/raid1/www/Hosts/bankrupt/TCRAP_Public/201103.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, November 3, 2020, Vol. 23, No. 220
Headlines
A U S T R A L I A
CREW ON DECK: Second Creditors' Meeting Set for Nov. 10
CYC TRAVEL: Second Creditors' Meeting Set for Nov. 12
ELITE BALUSTRADES: Second Creditors' Meeting Set for Nov. 10
RUBY BOND 2020-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
C H I N A
CHINA AOYUAN: Fitch Upgrades LT FC IDR to BB, Outlook Stable
CHINA EVERGRANDE: Sells Stake in Xinjiang Guanghui to Shenergy
SEAZEN GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
XINJIANG ZHONGTAI: Fitch Affirms LT IDRs at BB+, Outlook Stable
H O N G K O N G
GOLDIN FINANCIAL: Loses Control Over Flagship Tower
I N D I A
916 EPARI: CRISIL Moves B Debt Rating to Not Cooperating
ABHIMAANI PRAKASHANA: CRISIL Moves C Rating to Not Cooperating
AMARTEX INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
ARUN VIDYUTH: CRISIL Moves D Debt Ratings to Not Cooperating
BALIBOINA SIVAPRASAD: CRISIL Moves D Ratings to Not Cooperating
BHAWANI MOULDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
CLIFFTON PACKAGINGS: CRISIL Moves B+ Ratings to Not Cooperating
CLOVER ENERGY: Ind-Ra Affirms Then Withdraws B- Term Loan Rating
DARJEELING TEA: CRISIL Moves B+ Debt Ratings to Not Cooperating
EVM MOTELS: CRISIL Moves B+ Debt Rating to Not Cooperating
G.R.S. ISPAT: CRISIL Moves D Debt Ratings to Not Cooperating
GALAXY MACHINERY: CRISIL Moves D Debt Ratings to Not Cooperating
GOLDENYELLOW PAPER: CRISIL Moves B Ratings to Not Cooperating
HAREKRISHNA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
IL&FS LTD: Infrastructure Trust to Take Over Road Assets
JAYA POULTRY: CRISIL Withdraws D Ratings on INR10cr Loans
JMV ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
KALAVAKURU ESTATES: CRISIL Assigns B+ Rating to INR20cr Loan
KALPAKA TRANSPORT: CRISIL Moves D Debt Rating to Not Cooperating
KERALA TRANSPORT: CRISIL Moves D Debt Ratings to Not Cooperating
KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
MAHARASHTRA CRICKET: CRISIL Moves D Ratings to Not Cooperating
MARS ENVIROTECH: CRISIL Moves D Debt Ratings to Not Cooperating
PREMIUM EXPORTS: CRISIL Keeps B+ Debt Rating in Not Cooperating
PVS MEMORIAL: CRISIL Moves D Debt Ratings to Not Cooperating
R D ENGINEERS: CRISIL Moves D Debt Ratings to Not Cooperating
RAOS EDUCATIONAL: CRISIL Moves D Debt Rating to Not Cooperating
SAI JYOTI: CRISIL Assigns B+ Rating to INR1cr Proposed Loan
SANTOSH KUMAR: CRISIL Moves D Debt Rating to Not Cooperating
SHIVIN CA: CRISIL Moves D Debt Rating to Not Cooperating Category
STAR CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
UTKAL GALVANIZERS: CRISIL Moves D Debt Rating to Not Cooperating
UTM ENGINEERING: CRISIL Moves D Debt Ratings to Not Cooperating
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in Non-Cooperating
VIRAJ CANES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
M A L A Y S I A
ROBINSON CO: Begins Liquidation of Two Stores in Malaysia
N E W Z E A L A N D
FERNLAND SPA: Mineral Pool Complex for Sale as a Going-Concern
P H I L I P P I N E S
PXP ENERGY: Net Loss Widens to PHP52.1MM in 9Mos. Ended Sept. 30
S I N G A P O R E
EAGLE HOSPITALITY: Gets Employment-Related Claims, Default Notices
ROBINSONS CO: To Close Last Stores at The Heeren and Raffles City
S R I L A N K A
SRI LANKA: Has High Probability of Default, Goldman Sach Says
T H A I L A N D
THAI AIRWAYS: Gives Early Retirement to 1,900 Staff to Save Costs
X X X X X X X X
[*] BOND PRICING: For the Week Oct. 26, 2020 to Oct. 30, 2020
- - - - -
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A U S T R A L I A
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CREW ON DECK: Second Creditors' Meeting Set for Nov. 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of Crew on Deck
Pty Ltd Formerly Trading as Elect Cleaning & Facility Services has
been set for Nov. 10, 2020, at 12:00 p.m. at the offices of Jirsch
Sutherland, Level 27, 259 George Street, in Sydney, NSW.
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 Nov. 9, 2020, at 5:00 p.m.
Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of Crew on Deck on Oct. 12, 2020.
CYC TRAVEL: Second Creditors' Meeting Set for Nov. 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of CYC Travel
Services Pty. Limited has been set for Nov. 12, 2020, at 11:00 a.m.
The meeting will take place via zoom meeting.
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 Nov. 11, 2020, at 4:00 p.m.
Daniel Obrien of DV Recovery Management was appointed as
administrators of CYC Travel on Oct. 12, 2020.
ELITE BALUSTRADES: Second Creditors' Meeting Set for Nov. 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Elite
Balustrades Pty Limited has been set for Nov. 10, 2020, at 10:00
a.m. at the offices of Jirsch Sutherland, Level 27, 259 George
Street, in Sydney, NSW.
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 Nov. 9, 2020, at 4:00 p.m.
Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Elite Balustrades on Oct. 6,
2020.
RUBY BOND 2020-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
AMAL Trustees Pty Ltd. as trustee for Ruby Bond Trust 2020-1. Ruby
Bond Trust 2020-1 is a securitization of prime residential
mortgages originated by BC Securities Pty Ltd.
The preliminary ratings reflect the following factors.
The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. Our assessment of credit risk takes into account BC
Securities Pty Ltd.'s underwriting standards and approval process,
and its servicing quality.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. and Australia and New Zealand
Banking Group Ltd. as bank account providers.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published Oct. 9, 2014 and concluded that there are no constraints
on the maximum rating that can be assigned to the notes."
Loss of income for borrowers in the coming months due to the
effects of COVID-19 might put upward pressure on mortgage arrears
over the longer term. S&P said, "We updated our outlook assumptions
for Australian RMBS in response to changing macroeconomic
conditions as a result of the COVID-19 outbreak. The collateral
pool at close for this transaction will not include any loans where
the borrower has applied for a COVID-19 hardship payment
arrangement. Nevertheless, we undertook additional cash-flow
sensitivity analysis to assess the rated notes' sensitivity to
delays in borrower payments should some borrowers enter hardship
arrangements following the closing date."
S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."
PRELIMINARY RATINGS ASSIGNED
Ruby Bond Trust 2020-1
Class Rating Amount (mil. A$)
A1-MM AAA (sf) 39.00
A1-AU AAA (sf) 127.00
B AA (sf) 28.50
C A (sf) 25.50
D BBB (sf) 17.00
E BB (sf) 9.50
F1 NR 6.75
F2 NR 6.75
NR--Not rated.
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C H I N A
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CHINA AOYUAN: Fitch Upgrades LT FC IDR to BB, Outlook Stable
------------------------------------------------------------
Fitch Ratings has upgraded property developer China Aoyuan Group
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'BB' from 'BB-'. The Rating Outlook is Stable.
The upgrade reflects Aoyuan's track record of maintaining a healthy
financial profile, as well as its improved geographic
diversification and enlarged operating scale, which is comparable
with 'BB' rated peers. Aoyuan has been financially disciplined
during the expansion, aided by its fast-churn business model. As a
result, its proportionate consolidated leverage stayed below 40%.
Aoyaun has meaningful exposure to lower-tier cities, where housing
demand is more uncertain in an industry slowdown. Significant
non-controlling interest (NCI) and the rapid increase in guarantees
to joint ventures (JV) and associates could increase the volatility
of the company's financial profile, and are constraints on Aoyuan's
ratings.
KEY RATING DRIVERS
Larger Scale: Aoyuan had one of the fastest-growing contracted
sales among peers in 2016-2019 as a result of its fast-churn model.
Aoyuan's scale is now comparable with that of 'BB' rated peers,
such as CIFI Holdings (Group) Co. Ltd. (BB/Stable) and Logan Group
Company Limited (BB/Stable). Aoyuan had 320 projects in 90 cities
across China and overseas at end-1H20. Fitch expects Aoyuan's
revenue to rise by around 40% in 2020 due to strong attributable
contracted-sales growth of 26% to CNY98 billion in 2019, which
resulted in CAGR of 62% in 2016-2019.
Controlled Leverage: Fitch expects Aoyuan's leverage - measured as
net debt/adjusted inventory on a proportionate consolidation basis
- to stay below 40% in in 2020-2023. Cash collection from
contracted sales worsened slightly in 1H20, but was partly offset
by cash from project disposals. Aoyuan's NCI rose to 64% of total
equity in 1H20, from 59% in 2019, which also helped it to control
leverage. Aoyuan's land-bank life is short at 2.5 years (excluding
urban renewal projects) at end-1H20, which may limit room for
further deleveraging. Fitch believes the acquisition of Kinghand
Group will not significantly affect leverage.
Increasing Diversification: Aoyuan has improved the geographical
diversification of its land bank and reduced its reliance on
lower-tier cities over the past few years. Southern China, its
largest market, accounted for 40% of its land bank by gross floor
area in 1H20, compared with 48% in 2018. In addition, Fitch expects
Aoyuan's urban renewal projects (URPs) located in higher-tier
Chinese cities to bear fruit in 2020-2023, which will improve its
land-bank quality. This should allow Aoyuan to sustain sales growth
and mitigate the impact of city-specific austerity policies.
Healthy Profitability: Fitch expects Aoyuan's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to stay at
above 25% in the short to medium term. The company's unbooked
revenue carried a healthy gross profit margin of more than 25% as
of end-1H20, which will support profitability for the next two
years. Average land-bank costs were low, at CNY2,727/sq m at
end-1H20, or 28% of Fitch-estimated average selling prices, as the
company replenishes land mainly through cost-friendly M&A, which
accounted for 63% of newly acquired land in 1H20.
Minority Shareholders: Aoyuan's exposure to NCI, at 64% of total
equity at end-1H20, is higher than for other 'BB' rated peers. This
reflects Aoyuan's reliance on capital contributions from
non-controlling shareholders, which are mostly developers and URP
fund unitholders, to finance its expansion. This lowers Aoyuan's
need for debt funding, but creates potential cash leakage in the
future.
About one-third of the company's NCI is attributable to private
funds set up by Aoyuan to gather capital for its URPs that started
prior to 2018. Fitch does not treat this as debt as there is a
loss-sharing provision and no fixed returns on investment. While
there may be cash outflows in the future to buy out minority
investors of these URPs as they mature, Fitch believes the amount
should be lower than the cost of acquiring land bank in the open
market. Fitch expects NCI as a share of Aoyuan's equity to edge
down in the medium term when the URPs are gradually completed.
More Volatile End Markets: Aoyuan is more exposed to industry
downside risk due to the meaningful penetration into lower-tier
cities and higher commercial-property exposure than for 'BB' peers.
Its contracted average selling price of around CNY10,022/sq m is
lower than the CNY13,500-17,000/sq m of peers, including CIFI and
Logan. This is mitigated by the fact that 55% of its land in
lower-tier cities was in southern China and the Yangtze River Delta
at end-9M20, which Fitch believes are more resilient than other
regions.
Fitch believes Aoyuan's modest exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Commercial property from its
integrated-development projects made up 16% of Aoyuan's contracted
sales in 1H20. Fitch expects the product mix to remain stable in
the short term, as commercial products account for 23% of saleable
resources in 2020.
DERIVATION SUMMARY
Aoyuan's scale and diversification is comparable with that of CIFI,
but Aoyuan has slightly lower leverage while CIFI has better
land-bank quality. The majority of CIFI's land is in Tier 1 and 2
cities and the company is focused in the Yangtze River Delta, where
the economy is more robust than in the rest of China. Aoyuan's land
bank is spread over 90 cities while CIFI's is spread over 60
cities. Aoyuan's lower economies of scale mean its selling, general
and administrative (SG&A) expenses are higher than that of CIFI.
Aoyuan has faster growth due to the rapidly expanding Greater Bay
Area. It operates a fast-churn model while keeping leverage at
35%-40%, lower than CIFI's around 45%. Aoyuan has a higher EBITDA
margin than CIFI.
Both Aoyuan and Logan focus on Guangdong Province, but Logan has a
better land-bank quality, with average selling price at
CNY13,876/sq m as it has more exposure in Shenzhen, rather than the
lower tier cities of Aoyuan. However, Aoyuan's land bank is more
diversified across China. Fitch forecasts the leverage of both
companies at 35%-40% in 2020-2023. Logan has more land to support
its growth and provide more room for deleveraging, while its EBITDA
margin is also higher at above 30%.
Aoyuan and Risesun Real Estate Development Co.,Ltd. (BB-/Stable)
have a similar scale. Aoyuan has a much longer history of keeping
leverage at below 38%. Risesun's land bank is more concentrated,
with 57% of the gross floor area in the Beijing-Tianjin-Hebei area,
which is under stricter scrutiny than other regions. In comparison,
40% of Aoyuan's land bank is in southern China, which has stronger
economic prospects. Risesun's available cash to short-term debt
ratio was below 1.0x in 2019, which is lower than that of Aoyuan.
These factors explain the one-notch difference in their ratings.
Aoyuan's contracted sales are larger than the CNY40 billion-60
billion (on an attributable basis) of 'BB-' peers, including Yuzhou
Group Holdings Company Limited (BB-/Stable), Times China Holdings
Limited (BB-/Stable) and KWG Group Holdings Limited (BB-/Stable).
Aoyuan's land bank is more geographically diversified and larger
than that of the three peers, which are more regionally based and
have operations in fewer than 40 cities. Aoyuan's 2019
proportionate consolidated leverage is lower than Times's 40%-45%
and both have similar profitability of 25%-30%. Aoyuan's better
business and financial profile is sufficient to support one-notch
higher rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
CNY100 billion-103 billion of attributable sales in 2020-2023
Land premium accounting for 40%-50% of contracted sales each year
on a cash flow basis during 2020-2021
Unsold land bank life maintained at around 2.5 years (excluding
urban renewal projects)
Cost of newly acquired land at below CNY3,600/sq m in 2020-2023,
which is around 32% of the average selling price
SG&A expenses at 8%-10% of revenue
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Enhancement of Aoyuan's market position in its core market, or
material improvement in its business or geographic diversification
- net debt/adjusted inventory sustained below 30%;
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- net debt/adjusted inventory sustained above 40%;
- Substantial decrease in contracted sales
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Aoyuan had CNY53.8 billion in available cash on
hand at end-1H20, sufficient to cover short-term debt of CNY47.5
billion. Excluding the short-term debt that is backed by restricted
cash, the group's ratio of available cash, excluding restricted and
pledged cash deposits, to short-term debt was 1.5x. The company has
multiple funding channels, including onshore and offshore bank
loans, and private and public bond issuances.
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
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
CHINA EVERGRANDE: Sells Stake in Xinjiang Guanghui to Shenergy
--------------------------------------------------------------
South China Morning Post reports that China Evergrande Group, the
world's most indebted real estate developer, has agreed to sell an
investment a little more than two years after buying it, part of
its asset disposal programme to generate cash and repay more than
CNY835.5 billion (US$122 billion) of borrowings.
According to SCMP, the Guangzhou-based developer said it would sell
its 41 per cent stake in Xinjiang Guanghui Industry Investment
Group, an energy-to-property conglomerate based in north-western
China, for CNY14.9 billion to Shanghai's electricity generator
Shenergy. Evergrande bought the stake in 2018 for CNY14.5 billion.
"Shenergy will take over all of the shares bought by Evergrande in
2018 and become Xinjiang Guanghui's second-largest shareholder,"
the report quotes Guanghui as saying in a filing to Shanghai's
stock exchange on Nov. 1. The disposal enables it to focus more on
its core business and achieve "long-term stable and healthy
development," Evergrande said separately in a filing to the
Hong Kong bourse.
The report relates that Evergrande, China's largest property
developer by sales, is attempting to slim down after facing the
risk of having to cough up CNY130 billion by the first quarter of
next year if demanded by investors who had put money into its
Hengda unit in anticipation of its successful takeover of Shenzhen
Special Economic Zone (SEZ) Real Estate & Properties Group.
Evergrande managed to avert part, not all, of that potential crunch
following some forbearance by the investors, according to its
September 29 filing, the report relays. The takeover of SEZ, part
of a restructuring exercise by Evergrande, has a December 31
deadline, following multiple postponements and delays.
On the same day, Evergrande's chairman was photographed in Beijing
at a signing ceremony with representatives from more than a dozen
of Hengda's investors. They included Zhang Jindong, chairman of
Suning.com, one of China's largest home-appliance retailers, and
Wang Wenyin, a copper tycoon who controls the private Amer
International Group, the report recalls.
SCMP notes that Evergrande had already breached the Chinese central
bank's threshold for indebtedness, known as the "three red lines"
in the industry, according to an analysis by Huachuang Securities.
The framework caps debt-to-asset ratio for developers at 70 per
cent after excluding advance receipts, net debt-to-equity at 100
per cent, and short-term borrowings at no more than cash reserves.
Failing to meet those "red lines" may result in them being cut off
from access to new loans from banks, the state-owned Economic
Information Daily reported in late August, relays SCMP.
Evergrande last month raised HK$4.3 billion at a 14.7 per cent
discount to the market price by selling new shares equivalent to 2
per cent of its issued capital, to refinance debt, SCMP recalls.
Its shares closed last Friday at HK$15.4 each, 6.7 per cent below
the shares' selling price, and just over half the HK$28 high seen
in early July.
Evergrande, controlled by China's third-wealthiest man Xu Jiayin
– also known as Hui Ka-yan in Hong Kong – offered an
across-the-board discount of 30 per cent for all its property
projects in September, to generate CNY200 billion of sales,
according to SCMP. The developer sold about CNY582 billion worth of
properties up through October, achieving 91 per cent of its full
year sales target of CNY650 billion, the report adds.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.
The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.
The affirmation of Evergrande's and Hengda's IDRs reflects the
group's large business scale and diversification, but higher
leverage and weaker liquidity than that of peers. The Stable
Outlook reflects the expectation that the Evergrande will be able
to deleverage after 2020, with improving contracted sales and
collection ratio, as well as its stated intention to reduce land
acquisitions. In addition, the Stable Outlook also reflects its
expectation that Evergrande will be able to negotiate with Hengda's
strategic investors not to redeem the CNY130 billion investment in
early 2021.
On Sept. 24, 2020, S&P Global Ratings revised the outlooks on China
Evergrande Group, the company's property arm Hengda Real Estate
Group Co. Ltd., and offshore financial platform Tianji Holding Ltd.
to negative from stable. At the same time, S&P affirmed its 'B+'
long-term issuer credit ratings on the three companies and its 'B'
long-term issue rating on the U.S. dollar notes issued by
Evergrande and guaranteed by Tianji.
SEAZEN GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
--------------------------------------------------------------
On Nov. 2, 2020, S&P Global Ratings revised its rating outlooks on
China-based property developer Seazen Group and its subsidiary
Seazen Holdings to positive from stable. At the same time, S&P
affirmed its 'BB' long-term issuer credit ratings on the two
companies.
Seazen Group and Seazen Holdings' (together Seazen) business
strength is improving, fueled by their expanding retail mall
investment properties. Despite challenges from the COVID-19
outbreak, Seazen's rental income stream continues to grow and
should be able to provide additional stability to its cash flow.
The positive outlooks reflect S&P's expectation that if the
management of existing malls and execution of new malls go
according to plan, the scale of the group's recurring income will
grow substantially, such that it covers interest expenses.
Seazen Holdings is a core subsidiary of Seazen Group, holding
virtually all projects and assets of the group. Their credit
profiles are intrinsically indistinguishable and we analyze them as
one.
Seazen will continue to diversify its business into investment
properties, especially when the property development industry is
facing slower growth and higher competition. S&P sees reasonable
demand for Seazen's malls, which are mostly mid-end and located in
second- or third-tier cities in the economically vibrant Yangtze
River Delta region. Seazen had 76 malls--branded "Wuyue Plazas"--in
the pipeline for development at the end of June 2020. Of these, 30
malls are slated to open in the second half of 2020 and the rest in
2021 and 2022.
S&P said, "In our view, Seazen will benefit from the high
visibility of its pipelines and the containment of the outbreak in
China from the second quarter of 2020. Seazen's rental income as
well as contracted commercial management fees will likely increase
to Chinese renminbi (RMB) 5.5 billion in 2020 and more than RMB8
billion in 2021 from RMB4.1 billion in 2019. As a result, we
forecast its rental income to interest coverage to improve to 85%
in 2020 and more than 110% in 2021, from 65% in 2019, when
commercial management fees are included. Seazen is typically the
sole management service provider and such fees are part of the
tenancy agreement.
"That said, we still consider Seazen's rental stability to be
weaker than peers because at least half of its malls are located in
lower-tier cities." In weaker economic regions, some tenants could
be less financially resilient to downturns and the tenant mix could
be less diversified. In addition, Seazen is undergoing a high
growth phase. It remains to be seen if Seazen will be able to
execute its substantial pipeline to the same level of performance
with solid occupancy levels.
Seazen will control its land replenishment to stabilize leverage.
It now targets lower contracted sales growth and striking a balance
between property rental and sales. S&P estimates Seazen's land
spending for residential development will be limited to about 40%
of cash receipts from contracted sales, from 50%-70% in 2016-2018.
Its land reserve of approximately 88 million square meters (sqm)
should be sufficient for close to three years of development.
As a result, contracted sales should grow only 5%-8% in 2021 and
2022, although still satisfactory given Seazen's size. S&P said,
"The key risk is whether sales will fall below our expectation,
given they were down by 18% in the first nine months of the year
and Seazen's exposure to lower-tier cities bearing more uncertainty
and weaker sell-through rates. We already expect its contracted
sales to mildly decline by 5%-10% in 2020 due to fewer new launches
and limited land purchases last year."
Rising land and construction costs will weigh on Seazen's gross
margins. S&P expects gross margins to decline to 23%-25% over the
next one to two years, from 31% in 2019. The drop is also due to
lower average selling price of an estimated RMB11,000/sqm in 2020,
from more than RMB13,000/sqm in 2017, due to the increasing
exposure to lower-tier cities.
Seazen's debt maturity profile will gradually improve from its
current average of two years. Its short maturity profile relative
to similarly rated peers was further shortened by the reliance on
short-term funds such as short-term commercial paper and trust
financing obtained following a temporary halt in funding access due
to the former chairman's arrest last year. Seazen has now resumed
to longer tenor debt capital market issuances both onshore and
offshore. In addition, it also has commercial mortgage-backed
securities quota to issue, which in general has longer tenor.
SEAZEN GROUP
S&P said, "The positive outlook reflects our expectation that
Seazen Group's contracted sales will resume moderate growth over
the next 12 months. Although lower margins will partially offset
stronger revenue recognition, we expect this to lead to a stable
leverage at around its current level. We also expect the company to
continue to steadily execute and expand its rental portfolio with
consistent performance from its existing malls and additional
contribution from new malls as planned.
"We may raise the rating if Seazen Group's rental income (including
contracted commercial management fees) grows to a substantial
scale. We consider its rental income being able to fully cover its
interest expenses to be an indication."
At the same time, the company would need to demonstrate that it can
maintain its debt leverage such that its consolidated and
look-through (proportionately consolidated) debt-to-EBITDA ratio
remains at least around 4.0x. This could happen if Seazen Group
continues to balance the funding needs of its property development
and investment properties segments.
It will also need to show a strengthening of its capital structure
such that the weighted average maturity of its debt should be well
above two years.
S&P said, "We may revise the outlook back to stable if Seazen
Group's project delivery and revenue recognition are weaker than
our expectation or its contracted sales decline noticeably, such
that its leverage worsens. A consolidated or look-through
debt-to-EBITDA ratio move away from 4.0x could indicate such a
scenario.
"We could also revise the outlook back to stable if rental growth
from its investment property portfolio falls short of our
expectations such that its rental income cannot fully cover its
interest over the next 12-18 months."
SEAZEN HOLDINGS
The positive outlook mirrors that on Seazen Group.
S&P could raise the rating on Seazen Holdings if it upgrades Seazen
Group.
S&P could revise the outlook on Seazen Holdings back to stable if
it does the same for Seazen Group.
XINJIANG ZHONGTAI: Fitch Affirms LT IDRs at BB+, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based Xinjiang Zhongtai (Group)
Co., Ltd.'s (XJZT) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. Fitch has
also affirmed the 'BB+' rating on XJZT's USD380 million 7.0% senior
unsecured notes due 2022. The bond was issued directly by XJZT and
hence rated at the same level as the company's IDRs.
XJZT is wholly owned by the Xinjiang Uygur Autonomous Region.
Established in 2012, the strategic investment-holding company
optimises the value of state-owned assets and promotes Xinjiang's
main policy objectives of economic development and employment.
KEY RATING DRIVERS
'Very Strong' Status, Ownership and Control: Fitch believes the
government's direct ownership, via the Xinjiang State-owned Assets
Supervision and Administration Commission (SASAC), and 'Very
Strong' control of XJZT reinforces its expectations that
extraordinary state support would be extended to the company, if
needed.
XJZT is a limited liability company and wholly owned by the
Xinjiang government, which appoints six out of the seven board
members. Xinjiang SASAC's oversight includes supervision of the
company's strategic direction and financial planning, while all
major investment decisions require government approval. Xinjiang
SASAC also monitors XJZT's key performance indicators, including
investments and profit levels.
'Moderate' Support Record: XJZT has historically received
government support, mostly via asset injections of important
state-owned enterprises, with some recurring support such as
subsidies and cash injections. The irregularity of the injections
and non-material recurring support were the main constraints
against an attribute strength higher than 'Moderate'.
The asset injections are in line with XJZT's role as an asset
manager of key state-owned assets. During 2020, the government
injected a 90% stake in Xinjiang Grain and Oil Group in order to
strengthen the company's agriculture business. In addition, two
companies - urban developer Nantian City Construction and logistics
provider Xinjiang Siyuan - were injected in 2018, which increased
XJZT's capital by CNY149 million.
'Moderate' Socio-Political Implications of Default: Fitch believes
XJZT plays an important role as Xinjiang's strategic
investment-holding company. A default by XJZT could result in a
change in ownership of crucial state assets. In addition, this
could disrupt the region's key political initiatives of economic
development and employment. However, XJZT's policy role can be
substituted by the region's other state-owned asset manager, if
needed, which caps the attribute strength at 'Moderate'.
'Moderate' Financial Implications of Default: The Xinjiang SASAC
has 12 government-related entities (GREs) under its direct
supervision. XJZT is the largest GRE by consolidated assets. The
attribute was not given a higher assessment in consideration of
XJZT's smaller parent-level size of CNY17.9 billion relative to the
sponsor, which means investors may not regard the company as a
proxy funding vehicle for the government.
Nevertheless, Fitch believes a failure by the government to provide
timely support to the company could damage the region's
credibility, and the willingness to support the GREs. This could
hamper the availability and cost of financing options for other key
GREs.
Standalone Credit Profile of 'b-': Fitch has assessed XJZT's
parent-level Standalone Credit Profile (SCP) because of the
strategic holding company and potential ringfencing between the
parent company and subsidiaries. XJZT's SCP of 'b-' is driven
mainly by its expectations of a 'Weaker' financial profile. XJZT's
weaker liquidity relative to the short-term debt resulted in a
lower SCP, when compared with similar highly levered peers with a
stronger liquidity profile.
Fitch also assessed the revenue defensibility as 'Weaker",
considering parent-level revenue is derived mainly from financial
income and investment income and hence subject to the economic
cycle of underlying subsidiaries. It also has operating risk of
'Midrange' to reflect the parent's investment holding nature with
limited staff or a sharp increase in costs.
DERIVATION SUMMARY
Fitch has assessed XJZT under its Government-related Entities
Rating Criteria. The rating approach has factored in the Xinjiang
government's direct ownership and 'Very Strong' control over XJZT,
and the company's expanding policy role as a strategic holding
company. Hence, Fitch believes the government will provide
extraordinary support to XJZT to avoid the socio-political and
financial implications of a default.
XJZT's parent-level SCP is assessed under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- A change in Fitch's credit view on the Xinjiang government's
ability to provide subsidies, grants or other legitimate sources
allowed under China's policies and regulations may result in rating
action;
- An expansion of the company's policy role could result in a
strengthening in the sponsor's incentive to provide support.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Deterioration in Fitch's credit view on the Xinjiang
government's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and regulations
may result in rating action;
- A weakening of the region's linkage strength, including a
dilution in shareholding or support, or weakening incentive to
support, including a reduced functional role, may result in a
downgrade.
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
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
=================
H O N G K O N G
=================
GOLDIN FINANCIAL: Loses Control Over Flagship Tower
---------------------------------------------------
South China Morning Post reports that the drama surrounding the
ownership and sale of Goldin Financial Global Centre, a 28-storey
building and headquarters of cash-strapped Goldin Financial
Holdings, came to an end on Oct. 29, after a court ruled in favor
of the developer's creditors.
The Goldin unit Smart Edge and Goldin Financial Global Centre are
under the control of Cosimo Borrelli and Ma Siu Ming of specialist
restructuring, insolvency and forensic accounting firm Borrelli
Walsh, the joint receivers and managers appointed by Goldin's
creditors, the High Court said in the ruling, SCMP relates.
They are authorised to deal with the affairs of Smart Edge, which
owns the office tower, the court said.
According to the report, the receivers welcomed the court's ruling,
saying that it enables them to proceed with the sale of "Smart Edge
and/or GCFC [Goldin Financial Global Centre] without interference".
They said that they have appointed Knight Frank as the sole agent
to market and sell Smart Edge or GFGC, which is working with a
"number of interested buyers from around the world". It added that
the deadline for expression of interest is on or before noon
November 11, the report discloses.
The agents have previously said that the building could fetch at
least HK$12 billion (US$1.54 billion), the report notes.
In a statement following the court ruling, a Goldin Financial
spokesperson said that the company "has taken the initiative to
extend an olive branch [to the creditors] and the lawyers
representing both sides have reached a consensus on some major
sticking points," according to SCMP.
Since July, Goldin Financial Holdings, chaired by Chinese
billionaire Pan Sutong, and its creditors have been engaged in a
tussle to assert control over the grade A office tower, which the
developer had used as collateral for loans, the report relates.
On September 28, the receivers appointed Knight Frank to sell the
grade A office building, after the developer failed to meet it debt
obligations, the report recalls. According to earlier filings with
Hong Kong stock exchange, Smart Edge had borrowed HK$6.8 billion
from a group of undisclosed lenders in April 2019, but it fell
behind on its loan obligations, breaching the loan covenants
because occupancy and debt servicing fell below agreed levels, SCMP
discloses.
Similarly, Goldin's other units, Cheng Mei and Goal Eagle, also
received a demand from lenders in July this year for HK$1.5 billion
and HK$1.9 billion, respectively, for two separate loans tied to
the headquarters, the report says.
But on September 30, Goldin said in its annual results announcement
that it had entered into a provisional sale-and-purchase agreement
for the building with an independent third party for HK$14.3
billion the previous day.
Then, on October 5, the receivers said the company had no right to
sell it, the report states.
Goldin's liabilities amounted to less than HK$18 billion in total
as of June 30, according to its annual accounts, which were
published recently, SCMP discloses. Its cash reserves, however,
stood at HK$23 million, having dropped sharply from HK$2.4 billion
as of December 31 last year, the report notes.
Based in Hong Kong, Goldin Financial Holdings Ltd is a diversified
company. The Company's operations include Factoring, Wine
Production and Sales and Property Investment and Development.
=========
I N D I A
=========
916 EPARI: CRISIL Moves B Debt Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of 916 Epari
Jeweller Private Limited (EJPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with EJPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 EJPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EJPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of EJPL to
'CRISIL B/Stable Issuer not cooperating'.
EJPL was incorporated in 2005, promoted by Mr. Suresh Epari. The
company retails gold, silver, and diamond jewellery.
ABHIMAANI PRAKASHANA: CRISIL Moves C Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Abhimaani
Prakashana (AP) to 'CRISIL C/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT COOPERATING;
Rating Migrated)
Bill Purchase 2 CRISIL A4 (ISSUER NOT COOPERATING;
Rating Migrated)
Cash Credit 6 CRISIL C (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with AP for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 AP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AP is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of AP to 'CRISIL
C/CRISIL A4 Issuer not cooperating'.
Abhimani Prakashana is a proprietorship concern of Mr. T Venkatesh,
constituted in 1954 is engaged in manufacturing of text books
through its manufacturing of unit in Rajajinagar Bangalore for
Karnataka Text Books Society.
AMARTEX INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Amartex Industries
Limited (AIL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 65 CRISIL D (ISSUER NOT COOPERATING)
Letter of Credit 15 CRISIL D (ISSUER NOT COOPERATING)
Overdraft 10 CRISIL D (ISSUER NOT COOPERATING)
Term Loan 10 CRISIL D (ISSUER NOT COOPERATING)
CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 AIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AIL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of AIL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.
AIL, incorporated in 1988 and managed by Mr. Arun Grover,
undertakes retailing, and weaving and dyeing, of fabrics. It has 40
stores across northern India. It derives most of its revenue from
suiting and shirting fabrics, which are sold under its own brands
Groviano (for men's apparel) and Diana (for women's apparel).
ARUN VIDYUTH: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arun Vidyuth
Private Limited (AVPL) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 14.51 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 8.49 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on AVPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of AVPL to
'CRISIL D Issuer not cooperating'.
Incorporated in 2015, AVPL is promoted by KM Power Pvt Ltd (49%)
and Sai Achyuth Pvt Ltd (51%). The company operates a 5-megawatt
solar power plant in Mahaboob Nagar district, Telangana. It
commenced operations in March 2016.
BALIBOINA SIVAPRASAD: CRISIL Moves D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Baliboina
Sivaprasad (BS) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 1.85 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 1.69 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Rating Migrated)
Loan Facility
Short Term Loan 6.46 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with BS for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 BS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BS is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of BS to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Incorporated in 2007 by Mr. Siva Prasad, Siva Prasad is involved in
construction and sale of residential and commercial property. The
firm is based out of Vijayawada, Andhra Pradesh.
BHAWANI MOULDERS: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bhawani
Moulders Private Limited (BMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BMPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 BMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on BMPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of BMPL to
'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1988 by Mr. Sunil Agrawal and Mr. Vikas Agarwal,
BMPL began operations by manufacturing of CI ingot moulds. The
company had shut down the operation from fiscal 2018, opting
instead to produce mild steel angles and channels from June 2019.
CLIFFTON PACKAGINGS: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cliffton
Packagings Private Limited (CPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 2 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL has been consistently following up with CPPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 CPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on CPPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of CPPL to
'CRISIL B+/Stable Issuer not cooperating'.
CPPL, incorporated in 2007 manufactures pilfer-proof caps, boxes,
corrugated sheets, envelopes and other allied paper packaging
material. CPPL is based in Noida, UP. Mr. Sunil Kaicker and Ms
Geetika Kaicker are the promoters.
CLOVER ENERGY: Ind-Ra Affirms Then Withdraws B- Term Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Clover Energy
Private Limited's (CEPL) rupee term loan at 'IND B-' and
simultaneously withdrawn the rating. The Outlook was Negative.
The detailed rating action is:
-- INR 548.26 mil. (increased from INR527.30 mil.) ** Rupee term
loan (RTL)* due on September 2025 affirmed and withdrawn.
*Affirmed at 'IND B-'/Negative before being withdrawn
** Including interest during moratorium
Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
KEY RATING DRIVERS
The Negative Outlook continues reflects the fall in CEPL's plant
load factor (PLF) and a stretched liquidity position. The average
PLF for April-August 2020 was at 25.97%, lower than April-August
2019 PLF of 32.66%. The fall in PLF is in line with country-wide
phenomena of fall in wind PLF in FY21. Wind power projects are
highly susceptible to any deviation in the wind speed and pattern
that could impair their debt servicing ability. The actual revenue
for FY20 was almost 95.5% of Ind-Ra's projected revenue.
CEPL has been regular in debt servicing since August 2019 as per
the lenders confirmation. The company had availed debt moratorium
under Reserve Bank of India's COVID-19 relief package for March to
August 2020.
Liquidity Indicator – Stretched: The rating continues to be
constrained by the absence of a debt service reserve account. As
per the management, only one lender has a stipulated debt service
reserve account for two quarters of debt servicing. An amount of
INR61.2 million is being maintained to meet the requirement.
Although the company has been receiving payments from various
third-party consumers with some delays, the outstanding receivables
was around INR111.5 million (debtor period of about 60 days) as of
August 2020. The availability of INR100 million of working capital
limits, provides some comfort to the liquidity. The company's
working capital utilization was INR31 million as of September 20,
2020.
The rating continues to reflect the regulatory risk associated with
group's captive business as any changes in Electricity Rules, 2005
notified by the Ministry of Power and/or the regulations notified
by Tamil Nadu Electricity Regulatory Commission from time to time
may directly impact the project cash flows.
However, the rating remains supported by the presence of a
medium-term power purchase agreement for the entire capacity with
captive consumers, where power is directly sold to industries or
commercial entities, and tariff will track the state's industrial
tariff. Also, the presence of diversified off-takers for the group
captive business partly reduces the receivable risk.
COMPANY PROFILE
CEPL owns and operates a combined wind power capacity of 71.50
megawatt across Tamil Nadu.
DARJEELING TEA: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Darjeeling Tea
and Chinchona Association Limited (DTCAL) to 'CRISIL B+/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.57 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 4.41 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with DTCAL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 DTCAL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on DTCAL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of DTCAL to
'CRISIL B+/Stable Issuer not cooperating'.
Incorporated in 1879, Kolkata-based DTCAL is owned and managed by
Mr. Om Prakash Jain and Mr. Pratap Chandra Sil, Mr. Manoj Kumar
Poddar and Mr. Bimal Kumar Mahansaria. DTCAL is an integrated tea
player, engaged in the cultivation of tea plantations and
manufacturing and selling of green and black teas. DTCAL is a part
of Poddar HMP Group of Kolkata. Currently North India Tea Marketing
Private Ltd is the holding company of DTCAL.
EVM MOTELS: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of EVM Motels
Private Limited (EVM) to 'CRISIL B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with EVM for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 EVM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on EVM is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of EVM to 'CRISIL
B+/Stable Issuer not cooperating'.
EMPL, which was set up in 2005, operates a four-star hotel,
Guruvayoor Gateway at Guruvayoor, Kerela, and is setting up another
hotel, Darshan Guruvayoor at Guruvayoor and Hotel Rajakkad in
Idukki district. The company is promoted by by Mr. Jose Mathew, Mr.
Robin Jose, Ms. Annie Jose, Ms. Meethu Mary Robin, Mr. Joseph
Valayat and Ms. Romeena Jose.
G.R.S. ISPAT: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G.R.S. Ispat
Company Private Limited (GICPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.75 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term .25 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with GICPL for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 GICPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GICPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of GICPL to
'CRISIL D Issuer not cooperating'.
Incorporated in 1995 by Mr. Saket Saroha, GICPL started operations
in March 2013. It trades in steel scrap, hot-rolled and cold-rolled
steel coils, thermo-mechanically treated bars, and copper products.
GALAXY MACHINERY: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Galaxy
Machinery Private Limited (GMPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 1.7 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Working 7.3 CRISIL D (ISSUER NOT
Capital Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with GMPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 GMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GMPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of GMPL to
'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1991 and promoted by Mr. S Elango and Mr. R
Selvaraj, GMPL manufactures CNC machines.
GOLDENYELLOW PAPER: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goldenyellow
Paper LLP (GPL) to 'CRISIL B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Bank 1 CRISIL B/Stable (ISSUER NOT
Guarantee COOPERATING; Rating Migrated)
Proposed Cash 8 CRISIL B/Stable (ISSUER NOT
Credit Limit COOPERATING; Rating Migrated)
Proposed Term Loan 7.28 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with GPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 GPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of GPL to 'CRISIL
B/Stable Issuer not cooperating'.
GPL was established in 2018 as a limited liability partnership
(LLP) by Mr. Rajesh Manubhai Koringa, Mr. Brijesh Ravindrabhai
Patel, Mr. Nathalal Andabhai Bhoraniya, and Mr. Vallabhbhai
Gopalbhai Naraniya. The firm is currently setting up a plant to
manufacture kraft paper in Morbi. The plant is expected to be
commissioned in October 2019.
HAREKRISHNA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Harekrishna
Cotton Industries - Jamnagar (SHKCI) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Cash Term Loan 1.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 2.5 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with SHKCI for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SHKCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SHKCI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SHKCI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Set up in 2014, SHKCI is a partnership firm promoted by the
Vasjaliya and Varsani families. The firm has started its commercial
operations from November 2014.
IL&FS LTD: Infrastructure Trust to Take Over Road Assets
--------------------------------------------------------
The Times of India reports that the setting up of a framework to
transfer road assets of IL&FS Transportation Networks (ITNL) into
an InvIT has paved the way for resolution of about INR13,000-crore
worth bad loans.
An InvIT or an infrastructure investment trust is a mutual
fund-like investment vehicle that is used to raise money by
monetising operational infrastructure assets, the report notes.
According to ET, IL&FS has set up Roadstar Infra Private (RIIPL) as
a new subsidiary of ITNL to act as a sponsor company for the road
assets and has infused INR75 crore into it. Another arm, North
Karnataka Expressway (NKEL) has been appointed as an investment
manager to the proposed InvIT and 11 road projects will be
transferred of which seven in the first phase and four in the
second.
TOI says Sebi norms require the sponsor company to invest INR100
crore in the corporate entity, which establishes the InvIT. The
decision to transfer ITNL's road assets to an InvIT was taken after
the board was not satisfied with the bids received for an outright
sale of the road assets. Despite ITNL having several
revenue-generating road assets, the board could not find buyers at
their price as there was a glut of road assets in the market.
According to TOI, ITNL's committee of creditors has already
provided in-principle approval for formation and transfer of assets
to the proposed InvIT. SBI, PNB, Canara Bank, BoI and IOB are some
of the lenders that participated in the e-voting process with other
creditors and debenture holders, the report says. Once the assets
are transferred into InvITs, banks will be relieved of their bad
loans. However, instead of recovering funds they will get units in
the InvIT, which can be sold to long-term investors, 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.
JAYA POULTRY: CRISIL Withdraws D Ratings on INR10cr Loans
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Jaya
Poultry Farm (JPF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING;
Migrated from 'CRISIL D'; Rating
Withdrawn)
Term Loan 6 CRISIL D (ISSUER NOT COOPERATING;
Migrated from 'CRISIL D'; Rating
Withdrawn)
CRISIL has been consistently following up with JPF for obtaining
information through letters and emails dated October 9, 2020 and
October 14, 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 JPF. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that rating action on JPF is consistent
with 'Assessing Information Adequacy Risk'. CRISIL has migrated the
ratings on the bank facilities of JPF to 'CRISIL D Issuer not
cooperating'.
CRISIL has withdrawn its rating on the bank facilities of JPF on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
Established in November 2019 as a partnership firm in Warangal,
Telangana, JPF sells eggs obtained from its poultry farm, which has
around 2.5 lakh hens. Mr. Dharma Rao is the key partner in the
firm.
JMV ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of JMV Ispat Private
Limited (JMV) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL D (ISSUER NOT
COOPERATING)
Cash Term Loan 3.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 3.0 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with JMV for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 JMV, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on JMV is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of JMV
continues to be 'CRISIL D Issuer Not Cooperating'.
JMV was incorporated in 2011 by Mr. Aslam Qureshi and Mr. Niraj
Saini. The company manufactures mild steel ingots at its unit in
Haridwar (Uttarakhand).
KALAVAKURU ESTATES: CRISIL Assigns B+ Rating to INR20cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Kalavakuru Estates Private Limited (KEPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 CRISIL B+/Stable (Assigned)
The rating reflects the risks faced by KEPL relating to
stabilization and scale-up of operations post commencement and also
intensive competition in the hospitality segment. These weaknesses
are partially offset by the company's favourable location and
provision of five star accommodation facility resulting in low
demand risk and the rental income from existing properties act as
cushion in the cash flows.
Key Rating Drivers & Detailed Description
Weaknesses:
* Risks relating to stabilization and scale-up of operations:
Currently, the construction of the resort is about 85% complete,
with it expected to be operational only by March 2021. Owing to the
nascent stage of the project, KEPL faces a high risk of
stabilization and scale-up of operations.
* Intense competition in the hospitality segment: KEPL operates in
the intensely competitive hospitality segment. The company faces
competition from large and small resorts and other hotels in the
vicinity. This will constrain the scalability of the company.
Strengths:
* Low demand risk due to favourable location and five star
accomodation: KEPL's resort is located in Wayanad which is a
popular destination in Kerala, South India. During the holiday
season, resorts in this locality are pre-booked well in advance.
Thus, KEPL is expected to experience low demand risk owing to its
locational advantage. Most resorts located in Wayanad consist only
of simple accommodation and restaurant facility. KEPL shall include
five-star accommodation with 42 rooms apart from various
facilities. This is being developed with an intent to provide
quality accommodation to guests along with other facilities, which
is expected to serve as a differentiating factor for KEPL.
* Rental income from existing properties act as cushion in cash
flows: The promoter also owns 2 commercial properties in Chennai in
this company from which there is rental income. This acts as
cushion in the cash flow. The company has created an escrow
mechanism and the rental proceeds will be earmarked towards payment
of interest.
Liquidity Stretched
The liquidity of KEPL is likely to be stretched with modest
accruals in the initial years of operations. The company is likely
to generate accruals of about INR0.35-0.40 crore in fiscal 2021
from the rental income. In fiscal 2022 and 2023 the company is
likely to generate accruals of INR200 crore to INR2.50 crore
against which it will have a repayment obligation of INR2.2 crore
per annum. The repayment was expected to commence from April 2022
however with delay in commencement of operations the company might
go in for further moratorium. This might aid in liquidity in the
near term.
Outlook: Stable
CRISIL believes KEPL to benefit from its locational advantage and
extensive experience of the promoters in the medium term.
Rating Sensitivity factors
Upward factor:
* Healthy stabilization of operations with moderate profitability
leading to accruals of over INR1.5 crore
* Sustained improvement in its financial risk profile
Downward factors
* Delay in commercialization of operations leading to lower than
expected revenue
* Any cost overrun leading to larger than expected debt resulting
in higher than expected gearing
KEPL is setting up a 42 room 5-star hotel and luxury resort
Wayanad, Kerala to be operational from March 2021. The company also
owns 2 commercial properties which is rented out.
KALPAKA TRANSPORT: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kalpaka
Transport Co Private Limited (KTCPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 9 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KTCPL for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 KTCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KTCPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of KTCPL to
'CRISIL D Issuer not cooperating'.
KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr. P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and operates
two Indian Oil Corporation fuel bunks in Calicut, Kerala and
provides clearing and shipping services at the Cochin Airport and
the Cochin Port.
KERALA TRANSPORT: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kerala
Transport Company (KTC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 42 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with KTC for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 KTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KTC is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of KTC to 'CRISIL
D/CRISIL D Issuer not cooperating'.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTC and Kalpaka Transport Company Pvt
Ltd (KTCPL). This is because the two entities, together referred to
as the KTC group, are in the same line of business, under a common
management, and have significant operational linkages and fungible
cash flows between them.
KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr. P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and operates
two Indian Oil Corporation fuel bunks in Calicut, Kerala and
provides clearing and shipping services at the Cochin Airport and
the Cochin Port.
KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kuku Exports (KE)
continue to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 6.5 CRISIL A4 (ISSUER NOT
Credit COOPERATING)
Proposed Long Term 3.5 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING)
Secured Overdraft 2.0 CRISIL C (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with KE for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 KE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on KE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of KE
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.
KE was established as a partnership firm by Mr. Shivnand Puri and
his sons Mr. Rajesh Puri and Mr. Dinesh Puri in 1998. The firm
manufactures knitted sweaters from acrylic yarn for men, women, and
children. It mainly caters to the international market with focus
on the UK. The firm's facility in Ludhiana, Punjab, has installed
capacity of 2500 pieces per day.
MAHARASHTRA CRICKET: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maharashtra
Cricket Association (MCA) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 70 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 92.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with MCA for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 MCA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MCA is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MCA to 'CRISIL
D Issuer not cooperating'.
Set up in 1935, MCA is affiliated to BCCI and is one of its
full-time members. The association's primary objective is to
promote, develop, control, and regulate cricket in Maharashtra. It
is the cricket controlling body for Maharashtra, with the exception
of Vidharbha, Mumbai, and Thane.
MARS ENVIROTECH: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mars
Envirotech Limited (MEL) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Term Loan 5.0 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with MEL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 MEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MEL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of MEL to 'CRISIL
D Issuer not cooperating'.
Incorporated in 2011, MEL has set up a municipal waste management
and power generation facility in Lalru, Punjab, which is partially
operational from January 2018. It has its registered office in
Lucknow, Uttar Pradesh. The company is into power generation using
municipal solid waste and is a part of Mars group.
PREMIUM EXPORTS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Premium Exports (PE)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Working Capital 8 CRISIL B+/Stable (ISSUER NOT
Facility COOPERATING)
CRISIL has been consistently following up with PE for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 PE, which restricts 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'. Based on the last
available information, the ratings on bank facilities of PE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Premium Exports (PE) is a Government Recognized Star Export House
dealing in the export of all kinds of Food and Agricultural
Commodities. The firm was established in the year, 1988. It offers
a wide range of foods and commodities like Sugar, Rice, Wheat and
Allied Products, Oilseeds, Spices, Pulses, Cattle/ Bird Feeds,
Cotton, Frozen/Fresh Foods and Ready to Eat Foods.
PVS MEMORIAL: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PVS Memorial
Hospital Private Limited (PMHPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft 2.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed 7.5 CRISIL D (ISSUER NOT COOPERATING;
Overdraft Rating Migrated)
Facility
CRISIL has been consistently following up with PMHPL for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 PMHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PMHPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of PMHPL to
'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 1992, PMHPL operates a multi-specialty hospital in
Kochi. Mr. PV Chandran, Mr. PV Gangadharan, Mr. PV Nidish, Ms PV
Mini and Mr. Jayagovind P are the promoters.
R D ENGINEERS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R D Engineers
India Private Limited (RDEPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter Of Guarantee 12.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit .08 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with RDEPL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 RDEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RDEPL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of RDEPL to
'CRISIL D/CRISIL D Issuer not cooperating'.
RDEPL, incorporated in 1984 and promoted by Mr. S R Dua, designs
and fabricates critical process equipment such as pressure vessels,
heat exchangers, columns, and towers for the refinery,
petrochemical, and fertiliser industries. The manufacturing
facilities are in Mumbai and Nashik.
RAOS EDUCATIONAL: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raos
Educational Society (RES) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Rupee Term Loan 10 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with RES for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 RES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RES is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of RES to 'CRISIL
D Issuer not cooperating'.
Rao's Group is one of the leading educational organization in
Telangana and Andhra Pradesh prominent states in India. Established
in the year 1985 and has expanded to 32 schools and junior college.
RES was incorporated by Mr.Prabhakar Rao and currently has Mr.
Nidhin Rao Polsani as its managing director.
SAI JYOTI: CRISIL Assigns B+ Rating to INR1cr Proposed Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sai Jyoti Gramodoyog Samaj Sewa Samiti (SJGSSS)
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Fund-
Based Bank Limits 1 CRISIL B+/Stable (Assigned)
The rating reflects its high dependence on government authorities
for contracts and its modest scale These weakness are partially
offset by extensive industry experience of the management.
Key Rating Drivers & Detailed Description
Weaknesses
* High dependence on government authorities for contracts: SJGSSS
offers various scheme for improving the livelihood of public in UP.
SB is also is engaged in providing various schemes operated by
state and central Govt. in UP. Work order for scheme is received
from the various authority via tenders, which makes its revenues
vulnerable to tenders being won by the society.
* Modest scale of operation: SJGSSS business profile is constrained
by its moderate scale of operations in the intensely competitive
industry. SJGSSS moderate scale of operations will continue limit
its operating flexibility.
Strength
* Extensive industry experience of the management: The management
have an experience of over 25 years in Social Services. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.
Liquidity Poor
There are not debt obligation for the trust in the medium term and
it manages its working capital requirements from internal accruals
and advances received from customers.
Outlook: Stable
CRISIL believes SJGSSS will continue to benefit over the medium
term from its management's extensive experience in the sector.
Rating Sensitivity Factor
Upward factor
* Increase in revenue by 25%
* Significant corpus infusion.
Downward factor
* Decrease in revenue by 25%
* Significant increase in Gross Current Assets.
Established in 1989, SJGSSS is an NGO based out of Lalitpur, UP and
is managed by Mr. Uma Shankar (President) and Mr. Ajay Srivastava
(Secretary).
SANTOSH KUMAR: CRISIL Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Santosh Kumar
Rajesh Kumar (SKRK) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SKRK for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 SKRK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SKRK is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of SKRK to
'CRISIL D Issuer not cooperating'.
SKRK was set up in 1978 by the proprietor, Mr. Santosh Agarwal. The
Lucknow-based firm trades in edible oil.
SHIVIN CA: CRISIL Moves D Debt Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shivin CA
Store (Shivin) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 10 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with Shivin for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 Shivin, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on Shivin is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of Shivin to
'CRISIL D Issuer not cooperating'.
Established in 2017, Shivin, a partnership firm of Mr. Shivin
Chauhan and Ms Shyna Chauhan, has set up a controlled atmosphere,
24-chamber cold storage in Rohru, which will provide storage
facility for apples and seasonal vegetables.
STAR CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of The Star Cars Private
Limited (SCPL) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 4 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 1 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 SCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on SCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of SCPL
continues to be 'CRISIL D Issuer Not Cooperating'.
SCPL, established in 2011, retails Volkswagen cars in Puducherry.
Its operations are managed by Mr. Shajahan.
UTKAL GALVANIZERS: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Utkal
Galvanizers Limited (UGL) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 16 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with UGL for obtaining
information through letters and emails dated August 29, 2020 and
September 25, 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 UGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on UGL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of UGL to 'CRISIL
D Issuer not cooperating'.
Incorporated in 1979, UGL undertakes designing, galvanising, and
fabrication of transmission line tower structures, substation
structures, transmission line poles, street lighting poles, and
high masts for lighting. It was initially promoted by Odisha-based
Mr. K K Mohanty, and was acquired by Kolkata-based Mr. Rajesh
Agarwal in 2016 from the State Bank of India against a one-time
settlement. Mr. Agarwal, Mr. Tushar Kanta Sahoo, Mr. Nandan
Mohanty, and Ms Sudha Agarwal are the directors of the company.
UTM ENGINEERING: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of UTM
Engineering Private Limited (UTM) to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.7 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Overdraft 1.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Cash 5.8 CRISIL D (ISSUER NOT COOPERATING;
Credit Limit Rating Migrated)
CRISIL has been consistently following up with UTM for obtaining
information through letters and emails dated July 27, 2020 and
August 25, 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 UTM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on UTM is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation,
CRISIL has migrated the rating on bank facilities of UTM to 'CRISIL
D/CRISIL D Issuer not cooperating'.
UTM was established by Mr. Krupa Sindhu Mandal and Mr. Rajesh Singh
at Gurugram (Haryana) in 2014. The company undertakes tunnel
construction and mining activities for government and private
companies. Operations commenced in April 2015.
VEDSIDDHA PRODUCTS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vedsiddha Products
Private Limited (VPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 3.0 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 19.5 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with VPPL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 VPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VPPL
continues to be 'CRISIL D Issuer Not Cooperating'.
VPPL is promoted by Nagpur (Maharashtra)-based Mr. Prabhudas Vyas
and Mr. Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's (SVSS) term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-up by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating action is:
-- INR121.70 mil. Term loan (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 25, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.
COMPANY PROFILE
Shri Venkateshwara Shikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It runs 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes, and a career academy.
It is situated in Peth near Pune.
VIRAJ CANES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Viraj Canes And
Energy Limited (VCEL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 25 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 20 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with VCEL for obtaining
information through letters and emails dated March 17, 2020 and
September 16, 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 VCEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on VCEL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VCEL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.
VCEL, incorporated in 2011, has set up a plant to manufacture
organic jaggery powder and khandsari. The company, based in Sangli,
Maharashtra, is promoted by Mr. Vishal Patil along with his friends
and family.
===============
M A L A Y S I A
===============
ROBINSON CO: Begins Liquidation of Two Stores in Malaysia
---------------------------------------------------------
The Sun Daily reports that Robinson Co (Malaya) Sdn Bhd has begun
the liquidation process of its two stores in Malaysia, located at
The Gardens Mall and Shoppes at Four Seasons Place.
Datuk Robert Teo Keng Tuan of RSM Malaysia has been appointed as
interim liquidator, Sun Daily discloses. The provisional liquidator
will now take control of the company's assets and assess options to
realise value in order to maximise returns to creditors, Sun Daily
says.
Subject to confirmation, the liquidators are hoping the stores will
remain open for the coming weeks to facilitate final sales for
customers before they are shuttered, according to the report.
Globally, retail buying patterns are seeing significant shifts from
offline to online spending with the Global Ecommerce 2020 report
showing that Asia Pacific will produce nearly 63% of all digital
sales this year, Sun Daily says. Furthermore, demand for department
store concepts has weakened significantly with reports showing drop
in retail sales, recording a negative growth rate of 8.5% in
Malaysia for Q12020, as compared to the same period a year ago, Sun
Daily notes. In addition, large name players globally have exited
the industry with a US study expecting over half of mall-based
department stores to close in the next five years.
Similarly, in Malaysia, the retail industry recorded the worst
growth rate in 33 years with the outlook remaining negative for the
remaining months of the year as consumers are expected to tighten
their spending, says Sun Daily. More department store closures have
been announced in the past months with more expected as department
stores in particular continue to struggle. The negative effects of
Covid-19 have made its impact more acute.
"We regret this outcome today. Despite recent challenges in the
industry, the Robinsons team continued to pursue the success of the
brand. However, the changing consumer landscape makes it difficult
for us to succeed over the long-term and the Covid-19 pandemic has
further exacerbated our challenges. We have enjoyed success over
the years, and it has been an honour for Robinsons to serve the
Malaysian market," Sun Daily quotes Robinsons senior general
manager Danny Lim as saying.
Robinsons employees have been informed by management and the
provisional liquidators of this announcement, the report notes.
They have been assured that the provisional liquidators will now
work to maximise returns to creditors, including employees. Sun
Daily says Robinsons management has ensured that employees are
supported with a payment in keeping with liquidation regulations.
Further, these payments will be made to them in line with the next
payment cycle; well in advance of the usual liquidation process
timing which would usually take months, the report relays.
Sun Daily adds that he liquidators will reach out to the relevant
government authorities to support employees during this liquidation
period.
=====================
N E W Z E A L A N D
=====================
FERNLAND SPA: Mineral Pool Complex for Sale as a Going-Concern
--------------------------------------------------------------
For the first time in nearly 30 years, a popular Bay of Plenty
business which taps into the region's unique underground natural
geothermal water resource, along with its associated land and
buildings, is on the market for sale, Bayleys Realty Group said.
Set on a 2.15ha native bush clad site, Fernland Spa is a
well-established recreational operation offering a range of thermal
mineral pools, picnic and function areas, a small camping ground,
additional visitor accommodation and a manager's dwelling.
The freehold property lies on the eastern side of Cambridge Road in
the established Tauranga suburb of Bethlehem Heights.
Having first opened to the public in the mid-1970s, Fernland Spa
has been in the same family ownership since 1989. Its owners are
now looking to move on in a new direction after investing
significant time and money into the seven-day-a-week business and
the property's infrastructure.
The purpose-built swimming pool and changing room complex features
a large in-ground open-air main pool and eight semi-detached
private pools -- four open-air and four enclosed.
The pools have clear, non-chlorinated warm mineral water sourced
via bores which access Tauranga's underground geothermal system
which extends from Waihi to Maketu.
The pools and a 22-site camping ground are located on the lower
plateau of the property, with a modest 1950s home, sleepout and
garaging on the upper portion of the property. The rear of the
property backs on to private reserve land.
Jo Stewart and Lloyd Davidson of Bayleys Tauranga are marketing the
freehold land, buildings and business via a tender campaign closing
4:00 p.m., Thursday 3rd December.
Mr. Stewart said with international borders remaining sealed to all
but returning New Zealand residents, the domestic tourism market is
enjoying a revival as people "scratch their travel itch" by seeing
more of the country.
"Fernland Spa has long been a favoured place for Tauranga locals to
visit and its appeal has spread right around New Zealand with many
families returning each year to simply enjoy the pools or to stay
in the camping ground and have the pools on their doorstep.
"I think as more Kiwis start to actively explore New Zealand's
playground, gems like Fernland Spa will find a whole new audience
as families look to make memories with some wholesome road trips."
Mr. Davidson said early enquiry on the property suggests that the
buyer is very likely to come from the Bay of Plenty region or from
someone elsewhere on the country wishing to invest in the robust
and proven tourism fundamentals that the area boasts.
"Recent publicity around the fact that several other Bay of Plenty
holiday parks have been acquired by offshore interests, may spark
some patriotism among New Zealanders.
"The freehold status of the property also sets it apart from many
other tourism-related properties.
"Here's an opportunity to invest in Tauranga and to keep the local
economy ticking."
This proven business venture with solid forward bookings and a
loyal customer base, still has capacity to extend its offering to
optimise the operation's presence in the leisure, recreational and
accommodation sector.
"Fernland Spa already offers exercise classes and massages to
complement the pool and spa experiences and with some fresh
thinking, there could be other ways to create more income either
via a holistic health and well-being approach or by expanding the
accommodation options," said Mr. Stewart.
"A new owner could investigate an on-site cafe and there is
currently just one cabin available for hire, so that could be an
area for future development to better cater for those not wishing
to camp out in a tent or caravan."
The Bethlehem Heights location is handy to the Tauriko Business
Estate and is well-positioned to capitalise on a growing
residential catchment. Adjacent to the subject property is a new
two-stage residential development, with a total of 42 sites
planned.
=====================
P H I L I P P I N E S
=====================
PXP ENERGY: Net Loss Widens to PHP52.1MM in 9Mos. Ended Sept. 30
----------------------------------------------------------------
BusinessWorld Online reports that Manual V. Pangilinan-led PXP
Energy Corp. reported a net loss of PHP52.1 million to its equity
holders in the nine months to September, or nearly five times more
than its losses a year ago after a double-digit fall in petroleum
revenues.
It managed to trim its core net loss to PHP30.6 million from
PHP31.2 million, although its reported net loss was around three
times higher at PHP66.5 million, BusinessWorld discloses citing the
company's disclosure to the stock exchange.
According to BusinessWorld, Petroleum revenues as of September
plunged 71.9% to PHP14.4 million, which the company attributed to
lower output in Service Contract (SC) 14C-1 Galoc on two completed
liftings, as well as a slump in Galoc crude sale price "due to a
worldwide collapse in demand during the period" because of the
pandemic.
PXP did not disclose its financial performance for the third
quarter alone, BusinessWorld notes.
Among the highlights this year is the Department of Energy's
resume-to-work notice on Oct. 16 in relation to the company's
operating interest in SC 75 northwest Palawan block. Its subsidiary
also received a similar notice for its operating interest in SC 72
in Recto Bank, BusinessWorld notes.
BusinessWorld says the notices were issued by the Energy department
after it lifted its ban on oil and gas exploration in the contested
seas.
BusinessWorld relates that PXP said it would take guidance from the
government "with respect to fulfilling its work commitments in SC
72 and SC 75.
PXP, formerly Philex Petroleum Corp., primarily engages in the
exploration and production of crude oil and natural gas. It has
interests in petroleum contracts and holdings in companies with
interests in petroleum service contracts.
=================
S I N G A P O R E
=================
EAGLE HOSPITALITY: Gets Employment-Related Claims, Default Notices
------------------------------------------------------------------
The Business Times reports that fresh troubles have risen for Eagle
Hospitality Trust (EHT) in the form of employment-related claims
and new notices of default and acceleration.
In its latest update announcement on Oct. 30, the managers of EHT
said they had discovered "a number of pending employment-related
claims" related to the Queen Mary Long Beach hotel, the
second-largest asset in its portfolio, BT relates.
According to the announcement, the master lessor of the asset had
been the signatory of two separate collective bargaining agreements
prior to EHT's initial public offering (IPO) in May last year, BT
relays. These agreements covered union-represented employees
working at the ship.
BT says the managers and trustee of EHT are in the midst of
consulting their professional advisers on the appropriate course of
action to be taken in relation to the employment arrangements in
respect of these claims, and any resulting obligations and
liabilities that could arise.
BT relates that EHT also announced a notice of acceleration in
relation to a mortgage loan related to the Crowne Plaza Dallas, as
well as a notice of default on a mortgage loan related to the
Hilton Houston Galleria Area.
The notice of acceleration followed a default in which the lender
drew upon a cash reserve previously set aside for use upon default,
the report says. Following the drawdown, the amount under the
mortgage loan stands at US$12.9 million.
As for the latest notice of default, the delinquent amounts under
the loan remain outstanding as at the date of announcement.
In addition, an EHT master lessor is also on the receiving end of
litigation proceedings initiated by two third-party service
providers, BT reports.
According to BT, AmeriFactors Financial Group and Advanced
Resourcing have filed claims amounting to some US$611,000 after
default judgments were entered into against the master lessor.
Separately, EHT announced that eight of the 10 properties that had
received termination notices from their respective franchisors
received extensions to Nov. 30, from the previously agreed upon
Oct. 30, BT reports.
These termination notices were issued on the grounds of the failure
of EHT master lessees to cure defaults for non-payment of fees and
other amounts due and owing to the franchisors. The remaining two
properties have unchanged termination dates of Jan. 11, 2021, the
report says.
About Eagle Hospitality
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust (Eagle H-REIT) and Eagle Hospitality Business Trust (Eagle
H-BT). Eagle HT has a well-diversified portfolio of primarily
freehold, internationally branded hotels, across 11 major U.S.
metropolitan statistical areas.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
31, 2020, independent auditors KPMG have issued a disclaimer of
opinion in respect of the financial statements of EHT, which
released the independent auditors' report on Aug. 28. The auditors
had been tasked to audit the financial statements of EH-BT, EH-Reit
and its subsidiaries, and of EHT. The audit covered their
respective financial positions as at Dec. 31, 2019, and their fund
movements from April 11 till that date. In the report dated Aug.
14, the auditors said that they "have not been able to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on these financial statements".
"Accordingly, we do not express an opinion on the accompanying
financial statements of EH-BT and consolidated financial statements
of EH-Reit Group and EHT."
ROBINSONS CO: To Close Last Stores at The Heeren and Raffles City
-----------------------------------------------------------------
The Straits Times reports that after 162 years, department store
stalwart Robinsons is throwing in the towel. It said on Oct. 30 it
is closing its last two department stores in Singapore at The
Heeren and Raffles City Shopping Centre.
The Straits Times relates that the retailer said the decision to
liquidate its stores was prompted by a range of factors, including
changing consumer tastes and cost pressures such as rent.
"The overarching business model of department stores is outdated,"
it said in a statement.
According to the report, Robinsons also said decision to liquidate
came after the stores' "inability to continue operations due to
weak demand at department stores".
While the retailer's e-commerce platforms are no longer
operational, shoppers can continue to visit its bricks-and-mortar
stores for the time being.
The last day for the two physical stores is not clear, the report
notes. Robinsons said the appointed liquidators are in
negotiations with the landlords but "we hope that the stores will
stay open for the coming weeks," the report relays.
Robinsons stores in Malaysia, located at Shoppes at Four Seasons
Place and The Gardens Mall, will also be liquidated, the report
notes.
But other retailers under the Al-Futtaim Group, which include Marks
& Spencer and Zara, will not be affected, a spokesman has
confirmed.
The Straits Times relates that Mr. Danny Lim, Robinsons' senior
general manager, said: "We regret this outcome today. Despite
recent challenges in the industry, the Robinsons team continued to
pursue the success of the brand.
"However, the changing consumer landscape makes it difficult for us
to succeed over the long term and the Covid-19 pandemic has further
exacerbated our challenges.
"We have enjoyed success over the years, and it has been an honour
for Robinsons to serve the Singapore market. I am grateful for the
dedication of our team, and for the support shown by our customers
over the years."
According to The Straits Times, Robinsons said changing retail
trends brought about by the rise of e-commerce and lower demand for
department stores are to blame for slumping retail sales, a problem
that has been exacerbated by the coronavirus pandemic.
Robinsons was bought by the Dubai-based Al-Futtaim Group in 2008
for $600 million.
In 2016, the Al-Futtaim group, which owns Robinsons and other
franchises such as John Little and Bebe, announced that it would be
closing 10 or more stores in Singapore, citing the challenging
retail environment, the report recalls.
Robinsons suffered losses for at least the last six years from
shrinking sales, the report discloses citing The Business Times.
In 2018, the chain sank $54.4 million into the red after revenue
fell to $153.8 million. In comparison, turnover was $257.3 million
in 2014, The Straits Times says.
Its Raffles City store opened its doors in 2001 and the retailer
later opened its flagship store at The Heeren in 2013, occupying
six floors and 186,000 sq feet, adds The Straits Times.
Cameron Duncan and David Kim from KordaMentha have been appointed
as provisional liquidators, according to The Sun Daily.
=================
S R I L A N K A
=================
SRI LANKA: Has High Probability of Default, Goldman Sach Says
-------------------------------------------------------------
Reuters reports that sovereign default risks are on course to rise
further in 2021, with Iraq, Sri Lanka, Angola and Gabon at high
probability of default, Goldman Sachs analysts said.
Five sovereign debt defaults or distressed debt exchanges -- in
which investors swap their debt for new bonds, often with longer
maturities and a reduced value -- have already happened in 2020 in
the aftermath of the COVID-19 crisis, the most in around two
decades, Reuters says.
Although most of the emerging market high-yield sovereigns examined
still came in below the probability levels previously associated
with defaults, recent defaulters Ecuador, Argentina and Lebanon
were among those with high probabilities of distress, the analysts
said in a report, Reuters relays. It defined distress as ranging
from default to distressed debt exchanges.
Iraq, Sri Lanka, Angola and Gabon also had a relatively high
probability of prolonged debt distress and a relatively high
probability of default, the report discloses.
Belarus, Mozambique, Mongolia, El Salvador and Pakistan were also
flagged by the report as having a high probability of debt
distress, although still relatively low default probabilities,
Reuters relates.
Across all emerging market high-yield credit, the probability of
debt default was on course to rise further in 2021 based on the
IMF's forecasts for high public debt levels and current account
deficits, Goldman Sachs, as cited by Reuters, said.
But while the probability of broad sovereign distress pricing had
also increased through 2020, it appeared to have peaked, the
analysts noted.
In part, that reflected the fact that the worsening in debt levels
left a more longer-lasting risk of default probability compared to
distress probability, Reuters states.
Goldman Sachs also pointed to a rise in predicted haircuts in
default episodes in 2020 due to rising external debt, adds Reuters.
===============
T H A I L A N D
===============
THAI AIRWAYS: Gives Early Retirement to 1,900 Staff to Save Costs
-----------------------------------------------------------------
Nikkei Asian Review reports that Thai Airways International is to
cut around 10% of its workforce from December after more than 1,900
staff signed up for an immediate early retirement scheme designed
to cut costs and preserve cash at the ailing national carrier.
A further 2,700 staff applied to have six months of paid leave,
meaning their salaries will be reduced to 20% of usual levels from
November to April, the report discloses. When the period ends they
will have a choice of continuing to work or applying for another
immediate retirement program.
Both programs were offered from Oct. 19 to Oct. 28. Some 320 crew
members applied to both. The airline's management will decide which
they will be eligible for.
According to the report, some 80% of its staff had already accepted
either taking a voluntary salary cut or unpaid leave, but Thai
Airways' acting president Chansin Treenuchagron revealed this month
that these cooperative measures would only enable the company to
last until December. The workforce adjustment programs are expected
to help the company survive over the year's end.
These programs are among a series of efforts by the cash-strapped
airline to generate income while its flights have been severely
curbed, the report states.
About a month ago, Chansin introduced a plan to franchise its
patong-go, or deep-fried dough sticks, sold at the airline's food
outlets, the Nikkei recalls. He insisted that the airline and its
partners could benefit from the snack, which draws long queues each
morning. Each box with three sticks and a dip made from sweet
potato and egg custard is sold at 50 baht. The sweets make about
THB10 million monthly.
The Nikkei says Thai Airways also opened a pop-up airplane-themed
restaurant in September and has been offering in-flight meals for
delivery since April.
From Sept. 26 the national flag carrier also decided to open its
flight simulators to the public, the report adds. It charges
THB12,000 for 30-minute basic package, THB24,000 for 60-minute
deluxe package, and THB36,000 for 90-minute ultimate package. The
offers are marketed to aircraft enthusiasts and unemployed pilots
wanting to maintain their skills, the report says.
Amid the efforts to save cash, however, workers' unions issued a
letter on Oct. 8 asking Thai Airways to reconsider the promotion of
more than 60 executives, including Ponguma Didyasarin, wife of the
airline's chairman, Air Chief Marshall Chaiyapruk Didyasarin,
according to the Nikkei.
The Nikkei relates that the union saw no need to rush the
promotion, while Chansin insisted retired executives needed to be
replaced and said the promoted executives were endorsed by a
high-level seven-person committee. The promotions will lead to
higher labor costs and eventually higher severance payment.
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,
2020.
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.
On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.
Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.
The company's shareholders' equity turned negative at minus 18.1
billion baht ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asian Review.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Oct. 26, 2020 to Oct. 30, 2020
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.13
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.13
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.06
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
PALADIN ENERGY LTD 10.00 02/01/23 USD 59.69
PALADIN ENERGY LTD 10.00 02/01/23 USD 59.69
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 10.03
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 10.03
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 6.62
VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 6.01
VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 5.90
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 4.94
VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 4.94
CHINA
-----
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 60.00
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.47
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.24
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.18
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 60.70
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 59.62
AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 69.59
ANHUI FOREIGN ECONOMIC 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.19
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 58.88
ANHUI PINGTIANHU INVEST 7.40 10/23/20 CNY 20.02
ANHUI PINGTIANHU INVEST 7.40 10/23/20 CNY 19.60
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 27.18
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 20.60
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 24.57
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 20.28
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 60.00
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.91
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.51
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 60.51
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 60.10
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 58.66
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.92
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 58.40
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.88
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.25
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.00
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 45.50
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 41.11
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.51
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.05
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 30.94
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 60.00
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 59.14
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.44
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.35
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 20.22
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.17
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 20.00
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.37
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.34
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.30
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.27
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 20.03
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 20.00
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.40
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.29
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.33
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.32
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 61.58
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 55.11
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.28
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.00
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.03
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 40.00
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 45.65
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 40.43
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 30.00
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 20.11
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 23.40
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 20.13
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.29
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.00
BOHAI LEASING CO LTD 7.00 06/20/21 CNY 68.53
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 40.61
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.00
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 60.57
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 59.79
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 68.00
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 60.71
CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29
CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 60.11
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 60.06
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 20.13
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 67.47
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.29
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.25
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 60.00
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 59.86
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 62.03
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 59.60
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.61
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.61
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 30.70
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.67
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.14
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 82.67
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.39
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.26
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 48.35
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 46.21
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 60.10
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 59.96
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.83
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.09
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.08
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 58.90
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.84
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 20.41
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.41
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 41.11
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.26
CHANGXING COMMUNICATION 7.88 04/30/21 CNY 30.30
CHANGXING COMMUNICATION 7.88 04/30/21 CNY 20.30
CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.20
CHANGXING COMMUNICATION 6.75 06/16/21 CNY 20.03
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 40.26
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 39.00
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 20.30
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 20.14
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.11
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.11
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.81
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.00
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.87
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.31
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.22
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.09
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.30
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.26
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 48.83
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 40.99
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 20.01
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 20.00
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.97
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.80
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.00
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.85
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.48
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.35
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.26
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 74.16
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 73.33
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.15
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.00
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 60.22
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.85
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 48.60
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 40.32
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 74.36
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.44
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.27
CHINA MINSHENG INVESTME 7.00 12/26/20 CNY 36.65
CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 50.26
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.77
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.76
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 20.40
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 20.01
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 61.35
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.17
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.39
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.33
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 40.47
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 21.10
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.46
CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 58.14
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 20.30
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 20.00
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 61.87
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 60.96
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.22
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.18
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.43
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 60.15
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 27.33
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 20.22
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.64
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.00
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 30.80
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 20.42
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.45
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.20
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 20.04
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 20.00
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 61.22
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.88
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.53
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 20.29
CHONGQING INTERNATIONAL 7.08 10/18/20 CNY 20.01
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.40
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.30
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.08
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 60.04
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.46
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.25
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 58.90
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 58.82
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.10
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 59.72
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 39.95
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.93
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 39.92
CHONGQING LIANGJIANG NE 3.17 01/13/21 CNY 39.90
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 22.72
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.38
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.31
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.31
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 62.61
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 61.67
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.54
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 58.31
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 21.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.18
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.13
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.05
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 20.01
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 20.00
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 46.25
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 40.14
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 21.70
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 20.32
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.28
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.81
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.00
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 60.00
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 59.36
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.20
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.16
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 69.87
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.55
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 59.30
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.50
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.48
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.37
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 41.01
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.47
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.28
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.20
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 40.64
CHUZHOU CITY CONSTRUCTI 6.17 11/30/21 CNY 61.00
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.48
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 6.18 08/18/21 CNY 28.80
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.39
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 58.42
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 57.80
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 20.60
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.15
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 20.13
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.00
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 61.47
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 59.07
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 40.47
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.22
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.22
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.16
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 20.15
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 55.85
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 54.87
DALIAN SHITAI CITY CONS 7.09 02/20/21 CNY 19.79
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.75
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.59
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.54
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.08
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.18
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 59.51
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 20.16
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 20.02
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 60.41
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 60.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.14
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.93
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.92
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.44
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.17
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 20.20
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 20.15
DAYE ZHENHENG CITY DEVE 7.95 11/27/20 CNY 20.08
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 60.52
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 60.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.76
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 40.00
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.19
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.19
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 60.58
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 60.42
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.22
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.99
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 28.48
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 20.38
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 20.19
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 41.58
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 40.49
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.41
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.05
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 40.00
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 38.92
DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 59.16
EASTAR HOLDINGS GROUP C 7.30 10/31/20 CNY 63.00
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.42
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 21.00
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.57
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.52
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.50
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.32
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.83
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.26
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 59.89
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.29
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.83
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 44.49
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.66
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 60.00
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 59.85
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.42
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.79
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.75
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 78.52
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.59
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.11
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 20.01
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.39
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.60
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.93
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.53
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.43
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 56.19
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 25.09
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 40.39
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 40.04
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.38
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 58.79
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.61
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.91
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.74
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.68
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.60
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 72.89
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.93
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 20.21
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 19.00
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 60.49
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.88
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.75
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.79
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.13
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 20.00
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.31
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.04
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.77
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 59.70
GOOCOO INVESTMENT CO LT 8.00 02/01/21 CNY 50.00
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 44.00
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 40.84
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.55
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.31
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.23
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.22
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.31
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 59.98
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.00
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 59.19
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.17
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 40.14
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 40.00
GUANGXI LIUZHOU DONGCHE 7.40 10/29/20 CNY 21.00
GUANGXI LIUZHOU DONGCHE 7.40 10/29/20 CNY 20.03
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.16
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 23.00
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 20.29
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 21.15
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 20.29
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.67
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.63
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.68
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 73.82
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 73.28
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 62.53
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.11
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 60.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.27
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.63
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.00
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.25
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.22
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 74.95
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.60
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 45.00
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 40.31
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.82
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.21
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 59.07
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.81
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 60.25
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 60.00
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 60.62
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 58.34
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.48
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 61.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 60.22
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.97
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.03
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 49.02
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.66
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 63.06
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 63.05
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 41.16
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 41.05
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 74.16
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 73.94
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 59.96
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.69
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.81
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.38
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.90
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 60.88
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.52
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.05
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 20.21
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 20.09
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.45
HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 52.87
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 42.20
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 40.95
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 40.49
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 21.42
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 20.04
HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.30
HAIXI STATE-OWNED CAPIT 8.60 01/02/21 CNY 20.10
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 59.10
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 57.84
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.33
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.11
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.39
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.01
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.00
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.30
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.28
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 59.62
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 59.12
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.33
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.46
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 72.77
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.98
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.28
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 59.96
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.29
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.27
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.07
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 20.20
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.34
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 21.85
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 20.29
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 26.60
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 20.05
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 CON 4.10 11/16/21 CNY 60.04
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 59.75
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.62
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 62.42
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 60.18
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.79
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.82
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.30
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 40.01
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.40
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 25.07
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 18.55
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 6.81
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 6.78
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.64
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 20.05
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.02
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 60.00
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 21.10
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 20.21
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.81
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.06
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.85
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.40
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 45.88
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 40.61
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.95
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.27
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.80
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.39
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 AUTOMOTIVE GROU 6.30 09/14/23 CNY 68.23
HUACHEN AUTOMOTIVE GROU 5.80 06/17/24 CNY 60.78
HUACHEN AUTOMOTIVE GROU 5.80 11/05/23 CNY 59.80
HUACHEN AUTOMOTIVE GROU 6.30 09/14/23 CNY 56.93
HUACHEN AUTOMOTIVE GROU 5.40 09/14/23 CNY 55.80
HUACHEN AUTOMOTIVE GROU 5.80 03/20/24 CNY 54.80
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 35.57
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 64.10
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.17
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 41.54
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.76
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.90
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.20
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 27.84
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 20.24
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 59.27
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 58.56
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.85
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.44
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.40
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.21
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.00
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.67
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.64
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 20.04
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.08
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.99
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.19
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 21.65
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.43
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 60.21
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.30
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 20.27
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.23
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.82
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 60.20
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 60.17
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 60.14
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 20.25
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 20.09
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.87
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.80
HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 66.43
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 42.40
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 40.86
HUBEI SUPPLY AND MARKET 6.70 08/23/24 CNY 74.35
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 61.60
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 20.04
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 20.01
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.42
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.00
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 22.25
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.33
HUNAN CHENGLINGJI HARBO 4.24 07/21/23 CNY 59.32
HUNAN CHENGLINGJI HARBO 4.24 07/21/23 CNY 58.24
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.93
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 60.34
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 60.03
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 59.65
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.59
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 58.72
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 39.42
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 38.60
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 57.83
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.93
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 38.70
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.88
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 61.73
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 59.31
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.47
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.45
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.30
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.23
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.16
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.33
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.00
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.92
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.91
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.20
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.29
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 20.10
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 60.27
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 59.50
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 40.00
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 39.01
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 38.85
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.14
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 42.10
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 40.85
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.78
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 58.60
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.33
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.28
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.24
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 60.00
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.70
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.41
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.45
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 20.26
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 41.10
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 40.83
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 20.04
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.94
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 59.77
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 59.08
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.61
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.37
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.25
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 61.51
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.45
JIANGSU HAIZHOUWAN DEVE 5.37 03/29/23 CNY 45.00
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.51
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.35
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 58.27
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.91
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.80
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.35
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.59
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.27
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.23
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.70
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.48
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.14
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.37
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 59.99
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 59.18
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.18
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.44
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 40.51
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 40.32
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.89
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.00
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 47.50
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 40.73
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 58.17
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.86
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 30.19
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 20.40
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.07
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.00
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.90
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 40.13
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 60.00
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 59.78
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 40.13
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.91
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.53
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.50
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 29.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 20.39
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.56
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.33
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 21.00
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 20.04
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.61
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.21
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 71.00
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 69.54
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 40.09
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 21.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 20.37
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 21.80
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.24
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 59.94
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.53
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 58.22
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 57.78
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.59
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.59
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.32
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.31
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.90
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.55
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 60.33
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.55
JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 71.28
JILIN NORTHEAST SOCK IN 6.80 12/19/21 CNY 70.10
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 20.11
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 19.76
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.28
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.20
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.58
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.56
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.30
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.30
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.46
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 60.00
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 40.36
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 40.20
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 60.24
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 60.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.23
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 60.08
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.22
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 28.68
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.24
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.90
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.74
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 20.00
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 18.57
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 59.27
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.33
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.73
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 60.07
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 59.33
JINGZHOU DEVELOPMENT ZO 8.20 12/09/20 CNY 20.14
JINGZHOU DEVELOPMENT ZO 8.20 12/09/20 CNY 20.10
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 60.14
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 60.07
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.16
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.15
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.47
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 59.19
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 40.57
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.90
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.81
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.81
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.83
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 57.88
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 61.10
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.77
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.60
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 20.19
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 20.12
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 25.00
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.90
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 20.18
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 20.16
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 42.82
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 40.36
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.80
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.77
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.36
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.76
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.67
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.60
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.24
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.85
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 40.08
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 60.08
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.49
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.42
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 60.00
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 58.50
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 21.25
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 21.25
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 21.25
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 21.25
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 21.25
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.76
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 49.50
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.26
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 20.29
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 19.90
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.60
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.19
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 20.06
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.47
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 41.38
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 41.35
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 40.85
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 40.50
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 40.44
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 40.00
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 45.00
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 40.43
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.18
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.10
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.88
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.73
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 60.81
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 57.91
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.12
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 3.63
LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 60.64
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.36
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 59.23
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.56
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.49
LISHUI CITY CONSTRUCTIO 5.67 08/13/22 CNY 40.95
LISHUI CITY CONSTRUCTIO 5.67 08/13/22 CNY 40.55
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 59.65
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.13
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.04
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.46
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 59.09
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.30
LIUYANG NEW INDUSTRIAL 4.43 10/23/22 CNY 60.09
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.65
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.41
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.60
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.50
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 46.09
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.04
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.02
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 59.60
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 59.49
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 63.05
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 60.22
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 40.34
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 38.00
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.31
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.94
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 30.31
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 20.37
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.81
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 59.69
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.53
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.35
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.51
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.46
LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.43
LU'AN CITY CONSTRUCTION 3.97 02/22/21 CNY 50.13
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.99
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.00
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.42
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 60.50
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 60.00
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 60.10
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 58.90
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 74.21
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 70.00
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.68
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.66
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.40
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 44.99
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 40.39
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.99
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.98
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.47
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.32
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 57.98
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.29
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.24
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.18
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.90
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.28
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.11
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 45.32
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 40.74
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 60.38
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 60.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 41.17
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.18
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.17
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 60.00
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.95
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.50
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.25
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.24
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 31.20
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 20.36
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.18
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.15
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 40.07
NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.90
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.99
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.30
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.44
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.14
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.48
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.94
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.80
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.71
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.24
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.15
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 46.19
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 45.91
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.45
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 58.93
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 55.20
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 20.29
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.60
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.34
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 71.73
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 20.33
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 40.01
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.68
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.51
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 61.52
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 60.78
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.84
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 61.46
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.78
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 20.17
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 20.03
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.37
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 57.59
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 28.53
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 20.16
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.15
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 58.71
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 59.64
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 56.36
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00
NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00
NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 26.30
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 20.26
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 40.47
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 40.46
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 29.00
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 20.32
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 48.29
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 40.91
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.56
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 25.00
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 20.70
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 20.48
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 20.18
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.76
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 40.20
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.98
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.50
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 20.36
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.62
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.98
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.36
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.27
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.76
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 40.28
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.50
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 40.50
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 41.30
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 41.20
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.19
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 60.00
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 59.91
PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00
PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.85
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.75
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.22
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 60.54
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 60.00
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.15
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.48
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.44
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.54
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.12
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 60.18
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 60.00
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 42.46
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 40.33
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 60.00
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 59.54
PIZHOU RUNCAI ASSET MAN 5.90 12/18/20 CNY 50.09
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.91
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.72
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 20.13
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.52
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.23
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 46.90
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.82
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.68
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 57.23
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 74.47
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 68.02
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 61.28
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 60.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.52
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.39
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.65
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 38.50
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.48
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.12
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 59.94
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 60.16
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 46.48
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.34
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.33
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 60.14
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 60.13
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.70
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.69
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 46.33
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 46.30
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.21
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.51
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 41.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 40.37
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 28.79
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 20.18
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.61
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.56
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.45
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.94
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 35.56
QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 34.93
QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 45.00
QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 42.50
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.21
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.20
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 20.14
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.29
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 60.59
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 58.97
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 58.09
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.69
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 20.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 20.08
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 20.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.28
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.80
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.72
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.28
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.26
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 61.95
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 59.40
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.21
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.88
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.75
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.38
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 23.42
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 20.42
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 59.04
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 59.01
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.49
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.47
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 60.64
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 58.22
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 61.05
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 60.00
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 60.46
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 59.60
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.40
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.82
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.79
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.75
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.19
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 20.25
RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 60.31
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.49
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.46
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.94
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.80
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.07
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.97
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 29.00
RUGAO ECONOMIC & TRADE 8.30 01/22/21 CNY 20.24
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.93
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.25
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 60.66
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 58.96
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 61.17
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 61.16
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 61.15
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 61.14
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.77
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.68
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.27
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 55.96
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 25.34
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.96
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 40.62
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 40.00
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.76
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.64
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 25.50
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.47
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 43.10
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 40.57
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 61.01
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 60.63
SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 66.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 41.95
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 40.93
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.63
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.62
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.75
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.10
SHANDONG JINMAO TEXTILE 8.00 09/25/20 CNY 35.84
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 23.40
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 20.01
SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10
SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52
SHANDONG TAIYANG INDUST 5.97 03/02/21 CNY 42.86
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.45
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00
SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 6.45
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.32
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.31
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.75
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.33
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.13
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.10
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.78
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 71.38
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.44
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.30
SHANGHAI PUTAILAI NEW E 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 61.07
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 59.50
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.58
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.28
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 31.42
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 31.40
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 64.40
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 64.10
SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 61.00
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 72.44
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 54.50
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.15
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.83
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.30
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 48.00
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 40.88
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.35
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.76
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.70
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.28
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 58.86
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 40.89
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 40.00
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.84
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.00
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.37
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.93
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.27
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 20.55
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 20.00
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.56
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.30
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 20.17
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 59.65
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 58.65
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.60
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.60
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.36
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.55
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.00
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 40.05
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 31.87
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 47.50
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 40.47
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 63.07
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 46.15
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 46.03
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.70
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 62.50
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 40.78
SHIJIAZHUANG URBAN CONS 6.55 03/09/21 CNY 40.51
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.87
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.57
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.03
SHIYAN STATE-OWNED CAPI 6.88 10/11/20 CNY 20.68
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.50
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.00
SHIYAN STATE-OWNED CAPI 6.88 10/11/20 CNY 19.99
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 22.87
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 20.01
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 61.11
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 61.10
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 46.00
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.54
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.33
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 60.49
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.75
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.56
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.31
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.16
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 59.00
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 58.79
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.67
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.66
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.44
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.32
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 48.00
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 40.64
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.59
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.00
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 59.58
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 59.11
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.56
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 60.01
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.47
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 40.78
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 39.98
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 27.82
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 20.39
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 60.49
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 60.00
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.42
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.30
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 40.82
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 59.14
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 58.64
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.34
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.00
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 21.83
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.45
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 20.17
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.84
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 58.81
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.58
SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 59.77
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 20.26
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 20.03
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.08
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.07
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 61.37
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 60.23
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.20
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.19
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.55
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 58.82
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 20.45
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 20.35
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 25.53
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 25.04
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.58
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 22.60
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 20.35
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.68
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 59.63
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.20
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.20
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.91
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 20.10
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 19.85
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 63.87
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 59.90
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.28
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 25.04
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 26.50
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 20.24
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 62.68
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 62.10
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 60.13
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 41.19
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 60.26
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 60.10
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 21.00
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 20.27
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 60.26
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.95
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 20.03
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 19.99
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 20.23
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 20.06
TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 42.65
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.69
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.64
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 40.17
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.59
TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 59.62
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 46.30
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 45.54
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 59.28
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.01
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 44.67
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 40.01
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 20.02
TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 70.11
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 40.55
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 40.46
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 20.30
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 19.99
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 41.70
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.61
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.20
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 46.00
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 45.81
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.29
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.21
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.11
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 20.21
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.60
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.15
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 72.49
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 19.50
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 20.03
TIANJIN STATE-OWNED CAP 1.60 12/17/39 USD 74.35
TIANJIN WATER INVESTMEN 8.40 01/15/21 CNY 25.04
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.33
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 60.04
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 59.90
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.76
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.42
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.19
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 20.16
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.77
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 60.00
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 59.88
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.98
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.42
TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 64.81
TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 59.90
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 41.38
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.68
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 51.26
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.77
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.13
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.92
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.00
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.84
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.28
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.02
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 48.81
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 40.81
WEICHI HOLDING GROUP CO 5.40 12/21/20 CNY 60.00
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 25.22
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.59
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 59.39
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 59.44
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 58.40
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.33
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 58.97
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.67
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.27
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.20
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.80
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.54
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 61.07
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.99
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 59.78
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 59.57
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 61.87
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.91
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.60
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.46
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.38
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.35
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 40.31
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 40.20
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 8.19 04/21/21 CNY 20.32
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 5.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.21
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 23.02
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.46
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.69
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.50
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 20.24
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.36
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.17
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.79
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.76
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 58.83
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 58.60
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 46.35
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 40.72
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.64
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.63
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 59.55
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.48
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.00
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 60.36
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 59.80
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 21.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.48
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 20.40
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.26
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 20.08
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 60.01
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.83
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.08
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 20.00
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.70
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.63
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.27
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 20.01
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 20.00
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 24.88
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 20.33
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 59.94
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 59.71
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 41.46
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 40.46
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 63.20
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 60.52
XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 62.66
XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 62.42
XIANGTAN CITY CONSTRUCT 7.80 03/12/22 CNY 62.00
XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 58.87
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 57.44
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 56.78
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 28.99
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.12
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 62.63
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 39.12
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 19.99
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 19.95
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.16
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.10
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 39.90
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 35.49
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.72
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.30
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 60.61
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.72
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.77
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.35
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.79
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.78
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.71
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.56
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 60.29
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.73
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.38
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.22
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.18
XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.99
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.40
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.38
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.63
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.45
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 60.54
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 60.16
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.92
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.88
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.59
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 42.05
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.89
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.63
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 60.00
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 58.63
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 21.35
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 20.16
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 60.76
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 60.07
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.94
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.94
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.75
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.37
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 26.30
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 20.25
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 60.00
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 59.57
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 20.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 20.01
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 41.53
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 40.77
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.33
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 40.05
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.56
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 25.13
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 21.07
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 20.29
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.17
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 20.08
XIUSHAN INDUSTRY DEVELO 5.85 04/14/23 CNY 60.00
XIUSHAN INDUSTRY DEVELO 5.85 04/14/23 CNY 60.00
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.76
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.23
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.23
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 20.32
XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 33.05
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 59.64
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 41.00
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.58
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.36
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.32
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 20.45
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 21.00
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.40
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.86
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 20.05
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 18.30
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.97
YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.60
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.24
YANCHENG DAFENG DISTRIC 8.50 12/30/20 CNY 20.18
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 60.06
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.29
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.40
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.39
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.47
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.46
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.20
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.04
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.62
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.32
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 60.11
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.69
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 26.00
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 20.15
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.63
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.00
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.00
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 55.99
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.94
YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 60.07
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 60.07
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 60.00
YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 29.30
YI ZHENG CITY DEVELOPME 8.60 01/09/21 CNY 20.14
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 60.40
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 60.00
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.74
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.85
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.40
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.79
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 5.99 11/26/20 CNY 30.00
YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90
YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.75
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.31
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.25
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 40.29
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 39.03
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.38
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.06
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 60.00
YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 60.00
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 58.90
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.20
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 46.58
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 46.56
YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 39.98
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.31
YINING CITY STATE OWNED 8.90 01/23/21 CNY 29.95
YINING CITY STATE OWNED 8.90 01/23/21 CNY 20.26
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.40
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 60.27
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 49.84
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.87
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.00
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.28
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 48.00
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 40.63
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 69.26
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 67.96
YONG ZHOU CITY CONSTRUC 7.30 10/23/20 CNY 20.03
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 40.59
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 40.00
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.56
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.56
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 60.50
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 59.43
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.56
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.02
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.15
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 40.06
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 40.00
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 60.10
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 58.99
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 44.50
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 44.47
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 40.40
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 40.37
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 61.01
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.23
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 20.35
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 19.80
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.46
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 60.17
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 60.00
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.58
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.13
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.30
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.30
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 20.32
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.59
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 58.47
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.98
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.48
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.80
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.43
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.30
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 20.10
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 20.01
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.79
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.00
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.71
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 58.99
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 60.46
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 30.00
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 20.15
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.48
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 24.00
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 20.39
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.24
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 60.42
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 41.05
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.30
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 41.20
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 41.06
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 40.91
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 40.47
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 70.19
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 70.19
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.95
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.49
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.42
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 46.20
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 40.69
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 28.50
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 28.49
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 20.21
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 20.14
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 40.14
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 39.60
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.50
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 59.47
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 20.18
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 20.12
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 64.70
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 60.05
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 60.00
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 60.00
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.50
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.17
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGRONG XINDA GROUP C 7.10 01/22/21 CNY 33.70
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 40.33
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 40.00
ZHONGTIAN FINANCIAL GRO 7.00 10/15/20 CNY 24.91
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 20.16
ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.40
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 56.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 55.80
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.29
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.38
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.32
ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.79
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 41.01
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 40.95
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 24.50
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 20.20
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 43.75
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 20.04
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 20.03
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 59.09
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.81
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.80
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.35
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.68
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.04
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 60.72
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 60.24
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 41.03
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 58.30
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 58.29
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 20.01
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 20.00
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 59.68
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 58.59
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 60.00
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 57.87
ZUNYI HONGHUAGANG CITY 6.98 07/25/24 CNY 74.90
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 59.06
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 57.87
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 69.89
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 69.62
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 57.96
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 52.90
HONG KONG
---------
DR PENG HOLDING HONGKON 7.55 12/01/21 USD 71.55
HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.33
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 9.75
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 26.92
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 26.88
APG HABITAT PVT LTD 1.00 09/09/28 INR 60.52
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 44.36
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 42.26
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 63.09
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 62.85
BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 44.46
BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.16
CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 47.08
CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 68.72
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 62.29
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 39.17
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 28.36
DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 46.44
DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 45.99
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 48.53
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 44.46
DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 47.05
DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 44.47
DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 47.09
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 47.16
DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 47.15
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 71.85
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 69.50
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 66.12
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 65.13
EDELWEISS ASSET RECONST 2.00 07/22/29 INR 63.32
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 48.35
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 48.35
GREEN URJA PVT LTD 0.01 02/14/30 INR 48.36
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 5.65
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 61.32
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 57.46
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.56
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 28.72
JTPM ATSALI LTD 0.01 08/29/48 INR 13.66
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 27.46
KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 71.43
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 68.47
MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 45.46
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 45.46
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 32.04
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 29.72
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 29.72
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 28.40
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 70.75
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 65.95
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 61.43
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 57.24
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 53.39
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 49.88
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 46.69
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 43.97
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 29.26
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 71.74
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 67.63
REI AGRO LTD 5.50 11/13/14 USD 0.96
REI AGRO LTD 5.50 11/13/14 USD 0.96
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 9.95
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 47.10
SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 44.93
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 25.00
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 68.93
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.85
SUZLON ENERGY LTD 5.75 07/16/19 USD 24.85
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 07/15/25 INR 71.05
TN URJA PVT LTD 0.10 02/22/36 INR 31.21
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 28.88
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 60.47
WS T&D LTD 0.10 03/24/29 INR 52.48
ZYDUS FOUNDATION 0.10 03/25/25 INR 72.11
INDONESIA
---------
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 63.34
ABM INVESTAMA TBK PT 7.13 08/01/22 USD 62.64
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.38
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.38
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 10.20
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 6.86
GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 68.28
MNC INVESTAMA TBK PT 9.00 05/11/21 USD 68.42
JAPAN
-----
AVANSTRATE INC 0.10 10/29/32 JPY 9.75
TKJP CORP 0.58 03/26/21 JPY 2.02
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 1.02 12/15/17 JPY 0.50
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 74.87
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 71.76
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 69.44
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 67.42
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 63.00
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 61.88
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 61.48
MALAYSIA
--------
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.53
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.26
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.11
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.14
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.18
HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.01
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.11
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 69.10
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 74.02
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 72.72
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.14
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
SINGAPORE
---------
ALAM SYNERGY PTE LTD 11.50 04/22/21 USD 72.50
ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 58.39
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 68.39
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 46.25
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 46.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.63
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.63
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 32.01
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 30.06
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 43.48
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 22.86
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 44.01
GEO COAL INTERNATIONAL 8.00 10/04/22 USD 43.86
HYFLUX LTD 4.60 09/23/19 SGD 10.00
HYFLUX LTD 4.20 08/29/19 SGD 10.00
HYFLUX LTD 4.25 09/07/18 SGD 10.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 18.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 38.00
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 24.16
MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 40.09
MULHACEN PTE LTD 6.50 08/01/23 EUR 46.06
MULHACEN PTE LTD 6.50 08/01/23 EUR 45.58
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 60.00
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.50
OXLEY MTN PTE LTD 6.50 02/28/23 SGD 74.15
PACIFIC INTERNATIONAL L 8.50 11/16/20 SGD 48.20
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 62.03
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 60.56
SSMS PLANTATION HOLDING 7.75 01/23/23 USD 56.72
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
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 66.73
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 45.55
JT CAPITAL FIRST ASSET 2.73 07/24/45 KRW 68.23
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 73.06
KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 72.34
KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 71.50
KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 70.24
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 64.62
LOTTE CARD CO LTD 3.95 06/28/49 KRW 37.37
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.02
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 SP 5.00 09/28/22 KRW 73.84
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 73.76
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 73.27
SINBO SECURITIZATION SP 5.00 12/27/21 KRW 72.18
SINBO SECURITIZATION SP 5.00 02/28/23 KRW 71.88
SINBO SECURITIZATION SP 5.00 03/20/23 KRW 71.73
SINBO SECURITIZATION SP 5.00 02/28/22 KRW 71.49
SINBO SECURITIZATION SP 5.00 12/25/23 KRW 69.69
SINBO SECURITIZATION SP 5.00 12/25/22 KRW 69.25
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 69.23
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 69.23
SINBO SECURITIZATION SP 5.00 11/21/23 KRW 69.10
SINBO SECURITIZATION SP 5.00 07/24/23 KRW 68.90
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.47
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.47
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.16
SINBO SECURITIZATION SP 5.00 01/25/23 KRW 68.14
SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.98
SINBO SECURITIZATION SP 5.00 12/21/20 KRW 67.95
SINBO SECURITIZATION SP 5.00 07/24/22 KRW 66.71
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 66.68
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.62
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.62
SINBO SECURITIZATION SP 5.00 08/29/22 KRW 66.22
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 66.21
SINBO SECURITIZATION SP 5.00 09/26/22 KRW 65.90
SINBO SECURITIZATION SP 5.00 01/25/22 KRW 65.87
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 65.87
SINBO SECURITIZATION SP 5.00 06/27/22 KRW 65.84
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 65.74
SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.44
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 63.99
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 62.83
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 62.06
SRI LANKA
---------
SRI LANKA DEVELOPMENT B 5.66 05/01/23 USD 74.48
SRI LANKA DEVELOPMENT B 4.48 01/22/23 USD 74.10
SRI LANKA DEVELOPMENT B 4.29 01/22/23 USD 73.75
SRI LANKA DEVELOPMENT B 4.27 03/16/23 USD 72.67
SRI LANKA DEVELOPMENT B 4.17 05/01/23 USD 71.91
SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 71.83
SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 70.93
SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 70.73
SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 70.58
SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 69.85
SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 68.44
SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 68.32
SRI LANKA DEVELOPMENT B 4.91 01/22/25 USD 65.35
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 73.10
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 72.81
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 72.12
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 71.96
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 71.35
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 71.30
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 69.81
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 69.79
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 69.25
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 69.21
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 68.61
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 68.39
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 67.57
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 67.43
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 66.32
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 66.31
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 66.28
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 66.26
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 66.21
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 66.09
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 67.64
THAILAND
--------
MDX PCL 4.75 09/17/03 USD 22.88
G STEEL PCL 3.00 10/04/15 USD 0.55
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2020. All rights reserved. ISSN: 1520-9482.
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***