/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210504.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, May 4, 2021, Vol. 24, No. 83 Headlines A U S T R A L I A ALEVEE PTY: Clifton Hall Appointed as Liquidator AUSTRALIAN APEX: Appoints Worrells Solvency as Liquidator AVIENT CORP: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings CORONADO FINANCE: Moody's Rates New $350MM 144A Notes 'B2' CULTURE MAP: Second Creditors' Meeting Set for May 10 KPM INDUSTRIES: First Creditors' Meeting Set for May 11 RESIMAC BASTILLE 2021-1NC: S&P Assigns B Rating on Cl. F Notes WADLEY'S INTERSTATE: Court Approves Administrators Pay Claim C H I N A CIFI HOLDINGS: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable GOLDEN WHEEL: Moody's Lowers CFR to B3 & Alters Outlook to Negative H O N G K O N G NEWOCEAN ENERGY: Deloitte Touche Step Down as Auditors I N D I A ANR INTERNATIONAL: Insolvency Resolution Process Case Summary ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating B.V.L. EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating BOSS COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating BURAKIA STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category FUTURE RETAIL: Fitch Cuts IDR to 'RD' on Distressed Debt Exchange FUTURE RETAIL: S&P Raises ICR to 'CCC-' After Debt Restructuring GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating GOLDEN SHELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating HYDERABAD STEELS: ICRA Keeps C Debt Rating in Not Cooperating J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category JAI MAAKALI: ICRA Keeps D Debt Rating in Not Cooperating Category JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category MANDHANA PLASTICS: CRISIL Cuts Rating on INR4cr Cash Loan to D MARUDHARA POLYPACK: ICRA Keeps B+ Debt Rating in Not Cooperating MATHURAM SWASTHA: ICRA Keeps B Debt Ratings in Not Cooperating MOR ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating NEW WIN: ICRA Keeps D Debt Ratings in Not Cooperating Category RAM RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category RAMKRUSHNA GINNING: ICRA Cuts Rating on INR9.90cr LT Loan to B+ S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating SOUTHERN INVESTMENTS: Insolvency Resolution Process Case Summary THREE LEAVES: Insolvency Resolution Process Case Summary VS LIGNITE: ICRA Keeps D Debt Ratings in Not Cooperating Category YASHVEER CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating M A C A U WYNN RESORTS: Egan-Jones Retains CCC+ Senior Unsecured Ratings N E W Z E A L A N D PACIFIC AEROSPACE: Sold to New Zealand Buyer, Liquidators Say P A P U A N E W G U I N E A PAPUA NEW GUINEA: S&P Puts 'B-/B' SCRs on CreditWatch Negative S I N G A P O R E NOVENA GLOBAL: Co-Founder Seeks Interim Order to Avoid Bankruptcy T A I W A N WAN HAI: S&P Alters Outlook to Stable & Affirms 'BB+' LongTerm ICR V I E T N A M VIETNAM MARITIME: Moody's Upgrades LongTerm Issuer Ratings to B1 X X X X X X X X [*] BOND PRICING: For the Week April 26, 2021 to April 30, 2021 - - - - - ================= A U S T R A L I A ================= ALEVEE PTY: Clifton Hall Appointed as Liquidator ------------------------------------------------ Timothy Clifton of Clifton Hall was appointed as Liquidator of Alevee Pty Ltd on April 20, 2021. AUSTRALIAN APEX: Appoints Worrells Solvency as Liquidator --------------------------------------------------------- The directors of Australian Apex Education Pty Ltd, Ability Education Pty Ltd (Ability English) and Children Services Education Pty Ltd, on April 27, 2021, appointed Andrew Blundell of Worrells Solvency Accountants as Liquidator. The companies have ceased trading. Mr. Blundell said "We recognise that there are numerous stakeholders including employees and the students participating in programs that were being run by the companies who are greatly concerned as to the outcome of the liquidation process and the future of their studies. We are working quickly with the relevant stakeholders to work through all available options." Mr. Blundell commented that "the drop in international student enrolments following border restrictions due to COVID significantly affected the companies' financial position leaving the directors with the regrettable but difficult decision to engage a liquidator." Worrells is seeking parties who may be interested in making offers to purchase businesses/business assets through a national sale campaign. "As part of our process, we are urgently conducting a sales campaign for the businesses and business assets and encourage any parties that wish to indicate their interest in investing/purchasing one or both of the Companies businesses to contact us via email at apex@worrells.net.au" Australian Apex Education Pty Ltd, Ability Education Pty Ltd (Ability English) and Children Services Education Pty Ltd provide English and vocational education for both domestic and international students. Ability English and Children Services Education Pty Ltd operate from campuses in both Sydney and Melbourne. AVIENT CORP: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings ------------------------------------------------------------- Egan-Jones Ratings Company, on April 9, 2020, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Avient Corporation. Headquartered in Avon Lake, Ohio, Avient Corporation is an international polymer services company with operations in North America, Europe, Asia, Australia, and South America. CORONADO FINANCE: Moody's Rates New $350MM 144A Notes 'B2' ---------------------------------------------------------- Moody's Investors Service has assigned a B2 rating to Coronado Finance Pty Ltd's proposed $350 million backed senior secured US 144A notes issuance. The outlook is negative. Coronado Finance Pty Ltd is a wholly owned subsidiary of Coronado Global Resources Inc. (Coronado, B2 negative). The proceeds from the proposed issuance will be used to refinance the company's current credit facilities, pay transaction fees, and for general corporate purposes. Coronado will also enter into a three-year $100 million senior secured asset-based revolving credit facility (ABL) and carry out a fully underwritten $100 million equity issuance, concurrent with the notes issuance, which will be available to support working capital, liquidity and general corporate purposes. The notes will benefit from a first lien on all assets not securing the ABL facility and will have a second lien on the ABL collateral. RATINGS RATIONALE "The rating on the notes is in line with Coronado's B2 corporate family rating reflecting their position in the capital structure and the amount of priority claims ranking ahead of them," says Saranga Ranasinghe, a Moody's Vice President and Senior Analyst. The current capital structure is made up of 100% secured debt. After the successful completion of the issuance and subsequent repayment of existing debt, the notes will be the sole drawn debt in the structure, assuming the ABL is undrawn. While the notes rank behind the secured $100 million ABL in priority for the ABL collateral, the notes benefit from a first lien on essentially all other material assets of the group. The rating on the proposed notes also benefits from Moody's expectation that the ABL facility will remain largely undrawn and will be primarily used to fund seasonal swings in working capital. Successful completion of the proposed transaction will be credit positive. It will improve Coronado's overall liquidity and most importantly, it will address the covenant breach in its current credit facility. The company currently has a covenant waiver in place until September 2021. However, Moody's expects Coronado to require a further waiver, unless the company repays the current credit facility or Australian benchmark hard coking coal prices sustain above $130-$135/tonne over the next six months. An inability to successfully complete the proposed transaction in a timely manner would add to the already significant liquidity pressure facing the company and further weaken its credit profile. Such a scenario, without obtaining further waivers, would likely result in a multiple notch downgrade. Given that Australia-China trade tensions have escalated, China has imposed import bans on a range of Australian products, including beef, barley, coal and wine. As a large buyer of Australian metallurgical coal, China's reduced demand has affected Australian coal prices. While these tensions have not had a material impact on the volume of coal sold from the Coronado Australian business (given minimal Coronado coal exports to China from Australia), the premium seaborne benchmark prices have been impacted. Conversely, Coronado is taking advantage, given its geographical diversification, to sell seaborne metallurgical coal to China from its US operations, partly mitigating the impacts. As a consequence, Moody's expects Coronado's cash generation to be weak over the next few quarters, unless there is a sustained improvement in Australian coking coal prices. The B2 rating reflects Coronado's position as a high-quality metallurgical coal producer with geographically diversified operations in Australia and the US. At the same time, the rating is constrained by the company's reliance on two operations for about 80% of earnings. Further, Coronado's margins and cash generation are constrained by high royalty arrangements, primarily reflecting the long-term agreement in place with the Queensland government's Stanwell Corporation at its Curragh operation (the Stanwell agreement), that limit operating cash flow at lower price levels when compared with its peers.. The Stanwell agreement requires Coronado to supply thermal coal to Stanwell at an agreed contract price, which is currently less than the cost of supply. The agreement also requires Coronado to pay a rebate on metallurgical coal exported from the Curragh mine. Moody's expects that this agreement will expire in 2027, once a pre-determined amount of energy has been delivered to the power stations. Although, given the nature of the Stanwell agreement that considers past prices, Moody's expect the Stanwell charges to substantially reduce in 2021. The negative outlook reflects the considerable uncertainty around the timing and pace of recovery of Australian metallurgical coal prices and the resulting weak financial and liquidity profiles of the company. Coronado's rating also takes into account the elevated and immediate exposure of the coal sector to environmental risk. The environmental impact of the coal industry includes issues such as carbon emissions, land use, waste management, and water and air pollution caused by its mining, processing and end-use. These issues could materially increase regulatory costs, affect Coronado's profitability, and/or reduce demand for Coronado's products. However, Moody's views Coronado as somewhat insulated from these risks over the next several years given its focus predominately on the export of high-quality metallurgical coal from its US and Australian operations. Moreover, Moody's expects demand for metallurgical coal to be less affected by environmental risks than thermal coal over the next several years. Coronado's thermal coal production, which is more exposed, also benefits from its high quality and from long-term contracts in place at what Moody's views to be below market rates. While Coronado's private equity ownership has reduced to around 56% following the equity raising in August 2020, the concentrated private equity ownership raises the potential for the company to continue to emphasize shareholder returns, consistent with management's public announcements, and return any surplus cash flow to shareholders, unless there is an acquisition or need to build cash. The company's dividend policy is to distribute 60% to 100% of free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The outlook could return to stable if the company completes the proposed transaction in a timely manner that will alleviate the risk of covenant breach, and there is a sustained increase in metallurgical coal prices, which will lead to an improvement in Coronado's credit metrics such that adjusted debt/EBITDA remains below 4.5x. Moody's could downgrade the rating if (1) Coronado is unable to complete the proposed transaction in a timely manner; and (2) in a scenario where the proposed transaction is not successful, Coronado fails to obtain a further covenant waiver if prices do not improve; or (3) if it engages in aggressive shareholder distributions or investments, reducing available liquidity. The principal methodology used in this rating was Mining published in September 2018. Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with the intention to acquire and develop existing metallurgical coal operations. It is majority-owned (55.9%) by The Energy & Minerals Group (EMG), a private investment firm. CRN is listed on the Australian Securities Exchange. CULTURE MAP: Second Creditors' Meeting Set for May 10 ----------------------------------------------------- A second meeting of creditors in the proceedings of Culture Map Pty Ltd has been set for May 10, 2021, at 10:30 a.m. via virtual meeting. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 7, 2021, at 4:00 p.m. Schon Gregory Condon of Condon Associates was appointed as administrator of Culture Map on March 3, 2021. KPM INDUSTRIES: First Creditors' Meeting Set for May 11 ------------------------------------------------------- A first meeting of the creditors in the proceedings of KPM Industries Pty Ltd will be held on May 11, 2021, at 10:30 a.m. via teleconference. Malcolm Kimbal Howell of Jirsch Sutherland was appointed as administrator of KPM Industries on April 29, 2021. RESIMAC BASTILLE 2021-1NC: S&P Assigns B Rating on Cl. F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to seven classes of residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC Series 2021-1NC. RESIMAC Bastille Trust - RESIMAC Series 2021-1NC is a securitization of nonconforming and prime residential mortgages originated by RESIMAC Ltd. The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Lenders' mortgage insurance cover and subordination for the rated notes provide credit support. In addition, the transaction includes various mechanisms to utilize excess spread to provide additional credit support. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. Our assessment of credit risk takes into account RESIMAC Ltd.'s underwriting standards and approval process, which are consistent with industrywide practices, and its strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the liquidity facility, the principal draw function, the amortization amount built from excess spread if an amortization event is subsisting, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date and it does not assume the notes are called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Commonwealth Bank of Australia as liquidity facility provider and Westpac Banking Corp. as bank account provider. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." S&P Global Ratings believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and its economic effects. Vaccine production is ramping up and rollouts are gathering pace around the world. Widespread immunization, which will help pave the way for a return to more normal levels of social and economic activity, looks to be achievable by most developed economies by the end of the third quarter. However, some emerging markets may only be able to achieve widespread immunization by year-end or later. S&P said, "We use these assumptions about vaccine timing in assessing the economic and credit implications associated with the pandemic. As the situation evolves, we will update our assumptions and estimates accordingly." Ratings Assigned RESIMAC Bastille Trust - RESIMAC Series 2021-1NC Class A, A$800.00 million: AAA (sf) Class AB, A$55.00 million: AAA (sf) Class B, A$80.10 million: AA (sf) Class C, A$24.10 million: A (sf) Class D, A$16.80 million: BBB (sf) Class E, A$10.60 million: BB (sf) Class F, A$7.10 million: B (sf) Class G, A$6.30 million: Not rated WADLEY'S INTERSTATE: Court Approves Administrators Pay Claim ------------------------------------------------------------ ATN reports that the Supreme Court of Victoria Commercial Court brings into sharp relief the cost of company failure as external administrators are approved remuneration of more than AUD320,000 for their work in winding-up Wadley's Interstate Transport Service (WITS) Holdings in 2019. According to ATN, the case also sheds light on a messy ending for the 40-plus-year-old company, led by Brian Wadley and Ed Slade, which, in a 2017 interview, was still operating more than 40 trucks. ATN relates that the administrators made the claim under the Insolvency Practice Schedule (IPS), which deems the court has an obligation to assess and approve an application for remuneration. "While the parties may have reached agreement between themselves in respect of the amended application, including as to the quantum of the remuneration to be approved, the court still has an obligation to independently consider the application for approval and to come to its own views about whether the remuneration should be approved and in what amount," the court, as cited by ATN, said. According to ATN, court records showed WITS Holdings operated from premises in Campbellfield, Victoria, and Wetherill Park, New South Wales, and provided interstate services across the east coast of Australia and South Australia. In March 28, 2019, it was placed into voluntary administration by director Grant Fowler, who had taken control of the company from Wadley in its final years. Kathryn Warwick, Ross Andrew Blakeley and Joseph Hansell, of FTI Consulting, were appointed administrators. Even before their appointment, a company creditor, Wex Australia, had applied to the Supreme Court to have WITS wound up. The company employed about 45 staff with an annual turnover of about AUD19 million in the financial year ending June 30, 2018. Initially, the administrators continued to run it as a going concern but by April 4 deemed that it was no longer financially viable, overseeing a managed wind down of the company's operations, with a liquidator, Stephen Michell of PCI Partners, subsequently appointed. According to the report, the Supreme Court accepts there was a "higher level of risk and responsibility than is usually the case" and that the administrators' "work has benefited the creditors of the company". It approves a total remuneration of AUD320,988.45, excluding a deduction of AUD6,371, for the administration, post-administration and other related expenses, amounting to more than 1,100 hours, ATN says. Notably, the administrators claimed AUD70,959 in fees alone was incurred responding to requests from the liquidator, though "do not seek payment of those fees as Ms Warwick considers that this work did not provide any benefit to creditors". It's also mentioned, separately, that "the liquidators seek approval for their remuneration in the amount of AUD83,049.50 (plus GST) as additional remuneration and AUD10,000 (plus GST) for future remuneration," adds ATN. ========= C H I N A ========= CIFI HOLDINGS: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed China-based property developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local -Currency Issuer Default Ratings at 'BB'. The Outlook is Stable. The affirmation reflects CIFI's stable financial profile as it continues to expand nationwide. Leverage, measured by net debt/adjusted inventory after proportionately consolidating unconsolidated joint ventures (JV), declined to 40% in 2020, from 43% at end-2019. Fitch expects leverage to remain at 40%-45% in 2021-2022 due to pressure on the company to restock its land bank. CIFI's large JV exposure and reliance on capital contributions from non-controlling interests (NCI) also reduces its ability to further dispose of stakes in projects to deleverage. KEY RATING DRIVERS Manageable Leverage: Fitch expects leverage to remain at 40%-45% in 2021-2022 and for CIFI to gradually deleverage in the mid-term as its expanding property-management segment and rentals provide recurring cash inflow, barring high capex and aggressive M&A. Leverage dropped to 40% in 2020, from 43% in 2019, on strong sales cash collection, a HKD2.7 billion share placement, lower leverage on the JV level and an increase in trade payables. However, Fitch believes CIFI's headroom to deleverage is less than that of peers due to its continued need for land replenishment. Continued Land Replenishment: Fitch regards land-bank pressure as a key risk for CIFI's sustained growth. The company had a total land bank of 57 million square metres (sq m) at end-2020 and Fitch estimates the available-for-sale portion was 40 million sq m, equivalent to around 2.4 years of sales. However, CIFI has secured CNY1 trillion in saleable resources, including land to be acquired through diversified land acquisition channels, such as redevelopment, commercial/education land application, to cover more than three years of sales. The company budgets 50% of attributable contracted sale proceeds for land acquisition in 2021, after spending 50%-60% in 2019-2020 and 72% in 2018. Higher JV Exposure: Fitch estimates CIFI's adjusted JV inventory accounted for around 40% of its proportionately consolidated adjusted inventory in 2020, from 26% in 2019. This higher JV exposure means that the consolidated financial statements may not fully reflect the performance of all projects. CIFI provided CNY13.8 billion in external guarantees to JVs and associates as at end-2020. CIFI's NCI as a percentage of total equity is at around 55%, higher than that of most peers. Developers with lower JV and NCI exposure have more flexibility to dispose of stakes in projects to reduce leverage. Large Scale, Geographic Diversification: CIFI aims to achieve total sales of CNY265 billion in 2021, a 15% increase on 2020, with CNY400 billion of saleable resources. CIFI's total sales rose by 15% in 2020 and attributable sales, which accounted for 52% of total sales, rose by 20%. CIFI has sufficiently diversified sales across China, with the Yangtze River Delta being the largest sales contributor, generating 44% of total 2020 sales. CIFI is focused on higher tier cities, with tier one and two cities covering 72% of total sales in 2020. Margin to Bottom Out: CIFI expects its gross profit margin to bottom out in 2021 and to remain at 20%-25% in the long term, supported by higher profitability in its development property projects and a greater contribution from higher-margin recurring income. CIFI's EBITDA margin, after adding back capitalised interest, dropped to 22% in 2020, from 24% in 2019, after the company recognised lower-margin projects presold in 2017-2018. The margin dropped by 4%, to 27%, if adjusted for acquisition remeasurement, according to CIFI's management. DERIVATION SUMMARY CIFI's attributable sales of CNY120 billion in 2020 were smaller than those of Seazen Group Limited's (BB+/Stable) CNY170 billion and Sunac China Holdings Limited's(BB/Positive) CNY389 billion. CIFI's scale is similar to that of Logan Group Company Limited's (BB/Stable) CNY121 billion and larger than China Aoyuan Group Limited's (BB/Stable) CNY100 billion, but double the size of several 'BB-' rated peers, such as KWG Group Holdings Limited (BB-/Stable), Central China Real Estate Limited (BB-/Stable), Ronshine China Holdings Limited (BB-/Negative) and China SCE Group Holdings Limited (BB-/Stable). CIFI's leverage of 40% in 2020 was higher than that of Seazen and Sunac, which had leverage of below 30%. This justifies the one notch rating difference with CIFI. CIFI's leverage is also higher than that of Logan and Aoyuan, whose leverage is below 35%, but CIFI's land bank is more diversified, which reduces its business risks compared with the two peers. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Attributable contracted sales of CNY138 billion in 2021 and CNY152 billion in 2022. -- Attributable land purchases and construction cash costs at around 50% and 26%, respectively, of contracted sales proceeds in 2021-2022. -- Property management fee revenue to increase to CNY4.0 billion in 2021 and CNY5.6 billion in 2022. -- Rental income to increase to CNY900 million in 2021 and CNY1.3 billion in 2022. -- Property development revenue reported gross profit margin (including project management revenue) at 22%-23% in 2021 2022. RATING SENSITIVITIES Development that may, individually or collectively, lead to positive rating action: -- Leverage, measured by net debt/adjusted inventory, including JV proportionate consolidation, sustained at below 35%, without a substantial increase in JV and NCI exposure. Developments that may, individually or collectively, lead to negative rating action: -- Substantial decrease in attributable contracted sales or revenue; -- Net debt/adjusted inventory, including JV proportionate consolidation, at above 45% for a sustained period; -- EBITDA margin, excluding acquisition revaluation gains, at below 20% for a sustained period. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate 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. LIQUIDITY AND DEBT STRUCTURE Ample Liquidity, Low Funding Costs: CIFI had unrestricted cash of around CNY51 billion at end 2020, enough to cover short-term debt of CNY19 billion. Its average funding costs remained stable at 5.4% in 2020 (2019: 6.0%) and should stay low due to its diversified onshore and offshore funding channels, as well as its active capital-structure management. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch's calculation of CNY170 billion in proportionately consolidated adjusted inventory at end-2020 includes CNY13 billion of properties held for sale, CNY129 billion of properties under development for sale, CNY6 billion in deposits for land-use rights for properties held for sale, CNY17 billion in investment properties, CNY26 billion due from NCI, CNY75 billion in contract liabilities, CNY12 billion due to NCIs and CNY66 billion in proportionate consolidated adjusted inventory of joint ventures and associates. Fitch has adjusted the value of investment properties based on investment properties at cost. Interest on lease liabilities was excluded in the EBITDA calculation and adjusted in cash interest paid. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. GOLDEN WHEEL: Moody's Lowers CFR to B3 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Investors Service has downgraded to B3 from B2 the corporate family rating and senior unsecured rating of the exiting notes of Golden Wheel Tiandi Holdings Company Limited. At the same time, the outlook was changed to negative from stable. "The downgrade reflects Golden Wheel's heightened refinancing risk given its weak liquidity position and sizable debt maturing or becoming puttable over the coming 12-18 months ," says Cedric Lai, a Moody's Vice President and Senior Analyst. The company's cash to short-term debt deteriorated to 40% at the end of 2020 from 60% at the end of 2019 due to a decline in cash holdings and an increase in short-term debt, mainly driven by its weak operating cash flow. "Meanwhile, the negative outlook reflects our expectation that the company's liquidity profile will remain weak over the next 12-18 months," adds Lai. RATINGS RATIONALE Golden Wheel's B3 CFR reflects its (1) track record in developing integrated commercial and residential property projects in Nanjing; and (2) stable recurring income from investment properties. At the same time, the B3 rating reflects Golden Wheel's credit weaknesses including its small operating scale, and its weak liquidity and volatile credit metrics because of its size and geographic concentration. Moody's expects Golden Wheel's adjusted EBIT/interest and revenue/adjusted debt to improve to around 1.0x-1.1x and 32%-35% respectively over the next 12-18 months from the weak levels of 0.7x and 22% in 2020. Meanwhile, Moody's also forecasts that Golden Wheel's rental income will grow moderately to RMB220 million-RMB240 million over the next 12-18 months from RMB208 million in 2020, recovering from the impact from coronavirus last year. Its recurring income/interest coverage will likely improve to 0.4x during the same period compared with 0.3x in 2020. Golden Wheel's liquidity position is weak. Moody's expects that the company's cash holdings and operating cash flow will be insufficient to cover its short-term debt, including USD200 million of offshore bonds maturing and USD255 million of offshore bonds becoming puttable in the first quarter of 2022. However, Moody's believes that the risk is partly tempered by the company's track record of accessing diversified funding channels, including bank and capital markets for debt refinancing. Furthermore, Golden Wheel's investment properties in China and Hong Kong provide the company with an alternate source of liquidity in case of financial stress, as it could sell these properties to meet its debt obligations. Golden Wheel's senior unsecured rating is unaffected by subordination to claims at the operating company level, because the company's creditors benefit from its diversified business profile, including in particular, the cash flow generated from the company's investment properties portfolio. Such business diversification mitigates the structural subordination risk. In terms of environmental, social and governance (ESG) considerations, Golden Wheel's CFR considers the company's concentrated ownership by its key shareholder, Wong Yam Yin's family, who held a 40.60% stake as of the end of 2020. Moody's has also considered (1) the presence of four independent nonexecutive directors on Golden Wheel's eleven-member board of directors, (2) the fact that independent nonexecutive directors chair both the audit and remuneration committees; (3) Golden Wheel's moderate 15%-20% dividend payout ratio over the past three years; and (4) the presence of other internal governance structures and standards as required under the Corporate Governance Code for companies listed on the Hong Kong Stock Exchange. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a rating upgrade is unlikely. However, the outlook could return to stable if the company improves its liquidity substantially, with its cash/short term debt ratio rising above 1.0x on a sustained basis. On the other hand, the ratings could be downgraded if the company's liquidity deteriorates further. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Listed on the Hong Kong Stock Exchange in January 2013, Golden Wheel Tiandi Holdings Company Limited is an integrated commercial and residential property developer, owner and operator, focused on projects in Jiangsu and Hunan provinces. Its projects are either connected or close to metro stations or other transportation hubs. The company also engages in the leasing and operational management of shopping malls owned by third parties. As of March 31, 2021, the company's land bank totaled 1.38 million square meters in gross floor area, situated in Nanjing, Yangzhou, Changsha, Wuxi, Zhuzhou and Hong Kong. ================= H O N G K O N G ================= NEWOCEAN ENERGY: Deloitte Touche Step Down as Auditors ------------------------------------------------------ Manifold Times reports that Hong Kong-listed NewOcean Energy Holdings Limited on April 29 said Deloitte Touche Tohmatsu (Deloitte) has resigned as auditor of the Company with effect from April 29, 2021. According to the report, NewOcean said Deloitte submitted a resignation letter citing the following as the reasons for the company's withdrawal: * Significant supporting documents and information outstanding, causing delay in the audit progress for the audit of the NewOcean's consolidated financial statements for FY 2020 in particular: (1) NewOcean's management assessment on the material uncertainty related to going concern, given that the scheme meetings have been adjourned; (2) NewOcean's management impairment and recoverability assessment on certain assets, such as properties, plant and equipment, goodwill, other intangible assets, deposits paid, trade receivables and other debtors; (3) other major outstanding information to complete the remaining work to audit FY2020. * NewOcean's business operations are located, apart from Hong Kong, in Mainland China, Macao, Malaysia and Singapore and the situation of significant documents and information outstanding is mainly a result of the lockdown in the above countries and regions due to the Covid-19 pandemic. As there has been no tangible progress to date with respect to the outstanding documents and information and considering that Deloitte has been unable to reach a consensus with NewOcean on the estimated timetable to complete the audit, Deloitte tendered their resignation as auditor, Manifold Times relates. In its statement, NewOcean confirmed that there is no disagreement between the company and Deloitte, the report relays. Manifold Times says NewOcean's Board has appointed Crowe (HK) CPA Limited as the new auditor with effect from April 29, 2021, to hold office until the conclusion of its next annual general meeting. Due to the change of the auditors, the company expects the audit of FY 2020 to be delayed to the end of June 2021 subject to the latest development of Covid-19 pandemic in Mainland China, Macao, Malaysia and Singapore, the report notes. Manifold Times adds that the group recently recorded net loss of HKD2.366 billion during FY2020, mainly due to the drop in gross profit and additional impairment provision for goodwill, intangible assets, trade receivables, other receivables, inventories and property, plant and equipment, etc. Based in Hong Kong, NewOcean Energy Holdings Limited -- http://www.newoceanhk.com/-- is an investment holding company principally engaged in the sales and distribution of liquefied petroleum gas (LPG) and natural gas (NG), oil products business and sales of electronic products. The Company operates through three main segments. The Sales and Distribution of LPG segment is mainly engaged in the sales of LPG to various customers. The Oil Products Business segment is mainly engaged in the sales of oil products to both wholesaler and retailer customers, as well as leasing of oil vessels. The Sales of Electronic Products segment is mainly involved in the trade of electronic products, such as integrated circuit and mobile phones. ========= I N D I A ========= ANR INTERNATIONAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: ANR International Private Limited Plot No. 167, 1st Floor Functional Industrial Estate Patparganj, New Delhi 110092 Insolvency Commencement Date: April 19, 2021 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: October 16, 2021 Insolvency professional: Devendra Umrao Interim Resolution Professional: Devendra Umrao B-43A, First Floor Kalkaji, New Delhi 110019 E-mail: dev.umrao@gmail.com - and - 107, First Floor New Delhi House 27, Barakhamba Road New Delhi 110001 E-mail: anrinternational.cirp@gmail.com Last date for submission of claims: May 7, 2021 ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ashruly Engineering Private Limited (AEPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 3.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.45 CRISIL D (Issuer Not Bank Loan Facility Cooperating) CRISIL Ratings has been consistently following up with AEPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of AEPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on AEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2007, AEPL manufactures fabricated items that find application in the mining and power industries and in construction equipment. The company has two plants in Pune with a combined capacity of 4000 tonne per annum. B.V.L. EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has retained the ratings for the bank facilities of B.V.L. Exports Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 125.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based- Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. B.V.L. Exports Private Limited was incorporated in 2000 and is engaged in the trading of tobacco. The company continued to operate as a tobacco exporter till 2004 when it transferred its entire tobacco export business to Indian Tobacco Traders. The company then ventured into granite mining by buying granite quarry in Ongole District of Andhra Pradesh. The company mines black galaxy variety of granite. From December 2014, the company has restarted trading of tobacco. Mr. Bellam Jayanth Babu is the Managing Director of BVL and has more than 20 years of experience in tobacco industry. BOSS COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Boss Cotton and Oil Industries in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 5.00 [ICRA]B- (Stable); ISSUER NOT COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Term Loan 1.95 [ICRA]B- (Stable); ISSUER NOT COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Unallocated 1.55 [ICRA]B- (Stable); ISSUER NOT Limits COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2014 as a partnership firm, Boss Cotton and Oil Industries (BCOI) is engaged in cotton ginning and cotton seed crushing operations to produce cotton bales, cotton seeds, cotton seed oil and cotton seed oil cake. The manufacturing facility of the firm is located at Rajkot, Gujarat and is equipped with 40 ginning machines, 1 pressing machine and 5 crushing machines. The total intake capacity for raw cotton is 26,880 MTPA and the intake capacity for expellers is 14,400 MTPA of cotton seeds. BURAKIA STEEL: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Burakia Steel & Alloys in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 2.80 [ICRA]B+ (Stable); ISSUER NOT Term Loan COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Fund based 1.50 [ICRA]B+ (Stable); ISSUER NOT Working Capital COOPERATING; Continues to Term Loan remain under the 'Issuer Not Cooperating' category Fund based 5.00 [ICRA]B+ (Stable); ISSUER NOT Open Cash COOPERATING; Continues to Credit remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Established in 2011, BSA is engaged in the manufacturing of mild steel (MS) ingot. The manufacturing facility of the firm is located at Kamrup, Assam. The firm commenced its commercial operations in September 2011. Besides, the firm is also engaged in the trading of TMT bar in the domestic market. CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chahal Spintex Limited (CSL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.29 CRISIL D (Issuer Not Cooperating) Cash Credit 16.00 CRISIL D (Issuer Not Cooperating) Term Loan 22.81 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with CSL for obtaining information through letters and emails dated September 28, 2020 and March 31, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of CSL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on CSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CSL continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his family members. The company manufactures cotton yarn in counts of 20 to 30 at its unit in Bhatinda, Punjab; it sells to traders and merchant exporters. The promoters also manage a ginning and oil unit under group concern, Chahal Cotton Factory. DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Dhareshwar Cotton Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 7.02 [ICRA]B (Stable); ISSUER NOT Limit COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Long Term 1.88 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Continues to Limits remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Dhareshwar Cotton Pvt Ltd. (DCPL) was incorporated in 2011, and is currently engage in cotton ginning, pressing and seed crushing business. It has started its commercial production from December 2011. The company has 28 ginning machines with an intake capacity of around 120 MTPD of raw cotton to produce cotton bales and cotton seeds. For seed crushing, the company has installed 4 expellers with an intake capacity of around 35 MTPD of cotton seeds to produce oil and oil cakes. FLOCK SUR: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Flock Sur India Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 [ICRA]B+(Stable); ISSUER NOT Fund based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2013, FIPL is engaged in manufacture of flock fabrics which find application in furnishing products. Prior to the incorporation of FIPL, these operations were earlier carried out under the partnership firm Flocksur India, having FIPL's promoters Mr. Sunil Girdhar and his wife Mrs. Urvashi Girdhar as partners. FIPL's manufacturing unit located in Gurgaon, Haryana produces around 4-5 lakh meters of flocked fabric per month. FUTURE RETAIL: Fitch Cuts IDR to 'RD' on Distressed Debt Exchange ----------------------------------------------------------------- Fitch Ratings has downgraded Indian retailer Future Retail Limited's (FRL) Long-Term Issuer Default Rating (IDR) to 'RD', from 'C', following the company's announcement that it has completed the restructuring of the bulk of its onshore debt, which Fitch views as a distressed debt exchange (DDE). At the same time, Fitch has affirmed the rating on FRL's USD500 million 5.6% senior secured notes due 2025 at 'C', with a Recovery Rating of 'RR5'. The DDE provides relief on debt servicing requirements until 30 September 2021, but Fitch believes the resultant debt structure and maturity profile remain unsustainable. Therefore, Fitch regards the relief as another temporary measure following the relief provided under India's central bank pandemic-related schemes last year. The restructuring does not meaningfully address FRL's financial stress, which Fitch regards as essential for an upgrade after the completion of the DDE. Fitch believes the resurgence of the coronavirus in India and FRL's poor access to credit will make it difficult for the company to meet the interest payments on debt that was not part of the restructuring, particularly the US-dollar notes. The company will also need to rely on alternative sources, such as new equity partners and disposals, to meet its large debt repayments after September 2021, as agreed in the restructuring plan. Fitch believes the risk of another, potentially deeper, debt restructuring will rise significantly if the proposed sale of FRL's business to an indirect subsidiary of Reliance Industries Ltd (RIL; BBB-/Stable) is not completed. KEY RATING DRIVERS Restructuring Constitutes DDE: The restructuring, completed under the Indian central bank's August 2020 One Time Restructuring (OTR) framework, involved nearly 75% of FRL's debt. It extended maturities by up to two years from the original schedule - including a debt-servicing moratorium until 30 September 2021 - and reduced the interest rate on the majority of the restructured debt. Fitch regards this as a material reduction in terms, which, coupled with FRL's financial stress, underpins Fitch's view that the OTR was done to avoid a payment default and is therefore a DDE under Fitch's criteria. Poor Liquidity: The coronavirus resurgence in India will delay the recovery of FRL's operating cash flow, following prolonged weakness since the first quarter of the financial year ending March 2021 (FY21). This will affect FRL's higher-margin non-fast-moving consumer goods business, which faces tougher pandemic-related restrictions. Moreover, FRL's access to credit remains constrained, as evidenced by the absence of fresh facility grants under the OTR plan. Fitch believes this could impair FRL's ability to pay coupon on its US-dollar notes, which are not subject to the OTR. Under the recast debt maturity plan, FRL will need to repay nearly 80% of the restructured debt obligations in 2HFY22, after the moratorium on debt servicing ends in September 2021. FRL has identified proceeds from a new equity partner and disposals as potential sources, but Fitch believes this entails significant uncertainty around timely execution. FRL will also face immediate liquidity pressure if a change-of-control event on its US-dollar bonds is triggered. Post OTR Debt Unsustainable: The OTR plan has added the accrued liabilities related to unpaid interest and trade facilities to FRL's debt, increasing its debt by more than 60% from the reported level as of end-March 2020. This will severely limit FRL's debt servicing capability, even with the reduced interest rate. Fitch estimates that FRL's operating EBITDAR/interest paid + rent ratio will remain at 0.6x in FY22 and improve only to 1.0x in FY23 in the absence of proceeds from alternative sources. Deeper Restructuring Probable Without Sale: The announced business sale to an indirect subsidiary of RIL is uncertain amid legal challenges. Fitch expects FRL to face higher debt repayment risk over 2HFY22 if the sale is not completed, possibly leading to another round of deeper debt restructuring. However, Fitch understands that the OTR is not likely to prevent the sale if other hurdles are cleared and expect RIL's better credit profile to be reflected in the US-dollar notes' rating if the transaction is successfully completed and the obligations are transferred as planned. Increased Change-of-Control Risk: The stake of permitted shareholders, according to the bond documentation - mainly the Biyani family and Amazon.com, Inc (A+/Positive) - fell to below 21% in 4QFY21, from 47% at end-2019 after lenders at FRL's main shareholder, Future Corporate Resources Pvt Ltd (FCRPL), invoked the share pledge. The stake is below the 26% threshold that could trigger a repurchase on the US-dollar notes under a change-of-control clause, as defined in the indenture, should there be a subsequent rating downgrade of at least one notch. ESG - Management Strategy: FRL has an ESG Relevance Score of '5' for Management Strategy. Fitch believes management faces multiple challenges in the current environment, notwithstanding its broadly consistent execution record. The pandemic has had a severe impact on FRL's financial flexibility, leading to OTR negotiations with lenders, while ongoing litigation and delays around the sale to RIL pose significant impediments to management's strategy to improve financial flexibility. This has a negative impact on the credit profile and is highly relevant to the rating. ESG - Governance: FRL has an ESG Relevance Score of '5' for Governance Structure. The Biyani family has pursued growth investment at its operating companies rather than limiting leverage and preserving balance-sheet flexibility at the holding company. This is evident from FCRPL's constrained financial flexibility, which led to the share pledge invocation and the significant stake reduction. The reduced stake creates additional hurdles in securing shareholder approval for the sale to an indirect subsidiary of RIL and exposes FRL to excessive liquidity risk if the change-of-control clause is triggered on the US-dollar notes. This has a negative impact on the credit profile and is highly relevant to the rating. Fitch believes the restrictions in the bond documentation limit the risk of cash leakage to shareholders. Nonetheless, a default of its shareholders may cause significant reputational damage and constrain FRL's ability to secure additional working capital to mitigate its liquidity pressure. DERIVATION SUMMARY FRL's IDR is driven by its poor liquidity in view of the resurgence of the coronavirus in India and the weak financial flexibility arising from an unsustainable debt structure and high near-term repayment obligations agreed in the OTR plan. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Sales to drop by 71% in FY21 owing to pandemic-related curbs in 2020. Sales in FY22 to remain about 30% lower than in FY20, as the resurgence of the coronavirus in March 2021 will slow the pace of normalisation. -- EBITDA margin to turn negative, at -17%, in FY21 (FY20: 2.8%) on account of weak sales. This will counterbalance cost saving initiatives implemented during the pandemic. EBITDA margin to improve to 2.3% in FY22 as sales normalise, particularly at the more profitable non-food segment. -- Annual capex as percentage of sales to remain between 2% to 3% over FY21 and FY22. -- No dividends over FY21 and FY22. Recovery Analysis Assumptions -- Fitch's recovery analysis assumes that FRL would be considered a going-concern in bankruptcy and would be reorganised rather than liquidated. Fitch assumes a 10% administrative claim. -- The going-concern value is based on a going concern EBITDA of INR8 billion and a 5x multiple. -- The going concern EBITDA assumption is close to FRL's average EBITDA over FY17-FY19, the last three financial years prior to the impact of pandemic. The going concern estimate is lower than FRL's FY19 EBITDA, but higher than actual performance during YTD FY21, when FRL reported persistent losses due to the impact of the pandemic. This reflects Fitch's view that FRL's business model remains redeemable post restructuring and normalisation after the pandemic is contained. -- The 5.0x multiple is towards the higher end of the 5.4x median multiple for retail going-concern reorganisations to reflect FRL's leading market position in India. It is lower than the around 7.0x level at which FRL was trading at end-March 2021. -- Fitch has used FRL's post OTR debt structure, which includes accrued liabilities. Secured working capital and secured US dollar notes account for the majority of FRL's debt. Fitch assumes that available but undrawn lines, if any, will be fully drawn. -- The recovery waterfall results in a recovery-rate estimate corresponding to a 'RR5' Recovery Rating for the USD500 million secured notes. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- FRL's debt structure remains unsustainable, considering the operational weakness and large debt repayments in 2HFY22, notwithstanding the moratorium agreed on debt servicing until September 2021. Hence, a positive rating action is unlikely without a meaningful improvement in FRL's operation and a more sustainable debt structure and maturity profile. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- The IDR will be downgraded to 'D' if FRL enters into bankruptcy proceedings, administration, receivership, liquidation or other formal winding-up procedure or if it ceases operation. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate 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. LIQUIDITY AND DEBT STRUCTURE Persistent Liquidity Crunch: Sustained operating losses, even after 1QFY21 when pandemic-related curbs were gradually relaxed, have impaired FRL's liquidity and debt-servicing ability. FRL managed to pay the coupon on the US-dollar notes, but only after the scheduled date and it had to opt for a debt-restructuring plan with its onshore lenders. FRL will face significant risk in repaying its debt obligations due after September 2021, as per the terms agreed in the OTR, in the absence of alternative sources. Further risk could arise if a change-of-control event is triggered on the US-dollar notes. ESG CONSIDERATIONS FRL has an ESG Relevance Score of '5' for Management Strategy, which reflects the limitations on management's ability to implement its strategy due to the significant impact of the pandemic on the business and ongoing litigation delaying the progress on the sale of the business. This has a negative impact on the credit profile and is highly relevant to the rating. FRL has an ESG Relevance Score of '5' for Governance Structure, due to the shareholding concentration and presence of highly leveraged related parties. This has a negative impact on the credit profile and is highly relevant to the rating. FRL has an ESG Relevance Score of '4' for Social Impact, reflecting the risk to its business from a shift by consumers towards online shopping. This has a negative impact on the credit profile and is relevant in the rating in conjunction with other factors. FRL has an ESG Relevance Score of '4' for Financial Transparency, reflecting the limited information provided on liquidity and access to capital. This has a negative impact on the credit profile and is relevant in the rating in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. FUTURE RETAIL: S&P Raises ICR to 'CCC-' After Debt Restructuring ---------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Future Retail Ltd. to 'CCC-' from 'SD'. S&P also affirmed its 'CCC-' long-term issue rating on the company's secured notes. Future Retail's one-time restructuring has pushed back some immediate large debt repayments. The company does not have any interest or principal repayments on its restructured onshore debt obligations until September 2021. Future Retail's debt servicing ability in the longer term remains uncertain, in S&P's view. The company's operating cash flows may not be sufficient to meet debt repayments when they resume in December 2021. Its business outlook remains uncertain in the next few months, given India's escalating second wave of COVID-19 infections. Future Retail reported revenues of less than Indian rupee (INR) 45 billion over the nine months ended Dec. 31, 2020, compared with almost INR160 billion for the same period in the previous year. The company is therefore likely to depend significantly on asset sales and equity infusion to service its debt, increasing uncertainty over these payments. Successful completion of asset-sale to RRVL could result in a higher issue rating. The proposed RRVL transaction could improve the credit standing of Future Retail's outstanding U.S. dollar-denominated senior secured notes, despite ongoing legal challenges to the deal. This is because the notes would be transferred to the acquiring entity. The issue rating on the notes will then be driven by the credit profile of the acquiring entity within RRVL and our assessment of that entity's strategic importance to Reliance Industries Ltd. (BBB+/Stable/--), the ultimate parent of the group. S&P could raise the issue rating by multiple notches given RRVL's likely superior credit profile than that of Future Retail. On the other hand, Future Retail's debt servicing ability would be further hit on non-completion of the sale and absent an alternate transaction. The developing outlook reflects the likelihood that the rating on Future Retail could move in either direction depending on whether the company and RRVL can conclude the proposed asset sale. S&P could lower the rating on Future Retail if: -- The company is unable to conclude the transaction with RRVL, in which case its liquidity could weaken further; or -- It is unable to meet its rescheduled onshore debt obligations due to continuing operational weakness. If the asset sale goes through, S&P could raise the issue rating on Future Retail's outstanding notes by multiple notches, reflecting the credit quality of the entity assuming the debt. Future Retail is an India-based retailer with about 1,388 stores across more than 400 cities. On Aug. 29, 2020, RRVL announced that it would acquire the retail and wholesale business as well as the logistics and warehousing business of Future group. The completion of the deal has been delayed by legal issues. GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Geetanjali Ispat & Powers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.50 [ICRA]B+(Stable); ISSUER NOT Cash Credit COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Long-term- 0.50 [ICRA]B+(Stable); ISSUER NOT Bank Guarantee COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2003, Geetanjali Ispat & Power Private Limited's (GIPPL) plant is located at Bilaspur, Chhattisgarh. GIPPL has a production facility for sponge iron with an annual capacity of 30,000 MT. The current management took over the operations of the company in 2014. GOLDEN SHELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Golden Shelters Private Limited (GSPL; part of the GS group) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 10 CRISIL D (Issuer Not Cooperating) Term Loan 40 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GSPL for obtaining information through letters and emails dated September 28, 2020 and March 17, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GSPL, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of GSPL and Prajit Foundation Pvt Ltd (PFPL). That's because the two companies, collectively referred to as the GS group, are in the same line of business and have common promoters. About the Group Incorporated in 2002, GSPL conducts wellness courses at its centre in Chittor district, Andhra Pradesh. The company started leasing out commercial real estate space in fiscal 2013. PFPL, incorporated in 2001, conducts yoga, meditation, and wellness courses. It started operations in 2008. GYAN SHAKTI: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Gyan Shakti Education Welfare Trust (GSEWT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with GSEWT for obtaining information through letters and emails dated September 28, 2020 and March 17, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GSEWT, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GSEWT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSEWT continues to be 'CRISIL D Issuer Not Cooperating'. Incorporated in December 2013, with the registered office in New Delhi, GSEWT has set up a public school'affiliated to the Central Board of Secondary Education'at Crossings Republik, Ghaziabad, Uttar Pradesh. HOTEL RATHI: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hotel Rathi Residency (HRR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with HRR for obtaining information through letters and emails dated September 28, 2020 and March 17, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of HRR, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on HRR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HRR continue to be 'CRISIL D Issuer Not Cooperating'. Set up in 2010 as a partnership firm by Mr. Vijay Sheena Shetty and Mr. Anil Savale, HRR runs a hotel in Chikhali, Pune, which offers lodging services, multi-cuisine restaurant, and bar. The operations of the hotel started in fiscal 2016. HYDERABAD STEELS: ICRA Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Hyderabad Steels in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] C/[ICRA] A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 4.00 [ICRA]C ISSUER NOT COOPERATING; Fund Based Rating continues to remain under Limits/CC 'Issuer Not Cooperating' Category Short Term- 3.50 [ICRA] A4 ISSUER NOT Non Fund COOPERATING; Rating continues to Based Limits remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Founded in 2008 as a proprietorship, Hyderabad Steels (HS) is involved in the trading of steel and allied products. In 2015, the firm was reconstituted as a partnership firm. The partners of the firm Ms. J. Raghavi Reddy and Mr. M. Pavan Kumar have more than four decades of experience in iron and steel trading business. The firm procures traded products from steel rolling mills located in and around Hyderabad. The firm has its warehouse facility at Nacharam, Hyderabad. The firm caters to the demands of the customers based out of Hyderabad. J.G. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.G. Agro Foods (JGAF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 2 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with JGAF for obtaining information through letters and emails dated September 28, 2020 and March 17, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of JGAF, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on JGAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JGAF continue to be 'CRISIL D Issuer Not Cooperating'. JGAF was established in 2013 as a partnership firm by Mr. Vijay Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm processes basmati rice at its plant at Ghubaya village, Jalalabad, in Punjab. It has a total milling and sorting capacity of 2 tonnes per hour. JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Jagriti Solvex Private Limited (SJSPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 9 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SJSPL for obtaining information through letters and emails dated September 28, 2020 and March 31, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SJSPL, which restricts CRISIL Ratings' ability to take a forward-looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SJSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJSPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice bran oil extraction plant and refinery at Mahasamund (Chhattisgarh). The company commenced operations from April 2017. JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Jai Laxmi Cement Co. (P) Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.00 [ICRA]B (Stable); ISSUER NOT Fund Based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. JLCPL was incorporated in September 1987 and manufactures Portland Pozzolana Cement (PPC) cement. The company has a manufacturing plant in Ram Nagar, Chandauli (Varanasi), which is ISO 9001:2008 certified. It is also involved in the trading of clinker and fly ash. The daily installed capacity of the company is ~350 MT, which translates into an annual capacity of 120000 MT per annum. The company is fully owned by the promoters and their family members. It sells its product through the dealer network and mainly in the states of Uttar Pradesh and Bihar. The raw material, which is clinker, fly ash and gypsum, is procured from Madhya Pradesh, Uttar Pradesh and Rajasthan. JAI MAAKALI: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Jai Maakali Fish Farms Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 45.00 [ICRA] D ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Cash Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the Jai Maakali Group of companies based at Tanuku, West Godavari district. JMFFPL was incorporated in2003 and is engaged in fish farming. The company is engaged in cultivation of fish such as Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages in West Godavari District (Andhra Pradesh). The annual production capacity is around 10000 tonnes. JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Jajodia Exports Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 7.50 [ICRA]B (Stable); ISSUER NOT Cash Credit COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2011, Jajodia Exports Pvt Ltd (JEPL) is engaged in the trading of food grains, diesel engines for irrigation pumps and completely knocked down E-rickshaw components. The promoters of JEPL started operations in the year 1995 as a partnership firm under the name of Jajodia Exports and were initially engaged in the trading of food grains only. Over the period of time the entity has also ventured into trading of diesel engines for irrigation pumps and completely knocked down E-rickshaws. JEPL primarily sells food grains and E-rickshaws (CKD) in the state of West Bengal, while diesel engines are sold in the state of Uttar Pradesh, Bihar and West Bengal. K.P. SAHA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of K.P. Saha Private Limited Unit: Maa Bameswari Rice Mill in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 2.69 [ICRA]B+ (Stable); ISSUER NOT Term Loan COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Long Term 2.50 [ICRA]B+ (Stable); ISSUER NOT Cash Credit COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Long Term 0.13 [ICRA]B+ (Stable); ISSUER NOT Bank Guarantee COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. K.P. Saha Private Limited was set up in 1990 and its rice mill unit Maa Bameswari Rice Mill (MBRM) was set up and started operations in December 2010 at Dhaniakhali, West Bengal. K.P. Saha also owns two cinema halls at Kalyani and Kolkata, West Bengal. MBRM is engaged in production of parboiled rice and has a milling capacity of 96 MT per day on a double-shift basis, translating into an annual milling capacity of 28,800 MT. MANDHANA PLASTICS: CRISIL Cuts Rating on INR4cr Cash Loan to D -------------------------------------------------------------- CRISIL Ratings has downgraded the ratings on bank facilities to of Mandhana Plastics Private Limited (MPPL) 'CRISIL D/CRISIL D Issuer Not cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B ISSUER NOT COOPERATING') Letter of Credit 2.5 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Proposed Long Term Bank Loan Facility 3.22 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B ISSUER NOT COOPERATING') Term Loan 0.28 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B ISSUER NOT COOPERATING') CRISIL Rating has been consistently following up with MPPL for obtaining information through letters and emails dated May 23, 2020 and November 14, 2020 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of MPPL which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on MPPL is consistent with 'Assessing Information Adequacy Risk'. Based on inadequate information and continued lack of management cooperation, non-submission of No Default Statement and information of delays in servicing of debt obligation available in public domain, CRISIL Ratings has downgraded the ratings on bank facilities to 'CRISIL D/CRISIL D Issuer Not cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. MPPL was incorporated in 2009, promoted by Mr Ramkishore Mandhana. The company manufactures PVC sheets and flexible sheets. MARUDHARA POLYPACK: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Marudhara Polypack Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 4.50 [ICRA]B+ (Stable); ISSUER NOT Fund Based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category Long Term 6.25 [ICRA]B+ (Stable); ISSUER NOT Fund Based COOPERATING; Continues to Term Loan remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Marudhara Polypack Private Limited (MPPL) was incorporated in 2012. The company's manufacturing facility is located at Jodhpur in the state of Rajasthan. The plant has a manufacturing capacity of 3240 metric tons per annum (MTPA) and was commissioned in August 2013. The company is engaged in the manufacture and sale of PP and HDPE polywoven sacks, Biaxially Oriented Polypropylene (BOPP) coated PP polywoven sacks, paper coated PP polywoven sacks and HDPE and PP fabric. MPPL is 100% owned by the Mr. R. K. Purohit family. MATHURAM SWASTHA: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Mathuram Swastha Evam Shikshan Sansthan in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 7.00 [ICRA]B (Stable); ISSUER NOT Term Loans COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Unallocated limits 1.00 [ICRA]B (Stable); ISSUER NOT COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Mathuram Swastha Evam Shikshan Sansthan incorporated in January 2014, under section 25 of The Company's Act, has set up a school in Patna under affiliation to the Central Board of Secondary Education, for imparting education to students across classes I-XII. The school has been launched in April-2015 under the name D.Y.Patil Pushpalata Patil International School and healthy admissions of around 891 students have taken place for the academic session of 2015-16. MOR ALLOYS: ICRA Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Mor Alloys Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable)/A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 16.55 [ICRA] B+ (Stable)/A4; ISSUER Short Term- NOT COOPERATING; Rating Unallocated continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Mor Alloys Private Ltd. (MAPL) set up a Ferro alloys manufacturing unit with 2 furnaces of 5 MVA and 6 MVA with a current capacity of 17200 MTPA of silico manganese. The unit is located at Koduru Village, Garividi Shreeram Nagar, Vijayanagaram, Andhra Pradesh, which is around 85 kms from the Vishakhapatnam port. The company is promoted by Mr. Vishnu Mor, Mr. Manvender Mor and Mr. Manoj Kumar Agarwal. The promoters are well experienced in manganese ore mining and Ferro alloy production; the unit will be run under the direct supervision & control of the promoters. NEW WIN: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of New Win Win Feeds Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 45.00 [ICRA] D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' Category Fund based- 4.05 [ICRA] D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' Category Fund based 7.83 [ICRA] D ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category Non-Fund based 0.29 [ICRA] D ISSUER NOT COOPERATING; Bank Guarantee Rating continues to remain under 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2012, New Win Win Feeds Pvt. Ltd. (NWWFPL) is involved in the production of poultry feed as well as broiler farming at its facilities located in Murshidabad, West Bengal. RAM RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Shri Ram Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.75 [ICRA]B+(Stable); ISSUER NOT Fund based COOPERATING; Continues to Cash Credit remain under the 'Issuer Not Cooperating' category Long Term 1.25 [ICRA]B+(Stable); ISSUER NOT Fund based COOPERATING; Continues to Term Loan remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SRRM is a partnership concern which came into existence in 1992. Presently the company has four partners viz. Shri Govind Nuwal, Smt. Sarita Nuwal, Smt. Madhu Nuwal and Shri Satya Narayan Nuwal. The firm is primarily engaged in the business of milling and processing of basmati rice and has an installed milling capacity of 3 tons per hour of paddy and sorting capacity of 3 tons per hour. The manufacturing facility of the firm is located in Village Daulara, Bundi, Rajasthan. RAMKRUSHNA GINNING: ICRA Cuts Rating on INR9.90cr LT Loan to B+ --------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Shree Ramkrushna Ginning and Oil Industries (SRGOI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term– 9.90 [ICRA]B+ (Stable) ISSUER NOT Fund based/CC COOPERATING; Rating downgraded from [ICRA]BB- (Stable) and moved to 'Issuer Not Cooperating' category Rationale The rating downgrade is because of non-receipt of fee and lack of adequate information regarding the performance of SRGOI and, hence, the uncertainty around its credit risk. ICRA has assessed whether the information available about the entity is commensurate with its rating and reviewed the same as per its "Policy in respect of non-cooperation by a rated entity", available at www.icra.in. The lenders, investors and other market participants are, thus, advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SRGOI, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with ICRA's aforesaid policy, a rating view has been taken on the entity based on the best available information. Please refer to the following link for the previous detailed rationale that captures key rating drivers and their description, the liquidity position, and rating sensitivities: Click here. ICRA is unable to provide the latest Information because of noncooperation by the entity. Established in 1998, SRGOI is involved in the business of ginning and pressing of raw cotton to produce cotton bales and cotton seeds. It also crushes cotton seeds to produce cotton seed oil and cotton seed oil cake. The firm's manufacturing facility is located at Tankara in Rajkot, Gujarat. The firm is promoted by eight partners, while it is actively managed by five partners, namely Mr. Lavjibhai Kakasaniya, Mr. Virjibhai Kakasaniya, Mr. Rameshchandra Kakasaniya, Mr. Narbherambhai Kakasaniya and Mr. Jagdishbhai Kakasaniya. The partners are also associated with other group concerns involved in ceramic as well as cotton ginning and spinning industries. S.B. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.B. Industries (SB) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) CRISIL Ratings has been consistently following up with SB for obtaining information through letters and emails dated September 28, 2020 and March 31, 2021 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of SB, which restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on SB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SB continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. SB was established in Delhi by Mr. Bhutani in 1984. The firm manufactures and markets electrical wires and cables. S.P. SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has retained the ratings for the bank facilities of S.P. Sortex Rice Exports India Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 17.20 [ICRA]B+(Stable); ISSUER NOT limits COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Unallocated 0.80 [ICRA]B+(Stable); ISSUER NOT COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. S.P. Sortex Rice Exports India Ltd (SPS) is a private limited company that was set up in 2010 by Mr. Shiv Poojan. SPS is engaged in processing and selling non-basmati rice to different traders and millers in Andhra Pradesh and Telangana. It has a plant at Naini (Allahabad) with a milling capacity of 28,800 tonnes per annum and sortex machinery of similar capacity. SAI SWADHIN: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Sai Swadhin Commercials Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 3.75 [ICRA] D ISSUER NOT COOPERATING; Limit–Term Rating continues to remain under Loan 'Issuer Not Cooperating' Category Fund-based 5.00 [ICRA] D ISSUER NOT COOPERATING; Limit-Cash Rating continues to remain under Credit 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Incorporated in 2008, SSCPL is engaged in the extraction of crude rice bran oil and cashew nut shell liquid. The company commenced operations from April2015 onwards from its facilities based out of Ganjam district in Odisha. The company has an installed capacity of 37,500 metric tons per annum (mtpa) each for rice bran oil and cashew nut shell liquid. The key raw materials required are rice bran and cashew outer shell which are easily available in Odisha. SHAKTI POLYTEX: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has retained the ratings for the bank facilities of Shakti Polytex Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund Based/CC Rating Continues to remain under the 'Issuer Not Cooperating' category Long Term- 5.85 [ICRA]D; ISSUER NOT COOPERATING; Fund Based TL Rating Continues to remain under the 'Issuer Not Cooperating' category Long Term- 3.15 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. SPPL was incorporated in August, 2010, and is engaged in the manufacturing of RPSF using waste polyethylene terephthalate (PET) bottles as raw material. The company is based in Agra, Uttar Pradesh and has a production capacity of 35 tonnes per day (TPD) currently. SPPL belongs to the Shakti Group which has been promoted by Mr. Suresh Chand Agarwal and includes other companies engaged in manufacturing PVC pipes, hand pumps, rubber powder and PET bottles. SOUTHERN INVESTMENTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Southern Investments Private Limited "Montieth Court" 65, Montieth Road Egmore, Chennai 600008 Insolvency Commencement Date: March 30, 2021 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: September 11, 2021 Insolvency professional: Y.N. Ramachandran Interim Resolution Professional: Y.N. Ramachandran 68-F1/C-175, Second Avenue Ashok Nagar, Chennai 600083 E-mail: sicirp2@gmail.com Last date for submission of claims: April 13, 2021 THREE LEAVES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s Three Leaves Books International Private Limited 37, Defence Enclave Vikas Marg, East Delhi Delhi 110092 India Insolvency Commencement Date: April 27, 2021 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: October 23, 2021 (180 days from commencement) Insolvency professional: Mukesh Kumar Grover Interim Resolution Professional: Mukesh Kumar Grover 102, B-3 Prerna Complex Shubhash Chowk Laxmi Nagar Delhi 110092 E-mail: mukesh@mjra.co.in cirp.threeleaves@gmail.com Last date for submission of claims: May 11, 2021 VS LIGNITE: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of VS lignite power private limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based 18.00 [ICRA]D; ISSUER NOT COOPERATING; Term Loan Rating Continues to remain under the 'Issuer Not Cooperating' category Fund Based- 50.00 [ICRA]D; ISSUER NOT COOPERATING; Cash credit Rating Continues to remain under the 'Issuer Not Cooperating' category Non Fund Based 10.00 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category Unallocated 203.19 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has retained the ratings for the bank facilities of Shri Ram Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA] B+ (Stable); ISSUER NOT COOPERATING" ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. VSLPL is a special purpose vehicle (SPV) promoted by KSK Electricity Financing India Pvt. Ltd. (KEFIPL), a power project investment arm under Hyderabad-based KSK group. VSLPL operates a lignite fired power plant with an installed capacity of 135 MW in Bikaner district of Rajasthan. The power plant commissioned in July 2010 sources fuel from a captive lignite mine. The project does not have a long-term PPA. YASHVEER CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has retained the ratings for the bank facilities of Yashveer Ceramic in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 3.00 [ICRA]B (Stable); ISSUER NOT Cash Credit COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Fund based 5.25 [ICRA]B (Stable); ISSUER NOT Term Loan COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Non-fund-based 2.00 [ICRA]A4 ISSUER NOT Bank Guarantee COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant situated at Morbi, Gujarat. The firm was established in 2010, and commenced commercial operations from May 2011. Yashveer Ceramics is promoted by Mr. Vipul Patel having 10 years of experience in ceramic industry along with other partners. It currently manufactures wall tiles of sizes 18"x12" and 12"x24" with the current set of machineries and production facilities. ========= M A C A U ========= WYNN RESORTS: Egan-Jones Retains CCC+ Senior Unsecured Ratings -------------------------------------------------------------- Egan-Jones Ratings Company, on April 14, 2020, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts Limited. EJR also upgraded the rating on commercial paper issued by the Company to B from C. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. ===================== N E W Z E A L A N D ===================== PACIFIC AEROSPACE: Sold to New Zealand Buyer, Liquidators Say ------------------------------------------------------------- Stuff.co.nz reports that insolvent Hamilton aircraft maker Pacific Aerospace has been sold to a New Zealand buyer with interests in the aviation industry, the liquidators said. The sale process attracted 30 interested parties, both local and international, and several formal offers were received for various aspects of the business and its assets, liquidators Steven Khov and Kieran Jones said in a statement, Stuff relays. According to Stuff, the successful purchaser is New Zealand based and owned, and has existing interests in the aviation industry, the liquidators said. They didn't disclose the purchase price and declined to name the purchaser, citing confidentiality. "The sale to the purchaser meant the Pacific Aerospace business will remain in New Zealand and local staff will be offered employment by the purchaser," the liquidators, as cited by Stuff, said. "The purchaser is committed to re-employing staff that worked for Pacific Aerospace, however the terms of employment will be between the individual and the purchaser." In February, Pacific Aerospace had its Civil Aviation Authority certificates suspended because it was insolvent and unable to meet its obligations under the Civil Aviation Act, Stuff recalls. But the authority said aircraft produced by Pacific Aerospace would be able to continue flying despite the company's financial situation. The company was placed into interim liquidation by the High Court on February 12, after its shareholders weren't initially prepared to put any more money into it, Stuff notes. A first liquidators' report published earlier this month said when liquidators were subsequently appointed on March 8, the company had NZD37,641 in the bank. The company owed secured creditors NZD1.7 million and unsecured creditors about NZD41.21 million, although the total deficit hadn't been determined, Stuff discloses. Stuff relates that in their update on April 27, the liquidators said they were hopeful that the sale would allow for a distribution to staff for their preferential claim. The company's inability to pay wages resulted in its workforce being sent home on February 10 pending further funding becoming available. However, the liquidators said they were yet to make a formal determination on the staff claims submitted as further investigations and legal advice was required. They were uncertain at this stage whether there would be residual funds to enable a distribution to unsecured creditors. The company was half owned by Chinese-owned BAIC International (Hong Kong) and half owned by New Zealand shareholders of Pacific Aerospace Group. According to Stuff, the liquidators report said the company had operated for more 70 years as an aircraft design, manufacturing and maintenance business and employed 93 staff. Aircraft supplied by the company are commonly known in the aviation industry as a "PAC" aircraft. As the company were the manufacturers of the PAC aircraft, they were also the only supplier of certified replacement parts to any PAC aircraft, the report said. The sale of the company "will no doubt give some comfort to all PAC aircraft owners worldwide," the liquidators said, Stuff adds. =============================== P A P U A N E W G U I N E A =============================== PAPUA NEW GUINEA: S&P Puts 'B-/B' SCRs on CreditWatch Negative -------------------------------------------------------------- S&P Global Ratings, on April 30, 2021, placed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Papua New Guinea (PNG) on CreditWatch with negative implications. CreditWatch S&P said, "The CreditWatch negative placement reflects at least a one-in-two chance that we will lower our ratings on PNG. The change reflects growing uncertainty over the government's willingness and ability to service debts maturing in the next year or so. We learned recently that the government had restructured a debt originally owed by Eda Kopa (Solwara) Ltd. (EKS) that it had guaranteed. EKS is a subsidiary of state-owned Kumul Minerals Holdings. We have sought more information from the government to determine the credit effect. "We could lower our ratings to the 'CCC' category or lower if new information reveals a risk of sovereign default in the next year or so. "We could affirm our ratings at the current level if new information suggests the restructuring of the EKS debt does not signify a material deterioration of the government's credit fundamentals." S&P expects to resolve the CreditWatch in the next month. Rationale The global pandemic continues to exacerbate structural fiscal challenges within PNG. Much weaker revenues, coupled with larger recurrent expenditure, are a feature of the fiscal landscape. Larger fiscal deficits and weak economic growth have propelled general government net debt, according to our calculations, to above 46.6% of GDP in 2021. S&P's forecast it to reach around 47.5% in 2024 due to delays to the government's fiscal consolidation efforts because of fallout from COVID-19. Reports online suggest that debt restructuring occurred over the past 12 months. The PNG government took responsibility for a state-owned enterprise's debt that it had guaranteed. However, there is significant ambiguity about the conditions and timeframe. S&P lacks sufficient information to say whether the government's actions have materially increased the risk that its upcoming debt maturities or other guaranteed loans might not be fully repaid in time. S&P's sovereign ratings on PNG reflect structural constraints inherent in a low-income economy dependent on the mining industry and served by weak institutions. Flexibility and performance profile: Public debt burden is increasing while fiscal pressures grows -- S&P forecast fiscal deficits to be weaker. -- Debt continues to rise and is shifting toward external sources. -- Foreign-exchange shortages continue to suppress business activity. S&P expects recent COVID-19 developments to put further strain on government finances. Weaker tax revenues and dividends from state-owned corporations have substantially lowered our revenue expectations since the start of the pandemic. On the expenditure side, significant overruns were incurred from a public sector wage bill because of increased wages and additional staff numbers. In response, the government has cut capital expenditure, partially offsetting the weaker revenues. But this does not address vulnerabilities linked to PNG's narrow tax base and it will continue to weigh on future growth. The government commenced its International Monetary Fund staff-monitoring program at the start of 2020, outlining 20 structural benchmarks for the government. The incumbent government's focus is on fiscal consolidation and lowering debt. S&P expects this focus to provide an anchor to the government's economic and social reform agenda. Carrying out the agenda has been difficult because disruptions caused by the global pandemic have delayed targets. S&P estimates the general government deficits to average 3.3% of GDP between 2021 and 2024. The 2020 fiscal deficit was higher than the government had projected. The economic slowdown and low commodity prices led to lower revenue collections. Government expenditure meanwhile increased due to pandemic-related fiscal support. To mitigate some of the revenue shortfall, the government applied for additional COVID-19 financing facilities established by multilateral development partners. S&P expects multilateral and bilateral partner loans to finance fiscal deficits, with net debt increasing to about 46.6% of GDP in 2021. The government has included state-owned enterprise (SOE) debt in its debt measure that is higher than our standard definition of general government debt. A lack of disclosure means we are unable to separate the debt of SOEs from that of the general government. The government continues to increase its reliance on external borrowing, with its debt strategy targeting a 50:50 split between domestic and external financing. Wider fiscal deficits in recent years have strained the ability of the domestic financial system to absorb large amounts of government debt, which is reflected in higher local interest rates. PNG has diversified its funding base via drawdowns from a Credit Suisse, Asian Development Bank, and World Bank credit facilities budget support loan from Australia as well as its US$500 million sovereign bond issuance. The government has used some of these proceeds to retire short-term expensive domestic debt, lowering its average cost of debt domestically. S&P anticipates interest payments to rise as debt stock increases to about 23% of general government revenues by 2024. PNG's external position remains weak. The country's terms of trade volatility have subsided over the past few years. External debt ballooned between 2010 and 2013 during the construction phase of a liquid natural gas project. Large current account deficits--financed by a combination of external debt and foreign direct investment--averaged about 30% of GDP. The country's external imbalances have contracted during the past few years, with LNG production since 2014 resulting in repayment of external liabilities. Future LNG projects could exacerbate external imbalances again during the construction phase. S&P projects a moderation in current account surpluses in 2023-2024, rather than the double-digit current account deficits of 2010-2013. S&P said, "We forecast net external debt to be about 124% of current account receipts (CARs) in 2021. PNG's net external debt peaked at 370% of CARs in 2012. We consider PNG's strong current account surpluses to overstate its external position. Project development agreements allow developers of mining projects to keep export receipts in offshore foreign-currency accounts. These U.S. dollar revenues deflate our external ratios, presenting a stronger external picture than would otherwise be the case. We expect net external debt to peak at about 250% of CARs in 2024." Foreign-exchange reserves have held steady over the past 12 months, sitting at about US$2.3 billion as of June 2020. PNG held about US$4.4 billion in international reserves in 2011, declining to US$1.7 billion in 2017. This has also resulted in an easing of the shortage in U.S. dollars in PNG, helping to lower the value and shorten the clearing time of outstanding foreign-exchange orders. However, S&P believes PNG maintains extensive foreign-exchange restrictions. This is symptomatic of a currency that persists above the market-clearing exchange rate. PNG's exchange-rate arrangements are "crawl-like," according to the International Monetary Fund. During the past few years, the PNG kina has depreciated against the U.S. dollar, falling around 15% since 2015. More broadly, the Bank of PNG's weak monetary policy flexibility is a rating constraint. This weakness mainly reflects the limited transmission of monetary policy settings to the interest rates faced by borrowers, largely because of the high level of liquidity in the banking system. PNG's banking system is stable, with limited competition. It relies heavily on deposit funding, which is supported by high levels of liquidity. It also has a small net external asset position and limited linkages to global markets. That said, the country's low income levels and credit concentrations increase banking system risks. Legal infrastructure and judicial system delays also pose challenges to enforcing creditor rights. Institutional and economic profile: Questionable debt payment culture; PNG's economic growth prospects dim on collapsing energy prices -- S&P believes there is increasing uncertainty over the government's willingness and ability to service its upcoming maturity. -- S&P expects economic growth to contract in 2021, before recovering when the Papua liquefied natural gas (LNG) project commences in 2022. -- Prospective projects delays are dragging on PNG's future growth prospects. There is heightened pressure on our institutional assessment on the government. S&P believes there is increasing uncertainty over the government's willingness and ability to service debts maturing in the next year or so. According to reports online, PNG restructured a government-guaranteed debt originally owed by EKS. S&P has sought more information from the government about the circumstances surrounding this event determine the credit effect. S&P could lower its already-weak institutional assessment if it sees significant risk of a sovereign default in the next year or so. In May 2019, PNG underwent a change in leadership after a vote of no confidence was made over promises related to resource-related deals. While the new leadership has mostly maintained existing policy, it has focused on revising negotiations on existing and upcoming resource projects, stalling progress. These issues are a feature of the country's political system and underpin S&P's rating. The next elections are due in 2022. Another key initiative of the government is to promote investment and address issues related to macroeconomic imbalances and economic diversification. Public-sector transparency remains an issue, as evidence by the lack of transparency around the recent restructure of SOE debt, but it is generally improving. The government has stated its intention to narrow the fiscal deficit and focus on PNG's longer-term strategy of economic diversification. The government's medium-term revenue and expenditure strategies provide a commitment to maintaining manageable debt levels. As the COVID-19 pandemic continues against a backdrop of volatile markets and credit stress, S&P expects PNG's economic growth to remain volatile. PNG is heavily reliant on the commodity sector, which faced a slowdown in trade volumes and prices since the start of the pandemic. This will have an effect on PNG government revenues and economic growth forecasts. COVID-19 will continue to weigh on GDP by weakening private investment and domestic consumption in the country, leaving GDP growth to be suppressed while the pandemic rages globally. The closures of gold mines Progera and Ok Tedi in calendar 2020 led to a contraction in economic growth. Travel restrictions for fly-in fly-out workers from Australia led to lower production and productivity. Protracted negotiations in upcoming resource-related projects are weighing on the country's economic growth outlook. While S&P expects the construction of several new LNG projects to lead to a sharp acceleration in economic growth, ongoing negotiation delays are pushing this benefit further out. A recent collapse in energy prices could result in investment decisions being delayed for several years, weighing on PNG's economy. PNG's per capita growth levels are low compared with its similarly rated peers. This includes our expectation of several new resource projects, for which S&P expects construction to commence within the 2022-2024 period. PNG expects Papua LNG and the Wafi Golpu gold mine to drive economic growth. These expectations are fraught with risks, especially in light of the current volatility in commodity prices and large oversupply. Lower prices and suppressed demand could limit the potential benefits of these touted projects. PNG is conducting feasibility studies on the gold-copper mines of Wafi Golpu and Frieda River and it expects both to be large-scale mining projects. Although these mines boost the economy through exports of natural resources, increased infrastructure investment offers additional benefits for rural areas, not only those that are project specific. PNG continues to face pressing development needs. S&P estimates per capita GDP to be about US$2,700 in 2021. PNG's real per capita GDP growth remains low compared with its peers. Moreover, the prevalence of crime in major cities deters investment, while governmental institutions are weak, in its view. Economic data inconsistency is another credit weakness. Despite some recent improvements, there are gaps and lags in economic and external data. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List RATINGS AFFIRMED; CREDITWATCH/OUTLOOK ACTION TO FROM Papua New Guinea Sovereign Credit Rating B-/Watch Neg/B B-/Stable/B Transfer & Convertibility Assessment Local Currency B-/Watch Neg B- Papua New Guinea Senior Unsecured B-/Watch Neg B- ================= S I N G A P O R E ================= NOVENA GLOBAL: Co-Founder Seeks Interim Order to Avoid Bankruptcy ----------------------------------------------------------------- The Strait Times reports that Novena Global Healthcare (NGH) co-founder Terence Loh has applied for an interim order in a last-ditch attempt to stave off bankruptcy. ST understands that Mr. Loh, 43, has total outstanding debt of about SGD70 million with five banks stemming from personal guarantees for the loans held by NGH. The interim order, which will be heard next month, would effectively act as a stay on all legal action, including bankruptcy proceedings, against Mr. Loh while he seeks to enter into a voluntary arrangement with his creditors to repay them, ST relates. If his proposal for settlement is accepted by the creditors - including Maybank, Citibank, Standard Chartered Bank, DBS Bank and UOB - a nominee will be appointed by the High Court to implement it, the report notes. A rejection by the creditors will lead to the interim order being discharged by the court. According to the report, the hearing into Mr. Loh's bankruptcy case was adjourned for the fourth time on April 29, after his lawyer Muralli Rajaram of K&L Gates Straits Law told the court about the interim order application. Last November, Maybank, which is represented by Mr. Ng Yeow Khoon of Shook Lin & Bok, commenced bankruptcy proceedings against Mr. Loh in a bid to recover more than SGD3 million in outstanding debt, ST recalls. Mr. Loh had acted as a personal guarantor for the loan to NGH. The Singapore-registered company was ordered by the High Court to wind up after failing to pay DBS an outstanding debt of more than SGD14 million last December, the report notes. ST relates that Mr. Loh's cousin Nelson Loh, 41, who co-founded the company with him and had acted as a personal guarantor for the DBS loan, was declared a bankrupt after he failed to pay DBS. NGH's parent company, incorporated in the Cayman Islands, has been under police investigation since last September for allegedly using unauthorised signatures of accounting firm Ernst & Young in its financial statements, ST recalls. Ernst & Young had told The Straits Times previously that it did not sign off on the financial statements and had reported the matter to the police. =========== T A I W A N =========== WAN HAI: S&P Alters Outlook to Stable & Affirms 'BB+' LongTerm ICR ------------------------------------------------------------------ S&P, on April 29, 2021, revised its rating outlook on Taiwan based container shipper Wan Hai Lines Ltd. to stable from negative. At the same time, S&P affirmed its the 'BB+' long-term issuer credit rating on the company. S&P said, "The stable outlook reflects our view that Wan Hai's strong profitability could sustain the company's ratio of FFO to debt well above 45% in 2021-2022, despite the company's plan to increase its capex sharply over the period. "Freight rates and growth in trade volume could remain robust in 2021. We expect freight rates to remain heightened at least until the second quarter of 2021 before gradually normalizing. That's because congestion at major ports in North America and strong demand for physical goods continue to strain container shipping capacity. It could take months for port congestion to improve and for supply and demand for container shipping to return to a balance. We project Wan Hai's average freight rate for 2021 to grow by 40%-50% year on year." Freight rates have surged significantly since the second half of 2020 through to the first quarter of 2021. The Shanghai Containerized Freight Rate Index (SCFI) was at US$2,571 per twenty-foot equivalent unit (TEU) at the end of March 2021, which was about two times the level in the same period in 2020. Freight rates for Wan Hai's major service lines, including intra-Asia, Middle East and U.S. west coast (USWC) also posted strong growth, with about 75%-90% growth rate in the first quarter of 2021 compared with the end of 2020. Wan Hai's lifting volume will also grow materially in 2021, especially for its USWC line, mainly fueled by the U.S. economic stimulus package. Wan Hai has significantly increased weekly services for USWC in response to this strong demand and to benefit from a higher freight rate. The company has achieved this through its highly flexible fleet deployment. S&P expects Wan Hai's overall lifting volume to grow by 10%-15% in 2021. Despite higher bunker cost and charter hire payment, Wan Hai could maintain a much higher EBITDA margin in 2021-2022. The company's bunker cost is likely to grow along with recovery in crude oil prices over the next two years. S&P Global Ratings has raised its price assumptions for both Brent and West Texas Intermediate (WTI) crude oil for the remainder of 2021 and 2022 by US$10 per barrel (bbl). S&P said, "Hence, we project Wan Hai's bunker cost to increase to US$500-US$550 per ton in 2021-2022 from US$389 per ton in 2020. In addition, the ratio of global idle fleet as a percentage of total fleet reached a record low at below 2% in the first quarter of 2021. That was supported by soaring container freight rates and a shortage of container vessels. This combination of factors has led to surging charter rates across all sizes of containerships. We estimate Wan Hai's charter hire payment to increase by 40%-50% in 2021. However, we still expect soaring freight rates to support growth in Wan Hai's EBITDA margin of 35%-45% in 2021 and 15%-20% in 2022 from 10%-15% historically." Capex is likely to remain heightened over the next two to three years. Leveraging its stronger operating cash flow in 2020 and 2021, Wan Hai plans to expand its self-owned fleet. That's given the strong market outlook and very high charter hire in the market. The company will acquire newly built (including eleven 2038 TEU, 4 3036 TEU and 12 3013 TEU vessels) and secondhand vessels (including eleven 4000-7000 TEU vessels), with deliveries scheduled for 2021-2023, as well as new container boxes. Wan Hai has also booked nine 13,000 TEU vessels in 2021, with deliveries scheduled for 2023-2024, to expand its capability of serving long-haul routes. Hence, the company's capex will significantly increase to around NT$30 billion in 2021 and NT$20 billion-NT$23 billion in 2022-2023 from lower than an annual NT$10 billion historically. S&P projects that by the time when all vessels are in position in 2023, Wan Hai's total capacity will grow by more than 30% compared to 2020. The company is capable of significantly increasing its financial buffer under improved profitability in 2021-2022, but volatility remains for its financial metrics. Wan Hai's operating cash flow could outpace its relatively higher capex requirement and annual dividend distribution in 2021, and further reduce the company's debt level. S&P expects Wan Hai's adjusted debt to decline to NT$9 billion-NT$10 billion in 2021 from NT$24.9 billion in 2020. Accordingly, Wan Hai's ratio of FFO to debt is likely to materially increase to above 100% in 2021 from 73.2% in 2020. The company's discretionary cash flow will turn negative in 2022, due to its aggressive capex plan, leading to higher debt of NT$18 billion-NT$19 billion. However, Wan Hai could remain flexible in terms of its shareholder friendly action and reserve sufficient cash to support its future fleet expansion. Hence, S&P expects Wan Hai's ratio of FFO to debt to remain at 70%-80% in 2022. S&P said, "However, we still expect the volatility of the company's financial metrics to be high due to cyclical market conditions, volatile bunker prices, and intense competition, especially after this wave of strong global demand fades and containership supply gradually increases. Additionally, we do not expect Wan Hai's capex to materially decrease over the next three to four years, based on its fleet expansion plan. As such, the ratio of FFO to debt is likely to decline after 2022 and hover at 40%-50% over the long term, in our view. These factors constrain the ratings, despite the company's currently strong credit metrics. "The stable outlook reflects our view that Wan Hai will improve its profitability significantly over the next two years, underpinned by rising freight rates and growing lifting volume, despite a possible increase in fuel cost. This reflects the overall favorable market conditions in the shipping industry led by the global economic recovery from the COVID-19 pandemic, as well as disciplined industry supply control. Through strengthened operating cash flow and flexible shareholder friendly action, Wan Hai could improve its ratio of FFO to debt to above 100% in 2021 and 70%-80% in 2022. This is despite the company's heightened capex, mainly for fleet expansion, over the same period." S&P may lower the long-term issuer credit rating on Wan Hai if: -- The company's profitability deteriorates materially, burdened by possible oversupply of containerships led by less disciplined market conditions, or rising competition from long-haul competitors that erodes its competitive advantage in intra-Asia; or -- The carrier takes on more aggressive expansion and substantially increases its debt leverage, such that its ratio of FFO to debt falls to below 45% for an extended period. -- The likelihood of an upgrade is low over the next 12 months, given Wan Hai's still volatile financial metrics, continued competitive pressures from larger long-haul players, as well as a more aggressive fleet expansion plan. However, S&P may raise the rating on Wan Hai if: -- The company substantially enhances its competitive position in the global container shipping market with significantly enlarged scale and market share; and -- At the same time, the company sustains a very conservative financial policy plan that would support its financial leverage consistently at the minimal level. S&P forecasts Wan Hai's revenue to grow robustly by 60%-65% in 2021, mainly underpinned by strong growth in shipping volume and freight rates. Revenue for 2022 could decline by 30%-35%, reflecting declining freight rates amid gradually normalized market conditions in the container shipping industry. ============= V I E T N A M ============= VIETNAM MARITIME: Moody's Upgrades LongTerm Issuer Ratings to B1 ---------------------------------------------------------------- Moody's Investors Service has upgraded the long-term local and foreign currency deposit and issuer ratings of Vietnam Maritime Commercial Joint Stock Bank (MSB) to B1 from B2, a result of upgrades in the bank's Baseline Credit Assessment (BCA) and Adjusted BCA to b2 from b3. The rating outlook is stable. RATINGS RATIONALE RATIONALE FOR THE UPGRADE The upgrade of MSB's BCA and long-term issuer and deposit ratings reflects (1) improvements in the bank's asset quality due to its full resolution of outstanding Vietnam Asset Management Company (VAMC) bonds in 2020 and lower credit concentration in the riskier real estate sector; (2) improving profitability because of higher net interest margin (NIM) and lower credit costs; and (3) stable core capital, which Moody's expects will remain stable in the next 12-18 months. MSB's adjusted problem loans ratio, which includes nonperforming loans and VAMC bonds, declined to 2% in 2020 from 4.4% in 2019, while its exposure to real estate loans decreased to 16% of gross loans at the end of 2020 from 36% at the end of 2019. A remaining risk factor for asset quality is the bank's large exposure to other assets such as receivables and repossessed collateral, some of which are problematic. The bank's return on tangible assets increased to 1.1% as of the end of 2020 from 0.7% as of the end of 2019, as NIM expanded 88 basis points to 3.22%. Tangible common equity to adjusted risk-weighted assets ratio under Basel II stood at 8.9% as of the end of 2020. MSB remains highly reliant on market funding, which made up 38% of tangible banking assets at the end of 2020. However, this risk is mitigated by its high level of liquid assets, which accounted for 44% of tangible banking assets as of the same date. MSB's issuer and deposit ratings benefit from one notch of public support, based on Moody's expectation of a moderate probability of support from the Government of Vietnam (Ba3 positive), based on MSB's modest market share of 1.3% in banking system assets as of September 2020 and the central bank's track record of providing support to banks in the form of liquidity support and regulatory forbearance measures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Moody's could upgrade the MSB's BCA and ratings if the bank shows (1) a material and sustained improvement in its asset quality and/or meaningful resolution of its legacy foreclosed assets and other receivables; (2) a material and sustainable improvement in its core profitability to support its loan portfolio expansion; and (3) sustained improvement in capitalization. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Moody's could downgrade the bank's ratings and BCA if (1) its asset quality deteriorates significantly; (2) there is a rapid erosion of its capital because of high loan growth or significant credit losses. RATING METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in March 2021. Vietnam Maritime Commercial Joint Stock Bank is headquartered in Hanoi, Vietnam, with reported total assets of VND176.7 trillion as of December 2020. LIST OF AFFECTED RATINGS/ASSESSMENTS 1. Long-term local and foreign currency deposit ratings, upgraded to B1 from B2, outlook stable 2. Long-term local and foreign currency issuer ratings, upgraded to B1 from B2, outlook stable 3. Short-term local and foreign currency deposit and issuer ratings, affirmed at NP 4. Baseline Credit Assessment (BCA) and Adjusted BCA, upgraded to b2 from b3 5. Long-term Counterparty Risk Assessments, affirmed at B1(cr) 6. Short-term Counterparty Risk Assessment, affirmed at NP(cr) 7. Long-term local and foreign currency Counterparty Risk Ratings, affirmed at B1 8. Short-term local and foreign currency Counterparty Risk Ratings, affirmed at NP 9. The outlook is stable =============== X X X X X X X X =============== [*] BOND PRICING: For the Week April 26, 2021 to April 30, 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 1.05 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.40 VIRGIN AUSTRALIA HOLDIN 8.08 03/05/24 AUD 7.55 VIRGIN AUSTRALIA HOLDIN 8.25 05/30/23 AUD 7.85 VIRGIN AUSTRALIA HOLDIN 8.00 11/26/24 AUD 8.22 VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 9.23 VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 9.25 VIRGIN AUSTRALIA HOLDIN 7.88 10/15/21 USD 9.25 VIRGIN AUSTRALIA HOLDIN 8.13 11/15/24 USD 9.25 CHINA ----- AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 39.51 AKESU DISTRICT GREEN IN 4.09 03/11/23 CNY 39.68 AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 20.24 AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 40.01 ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 38.70 ALTAY PREFECTURE STATE- 4.85 01/22/23 CNY 39.04 AN SHUN YU KUN REAL EST 5.48 11/10/21 CNY 39.68 ANHUI HUAAN FOREIGN ECO 7.30 07/13/21 CNY 70.01 ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.25 ANHUI JIANGNAN INDUSTRI 4.76 07/08/23 CNY 59.31 ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.39 ANJI NORTHWEST DEVELOPM 5.90 07/18/23 CNY 59.58 ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.11 ANLU CONSTRUCTION DEVEL 5.45 06/15/23 CNY 59.47 ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 38.87 ANQING ECONOMIC&TECHNOL 4.09 03/09/23 CNY 39.96 ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.00 ANQING URBAN CONSTRUCTI 6.01 04/27/22 CNY 40.55 ANQIU HUAAN STATE OWNED 7.00 09/14/24 CNY 75.00 ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 68.49 ANSHUN CITY CONSTRUCTIO 7.30 09/15/24 CNY 73.65 ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 55.82 ANSHUN STATE-RUN ASSETS 4.48 07/18/23 CNY 56.53 ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 55.41 ANSHUN XIXIU CITY INVES 4.70 11/22/23 CNY 58.20 BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 60.50 BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 60.97 BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 19.96 BAOTOU CITY SCIENCE EDU 6.48 03/25/22 CNY 25.50 BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 39.01 BAOYING CITY CONSTRUCTI 4.50 03/24/23 CNY 40.14 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 13.54 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 14.80 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 20.00 BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 38.77 BAZHONG STATE-OWNED ASS 5.13 12/02/22 CNY 40.00 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.20 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.32 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 20.07 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 23.87 BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 35.90 BEIPIAO CITY CONSTRUCTI 6.70 03/25/23 CNY 40.80 BENGBU URBAN INVESTMENT 5.80 04/13/24 CNY 61.35 BENGBU URBAN INVESTMENT 5.80 04/13/24 CNY 61.83 BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 19.45 BIJIE CONSTRUCTION INVE 6.50 01/28/22 CNY 20.10 BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 54.67 BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 57.34 BIJIE DEXI CONSTRUCTION 4.60 11/17/23 CNY 58.14 BIJIE DEXI CONSTRUCTION 5.10 12/05/23 CNY 58.55 BIJIE QIXINGGUAN DISTRI 7.60 09/08/24 CNY 68.00 BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.09 BINZHOU ZHANHUA DISTRIC 4.93 11/29/23 CNY 58.09 BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 20.00 BINZHOU ZHONGHAI VENTUR 6.65 04/13/22 CNY 20.01 BOHAI LEASING CO LTD 7.00 09/10/21 CNY 46.00 BOHAI LEASING CO LTD 7.00 06/20/21 CNY 59.00 BOILL HOLDING GROUP CO 7.50 06/07/21 CNY 64.01 BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 38.50 BORALA MONGOL AUTONOMOU 5.77 08/26/22 CNY 39.91 BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 39.46 BOZHOU URBAN CONSTRUCTI 4.78 04/14/23 CNY 40.06 BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.49 BOZHOU YIJU REAL ESTATE 4.82 10/27/21 CNY 49.58 BRILLIANCE AUTO GROUP H 5.80 03/20/24 CNY 54.80 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 5.80 11/05/23 CNY 59.80 BRILLIANCE AUTO GROUP H 5.80 06/17/24 CNY 60.78 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 6.30 09/14/23 CNY 68.50 BRILLIANCE AUTO GROUP H 5.80 11/05/23 CNY 68.50 CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.00 CANGNAN COUNTY STATE OW 5.58 11/11/22 CNY 40.46 CEFC SHANGHAI INTERNATI 4.08 09/09/21 CNY 60.00 CEFC SHANGHAI INTERNATI 4.98 12/10/20 CNY 61.29 CHANG DE DING LI INDUST 4.30 03/10/23 CNY 39.97 CHANG DE DING LI INDUST 4.30 03/10/23 CNY 39.97 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.50 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 19.92 CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 67.35 CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 39.87 CHANGDE URBAN CONSTRUCT 3.59 01/12/23 CNY 40.00 CHANGGE JINCAI PUBLIC A 7.10 04/19/24 CNY 60.17 CHANGGE JINCAI PUBLIC A 7.10 04/19/24 CNY 61.89 CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 56.95 CHANGJI URBAN CONSTRUCT 4.24 11/18/23 CNY 58.10 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 39.45 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 40.41 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 25.73 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 25.73 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 15.47 CHANGSHA ECONOMIC & TEC 4.78 03/03/24 CNY 60.50 CHANGSHA ECONOMIC & TEC 4.78 03/03/24 CNY 61.26 CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 40.13 CHANGSHA FURONG CITY DE 3.88 01/26/23 CNY 40.67 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 31.03 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 32.11 CHANGSHA METRO GROUP CO 5.97 04/03/25 CNY 62.86 CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 70.00 CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.00 CHANGSHA METRO GROUP CO 4.10 12/21/25 CNY 70.50 CHANGSHA METRO GROUP CO 5.40 07/14/25 CNY 72.57 CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 39.96 CHANGSHA TIANXIN CITY C 4.20 11/06/22 CNY 40.00 CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.13 CHANGSHA TIANXIN CITY C 3.43 08/08/23 CNY 59.35 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.18 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.20 CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 39.92 CHANGSHA YUHUA URBAN CO 3.80 01/28/23 CNY 39.98 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 20.52 CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 27.32 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 20.00 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 19.98 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 19.98 CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 20.00 CHANGZHOU TIANNING CONS 6.48 02/12/22 CNY 20.47 CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 58.83 CHANGZHOU XINGANG ECONO 3.42 10/20/23 CNY 59.60 CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.42 CHANGZHOU ZHONGLOU ECON 3.64 10/26/23 CNY 59.48 CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 40.46 CHAOHU URBAN TOWN CONST 6.50 04/30/22 CNY 42.10 CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 20.03 CHENGDU ECONOMIC & TECH 6.90 05/30/21 CNY 26.00 CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.37 CHENGDU GARDEN WATER CI 6.15 05/03/23 CNY 59.61 CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 20.37 CHENGDU PIDU DISTRICT S 6.95 04/01/22 CNY 28.83 CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.30 CHENGDU SHUZHOU CITY CO 6.58 05/26/22 CNY 40.50 CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 20.00 CHENGDU XINGCHENGJIAN I 6.00 03/20/22 CNY 20.09 CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 58.63 CHENGDU XINGJIN ECOLOGI 3.65 10/13/23 CNY 59.54 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 20.15 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 21.00 CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 58.80 CHENGDU XINKAIYUAN URBA 5.29 04/27/23 CNY 59.22 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 20.00 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 21.37 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 19.88 CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 61.46 CHENZHOU BAIFU INVESTME 4.96 03/22/26 CNY 61.47 CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.50 CHENZHOU FUCHENG HIGH T 4.73 01/22/23 CNY 39.76 CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 20.02 CHENZHOU INDUSTRY INVES 6.45 01/23/22 CNY 28.60 CHENZHOU WENLV INDUSTRY 5.34 11/28/23 CNY 58.46 CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 61.59 CHENZHOU XINTIAN INVEST 5.38 03/08/26 CNY 61.72 CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.19 CHIBI LANTIAN URBAN CON 4.38 08/10/23 CNY 59.68 CHINA FORTUNE LAND DEVE 7.40 03/24/21 CNY 25.13 CHINA FORTUNE LAND DEVE 7.20 04/18/21 CNY 25.13 CHINA FORTUNE LAND DEVE 5.60 09/10/21 CNY 25.13 CHINA FORTUNE LAND DEVE 5.80 05/23/22 CNY 25.13 CHINA FORTUNE LAND DEVE 5.00 05/30/22 CNY 68.15 CHINA OCEANWIDE HOLDING 8.90 12/13/21 CNY 54.50 CHINA OCEANWIDE HOLDING 8.60 09/21/21 CNY 63.01 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.60 CHINA YIXING ENVIRONMEN 4.08 09/14/23 CNY 59.66 CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 59.74 CHONGQIN BAIYAN INVESTM 5.75 05/03/23 CNY 60.04 CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 37.53 CHONGQIN XINLIANG INVES 4.76 08/26/23 CNY 37.55 CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 19.70 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.00 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 20.06 CHONGQING BANAN ECONOMI 6.17 03/13/22 CNY 20.21 CHONGQING BAYUAN CONSTR 4.99 08/16/23 CNY 58.18 CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 39.95 CHONGQING BISHAN DISTRI 4.93 03/29/23 CNY 39.98 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 20.01 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 20.02 CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.00 CHONGQING DAZU INDUSTRI 6.30 04/28/22 CNY 40.07 CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 39.82 CHONGQING ECO&TECH DEVE 3.95 04/13/23 CNY 40.24 CHONGQING ENERGY INVEST 5.63 03/18/22 USD 53.04 CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 20.00 CHONGQING FULING TRAFFI 6.68 02/03/22 CNY 20.23 CHONGQING GAOXIN CITY D 7.80 04/25/21 CNY 20.00 CHONGQING GAOXIN CITY 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 20.06 CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 20.16 CHONGQING HECHUAN CITY 7.30 07/07/21 CNY 21.00 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.44 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.76 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 16.58 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 20.15 CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 56.16 CHONGQING JIN TONG INDU 4.44 11/16/23 CNY 57.61 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.06 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.07 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.14 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 20.26 CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 38.61 CHONGQING KAIQIAN INVES 4.64 03/21/23 CNY 38.88 CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 39.77 CHONGQING LAND PROPERTI 3.36 03/21/23 CNY 40.10 CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 16.68 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 20.00 CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 20.17 CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 39.95 CHONGQING LIANGJIANG NE 3.10 08/05/21 CNY 40.00 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 40.07 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 60.06 CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.13 CHONGQING NANCHUAN CITY 4.20 07/11/23 CNY 59.36 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 57.74 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.15 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 19.93 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 26.25 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 20.03 CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 20.00 CHONGQING TONGLIANG JIN 6.59 04/08/22 CNY 20.18 CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 39.28 CHONGQING TONGNAN DISTR 4.99 12/31/22 CNY 40.00 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 19.99 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00 CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 39.41 CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.26 CHONGQING WANZHOU SANXI 4.95 08/25/22 CNY 40.80 CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 38.50 CHONGQING XINGRONG HOLD 4.86 03/31/23 CNY 39.13 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 20.09 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 22.33 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 20.05 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 40.18 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.01 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 20.76 CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 20.32 CHUN'AN XINANJIANG DEVE 6.10 03/11/22 CNY 24.55 CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 58.70 CHUN'AN XINANJIANG DEVE 3.84 11/04/23 CNY 59.43 CHUZHOU CITY INVESTMENT 6.40 08/22/21 CNY 20.01 CHUZHOU CITY INVESTMENT 6.40 08/22/21 CNY 20.15 CHUZHOU CITY INVESTMENT 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 18.25 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 20.12 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 60.64 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 63.13 DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 57.81 DAFANG COUNTY CONSTRUCT 6.00 09/26/23 CNY 59.34 DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 39.39 DALI HAIDONG DEVELOPMEN 6.01 01/25/23 CNY 39.82 DALIAN PULANDIAN CONSTR 3.80 01/25/23 CNY 39.54 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 20.15 DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 35.60 DALIAN SHITAI CITY CONS 4.50 02/01/23 CNY 39.31 DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.27 DANGTU COUNTY CONSTRUCT 5.38 08/10/22 CNY 40.35 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 20.00 DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 39.30 DANGYANG XINYUAN INVEST 4.97 03/29/23 CNY 40.06 DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 19.64 DANYANG HI-TECH INDUSTR 6.40 04/24/22 CNY 40.00 DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.25 DANYANG INVESTMENT GROU 3.99 01/25/23 CNY 39.51 DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 39.73 DATONG ECONOMIC CONSTRU 4.49 10/22/22 CNY 40.30 DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.00 DAWA COUNTY CITY CONSTR 6.29 06/12/22 CNY 39.90 DAWA COUNTY LINGANG ECO 5.99 10/19/24 CNY 73.86 DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 38.78 DAYE ZHENHENG CITY DEVE 4.50 03/28/23 CNY 39.55 DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 55.75 DAYE ZHENHENG CITY DEVE 4.05 08/31/23 CNY 58.26 DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.00 DAZHOU DEVELOPMENT HOLD 6.55 01/14/22 CNY 20.19 DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 39.81 DAZHOU DEVELOPMENT HOLD 5.10 11/27/22 CNY 40.00 DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 19.94 DEHONGZHOU HONGKANG INV 6.68 01/23/22 CNY 19.97 DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.48 DEQING CONSTRUCTION INV 3.60 11/11/23 CNY 59.50 DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 36.80 DEXING INVESTMENT HOLDI 5.99 03/21/23 CNY 39.69 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 20.00 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 40.30 DONGTAI STATE-OWNED ASS 3.04 11/16/23 CNY 58.08 DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 20.23 DONGYING CITY URBAN ASS 5.57 03/31/22 CNY 21.58 DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.31 DONGZHI COUNTY CITY OPE 4.88 06/20/23 CNY 60.32 DUJIANGYAN NEW CITY CON 6.90 10/19/24 CNY 69.05 DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 19.00 DUJIANGYAN XINGYAN INVE 6.10 03/12/22 CNY 19.35 DUNYUN STATE-OWNED ASSE 6.60 12/28/22 CNY 39.31 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 20.04 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 27.54 ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 58.70 ENSHI URBAN CONSTRUCTIO 3.84 11/01/23 CNY 59.04 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 20.01 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.18 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 20.53 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 26.50 FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 39.32 FEICHENG CITY ASSETS MA 4.04 03/23/23 CNY 39.71 FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 60.35 FEIXI COUNTY URBAN & RU 4.45 06/03/23 CNY 61.24 FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.37 FENG COUNTY ECONOMIC DE 5.18 06/21/23 CNY 58.92 FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 20.34 FENGCHENG CITY CONSTRUC 6.49 02/10/22 CNY 20.69 FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 39.44 FENGCHENG CITY MODERN I 5.76 12/17/22 CNY 40.00 FENGDU COUNTY STATE-OWN 6.38 09/05/24 CNY 60.00 FENGHUANG MINGCHENG CON 6.50 03/23/24 CNY 59.86 FENGHUANG MINGCHENG CON 6.50 03/23/24 CNY 59.87 FENGTAI HUAXING CITY DE 5.60 03/13/24 CNY 61.33 FENGTAI HUAXING CITY DE 5.60 03/13/24 CNY 61.38 FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.88 FENGXIAN URBAN INVESTME 4.23 07/13/21 CNY 19.96 FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 19.99 FENGXIAN URBAN INVESTME 6.48 03/20/22 CNY 20.00 FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.33 FENYI CITY CONSTRUCTION 4.54 08/22/23 CNY 58.42 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 20.06 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 20.65 FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.00 FUJIAN JINJIANG URBAN C 3.35 08/24/23 CNY 59.95 FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.00 FUJIAN PROVINCE LIANJIA 6.29 04/30/22 CNY 40.47 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.47 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 20.14 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 21.15 FUNING URBAN INVESTMENT 6.00 03/14/24 CNY 61.23 FUNING URBAN INVESTMENT 6.00 03/14/24 CNY 61.49 FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 39.80 FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 19.00 FUXIN INFRASTRUCTURE CO 6.18 03/18/22 CNY 19.76 FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 38.78 FUZHOU CHANGLE DISTRICT 4.50 04/11/23 CNY 39.99 FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 49.63 FUZHOU DEVELOPMENT ZONE 3.53 08/25/23 CNY 59.42 FUZHOU DONGXIANG INVEST 6.20 03/20/24 CNY 58.60 FUZHOU DONGXIANG INVEST 6.20 03/20/24 CNY 61.90 FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 59.79 FUZHOU LINCHUAN URBAN C 5.68 07/05/23 CNY 60.06 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.00 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.35 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.34 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 40.55 GANSU PROVINCIAL HIGHWA 6.58 09/24/22 CNY 71.60 GANSU PROVINCIAL HIGHWA 6.20 03/28/23 CNY 72.14 GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.00 GANZHOU CITY DEVELOPMEN 5.50 06/16/22 CNY 40.16 GANZHOU DEVELOPMENT INV 8.10 12/11/23 CNY 63.88 GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 39.55 GAOMI STATE-OWNED ASSET 4.69 01/26/23 CNY 39.73 GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.00 GAOYOU CITY CONSTRUCTIO 5.48 09/15/22 CNY 40.33 GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 59.51 GAOYOU CITY ECONOMY DEV 3.65 09/02/23 CNY 60.00 GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.09 GONG'AN COUNTY CITY CON 4.30 08/30/23 CNY 59.20 GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 39.08 GONGQINGCHENG FINANCIAL 5.85 03/25/23 CNY 40.29 GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 20.28 GUANGAN DEVELOPMENT AND 6.39 03/24/22 CNY 24.00 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.03 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 20.03 GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 38.70 GUANGAN ECONOMIC & TECH 5.16 04/14/23 CNY 39.34 GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 58.51 GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.28 GUANGDONG HUIZHOU COMMU 4.16 05/17/23 CNY 60.32 GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.30 GUANGDONG HUIZHOU COMMU 4.95 12/27/23 CNY 61.30 GUANGRAO COUNTY ECONOMI 3.61 09/08/23 CNY 60.06 GUANGSHUI CITY DEVELOPM 6.19 03/01/24 CNY 61.38 GUANGSHUI CITY DEVELOPM 6.19 03/01/24 CNY 61.39 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 19.90 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 19.99 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 19.94 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 20.00 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 20.14 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 27.00 GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 38.65 GUANGYUAN YUANQU CONSTR 4.48 03/10/23 CNY 38.99 GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 59.72 GUANGZHOU HUANTOU NANSH 6.38 11/18/24 CNY 59.98 GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 45.00 GUANGZHOU METRO GROUP C 6.45 04/02/24 CNY 47.35 GUANGZHOU METRO GROUP C 6.05 06/03/24 CNY 62.28 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.00 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 20.05 GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 20.00 GUILIN ECONOMIC CONSTRU 5.60 04/22/22 CNY 20.39 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIXI STATE OWNED HOLDI 4.18 08/18/23 CNY 58.60 GUIXI STATE OWNED HOLDI 4.18 08/18/23 CNY 58.93 GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.28 GUIYANG BAIYUN CITY CON 4.75 09/13/26 CNY 73.47 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 20.23 GUIYANG BAIYUN INDUSTRY 7.30 03/27/22 CNY 25.00 GUIYANG CITY CONSTRUCTI 4.37 03/25/26 CNY 66.33 GUIYANG CITY CONSTRUCTI 4.37 03/25/26 CNY 67.09 GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 73.25 GUIYANG CITY CONSTRUCTI 4.00 11/14/26 CNY 74.71 GUIYANG GUANCHENG INDUS 7.50 12/25/22 CNY 70.37 GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 37.39 GUIYANG GUANSHANHU DIST 4.48 03/09/23 CNY 38.24 GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 38.56 GUIYANG GUANSHANHU DIST 4.87 01/28/23 CNY 38.88 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.52 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 39.60 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 38.57 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 39.95 GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 19.65 GUIZHOU FANJINGSHAN INV 6.95 01/28/22 CNY 20.00 GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 40.09 GUIZHOU GUIAN CONSTRUCT 4.17 10/28/22 CNY 41.00 GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.15 GUIZHOU GUILONG INDUSTR 7.80 04/28/22 CNY 50.22 GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 48.73 GUIZHOU HONGCAI INVESTM 6.00 06/07/23 CNY 49.16 GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 20.10 GUIZHOU RAILWAY INVESTM 7.20 03/27/22 CNY 20.61 GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 45.82 GUIZHOU RAILWAY INVESTM 7.50 04/23/24 CNY 62.67 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 54.89 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 59.70 GUIZHOU SHUICHENG ECONO 7.50 10/26/25 CNY 59.50 GUIZHOU XINDONGGUAN CIV 7.70 09/05/24 CNY 67.00 GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.52 GULIN STATE-OWNED ASSET 4.18 08/04/23 CNY 58.80 HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 38.98 HAIAN COUNTY DEVELOPMEN 5.45 04/13/23 CNY 39.28 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 57.87 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.08 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.15 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88 HAICHENG URBAN JINCAI L 5.37 08/10/23 CNY 59.25 HAIFENG MARINE INFRASTR 6.84 04/29/22 CNY 40.05 HAIKOU MEILAN INTERNATI 5.25 09/06/19 USD 23.42 HAINAN AIRLINES HOLDING 6.20 05/24/21 CNY 51.00 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.08 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 20.70 HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 57.74 HAMI JIANHUI STATE-OWNE 3.90 09/21/23 CNY 58.20 HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.03 HANCHENG CITY INVESTMEN 4.69 12/05/23 CNY 57.23 HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.13 HANCHUAN CITY HANRONG I 4.25 07/18/23 CNY 59.24 HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 40.25 HANDAN CONSTRUCTION & I 5.48 05/27/22 CNY 47.20 HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 59.43 HANGZHOU CANAL COMPREHE 3.40 10/17/23 CNY 60.01 HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 40.00 HANGZHOU CITY CONSTRUCT 3.80 03/14/23 CNY 40.18 HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 20.00 HANGZHOU FUYANG DEVELOP 7.70 04/28/21 CNY 29.00 HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 39.29 HANGZHOU FUYANG DEVELOP 4.76 01/27/23 CNY 40.30 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.13 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 20.40 HANGZHOU METRO GROUP CO 5.97 09/17/24 CNY 62.56 HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 40.45 HANGZHOU WEST LAKE INVE 4.30 04/25/23 CNY 60.57 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 17.27 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 20.04 HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 39.34 HANGZHOU XIAOSHAN QIANJ 4.00 03/22/23 CNY 40.31 HANJIANG STATE-OWNED-AS 5.40 04/21/24 CNY 61.61 HANJIANG STATE-OWNED-AS 5.40 04/21/24 CNY 61.95 HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00 HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.88 HEBEI ZHONGYUE CITY CON 4.10 11/16/21 CNY 19.90 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.16 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 39.11 HECHI CITY CONSTRUCTION 5.58 11/13/22 CNY 42.42 HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.06 HECHI STATE-OWNED ASSET 4.37 11/04/23 CNY 58.26 HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.10 HEFEI CONSTRUCTION INVE 7.20 04/29/24 CNY 63.28 HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.23 HEFEI XINCHENG STATE-OW 4.13 07/15/23 CNY 59.27 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 19.89 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 30.08 HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.28 HEISHAN TONGHE ASSET MA 6.79 09/18/22 CNY 39.39 HENAN ENERGY & CHEMICAL 6.98 11/02/21 CNY 55.82 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 59.74 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 59.90 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 20.02 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 24.50 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 39.65 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 40.00 HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 58.14 HESHAN PUBLIC ASSET MAN 4.08 09/28/23 CNY 59.08 HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.27 HESHAN PUBLIC ASSET MAN 5.08 12/07/23 CNY 60.27 HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 38.73 HETIAN YUXIN STATE-OWNE 4.65 03/28/23 CNY 38.78 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 20.23 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 25.88 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 20.04 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 21.00 HNA GROUP CO LTD 5.99 11/27/22 CNY 24.27 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HONGHEZHOU DEVELOPMENT 5.90 07/12/24 CNY 72.00 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 34.50 HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 59.91 HUAIAN CITY HUAIAN DIST 4.63 05/03/23 CNY 60.30 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 21.54 HUAIAN CITY URBAN ASSET 5.70 04/23/22 CNY 40.48 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 39.33 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 39.46 HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 38.52 HUAIAN HONGRI TRANSPORT 5.09 04/20/23 CNY 38.79 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 58.63 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 59.32 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 20.15 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 27.50 HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.02 HUAIHUA CITY CONSTRUCTI 4.18 08/31/23 CNY 58.11 HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 19.77 HUAIHUA ECONOMIC DEVELO 6.80 03/26/22 CNY 20.00 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 39.04 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 39.25 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.15 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 20.26 HUANGGANG CITY CONSTRUC 4.08 01/18/23 CNY 40.25 HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.39 HUANGSHAN CHENGTOU GROU 5.95 05/06/22 CNY 40.65 HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.78 HUANGSHI CIHU HIGH-TECH 4.97 06/08/23 CNY 59.92 HUANGSHI CIHU HIGH-TECH 4.50 06/08/23 CNY 60.13 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 40.40 HUAYANG NEW MATERIAL TE 3.67 02/26/23 CNY 75.00 HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 20.39 HUBEI PROVINCE CHANGJIA 6.15 04/03/22 CNY 22.40 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 36.83 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 45.80 HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 39.88 HULUNBEIER INVESTMENT C 6.31 04/30/22 CNY 40.36 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.06 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 20.12 HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 39.61 HUNAN CHUZHISHENG HOLDI 5.60 12/18/22 CNY 40.56 HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 18.60 HUNAN JINYANG INVESTMEN 5.70 11/27/21 CNY 20.01 HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.45 HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 39.58 HUNAN JINYANG INVESTMEN 4.37 01/19/23 CNY 39.59 HUNAN JINYANG INVESTMEN 4.39 04/06/23 CNY 39.77 HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 40.05 HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.20 HUNAN LINGANG DEVELOPME 3.94 10/26/23 CNY 57.44 HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 57.96 HUNAN LINGANG DEVELOPME 4.24 07/21/23 CNY 58.13 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 19.14 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 27.00 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 37.23 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 38.62 HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 70.00 HUNAN PROVINCIAL RAILWA 6.09 04/30/25 CNY 72.38 HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00 HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 60.23 HUNAN SHAODONG ECO-INDU 6.58 12/13/23 CNY 60.24 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 37.93 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 38.33 HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.67 HUNAN YOUZHOU INVESTMEN 4.80 07/07/23 CNY 59.68 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 20.13 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 20.00 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.78 INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 19.35 INNER MONGOLIA KE'ERQIN 6.50 03/11/22 CNY 19.40 INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 39.28 INNER MONGOLIA KE'ERQIN 6.45 04/30/22 CNY 40.00 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 20.09 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 24.00 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 20.40 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 22.10 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 19.86 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 20.87 JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 38.47 JIAN CITY JINGANGSHAN D 4.87 01/27/23 CNY 39.07 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 20.04 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 26.50 JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 39.74 JIANAN INVESTMENT HOLDI 4.30 03/08/23 CNY 40.21 JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.26 JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.26 JIANAN INVESTMENT HOLDI 3.85 09/05/23 CNY 59.29 JIANAN INVESTMENT HOLDI 3.50 09/05/23 CNY 59.34 JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 20.17 JIANGMEN NEW HI-TECH IN 6.03 04/22/22 CNY 21.10 JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 59.85 JIANGSU BEIGU INDUSTRIA 5.80 06/20/23 CNY 60.38 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.56 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 58.58 JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.13 JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.28 JIANGSU GAOCHUN ECONOMI 3.67 09/23/23 CNY 59.37 JIANGSU GAOCHUN ECONOMI 3.92 11/23/23 CNY 59.82 JIANGSU HAIRUN CITY DEV 6.22 04/03/22 CNY 20.28 JIANGSU HAIRUN CITY DEV 6.22 04/03/22 CNY 22.20 JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.13 JIANGSU HAIZHOU DEVELOP 4.67 06/06/23 CNY 60.24 JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 39.96 JIANGSU HANRUI INVESTME 4.63 04/15/23 CNY 40.51 JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 57.22 JIANGSU HANRUI INVESTME 5.00 08/31/23 CNY 58.15 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.00 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 20.03 JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.37 JIANGSU JINTAN GUOFA IN 4.60 08/22/23 CNY 58.97 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.00 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 20.04 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 60.62 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 62.65 JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.66 JIANGSU RUNQI WANGUO IN 4.14 10/21/21 CNY 29.94 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 20.04 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 20.02 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.25 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 20.32 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.48 JIANGSU XISHAN ECONOMIC 5.78 07/20/22 CNY 40.50 JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 20.24 JIANGSU YANGKOU PORT CO 6.23 04/10/22 CNY 27.50 JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.59 JIANGSU YINGZHOU DEVELO 4.33 09/21/23 CNY 57.75 JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 40.00 JIANGSU ZHANGJIAGANG EC 3.95 03/22/23 CNY 40.14 JIANGSU ZHONGAN CONSTRU 5.65 03/24/24 CNY 60.91 JIANGSU ZHONGAN CONSTRU 5.65 03/24/24 CNY 62.40 JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 56.30 JIANGSU ZHUFU INDUSTRIA 4.47 07/20/23 CNY 58.60 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 39.40 JIANGXI HEJI INVESTMENT 5.09 12/17/22 CNY 40.00 JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.85 JIANGXI HUIHENG PROPERT 4.43 08/30/21 CNY 39.98 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 39.51 JIANGXI LONGHU MOUNTAIN 4.35 03/16/23 CNY 39.52 JIANGXI PINGXIANG CHANG 6.00 08/11/24 CNY 60.00 JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 39.86 JIANGYOU HONGFEI INVEST 6.55 09/02/22 CNY 40.31 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 20.01 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 22.75 JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 39.78 JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 39.82 JIANHU URBAN CONSTRUCTI 3.28 10/13/21 CNY 41.00 JIANHU URBAN CONSTRUCTI 6.30 06/01/22 CNY 42.86 JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.14 JIANYANG DEVELOPMENT HO 3.93 11/10/23 CNY 57.50 JIANYANG MODERN INDUSTR 6.00 04/24/24 CNY 60.32 JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 57.71 JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 58.56 JIAXING XIANGJIADANG DE 3.87 09/21/23 CNY 58.80 JIAXING XIANGJIADANG DE 4.13 07/20/23 CNY 59.35 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 39.99 JIAYU COUNTY URBAN TOWN 5.70 01/19/23 CNY 40.18 JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.43 JIAYU COUNTY URBAN TOWN 5.70 03/23/24 CNY 60.44 JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 60.79 JIAYU COUNTY URBAN TOWN 6.50 01/19/24 CNY 61.16 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.00 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 20.01 JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.14 JIEYANG CITY INVESTMENT 6.55 08/27/21 CNY 20.25 JILIN CITY CONSTRUCTION 3.80 01/27/23 CNY 39.28 JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.65 JILIN ECONOMIC AND TECH 6.20 04/29/23 CNY 59.89 JILIN NORTHEAST SOCK IN 7.50 05/19/22 CNY 70.31 JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 39.51 JINAN CITY LICHENG DIST 5.00 06/23/22 CNY 40.29 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.07 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 20.20 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 20.00 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 39.97 JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.00 JINCHENG STATE-OWNED CA 4.99 11/11/21 CNY 20.10 JINGDEZHEN CERAMIC CULT 5.38 11/27/22 CNY 39.85 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 20.04 JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 39.22 JINGJIANG CITY INVESTME 4.55 03/30/23 CNY 39.43 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 19.98 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 30.51 JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 39.80 JINGMEN HIGH-TECH DEVEL 5.48 08/11/22 CNY 40.09 JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.34 JINGMEN HIGH-TECH DEVEL 4.15 07/28/23 CNY 58.98 JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 58.68 JINGSHAN JINGCHENG INVE 4.38 08/29/23 CNY 60.02 JINGZHOU DEVELOPMENT ZO 4.87 09/23/26 CNY 75.19 JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 39.06 JINGZHOU URBAN CONSTRUC 3.97 03/10/23 CNY 39.95 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 20.16 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 21.33 JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 49.72 JINHU COUNTY STATE-OWNE 4.00 07/26/22 CNY 50.12 JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 20.08 JINING CITY SHIZHONG DI 6.39 01/29/22 CNY 24.44 JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 58.43 JINING CITY SHIZHONG DI 3.52 09/14/23 CNY 59.36 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 40.30 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 41.50 JINING HIGH TECH URBAN 5.88 04/25/23 CNY 70.83 JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.72 JINSHA COUNTY CONSTRUCT 6.01 09/05/23 CNY 59.73 JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 58.79 JINTANG MODERN AGRICULT 5.49 07/14/23 CNY 59.00 JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 40.90 JINZHAI URBAN DEVELOPME 5.90 04/25/23 CNY 40.91 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 19.95 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 24.91 JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 20.03 JISHOU HUATAI STATE OWN 7.18 02/09/22 CNY 22.82 JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 39.55 JIUJIANG CITY CONSTRUCT 5.50 05/22/22 CNY 40.39 JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 20.36 JIUJIANG LAND INVESTMEN 6.20 03/23/22 CNY 20.42 JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 39.58 JIUJIANG LIANXI DISTRIC 4.58 03/30/23 CNY 39.68 JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 19.54 JIXI STATE OWN ASSET MA 6.87 01/19/22 CNY 20.85 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 19.92 KAIFENG URBAN OPERATION 6.35 03/23/22 CNY 19.92 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 38.50 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 39.95 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.14 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.49 KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 38.70 KAILI GUIZHOU TOWN CONS 5.29 12/17/22 CNY 40.00 KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 56.34 KAILI GUIZHOU TOWN CONS 4.20 10/13/23 CNY 56.92 KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 5.28 KANGMEI PHARMACEUTICAL 6.80 06/28/21 CNY 5.63 KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 20.50 KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 20.50 KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 20.50 KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 20.69 KANGMEI PHARMACEUTICAL 6.33 01/27/22 CNY 36.69 KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 39.74 KASHI URBAN CONSTRUCTIO 5.80 07/20/22 CNY 40.00 KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 24.70 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 20.07 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 25.45 LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 14.90 LANZHOU STATE OWNED ASS 6.32 09/10/21 CNY 19.90 LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.82 LAOHEKOU CITY CONSTRUCT 6.75 08/12/22 CNY 39.94 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.58 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.58 LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 58.50 LEPING STATE-OWNED ASSE 3.70 10/20/23 CNY 59.04 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 20.21 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 20.20 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 20.21 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 25.00 LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 38.82 LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 39.11 LIAOCHENG ANTAI URBAN R 5.16 04/11/23 CNY 39.15 LIAOCHENG ANTAI URBAN R 4.58 04/11/23 CNY 39.84 LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 38.94 LIAOCHENG XINGYE ECONOM 5.20 04/13/23 CNY 38.99 LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.17 LIAONING GUANLONG CONST 4.70 11/10/23 CNY 58.21 LIAONING YAODU DEVELOPM 6.50 04/29/23 CNY 59.99 LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 38.81 LILING HIGH-TECH INDUST 4.93 01/19/23 CNY 39.80 LINFEN YAODU DISTRICT I 7.19 03/13/22 CNY 20.02 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 59.48 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 60.04 LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.51 LISHUI CITY CULTURAL TO 5.67 08/13/22 CNY 40.55 LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 38.70 LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.74 LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 38.10 LIUPANSHUI MINSHENG INV 5.08 01/29/23 CNY 39.19 LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.53 LIUYANG MODERN MANUFACT 4.72 01/19/23 CNY 39.71 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 16.77 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 20.20 LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.17 LIUYANG URBAN CONSTRUCT 4.45 05/24/23 CNY 60.38 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 29.40 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 29.90 LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.64 LIUZHOU DONGTONG INVEST 4.45 07/22/23 CNY 57.81 LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 38.84 LIUZHOU INVESTMENT HOLD 4.28 03/08/23 CNY 39.75 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 49.58 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 61.46 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 18.00 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 20.20 LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 20.08 LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 39.05 LONGYAN RAILWAY CONSTRU 4.98 04/13/23 CNY 39.78 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.00 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 20.07 LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.43 LOUDI TIDU INVESTMENT D 4.83 01/20/23 CNY 39.75 LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 39.01 LOUDI WANBAO NEW DISTRI 5.13 02/01/23 CNY 39.25 LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 57.63 LOUDI WANBAO NEW DISTRI 4.42 08/01/23 CNY 58.28 LU'AN CITY CONSTRUCTION 5.05 04/26/21 CNY 50.01 LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 20.00 LUJIANG CITY CONSTRUCTI 6.70 04/16/22 CNY 20.49 LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 36.67 LUOYANG CITY COUNTRY CO 4.28 04/26/23 CNY 39.79 LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.00 LUOYANG CITY DEVELOPMEN 4.47 12/02/22 CNY 40.18 LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.79 LUZHOU FUYANG INVESTMEN 5.00 08/11/23 CNY 59.80 LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 60.00 LUZHOU XINGLU INVESTMEN 6.41 04/23/25 CNY 73.49 LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 39.25 LUZHOU XINGYANG INVESTM 4.87 01/28/23 CNY 39.34 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 20.19 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 23.00 MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 59.19 MA'ANSHAN CIHU HIGH TEC 3.90 11/28/23 CNY 60.40 MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 20.11 MAANSHAN ECONOMIC TECHN 6.49 03/06/22 CNY 24.99 MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 16.93 MAANSHAN HUASHAN DISTRI 6.07 04/20/22 CNY 19.88 MAANSHAN NINGBO INVESTM 7.50 04/18/26 CNY 40.00 MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 57.83 MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.22 MAANSHAN SOUTHERN INDUS 4.53 07/25/23 CNY 58.39 MAANSHAN SOUTHERN INDUS 4.43 09/02/23 CNY 58.50 MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.37 MEISHAN CITY DONGPO DEV 5.90 06/30/23 CNY 58.57 MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 38.80 MEISHAN HONGDA CONSTRUC 4.18 03/28/23 CNY 38.90 MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 20.40 MEIZHOU CITY XIN JIN YE 6.02 04/22/22 CNY 25.32 MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 39.80 MEIZHOU MEI COUNTY DIST 5.00 12/30/22 CNY 40.00 MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 39.84 MUDANJIANG AREA URBAN D 6.48 06/30/22 CNY 45.00 MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZHE 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 70.12 MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 75.00 MUNICIPALITY OF SHENZHE 3.37 03/29/26 CNY 75.00 NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.21 NANCHANG ECONOMY TECHNO 3.83 09/22/23 CNY 59.73 NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 19.95 NANCHONG AIRPORT INVEST 6.80 01/26/22 CNY 19.99 NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 40.11 NANJING BAIXIA STATE-OW 3.98 03/29/23 CNY 40.24 NANJING HEXI NEW TOWN A 3.20 07/22/21 CNY 39.76 NANJING JIANGNING ECONO 7.94 04/14/24 CNY 39.91 NANJING JIANGNING ECONO 7.94 04/14/24 CNY 48.10 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.71 NANJING JIANGNING URBAN 3.48 11/11/23 CNY 59.84 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 59.84 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 60.16 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 20.09 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 21.29 NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.37 NANJING LISHUI ECONOMIC 3.41 11/09/23 CNY 59.50 NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.16 NANJING LISHUI URBAN CO 4.97 04/28/23 CNY 59.95 NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.50 NANJING METRO GROUP CO 3.29 08/29/23 CNY 60.03 NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.05 NANJING QIXIA STATE-OWN 4.10 06/24/23 CNY 60.40 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 30.77 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 30.85 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 20.12 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 26.80 NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 35.20 NANNING HI-TECH INDUSTR 4.28 03/25/23 CNY 39.50 NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 57.56 NANNING HI-TECH INDUSTR 3.82 10/20/23 CNY 58.74 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 20.06 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 24.80 NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.16 NANPING CITY WUYI NEW D 4.96 09/28/22 CNY 40.20 NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.00 NANTONG CHONGCHUAN URBA 5.70 07/21/22 CNY 70.75 NANTONG CITY TONGZHOU D 4.88 04/10/24 CNY 50.51 NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.90 NANTONG CITY TONGZHOU D 3.75 07/07/23 CNY 59.93 NANTONG CITY TONGZHOU D 4.88 04/10/24 CNY 61.17 NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 39.84 NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 40.01 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 40.21 NANTONG HIGH TECHNOLOGY 5.00 10/19/22 CNY 41.52 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 19.95 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 20.00 NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 59.68 NANYANG HIGH-TECH DISTR 6.45 04/29/23 CNY 60.71 NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 59.92 NANZHANG COUNTY CONSTRU 6.00 01/20/24 CNY 61.22 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 57.69 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 58.04 NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 39.35 NEIJIANG STATE-OWNED AS 6.20 04/12/23 CNY 39.51 NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 36.36 NEIJINAG CONSTRUCTION E 5.03 12/25/22 CNY 39.50 NEOGLORY HOLDING GROUP 8.00 10/22/20 CNY 56.00 NEOGLORY HOLDING GROUP 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 72.00 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.15 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 20.17 NINGBO FENGHUA INVESTME 4.58 03/28/22 CNY 50.00 NINGBO FENGHUA INVESTME 4.58 03/28/22 CNY 50.38 NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 20.20 NINGBO MEISHAN ISLAND D 6.27 03/23/22 CNY 28.29 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 20.00 NINGXIA SHENG YAN INDUS 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.20 NINGXIANG CITY CONSTRUC 6.70 01/20/22 CNY 20.37 NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 39.79 NINGXIANG ECONOMIC TECH 3.87 01/27/23 CNY 40.00 NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 57.98 NINGXIANG STATE-OWNED A 3.88 11/02/23 CNY 58.12 NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.76 NINGXIANG STATE-OWNED A 4.89 06/03/23 CNY 58.91 ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.17 ONE BELT ONE ROAD JIANG 4.70 07/15/23 CNY 60.18 PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 57.30 PANJIN WATER GROUP CO L 5.18 10/28/23 CNY 58.99 PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.17 PANSHAN COUNTY STATE-OW 7.48 01/21/22 CNY 20.17 PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 20.20 PANZHIHUA STATE OWNED A 8.18 03/13/22 CNY 20.53 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.00 PEIXIAN CITY INVESTMENT 5.20 11/10/22 CNY 40.13 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 56.69 PENGZHOU STATE-PENGZHOU 3.95 10/20/23 CNY 57.60 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.23 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 60.62 PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 36.00 PINGLIANG CULTURAL & TO 6.85 11/30/22 CNY 40.02 PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 39.64 PINGTAN COMPREHENSIVE P 3.92 01/29/23 CNY 40.10 PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 38.83 PINGXIANG CHANGXING INV 5.26 04/11/23 CNY 39.37 PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 19.96 PINGXIANG HUIFENG INVES 6.60 01/26/22 CNY 20.54 PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.00 PINGYANG STATE-OWNED AS 4.97 01/08/23 CNY 40.30 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 20.25 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 22.46 PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 39.50 PIZHOU ECONOMIC DEVELOP 5.00 10/29/22 CNY 40.00 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.17 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.19 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.00 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 20.09 QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 20.38 QIANAN XINGYUAN WATER I 6.25 04/22/22 CNY 40.36 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 37.20 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 38.05 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 64.49 QIANDONGNANZHOU KAIHONG 5.30 09/22/26 CNY 64.59 QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 39.77 QIANJIANG URBAN CONSTRU 5.19 12/21/22 CNY 40.00 QIANNAN AUTONOMOUS PREF 6.99 04/19/24 CNY 58.13 QIANNAN AUTONOMOUS PREF 6.99 04/19/24 CNY 58.26 QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 19.00 QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 19.41 QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 71.75 QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.33 QIANXINAN AUTONOMOUS RE 5.90 06/22/23 CNY 59.43 QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 58.17 QICHUN COUNTY CONSTRUCT 4.96 10/18/23 CNY 58.25 QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 39.85 QIDONG COMMUNICATIONS I 4.00 03/18/23 CNY 39.95 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 30.87 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 31.00 QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 39.72 QIDONG STATE-OWNED ASSE 4.00 03/09/23 CNY 40.28 QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 20.00 QIHE CITY OPERATION CON 5.10 03/07/23 CNY 39.14 QIHE CITY OPERATION CON 5.10 03/07/23 CNY 39.62 QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 57.62 QINGDAO CHANGYANG INVES 3.73 09/12/23 CNY 58.20 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 30.76 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 31.05 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 20.00 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 21.13 QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 20.23 QINGDAO JIAOZHOU BAY DE 6.33 09/18/21 CNY 21.30 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.17 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 20.40 QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.05 QINGDAO OCEAN INVESTMEN 4.36 05/12/23 CNY 60.06 QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 59.60 QINGDAO WEST COAST DEVE 4.26 06/06/23 CNY 60.25 QINGHAI PROVINCIAL INVE 7.88 03/22/21 USD 30.00 QINGHAI PROVINCIAL INVE 7.25 02/22/20 USD 30.00 QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 33.88 QINGHAI STATE-OWNED ASS 5.40 05/21/23 CNY 32.88 QINGHAI STATE-OWNED ASS 6.38 08/14/28 CNY 36.00 QINGHAI STATE-OWNED ASS 7.20 11/25/28 CNY 36.00 QINGHAI STATE-OWNED ASS 6.70 10/10/29 CNY 36.00 QINGHAI STATE-OWNED ASS 5.90 12/17/22 CNY 36.10 QINGZHOU CITY CONSTRUCT 6.80 08/25/24 CNY 65.01 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 20.01 QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 38.88 QINHUANGDAO CITY DEVELO 4.69 04/14/23 CNY 40.38 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.33 QINHUANGDAO DEVELOPMENT 4.07 08/26/23 CNY 57.97 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.00 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 20.01 QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 20.27 QIONGLAI CITY CONSTRUCT 6.98 03/25/22 CNY 20.80 QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.85 QUANJIAO URBAN INFRASTR 5.10 05/18/23 CNY 59.88 QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 39.42 QUJING CITY QILIN DISTR 5.37 11/26/22 CNY 41.95 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 20.00 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 20.02 QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.00 QUJING ECO TECH DEVELOP 5.75 06/01/23 CNY 59.35 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.03 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 20.04 RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 38.55 RENHUAI CITY DEVELOPMEN 5.12 04/14/23 CNY 38.56 RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 40.26 RENQIU CONSTRUCTION INV 5.68 11/18/22 CNY 41.09 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 38.47 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 40.00 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 39.72 RIZHAO CITY CONSTRUCTIO 3.98 12/07/22 CNY 39.78 RUCHENG COUNTY URBAN CO 5.69 02/23/24 CNY 71.67 RUCHENG COUNTY URBAN CO 5.69 02/23/24 CNY 71.68 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 20.05 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 25.90 RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 59.53 RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.65 RUDONG COUNTY JINXIN TR 3.80 07/26/23 CNY 59.69 RUDONG COUNTY JINXIN TR 4.57 07/26/23 CNY 60.10 RUDONG COUNTY KAITAI CI 4.57 01/08/23 CNY 40.11 RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.31 RUDONG NEW WORLD INVEST 4.37 07/18/23 CNY 58.68 RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 40.07 RUGAO COMMUNICATIONS CO 3.74 03/23/23 CNY 40.13 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.58 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.76 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 39.66 RUIAN STATE OWNED ASSET 4.56 01/27/23 CNY 40.35 RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 38.78 RUICHANG CITY INVESTMEN 5.68 03/25/23 CNY 40.21 RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 58.98 RUICHANG CITY INVESTMEN 5.50 06/17/23 CNY 60.14 RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.78 RUIJIN URBAN DEVELOPMEN 4.13 09/06/23 CNY 58.82 RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 24.00 RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 24.83 RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.57 RUZHOU CITY XINYUAN INV 4.43 09/26/23 CNY 56.63 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.00 SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 20.00 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 20.19 SANMEN COUNTY STATE-OWN 6.80 03/18/22 CNY 20.21 SANMING STATE-OWNED ASS 5.10 04/17/24 CNY 60.94 SANMING STATE-OWNED ASS 5.10 04/17/24 CNY 61.38 SANMING TRANSPORTATION 3.68 03/29/23 CNY 39.00 SANMING TRANSPORTATION 3.68 03/29/23 CNY 39.74 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 20.29 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 27.00 SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35 SHAANXI XIXIAN NEW AREA 5.10 06/06/23 CNY 59.35 SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.00 SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 20.04 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 19.98 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 25.10 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 39.79 SHAANXI XIXIAN NEW AREA 5.15 11/27/22 CNY 41.01 SHANDONG BORUN INDUSTRI 6.50 11/02/21 CNY 33.19 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.50 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.50 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.04 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 20.19 SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 40.37 SHANDONG GAOCHUANG CONS 6.05 06/18/22 CNY 42.45 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 20.14 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 24.00 SHANDONG RUYI TECHNOLOG 7.90 09/18/23 CNY 52.10 SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 8.52 SHANDONG SNTON GROUP CO 6.20 05/30/21 CNY 9.50 SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.00 SHANDONG TENGJIAN INVES 6.00 06/08/22 CNY 40.08 SHANDONG WANTONG PETROL 7.97 11/29/21 CNY 0.20 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.45 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.47 SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 60.41 SHANGHAI MUNICIPAL INVE 4.80 11/05/24 CNY 61.45 SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.13 SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 20.33 SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 39.62 SHANGHAI URBAN CONSTRUC 3.50 01/06/23 CNY 40.03 SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 39.94 SHANGRAO CITY STATE-OWN 4.65 01/29/23 CNY 40.33 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 15.60 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 15.65 SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 48.05 SHANTOU INVESTMENT HOLD 7.99 03/04/24 CNY 48.10 SHANXI INTERNATIONAL EL 5.88 05/24/22 CNY 51.83 SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 24.50 SHANXI XIANG KUANG GROU 8.80 02/11/22 CNY 41.13 SHAODONG NEW AREA DEVEL 7.10 04/19/24 CNY 62.09 SHAODONG NEW AREA DEVEL 7.10 04/19/24 CNY 62.10 SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.28 SHAOGUAN URBAN INVESTME 3.67 10/25/24 CNY 68.58 SHAOWU URBAN CONSTRUCTI 5.88 09/11/22 CNY 40.04 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 40.44 SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 20.50 SHAOXING CITY INVESTMEN 5.75 04/17/22 CNY 28.00 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.18 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 20.48 SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 33.57 SHAOXING JINGHU NEW DIS 6.13 04/30/22 CNY 40.55 SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.58 SHAOXING KEQIAO CITY CO 3.64 09/19/23 CNY 59.60 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.00 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 20.40 SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 20.00 SHAOXING KEYAN CONSTRUC 6.28 03/24/22 CNY 20.22 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 20.08 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 23.90 SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 40.02 SHAOXING SHANGYU ECONOM 4.76 04/11/23 CNY 40.14 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.19 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15 SHAOYANG BAOQING INDUST 5.78 07/04/26 CNY 68.10 SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 36.67 SHAOYANG DULIANG INVEST 5.50 04/13/23 CNY 39.33 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.17 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 20.59 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.09 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 20.19 SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 20.00 SHENYANG DADONG STATE-O 6.05 03/20/22 CNY 20.17 SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 38.01 SHENYANG ECONOMIC AFFOR 7.17 04/29/22 CNY 39.72 SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 20.20 SHENYANG TIEXI STATE-OW 6.00 01/14/22 CNY 27.50 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 30.87 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 31.50 SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 39.24 SHENZHEN METRO GROUP CO 6.75 01/24/24 CNY 48.76 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 54.93 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.00 SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 20.37 SHIJIAZHUANG STATE-OWNE 5.75 04/09/22 CNY 27.20 SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.20 SHISHI CITY CONSTRUCTIO 6.10 05/04/22 CNY 40.43 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.12 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.19 SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.21 SHIYAN STATE-OWNED CAPI 6.58 08/20/21 CNY 20.29 SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 69.72 SHIYAN STATE-OWNED CAPI 4.88 01/11/26 CNY 70.40 SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00 SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.70 SHUCHENG COUNTY URBAN C 5.50 04/29/23 CNY 60.71 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 39.00 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.11 SICHUAN COAL GASIFICATI 7.00 04/18/23 CNY 39.74 SICHUAN COAL GASIFICATI 7.00 12/14/23 CNY 59.49 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 39.39 SICHUAN LANGZHONG FAMOU 5.60 04/19/23 CNY 39.46 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.58 SICHUAN LONGYANG TIANFU 5.45 05/27/23 CNY 59.62 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.00 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 20.03 SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 38.56 SICHUAN NAXING INDUSTRI 4.68 03/31/23 CNY 39.15 SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.79 SICHUAN NAXING INDUSTRI 6.80 08/18/22 CNY 50.80 SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 20.03 SICHUAN TIANYIN INDUSTR 6.79 03/25/22 CNY 28.00 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.11 SIHONG COUNTY HONG YUAN 6.15 03/16/22 CNY 20.35 SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 39.17 SIHUI STATE OWNED ASSET 4.59 01/14/23 CNY 40.00 SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.23 SIYANG COUNTY MINKANG R 4.94 01/21/23 CNY 40.56 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.00 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 20.06 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 19.87 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 20.78 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.04 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 20.25 SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 39.73 SUINING COUNTY RUNQI IN 5.42 11/20/22 CNY 40.00 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 19.75 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 24.18 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 55.29 SUINING FUYUAN INDUSTRY 5.34 12/02/23 CNY 58.65 SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 38.25 SUINING KAIDA INVESTMEN 4.89 04/08/23 CNY 38.26 SUINING ROUGANG INVESTM 5.65 01/24/24 CNY 58.33 SUINING TIANTAI INDUSTR 5.98 03/28/24 CNY 58.05 SUINING TIANTAI INDUSTR 5.98 03/28/24 CNY 59.34 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.01 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 20.71 SUIZHOU DEVELOPMENT INV 5.70 04/07/24 CNY 59.03 SUIZHOU DEVELOPMENT INV 5.70 04/07/24 CNY 59.43 SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 38.76 SUIZHOU HIGH-TECH INDUS 4.47 03/25/23 CNY 38.91 SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 20.05 SUIZHOU URBAN CONSTRUCT 7.18 09/02/21 CNY 21.20 SUIZHOU YULONG WATER SU 6.10 03/28/23 CNY 42.46 SUQIAN ECONOMIC DEVELOP 5.40 04/20/24 CNY 61.94 SUQIAN ECONOMIC DEVELOP 5.40 04/20/24 CNY 62.45 SUQIAN YUFENG ASSET MAN 5.50 04/21/24 CNY 61.23 SUQIAN YUFENG ASSET MAN 5.50 04/21/24 CNY 64.26 SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 40.05 SUZHOU CITY CONSTRUCTIO 3.89 03/24/23 CNY 40.16 SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 40.05 SUZHOU CITY HENGCHENG C 4.40 03/01/23 CNY 40.16 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 38.82 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 39.84 SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.11 SUZHOU SND GROUP CO LTD 6.20 07/22/21 CNY 20.23 SUZHOU WUJIANG COMMUNIC 3.75 05/26/23 CNY 75.00 SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.40 SUZHOU WUJIANG DISTRICT 5.25 07/08/22 CNY 40.52 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 39.32 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 39.56 TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 40.53 TAICANG SCIENCE EDUCATI 5.54 08/28/22 CNY 44.65 TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 39.72 TAIXING CITY HONGQIAO Y 5.03 10/29/22 CNY 43.87 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 46.89 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 47.15 TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 39.40 TAIZHOU HAILING CITY DE 4.60 12/14/22 CNY 40.08 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 40.48 TAIZHOU JIAOJIANG STATE 6.18 07/06/22 CNY 44.00 TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.40 TAIZHOU JINDONG URBAN C 5.10 06/02/23 CNY 59.51 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 39.64 TAIZHOU XINTAI GROUP CO 4.07 03/23/23 CNY 39.79 TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 55.84 TIANCHANG CITY CONSTRUC 4.99 12/05/23 CNY 59.71 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 19.84 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 27.00 TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 19.88 TIANJIN BINHAI NEW AREA 6.10 11/23/21 CNY 23.87 TIANJIN BOHAI STATE-OWN 3.82 04/18/23 CNY 39.06 TIANJIN BOHAI STATE-OWN 4.10 04/18/26 CNY 67.13 TIANJIN BOHAI STATE-OWN 4.10 04/18/26 CNY 70.00 TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 19.20 TIANJIN DONGFANG CAIXIN 5.19 01/29/22 CNY 19.86 TIANJIN DONGLI CITY INF 4.28 12/02/22 CNY 40.11 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 30.48 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 31.30 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 29.00 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 29.15 TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 39.64 TIANJIN GUANGCHENG INVE 5.40 04/20/23 CNY 40.00 TIANJIN HARBOR CONSTRUC 6.29 10/21/21 CNY 39.78 TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 39.60 TIANJIN HUANCHENG URBAN 5.75 04/27/22 CNY 40.50 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 24.43 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 30.53 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 20.00 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 68.66 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 19.99 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 27.50 TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 38.98 TIANJIN NINGHE INVESTME 5.50 04/22/23 CNY 40.17 TIANJIN RAILWAY CONSTRU 5.58 04/13/25 CNY 60.28 TIANJIN REAL ESTATE GRO 4.50 09/29/20 USD 73.75 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 19.73 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 19.93 TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 33.12 TIANJIN WUQING STATE-OW 4.15 11/17/22 CNY 40.12 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 20.23 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 25.16 TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.09 TIANMEN CITY CONSTRUCTI 3.98 11/15/23 CNY 58.85 TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 40.00 TONGLING CONSTRUCTION I 4.12 03/14/23 CNY 40.07 TSINGHUA HOLDINGS CORP 4.95 08/08/22 CNY 36.40 TSINGHUA HOLDINGS CORP 3.15 10/25/21 CNY 48.64 TSINGHUA HOLDINGS CORP 5.30 03/26/23 CNY 50.00 TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77 TSINGHUA UNIGROUP CO LT 5.20 12/10/23 CNY 11.65 TSINGHUA UNIGROUP CO LT 5.11 01/25/24 CNY 13.00 TSINGHUA UNIGROUP CO LT 4.94 03/25/22 CNY 16.55 TSINGHUA UNIGROUP CO LT 5.85 03/27/22 CNY 16.88 TSINGHUA UNIGROUP CO LT 6.15 12/26/21 CNY 28.03 TSINGHUA UNIGROUP CO LT 5.60 11/15/20 CNY 28.13 TSINGHUA UNIGROUP CO LT 6.20 03/16/21 CNY 28.13 TSINGHUA UNIGROUP CO LT 6.00 08/14/22 CNY 28.13 TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 20.21 TULUFAN DISTRICT STATE- 6.20 03/19/22 CNY 20.39 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 TUNGHSU OPTOELECTRONIC 5.09 11/17/21 CNY 22.81 ULANQAB CITY INVESTMENT 8.39 04/25/22 CNY 25.51 ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 40.35 ULANQAB JINING DISTRICT 6.16 03/24/23 CNY 40.39 URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 20.00 URUMQI ECO&TECH DEVELOP 6.40 04/13/22 CNY 20.28 WAFANGDIAN COASTAL PROJ 3.98 02/01/23 CNY 39.18 WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 20.43 WANGCHENG ECONOMIC DEVE 6.57 01/22/22 CNY 28.81 WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 59.96 WANGCHENG ECONOMIC DEVE 3.75 07/13/23 CNY 61.05 WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.09 WEIHAI LANCHUANG CONSTR 4.80 12/17/22 CNY 39.39 WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 38.40 WEIHAI URBAN CONSTRUCTI 3.33 03/02/23 CNY 39.48 WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.57 WEIHAI WENDENG DISTRICT 3.64 10/26/23 CNY 58.63 WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 58.75 WEIHAI WENDENG URBAN PR 4.80 05/26/23 CNY 59.15 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.00 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.17 WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 39.10 WENDENG GOLDEN BEACH IN 3.97 03/21/23 CNY 39.19 WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 56.84 WENSHAN URBAN CONSTRUCT 4.50 09/13/23 CNY 58.24 WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 40.15 WENZHOU CITY CONSTRUCTI 4.05 01/25/23 CNY 40.16 WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 40.80 WENZHOU CITY CONSTRUCTI 5.00 04/26/23 CNY 60.87 WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 40.26 WENZHOU GANGCHENG DEVEL 5.19 03/29/23 CNY 40.32 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.00 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 20.01 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 20.06 WENZHOU LUCHENG CITY DE 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60.02 WUHAN JIANGXIA URBAN CO 4.80 06/03/23 CNY 60.04 WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 20.19 WUHAN METRO GROUP CO LT 5.25 04/14/22 CNY 20.33 WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 58.93 WUHAN QIAOKOU STATE OWN 3.48 08/29/23 CNY 59.94 WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 59.08 WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 59.84 WUHU COMMUNICATIONS INV 3.58 09/23/23 CNY 60.02 WUHU COMMUNICATIONS INV 4.50 04/28/23 CNY 60.58 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 20.11 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 26.35 WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.67 WUHU JINGHU CONSTRUCTIO 4.37 07/20/23 CNY 59.96 WUHU JIUJIANG CONSTRUCT 3.96 03/21/23 CNY 39.51 WUHU XINMA INVESTMENT C 4.87 11/04/22 CNY 40.00 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.18 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 20.30 WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 39.83 WUXI HUIKAI ECONOMIC DE 4.16 04/08/23 CNY 40.09 WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 39.99 WUXI HUNING METRO HUISH 4.38 06/08/21 CNY 40.45 WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.50 WUXI TAIHU NEW CITY DEV 3.47 08/29/23 CNY 59.90 WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.47 WUXI TAIHU NEW CITY DEV 4.49 05/03/23 CNY 60.50 WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.31 WUXI XIDONG NEW TOWN CO 3.92 11/09/23 CNY 59.35 WUYANG CONSTRUCTION GRO 7.80 09/11/20 CNY 32.48 XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.33 XIAN FENGDONG DEVELOPME 4.67 01/08/23 CNY 39.40 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 20.00 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 21.46 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 38.63 XIANGTAN CITY CONSTRUCT 7.60 04/02/22 CNY 62.20 XIANGTAN CITY CONSTRUCT 7.80 03/12/22 CNY 64.87 XIANGTAN CITY CONSTRUCT 7.80 01/30/22 CNY 67.80 XIANGTAN CITY INFRASTRC 3.95 08/04/23 CNY 55.47 XIANGTAN CITY INFRASTRC 3.60 08/04/23 CNY 55.67 XIANGTAN CITY INFRASTRC 3.95 08/04/23 CNY 57.97 XIANGTAN CITY 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XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 20.04 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 20.10 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 26.69 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 32.72 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 19.90 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 20.05 XIAOGAN URBAN CONSTRUCT 3.94 07/05/21 CNY 62.98 XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.31 XIAOXIAN COUNTY DEVELOP 4.85 06/22/23 CNY 60.31 XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.29 XINDONGGANG HOLDING GRO 5.53 04/27/23 CNY 59.48 XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.39 XINGAN COUNTY URBAN CON 5.48 08/03/23 CNY 58.74 XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 23.15 XINGAN LEAGUE URBAN DEV 6.18 12/21/22 CNY 27.32 XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.50 XINGHUA CITY ECONOMIC D 5.28 06/13/22 CNY 49.68 XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 38.40 XINGYI XINHENG URBAN CO 5.40 12/16/22 CNY 39.00 XINMI CAIYUAN CITY CONS 4.35 02/28/23 CNY 39.77 XINMI CAIYUAN CITY CONS 4.35 02/28/23 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03/23/23 CNY 39.89 XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.00 XUZHOU CITY TONGSHAN DI 5.23 09/18/22 CNY 40.39 XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 57.77 XUZHOU HI-TECH INDUSTRI 3.78 11/11/23 CNY 59.43 XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.03 XUZHOU TRANSPORTATION H 7.09 05/15/21 CNY 20.20 XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 40.64 XUZHOU XINSHENG INVESTM 5.13 08/12/22 CNY 44.46 YAN'AN NEW CITY CONSTRU 5.60 04/21/24 CNY 49.26 YAN'AN NEW CITY CONSTRU 5.60 04/21/24 CNY 59.73 YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.67 YANCHENG HIGH-TECH ZONE 3.90 12/14/22 CNY 39.90 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 20.03 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 16.90 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 20.12 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.18 YANCHENG YANDU DISTRICT 3.67 03/17/23 CNY 39.44 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 20.14 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 21.20 YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 39.33 YANGZHONG TRANSPORTATIO 4.95 04/07/23 CNY 39.86 YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 40.32 YANGZHONG TRANSPORTATIO 4.98 04/07/23 CNY 40.36 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 58.17 YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 40.56 YANGZHOU HANJIANG CONST 5.88 06/15/22 CNY 46.63 YI CHENG CONSTRUCTION I 5.44 04/27/23 CNY 39.55 YI ZHENG CITY DEVELOPME 4.63 01/08/23 CNY 40.00 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 40.11 YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 58.92 YICHANG HIGH-TECH INVES 3.74 07/21/23 CNY 59.41 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 60.10 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 61.36 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 20.06 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 23.47 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.05 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.61 YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00 YIHUA LIFESTYLE TECHNOL 6.88 07/23/20 CNY 35.00 YIHUA LIFESTYLE TECHNOL 6.88 07/16/20 CNY 35.90 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.00 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 20.02 YINGCHENG CITY PUYANG D 6.50 04/14/24 CNY 61.36 YINGCHENG CITY PUYANG D 6.50 04/14/24 CNY 61.37 YINGKOU COASTAL DEVELOP 6.45 01/26/22 CNY 20.29 YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 58.97 YINGKOU ECO & TECH DEVE 5.20 08/05/23 CNY 59.14 YINGKOU ECO & TECH DEVE 6.98 04/19/24 CNY 60.72 YINGKOU ECO & TECH DEVE 6.98 04/19/24 CNY 79.00 YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 38.49 YINGKOU LAOBIAN CITY CO 5.63 12/16/22 CNY 39.61 YINGKOU LAOBIAN CITY CO 4.98 03/11/23 CNY 40.00 YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 40.35 YINGTAN LONGGANG ASSET 6.75 07/31/22 CNY 41.18 YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 30.71 YINGTAN STATE-OWNED ASS 7.50 12/12/22 CNY 30.71 YINGTAN STATE-OWNED ASS 3.63 08/12/21 CNY 40.02 YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.20 YINING CITY STATE OWNED 5.37 09/24/22 CNY 39.53 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 39.94 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40 YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.99 YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 20.00 YIXING CITY CONSTRUCTIO 6.16 03/30/22 CNY 20.43 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 20.04 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 23.50 YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 19.94 YIYANG ADVANCED INDUSTR 7.00 03/30/22 CNY 28.00 YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.31 YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 56.39 YIYANG PROVINCE AREA IN 4.95 10/13/23 CNY 56.44 YIYANG PROVINCE AREA IN 5.16 11/23/23 CNY 57.61 YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.24 YIZHANG XINGYI CONSTRUC 5.49 09/02/24 CNY 68.43 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 20.11 YONGXING YINDU INVESTME 5.60 03/24/23 CNY 39.29 YONGXING YINDU INVESTME 5.60 03/24/23 CNY 40.14 YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.30 YONGZHOU ECONOMIC CONST 3.55 01/14/23 CNY 39.64 YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.70 YUANAN COUNTY QIFENG CI 5.50 05/27/23 CNY 60.70 YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 19.90 YUEYANG CITY DONGTING N 6.15 03/20/22 CNY 20.10 YUEYANG HUIHUA URBAN IN 5.78 04/18/24 CNY 60.75 YUEYANG HUIHUA URBAN IN 5.78 04/18/24 CNY 61.20 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 16.24 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 19.65 YUEYANG URBAN CONSTRUCT 4.80 01/27/26 CNY 73.31 YUEYANG URBAN CONSTRUCT 4.80 01/27/26 CNY 73.42 YUEYANG YUNXI CITY CONS 5.18 11/21/23 CNY 56.49 YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.30 YUEYANG YUNXI CITY CONS 6.00 07/08/23 CNY 59.44 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 20.22 YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 20.36 YUHUAN CITY COMMUNICATI 6.18 03/20/22 CNY 24.47 YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 58.65 YUHUAN CITY CONSTRUCTIO 3.72 10/21/23 CNY 59.16 YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 59.90 YUHUAN CITY CONSTRUCTIO 5.10 05/03/23 CNY 60.56 YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 57.66 YUNCHENG SHUIHU CITY CO 4.54 11/21/23 CNY 58.05 YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 19.76 YUNNAN HEALTH & CULTURA 6.77 05/23/21 CNY 20.02 YUNNAN PROVINCIAL INVES 4.36 08/21/23 CNY 70.00 YUNNAN PROVINCIAL INVES 4.63 11/05/23 CNY 70.00 YUNNAN PROVINCIAL INVES 4.66 08/21/24 CNY 77.10 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.04 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 20.40 YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 39.92 YUZHOU GENERAL INVESTME 4.68 01/19/23 CNY 40.00 ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 39.84 ZAOYANG CITY CONSTRUCTI 5.50 03/22/23 CNY 40.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 16.61 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 20.00 ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 58.50 ZHANGQIU STATE OWNED AS 3.69 08/09/23 CNY 59.63 ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 59.70 ZHANGSHU STATE-OWNED AS 4.80 06/22/23 CNY 62.67 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.14 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 20.90 ZHANGZHOU ECONOMIC DEVE 6.17 04/27/22 CNY 20.30 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 16.81 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 20.07 ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.26 ZHAODONG DONGSHENG CONS 6.50 01/20/24 CNY 61.27 ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 20.00 ZHAOQING GAOYAO DISTRIC 6.68 04/14/22 CNY 40.47 ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 57.90 ZHAOQING HI-TECH ZONE C 3.97 08/26/23 CNY 59.21 ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.33 ZHEJIANG BINHAI NEW CIT 4.65 12/23/22 CNY 40.35 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 20.10 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 28.50 ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 54.50 ZHEJIANG HUISHENG INVES 4.49 03/15/24 CNY 55.00 ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 20.20 ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 39.90 ZHEJIANG OUHAI CONSTRUC 4.83 01/21/23 CNY 40.39 ZHEJIANG OUHAI CONSTRUC 6.45 04/23/22 CNY 40.57 ZHEJIANG XINCHANG INVES 5.88 10/30/21 CNY 20.18 ZHEJIANG XINCHANG INVES 6.95 12/31/21 CNY 20.38 ZHEJIANG XINCHANG INVES 5.88 10/30/21 CNY 21.06 ZHEJIANG XINCHANG INVES 6.95 12/31/21 CNY 21.20 ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 67.63 ZHENGZHOU AIRPORT ECONO 4.27 07/20/26 CNY 68.32 ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.00 ZHENGZHOU JINGKAI INVES 5.48 07/31/22 CNY 40.46 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 20.25 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 26.20 ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 39.76 ZHENGZHOU MOUZHONG DEVE 4.59 04/18/23 CNY 39.85 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 19.80 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 20.00 ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 58.67 ZHENJIANG NEW AREA URBA 5.31 07/14/23 CNY 60.39 ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 39.38 ZHIJIANG STATE-OWNED AS 4.78 01/11/23 CNY 39.65 ZHIJIANG STATE-OWNED AS 4.38 03/28/23 CNY 44.70 ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.32 ZHONGGUANCUN DEVELOPMEN 4.20 08/12/22 CNY 40.54 ZHONGMINTOU 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CNY 61.60 ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 38.22 ZUNYI ECONOMIC DEVELOPM 4.87 01/22/23 CNY 40.00 ZUNYI HONGHUAGANG DISTR 5.05 06/27/23 CNY 57.90 ZUNYI HONGHUAGANG DISTR 5.05 06/27/23 CNY 58.80 ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 44.68 ZUNYI NEW DISTRICT DEVE 5.99 04/07/26 CNY 54.24 ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 36.74 ZUNYI ROAD & BRIDGE CON 6.10 04/27/23 CNY 45.00 ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 67.00 ZUNYI TRAFFIC TRAVEL IN 7.70 09/27/27 CNY 70.67 HONG KONG --------- CAIYUN INTERNATIONAL IN 5.50 04/08/22 USD 58.43 DR PENG HOLDING HONGKON 7.55 12/01/22 USD 62.70 HNA GROUP INTERNATIONAL 6.25 10/05/21 USD 54.50 INDONESIA --------- DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.00 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.00 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.00 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.00 DELTA MERLIN DUNIA TEKS 1.50 06/26/28 USD 10.92 MNC INVESTAMA TBK PT 9.00 05/11/21 USD 68.37 SRI REJEKI ISMAN TBK PT 7.25 01/16/25 USD 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JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTUR 7.00 05/15/17 USD 4.58 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 30.99 JTPM ATSALI LTD 0.01 08/29/48 INR 14.19 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 29.74 KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 73.92 MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 70.52 MELOSA BUILDERS & DEVEL 0.01 06/29/30 INR 48.01 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 48.01 MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 34.42 MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 31.93 MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 31.93 NEEMUCH SOLAR POWER PVT 0.01 08/29/46 INR 16.85 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 30.61 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 45.50 PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 48.40 PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 51.65 PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 55.23 PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 59.14 PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 63.39 PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 68.01 PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 72.97 PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 16.85 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 31.53 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 33.82 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 70.37 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 74.47 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 8.96 REWANCHAL SOLAR POWER P 0.01 08/29/46 INR 16.85 SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 49.03 SHIVAJI MARG MAINTENANC 0.01 06/28/30 INR 48.06 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63 SUNWORLD SOLAR POWER PV 0.01 08/31/46 INR 16.74 SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 71.17 SUTARA ROADS & INFRA LT 0.01 08/31/30 INR 56.63 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.50 SUZLON ENERGY LTD 5.75 07/16/19 USD 23.50 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.61 TATA SMARTFOODZ LTD 0.01 04/18/26 INR 67.56 TATA SMARTFOODZ LTD 0.01 11/23/25 INR 70.08 TATA SMARTFOODZ LTD 0.01 07/15/25 INR 72.36 TN URJA PVT LTD 0.10 02/22/36 INR 33.82 WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 62.60 WS T&D LTD 0.10 03/24/29 INR 54.97 JAPAN ----- AVANSTRATE INC 0.15 10/29/32 JPY 9.75 HIS CO LTD 0.58 02/19/27 JPY 65.37 MITSUI E&S HOLDINGS CO 0.70 09/15/23 JPY 73.91 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 1.50 11/26/27 JPY 25.09 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 25.90 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 26.19 UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 31.06 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 32.05 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 35.00 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 35.98 UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 42.01 UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 49.14 UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 58.39 MALAYSIA -------- ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.90 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.26 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.35 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.08 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.50 HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.79 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.86 MEX II SDN BHD 6.40 04/28/34 MYR 66.01 MEX II SDN BHD 6.30 04/29/33 MYR 66.84 MEX II SDN BHD 6.20 04/29/32 MYR 67.90 MEX II SDN BHD 6.10 04/29/31 MYR 69.25 MEX II SDN BHD 6.00 04/29/30 MYR 69.69 MEX II SDN BHD 5.90 04/27/29 MYR 70.73 MEX II SDN BHD 5.80 04/28/28 MYR 72.06 MEX II SDN BHD 5.70 04/29/27 MYR 73.20 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 61.99 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 62.49 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 62.90 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.60 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 69.81 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 71.31 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 72.78 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 74.21 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.14 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 15.00 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 41.75 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 41.75 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.07 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.07 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00 BLUE OCEAN RESOURCES PT 8.00 12/31/21 USD 22.00 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 46.90 ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 68.82 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 27.39 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 27.46 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 25.41 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 17.25 JGC VENTURES PTE LTD 10.75 08/30/21 USD 39.00 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 16.23 MODERNLAND OVERSEAS PTE 6.95 04/13/24 USD 40.12 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 58.13 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.28 PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SSMS PLANTATION HOLDING 7.75 01/23/23 USD 69.81 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 7.13 04/18/17 SGD 6.13 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 SOUTH KOREA ----------- HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 42.14 KIBO ABS SPECIALTY CO L 5.00 02/24/23 KRW 71.81 KIBO ABS SPECIALTY CO L 5.00 02/28/22 KRW 73.01 KIBO ABS SPECIALTY CO L 5.00 02/24/22 KRW 73.87 KIBO ABS SPECIALTY CO L 5.00 08/28/21 KRW 74.59 LOTTE CARD CO LTD 0.18 06/28/49 KRW 37.34 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 64.57 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 01/26/22 KRW 62.49 SINBO SECURITIZATION SP 5.00 01/25/22 KRW 62.50 SINBO SECURITIZATION SP 5.00 02/23/22 KRW 62.76 SINBO SECURITIZATION SP 5.00 06/27/22 KRW 64.48 SINBO SECURITIZATION SP 3.00 11/21/23 KRW 64.58 SINBO SECURITIZATION SP 5.00 07/24/22 KRW 64.75 SINBO SECURITIZATION SP 5.00 07/26/22 KRW 64.76 SINBO SECURITIZATION SP 5.00 08/31/21 KRW 65.29 SINBO SECURITIZATION SP 5.00 09/26/22 KRW 65.77 SINBO SECURITIZATION SP 5.00 08/29/22 KRW 65.86 SINBO SECURITIZATION SP 5.00 01/25/23 KRW 65.86 SINBO SECURITIZATION SP 5.00 08/31/22 KRW 65.88 SINBO SECURITIZATION SP 4.00 04/15/24 KRW 66.03 SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.26 SINBO SECURITIZATION SP 4.00 12/25/23 KRW 66.26 SINBO SECURITIZATION SP 4.00 06/30/24 KRW 66.65 SINBO SECURITIZATION SP 4.00 06/30/24 KRW 66.65 SINBO SECURITIZATION SP 3.00 01/29/24 KRW 66.92 SINBO SECURITIZATION SP 5.00 07/24/23 KRW 67.07 SINBO SECURITIZATION SP 5.00 06/30/23 KRW 67.13 SINBO SECURITIZATION SP 5.00 06/27/23 KRW 67.13 SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.67 SINBO SECURITIZATION SP 5.00 10/24/23 KRW 67.67 SINBO SECURITIZATION SP 5.00 07/26/21 KRW 67.88 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88 SINBO SECURITIZATION SP 5.00 09/26/23 KRW 67.88 SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.07 SINBO SECURITIZATION SP 5.00 08/29/23 KRW 68.07 SINBO SECURITIZATION SP 5.00 11/21/23 KRW 68.61 SINBO SECURITIZATION SP 5.00 02/27/24 KRW 68.75 SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.90 SINBO SECURITIZATION SP 4.00 01/29/24 KRW 68.90 SINBO SECURITIZATION SP 5.00 06/30/24 KRW 68.97 SINBO SECURITIZATION SP 5.00 01/29/23 KRW 70.55 SINBO SECURITIZATION SP 5.00 12/25/22 KRW 70.81 SINBO SECURITIZATION SP 5.00 12/25/23 KRW 71.15 SINBO SECURITIZATION SP 5.00 02/28/22 KRW 73.01 SINBO SECURITIZATION SP 5.00 03/20/23 KRW 73.31 SINBO SECURITIZATION SP 5.00 02/28/23 KRW 73.48 SINBO SECURITIZATION SP 5.00 12/27/21 KRW 73.69 SINBO SECURITIZATION SP 5.00 06/29/21 KRW 74.88 STANDARD CHARTERED BANK 3.02 11/10/35 KRW 74.78 STANDARD CHARTERED BANK 3.00 10/16/35 KRW 74.92 SRI LANKA --------- SRI LANKA DEVELOPMENT B 4.77 01/22/25 USD 63.25 SRI LANKA DEVELOPMENT B 5.98 01/22/25 USD 65.25 SRI LANKA DEVELOPMENT B 6.02 01/22/25 USD 65.35 SRI LANKA DEVELOPMENT B 6.05 01/22/25 USD 65.43 SRI LANKA DEVELOPMENT B 6.50 01/22/25 USD 66.57 SRI LANKA DEVELOPMENT B 6.75 01/22/25 USD 67.20 SRI LANKA DEVELOPMENT B 6.80 01/22/25 USD 67.33 SRI LANKA DEVELOPMENT B 6.82 01/22/25 USD 67.38 SRI LANKA DEVELOPMENT B 6.87 01/22/25 USD 67.51 SRI LANKA DEVELOPMENT B 4.09 05/01/23 USD 72.94 SRI LANKA DEVELOPMENT B 4.13 05/01/23 USD 73.00 SRI LANKA DEVELOPMENT B 4.22 03/16/23 USD 74.28 SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 62.87 SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 62.99 SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 62.99 SRI LANKA GOVERNMENT IN 6.20 05/11/27 USD 63.05 SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 63.09 SRI LANKA GOVERNMENT IN 7.85 03/14/29 USD 63.10 SRI LANKA GOVERNMENT IN 6.75 04/18/28 USD 63.14 SRI LANKA GOVERNMENT IN 7.55 03/28/30 USD 63.15 SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 64.16 SRI LANKA GOVERNMENT IN 6.83 07/18/26 USD 64.20 SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 65.04 SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 65.09 SRI LANKA GOVERNMENT IN 6.85 11/03/25 USD 65.12 SRI LANKA GOVERNMENT IN 6.13 06/03/25 USD 65.19 SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 68.09 SRI LANKA GOVERNMENT IN 6.35 06/28/24 USD 68.13 SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 68.21 SRI LANKA GOVERNMENT IN 6.85 03/14/24 USD 68.27 SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 71.06 SRI LANKA GOVERNMENT IN 5.75 04/18/23 USD 71.09 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 61.17 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***