/raid1/www/Hosts/bankrupt/TCRAP_Public/200908.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, September 8, 2020, Vol. 23, No. 180
Headlines
A U S T R A L I A
AUSTRALIAN ASSOCIATED: Newswire Turns to Crowdfunding
NOVACASTRIAN TRADE: Second Creditors' Meeting Set for Sept. 15
REDSTAR TRANSPORT: Court OKs Liquidators Remuneration Application
VIVA ENERGY: 'Unrealistic' Victorian Road Map Could Force Closure
C H I N A
21VIANET GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
BINHAI INVESTMENT: Fitch Alters Outlook on BB+ LT IDR to Positive
RONGAN PROPERTY: Moody's Assigns First Time B2 CFR, Outlook Stable
SHIMAO GROUP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
ZHONGYUAN ASSET: Moody's Withdraws Ba1 CFR for Business Reasons
[*] CHINA: Developers Face Harsh Liquidity Test with Looming Curbs
H O N G K O N G
LIONBRIDGE CAPITAL: Moody's Alters Outlook on B1 CFR to Positive
I N D I A
ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to C
ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to C
BROOKS LABORATORIES: CARE Lowers Rating on INR27.46cr Loan to D
CHEEKA RICE: CARE Lowers Rating on INR8cr LT Loan to C
DISH INFRA: CARE Lowers Rating on INR1,024cr LT Loan to B+
DISH TV: CARE Raises Rating on INR600cr Bank Loan From D
EVERSHINE SOLVEX: CARE Keeps D on INR14cr Loans in Not Cooperating
G3S BUILDERS: CARE Lowers Rating on INR12cr LT Loan to C
GANESH EDUCATION: CARE Keeps D on INR7cr Debt in Not Cooperating
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GLOBALITE INDUSTRIES: CARE Lowers Rating on INR12.60cr Loan to C
HUMBLE HOSPITALITY: CARE Keeps D on INR6cr Debt in Not Cooperating
INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
JB GOLD: CARE Keeps D on INR9cr Loans in Not Cooperating
MEC SHOT: CARE Keeps D on INR12cr Loans in Not Cooperating
RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
RNR IMPORTS: CARE Keeps D on INR12cr Loans in Not Cooperating
ROSHNI JEWELLERS: CARE Keeps D on INR9cr Loan in Not Cooperating
SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
THEMIS MEDICARE: CARE Reaffirms D Rating on INR73.25cr Loan
TML HOLDINGS: Moody's Cuts GBP98MM Sr. Unsecured Notes to Ba1
VINTAGE HOME: CARE Keeps D on INR5.75cr Loans in Not Cooperating
[*] Banks Told to Roll Out Loan Restructuring Scheme by Sept. 15
I N D O N E S I A
PT MODERNLAND REALTY: S&P Cuts US$150MM Unsec. Notes Rating to 'D'
J A P A N
NISSAN MOTOR: Received Record JPY130 Billion State Loan Guarantee
[*] JAPAN: Nearly 500 Firms Go Bankrupt Since Start of Covid-19
X X X X X X X X
BOND PRICING: For the Week Aug. 31 to Sept. 4, 2020
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A U S T R A L I A
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AUSTRALIAN ASSOCIATED: Newswire Turns to Crowdfunding
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Agence France-Presse reports that the Australian Associated Press
(AAP) launched a crowdfunding campaign on Sept. 7 as the newswire
struggles with financial pressures just a month after it was sold
off and relaunched as a non-profit.
According to the AFP, CEO Emma Cowdroy said AAP was facing
aggressive competition from a new rival, NCA, created by News Corp
after the Rupert Murdoch-owned media giant backed out of its role
as the leading shareholder in the national newswire.
She said News Corp now intends to "rapidly re-enter the commercial
sector" with NCA.
"The well-funded move threatens AAP's unique role, supplying
independent content" to smaller Australian publishers, she said in
a statement, AFP relays.
Ms. Cowdroy added the move would "create further disruption to AAP,
and in turn the media market more generally, at a time when the
industry is on its knees".
AAP was relaunched in early August by a philanthropist-led
consortium just months after staff were told the company would
shutter as challenges in the media sector were exacerbated by the
economic fallout of the coronavirus pandemic, according to AFP.
In March, News Corp and broadcasting and newspaper group Nine
Entertainment pulled their support for AAP in a surprise decision
that fuelled fears of further concentration of an Australian media
landscape already dominated by a handful of companies, AFP says.
AFP relates that News Corp then launched NCA, hiring a number of
journalists, including several former AAP staff, to provide
coverage to the company's many newsrooms of topics previously
supplied by the national newswire.
According to AFP, The Guardian reported on Sept. 7 that News Corp
planned to offer NCA content to other Australian news organisations
once a non-compete clause with AAP expires at the end of this
year.
Facing the prospect of that competition from its former owner, AAP
is aiming to raise AUD500,000 (US$364,000) through the fundraising
campaign, which had attracted several thousand dollars in donations
shortly after launching, AFP says.
"As our media customers struggle in the toughest advertising market
in modern history and as the government struggles to find a way to
support media competition and diversity, we are reaching out to all
Australians for their help," AFP quotes Ms. Cowdroy as saying.
The newswire cut about half of its staff before relaunching what it
previously said would be a slimmed-down "sustainable" operation,
the report states.
Smaller local publishers rely on its national coverage of news,
sport and politics to bolster their own content, AFR notes.
NOVACASTRIAN TRADE: Second Creditors' Meeting Set for Sept. 15
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A second meeting of creditors in the proceedings of Novacastrian
Trade Services Pty Ltd has been set for Sept. 15, 2020, at 10:00
a.m. via teleconference only.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2020, at 5:00 p.m.
Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of Novacastrian Trade on Aug. 14,
2020.
REDSTAR TRANSPORT: Court OKs Liquidators Remuneration Application
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ATN reports that new details have emerged on the complex company
structure of Redstar Transport and its liquidation process, which
has been ongoing since December 2018.
According to ATN, liquidators Martin Francis Ford and Stephen
Graham Longley recently applied to the Victorian Supreme Court
under section 65-45 of the Insolvency Practice Schedule (IPS) of
the Corporations Act to have their remuneration approved and bypass
certain funds-handling compliance provisions to hasten Redstar's
wind-up.
ATN notes that Section 64-45 empowers the court to make directions
regarding the payment, deposit or custody of money payable to, or
held by, an external administrator of a company.
The Redstar Group comprised seven companies operating as an
integrated business structure under which each entity was dependent
on at least one other entity for its operational needs and support
services, ATN discloses citing court documents.
These included: Redstar Transport Pty Ltd, Redstar Transport
Services Pty Ltd, Redstar Transport Operations Pty Ltd, Redstar
Transport Linehaul Pty Ltd, Villacare Pty Ltd, Redstar Transport
Trucks Pty Ltd.
Five of the seven companies within the Redstar Group had agreed,
pursuant to a deed of cross-guarantee, to provide reciprocal
guarantees for each other's liabilities and fulfilment of
obligations.
Redstar Operations was the main trading entity and managed the
group's operations and finances.
At the time of its collapse, the Redstar Group had 43 secured
creditors, about 225 ordinary unsecured creditors (other than
related third party creditors from within the Redstar Group), and
approximately 365 employee creditors.
The liquidators, appointed on December 20, 2018, were approved for
AUD103,095.50 for more than 112 hours of work, according to ATN.
ATN relates that the liquidators also applied to have the balance
of dividends payable relating to the intercompany loans and certain
external unsecured creditors deducted, or 'netted off', and the net
amount paid from Redstar Operations, to allow them to them to "wind
up the Redstar Group entities more quickly and efficiently than
undertaking individual dividend processes for each Redstar Group
entity".
ATN says the liquidators claimed that if the dividends were
declared and paid in the usual way, "an unwieldy round robin" of
payments between various Redstar Group entities would result with
further costs and delay associated with declaring and paying
multiple dividends.
The Supreme Court approved the application, the report notes.
At the time of Redstar's collapse, Messrs. Ford and Longley told
ATN Redstar had no cash available for the liquidation and the
liquidators were "doing everything we can in the circumstances to
manage the fallout".
A nationwide asset sale via auction house Pickles followed in
2019.
One former Redstar director, Sean Williams, now lists himself as
CEO of investment management firm Growth Farms, while another, John
Dixon, was last year appointed to the board of AustralianSuper as a
representative of employers' organisation the Ai Group, adds ATN.
VIVA ENERGY: 'Unrealistic' Victorian Road Map Could Force Closure
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Dominic Powell at The Sydney Morning Herald reports that the head
of major fuel refiner Viva Energy has criticised the Victorian
government's COVID-19 road map as unrealistic, warning the company
may be forced to close its Geelong oil refinery for good if
restrictions are not eased by November.
According to the report, Viva has been mulling its options for the
Geelong site since the virus and its related restrictions on both
international and local travel wiped out demand for fuel. However,
the recent stage three and four lockdown in Victoria has
exacerbated the issue, prompting the company to consider a full
shutdown of the plant.
SMH relates that Chief executive Scott Wyatt said the state
government's current road map out of stage three and four
restrictions, revealed on Sept. 6, would mean the plant may be able
to return to full production by late November.
However, Mr. Wyatt said the hurdles for hitting that easing of
restrictions did not seem "realistic or achievable".
"They've provided a road map, but it's a long road map, and there
are some high hurdles that we have to clear to get there," the
report quotes Mr. Wyatt as saying.
"For us to reopen, we have to have five cases per day for two
weeks, well NSW doesn't have that today and yet they have a fully
functioning state. So why do our hurdles have to be so high?"
"I don't pretend to understand all the challenges and the
decisions, but we all need a pathway out of this that we can be
confident in and that seems realistic and achievable. And I'm not
sure that hit the mark yesterday [Sept. 6]."
Viva's Geelong plant employs approximately 700 workers and is
Australia's second-largest refinery, processing up to 120,000
barrels of oil a day and supplying around 10 per cent of the
nation's liquid fuel needs. The company also operates Shell-branded
petrol stations across Australia.
The refinery sunk to a AUD50 million loss last month and is
currently operating at just 60 per cent capacity while also
undergoing maintenance works, SMH discloses. Viva shares fell 0.31
per cent to AUD1.595 on Sept. 7.
The federal government is developing a support package for the
sector, which Mr. Wyatt said was well underway, though he did not
specify what kind of support measures it might include, SMH adds.
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C H I N A
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21VIANET GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
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S&P Global Ratings affirmed its long-term issuer credit rating on
21Vianet Group Inc. and the issue rating on the company's senior
unsecured notes at 'B'.
21Vianet's leverage could remain high due to the company's growth
appetite. Strong domestic demand for IDC services is likely to spur
21Vianet's appetite for growth and push up leverage (ratio of debt
to adjusted EBITDA) over the next 24 months. This is even though
the ratio is likely dip below 5.0x over the next 12 months
following an equity issuance of about Chinese renminbi (RMB) 2.7
billion. S&P forecasts the ratio will be about 5.0x in 2020, fall
to below 5.0x in 2021, and rebound to about 5.0x in 2022.
S&P said, "We expect 21Vianet to maintain high investment spending,
given good take-up for its new IDC facilities. We forecast the
company's capital expenditure (capex) will be RMB3.2 billion-RMB3.4
billion in 2020 and RMB3.4 billion-RMB3.8 billion annually in 2021
and 2022. This compares with capex of RMB1.3 billion in 2019. We
forecast free operating cash flow deficit will be RMB2.0
billion-RMB2.4 billion annually in 2020 and 2021."
21Vianet may also selectively acquire existing IDC assets to
accelerate its expansion. For example, it acquired a 10 megawatt
mature IDC project in Shanghai in the second quarter of 2020. Such
projects are usually in favorable locations and already have high
utilization and reasonable valuation. However, they are still more
expensive than self-built projects.
21Vianet has a large debt maturity approaching, but its access to
capital markets is also improving. Liquidity pressure could
increase beyond the next 12 months, given the company's heavy
investment spending and US$300 million notes (RMB2.1 billion)
maturing in October 2021. However, 21Vianet's access to capital
markets is also improving. It has used a variety of funding
sources, including convertible notes, preferred shares, and equity,
in the past several months.
Strong demand supports 21Vianet's capacity expansion and
profitability over the next two to three years. S&P forecasts the
company's adjusted EBITDA margins will improve to 33%-36% over the
next two years, from 33.4% in 2019, given rising cabinet
utilization and stable monthly recurring revenue per cabinet.
IDC demand has remained resilient during the COVID-19 pandemic,
likely due to increased use of digitalization and cloud-based
applications. Utilization for 21Vianet's mature cabinets built
before 2019 has increased steadily to 73.6%. Overall utilization
also improved quarter-on-quarter despite record cabinet additions
during the second quarter. This supports the company's efforts to
grow capacity over the next several years.
Rising wholesale IDC projects, given 21Vianet's improving
relationship with internet companies in China such as Alibaba Group
Holding Ltd., could also bolster utilization and operating cash
flow. However, this will require a higher initial investment and
provide a lower internal rate of return compared with IDCs for
retail customers.
S&P said, "The stable outlook reflects our expectation that
21Vianet will ambitiously expand capacity over the next two to
three years. We therefore expect elevated debt leverage and
significant negative free cash flow over the next 12-24 months.
This is despite a near-term improvement in leverage to below 5.0x
following the recent equity issuance.
"We could downgrade 21Vianet if its debt-funded expansion is
significantly higher than our base case, leading to EBITDA interest
coverage falling below 2x or a surge in the debt-to-EBITDA ratio.
"We could also lower the rating if 21Vianet's liquidity
deteriorates. This could happen if its short-term debt maturities
increase dramatically without a concrete refinancing plan, or if
the company faces difficulty in financing its sizable investments.
"We could raise the rating if we believe 21Vianet will maintain a
debt-to-EBITDA ratio below 5.0x. This could happen if the company
can significantly grow its profitability and operating cash flow
while remaining disciplined in debt-funded expansion."
BINHAI INVESTMENT: Fitch Alters Outlook on BB+ LT IDR to Positive
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Fitch Ratings has revised China-based city-gas operator Binhai
Investment Company Limited's (Binhai) Outlook to Positive from
Stable and affirmed its Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed
Binhai's senior unsecured rating and the rating on its USD300
million senior unsecured bond due 2020 at 'BB+'.
Binhai's ratings are based on a one-notch uplift to its standalone
credit profile (SCP) of 'bb', reflecting moderate likelihood of
support from the Tianjin Municipal Government, under Fitch's
Government-Related Entities (GRE) Rating Criteria.
The Positive Outlook mainly reflects Fitch's expectation that
Binhai's SCP may improve in the medium term due to enhanced
profitability arising from lower gas procurement cost and better
access to funding, after the completion of the strategic investment
from China Petroleum & Chemical Corporation (Sinopec) (A+/Stable).
Binhai's management told Fitch that the major regulatory hurdles
for the transaction have been cleared and the deal will be closed
very soon.
Sinopec will become Binhai's second-largest shareholder with a
29.99% stake after the deal closes, and will provide stable gas
supply at a lower cost to improve Binhai's dollar margins. Cost
savings from increased cooperation with Sinopec were evident in the
higher FFO and lower leverage in 1H20. Sinopec's shareholding could
also improve Binhai's funding capability and financial flexibility.
Fitch expects Binhai's FFO net leverage to trend below 4.0x over
the medium term, if synergies with Sinopec materialise, which may
lead to an upward assessment of its SCP.
Fitch expects Binhai to refinance its USD300 million bond due
November 2020, after the Sinopec transaction closes. Binhai has a
number of refinancing options, including bond issuance or loan
financing in the offshore market, borrowing from Sinopec's offshore
financing arms, and bond issuance in the domestic market, to bridge
any liquidity shortfalls. Fitch expects Sinopec to support Binhai's
refinancing efforts.
Binhai's likelihood of government support assessment under its GRE
criteria will remain unchanged after the deal completion, despite a
reduction in the Tianjin Municipal Government's ownership to 35.4%
from 60.2%, via Tianjin TEDA Investment Holding Co., Ltd. (TEDA),
as Fitch already assesses the 'Status, Ownership, Control' factor
as 'Weak'. Fitch does not expect the transaction to change its
assessments of the other three factors.
KEY RATING DRIVERS
Sinopec Deal to Complete Soon: Sinopec Great Wall Gas Investment
Co., Ltd. (Great Wall Gas) is buying new Binhai shares and existing
shares from TEDA. Transaction closing is taking longer than Fitch
expected as Great Wall Gas had to establish an offshore SPV to
complete the investment, which was approved by the Ministry of
Commerce on August 20. Binhai's management says registration with
the National Development and Reform Commission (NDRC) will be
completed early next week.
After NDRC registration, Sinopec will exchange Chinese yuan funds
into Hong Kong dollars and wire the funds offshore to complete the
transaction. Fitch understands from Binhai's management that
Sinopec has already secured the foreign-currency conversion quota
from the State Administration of Foreign Exchange and its bank;
hence, no additional administrative applications or approvals would
be required.
Deal Strategic to Sinopec: Fitch believes Sinopec's investment in
Binhai is strategic instead of just financial. Sinopec has been
closely involved to facilitate the regulatory and administrative
procedures, and it will be actively involved in Binhai's operations
and decision making upon deal closure. Binhai will provide Sinopec
with access to downstream gas users to secure gas demand and defend
its downstream market share against increasing competition, against
the backdrop of the establishment of China Oil and Gas Pipeline
Network Corporation.
Potentially Better Funding Ability: The transaction with Sinopec
will provide Binhai with HKD235 million of cash proceeds. The
USD300 million (HKD2.3 billion) notes represent around 90% of
Binhai's total debt, and Fitch expects the deal to reduce
refinancing risk for the notes. Binhai said it could have access to
Sinopec's centralised offshore cash pool after securing independent
shareholders' approval, as well as other refinancing options. Fitch
expects Sinopec's stake to improve Binhai's relationships with
financial institutions, which could help to diversify its funding
sources and cut its funding cost.
Enhanced Dollar Margins: Binhai had a much wider gas sales dollar
margin expansion of HKD0.08/cbm in 1H20 than the average of CNY
0.02-0.3/cbm of most other rated city gas peers. Fitch expects its
dollar margin to improve from 2H20 due to lower-cost gas from
Sinopec. The dollar margin of HKD0.45/cbm is still much weaker than
its peers' CNY0.6/cbm. This is due to Binhai's high procurement
cost in the heating season, and higher cost structure without
access to primary gas resources. These costs will come down in the
future, with gas from Sinopec as more connection lines to primary
gas resources are completed, and Sinopec starts offering price
discounts on the incremental gas sales volume in 2H20.
Fitch also expects Binhai's dollar margin volatility to decline in
the longer term. The newly introduced return-based gas distribution
tariff mechanism could help to ensure more timely cost
pass-through, while the strategic alliance with Sinopec could
ensure Binhai's procurement cost will be at least on a par with the
benchmark procurement cost at the city-gates.
New Connections Remain High: Fitch expects new connection growth to
remain at 10% over the medium term, given Sinopec's lower-cost gas,
and Binhai's accumulated user resources. Binhai's new residential
users grew 38%, and industrial users by 18%, in 2019. However,
connection revenue fell by 12%, due to delayed revenue recognition,
as contract liability for new connections rose by 68%. Some rated
peers' connection revenue fell sharply in 1H20 due to construction
disruptions in 1Q20, while Binhai's gas connection revenue grew by
44% yoy, driven by projects from 2019 and new-user growth of 38%.
Leverage to Decline: Fitch expects Binhai's leverage, in terms of
FFO net leverage, to fall to 3.9x in 2020 from 5.3x in 2019, helped
by a 32% rise in EBITDA. Equity proceeds from Sinopec will also
contribute to the deleveraging. Binhai's higher leverage in 2019
was due to delayed connection revenue recognition and a one-off
minority dividend distribution. FFO will benefit from a higher
dollar margin and connection growth, while net debt will rise due
to continued capex to support expansion. This will lead to FFO net
leverage of 3.7-3.8x in 2021-2023, which provides upside to its SCP
assessment.
Weak to Moderate Linkage with Government: The 'Weak' Status,
Ownership, Control assessment reflects the Tianjin government's
minimal involvement in Binhai's operations, and key investment and
financing decisions. The 'Moderate' assessment of support mainly
reflects the government's past support for Binhai's predecessor,
Wah Sang Gas Hld Ltd, between 2004 and 2009 when it was in
distress. Ongoing subsidies and grants have been minimal as Binhai
has been financially healthy. However, Fitch believes some moderate
support will be forthcoming if needed.
'Moderate' Socio-Political Implications of Default: Fitch assesses
the social-political implications of a Binhai default to be
'Moderate'. The company supplies around 50% of the gas in Tianjin's
Binhai New District, and a default may disrupt the public service.
However, the impact is unlikely to be significant as there are
alternative gas sources, and Binhai's share of the supply for the
whole of Tianjin is small.
'Moderate' Financial Implications of Default: The financial
implications of a default are also 'Moderate'. Binhai is smaller
than other Tianjin state-owned enterprises (SOEs). However, Binhai
is one of the few overseas listed companies and offshore bond
issuers held by the Tianjin government. A default may result in
reputational damage to Tianjin and weaken investor sentiment
towards other SOEs in Tianjin.
DERIVATION SUMMARY
Binhai's SCP is assessed at 'bb'. Binhai's scale is much smaller
than Fitch-rated city-gas distributors such as ENN Energy Holdings
Limited (ENN Energy, BBB/Stable), and its profitability is also
more volatile due to lower asset diversification, which makes it
more sensitive to gas procurement cost changes. Binhai's leverage
is also higher than ENN Energy, which has FFO net leverage of
around 2.0x.
Binhai's working- capital position is much healthier than Greenko
Energy Holdings (Greenko Energy, BB/Stable), and its counterparty
risk is materially lower. Greenko Energy does not have exposure to
fuel cost changes, but it faces volume risks due to the
intermittent nature of renewable power. Greenko Energy's EBITDA is
much larger than that of Binhai, but its financial metrics are much
weaker with expected net debt/EBITDA at 5.7x by FY24. Both
companies benefit from strong shareholder backing, which provides
them with higher financial flexibility.
Binhai's IDR incorporates a one-notch uplift for potential support
from the Tianjin municipality, under Fitch's Government-Related
Entities Rating Criteria. Compared with other GRE peers like
Shanghai Construction Group Co., Ltd. (BBB+/Stable), Binhai scores
'Weak' under status, ownership and control as the government has no
influence on its operational and financial activities. However, it
has a 'Moderate' assessment under the social-political implications
of default, while Shanghai Construction is assessed at 'Weak'. This
is because Shanghai Construction operates in purely commercial
businesses where its default will have limited consequences, while
Binhai's gas provision is closely linked to the wellbeing of its
users, especially during the winter heating season.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Gas sales volume, excluding pipeline gas transportation, to
increase by 10% in 2020, 21% in 2021, and around 13% per year in
2022-2023;
- Gas-connection volume to grow by around 10% per year in
2020-2023, slightly lower connection fee;
- Piped-gas transportation volume to decline in 2020, and
gradually rise to over 900 million cbm in 2022.
- Dollar margin for piped-gas sales to rise to HKD0.48/cbm in
2020, HKD0.53/cbm in 2021, and stabilise at around HKD0.55/cbm in
2022-2023;
- Capex and acquisition costs to remain high at HKD650
million-750 million in 2020-2023;
- Dividend pay-out ratio at 40%-50%, and redemption of redeemable
preference shares at 50% of common dividend.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch may revise Binhai's SCP to 'bb+' upon continued
improvement in profitability, FFO net leverage sustained below
4.0x, as well as evidence of stronger access to external
financing;
- Higher likelihood of support from Tianjin municipality
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch will revise the Outlook back to Stable if the company
does not meet the positive guidelines for its SCP.
- Failure to make material progress to refinance the USD300
million bond in a timely manner will lead to further negative
rating action.
LIQUIDITY AND DEBT STRUCTURE
Refinancing Risk Manageable: At end-June 2020, Binhai had available
cash of HKD491 million, and financial assets of HKD166 million,
which are mostly short-term wealth management products that can
serve as liquidity sources. Its short-term debt amounted to
HKD2,498 million, of which HKD2,315 million is the USD300 million
bond due in November, 2020. The rest of the debt are mainly
working-capital loans, and some scheduled repayments of long-term
debt. Fitch believes Binhai's cash on hand and available bank
credit facilities will be more than enough to cover the scheduled
repayments of long-term debt and expected negative free cash flow
(FCF), while working capital loans can be rolled over.
Binhai has several plans to refinance the US dollar bond, including
potential issuance in the offshore and onshore bond markets, and
offshore syndicated loans, or a combination of the two. Fitch
believes the refinancing risk will be manageable after the Sinopec
deal closes. Fitch is monitoring the refinancing progress, and will
re-assess the risk should the refinancing progress be slower than
expected.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
RONGAN PROPERTY: Moody's Assigns First Time B2 CFR, Outlook Stable
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Moody's Investors Service has assigned a first-time B2 corporate
family rating to Rongan Property Co., Ltd.
The outlook is stable.
RATINGS RATIONALE
"Rongan's B2 CFR reflects the company's long track record and
well-recognized brand as a residential property developer in
Ningbo, Zhejiang Province," says Cedric Lai, a Moody's Vice
President and Senior Analyst. "We expect the company's quality land
bank in its core cities of Ningbo, Wenzhou and Hangzhou, and its
mass-market business model will support its contracted sales over
the next 12-18 months."
"However, Rongan's B2 CFR is constrained by its small operating
scale, high geographic concentration and narrow funding access,
which will limit the company's financial flexibility," adds Lai.
Rongan has over 20 years of property development experience and is
an established brand in Zhejiang Province, having expanded in
recent years to several Zhejiang cities such as Hangzhou, Jiaxing
and Wenzhou.
Rongan's contracted sales fell about 15% to RMB19.7 billion in the
first eight months of 2020 compared to last year because of the
coronavirus outbreak. However, Moody's expects the decline in the
company's contracted sales will gradually narrow to 7% for the full
year of 2020, and return to positive growth of 15% in 2021,
supported by healthy housing demand in Rongan's core markets,
sufficient saleable resources, and its demonstrated ability to
execute sales. The company achieved strong contracted sales growth
of 154% and 138% in 2019 and 2018, respectively.
Rongan's operating scale is still developing, as indicated by its
modest gross contracted sales of RMB35.1 billion in 2019 and fast
growth over the last two years. Its total land bank is small, at
2.6 million square meters in gross floor area as of June 2020, and
supports only around two years of the company's development. Around
78% of these land reserves are concentrated in Ningbo, Wenzhou,
Jiaxing and Hangzhou. The company's small operating scale and high
geographic concentration in a few core cities expose it to higher
performance volatilities and regional economic and regulatory risks
than its larger and more geographically diversified property peers.
Nevertheless, this exposure is comparable to its mid-B-rated
Chinese property peers.
Rongan has been developing its funding channels, and mainly sources
its funding from onshore bank loans, trust loans and bonds. Its
reliance on bank loans, which accounted for 68% of its reported
debt as of the end of June 2020 and 70% as of the end of 2019, will
limit its financing flexibility.
Moody's expects that Rongan's leverage, as measured by
revenue/adjusted debt, will weaken to 60%-65% over the next 12-18
months from 69.6% in 2019, because the company will have to
increase debt to fund its expansion and replenishment of its land
reserves.
Meanwhile, its EBIT/interest coverage will fall to about 3.0x from
4.5x over the same period because of rising interest expenses as it
takes on more debt. Nevertheless, these metrics remain appropriate
for its B2 CFR.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, with
its main shareholders, Mr. Jiufang Wang and his family, holding a
77.6% stake in the company as of June 2020. Moody's also considers
the following: (1) the presence of four independent directors out
of a total of nine board members; (2) the low level of
related-party transactions and dividend payouts; and (3) the
presence of other internal governance structures and standards as
required by the Shenzhen Stock Exchange.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
Rongan's liquidity is adequate. Its cash balance of RMB6.2 billion
could cover RMB5.2 billion of its short-term debt as of the end of
June 2020. Moody's expects that over the next 12-18 months, the
company's cash holdings, along with its contracted sales proceeds
after deducting basic operating cash flow items, will be sufficient
to cover its short-term debt, committed land premiums and dividend
payments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectation that Rongan will
refinance its maturing debt, preserve adequate liquidity and adopt
a disciplined approach to expansion.
Moody's could upgrade Rongan's rating if the company: (1) executes
its business plans and grows in scale; (2) strengthens its
financial profile, with revenue/adjusted debt staying above 70% and
EBIT/interest staying above 3.0x on a consistent basis; (3)
maintains adequate liquidity; and (4) diversifies its funding
channels and geographic coverage.
On the other hand, Moody's could downgrade the rating if Rongan's
contracted sales decline or if the company accelerates land
acquisitions beyond Moody's expectations, thereby weakening its
financial metrics and liquidity.
Financial metrics indicative of a rating downgrade includes: (1)
EBIT/interest below 2.0x; (2) revenue/adjusted debt below 50%-55%;
or (3) a weaker liquidity position or higher refinancing risk, such
that cash/short-term debt falls below 1.0x on a sustained basis.
The principal methodology used in this rating was Homebuilding and
Property Development Industry published in January 2018.
Rongan Property Co., Ltd. is a Ningbo-based residential property
developer, with total land reserves of 2.6 million square meters in
gross floor area as of June 2020. Its key operating cities are in
Ningbo, Wenzhou, Jiaxing and Hangzhou. Listed on the Shenzhen Stock
Exchange in 2009, Rongan was 77.6% owned by its chairman, Mr.
Jiufang Wang, and in concert with his family as of June 2020.
SHIMAO GROUP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Shimao Group Holdings
Ltd. (Shimao) to positive from stable. At the same time, S&P
affirmed its 'BB+' long-term issuer credit rating on the company
and its 'BB' long-term issue rating on its senior unsecured notes.
S&P said, "We revised the outlook to positive to reflect our
expectation that Shimao will continue to demonstrate strong sales
execution and stable profitability. Through consistent sales growth
and stable project delivery, we expect the company will gradually
deleverage to a consolidated debt-to-EBITDA ratio of 3.6x-3.8x over
the next two years."
In S&P's view, Shimao is in a better position than its peers to
achieve stable operating performance during an economic downturn.
This is supported by the company's sufficient and high quality land
reserve of 83.9 million sq. meters, valued at Chinese renminbi
(RMB) 1,450 billion as of June 30, 2020, and strong execution
capabilities. During the first seven months of 2020, the company
achieved contracted sales of RMB139.4 billion, representing a
growth rate of 16% compared with the same period in 2019.
The company's growth rate of contracted sales is the second-highest
among top-10 peers, partly because 66% of sales was from tier 1 and
tier 2 cities, which have had higher demand resilience amid the
pandemic. S&P expects the company will be able to achieve RMB295
billion-RMB300 billion in contracted sales for 2020, supported by
saleable resources of RMB400 billion for the second half of 2020.
S&P said, "Despite robust contracted sales (compounded growth at
54% annually over the past three years), we expect Shimao to
maintain revenue growth at 20%-25% in 2020-2021 because the company
has increased joint venture partnerships since 2017. On the one
hand, this reduced capital outlays and diversified project risks.
On the other, recognized revenue attributable to the company will
also be lower. We expect sales from nonconsolidated jointly
controlled entities (JCEs) to account for 35%-40% of its contracted
sales over the next two years."
Shimao's see-through leverage will be slightly higher than its
consolidated level under S&P's estimates, mainly because some of
its JCE projects are at early stages before material profit
contribution. Moreover, its debt at JCE levels is larger than the
external guarantees.
S&P said, "We anticipate Shimao's see-through ratio to be 3.7x-3.9x
in 2020-2021, slightly higher than leverage on a consolidated basis
of 3.6x-3.8x. We estimate the company's 2019 actual see-through
debt to EBITDA to be around 3.9x. In our view, the JCEs cloud
financial transparency and the confidence levels of our forecast.
We reflect this risk in a one-notch downward adjustment under our
negative comparable rating analysis.
"We anticipate the company will become even more prudent in land
acquisitions. We estimate the company's land cost as a percentage
of sales on an attributable basis will fall to 45%-50% in 2020 and
40% in 2021, from 60% in 2022.
"We believe Shimao's profitability will remain stable, defying the
industry trend of falling margins in China. In our view, the
company has strong capabilities in project acquisitions, acquiring
65% of its land replenishment this way in 2019, compared with 23%
in 2018." Despite operational risks and time required for due
diligence and negotiations, gross margins for such projects with
lower land costs are generally higher at 25%-35%, compared with
20%-25% for projects from public land auctions.
S&P expects project acquisitions will contribute around 40% of
Shimao's total new land acquired or sales in 2020-2021, which will
help the company sustain gross margins of 28%-30%, comfortably
higher than the mid-20s industry average. In addition, the
company's urban redevelopment project pipeline is an additional
support for its future margins.
Shimao's ongoing investment in nonproperty development segments
will help diversify its business and increase its recurring cash
inflow. S&P expects revenue from its property management,
commercial properties, and hotel businesses to gradually pick up
from around 5% to 5%-10% of total revenue in 2020-2021. Its
recurring rental income from commercial properties, covering about
17% of interest expense for the first half, is still lower than
peers with more sizable investment properties, such as Seazen Group
Ltd. and Longfor Group Holdings Ltd. at 60%-90%.
S&P said, "The positive outlook reflects our view that Shimao will
continue to achieve solid revenue growth and maintain above
industry average profitability in the next six to 12 months. We
also believe the company will apply disciplined financial
management while pursuing business growth, particularly with its
joint ventures.
"We could raise the rating if Shimao demonstrates operational
stability and controlled debt growth, establishing a longer track
record of keeping both its consolidated and see-through
debt-to-EBITDA ratios below 4x." The company could achieve this by
maintaining its above industry average profitability while
increasing its sales.
At the same time, Shimao would need to maintain disciplined
financial management during its business growth, particularly
within its JCE projects, such that profit contribution and leverage
level are largely commensurate with its consolidated levels.
S&P said, "We could revise the outlook back to stable if either of
Shimao's consolidated or see-through debt-to-EBITDA ratios climb
above 4x. This could occur if the company's debt-funded expansion
is more aggressive than we anticipate or its sales and margins are
materially weaker than our expectations. This could also happen if
the consolidation of subsidiaries or share of JCEs result in an
increased leverage ratio at the company."
ZHONGYUAN ASSET: Moody's Withdraws Ba1 CFR for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has today withdrawn Zhongyuan Asset
Management Co., Ltd (Zhongyuan AMC)'s Ba1 corporate family rating,
Ba1/NP local currency and foreign currency long-term and short-term
issuer ratings, and b2 Baseline Credit Assessment.
At the time of the withdrawal, the entity-level outlook on
Zhongyuan AMC was stable.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Zhongyuan AMC was established in August 2015 as the first local
distressed asset management company in Henan province.
Headquartered in the city of Zhengzhou, it primarily engages in
distressed asset management, alternative investments, asset
management and financial services, and reported assets of RMB76
billion as of December 31, 2019.
[*] CHINA: Developers Face Harsh Liquidity Test with Looming Curbs
------------------------------------------------------------------
Bloomberg News reports that Chinese developers are facing the
biggest liquidity test in more than four years, exacerbating
challenges brought on by stringent funding restrictions and a
prolonged profitability drop.
Cash reserves of the nation's 50 largest-listed home builders were
just enough to cover short-term debt as of June 30, the least since
2016 when China began deleveraging its economy, according to recent
earnings data compiled by Bloomberg. That metric fell below 0.5 for
eight companies, the most in four years, signaling greater risk.
Bloomberg says homebuilders also face renewed financing
restrictions after a brief relaxation during the Covid-19 outbreak
as policy makers seek to prevent asset bubbles that could
destabilize the economy.
"It's a bad signal for developers' cash flow," Bloomberg quotes
Deng Hao, chief executive of Beijing GEC Asset Management, as
saying. "Authorities are tightening the residential sector even
with the pandemic. Developers that didn't actively cut debt to
control liquidity risks will face a stringent test."
China's housing watchdog and the central bank said last month they
created draft rules to monitor developers' capital, Bloomberg
recalls. The proposal may lead to a tightening of overall
financing, according to S&P Global Ratings. Already, China's
regulator of the vast interbank market took a step to curb the
amount developers can raise, people familiar have said.
It's bad timing for developers, Bloomberg says. Real estate firms
nationwide face a record maturity of debt in the first quarter next
year. An equivalent of around $41 billion in local currency and
U.S. dollar bonds are due, according to data compiled by Bloomberg.
This may heighten repayment pressure for builders with annual sales
lower than CNY100 billion, S&P analysts wrote in a note last week.
Their debt structure has also worsened. Among the top 50
developers, short-term borrowing was equivalent to 63% of long-term
borrowing as of June, the highest proportion in five years,
according to data compiled by Bloomberg.
Investors are closely monitoring credit risks after Tahoe Group
Co., a high profile luxury developer, and a unit of Tianjin Real
Estate Group Co., a state-owned residential builder, defaulted on
local bonds, Deng said, Bloomberg relays.
According to Bloomberg, almost all developers toed the party line
at their earnings calls, vowing to pare borrowing or keep leverage
in check. The most indebted builder, China Evergrande Group,
pledged a substantial debt cut on all possible fronts by year end
after a temporary failure to remake itself a leaner company,
Bloomberg says.
Their plans to rein in debt will be hurt by the weakest profit
growth in at least five years. The coronavirus slowed their pace of
construction and stringent home-selling rules damped margins,
raising concerns on the outlook.
Earnings at the top 50 edged up just 0.04% in the first half, the
narrowest since at least 2015, according to data compiled by
Bloomberg. Gross margin at the three largest players, Country
Garden Holdings Co, Evergrande and China Vanke Co. shrank at least
2.9 percentage points from a year prior, Bloomberg discloses.
"As the government aims to keep home market stable, it's not very
likely for developers to expand gross margin in future," Bloomberg
quotes Country Garden's Chief Financial Officer Wu Bijun as saying.
"We aim to increase net profit by controlling expenses and costs."
Vanke, which saw its gross margin fall by 4.4 percentage points,
estimated a further compression by year end.
Shares of 12 major Chinese developers listed in Hong Kong are
trading at about 4.3 times forecast earnings, close to a nine-year
low, Bloomberg notes.
While investors were downbeat about the developers' stock, more
piled in on debt. Yields on Chinese junk bonds, the bulk of which
are issued by real estate firms, are down about 900 basis points
compared with its March peak, Bloomberg discloses citing an ICE
BofA index. It's a reflection of how some investors are brushing
aside concerns for risk and betting on their ability to cash out of
the sector even with curbs looming, Deng said.
=================
H O N G K O N G
=================
LIONBRIDGE CAPITAL: Moody's Alters Outlook on B1 CFR to Positive
----------------------------------------------------------------
Moody's Investors Service affirmed Lionbridge Capital Co.,
Limited's B1 corporate family rating (CFR) and B2 issuer rating.
At the same time, Moody's has affirmed the B2 backed long-term
senior unsecured rating on the USD-denominated senior unsecured
notes due October 2020 issued by New Lion Bridge Co., Ltd. and
guaranteed by Lionbridge Capital.
Moody's has also changed the outlook on both entities to positive
from stable.
RATINGS RATIONALE
The rating affirmation and change to positive outlook reflect
Moody's view that various forms of support from CCB Trust Co., Ltd.
(CCBT) since the June 2020 share transfer will lead to an
improvement in Lionbridge's standalone assessment over time.
CCBT is a subsidiary of China Construction Bank Corporation (CCB A1
stable, baseline credit assessment baa1) which owns 67% of shares.
The remaining 33% is owned by Hefei Xingtai Financial Holdings Co.
Ltd., a state-owned enterprise 100% owned by the SASAC of Hefei
City, Anhui Province.
In June 2020, CCBT acquired 30% of the total voting share of
Lionbridge Cayman Limited (Lionbridge Cayman) -- which owns 100% of
the voting power of Lionbridge Capital -- from Bain Capital
Lionbridge Cayman Limited. Subsequently, CCBT has become the single
largest shareholder holding 32% of voting share of Lionbridge
Cayman and in turn Lionbridge Capital. In connection with the share
transfer, CCBT has committed to providing financial support to
Lionbridge Cayman and its subsidiaries, including but not limited
to liquidity support, credit facilities, supply chain financing and
channel collaboration.
Moody's expects Lionbridge's standalone assessment to benefit from
the ongoing support from CCBT and improve on the three following
aspects:
First, Moody's expects Lionbridge's financial flexibility to
increase with more diversified funding channels and lower reliance
on wholesale secured funding, partly benefiting from CCBT's
franchise and relationship with the China Construction Bank.
Second, Lionbridge is likely to strengthen its capital adequacy
driven by its continued shift towards less capital-intensive loan
facilitation business, whose growth would be further enhanced by
the cooperation and drive from CCBT. In the loan facilitation
business, Lionbridge provides a service platform and connects
borrowers to the banks. Lionbridge only provides guarantee for a
small portion of the loans. This business enables Lionbridge to
earn fee income while minimizing capital usage and credit risk.
Moody's also expects CCBT's shareholding to enable Lionbridge to
further expand its partnerships with other banks.
Third, Moody's also expects increased profitability at Lionbridge
propelled by higher business volume and lower funding costs
partially offset by potential rise in credit cost. The economic
recovery in China along with the government policy to support real
economies will continue to drive the demand for Lionbridge's truck
leasing business. Meanwhile Lionbridge, backed by CCBT's
shareholding, will be able to access diversified funding at a
relatively low cost.
The rating affirmation reflects Moody's view that Lionbridge has
several plans and options to obtain USD liquidity to repay the
outstanding USD bond maturing on October 10, 2020. The completion
of CCBT's acquisition has enhanced Lionbridge Capital's access to
liquidity and ability to execute its refinancing plans.
Lionbridge's first half 2020 results show resiliency despite the
impact of COVID-19. Revenue and net profit grew from a year ago
while return on average assets were largely in line with the
prior-year level. Both problem loan and net charge-off ratios
increased only modestly, testifying to the company's asset risk
management capabilities.
Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected financial
loss suffered in the event of default. A CFR is assigned to a
corporate family as if it had a single class of debt and a single
consolidated legal entity structure. Moody's issuer rating reflects
the ability of entities to honor senior unsecured financial
counterparty obligations and contracts.
The one-notch difference between Lionbridge Capital's CFR and its
issuer rating reflects the fact that (1) most of the company's
assets reside at its fully owned onshore operating entity,
Lionbridge Leasing; and (2) a large proportion of Lionbridge
Leasing's assets are encumbered for secured borrowings. Lionbridge
Capital's senior unsecured debt is structurally subordinated to
Lionbridge Leasing's secured indebtedness and senior unsecured
indebtedness.
Lionbridge Capital was founded in Hong Kong in 2011, and its core
operating entity Lionbridge Leasing in mainland China in April
2012. At year-end 2019, Lionbridge Leasing accounted for 99% of
Lionbridge Capital's total assets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
What Could Change the Rating -- Up
Lionbridge Capital's CFR could be upgraded if (1) Lionbridge
successfully executes its refinancing plans for the maturing USD
bond; (2) maintains its asset quality, profitability and capital
adequacy; (3) improves its financial flexibility and reduces the
reliance on secured funding ; and (4) it becomes evident that
Lionbridge has become an important strategic platform under CCBT
and will continue to benefit from CCBT's various forms of support
from an operational perspective.
The company's issuer rating and debt rating could be upgraded if
its CFR is upgraded.
What Could Change the Rating -- Down
Given the positive outlook, a downgrade is unlikely over the next
12-18 months.
Nonetheless, Lionbridge Capital's outlook could be revised to
stable if (1) there is any sign of failure in the company's
execution of its refinancing plans and it becomes apparent that the
company will not have sufficient liquidity available offshore to
repay the outstanding debt, (2) the company's franchise in truck
leasing in China weakens, (3) its asset quality, capital adequacy
or financial flexibility weakens materially, or (4) the positive
impact on Lionbridge's profitability and funding from CCBT's
shareholding and ongoing support does not materialize.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
Lionbridge Capital is domiciled in Hong Kong with a majority of its
operations in China. The company reported assets of RMB24.4 billion
as of June 30, 2020.
=========
I N D I A
=========
ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ace
Footmark Private Limited (AFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 18.58 CARE C; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable; ISSUER NOT
COOPERATING on the basis of
Best available information
Long-term/Short 2.00 CARE C; Stable/CARE A4;
term Bank Issuer not cooperating;
Facilities Revised from CARE B+;
Stable/CARE A4; ISSUER
NOT COOPERATING on the
basis of best available
information
Short-term Bank 4.20 CARE A4; Issuer not
Facilities cooperating; Based on
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 24, 2019, placed the
ratings of AFPL under the 'issuer non-cooperating' category as AFPL
had failed to provide information for monitoring of the rating.
AFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 7, 2020 and August 12, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Ace Footmark Private Limited with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The ratings assigned to the bank facilities of Ace
Footmark Private Limited (ACE), continue to be constrained by
decline in total operating income, thin net profitability margins,
leveraged capital structure, weak debt service coverage indicators
and elongated working capital cycle. The ratings are further
constrained by highly fragmented and competitive nature of footwear
industry. The ratings, however, draw comfort from experienced
management, location advantage and wide distribution network of the
company.
Detailed description of the key rating drivers
At the time of last rating on July 24, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Decline in total operating income: The scale of operations
continues to remain modest as marked by total operating income of
INR48.98 crore for FY18. The total operating income registered a
decline of around 10% on y-o-y basis in FY18. The modest scale
limits the company's financial flexibility in times of stress and
deprives it of scale benefits.
* Thin net profitability, leveraged capital structure and weak
coverage indicators: The PBILDT margin remained moderate at 9.68%,
however, the PAT margin stood at 1.67% for FY18 owing to high
interest and depreciation expense. The capital structure of the
company continues to be leveraged mainly on account of high
dependence on external borrowing to fund working capital
requirements. Furthermore, the coverage indicators of the company
continue to remain weak mainly on account of thin profitability
coupled with high debt levels.
* Elongation in operating cycle: The operating cycle of the company
continues to remain elongated in FY18 and stood at 233 days owing
to high inventory and high collection period for FY18. The company
had high inventory holding period of around five month due to large
product portfolio which is required to maintain adequate inventory
of raw material for smooth running of its production processes and
finished goods of all the products to meet the immediate demand of
its customers. The company receives a credit period of around five
months and extends a similar period to its dealers.
* Highly fragmented and competitive footwear industry: ACE operates
in the footwear industry which is highly fragmented and has various
organized and unorganized players. The industry is labour intensive
and requires low capital investment which resulted into low entry
barriers. Being a small player in the industry, the company is not
able to increase the price of its products which affect the
profitability margins of the company.
Key Rating Strengths
* Experienced management: The promoters have about more than a
decade of experience in the manufacturing and trading of footwear
products through their association with ACE. Prior to the setup of
this company the promoters were engaged in same line of business
through its other group companies.
* Location advantage and integrated manufacturing process: The
manufacturing facility of ACE is located in footwear park
Bahadurgarh, Haryana. It gives the company easy availability
of raw materials and other support items as a large number of
companies engaged in the related business are located in the
footwear park.
* Wide distribution network: The company has a wide distribution
network of more than 250 distributors/dealers spread all over
India. Wide distribution network aids the company in better market
penetration and reaching the customers which further establishes
the brand image.
ACE Footmark Private Limited was incorporated in July 2000 and
currently being managed by Mr. Arjun Puri, Mr. Akash Kapoor and Mr.
Angad Puri. The company is engaged in the manufacturing of footwear
products like hawai slipper, sandal, etc. The manufacturing
facility of the company is located in Bahadurgarh, Haryana. The
company has its own in-house ethylene vinyl acetate (EVA)
compounding unit which produces EVA sheets from EVA granules. The
company sells its products under the brand name 'FIZIK' in India
through its distributor network. Beside ACE, group also consists of
Saraswati Timber Private Limited and Focus Shoes Private Limited.
Both are engaged in the manufacturing of footwear.
ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anjali Enterprises (AE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.00 CARE C; Issuer not cooperating;
Facilities Revised from CARE B+; Stable
ISSUER NOT COOPERATING on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from AE to monitor the rating
vide e-mail communications dated July 15, 2020, July 17, 2020 and
July 20, 2020 numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Anjali
Enterprises bank facilities will now be denoted as CARE C; Stable;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Anjali Enterprises with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained on
account of implementation risk associated with its Weak
Profitability margin, leveraged capital structure and weak coverage
indicators and highly competitive industry.
Detailed description of the key rating drivers
Key Rating Weakness
* Weak Profitability margin, leveraged capital structure and weak
coverage indicators: The profitability margins of the firm stood
weak in the past three financial years i.e. (FY16-FY18), owing to
trading nature of business and highly fragmented nature of industry
characterized by intense competition. This apart high interest
burden on its working capital borrowing also restricts the net
profitability of the firm. The PBILDT margin of the firm stood at
1.38% in FY18 as against 1.47% in FY17. PAT margin remained below
unity from last financial years i.e. (FY16-FY18). The capital
structure of the firm as marked by debt equity and overall gearing
stood leveraged as on past three balance sheet date 31st
March(FY16-FY18), mainly on account of low proprietor capital.
Further, overall gearing ratio improved though leveraged at 3.57x
as on March 31, 2018 as against 6.23x as on March 31, 2017
improvement was on account of infusion of capital by promoter.
Further, owing to low profitability in the firm the coverage
indicators marked by interest coverage ratio and total debt to GCA
stood weak at 1.44x and 22.38x respectively for FY18.
* Highly competitive industry: The major income of Anjali
Enterprises comes from trading of consumer's products where the
company procures these products from ITC local dealers and markets
them to various retailers with limited value addition to the
product. Stockiest & distributor business is characterized by high
volumes and low margins. The FMCG distribution sector is highly
competitive, comprising a large number of players in the organized
segment as a result of low entry barriers.
Key Rating Strengths
* Experienced Management: The operation of the firm is managed by
Mr. Anuj Khanna. He has around half a decade of experience in
trading industry through his association with AE and other family
business run.
* Growing scale of operation: The scale of operations of firm stood
growing for past three financial year (i.e. FY16-FY18) it increases
from Rs INR48.00 crore in FY16 to INR80.05 crore in FY18 showing
CAGR of 66.78% on account of higher quantity sold, AE has achieved
total operating income of INR45 crore in 6MFY19(refer to Aril to
September)
* Moderate Operating Cycle: The operating cycle of the firm stood
at 24 days for FY18. Firm usually sell its products on credit
period of around a month to their customers resulting into
collection period of 29days. Being involved in distribution it
critical for the firm to hold optimum inventory at any given time.
Firm mostly procure products on cash basis resulting in average
creditor days of 8 days. The average utilization of working capital
requirements stood around 80% for last 12 months' period ended
October 31, 2018
Sahibabad-UP based Anjali Enterprises (AE) was registered in 2014
as a proprietorship firm established by Ms. Anjali Khanna. The
operation of firm is managed by Mr. Anuj Khanna for all business
purposes. The firm is an approved stockiest and distributor for ITC
Products-FMCG, cigarettes, Atta Etc., with cigarettes accounting
for around 70% of total Sales. It holds a local depot in Ghaziabad
district which acts as its warehouse to manage this trading
business. The firm caters to the demands of various medium to small
size retailers in Sahibabad and expanding rapidly to to entire
Ghaziabad and also Dilshad Garden along with various Delhi UP
border regions.
BROOKS LABORATORIES: CARE Lowers Rating on INR27.46cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Brooks Laboratories Limited (BLL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 27.46 CARE D; Issuer not cooperating;
Facilities Revised from CARE BB-; Stable
ISSUER NOT COOPERATING on the
basis of best available
information
Short-term Bank 2.50 CARE D; ISSUER NOT COOPERATING;
Facilities Revised from CARE A4; ISSUER
NOT COOPERATING on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated May 7, 2020, placed the
ratings of BLL under the 'issuer non-cooperating' category as BLL
had failed to provide information for monitoring of the rating as
agreed to, in its Rating Agreement. BLL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The revision in the rating assigned to the bank facilities of
Brooks Laboratories Limited (BLL) factors in instances of delays in
the servicing of the debt obligations in the past.
Detailed description of the key rating drivers
Key Rating Weakness
* Instances of delays in the debt servicing: As per the account
statements shared by the company, there have been instances of
delays in servicing of the repayment obligations of the term loans
availed by the company. Further, there has also been an instance of
overdrawal in the cash credit account.
The company was initially incorporated as Brooks Pharmaceuticals in
2000 and subsequently rechristened as BLL in 2002. BLL is engaged
in the contract manufacturing of pharmaceutical formulations at its
two manufacturing facilities, one each in Baddi (Himachal Pradesh)
and Vadodra (Gujarat). It is operating at a combined installed
capacity of 2.30 crore units per annum for liquid injection vials,
13.82 crore units per annum for tablets, 2.02 crore units per annum
for dry syrup, 5.76 crore units per annum for liquid injection
ampoules, 2.30 crore units per annum for eye/ear drops, and 5.18
crore units per annum for dry powder injection and 25 crore units
per annum for injections as on December 31, 2018. The products
manufactured by the company find application in various therapeutic
segments including antibacterial, anti-biotics, antigastric,
antimalarial, life-saving drugs etc. BLL also supplies generic
formulations on tender basis in states like Gujarat, Jammu &
Kashmir, Mumbai and West Bengal. The company derived 40% of its
income in FY18 from this segment. The company also engages in
export sales to Yemen, Afghanistan etc. while some domestic sales
are also being made under self-owned brand. The proportion of
income from these two segments, however, remains low. BLL's plant
in Gujarat has obtained the EU-GMP (European Union Good
Manufacturing Practices) certification in December-2017. Further,
both of BLL's manufacturing plants are WHO-GMP certified by the
World Health Organisation (WHO) headquartered in Geneva.
CHEEKA RICE: CARE Lowers Rating on INR8cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cheeka Rice Mill (CRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.00 CARE C; Issuer not cooperating;
Facilities Revised from CARE B; ISSUER NOT
COOPERATING on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 22, 2019 placed the
rating of CRM under the 'issuer not cooperating' category as CRM
had failed to provide information for monitoring of the rating. CRM
continues to be noncooperative despite repeated requests for
submission of information through numerous phone calls and e-mail
dated August 7, 2020 and August 12, 2020 and numerous phone calls.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Cheeka Rice Mill with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating takes into account small scale of
operations with low profitability margins, weak financial risk
profile, leveraged capital structure and weak debt service coverage
indicators, partnership nature of constitution and highly
fragmented industry characterized by high competition. However the
risk is mitigated by experienced partners, favorable manufacturing
location and fragmented nature of the industry.
Detailed description of the key rating drivers
At the time of last rating on July 22, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Small scale of operations with low profitability margins: The
scale of operations continues to remain small reflected by total
operating income (TOI) of INR29.65 crore in FY15 (refers to the
period April 1 to March 31) as against INR23.71 in FY14. The PBILDT
margin of the firm has declined in FY15 and stood at 2.87% as
against 3.24% in FY14. However, the PAT margin has improved in FY15
and stood at 0.10% as against 0.04% in owing to comparatively lower
interest and deprecation cost during FY15.
* Weak financial risk profile: The financial risk profile of CRM is
characterized by low profitability margins, leveraged capital
structure and weak coverage indicators. The firm's profitability
margins have been on the lower side owing to the low value addition
and intense market competition given the highly fragmented nature
of the industry. This apart, interest burden on working capital
borrowing also restricts the net profitability of the firm. The
PBILDT and PAT margins stood at around 4.70% and
0.03% respectively in the last three financial years (FY11-FY13).
As on March 31, 2013, the firm has a leveraged capital structure
marked by overall gearing ratio of 2.38x as on March 31, 2013,
which deteriorated from 1.54x as on March 31, 2012, mainly on
account of higher utilization of working capital bank borrowings as
on balance sheet date. The firm's coverage indicators stood weak
marked by low interest coverage and high total debt to GCA of 1.18x
and above 44x, respectively, for FY13 due to low profitability
margin and high debt level.
* Leveraged capital structure and weak debt service coverage
indicators: Capital structure of the firm has improved in FY15;
however, stood leveraged marked by overall gearing of 1.67x as on
March 31, 2015, as against 2.19x as on March 31, 2014 on account of
higher utilization of working capital bank borrowings as on balance
sheet date. Debt coverage indicators have remained weak marked by
interest coverage and total debt to GCA of 1.14x and 59.23x for
FY15 against 1.15x and 62.22x for FY14.
* Partnership nature of constitution: CRM being a partnership firm
and is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death or insolvency of any partner and restricted financial
flexibility due to inability to explore cheaper sources of finance
leading to limited growth potential.
* Highly fragmented industry characterized by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small-scale operators which are not into end-to-end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semi processed rice to other big rice
millers for further processing. Agro-based industry is
characterized by its seasonality, as it is dependent on the
availability of raw materials, which further varies with different
harvesting periods. The price of rice moves in tandem with the
prices of paddy.
Key Rating Strengths
* Experienced partners and long track record of operations: CRM is
a partnership firm with a track record of over four decades in
processing of paddy into rice. Mr. Sat Pal and Ms Darshana Devi
have a total experience of around than two decades in the business
of processing and trading of paddy. Prior to this, Mr. Sat Pal was
involved in Vishnu Trading Co (trading of paddy).
* Favourable manufacturing location: CRM is mainly engaged in the
milling and processing of rice. The main raw material (paddy) and
wheat is procured from local grain markets, located in Haryana. The
firm's processing facility is situated in Cheeka, Haryana, which is
one of the highest producers of paddy in India. Its presence in the
region gives additional advantage over the competitors in terms of
easy availability of the raw material as well as favorable pricing
terms. CRM owing to its location is in a position to cut on the
freight component of incoming raw materials.
* Fragmented nature of the industry: The commodity nature of the
product makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation. There are several small scale operators which are
not into end to-end processing of rice from paddy, instead they
merely complete a small fraction of processing and dispose-off semi
processed rice to other big rice millers for further processing.
Cheeka Rice Mills (CRM) was established in 1972 as a partnership
firm. The present partners include Mr. Sat Pal and Ms. Darshana
Devi with equal profit sharing of 50% each. The firm is engaged in
trading and processing of rice. The firm is also engaged in
processing of rice for other rice millers on job work basis. The
manufacturing unit is located at Cheeka, Haryana. CRM procures
paddy from local grain markets through commission agents in bulk
mainly from the states of Haryana and Punjab. The firm gets credit
period of around 30-40 days. CRM has an open storage facility of
around 5 acres and storage capacity of around 10,000 tons
approximately. The firm sells its products in the states of Haryana
and Punjab through a network of commission agents.
DISH INFRA: CARE Lowers Rating on INR1,024cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Dish
Infra Services Private Limited (DISPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,024.00 CARE B+ (CE); Stable Revised
Facilities from CARE C
Long Term/Short 349.00 CARE B+ (CE); Stable/CARE A4
Term Bank (CE); Outlook: Stable Revised
Facilities from CARE C/CARE A4
Long Term/Short 298.88 CARE B+ (CE); Stable/CARE A4
Term Bank (CE); Outlook: Stable Revised
Facilities from CARE C/CARE A4
Detailed Rationale & Key Rating Drivers for the credit enhancement
of debt
The above ratings are based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee provided by
Dish TV India Ltd (DTIL; rated CARE A4) to the lenders of Dish
Infra Services Private Limited (DISPL).
Detailed Rationale & Key Rating Drivers of Dish TV India Limited
The revision in the ratings assigned to the bank facility of DTIL
takes into account the default free track record for more than five
months from February 2020 onwards. The ratings also factor in the
reduced financial flexibility consequent to high pledge of the
promoter holding in its listed group companies, the increasing
competition faced both from peers and allied technology platforms
and highly regulated DTH industry. Furthermore, the ratings also
take into account the substantial provision made by DTIL
(consolidated) towards license fee, which upon materialization
would necessitate incremental debt funding. The ratings also
consider the decline in the subscriber base and the
quarter-on-quarter (q-o-q) decline in the average revenue per user
(ARPU) in FY20. The ratings, however, continue to derive strength
from DTIL's leadership position in the Direct-to-Home (DTH)
industry with net subscriber base of 23.65 million translating to
market share of about 31% as on March 31, 2020.
Detailed Rationale & Key Rating Drivers of Dish Infra Services
Private Limited (Unsupported Rating)
CARE has withdrawn the outstanding rating of 'CARE C/CARE A4'
assigned to the Short term Bank Facility of Dish Infra Services
Limited with immediate effect as there is no outstanding against
the said facility. The above action has been taken on receipt of no
due certificate from the bank indicating that the said facility is
repaid and redeemed in full in July 2020.
The revision in the ratings assigned to the bank facilities of Dish
Infra Services Private Limited (DISPL) takes into account
experience of the management and DTIL's leadership position in the
DTH industry. However, the ratings are tempered by weak credit
profile of the company characterized by stretched liquidity
position and net loss reported by DISPL during FY20 (Prov.).
Furthermore, the ratings also takes into account currency risk
associated with procurement of CPE and the increasing competition
faced both from peers and allied technology platforms. The ratings
also factor in decline in scale of operations due to decline in
gross installation and reduced capex, delays witnessed in buyer's
credit payment by DISPL from ICICI Bank, albeit, the same was
repaid in full.
Rating Sensitivities
Positive Factors
* Favorable Supreme Court order on license dispute
* Release of pledge on the shares of DTIL
* Improvement in the operational performance of DTIL by way of
improved net subscriber additions
* Consolidated DSCR to be greater than 1.5x on sustained basis
Negative Factors
* Adverse ruling by Supreme court resulting in immediate payment
amounting to at-least INR3570 crore
* Increase in total debt levels resulting in TOL/TNW greater
than 5x
Detailed Description of the key rating drivers
Key Rating Weaknesses
* Decline in subscription revenue with muted growth in subscriber
base: Subscriber revenue has remained on declining trend in the
recent past due to lower spend on acquisition of new clients and
increased competition. Activation charges and subscription charges
are the two main components of subscription revenue. Due to the
liquidity issue faced by the group in the previous year, the
company had to reduce spend on capex and operating expense. Hence
the subscriber base of the company declined in FY20 on account of
lower capex which aids in the acquisition of subscribers. The
growth has also been tempered by the increasing competition faced
both from Doordarshan's Free Dish and its peers wherein competitive
packs are offered in the market to gain market share. Accordingly,
amongst the increasing competition faced, the ability to maintain
its operating margins without jeopardizing its market share amongst
the DTH players forms a key rating monitorable.
* Forex fluctuation risk: The CPEs rented/leased to the subscribers
are majorly imported from Korea due to marginal presence of CPE
manufacturers in India. In FY20, DISPL has been importing CPE on
cash basis on presentation of bills by the seller or with usance of
60 days. After the adoption of Ind AS, DISPL does not capitalize
the forex gain/loss as a fixed asset cost. Further, due to
repayment of buyer's credit facilities in FY20, forex loan has
reduced to about 12% of the total loan in DISPL, thus reducing the
impact of forex fluctuation to that extent. DISPL generally follows
a hedging policy to hedge 25% upfront at the time of taking the
forex loan (supplier's credit) and 25% within six months due for
loan repayment.
* High provisioning towards disputed regulatory dues: DTIL has
filed a petition before the Honorable Telecom Disputes Settlement &
Appellate Tribunal (TDSAT) regarding a demand letter received by
Ministry of Information & Broadcasting (MIB) alleging a short
payment in license fees paid. This has occurred due to
interpretational differences of the term 'Gross Revenue', basis
which license fees are paid. In the meanwhile, the company
continues to create a provision on a conservative basis. As on
March 31, 2020, DTIL has created a provision of INR3578crore (as on
March 31, 2020) (vis-a-vis INR3256.48 crore as on March 31, 2019).
In the event the demand materializes, the company may have to raise
additional debt.
* Highly regulated industry: The industry is highly regulated which
could possibly affect the business model. In the recent past, the
industry witnessed some reforms like transition to the GST regime
and new tariff order. The National Tariff Order 2.0 issued by the
Telecom Regulatory Authority of India (TRAI) mandates the service
providers to provide 200 FTA channels at the base price of INR153
(inclusive of taxes). DTH and cable TV distribution providers have
been mandated not to charge more than INR160 per month for
providing all channels available on their platform. Cap on pay
channels has now been kept at INR12 against INR19 in the past.
Further the sum of a-la-carte channels forming bouquet should not
exceed one and a half times of the bouquet's overall price. Dish TV
was the first in the industry to voluntarily roll out the
provisions of the TRAI's tariff order by offering costeffective
channels to its subscribers.
Key Rating Strengths
* Default free track record of the company: Despite improving and
stable cash flows in the past few years, the company had faced
liquidity constraint primarily on account of bunching of large
repayments as a result of merger of Videocon d2h Limited with DTIL
w.e.f. March 22, 2018. The situation was further aggravated owing
to discontinuation of buyer's credit by RBI in February 2018
coupled with large capital expenditure done to maintain market
share in the past. Thus, significant pressure on the cash flow
eventually led to default on short term loans of Yes Bank in
November 2019 by DTIL. As per the No dues shared by the company,
DTIL had fully repaid the aforesaid short term loan in the month of
February 2020. Further as per the banker due diligence there are no
delays.
* Experienced management: DTIL is promoted by Essel group having
its presence across media value chain including television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others, with ZEEL being the flagship
company. The chairman & managing director of the company Mr.
Jawahar Lal Goel has overall five decade of diversified experience
which includes entertainment industry as well. He has been the key
personnel in establishing the cable distribution network of various
TV channels and technological infrastructure for the implementation
of DTH services. He is well supported by experienced and qualified
management team.
* Strong brand presence with leadership position in DTH segment and
strong distribution network: DTIL has developed a strong
distribution network of ~4,000 distributors and over 400,000
dealers that span across 9,450 towns in the country. Post the
amalgamation of Vd2h into DTIL, DTIL continues to be a market
leader along with Tata Sky Limited holding 31% market share, each,
amongst the DTH players as on March 31, 2020. The merged company
had a net subscriber base of around 23.65 million as on March 31,
2020.
* Moderate capital structure: The actual business performance
post-merger of DTIL and Videocon D2h has been lower than estimated.
Thus goodwill appearing in the books of DTIL has been impaired by
INR1563 crore as on March 31, 2019 and by INR1916 crore as on March
31, 2020 by the company. Despite erosion of net worth due to
impairment of goodwill, the overall gearing improved to 0.47x as on
March 31, 2020 as against 0.51x as on March 31, 2019, due to
reduction in total debt to INR1793crore as on March 31, 2020 as a
result of large scheduled repayments in the past
(PY:Rs.2809crore).
* Improved debt coverage indicators: Due to repayment of term loans
and lower utilization of limits, the overall debt of DTIL on
consolidated basis has reduced from INR2809crore as on March 31,
2019 to INR1793crore as on March 31, 2020. Reduced debt levels and
higher gross cash accruals led to improvement in total debt to GCA
from 1.70x in FY19 to 0.98x in FY20. Excluding provision created
for interest on license fee, the interest coverage has actually
improved from 5.17x in FY19 to 7.23x in FY20.
Liquidity: Moderate
The overall liquidity of the company is moderate due to moderate
cash accruals vis-Ã -vis repayment obligations and low cash balance
of INR146 crore as on March 31, 2020 (vis-Ã -vis INR171 crore as on
March 31, 2019). Its capex requirements are modular which would be
funded through internal cash accruals. Average utilization of
DTIL's bank limits were at 20% for the 12 months ended June 2020.
Further in FY21, the company will have to make debt repayment of
INR1015 crore and fund capex of INR600-650 crore, which the company
should be able to manage from internal accrual of INR2,000 crore.
Availability of additional bank limit will further support
liquidity over this period. Further, DISPL and DTIL had opted for
moratorium; however, the same has been fully repaid in July 2020.
Analytical approach: The ratings are based on the credit
enhancement in the form of unconditional and irrevocable corporate
guarantee provided by Dish TV India Ltd (DTIL; rated CARE A4) to
the lenders of Dish Infra Services Private Limited (DISPL).
Dish Infra Services Private Limited (DISPL) is wholly owned
subsidiary of Dish TV India Limited (DTIL). From April 1, 2015 (as
per scheme of demerger), Infrastructure & Support Business was
transferred from DTIL to its wholly owned subsidiary DISPL. The
Scheme will enable the management to streamline operations wherein
DTIL shall focus on branding and distribution while DISPL shall
focus on DTH related infrastructure and service related aspects.
For all the financial obligations raised by DISPL, an unconditional
and irrevocable corporate guarantee has been provided by DTIL.
DISH TV: CARE Raises Rating on INR600cr Bank Loan From D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Dish
TV India Limited (DTIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term Bank
Facilities (i) 600.00 CARE A4 Revised from CARE D
Short Term Bank
Facilities (ii) 0.00 CARE A4 Withdrawn
Detailed Rationale & Key Rating Drivers
CARE has withdrawn the outstanding rating of 'CARE D [Single D]'
assigned to the Short term Bank Facility (ii) of DTIL with
immediate effect as there is no outstanding against the said
facility. The above action has been taken on receipt of no due
certificate from banker indicating that said facility is repaid and
redeemed in full in February 2020. The revision in the ratings
assigned to the bank facility (i) of DTIL takes into account the
default free track record for more than five months from February
2020 onwards. The ratings also factor in the reduced financial
flexibility consequent to high pledge of the promoter holding in
its listed group companies, the increasing competition faced both
from peers and allied technology platforms and highly regulated DTH
industry. Furthermore, the ratings also take into account the
substantial provision made by DTIL (consolidated) towards license
fee costs, which upon materialization would necessitate incremental
debt funding. The ratings also consider the decline in the
subscriber base and the quarter-on-quarter (q-o-q) decline in the
average revenue per user (ARPU) in FY20.
The ratings, however, continue to derive strength from DTIL's
leadership position in the Direct-to-Home (DTH) industry with net
subscriber base of 23.65 million translating to market share of
about 31% as on March 31, 2020.
Rating Sensitivities
Positive Factors
* Favorable Supreme Court order on license dispute
* Release of pledge on the shares of DTIL
* Improvement in the operational performance of DTIL by way of
improved net subscriber additions
* Consolidated DSCR to be greater than 1.5x on sustained basis
Negative Factors
* Adverse ruling by Supreme court resulting in immediate payment
amounting to at-least INR3570crore
* Increase in total debt levels resulting in TOL/TNW greater
than 5x
Detailed Description of the key rating drivers
Key Rating Weaknesses
* Decline in subscription revenue with muted growth in subscriber
base: Subscriber revenue has remained on declining trend in the
recent past due to lower spend on acquisition of new clients and
increased competition. Activation charges and subscription charges
are the two main components of subscription revenue. Due to the
liquidity issue faced by the group in the previous year, the
company had to reduce spend on capex and operating expense. Hence
the subscriber base of the company declined in FY20 on account of
lower capex which aids in the acquisition of subscribers. The
growth has also been tempered by the increasing competition faced
both from Doordarshan's Free Dish and its peers wherein competitive
packs are offered in the market to gain market share. Accordingly,
amongst the increasing competition faced, the ability of DTIL to
maintain its operating margins (PBILDT) without jeopardizing its
market share amongst the DTH players forms a key rating
monitorable.
* Forex fluctuation risk: The CPEs rented/leased to the subscribers
are majorly imported from Korea due to marginal presence of CPE
manufacturers in India. In FY20, DISPL has been importing CPE on
cash basis on presentation of bills by the seller or with usance of
60 days. After the adoption of Ind AS, DISPL does not capitalize
the forex gain/ loss as a fixed asset cost. Further, due to
repayment of buyer's credit facilities in FY20, forex loan has
reduced to about 12% of the total loan in DISPL, thus reducing the
impact of forex fluctuation to that extent. DISPL generally follows
a hedging policy to hedge 25% upfront at the time of taking the
forex loan (supplier's credit) and 25% within six months due for
loan repayment.
* High provisioning towards disputed regulatory dues: DTIL has
filed a petition before the Honorable Telecom Disputes Settlement &
Appellate Tribunal (TDSAT) regarding a demand letter received by
Ministry of Information & Broadcasting (MIB) alleging a short
payment in license fees paid. This has occurred due to
interpretational differences of the term 'Gross Revenue', basis
which license fees are paid. In the meanwhile, the company
continues to create a provision on a conservative basis. As on
March 31, 2020, DTIL has created a provision of Rs.3578crore (as on
March 31, 2020) (vis-a-vis INR3256.48 crore as on March 31, 2019).
In the event the demand materializes, the company may have to raise
additional debt.
* Highly regulated industry: The industry is highly regulated which
could possibly affect the business model. In the recent past, the
industry witnessed some reforms like transition to the GST regime
and new tariff order. The National Tariff Order 2.0 issued by the
Telecom Regulatory Authority of India (TRAI) mandates the service
providers to provide 200 FTA channels at the base price of INR153
(inclusive of taxes). DTH and cable TV distribution providers have
been mandated not to charge more than INR160 per month for
providing all channels available on their platform. Cap on pay
channels has now been kept at INR12 against INR19 in the past.
Further the sum of a-la-carte channels forming bouquet should not
exceed one and a half times of the bouquet's overall price. Dish TV
was the first in the industry to voluntarily roll out the
provisions of the TRAI tariff order by offering costeffective
channels to its subscribers.
Key Rating Strengths
* Default free track record of the company: Despite improving and
stable cash flows in the past few years, the company had faced
liquidity constraint primarily on account of bunching of large
repayments as a result of merger of Videocon d2h Limited with DTIL
w.e.f. March 22, 2018. The situation was further aggravated owing
to discontinuation of buyer's credit by RBI in February 2018
coupled with large capital expenditure done to maintain market
share in the past. Thus, significant pressure on the cash flow
eventually led to default on short term loans of Yes Bank in
November 2019 by DTIL. As per the No dues shared by the company,
DTIL had fully repaid the aforesaid short term loan in the month of
February 2020. Further as per the banker due diligence there are no
delays.
* Experienced management: DTIL is promoted by Essel group having
its presence across media value chain including television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others, with ZEEL being the flagship
company. The chairman & managing director of the company Mr.
Jawahar Lal Goel has overall five decade of diversified experience
which includes entertainment industry as well. He has been the key
personnel in establishing the cable distribution network of various
TV channels and technological infrastructure for the implementation
of DTH services. He is well supported by experienced and qualified
management team.
* Strong brand presence with leadership position in DTH segment and
strong distribution network: DTIL has developed a strong
distribution network of ~4,000 distributors and over 400,000
dealers that span across 9,450 towns in the country. Post the
amalgamation of Vd2h into DTIL, DTIL continues to be a market
leader along with Tata Sky Limited holding 31% market share, each,
amongst the DTH players as on March 31, 2020. The merged company
had a net subscriber base of around 23.65 million as on March 31,
2020.
* Moderate capital structure: The actual business performance
post-merger of DTIL and Videocon D2h has been lower than estimated.
Thus goodwill appearing in the books of DTIL has been impaired by
INR1563 crore as on March 31, 2019 and by INR1916 crore as on March
31, 2020 by the company. Despite erosion of net worth due to
impairment of goodwill, the overall gearing improved to 0.47x as on
March 31, 2020 as against 0.51x as on March 31, 2019, due to
reduction in total debt to INR1793crore as on March 31, 2020 as a
result of large scheduled repayments in the past
(PY:Rs.2809crore).
* Improved debt coverage indicators: Due to repayment of term loans
and lower utilization of limits, the overall debt of DTIL on
consolidated basis has reduced from INR2809crore as on March 31,
2019 to INR1793crore as on March 31, 2020. Reduced debt levels and
higher gross cash accruals led to improvement in total debt to GCA
from 1.70x in FY19 to 0.98x in FY20. Excluding provision created
for interest on license fee, the interest coverage has actually
improved from 5.17x in FY19 to 7.23x in FY20.
Liquidity: Moderate
The overall liquidity of the company is moderate due to moderate
cash accruals vis-Ã -vis repayment obligations and low cash balance
of INR146crore as on March 31, 2020 (vis-Ã -vis INR171 crore as on
March 31, 2019). Its capex requirements are modular which would be
funded through internal cash accruals. Average utilization of
DTIL's bank limits were at 20% for the 12 months ended June 2020.
Further in FY21, the company will have to make debt repayment of
INR1015crore and fund capex of INR600-650 crore, which the company
should be able to manage from internal accrual of INR2,000 crore.
Availability of additional bank limit will further support
liquidity over this period. Further, DISPL and DTIL had opted for
moratorium; however, the same has been fully repaid in July 2020.
Analytical approach: The consolidated financials of DTIL have been
considered for analytical purposes owing to financial linkages in
the form of explicit corporate guarantee and operational linkages
between the company and its subsidiaries.
List of companies that are consolidated to arrive at the ratings
are:
Name of the Company % of holding as on March 31, 2020
------------------- ---------------------------------
Dish Infra Services
Private Limited 100%
C&S Medianet Private 51% (C&S Medianet became the
Limited subsidiary of the Company with
effect from November 1, 2018.)
Dish TV India Limited (DTIL), a part of Essel group of companies,
is India's first direct to home (DTH) company to launch its service
in 2003. Effective March 22, 2018, Videocon d2h Limited (which
launched its service in 2009) has been amalgamated with and into
Dish TV India, with October 01, 2017 being the appointed date. The
combined entity has a subscriber base of 23.7 million with a market
share of 37% in the DTH segment as on March 31, 2019. The merged
entity has a bandwidth capacity of 1422 MHz, with an ability to
deliver more than 655 channels & services including 40 audio
channels and over 70 HD channels & services. The company has a vast
distribution network of over 4000 distributors and around 400,000
dealers that span across 9,450 towns in the country. During FY19,
the company has launched in-house OTT app namely 'Watcho' which has
mix of original content, linear channels and catch-up content.
EVERSHINE SOLVEX: CARE Keeps D on INR14cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evershine
Solvex Private Limited (ESPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 14.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 19, 2019, placed the
rating of ESPL under the 'issuer non-cooperating' category as
Evershine Solvex Private Limited had failed to provide information
for monitoring of the rating. ESP continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 18, 2020,
August 17, 2020, August 14, 2020 and August 13, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating in June, 2019, the following were the
rating weaknesses:
* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt obligation.
Evershine Solvex Private Limited (ESPL) is a private limited
company incorporated in September, 1983 and commenced operations in
April, 1984. The company is currently being managed by Mr. Ravinder
Kumar Kalra and Mr. Pankaj Kalra. ESPL is engaged in the extraction
of rice bran oil at its processing facility located in Muktsar
(Punjab) with an installed capacity to extract 86400 tonnes of rice
bran oil per annum. ESPL has two associate concerns, namely, Ekam
Agro Private Limited (CARE BB-; Stable) which is engaged in
refining of oil since 2014 and Mithan Lal Kalra Rice Mills (MKRM)
which is a partnership firm engaged in rice milling since 1977.
G3S BUILDERS: CARE Lowers Rating on INR12cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G3S
Builders Private Limited (G3S), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.00 CARE C; Issuer not cooperating;
Facilities Revised from CARE B; Stable
Issuer Not Cooperating; Based
on best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 2, 2019, placed the
rating of G3S under the 'issuer non-cooperating' category as G3S
Builders Private Limited had failed to provide information for
monitoring of the rating. G3S continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 18, 2020,
August 17, 2020, August 14, 2020 and August 13, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
The rating has been revised on account of small scale of operations
with low PAT margin, weak overall solvency position, elongated
operating cycle and raw material price fluctuation risk associated
with orders due to absence of price escalation clause and
fragmented nature of the construction sector. The rating, however,
derive strength from experienced promoters in the construction
industry.
Key Rating Weaknesses
* Small scale of operations with low PAT margin: The total
operating income of the company declined from INR35.32 crore in
FY18 to INR14.08 crore in FY19. The PAT margin of the company stood
low at 1.51% in FY19 (PY: 0.29%).
* Weak overall solvency position with elongated operating cycle:
The capital structure stood leveraged, on March 31, 2019.
Furthermore, the total debt to GCA also stood weak at 23.57x as on
March 31, 2019 (PY:12.74) and interest coverage ratio of 1.45x in
FY19. The operating cycle stood elongated at 724 days, as on March
31, 2019 (PY: 191 days).
* Raw material price fluctuation risk associated with orders due to
absence of price escalation clause: G3S is exposed to the inherent
risk associated with raw material price fluctuation in execution of
various orders due to absence of price escalation clause in
majority of the contracts. Thus, any adverse change in the prices
of the raw material may affect the profitability margins of the
company.
* Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players. This
coupled with tendering process in order procurement results into
intense competition within the industry. Despite these road blocks
faced by the industry, the sector is expected to grow, given huge
economic significance associated with it and rising investor
interest. Also, the outlook for Indian construction sector
continues to be stable in the medium to long-term on account of
increased thrust of Government on development of infrastructure to
support economic growth.
Key Rating Strengths
* Experienced promoters in the construction industry: Mr. Gulzar
Singh and Mr. Surinder Singh have three decades and two and a half
decades of experience, respectively, in construction industry
gained through their association with G3S and G.S Builders and
Engineers. Whereas, Mrs. Harjit Kaur and Mrs. Kusum Lata have 4
years of experience, each in the construction industry gained
through their alliance with G3S only.
G3S Builders Private Limited (G3S) was incorporated in 2013 as a
private limited company by Mr. Gulzar Singh and his family members.
G3S is engaged in civil construction work for private players in
Punjab, Uttarakhand and Haryana which includes infrastructure
development, construction of hospitals, educational institutes,
residential projects etc. The orders undertaken by the company are
secured through the competitive bidding process. The company also
executes sub contracts for other civil contractor players.
GANESH EDUCATION: CARE Keeps D on INR7cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Education and Welfare Society (SGWES) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank Facilities 7.00 CARE D; Issuer not cooperating;
Fund Based-LT– Based on best available
Cash Credit information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SGWES to monitor the rating
vide e-mail communications dated July 15, 2020, July 17, 2020 and
July 20, 2020 numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Shree Ganesh
Education And Welfare Society bank facilities will now be denoted
as CARE D; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ongoing delays: There have been ongoing delays in debt servicing
due to stretched liquidity position.
Shree Ganesh Education and Welfare Society (SGWES) is an
educational society and was formed in April 8, 2011 under Societies
Registration Act, 1860 with an objective to provide educational
services by establishing and operating various educational
institutions. The society operate colleges and school under the
name of "Dev Rishi" in a single geography offering varied courses
located in Saharanpur.
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Private Limited (GIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 229.23 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers:
CARE had, vide its press release dated June 3, 2019, placed the
rating(s) of GIPL under the 'issuer non-cooperating' category as
GIPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. GIPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings continue to take into account stretched liquidity
position with delays in debt servicing by the company.
Detailed description of the key rating drivers
At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:
(Updated based on financials for FY19 received from the online
portal of Ministry of Corporate Affairs)
Key rating weakness
* Stretched liquidity position leading to delays in debt servicing:
The project though has achieved COD in May 2013, it is unable to
operate at full capacity due to flash floods resulting in lower
generation of power coupled with low off-take leading to cash flow
mismatches. During FY19, the company continued to report net loss
and cash loss and along with high debt repayment
obligation has resulted in continuous delay in debt servicing.
Key rating Strength
* Experienced promoter group: The Company is promoted by Mr.
Mahendra Agarwal, Founder and CEO of Gati Group and holds 81.29%
equity stake in GIPL through Amrit Jal Ventures Pvt ltd. He is well
supported by qualified professionals having rich experience in
their respective fields.
Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his group
company – Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110 MW
run-of-the-river, Chuzachen hydro-electric project (HEP) in the
state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of Sikkim (GoS), Sikkim Power Development
Company (SPDC) for a period of 35 years from commercial operating
date (COD).
GLOBALITE INDUSTRIES: CARE Lowers Rating on INR12.60cr Loan to C
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Globalite Industries Private Limited (GIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.60 CARE C; Issuer not cooperating;
Facilities Revised from CARE B; ISSUER NOT
COOPERATING on the basis of
best available information
Long-term/Short 0.60 CARE C; Stable/CARE A4; Issuer
term Bank not cooperating; Revised from
Facilities CARE B; Stable/CARE A4; ISSUER
NOT COOPERATING on the basis of
best available information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 17, 2019 placed the
rating of GIPL under the 'issuer non-cooperating' category as GIPL
had failed to provide information for monitoring of the rating.
GIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls August 7,
2020 and August 12, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Globalite Industries Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained by
decline in scale of operations, decline in profitability margins,
deterioration in capital structure and weak coverage indicators,
elongation in operating cycle, industry risk and susceptibility of
margins to the volatility in the raw material prices and
competition from organized and unorganized players. The ratings,
however, continue to take comfort from experienced promoter and
established marketing arrangement.
Detailed description of the key rating drivers
At the time of last rating on July 17, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Decline in scale of operations: The small scale of operations has
remained small which limits the company's financial flexibility in
times of stress and deprives it from scale benefits. The scale of
operations has declined from INR27.10 crore in FY17 to INR21.53
crore in FY18 (refers to period from April 01 to March 31).
* Decline in profitability margins, deterioration in capital
structure and weak coverage indicators The profitability margins of
the company as marked by PBILDT margin and PAT margin declined by
52 bps and 179 bps and stood at 9.61% and -1.53% respectively for
FY18. The capital structure as marked by overall gearing has
deteriorated and stood at 4.03x as on Mrach 31, 2018 as against
2.37x as on March 31, 2017. Further, coverage indicators as marked
by interest coverage and total debt to GCA stood at 1.14x and
56.19x respectively for FY18.
* Elongation in operating cycle: The operating cycle of the company
elongated and stood at 279 days in FY17 as against 191 days for
FY16. The elongation was mainly on account of higher collection
period. The collection period has elongated to 214 days for FY17 as
against 153 days for FY16. The average inventory holding stood at
146 days for FY17. Further, the creditor's period stood at 82 days
for FY17.
* Industry risk and susceptibility of margins to the volatility in
the raw material prices: The main raw materials for GIP are PVC
(Polyvinyl Chloride), Leather, PU Chemicals, etc., the prices of
which are linked with crude oil prices and are very volatile. GIP's
profitability depends to a large extent on the movement in raw
material prices.
* Competition from organized and unorganized players: Footwear
industry is highly competitive in nature due to low entry barriers
on account of low capital investment required to set up a new
facility. Also, operations are labour intensive resulting in
presence of a large number of unorganized players.
Key Rating Strengths
* Experienced management: The overall operations of the company are
being managed by Mr. Lalit Kishore and Ms Vanita Gupta. Mr. Lalit
Kishore, promoter of GIP is a chartered accountant by profession
and has around two decades of experience in consumer & lifestyle
industry through his association with this entity and other
associate concerns. Ms Vanita Gupta is a post graduate and has
around a decade of experience in this consumer & lifestyle industry
through her association with GIP.
* Established marketing arrangement: GIP supplies its products
under its own designs and brand 'Globalite'. The company markets
its product through online and offline distribution channels.
GIP erstwhile LKA Creations Private Limited was incorporated in
2005 and commenced its commercial operation in March 2011. The
company is currently being managed by Mr. Lalit Kishore and Ms.
Vanita Gupta. The company is engaged in the business of
manufacturing and selling of footwear (both sports and casual). The
company is also engaged in trading of accessories and apparels
(T-shirts, sweat shirts, track suits, bag, watches, etc.). GIP
procures the raw material i.e. PVC polymers, chemicals, leather,
etc, from manufacturers/resellers located domestically. Besides,
the traded goods are also procured from domestic manufacturers. GIP
sells its products under the brand name "Globalite". The company
sells 70% of the product through digital channels, e-commerce
portal, television channels and remaining through retail stores and
outlets. Moreover, the company has a license arrangement with Lotto
for manufacturing and marketing of open footwear (sleepers and
sandals) under Lotto's brand name against payment of royalty fee.
HUMBLE HOSPITALITY: CARE Keeps D on INR6cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Humble
Hospitality (Punjab) Private Limited (HHP) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6.85 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 13, 2019, placed the
rating of HHP under the 'issuer non-cooperating' category as Humble
Hospitality (Punjab) Private Limited had failed to provide
information for monitoring of the rating. HHP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2020, August 7, 2020, August 6, 2020 and August 5, 2020.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on June 13, 2019, the following were the
rating weaknesses:
* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt
obligation.
HHP, incorporated in February 2012, is being managed by Mr.
Inderpreet Singh Chadha, Mr. Surjit Singh, Mr. Harpreet Singh
Chadha, Mr. Harpreet Singh, Mr. Mayank Umat and Mr. Prabhpreet
Singh Chadha. The company has constructed a four-star hotel under
the name of "Humble - Una Hotels" in Amritsar, Punjab. The hotel is
constructed on a total land area of 2,400 square yards and has 42
rooms (including suites and deluxe rooms), 3 banquet halls, 2
restaurants, a bar and a coffee shop. The business operations of
the hotel started in February 2014.
INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Innotech
Educational Society (IES) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 19.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from IES to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 10,
2020, August 12, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the Entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating of IES's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, the banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating in June 20, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses:
* Ongoing delays in debt servicing: There are on-going delays in
the debt servicing of the Entity. The banker has confirmed that
there are ongoing delays in repayment of principal and interest of
the term loan account.
Innotech Educational Society (IES) was established in March, 2010
under the Societies Registration Act, 1860 for establishing and
operating educational institutes for imparting education in
engineering discipline in Araria, Bihar. With completion of the
Phase I of its three phased project, the society has started an
Engineering college under the name "Moti Babu Institute of
Technology (MBIT)" with 300 seats in 5 streams of engineering from
the academic year 2014-2015. The institute is approved by All India
Council for Technical Education (AICTE) and affiliated to
Aryabhatta Technology University, Bihar. The society has been
founded & promoted by Shri Amit Kumar Das, an NRI (based in
Australia), who is a graduate and diploma holder in computer
engineering and possesses more than a decade experience in
Information Technology sector. He is also the founder & chairman of
the ISOFT Software Technologies Pvt. Ltd., a Entity engaged in
software development.
JB GOLD: CARE Keeps D on INR9cr Loans in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JB Gold
Private Limited (JBG) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank Facilities 9.00 CARE D; Issuer not cooperating;
Fund Based-LT– Based on best available
Bank Overdraft information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 16, 2019, maintained
the rating(s) of JBG under the 'issuer non-cooperating' category as
JBG had failed to provide information for monitoring of the rating.
JB Gold Private Limited (JBG) continues to be non-cooperative
despite repeated requests for submission of information through
e-mail communications/ letters dated August 19, 2020, July 18,
2020, August 17, 2020, August 14, 2020, August 7, 2020, August 5,
2020, August 3, 2020, July 31, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by JB Gold Private Limited (JBG) with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is also not available. The
rating on the company's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.
Delhi-based JB Gold Private Limited (JBGPL) was incorporated in
2011 as a private limited company by Mr. Rajnish Gupta and his wife
Ms Nisha Gupta. JBGPL is engaged in the wholesale trading of gold
jewellery, diamond jewellery and loose cut & polished diamonds,
registered office being at Karol Bagh, Delhi. The company also
started in-house manufacturing of gold & diamond jewellery in FY14
under its own brand name 'Kiyan'. Roshni Jewellers Private Limited
(rated CARE D; INC) is a group associate of JBG and is engaged in
the same line of business.
MEC SHOT: CARE Keeps D on INR12cr Loans in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mec Shot
Blasting Equipments Private Limited (MSBE) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/Short 5.50 CARE D/CARE D; Issuer not
Term Bank cooperating; Based on best
Facilities available information
Short Term Bank 6.50 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale, Key Rating Drivers
CARE had, vide its press release dated August 30, 2019, placed the
rating of MSBE under the 'issuer non-cooperating' category as MSBE
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. MSBE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 5, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on August 30, 2019 the following were
the rating strengths and weaknesses.
Key Rating Weakness
* Delay in the debt servicing: There was delay in Debt servicing in
past.
Jodhpur (Rajasthan) based MEC Shot Blasting Equipments Private
Limited (MSBE) was formed in 1990 by Mr. AnandKishore Modi. MSBE
provides solution in the field of surface preparation through air
operated and airless/turbine blasting machines. It designs and
manufactures shot blasting and shot peening machines with media
conveying dust collectors, painting & baking rooms and its
accessories.
RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RLJ
Infracement Private Limited (RLJIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-LT– 7.20 CARE D; Issuer not
cooperating;
Term Loan Based on best available
Information
Fund-based-LT– 4.80 CARE D; Issuer not
cooperating;
Cash Credit Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 19, 2019, maintained
the rating(s) of RLJIPL under the 'issuer non-cooperating' category
as RLJ Infracement Private Limited had failed to provide
information for monitoring of the rating. RLJ Infracement Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mail communications/letters
dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020,
July 6, 2020, July 3, 2020, June 29, 2020, June 19, 2020, June 16,
2020 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by RLJ Infracement Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is also not available.
The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.
West Bengal-based RLJ Infracement Pvt Ltd (RLJIPL) was incorporated
in March 2008 as RLJ Steel Plant Private Limited. Thereafter, it
changed its name to RLJ Infracement Private Limited in November
2013. Its commercial operations commenced in September 2014. It is
managed by Mr. Manmohan Agarwal, Mr. Rameshwar Singh and Mr. Sneh
Jain. The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh. The
company procures packaging material from its group company "RLJ
Woven Sacks Private Limited" based in Kolkata. The company mainly
sells its products in the regions of Bihar and Uttar Pradesh under
the brand 'RLJ Captain King Cement'. The company's associate
concerns, namely, RLJ Woven Sacks Private Limited, RLJ Multigrain
Private Limited, S A Iron & Alloys Private Limited, Shree
Salasarhanumanji Grains Private Limited, Sudarshan Beopar Company
Limited, RLJ Concast Private Limited, RLJ Sarees Private Limited
and Aadyakirti Fashions Private Limited are engaged in different
types of businesses as manufacturing of HDPE Bags, sponge iron,
atta, sooji, maida and embroidery of sarees.
RNR IMPORTS: CARE Keeps D on INR12cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RNR Imports
& Exports (RIE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term Bank 12.00 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 7, 2019, placed the
ratings of RIE under the 'issuer non-cooperating' category as firm
had failed to provide information for monitoring of the rating. The
firm continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 31, 2020 to August 5, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on June 7, 2019, the following were the
rating strengths and weakness
Key Rating Weakness
* Delays in meeting of debt obligations: RNR Imports & Exports has
been facing liquidity issues due to which there are overdraws in
the packing credit facility.
RNR Imports & Exports (RIE) was established in October 2017 as a
Proprietorship firm and converted to partnership firm in December
2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari
and Mr. Ravinder Reddy. The firm is managed by Mrs Madhavi Latha,
who is an MBA graduate and has more than two decades of experience
in packing industry in edible oils segment and is also a director
in Vyshnavi Fillers Private Limited, which is engaged in
manufacturing of 15Kg capacity empty tins, small cans and barrels
used for packing of edible oils. The registered office of the firm
is located at Guntur, Andhra Pradesh. RIE is engaged in trading of
Rice and ethanol to African countries. The firm purchases, rice
from Raipur and Chhattisgarh, and Ethanol from Pune. The firm
purchases from the wholesaler located in and around Gunture and
directly export to foreign countries like Ghana. Also in 8MFY19 the
firm has achieved a turnover of INR5.00 crore. The financial
closure of the firm has achieved in January 2018 and the firm has
started its commercial in February 2018.
ROSHNI JEWELLERS: CARE Keeps D on INR9cr Loan in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roshni
Jewellers Private Limited (RJPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank Facilities 9.00 CARE D; Issuer not cooperating;
Fund Based-LT– Based on best available
Cash Credit information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated July 19, 2019, maintained
the rating(s) of RJPL under the 'issuer non-cooperating' category
as RJPL had failed to provide information for monitoring of the
rating. Roshni Jewellers Private Limited (RJPL) continues to be
non-cooperative despite repeated requests for submission of
information through e-mail communications/ letters dated August 19,
2020, July 18, 2020, August 17, 2020, August 14, 2020, August 7,
2020, August 05, 2020, August 03, 2020, July 31, 2020 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Further, banker could not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Roshni Jewellers Private Limited (RJPL) with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, banker feedback is also not
available.
The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.
Delhi based Roshni Jewellers Private Limited (RJL) was incorporated
in 2011 by Mr. Sandeep Gupta and his wife, Ms. Anju Gupta. RJL is
engaged in wholesale trading of gold jewelry, diamond jewelry and
loose cut & polished diamonds, registered office being at Karol
Bagh, Delhi. The company also started in-house manufacturing of
gold & diamond jewelry in FY14 under its own brand name 'Balika
Vadhu'.
SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujala
Pipes Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 31.80 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Short-term Bank 15.07 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers:
CARE had, vide its press release dated June 3, 2019, placed the
rating(s) of SPPL under the 'issuer non-cooperating' category as
SPPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to Sujala Pipes Private Limited (SPPL) take
into account the ongoing delays in debt servicing.
Detailed description of the key rating drivers
At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Delays in debt servicing: The company has been facing liquidity
constraint and there are delays in debt servicing, as confirmed by
the lenders.
Key Rating Strengths:
* Experienced Promoters: SPPL belongs to Nandi group of Kurnool
(Andhra Pradesh), a South India based industrial house, promoted by
Mr. S.P.Y Reddy. The promoter has vast experience in managing
business for over three decades. Nandi group has diversified
business interest and apart from manufacturing of pipes (carried
out through SPPL and several other companies); it has presence in
the cement, steel, construction, dairy and distillery business,
carried out through several group companies.
Sujala Pipes Private Limited (SPPL), belonging to Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a
partnership concern and was reconstituted as a Private Limited
Company in February, 1988. SPPL is engaged in manufacturing of
Polyvinyl Chloride (PVC) pipes & fittings used in irrigation
projects, water management, sewerage, & drainage industry, etc.
Nandi group, promoted by Mr. S.P.Y Reddy, is a South India based
industrial house having diversified business interest. Apart from
manufacturing of PVC pipes, the group has presence in cement,
steel, dairy and construction segment.
THEMIS MEDICARE: CARE Reaffirms D Rating on INR73.25cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Themis Medicare Limited (TML), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 13.10 CARE D Reaffirmed
Long-term/Short-
term Bank
facilities 73.25 CARE D/CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The reaffirmation in the ratings assigned to the bank facilities of
TML is on account of delay in servicing of debt obligation for
Adhoc facilities. There was delay in debt servicing on account of
mismatch of inflow and outflow of funds due to COVID19 situation.
However, liquidity position of the company has improved and is
expected to continue.
Key Rating Sensitivities
Positive factors
* Sustained improvement in liquidity position resulting in
satisfactory track record of repayment of debt, utilization of
fund-based limits within sanctioned limits and no LC devolvement or
invocation of BG on a sustained basis.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in debt servicing: As per the interaction with management,
there was delay in servicing of debt obligations of Adhoc facility
due to mismatch in inflow and outflow of funds on account of
COVID19. However, company's liquidity position is improving and as
on date company is servicing its debt obligations on timely manner.
Analytical approach: Consolidated. CARE has taken a consolidated
view of Themis Medicare Ltd. TML has subsidiaries namely Artemis
Biotech Ltd (TML holds 95% shares), Themis Lifestyle Pvt. Ltd. (TML
holds 99% shares) and Carpo Medical Ltd. (TML holds 90% of shares).
TML has two associate companies, Gujarat Themis Biosyn Ltd and Long
Island Nutritionals Pvt. Ltd. and one Joint venture, Richter Themis
Medicare (India) Pvt. Ltd. Consolidated view has been taken on
account of TML's significant stake and same line of business as its
subsidiaries and associates.
Themis Medicare Limited (TML) was established in the year 1969 as
Themis Chemicals Limited by two Hungarian pharmaceutical companies
- Gedeon Richter, Medimpex and an Indian company Chemosyn Limited,
which was promoted by Late Mr. Shantibhai Patel. TML is in the
business of manufacturing and marketing of bulk API of synthetic
and biotech origin, bulk intermediates and formulations for
domestic and international markets as well as in research and
development activity. In formulations segment, TML is into
manufacturing of anti-TB, anti-malarial, anti-cholesterol and pain
management drugs. TML is headquartered in Mumbai and has
manufacturing facilities at Vapi, Hyderabad and Haridwar.
TML HOLDINGS: Moody's Cuts GBP98MM Sr. Unsecured Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating on the GBP98 million senior unsecured notes issued by TML
Holdings Pte Limited, a wholly-owned subsidiary of Tata Motors
Limited (B1 negative).
The notes are supported by an irrevocable standby letter of credit
(SBLC) from Bank of Baroda (London).
Moody's rating action was prompted by the downgrade on September 4,
of Bank of Baroda's long-term local and foreign currency deposit
ratings to Ba1 from Baa3 and its long-term Counterparty Risk
Assessment (CR Assessment) to Ba1(cr) from Baa3(cr). Moody's also
changed the rating outlook on Bank of Baroda's ratings to negative
from ratings under review.
The affected rating is:
Issuer: TML Holdings Pte Limited
- GBP98 million 4.0 percent credit-enhanced notes due 2023,
downgraded to Ba1 from Baa3
RATINGS RATIONALE
The downgrade of TML Holdings' bond follows the downgrade to
Ba1(cr) from Baa3(cr) of Bank of Baroda's CR Assessment. The bond
rating is directly linked to the CR Assessment of Bank of Baroda,
whose London Branch is the SBLC provider.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Any change to the long-term CR Assessment of Bank of Baroda could
lead to a corresponding change in the rating of the notes.
The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in May 2017.
Bank of Baroda is headquartered in Mumbai and reported total assets
of INR11.3 trillion at June 30, 2020.
VINTAGE HOME: CARE Keeps D on INR5.75cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vintage
Home Fashions (VHF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.75 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 6, 2019, placed the
rating of VHF under the 'issuer non-cooperating' category as VHF
had failed to provide information for monitoring of the rating. SBO
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2020, August 11, 2020, and August 7,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
At the time of last rating in June 6, 2019, the following were the
rating strengths and weaknesses:
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: There were instances of delays
in the servicing of the debt obligations and the account has been
classified as NPA. The delays are on account of weak liquidity as
the firm is unable to generate sufficient funds on timely manner
leading to cash flow mismatches.
VHF was established in April 1999 as a proprietorship firm by Mr.
Puneet Chugh. The firm is engaged in the manufacturing of textile
home furnishing products which includes bed sheets, curtains,
quilts, blankets, carpets, etc, at its manufacturing unit located
in Panipat, Haryana. The firm has an installed capacity of 85 lakh
units per annum as on March 31, 2018. VHF procures its key raw
materials i.e. acrylic fabric, cotton fabric and polyester fabric
from companies as well as from various traders located in nearby
regions. VHF sells its finished products under its own brand name
'Blanc' to the online sales portals including Naaptol Online, Best
Deal TV, etc. and also to wholesalers. The firm has in house
facility of printing, dyeing and designing of furnishing products.
[*] Banks Told to Roll Out Loan Restructuring Scheme by Sept. 15
----------------------------------------------------------------
The Times of India reports that Finance minister Nirmala Sitharaman
on Sept. 3 asked banks and NBFCs to roll out loan restructuring
scheme for COVID-19 related stress by September 15, and provide
adequate support to the borrowers following the lifting of
moratorium on repayment of debts.
The minister urged lenders to immediately put in place a
board-approved policy for resolution at the review meeting with
heads of scheduled commercial banks and NBFCs through video
conferencing, TOI relates.
During the meeting, the minister impressed upon the lenders that as
and when the moratorium on loan repayments is lifted, borrowers
must be given support and COVID-19 related distress must not impact
the lenders' assessment of their creditworthiness, an official
statement said, the report relays.
The six months moratorium on payment of EMIs ended on August 31,
TOI notes.
TOI relates that during the three-hour meeting, the statement said,
the finance minister asked lenders to identify eligible borrowers
and reaching out to them, and the quick implementation of a
sustained resolution plan by lenders for the revival of every
viable business.
Banks are in the process of getting a board-approved restructuring
framework in line with the RBI's framework and eligibility defined
by the central bank in its notification on August 6, according to
the report.
The finance minister also emphasised that resolution schemes must
be rolled out by lenders by Sept. 15, 2020, and a sustained media
campaign to create awareness be carried out thereafter, the
statement, as cited by TOI, said.
She advised lenders to ensure that regularly updated FAQs on the
resolution framework are uploaded on their websites in Hindi,
English and regional languages, and also circulated to their
offices and branches, it added.
On their part, bankers assured the finance minister that they are
ready with their resolution policies and have started the process
of identifying and reaching out to eligible borrowers and that they
will comply with the timelines stipulated by the Reserve Bank of
India (RBI), the report relays.
TOI relates that the ministry of finance has also been engaging
with the RBI to ensure that the lenders are assisted by the central
bank in the resolution process.
The RBI last month permitted one-time restructuring of both
corporate and retail loans without getting classified as a
non-performing asset (NPA), TOI recalls.
Restructuring benefit can be availed by those whose account was
standard on March and default should not be over 30 days, the
report adds.
=================
I N D O N E S I A
=================
PT MODERNLAND REALTY: S&P Cuts US$150MM Unsec. Notes Rating to 'D'
------------------------------------------------------------------
S&P Global Ratings lowered the long-term issue credit rating to 'D'
from 'CC' on Indonesia-based property developer PT Modernland
Realty Tbk.'s guaranteed, senior unsecured US$150 million notes.
The long-term issuer credit rating on the company remains at 'SD'
and the issue rating on company's guaranteed senior unsecured 2024
notes at 'CC'.
The downgrade reflects S&P's view that Modernland will not make the
coupon payment on its US$150 million senior unsecured notes due
2021 within the 30-day grace period.
S&P said, "We kept the ratings on the US$240 million notes due 2024
at 'CC' because we believe default is a virtual certainty. We
believe the company has limited cash sources to service the 2024
note coupon payment of US$8.3 million due in October this year. We
believe Modernland's cash on hand has been largely depleted
following the payment of a US$8 million coupon payment in April."
This is indicated by its failure to repay its Indonesian rupiah
(IDR) 150 billion domestic notes that matured on July 7, 2020.
S&P also believes Modernland has not accumulated meaningful
positive operating cash flows because the company only generated
IDR385 billion (excluding sales at joint venture level) in
marketing sales during the first half of 2020. This is about a 77%
decline compared with the same period last year. As of March 31,
2020, Modernland had about IDR180 billion in cash and cash
equivalents (equivalent to US$11 million).
In addition, Modernland has met bondholders of its U.S. dollar
notes on Aug. 12, 2020, for potential note restructuring and has
appointed financial advisers and an international legal counsel to
assist with the restructuring. S&P believes the company will
conduct a comprehensive debt restructuring, which could be
constituted as a distressed exchange.
The issuer credit rating remains at 'SD' because the company
remains in default on only some of its financial obligations.
Modernland is an Indonesia-based property developer. The company
primarily engages in residential and industrial township
development in the suburbs of Jakarta. Its major projects include
Jakarta Garden City, Modern Cikande, and Modern Bekasi.
=========
J A P A N
=========
NISSAN MOTOR: Received Record JPY130 Billion State Loan Guarantee
-----------------------------------------------------------------
Japan Today reports that the Development Bank of Japan extended a
record JPY130 billion (US$1.2 billion) to Nissan Motor Co in May
with a guarantee that the government will repay most of it in case
of a default by the struggling automaker, sources familiar with the
matter said Sept. 7.
According to the report, the guarantee is part of the JPY180
billion loan that Nissan received from the state-affiliated
financial institution to weather the impact of the novel
coronavirus pandemic. Under the arrangement, if the automaker
defaults on the loan, the government will shoulder up to 80
percent, or about JPY100 billion, of the guaranteed portion, using
taxpayers' money.
Japan Today relates that the pandemic has dealt a further blow to
sales at Nissan -- already hurt by restructuring following the
expansion pursued by former boss Carlos Ghosn, who was ousted amid
allegations of financial misconduct.
The DBJ judged that the loan should be extended swiftly due to the
potential impact from Nissan's woes on local economies such as jobs
at suppliers, according to the sources.
Nissan reported a net loss of JPY671.22 billion in the business
year that ended in March, the first full-year red ink in 11 years,
the report notes.
In March, the government launched a scheme to extend loans to
companies stung by the coronavirus outbreak via financial entities
such as the DBJ, Japan Today recalls.
While the DBJ provided about JPY1.8 trillion in loans to large and
midsized companies as of the end of July, the loan to Nissan is the
only one with a state guarantee, the sources, as cited by Japan
Today, said.
During the financial crisis following the collapse of Lehman
Brothers, Japan Airlines Co took out a loan of about JPY67 billion
in 2009. It defaulted on the loan the following year when the
carrier went bankrupt, causing the state to shoulder about JPY47
billion, the report says.
About Nissan Motor
Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.
As reported in the Troubled Company Reporter-Asia Pacific on July
16, 2020, Egan-Jones Ratings Company, on July 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB- from BB. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.
[*] JAPAN: Nearly 500 Firms Go Bankrupt Since Start of Covid-19
---------------------------------------------------------------
The Sun Daily reports that almost 500 businesses went bankrupt in
Japan due to the economic hardships caused by the ongoing
coronavirus pandemic since February, according to Sputnik news
agency quoting media report on Sept. 7.
As of Sept. 4, the number of companies that filed for bankruptcy or
launched legal liquidation procedures reached 489 in Japan, the NHK
broadcaster reported, citing the Teikoku Databank research firm,
Sun Daily relays.
Businesses operating in the food, accommodation and clothing
industries were affected the most, according to Teikoku Databank.
Meanwhile, 8.5 per cent of small and medium businesses may cease
operations if the pandemic does not end soon enough, Sun Daily
discloses citing a survey conducted by Tokyo Shoko Research in July
and August. The results of a survey suggest that over 300,000
Japanese companies may face bankruptcy.
===============
X X X X X X X X
===============
BOND PRICING: For the Week Aug. 31 to Sept. 4, 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
-----
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
*********
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,
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