/raid1/www/Hosts/bankrupt/TCRAP_Public/200915.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 15, 2020, Vol. 23, No. 185
Headlines
A U S T R A L I A
AGRI-PET PTY: Second Creditors' Meeting Set for Sept. 22
COLAC RSL: Avoids Liquidation as Business Executes DOCA
LINCHPIN CAPITAL: ASIC Begins Civil Penalty Case vs. Directors
WHITE MCKINNON: Jirsch Sutherland Appointed as Administrators
C H I N A
CHINA DILI: Moody's Affirms B3 CFR, Outlook Stable
CHINA SOUTH: Fitch Affirms LT IDR at B, Outlook Stable
LOGAN PROPERTY: Fitch Rates Proposed USD Senior Notes 'BB'
H O N G K O N G
CATHAY PACIFIC: Restructure or Die, Warns as it Burns Cash
I N D I A
AASHAPURA AGRO: CRISIL Migrates Debt Rating from B+ Not Cooperating
BALAJI EDUCATIONAL: ICRA Lowers Rating on INR94.21cr Loan to B+
BENCO THERMAL: CRISIL Lowers Rating on INR4cr Cash Loan to B+
BHARTI AIRTEL: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
BISHAMBHER SARAN: CRISIL Reaffirms B Rating on INR12cr Loans
CAPTAIN TRACTORS: CRISIL Withdraws B+ Rating on INR1cr LT Loan
EXPERT PARTICLE: CRISIL Reaffirms B Rating on INR7.30cr LT Loan
GANGA FABRICS: CRISIL Lowers Rating on INR6cr Cash Loan to D
GOLHAR GINNING: CRISIL Lowers Rating on INR8.85cr Loans to D
GOYAL ISPAT: CRISIL Lowers Rating on INR12.5cr Cash Loan to D
GTN INDUSTRIES: ICRA Lowers Rating on INR44.18cr Loan to B-
IL&FS GROUP: Sells Education Arm to Pare INR650 crore Debt
JAGATJIT INDUSTRIES: ICRA Assigns B+ Rating to INR200cr Loan
JITF URBAN: ICRA Lowers Rating on INR26.83cr Term Loans to B+
LRC ABARANA: CRISIL Reaffirms B+ Rating on INR15cr Secured Debt
MADHUCON GRANITES: ICRA Lowers Rating on INR82.06cr Loan to D
MAJESTIC EXPORTS: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
PADMABHUSHAN KRANTIVEER: Ind-Ra Affirms 'B' LongTerm Issuer Rating
POSITIVE MICRON: ICRA Moves D Debt Ratings to Not Cooperating
PRASHANT ENTERPRISES: CRISIL Cuts Rating on INR25cr Loan to D
PRATHAM MOTORS: ICRA Lowers Rating on INR55.50cr Loan to B+
RAGHUVIR DEVELOPERS: CRISIL Withdraws B+ Rating on INR240cr Loan
RIGHTEDGE INFRA: CRISIL Withdraws B+ Rating on INR7.15cr Loan
RUPAL INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR6.9cr Loan
S.R. UDAYASHANKAR: CRISIL Reaffirms B+ Rating on INR2.8cr Loan
SAHAJ VISHWAS: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
SANTOSH & ASSOCIATES: ICRA Reaffirms B+ Rating on INR5cr Loan
SHIVASHISH MOTORS: CRISIL Reaffirms B+ Rating on INR10cr Loan
SMBT SEVABHAVI: ICRA Withdraws B Rating on INR203.4cr Term Loan
SOCIAL ENGINEERS: CRISIL Lowers Rating on INR4cr Loan to B-
TRISHAKTI AGRO: ICRA Assigns B+/A4 Rating to INR13.17cr Loan
I N D O N E S I A
INDUSTRI TELEKOMUNIKASI: Pays Workers' Salaries in Installments
P H I L I P P I N E S
FAST TRACK: SEC Permanently Shuts Firm for Investment Fraud
T H A I L A N D
THAI AIRWAYS: Gets Court Approval for Debt Restructuring Plan
V I E T N A M
VIETNAM OIL: Fitch Affirms 'BB' LT IDR, Outlook Stable
X X X X X X X X
[*] BOND PRICING: For the Week Sept. 7 to Sept. 11, 2020
- - - - -
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A U S T R A L I A
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AGRI-PET PTY: Second Creditors' Meeting Set for Sept. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Agri-Pet Pty.
Ltd., trading as Allstock Feed Stores, has been set for Sept. 22,
2020, at 10:30 a.m. via Zoom Meeting using the following facility:
Facility Number: Zoom Meeting ID: 892 3512 9157
Password: Worrells1
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. 21, 2020, at 5:00 p.m.
Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
were appointed as administrators of Agri-Pet Pty on Aug. 18, 2020.
COLAC RSL: Avoids Liquidation as Business Executes DOCA
-------------------------------------------------------
On September 2, 2020, Colac R.S.L. Inc's creditors voted in favor
for the Deed of Company Arrangement (DOCA) as proposed by the
association's management committee and the Colac & District
Football Netball League Inc. At that meeting, creditors also
appointed Scott Andersen and Nathan Deppeler of Worrells Solvency &
Forensic Accountants as deed administrators.
On September 9, 2020, the DOCA was executed which resulted in
management of the association's business and affairs being returned
to committee.
Mr. Andersen said, "Through the DOCA, the Colac RSL has avoided
liquidation and being shut down. The DOCA provides a solution to
pressures faced by the association, which ultimately lead to the
appointment of administrators.
The voluntary administration process gave all stakeholders the time
needed to formulate a DOCA proposal that enabled the business to
continue operating and offered a certain return to creditors. This
is compared to the alternative of liquidation which would have
resulted in the business likely closing, termination of staff and
significant uncertainty of any return being available for
creditors."
Due to the COVID-19 restrictions, Worrells temporarily closed the
association's restaurant, bar, function and gaming facilities.
Critically however, the veteran welfare services remained
accessible for the returned service people, ensuring these services
were not interrupted during these stressful times.
"We would like to thank key stakeholders of the association for
their support together with the staff and its members of the
association for their patience and understanding. Without that
support, we couldn't have achieved this positive and viable
solution for the benefit of the Colac community and the RSL
members."
Colac R.S.L is an integral provider of welfare service to veterans
in the local community whilst also operating restaurant, bar,
function and gaming facilities.
Scott Andersen and Nathan Deppeler, Partners at Worrells Solvency
and Forensic Accountants Victoria were appointed Voluntary
Administrators of Colac R.S.L Inc on July 29, 2020.
LINCHPIN CAPITAL: ASIC Begins Civil Penalty Case vs. Directors
--------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
commenced proceedings in the Federal Court of Australia against
current and former directors of Linchpin Capital Group Ltd and
Endeavour Securities (Australia) Ltd for allegedly breaching their
duties as officers of a responsible entity of a registered managed
investment scheme.
The defendants to the proceeding are:
- Ian Williams (current director of Endeavour and Linchpin);
- Paul Raftery (current director of Endeavour and Linchpin);
- Paul Nielsen (former director of Endeavour and Linchpin); and
- Peter Daly (current director of Linchpin).
Messrs. Williams, Nielsen and Raftery were directors of Endeavour
when it operated the Investport Income Opportunity Fund (Fund).
ASIC alleges that, while not appointed as a director, Mr. Daly also
acted as an officer of Endeavour. All four defendants were
directors of Linchpin at the time of the alleged conduct.
In March 2019, in separate proceedings, ASIC successfully obtained
orders against Linchpin and Endeavour for multiple contraventions
of the Corporations Act relating to the operation of the Fund and a
second managed investment scheme, operated by Linchpin, also called
the Investport Income Opportunity Fund. ASIC alleges in the
current proceedings that each of the defendants were personally
involved in contravening conduct about which the Court made orders
in March 2019. ASIC further alleges that the defendants failed to
act in the best interests of investors in the Fund.
It is also ASIC's case that Mr. Daly and Mr. Raftery made improper
use of their positions as officers of Endeavour to gain a financial
advantage for themselves.
ASIC is seeking declarations of breaches of s601FD of the
Corporations Act and the imposition of civil penalties as well as
orders that Mr. Williams, Mr. Nielsen, Mr. Daly and Mr. Raftery be
disqualified from acting as directors for a period of time.
The first case management hearing is listed on Sept. 22, 2020.
In March 2019, ASIC obtained orders in the Federal Court against
Linchpin and Endeavour for contravening multiple provisions of the
Corporations Act while operating two managed investment schemes,
both called 'Investport Income Opportunity Fund'. The court made
orders to wind up Endeavour, Linchpin and the two Investport Income
Opportunity Funds.
In November 2019, ASIC banned Mr. Williams, Mr. Nielsen, Mr. Daly
and Mr. Raftery from providing any financial services for a period
of five years. Mr. Daly's appeal to the Administrative Appeals
Tribunal in respect of his banning is ongoing.
WHITE MCKINNON: Jirsch Sutherland Appointed as Administrators
-------------------------------------------------------------
Sule Arnautovic of Jirsch Sutherland was appointed as administrator
of White McKinnon Pty Ltd, trading as The Morpeth Pharmacy, on
Sept. 11, 2020.
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C H I N A
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CHINA DILI: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has affirmed China Dili Group's B3
corporate family rating (CFR).
The outlook remains stable.
"The affirmation of the rating reflects China Dili's moderate debt
leverage and the significant increase in its stake in the
agriculture wholesale markets that is operates," says Shawn Xiong,
a Moody's Assistant Vice President and Analyst.
"We expect its increased ownership of land and properties will
improve the company's access to bank financing," adds Xiong.
RATINGS RATIONALE
China Dili's B3 CFR reflects the company's moderate debt leverage
and high level of ownership of the agriculture wholesale markets it
operates. The increased ownership of land and properties will
enhance the company's control over its operations and improve its
access to bank financing.
On the other hand, the rating is constrained by the company's small
operating scale and the inherent business risk posed by its limited
experience in operating an agriculture wholesale markets business.
Due to coronavirus-related disruptions, China Dili's revenue and
adjusted EBITDA for the first half of 2020 declined by around 7%
and 11% to around RMB689 million and RMB499 million, respectively,
from the corresponding period a year ago. Nevertheless, its
adjusted EBITDA margin remained solid at around 69%. As a result,
the company's financial leverage, as measured by adjusted
debt/EBITDA, registered around 2.6x for the 12 months ended June
2020.
Moody's expects China Dili's revenue to decline by 5%-6% in 2020
before returning to 10%-12% growth in 2021. As a result, its
leverage will increase to around 2.9x over the next 12-18 months
from 2.6x at June 30, 2020.
Moody's views China Dili's recently completed acquisition of the
land and properties it uses to operate its six existing agriculture
wholesale markets from New Amuse Limited -- an entity which is
controlled by China Dili's controlling shareholder -- as a credit
positive development.
The acquisition will enhance China Dili's control over its core
operations. China Dili now owns nine out of the ten agriculture
wholesale markets it operates, which greatly reduces uncertainty
over the viability of the company's operations. China Dili used to
lease the six agriculture wholesale markets from New Amuse.
The acquisition was funded by equity and did not materially raise
the company's leverage. China Dili paid a total consideration of
RMB4.0 billion for the acquisition, which was settled by the
issuance of the convertible bond to New Amuse. On the same day, New
Amuse fully exercised its conversion rights in respect of the
convertible bond in the principal amount of RMB4.0 billion.
In terms of additional debt, the acquired entities had short-term
bank loans of RMB2.4 billion and other unsecured borrowings in an
aggregate amount of RMB100 million as at December 31, 2019. At the
same time, the acquired entities had a cash balance of RMB1.4
billion as at December 31, 2019. Moody's expects China Dili to pay
off part of the acquired entities' bank loans using the RMB1.4
billion in cash, leading to additional debt of around RMB1.1
billion for China Dili.
Moody's expects the impact to China Dili's adjusted debt to be
relatively small as the reduction in capitalized leases should
offset the majority of the additional RMB1.1 billion debt.
Moody's expects China Dili will continue to increase its scale by
improving operations at its existing markets, but also by
developing new markets such as the Kunming International
Agricultural Product Logistic Park.
In terms of environmental, social and governance (ESG) factors,
China Dili's rating also considers the following.
From a social perspective, Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. Moody's ratings also
consider the impact on China Dili of the breadth and severity of
the shock, although the impact has so far been relatively small for
the company.
In terms of governance, China Dili's rating has considered the
company's high corporate governance risk due to its substantial
connected party transactions historically. Additionally, China
Dili's ownership is concentrated in Mr. Dai Yongge and his family,
who collectively hold a 67.06% stake in the company. This risk is
partially mitigated by the company's status as a listed and
regulated entity as well as the fact that the company's
eight-member board consists of four independent non-executive
directors.
China Dili's liquidity is weak. The company's cash balance of
RMB817 million as of June 30, 2020, combined with estimated
operating cash flow of RMB700-800 million over the next 12 months,
is insufficient to cover its short-term debt of around RMB1.4
billion and estimated capital spending of around RMB200-300 million
over the next 12 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook on the rating reflects Moody's expectation that
China Dili will successfully extend its short-term bank loans and
its agriculture wholesale markets business will maintaining a
stable performance over the next 12-18 months.
Moody's could upgrade China Dili's rating if the company (1)
improves its scale; (2) demonstrates a sound track record of
managing its agriculture wholesale markets business; (3) achieves a
sustainable improvement in its financial profile; and (4) improves
its liquidity profile, with broader banking relationships.
Conversely, negative pressure could emerge on China Dili's rating
if its financial position deteriorates because of (1) a
weaker-than-expected performance in the agriculture wholesale
markets business; (2) a deterioration in its financial position
owing to an aggressive debt-funded expansion strategy; (3) a
sustained weak liquidity profile.
The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.
China Dili Group, following the disposal of its commercial property
business in July 2016, is focusing on its agriculture wholesale
markets business. The company operated 10 wholesale agricultural
product markets across seven cities in China as of the end of June
2020. Post its recent acquisition, China Dili now owns nine out of
its ten agriculture wholesale markets.
CHINA SOUTH: Fitch Affirms LT IDR at B, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of China South City Holdings Limited (CSC) at 'B'. The
Outlook is Stable. The company's senior unsecured rating and the
rating on its outstanding US dollar senior notes have also been
affirmed at 'B' with a Recovery Rating of 'RR4'.
The ratings on CSC are supported by sales generated mainly by
residential and multi-purpose properties in Tier 2 cities, a long
record in integrated trade centre development, and growing
non-development income. The ratings are constrained by limited
project diversification and scale, a weak industry outlook for
trade centres, and its tight liquidity.
KEY RATING DRIVERS
Residential Sales Support Performance: Fitch expects CSC to
continue to rely on residential and multi-purpose properties in the
next three years to provide cash flow for its land banking and
construction needs, with trade-centre sales continuing to
underperform in light of weak demand from SMEs. Contracted sales
decreased by 8% yoy to HKD13.5 billion in the financial year ended
March 2020 (FY20) amid the coronavirus pandemic. Residential and
multi-purpose property sales together accounted for 80% of
contracted sales in FY20. CSC has set its FY21 contracted sales
target at HKD16 billion.
Stable Leverage: Fitch expects leverage - measured by net
debt/adjusted inventory, including investment property at cost - to
remain below 50% for the next three years if CSC maintains prudent
land acquisitions and achieves satisfactory sales, as management
plans. Leverage was stable at 43.6% in FY20 (FY19: 43.1%). Cash
outflow for land acquisitions fell to HKD0.3 billion in FY20, from
HKD1.6 billion in FY19. Fitch estimates that CSC's total land
premium will rise in FY21 to at 10%-15% of sales proceeds.
Stabilising Development Margin: Fitch estimates that CSC's overall
development margin will stabilise at around 40%. The company's
gross profit margin for property development, including capitalised
interest, improved to 44.2% in FY20, from 39.9% in FY19, due to a
higher average selling price. Trade centres and residential units
accounted for 12% and 82%, respectively, of development revenue in
FY20.
Rising Non-Development EBITDA: Fitch expects CSC's non-development
EBITDA interest coverage to rise, but to remain below 0.6x for the
next three years. This will provide only limited support to the
rating in the short term, although the diversification will enhance
the company's cash flow. Income from CSC's non-development business
increased by 4% yoy to HKD2.4 billion in FY20, driven by growth in
its outlet, property management services and logistics and
warehousing businesses. Non-development EBITDA interest coverage
was stable at 0.4x in FY20.
DERIVATION SUMMARY
CSC's eight projects are in Tier 1 and 2 Chinese cities, which are
better located than those of the other Fitch-rated trade-centre
developer, Hydoo International Holding Limited (B-/Stable), whose
10-12 projects are mainly in third- and fourth-tier cities. This
translates into better sales and EBITDA margins compared with Hydoo
and other competitors in the industry. CSC generated HKD13.5
billion in contracted sales in FY20, compared with Hydoo's CNY3.0
billion in 2019.
CSC generated HKD2.4 billion in non-development income in FY20. The
non-development segment is still small in terms of EBITDA
generation, but may be able to support debt interest service in the
coming years. CSC's leverage of 43.6%, measured by net
debt/adjusted inventory (including investment property at cost), in
FY20 was comparable with that of other 'B' rated peers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Property development contracted sales to reach HKD14 billion-17
billion in FY21-FY23
- EBITDA margin, excluding capitalised interest and government
grants, sustained above 25% in FY21-FY23 (FY20: 33%)
- Non-development income to increase by 10%-15% per year in
FY21-FY23, with EBITDA margin of around 40%
- Construction and land acquisition cash outflow to account for
50%-60% of sales proceeds in FY21-FY23 (FY20: 50%)
Recovery Rating assumptions:
- CSC would be liquidated in a bankruptcy because it is an
asset-trading company
- 10% administrative claims
- Fitch applied a haircut of 100% on its available cash, 25% on
its receivables, 30% on adjusted inventory, 70% on investment
properties, and 0% on its restricted cash.
- Based on its calculation of the adjusted liquidation value
after administrative claims, Fitch estimates the recovery rate of
the offshore senior unsecured debt to be commensurate with a
Recovery Rating of 'RR1'. However, the Recovery Rating assigned to
the senior unsecured rating is 'RR4' as China falls into Group D of
creditor friendliness. Instrument ratings of issuers with assets in
this group are subject to a soft cap at the level of the issuer's
IDR and Recovery Rating of 'RR4' under its Country-Specific
Treatment of Recovery Ratings Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Non-development EBITDA/cash interest expense sustained above
0.6x (FY20: 0.4x)
- Net debt/adjusted inventory (including investment property at
cost) sustained below 40%
- Available cash/ short-term capital market debt sustained above
1.0x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA margin sustained below 20%
- Net debt/adjusted inventory (including investment property at
cost) sustained above 50%
- Deterioration in liquidity or difficulty in debt refinancing
LIQUIDITY AND DEBT STRUCTURE
Tight but Manageable Liquidity: CSC had cash and cash equivalents
of around HKD10.3 billion, including restricted cash and pledged
time deposits of HKD6.5 billion, at end-March 2020. CSC's available
cash was HKD3.8 billion at end-March, while its HKD3.1 billion of
pledged time deposits in connection with cooperation projects was
released as available cash after end-March 2020.
CSC also had uncommitted bank facilities of HKD17.2 billion,
covering short-term debt of HKD14.9 billion. Fitch expects CSC to
roll over most of its short-term bank loans, which are secured
against investment properties.
Fitch treats the puttable date of CSC's onshore bonds as the
effective maturity date and includes all redeemed offshore debt as
maturing in the next financial year. The put options were not
exercised for the HKD1.3 billion onshore bonds puttable in August
2020.
In June 2020, CSC issued an additional USD125 million by tapping
its USD225 million 10.875% senior notes due 2022. In August 2020,
CSC also issued USD200 million 364-day 11.5% senior notes due 2021.
In September 2020, CSC issued USD250 million 10.75% senior notes
due 2022. The proceeds from these issuances amounted to about
HKD4.5 billion, which can be used to refinance the HKD5.4 billion
senior notes due in a year.
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).
LOGAN PROPERTY: Fitch Rates Proposed USD Senior Notes 'BB'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to China-based property
developer Logan Property Holdings Company Limited's (BB/Stable)
proposed US dollar senior notes. The proposed notes are rated at
the same level as Logan's senior unsecured rating, as they
represent its direct, unconditional, unsecured and unsubordinated
obligations. The proceeds will be used for refinancing purposes.
The rating reflects the improvement in Logan's financial profile,
as Fitch expects the company's leverage to stay at a lower level of
around 35%-40% in the next 12-18 months because the company has
sufficient land bank to support its growth. Logan has shown
financial discipline during its business expansion, which was
evident in the leverage decline, and maintained high profitability
with EBITDA margins of above 30%.
Logan has made some progress in diversification, but the majority
of its land bank and contracted sales remains focused on the
Greater Bay Area, which is a constraint on its rating. Logan's
market position is strong in the Greater Bay Area - its core market
- and the company is ramping up its investment properties, but
Fitch believes further enhancement in its market position in its
core market, or a material improvement in its geographical or
business diversification are key considerations for higher rating
levels.
KEY RATING DRIVERS
Reduced Leverage: Logan's leverage, measured by net debt/adjusted
inventory that proportionately consolidates joint ventures and
associates, fell to 33% by end-June 2020 from 35% at end-2019, 41%
at end-2018 and 48% at end-2017. The company spent CNY40.6 billion
on replenishing its land bank in 2019, or a steady pace of 42% of
its contracted sales (2018: 48%).
The company had a total near-term land reserve of 36.7 million sq m
by end-2019, which was sufficient for development in the next five
years. Fitch expects the company to spend 40%-45% of its
consolidated contracted sales on land replenishment in 2020-2021
and to maintain a land bank sufficient for four to five years of
development.
Sustained High Margins: Logan's EBITDA margin, excluding
capitalised interest from cost of sales, stayed high at 32% in 2019
(2018: 32%, 2017: 33%), which contributes to its deleveraging.
Fitch expects the company's EBITDA margin to remain at 30%-32% in
the next one to two years. Logan had unrecognised contracted sales
of CNY85 billion at end-2019, which have a gross profit margin of
about 30% and will be recognised as revenue over the next 18-24
months.
High-margin primary-land development income will continue to
contribute to total revenue in the next three to five years, which
also supports the EBITDA margin. However, Fitch expects the high
margins of this segment to decrease over time.
Expanding Sales Scale: Logan's contracted sales rose by 34% to
CNY96.0 billion in 2019. The contracted floor space sold rose 57%
to 6.9 million sq m, but the contracted average selling price fell
to CNY13,876/sq m due to higher sales from the Nanning region,
where prices are lower. The company is likely to meet its full-year
sales target of CNY110 billion in 2020. It has saleable resources
of CNY180 billion to launch in 2020. Fitch expects Logan's annual
contracted sales to increase to CNY110 billion in 2020 and CNY120
billion in 2021.
Expansion into New Markets: Fitch believes Logan's expansion into
new regions, including the Yangtze River Delta, Guangxi, Hong Kong
and Singapore, in the last 24 months has helped mitigate
concentration risks. Pre-sales for the Yangtze River Delta and
Singapore projects were launched in 2019 and they contributed 3%
and 7%, respectively, to Logan's total contracted sales, versus 0%
and 5%, respectively, in 2018.
Concentration Risks Remain: The Greater Bay Area, including
Shenzhen, continued to account for most of Logan's attributable
sales and land bank, at around 56% and 71%, respectively, in 2019
(2018: 60% and 71%) and Fitch expects sales contribution from the
area to remain high at 60%-65% in 2020-2021. Logan has a strong
market position in the competitive Greater Bay Area and Fitch
expects it to solidify its market position in the region.
Investment Properties' Contribution Rising: Logan's investment
properties, which mainly consist of offices and shopping malls, are
increasing their contribution to earnings. There are inherent
execution risks in ramping up these projects, but Fitch believes
Logan will control the pace of investment, which will be covered by
the sale of residential projects. The investment-property portfolio
will offer significant diversification from the more-risky
property-development business once these projects are fully ramped
up and the portfolio achieves meaningful scale.
DERIVATION SUMMARY
Logan's contracted sales are comparable with those of 'BB' rated
Chinese homebuilders, such as CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY100 billion, and are higher than those of 'BB-'
rated peers, which have contracted sales of CNY50 billion-80
billion, including KWG Group Holdings Limited (BB-/Stable), China
Aoyuan Group Limited (BB-/Positive) and Yuzhou Group Holdings
Company Limited (BB-/Stable).
Logan's leverage of 35% at end-2019 is also lower than the 40%-45%
of other 'BB' rated peers, such as CIFI. In addition, similar to
Logan, CIFI's non-property development revenue generated EBITDA
that covered interest by less than 0.1x in 2019. Logan continued
its geographical focus on Tier 1 and Tier 2 cities, while CIFI
increased its focus on Tier 2 and 3 cities in 2018-2019.
Logan has similar contracted sales scale as Chinese homebuilders
with 'bb+' Standalone Credit Profiles (SCP), such as China Jinmao
Holdings Group Limited (BBB-/Stable, SCP: bb+) and Sino-Ocean Group
Holding Limited (BBB-/Stable, SCP: bb+). However, Jinmao and
Sino-Ocean have stronger non-development property EBITDA coverage
of around 0.3x-0.4x. Logan has a stronger market position in the
Greater Bay Area than these peers, but its geographical
concentration is also higher.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Contracted sales of CNY110 billion in 2020 and CNY120 billion
in 2021 (2019: CNY96 billion)
- EBITDA margin, with capitalised interest excluded from cost of
sales, of 30%-32% in 2020-2021 (2019: 32%)
- 40%-50% of contracted sales proceeds to be spent on land
acquisitions in 2020-2021 to maintain a land bank sufficient for
around five years of development
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Enhancement of its market position in its core market, or
material improvement in its business or geographical
diversification
- Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 35%
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained above 45%
- EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained below 25%
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Logan had total cash on hand of CNY40.7
billion, including CNY5.9 billion of restricted cash and pledged
deposits, as of end-2019, sufficient to cover short-term debt of
CNY29.6 billion maturing within one year and liabilities under
cross-border guarantee arrangements of CNY0.9 billion.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are
described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).
=================
H O N G K O N G
=================
CATHAY PACIFIC: Restructure or Die, Warns as it Burns Cash
----------------------------------------------------------
Will Davies at Bloomberg News reports that Cathay Pacific Airways
Ltd. is still burning through as much as HK$2 billion ($258
million) a month and will continue to do so until the market
recovers from the coronavirus crisis, the company said on Sept. 14
as it reported dismal August traffic figures and reiterated the
need to restructure.
"We are weathering the storm for now, but the fact remains that we
simply will not survive unless we adapt our airlines for the new
travel market," Bloomberg quotes Chief Customer and Commercial
Officer Ronald Lam as saying in a statement.
"A restructuring will therefore be inevitable to protect the
company, the Hong Kong aviation hub, and the livelihoods of as many
people as possible," Mr. Lam said. A HK$39 billion recapitalization
plan completed last month brought the company some time, but "it is
an investment that we need to repay," he said.
Cathay, which last month reported a first-half net loss of HK$9.9
billion, is undergoing a strategic review, Bloomberg says.
Recommendations about the future shape and size of the airline,
which includes Cathay Dragon and HK Express, are due to be
presented to the board in the fourth quarter.
According to Bloomberg, Cathay and Cathay Dragon flew only 35,773
passengers in August, a slump of 98.8% from the same month last
year. Revenue passenger kilometers fell 98.1% and passenger load
factor dropped 60 percentage points to 19.9%, the company said
Sept. 14. The group carried 102,122 tonnes of cargo, down 36.7%
from August 2019.
"It is clear that we are facing a long and uncertain road to
recovery," Mr. Lam, as cited by Bloomberg, said.
With few signs of improvement, bar a pickup on some services thanks
to student traffic to the U.K. and the lifting of a ban on transit
flights from mainland China, Cathay has lowered its operating
passenger flight capacity down to about 10% in September and
October, according to Bloomberg.
"Passenger demand continued to be very weak as new waves of
Covid-19 in our key markets dampened overall travel sentiment," Mr.
Lam said. "With no new destinations being resumed in August, we saw
only minimal increase in passenger flight capacity."
Cathay's shares were up 0.8% in Hong Kong trade on Sept. 14,
Bloomberg says. They've tumbled 37% this year, the report notes.
About Cathay Pacific
Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport. Cathay
operates scheduled airline services.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
10, 2020, Egan-Jones Ratings Company, on Sept. 3, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Limited to CC from CCC. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.
=========
I N D I A
=========
AASHAPURA AGRO: CRISIL Migrates Debt Rating from B+ Not Cooperating
-------------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Aashapura Agro Industries (AAI) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
firm's management has started sharing the information necessary for
a comprehensive review of the rating. Consequently, CRISIL has
migrated the rating from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating to 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Proposed Long Term 2.45 CRISIL B/Stable (Migrated from
Bank Loan Facility 'CRISIL B+/Stable ISSUER NOT
COOPERATING')
Term Loan 1.15 CRISIL B/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING')
The ratings reflect AAI's average financial risk profile and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the partners in the rice industry.
Key Rating Drivers & Detailed Description
Weakness:
* Average financial risk profile: Networth is estimated at a modest
INR1.8 crore and gearing high at over 7 times. Going forward
capital structure is expected to remain at similar levels.
* Large working capital requirement: Gross current assets (GCAs)
are estimated at 130 days as on March 31, 2020, driven by inventory
of 60-90 days.
Strength:
* Extensive experience of the partners: The decade-long experience
of the partners and their healthy relationships with customers and
suppliers should continue to support the business.
Liquidity Stretched
The fund-based facility (cash credit) of INR10 crore was utilized
at 96% on average for the eight months through July 2020. The
accruals are expected to remain neck to neck for repayment of term
debt obligations. Current ratio is estimated to be low at 0.75
times as on March 31, 2020.
Outlook: Stable
CRISIL believes AAI will continue to benefit from the partners'
extensive experience.
Rating Sensitivity factors
Upward factors
* Interest coverage above 1 time
* Moderation in bank limit utilisation
Downward factors
* Stretched working capital cycle, with GCA of above 200 days
* Weakening of the capital structure
Established in May 2014 as a partnership firm set up by Mr. Sandip
Chandak and his family members, AAI processes and sells rice. Its
facility is in Dantali, Gujarat.
BALAJI EDUCATIONAL: ICRA Lowers Rating on INR94.21cr Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Sri
Balaji Educational & Charitable Public Trust (SPECPT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based– COOPERATING; Rating downgraded
Cash Credit from [ICRA]BB+ (Stable) ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 94.21 [ICRA]B+ (Stable) ISSUER NOT
Fund Based– COOPERATING; Rating downgraded
Term Loan from [ICRA]BB+ (Stable) ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 37.45 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating downgraded
from [ICRA]BB+ (Stable) ISSUER
NOT COOPERATING and continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The rating is downgraded because of lack of adequate information
regarding SPECPT performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Sri Balaji Educational & Charitable Public Trust, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
SPECPT was formed in 1996, under the leadership of Mr. M K
Rajagopalan, the Chairman of the Trust. The trust owns and operates
seven colleges in the Union Territory of Pondicherry and
neighbouring state of Tamil Nadu with a total student base of more
than 6,000. The most notable of SBECPT's colleges is the Mahatma
Gandhi Medical College & Research Centre (MGMC), which also
operates a 1280-bed hospital in the college premises. The other
colleges include Sri Sathya Sai Medical College and Research
Institute (SSMC), Bharathiyar College of Engineering and Technology
(BCET), Rajiv Gandhi College of Engineering and Technology (RGCET),
Kasturbha Gandhi Nursing College, Sri Venkateswara College of
Education and Indira Gandhi Institute of Dental Sciences.
BENCO THERMAL: CRISIL Lowers Rating on INR4cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Benco
Thermal Technologies Private Limited (BTTPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 4 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects deterioration in business risk
profile marked by reduced operating income of around INR16.5 crore
in FY 2020 from INR18.9 crore in the previous fiscal. The same is
expected to be partially impacted by Covid 19 lockdown impacting
sales in the last quarter of FY 2020. Yearend working capital
requirement has also got intense marked by GCA of more than 280
days as on March 31, 2020. Capital structure is modest with TOL/TNW
of more than 4 times.
The ratings continue to reflect BTTPL's modest scale of operation
and intense working capital management. These rating weaknesses is
partially offset by extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation: Intense competition continues to
constrain scalability: revenue was around INR16.5 crore in fiscal
2020. This, in turn, limits operating flexibility. With healthy
order book, the company's scale is expected to improve over the
medium term. Also, amidst ongoing pandemic, operations were
suspended during 1st quarter of FY 2021. Revenue growth rate is
expected to remain muted in the current fiscal, owing to same.
* Intense working capital management: Working capital management is
intense as reflected in GCA days of more than 280 days as on March
31, 2020. The same is due to increase in yearend inventory and
receivables to around 189 days and 70 days respectively as on March
31, 2020. Working capital requirement is partially supported by
moderate credit period received from the suppliers.
Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of over three decades, and their strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support business risk
profile.
Liquidity Stretched
Average month end bank limit utilization for the last 12 months
ended on June 2020, remains moderate at around 90%. Net cash
accruals in the range of INR20 lakh is expected to remain
sufficient against no major repayment obligations. Current ratio
remains moderate at around 1.05 times, as on March 31, 2020.
Outlook: Stable
CRISIL believes BTTPL will continue to benefit from the extensive
experience of its promoters, and their healthy relationships with
clients.
Rating Sensitivity Factors
Upward Factors:
* Strong revenue growth while maintaining EBITDA margin of more
than 5.5%
* Efficient working capital management and maintenance of moderate
capital structure
Downward Factors:
* Major decline in revenues or operating margin falling below 4%
* Stretch in working capital cycle or significant debt funded
capex.
Incorporated in 1988, BTTPL designs, manufactures, supplies,
erects, and commissions heating and heat treatment furnaces and
associated equipment on turnkey basis. The manufacturing facility
is in Chennai. The operations of the company are managed by Mr. P
Ramachandran and Mr. R Rangarajan.
BHARTI AIRTEL: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Bharti Airtel Ltd.'s (Bharti)
Ba1 corporate family rating and senior unsecured rating as well as
the backed senior unsecured notes issued by Bharti's subsidiary,
Bharti Airtel Int'l (Netherlands) B.V.
At the same time, Moody's has changed the rating outlook to stable
from negative.
"The ratings affirmation and change in outlook to stable reflect
improving profitability at Bharti's core Indian mobile business,
because of a moderation in industry competition, an increase in its
4G customer base, and a tariff hike from December 2019," says
Annalisa DiChiara, a Moody's Senior Vice President.
"The staggered payment resolution related to Adjusted Gross Revenue
(AGR) liabilities is also a positive development," says DiChiara.
"Overall, the company's operating flexibility is improving and will
benefit from a gradual expansion of profitability, which will
provide a buffer against any material deterioration in credit
measures and support a steady deleveraging."
RATINGS RATIONALE
Bharti's Ba1 CFR considers its position as one of the largest
telecom service operators globally in terms of subscribers (420
million), its solid market position in India's (Baa3 negative)
high-growth mobile market and its large spectrum holdings. These
factors are offset by the company's elevated leverage, and
relatively low, although improving, profitability and cash flow.
The competition in the Indian mobile segment has moderated over the
last nine months as the price war following Reliance Jio Infocomm
Ltd's (Jio) entry in September 2016 has subsided. But the pandemic
has resulted in some subscriber contraction (1%-2%) over the last
few months, which has amplified the impact of a natural attrition
of subscribers due to SIM card consolidation in India following the
tariff hikes implement in December 2019.
However, an increase in the composition of its 4G customers, which
comprised nearly 50% of its Indian mobile subscriber base in June
2020, is helping to stabilize profitability.
Moody's expects Bharti's consolidated EBITDA to gradually increase
into the INR425 billion range, which will keep its consolidated
leverage, as measured by debt/EBITDA, elevated at around 4.0x-4.25x
in March 2021. That said, Moody's also recognizes that around
30%-35% of Bharti's reported debt levels are spectrum liabilities,
which are not exposed to refinancing risks.
On September 1, 2020, the Supreme Court of India announced the
verdict on AGR, allowing staggered payments over a 10-year period
to telecom operators. Moody's views the resolution positively,
crystallizing Bharti's AGR dues at INR439 billion and providing a
much-awaited resolution stemming from the court's October 2019
judgement.
The staggered AGR payment plan will help alleviate pressure on the
company's cash flow. It also means that some of the proceeds Bharti
raised earlier this year to fund the AGR liability, can instead be
applied to debt reduction. And according to management, this is
actually already underway.
The outlook is stable and reflects Moody's expectations that
Bharti's consolidated leverage will steadily trend towards
3.5x-4.0x over the next 6-12 months, a level more appropriate for
its Ba1 rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Bharti's ratings if its operating performance
improves such that its consolidated leverage is sustained below
2.5x, which needs to be achieved in conjunction with a material
expansion in profitability at its core Indian mobile business.
But downward ratings pressure would arise if its debt reduction
fails to materialize, its earnings and cash flow deteriorate
further, or its market share (on a revenue basis) contracts
materially. Credit metrics indicative of a downgrade include (1)
adjusted consolidated debt/EBITDA remaining above 4.5x, or (2)
adjusted EBITDA margins falling below 35% on a sustained basis.
The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.
Founded in 1994, Bharti Airtel Ltd. is the third largest
telecommunications service provider globally, based on total number
of subscribers. At June 30, 2020 it had 420 million customers
across operations in 18 countries across South Asia and Africa.
BISHAMBHER SARAN: CRISIL Reaffirms B Rating on INR12cr Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Bishambher Saran Vinod Kumar (BSVK).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.75 CRISIL B/Stable (Reaffirmed)
Proposed Fund-
Based Bank Limits 2.15 CRISIL B/Stable (Reaffirmed)
Term Loan .10 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect the firm's modest scale of
operations amid intense competition and working capital-intensive
nature of operations. These weaknesses are partially offset by the
extensive experience of the proprietor.
Analytical Approach
Unsecured loan of INR2.06 crore as on March 31, 2019, has been
treated as neither debt nor equity, as these funds have been
infused by the proprietor and his family and friends, and are
non-interest bearing in nature.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations amid intense competition: Intense
competition in the allied steel products business will continue to
restrict the firm's scalability and operating flexibility. Limited
capital requirement and lack of value addition have led to entry of
large number of unorganized players, catering to regional demand.
* Working capital-intensive nature of operations: Operations are
working capital-intensive as reflected in estimated gross current
assets (GCAs) of 355 days as on March 31, 2020 driven by high
receivables and inventory of 80 and 232 days, respectively. The
firm requires to hold large inventory of finished goods due to vast
product portfolio.
Strength:
* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor in the steel products business, their
strong understanding of local market dynamics, and healthy
relationships with suppliers and customers, will continue to
support the business risk profile.
Liquidity Poor
Liquidity is poor, marked by low expected cash accrual of
INR0.14-0.25 crore per annum against repayment obligation of
INR0.07-0.12 crore per fiscal over the medium term. Bank limit of
INR9.75 crore was utilised at an average 100% over the 12 months
ended April, 2020. However, the proprietor continues to offer
support via unsecured loans (Rs 2.06 crore as on March 31, 2019),
to help the firm meet its working capital and debt obligation.
Outlook: Stable
CRISIL believes BSVK will continue to benefit from its longstanding
relationships with principals, and the extensive experience of the
management.
Rating Sensitivity factors
Upward factors
* Gross current assets (GCAs) reducing to below 250 days
* Increase in cash accruals
* Significant improvement in revenue
Downward factors
* Cash accruals declining below INR0.14 crore over the medium term
* Working capital-intensive operations
* Substantial decline in revenue post the pandemic
BSVK was set up as a proprietorship firm of Mr. Vinod Kumar
Agarwal. The Kashipur Uttarakhand-based firm trades in stainless
steel, AC sheets and cement.
CAPTAIN TRACTORS: CRISIL Withdraws B+ Rating on INR1cr LT Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Captain
Tractors Private Limited (CTPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 1 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with CTPL for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CTPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CTPL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of CTPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
CTPL, incorporated in 2006, is engaged in business of assembling of
tractors and manufacturing of farm equipment. The company markets
its tractor under its own brand 'Captain'. The company has its
manufacturing unit located at Veraval Shapar, Dist. Rajkot
(Gujarat). The day-to-day operations of the company are managed by
Mr. Kailesh Movaliya along with his family members.
EXPERT PARTICLE: CRISIL Reaffirms B Rating on INR7.30cr LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Expert Particle Board (EPB).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .75 CRISIL A4 (Reaffirmed)
Cash Credit 1.50 CRISIL B/Stable (Reaffirmed)
Long Term Loan 7.30 CRISIL B/Stable (Reaffirmed)
The ratings continue to reflect the firm's average financial risk
profile, modest scale of operations, and short track record of
operations. The weaknesses are partially offset by the experience
of the partners in the plywood and laminate industry and their
funding support, and average debt protection metrics.
Key Rating Drivers & Detailed Description
Weakness:
* Weak financial risk profile: Networth was small at INR3.73 crore
and total outside liabilities to adjusted networth ratio high at
3.85 times as on March 31, 2020. The capital structure is expected
to remain weak due to extensive debt-funded capital expenditure
(capex) in the past.
* Limited track record and modest scale of operations: With short
track record of operation, firm registered revenue of INR13.79 in
first full year of operation FY20. Revenue is expected to increase
to INR14-15 crore in fiscal 2021.
Strengths:
* Extensive experience of the partners: Presence of over a decade
in the particle board industry through group companies has enabled
the partners to set up a strong marketing network, establish
healthy relationships with suppliers and customers, and develop
keen insight into market dynamics.
* Average debt protection metrics: Debt protection metrics are
average, indicated by interest coverage and net cash accrual to
adjusted debt ratio of negative 2.34 times and negative 0.18 time,
respectively, in fiscal 2020. In absence of large debt funded
capex, it is expected to improve over the medium term.
Liquidity Stretched
EPB has stretched liquidity. Cash accrual is expected at INR1.5-2.8
crore each in fiscals 2020 and 2021 and will be adequate to meet
debt obligation of INR1.22 crore in each fiscal. The firm has
access to bank limits of INR2.50 crore, which was utilised 87% on
an average over the six months through May 2020.
Outlook: Stable
CRISIL believes the EPB will continue to benefit from the extensive
experience of its promoter.
Rating Sensitivity factors
Upward factors
* Significant growth in revenue while sustained operating margin
over 14%
* Controlled working capital management lead to lower utilisation
of bank lines
Downward factors
* Decline in revenue by 10%
* Increase in debt to fund capex, and stretch in liquidity
EPB is a Morbi, Gujarat-based partnership firm set up in April
2018. The firm manufactures wooden particle board and plywood
sheets and has installed capacity of 60,000 sheets per annum. The
firm is promoted by Mr. Bhupendrabhai Balubhai Patel and his family
members.
GANGA FABRICS: CRISIL Lowers Rating on INR6cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ganga
Fabrics (GF) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'. The downgrade reflects delays by
GF in servicing of debt obligations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with GF for obtaining
information through letters and emails dated May 31, 2019 and
November 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GF is consistent
with 'Assessing Information Adequacy Risk'.
CRISIL has downgraded its rating on the bank facilities of GF to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'. The downgrade reflects delays by GF in servicing of
debt obligations.
GF is a partnership firm that knits and processes yarn into fabric.
The firm was previously managed as a proprietorship concern and got
registered as a partnership firm in December 2011. The firm is
managed by its partners Mr. Ashok Kumar Ahuja and Mr. Abhay Kumar
Ahuja.
GOLHAR GINNING: CRISIL Lowers Rating on INR8.85cr Loans to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Golhar Ginning & Oils Private Limited (GGOP) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating'.
The downgrade reflects delays by GGOPL in servicing of debt
obligations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.75 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
Long Term Loan 4.10 CRISIL D (ISSUER NOT
COOPERATING; Downgraded from
'CRISIL B-/Stable ISSUER NOT
COOPERATING')
CRISIL has been consistently following up with GGOP for obtaining
information through letters and emails dated December 31, 2019 and
June 17, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GGOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GGOPL is consistent
with 'Assessing Information Adequacy Risk'.
CRISIL has downgraded its ratings on the long-term bank facilities
of GGOPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable Issuer Not Cooperating'. The downgrade reflects delays by
GGOPL in servicing of debt obligations.
GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar
along with his brother Mr. Damodar Golhar. The company is engaged
in ginning of raw cotton (kapas); it began commercial production
from Nov 2014. The company has its manufacturing unit at
Hinganghat, Maharashtra.
GOYAL ISPAT: CRISIL Lowers Rating on INR12.5cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Goyal
Ispat Private Limited (GIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. The
downgrade reflects delays by GIL in servicing of debt obligation.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL C ISSUER
NOT COOPERATING')
Letter of Credit 5.0 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL A4 ISSUER
NOT COOPERATING')
CRISIL has been consistently following up with GIL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 and June 29, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GIL, which restricts CRISIL's
ability to take a forward-looking view on the company's credit
quality. CRISIL believes that rating action on GIL is consistent
with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on the bank
facilities of GIL downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.
The downgrade reflects delays by GIL in servicing of debt
obligation.
GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has a
thermo-mechanically treated bar manufacturing facility in Chennai.
GTN INDUSTRIES: ICRA Lowers Rating on INR44.18cr Loan to B-
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of GTN
Industries Limited (GTNIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 44.18 [ICRA]B- (Stable); Revised from
[ICRA]B (Stable)
Fund-based
limits 87.10 [ICRA]A4; reaffirmed
Non-fund
Based limits 25.60 [ICRA]A4; reaffirmed
Rationale
The revision in the long-term rating of GTNIL reflects poor
liquidity position and deterioration in financial risk profile. The
spread of Covid-19 and the subsequent measures taken by the
Government towards containment of the pandemic, has impacted
operations of company in Q1 FY2021. The company reported y-o-y
degrowth in OI by 52% and operating losses of around 5% in Q1
FY2021.
The ratings continue to remain constrained by GTNIL's weak
financial profile characterized by net losses and high gearing.
Also, the working capital intensive nature of the business and high
repayment obligations have resulted in weak liquidity position,
leading to continued dependence on funding support from promoters
to support its cash flows. GTNIL operates in an intensely
competitive and commoditised spinning industry, characterised by
low product differentiation and fragmented industry structure,
which results in limited pricing power and profitability. Thus, its
earnings remain exposed to the volatility in cotton prices, which
have constrained contribution levels in the past. ICRA notes the
negative demand outlook for Indian cotton spinning industry due to
weak domestic and export market demand owing to the impact of
Covid-19 and uncompetitive cotton prices continue to take a toll on
financial performance of cotton spinning companies.
The rating, however, derives comfort from the established presence
of the company in the domestic cotton yarn market, its long
relationship with reputed customers in the domestic and exports
markets and extensive promoter experience of more than five decades
in the cotton spinning industry. Further, the rating takes into
account the track record of funding support from the group company,
GTN Engineering India Limited (GEIL, rated [ICRA]BBB+ (Stable)/A2+)
to meet debt obligations of GTNIL.
The stable outlook reflects ICRA's belief that GEIL/promoters would
extend timely support to meet any shortfall in debt obligations.
Key rating drivers and their description
Credit strengths
* Established presence in domestic market and extensive promoter
experience: The established presence of the company in the domestic
cotton yarn market, its long relationship with reputed customers in
the domestic and exports markets and extensive promoter experience
of more than five decades in the cotton spinning industry. Further,
the rating takes into account the track record of funding support
from the group company, GEIL to meet debt obligations of GTNIL.
Credit challenges
* Impact of Covid-19 pandemic: The spread of Covid-19 and the
subsequent measures taken by the Government towards containment of
the pandemic, has impacted operations of company in Q1 FY2021. The
company reported y-o-y degrowth in OI by 52% and operating losses
of around 5% in Q1 FY2021.
* Weak financial profile: GTNIL's financial profile remains weak
characterized by net losses and high gearing. Also, the working
capital intensive nature of the business and high repayment
obligations have resulted in weak liquidity position, leading to
continued dependence on funding support from promoters to support
its cash flows.
* Intense competition limits pricing power: GTNIL operates in an
intensely competitive and commoditised spinning industry,
characterised by low product differentiation and fragmented
industry structure, which results in limited pricing power and
profitability. Thus, its earnings remain exposed to the volatility
in cotton prices, which have constrained contribution levels in the
past.
* Negative industry outlook: ICRA notes the negative demand outlook
for Indian cotton spinning industry due to weak domestic and export
market demand owing to the impact of Covid-19 and uncompetitive
cotton prices continue to take a toll on financial performance of
cotton spinning companies.
Liquidity position: Poor
The liquidity profile of GTNIL remains poor on account high
utilisation of working-capital limits and insufficient cash
accruals for debt repayments in the near term. The company has
unencumbered cash balance of INR0.2 crore as on June 30, 2020.
Consequently, GTNIL's debt servicing ability will critically hinge
on the timely support from GEIL/promoters to meet any shortfall in
debt obligations.
Rating sensitivities
Positive triggers – ICRA could upgrade GTNIL's rating if the
company demonstrates higher than expected growth in revenues and
profitability on a sustained basis thereby improving the liquidity
profile and coverage metrics.
Negative triggers – Negative pressure on rating may arise if any
deterioration in the operational performance of the company than
expected and/or any weakening of linkages with promoter group
and/or any delay in receiving support from the group company to
repay the debt obligations.
Group Company: GTN Engineering India Limited (GEIL) The ratings
factor in ICRA's expectation that GEIL (rated [ICRA]BBB+
(Stable)/A2+) and GTNIL's promoters to be willing to extend
financial support to GTNIL, should there be a need. There is a
track record of funding support from promoter group in the past.
GTN Industries Limited (GTNIL) manufactures and trades in cotton
yarn and is a part of the established GTN Group, which has
diversified business interests ranging from textiles to
engineering. GTN was founded by Late Mr. M L Patodia and at present
is managed by Mr. M K Patodia. The company's shares are listed on
the Indian bourses and the promoters hold a 74.3% stake in the
entity. GTNIL has an installed capacity of 92,400 spindles across
its two spinning units at Medak, Telangana and Nagpur, Maharashtra.
In FY2020, around 56% of its sales are made in the domestic market
and the rest is exported to markets like Bangladesh, Italy, Greece
and Turkey among others.
IL&FS GROUP: Sells Education Arm to Pare INR650 crore Debt
----------------------------------------------------------
The Economic Times reports that the IL&FS Group on Sept. 9
announced that it sold 73.69 per cent stake in Education business,
held under Schoolnet India Limited, to Falafal Technologies Private
Limited (FTPL). The sale was completed pursuant to the approval
granted by the National Company Law Tribunal, the report says.
According to the report, the transaction provides positive equity
value to IL&FS and resolves nearly INR650 crore of consolidated
fund based and non-fund based financial debt, without any haircut
to lenders.
FTPL has paid INR7.37 crores as equity value for shares of SIL held
by IL&FS Limited and IL&FS Employee Welfare Trust, in addition to
taking over SIL's fund based and non-fund based financial debt of
nearly INR650 crores, ET relays.
ET relates that FTPL has also agreed to a deferred consideration of
INR6.29 crores payable within 18 months from closure. Sale of SIL
will reduce operating cost for IL&FS Group by nearly 19 per cent.
IL&FS Group holds 73.69 per cent stake in SIL while the latter
holds 80 per cent stake in IL&FS Skill Development Corporation
(ISDC) and also has two wholly owned subsidiaries--IL&FS Cluster
Development Initiative Limited (ICDI) and Skill Training Assessment
Management Partners Limited (STAMP), ET discloses.
As part of the sale transaction, the businesses of ICDI and STAMP
have also been transferred to SIL through a slump sale for a
consideration of INR1 for each company. Transfer of debt of nearly
INR27 crores in ICDI and STAMP forms part of the slump sale, the
report notes.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.
The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.
JAGATJIT INDUSTRIES: ICRA Assigns B+ Rating to INR200cr Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Jagatjit
Industries Limited (JIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Term Loan 200.00 [ICRA]B+ (Stable); assigned
Rationale
The rating assigned to JIL favorably factors in the established
track record of the promoters in liquor business. The company has a
countrywide presence for sales of Indian made foreign liquor (IMFL)
and country liquor through franchise agreement and contract
manufacturing. JIL has been selling IMFL under the well-known brand
name of Aristocrat since 1968 and thus, has a legacy of over five
decades.
The rating also positively factors in the growing food business
through their partnership with Hindustan Unilever (HUL) whose
penetration is much higher in the market. The rating also factors
in the reputed tenant profile in the real estate business, which
lends revenue visibility in near to medium term. ICRA also takes
comfort from the DSRA mechanism present in LRD loan where the
company is maintaining an amount equivalent to three months' EMI
and interest as DSRA in the form of fixed deposit. Moreover, JIL is
expected to report better operating income and profitability in the
current year on the back of its new sanitizer business and revival
of extra neutral alcohol (ENA) business.
The rating, however, is constrained by the high tenant risk in
lease rental business as the entire facility has been leased out to
only four tenants, though a strong tenants' profile reduces the
risk to some extent. Out of the four current tenants, Khaitan & Co.
will vacate the office space in September 2020. Hence, the
availability of new tenant during the ongoing Covid-19 pandemic
remains an important criterion. Moreover, the cash cover has been
below one, signifying some dependence on cash flows from other
businesses or promoter support. Also, overall the operational and
financial performance of JIL remains weak with losses even at the
operating level. In addition, losses incurred in the previous years
have resulted in negative net worth position of the company with
inadequate debt coverage metrics. Moreover, the rating continues to
be constrained by the highly regulated nature of the industry as
well as the high level of duties and taxes that result in the
vulnerability of sales volume and profitability to any adverse
change in the duty structure.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that JIL will continue to benefit from its established track record
of operations and its promoters and reputed tenant profile.
Key rating drivers and their description
Credit strengths
* Established presence in domestic IMFL market through its flagship
brand Aristocrat with operational track record of over five
decades: The promoters of the company have more than seven decades
of experience in the domestic IMFL and country liquor business.
Moreover, the company's flagship brand - Aristrocrat -has an
operational track record of over five decades. Such a long track
record has helped JIL to build a strong brand image.
* DSRA of one quarter maintained in case of LRD loan: The company
maintains one-quarter DSRA of principal and interest
amount in case of LRD loan; hence, it has sufficient liquidity
cushion.
* Regular rental income and steady malted milk food sales partially
mitigate impact of weakness in liquor business: JIL has operations
in liquor business, malted milk food and real estate. Over the
years, steady rental income from reputed parties like Siemens
Limited, Khaitan & Co., Luthra & Luthra, etc. and regular sales of
its malted milk food business on account of long-term supply
contract with Hindustan Unilever have cushioned the losses incurred
in the liquor business.
* Diversified revenue stream from three business verticals: The
company's diversified revenue stream from its three business
verticals—liquor, dairy products and real estate - lowers its
dependence and revenue-concentration risk.
Credit challenges
* Declining IMFL sales volume continue to affect revenues: The IMFL
sales volume of the company has been declining since FY2017 as the
company moved to contract manufacturing and franchise model. This
has resulted in an overall decline of sales to INR248.64 crore in
FY2020 from INR510.94 crore in FY2017.
* Continuous losses due to high fixed overheads and debt service
obligation amid declining sales result in substantial net worth
erosion: Given the high employee expenses and power cost coupled
with yearly debt service obligation, JIL has suffered losses even
at the operating level. Its total net loss and net worth in FY2020
stood at INR(50.91) crore and INR(228.14) crore, respectively.
* Escalated debt levels and declining net worth further weaken
financial profile: As per the unaudited financials of FY2020 JIL's
financial profile remained weak with negative operating profit
margin of -7.09% and negative DSCR of -0.06 times in the same
financial year. The escalated debt levels on account of high-cost
debt funding of the cash losses along with declining net worth
resulted in further weakening of the company's financial profile.
* Timely monetisation of surplus real estate asset remains critical
for maintaining liquidity and timely debt servicing: As per the
company's management, JIL's surplus real estate asset is expected
to fetch INR130 crore in FY2021 and FY2022. Hence, timely
monetisation of the asset is crucial for maintaining liquidity and
timely debt servicing capability of the company.
* Highly regulated industry structure limits pricing and
distribution flexibility of industry players; high duty and tax
levels make sales volume and profitability vulnerable to adverse
changes in duty structure: The liquor industry is highly regulated
with the state government controlling the sales and distribution,
making JIL susceptible to changes in Government policies. Any
change in Government policies with respect to production,
distribution of liquor, taxation, and state excise duty or any
material changes in the duty structure may impact the liquor
industry and the company.
Liquidity position: Stretched
The liquidity position is stretched as the rental inflows in FY2021
will be impacted while the company would continue to incur fixed
costs. The company currently has availed three months moratorium
for debt servicing. However, its liquidity post moratorium is
likely to remain stretched and dependent on receipt of timely
rentals from its tenants.
Rating sensitivities
Positive triggers - The rating may be upgraded if there is
sustained improvement in profitability of the company along with
the stabilisation of rentals post the Covid-19-realted lockdown,
resulting in it maintaining comfortable liquidity profile.
Negative triggers - Delay in receipt of rentals from its tenants
leading to cash flow mismatches or inability to find a new tenant
in place of Khaitan & Co., or substantial decline in profitability
leading to deterioration in liquidity profile on a sustained can be
negative triggers.
Jagatjit Industries Limited (JIL) was incorporated in 1944 by Mr.
L.P. Jaiswal under the name of Jagatjit Distilling and Allied
Industries Limited. The name was subsequently changed to the
present one. The company manufactures an entire range of alcoholic
beverages, namely whisky, rum, gin and vodka. It also manufactures
and markets malt extracts and malted milk foods. Further, it
generates rental income from real estate.
JITF URBAN: ICRA Lowers Rating on INR26.83cr Term Loans to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of JITF
Urban Waste Management Bathinda Limited (JITF-B), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 26.83 [ICRA]B+ (Negative); Downgraded
term loans from [ICRA]BB (Negative)
Rationale
The rating revision factors in the prolonged uncertainty of the
future cash flow generation for JITF-B, given its ongoing dispute
with the Municipal Corporation of Bathinda (MCB) for its municipal
solid waste (MSW) management project in the region. The management
claims that there has been nonfulfilment of certain
conditions/obligations under the concession agreement (CA) by the
MCB, which has resulted in the subsequent termination of the CA.
The matter is currently under arbitration. Earlier, JITF-B faced
significant delays in commissioning of its waste processing and
disposal (P&D) facilities, which led to lower-than-anticipated
revenue generation and operating losses.
Nevertheless, the rating factors in JITF-B's parentage (the PR
Jindal Group) and consistent support from the promoter entities by
way of equity infusion and unsecured loans (Rs. 94.3 crore as on
March 31, 2020) to fund its operating losses and debt servicing
obligations.
Key rating drivers and their description
Credit strength
* Consistent funding support from promoters: JITF-B's promoters
(the PR Jindal Group) have consistently infused funds to support
against losses and to meet debt servicing obligations. As of March
31, 2020, the promoters infused around INR94.3 crore in the entity
in the form of equity capital, preference shares, unsecured loans
and compulsorily convertible debentures (CCDs). Going forward as
well, additional promoter support is envisaged for meeting cash
flow shortfalls.
Credit challenges
* Uncertainty on future operations: JITF-B has terminated the CA
with the concessioning authority (the MCB) and the matter is under
arbitration. The arbitration process has been prolonged and there
remains a high degree of uncertainty regarding the future
operations and cash flows of the company.
* Losses at operating level: Waste collection activities entail
high operating costs. This, coupled with JITF-B's low scale of
operations and delays in commencement of P&D facilities, has led to
continuous operating losses since the commencement of operations.
Further, over the last two years the losses have continued in the
absence of any operations. This has necessitated additional
promoter support for funding losses and meeting debt obligations.
Liquidity position: Stretched
The company's liquidity position is stretched as it continues to
report losses and its business operations remain suspended post the
termination of the CA and the ongoing arbitration against the MCB.
JITF applied for the moratorium on its debt servicing and the same
would commence from September 2020. The repayments and interest
servicing for the project capex as well as operating losses have
been funded by promoters thus far. Going forward as well, the
company is likely to require additional promoter support.
Rating sensitivities
Positive triggers: The upgrade in rating is unlikely, given the
Negative outlook. The outlook may be revised to Stable upon
resolution of the arbitration and/or the project becoming
operational, leading to improvement in its financial risk profile.
Negative triggers: Given the project is not progressing, the
ratings may be further downgraded if the quantum of support from
promoters is inadequate to meet operational expenses as well as
debt servicing, or if the necessary financial support is not
received in a timely manner.
JITF Urban Waste Management (Bathinda) Limited (JITF-B) is a
special purpose vehicle (SPV) promoted by JITF Urban Infrastructure
Limited (JUIL) to develop and implement MSW management system in
Bathinda. JITF-B entered into a 25-year CA with the MCB in 2011,
which allowed it to develop and implement a sustainable MSW
management system to scientifically manage MSW and utilise it to
produce compost, refuse derived fuel (RDF) and dispose the residual
matter in an environment-friendly manner. However, due to the
ongoing dispute, the CA has been terminated and operations have
been suspended. JITF-B is part of the infrastructure vertical of
the PR Jindal Group, which is housed in the listed company—JITF
Infralogistics Ltd (JIL). For FY2020 (provisional), JITF-B reported
net loss of INR12.9 crore on an operating income (OI) of INR0.4
crore against net loss of INR13.7 crore on an OI of INR0.7 crore in
FY2019.
LRC ABARANA: CRISIL Reaffirms B+ Rating on INR15cr Secured Debt
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of LRC
Abarana Maaligai (LRCAM) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft
Facility 15 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect firm's modest scale of operations
and intense working capital management. These weaknesses are
partially offset by extensive experience of its promoters.
Analytical Approach
Unsecured loans stood at INR1.13 as on March 31, 2019. The same has
been treated as debt, in line with previous analytical approach.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale of operations remain modest
with estimated revenues of around INR55 crores in fiscal year 2020.
Modest scale of operations constrains the business risk profile.
Furthermore the company does not have any expansion plan over the
next two years. Moreover, amidst ongoing pandemic, operations were
suspended during major portion of first quarter FY 2021. Growth
rate is expected to remain muted in the current year owing to
same.
* Intense working capital management: Working capital management is
intense marked by GCA days of 136 days as on March 31, 2020. While
debtor days remain minimal at less than 2 days, inventory of around
2 to 3 months is maintained. Working capital requirement is
partially supported by creditor of 45-50 days.
Strength
* Extensive experience of promoters: Over the years the promoter
has developed keen sense about the pricing and hedging of gold
resulting in prudent management of inventory. Furthermore promoter
has been able promote the brand image resulting in moderate
foothold in the local market supporting the business risk profile
of the company. Furthermore established relationship with suppliers
in AP, Kerala, TN has helped the company in extending the design
portfolio.
Liquidity Stretched
Average month end bank limit utilization for the last 12 months
ended on June 2020 remains moderate at less than 70%. Sufficient
NCA against RO. Operations was suspended till mid May 2020 owing to
Covid 19 lockdown. However, liquidity was supported by moratorium
received on interest payment during April to August 2020.
Outlook: Stable
CRISIL believes LRCAM will continue to benefit over the medium term
from the promoters' extensive experience in the business.
Rating Sensitivity Factor
Upward Factors:
* Strong revenue growth while maintaining EBITDA margin of more
than 6%
* Efficient working capital management and maintenance of capital
structure
Downward Factors:
* Major decline in revenues or operating margin falling below 4%
* Stretch in working capital cycle or significant debt funded
capex.
Set up in 1980 as a proprietorship firm, LRC Abaraba Maaligai
(LRCAM) is engaged in retail jewelry business with main shop (4000
sqft) and its branch (2500 sqft) in Salem (TN). The firm is managed
by Mr. C.Ravishankar.
MADHUCON GRANITES: ICRA Lowers Rating on INR82.06cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Madhucon
Granites Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 82.06 [ICRA]D ISSUER NOT COOPERATING;
Fund Based– Rating downgraded from
Term Loan [ICRA]B-(Stable); Rating
continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 42.57 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating downgraded from [ICRA]A4;
Rating continues to remain under
'Issuer Not Cooperating' category
Short Term- 9.10 [ICRA]D ISSUER NOT COOPERATING;
Non-Fund Based Rating downgraded from [ICRA]A4;
Rating continues to remain under
'Issuer Not Cooperating' category
Rationale
The rating revision factors in the delays in servicing the debt
obligations as confirmed by the bankers. The company had delayed in
repayment of principal and/or interest on any fund-based bank
facility which has a clear mention of due date like term loan/
working capital demand loan. The rating is based on limited
information on the entity's performance since the time it was last
rated in August 2019. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Madhucon Granites Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
Key rating drivers and their description
Credit strengths: NA
Credit challenges
* Delays in debt servicing: The company had delayed in repayment of
principal and/or interest on any fund-based bank facility which has
a clear mention of due date like term loan/ working capital demand
loan.
Liquidity position: Poor
Madhucon Granites Limited's liquidity profile is poor as reflected
by irregularities in debt servicing by entity.
Rating sensitivities
Positive triggers: ICRA could upgrade Madhucon Granite Limited's
ratings if the company repays its debt obligations in a timely
manner on a sustained basis.
Madhucon Granites Limited, a part of Madhucon Group, was
incorporated in 1994 as a private limited company and is closely
held by the promoters. The company is involved in manufacturing of
polished granite slabs. It has one processing unit at Hosur (Tamil
Nadu) with an installed capacity of 6.5 lakh sq. mtr. The company
also has 13 operational quarries mainly located in Andhra Pradesh,
Tamil Nadu and Karnataka. Madhucon Group has diversified interests
across industries including construction, granite, coal, sugar and
power. MGL has three subsidiaries, namely, Madhucon Sugar and Power
Industries Limited (MSPIL), Nama Granites Private Limited (NGPL-
not operational) and Nama Holdings Pte Limited (NHPL). MSPIL has a
sugar plant in Khammam (Andhra Pradesh) with an installed capacity
of 3500 tons of canes per day and a power plant with a capacity of
generating 24.2 MW from baggase and coal. MSPIL has also
established a distillery unit in 2015 with a capacity of 65 kilo
litres per day. NHPL is a Singapore based entity which has in turn
invested in the Group's Indonesian entities for the procurement of
imported coal; however, the same is currently not operational.
MAJESTIC EXPORTS: Ind-Ra Moves BB+ Issuer Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Majestic Exports'
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR160 mil. Fund-based working capital limits migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR5.5 mil. Non-fund-based working capital limits migrated to
non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating; and
-- INR39.3 mil. Term loans due on March 2022 migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 1987, Majestic Exports is a Tamil Nadu-based
partnership firm involved in the manufacturing and export of
knitted garments. The company has its own facilities for knitting,
sewing, embroidery, and printing in Tirupur. The firm derives 99%
of its revenue from the export markets.
PADMABHUSHAN KRANTIVEER: Ind-Ra Affirms 'B' LongTerm Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Padmabhushan
Krantiveer Dr. Nagnathana Nayakawadi Hutatma Kisan Ahir Sahakari
Sakhar Kharkhana Ltd.'s (Hutatma Sugar) Long-Term Issuer Rating at
'IND B'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR2.0 mil. Fund-based limits affirmed with IND B/Stable/IND
A4 rating.
KEY RATING DRIVERS
The affirmation reflects Hutatma Sugar's continued medium scale of
operations. According to the company's FY20 provisional financials,
revenue declined to INR2,804 million (FY19: INR3,189 million),
majorly due to a fall in ethanol sales to INR54 million (INR220
million), resulting from a lower receipt of a number of orders.
Sales of extra neutral alcohol declined to INR48.2 million in FY20
(FY19: INR71.14 million) and sugar to INR2,446 million (INR2,655
million). This was partially offset by an increase in sales of
rectified spirit to INR128.4 million in FY20 (FY19: INR90.5
million). Despite the delay in the commencement of cane crushing
from December 2019, Hutatma Sugar operated for 143 days during
sugar season (SS)20 (SS19: 137 days). The total crushed juice
volume was 578,625 metric tons (mt) and the recovery rate was
12.68% in SS20 (SS19: 601,924mt, 12.65%). Hutatma Sugar booked
overall revenue of INR759.12 million in 1QFY21.
The ratings continue to factor in the company's modest EBITDA
margins in FY20 with a return on capital employed of 7% (FY19:
5%). During FY20, the margins increased to 14.1% in FY20 (FY19:
9.0%), majorly due to a decrease in the volume of canes purchased
coupled with receipt of an export subsidy of INR99.74 million
(INR94.03 million) and buffer stock subsidy of INR66.29 million
(INR48.20 million). The return on capital employed was 7% in FY20
(FY19: 5%). Ind-Ra expects the margins to marginally increase in
FY21 owing to subsidy receivables of INR240 million-250 million
from the central government in September 2020.
The ratings remain constrained by Hutatma Sugar's continued weak
credit metrics, despite the improvement, due to the high debt
levels. The gross interest coverage (operating EBITDA/gross
interest expense) marginally improved to 1.1x in FY20 (FY19: 0.9x)
and net leverage (total adjusted net debt/operating EBITDA) to 7.7x
(12.5x) owing to an increase in EBITDA to INR394 million (INR286
million) and a decrease in the total debt to INR3,054 million
(INR3,663 million). Ind-Ra expects the credit metrics to remain
weak in FY21, owing to an increase in the total debt as the company
availed an Atmanirbhar loan of INR435.9 million during August 2020,
and debt-led-CAPEX for enhancing the capacity of its distillery
unit to 60-kilo liters per day from 30 kiloliters per day.
Liquidity Indicator - Poor: The company's average peak utilization
of the fund-based limits was 98.8% for the 12 months ended in
August 2020. It has scheduled debt repayments of INR594.6 million
during FY21, of which INR17.71 million was repaid at end-August
2020. Hutatma Sugar has paid 100% of fair and remunerative price
cane arrears. The total repayment includes pending harvesting and
transporting loan of INR160 million, which the company expects to
pay from the subsidy receivables. The company had a sugar stock of
649,302 quintals amounting to INR2,000 million as of 31 August
2020. The net cash conversion cycle remained elongated at 423 days
in FY20 (FY19: 408 days) owing to the long inventory holding
period, which is intrinsic to the sugar industry.
However, the cash flow from operations turned positive to INR394
million in FY20 (FY19: negative INR64 million) owing to the
increase in EBITDA coupled with the realization from debtors and a
decline in the inventory level. Consequently, its free cash flow
turned positive to INR273 million in FY20 (FY19: negative INR203
million). Total outside liabilities/total net worth also improved
to 3.5x in FY20 (FY19: 4.2x), owing to the decrease in the total
debt. The cash and cash equivalents stood at INR14 million at FYE20
(FYE19: INR98 million).
However, the ratings benefit from the over three-decade-long
experience of Hutatma Sugar's promoters in the sugar industry.
RATING SENSITIVITIES
Negative: Any further decline in the revenue and the credit
metrics, along with deterioration in the liquidity position will be
negative for the ratings.
Positive: An improvement in the revenue and the credit metrics,
along with an improvement in the liquidity position, all on a
sustained basis, will be positive for the ratings.
COMPANY PROFILE
Hutatma Sugar is a co-operative society, incorporated in 1984 with
a total of 8,138 cane producing members. The sugar manufacturing
plant is situated in Walva, Sangli with a total cane crushing
capacity of 3,500 tons per day. The company also owns a distillery
unit with a total capacity of 30 KLPD.
POSITIVE MICRON: ICRA Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved rating for the bank facilities for INR18.35 crore of
Positive Micron LLP (PML) to 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D/D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 13.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loan Rating moved to 'Issuer Not
Cooperating' category
Fund Based– 4.00 [ICRA]D ISSUER NOT COOPERATING;
Working Capital Rating moved to 'Issuer Not
Facilities Cooperating' category
Non-fund 1.35 [ICRA]D ISSUER NOT COOPERATING;
Based–Bank Rating moved to 'Issuer Not
Guarantee Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
Formed on July 19, 2017; Positive Micron LLP (PML) is established
as a limited liability partnership firm by Mr. Pritesh Shirvi, Mr.
Chetan Halvadia Mr. Dilip Jethaloja and their family members. The
promoters of the firm have over a decade of experience in the
ceramic industry and trading. PML plans to manufacture soda potash
(feldspar) of 70-80 microns quality. The product find applications
in various industries such as ceramic tiles, cement manufacturing,
glass industries, etc. however the company will majorly cater to
the ceramic industry.
PRASHANT ENTERPRISES: CRISIL Cuts Rating on INR25cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prashant Enterprises (PE) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating''. The downgrade reflects continuous overutilisation in
fund-based facilities over the three months through August 2020.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 25 CRISIL D (ISSUER NOT COOPERATING;
Discounting Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Foreign 2 CRISIL D (ISSUER NOT COOPERATING;
Exchange Downgraded from 'CRISIL A4 ISSUER
Forward NOT COOPERATING')
Packing Credit 40 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL A4 ISSUER
NOT COOPERATING')
Proposed Fund- 3 CRISIL D (ISSUER NOT COOPERATING;
Based Bank Downgraded from 'CRISIL B+/Stable
Limits ISSUER NOT COOPERATING')
CRISIL has been consistently following up with PE for obtaining
information through letters and emails dated April 8, 2020, and
April 13, 2020, apart from telephonic communication. However, the
issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the ratings assigned/reviewed with
the suffix 'issuer not cooperating' as the rating is arrived at
without any management interaction and is based on best available
or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PE, thereby restricting CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes that rating action on PE is consistent
with 'Assessing Information Adequacy Risk'.
CRISIL has downgraded its ratings on the bank facilities of PE to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating''. The downgrade
reflects continuous overutilisation in fund-based facilities over
the three months through August 2020.
PE was set up in 1979 as a partnership firm by Singhal family. This
Aligarh (Uttar Pradesh)-based firm manufactures building and
architectural hardware such as door knobs, handles, hinges and
hooks for exports to the US, South America, and Europe.
PRATHAM MOTORS: ICRA Lowers Rating on INR55.50cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pratham
Motors Private Limited (PMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 17.50 [ICRA]B+(Stable); downgraded
Term Loan from [ICRA]BB- (Negative)
Fund Based– 55.50 [ICRA]B+(Stable); downgraded
CC from [ICRA]BB- (Negative)
Rationale
The rating revision considers a deterioration in the financial risk
profile of PMPL in FY2020 owing to lower sales volume and increased
discounts amid an intensely competitive market. PMPL's revenues
witnessed a 16% decline in FY2020. Consequently, in the backdrop of
weaker margins and high dependence on working capital borrowings,
PMPL's debt coverage metrics were impacted. Like other players in
the industry, the company's revenues were adversely impacted in Q1
FY2021 by the lockdown imposed to contain the Covid-19 pandemic.
Buying a passenger vehicle (PV) is a discretionary expense, so
improvement in consumer sentiments and an overall growth in the
economy remain crucial. PMPL's credit metrics are expected to be
under pressure in FY2021 as well.
The rating, however, draws comfort from the long track record of
the management in the auto dealership business, established market
position of PMPL as a dealer of Maruti Suzuki India Limited's
(MSIL) passenger vehicles (PV) in the Bangalore region and PMPL's
diversified revenue streams. The ratings continue to consider the
strong brand recognition of its principal, MSIL, in India, and its
position as the largest domestic passenger car manufacturer.
The Stable outlook reflects ICRA's opinion that PMPL will continue
to benefit from the long-term demand prospects for
being an established dealer of MSIL's passenger vehicles.
Key rating drivers and their description
Credit strengths
* Proven track record of PMPL as an authorised dealer of MSIL's
passenger vehicles: PMPL has been an authorized dealer of MSIL's
PVs since 2006. MSIL remains the market leader in the passenger car
segment in India with its ability to capitalise on the changing
customer preference by launching new models and establishing strong
service network. It sustained its leadership position in FY2020
with a stagnant market share of 51.0%. Thus, healthy demand for
MSIL's vehicles along with PMPL's proven track record and long
presence support its long-term growth prospects.
* Extensive experience of promoters in auto dealership business:
The promoters have been involved in the automobile dealership
business in India since 1998. With 13 sales and eight service
outlets in Bangalore, PMPL has a sizeable presence in the city.
* Diversified revenue streams: The company's revenue stream
comprises service income from workshop, sales of spares and
accessories, payout from financiers and commission from insurance
companies, which provide stability to its revenues to some extent.
Sales of spares and service income contributed 15.5% to PMPL's
revenues in FY2020 against 12.6% in FY2019. Besides, it derived
7.2% of its operating income (OI) from the sale of used cars.
Credit challenges
* Weak ongoing demand in auto industry coupled with weak consumer
sentiments due to Covid-19 pandemic: The company's revenues were
adversely impacted in Q1 FY2021 owing to the lockdown imposed to
contain the spread of the Covid-19 pandemic. Despite a pick-up in
sales post the lifting of lockdown in May 2020, PMPL's revenues in
FY2021 are expected to be impacted by the slowdown in demand
because of weak consumer sentiments and unfavorable impact of the
Covid-19 on operations. Buying PV is a discretionary purchase
decision, so an improvement in consumer sentiments and an overall
growth in the economy remain crucial. The company's performance in
FY2020 also remained subdued as witnessed by a 16.5% decline in
revenues and a 0.9% fall in OPBDIT. However, given a one-time
extraordinary income of INR8.75 crore due to compensation received
from sale of asset, PMPL's cash accruals were lower only by 5.5%
than FY2019.
* High debt resulted in leveraged capital structure and weak
coverage indicators: The company's capital structure is leveraged
with a gearing of 2.5 times as on March 31, 2020 owing to high
working capital borrowings. Given the profits, PMPL's coverage
indicators weakened in FY2020. While OPBDITA/Interest was
inadequate at 0.6 times (declined from 1.2 times in FY2019),
TD/OPBDITA significantly deteriorated to 13.5 times compared to 9.9
in FY2019.
* Thin margins and low bargaining power owing to dealership nature
of operations coupled with intense competition: The dealership
business is characterised by thin margins and low bargaining power
of the dealer as margins on vehicles are determined by the
principal. Further, its sales and profitability remain susceptible
to intense competition from dealers of other OEMs in the region.
Liquidity position: Stretched
PMPL's liquidity position is expected to remain stretched as it has
high repayment obligations in FY2021 and FY2022. The cash accruals
from the operations are expected to remain weak, rendering the
company dependent on additional funding requirements. PMPL's
current ratio has also remained weak, as reflected by 0.7 times in
FY2020 (0.8 times in FY2019). The company has sought moratorium
from its lenders in line with the relief measure announced by the
Reserve Bank of India (RBI) on payment of instalment of loans and
availed the relief in repayment of bank loan instalments for three
months (March 2020 to May 2020).
Rating sensitivities
Positive triggers – ICRA could upgrade the ratings if the company
is able to scale up its operations and improve the profitability.
The rating may also be upgraded if the company is able to correct
the asset-liability mismatch with the proposed infusion of equity
and term loans. Specific credit metrics that could lead to the
revision include (1) Total Debt/OPBITDA below 5 times (2) DSCR of
more than 1.1 times.
Negative triggers – Pressure on PMPL's rating could arise if its
scale of operations or margins decline, leading to further
weakening of profitability and coverage metrics.
PMPL, incorporated in 2002 and promoted by Mr. Shivy Bhasin,
operates as an authorised dealer for MSIL in Bangalore. PMPL
operates from 14 sales outlets located in and around Bangalore,
with a focus in the southern region of Bangalore. Along with 14
sales outlets, the company has six service outlets, seven driving
school outlets, 13 True Value (pre-owned cars) outlets and one
stockyard. The main showroom is located along the IT corridor area
in South East Bangalore (Sarjapur) with sales, service, spares,
True Value sales and Maruti Driving School (MDS) facilities (called
a '5S' facility). The showroom, spread over an area of 80,000 sq.
ft. of total space, has 7,500 sq. ft of showroom space, a 32-bay
service workshop, 8,000 sq. ft of spare parts warehousing space and
a dedicated centralised call centre.
In FY2020, on a provisional basis, PMPL reported a net profit of
INR2.0 crore on an OI of INR407.2 crore compared to a net profit of
INR2.6 crore on an OI of INR487.6 crore in the previous year.
RAGHUVIR DEVELOPERS: CRISIL Withdraws B+ Rating on INR240cr Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Raghuvir Developers and
Builders (RDB) to 'CRISIL B+/Stable Issuer Not Cooperating'. CRISIL
has withdrawn its rating on bank facility of RDB following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL is migrating the ratings on
bank facilities of RDB from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'. The rating action is in line
with CRISIL's policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 240 CRISIL B+/Stable (Migrated from
'CRISIL B+/Stable ISSUER NOT
COOPERATING'; Rating Withdrawn)
Established in 2006, RDB is engaged in the construction of real
estate projects both residential and commercial in Surat region. It
is managed by Mr. Shivlal S. Ponkia, Mr. Chandrakant J. Korat, and
Mr. G. R. Asodaria.
RIGHTEDGE INFRA: CRISIL Withdraws B+ Rating on INR7.15cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Rightedge Infrastructures Private Limited (RIPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.85 CRISIL A4 (ISSUER NOT
COOPERATING; Rating
Withdrawn)
Cash Credit 7.15 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating
Withdrawn)
CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated January 31, 2020 and
February 19, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RIPL. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of RIPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of RIPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
Incorporated in 2010, RIPL is involved in civil construction works,
such as construction of buildings in Kerala. The company is managed
by Rakesh Roshan Sinha, Reji Mannarkuzhiyil Jacob, Girish Santhan
and Shyam Kumar Menon.
RUPAL INFRASTRUCTURE: CRISIL Reaffirms B+ Rating on INR6.9cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Rupal Infrastructure Private Limited (RIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.9 CRISIL B+/Stable (Reaffirmed)
Term Loan 5 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the company's modest scale of
operations and susceptibility to risks inherent in tender-based
business. These weaknesses are partially offset by the extensive
experience of the promoters in the civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations: Intense competition in the civil
construction industry constrains the company's scale of operations,
thus limiting operating flexibility. The company has achieved
revenue of INR14.36 crore in fiscal 19.
* Susceptibility to risks inherent in tender-based business:
Revenue and profitability entirely depend on the ability to win
tenders, thus requiring the company to bid aggressively for
contracts. Also, RIPL faces intense competition, which restricts
the operating margin. Moreover, given the cyclicality inherent in
the construction industry, the ability to maintain the operating
margin through operating efficiency becomes critical.
Strength:
* Extensive experience of the promoters: The promoters have
experience of over 14 years in the civil construction industry.
This has given them an understanding of market dynamics and helped
establish strong relationships with suppliers and customers.
Liquidity Stretched
Bank limit utilisation was high and averaged 99.82% for the 12
months through June 2020. Expected cash accrual of over INR1.37
crore will comfortably cover term debt obligation of INR0.48 crore
over the medium term. In addition, it will cushion the liquidity.
Current ratio was low at 0.54 time on March 31, 2019.
Outlook: Stable
CRISIL believes RIPL will continue to benefit from the extensive
industry experience of its promoters and established relationship
with clients.
Rating Sensitivity Factors
Upward factors
* Increase in revenue by 20% and stable operating margin, leading
to higher cash accrual
* Improvement in the working capital cycle
Downward factors
* Decline in revenue by 20% and in profitability, leading to lower
net cash accrual
* Large, debt-funded capital expenditure, weakening the capital
structure
* Significant increase in working capital requirement, weakening
the liquidity and financial risk profile.
Incorporated in 2006, RIPL is promoted by Mr. Anil Jaiswal and Mr.
Arun Jaiswal. The company undertakes construction of buildings and
irrigation projects in Odisha.
S.R. UDAYASHANKAR: CRISIL Reaffirms B+ Rating on INR2.8cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of S.R.
Udayashankar (SRU) at 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Overdraft 2.8 CRISIL B+/Stable (Reaffirmed)
The ratings continue reflect the firm's modest scale of operations
in a competitive civil construction industry, below-average
financial risk profile and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of its proprietor in the civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses:
* Modest scale of operations in intensely competitive segment:
Despite presence of nearly three decades in the construction
sector, revenue remained subdued at INR11.3 crore in fiscal 2020.
This is compounded by intense competition in the industry. Turnover
is expected to remain muted over the medium term.
* Below-average financial risk profile: Debt protection metrics
were moderate, with net cash accrual to total debt and interest
coverage ratios of 0.09 time and 3.56 times, respectively, for
fiscal 2020. However, total outside liabilities to tangible
networth ratio (TOLTNW) was weak at 2.97 times as on March 31,
2020, while networth was small at INR9.20 crore.
* Working capital-intensive operations: Gross current assets (GCAs)
were estimated to be high at around 465 days as on March 31, 2020,
on account of significantly stretched receivables, advances
extended to suppliers and deposits to customers.
Strengths:
* Extensive experience of the proprietor: The proprietor has been
in the construction business for nearly four decades and has
executed projects for government and private entities.
Liquidity Stretched
Liquidity is expected to remain stretched over the medium term.
Expected annual cash accrual of INR1-1.5 crore will tightly match
yearly debt obligation of INR0.60-1.20 crore, over the medium term.
Working capital limit of INR5.00 crore was utilised at an average
of around 80% over the 12 months through June 2020. The proprietor
is likely to extend unsecured loans to meet working capital
requirement and debt obligation.
Outlook: Stable
CRISIL believes SRU will continue to benefit from its proprietor's
extensive experience.
Rating Sensitivity Factors
Upward factors
* Sustained improvement in scale of operations and operating
margin, leading to higher cash accrual
* Better working capital cycle, with GCAs improving to 200 days
Downward factors
* Incremental working capital requirement further weakening
financial risk profile, especially liquidity
* Decline in cash accrual to less than INR1.15 crore for fiscal
2021.
Set up in 1984 in Bengaluru as a proprietorship concern by Mr.
Suresh Udayashankar, SRU constructs roads for government and
private entities.
SAHAJ VISHWAS: CRISIL Withdraws B+ Rating on INR6cr Cash Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sahaj Vishwas Urja Private
Limited (SVUPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL has withdrawn its rating on bank facility of
SVUPL following a request from the company. Consequently, CRISIL is
migrating the ratings on bank facilities of SVUPL from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Bank 4 CRISIL A4 (Migrated from
Guarantee 'CRISIL A4 ISSUER NOT
COOPERATING'; Rating
Withdrawn)
Proposed Cash 6 CRISIL B+/Stable (Migrated
Credit Limit from 'CRISIL B+/Stable
ISSUER NOT COOPERATING';
Rating Withdrawn)
SVUPL was incorporated in the year 2012 by Mr. Mohit Pandya and Mr.
Hitesh Acharya. It is engaged as trading and importing of coal. It
is located in Indore, Madhya Pradesh.
SANTOSH & ASSOCIATES: ICRA Reaffirms B+ Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Santosh &
Associates (S&A), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term
Fund-based/
Cash Credit 5.00 [ICRA]B+ (Stable); Reaffirmed
Short-term
non-fund based/
Bank Guarantee 1.50 [ICRA]A4; Reaffirmed
Rationale
The ratings reaffirmation factors in S&A small scale of operations
with operating income (OI) of INR11.50 crore in FY2020
(provisional). The ratings also consider the high
client-concentration risk as the firm executes contracts only for
the Defence Research and Development Organisation (DRDO). The high
client-concentration risk, however, is mitigated to a certain
extent by the favourable collection policy and the firm's long
association with the DRDO.
The ratings continue to factor in the weak net worth position of
the firm owing to the substantial capital withdrawals by partners
in the past. Moreover, S&A is exposed to risks related to the
tender-based nature of the business The ratings continue to derive
comfort from the established track record of the firm's management
in the civil construction industry and its strong relationship with
the DRDO, resulting in a consistent inflow of fresh orders.
Moreover, ICRA notes the S&A's low reliance on external working
capital funding owing to the timely payment realisations from DRDO.
The Stable outlook on [ICRA]B+ rating reflects the fact that S&A
will continue to benefit from the extensive experience of its
promoter and established relationship with DRDO.
Key rating drivers and their description
Credit strengths
* Experienced promoter with established track record of operations
in industry: The promoter has been involved in the contractual
maintenance and civil construction business for more than 15 years
and has a thorough knowledge of the industry. The long track record
in the industry has helped the firm to establish strong
relationships with its suppliers and customers.
* Low counterparty risks: The counterparty for the tender-based
projects executed by S&A is a reputed Government organisation
(DRDO). Hence, the counterparty credit risk for the firm is low.
* Low dependence on external source of funding: The debt structure
of the firm comprised only external working capital facilities. Its
dependence on external source of funding has also been low in past
few years.
Credit challenges
* Small scale of operations: The firm's small scale of operations,
as reflected by its OI of INR10.95 crore in FY2019, restricts
economies of scale. Further, the intense competition in procuring
tender-based contracts limits its pricing flexibility and exerts
pressure on margins.
* High customer-concentration risk: The firm executes work orders
only for the DRDO facilities at various locations across the
country. Going forward, any decline in new orders or new tenders
may impact the firm's revenue potential. Also, with concentration
to a single customer, the risk of non-delivery in any project or
weakening of the business relationship with the counterparty can
have a negative bearing on securing future orders. Also, any change
in the policies of the Ministry of Defence (MoD) may impact the
firm's operations.
* Volatility in revenues and profitability due to tender-based
nature of business: S&A operates in a highly competitive industry,
wherein it competes with several contractors. Entities that meet
the technical qualification criteria qualify for financial bidding;
subsequently, the contract is awarded to the lowest (L1) bidder.
This limits its bargaining power and pricing flexibility. Moreover,
it operates in a tender-based business, which subjects its revenue
generation to successful bidding and acquiring tenders.
Liquidity position: Adequate
S&A has adequate liquidity position on account of its low reliance
on working capital limits as well as the absence of any long-term
loan obligation. As on March 31, 2020, the firm had nil utilisation
of working capital limits. The average utilisation levels of the
sanctioned bank working capital facilities over the last 12 months
ending in June 2020 stood at 52%, while the average utilisation for
bank guarantee facility stood at 45% in the same period.
Rating sensitivities
Positive trigger – The ratings could be upgraded if the company
demonstrates a sustained improvement in revenues and profitability,
leading to improvement in debt coverage indicators and net worth
position.
Negative trigger – The ratings could be downgraded in case of
substantial decline in the revenues and operating margins,
resulting in subdued cash accruals. Any further debt-funded capital
expenditure leading to deterioration of credit profile could lead
to negative rating action.
Santosh & Associates (S&A) was established in 2003. The firm deals
in projects like civil engineering, electrification work,
arboriculture and landscaping, security, hospitality, watch and
ward, and management services. S&A is based out of Delhi. Mr.
Santosh Pandey is the firm's proprietor. It provides maintenance
services to DRDO's guest houses. Being an ISO 9001:2008 certified
company, the firm has a team of dedicated professionals and carries
out work across many cities in India.
SHIVASHISH MOTORS: CRISIL Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Shivashish Motors India Private Limited
(SMIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's exposure to intense
competition in the automobile dealership market, modest scale of
operations, and weak financial risk profile. These weaknesses are
partially offset by efficient working capital management and
extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to intense competition: The company has to compete with
the unorganised used car market and with dealers of other leading
commercial vehicle players.
* Modest scale of operations: Revenue declined to INR64.39 crore in
fiscal 2020 from INR76.4 crore in fiscal 2019 on account of the
ongoing slowdown in the auto industry and impact of the measures
taken by the state and Central governments to contain the spread of
Covid-19. However, gradual opening up of economy should limit the
impact and help recover performance in the second-half of fiscal
2021. Small scale will continue to limit operating flexibility.
Though scale is expected to improve with the upcoming showroom,
this would be contingent upon pick-up in demand in the automobile
industry.
* Weak financial risk profile: Though gearing improved to 5.11
times as on March 31, 2020, from 10.54 times as on March 31, 2019,
on account of accretion to reserves as well as smaller bank
borrowings, it remained high. Debt protection metrics were muted,
with estimated interest coverage and net cash accrual to total debt
ratios of 1.19 times and 0.02 time, respectively, in fiscal 2020
(1.17 times and 0.01 time, respectively, in fiscal 2019). Sizeable
debt is expected to keep the metrics at similar levels over the
medium term. Overall financial risk profile is also likely to
remain below average over the medium term.
Strengths
* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade in the automotive dealership
industry, their understanding of market dynamics, and healthy
relationships with the principal should continue to support the
business.
* Efficient working capital cycle: Gross current assets were low at
35 days as on March 31, 2020 (against 98 days as on March 31,
2019), because of strong inventory policy and receivables
collection cycle.
Liquidity Stretched
Bank limit utilisation was 94.79% for the 15 months through July
2020. Expected cash accrual of over INR0.11 crore in fiscal 2021
and INR0.18 crore in fiscal 2022 would tightly match term debt
obligation over the medium term. Current ratio was estimated to be
weak at 0.68 time on March 31, 2020. However, unsecured loans from
the promoters support liquidity.
Outlook: Stable
CRISIL believes SMIPL will continue to benefit from its
longstanding relationships with the principal and extensive
experience of the management.
Rating Sensitivity Factors
Upward factors
* Sustained revenue growth of 12% over the medium term while
improving financial risk profile
* Continued healthy relationships with major vendors
* Better working capital cycle
Downward factors
* Stagnation in business due to weak demand, or stretch in
receivables or pile-up of inventory adversely affecting liquidity
* Possible strain in relationships with major vendors
* Larger-than-anticipated debt-funded capital expenditure further
weakening financial risk profile.
Incorporated in 2014 and promoted by Mr. Virendra Kumar, Ms Sunita
Rani and Mr. Prashant Chauhan, SMIPL is an authorised dealer of
trucks, and light and defense vehicles of Ashok Leyland Ltd. It has
showrooms and a service centre in Meerut, Uttar Pradesh.
SMBT SEVABHAVI: ICRA Withdraws B Rating on INR203.4cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of SMBT
Sevabhavi Trust (SMBT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 203.4 [ICRA]B(Stable); ISSUER NOT
Fund based– COOPERATING; Withdrawn
Term Loan
Long Term- 3.6 [ICRA]B(Stable); ISSUER NOT
Fund based– COOPERATING; Withdrawn
Cash credit
Short Term– 20.0 [ICRA]A4; ISSUER NOT
Non-fund based COOPERATING; Withdrawn
Rationale
The long-term Ratings assigned to SMBT have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker. ICRA is withdrawing the rating and that it
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. ICRA has
withdrawn the Stable outlook on the long-term rating.
Key rating drivers and their description
Key rating drivers have not been captured as the rating is being
withdrawn.
Liquidity position
Not captured as the rating is being withdrawn.
Rating sensitivities
Not captured as the rating is being withdrawn.
SMBT Sevabhavi Trust (SMBT) is a group of charitable, educational
and healthcare institutions in Sangamner, Ahmednagar district and
Igatpuri, Nashik district, Maharashtra. The Trust was established
by the veteran freedom fighter Mr. Bhausaheb Santuji Thorat in 1984
under the Bombay Public Trust Act, 1950 as a non-profit making
organisation. SMBT is presently managed under the leadership of
Mr. Balasaheb Thorat, revenue minister of Maharashtra and is
spearheaded by Dr Sudhir Tambe, Member of Legislative Council
(MLC), Maharashtra. SMBT currently manages a medical hospital, two
medical colleges, two dental college, an ayurvedic college, three
institutes of pharmacy, a nursing school and one primary and one
secondary school.
SOCIAL ENGINEERS: CRISIL Lowers Rating on INR4cr Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Social Engineers Private Limited (SEPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' and has reaffirmed its short-term rating at
'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Inland/Import 1 CRISIL A4 (Reaffirmed)
Letter of Credit
Open Cash Credit 4 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The downgrade reflects weakening of the business risk profile and
stretch in the working capital cycle. Revenue has declined by
around 67% year-on-year in fiscal 2020, resulting in lower cash
accrual. Growth is likely to remain muted in the current fiscal,
following the Covid-19 impact. Gross current assets rose sharply to
775 days as on March 31, 2020, as against 327 days as on March 31,
2019, owing to stretch in receivables and large inventory holding
period. High bank limit utilisation over the trailing 12 months has
adversely impacted liquidity. Revenue and net cash accrual are
expected to be subdued in fiscal 2021 as well, amid disruptions in
economic activity, led by the lockdown.
The ratings continue to reflect the company's large working capital
requirement and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the solar power industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirement: Operations are highly working
capital intensive, marked by gross current assets of 775 days as on
March 31, 2020. GCAs are driven by huge receivables of 529 days,
due to the large credit extended to customers and significant
delays in payments.
* Below-average financial risk profile: Financial risk profile
remains constrained by high gearing and total outside liabilities
to tangible networth ratio of 2.82 times and 5.84 times,
respectively, as on March 31, 2020. Though leverage could improve
over the medium term, in the absence of any major capital
expenditure, it will continue to be high. Debt protection metrics
may also weaken over the medium term, with interest coverage
falling below 1.5 times.
Strength
* Extensive experience of the promoters: The two-decade-long
experience of the promoters, in the solar power industry, has
helped them gain understanding of market dynamics and establish
relationships with suppliers and customers.
Liquidity Poor
Bank limit utilisation was high, averaging around 101.83% for the
12 months ended June 30, 2020. There were instance of
over-utilisation, which got regularised with an average delay of
15-20 days.
Outlook: Stable
CRISIL believes SEPL will continue to benefit from the extensive
experience of its promoters in the solar power business.
Rating Sensitivity Factors
Upward factor
* Efficient working capital management, reducing dependence on bank
debt
* Accrual of over INR1 crore, backed by sustained revenue growth
and better profitability
Downward factor
* Decline in accrual to below INR0.2 crore
* Further stretch in working capital cycle, impacting the financial
risk profile, particularly liquidity.
Incorporated in 1996, Dehradun-based SEPL manufactures solar street
and home lighting systems, solar lanterns, solar power packs, and
solar water heating systems.
TRISHAKTI AGRO: ICRA Assigns B+/A4 Rating to INR13.17cr Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Trishakti Agro
Foods (TAF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Unallocated 13.17 [ICRA]B+ (Stable)/[ICRA]A4;
Limits Assigned
Rationale
The assigned ratings consider TAF's exposure to project related
risks, including risks associated with stabilisation of the plant
as per the expected operating parameters, post commissioning of the
project. ICRA notes that the financial closure of the project is
yet to be achieved, which might lead to a delay in ramping up of
operations. The ratings also consider significant debt servicing
obligations of the firm compared to its likely cash accruals from
the business, which would continue to exert pressure on its cash
flows in the near to medium term. Moreover, intense competition in
the industry, characterised by the presence of many players, would
keep the firm's profitability under check. TAF would also remain
vulnerable to adverse changes in Government policies towards
agro-based commodities.
Besides, there is agro-climatic risk as paddy is an agricultural
commodity. ICRA also notes the risk associated with the entity's
status as a partnership firm, including the risk of capital
withdrawal by the partners.
The ratings, however, derive comfort from the long experience of
the promoters in the rice-milling industry, and the firm's presence
in a major paddy growing area, which ensures easy availability of
paddy and low landed cost of raw materials. ICRA also notes the
favourable demand prospects of rice in the domestic market as it is
a staple foodgrain and India is the world's second largest consumer
and producer of rice.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that TAF will continue to benefit from the long experience of its
promoters in the rice milling business and favorable demand outlook
of rice in the domestic market.
Key rating drivers and their description
Credit strengths
* Long experience of promoters in rice-milling industry: The firm
was established by the Odisha-based Mr. Satya Swarup Sahoo, Mr.
Binod Kumar Agarwalla and Mr. Sashi Sekhar Nath in September 2019.
The promoters have a long experience in the rice milling business
as they are already operating rice mills at their own capacity in
Odisha. The partners' long experience in the industry will help
them establish good relationships with customers and suppliers. The
firm's day-today operations will be looked after by the partners,
along with a team of experienced professionals.
* Proximity to raw material sources leads to low landed cost: The
primary raw material, paddy, is available in abundance in Odisha
and other neighbouring states. TAF's paddy requirements will be met
mainly by the local farmers. The paddy for the custom milling will
be procured from local Primary Agricultural Cooperative Societies
(PACS). The location of the manufacturing facility in proximity to
raw material sources ensures easy availability at low freight
costs.
* Favourable demand prospects of the industry: The rice-milling
industry has favourable demand prospects as rice is a staple
foodgrain and India is the world's second largest producer and
consumer of rice.
Credit challenges
* Exposure to project related risks, including risks associated
with stabilisation of the plant as per expected operating
parameters, post commissioning of the project: The commercial
operation of the proposed rice mill is scheduled to commence from
October 2020. In the interim period, the firm would face
significant project related risks, including the risk of
commissioning the project within the budgeted cost and time,
stabilising the plant and achieving desired process parameters and
cost efficiencies, post commencement of operations. However, ICRA
notes that the major part of the project has been completed. Civil
construction and installation of plant and machinery have reached
at an advanced stage of completion. The firm has incurred INR5.17
crore till August 12, 2020 out of the estimated project cost of
INR6.75 crore, which has been funded through promoters'
contribution of INR2.45 crore and the balance through interest free
unsecured loans from sister concerns and relatives of the partners.
However, the financial closure has not been achieved yet, which
might lead to a delay in ramping up of operations and adversely
impact the business risk profile of the entity.
* Significant debt servicing obligations likely to keep its cash
flows under pressure: ICRA notes that the firm will have
significant debt servicing obligations compared to its likely cash
accruals from the business, which would continue to exert pressure
on its cash flows in the near to medium term.
* Industry susceptible to agro-climatic risks and government
policies: Paddy harvesting mainly depends on agro-climatic
conditions, which impact the raw material availability to some
extent. The firm also remains exposed to other risks inherent in an
agro-based business, including changes in Government policies in
relation to the stipulation of the minimum support price (MSP) for
procurement of paddy from farmers and revision of policies on
export of rice, levy sale etc. The margins remain susceptible to
the price movement of the agro products that are subject to
climatic conditions and Government intervention.
* Competitive business environment due to fragmented nature of the
industry: The rice-milling industry is characterized by intense
competition due to low product differentiation, and consequent high
fragmentation and low entry barriers, which limit the pricing
flexibility of the participants, including TAF.
* Risks associated with the entity's status as a partnership firm:
TAF's legal status as a partnership firm gives rise to the
risk of capital withdrawal by the partners, which might impact the
capital structure and the liquidity position.
Liquidity position: Stretched
The liquidity profile of the entity is likely to remain stretched.
Any delay in commissioning of the project might lead to a delay in
ramping up of operations, adversely impacting the business risk
profile of the entity. ICRA notes that the firm will have
significant debt servicing obligations compared to its likely cash
accruals from the business in the near to medium term.
Rating Sensitivities
Positive triggers – ICRA may upgrade TAF's ratings if the entity
is able to commission the project and ramp up its operations in a
timely manner, and profitably run its business on a sustained
basis.
Negative triggers – Pressure on TAF's ratings may arise in case
of a delay in commissioning of the project and/or a delay in
achieving the expected operating parameters, post commissioning of
the project, adversely impacting the business risk profile of the
entity.
Established in September 2019, Trishakti Agro Foods is in the
process of setting up a rice mill at Dhenkanal, Odisha with an
installed capacity of 28,800 MT to produce parboiled rice. The
commercial operation at the proposed plant is scheduled to commence
from October 2020.
=================
I N D O N E S I A
=================
INDUSTRI TELEKOMUNIKASI: Pays Workers' Salaries in Installments
---------------------------------------------------------------
The Jakarta Post reports that state-owned telecommunication company
PT Industri Telekomunikasi Indonesia Persero (INTI) is paying its
workers' salaries in installments on the grounds of financial
constraints faced by the company.
The Post says the company has been partially delaying salary
payouts since May last year. As of August this year, the company
has paid the installment of IDR1 million (US$67.28) for the delayed
February salary.
According to the report, the scheme was part of efforts taken by
the company to pay employees' salaries in accordance with the
company's financial capabilities, INTI president director Otong Iip
said. Salaries would continue to be paid out in installments until
at least the end of the year.
"This situation is caused by the company's negative operating cash
flow and equity," the report quotes Mr. Otong as saying in a
statement on Sept. 10.
Hundreds of employees had protested in front of the INTI office in
Bandung on Aug. 29, demanding information regarding the delayed
salary from the company, which has 450 employees, according to the
Post.
INTI has faced a declining financial situation since 2014, the
report notes.
"One of the factors is past projects that have caused huge losses.
The [financial pressure] continued until the company's
nonproductive debt reached 90 percent," Mr. Otong explained.
The Post says the management started transforming the business,
finances, human resources and management by the end of 2019. They
also performed debt restructuring and asset optimization following
the company's declining financial performance.
"We are also supported by INTI's entrance to the telecommunication
industry cluster, so the company has a clear direction in business
by focusing on Telkom Group customers," Mr. Otong added.
=====================
P H I L I P P I N E S
=====================
FAST TRACK: SEC Permanently Shuts Firm for Investment Fraud
-----------------------------------------------------------
BusinessWorld Online reports that the Securities and Exchange
Commission (SEC) has ordered the permanent shutdown of Fast Track
Worldwide, Inc., which it found operating an unauthorized
investment scheme.
In an Aug. 20 resolution uploaded on its website, the corporate
regulator has denied Fast Track's motion to lift its
cease-and-desist order, and has made such order permanent,
BusinessWorld relates.
According to BusinessWorld, the company was issued the shutdown
order in May after it was found to have engaged in offering
investment contracts to the public. It filed a motion to lift the
order in June.
While it is a registered corporation since February 2019, Fast
Track is only authorized to engage in the direct selling of food
and merchandise, BusinessWorld says. Its registration specifically
prohibits it from soliciting investments from the public.
However, the SEC found that the company is bundling its products
with investment contracts. It sells beauty products, health
products, clothes, appliances, books, and car care products, but
resellers are promised profit through the recruitment of more
sellers, BusinessWorld relates.
"That they are selling their products is uncontested; what is at
issue . . . (is) the sale of its product was carried out as part of
an investment package that guaranteed returns and added bonuses by
recruitment of new members," the SEC said. "This is what converted
the activity into a sale of securities in the form of investment
contracts."
Such activity requires authorization from the SEC by obtaining a
secondary license to sell securities. Fast Track did not have this
authorization, BusinessWorld relays.
BusinessWorld relates that the SEC also said Fast Track was engaged
in pyramiding, as its clients pay money to the company, receive the
right to sell the products, get compensated for the recruitment of
more members, and such compensation has nothing to do with the sale
of the products.
With the resolution, Fast Track must permanently stop its
operations, and will be prohibited from transacting any business
involving funds in its depository banks, BusinessWorld notes.
According to BusinessWorld, the SEC has shut down at least five
other companies this year for the sale of securities without a
license. These are: JOCALS688 Beauty and Wellness Products Trading,
Inc.; Building Our Success Stories Network, Inc.; CROWD1 Asia
Pacific, Inc.; Lion City Finance Group, Inc.; and Payasian Pte.
Ltd. Corp.
===============
T H A I L A N D
===============
THAI AIRWAYS: Gets Court Approval for Debt Restructuring Plan
-------------------------------------------------------------
Suttinee Yuvejwattana and Natnicha Chuwiruch at Bloomberg News
report that Thai Airways International Pcl, the nation's flagship
carrier, got court approval for its debt restructuring on Sept.
14.
According to Bloomberg, the Central Bankruptcy Court decided that
the airline can proceed with its plan to rehabilitate its debt.
Bloomberg relates that the company, which had total liabilities of
THB332.2 billion ($10.6 billion) at the end of June, faces one of
its biggest challenges in its 60-year history as the pandemic hits
the country's tourism-dependent economy.
Bloomberg says the Covid-19 crisis has devastated the global travel
industry, forcing airlines to suspend flights, lay off employees
and seek financial help from governments and investors. Companies
such as Virgin Australia Holdings Ltd. and Avianca Holdings SA,
Latin America's second-largest airline, have gone into
administration or sought bankruptcy protection.
Industry strains have been mounting in Asia, with Singapore
Airlines Ltd. eliminating about 20% of its workforce. Thai Airways
creditors are likely faced with a protracted process: the company
is estimating that the rehabilitation could take as long as seven
years.
Bloomberg notes that the court ruling may allow Thai Airways to
start talks soon with debt-holders on the terms of restructuring
the dues. The company's shares jumped as much as 10.7% to THB3.74
after the ruling on Sept. 14, the most since Aug. 5.
"The court's debt rehabilitation approval is just a tiny step,"
Bloomberg quotes Chanchai Chaiprasit, chief executive officer of
PricewaterhouseCooper's Thai unit, as saying before the ruling.
"It's an uphill task to come up with a debt plan that would satisfy
banks, aircraft lessors, suppliers and other lenders."
Thai Airways was dealt a further blow recently, when the nation's
Ministry of Transport identified potential corruption in
underpricing of tickets and excessive overtime costs, Bloomberg
states. Thailand's Ministry of Finance owns around 48% of Thai
Airways, Bloomberg discloses citing an August filing.
The airline had defaulted on loans and bonds totaling THB85
billion, or 33.1% of its total assets, according to its latest
statement on July 22, Bloomberg relays. It reported a net loss of
THB28 billion in the first half of this year, a more-than-fourfold
jump from THB6.44 billion during the same time a year ago as the
carrier canceled scheduled flights from April to comply with
government rules to contain the pandemic.
About Thai Airways
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.
As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May
19.
The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.
Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.
Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.
=============
V I E T N A M
=============
VIETNAM OIL: Fitch Affirms 'BB' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Vietnam Oil and Gas Group's (PVN)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook. The agency has also affirmed PVN's senior
unsecured rating of 'BB'.
PVN's IDR is capped by that of its parent, the Vietnam sovereign
(BB/Stable), under Fitch's Government-Related Entities (GRE) Rating
Criteria. The company is wholly owned by the state, which exerts
significant influence over its operating and financial policies.
Fitch assesses PVN's Standalone Credit Profile (SCP) at 'bb+',
reflecting the company's conservative financial profile,
diversification and integration.
Fitch expects PVN's EBITDA to fall by about 55% and 30% in 2020 and
2021, respectively, from 2019, amid the weak oil price environment.
Fitch, however, expects PVN to continue maintaining a net cash
position over the next two years, as Fitch anticipates a delay in
its expansion plans. Fitch believes the earnings of PVN's upstream,
refining and oil distribution segments will be dampened severely in
2020. However, Fitch expects earnings from its gas distribution,
fertiliser and power businesses to remain relatively stable.
KEY RATING DRIVERS
Strong State Linkages: Fitch assesses the status, ownership and
control factor as 'Very Strong'. PVN's targets are set and approved
by the government and its management is state-appointed, with the
prime minister appointing its chairperson. PVN is the national oil
company with exclusive rights to Vietnam's oil and gas reserves by
regulation. Fitch regards the support record as 'Strong'. PVN has
not required tangible financial support in at least five years due
to its strong financial profile, although Fitch expects support to
be forthcoming if required.
'Very Strong' State Support Incentive: Fitch assesses the
socio-political implications of a PVN default as 'Very Strong'. Any
disruptions in PVN's operations would have material implications
for Vietnam's energy value chain. PVN holds interests in all of
Vietnam's upstream oil and gas assets, accounts for about a third
of the country's refined product output, and supplies gas for power
plants that make up about 15% of Vietnam's power generation. PVN
also accounts for about 80% of Vietnam's fertiliser production.
Fitch assesses the financial implications of a default as 'Very
Strong'. A default by PVN, one of Vietnam's largest and most
important GREs, could affect significantly the availability and
cost of domestic and foreign financing options for the state and
other GREs.
High-Cost Upstream Operations: Fitch expects PVN's upstream segment
EBITDA to drop to near breakeven in 2020 and 2021 from VND7.2
trillion in 2019 on weaker oil prices and its high cash costs.
Fitch thinks PVN may curtail some of its highest cost oil
production, offsetting the weak crude prices. PVN's upstream
operations incurred losses in 2016 when Brent oil prices were
around USD44/bbl. PVN said its upstream segment made marginal
profits in 1H20 when oil prices averaged USD41/bbl, likely driven
by curtailment of high cost production. PVN expects its oil
production volume in 2020 to fall by 20% to 3.5 million tonnes.
Downstream Inventory Losses: Fitch assumes inventory losses and
weak refining margins will result in marginal losses in PVN's
refining and oil-marketing segments in 2020, from VND12.6 trillion
in EBITDA in 2019. Fitch forecasts profit will improve from 2021
with better margins and oil distribution spreads. Vietnam's prices
of refined petroleum products are usually market driven and PVN's
refining operations face import competition from other more
efficient south-east Asian refineries. PVN is upgrading refinery
operations to improve their capacity and complexity.
Stable Gas and Power Operations: PVN's power-generation revenue is
based on long-term power purchase agreements with state power
utility Vietnam Electricity (EVN, BB/stable) and include cost
pass-through mechanisms. Gas distribution earnings are generally
based on fixed selling prices that are increased annually and sold
mostly to EVN's and PVN's power plants. Fitch assumes these
segments will remain more insulated from the commodity downcycle
and economic slowdown.
Fitch assumes PVN's 2020 gas segment EBITDA will fall by around 20%
from 2019 to VND12.6 trillion due to lower volume uptake, while
power segment EBITDA will remain relatively stable at VND6.7
trillion.
Financial Profile Remains Strong: Fitch expects PVN to maintain a
net cash position in 2020 and keep net leverage (adjusted net debt
to EBITDA excluding its banking subsidiary) below 2.5x until 2024,
as its planned capex and investments are likely to be delayed amid
the weaker oil prices.
Fitch expects free cash flow (FCF) to turn negative in 2020 as
PVN's operating cash flow will fall in line with weaker oil prices.
PVN plans considerable capex to develop upstream and downstream
resources. PVN also expects meaningful cash inflows from a planned
sale of partial equity stakes in some subsidiaries, but the timing
and amount remain uncertain. Therefore, Fitch does not incorporate
these sales in its forecasts, driving its negative FCF expectation
over the medium term.
PVCombank Restructuring: Fitch excludes Vietnam Public Joint Stock
Commercial Bank (PVCombank) in calculating PVN's adjusted credit
metrics as PVN plans to dispose of its 52% stake after the bank's
restructuring. PVCombank accounted for about 70% of PVN's
consolidated debt in 2019. There has been no cash outflow from PVN
to PVCombank since 2013. Fitch does not anticipate major financial
support from PVN to PVCombank during the restructuring. PVCombank's
earnings contribution to PVN is also immaterial.
Standalone Credit Profile of 'bb+': The 'bb+' assessment is
supported by PVN's position as Vietnam's largest upstream oil and
gas producer, vertical integration across midstream and downstream
segments, and stable gas distribution and power earnings. It is
weighed down by high-cost upstream operations and its expectations
of negative FCF over the medium term due to high capex and
investments.
DERIVATION SUMMARY
PVN's IDR will remain equalised with that of Vietnam should its
Standalone Credit Profile deteriorate below the sovereign rating.
The assessment is comparable with that of both EVN and PT Pertamina
(Persero) (BBB/Stable), which are also linked to their sovereigns.
PVN's status, ownership and control by the state is assessed as
'Very Strong', similar to its assessment of EVN and Pertamina in
light of their complete state ownership. The support record and
expectations factor are assessed as 'Strong' for both PVN and EVN,
compared with 'Very Strong' for Pertamina. This reflects
Pertamina's stronger state support mechanism, such as subsidy
reimbursements, state debt guarantees for specific projects, and
first right of refusal for a majority stake in all expiring
upstream production-sharing contracts including producing fields.
Fitch assesses the financial implications of a default on the
sovereigns and other GREs to be 'Very Strong' for PVN, EVN and
Pertamina. Fitch regards the socio-political implications of a
default as 'Very Strong' for PVN - somewhat higher than that of EVN
- as any disruptions to PVN's operations will affect the entire
energy value chain in Vietnam. The 'Strong' assessment for EVN
reflects the presence of other state-owned entities that can step
in to produce power if EVN is in financial distress, and feedstock
for power generation is procured mostly from other state-owned
enterprises. Like PVN, Pertamina's socio-political implications of
a default are also assessed as 'Very Strong' for similar reasons.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Crude prices in line with Fitch's Brent price deck assumptions;
USD41/bbl in 2020, USD45/bbl in 2021, USD50/bbl in 2022 and
USD53/bbl thereafter
Oil production declines by 20% in 2020, stays constant thereafter
Gas production and prices unchanged until 2024
Upstream lifting cost per barrel improves temporarily in 2020 as
higher cost production is curtailed.
Refining volumes remain constant
Refining EBITDA falls from USD5.2/bbl to USD1.5/bbl in 2020.
Gradual increase to USD4.5/bbl 2022.
Gas distribution volume to fall to 9.25 billion cubic metres (bnm3)
in 2020 from 9.96bnm3 in 2019 as per company expectations. Margins
remain unchanged from 2019
1.2GW capacity additions per annum from 2021
EBITDA margins stay unchanged at around 20%
Capex of around VND300 trillion until 2024 - majority for upstream
business
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Positive rating action on the sovereign
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Negative rating action on the sovereign
For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in a rating action commentary on April 8,
2020:
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Sustained record of macroeconomic stability, demonstrated in
part by greater policy flexibility, including that related to the
external sector to ensure adequate currency flexibility and
maintenance of foreign exchange buffers.
- Improvement in public finances, reflected in smaller budget
deficits or a decline in the general government debt ratio or
contingent liabilities.
- A material reduction in risks posed to the sovereign balance
sheet from weaknesses in the banking sector.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- A shift in the macroeconomic policy mix that results in
macroeconomic instability or an increase in macroeconomic
imbalances.
- Crystallisation of contingent liabilities on the sovereign's
balance sheet.
- Depletion of foreign-exchange reserves; for instance, through a
decline in foreign investment on a scale sufficient to destabilise
the economy.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: PVN had a readily available cash balance of
VND170 trillion, excluding PVCombank, compared with total debt of
VND59 trillion, supporting its net cash position. Fitch does not
foresee much difficulty in PVN raising funds for its investment
plans, if required, in light of its status as one of Vietnam's most
important state-owned enterprises. PVN could, however, require
access to offshore capital markets over the long term if it is to
execute some of its larger expansion plans.
ESG CONSIDERATIONS
PVN has an ESG Relevance Score of 4 for Financial Transparency due
to the below-average timeliness and transparency of financial
disclosure compared with other rated corporates, which has a
negative effect on the credit profile, and is relevant to the
ratings in conjunction with other factors.
Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Sept. 7 to Sept. 11, 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
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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
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MDX PCL 4.75 09/17/03 USD 22.88
G STEEL PCL 3.00 10/04/15 USD 0.55
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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