/raid1/www/Hosts/bankrupt/TCRAP_Public/210330.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, March 30, 2021, Vol. 24, No. 58
Headlines
A U S T R A L I A
CREDIT FOUR: First Creditors' Meeting Set for April 1
D MASTERSON: First Creditors' Meeting Set for April 9
FLEXICOMMERCIAL 2021-1: Moody's Assigns B2 Rating to Class F Notes
HIRTES INSURANCE: First Creditors' Meeting Set for April 9
LA PEROUSE: First Creditors' Meeting Set for April 8
LIBERTY SERIES 2021-1: Moody's Gives (P)B2 Rating to Class F Notes
LLHR1 PTY: First Creditors' Meeting Set for April 12
NOW TRUST 2019-1: Moody's Raises Rating on Class F Notes to B1
SAMS ALLOY: First Creditors' Meeting Set for April 9
SERENE BLOODSTOCK: Court to Hear Wind Up Petition on March 31
[*] AUSTRALIA: Insolvency Cliff Turns Out to be a Mirage
C H I N A
ANXIN TRUST: Goes After Debtors to Recover CNY2.9 Billion
DR. PENG TELECOM: Moody's Withdraws Caa3 Corp. Family Rating
HAITONG SECURITIES: Banned From Advisory Work for One Year
JIANGSU ZHONGNAN: S&P Gives 'B' Rating on New USD Unsecured Notes
POWERLONG REAL ESTATE: S&P Hikes ICR to 'BB-' on Business Expansion
[*] CHINA: Revamps Credit Ratings Rules Amid Massive Bond Defaults
I N D I A
AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to C
AUCTUS TOWN: Insolvency Resolution Process Case Summary
BESCO LTD: Insolvency Resolution Process Case Summary
BHANDARI FOILS: CARE Moves D Debt Ratings to Not Cooperating
BHARATHI VIDHYALAYA: Ind-Ra Moves 'D' Rating to Non-Cooperating
ECSTASY REALTY: CARE Keeps C Debt Ratings to Not Cooperating
EMCER TILES: CARE Reaffirms D Rating on INR66.74cr LT Loan
EMDEE DIGITRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
EZEEGO ONE: Insolvency Resolution Process Case Summary
FIBCOM INDIA: CARE Lowers Rating on INR32.02cr Loan to D
FUTURE CONSUMER: CARE Reaffirms D Rating on INR311.50cr Loan
GLOBAL CERAMICS: CARE Reaffirms D Rating on INR46.98cr LT Loan
GMR BAJOLI: CARE Reaffirms D Rating on INR1,831.16cr LT Loan
GMR POCHANPALLI: CARE Reaffirms D Ratings on INR304.93cr Loans
GRAND PRIX: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
GUJARAT STATE: Insolvency Resolution Process Case Summary
GUPTA BUILDERS: CARE Lowers Rating on INR50cr LT Loan to D
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating
KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
KAPICO MOTORS: Insolvency Resolution Process Case Summary
M/S HEENA: Ind-Ra Moves & Withdraws 'B+' Long-Term Issuer Rating
M/S SULABHA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
MAA BHAGWATI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
MANALI SUGARS: Insolvency Resolution Process Case Summary
MANGALAM ISPAT: CARE Lowers Rating on INR10.56cr Loan to D
MANGALYA SOFT-TECH: Insolvency Resolution Process Case Summary
MATHURA FIBRES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
MITHILA CARS: CARE Keeps D Debt Rating in Not Cooperating
NAGAMMAL MILLS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
NATURAL POWER: Insolvency Resolution Process Case Summary
NECTAR BOTTLING: CARE Withdraws B Rating on Outstanding Debt
NEW SAPNA: CARE Moves D Debt Rating to Not Cooperating Category
ORIENTAL GRANITES: CARE Moves D Debt Rating to Not Cooperating
RAM PANELS: Ind-Ra Gives BB Long-Term Issuer Rating, Outlook Stable
RELIANCE COMMERCIAL: CARE Moves D Debt Ratings to Not Cooperating
RELIANCE HOME: CARE Moves D Debt Ratings to Not Cooperating
REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
ROHTAK PANIPAT: CARE Reaffirms D Rating on INR937.92cr Loan
ROHTAK-HISSAR TOLLWAY: CARE Reaffirms D Rating on INR942.82cr Loan
RUKMINI IRON: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
SHANTI HOSPITAL: CARE Moves D Debt Rating to Not Cooperating
SHILPA ELECTRICALS: Ind-Ra Gives B- Issuer Rating, Outlook Stable
SHIVSHAKTI BARRELS: Insolvency Resolution Process Case Summary
SINNAR THERMAL: CARE Moves D Debt Rating to Not Cooperating
SUPREME FINEFAB: Insolvency Resolution Process Case Summary
TED TRAVEL: Insolvency Resolution Process Case Summary
UM GREEN: CARE Moves D Debt Ratings to Not Cooperating Category
UTILITY AGROTECH: Insolvency Resolution Process Case Summary
WAVE GROUP: NCLT Admits Insolvency Application
YASHOMATI HOSPITALS: Insolvency Resolution Process Case Summary
I N D O N E S I A
BANK NEGARA: Fitch Assigns Final BB Rating on USD500MM Sub. Bonds
J A P A N
SHARP CORP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
N E W Z E A L A N D
ASSET FINANCE: S&P Alters Outlook to Stable & Affirms 'B-/B' ICRs
S I N G A P O R E
AVATION PLC: S&P Lowers ICR to 'SD' on Bond Restructuring
CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
EAGLE HOSPITALITY: Court Approves Monarch's Stalking-Horse Bid
GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
HONG LEONG: Assigns Xinfei's Debt to Chinese Buyer for CNY48.7MM
X X X X X X X X
[*] BOND PRICING: For the Week March 22, 2021 to March 26, 2021
- - - - -
=================
A U S T R A L I A
=================
CREDIT FOUR: First Creditors' Meeting Set for April 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Credit Four
Pty Ltd will be held on April 1, 2021, at 10:30 a.m. via
teleconference.
David Michael Stimpson of SV Partners was appointed as
administrator of Credit Four on March 22, 2021.
D MASTERSON: First Creditors' Meeting Set for April 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of D Masterson
Pty Ltd, trading as Stud Park Panels, will be held on April 9,
2021, at 11:00 a.m. at the offices of Hamilton Murphy Advisory Pty
Ltd, Level 1, 255 Mary Street, in Richmond, Victoria.
Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of D Masterson on March 26, 2021.
FLEXICOMMERCIAL 2021-1: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2021-1.
Issuer: flexicommercial ABS Trust 2021-1
AUD301.50 million Class A Notes, Assigned Aaa (sf)
AUD43.65 million Class B Notes, Assigned Aa2 (sf)
AUD25.20 million Class C Notes, Assigned A2 (sf)
AUD15.75 million Class D Notes, Assigned Baa2 (sf)
AUD24.75 million Class E Notes, Assigned Ba2 (sf)
AUD9.90 million Class F Notes, Assigned B2 (sf)
The AUD29.25 million of Class G Notes are not rated by Moody's.
The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and serviced by flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. This is flexicommercial's first auto and equipment asset
backed securities transaction for 2021.
Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its strategic focus towards commercial
lending via broker distribution funding larger ticket "primary"
assets such as trucks, trailers and construction equipment, which
form the majority of the portfolio.
RATINGS RATIONALE
The definitive ratings take into account, among other factors:
There is a limited performance history for flexicommercial's
broker originated "primary" asset receivables that constitute most
of this portfolio. Although flexicommercial have been originating
commercial equipment loans and leases for over 20 years they
shifted focus from point-of-sale originated "tertiary" assets to
broker originated larger ticket "primary" assets in early 2018.
The evaluation of the underlying receivables and their expected
performance;
The fact that approximately 70% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;
The evaluation of the capital structure;
The availability of excess spread over the life of the
transaction;
The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;
The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 33.00%, 23.30%, 17.70%, 14.20%, 8.70%
and 6.50% of note subordination, respectively.
The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes is at least 45%. Should the
Class A Notes credit enhancement exceeds 45% the Class A to Class F
Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class G Notes subordination exceeds 13%. At
that point Class A to Class G Notes will be paid pro-rata. The
notes will however be paid on a sequential basis should there be
any unreimbursed charge-offs or the payment date is on or after the
call option date. The call option date is the earlier of the date
the aggregate invested amounts of the notes is equal to or less
than 10% of the initial invested amount of the notes or the payment
date in March 2025.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a portfolio loss rate of 8.00%,
and a portfolio credit enhancement of 38.00%.
To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
Moody's default and PCE assumptions.
The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 70.0%), Moody's have applied further
qualitative stresses in its analysis.
Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of small businesses from a gradual and unbalanced
recovery in Australian economic activity.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2020.
Factors That Would Lead to an Upgrade or Downgrade of the Ratings
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.
HIRTES INSURANCE: First Creditors' Meeting Set for April 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hirtes
Insurance Brokers Pty. Limited will be held on April 9, 2021, at
11:00 a.m. at the offices of SM solvency accountants, 10/144 Edward
Street, in Brisbane, Queensland.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Hirtes Insurance on March 29, 2021.
LA PEROUSE: First Creditors' Meeting Set for April 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of La Perouse
Construction Group Pty Ltd FKA "Hunters Hill Construction Services
Pty Ltd" and "Forte NSW Pty Ltd" will be held on April 8, 2021, at
11:00 a.m. via virtual facilities.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of La Perouse on
March 25, 2021.
LIBERTY SERIES 2021-1: Moody's Gives (P)B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Limited in
respect of Liberty Series 2021-1.
Issuer: Liberty Series 2021-1
AUD520.00 million Class A1 Notes, Assigned (P)Aaa (sf)
AUD68.25 million Class A2 Notes, Assigned (P)Aaa (sf)
AUD17.55 million Class B Notes, Assigned (P)Aa2 (sf)
AUD13.00 million Class C Notes, Assigned (P)A2 (sf)
AUD6.50 million Class D Notes, Assigned (P)Baa2 (sf)
AUD9.10 million Class E Notes, Assigned (P)Ba2 (sf)
AUD1.95 million Class F Notes, Assigned (P)B2 (sf)
The AUD13.65 million Class G Notes are not rated by Moody's.
The transaction is a securitisation of Australian residential
mortgages loans. All mortgages were originated and are serviced by
Liberty Financial Pty Limited (Liberty, unrated). The transaction
features a two-year substitution period, whereby additional loans
can be sold into the portfolio on a monthly basis, subject to
substitution parameters and portfolio performance triggers being
met.
The transaction also includes a two month prefunding period,
whereby Liberty Funding Pty Ltd will issue notes up to AUD650
million, based on the initial pool of AUD490.0 million. During the
pre-funding period, additional loans may be sold into the trust, up
to the pre-funding amount of AUD147.0 million, subject to certain
portfolio parameters and the eligibility criteria.
Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. Residential mortgages remain Liberty's predominant
business. As of December 2020, it had a portfolio of Australian
mortgage assets over AUD8.4 billion.
RATINGS RATIONALE
The provisional ratings take into account, among other factors,
evaluation of the underlying receivables, the prefunding period,
the two-year substitution period together with the substitution
parameters, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity reserve in
the amount of 2.00% of the notes balance, the legal structure, and
the credit strength and experience of Liberty as Servicer.
Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.2%, while the expected loss is 1.30%.
MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.
Substitution parameters in this deal significantly reduce the risk
of material deterioration in the collateral quality due to addition
of new loans to the pool during the two-year substitution period.
This is because these parameters, applicable to monthly
substitutions, are closely aligned with the parameters of the pool
as of closing date. Substitution parameters limit, among other,
proportions of loans with adverse credit, alt-doc verification, and
scheduled loan-to-value (LTV) ratios above 80% and 90%.
Moody's have considered the limited risk posed by the substitutions
at the MILAN CE and expected loss levels.
Furthermore, substitution of new loans will stop while there are
any unreimbursed carryover charge-offs or if proportion of loans in
arrears greater than 60 days - on a three-month average basis -
exceeds 4%.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Australian economic activity.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
The key transactional features are as follows:
Class A1 Notes and Class A2 Notes benefit from 20.0% and 9.5% note
subordination respectively.
Following the end of the substitution period, the notes will
initially be repaid sequentially. Once stepdown conditions are met,
all Notes, excluding Class G Notes, will receive a pro-rata share
of principal payments. The stepdown conditions include, among
others, the payment date falling at least one year after the most
recent mortgage acquisition and absence of charge offs. Principal
pay-down will revert to sequential once the aggregate loan amount
is at 20% or less of the aggregate loan amount at closing, or on or
following the payment date in March 2025.
The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
the bottom of the interest waterfall prior to interest paid to the
Class G Notes noteholders. The reserve account will firstly be
available to meet losses on the loans and charge-offs against the
notes. Secondly, it can be used to cover any required payment
shortfalls that remain after drawing on principal and the liquidity
facility. Any reserve account balance used can be reimbursed to its
limit from future excess income.
The key features of the mortgage loan pool are as follows:
The portfolio has a scheduled LTV ratio of 68.3%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (14.2%) and above 90% (7.6%).
Around 24.8% of the loans in the portfolio were extended to
self-employed borrowers.
6.4% of the loans in the portfolio were extended on an alternative
documentation basis.
The portfolio contains 3.8% exposure with respect to borrowers
with prior credit impairment (default, judgment or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.
A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.
LLHR1 PTY: First Creditors' Meeting Set for April 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of LLHR1 Pty
Ltd, formerly trading as "Lucky Lupitas", will be held on April 12,
2021, at 10:30 a.m. via teleconference only.
Nicholas David Cooper and Dominic Charles Cantone of Oracle
Insolvency Services were appointed as administrators of LLHR1 Pty
on March 29, 2021.
NOW TRUST 2019-1: Moody's Raises Rating on Class F Notes to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by NOW Trust 2019-1.
The affected ratings are as follows:
Issuer: NOW Trust 2019-1
Class B Notes, Upgraded to Aa1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to A1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to Baa1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Ba1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to B1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The upgrades were mainly prompted by an increase in note
subordination available to the affected notes. Sequential
amortization of the notes from closing has led to the increase in
note subordination. The transaction has been making pro-rata
principal repayments among all the rated notes since June 2020. The
unrated Class G Notes will not be repaid until all classes of notes
senior to them have been fully repaid. As such, note subordination
continues to build up gradually.
Following the March 2021 payment, note subordination available for
the Class B, Class C, Class D, Class E and Class F Notes has
increased to 28.6%, 20%, 16.4%, 7.1% and 4% from 20.2%, 13.8%,
11.2%, 4.3% and 2%, respectively as of closing.
In addition, the performance of the underlying portfolio has been
broadly in line with Moody's expectations. As of February 2021,
2.4% of the outstanding pool was 30-plus day delinquent, 0.5% was
90-plus day delinquent, and 2.1% was under COVID-19-related
hardship assistance. The deal has incurred AUD6,938,590 of loss to
date, which have been covered by excess spread.
Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has updated its expected default
assumption to 8.4% of the current outstanding balance (equivalent
to 7.7% of original balance) compared to 8% of the original balance
at closing.
The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of personal loans from a gradual and unbalanced
recovery in Australian economic activity.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.
The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by NOW
Finance Group Pty Ltd.
The principal methodology used in this rating was "Moody's Approach
to Rating Consumer Loan-Backed ABS" published in July 2020.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
SAMS ALLOY: First Creditors' Meeting Set for April 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sams Alloy
Welding Pty Ltd will be held on April 9, 2021, at 3:30 p.m. at the
offices of Hamilton Murphy, Level 1, 255 Mary Street, in Richmond,
Victoria.
Richard Rohrt of Hamilton Murphy was appointed as administrator of
Sams Alloy on March 27, 2021.
SERENE BLOODSTOCK: Court to Hear Wind Up Petition on March 31
-------------------------------------------------------------
Australian Financial Review reports that one of Australia's best
known horse studs has sought a court order to wind up former mining
billionaire Nathan Tinkler's family's company, Serene Bloodstock
Pty Ltd.
Widden Stud Australia Pty Ltd commenced the winding up application
on June 9 last year, according to a notice published by the
corporate regulator last week, AFR says.
AFR relates that the notice said a Federal court hearing had been
scheduled for the case at 11:00 a.m. on March 31.
According to AFR, the revelation of the winding-up order comes
after The Sydney Morning Herald reported last year that some of the
Tinkler family horse racing interests - including Serene Bloodstock
- were being targeted by debt collectors.
Serene Bloodstock is owned by Nathan Tinkler's parents Leslie and
Zelda, according to documents lodged with the Australian Securities
and Investments Commission, AFR relays.
At that time, it was revealed the Twin Hills stud had also applied
to the Supreme Court to have Serene Bloodstock wound up.
Widden Stud's application, however, was only unveiled last week,
AFR notes.
It comes about a month after the New South Wales-based stud
announced its expansion into Victoria by taking over Sun Stud,
which is home to the stallion barn where famous horse Black Caviar
was conceived, the report notes.
Former Rich Lister Nathan Tinkler went from billionaire to bankrupt
over the past 15 years, however his ASIC-imposed ban for insolvent
trading expired last month.
[*] AUSTRALIA: Insolvency Cliff Turns Out to be a Mirage
--------------------------------------------------------
Australian Financial Review reports that insolvency specialists
said they are struggling to find work restructuring businesses and
are not expecting a rush of corporate failures as a result of the
JobKeeper wage subsidy ending.
AFR says the strong economic recovery from the COVID-19 recession
and temporary insolvency protections for company directors last
year have prevented a wave of business collapses.
Even with the wind down of the AUD90 billion wage subsidy on
March 28 and the collapse of supply-chain financing firm Greensill,
business advisers and corporate undertakers are not seeing a big
pipeline of future restructuring work.
AFR relates that Marcus Ayres, managing director at business
advisory firm Duff & Phelps, said there would be some orderly
business wind downs and asset sales, but overall the insolvency
"lawyers and accountants are very quiet, frankly".
"Insolvency is about half the levels entering COVID, which was a
really quiet period for insolvency anyway," the report quotes Mr.
Ayres as saying. "There is not a lot of inquiries, the Tax Office
is not pushing businesses and there is very low interest rates."
Mr. Ayres said many SME owners had pledged their family homes as
collateral for business loans, "and everyone's house price is going
up," AFR relays.
There was a 45 per cent fall in insolvency appointments in the nine
months to the end of December 2020, the COVID-19 emergency period
during which the government provided insolvency protections and
unprecedented financial support to firms, the report discloses.
Some 4,751 businesses had insolvency practitioners appointed,
compared with 8,628 in the same period in 2019, AFR discloses
citing data published by the Australian Securities and Investments
Commission.
According to AFR, Ashurst insolvency and restructuring partner
Michael Sloan said it was unlikely there would be a big rise in
insolvencies that had been predicted last year.
"Given that we are at historic lows of financial distress as
evidenced by record low insolvency appointments and the most
significant stimulus is being wound back - JobKeeper - it makes
sense that there will be an increase," the report quotes Mr. Sloan
as saying.
"However, the breathing space given to allow businesses to get
their houses in order means that any increase will be gradual
rather than sudden and dramatic.
"The insolvency cliff predicted last year turned out to be a
mirage."
About 1 million workers and 350,000 businesses were on JobKeeper at
the end of February.
Australian Taxation Office data indicates about 680,000 businesses
employing 2.8 million people had graduated from JobKeeper,
Treasurer Josh Frydenberg said on March 28, AFR relays.
The unemployment rate has fallen to 5.8 per cent.
AFR relates that Mr. Frydenberg said that JobKeeper had achieved
its objectives of saving lives and livelihoods, and had already
been extended for an extra six months.
The government was providing targeted support, including cheap
10-year loans of up to AUD5 million for small and medium
enterprises that could defer repayments for two years.
The joint government-bank loans are available to businesses with up
to AUD250 million in turnover, AFR notes.
=========
C H I N A
=========
ANXIN TRUST: Goes After Debtors to Recover CNY2.9 Billion
---------------------------------------------------------
Liang Hong and Tang Ziyi at Caixin Global reports that Anxin Trust
Co. Ltd., which is facing 60 lawsuits from investors seeking to
recover CNY25 billion (US$3.82 billion), is taking legal action of
its own against three companies who owe it money, including two
with links to its boss who has been detained by police on suspicion
of issuing illicit loans.
Caixin relates that the former darling of the trust sector, which
is undergoing a financial restructuring, is suing two companies for
overdue debt involving about CNY2.9 billion, according to a filing
made to the Shanghai Stock Exchange on March 24. The two companies
are related to Anxin Trust's actual controller, Gao Tianguo,
sources familiar with Anxin Trust told Caixin. Gao was detained by
police in Shanghai in June last year over allegations he violated
lending regulations.
In its filing, Anxin Trust said it lent CNY200 million at an annual
interest rate of 12% to Shanghai Guxin Investment Co. Ltd. that
matured in May 2019, but the interest and principal have yet to be
repaid, Caixin relays. The Shanghai Financial Court on
March 12 accepted a lawsuit filed by Anxin Trust against Shanghai
Guxin, which demanded payment of the overdue loan principal,
interest, fines and other fees totaling CNY290.8 million, the
filing, as cited by Caixin, showed.
Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust
service for clients in agriculture, biomedicine, city renovation,
Internet infrastructure, pension, logistics, and new energy
industry fields. The company was formerly known as Anxin Trust &
Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd
in April 2014.
DR. PENG TELECOM: Moody's Withdraws Caa3 Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Dr. Peng Telecom & Media
Group Co., Ltd.'s Caa3 corporate family rating. Moody's has also
withdrawn Dr. Peng Holding Hongkong Limited's Caa3 backed senior
unsecured rating.
Prior to the withdrawal, the outlook on the ratings was negative.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
Dr. Peng Telecom & Media Group Co., Ltd., headquartered in Beijing,
offers broadband internet access and application services, among
others. The company was listed on the Shanghai Stock Exchange in
1994.
HAITONG SECURITIES: Banned From Advisory Work for One Year
----------------------------------------------------------
Regulation Asia reports that the China Securities Regulatory
Commission (CSRC) has imposed a one-year business ban on Haitong
Securities for allegedly helping Yongcheng Coal to sell bonds
illegally.
Last November, state-owned Yongcheng Coal defaulted on CNY1 billion
worth of bonds, just weeks after the issuance, disrupting the bond
markets and prompting a probe into the underwriters, including
Haitong, the report recalls.
Earlier this year, the National Association of Financial Market
Institutional Investors (NAFMII) admonished three underwriters of
Yongcheng Coal's bonds and ordered them to rectify their failures,
according to Regulation Asia.
Around the same time, NAFMII said it had identified regulatory
breaches at Haitong Securities and three of its related
institutions connected to the Yongcheng default. The institutions
were referred to the People's Bank of China (PBOC) and CSRC.
Regulation Asia relates that Haitong said at the time it had taken
rectification measures to enhance its business operations,
including strengthening staff training and improving internal
controls.
The CSRC said now responded by suspending Haitong Securities from
conducting bond investment advisory business for institutional
investors for one year, the report relays.
The company did not effectively control and prevent risks when it
conducted its investment consulting and private equity management
business, causing "serious negative effects" to the market, the
regulator said.
According to the report, Haitong Securities is also required to
conduct more frequent internal compliance inspections and submit
compliance inspection reports to the regulator.
An affiliate, Haitong Asset Management, is required to suspend
private placements its provision of investment advisory services
for 12 months, adds Regulation Asia.
China-based Haitong Securities provides services in stocks and
futures brokerage, as well as investment banking, corporate
finance, M&A, asset management, mutual fund, and private equity.
JIANGSU ZHONGNAN: S&P Gives 'B' Rating on New USD Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes to be
issued by Haimen Zhongnan Investment Development (International)
Co. Ltd., a subsidiary of Jiangsu Zhongnan Construction Group Co.
Ltd. (Zhongnan; B+/Stable/--). Zhongnan irrevocably and
unconditionally guarantees the notes. The China-based property
developer intends to use the net proceeds to refinance its existing
debt. The issue rating is subject to our review of the final
issuance documentation.
S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Zhongnan to reflect substantial
structural subordination risk. As of Sept. 30, 2020, Zhongnan's
capital structure consisted of Chinese renminbi (RMB) 51.4 billion
in secured debt, RMB28.4 billion in unsecured debt, and RMB11.1
billion in guarantees. The company's secured debt is about 56.5% of
total debt, above our notching-down threshold of 50%.
"In our view, the proposed notes will not materially affect
Zhongnan's credit profile, given that the proceeds would be mainly
used for refinancing purposes. We expect Zhongnan to achieve solid
revenue recognition in 2020 and 2021 while controlling its
leverage. As of June 30, 2020, 65% of the company's total land
reserve is in lower-tier cities. That said, Zhongnan has
demonstrated steady execution, with total contracted sales rising
14.2% to RMB223.8 billion in 2020. This is reflected in our stable
outlook on the company. We estimate Zhongnan's consolidated
debt-to-EBITDA ratio was 5.5x-6.0x in 2020, with the look-through
ratio at 5.0x-5.5x."
POWERLONG REAL ESTATE: S&P Hikes ICR to 'BB-' on Business Expansion
-------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Powerlong Real Estate Holdings Ltd. to 'BB-' from 'B+'. S&P also
raised its issue rating on the company's outstanding senior
unsecured notes to 'B+' from 'B'.
S&P said, "The stable outlook reflects our view that Powerlong will
continue to increase its operating scale and investment portfolio
over the next 12 months, while sustaining above-average
profitability.
"We upgraded Powerlong because we expect the company's solid sales
execution, better profitability than peers', and increasing
recurring income from investment properties to sustain its improved
financial profile over the next 12 months."
Powerlong's margins are likely to decline over the next one to two
years, but will remain materially higher than peers'.
The company's margin contraction is in line with the industry trend
due to intense competition for land and ongoing price restrictions.
Powerlong's gross margin will likely dip only slightly to 30%-33%
in 2021-2022, from 36% in 2020. This is because apart from public
land auctions, the company has established other land replenishment
channels, such as acquiring commercial and residential complex
projects (60% of salable resources acquired in 2020), to keep its
land costs competitive.
S&P expects Powerlong to continue to use these alternative channels
for land replenishment due to its strengthening brand and
connections to local governments as well as enhanced expertise in
commercial mixed-use projects. The average cost of the company's
existing land reserves was only about 23% of its average selling
price in 2020.
Powerlong's expansion target looks achievable without heavily
relying on additional debt.
The company has a contracted sales growth target of 29% to Chinese
renminbi (RMB) 105 billion in 2021. While this target may appear
ambitious, we believe it is achievable. That's because it only
implies a sell-through rate of 55%-60% on Powerlong's RMB170
billion of salable resources, lower than 61%-67% in 2019-2020.
The company is likely to continue to solidify its market position
in the Yangtze River Delta (YRD) and gradually penetrate the
Greater Bay Area (GBA), lowering its concentration risk. Since
2019, Powerlong has been increasing its presence in GBA cities,
such as Zhuhai and Zhongshan. S&P believes these cities will boost
sales growth in the coming years.
To support its fast expansion, Powerlong will continue to
participate in more joint venture (JV) projects.
S&P estimates the attributable ratio of the company's contracted
sales will remain low at 55% in the next one to two years, in line
with 50%-55% in previous two years. While sharing land costs among
partners could reduce Powerlong's debt burden, its consolidated
revenue growth will slow because these JVs are off-balance sheet.
The company will also leverage on capital injection from minority
shareholders, indicating potential cash needs if the company
repurchases the equity interests. The growth in minority interest
is largely from developers rather than financial institutions such
as trust companies. S&P views this as a positive factor.
Powerlong's enlarged recurring income will provide additional
operating cash flow stability.
Given COVID-19 is largely under control in mainland China, we
anticipate that the company's recurring income (including rental
income plus contracted management fee) to interest coverage to
improve to 52% in 2021 and 57% in 2022, from 51% in 2020. The
improvement will be underpinned by the high visibility of
Powerlong's new shopping malls pipeline. However, the company's
occupancy rate and average rents will remain low compared to that
of leading players such as China Resources Land Ltd. and Longfor
Group Holdings Ltd.
Execution risks remain for Powerlong's commercial property
expansion as the company plans to build landmark shopping malls in
larger tier-two cities such as Nanjing. While this could enhance
its brand reputation, the company's expertise in managing high-end
shopping malls is untested.
S&P said, "We expect Powerlong's controlled debt growth, which is
less than EBITDA growth, to sustain its improved debt servicing
capacity over the next 12 months.
"In our view, the company will take a more conservative approach on
land replenishments, given it has sufficient land bank that can
support development for the next three years. It will allocate
significant capital for commercial properties development, and we
expect the capital expenditure to be RMB5 billion-RMB6 billion
annually in 2021-2022. Overbudget or aggressive expansion may put
pressure on Powerlong's cash flow or liquidity, but a significant
increase in debt growth is unlikely, considering tightened
regulations on funding in China's property sector. As a result, we
forecast the company's debt growth to slow to 12%-14% in 2021 from
20% in 2020.
"Despite moderate revenue increase, Powerlong's EBITDA growth will
remain high at 14%-15% annually in 2021-2022, surpassing debt
growth, given strong sales in 2018-2020 and above-average
profitability. We therefore forecast the company's consolidated
leverage (debt-to-EBITDA ratio) will be 4.7x-4.9x in 2021-2022,
compared to 4.9x in 2020. The company has increased its exposure in
JVs since 2017, and their EBITDA contribution has gradually been
coming through. We estimate the look-through leverage, which
proportionately consolidates JVs, will be slightly lower than
consolidated leverage.
"The stable outlook reflects our view that Powerlong will continue
to expand its scale and solidify its market position both in
property development and investment properties over the next 12
months. The company will maintain considerably stronger
profitability than peers' although it will gradually slide due to
sector conditions.
"We may lower the rating if Powerlong's profitability is lower than
our expectation or if the company uses more debt to fund expansion.
A consolidated debt-to-EBITDA ratio exceeding 5.5x or a
look-through debt-to-EBITDA ratio exceeding about 5.0x on a
sustainable basis could signal such a deterioration.
"We could raise the rating if Powerlong's debt leverage continues
to improve significantly on strong revenue expansion, stable
profitability, and disciplined debt growth. A debt-to-EBITDA ratio
(on a consolidated and look-through basis) sustainably below 4.0x
could indicate such an improvement.
"We may also raise the rating if Powerlong's recurring income from
investment properties fully covers its interest expense. This could
happen if the company continues to improve its operating scale and
occupancy rate and shows steady execution in its new shopping mall
construction. However, upside is limited in the next 12 months
given Powerlong's recurring income base is smaller relative to
peers'."
[*] CHINA: Revamps Credit Ratings Rules Amid Massive Bond Defaults
------------------------------------------------------------------
Caixin Global reports that Chinese companies will in principle no
longer need to disclose credit ratings reports for certain bonds
issued on the interbank market, according to new rules issued March
26 by the market regulator.
Caixin relates that the rules, which took effect on March 29, are
part of the interbank regulator's efforts to reduce bond issuers'
reliance on ratings providers, as a recent wave of defaults by
highly rated companies has exposed how domestic ratings agencies
provided excessively generous scores and downplayed credit risks in
an effort to secure clients.
According to the new rules, an issuer still needs to disclose a
credit ratings report for a bond if the repayment order of the
bond's principal and interest is ranked after the issuer's ordinary
unsecured debts, which may cause the bond's rating to be lower than
the issuer's rating as a whole, Caixin relays.
=========
I N D I A
=========
AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of AI
Champdany Industries Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 33.98 CARE C; Stable revised from
Facilities CARE BB+; Stable
Short term Bank
Facilities 32.00 CARE A4 Revised from CARE A4+
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of AI
Champdany Industries Limited take into account ongoing delays in
repayment of Funded Interest Term loan (FITL) (not rated by CARE).
The rating revision also takes into account deterioration in the
financial performance of the company with company incurring net
loss in FY20 (refers to the period from April 1 to March 31) and
9MFY21, poor liquidity position and suspension of work at its
Wellington Jute Mill, Rishra. The ratings continue to be
constrained by its exposure to volatility in raw-material prices,
labor-intensive operations coupled with labor problems associated
with the industry along with stiff competition in the industry and
moderate capital structure.
The weaknesses are, however, offset by the long track record of
AICIL and more than four decades of experience of the promoters in
the jute industry, possession of large unencumbered freehold land
bank by the company, presence in the export market, empanelment
with government institutions and favorable government policies for
the jute industry.
As confirmed by the lenders, AICIL had availed moratorium of
interest on working capital facility for a period of 6 months from
March 2020 to August 2020 under the RBI relief package for
COVID-19.
Key Rating Sensitivities
Positive rating sensitivities – Factors that could lead to
positive rating action/upgrade:
* Default track free record on a sustained basis
* Increase in scale of operations with increase in PAT margin above
5% on a sustained basis
* Improvement in capital structure with overall gearing ratio
AUCTUS TOWN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Auctus Town Planners Private Limited
289, Sector-D
Pocket-6, Vasant Kunj
New Delhi 110070
India
Insolvency Commencement Date: January 24, 2020
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: July 20, 2020
(180 days from commencement)
Insolvency professional: Mr. Tejas Patel
Interim Resolution
Professional: Mr. Tejas Patel
126, Lawyers Chambers
R.K. Jain Block
Supreme Court of India
New Delhi 110001
India
E-mail: mail@tejaspatel.in
auctuscirp@gmail.com
Last date for
submission of claims: February 5, 2020
BESCO LTD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: BESCO Ltd.
5/2 Russel Street
Poonam Building
17th Floor
Kolkata
WB 700071
IN
Insolvency Commencement Date: January 27, 2020
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: July 25, 2020
(180 days from commencement)
Insolvency professional: Mr. Manish Jain
Interim Resolution
Professional: Mr. Manish Jain
Manish Mahavir & Co.
2B, Grant Lane
Room No. 303, 3rd floor
Bajarang Kunj
Kolkata 700012
E-mail: manishmahavir@gmail.com
cirp.besco@gmail.com
Mobile: 9830248684
8582806221
Last date for
submission of claims: February 15, 2020
BHANDARI FOILS: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bhandari
Foils and Tubes Limited (BFTL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 90.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING Category
Short Term Bank 103.26 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING Category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from BFTL to monitor the ratings
vide e-mail communications/letters dated January 7, 2021, January
29, 2021, March 11, 2021, March 12, 2021, March 15, 2021 and
numerous phone calls. However, despite CARE's repeated requests,
BFTL has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, BFTL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on BFTL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of BFTL continue to
remain constrained on account of continuous overdrawals in cash
credit account for more than 30 days, devolvement of letter of
credit and ongoing delays in repayment of term loan.
Detailed description of the key rating drivers
At the time of last rating on January 21, 2020, the following were
the rating strengths and weaknesses (updated based on best
available information which is FY20 audited results for BFTL).
Key Rating Weaknesses
* Continuous overdrawals in cash credit account, devolvement of LC
and default in repayment of term loan: Due to poor liquidity, BFTL
has continuous overdrawals from cash credit account beyond 30 days
and devolvement of letter of credit. Further there are on-going
delays in repayment of term loans.
* Weak financial profile marked by declining scale of operations
and continued losses: BFTL had reported decline in TOI from
INR354.76 crore in FY19 to INR254.71 crore in FY20 which led to
lower absorption of fixed costs and consequent operating losses.
Net loss had also increased from INR24.80 crore in FY19 to INR35.38
crore in FY20.
Analytical approach: Standalone along with factoring in the
corporate guarantee extended by the company. BFTL has extended
unconditional and irrevocable corporate guarantee for the bank
facilities of INR49.50 crore availed by Resurgent Power Projects
Ltd. (RSPL; erstwhile Enmas GB Power Systems Project Ltd.; rated
CARE D; ISSUER NOT CO-OPERATING).
Incorporated in 1993, BFTL (CIN: U74110TN1993PLC024327) is promoted
by the Bhandari group based out of Chennai. BFTL is engaged into
the business of manufacturing stainless steel (SS) welded tubes and
pipes, bright annealing tubes, cold rolled SS coils, strips and
foils and pipe fittings. BFTL's manufacturing unit is located at
Dewas, Madhya Pradesh and had an installed capacity for
manufacturing of 15,000 metric tons per annum (MTPA) of SS tubes,
strips, section/components and bright annealing tubes along with
8,000 MTPA for cold-rolled SS (CRSS) coils, strips and foils as on
March 31, 2020.
BHARATHI VIDHYALAYA: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings & Research (Ind-Ra) has downgraded Bharathi
Vidhyalaya Educational Trust's (BVET) bank facilities' rating to
'IND D' from 'IND BB' and has simultaneously migrated it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The detailed rating actions are:
-- INR426.80 mil. Bank loans (Long-term) downgraded and migrated
to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating; and
-- INR50.00 mil. Fund-based working capital limit (Long-term)
downgraded and migrated to non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects BVET's delays in debt servicing over the 12
months ended February 2021, the details of which are unavailable.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.
COMPANY PROFILE
BVET is a public charitable trust founded in 1997 by P R Velumani
and his wife Amutham. The trust manages the Bharathi Vidhyalaya
Matriculation School and Bharathi Vidhyalaya CBSE School in
Gobichettipalayam, Tamil Nadu and offers classes from pre-primary
to 12th standard.
ECSTASY REALTY: CARE Keeps C Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecstasy
Realty Private Limited (ERPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT Bank Facilities– 500.00 CARE C; ISSUER NOT
COOPERATING
Term loan Rating continues to remain
(proposed) under ISSUER NOT COOPERATING
category
Non-Convertible 600.00 CARE D; ISSUER NOT COOPERATING
Debenture issue Rating continues to remain
under ISSUER NOT COOPERATING
category
Non-Convertible 250.00 CARE C; ISSUER NOT COOPERATING
Debenture issue– Rating continues to remain
(Proposed) under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from ERPL to monitor the rating
vide e-mail communications dated February 26, 2021, February 16,
2021 and February 6, 2021 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on ERPL's
bank facilities and instruments will now be denoted as CARE D/ CARE
C; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
CARE has not received monthly NDS (No Default Statement) since
January 2021. There is no confirmation received from the debenture
trustee with respect to the status of debt servicing. The
reaffirmation of the ratings is owing to non-receipt of
confirmation.
Detailed description of the key rating drivers:
At the time of last rating on March 23, 2020 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Sluggishness in sales of Phase-I; albeit expected to improve post
receipt of OC: ERPL had earlier envisaged the OC to be received in
March 2018 which was however received only in December 2018. Hence
the number of flats expected to be sold during FY19 was lower than
that envisaged. However, after receipt of OC, the sales have
gathered momentum and ERPL has been able to sell 8 new flats as
comfort for a buyer is much higher for a flat with ready OC
available. Currently out of 122 available flats, 79 flats have been
sold and the residents have also moved into the apartments.
* Partial dependency on promoter funds for NCD coupon payment: Due
to above postponement of envisaged cashflows, ERPL was totally
dependent on promoter support for repayment of the quarterly NCD
coupon up to December 31, 2018. However, post receipt of OC, pick
up in sale of flats and collection the dependency on promoters
support is expected to reduce.
* Nascent stage of Phase-II of the project thereby exposed to
execution risks: For the Phase-II of the project, the land has been
acquired and plan has been submitted to authorities for final
approval which is expected to be received shortly. Given the
nascent stage of construction, with approvals pending, therefore
risk exists pertaining to timely execution of the project. Further,
financial closure towards the same is pending and with significant
proportion of total cost to be funded through customer advances,
funding risk persists.
* Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. Though reforms
announced recently in real estate sector have been taken in the
right direction, the investor's confidence is yet to pick up. The
major challenges pertaining to clearances, land acquisition,
project delay, liquidity issues, slow sales and pile-up of
inventory, are yet to be addressed for complete recovery of the
sector. The recent liquidity crisis in NBFCs (non-banking finance
companies) and HFCs (housing finance companies) affected the real
estate sector, as accessing capital from lenders has become a lot
tougher. However, with the improvement in macro-economic conditions
in the country, the real estate sector is expected to attain a
gradual recovery.
Key Rating Strengths
* Experience and track record of the promoters: Mr. Shobhit J.
Rajan, the promoter of ERPL, has over 20 years experience in the
construction industry. Mr. Rajan was earlier a Director of Gammon
India Limited and was responsible for procurement, resource raising
and execution of projects. He has also been the recipient of
several industrial accolades. Mr. Rajan is assisted by a team of
experienced management team. Over the years, under the leadership
of Mr. Rajan, the Raiaskaran Group (RG) has been involved in
development of residential and commercial spaces in Mumbai
aggregating to 2 million ft2.
* Prime location of the property in Mumbai real estate market: ERPL
is currently developing a premium residential tower named
"Parthenon" located at J P Road, Versova in Mumbai. Versova is one
of the most prime locations in the Western region of Mumbai. This
residential tower forms Phase-I of the project. ERPL is also
proposing to develop Phase-II which shall be located adjacent to
the "Parthenon" building to be comprising of residential flats,
commercial complex and a clubhouse. The project is located very
close to D.N. Nagar station of Mumbai Metro which provides seamless
East-West suburban connectivity. The neighborhood is also well
developed with all the urban amenities in proximity including
malls, multiplex, schools, college, restaurants etc. The location
is approximately 5 km from Andheri suburban Railway station and
about 10-15 km from the Mumbai Domestic & International Airport.
Further, the site is well connected by roads through S.V. Road,
Western Express Highway and Jogeshwari-Vikhroli Link Road.
Ecstasy Realty Private Limited (ERPL) is a group company of the
Mumbai-based Raiaskaran Group (RG), which was incorporated in the
year 1992. RG, established by Mr. Shobhit Rajan, is into real
estate development of commercial and residential spaces. ERPL is
developing a residential tower named "Parthenon" (MAHARERA
Registration No.P51800008444) located at J P Road, Versova in
Mumbai and having total saleable area of 6.35 lakh sqft. This forms
Phase-I of the proposed development plan of RG in Versova.
EMCER TILES: CARE Reaffirms D Rating on INR66.74cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Emcer
Tiles Private Limited (ETPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 66.74 CARE D Reaffirmed
Short Term Bank
Facilities 4.25 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of ETPL continue to
factor in the on-going delays in debt servicing obligation due to
stressed liquidity considering high debt levels and high working
capital intensity of operations.
CARE also takes note that ETPL has availed the moratorium granted
by its lenders as well as emergency credit line of Rs.2.30 crore as
a COVID-19 relief measure (as permitted by the Reserve Bank of
India) during March-August 2020.
Key Rating Sensitivities
Positive factors:
* Improvement in overall liquidity position along with timely
repayment of its bank loans
Negative Factors: Not Applicable
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing due to poor liquidity: Due to weak
liquidity position, ETPL delayed in servicing its interest
obligation on term loan for the month of January 2021. Utilisation
of fund-based working capital facility also remained high at around
98% post scaling up operations in July 2020. ETPL had low free cash
and bank balance of INR0.60 crore at November 2020 end and its
current ratio also remained weak at 0.98x as on balance sheet
date.
* Low profitability, leveraged capital structure and modest debt
coverage indicators: Although ETPL reported improvement in PBILDT
margin due to increase in manufacturing sales, its PAT margin
remained below unity at 0.81% in FY20, on account of higher
interest and depreciation costs. The capital structure of the
company remained leverage on account of high project debt and
working capital intensive nature of operations. Consequently,
ETPL's overall gearing remained high at 2.55x at FY20 end.
Similarly, the interest coverage and total debt/ GCA remained
modest at 1.94x and 9.46x respectively at FY20 end.
Key Rating Strengths
* Long-standing experience of the promoters in ceramic tiles
industry: The promoters have more than two decades of experience in
the ceramic tile industry through their association with other
entities which has a well-established track record of operations.
* Growth in scale of operations in the first year itself with
moderate profitability: During the first full year of commercial
operations, ETPL's reported total operating income (TOI) of
INR122.91 crore. PBILDT margin also improved by 123 bps y-o-y to
13.15% in FY20 on account of increase in proportion of
manufacturing sales which carry higher margins as compared to
trading sales. As per provisional results for 10MFY21, ETPL's
total sales increased to INR127.15 crore.
Incorporated on January 6, 2015, ETPL was incorporated to
manufacture Glazed Vitrified Tiles (GVT) at Morbi (Gujarat). The
greenfield project was completed in June 2018 and it commenced
commercial operations from July 2018 with an installed capacity of
approx. 9000 Sq. Mt per day. The total project cost of INR97.67
crore was funded in project debt/equity ratio of 1.73 times. ETPL
is engaged in production of vitrified tiles in varied size of 800
mm x 800 mm, 800 mm x 2400 mm, 600 x 1200 mm, 1200 mm x 1200 mm and
1200 mm x 2400 mm.
EMDEE DIGITRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Emdee
Digitronics Pvt Ltd's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR25 mil. Fund-based working capital limit maintained in non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating;
-- INR96.5 mil. Non-fund-based working capital limit maintained
in non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating;
-- INR35 mil. Proposed fund-based working capital limit withdrawn
(the company did not proceed with the instrument as
envisaged); and
-- INR83.5 mil. Proposed non-fund-based working capital limit
withdrawn (the company did not proceed with the instrument as
envisaged).
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.
COMPANY PROFILE
Formed as a partnership firm in 1995, Emdee Digitronics was
reconstituted as a private limited company in 2005. It provides
several data and manpower services to government entities.
EZEEGO ONE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ezeego One Travel & Tours Limited
Registered address:
1st Floor, Cecil Court
Lansdowne Road, Colaba
Mumbai MH 400039
IN
Principal office address:
Vaman Techno Centre
Marol Makwana Road
Andheri East
Mumbai 400059
Insolvency Commencement Date: March 19, 2021
Court: National Company Law Tribunal, Mumbai Bench-II
Estimated date of closure of
insolvency resolution process: September 15, 2021
(180 days from commencement)
Insolvency professional: Mr. Gaurav Ashok Adukia
Interim Resolution
Professional: Mr. Gaurav Ashok Adukia
Anand Bhavan
Jamnadas Adukia Road
Kandivali West
Mumbai City
Maharashtra 400067
E-mail: gauravadukia@hotmail.com
- and -
Sumedha Management Solutions
Private Limited
809, 810, 8th Floor
B-Wing, Trade World
Kamala Mills Compound
Lower Parel (West)
Mumbai 400013
Maharashtra
E-mail: ezeego@sumedhamanagement.com
Last date for
submission of claims: April 2, 2021
FIBCOM INDIA: CARE Lowers Rating on INR32.02cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fibcom India Limited (FIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 32.02 CARE D Revised from CARE BB-;
Facilities Stable
Short Term Bank 67.50 CARE D Revised from CARE A4
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of FIL
takes into account the ongoing delays in the servicing of the
interest for the bank facilities of the company. Further, there are
more than 30 days delays in the bill discounting facility on
account of FIL's poor liquidity position resulting from cash flow
mismatches. The rating is further constrained by its working
capital intensive nature of operations, moderate financial
performance and foreign currency fluctuation risk on account of
dependence on imports.
* FIL has sought moratorium on few of its payments due to its
lenders as part of the COVID-19: Regulatory Package announced by
the RBI on March 27, 2020 and May 22, 2020. In the anticipation of
the said approval following the regulatory package by RBI some of
the interest payments on working capital facility were deferred by
the company. The moratorium has been approved by the bankers of
FIL. CARE did not recognize this instance as a default in that
period as the same was permitted by the RBI as part of the relief
measures announced recently. This was as per the guidance provided
by the SEBI circular SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/ 53 dated
March 30, 2020.
Key Rating Sensitivities:
Positive Factors:
* Improvement in overall operational performance of the company
leading to substantial improvement in its financial risk profile.
* Effective management of its working capital and improvement in
its liquidity position.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays & Poor liquidity: FIL's working capital cycle
stood at 509 days in FY20 as against 492 days in FY19. The
liquidity position of FIL is poor and the working capital
utilization at maximum level for past 12 months remained high at
99.22% which shows the working capital-intensive nature of the
operations. The company has been facing delays in the payment from
its government customers and with the outbreak of Covid-19 there
has been pressure on the business. With the significant stretch in
its operating cycle there were cash flow mismatches which led to
delays in payments of interest of the bank facilities of the
company and delays in the bill discounting facility on account of
its poor liquidity. The company took moratorium as per RBI
guidelines for deferment of interest servicing on CC from March to
August 2020.
* Moderate financial risk profile: Income from operations increased
marginally to INR68.79 crores in FY20 (refers to period from April
01 to March 31) from INR66.52 crore in FY19. PAT stood at loss of
INR3.14 crores in FY20 as against INR0.72 crore in FY19 on account
of higher depreciation. Total debt as on March 31, 2020 decreased
to INR157.61 crores (including inter-corporate deposits of INR80.04
crores and working capital borrowings of INR65.11 crores) from
INR159.74 crores (including inter-corporate deposits of INR80.29
crores and working capital borrowings of INR66.44 crores) as on
March 31, 2019. The company does have any term loan from banks and
inter-corporate deposits does not have any fixed repayment
schedule, interest rate charged on inter-corporate deposits is
6.65%. The debtors stood at INR41.35 cr as on December 31, 2020.
* Working capital intensive nature of operations: FIL obtains
orders through tendering and bidding process and receives payments
as per the delivery of order. FIL has long operating cycle due to
milestone-based payments. FIL's working capital cycle stood at 509
days in FY20 as against 492 days in FY19. Average creditor days
decreased to 107 days in FY20 from 208 days in FY19 and inventory
days decreased to 391 days in FY20 from 402 days in FY19. The
working capital limits of the company remained 99.22% utilized
during the preceding 12 months (Jan'20 to Dec'20) which shows the
working capital intensive nature of the operations. Total
receivables decreased to INR39.00 crores as on 31st Mar 2020 from
INR46.45 crore as on 31st Mar 2019.
* Foreign currency fluctuation risk on account of dependence on
imports: As the company has been in this line of business for more
than 20 years, the company has established relationship with the
suppliers. The company procures the raw materials from the domestic
markets as well as from foreign suppliers. Further, the company
does not have any hedging policy. The company reported a net profit
on foreign currency fluctuation of INR0.13 crore in FY20 (PY:
INR0.01 crore).
Key Rating Strengths
* Strong promoter group along with funding support in the past:
Fibcom India Limited (FIL) was established in December 1994 as a
Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and
IFU, Denmark. In 2006, Delhi-based Lalit Suri group acquired the
company from the promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. Further, the promoters of FIL have supported the
operations of the company through regular infusion of funds in the
form of unsecured loans and Optionally Convertible Cumulative
Redeemable Preference Shares (OCCRPS). As on March 31 2020, the
funds infused by the promoters (in the form of unsecured loans,
inter-corporate deposits and OCCRPS) stood at INR84.09 crore as
against INR84.34 crore as on March 31, 2019.
Fibcom India Limited (FIL) was established in December 1994 as a
Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and
IFU, Denmark. In 2006, Delhi-based Lalit Suri group acquired the
company from the promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. FIL is engaged into manufacturing of telecom networking
equipment and also offer Installation & Commissioning (I&C) of
telecommunication projects and network consultancy services. FIL is
into manufacturing of optical transmission products (SDH/DWDM),
integrated network solutions and telecom infrastructure development
projects. The manufacturing and R&D facility of FIL is located in
Noida, Uttar Pradesh. The client base of FIL is reputed which
includes Power Grid Corporation of India Limited, Himachal
Futuristic Communication Limited, Railtel Corporation of India, Gas
Authority of India Limited, Delhi Metro Rail Corporation etc.
Further, the Board of Director of Company have approved scheme of
merger (The Scheme) proposing merger of Fibcom India Limited
(transferor Company)) into Prima Telecom Limited (PTL). Further,
post-merger, as per the scheme, all the business of transferor
Company, all assets and all liabilities shall be merged into PTL.
As per the discussion with the management, the company is currently
waiting for the approval from NCLT, post which merger will be
completed.
FUTURE CONSUMER: CARE Reaffirms D Rating on INR311.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Future Consumer Limited (FCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 311.50 CARE D Reaffirmed
Long Term/
Short Term Bank
Facilities 109.00 CARE D Reaffirmed
Short Term Bank
Facilities 95.00 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities and instruments of FCL
continue to factor in delays in debt servicing by the company due
to its weak financial performance and stretched liquidity
position.
Detailed description of the key rating drivers
* Weak financial performance and stretched liquidity position: The
liquidity position of the company continues to remain weak on
account of weak financial performance, leading to ongoing delays in
debt servicing. CARE takes cognizance of the fact that company is
currently undergoing restructuring and a resolution plan.
Future Consumer Ltd. (FCL, erstwhile known as Future Consumer
Enterprise Ltd.) is a part of the Future Group and operates as a
food company. The company's line of business include branding,
marketing, sourcing, manufacturing, and distribution of basic
foods, ready to eat meals, snacks, beverages, dairy, personal
hygiene and home care products of private label brands of the
Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean
mate, Caremate, Tasty Treat, Fresh & Pure, Voom etc.) and other
brands like Sunkist and Sach, primarily through Future group
formats and outlets in urban and rural areas across India.
GLOBAL CERAMICS: CARE Reaffirms D Rating on INR46.98cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Global Ceramics Private Limited (GCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 46.98 CARE D Reaffirmed
Short Term Bank
Facilities - Withdrawn
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of GCPL continues to be
constrained by recent instances of delays in debt servicing by the
company. The rating also factors in the company's modest liquidity
position, working capital intensive nature of operation, small
scale of operations and presence in a competitive industry. The
rating also takes note of improvement in gearing due to reduction
in unsecured loans. Further, CARE has withdrawn the ratings for
short term facilities as the same stands merged with long term
facilities as a sublimit.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Improvement in liquidity position and resultantly better debt
servicing track record
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: Global Ceramics Private Limited had
reported delays on term loan instalment and interest payments with
last such delay reported in January 2021. Although, it has been
observed that the company had sufficient funds in its current
accounts, debt servicing was delayed due to financial discipline
related issues. CARE learns from the company's management that the
company has taken corrective measures to ensure timely debt
servicing. Hence, going forward, the company's ability to
demonstrate adherence to such measures would remain key
monitorable.
* Working capital intensive nature of operations: The operations of
GCPL are working capital intensive in nature due to sizable
inventory holdings. It provides around 30 days to its clients for
payment of their dues (29 days as on March 31, 2020 (PY: 26
days)). Further, it gets around 50 days for the payment to its
suppliers. The creditor days stood at 55 days as on March 31, 2020
(PY: 48 days)). The company maintains inventory levels of around
three months due to the nature of operations (112 days as
on March 31, 2020 (PY: 90 days). The operating cycle of the company
stood at 87 days as on March 31, 2020 (PY: 69 days) owing to the
increase in the inventory days. The fund based working capital
limits are almost fully utilized.
* Small scale of operations: The total income of the company
increased to INR245.97 crore in FY20 (PY: INR245.41 crore).
Further, the company has reported lower total income of INR129.57
crore and PBILDT of INR7.39 cr in 9MFY21 (Prov.) refers to the
period from April 1, 2019 to December 31, 2020).
* Highly competitive nature of the industry: The ceramic tiles/
sanitary ware industry is competitive in nature and there is
competition from unorganized sector, besides presence of other
large players. Demand for tiles/sanitary ware is dependent on
building construction industry which is cyclical in nature. During
covid period, the real estate development had slowed down and hence
performance of the ceramic industry has also been impacted to a
certain extent. Despite the slowdown in the real estate sector and
adverse macroeconomic environment, limited usage of ceramic tiles
in India compared with other countries, rapid urbanisation,
increasing disposable income of nuclear families and untapped rural
market and stable replacement demand is envisaged to augur well for
the Indian ceramic tile industry in the long term.
Liquidity analysis: Stretched: The company has reported a current
ratio of 1.01x as on March 31, 2020(PY: 1.22x). The fund based
working capital limits remain fully utilized showing stretched
liquidity position. The company has an operating cycle of 85 days
as on March 31, 2020. It has high creditors and inventory days of
55 days and 112 days as on March 31, 2020 (PY: 48 and 90 days
respectively). The company had taken both the moratoriums on the
interest and principal repayment of the term loan and moratorium
for only 1 month on the interest of the cash credit account.
Global Ceramics Private Limited (GCPL), incorporated in the year
2008, is promoted by Mr. Hari Ram Gupta. The company is managed by
Mr. Gupta and his sons Mr. Ved Prakash Gupta, Mr. Manoj Gupta, and
Mr. Niraj Kumar Gupta. GCPL is engaged in the trading and
manufacturing of sanitary ware & tiles under its brand "Glocera"
and trading of cement. It is an ISO 9001:2008 certified company. In
the sanitary ware, the company deals in products like intelligent
toilets, wash basins, urinals, water closets and floor mounted
cabinets, etc. In the cement segment, the company has
distributorship of Star Cement Ltd for the state of Nagaland.
GMR BAJOLI: CARE Reaffirms D Rating on INR1,831.16cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Bajoli Holi Hydro Power Private Limited (GBHHPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1,831.16 CARE D Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
The reaffirmation of the ratings assigned to the long-term bank
facilities of GBHHPPL takes into account the instances of delays in
the servicing of debt obligations by the company.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Timely servicing of debt obligations for more than three months.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Instances of delays in servicing of debt obligations: There have
been instances delays in servicing of debt obligations by the
company. The delay in the servicing of debt obligations is
attributable to pending disbursement of term loan from lenders due
to time and cost over-run in the project leading to stretched
liquidity position of the company. The company has submitted the
proposal with lenders for approval of cost over-run in the project
which is currently under process with the lenders.
* Update on the project: The project was originally envisaged to be
commissioned by December 2017 at a cost of INR2,205 crore. The
project had earlier witnessed time over-run and COD of the project
was revised to August 2018 & subsequently to September 2019. As per
Lenders' Independent Engineer (LIE) report dated January 31, 2021
the project has further witnessed time over-run and it is now
expected to be commissioned by June 2021 revised from earlier SCOD
date of May 2020. The time overrun has also led to cost over-run
leading to revised project cost of INR3,094 crore which is
currently under process for lenders approval. The earlier approved
costs by the lender were INR2,689 crore. As per LIE, the time
overrun is largely attributable to delay in civil works given the
high snowfall in the region coupled with nationwide lockdown due to
the current on-going situation of COVID-19 pandemic.
LIE has further commented that the overall physical progress of the
project was 94.50% as on January 31, 2021.
Liquidity- Stretched
The liquidity position of the company remains stretched pending
disbursement of term loans from the lenders. The cash and bank
balance stood at INR0.36 crore as on February 26, 2021. To tide
over the uncertainty attached to the COVID-19 outbreak, the company
has approached lenders for approval of moratorium for part of its
debt obligations, which is in line with the COVID-19 Regulatory
Package announced by the Reserve Bank of India on March 27, 2020
and May 23, 2020 and the same had been approved by the lenders.
GMR Bajoli Holi Hydro Power Private Limited (GBHHPPL), incorporated
on October 1, 2008, is a special purpose vehicle (SPV) promoted by
GMR group under its energy subsidiary GMR Energy Limited, for
implementing 180 MW (3 x 60 MW) hydro power plant (run-of-river
with pondage) on the upper reaches of river Ravi, which belongs to
the Indus river system in Chamba district of Himachal Pradesh. The
project was allotted to GEL by Government of Himachal Pradesh
(GoHP) in July 2007 on Build, Own, Operate and Transfer (BOOT)
basis through international competitive bidding process based on
payment of highest one-time up-front premium of INR164 crore. The
project is awarded for a concession period of 40 years post COD.
GBHHPPL had initially considered a construction period of 55 months
from project zero date of June 29, 2013 aiming COD by December 1,
2017. However, the same has been extended to June 2021.
GMR POCHANPALLI: CARE Reaffirms D Ratings on INR304.93cr Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Pochanpalli Expressways Limited (GPEL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 20.00 CARE D Reaffirmed
Non-Convertible
Debentures 284.93 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The reaffirmation of the ratings assigned to the long-term bank
facilities of GPEL take into account the instances of delays in the
servicing of debt obligations.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Timely servicing of debt obligations for more than 3 months
Detailed description of the key rating drivers
Key Rating Weaknesses
* Instances of delays in servicing of debt obligations: There have
been instances of delays in the servicing of due debt obligations
by the company. The delay in the servicing of debt obligations is
attributable to non-approval of moratorium requested by the company
pursuant to the Reserve Bank of India's (RBI) circular and
Insurance Regulatory and Development Authority's (IRDA) circular in
the context of outbreak of COVID-19. Further, the debt obligations
due in October 2020 were not paid in a timely manner due to
stretched liquidity position. Although the company has cleared the
overdues in January 11, 2021, however there is a lack of track
record for timely servicing of debt obligations.
* Weakened strength of structure with continuing exposure to group
companies: GPEL has advanced funds to group companies which stood
at INR293.15 crore as on March 31, 2020 (PY: INR259.64 crore). The
total support to group companies stood at INR347.22 crore including
the interest accrued on loans and advances as on March 31, 2020
(PY: INR303.11 crore). The transfer of funds is inconsistent with
the structure originally envisaged and has diluted the strong
credit quality inbuilt in the structure. Though, the company has
received ~INR23 crore from group companies in 9MFY21, the company
is yet to receive significant portion of advances from group
companies.
Key Rating Strengths
* Annuity nature of project revenues: The project revenues are
linked with the annuity receivables from NHAI and not dependent on
the traffic on the project stretch. However, the annuity
receivables are subject to full availability and regular
maintenance of the project stretch as per terms of concession
agreement.
* Established track record of annuity receipt and low counter party
credit risk: The project has low counter party credit risk marked
by established delay free track record of annuity receipt coupled
with comfortable financial risk profile of NHAI (rated CARE AAA;
Stable). GPEL has received twenty-three annuities from NHAI till
now. The annuity payments are due semi-annually in mid of September
and March of every year and have been regular without any delay.
Liquidity: Poor
The company has poor liquidity position marked by instances of
reduction in annuities received by the company. The excess funds
have been given to group companies which have relatively weak
financial profile. The company has free cash and liquid investments
of around INR1.13 crore as on March 16, 2021. Further, the company
is dependent on timely receipt of annuities for debt servicing
though the company has maintained DSRA of INR20.00 crore in the
form of bank guarantee.
GMR Pochanpalli Expressways Private Limited (GPEL) was incorporated
as a Special Purpose Vehicle (SPV) by the GMR group on October 18,
2005 to develop and maintain the 102-km stretch on the National
Highway (NH) -7 connecting Adloor Yellareddy and Gundla Pochanpalli
in the state of Andhra Pradesh. As on March 31, 2017, GMR Highways
Limited (GHL) along with GMR Infrastructure Limited (GIL) and GMR
Energy Limited (GEL), held 100% stake of GPEL. The concession was
awarded by NHAI on Build, Operate and Transfer (BOT) Annuity Basis
to the consortium based on its lowest annuity quote of INR108 crore
(payable semi-annually). GPEL has entered into a Concession
Agreement (CA) with NHAI on March 31, 2006 for the project. The
project cost of INR702.26 crore has been funded by way of equity
INR138 crore, preference shares of INR12.26 crore from the
promoters and the balance INR552 crore by way of debt. The project
achieved Commercial Operations Date (COD) on March 26, 2009.
GRAND PRIX: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Grand Prix
Engineering Private Limited's Long-Term Issuer Rating in the
non-cooperating category and has simultaneously withdrawn it.
The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital facilities # maintained
in non-cooperating category and withdrawn; and
-- INR215 mil. Non-fund-based working capital facilities #
maintained in non-cooperating category and withdrawn.
# Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+(ISSUER
NOT COOPERATING)' before being withdrawn.
KEY RATING DRIVERS
The ratings have been maintained in the non-cooperating category as
the issuer did not participate in the rating exercise, despite
repeated requests by the agency. Also, Grand Prix Engineering has
not provided the agency information about its annual reports of the
last four years, interim financials, and bank limits utilization,
projections for the next three years, bank statements and
management certificate.
Ind-Ra is no longer required to maintain the ratings, 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.
COMPANY PROFILE
Incorporated in 1989, Grand Prix Engineering manufactures filters,
strainers, pressure vessels, gas conditioning skids and others. The
company was awarded the U and U2 certificates of authorization by
The American Society of Mechanical Engineers in 2003 and 2006,
respectively. Moreover, the company is certified by the National
Board of Boiler and Pressure vessel inspectors.
GUJARAT STATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gujarat State Construction Corporation Limited
G-1, 201/1, Sector-30
Gandhinagar 382030
Gujarat, India
Insolvency Commencement Date: November 11, 2020
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: May 10, 2021
(180 days from commencement)
Insolvency professional: Shri Arvind Gaudana
Interim Resolution
Professional: Shri Arvind Gaudana
#307, Ashirwad Paras
Nr. Prahladnagar Garden
Corporate Road, Satellite
Ahmedabad 380015
Gujarat
E-mail: arvindg_cs@yahoo.com
Tel: 079-40324567/68
Last date for
submission of claims: November 25, 2020
GUPTA BUILDERS: CARE Lowers Rating on INR50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gupta Builders & Promoters Private Limited (GBP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
and Revised from CARE BB-
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated June 29, 2020, placed the
rating of GBP under the 'issuer non-cooperating' category as GBP
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GBP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating has been revised on account of ongoing delays in the
servicing of the term debt obligations by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the term debt obligations of the company.
Incorporated in 2011, GBP is engaged in the development of
residential flats, independent plots and commercial & office
complexes.
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries (HDI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 25.06 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated January 10, 2020, placed the
rating of HDI under the 'issuer non-cooperating' category as HDI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HDI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
10, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which, however, in CARE's opinion is not sufficient to arrive at a
fair rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delays in debt servicing: There are ongoing delays in debt
servicing and the account has been classified as Non-Performing
Asset.
Hanuman Dal Industries (HDI) was established in 2010 by Mr.
Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The promoters
operate other group entities viz Hanuman Rice Industries, Shree
Laxmi Tirupati Amma Murmura Industries, Balaji Industries, Tirumala
Dal Udyog and Adinath Cold Storage Private Limited. The firm is
engaged in processing & milling of pulses (tur and chana dal) and
sale of its by–products in the domestic market. The processing
unit is located at Kamptee, Nagpur. The firm mainly supplies its
products in the state of Maharashtra and Andhra Pradesh through
agents and brokers.
KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamineni
Educational Society's bank facilities' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best-available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR650 mil. Term loan due on September 30, 2023 maintained in
non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating;
-- INR200 mil. Non-fund-based working capital limits maintained
in non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating; and
-- INR50 mil. Fund-based working capital limits maintained in
non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
27, 2020. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the rating.
COMPANY PROFILE
Formed in 1989, Kamineni Educational Society is registered under
the Andhra Pradesh (Telangana) Public Societies Registration Act,
1350 Fasli. It runs nursing schools and colleges.
KAPICO MOTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kapico Motors India Private Limited
Old No. 197, New No. 309
Poonamallee High Road
Kilpauk, Chennai 600010
Insolvency Commencement Date: January 28, 2021
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: September 15, 2021
Insolvency professional: Kannan Sambasivam
Interim Resolution
Professional: Kannan Sambasivam
"Skyline Castle" 27
Abdul Razack Street
Saidapet, Chennai 600015
E-mail: charitarthkannan@gmail.com
Last date for
submission of claims: April 2, 2021
M/S HEENA: Ind-Ra Moves & Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Heena
Enterprises' Long-Term Issuer Rating to the non-cooperating
category and has simultaneously withdrawn the rating.
The instrument-wise rating actions are:
-- INR150 mil. Fund-based working capital limit # migrated to
non-cooperating category and withdrawn; and
-- INR30 mil. Proposed fund-based limits withdrawn (the firm did
not proceed with the instrument as envisaged).
# Migrated to 'IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn
KEY RATING DRIVERS
The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency, and
has not provided information about the annual report of FY20,
interim financials, bank limits utilization, projections for next
three years, bank statements and management certificate.
Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection mails from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.
M/S SULABHA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/S. Sulabha
Poultry (SP) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable.
The instrument-wise rating actions are:
-- INR10 mil. Proposed fund-based working capital limits*
assigned with IND B/Stable rating; and
-- INR73.5 mil. Proposed long-term loans* assigned with IND B/
Stable rating.
*Unallocated
KEY RATING DRIVERS
The ratings reflect the time and cost overrun risks associated with
SP's under-construction unit. According to the management, the
construction of the layer unit is likely to be completed by
December 2021 and production is likely to start in the subsequent
month. The raw material will be purchased from local suppliers. The
total cost of the project is approximately INR110 million, which
will be funded by equity and term loans. The promoter's
contribution is about INR40 million. The company expects the bank
to sanction a term loan of INR73.50 million, and a working capital
facility of INR10 million.
Given the installed capacity of the plant, management expects to
book revenue of INR48 million over 2HFY21. The agency expects the
scale of operations to improve in the long term but remain small.
The margins are likely to be a modest 8%-10% in FY22, considering
the additional costs incurred during the initial stages of
production. All the numbers are based on the project report.
The ratings, however, are supported by the partners' experience of
three years in layer farming in Odisha.
RATING SENSITIVITIES
Negative: Any delay in achieving stability in operating performance
after the commencement of commercial operations, affecting the debt
serviceability capability of the company, could be negative for the
ratings.
Positive: Timely commencement operations and the subsequent
achievement of stable operating profitability will be positive for
the ratings.
COMPANY PROFILE
Established in November 2020, SP is a partnership firm, located in
Sahapur, Odisha. The firm plans to set up a layer firm with a
capacity of 1,20,000 birds.
MAA BHAGWATI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Maa Bhagwati
Re-Rolling Mills Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR48.5 mil. Fund based working capital limit maintained in
non-cooperating category with IND BB- (ISSUER NOT
COOPERATING) rating;
-- INR25.6 mil. Term loan due on March 2023 maintained in non-
cooperating category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR75.9 mil. Proposed fund based working capital limit
withdrawn (the company did not proceed with the instrument as
envisaged).
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in November 2009 in Rourkela (Odisha, Maa Bhagwati
Re-Rolling Mills manufactures structured steel products such as
angles, channels, rounds and squares.
MANALI SUGARS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Manali Sugars Limited
Shop No. 30/31
Stadium Complex Station Road
Bijapur 586101
Insolvency Commencement Date: March 22, 2021
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: September 18, 2021
Insolvency professional: Kondisetty Kumar Dushyantha
Interim Resolution
Professional: Kondisetty Kumar Dushyantha
No. 404/2, 7th Main
9th Main, 2nd Block
Jayanagar
Bengaluru 560011
E-mail: dushyanthak@gmail.com
manalisugarscirp@gmail.com
Last date for
submission of claims: April 6, 2021
MANGALAM ISPAT: CARE Lowers Rating on INR10.56cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mangalam Ispat (MI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.56 CARE D Revised from CARE B+;
Facilities Stable
Short Term Bank
Facilities 2.00 CARE D Revised from CARE A4
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities MI takes into account
delays in debt servicing of the company within a period of last 90
days as on March 11, 2021.
Key Rating Sensitivities:
Positive Factors
* Default free track record of timely servicing of debt obligations
for at least 90 days.
* Sustained improvement in financial risk profile, especially
liquidity.
Detailed Rationale & Key Rating Drivers
Key Rating Weakness
Ongoing delays in debt servicing
There are instances of delays in debt servicing within last 90 days
(as on March 11, 2021) reflected in the bank statement. Instances
of penal interest has also been found during the period December
31, 2020 and January 31, 2021.
Liquidity: Poor
Liquidity characterized by inadequate cushion in accruals
vis-à-vis repayment obligations and low cash balance of INR0.05
Crore as on March 31, 2020. This could constrain the ability of the
company to repay is debt obligations on a timely basis. Moreover,
the company has not availed moratorium over interest on working
capital for the month of April 2020 to September 2020 which could
be availed under the terms of recent RBI circular. However, the
company has availed a Covid loan of INR1.80 crore.
Mangalam Ispat (MI) was established as a partnership firm in August
2018. The firm is engaged in manufacturing of MS Ingot and MS rods
at Bokaro Steel City, Jharkhand with an installed capacity of
36,960 MTPA. The Entity has started its operation from December 1,
2019 Mr. Kamal Kumar Agrawal (aged 52 years), having more than
three decades of experience in transportation and trading of steel
products looks after the day to day activities of the business
along with other partners with adequate support from a team of
experienced personnel.
MANGALYA SOFT-TECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mangalya Soft-Tech Limited
302 Samruddhi
Opp Guj High-Court
Income-Tax Circle
Ashram Road
Ahmedabad 380051
Gujarat
Insolvency Commencement Date: March 19, 2021
Court: National Company Law Tribunal
Estimated date of closure of
insolvency resolution process: September 14, 2021
Insolvency professional: Mr. Pinakin Surendra Shah
Interim Resolution
Professional: Mr. Pinakin Surendra Shah
A/201 Siddhi Vinayak Towers
B/h DCP Office
Next to Kataria House
Off S.G. Highway
Makaraba, Ahmedabad 380051
Gujarat
E-mail: pinakincs@yahoo.com
Last date for
submission of claims: April 2, 2021
MATHURA FIBRES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mathura Fibres &
Cotton Industries' (MFCI) Long-Term Issuer Rating to 'IND B+'. The
Outlook is Stable.
The instrument-wise rating action is:
-- INR270 mil. (reduced from INR300 mil.) Fund-based working
capital limits affirmed
with IND B+/Stable/IND A4 rating.
KEY RATING DRIVERS
The affirmation reflects MFCI's small scale of operations. The
revenue declined in FY20 owing to a decrease in the orders from
brokers, coupled with the lower realization of cotton bales to
INR38,000 per candy (FY19: INR42,000 per candy). From April 2020 to
end-February 2021, MFCI booked revenue of INR500 million with a
realization of INR46,000 per candy. The revenue is highly affected
by cotton price fluctuations, impacting the pricing of cotton
bales, cotton seeds, cottonseed oil, and cotton oil cakes. The
management expects FY21's revenue to be in line with FY20.
The rating factor in the firm's continued weak credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
was stable at 1.2x in FY20 (FY19: 1.2x) and its net leverage (total
adjusted net debt/operating EBITDA) improved to 7.8x (8.4x) owing
to a decrease in the total debt to INR344 million (INR373 million).
Ind-Ra expects the firm's credit metrics to marginally improve in
FY21 as the management reduced its working capital facility and
repaid its existing term loan. However, the credit metrics may
continue to remain weak due to modest profitability.
The ratings are constrained by the firm's modest EBITDA margins.
The margins improved to 8.1% in FY20 (FY19: 5%) owing to an
increase in the job work income from ginning to INR35 million
(INR0.57 million). The job work income from ginning amounted to
INR30 million from April 2020 to February 2021. The return on
capital employed was 9% in FY20 (FY19: 9%). Ind-Ra expects the
EBITDA margins to continue being modest due to fluctuation in raw
cotton prices.
Liquidity indicator - Poor: The peak average utilization of
fund-based limits was 98.28% for the 12-months ended January 2021.
The cash flow from operations deteriorated to INR33 million in FY20
(FY19: INR40 million) due to a stretch in the working capital. This
resulted in a deterioration in free cash flows to INR33 million in
FY20 (FY19: INR39 million). The networking capital days elongated
to 247 days in FY20 (FY19: 166 days) majorly due to a stretch in
the debtor days to 128 (91 days) and inventory days to 127 (92
days). The cash and cash equivalents were INR0.55 million in FY20
(FY19: INR1.45 million). MFCI availed of the Reserve Bank of
India-prescribed moratorium from March 2020 to August 2020.
The ratings, however, are supported by the partners' experience of
three decades in cotton ginning and pressing of cotton bales.
RATING SENSITIVITIES
Negative: A decline in the top line and EBITDA margins, leading to
sustained deterioration in the interest coverage reducing below 1x,
or further stress on the liquidity position could be negative for
the ratings.
Positive: A rise in the top line and EBITDA margins, leading to an
improvement in the credit metrics, on a sustained basis, or an
improvement in the liquidity position will be positive for the
ratings.
COMPANY PROFILE
Incorporated in 2013, MFCI is a partnership firm engaged in cotton
ginning and pressing to produce cotton bales and cotton seeds. It
has a manufacturing facility in Adilabad (Telangana) with a ginning
capacity of 2,600 quintals per day and the installed capacity of
500 bales per day.
MITHILA CARS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mithila
Cars Private Limited (MCPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 30.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 19, 2019, placed
the rating(s) of MCPL under the 'issuer non-cooperating' category
as MCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. MCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 11, 2021, January 14, 2021 and February 24, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on December 19, 2019, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Delays in debt servicing: There were delays in debt servicing by
the company due to stressed liquidity position.
Key Rating Strengths
* Long track record in the industry: MCPL's entire management rests
in the hands of its director Mr. Nirbhay Singh (C.A. by
qualification, with around 8 years of experience in auto dealership
business). He is also engaged in the real estate development
business since past 18 years (as a promoter of Mithila Builders &
Developers Pvt Ltd, a group entity of MCPL). Mr Mantu Singh,
another director (with around 8 years of industry experience) looks
after workshop of MCPL.
Incorporated in 2009, Mithila Cars Private Limited (MCPL) is an
authorized dealer for Hyundai Motors India Ltd (HMIL), for sale of
cars (accounts for 74% of the total revenue in FY16)] and Mobis
India Ltd (MBIL)a wholly-owned subsidiary of Hyundai Mobis Co. Ltd)
for sale of spare parts (accounts for 2.63% of total revenue in
FY16)]; and the rest of revenue comes from sale of accessories and
servicing of vehicles along with miscellaneous income in the form
of cancellation charges received from customers as well from other
avenues. MCPL has two showrooms located in Miraroad (owned
premises) and Virar (leased premises) and a workshop located in
Miraroad (owned premises).
During FY17 (provisional), the total income from operations of MCPL
stood at INR203.70 crore (compared to INR255.53 crore in FY16),
while net profit of the company stood at INR0.28 crore in FY17
(compared to INR0.83 crore FY16).
NAGAMMAL MILLS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nagammal Mills
Pvt Ltd's (NMPL) Long-Term Issuer Rating to 'IND B+' from 'IND
BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR20.0 mil. Term loan due on December 2024 downgraded with
IND B+/Stable rating;
-- INR87.0 mil. Fund-based working capital facilities downgraded
with IND B+/Stable/IND A4 rating; and
-- INR23.0 mil. Non-fund-based working capital facilities
downgraded with IND A4 rating.
The downgrade reflects NMPL's reduced revenue and low EBITDA during
9MFY21 and the consequent deterioration in its credit metrics, as
the company was not operational over March-October 2020 due to the
lack of manpower resulting from the COVID-19-led disruptions.
KEY RATING DRIVERS
The downgrade reflects NMPL's revenue reducing to INR70.4 million
during 9MFY21 (9MFY20: INR330.0 million) due to the stoppage of
production, backed by labor shortage amid the lockdown. The revenue
had reduced to INR501 million in FY20 (FY19: INR692 million) due to
a decline in the rate realization despite similar production
year-on-year (yoy). The scale of operations remains small. Ind-Ra
expects the company's revenue to decline further yoy in FY21, owing
to the COVID-19-led operational disruptions.
During 9MFY21, NMPL's absolute EBITDA deteriorated to INR17.7
million (FY20: INR34.0 million; FY19: INR61.0 million) despite the
EBITDA margin improving to 24% (7%; 9%). The company earns a fixed
EBITDA from windmill operations due to which, if the revenue
declines, the EBITDA margin improves. The yarn revenue segment has
meager EBITDA margin in comparison to that of the windmill segment.
NMPL's modest EBITDA margin declined yoy in FY20 due to an increase
in the raw material prices in the yarn segment despite having fixed
EBITDA generation from the windmill segment. Its return on capital
employed was 5% in FY20 (FY19: 11%). Ind-Ra expects the company's
absolute EBITDA to decline in FY21 due to the reduced revenue from
the yarn segment while the windmill revenue is likely to be
sustained at similar level yoy.
The ratings also factor in the NMPL's continued modest and
deteriorated credit metrics with the interest coverage (operating
EBITDA/gross interest expense) of 2.0.x in FY20 (FY19: 2.19x) and
net financial leverage (adjusted net debt/operating EBITDAR) of
6.47x (4.58x). The credit metrics deteriorated yoy in FY20 due to a
significant decline in the absolute EBITDA to INR34.3 million
(FY19: INR61.4 million). Ind-Ra expects the credit metrics to
deteriorate further in FY21, owing to a further deterioration in
the absolute EBITDA due to lower revenue.
Liquidity Indicator - Poor: The company utilized its working
capital limits at an average of 93% during the 12 months ended
February 2021. Its cash flow from operations improved to INR66.0
million in FY20 (FY19: INR64.0 million) due to an improvement in
the cash conversion cycle. The company's cash conversion cycle
improved to 77 days in FY20 (FY19: 80 days), owing to a reduction
in the debtor days to 13 (48) and an increase in the creditor days
to 50 (38). Its free cash flows remained positive at INR54.0
million in FY20 (FY19: INR40.7 million) due to an improved cash
flow from operations. The company had a cash balance of INR0.53
million at FYE20 and the company availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.
The ratings, however, are supported by the promoter's over three
decades of experience in the textile industry.
RATING SENSITIVITIES
Negative: A fall in the revenue, EBITDA margin and deterioration in
the credit metrics leading to the interest coverage falling below
1.5x and/or a stress on the liquidity position, all on a sustained
basis, could be negative for the ratings.
Positive: An increase in the revenue and EBITDA margin leading to
an improvement in the credit metrics, and an improvement in the
liquidity, all on a sustained basis, could be positive for the
ratings.
COMPANY PROFILE
Incorporated in 1957, NMPL is promoted by Kumaraswamy. It is
primarily engaged in the production of cotton yarn with a focus on
the production of finer counts of yarn. The company is located in
Nagercoil, Kanyakumari.
NATURAL POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Natual Power Asia Private Limited
Plot No. 287/A, MLA Colony
Road No. 12, Banjara Hills
Hyderabad 500034
Telangana
Insolvency Commencement Date: March 19, 2021
Court: National Company Law Tribunal, Hyderabad Bench-II
Estimated date of closure of
insolvency resolution process: September 14, 2021
Insolvency professional: Kurapati Singarayya Chowdary
Interim Resolution
Professional: Kurapati Singarayya Chowdary
Flat No. 101
Sheshadri Towers
G-16A, Madhura Nagar
Yousuf Guda
Hyderabad 500038
Telangana
E-mail: kurapatichowdary55@gmail.com
- and -
Flat No. 104
Kavuri Supreme Enclave
Kavuri Hills
Hyderabad 500033
Telangana
E-mail: ip.naturalpower@gmail.com
Last date for
submission of claims: April 4, 2021
NECTAR BOTTLING: CARE Withdraws B Rating on Outstanding Debt
------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of CARE
B; Stable assigned to the bank facilities of Nectar Bottling &
Marketing LLP with immediate effect. The action has been taken at
the request of Nectar Bottling & Marketing LLP and 'No Objection
Certificate' received from the banks that have extended the
facilities rated by CARE. The firm has not availed moratorium from
March 2020 to August 2020
Hyderabad-based, Nectar Bottling and Marketing LLP (NBM) was
established in March 2017 as a limited liability partnership firm
by Mr. M. Krishna Reddy and his relatives. The firm is engaged in
the business of alcohol products, primarily Indian-made foreign
liquor (IMFL). The firm has outsourced the distillation and
bottling of all types of liquor products to Rhizome Distilleries
Private Limited through one year agreement for about 60,000 cases
per month in the various quantities of 90ml, 180ml, 375ml, 750ml
and 1000ml respectively. RDPL is paid INR3/case for job work
services. Upon delivery of final product (IMFL bottles) from RDPL,
the firm derives its revenue from the sale of these alcohol
products under the brand name of "Aristocrat" to Telangana State
Beverage Corporation Limited (TSBCL). The scale of operations of
the firm stood small marked by total operating income at INR7.59
crore and incurred cash losses of INR2.81 crore in FY20. The
capital structure of the firm marked by debt equity and overall
gearing ratio stood comfortable at 0.05x and 0.06x as on 31st March
2020. The debt coverage indicators marked by total debt/ GCA and
interest coverage ratio stood weak due to negative PBILDT and GCA
levels. The operating cycle of the firm stood elongated at 278 days
in FY19 due to elongated collection days from 144 days in FY19 to
246 days in FY20. The average inventory and collection days stood
at 59 days and 246 days in FY20 respectively.
NEW SAPNA: CARE Moves D Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of New
Sapna Granite Industries (NSGI) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from NSGI to monitor the
rating(s) vide e-mail communications/letters dated December 3,
2020, December 31, 2020, January 11, 2021, January 18, 2021,
January 27, 2021, February 1, 2021, February 9, 2021 and February
15, 2021, February 26, 2021 and numerous phone calls. However,
despite repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which, however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on NSGI's bank
facilities will now be denoted as 'CARE D; ISSUER NOT
COOPERATING'.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on March 19, 2020, the following were
the rating strengths and weaknesses (updated for latest available
information i.e. banker interaction):
Key Rating Weaknesses
* Delays in debt servicing: As per banker interaction, ongoing
delays in debt servicing. Further, the firm had opted for the
moratorium benefit on its bank facilities for a period of six
months from March to August 2020.
Godhra-based New Sapna Granite Limited (NSGI) established in 2011
is a proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is processing
6,00,000 square feet of stone per annum as on March 31, 2018. The
proprietor Mr. Jabar Choudhary has an experience of over a decade
in stone cutting and polishing. He was earlier engaged in cutting
and polishing of marble, granite and kota stone through a firm
named Sapna Kota Stone. The granite stones are sold to traders and
real estate builders in and around Gujarat, Rajasthan and
Maharashtra.
ORIENTAL GRANITES: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Oriental
Granites & Crushers (OGC) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking surveillance fees to carry out annual
surveillance from OGC to monitor the rating(s) vide e-mail
communications dated March 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not paid
the fees for monitoring the requisite ratings. Hence, the credit
rating symbol will be accompanied by the suffix "ISSUER NOT
COOPERATING".
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating has been revised on account of non-payment of fees for
monitoring the requisite ratings by Oriental Granites & Crushers
(OGC).
Detailed description of the key rating drivers considered as per
last PR published on January 8, 2021.
* Ongoing delays in servicing debt obligations: As per bank
statement analysis, it is observed that there were delays from the
range of 1-17 days in servicing term loan debt obligations along
with penal charges. EMI servicing date is on end of the month.
* Small scale of operations with decrease in total operating
income: Scale of operations have remained low with total operating
income of INR11.24 Crore in FY20 (Prov.). The total operating
income of the firm decreased from INR24.40 crore in FY19 to
INR11.24 crore in FY20 (Prov.) as the firm was not operational for
few months due to income tax raids and inspections conducted by
government authorities which impacted the scale of
operations.
* Elongated operating cycle: The operating cycle of the firm
elongated from 74days in FY19 to 220 days in FY20 (Prov.) on
account of high receivables as on March 31, 2020 as the firm has
extended credit period up to 90days to its customers and due to
lockdown imposed by government the firm during last week of March
2020 resulted in unsold inventory of INR2.50 crore as on March 31,
2020.
* Presence in highly fragmented and competitive industry: The
granite industry is highly competitive and fragmented in nature.
OGC witnesses intense competition from both the organized and
largely unorganized players. Further, the industry is mainly
dependent on the demand from real estate and construction sectors,
which has direct linkage with the general macroeconomic scenario,
interest rates, level of disposable income available with
individuals etc.
* Proprietorship constitution of the entity: OGC being a
proprietorship entity, the risks associated with withdrawal of
proprietor's capital exists. The entity is exposed to inherent risk
of proprietor's capital being withdrawn at time of personal
contingency as also it has limited ability to raise capital and
poor succession planning may result in dissolution of entity. Due
to the proprietorship constitution, it has restricted access to
external borrowing, where net worth as well as credit-worthiness of
proprietor, are the key factors affecting credit decision of
lenders. Further, the proprietor has withdrawn capital of INR1.86
crore during FY20 (Prov.).
Key Rating Strengths
* Experience of promoter for more than two decades in stone
crushing business: Mr. C M Joy, proprietor of OGC, has experience
of more than two decades in the stone crushing business. He is
actively involved in the day-to-day activities of the firm with the
support of Mr P Sebastian Raju, who holds an experience of around
three decades. Over the years of operations, he has developed
established relationship with its suppliers, customers.
Oriental Granites and Crushers (OGC) is a proprietorship entity
established in 2010 and engaged in the business of stone crushing.
The entity has undertaken the mines for lease (size of around 3
acres) to initiate the mining activities and to obtain raw material
(stone boulders). After getting the raw material, it further breaks
the boulders into aggregates (primarily used in real estate and
construction industry) and transports it to its crushing unit. At
present, the unit has ten crushers, which helps them to further
break the aggregates into different sizes and sells it to the
client base located in Udupi District.
RAM PANELS: Ind-Ra Gives BB Long-Term Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Ram Panels
(SRP) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR50 mil. Term loan due on August 2025 assigned with IND BB/
Stable rating;
-- INR120 mil. Fund-based working capital limit assigned with
IND BB/Stable/IND A4+ rating; and
-- INR30 mil. Non-fund-based working capital limit assigned with
IND A4+ rating.
KEY RATING DRIVERS
The ratings reflect SRP's small scale of operations, as indicated
by lower revenue of INR749.43 million in FY20 (FY19: INR760.51
million) due to COVID-19 led operational disruptions. The firm
booked revenue of INR460 million over 11MFY21 and the management is
expecting total revenue of INR650 million by FYE21.
The ratings also factor in SRP's moderate credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expenses) of 3.13x in FY20 (FY19: 3.58x) and net leverage (adjusted
net debt/operating EBITDA) of 2.42x (2.15x). The deterioration in
the credit metrics was driven by an increase in the borrowings and
associated interest expenses to fund capex. In FY21, Ind-Ra expects
the credit metrics to deteriorate due to a further increase in the
external borrowings, on account of it availing COVID-19 loans.
Liquidity Indicator – Stretched: SRP's average maximum use of its
fund-based limits was around 96.24% during the 12-months ended
January 2021. The cash flow from operations deteriorated to
INR78.01 million in FY20 (FY19: negative INR47.91million) on
account of higher working capital requirements. The net cash cycle
remained elongated at 58 days in FY20 (FY19: 64 days) on account of
high debtor and inventory days. SRP does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.
The ratings, however, are further supported by SRP's healthy EBITDA
margin of 11% in FY20 (FY19: 10.9%) with return on capital employed
was 20% in FY20 (FY19: 28.3%). The margin expanded in FY20 due to a
decline in the cost of raw materials. In FY21, the agency expects
the margins to improve slightly, owing to the increase in the
absolute EBITDA to INR51 million in 8MFY21 (FY20: INR82.45 million;
FY19: INR83.12 million) resulting from a reduction in the fixed
cost expenses.
The ratings are also supported by the promoter's experience of over
five decades in the manufacturing of plywood.
RATING SENSITIVITIES
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, would lead to a positive rating action.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 1.5x and/or further pressure on the
liquidity position, will be negative for the ratings.
COMPANY PROFILE
Incorporated in September 1992, Shri Ram Panels is partnership firm
engaged in the business of manufacturing of plywood. The
manufacturing units are located in Punjab.
RELIANCE COMMERCIAL: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Reliance
Commercial Finance Limited (RCFL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Debt 6,982.18 CARE D; ISSUER NOT COOPERATING
Programme Rating moved to ISSUER NOT
COOPERATING Category
Non-Convertible 1,000 CARE D; ISSUER NOT COOPERATING
Debentures Rating moved to ISSUER NOT
COOPERATING Category
Non-Convertible 200 CARE D; ISSUER NOT COOPERATING
Debentures Rating moved to ISSUER NOT
COOPERATING Category
Subordinated 81 CARE D; ISSUER NOT COOPERATING
Debt Rating moved to ISSUER NOT
COOPERATING Category
Market Linked 38 CARE PP-MLD D; ISSUER NOT
Debentures COOPERATING Rating moved to
ISSUER NOT COOPERATING
Category
Long term debt 600 CARE D; ISSUER NOT COOPERATING
Programme Rating moved to ISSUER NOT
COOPERATING Category
Non-Convertible 200 CARE D; ISSUER NOT COOPERATING
Debentures Rating moved to ISSUER NOT
COOPERATING Category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RCFL to monitor the
rating(s) vide e-mail communications/letters dated January 21,
2021, January 29, 2021, February 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, RCFL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Reliance Commercial Finance Limited's long term debt programme and
instruments will be denoted as CARE D/CARE PP-MLD D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account continuous delay in servicing of debt
obligations on account of stretched liquidity and delay in asset
monetization.
Detailed description of the key rating drivers RCFL
Key Rating Weaknesses
* Delay in servicing of debt obligations: There has been continuous
delay in servicing of debt obligations on account of stretched
liquidity. Post that the company has entered into an Inter-Creditor
Agreement (ICA) for arriving at a debt resolution plan in
accordance with the RBI guidelines.
Liquidity profile - Weak
The company had cash and cash equivalents of INR183 crore as on
September 30, 2019. However, the company has not shared the latest
liquidity position. Also, there has been continuous delay in
servicing of debt obligations on account of stretched liquidity.
Analytical approach: CARE had earlier factored in linkages between
RCFL and its parent RCL. Moderation in RCL's profile has led to
weakening of these linkages as the parent is not in a position to
extend adequate support to its subsidiaries. Hence RCFL has been
analyzed on standalone basis with weakening of linkages with Parent
RCL.
The commercial finance business of RCL has been demerged into its
wholly owned subsidiary viz. RCFL w.e.f. April 1, 2016. RCFL is
involved in financing of SME loans, structured finance,
construction equipment loans, loan against property, MFI loans,
infrastructure finance, construction finance, commercial vehicles
and supply chain finance. The company operates under the brand name
'Reliance Money'.
RELIANCE HOME: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Reliance
Home Finance Limited (RHFL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Debt 4,979.92 CARE D; ISSUER NOT COOPERATING
Programme Rating moved to ISSUER NOT
COOPERATING Category
Long-term Debt 400.00 CARE D; ISSUER NOT COOPERATING
Programme Rating moved to ISSUER NOT
COOPERATING Category
Long-term Debt 2,760.07 CARE D; ISSUER NOT COOPERATING
Programme Rating moved to ISSUER NOT
COOPERATING Category
Principal 200 CARE PP-MLD D; ISSUER NOT
Protected COOPERATING Rating moved to
Market Linked ISSUER NOT COOPERATING
Debenture Category
Subordinated 333 CARE D; ISSUER NOT COOPERATING
Debt Rating moved to ISSUER NOT
COOPERATING Category
NCD public 2,618.27 CARE D; ISSUER NOT COOPERATING
issue Rating moved to ISSUER NOT
COOPERATING Category
Upper Tier II 435.71 CARE D; ISSUER NOT COOPERATING
Bonds public Rating moved to ISSUER NOT
Issue COOPERATING Category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RHFL to monitor the
rating(s) vide e-mail communications/letters dated January 21,
2021, January 29, 2021, February 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, RHFL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Reliance Home Finance Limited's long term debt programme and
instruments will be denoted as CARE D/CARE PP-MLD D; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account continuous delay in servicing of debt
obligations on account of stretched liquidity and delay in asset
monetization.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in servicing of debt obligations: There has been continuous
delay in servicing of debt obligations on account of stretched
liquidity. Post that the company has entered into an Inter-Creditor
Agreement (ICA) for arriving at a debt resolution plan in
accordance with the RBI guidelines.
Liquidity profile - Weak
As per company's disclosure dated March 10, 2020 on BSE, company
has cash on hand of INR700 crore in the form of investment in
liquid mutual fund. However, the company has not shared the latest
liquidity position. Also, there has been continuous delay in
servicing of debt obligations on account of stretched liquidity.
RHFL was incorporated in June 2008 and is promoted by Reliance
Capital Ltd. (RCL). RCL holds 47.91% stake in the company as on
December 31, 2019. The overall promoter stake in the company
(including RCL) stood at 69.92% as on December 31, 2019. The
company was listed on stock exchanges on September 22, 2017.
REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rewa
Agrotech (RA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 11.74 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Short term Bank 0.50 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide press release dated March 9, 2020, had placed the
ratings of RA under the 'Issuer Noncooperating' category as the
firm had failed to provide information for monitoring of the
ratings. RA continues to be noncooperative despite requests for
submission of information through phone calls and e-mails dated
January 23, 2021, February 2, 2021 and February 12, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on March 9, 2020, the following were the
rating weaknesses and strengths (updated based on best available
information):
Key Rating Weaknesses
* Delays in debt servicing: There had been instances of delay in
debt servicing. The delay in debt servicing was due to non-receipt
of rental income from the Madhya Pradesh Warehousing and Logistics
Corporation (MPWLC) due to dispute regarding non-construction
of warehouse within time permitted in terms of contract.
Rewa Agrotech (RA) was formed in February 2011 as a partnership
concern by Mr. Arun Kumar Bansal, Ms. Sushma Shukla and Ms. Meena
Bansal with an objective to set up a warehouse. The firm has
constructed warehouse under the Private Entrepreneur Guarantee
Scheme (PEG) of Food Corporation of India (FCI). In this scheme, RA
has constructed two warehouses at Rewa and Niwas (Madhya Pradesh)
with capacity of 25000 MTPA each and after construction, RA is
receiving monthly rental of INR13 lakh for each warehouse.
ROHTAK PANIPAT: CARE Reaffirms D Rating on INR937.92cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rohtak Panipat Tollway Private Limited (RPTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 937.92 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of RPTPL takes into
account on-going delays in debt servicing as indicated by lenders
owing to its poor liquidity and debt coverage indicators arising
due to subdued toll collection on sustained basis as against large
debt obligations.
Key Rating Sensitivities
Positive Factors
* Establishment a track record of timely debt servicing of debt
obligations for a period of at least 90 days
Detailed description of the key rating drivers
Key Rating Weaknesses
* On-going delays in debt servicing: As indicated by all lenders,
there are on-going delays in debt servicing. Delays in debt
servicing are on account of continued subdued toll collection as
against large scheduled repayments. Lower toll collection was
largely on account of toll leakages in the bypass near the toll
plazas, presence of alternate route on State Highways and higher
than envisaged local category vehicles (exempted from toll) in
total traffic
Liquidity: Poor
Liquidity of RPTPL is stretched as marked by lower accruals
vis-à-vis repayment obligations of the company. Toll collection of
the company during FY20 stood at INR86.77 crore while the debt
obligations (interest + principal) stood at around INR137 crore
for the same period. Furthermore, the liquidity back-up in the form
of DSRA is yet to be created for the project post its exhaustion
during FY17, as required by the terms of sanction of project term
loan. Decline in toll collection and non-creation
of DSRA have resulted in overdues in debt servicing.
RPTPL is a special purpose vehicle (SPV) incorporated and wholly
owned by Sadbhav Infrastructure Project Limited (rated CARE BBB+/
CARE A3+; Under credit watch with negative implications) which is
the holding company of BOT projects of Sadbhav Engineering Limited
(rated CARE BBB+/ CARE A3+; Under credit watch with negative
implications). The company had entered into a 25 year concession
agreement (CA) with NHAI for the construction of 80.86 - km road
project on BOT basis. The concession period of 25 years included
construction period of 910 days. The project was for four laning of
the existing two lanes of Rohtak – Panipat section of Km. 63.30
of NH – 10 to Km. 83.50 of NH – 1 (total 80.86 kms) in the
state of Haryana. RPTPL was required to pay an annual concession
fee of INR45 crore to NHAI immediately on COD on a monthly basis
which was to be increased by 5% every year throughout the
concession period. However, as per the letter dated May 23, 2014,
NHAI has allowed deferment of premium for the project and has
entered into supplementary concession agreement with RPTPL.
ROHTAK-HISSAR TOLLWAY: CARE Reaffirms D Rating on INR942.82cr Loan
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rohtak-Hissar Tollway Private Limited (RHTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 942.82 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of RHTPL takes into
account on-going delays in debt servicing as indicated by lenders
owing to its poor liquidity and debt coverage indicators arising
due to subdued toll collection on sustained basis as against large
debt obligations.
Key Rating Sensitivities
Positive Factors
* Establishment a track record of timely debt servicing of debt
obligations for a period of at least 90 days
Detailed description of the key rating drivers
Key Rating Weaknesses
* On-going delays in debt servicing: As indicated by all lenders,
there are on-going delays in debt servicing. Delays in debt
servicing are on account of continued subdued toll collection along
with large scheduled repayments. Lower toll collection was largely
on account of toll leakages and higher proportion of local vehicles
which are exempt from toll.
Liquidity: Poor
Liquidity of RHTPL is poor marked by lower revenue from toll
collections against large scheduled repayments. DSRA is not created
as per terms of sanction. Toll collection of the company stood at
INR71.51 crore during FY20 against debt repayment obligations of
~Rs.126 crore (interest + principal) during FY20. Subdued toll
collection is on account of development of alternate route along
with high proportion of local vehicles which are exempt from toll.
RHTPL is a special purpose vehicle (SPV) incorporated and owned by
Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE BBB+/
CARE A3+; Under credit watch with negative implications'), the
holding company of BOT projects of Sadbhav Engineering Limited
(SEL; rated 'CARE BBB+/ CARE A3+; Under credit watch with negative
implications'). RHTPL entered into a 22 year concession agreement
(CA) with the National Highways Authority of India (NHAI; rated
'CARE AAA; Stable') on May 27, 2013 for the four laning of Rohtak
to Hissar section of National Highway – 10 (NH-10) from km 87/000
to km 170/000 including connecting link from km 87/000 of NH-10 to
km 348/000 of NH 71 with design length of 98.81 km on BOT - toll
basis. The total cost of the project was INR1,271.58 crore which
was funded through debt of INR952.40 crore, grant from NHAI of
INR211.50 crore and remaining through promoter's contribution.
RUKMINI IRON: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rukmini Iron
Private Limited's (RIPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR380 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating; and
-- INR93.98 mil. (increased from INR15.28 mil.) Term loan due on
October 2024 affirmed with IND BB/Stable rating; and
-- INR100 mil. Proposed fund-based working capital limit
withdrawn (the company did not proceed with the instrument as
envisaged).
KEY RATING DRIVERS
The affirmation reflects RIPL's continued medium scale of
operations. The revenue decreased to INR2,048.51 million in FY20
(FY19: INR2,480.92 million) due to decline in sales realization and
production volumes, owing to disruptions in operations resulting
from capacity addition. The company recorded revenue of INR1,776.88
million in 11MFY21. Ind-Ra expects FY21 revenue to be marginally
lower revenue than FY20 due to COVID-19 led disruptions.
The ratings also factor in RIPL's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 1.37x in FY20 (FY19: 1.40x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 5.72x (6.97x). The
deterioration in the interest coverage was due to an increase in
interest expense on account of a rise in term debt, partially
offset by an increase in absolute EBITDA. However, the net leverage
improved due to a decline in the total debt to INR433.51 million at
FYE20 (FYE19: INR460.45 million), on account of lower utilization
of the fund-based limits during the year.
The ratings continue to reflect the company's modest EBITDA margin,
which improved to 3.67% in FY20 (FY19: 2.63%), due to a decline in
cost of raw materials. The return on capital employed was 10% in
FY20 (FY19: 9%).
Liquidity Indicator – Stretched: RIPL's average maximum
utilization of the fund-based limits was 96.7% for the 12 months
ended February 2021. The cash flow from operations turned positive
to INR41.56 million in FY20 (FY19: negative INR44.28 million),
owing to the increase in absolute EBITDA. Consequently, the free
cash flow turned positive to INR21.95 million in FY20 (FY19:
negative INR52.41 million). However, the net cash cycle
deteriorated to 79 days in FY20 (FY19: 56 days) on account of an
increase in the inventory holding period to 40 days (17 days) and
receivable period to 59 days (48 days). The company had
unencumbered cash of INR3.83 million at FYE20 (FYE19: INR6.46
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirement. RIPL had availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.
However, the ratings remain supported by the promoters' experience
of over two decades in the iron and steel industry, and the
company's association with renowned brand, Kamdhenu, which has a
strong recall value in the market.
The ratings are also supported by RIPL's diversified customer base.
The top five customers contributed around 37.19% to the revenue in
FY20 (FY19: 33.87%).
RATING SENSITIVITIES
Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
with the interest coverage increasing above 1.8x, all on a
sustained basis, will be positive for the ratings.
Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, will
be negative for the ratings.
COMPANY PROFILE
Incorporated in 2004, New Delhi-based RIPL is engaged in the
manufacturing and trading of mild steel billets/ingots,
thermo-mechanically treated bars, and other allied products. The
company's manufacturing plant is located in Bahadrabad, Haridwar,
Uttar Pradesh. In 2017, the company collaborated with the Kamdhenu
Group for a franchise in Uttarakhand to manufacture two of the
latter's products, Kamdhenu Nxt and Kay-2. Prior to this, the
company used to sell thermo-mechanically treated bars under the
brand, Rukmini Power-X TMT.
SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seya
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 509.95 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Short term Bank 6.00 CARE D; ISSUER NOT COOPERATING;
Facilities Rating continues to remain under
ISSUER NOT COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SIL to monitor the rating(s)
vide e-mail communications dated March 08, 2021, March 15, 2021
among others and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Seya
Industries Limited's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING. The ratings take into account
the continued delays in servicing of debt obligations. Establishing
a track record of timely servicing of debt would be a key rating
sensitivity.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on January 14, 2020 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Ongoing delays in debt servicing: The debt servicing of SIL has
been irregular in the recent past as indicated by overutilization
of its working capital limits for over 30 days and delays in
payment of debt servicing obligations towards its term loans.
* Time overrun in ongoing capex: SIL has been undertaking the capex
for expansion of its manufacturing facilities. The scope of capex
was revised in past and project has ran into time overruns.
Liquidity- Poor
Significantly high working capital utilization indicating poor
liquidity position for SIL. This has also restrained the ability of
SIL to service its debt obligations in a timely manner.
Incorporated in 1990 as Sriman Organic Chemical Industries Private
Limited, Seya Industries Limited (SIL) is engaged in manufacturing
of benzene based organic chemicals, viz., mono chloro benzene
(MCB), para nitro chloro benzene (PNCB), ortho nitro chloro benzene
(ONCB), 3,3 di chlorobenzidine (3,3 DCB), 2,4 di nitro chloro
benzene (2,4 DNCB) and para nitro aniline (PNA) and by-products
like sulphuric and hydrochloric acid which find application in
pharmaceutical, dyes, agrochemical, fertilizer and rubber
industries. The manufacturing facility is located at Tarapur,
Boisar (Maharashtra).
SHANTI HOSPITAL: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shanti
Hospital (SH) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE has been seeking surveillance fees to carry out annual
surveillance from SH to monitor the rating(s) vide e-mail
communications dated February 25, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not paid
the fees for monitoring the requisite ratings. In such a case, the
credit rating symbol will be accompanied by the suffix "ISSUER NOT
COOPERATING".
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating has been revised on account of non-payment of fees for
monitoring the requisite ratings by Shanti Hospital.
Detailed description of the key rating drivers as per last PR
published on February 8, 2021.
Key Rating Weaknesses
* Ongoing delays in servicing debt obligations: As per bank
statement analysis, it is observed that there were delays of 1- 2
days in servicing term loan debt obligations along with penal
charges.
* Small scale of operations although increase in total operating
income during FY20: The total operating income of the firm
increased during the year FY20 and stood at INR10.65 crore as
compared to INR10.05 crore in FY19 on back of increase in number of
patients being served by the hospital during FY20.
* High vulnerability to treatment-related risks and regulatory
risks: Healthcare is a highly sensitive sector where any
mishandling of a case or negligence on the part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently and maintain high operating standard to avoid the
occurrence of any unforeseen incident which can damage the
reputation of the hospital to a large extent. Further, the
operations of hospital are subject to various rules and regulations
laid by respective authorities at State and Central government
level. Any instance of non-compliance of these rules and
regulations would impact the operations of hospital resulting into
deterioration of financial risk profile of the company.
* Highly competitive due to organized and established players: The
hospital industry is highly competitive with a large number of
established organized players and their growing network. The
healthcare and specialty hospitals sector mainly comprises of large
national level players, organized regional players, government
hospitals, charitable trusts and a large number of nursing home and
Multi-specialty clinics making it highly
competitive.
* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm is
exposed to inherent risk of capital withdrawal by the partners, due
to its nature of constitution. Further, any substantial withdrawals
from capital account would impact the net worth and thereby the
financial profile of the firm. The partners have withdrawn capital
of INR0.46 crore during FY20.
Key Rating Strengths
* Qualified and experienced partners for more than three decades in
medical professional services: SH is promoted by Dr. Rajendra Patil
and Dr. Sunil Biradar Patil. Dr. Rajendra Patil and Dr. Sunil
Biradar Patil both are Pediatricians, and have more than three
decades of experience and more than one decade of experience
respectively with this entity. The firm has well-qualified and
experience staff to serve its patients.
* Satisfactory profitability margins: The PBILDT margin has
improved by 30 basis points and stood at 29.19% in FY20 as compared
to 28.89% in FY19. The PAT margin of the firm declined by 12 basis
points and stood at 18.97x in FY20 as against to 19.09% in FY19 due
to absorption of finance cost, depreciation costs albeit to
increase of PBILDT in absolute terms.
* Moderate Capital structure and comfortable debt coverage
indicators: The overall gearing of the firm stood comfortable at
1.21x in FY20 against 1.29x in FY19. The debt profile of the firm
consists of working capital borrowings of INR0.46 crore,
interest-free unsecured loans of INR0.30 crore and term loan of
INR9.05 Crore as on March 31, 2020. The interest coverage ratio of
the firm although deteriorated stood comfortable at 10.13x in FY20
as against 15.01x in FY19 due to increase in interest cost during
the year. Further, total debt/GCA also deteriorated and stood at
3.52x in FY20 as against 3.07x in FY19 on account of increase in
total debt as on March 31, 2020.
Liquidity: Stretched- liquidity marked by tightly matched accruals
to repayment obligations, low cash balance of INR0.10 Crore and
below unity current ratio of INR0.11x as on March 31, 2020.
Further, the firm had availed moratorium announced by RBI on its
debt obligations from March 1, 2020 to August 31, 2020.
Shanti Hospital (SH) initially started its operations in 1986, with
a constitution of Hindu Undivided Family (HUF), and was then known
as Shanti Children Hospital. Later, the entity was converted into
Partnership firm in 2008. In 2011 the firm changed its name to
current nomenclature. Currently, SH has 100 beds, operational in
Bagalkot, Karnataka and is promoted by Dr. Rajendra Patil and Dr.
Sunil Biradar Patil. It is a Multi-Specialty Hospital spread across
a cumulative area of 35,000 sq. ft. with modern equipment and
infrastructure.
SHILPA ELECTRICALS: Ind-Ra Gives B- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shilpa Electrical
Infra Tech (India) Private Limited (SEITPL) a Long-Term Issuer
Rating of 'IND B-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR35 mil. Fund-based working capital limits assigned with IND
B-/Stable rating;
-- INR79 mil. Non-fund based limits assigned with IND A4 rating;
and
-- INR28.3 mil. Term loans due on June 2025 assigned with IND B-
/Stable rating.
KEY RATING DRIVERS
Liquidity Indicator- Stretched: The company's working capital
limits remained fully utilized over the last 12- months ending
January 2021. The account was classified as non-performing asset in
February 2020 due to overutilization of its working capital limits
due to a delay in realization from its customers. The account got
regularized in March 2020 and in July 2020 it restructured its
working capital limits. Since August 2020 to February 2021, there
have been no instances of overutilization in its working capital
limits and the company is timely paying its term loan interest. The
repayment of term loan will start in May 2021. SEITPL's cash flow
from operation turned negative to INR0.99 million in FY20 (FY19:
INR11.1 million) due to increased incremental working capital
requirements. SEITPL had higher working capital requirement with
gross working capital of 120 days in FY20 (FY19: 73 days) due to
high debtor of 296 days (154 days). The company's high working
capital requirement was funded by increased creditor days of 324 in
FY20 (FY19:132) and balance by working capital limits.
The ratings reflect SEITPL's modest scale of operations, as
reflected by revenue of INR466 million in FY20 (FY19: INR422
million). The company logged a CAGR of 11% over FY16-FY20, backed
by a healthy order book. The company achieved revenue of INR336
million till January 2021 in FY21 and had a healthy order book of
INR2,200 million at end-January 2021, to be executed within the
next 12-to-36 months. Ind-Ra believes the company's revenue will
increase over the medium term, backed by a healthy order book but
will continue to remain modest.
The ratings, however, are supported by the company's healthy EBITDA
margins, which expanded to 8.2% in FY20 (FY19: 7.7%) owing to
improved realizations. The margins have been in the range of 5%-8%
over FY16 to FY20. The company has price escalation clauses in its
contracts and it procures raw material only on the receipt of
orders to safeguard its margins. The company had return on capital
employed of 18% in FY20 (FY19: 19%). Ind-Ra believes the company's
margins will remain healthy over the medium term, backed by price
escalation clauses and order-backed inventories.
The ratings are further supported by the company's healthy credit
metrics. Its gross interest coverage (operating EBITDA/gross
interest expense improved to 3x in FY20 (FY19: 2.9x) and net
leverage (total adjusted net debt/operating EBITDAR) to 1.46x
(2.28x) due to an increase in the absolute EBITDA to INR38.41
million (INR38.41 million). Ind-Ra expects the company's credit
metrics to remain healthy due to its low dependence on debt to meet
the working capital requirement and the absence of any debt-funded
capex.
The rating also supported by promoters' experience of more than two
decades in the electrical and transmission line erection industry.
RATING SENSITIVITIES
Negative: Any further stretch in the working capital requirements,
leading to further stretch in liquidity, will be negative for the
ratings.
Positive: A significant improvement in the revenue or EBITDA
margin, resulting in an improvement in liquidity and credit metrics
will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. The company is
promoted by G Sudhakar Reddy and G Sailaja and is headquartered in
Hyderabad.
SHIVSHAKTI BARRELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shivshakti Barrels Private Limited
Opposite Gujarat Metal Cast
Village Dunia
Halol Godhra Road
Halol, GJ 389350
IN
Insolvency Commencement Date: March 10, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: September 6, 2021
(180 days from commencement)
Insolvency professional: Hiten Ratilal Abhani
Interim Resolution
Professional: Hiten Ratilal Abhani
705, Sapath II
Opposite Rajpath Club
S G Road, Bodakdev
Ahmedabad 380015
E-mail: habhani@gmail.com
cirp.shivshakti@gmail.com
Last date for
submission of claims: April 1, 2021
SINNAR THERMAL: CARE Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sinnar
Thermal Power Limited (STPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4,134.02 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING Category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from STPL to monitor the
rating(s) vide e-mail communications dated December 14, 2020; March
12, 2021 among others and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, STPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on STPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on April 6, 2020 the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
* Stretched liquidity position leading to delay in debt servicing:
The continued delay in commencement of operation of the plant has
led to stretched liquidity position of the company. As a result,
there are ongoing delays in repayment of STPL's debt obligations to
the financial institutions and banks.
* Operational headwinds for the units of STPL: STPL is having
several issues with respect to operationalization of two units.
This includes – availability of Power Purchase Agreement and
completion of railway siding. Resolution of these issues is crucial
for successful operation of the plant and shall be a credit
monitorable.
Key Rating Strengths
* Promoter's experience in power generation: STPL was promoted by
Mr. Rajiv Rattan. Mr. Rattan, an electrical engineer from IIT
Delhi, has more than 15 years of experience in the field of
financial services, real estate, and power and infrastructure
sector. Post restructuring of Indiabulls Group, he has taken charge
of RattanIndia Power group as Chairman.
Incorporated in January 2007 as a Special Purpose Vehicle (SPV),
STPL (formerly known as RattanIndia Nasik Power Limited (RNPL)) is
a wholly-owned subsidiary of RattanIndia Power Limited to develop
two thermal power plants (TPPs) each with capacity of 1,350 MW (5
units of 270MW) in Nashik district, Maharashtra named as Nashik
Power Project-I (NPP-I) and Nashik Power Project-II (NPP-II).
SUPREME FINEFAB: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Supreme Finefab Pvt Ltd
Plot No. 823/2, Road No. 8
GIDC Sachin, Sachin
Surat 394230
Insolvency Commencement Date: March 16, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: September 19, 2021
Insolvency professional: Mr. Vikas Prakash Gupta
Interim Resolution
Professional: Mr. Vikas Prakash Gupta
G-19, Shreewardhan Complex
Mezzanine Floor
Besides Landmark Building
Ramdaspeth, Wardha Road
Nagpur, Maharashtra 440010
E-mail: vikas.gupta@bngca.com
ip.supremefinefab@gmail.com
cirp.supremefinefab@gmail.com
Last date for
submission of claims: March 30, 2021
TED TRAVEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ted Travel & Experiences Private Limited
House No. 2117, Blk-A Jain Nagar
Village Karala, City Delhi
North West, DL 110081
Insolvency Commencement Date: March 19, 2021
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: September 15, 2021
Insolvency professional: Anil Kumar Mittal
Interim Resolution
Professional: Anil Kumar Mittal
House No. 212/2, Street No. 4
Padam Nagar, Kishan Ganj
Near Hindi Academy Padam Nagar
North, National Capital Territory
of Delhi 110007
E-mail: fcs.akmittal@gmail.com
- and -
1203, Vijaya Building
17, Barakhamba Road
Connaught Place
New Delhi 110001
E-mail: ip.tedtravel@gmail.com
Last date for
submission of claims: April 2, 2021
UM GREEN: CARE Moves D Debt Ratings to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of UM Green
Lighting Private Limited (UGLPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating moved to ISSUER NOT
COOPERATING Category
Long Term/ 10.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING Rating moved to
Bank Facilities ISSUER NOT COOPERATING
Category
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from UGLPL to monitor the
rating(s) vide e-mail communications dated February 23, 2021, March
1, 2021 among others and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, UGLPL has
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on UGLPL's bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating on December 30, 2020 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
* Delays in servicing of debt obligations: The company has reported
instances of delay in servicing of its debt obligations related to
rated bank facilities. As confirmed by the lender, there are
ongoing delays in servicing of debt obligations by the company.
* Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature due to the
retention money held by the customer which is received over the
period of 1 to 5 year post the order completion. This leads to
stretched working capital cycle. Also the collection period of the
company stood at 489 days as on March 31, 2019 (PY: 430 days)
making company dependent on cash credit limit from bank.
* Competitive nature of the industry: The company is largely
engaged in the manufacturing and installation of LED lights, solar
lights & other similar items and there are several small and big
players operating in the industry making the industry highly
competitive.
Key Rating Strengths
* Experienced promoters with track record of operations:
Incorporated in 2010, UGLPL is a part of UM group companies. The
company is promoted by Mr. Gaurav Mamik (Chairman and Director) and
Mr. Sushant Chhabra (Director). The company is engaged in
manufacturing and installation of LED lights, solar lights, solar
power plants etc. to various state, PSU's and other semi-government
departments. The company has executed more than 48 solar projects
in past 3 years amounting to INR208 cr. Further, the company has
reputed clientele including names like EESL (Energy Efficiency
Services Ltd), PEDA (Punjab Energy Development Agency), UPNEDA (UP
New and Renewable Energy Agency), TEDA (Tamil Nadu Energy
Development Agency) etc.
Liquidity: Stretched
The liquidity of the company is stretched owing to working capital
intensive in nature of operations. Also, part of payment is held as
retention money in the contracts which is paid during 1- 5 years of
the contract execution leading to higher average collection period
which stood at 489 days (PY: 430 days) as on March 31, 2019. The
same is met by stretching the payments to creditors. The company
has applied for moratorium as per RBI guidelines from March 2020 to
August 2020 and post moratorium period there has been delays in
servicing of debt obligations as confirmed by lender.
Incorporated in 2010, UGLPL is a part of UM group companies. The
company is promoted by Mr. Gaurav Mamik (Chairman and Director) and
Mr. Sushant Chhabra (Director). The company is engaged in
manufacturing and installation of LED lights, solar lights and
installation of solar power plants. The manufacturing facility of
UMGL is located at Manesar, Gurgaon with the capacity of about
100,000 units per annum as on October 31, 2018. Major clients of
the company are Osram, Halonix, Hero Motorcorp, Nestle, PWD,
UPNEDA, and Director General of Police (J&K), BREDA, PEDA etc.
Unitech Machines Ltd (UML) is the flagship company of UM group. The
group was promoted by Mr. Virender Kumar Chhabra (MD of UML) and
Mr. Sushant Chhabra (Director of UML). The company operates in two
segments- automobile division and infrastructure division.
UTILITY AGROTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Utility Agrotech Industries Private Limited
Shop No. 120, Lower Ground Floor
Kohinoor Textile Market
Ring Road, Surat 395002
Insolvency Commencement Date: March 16, 2021
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: September 12, 2021
Insolvency professional: Mr. Vikas Prakash Gupta
Interim Resolution
Professional: Mr. Vikas Prakash Gupta
G-19, Shreewardhan Complex
Mezzanine Floor
Besides Landmark Building
Ramdaspeth, Wardha Road
Nagpur, Maharashtra 440010
E-mail: vikas.gupta@bngca.com
ip.utilityagrotech@gmail.com
cirp.utilityagrotech@gmail.com
Last date for
submission of claims: March 30, 2021
WAVE GROUP: NCLT Admits Insolvency Application
----------------------------------------------
ETRealty.com reports that Wave Megacity Centre has moved the
National Company Law Tribunal (NCLT) voluntary requesting it to
initiate insolvency proceedings against itself as it is unable to
clear the dues of the Noida Authority. Wave Megacity Centre Ltd is
developing commercial and residential projects in sectors 25A and
32 of Noida, Uttar Pradesh.
It has asked NCLT to initiate the insolvency proceedings "due to
failure of . . . corporate debtor (Wave Megacity Centre) to pay
dues of the Noida Authority for an amount of INR1,222.64 crore."
According to ETRealty.com, the company said it does not have
"adequate cash flow to meet its obligation to the customers and
financial lenders."
"The board of directors of the corporate debtor have examined the
financial situation and in order to keep the corporate debtor as a
going concern have approved/resolved to file the application" to
protect the interests of its creditors and stakeholders, the
company said in its petition.
Wave Megacity Centre's petition is expected to be listed in the
coming weeks before the Delhi-based Principal Bench of NCLT, the
report notes.
ETRealty.com says the realty firm has approached NCLT under Section
10 of the Insolvency and Bankruptcy Code, which allows a debtor to
initiate insolvency resolution process against itself if it has
committed any default.
The company has to provide its books of account and such other
documents relating to such period as may be specified in the
petition.
The NCLT, within 14 days of the receipt of such petition, has to
pass an order admitting or rejecting it.
Earlier this month, the Noida Authority had taken over possession
of 1.08 lakh sq metres commercial land that was allotted to the
real estate developer over unpaid dues, ETRealty.com recalls.
"The Noida Authority on March 11 has taken over physical possession
of 1.08 lakh meter of land which the Corporate Debtor has made
construction and sold units to third parties on portions thereof,"
the realty firm, as cited by ETRealty.com, said in its petition.
Additionally, the Noida Authority is refusing to execute sub-lease
deed for even the completed units in the fully paid up land parcel
measuring 56,400 sq metres on the grounds of non-payment of
outstanding dues.
Thus, while the corporate debtor has issued possession letters to
allottees for 167 commercial units and 78 residential units, it has
not been able to offer physical possession due to the refusal of
the Noida Authority to execute and register the tripartite
agreement for the handing over the physical possession to the
allottees.
"Therefore, the corporate debtor is unable to generate revenue from
the sale/transfer of such units and is also in default of its
obligations to the allottees of the residential and commercial
units resulting in the corporate debtor not having the adequate
cash flow to meet its obligation to the customers and financial
lenders," it said.
According to the petition filed by the company, it had a loss of
INR875.62 crore in FY 2019-20 and additionally there is a
provisional loss of INR232.53 crore in the current fiscal,
ETRealty.com discloses.
Over its liability, the company said, it has received INR1,398
crore from the allottees of residential and commercial units. As on
March 15, 2021, it is facing 210 pending cases against it at
various judicial forums filed by its customers/flat buyers seeking
refund claims of around INR254 crore.
"Such cases are likely to increase due to failure of the Noida
Authority to execute the tripartite agreement with the corporate
debtor and the allottees of its residential and commercial units,"
it said.
YASHOMATI HOSPITALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Yashomati Hospitals Private Ltd
2371/3, HAL-Vartur Main Road
Munne Kalalu, Marathalli
Post Bangalore 560037
Insolvency Commencement Date: March 16, 2021
Court: National Company Law Tribunal, Bangalore Bench
Estimated date of closure of
insolvency resolution process: September 12, 2021
(180 days from commencement)
Insolvency professional: Ms Medha Kulkarni
Interim Resolution
Professional: Ms Medha Kulkarni
D 301, Admiralty Square
13 Cross, 6 Main
Indiranagar
Bangalore 560068
E-mail: medha1273@gmail.com
Last date for
submission of claims: March 30, 2021
=================
I N D O N E S I A
=================
BANK NEGARA: Fitch Assigns Final BB Rating on USD500MM Sub. Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned a final long-term rating of 'BB' to PT
Bank Negara Indonesia (Persero) Tbk's (BNI, BBB-/Stable/bb+) Basel
III-compliant subordinated notes. The issuance is USD500 million in
size with a tenor of 5 years. Proceeds from the issuance will be
used for funding and general corporate purposes.
The final rating is in line with the expected rating of 'BB(EXP)'
assigned on 21 March 2021. The assignment of the final rating
follows the receipt of final documents conforming to information
already received and the final pricing and financial close on the
notes.
KEY RATING DRIVERS
BNI's Basel III-compliant subordinated bonds are rated two notches
below its support-driven Long-Term Issuer Default Rating (IDR). The
rating on the subordinated bonds is anchored from the IDR as Fitch
believes that sovereign extraordinary support is likely to be
extended for these instruments.
Both notches are for loss severity to reflect their subordination
and Fitch's view of the bonds' poor recovery prospects compared
with senior unsecured obligations. These Tier 2 debt instruments
have an embedded permanent write-down feature (both principal
and/or interest in full or in part) that can be triggered when the
bank approaches its point of non-viability.
There is no additional notching for non-performance risk as Fitch
believes that non-performance is neutralised by potential support
from the sovereign. This approach is different for banks in
Indonesia that do not benefit from parental or sovereign support.
For a typical Indonesian bank, Fitch's standard notching for
non-performance risk for similar subordinated bonds is one notch,
to account for the risk of going-concern losses from the deferral
of coupon and/or principal. The bonds incorporate features that
allow coupons to be deferred and accumulated if the bank's capital
position falls below its minimum requirements.
BNI's Long-Term IDR reflects Fitch's belief that the Indonesian
sovereign (BBB/Stable) has a high propensity to provide the bank
with extraordinary support in times of need.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of BNI's Long-Term IDR would lead to a
corresponding downgrade of the bank's issue rating.
-- A reassessment of loss severity or non-performance risk
leading to a widening of notching would also result in a
downgrade of the rating. A reassessment of non-performance
risk would be likely to arise from Fitch's belief of reduced
support prospects for these instruments, which would be likely
to result in a change to the anchor rating for these
obligations to the bank's Viability Rating and a two-notch
downgrade of the issue rating.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of the issue rating would result from an upgrade of
BNI's Long-Term IDR.
-- An upgrade would also be possible in the event that Fitch
Narrows the notching for loss severity on these instruments
From Fitch's base case of two notches. However, Fitch believes
this is unlikely in the near to medium term.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
BNI's ratings are linked with those of the Indonesian sovereign
(BBB/Stable) based on Fitch's view of potential extraordinary
support.
=========
J A P A N
=========
SHARP CORP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
---------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
Japan-based electronics maker Sharp Corp. and its overseas
subsidiary Sharp International Finance (U.K.) PLC. S&P has affirmed
the 'BB-' long-term issuer credit rating and the 'B' short-term
issuer credit rating and 'B' commercial paper program rating on the
Japan-based company. At the same time, S&P has also affirmed its
'BB-' long-term issuer credit rating and 'B' short-term issuer
credit rating and 'B' commercial paper program ratings on its
overseas subsidiary.
S&P said, "We revised the outlook upward because Sharp's operating
profit is likely to be higher than we previously assumed. We expect
strong performances of businesses such as home appliances to make
up for the drag from the weaker LCD business. We also think debt to
EBITDA, a key financial metric, could stay at levels commensurate
with the ratings. This is because operating profit and operating
cash flow are recovering, and it is continuously reducing
investments, thereby curbing debt growth.
"We believe its home appliance business will likely continue
generating stable earnings over the next one to two years. Vigorous
demand from homebound consumers amid COVID-19 has driven up sales.
In addition, Sharp continues to enhance a range of its products,
and to expand its marketing network through growth in
business-to-business transactions, for which demand is relatively
stable. Profit from the LCD business is likely to gradually
recover. The market for LCD panels is improving and unit sales of
such products for automobiles, one of their major applications, are
picking up. Therefore, in the next one to two years, we expect
Sharp to continue securing operating profit of at least ¥80
billion annually and EBITDA margins of about 7.0%-7.5%, on par with
fiscal 2019 (ended March 31, 2020).
"We believe key financial ratios are likely to recover in fiscal
2020 and then stabilize over the next one to two years, as Sharp
curbs an increase in debt. Inventory management contributes to a
degree here, in our view. We also think it can flexibly reduce
investments during downturns in operating profit and operating cash
flow generation. We therefore forecast debt to EBITDA will improve
slightly to about 4.6x in fiscal 2020, from 5.0x the previous year,
and stay around there. Although Sharp's cash flow remains volatile,
our assessment of its liquidity does not constrain our rating on
the company.
"We incorporate into our issuer credit rating on Sharp a notch of
uplift from the company's stand-alone credit profile to factor in
support from its parent, Taiwan-based Hon Hai Precision Industry
Co. Ltd. (A-/Stable/--). Hon Hai has higher creditworthiness than
Sharp. We believe Hon Hai would support Sharp if the subsidiary's
finances weakened. This is because Hon Hai leads its management
restructuring by investing a record amount of capital in Sharp.
"The stable outlook reflects our view that Sharp can maintain
consolidated profitability and key cash flow ratios for the next
one to two years. Supporting our view are Sharp's efforts to
enhance its non-LCD businesses and control earnings volatility in
its LCD business despite tough business conditions."
S&P may consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:
-- Its EBITDA margin consistently falls short of 6% because of a
sharp deterioration in the LCD business environment; or
-- Debt to EBITDA consistently exceeds 5.5x owing to a substantial
increase in growth investments despite a slow recovery in
earnings.
The likelihood of an upgrade in the coming one to two years is
limited because of severe business conditions and Sharp's heavy
reliance on debt. That said, S&P may consider an upgrade in either
of the following situations:
-- Its EBITDA margin approaches 9% thanks to an improvement in
product mix in its LCD business or an enhancement of non-LCD
businesses such as home appliances; or
-- S&P considers debt to EBITDA to be highly likely to stay below
3.5x as a result of a substantial reduction in debt.
=====================
N E W Z E A L A N D
=====================
ASSET FINANCE: S&P Alters Outlook to Stable & Affirms 'B-/B' ICRs
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Asset Finance Ltd. (AFL)
to stable from negative. At the same time, S&P affirmed its 'B-'
long-term and B' short-term issuer credit ratings on the New
Zealand-based nonbank lender.
S&P said, "We revised our outlook on AFL because we believe the
company will continue to manage its capital, liquidity, and asset
quality through economic uncertainties caused by COVID-19 over the
next year.
"AFL's ability to maintain capital levels above regulatory minimums
supports the company's credit profile. We expect shareholders at
AFL's immediate parent, Xceda Capital Group Ltd., will continue to
support AFL via injections of common equity as the company looks to
increase loans and advances.
"We expect AFL's debenture funding, with reinvestment rates back
toward 70% following the COVID-19 outbreak, to support double-digit
asset growth (17% annualized for the six months ended September
2020). The 11.4% growth in the company's debenture portfolio for
the six months to September 2020 supports our view.
"In addition, AFL's improving asset quality and strengthening
governance framework underpin its ability to manage operations over
the next 12 months, in our view. We expect the company to continue
to focus on business loans secured by first and second mortgages,
likely resulting in lower nonperforming assets (NPAs) relative to
historic levels. AFL's curing of its largest nonperforming exposure
of about NZ$5 million in October 2020 supports our expectation of
an improvement in asset quality.
"The stable outlook on AFL reflects our expectation that the
finance company's capital will remain strong over the next 12
months, with our forecast risk-adjusted capital ratio staying above
15%. AFL's high level of liquid assets relative to its balance
sheet should also help it to manage its operations over the
period."
AFL's capital is well in excess of the regulatory minimum. As a
result, a moderate decline in its regulatory capital to manage
impaired assets will not directly result in a lower rating on a
stand-alone basis.
S&P said, "We may lower our ratings on AFL within the next 12
months if we believe the finance company's NPAs rise significantly,
or the company is unable to attract new investors to its debentures
or roll over existing debentures. This would weaken AFL's liquidity
and capital, in our view.
"We may also lower our ratings if we believe AFL's financial
commitments are unsustainable in the longer term even if it does
not face a credit or payment crisis in the next 12 months.
"We view an upward rating action as unlikely over the next 12
months. The most likely scenario for an improvement in our view of
AFL's financial strength would be a significant strengthening of
the company's governance framework and the asset quality of the
portfolio."
=================
S I N G A P O R E
=================
AVATION PLC: S&P Lowers ICR to 'SD' on Bond Restructuring
---------------------------------------------------------
On March 26, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Avation to 'SD' from 'CC'. S&P also lowered its
long-term issue rating on the Singapore-headquartered aircraft
lessor's guaranteed senior unsecured notes to 'D' from 'C'.
S&P said, "We will raise the issuer credit rating on Avation and
the issue rating on the notes to the 'CCC' category as early as
March 29, 2021 to reflect our view of the company's
creditworthiness post-restructuring.
"We lowered our ratings after Avation completed the restructuring
of its US$342.6 million senior notes due in May 2021 with 100%
consent from bondholders.
"We view the transaction as tantamount to a distressed exchange.
That's given our views of: (1) a high likelihood of a conventional
default without the transaction, given the sizable maturity and the
company's weak liquidity, with a cash deficit we estimate to be
over US$200 million; and (2) unsecured bondholders receiving less
than what was originally promised, in which we assessed for any
deviation from the terms of the original bond, including extension
of maturity by 5.5 years.
"We will raise the issuer credit rating on Avation and the issue
rating on the notes in the coming days, likely to the 'CCC'
category. This would reflect our view that the company's capital
structure remains unsustainable. Avation has debt maturities of
close to US$225 million within the next 12 months, and remains
dependent upon the ongoing support of lenders as well as favorable
business, financial and economic conditions to meet its financial
commitments."
CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
----------------------------------------------------------
Creditors Burlington Loan Management DAC and Monarch Alternative
Capital LP filed a Chapter 11 Plan and Disclosure Statement for
debtors CFG Peru Investments Pte. Ltd. (Singapore) and Smart Group
Limited (Cayman).
China Fishery Group Limited ("CFGL") is the holding company of a
group of companies (collectively, the "CF Group"), including the
Plan Debtors (the Plan Debtors, together with the Other Debtors,
the "Debtors"), with interests in a leading, Peru-based global
fishmeal and fish oil business.
The Plan Debtors' primary asset is their interests in certain Other
Debtors and non-debtor affiliates, including direct or indirect
ownership of approximately 100% of the equity interests in the
Peruvian OpCos; the Plan Debtors also hold certain Claims and
Causes of Action against other Persons or Entities, the value of
which are unknown. The Plan Debtors' only funded debt consists of
9.75% Senior Notes due July 30, 2019 in a principal amount of $300
million, $501,804,767 of which is outstanding as of March 16, 2021,
according to the Senior Notes Trustee.
On March 1, 2021, following several months of discussions regarding
potential
restructuring transactions, the Ad Hoc Group comprised of holders
of 56% of the principal amount of the Senior Notes and 71% of the
principal amount of the Club Facility executed the Restructuring
Support Agreement. The Restructuring Support Agreement contemplates
a comprehensive restructuring and recapitalization transaction for
the Plan Debtors and certain of their non-debtor affiliates that
will safeguard and provide funding for the fishmeal business of the
Peruvian OpCos.
The material terms of the Plan are as follows:
* each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;
* each Allowed Superpriority Loan Claim shall be set off,
capitalized, forgiven, or such other similar or equivalent
mechanisms as required in a specific jurisdiction pursuant to the
Superpriority Loan Settlement Order; provided that the Plan
Administrator is authorized to cause SFR to transfer proceeds from
the sale of non-core assets listed in the First and Second Non Core
Asset Sales Procedures Motions either directly or indirectly to CFG
Peru to effectuate the SFR Distributions contemplated under the
Plan promptly following the Confirmation Date;
* each Holder of an Allowed Senior Notes Claim shall receive
the distributions to such Holder pursuant to the UK Proceeding
and/or Singapore Scheme. All of the Senior Notes shall be cancelled
as set forth in the UK Proceeding Documentation and/or Singapore
Scheme Documentation, as applicable; provided, however, that any
such distribution shall be in addition to any distributions made by
the Plan Administrator or any other Entity with respect to the
Interim Distribution;
* unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro rata share
of the Wind-Down Trust Interests;
* each Holder of the BANA-CFG Peru Claim shall receive its pro
rata share of $30,998,083.56 in Cash, which Cash shall be remitted
by NewCo or the Peruvian OpCos;
* Interests in CFG Peru shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in CFG Peru; and
* Interests in Smart Group shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in Smart Group.
The Plan contemplates a comprehensive restructuring of Claims
against and Interests in the Plan Debtors that the Creditor Plan
Proponents believe will preserve the going-concern value of the
Peruvian OpCos, maximize recoveries available to all constituents,
provide for an equitable distribution to the Plan Debtors'
stakeholders, and facilitate a conclusion to the Chapter 11 Cases.
The Plan also facilitates the steps necessary to effectuate the UK
Proceeding and/or Singapore Scheme, including through cooperation
with the Peruvian OpCos. The Creditor Plan Proponents believe the
Plan and Restructuring Support Agreement are significant
achievements for the Plan Debtors and will maximize value for
stakeholders.
Distributions under the Plan will be funded with Cash available at
the Plan Debtors or the Peruvian OpCos on the Effective Date, the
proceeds of the New Money Facility, and/or the proceeds of any
non-Cash assets held by the Plan Debtors. For the avoidance of
doubt, the Creditor Plan Proponents expect that the Interim
Distributions and SFR Distributions will be funded prior to the
Effective Date with Cash on hand at the Plan Debtors or the
Peruvian OpCos, and not with any proceeds of the New Money
Facility.
Counsel to the Creditor Plan Proponents:
Patrick J. Nash, Jr., P.C.
Gregory F. Pesce
Heidi M. Hockberger
KIRKLAND & ELLIS LLP
300 North LaSalle
Chicago, Illinois 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
About China Fishery Group
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.
In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.
The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.
On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.
EAGLE HOSPITALITY: Court Approves Monarch's Stalking-Horse Bid
--------------------------------------------------------------
Allison McNeely of Bloomberg News reports that Eagle Hospitality
Trust got court approval to proceed with its designated stalking
horse bid and sale procedures, overcoming objections from its
previous sponsors and some trade creditors.
An affiliate of Monarch Alternative Capital is providing a $470
million bid for 15 hotels, according to court documents.
A stalking horse bid provides a minimum price for the sale of
assets in bankruptcy.
Judge Christopher Sontchi also approved the bid procedures for the
bankrupt U.S. entity of a Singapore-based hotel real estate
investment trust in a hearing Tuesday, March 23, 2021.
About Eagle Hospitality Group
Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.
EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated
$500 million to $1 billion in assets and liabilities as
of the bankruptcy filing.
The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker. Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively. Donlin, Recano & Company, Inc., is the
claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Feb. 4, 2021. The committee is represented by Morris James, LLP,
and Kramer Levin Naftalis & Frankel, LLP.
GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Golden Energy And Resources Ltd (GEAR). At the same time,
Moody's has affirmed the B1 rating on the senior secured bond
issued by GEAR.
The outlook remains stable.
"The rating affirmation reflects the solid operating performance of
GEAR's Indonesian thermal coal mining subsidiary despite
challenging conditions, and its improving business profile with
growing exposure to metallurgical coal and gold in Australia," says
Maisam Hasnain, a Moody's Assistant Vice President and Analyst.
"GEAR's B1 ratings also incorporate our expectation that the
company will maintain prudent financial policies, particularly with
respect to its growth and diversification strategy," adds Hasnain,
also Moody's Lead Analyst for GEAR.
RATINGS RATIONALE
GEAR's credit profile continues to be supported by rising
production and stable profitability at its 67% owned subsidiary, PT
Golden Energy Mines Tbk (GEMS). Despite challenging operating
conditions including a considerable decline in thermal coal prices,
GEMS increased production and cut costs to grow adjusted EBITDA to
around $150 million in 2020, from around $140 million in 2019.
Moody's expects GEMS' coal production to continue increasing over
the next few years, subject to the receipt of higher production
quotas from the Indonesian government each year. GEMS also has a
long reserve life of around 31 years based on 33.5 million tons of
coal produced in 2020.
GEAR's investments in Australia will provide geographic and
commodity diversification, and help improve its business profile.
These include GEAR's investment in metallurgical coal via its
effective 60% stake in Stanmore Coal, and gold via its 50-50 joint
venture in Ravenswood gold mine with private equity firm EMR
Capital.
Nonetheless, Moody's estimates these businesses are unlikely to pay
meaningful dividends over the next 12-18 months as they undertake
large capital spending to expand operations.
As a result, GEAR's credit profile will remain constrained by its
dependence on cash dividends from GEMS to service its debt. Moody's
expects GEAR to maintain interest coverage from dividends received
of around 2.6x--3.9x over the next two years, up from around 2.3x
in 2020 and 1.6x in 2019.
These projections assume that GEAR will continue to maintain at
least a 62.5% ownership stake in GEMS, pending its planned 4.5%
stake sale in the Indonesian coal miner. The minority stake sale
will help GEMS comply with the minimum free float requirements to
remain listed on the Indonesian Stock Exchange.
While GEMS and its subsidiaries account for most of GEAR's earnings
and cash flow, GEMS is not a subsidiary guarantor of GEAR's US
dollar notes. As a result, noteholders' claims in a distressed
situation are subordinate to liabilities at GEMS and its operating
subsidiaries. This subordination risk is reflected in GEAR's B1
CFR.
Moody's expects GEAR to maintain good liquidity at the holding
company level, with internal cash sources sufficient to meet its
planned uses over the next 12 months, including up to an additional
AUD75 million ($57 million) equity investment in Ravenswood to
support its growth.
"While not our base case, prolonged funding support from GEAR to
Stanmore or Ravenswood will weaken GEAR's holding company
liquidity, and would likely offset the positive credit implications
we anticipate from these investments," adds Hasnain.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectation that GEAR will
continue to develop and grow its coal and gold mine operations,
while maintaining prudent operating and financial policies.
An upgrade is unlikely over the next 12 months, given the large
capital spending requirements and execution risk associated with
GEAR's growth and diversification plans, GEAR's cash flow
concentration and its ownership structure.
Nevertheless, the rating could be upgraded over time if GEAR (1)
continues to increase its scale, (2) generates steady dividends
from all its investments, (3) is not required to provide additional
funding to support these businesses, and (4) maintains debt
serviceability at the holding company level such that its interest
coverage from dividend receipts exceeds 3.0x — excluding the
interest reserve account — on a sustained basis.
Conversely, GEAR's rating could be downgraded as a result of (1) an
inability to execute its current growth and diversification plans;
(2) aggressive financial policies, including continued debt-funded
investments; (3) weakening industry fundamentals or a higher cash
usage at GEMS, including higher-than-expected capital spending,
which reduces the cash flow available for paying dividends to GEAR;
or (4) any signs of increased related-party transactions including
continued funding support rendered to its subsidiary and joint
venture investments.
Specific indicators that Moody's would consider for a downgrade
include interest coverage at GEAR on a standalone basis falling
below 1.5x or consolidated adjusted debt/EBITDA of above 3.0x.
The principal methodology used in these ratings was Mining
published in September 2018.
Listed on the Singapore Stock Exchange, Golden Energy And Resources
Ltd (GEAR) is an energy and resources company with investments in
coal and gold. Its primary asset is its 67% stake in PT Golden
Energy Mines Tbk, an Indonesian thermal coal producer with coal
mines located in Kalimantan and Sumatra. GEAR also owns a 60%
effective stake in Australian metallurgical coal producer Stanmore
Coal, and a 50% joint venture stake in Australian gold producer
Ravenswood Gold Mine.
HONG LEONG: Assigns Xinfei's Debt to Chinese Buyer for CNY48.7MM
----------------------------------------------------------------
Lee Meixian at The Business Times reports that Hong Leong Asia
(HLA) has assigned the shareholders' loan and other advances it
previously granted to its consumer products unit - the Xinfei
companies currently undergoing restructuring - to a buyer in China
specialising in the acquisition of non-performing assets, for
CNY48.7 million (SGD10 million).
The debt had remained outstanding in 2018 when it had
deconsolidated the business, the report says.
With the assignment of debt and earlier rounds of disbursements to
creditors in 2018, the recovery rate for the group is now about
10.9 per cent, it said.
BT relates that HLA had said earlier that the restructuring plan
was expected to raise the recovery rate from 1.51 per cent to 9.82
per cent for creditors under various liquidation scenarios for
Xinfei.
In view of uncertainty over the final recovery rate, full provision
was made in the group's FY18 accounts, assuming zero recovery rate
for the debt, BT says.
HLA had stated that any recovery in the future would be treated as
income.
As a result of the debt assignment, HLA will recognise about
RMB48.7 million as income, before the deduction of any related
costs.
The assignment is thus expected to have a positive impact on its
net asset value per share and earnings per share in FY21, BT adds.
Hong Leong Asia Ltd. is engaged in the manufacturing and
distribution of consumer products, air-conditioning systems, diesel
engines and related products, industrial packaging products,
building materials, and of investment holding and dealing.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 22, 2021 to March 26, 2021
---------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
ACN 113 874 712 PTY LTD 13.25 02/15/18 USD 0.15
CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.06
CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98
GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.43
PALADIN ENERGY LTD 10.00 02/01/23 USD 66.38
PALADIN ENERGY LTD 10.00 02/01/23 USD 66.38
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 8.30
VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 8.50
VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 8.39
VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 9.39
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 8.42
VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 8.63
VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 5.02
CHINA
-----
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.56
AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 59.63
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.15
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.24
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 37.70
ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 39.28
AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 39.99
ANHUI HUAAN FOREIGN ECO 7.30 07/13/21 CNY 70.01
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.09
ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.22
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 20.14
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 24.57
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.84
ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 60.03
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.69
ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.70
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.50
ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 59.73
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00
ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.66
ANQIU HUAAN STATE OWNED 7.00 09/14/24 CNY 75.00
ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 59.18
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.19
ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.53
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 57.02
ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 58.74
BANK OF CHINA LTD/PARIS 0.95 09/21/23 USD 50.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.00
BAOJI HI-TECH INDUSTRIA 8.25 04/21/21 CNY 20.12
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 40.08
BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 45.50
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 59.94
BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 60.17
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 30.70
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.06
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.35
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 38.68
BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 40.00
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 20.05
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.19
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 20.37
BEIJING CULTURAL INVEST 5.10 04/28/22 CNY 67.00
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.10
BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.26
BEIJING HAIDIAN STATE-O 5.40 12/26/21 CNY 64.10
BEIJING HAIDIAN STATE-O 5.20 03/08/22 CNY 63.58
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.31
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.18
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 20.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.13
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 20.20
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 60.51
BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 61.22
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.00
BENGBU GAOXIN INVESTMEN 8.70 04/17/21 CNY 20.11
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 19.76
BENXI URBAN CONSTRUCTIO 6.24 01/22/22 CNY 20.00
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 40.24
BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 45.65
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 57.22
BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 58.70
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 54.02
BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 59.21
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 20.01
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 30.00
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 57.71
BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.32
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.00
BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 40.26
BOHAI LEASING CO LTD 7.00 06/20/21 CNY 50.00
BOHAI LEASING CO LTD 7.00 09/10/21 CNY 56.20
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.00
BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 40.04
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 59.41
BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 60.27
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.52
BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.66
BRILLIANCE AUTO GROUP H 5.30 10/23/20 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 01/22/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 03/13/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 04/18/22 CNY 68.50
BRILLIANCE AUTO GROUP H 6.50 06/03/22 CNY 68.50
BRILLIANCE AUTO GROUP H 5.40 09/14/23 CNY 55.80
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 56.93
BRILLIANCE AUTO GROUP H 6.30 09/14/23 CNY 68.50
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 59.80
BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 68.50
BRILLIANCE AUTO GROUP H 5.80 03/20/24 CNY 54.80
BRILLIANCE AUTO GROUP H 5.80 06/17/24 CNY 60.78
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.00
CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.41
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 59.82
CHANG DE DING LI INDUST 4.30 03/10/23 CNY 59.87
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.33
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50
CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 66.41
CHANGDE ECONOMIC CONSTR 7.00 03/24/21 CNY 20.08
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 39.91
CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 40.00
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.21
CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.26
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 39.87
CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 40.41
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.12
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 41.12
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 30.52
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.26
CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 60.67
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 46.35
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.41
CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 73.60
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00
CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 72.67
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.00
CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.56
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 39.82
CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 40.10
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.03
CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.13
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.04
CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.30
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 20.12
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 24.00
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.92
CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 59.98
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.00
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 20.16
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 40.49
CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 47.32
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.20
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 27.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 19.00
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 20.27
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.07
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 20.07
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.00
CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 40.49
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.39
CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.40
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.18
CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.42
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.68
CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.22
CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.76
CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 60.20
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.11
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 20.45
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 40.44
CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 48.83
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.26
CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.00
CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 40.51
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 58.72
CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 59.45
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.11
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.57
CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.60
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.16
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 19.66
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 20.00
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 72.01
CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 72.88
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.33
CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 59.76
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 39.82
CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 48.60
CHENZHOU WENLV INDUSTRY 5.34 11/28/23 CNY 59.51
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 67.73
CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 73.48
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 58.92
CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.00
CHINA FORTUNE LAND DEVE 5.80 05/23/22 CNY 28.00
CHINA FORTUNE LAND DEVE 5.00 05/30/22 CNY 68.15
CHINA FORTUNE LAND DEVE 5.50 03/23/25 CNY 27.50
CHINA FORTUNE LAND DEVE 5.17 04/20/25 CNY 25.00
CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 62.00
CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.36
CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.44
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.58
CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.67
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 56.91
CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 57.48
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.00
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.20
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 39.20
CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 40.21
CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 57.76
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.92
CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 59.96
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.17
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.00
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 20.04
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00
CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.19
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 59.73
CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 60.05
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 20.09
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 27.33
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.00
CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 40.28
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 20.21
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 30.80
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.00
CHONGQING GARDENING IND 8.45 06/03/21 CNY 20.28
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.00
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 20.06
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.30
CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.56
CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.67
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.18
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 56.76
CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 57.59
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 39.85
CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 39.89
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.10
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.26
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.18
CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 59.29
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.06
CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 60.10
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.03
CHONGQING LIANGJIANG NE 3.60 04/19/21 CNY 40.60
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.15
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.45
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.70
CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.88
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.29
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.44
CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.47
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 58.94
CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.04
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.00
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 20.04
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.03
CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.28
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 19.90
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 26.25
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 20.13
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 21.70
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.11
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.00
CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 40.35
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 39.69
CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 40.00
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 20.09
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 23.90
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.12
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00
CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 39.43
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.18
CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.50
CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 58.59
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.33
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.18
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 21.60
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.00
CHONGQING YUELAI INVEST 6.09 04/29/22 CNY 40.54
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.18
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 20.08
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 40.35
CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 44.55
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.83
CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.94
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.00
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 20.33
CHUZHOU CITY CONSTRUCTI 6.30 11/30/21 CNY 30.58
CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25
CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25
CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25
CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 89.00
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.25
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80
CULTURAL INVESTMENT HOL 5.45 10/26/22 CNY 55.00
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 58.31
DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 59.17
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.00
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 20.04
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 40.05
DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 59.82
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 59.61
DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 60.00
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 20.28
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.09
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 20.09
DALIAN SHITAI CITY CONS 7.09 02/20/21 CNY 19.93
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 56.61
DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 57.32
DANDONG PORT GROUP CO L 5.50 01/27/21 CNY 59.00
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.38
DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.45
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 59.28
DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 60.35
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 39.76
DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00
DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.80
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.23
DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.30
DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.31
DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 70.88
DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 74.43
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 20.03
DAYE ZHENHENG CITY DEVE 7.30 03/03/21 CNY 23.53
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 58.47
DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 59.12
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.15
DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.39
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.00
DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.37
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.00
DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.19
DAZHOU INVESTMENT CO LT 3.99 11/04/26 CNY 74.85
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 20.10
DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 40.15
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 58.63
DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.04
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 59.94
DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 59.97
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.11
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 28.26
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00
DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.78
DONGTAI STATE-OWNED ASS 3.04 11/16/23 CNY 57.13
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 20.11
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 28.48
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 40.28
DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 41.58
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 59.94
DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.05
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 37.30
DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 39.16
DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 40.26
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.24
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 57.94
ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.57
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.23
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.53
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.10
FANGCHENGGANG GANGFA HO 8.09 04/16/21 CNY 20.50
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.39
FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 59.61
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 60.07
FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.53
FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 59.44
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.34
FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 40.34
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 39.83
FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 40.00
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.85
FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.85
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.00
FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 40.06
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.83
FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 59.12
FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00
FUJIAN FUSHENG GROUP CO 7.90 11/19/21 CNY 60.00
FUJIAN FUSHENG GROUP CO 7.90 12/17/21 CNY 70.99
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.25
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.71
FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.86
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00
FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.44
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00
FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.48
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.35
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 25.02
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 40.89
FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 39.74
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.06
FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 59.81
FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.18
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.41
FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.44
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.00
FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 40.50
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.48
FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55
GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 72.38
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00
GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.71
GANZHOU DEVELOPMENT INV 8.10 12/11/23 CNY 64.65
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 19.00
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 20.02
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.89
GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 59.96
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00
GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.38
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.28
GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.21
GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.35
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.58
GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 60.59
GOOCOO INVESTMENT CO LT 8.00 02/01/21 CNY 50.00
GOTION HIGH-TECH CO LTD 6.50 04/13/23 CNY 61.03
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 40.35
GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 44.00
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.16
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.16
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.49
GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 59.50
GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 60.48
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.25
GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.37
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.24
GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.24
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 59.27
GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.00
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 20.10
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.00
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.14
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 20.01
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 24.77
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 20.11
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 23.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 20.05
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 21.15
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.20
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.50
GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 58.52
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.54
GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 60.65
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 60.00
GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 62.78
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.63
GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.70
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.06
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.00
GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 40.40
GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.87
GUIXI CITY CONSTRUCTION 4.18 08/18/23 CNY 58.97
GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 74.85
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 40.06
GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 45.00
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.64
GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.70
GUIYANG GUANCHENG INDUS 7.50 12/25/22 CNY 70.95
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.13
GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 59.34
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 58.86
GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 59.00
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.85
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 38.47
GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 40.31
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 40.00
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 40.03
GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 41.00
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.44
GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.71
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.53
GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.57
GUIZHOU LIUPANSHUI PAND 7.30 07/24/24 CNY 60.01
GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 40.73
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 60.60
GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 62.99
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.41
GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 56.52
GUIZHOU SHUICHENG WATER 8.00 11/27/25 CNY 61.00
GUIZHOU XINDONGGUAN CIV 7.70 09/05/24 CNY 70.05
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.43
GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 59.80
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.47
HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 59.65
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.16
HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.31
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.53
HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 20.06
HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.85
HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.35
HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 46.65
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 40.67
HAIMEN CITY DEVELOPMENT 6.22 04/03/22 CNY 42.20
HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 45.00
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.31
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.17
HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.75
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 56.93
HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.29
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 58.86
HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.38
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.63
HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.65
HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.65
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.00
HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 60.19
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.10
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 20.10
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.22
HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.02
HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 60.21
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.35
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40
HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.65
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 59.98
HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.58
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.17
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.14
HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 60.23
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 20.06
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.06
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 20.75
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 20.18
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 21.85
HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00
HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.84
HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.89
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.29
HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 39.74
HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 42.42
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.21
HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.39
HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.55
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.36
HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.63
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 20.01
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.34
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28
HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.63
HENAN ENERGY & CHEMICAL 6.98 11/02/21 CNY 37.87
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.40
HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.80
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 19.97
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 40.00
HENGYANG COMMUNICATION 4.28 01/21/23 CNY 59.78
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 20.13
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 21.10
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.21
HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.68
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.65
HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.71
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.10
HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 59.38
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 20.28
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 25.88
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.10
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 20.95
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.14
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 21.00
HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00
HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10
HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 71.00
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 34.50
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.00
HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.20
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.65
HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 41.54
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.44
HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 59.81
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 20.07
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 27.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 57.84
HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 59.01
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.69
HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.74
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.00
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 20.04
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.30
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.49
HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.70
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 39.96
HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 40.00
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.38
HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 59.38
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.24
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.12
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 20.12
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 39.95
HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 40.10
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.54
HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.85
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 59.95
HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.99
HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 63.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.00
HUANGSHI URBAN CONSTRUC 5.99 04/29/22 CNY 40.52
HUAWEN MEDIA GROUP 5.45 11/08/22 CNY 72.07
HUAWEN MEDIA GROUP 6.00 04/04/23 CNY 45.10
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 40.47
HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 42.40
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 46.09
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 39.92
HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.36
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.21
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 22.25
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.50
HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.55
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 18.60
HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 20.10
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.51
HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.70
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.39
HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 59.58
HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.87
HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 39.94
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 57.90
HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 58.64
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.14
HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.18
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 39.21
HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 47.00
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 56.56
HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 58.32
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00
HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.85
HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 39.31
HUNAN SHAODONG ECO-INDU 6.50 01/11/23 CNY 39.45
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 61.71
HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 61.71
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.06
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.30
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.93
HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.87
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 20.14
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.90
HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.91
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.24
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 22.38
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.00
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 20.15
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50
INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.51
INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 39.21
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 39.04
INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.10
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 20.41
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 22.10
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.21
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 58.90
JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 59.93
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.21
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 59.89
JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 60.08
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.45
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.47
JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.47
JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 61.00
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 20.15
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 40.55
JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 41.10
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.47
JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.73
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.97
JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.99
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.29
JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.59
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.44
JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.45
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 59.95
JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 61.51
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.20
JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 60.51
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.69
JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.72
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.13
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 20.80
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.21
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.85
JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.86
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.18
JIANGSU JURONG FUDI BIO 7.70 03/21/21 CNY 40.25
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.16
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 20.12
JIANGSU RUNCHENG ASSET 7.88 04/16/21 CNY 28.80
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.72
JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 30.00
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.10
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 25.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.00
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 20.14
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.21
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.32
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.00
JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.67
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 40.41
JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 47.50
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.67
JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.69
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 20.15
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 30.19
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.00
JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 60.12
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30
JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.41
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 39.38
JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 40.00
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 29.61
JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 40.08
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.12
JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 59.62
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 20.23
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 29.34
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.10
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 20.37
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.05
JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 39.42
JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 41.00
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 39.91
JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.35
JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 20.09
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 21.13
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.04
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 20.07
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.53
JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.73
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 58.12
JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 59.53
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 40.41
JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 60.00
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 61.67
JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 80.44
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.05
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.27
JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.30
JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 59.06
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.40
JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 60.18
JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 71.02
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 19.85
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 20.05
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.08
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 20.26
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.69
JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 40.41
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.20
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.22
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 40.00
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 40.46
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.00
JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.15
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 39.84
JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 40.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.00
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 20.01
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.65
JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 59.77
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.16
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 20.16
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.00
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 30.57
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80
JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.13
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.87
JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 59.01
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 58.70
JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 59.78
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.70
JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 59.82
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.33
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.71
JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.99
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 40.09
JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 44.44
JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 58.99
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.55
JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 58.78
JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.19
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.90
JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 59.42
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.88
JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 60.93
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 19.96
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 20.04
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 25.00
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 40.17
JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 42.82
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55
JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.51
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.36
JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 40.52
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.11
JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 59.54
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.03
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 20.60
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 19.88
JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 20.85
JIZHONG ENERGY GROUP CO 6.05 08/13/22 CNY 59.77
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.10
KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 40.11
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 38.50
KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 59.86
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.30
KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.39
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 38.53
KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 40.00
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 55.70
KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 55.97
KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.13
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.13
KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.13
KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 18.95
KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 20.13
KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.34
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.13
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.13
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00
KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.33
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 24.75
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.24
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 20.10
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.06
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 20.60
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90
LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 19.79
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.99
LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 40.33
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.95
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 40.95
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 58.69
LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 59.30
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.35
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.85
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.00
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 20.16
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 20.15
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 25.00
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 59.28
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.74
LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 59.82
LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 60.11
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 59.00
LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 60.54
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 3.63
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 10.99
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.65
LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.80
LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 60.60
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 38.84
LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 39.97
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.39
LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 40.49
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.14
LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.69
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 39.93
LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.50
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 38.38
LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.57
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 52.88
LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 59.56
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.24
LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.37
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.38
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.36
LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.41
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 30.12
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.03
LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 58.09
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.81
LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 58.83
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 61.99
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 18.00
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 20.22
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.20
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.45
LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 59.60
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 20.14
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 30.31
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 19.95
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.60
LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.75
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.42
LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 59.51
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.36
LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.72
LU'AN CITY CONSTRUCTION 3.97 02/22/21 CNY 50.03
LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.17
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.00
LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 40.61
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.26
LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 60.54
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.00
LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.28
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.26
LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.27
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 70.00
LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 73.70
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.37
LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 59.73
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.16
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 59.09
MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 60.40
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 40.21
MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 44.99
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.46
MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 40.60
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.41
MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.69
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.04
MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.71
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.00
MEISHAN ASSET MANAGEMEN 7.84 02/26/21 CNY 20.05
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.39
MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 59.54
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.17
MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 59.23
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 40.48
MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 45.32
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.00
MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.13
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 40.00
MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.08
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 20.08
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 59.40
NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.48
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 39.99
NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 40.18
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 31.20
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 59.90
NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 60.07
NANJING HEXI NEW TOWN A 3.47 06/17/21 CNY 40.01
NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.76
NANJING JIANGNING ECONO 7.94 04/14/24 CNY 64.04
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.46
NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.66
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.00
NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.12
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.23
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.03
NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.50
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.94
NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 60.65
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.40
NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.76
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 59.67
NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.23
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 45.96
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 46.10
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.13
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 55.20
NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 59.29
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.01
NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.41
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 19.64
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.18
NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.60
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 20.07
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 25.40
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00
NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 71.22
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.79
NANTONG CITY GANGZHA DI 3.80 09/06/21 CNY 39.85
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.44
NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 60.13
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 40.38
NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 41.52
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.00
NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 40.36
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.27
NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 61.14
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 59.86
NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 62.05
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.17
NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.29
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 20.10
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 28.53
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.64
NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 59.68
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 36.36
NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 39.60
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 20.07
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 26.30
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.32
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.36
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 20.15
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 29.00
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 40.38
NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 48.29
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.22
NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.20
NINGHAI CITY INVESTMENT 7.99 04/16/21 CNY 20.70
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.20
NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.52
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 20.15
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 59.63
NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 60.00
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.20
NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 59.53
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 58.89
NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 59.02
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.12
ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.19
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 20.02
PANJIN CITY SHUANGTAIZI 7.25 01/22/22 CNY 20.76
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 56.98
PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 59.33
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.32
PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.32
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.06
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 20.32
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.00
PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 40.70
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.00
PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.18
PEKING UNIVERSITY FOUND 6.20 05/31/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.15 07/23/20 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 09/12/20 CNY 11.00
PEKING UNIVERSITY FOUND 4.80 07/26/21 CNY 11.00
PEKING UNIVERSITY FOUND 6.10 08/22/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.99 11/02/21 CNY 11.00
PEKING UNIVERSITY FOUND 5.80 01/28/22 CNY 11.00
PEKING UNIVERSITY FOUND 6.68 08/09/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.50 11/16/23 CNY 11.00
PEKING UNIVERSITY FOUND 6.30 03/04/24 CNY 11.00
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 57.19
PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 58.09
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.51
PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.58
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.10
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 20.66
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 36.00
PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 40.46
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.00
PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 60.14
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.12
PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 59.51
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.01
PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 40.54
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.00
PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.15
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 20.20
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 22.46
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 39.49
PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 40.00
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.63
PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 49.63
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.21
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.34
QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 46.90
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.20
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.78
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 63.88
QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 63.98
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.17
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 20.35
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 39.96
QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 40.00
QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 39.58
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.05
QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.83
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.60
QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 57.81
QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 59.75
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.01
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 59.30
QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 60.05
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.20
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 20.46
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.14
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.51
QIHE CITY OPERATION CON 5.10 03/07/23 CNY 59.61
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.09
QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 59.09
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.17
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.20
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.13
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.35
QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.29
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 21.00
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 20.08
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 28.79
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 59.57
QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.20
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.68
QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.08
QINGHAI PROVINCIAL INVE 7.25 02/22/20 USD 29.41
QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 30.00
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 31.16
QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 56.00
QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 30.45
QINGHAI STATE-OWNED ASS 6.38 08/14/28 CNY 44.63
QINGHAI STATE-OWNED ASS 7.20 11/25/28 CNY 44.63
QINGHAI STATE-OWNED ASS 6.70 10/10/29 CNY 44.63
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.08
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 20.08
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.06
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 59.19
QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 60.11
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 20.15
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 21.28
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.57
QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 58.39
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.36
QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 40.80
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.90
QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 60.11
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 39.67
QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 41.95
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.13
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 22.55
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 19.92
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 20.04
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.44
QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.92
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 20.19
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 23.42
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.24
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.25
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.39
RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 58.41
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 40.81
RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 41.09
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.00
RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.14
REWARD SCIENCE AND TECH 5.53 07/05/21 CNY 29.10
REWARD SCIENCE AND TECH 6.40 03/03/22 CNY 70.00
RIGHT WAY REAL ESTATE D 8.00 07/15/21 CNY 43.89
RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.63
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.17
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 20.11
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 24.03
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.45
RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.62
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.73
RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.77
RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 39.88
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.50
RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 59.66
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.53
RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 59.88
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 59.87
RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 60.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.00
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 20.05
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 59.79
RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 60.23
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 60.70
RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 60.70
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 59.94
RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 60.69
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.36
RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.57
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 25.12
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.18
RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.20
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.00
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.26
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.00
SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 40.69
SANMING TRANSPORTATION 3.68 03/29/23 CNY 59.53
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.38
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.33
SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 19.80
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.06
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 20.12
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 23.10
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 39.83
SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 41.01
SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 33.24
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.58
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.62
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.36
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.37
SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.50
SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.29
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00
SHANDONG JINMAO TEXTILE 6.97 04/01/21 CNY 20.70
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 42.70
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00
SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.12
SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 0.20
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.13
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 20.13
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.17
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 20.75
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 24.99
SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 25.75
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.55
SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 40.79
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.30
SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.60
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.31
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.33
SHANGHAI PUTAILAI NEW E 5.50 03/19/21 CNY 66.67
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 39.40
SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 40.03
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.02
SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 60.22
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 30.88
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 63.50
SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 63.55
SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 62.60
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 54.50
SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 70.29
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.56
SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.68
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.08
SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 43.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.39
SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 40.51
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 40.75
SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 48.00
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.22
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48
SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.57
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.17
SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.26
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.00
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.45
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.00
SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 40.44
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.16
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 59.73
SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 60.13
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.26
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15
SHAOYANG BAOQING INDUST 5.78 07/04/26 CNY 69.31
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 58.94
SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 59.74
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.39
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.22
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.60
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.00
SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 40.37
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 38.00
SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 39.71
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 20.02
SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 27.50
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 45.38
SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 46.80
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.00
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.50
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 40.60
SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 47.20
SHIJIAZHUANG URBAN CONS 6.55 03/09/21 CNY 40.24
SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.62
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.11
SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.35
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.00
SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.31
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 69.72
SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 70.00
SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.67
SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.68
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.00
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 20.12
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.20
SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 46.00
SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 59.65
SICHUAN COAL GASIFICATI 7.00 12/14/23 CNY 61.23
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.54
SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 59.81
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.74
SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 60.48
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 19.98
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.00
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 51.24
SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 51.24
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 58.94
SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 60.15
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 40.28
SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 48.00
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.30
SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 40.35
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.31
SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.92
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.56
SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 59.52
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.29
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 19.86
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 20.78
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 20.14
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 27.82
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.16
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.25
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 39.95
SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.00
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 39.78
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 44.18
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 57.32
SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 59.15
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.00
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 20.18
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 57.97
SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 58.02
SUINING ROUGANG INVESTM 5.65 01/24/24 CNY 58.93
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.17
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 59.07
SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 59.08
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.30
SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20
SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 60.05
SUNING.COM CO LTD 5.00 03/13/23 CNY 65.00
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.05
SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 60.05
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 60.70
SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 61.34
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.00
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 20.05
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.36
SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 59.76
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.25
SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.45
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.60
SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.72
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 20.08
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 22.60
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 59.73
TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 60.16
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.04
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 20.07
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.55
TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 39.53
TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 43.87
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.00
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 20.12
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 20.11
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 26.50
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.27
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.55
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.00
TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 40.02
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 40.81
TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.48
TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.98
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 20.08
TAIZHOU XINBINJIANG DEV 7.60 03/05/21 CNY 21.00
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.80
TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 59.88
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 55.31
TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 59.12
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 20.00
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 27.15
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 19.81
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00
TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 59.13
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.59
TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 39.98
TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 39.96
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 30.47
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 31.30
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 19.98
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 44.24
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.04
TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 58.59
TIANJIN HARBOR CONSTRUC 8.80 01/24/21 CNY 39.99
TIANJIN HARBOR CONSTRUC 8.00 04/01/21 CNY 40.05
TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 39.60
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.03
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 20.35
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.03
TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 44.75
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 19.93
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 20.02
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 69.98
TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 20.05
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 59.31
TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 60.45
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 71.98
TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 73.40
TIANJIN REAL ESTATE GRO 4.50 09/29/20 USD 73.75
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 19.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.46
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 21.80
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.53
TIANJIN WUQING ECONOMIC 6.65 09/12/21 CNY 19.97
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 20.07
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 39.00
TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 40.03
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.37
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.08
TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.29
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 59.67
TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 60.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.17
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 20.98
TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77
TSINGHUA HOLDINGS CORP 3.15 10/25/21 CNY 48.64
TSINGHUA HOLDINGS CORP 4.95 08/08/22 CNY 36.40
TSINGHUA HOLDINGS CORP 5.30 03/26/23 CNY 42.00
TSINGHUA UNIGROUP CO LT 5.60 11/15/20 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.20 03/16/21 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.15 12/26/21 CNY 12.96
TSINGHUA UNIGROUP CO LT 4.94 03/25/22 CNY 16.55
TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 19.38
TSINGHUA UNIGROUP CO LT 6.00 08/14/22 CNY 19.38
TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 11.65
TSINGHUA UNIGROUP CO LT 5.11 01/25/24 CNY 13.00
TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 40.33
TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00
ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 50.90
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.14
ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 59.33
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.00
URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 40.68
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 58.40
WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 60.00
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 20.42
WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 28.81
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 59.67
WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 25.07
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.24
WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.39
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 58.40
WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 59.58
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.51
WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.72
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.18
WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.36
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.00
WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 40.33
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 58.87
WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 59.39
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.06
WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.76
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 60.00
WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 60.21
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.86
WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.97
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.22
WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 60.22
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 19.80
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 20.12
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.00
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.16
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.22
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.31
WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 59.51
WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63
WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63
WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63
WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63
WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63
WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63
WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63
WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63
WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 5.42
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 20.12
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.06
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 20.96
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 20.28
WUHAN CITY HUANPI DISTR 6.43 09/17/21 CNY 23.02
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.21
WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.27
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.18
WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 40.58
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93
WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.44
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.73
WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.74
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.08
WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.12
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 20.20
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 26.35
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.48
WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.67
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.00
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 20.19
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 57.60
WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 59.70
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.00
WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.58
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.30
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.33
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 20.10
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.83
WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 59.86
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.05
WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.01
WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50
WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.77
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.43
WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.55
WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 20.14
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 24.88
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.62
XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.65
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 20.10
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 21.46
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 20.22
XI'AN INTERNATIONAL INL 7.90 09/23/21 CNY 22.28
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 36.60
XIANGSHUI GUANJIANG HOL 4.98 12/24/22 CNY 39.22
XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 54.50
XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 44.70
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 56.76
XIANGTAN CITY'S CONSTRU 3.95 08/04/23 CNY 58.02
XIANGTAN CITY'S CONSTRU 3.60 08/04/23 CNY 59.50
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 20.03
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 28.99
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 18.52
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 19.40
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 71.53
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 20.11
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 15.49
XIANGTAN WANLOU XINCHEN 6.90 01/14/22 CNY 19.72
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.03
XIANGXIANG ECONOMIC DIS 5.28 09/09/23 CNY 57.13
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.45
XIANGXIANG URBAN CONSTR 5.84 05/18/23 CNY 59.79
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.37
XIANGYANG CITY XIANGZHO 5.18 04/28/23 CNY 60.38
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 20.12
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 23.38
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 39.69
XIANGYANG STATE-OWNED C 4.62 01/25/23 CNY 59.74
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.44
XIANNING HIGH-TECH INVE 6.29 02/10/22 CNY 40.56
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.00
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 20.09
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 59.73
XIANTAO CITY CONSTRUCTI 4.59 04/18/23 CNY 60.28
XIAOCHANG SHUNHE DEVELO 4.15 10/17/23 CNY 57.68
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.06
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.11
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.21
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.40
XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.90
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.11
XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.17
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.38
XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.45
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 57.85
XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.85
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 27.97
XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 28.78
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.75
XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.78
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.40
XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.59
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 20.07
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 21.35
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.68
XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 59.70
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.72
XINMIN CITY LUXIN MUNIC 6.41 07/29/21 CNY 13.87
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.25
XINTAI CITY COORDINATIN 6.35 03/23/22 CNY 40.75
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 26.30
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 38.89
XINYI CITY INVESTMENT & 4.30 01/19/23 CNY 40.00
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 40.47
XINYI URBAN TRANSPORTAT 6.14 02/06/22 CNY 41.53
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 20.17
XINYU CITY SHANTYTOWN Z 6.50 11/13/22 CNY 71.53
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 40.62
XINYU CITY YUSHUI DISTR 7.70 06/24/22 CNY 41.39
XINZHENG NEW DISTRICT D 6.40 01/29/21 CNY 25.00
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 20.08
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 21.07
XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.39
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 20.13
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 26.00
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.00
XUANCHENG STATE-OWNED A 4.12 04/07/23 CNY 60.03
XUZHOU BOCHANT DEVELOPM 5.69 07/28/21 CNY 32.31
XUZHOU CITY JIAWANG CON 4.00 03/23/23 CNY 59.69
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.00
XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.44
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.20
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 20.30
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 20.21
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 31.50
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 58.66
XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 59.21
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.20
XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.24
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.61
XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.01
YANCHENG DAFENG DISTRIC 8.70 01/24/21 CNY 20.97
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.90
YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.95
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.05
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.13
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.33
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.40
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.21
YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 59.71
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 40.42
YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 41.20
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 59.30
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.05
YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 60.06
YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 60.28
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 20.01
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 26.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.00
YANGZHOU ECONOMIC & TEC 7.40 03/05/21 CNY 40.18
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93
YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.93
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.70
YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63
YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 59.62
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 39.98
YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.00
YICHANG HIGH-TECH INVES 4.80 12/15/22 CNY 40.31
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.99
YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.68
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.20
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.51
YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 40.61
YIHUA ENTERPRISE GROUP 6.80 03/15/21 CNY 47.99
YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00
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 20.08
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 20.20
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.00
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.15
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 39.95
YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 40.29
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.90
YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.35
YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 39.99
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 58.38
YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 60.00
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.80
YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18
YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 39.89
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02
YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 31.02
YINING CITY STATE OWNED 8.90 01/23/21 CNY 19.92
YINING CITY STATE OWNED 8.90 01/23/21 CNY 20.00
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.00
YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.11
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 39.95
YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.96
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.00
YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 40.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.15
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 40.06
YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 48.00
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.50
YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 57.79
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.35
YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 57.47
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.87
YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 69.34
YONGCHENG COAL & ELECTR 7.50 02/02/21 CNY 39.88
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.00
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 20.25
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 59.38
YONGXING YINDU CONSTRUC 5.60 03/24/23 CNY 60.42
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.42
YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.50
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.35
YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.41
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.03
YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 40.07
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 19.76
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 20.07
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.71
YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 60.09
YUEYANG YUNXI CITY CONS 5.18 11/21/23 CNY 57.78
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.14
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 40.51
YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 44.47
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.12
YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.45
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 58.75
YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 59.36
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 57.60
YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 58.63
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 18.00
YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.85
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.24
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 39.54
YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 40.00
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 59.80
ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 60.12
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.20
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.21
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 20.07
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.30
ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.34
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.82
ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.23
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90
ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 40.52
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.14
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.30
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.79
ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.80
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.00
ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.59
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.02
ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.07
ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.22
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 20.07
ZHEJIANG CHANGXING JING 7.99 03/03/21 CNY 30.00
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.31
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 20.17
ZHEJIANG HANGZHOU QINGS 7.90 04/23/21 CNY 24.00
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 69.89
ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 70.00
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.64
ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.66
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 39.89
ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 40.36
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 20.24
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 21.06
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 20.49
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 21.20
ZHEJIANG YATAI PHARMACE 0.50 04/02/25 CNY 70.01
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.41
ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 69.42
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00
ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.55
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 20.33
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 26.20
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.00
ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 60.02
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 19.80
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 20.02
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 20.02
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 58.97
ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.78
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 39.54
ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 40.00
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 59.15
ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 64.70
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 39.87
ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.29
ZHONGMINTOU LEASING HOL 7.55 09/21/21 CNY 49.49
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 20.20
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 20.07
ZHOUSHAN DINGHAI CITY C 6.67 07/20/22 CNY 40.25
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.18
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 20.27
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.80
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 40.94
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.09
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 41.90
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 59.96
ZHUHAI HUIHUA INFRASTRU 4.70 06/27/23 CNY 60.00
ZHUJI CITY EAST NEW TOW 3.89 08/26/23 CNY 59.54
ZHUJI CITY YUEDU INVEST 6.38 04/07/22 CNY 40.57
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 23.75
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.17
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 20.86
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.00
ZHUZHOU GECKOR GROUP CO 6.38 04/17/22 CNY 40.41
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.59
ZHUZHOU GECKOR GROUP CO 3.78 09/28/23 CNY 58.67
ZHUZHOU HI-TECH AUTO EX 4.47 11/03/23 CNY 74.62
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 57.52
ZHUZHOU RECYCLING ECONO 4.38 03/24/23 CNY 58.30
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 39.30
ZHUZHOU XIANGJIANG SCEN 5.39 11/25/22 CNY 40.58
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 39.75
ZIBO BANYANG CITY URBAN 5.50 09/09/22 CNY 40.00
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.70
ZIYANG WATER INVESTMENT 3.97 03/17/23 CNY 57.83
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 39.64
ZIZHONG COUNTY XINGZI I 5.97 01/18/23 CNY 39.68
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 38.01
ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 40.00
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 57.89
ZUNYI HONGHUAGANG CITY 5.05 06/27/23 CNY 59.29
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 62.75
ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 70.02
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 52.51
ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 57.96
ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 70.05
HONG KONG
---------
CAIYUN INTERNATIONAL IN 5.50 04/08/22 USD 63.74
DR PENG HOLDING HONGKON 7.55 12/01/21 USD 70.25
HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.33
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 9.88
ACME MEDAK SOLAR ENERGY 0.01 08/29/46 INR 12.55
ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 12.43
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 26.39
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 26.34
APG HABITAT PVT LTD 1.00 09/09/28 INR 62.37
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 44.17
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 45.32
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 63.30
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 63.00
BREEZE CONSTRUCTIONS PV 0.01 06/29/30 INR 46.52
BRITANNIA INDUSTRIES LT 8.00 08/28/22 INR 31.26
CHANDRAJYOTI ESTATE DEV 0.01 07/06/30 INR 48.00
CREIXENT SPECIAL STEELS 0.01 08/28/25 INR 71.51
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 64.12
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 40.14
DEWAN HOUSING FINANCE C 8.50 04/18/23 INR 25.94
DLF ASPINWAL HOTELS PVT 0.01 10/15/30 INR 43.16
DLF EMPORIO RESTAURANTS 0.01 06/29/30 INR 47.87
DLF EMPORIO RESTAURANTS 0.01 08/12/30 INR 47.41
DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 49.99
DLF HOMES SERVICES PVT 0.01 06/29/30 INR 46.52
DLF REAL ESTATE BUILDER 0.01 06/23/30 INR 47.94
DLF RECREATIONAL FOUNDA 0.01 10/15/30 INR 45.24
DLF RESIDENTIAL BUILDER 0.01 06/23/30 INR 46.51
DLF RESIDENTIAL DEVELOP 0.01 06/28/30 INR 47.87
DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 48.19
DOMUS REAL ESTATE PVT L 0.01 07/11/30 INR 48.09
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 74.66
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 72.32
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 68.92
EDELWEISS ASSET RECONST 2.00 01/15/29 INR 67.89
EDELWEISS ASSET RECONST 2.00 03/28/29 INR 67.18
EDELWEISS ASSET RECONST 2.00 07/22/29 INR 66.07
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 50.53
ESSAR POWER TRANSMISSIO 3.00 03/31/43 INR 50.53
GREEN URJA PVT LTD 0.01 02/14/30 INR 49.83
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 6.69
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 65.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 61.44
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.59
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 28.49
JTPM ATSALI LTD 0.01 08/29/48 INR 11.72
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 27.27
KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 73.51
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 70.00
MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 46.69
MENS BUILDCON PVT LTD 0.01 06/29/30 INR 46.69
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 31.98
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 29.35
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 29.35
NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 12.55
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 28.09
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 72.61
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 67.68
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 63.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 58.79
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 54.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 51.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 48.08
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 45.17
PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 12.55
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 28.97
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 74.08
REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 69.54
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 8.61
REWANCHAL SOLAR POWER P 0.01 08/29/46 INR 12.55
SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 47.88
SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 46.43
SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63
SUNWORLD SOLAR POWER PV 0.01 08/31/46 INR 12.43
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 70.57
SUTARA ROADS & INFRA LT 0.01 08/31/30 INR 55.59
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.48
SUZLON ENERGY LTD 5.75 07/16/19 USD 23.48
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61
TATA SMARTFOODZ LTD 0.01 07/15/25 INR 73.53
TATA SMARTFOODZ LTD 0.01 11/23/25 INR 71.29
TN URJA PVT LTD 0.10 02/22/36 INR 30.14
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 59.02
WS T&D LTD 0.10 03/24/29 INR 54.24
ZYDUS FOUNDATION 0.10 03/25/25 INR 74.90
INDONESIA
---------
ALAM SUTERA REALTY TBK 6.25 11/02/25 USD 72.26
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 4.38
DELTA MERLIN DUNIA TEKS 8.63 03/12/24 USD 5.40
MEDIKALOKA HERMINA TBK 8.00 09/08/23 IDR 58.35
MNC INVESTAMA TBK PT 9.00 05/11/21 USD 66.91
WAHANA OTTOMITRA MULTIA 9.15 05/29/21 IDR 70.75
JAPAN
-----
AVANSTRATE INC 0.15 10/29/32 JPY 9.75
HIS CO LTD 0.44 02/20/24 JPY 67.25
HIS CO LTD 0.58 02/19/27 JPY 50.68
MITSUI E&S HOLDINGS CO 0.70 09/15/23 JPY 70.52
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
UNIZO HOLDINGS CO LTD 0.51 05/26/21 JPY 71.25
UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 59.91
UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 45.37
UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 39.76
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.50
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 30.50
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 28.50
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 26.96
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 22.50
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 20.50
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 19.90
MALAYSIA
--------
AEGEAN MARINE PETROLEUM 4.00 11/01/18 USD 24.50
AEGEAN MARINE PETROLEUM 4.25 12/15/21 USD 24.50
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.65
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.23
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.11
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.38
HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.33
MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.64
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 68.66
PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 67.89
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.30
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 73.58
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.18
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.13
ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.13
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.01
BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 28.38
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.80
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.80
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 44.61
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 13.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00
JGC VENTURES PTE LTD 10.75 08/30/21 USD 30.00
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 16.23
MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 29.85
MULHACEN PTE LTD 6.50 08/01/23 EUR 60.59
MULHACEN PTE LTD 6.50 08/01/23 EUR 60.78
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 58.13
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.23
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 68.23
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.76
SSMS PLANTATION HOLDING 7.75 01/23/23 USD 69.82
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.12
SOUTH KOREA
-----------
ECOMAISTER CO LTD 2.00 10/11/22 KRW 73.13
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 43.81
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 68.00
KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 73.78
KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 73.10
KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 72.26
KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 71.04
LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.96
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.61
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 67.67
SINBO SECURITIZATION SP 5.00 06/29/21 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/26/21 KRW 64.87
SINBO SECURITIZATION SP 5.00 08/31/21 KRW 63.31
SINBO SECURITIZATION SP 5.00 12/27/21 KRW 72.92
SINBO SECURITIZATION SP 5.00 01/25/22 KRW 61.55
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 62.84
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 63.75
SINBO SECURITIZATION SP 5.00 02/28/22 KRW 72.25
SINBO SECURITIZATION SP 5.00 06/27/22 KRW 65.80
SINBO SECURITIZATION SP 5.00 06/29/22 KRW 74.61
SINBO SECURITIZATION SP 5.00 07/24/22 KRW 65.48
SINBO SECURITIZATION SP 5.00 07/26/22 KRW 66.71
SINBO SECURITIZATION SP 5.00 08/29/22 KRW 66.30
SINBO SECURITIZATION SP 5.00 08/31/22 KRW 66.34
SINBO SECURITIZATION SP 5.00 09/26/22 KRW 66.05
SINBO SECURITIZATION SP 5.00 09/28/22 KRW 74.71
SINBO SECURITIZATION SP 5.00 12/25/22 KRW 70.15
SINBO SECURITIZATION SP 5.00 01/25/23 KRW 65.78
SINBO SECURITIZATION SP 5.00 01/29/23 KRW 69.93
SINBO SECURITIZATION SP 5.00 02/28/23 KRW 72.70
SINBO SECURITIZATION SP 5.00 03/20/23 KRW 72.54
SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.91
SINBO SECURITIZATION SP 5.00 07/24/23 KRW 67.58
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.45
SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.45
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 09/26/23 KRW 68.18
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.97
SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.97
SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.49
SINBO SECURITIZATION SP 5.00 11/21/23 KRW 68.85
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.32
SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.32
SINBO SECURITIZATION SP 5.00 12/25/23 KRW 70.51
SINBO SECURITIZATION SP 3.00 01/29/24 KRW 66.35
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.32
SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.32
SINBO SECURITIZATION SP 5.00 02/27/24 KRW 69.23
SINBO SECURITIZATION SP 4.00 04/15/24 KRW 66.57
SRI LANKA
---------
SRI LANKA DEVELOPMENT B 6.92 01/01/23 USD 73.67
SRI LANKA DEVELOPMENT B 4.28 01/22/23 USD 69.16
SRI LANKA DEVELOPMENT B 4.48 01/22/23 USD 69.45
SRI LANKA DEVELOPMENT B 5.94 01/22/23 USD 71.73
SRI LANKA DEVELOPMENT B 4.26 03/16/23 USD 67.75
SRI LANKA DEVELOPMENT B 6.62 03/16/23 USD 71.60
SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 66.44
SRI LANKA DEVELOPMENT B 4.17 05/01/23 USD 66.50
SRI LANKA DEVELOPMENT B 5.66 05/01/23 USD 69.09
SRI LANKA DEVELOPMENT B 6.69 05/01/23 USD 70.80
SRI LANKA DEVELOPMENT B 6.70 05/01/23 USD 70.82
SRI LANKA DEVELOPMENT B 6.71 05/01/23 USD 70.83
SRI LANKA DEVELOPMENT B 4.81 01/22/25 USD 59.18
SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 61.79
SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 61.89
SRI LANKA DEVELOPMENT B 6.05 01/22/25 USD 61.97
SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 63.11
SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 63.75
SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 63.88
SRI LANKA DEVELOPMENT B 6.82 01/22/25 USD 63.93
SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 64.05
SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 70.48
SRI LANKA GOVERNMENT IN 5.88 07/25/22 USD 70.60
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 67.06
SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 67.07
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 65.73
SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 65.90
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 65.67
SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 65.72
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 64.55
SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 64.61
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 64.35
SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 64.44
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 63.87
SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 63.90
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.71
SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.82
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.62
SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.72
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.95
SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.96
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 62.52
SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 62.71
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 56.82
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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 2021. All rights reserved. ISSN: 1520-9482.
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