00
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.58
JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.52
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.14
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 31.76
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 30.99
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.15
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57
JINGMEN DONGBAO DISTRICT 4.44 07/22/23 CNY 20.00
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 60.70
JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80
JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.27
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.96
JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.68
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33
JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 40.86
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 40.73
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.02
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 58.31
JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 57.68
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 61.36
JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 60.92
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.28
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.29
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.32
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 20.32
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 39.97
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 40.92
JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 39.55
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.88
JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.49
JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.40
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.39
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.13
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.24
KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.23
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.26
KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 24.15
KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 22.30
KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.87
KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.38
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 25.45
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 20.45
KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 20.45
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.60
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.35
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 40.16
LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 34.90
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.59
LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.39
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.54
LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.53
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.85
LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.65
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60
LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.62
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.31
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.45
LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.29
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 60.11
LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 59.94
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 60.68
LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 58.54
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 60.77
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.28
LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 58.75
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.55
LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.49
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.11
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.10
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.09
LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00
LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.57
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.68
LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.66
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.12
LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.11
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30
LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.10
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.43
LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.39
LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 40.77
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.17
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.46
LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.45
LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 63.68
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.44
LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.45
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.30
LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.24
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 20.47
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.81
LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.43
LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.42
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.56
LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.40
LU'AN CITY CONSTRUCTION I 5.05 04/26/21 CNY 50.59
LU'AN CITY CONSTRUCTION I 3.97 02/22/21 CNY 50.20
LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.20
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.96
LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.00
LUOHE CITY INVESTMENT HOL 5.25 09/11/20 CNY 40.07
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.38
LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.10
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.64
LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 74.03
LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.58
LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.57
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00
MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 40.61
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 40.64
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.83
MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.20
MEISHAN ASSET MANAGEMENT 7.84 02/26/21 CNY 20.38
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.36
MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.14
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 60.04
MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 59.08
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 40.84
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.09
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.07
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00
MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 59.79
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 45.00
MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 41.33
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.53
NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.39
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 20.58
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.72
NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.04
NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 70.01
NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 40.10
NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 65.41
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 60.57
NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 59.89
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29
NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.74
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 60.60
NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 59.64
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 60.15
NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 59.76
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 46.17
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 26.80
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 20.59
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 59.12
NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 24.80
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 20.49
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.60
NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.54
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.08
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.03
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 20.46
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.96
NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 61.50
NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 59.46
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52
NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 60.82
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.57
NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 61.88
NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 60.80
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.16
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.00
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 20.68
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.44
NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.43
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.61
NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 20.47
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.84
NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.67
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 20.42
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 41.32
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.66
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.00
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.70
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.69
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.30
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.10
NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.40
NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 59.79
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 20.54
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 60.27
NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 59.03
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.38
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.73
PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.71
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.92
PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.00
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.45
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.36
PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00
PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 49.00
PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 61.16
PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 60.61
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.66
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.36
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.08
PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.33
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.07
PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.00
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 59.60
PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 58.74
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.54
PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.21
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00
PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.77
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 40.85
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 59.58
PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.19
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.44
PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.19
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.29
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.60
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.39
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 40.87
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 57.68
QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.65
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 59.98
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 21.00
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 20.63
QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 39.60
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 59.13
QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 58.70
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 60.75
QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 59.95
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 60.01
QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.61
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.61
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 20.59
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.52
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.92
QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.41
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 46.38
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 20.46
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.30
QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 40.64
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00
QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.65
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 20.39
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 60.40
QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 59.67
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 60.51
QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 59.95
QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.40
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 35.20
QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 56.23
QINGHAI STATE-OWNED ASSET 5.90 12/17/22 CNY 56.20
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.30
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 27.50
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 20.34
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 60.87
QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 59.02
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 20.41
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.23
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.04
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.00
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.80
QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.73
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.35
QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.34
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 59.17
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 22.55
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 20.38
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.56
QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.15
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.51
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 20.33
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 20.59
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.32
RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.03
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 59.86
RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.72
RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.54
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 25.90
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 20.59
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 20.42
RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.29
RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 78.32
RUGAO COMMUNICATIONS CONS 3.74 03/23/23 CNY 59.81
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 60.05
RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 59.85
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.45
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.48
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.54
RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 58.97
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.93
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 59.76
RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.32
RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 58.90
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30
RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 50.66
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.86
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.58
SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 59.44
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00
SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 40.68
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.42
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.80
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 61.01
SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.06
SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 66.04
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.95
SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.24
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 40.77
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 20.78
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 42.45
SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 41.01
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 24.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 20.78
SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84
SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.10
SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.36
SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.00
SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 18.95
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.52
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.75
SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.27
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.90
SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.64
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.68
SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.49
SHANGHAI PUTAILAI NEW ENE 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.75
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.14
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.80
SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.34
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 31.53
SHANTOU INVESTMENT & FINA 7.99 03/04/24 CNY 64.64
SHANXI INTERNATIONAL ELEC 5.88 05/24/22 CNY 62.60
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 69.90
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39
SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 60.54
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.83
SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 41.35
SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 40.62
SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 41.07
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.93
SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 41.56
SHAOXING KEYAN CONSTRUCTI 6.28 03/24/22 CNY 40.00
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 23.90
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 20.32
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.33
SHAOXING SHANGYU ECONOMIC 4.76 04/11/23 CNY 60.32
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.12
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 40.61
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.32
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 59.77
SHAOYANG DULIANG INVESTME 5.50 04/13/23 CNY 57.99
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.78
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 20.69
SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 20.53
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 41.00
SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 41.26
SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 39.73
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 40.59
SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 63.79
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 46.42
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 63.25
SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 40.91
SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 41.40
SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 41.17
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.71
SHIYAN STATE-OWNED CAPITA 6.58 08/20/21 CNY 40.00
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAPITA 6.88 10/11/20 CNY 20.12
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.07
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.24
SHUCHENG COUNTY URBAN CON 5.50 04/29/23 CNY 61.23
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00
SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.53
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.47
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 20.00
SICHUAN CHENG'A DEVELOPME 7.18 09/12/20 CNY 20.06
SICHUAN COAL GASIFICATION 7.00 04/18/23 CNY 60.32
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.85
SICHUAN LANGZHONG FAMOUS 5.60 04/19/23 CNY 59.51
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 60.87
SICHUAN LONGYANG TIANFU N 5.45 05/27/23 CNY 59.92
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.73
SICHUAN NAXING INDUSTRIAL 6.80 08/18/22 CNY 74.72
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 58.53
SICHUAN NAXING INDUSTRIAL 4.68 03/31/23 CNY 57.62
SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.42
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 40.84
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.77
SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.73
SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.30
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.56
SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.06
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.58
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.00
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.63
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 20.58
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.45
SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 20.42
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 39.85
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 59.19
SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 58.41
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.48
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 20.70
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.38
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.55
SUIZHOU HIGH-TECH INDUSTR 4.47 03/25/23 CNY 59.17
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 41.20
SUIZHOU URBAN CONSTRUCTIO 7.18 09/02/21 CNY 40.67
SUIZHOU YULONG WATER SUPP 6.10 03/28/23 CNY 59.76
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 40.06
SUNSHINE KAIDI NEW ENERGY 6.12 08/23/20 CNY 29.01
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.15
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.97
SUZHOU CITY CONSTRUCTION 3.89 03/24/23 CNY 59.94
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.07
SUZHOU CITY HENGCHENG CON 4.40 03/01/23 CNY 60.06
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 20.39
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.66
SUZHOU NEW & HIGH-TECH IN 4.18 03/23/23 CNY 59.06
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.47
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.53
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.23
SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 40.98
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 20.40
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 60.62
TAIAN TAISHAN HOLDINGS CO 5.50 04/26/23 CNY 59.76
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.70
TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 20.16
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65
TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.22
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.31
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 59.74
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.39
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 20.00
TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.10
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.19
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 20.42
TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.45
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.14
TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 44.00
TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 41.27
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.12
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 60.78
TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 59.56
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.60
TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.07
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 20.28
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.99
TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.95
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.10
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.19
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.09
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 20.22
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.06
TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.69
TIANJIN BOHAI STATE-OWNED 3.82 04/18/23 CNY 59.25
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.24
TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.51
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 45.65
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 58.36
TIANJIN GUANGCHENG INVEST 5.40 04/20/23 CNY 57.75
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 44.47
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 39.74
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 39.00
TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.37
TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 40.87
TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 40.83
TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.36
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 40.59
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.24
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.10
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.00
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.38
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.00
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.20
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.19
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 20.44
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.92
TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.02
TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 73.17
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 20.39
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.03
TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 73.92
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 39.20
TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 24.94
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.60
TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.77
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.40
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.34
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.32
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16
TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.00
TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 59.63
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.09
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.61
TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 65.51
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 41.38
TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 40.85
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT D 8.39 04/25/22 CNY 51.68
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 61.51
ULANQAB JINING DISTRICT G 6.16 03/24/23 CNY 58.74
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 41.19
URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.46
WAFANGDIAN COASTAL PROJEC 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 61.05
WANGCHENG ECONOMIC DEVELO 3.75 07/13/23 CNY 59.77
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 41.07
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 25.35
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39
WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.18
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 59.13
WEIHAI URBAN CONSTRUCTION 3.33 03/02/23 CNY 58.40
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 59.02
WEIHAI WENDENG URBAN PROP 4.80 05/26/23 CNY 58.50
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.86
WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 59.41
WENDENG GOLDEN BEACH INVE 3.97 03/21/23 CNY 58.48
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.78
WENZHOU CITY CONSTRUCTION 5.00 04/26/23 CNY 61.45
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.69
WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.22
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.46
WENZHOU GANGCHENG DEVELOP 5.19 03/29/23 CNY 60.19
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.63
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.60
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 20.59
WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.40
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 CONSTRUCTION I 8.19 04/21/21 CNY 20.50
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 5.39
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.38
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02
WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 40.68
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.53
WUHAN JIANGXIA URBAN CONS 4.80 06/03/23 CNY 60.32
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 20.40
WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 40.46
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 60.05
WUHU COMMUNICATIONS INVES 4.50 04/28/23 CNY 59.99
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 40.70
WUHU JINGHU CONSTRUCTION 4.37 07/20/23 CNY 59.59
WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 59.78
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.68
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 60.56
WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 59.50
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 40.69
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.51
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.40
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.27
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.10
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 60.07
WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.45
WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.02
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.13
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.11
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 61.05
WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 60.64
WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.12
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.11
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 20.53
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.40
XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 59.68
XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 64.80
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 28.99
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 20.17
XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 37.79
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.75
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.73
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 20.26
XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.96
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 19.99
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 60.30
XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 59.54
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.88
XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.66
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 23.38
XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 20.42
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.15
XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 59.97
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 45.00
XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 40.60
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 60.27
XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 59.95
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.50
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.45
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69
XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 40.46
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 20.52
XIAOGAN URBAN CONSTRUCTIO 3.94 07/05/21 CNY 63.12
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 20.51
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.54
XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.42
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 60.16
XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 59.81
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 42.71
XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 41.82
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.71
XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.21
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 58.46
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 20.40
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.83
XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.81
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 34.44
XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 33.49
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.75
XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.73
XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 20.49
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.27
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.32
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.14
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 40.93
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 27.00
XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.24
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 41.39
XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 40.95
XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 25.25
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 20.37
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.28
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 60.10
XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 59.32
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00
XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 40.78
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.32
XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.15
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 20.67
XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.34
XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 59.60
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.00
XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.78
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.03
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 20.49
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 20.59
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 21.00
XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 20.60
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46
XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.06
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 20.15
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.60
YANCHENG DAFENG DISTRICT 8.70 01/24/21 CNY 20.44
YANCHENG DAFENG DISTRICT 8.50 12/30/20 CNY 20.37
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.40
YANCHENG HIGH-TECH ZONE I 3.90 12/14/22 CNY 60.05
YANCHENG ORIENTAL INVESTM 6.48 09/15/21 CNY 40.33
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 40.63
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.92
YANCHENG YANDU DISTRICT S 3.67 03/17/23 CNY 58.56
YANGJIANG HENGCAI CITY IN 6.24 04/14/22 CNY 41.17
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.15
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 20.07
YANGZHONG CITY INVESTMENT 5.15 06/03/23 CNY 60.95
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.70
YANGZHONG TRANSPORTATION 4.98 04/07/23 CNY 60.43
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 60.36
YANGZHONG TRANSPORTATION 4.95 04/07/23 CNY 59.55
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.40
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.89
YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.00
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 46.63
YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 41.14
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.03
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.00
YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 60.03
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 59.99
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 20.30
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.63
YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 23.47
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 20.47
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.70
YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 20.41
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 20.53
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 39.17
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.79
YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 58.48
YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.99
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18
YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 60.90
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00
YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.85
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 20.51
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION IN 4.31 12/07/22 CNY 60.27
YIWU URBAN & RURAL NEW CO 4.25 11/24/21 CNY 50.03
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 41.10
YIXING CITY CONSTRUCTION 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 23.50
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 20.37
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUSTRY 7.00 03/30/22 CNY 40.62
YONG ZHOU CITY CONSTRUCTI 7.30 10/23/20 CNY 20.13
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.69
YONGJIA INVESTMENT GROUP 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.86
YONGXING YINDU CONSTRUCTI 5.60 03/24/23 CNY 59.42
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 60.50
YONGZHOU ECONOMIC CONSTRU 3.55 01/14/23 CNY 59.30
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUANAN COUNTY QIFENG CITY 5.50 05/27/23 CNY 59.79
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.39
YUEYANG CITY DONGTING NEW 6.15 03/20/22 CNY 40.18
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.07
YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 78.50
YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 60.28
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 40.83
YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.55
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 61.30
YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 60.50
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 20.50
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 20.63
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.09
YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.45
ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.43
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.05
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 20.41
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 20.50
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 62.67
ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 60.14
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90
ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.70
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.93
ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.00
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.60
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.47
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.15
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 41.28
ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 40.00
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.49
ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 20.40
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 40.52
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 24.00
ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 20.63
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.03
ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.48
ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 41.06
ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 40.00
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.03
ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 40.72
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.03
ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.45
ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.02
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.08
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.39
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.30
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.13
ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 60.81
ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 58.76
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 20.36
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.34
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 60.49
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00
ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 59.87
ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.42
ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.49
ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 23.88
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 20.27
ZHOUSHAN DINGHAI CITY CON 6.67 07/20/22 CNY 40.62
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 40.70
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.12
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 56.42
ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 55.80
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.90
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.66
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.63
ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.26
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.09
ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 41.16
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.28
ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.16
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.85
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.55
ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.00
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.46
ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.04
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.78
ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.15
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.42
ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.74
ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.46
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.15
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 58.49
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 57.36
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 59.03
ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 56.21
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 69.70
ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 67.66
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 52.98
HONG KONG
---------
HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 75.00
DR PENG HOLDING HONGKONG 7.55 12/01/21 USD 71.48
INDIA
-----
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 67.09
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 65.58
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.92
DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.78
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 67.77
INDONESIA
---------
3I INFOTECH LTD 2.50 03/31/25 USD 4.27
AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 24.80
AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 24.76
APG HABITAT PVT LTD 1.00 09/09/28 INR 58.45
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 42.31
APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 40.52
AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.94
AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.78
BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.95
CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 66.57
CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 60.51
CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 37.55
DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 26.17
DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 44.15
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 46.92
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 69.72
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 67.38
EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 64.09
EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 63.13
EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 61.38
FUTURE RETAIL LTD 5.60 01/22/25 USD 64.42
FUTURE RETAIL LTD 5.60 01/22/25 USD 58.28
GREEN URJA PVT LTD 0.01 02/14/30 INR 46.68
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 58.94
HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 55.19
INDIABULLS HOUSING FINANC 6.38 05/28/22 USD 72.79
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTURES 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 26.84
JTPM ATSALI LTD 0.01 08/29/48 INR 10.98
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 25.50
KRIBHCO INFRASTRUCTURE LT 1.00 04/15/26 INR 72.34
MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 66.62
MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 30.05
MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 27.55
MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 27.55
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 26.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 70.17
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 65.42
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 60.97
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 56.83
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 53.01
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 49.56
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 46.44
PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 43.64
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.23
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 69.66
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 65.67
REI AGRO LTD 5.50 11/13/14 USD 0.56
REI AGRO LTD 5.50 11/13/14 USD 0.56
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.64
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.63
SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 67.08
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61
TN URJA PVT LTD 0.10 02/22/36 INR 29.18
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.25
WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 56.26
WS T&D LTD 0.10 03/24/29 INR 50.57
ZYDUS FOUNDATION 0.10 03/25/25 INR 70.08
INDONESIA
---------
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 0.99 11/27/26 JPY 73.14
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 67.88
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 66.72
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 60.98
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 46.42
KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 75.01
KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 72.52
KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 71.76
KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 70.93
KIBO ABS SPECIALTY CO LTD 5.00 02/24/23 KRW 69.67
KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.39
LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.65
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.91
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
SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 73.25
SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 73.15
SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 72.71
SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 71.61
SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 71.29
SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 71.14
SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 70.92
SINBO SECURITIZATION SPEC 5.00 07/24/23 KRW 69.29
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99
SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 68.82
SINBO SECURITIZATION SPEC 5.00 06/27/23 KRW 68.30
SINBO SECURITIZATION SPEC 5.00 08/29/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 67.10
SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 67.08
SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 07/24/22 KRW 67.07
SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 66.75
SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 66.74
SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.38
SINBO SECURITIZATION SPEC 5.00 06/27/22 KRW 66.06
SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.30
SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 64.09
SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 63.13
SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 62.72
SRI LANKA
---------
SRI LANKA DEVELOPMENT BON 5.66 05/01/23 USD 74.36
SRI LANKA DEVELOPMENT BON 4.57 01/22/23 USD 73.78
SRI LANKA DEVELOPMENT BON 4.38 01/22/23 USD 73.73
SRI LANKA DEVELOPMENT BON 4.35 03/16/23 USD 72.52
SRI LANKA DEVELOPMENT BON 4.26 05/01/23 USD 71.48
SRI LANKA DEVELOPMENT BON 4.22 05/01/23 USD 71.39
SRI LANKA DEVELOPMENT BON 6.87 01/22/25 USD 70.12
SRI LANKA DEVELOPMENT BON 6.75 01/22/25 USD 69.75
SRI LANKA DEVELOPMENT BON 6.50 01/22/25 USD 68.98
SRI LANKA DEVELOPMENT BON 6.02 01/22/25 USD 67.51
SRI LANKA DEVELOPMENT BON 5.98 01/22/25 USD 67.39
SRI LANKA DEVELOPMENT BON 4.90 01/22/25 USD 63.84
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.17
SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.06
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.56
SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.49
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.43
SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.26
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.50
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 67.43
SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.17
SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 66.98
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.61
SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.50
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.97
SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.88
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.50
SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.38
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 64.25
SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 63.98
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.56
SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.43
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 51.00
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 0.85
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.52
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.24
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.01
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.50
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.01
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.62
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 74.53
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 73.38
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 72.10
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 70.84
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.17
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 50.54
APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 51.27
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.64
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 50.67
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 27.38
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 51.89
GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 46.51
GOLDEN ENERGY & RESOURCES 9.00 02/14/23 USD 73.94
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 GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 31.05
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 77.65
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.55
MODERNLAND OVERSEAS PTE L 6.95 04/13/24 USD 29.23
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.76
MULHACEN PTE LTD 6.50 08/01/23 EUR 41.30
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.92
ORO NEGRO DRILLING PTE LT 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 67.56
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 62.17
SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 46.62
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 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
THAILAND
--------
MDX PCL 4.75 09/17/03 USD 22.88
G STEEL PCL 3.00 10/04/15 USD 0.55
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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