/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/210831.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, August 31, 2021, Vol. 24, No. 168 Headlines A U S T R A L I A AUSTRALIAN SHOPPING: Second Creditors' Meeting Set for Sept. 6 ICRA ROLLESTON: Second Creditors' Meeting Set for Sept. 7 ISACC HYDRAULIC: First Creditors' Meeting Set for Sept. 9 JAXON CONSTRUCTION: Enters Liquidation With Four Sites Affected KOUSAI INVESTMENTS: Second Creditors' Meeting Set for Sept. 7 WARRIJA CONSTRUCTION: First Creditors' Meeting Set for Sept. 7 C H I N A CHINA HUARONG: Posts CNY102.9 Billion Loss in 2020 LIUZHOU DONGTONG: Fitch Lowers LT IDRs to 'BB-', Outlook Stable SUNSHINE 100: S&P Revises LongTerm Issuer Credit Rating to 'D' TONGCHUANGJIUDING INVESTMENT: S&P Affirms 'BB/B' ICRs YUZHOU GROUP: Fitch Assigns B+ Rating on Proposed USD Notes ZHENRO PROPERTIES: Fitch Rates Proposed USD Green Bonds 'B+' I N D I A ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category BAJAJ AGRO: CARE Keeps D Debt Rating in Not Cooperating Category BAJRANG SEEDS: CARE Lowers Rating on INR12cr LT Loan to C BALAJI COTTON: CARE Keeps B- Debt Rating in Not Cooperating DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category ESHWAR TRUST: CARE Lowers Rating on INR23.17cr LT Loan to B FIRESTAR INTERNATIONAL: Court Enters Liquidation Order GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating INSCO STEELS: CARE Keeps D Debt Ratings in Not Cooperating LAKSHMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating MITTAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category MKD INFRASTRUCTURE: CARE Lowers Rating on INR6cr LT Loan to D NANDAN BUILDCON: CARE Keeps D Debt Ratings in Not Cooperating RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category REPUBLIC AUTO: CARE Keeps B- Debt Rating in Not Cooperating S.C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating SANAI ENTERPRISE: CARE Lowers Rating on INR8cr LT Loan to B- SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating STAGE DOOR: CARE Lowers Rating on INR8cr LT Loan to C TEXTRADE INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating TRIMURTI FOODTECH: Insolvency Resolution Process Case Summary Y. ACHAMMA: CARE Keeps B- Debt Rating in Not Cooperating YOU SEUNG: Insolvency Resolution Process Case Summary [*] INDIA: Insolvency Board Seeks Fairer, Quicker Process N E W Z E A L A N D BELLA VISTA: Former Director Loses Appeal vs. Payment to Carters P H I L I P P I N E S RURAL BANK OF DATU PAGLAS: Central Bank Orders Closure of Bank S I N G A P O R E GREATEARTH CORP: More Construction Firms May Shut as Relief Ends KRISENERGY LTD: Unit Placed Under Voluntary Liquidation S R I L A N K A SRI LANKA: S&P Alters Outlook on 'CCC+/C' Sovereign Ratings to Neg. V I E T N A M [*] VIETNAM: Hotels Up for Sale as Tourism Market Struggles X X X X X X X X [*] BOND PRICING: For the Week Aug. 23, 2021 to Aug. 27, 2021 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN SHOPPING: Second Creditors' Meeting Set for Sept. 6 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Australian Shopping Network Pty Ltd has been set for Sept. 6, 2021, at 11:30 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 Sept. 2, 2021, at 4:00 p.m. Patrick Loi and Henry Kwok of Greengate Advisory NSW were appointed as administrators of Australian Shopping on Aug. 2, 2021. ICRA ROLLESTON: Second Creditors' Meeting Set for Sept. 7 --------------------------------------------------------- A second meeting of creditors in the proceedings of ICRA Rolleston Pty Ltd has been set for Sept. 7, 2021, at 10:00 a.m. via Via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 6, 2021, at 4:00 p.m. Marcus William Ayres and Stephen Parbery of Kroll were appointed as administrators of ICRA Rolleston on Dec. 21, 2020. ISACC HYDRAULIC: First Creditors' Meeting Set for Sept. 9 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Isacc Hydraulic Hose Services Pty Ltd will be held on Sept. 9, 2021, at 10:30 a.m. David Michael Stimpson and Terrence John Rose of SV Partners were appointed as administrators of Isacc Hydraulic on Aug. 30, 2021. JAXON CONSTRUCTION: Enters Liquidation With Four Sites Affected --------------------------------------------------------------- ABC News reports that West Australian building company Jaxon Construction is entering liquidation, with operations within the group ceasing. The move affects four sites in Western Australia. According to ABC News, alarm bells were raised earlier this month when it was revealed subcontractors at the University of Western Australia's (UWA) Forrest Hall had not been paid. ABC News relates that the Construction, Forestry, Maritime, Mining and Energy Union's (CFMEU) state secretary Mick Buchan said Jaxon's liquidation was not a surprise. "It's very disappointing," the report quotes Mr. Buchan as saying. "It's the developers that are getting away with this, right? "Developers are hanging on to their 20 per cent-plus margins where builders and subcontractors alike are entering these projects with very little margin if not a negative margin. "There's no room for error out there in our industry. "Enough is enough, the industry needs to wake up to itself, I call on all builders that are out there and the MBA [Master Builders Association] to touch base with us, let's get around the table and come up with an industry standard that can be out there, that can hold those developers to account." Liquidator Sam Freeman of EY (formerly Ernst and Young) said two aged care developments were being affected, along with the Forrest Hall dormitory site and the Claremont apartment complex, the report relays. "There's some decisions to be made by the developers of those sites," he said. "We'll work with them to try and transition the building as quickly as we can because that's in everyone's interests. "What we've got to do now, and we've reached out to those site owners this afternoon, is understand where things are at and how we can look to maximise recoveries from those because we're not in a position in the liquidations to continue those works." Collapse follows another major WA builder's downfall The liquidation has come months after the collapse of another major WA builder, Pindan, and Mr. Buchan feared it would not be the last construction company to face issues in the short term, the report adds. He said there needed to be proper margins in a tender to ensure subcontractors were paid properly, and allow for unexpected issues such as bad weather. The projects have been described by liquidator EY as being in various stages of "commencement or completion". ABC News adds EY said it was assessing the financial position of six entities within the Jaxon Group, and all operations had ceased. In a statement, it said it acknowledged that many employees, individuals, clients, suppliers, and subcontractors of Jaxon would now be in difficult positions, ABC News relays. It said it would provide updates as soon as possible, the report adds. KOUSAI INVESTMENTS: Second Creditors' Meeting Set for Sept. 7 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Kousai Investments Pty Ltd, trading as Koumi Japanese Restaurant, has been set for Sept. 7, 2021, at 2:30 p.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 6, 2021, at 4:00 p.m. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of Kousai Investments on Aug. 3, 2021. WARRIJA CONSTRUCTION: First Creditors' Meeting Set for Sept. 7 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Warrija Construction and Civil Pty Ltd will be held on Sept. 7, 2021, at 10:00 a.m. via teleconference. Blair Pleash of Hall Chadwick was appointed as administrator of Warrija Construction on Aug. 26, 2021. ========= C H I N A ========= CHINA HUARONG: Posts CNY102.9 Billion Loss in 2020 -------------------------------------------------- South China Morning Post reports that China Huarong Asset Management's long-delayed 2020 results showed a record loss, with leverage hitting 1,333 times and capital buffers far short of the regulatory minimum, emphasising the difficult task ahead for the bad-debt manager that recently secured a government bailout. Huarong reported a CNY102.9 billion (US$15.9 billion) loss for all of last year, slashing its shareholder equity by nearly 85 per cent, the firm said in a filing on Aug. 29 in Hong Kong, SCMP relays. The company booked CNY107.8 billion in impairments and suffered a CNY12.5 billion loss on financial assets. While it returned to a profit of CNY158 million in the first half this year, Huarong's key capital level was far below regulatory requirements as of June. After five months of turmoil since it delayed its earnings report in March, China's biggest bad debt manager this month secured a rescue package from some of the nation's biggest financial firms. Its plight had become the biggest test in decades of whether Beijing would still shield state-owned firms from market forces amid a renewed push by President Xi Jinping to rein in debt growth as defaults have hit records, the report says. A review of assets and risks last year "had a significant impact on the operating results and is a harsh lesson to be learned in the development history of the company," SCMP quotes Chairman Wang Zhanfeng as saying in the report. "What is gone is gone, but go for what to come. We will learn from the lesson and take it as valuable experience and the desire to move forward." SCMP relates that the firm said on Aug. 29 that it plans to dispose of subsidiaries with noncore business activities in the "near future" to increase internally generated fund inflows and to replenish capital. It didn't give any further details on its rescue plan in the report. The company said by implementing measures including asset sales and a capital boost it can ensure operations for the next 12 months. State-owned investors including Citic Group, China Insurance Investment and China Life Asset Management on August 18 agreed to put fresh capital in Huarong. The firm would receive US$7.7 billion as part of an overhaul plan with control shifting to Citic from the Finance Ministry, though details were still being finalised and could change, people familiar with the matter have said. According to SCMP, Huarong has US$238 billion in different liabilities -- including more than US$20 billion of offshore bonds -- and has drawn close scrutiny from investors across the world. The company's borrowings amounted to CNY782 billion as of June 30, of which those coming due within one year amounted to CNY578 billion. It warned that the significant decline in operating performance and its financial condition may trigger immediate repayment of about CNY17.9 billion. Huarong's capital adequacy ratio slumped to 4.16 per cent at the end of last year and stood at 6.32 per cent as of June 30. Chinese regulators demand a minimum 12.5 per cent for bad loan asset managers, and at least a 9 per cent core tier-1 ratio. Its leverage ratio, calculated as interest-bearing debt to equity, fell from 1,333 to 37.1 as of June 30, SCMP discloses. That's still four times higher than its level at the end of 2019 and compared with 6.8 times at major rival China Cinda Asset Management. Huarong's auditor Ernst & Young also expressed reservations on the company's income and cash flow statements for 2020, as it was unable to obtain "sufficient appropriate audit evidence" to ascertain whether any of the associated gains and losses recognised by Huarong in 2020 should have been recorded in previous years, SCMP adds. About China Huarong China Huarong Asset Management Co Ltd is a China-based company mainly engaged in asset management business. The Company operates through three segments. The Distressed Asset Management Operations segment is engaged in distressed asset management, debt equity swap asset management, the management of non-performing assets carried out by subsidiaries distressed asset management business conducted by its subsidiaries, distressed asset-based special situations investments business and distressed asset-based property development business. The Financial Services segment mainly includes securities and futures business, financial leasing business, banking services business and consumer finance business. The Asset Management and Investment Operations segment is mainly engaged in trust business, private equity funds business, financial investments business, international business, and other businesses. LIUZHOU DONGTONG: Fitch Lowers LT IDRs to 'BB-', Outlook Stable --------------------------------------------------------------- Fitch Ratings has downgraded China-based Liuzhou Dongtong Investment & Development Co., Ltd.'s (LDI) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-' from 'BB'. The Outlook is Stable. Fitch has also downgraded the ratings on LDI's USD180 million 7% senior unsecured bonds due 2022 to 'BB-', from 'BB'. The ratings have been removed from Rating Watch Negative (RWN). The downgrade comes after Fitch lowered LDI's financial implications of default to 'Moderate', from 'Strong', to reflect Fitch's observation of a tightening of the company's debt market access in recent years. The ratings were placed on RWN on 13 July 2021 after a portfolio review of Chinese government-related entities (GRE). The RWN reflected a potential reassessment of the financial implications of default attribute under Fitch's GRE Rating Criteria. KEY RATING DRIVERS 'Moderate' Financial implications of Default: Fitch has lowered the attribute assessment to 'Moderate', from 'Strong', to reflect Fitch's observation of a tightening of the company's debt market access in recent years, which may have contributed to a rise in its funding costs. LDI's asset and debt levels are also lower than those of other local GREs, such as Guangxi Liuzhou Dongcheng Investment Development Group Co., Ltd. (BB-/Stable), leading us to believe there would be 'Moderate' financial implications should it default. 'Very Strong' Status, Ownership, Control: LDI is wholly controlled by the Liuzhou municipal government, which appoints its board members. Major events, including strategic development, acquisitions, disposals and large capex, require government approval. The company's operational and financing activities are also monitored by the government. 'Strong' Support Record and Expectations: LDI is a major GRE with a solid government support record. The company has received asset and capital injections of around CNY20 billion from the government over the past few years, which accounted for 34% of its total assets at end-2020. Fitch expects government support to continue. 'Moderate' Socio-Political Implications of Default: LDI plays an important role in the city's social housing, primary-land development and urban-infrastructure construction. However, Fitch does not believe its default would immediately disrupt business activity in the city and would only have a 'Moderate' socio-political impact on the municipal government, as other local GREs could substitute LDI's role. 'b' Standalone Credit Profile: Fitch assesses LDI's Standalone Credit Profile (SCP) under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria. Fitch assesses revenue defensibility as 'Weaker', as LDI's revenue is lower than that of other Chinese GREs and the pricing of the company's infrastructure projects is constrained by the government. Fitch assesses operating risk as 'Midrange', as the company has well-identified cost drivers. The financial profile is assessed as 'Weaker' due to high leverage that Fitch expects to be below 40x through to 2025 under Fitch's rating-case scenario. The weak credit profile is mitigated by strategic government links that may provide financial support to the company. DERIVATION SUMMARY LDI's rating is derived from the four factors under Fitch's GRE Rating Criteria, combined with the 'b' SCP under Fitch's Public Sector, Revenue-Supported Entities Rating Criteria. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- An upward revision in Fitch's credit view of Liuzhou municipality's ability to provide subsidies, grants or other legitimate resources allowed under China's policies and regulations; -- A stronger assessment of the government's support record and the socio-political and financial implications of a default; -- A stronger SCP; -- An upgrade in LDI's IDRs would lead to similar action on its US-dollar notes. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A lowering of Fitch's credit view of the Liuzhou municipality's ability to provide subsidies, grants or other legitimate resources allowed under China's policies and regulations; -- A significant weakening of the socio-political or financial implications of a default, a weaker government support record or a dilution of the government's shareholding or control; -- A weaker SCP; -- A downgrade of LDI's IDRs would lead to similar action on its US-dollar notes. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure 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 three 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. ISSUER PROFILE LDI is the major GRE in Liuzhou and is mainly responsible for affordable housing, primary-land development and urban-infrastructure projects in the city. 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. SUNSHINE 100: S&P Revises LongTerm Issuer Credit Rating to 'D' -------------------------------------------------------------- S&P Global Ratings revised its long-term issuer credit rating on Sunshine 100 China Holdings Ltd. to 'D' (default) from 'SD' (selective default). S&P said, "We revised the rating because Sunshine 100 has not repaid principal and interest of about US$52.4 million on its convertible bond as it originally planned after the initial miss. We believe this will likely lead to a general default by the company. After missing the maturity on Aug. 11, 2021, Sunshine 100 intended to repay the outstanding amount by Aug. 25, 2021, 10 business days from the original due date. "We believe Sunshine 100 will not be able to repay substantially its other obligations when they come due, given the exceptionally weak liquidity and lack of funding access. The latter is driven by its weak credit profile and is demonstrated by the most recent failure to obtain a loan within 10 business days as planned. Sunshine 100 will face a larger maturity of US$170 million in December and the company's ability to raise funds or dispose assets is highly uncertain, in our opinion. "We also believe that risk of creditors triggering cross-default provisions to seek accelerated repayments has heightened, given unsuccessful remediation plan. Management did not provide a new timeline, which offers little confidence and visibility to creditors." TONGCHUANGJIUDING INVESTMENT: S&P Affirms 'BB/B' ICRs ----------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term and 'B' short-term issuer credit ratings on Tongchuangjiuding Investment Management Group Co. Ltd. (Jiuding Group). S&P said, "We revised the outlook on Jiuding Group to reflect the uncertainty about whether the company's PE management business can fully recover from the China Securities Regulatory Commission's (CSRC) January 2021 findings and penalties following regulatory investigations during 2018-2020. "As the PE fund sector in China is getting more polarized, we believe Jiuding Group's competitive advantage is diminishing and is now at the weaker end of top-tier PE fund management companies in China. If the Jiuding Group PE fund's assets under management (AUM) keep shrinking, this would continue to undermine its competitive advantage. "We expected a speedy recovery by the company once the CSRC's findings and penalties were published, but the pace of the recovery has not met this expectation. In our opinion, there has been no meaningful recovery of limited partner (LP) capital inflow into the PE fund managed by Jiuding Investment (the PE fund management arm for Jiuding Group), nor IPO approvals for projects that Jiuding Investment-managed funds have invested in." Considering the company's deleveraging efforts and plans, Jiuding Group should maintain its leverage at a moderate level, with adjusted debt-to-adjusted total equity below 0.8x over the next 12 months. Jiuding Group's total debt at the company level, excluding its securities subsidiary, has decreased to about Chinese renminbi (RMB) 8.0 billion as of Dec. 31, 2020, from RMB16.1 billion two years prior. S&P said, "We expect leverage to remain stable in 2021. In our view, Jiuding Group is exposed to a short-term asset-liability mismatch and will need to (re)finance or otherwise meet this shortfall. We believe this is manageable." Despite the deleveraging efforts, Jiuding Group's interest coverage remains weak and the company is increasingly exposed to investment income volatility. S&P said, "In our view, profitability may turn more volatile as the company shifts focus to proprietary investments in PE funds and secondary-market equities. We anticipate the pressure on the company's fee income will continue in 2021, after sharp declines in PE fund management fees in 2020. For Jiuzhou Securities, which Jiuding Group is planning to sell, we expect their revenue to remain stable." The rating reflects the aggregate group credit profile, which is based on an equity weighting of the group's two business segments: (1) PE fund management, proprietary investments, real estate development and other small businesses; and (2) controlled brokerage arm JZ Securities Co. Ltd. The negative outlook reflects the uncertainty on whether Jiuding Group can stop a decline in its competitive advantage, via a sustainable recovery in its PE business and a shift in business focus to proprietary investments over the next 12 months. S&P may lower the ratings if any of the following occurs: -- The company continues to face challenges on its core PE business, such as (1) failing to attract sustainable capital inflow or being unable to exit its invested projects through IPOs to achieve good returns; or (2) the company fails to maintain its relative market position in China's PE fund management industry. -- S&P assesses that its risk position has worsened, which may be caused by (1) a higher risk appetite or tolerance level on its proprietary investments; or (2) higher losses, realized and unrealized, from its proprietary investments; or (3) significant regulatory issues. -- The company unexpectedly increases leverage. S&P may revise the outlook to stable if: -- Jiuding Group restores its PE business, such as sustainably improving its AUM and the investment returns of funds under management; and -- The company improves its risk management track record, including low market risk loss experience, in its proprietary investment portfolio. YUZHOU GROUP: Fitch Assigns B+ Rating on Proposed USD Notes ----------------------------------------------------------- Fitch Ratings has assigned China-based Yuzhou Group Holdings Company Limited's (B+/Stable) proposed US dollar senior notes a 'B+' rating, with a Recovery Rating of 'RR4'. The proposed notes are rated at the same level as Yuzhou's senior unsecured rating because they constitute its direct and senior unsecured obligations. Yuzhou intends to use the bulk of the net proceeds from the issue to refinance its existing debt. The rating on Yuzhou reflects its high reliance on sales through unconsolidated joint ventures (JVs) and associates relative to peers, which led to weaker-than-expected revenue recognition in 2020. Fitch sees uncertainty over the company's ability to stabilise or increase its revenue recognition in the near term. KEY RATING DRIVERS Sharply Lower Revenue: Yuzhou reported revenue of CNY10 billion for 2020, down 55% from 2019, despite registering total contracted sales of CNY105 billion in 2020, CNY75 billion in 2019 and CNY56 billion in 2018. Fitch believes Yuzhou's low revenue recognition relative to total contracted sales is driven by its high reliance on sales through unconsolidated JVs and associates. The reliance on the unconsolidated entities appears to have risen over the last two years, resulting in a less clarity about the true scale of its business. Management said that its low revenue recognition in 2020 was driven by the impact of Covid-19 on its development and delivery schedule. It expects the delivery of finished homes, and hence revenue recognition, to increase significantly in 2021. Fitch believes that materially higher revenue in 2021 is possible given the exceptionally high levels of inventory held at end-2020, but it may still be insufficient to be in line with that of 'BB' category peers. The company reported CNY12 billion of revenue in 1H21, up from the restated CNY2 billion for 1H20. Profitability Trending Down: The estimated 2020 EBITDA margin of -0.4% could be an anomaly, but margins have been narrowing. The ratio of average selling price to average land cost dropped to 1.3x in 2020 from 2.5x in 2017. In addition, the company reported profits from JVs and associates of only CNY230 million, despite a high proportion of its projects conducted through these entities. Leverage Remains Low: Leverage, as measured by net debt to adjusted inventory, including proportional consolidation of JVs and associates, was around 38% in 1H21 and 2020, compared with 32% in 2019. This is lower than that of 'BB' rating category peers, and is not a constraint on Yuzhou's ratings. Relatively Small Land Bank: Fitch estimates Yuzhou's unsold attributable land bank at end-2020 was sufficient for around 2.2 years of development. Fitch believes the company needs to consistently replenish land to sustain contracted sales growth, which will limit its ability to keep land costs low and leverage at current levels, especially as it buys more parcels in Tier 2 cities, where competition among developers is more intense. Adequate Liquidity: Yuzhou's active issuance of offshore and onshore bonds in the past few years means that its debt maturity profile is well managed. Cash to short-term non-bank maturity was 2x at end-2020 and 1H21. ESG - Group Structure: Yuzhou has an ESG Relevance Score of '4' for Group Structure as it has a high proportion of sales from unconsolidated JVs and associates. The performance of projects under these JVs and associates are not fully captured in Yuzhou's financial statements, which limits its financial transparency. Yuzhou's revenue and implied cash collection (the change in customer deposits plus revenue booked during the year) are low relative to the company's reported total contracted sales, and the difference has widened in the past two to three years. Fitch estimates that more than half of Yuzhou's contracted sales came from its JVs and associates, whose assets and liabilities are not disclosed in detail in the company's consolidated financial statements. DERIVATION SUMMARY Yuzhou's rating is constrained to the 'B' category by its consolidated revenue, which is lower than that of most peers rated at 'BB-'. Yuzhou's 2019 revenue of CNY22 billion was at the low end of the range for 'BB-' peers, and was comparable to that of China SCE Group Holdings Limited (BB-/Stable) and KWG Group Holdings Limited (BB-/Stable). The latter two developers increased their revenue to CNY33 billion and CNY30 billion, respectively, in 2020. Yuzhou's estimated leverage of 37%, and adequate liquidity places it in the higher end of the 'B' rating category, in line with peers like Zhongliang Holdings Group Company Limited (B+/Positive) and Zhenro Properties Group Limited (B+/Positive). However, Yuzhou's revenue recognition is lower. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Attributable contracted sales of CNY63 billion-67 billion a year in 2021-2023 (2020: CNY58 billion); -- Average selling price to rise by 8% per year on average in 2021-2023 from CNY16,756/sq m in 2020; -- Land bank life will be raised to around 2.5 years in 2023; -- Constant land cost at 2021-2023; -- Selling, general and administrative expense at 3.2% of contracted sales in 2021-2023. KEY RECOVERY RATING ASSUMPTIONS -- As Yuzhou is an asset trading company, the recovery analysis assumes it will be liquidated in bankruptcy rather than reorganised to continue as a going-concern. Fitch has also assumed the following: -- A 10% administrative claim; -- 70% advance rate to accounts receivable; -- 30% advance rate to investment properties; -- 60% standard advance rate to net property, plant and equipment; -- 100% advance rate to restricted cash and non-pledge deposits; -- 60% advance rate to adjusted net inventory of Yuzhou to reflect below 20% EBITDA margin; -- 60% advance rate to excess cash, which is defined as available cash less three months of attributable sales. The Recovery Rating is capped at 'RR4' because under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, China falls into the Group D of creditor friendliness, and instrument ratings of issuers with assets in the group are subject to a soft cap at the issuer's Long-Term Issuer Default Rating and Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Attributable contracted sales and revenue scale comparable to that of 'BB-' rated peers; -- Leverage, measured by proportionately consolidated net debt/adjusted inventory, sustained below 40%; -- No decrease in land bank life (defined by saleable land bank as of year-end divided by expected gross floor area sold in the next year). Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Revenue and implied cash collection sustained below CNY15 billion; -- EBITDA margin (after adding back capitalised interest) sustained below 18%; -- Leverage sustained above 50%; -- Material deterioration in liquidity. 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 Adequate Liquidity: Yuzhou had a total cash balance of CNY28.1 billion, including CNY7.1 billion of non-pledged time deposits, as of end-1H21. Its cash and cash equivalents, excluding non-pledged time deposits, was 1.4x its CNY15.2 billion short-term debt or 2.2x its non-bank financing maturing within a year. ISSUER PROFILE Yuzhou Properties develops projects in six metropolitan areas in the Yangtze River Delta Region, West Strait Economic Zone, Bohai Rim Region, Greater Bay Area, Central China Region and Southwest Region. The group is the leading property enterprise in Xiamen in southern China and the Yangtze River Delta Region. The company had 179 projects at end-1H21, with total floor area of 22.0 million square metres. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch's calculation of CNY86.9 billion in adjusted inventory at end-2020 includes property development inventory, investment property at cost, hotel properties and joint venture investments. Customer deposits, amounts due to non-controlling interests and amounts due to joint ventures and associates are deducted from the summation of items mentioned previously. ESG CONSIDERATIONS Yuzhou Group Holdings Company Limited has an ESG Relevance Score of '4' for Group Structure due to a high proportion of sales from unconsolidated JVs and associates, which has a negative impact on the credit profile, and is relevant to 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. ZHENRO PROPERTIES: Fitch Rates Proposed USD Green Bonds 'B+' ------------------------------------------------------------ Fitch Ratings has assigned China-based homebuilder Zhenro Properties Group Limited's (B+/Positive) proposed US-dollar green bonds a 'B+' rating, with a Recovery Rating of 'RR4'. The proposed bonds are rated at the same level as Zhenro's senior unsecured rating because they will constitute its direct and senior unsecured obligations. Zhenro intends to use most of the net proceeds to refinance existing debt, in accordance with its green bond framework. The Positive Outlook on Zhenro is based on its large contracted sales scale, which is comparable with that of 'BB-' rated homebuilders. It has consistently deleveraged to reach Fitch's positive rating trigger since end-2019, but its small land bank creates pressure to replenish land. This may make it difficult to keep leverage at the current level. Fitch will assess the stability of Zhenro's financial profile - including leverage and improved consolidation ratios - over a longer period before considering positive rating action. KEY RATING DRIVERS Consistent Deleveraging: Fitch believes Zhenro's leverage may edge up if the company extends its land-bank life to be in line with that of 'BB-' peers. Acquiring land at market prices could raise the company's land costs, especially if it buys more parcels in tier one and two cities, where competition among developers is more intense. Zhenro's proportionally consolidated leverage declined to 35% in 2020, from 41% a year earlier, following strong sales and controlled land acquisitions. Its consolidated net debt and guarantees/consolidated adjusted inventory fell to 37% in 1H21, from 40% in 2020 and 49% in 2019. Shorter Land-Bank Life: Fitch believes Zhenro will seek to acquire land to sustain its contracted sales growth, as its land-bank life of around two years - defined by saleable land bank at end-2020/expected gross floor area (GFA) sold in 2021 - is shorter than that of 'B+' and 'BB-' peers. More than 80% of the company's land bank is in tier one and two cities, which should support its sell-through rate. Above-Peer Sales Scale: Zhenro's CNY78 billion of attributable contracted sales in 2020 was larger than that of most of 'B+' peers. The improvement in its implied cash collection to 76% of attributable sales in 1H21, from 74% in 2020, suggests a larger portion of its projects was consolidated into its balance sheet. However, Fitch will need a longer record to assess the stability of the group structure. Potential Margin Pressure: Fitch expects Zhenro's EBITDA margin, after adding back capitalised interest in cost of goods sold, to stay below 21% in the forecast period to 2024. The average selling price (ASP) is likely to rise, but Fitch forecasts land costs to account for a higher proportion of the contracted sales ASP, which may hurt Zhenro's margin in the longer term. Zhenro's gross profit margin was at 19.1% in 1H21, stable from 2020. Higher NCI: Zhenro's non-controlling interests (NCI)/equity increased to 56% in 1H21, from 46% at end-2020. This reflects its reliance on cash from contracted sales and capital contributions from non-controlling shareholders, which are mainly developers, as a source of financing to expand scale. This lowers Zhenro's need for debt funding, but creates potential cash leakage and reduces further financial flexibility, because homebuilders with lower NCIs can dispose of stakes in projects to reduce leverage. DERIVATION SUMMARY Zhenro's attributable contracted sales and revenue scale are larger than that of some 'B+' rated peers and comparable to that of some smaller 'BB-' companies, such as Central China Real Estate Limited (BB-/Stable) and China SCE Group Holdings Limited (BB-/Stable). Zhenro's and China SCE's consolidated leverage and EBITDA margin are at similar levels, but China SCE has a longer land-bank life of three years against Zhenro's two years. This gives China SCE more room to deleverage by slowing land acquisition. Zhenro's land bank is less diversified than that of most 'BB-' peers, such as KWG Group Holdings Limited (BB-/Stable). Zhenro's 216 projects cover only 32 cities, as it chose to expand in familiar regions; 36% of its projects are in the Yangtze River region, 28% in the western Taiwan Strait area and 18% in western China. Zhenro's consolidated leverage is lower than that of some 'BB-' peers, such as KWG and Times China Holdings Limited (BB-/Stable), although it EBITDA margin is also much lower. Zhenro's liquidity is stronger than that of most 'B+' and 'BB-' rated peers. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Attributable contracted sales of around CNY83 billion a year in 2021-2024 (2020: CNY78 billion); -- 9% rise on average in ASP a year in 2021-2024 (2020: CNY15,949/square metre (sq m)); -- Annual land premium maintained at around two years of land bank life; -- 60% rise in land costs in 2021 (2020: CNY6,651/sq m); -- GFA acquired to be 0.6x-1.0x of GFA sold in 2021-2024; -- Selling, general and administrative expense at 3% of contracted sales in 2021-2024. Key Recovery Rating Assumptions: -- 4x EBITDA multiple to derive Zhenro's going-concern value; -- Apply the liquidation value approach, as liquidation of the assets would result in a higher return to creditors; -- 10% administration claims; -- 60% advance rate applied to excess cash, defined by deducting three-months of contracted sales from available cash; -- 70% advance rate to accounts receivable; -- 17% advance rate to Zhenro's investment properties; -- 100% advance rate to restricted cash and pledged deposits; -- 60% standard haircut to buildings and leasehold improvements; -- 70% advance rate to adjusted net inventory to reflect Zhenro's 20%-25% EBITDA margin; -- 40% advance rate to available-for-sale securities. This is treated as similar to excess cash. The resulting recovery rate corresponds to a Recovery Rating of 'RR3' for Zhenro. However, the Recovery Rating is capped at 'RR4' because, under Fitch's Country-Specific Treatment of Recovery Ratings Criteria, China falls into Group D of creditor friendliness, and instrument ratings of issuers with assets in the group are subject to a soft cap at the issuer's IDR and a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- A longer record of proportionately consolidated leverage (net debt/adjusted inventory) of below 40%; -- No substantial drop in land-bank life; -- No substantial decrease in implied cash collected and revenue; -- EBITDA margin, after adding back capitalised interest in cost of goods sold, above 20% for a sustained period. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch will revise the Outlook to Stable if the positive rating triggers are not met in 12-18 months. 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 Abundant Liquidity: Zhenro had total cash of CNY44.5 billion at end-June 2021, which was enough to cover short-term borrowings of CNY20.3 billion. In July 2021, the company issued an additional CNY300 million 7.125% senior note due 2022 by tapping its outstanding CNY1.3 billion 7.125% senior note due 2022. ISSUER PROFILE Zhenro is a China-based property developer with attributable sales of CNY78 billion in 2020. It was listed on the Hong Kong stock exchange in 2018. It is owned by the major shareholder, Mr. Ou Zongrong, whose property development business began in 1998 in Jiangxi. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch's calculation of CNY81 billion in proportionately consolidated adjusted inventory at end-2020 includes: CNY118 billion in properties under development; CNY8 billion in completed properties held for sale; CNY3 billion in prepayment; CNY2 billion related to land use rights; CNY2 billion in property-related deposits; CNY6 billion in adjusted inventories on a joint venture level; CNY61 billion in contract liabilities; CNY8 billion in investment properties; CNY534 million in buildings and leasehold improvement; CNY9 billion due from NCIs and CNY6 billion due to NCIs. Fitch has adjusted the value of investment properties based on investment properties at cost. Fitch has included joint venture net debt of CNY136 million to the net debt calculation in the proportionately consolidated leverage calculation. 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. ========= I N D I A ========= ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Adea Powerquips Private Limited (APPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.06 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 20, 2020, placed the rating(s) of APPL under the 'issuer non-cooperating' category as APPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. APPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 5, 2021, June 15, 2021, June 25, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Adea Powerquips Private Limited (APPL) was incorporated on November 18, 2010 with its registered office and manufacturing plant situated at Hooghly, West Bengal and the company started its commercial operations since January 2016. The company is engaged in manufacturing of overhead transmission line hardware, fittings, conductor accessories, bus bar clamps and connectors ranging from 11kV to 1200kV lines and substations. AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Agh Wires Private Limited (AWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.16 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 26, 2020, placed the rating(s) of AWPL under the 'issuer non-cooperating' category as AWPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AWPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 12, 2021, May 22, 2021, June 1, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). AGH Wires Private Limited was incorporated in July 2011 and is engaged in the business of manufacturing aluminum and copper enameled wires which are used in generators, transformers, air conditioners, audio devices, watches, microphones etc. AGH have a customer base from varied industrial sectors such as consumer goods, auto ancillary etc. Some of its customers are Godrej & Boyce, Ujala Pumps, PICL India Private Limited, Auto Ignition Limited etc. BAJAJ AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bajaj Agro Industries (BAI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 18, 2020, placed the rating(s) of BAI under the 'issuer non-cooperating' category as BAI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BAI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2021, July 14, 2021, July 24, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Bajaj Agro Industries (BAI) was established as a proprietorship firm in 2011 by Mr. Naresh Bajaj for setting up a rice milling unit. The firm has been engaged in rice milling activities at its plant located at Dhamtari, Chhattisgarh with aggregate installed capacity of 14592 MTPA. The firm has started commercial operations from December, 2011 onwards. Mr. Naresh Bajaj has around 21 years of experience in rice milling industry and he looks after the day to day operations of the firm. He is supported by a team of experienced professionals. BAJRANG SEEDS: CARE Lowers Rating on INR12cr LT Loan to C --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Sri Bajrang seeds (SBS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 7, 2020, had placed the ratings of SBS under the 'Issuer Noncooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. SBS continues to be non-cooperative despite requests for submission of information through phone calls and e-mails dated May 23, 2021, June 2, 2021 and June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of non-availability of requisite information. Gadarpur-based (Uttarakhand) SBS was established as a partnership firm in 1997. The firm is currently being managed by Mr. Virendra Kumar and Ms Sweta Rani. SBS is engaged in processing and trading of wheat and paddy seeds. The seed processing unit of the firm is located at Uttarakhand having an installed capacity of 8,000 metric tonnes per annum (MTPA) for processing and grading of seeds as on March 31, 2016. SBS purchases the breeder seeds (initial level or raw seeds) of wheat and paddy from the state authorities and Agriculture Universities. These seeds are sold to farmers for upgradation to foundation seeds. Foundation seeds are then repurchased back from farmers for further germination and for producing final seeds as per the specifications of State Certification Agency (for agriculture seed). Post certification, these seeds are sold commercially in packed form. SBS sells these certified seeds in the brand name of 'Sri Bajrang Seeds'. SBS purchases the harvested grains from farmers in Uttarakhand and sells it to different dealers in Uttar Pradesh, Uttarakhand & Bihar. BALAJI COTTON: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Balaji Cotton Agros (BCA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 18, 2020, placed the rating(s) of BCA under the 'issuer non-cooperating' category as BCA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. BCA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2021, July 14, 2021, and July 24, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Balaji Cotton Agros (BCA) is a Guntur (Andhra Pradesh) based firm, which was established in 2012 by Mr. B. Venkateswara Rao. The firm is engaged in trading of cotton kappas, cotton lint and cotton seeds. The firm purchases cotton kappas from the farmers in Andhra Pradesh, Telangana, Karnataka and Maharashtra and does the ginning and pressing activity at Jaya Cotton Mills, Guntur, and Andhra Pradesh. The firm purchases cotton lint and cotton seeds from local traders. BCA majorly sells cotton lint to customers in Andhra Pradesh, Telangana, Maharashtra and Gujarat and sells cotton seeds to the local oil mills. DUDH GANGA: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dudh Ganga (DG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 1, 2020, placed the rating(s) of DG under the 'issuer noncooperating' category as DG had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. DG continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 17, 2021, May 27, 2021, June 6, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Established in April 2014, Dudh Ganga (DG) is a partnership firm engaged in supplying of fresh pasteurized milk to its sister concern, Good Day Foods Private Limited (GDFPL; rated CARE D; Issuer Not Cooperating). DG has commenced operations in October 2014, thus FY15, will the first year of operations. DG has entered into supply agreements with 4-5 chilling centers located on the outskirts of Mumbai, from where the chilled milk is being procured and supplied by the milkmen visiting the firm's location on a regular basis. ESHWAR TRUST: CARE Lowers Rating on INR23.17cr LT Loan to B ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Eshwar Trust (ET), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.17 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 17, 2020, placed the rating(s) of ET under the 'issuer noncooperating' category as ET had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ET continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 3, 2021, July 13, 2021 and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ET have been revised on account of non-availability of requisite information. Eshwar Trust (ET), established in the year 2007 with three Trustees, namely, Mr. R. Mohanram (Managing trustee), Ms. S. Sudha Mohan ram (Joint managing trustee) and Mr. M. Ramasamy. Since 2008, the trust runs an engineering institute namely; Sri Eshwar College of Engineering (SECE) in Kinathukadavu, Coimbatore (Tamil Nadu). The college currently offers undergraduate courses in five specializations; electronics and communication, electrical and electronics, computer Science, mechanical and civil. The Post graduate courses offered are; computer science, applied electronics, power electronics & drives, engineering design and VLSI design (discontinued from Academic year 2017 due to low demand for the course). FIRESTAR INTERNATIONAL: Court Enters Liquidation Order ------------------------------------------------------ VCCircle reports that fugitive diamantaire Nirav Modi-owned Firestar International Pvt Ltd has been ordered for liquidation by the Mumbai bench of the bankruptcy court. This is a second liquidation order for a company owned by the scam-tainted businessman. Last year in February, another Modi group firm, Firestar Diamond International, was ordered for liquidation, the report notes. According to VCCircle, the latest order comes after Firestar International was admitted for insolvency process before the National Company Law Tribunal (NCLT) in March last year on a plea by Corporation Bank (now merged with Union Bank of India) for a default of INR41.3 crore. A committee of creditors (COC) led by Punjab National Bank told the interim resolution professional of their decision taken in their joint lenders' meeting to take Firestar International into liquidation, VCCircle relays. "A resolution for liquidation of the Corporate Debtor was passed by a voting share of 93.31%," as per the NCLT order passed last week. The order is yet to be uploaded on the NCLT website. In June 2019, state-owned Corporation Bank, part of the consortium of 15 lenders to the diamond merchant's firms Firestar Diamond International and Firestar International, approached the insolvency court in connection with two loan defaults, VCCircle notes. Without going through the resolution plan, the CoC observed that there are no business prospects with Firestar International and no substance in chasing the legal suits and cases for recovery. VCCircle relates that the NCLT's order said the CoC observations saw no point in spending good money to make efforts to recover bad money, having very remote chance of recovery. Further, "the assets with the Corporate Debtor are not sufficient to repay the amounts of creditors" and "any resolution plan is not possible, which could enable the company to pay the entire debts". The tribunal has appointed Santanu T. Ray as the liquidator to conduct of the liquidation proceedings, VCCircle discloses. Modi, along with his uncle Mehul Choksi, the promoter of jewellery firm Gitanjali Gems, is accused of hatching one of the biggest banking frauds worth over INR14,000 crore (around $1.8 billion) that was first unearthed in February 2018. Modi was arrested in London in March 2019 and is currently fighting extradition to India, while Choksi was recently arrested in Dominica on May 26 for allegedly entering the country "illegally" from Antigua and Barbuda, where he has been living since January 2018. Firestar International, founded by Nirav Modi, is a global diamond and jewelry company. GINGER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Ginger Enterprises Limited (SGEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 27.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 29, 2020, placed the rating(s) of SGEL under the 'issuer non-cooperating' category as SGEL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SGEL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2021, May 25, 2021, June 4, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger Enterprises Limited was incorporated in 2002 and promoted by Mr. Sanjay Kumar Tayal, presently managed by Mr. Keshav Tayal. The company is engaged in the manufacturing of Partially Oriented Yarn (POY), Polyester Texturised Yarn (PTY), knitted fabric and readymade garments. In March 2009 the company acquired assets of a sick company viz. M/S Ramakrishna Filaments Ltd., at a consideration of INR17.10 crore (including other expenses) from Andhra Bank under SARFAESI Act, 2002. The company started its PTY operations in FY10 (refers to the period April 1 to March 31). The company started commercial production of POY, and FDY in the last week of December 2010. The company has manufacturing capacities of POY (50 TPD), FDY (15 TPD), DTY (70 TPD) and knitting (1600 TPA) located at Silvassa. The two garment manufacturing units of the company are located at Dombivli with a combined capacity of 7 million pieces per annum. HEAVY METALS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Heavy Metals and Tubes Limited (HMTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 192.92 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 19, 2020, placed the rating(s) of HMTL under the 'issuer non-cooperating' category as HMTL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. HMTL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 5, 2021, May 15, 2021, May 25, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Incorporated in 1991, HMTL is currently engaged in the manufacturing of Hot Finished Seamless (HFS) tubes and Oil Country Tubular Goods (OCTG) tubes. HMTL's products find application across industries like oil & gas refineries, steel plants, power plants and fertilizers. Post reporting subdued operating performance in FY14, HMTL's lenders had approved the restructuring of its debt repayment obligations in March 2015. During FY17, HMTL demerged Unit – I (manufacturing of stainless-steel pipes & tubes), corporate house & one windmill and sold these assets for a consideration of INR32.50 crore. The sales proceeds from the demerger were utilized for pre-payment of principal obligations till June 2018. Further, in March 2018, HMTL demerged Unit – II and sold it for a consideration of INR17.00 crore. INSCO STEELS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Insco Steels Private Limited (ISPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 225.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 26, 2020, placed the rating(s) of ISPL under the 'issuer non-cooperating' category as ISPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. ISPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 12, 2021, May 22, 2021, June 1, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Insco Steels Pvt. Ltd (incorporated in year 2010) is engaged in the business of trading products of iron, steel scrap, sponge iron, coal and other related industrial inputs. Value-added products are mainly finished steel and are termed so depending on their treatment or their end use. The products vary from plates to galvanized color coated flat or long steel bars to alloy steel. LAKSHMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Agro Farms (SLAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 17, 2020, placed the rating(s) of SLAF under the 'issuer non-cooperating' category as SLAF had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SLAF continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated July 3, 2021, July 13, 2021 and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Andhra Pradesh-based, Sri Lakshmi Ago Farm (SLAF) was established in the year 2005, as a proprietorship concern. Later in the year 2008, it was reconstituted to Partnership firm. The firm was promoted by Mr. Devireddy Siva Seshi Reddy and his wife Mrs. Devireddy Krishna Kumari. The firm is engaged in farming eggs, laying poultry birds (chickens), cull birds and their Manure. The firm sells its products like eggs and cull birds in Andhra Pradesh to retailers through own sales personnel. LAKSHMI PRECISION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lakshmi Precision Screws Limited (LPSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 115.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 77.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 30, 2020, placed the rating(s) of LPSL under the 'issuer non-cooperating' category as LPSL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. LPSL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 16, 2021, May 26, 2021, June 5, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Lakshmi Precision Screws Ltd (LPSL) was incorporated in January 1968 as a private limited company. Subsequently, the company was reconstituted as a public limited company in 1972. LPS is engaged in the manufacturing of high -tensile fasteners with total installed capacity of 28,432 Metric Tonnes Per Annum (MTPA), as on March 31, 2017. The company currently has four manufacturing units, three are situated in Rohtak and one in Gurgaon, Haryana. The company caters to various sectors such as wind Energy, Oil & Gas, Locomotives, Automobiles, Agriculture Equipment (tractors) and different industrial requirements. Apart from this, the company is also engaged in trading of high-tensile fasteners. MICROTEX FASHION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Microtex Fashion Industries (MFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 10, 2020, placed the rating(s) of MFI under the 'issuer non-cooperating' category as MFI had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MFI continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 26, 2021, June 5, 2021, June 15, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Valsad-based (Gujarat) MTFI was established in the year 2015 by the proprietor Ms Beena Jayesh Gor, with an objective of manufacturing and trading of linen fabric from flax yarn, which finds application in the textile industry. MTFI commenced trading operations in linen fabric from April 2015 while the manufacturing operations commenced from September 2015 from its sole manufacturing facility located in Valsad (Gujarat) with 48 rapier looms having an installed capacity of about 1.75 lakh meters of linen fabric per month. MTFI procures flax yarn domestically and sells the finished product to retailers and wholesalers located in various cities of India like Ludhiana, Hyderabad, Kanpur etc. MITTAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mittal Agro Oil Industries (MAOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 21, 2020, had placed the ratings of MAOI under the 'Issuer Non-cooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. MAOI continues to be noncooperative despite requests for submission of information through phone calls and e-mails dated June 6, 2021, June 16, 2021 and June 26, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The entity was established as 'Mittal Cotton Factory', a proprietorship firm in 1989 by Mr. Vijay Mittal. In 2011, the constitution got converted to a partnership firm with Mr. Vijay Mittal, Mr. Deepak Mittal and Mr. Sunil Mittal as its partners sharing profit and loss equally. Furthermore, in July 2015, the name of the entity was changed to Mittal Agro Oil Industries. The firm is engaged in cotton ginning, pressing and crushing at its manufacturing facility located at Rohtak, Haryana, to produce cotton seed cake, cotton oil and cotton bales. Furthermore, the firm also commenced operations of oil refinery unit w.e.f April 2016. MKD INFRASTRUCTURE: CARE Lowers Rating on INR6cr LT Loan to D ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Mkd Infrastructure & Projects Private Limited (MIPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 30, 2020, placed the rating(s) of MIPPL under the 'issuer non-cooperating' category as MIPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MIPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated May 16, 2021, May 26, 2021, June 5, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of MIPPL have been revised on account of delays in debt servicing recognized from publicly available information i.e. Annual reports of FY20. MIPPL, incorporated in the year 2012, is promoted by Mr. Paresh Rathi, Director, and is engaged in the construction of building for private players in the state of Maharashtra. NANDAN BUILDCON: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nandan Buildcon Private Limited (NBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 103.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 16, 2020, placed the rating(s) of NBPL under the 'issuer non-cooperating' category as NBPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. NBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 2, 2021, May 12, 2021, May 22, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. NBPL is a part of 'NANDAN' Group, engaged in the construction of residential and commercial properties. Till date, the group has completed 34 projects in Pune through various group entities (SPVs, Partnership firms & AoP) with total saleable area admeasuring approximately 33.93 lakh square feet (lsf.). Apart from NBPL, Nandan group consists of Nandan Associates and Nandan VSP Developers. RAM NATH: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ram Nath Memorial Trust Society (RNMTS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 7, 2020, placed the rating(s) of RNMTS under the 'issuer non-cooperating' category as RNMTS had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. RNMTS continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2021, June 2, 2021, June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Ram Nath Memorial Trust Society (RNMS) was established in 1999 under the Society Registration Act, 1860 with an objective to provide education services by establishing and operating various educational institutions. It operates institutes offering courses in arts, computer applications certificate courses in basic training, post-graduate courses in education, management and short-term courses in computer science. The society is managed by the Singhal family and was founded by Dr. P.N. Singhal (S/O Late Shri Ram Nath Singhal). This society is named after an eminent educationalist and social activist Late Shri Ram Nath Singhalji. Currently, Ms. Seema Singhal is the president of the society. The day-to-day affairs of the society is carried out by Mr. P.N. Singhal. REPUBLIC AUTO: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Republic Auto Sales (RAS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 7, 2020, had placed the ratings of RAS under the 'Issuer Non-cooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. RAS continues to be non-cooperative despite requests for submission of information through phone calls and e-mails dated May 23, 2021, June 02, 2021 and June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Lucknow (Uttar Pradesh) based Republic Auto Sales (RAS) was established in April 2005 as a partnership firm by four partners namely Mr. Mohd. Zubair, Mr. Mohd. Tariq, Ms. Shama Sheikh and Ms.Shagufta Tariq. RAS operates as authorized dealer of 'Escorts Limited' for tractors and 'Yahama Motor Private Limited' for two wheelers. The firm has one showroom in Lucknow and operates 3S facility (Sales, Spares and Services). RAS has two associate concerns namely Republic Service 3 CARE Ratings Limited Press Release Centre and Metro Cargo Carriers. The former is engaged in petrol pump business while later is engaged in cargo business for carriers of Escorts, Yahama and Force motors. S.C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S.C Enterprises (SCE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 7, 2020, placed the rating(s) of SCE under the 'issuer noncooperating' category as SCE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SCE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 23, 2021, June 2, 2021, June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Faridabad (Haryana) based S.C Enterprises (SCE) was established in 1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged trading of textile products viz. fabrics of ladies and gents' suits, mattress cover, blankets, slip cover, sofa covers, cushion covers etc. The firm sells its product to retailers mainly in Delhi, Gurgaon and Faridabad. SCE procure the traded products. S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S.G. Polyplast Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 30, 2020, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SPPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 16, 2021, May 26, 2021, June 5, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). S. G. Polyplast Private Limited (SGPPL), incorporated on April 15, 2009 at Delhi by Mr. Ajit Kumar Gupta carry out the trading of resins, polymers and other plastic raw materials. However, in the year July 2014 the company was taken over by the Jindal Group been promoted by Mr. Dalip Jindal along with his wife Mrs. Shaloo Jindal. The company is engaged in import of pulses (Red Lentils, Chickpeas, Green Peas, Yellow Peas, Pigeon Peas, Black Matpe, Green Moong and Lentils) from countries like Singapore, China, Canada, Australia, New Zealand and Russia. SGPPL sells its product mostly in the domestic market through a network of wholesale dealers and brokers. SACHDEV STEEL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sachdev Steel Works Private Limited (SSWPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated July 27, 2020, placed the rating(s) of SSWPL under the 'issuer non-cooperating' category as SSWPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SSWPL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated June 12, 2021, June 22, 2021, July 2, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sachdev Steel Works Private Limited (SSWPL) was initially established as a sole proprietorship firm (known as Union Enterprises) by Mr. Raj Sachdev in 1975. The firm was reconstituted as a Private Limited Company with the name being rechristened to current one in 1986. Currently, the second generation represented by Mr. Bharat Bhushan Sachdev (son of Mr.Raj Sachdev), manages the day-to day operations of the company. The company manufactures mild steel bars and rods wherein MS Billets/MS Ingots are used as the major raw material at its facility in the Adityapur Industrial Area of Jamshedpur, Jharkhand. SANAI ENTERPRISE: CARE Lowers Rating on INR8cr LT Loan to B- ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Sanai Enterprise (SE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 18, 2020, placed the rating(s) of SE under the 'issuer noncooperating' category as SE had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2021, July 14, 2021, July 24, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SE have been revised on account of non-availability of requisite information. Sanai Enterprise (SNP) was established during 2011 by one Sudhir Ranjan Dhara of Jalpaiguri, West Bengal to be engaged in trading of FMCG products. Since inception, the firm has taken distributorship business of Hindustan Unilever Limited (HUL). The firm is one of the main distributors for HUL in North Bengal region. The day-to-day affairs of the firm are looked after by Mr. Sudhir Ranjan Dhara, proprietor, with adequate support from a team of experienced personnel. SEKAR CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sekar Constructions (SC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.78 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 17, 2020, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated July 3, 2021, July 13, 2021 and July 23, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Sekar Constructions (SC) is a partnership firm established in the year 1994 by Mr. E. Sekar along with his wife, Mrs. S. Sasikala. The profit-sharing ratio is 60% and 40% respectively. The firm is the "AA" class category of civil contractor engaged in building constructions including civil, electrical and mechanical works for Tamil Nadu State Government, Government of India, State Government/Central Government Undertakings, Educational Institutions, and other private contracts. Further, SC also manufactures concrete blocks required for building construction which are captively consumed. The firm employs around 400 staff including 150 labourers and balance being skilled and semi-skilled employees which includes engineers. The projects and the contracts for Government projects are awarded through tendering & bidding while for the private parties, the firm enters into contracts. The registered office of the firm is located in Kanchipuram, Tamil Nadu. STAGE DOOR: CARE Lowers Rating on INR8cr LT Loan to C ----------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Stage Door (SDR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category and Revised from CARE B-; Stable Detailed Rationale & Key Rating Drivers CARE had, vide press release dated July 7, 2020, had placed the ratings of SDR under the 'Issuer Noncooperating' category as the firm had failed to provide information for monitoring of the ratings and had not paid the surveillance fees for the rating exercise as agreed to in its rating agreement. SDR continues to be non-cooperative despite requests for submission of information through phone calls and e-mails dated May 23, 2021, June 2, 2021 and June 12, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of non-availability of requisite information. Stage Door (SDR) was established as a society in 1975 under Societies Registration Act 1860. The society was established with the aim of promoting arts and culture and the present chairman of SDR is Mrs. Rama Talwar. SDR organizes theatre plays in Hindi and English for various corporates all over India. These plays are directed in-house by Mr. Aamir Raza Husain (Creative Director of SDR), honored with Padam Shri and they are based on varied themes focusing on national social issues and mythological stories etc. SDR has organized plays for various corporates like Airtel, ITC and Aircel etc. The society also receives grants from Ministry of Human Resource Development for promoting arts and culture in the country. Also, the society has undertaken construction of two auditoriums and office space at District Centre, Saket (Delhi). TEXTRADE INTERNATIONAL: CARE Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Textrade International Limited (TIL) continue to remain in the 'Issuer Not Cooperating' category. Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 120.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated June 29, 2020, placed the rating(s) of TIL under the 'issuer non-cooperating' category as TIL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. TIL continues to be noncooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated May 15, 2021, May 25, 2021, June 4, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Textrade International Ltd (TIL) involved in business of manufacturing of home textile products. The company's home textiles product range includes bedroom textiles, bathroom textiles, lounge textiles and kitchen and table linen. TIL, primarily concentrates on the home textiles market in US and EU. Textrade International Ltd was originally started as a Partnership firm in 1984. In June 2004, a Pvt. Ltd company Textrade International Pvt. Ltd was incorporated which took over the business of erstwhile partnership firm. In May 2007, constitution of the company changed from Pvt. Ltd. to Public Ltd. The main promoters of the company are Mr. Bipin Doshi and his son Mr. Anish Doshi who together with their family members hold 82.50% of equity capital of the company. TRIMURTI FOODTECH: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Trimurti Foodtech Pvt. Ltd. Plot No. A-5 MIDC Area Railway Station Aurangabad Maharashtra 431005 Insolvency Commencement Date: August 11, 2021 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 12, 2022 Insolvency professional: Manoj Kumar Mishra Interim Resolution Professional: Manoj Kumar Mishra Room 1406, Building 4B New Hind Mill MHADA Sankul Rambhau Bhogle Marg Ghodapdev, Mumbai 400033 E-mail: manojkmishra95@gmail.com - and - Office No. 18, 3rd Floor 84, Dholkawala Building Janma Bhoomi Marg Fort, Mumbai 400001 E-mail: rp.trimurtifoodtech@gmail.com Last date for submission of claims: August 31, 2021 Y. ACHAMMA: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Y. Achamma (YA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 18, 2020, placed the rating(s) of YA under the 'issuer noncooperating' category as YA had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. YA continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated July 4, 2021, July 14, 2021, and July 24, 2021. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Kadapa (Andhra Pradesh) based, Y Achamma is a proprietary concern established in 2014 by Mrs. Y Achamma. The promoter holds industry experience of more than decade in civil construction. The entity is engaged in the construction of Canals, veterinary wards etc. YOU SEUNG: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: You Seung Sang Sa India Construction Private Limited No. 342/1, New No. 523 Anna Salai Nandanam, Chennai Tamil Nadu 600035 Insolvency Commencement Date: August 8, 2021 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: February 5, 2022 Insolvency professional: Mr. Harsh Garg Interim Resolution Professional: Mr. Harsh Garg Room No. 14 Punjab & Haryana High Court Chandigarh 160001 E-mail: harsh.garg81@gmail.com - and - H.No. 170, Sector 21-A Chandigarh 160022 E-mail: ip.ysssindia@gmail.com Last date for submission of claims: August 24, 2021 [*] INDIA: Insolvency Board Seeks Fairer, Quicker Process --------------------------------------------------------- The Times of India reports that the Insolvency and Bankruptcy Board of India (IBBI) has proposed major changes in the insolvency process to bring more discipline and transparency and to address issues that have come up in recent cases. The IBBI, which regulates both insolvency professionals and the process, has sought public views on amendments by September 17, TOI says. A key development is the introduction of a code of conduct for the committee of creditors (CoC) proposed by a parliamentary standing committee headed by Jayant Sinha, according to the report. TOI relates that the 31-point code of conduct, among other things, requires creditors to disclose any conflict of interest, maintain full confidentiality and not try to adjust funds of the corporate debtor against their dues during the resolution process. However, it does not mention how violations in the code will be addressed. Some of the proposed amendments are based on observation of the tribunals in various cases, the report relays. The discussion paper seeks to cap revisions in bids to two times. This will prevent delay on account of multiple revisions, which was seen in some cases. Also, unsolicited bids have been expressly banned, which will save lenders from an awkward situation like in the DHFL resolution. The CoC has been empowered to decide on the timeframe and thresholds for improvement on the resolution plan in advance, the report says. ===================== N E W Z E A L A N D ===================== BELLA VISTA: Former Director Loses Appeal vs. Payment to Carters ---------------------------------------------------------------- Bay of Plenty Times reports that former Bella Vista Homes director Danny Cancian has lost his appeal against a $1 million-plus judgment against him. Building supplies company Carters sued the developer over unpaid bills of NZD1.078 million racked up by Bella Vista Homes, which is in liquidation after the failure of its subdivision in The Lakes, Tauranga, the report relates. Mr. Cancian's case was initially heard in the High Court at Tauranga in October last year when he defended himself. The report says Carters, a division of Carter Holt Harvey, argued Mr. Cancian was personally liable for his former business' bill because he signed a personal guarantee for a line of trade credit. Mr. Cancian, however, argued Carters led him to believe his liability would be limited to NZD50,000 and the credit limit was raised without his knowledge. The High Court ruled in Carters' favor and Mr. Cancian appealed the ruling in the Court of Appeal. According to the recently released Court of Appeal finding, Bella Vista Homes Limited sole director Danny John Cancian entered into a credit account application and terms of agreement for supply with Carters in October 2016, Bay of Plenty Times relays. In a letter dated October 21, 2016, Carters confirmed the agreement was granted and the credit limit was set at NZD50,000. It raised the limit to NZD800,000 10 days later. Carters did not notify Bella Vista Homes or Mr. Cancian of this decision, the report states. The first supply of product was on November 2, 2016, and it continued regular supply. Bella Vista Homes made regular payments to Carters until about June 2017 and by October 31, 2017, Bella Vista Homes owed NZD1,078,668.23, the report notes. Bella Vista Homes went into voluntary liquidation on November 30, 2018, leaving behind unfinished houses and millions of dollars in outstanding debts to creditors. ===================== P H I L I P P I N E S ===================== RURAL BANK OF DATU PAGLAS: Central Bank Orders Closure of Bank -------------------------------------------------------------- The Philippine Star reports that the Bangko Sentral ng Pilipinas (BSP) ordered the closure of the Rural Bank of Datu Paglas Inc. based in Maguindanao, bringing to five the number of problematic banks shuttered this year. According to the report, BSP Deputy Governor Chuchi Fonacier said the Monetary Board issued Resolution 110.A last Aug. 26 prohibiting the Rural Bank of Datu Paglas from doing business in the Philippines pursuant to Republic Act 7653 or the New Central Bank Act. The Star relates that Ms. Fonacier said that state-run Philippine Deposit Insurance Corp. (PDIC) has been designated as receiver with a directive to proceed with the takeover and liquidation of the closed rural bank. This brought to five the number of rural banks ordered closed by the BSP this year, the report notes. Prior to the closure of the Rural Bank of Datu Paglas, the regulator has ordered the closure of the Rural Bank of Caloocan, Rural Bank of Alimodian (Iloilo) Inc., Palm Tree Bank Inc. based in Cagayan de Oro, and Occidental Mindoro Rural Bank Inc., the Star notes. Last year, the regulator ordered the closure of Providence Rural Bank, Rural Bank of Tibiao (Antique), De La O Rural Bank, San Fernando Rural Bank, and Cooperative Bank of Aurora, the report recalls. According to the Star, PDIC paid PHP124.11 million worth of insurance claims for 7,072 valid deposit accounts maintained in five banks, or 76 percent of the estimated total deposit accounts of 9,305. ================= S I N G A P O R E ================= GREATEARTH CORP: More Construction Firms May Shut as Relief Ends ---------------------------------------------------------------- The Business Times reports that in the wake of news that Greatearth Corp and Greatearth Construction have gone bust, lawyers working with construction companies said that factors like increased cost of materials and labor could deliver the same fate to more contractors. In the first seven months of this year, ACRA data showed that 1,324 business entities in the construction sector had ceased operations, BT discloses. This is marginally higher than the 1,282 entities recorded in the corresponding period last year but still lower than the 1,422 entities recorded in the first seven months of 2019. "Construction companies that have been able to stay afloat during this difficult Covid-19 period have been able to do so because of a combination of strong financial reserves and government support received," the report quotes Danna Er, a partner at Eldan Law LLP, as saying. When these reliefs and other government assistance schemes end, these companies could resort to legal proceedings or face insolvency, she added. Derek Loh, a partner at TSMP Law Corp also foresees that employers will need to shoulder some of these costs, or the financial health of the industry will worsen, resulting in more failures, BT adds. Greatearth Pte Ltd is an integrated building services company based in Singapore. KRISENERGY LTD: Unit Placed Under Voluntary Liquidation ------------------------------------------------------- Bloomberg Law reports that KrisEnergy's wholly-owned direct subsidiary KrisEnergy Marine Pte. Ltd., or Kempl, has been placed under creditors' voluntary liquidation with effect from Aug. 23, according to a filing. Creditors of Kempl have confirmed the appointment of Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate Advisory as joint and several liquidators for Kempl at the creditors' meeting held on Aug. 23, Bloomberg Law discloses. About KrisEnergy KrisEnergy Limited -- https://krisenergy.com/ -- is a Singapore-based investment holding company. The Company is an independent upstream oil and gas company with a portfolio of exploration, appraisal, development and production assets focused on the geological basins in Asia. The Company operates through exploration and production of oil and gas in Asia segment. The Company holds interests in approximately 20 licenses in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage of approximately 60,750 square kilometers. In August 2019, the firm sought court protection from creditors' legal action while it restructured its debts, according to The Business Times. Keppel Corporation, a creditor and shareholder of KrisEnergy, then publicly came out to support the application and KrisEnergy's management in formulating a restructuring plan. Trading in its shares has been suspended pending the restructuring, BT noted. As at Dec. 31, 2019, the group had about US$503 million in borrowings and debt securities repayable within the next one year or on demand. ================= S R I L A N K A ================= SRI LANKA: S&P Alters Outlook on 'CCC+/C' Sovereign Ratings to Neg. ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Sri Lanka's long-term ratings to negative from stable. S&P also affirmed its 'CCC+' long-term sovereign credit ratings and 'C' short-term ratings on Sri Lanka. Outlook The negative outlook reflects S&P's expectation that Sri Lanka's financing environment may get more difficult over the next 12 months. This would affect Sri Lanka's ability to service its debt. Downside scenario S&P could lower its ratings if Sri Lanka's attempts to boost reserves through the issuance of SLDBs, asset sales, and other means fall short of the government's expectation, leading to higher risk on its ability to service debts. Upside scenario S&P may revise the outlook to stable, or raise the rating, if external buffers can be significantly boosted, or if Sri Lanka's economic recovery is much stronger than it expected. This could lower the risks associated with the government's debt-servicing capacity. Rationale S&P said, "We revised the outlook to negative to reflect our assessment that risks to Sri Lanka's debt-servicing capacity are rising, and the government's access to external financing is increasingly dependent on favorable economic and financial conditions. The country's relatively modest income levels, vulnerable external profile, sizable fiscal deficits, heavy government indebtedness, and hefty interest payment burdens reflect weak and evolving governance and institutional settings. These factors significantly constrain our ratings. While expansionary macroeconomic policies have provided some relief to the pandemic-hit economy, they have weakened the government's fiscal position and worsened the risks associated with the government's already high debt burden." Institutional and economic profile: Pandemic uncertainty still hinders growth -- While the economy is set to recover modestly this year, the ongoing pandemic continues to constrain mobility and shut out international tourists. -- The Delta variant of COVID-19 is contributing to a third wave of infections and has put the country's healthcare system under severe strain. -- S&P expects economic policies to remain expansionary, while the government maintains a strong parliamentary majority. Like most other countries, Sri Lanka's economy continues to be affected by the COVID-19 pandemic. Real GDP growth rebounded strongly by 4.3% year on year in the first quarter of this year, given COVID-19 cases were more subdued and external demand, particularly for garments and medical gear, recovered. However, COVID infections surged again in May, resulting in the government re-imposing movement restrictions and closing the country again to international travel. Following the discovery of the infectious Delta variant in June, Sri Lanka is experiencing another, even more severe wave of infections, forcing the government to further tighten social mobility restrictions. Meanwhile, vaccination progress has ramped up in recent weeks, with more than 50% of the population receiving at least one dose. S&P said, "Despite the pandemic being much more severe in Sri Lanka this year compared with last year, we still expect economic activity to recover from the low base in 2020. So far, the government has avoided a nationwide lockdown, which resulted in real GDP plunging 16.4% year on year in the second quarter of 2020. While the hospitalization rates are high and the healthcare system has been under severe strain, the vaccination rate is starting to accelerate. External demand, which has been fairly robust this year, is also expected to support the economy. However, the country has tightened various social restrictions, and that could dampen domestic economic activity in the second half of this year. We do not expect any meaningful recovery in tourism this year." Downside risks to growth are still substantial, particularly given the unpredictable nature of the pandemic and the emergence of new infectious variants. A steep escalation in new infections could overwhelm Sri Lanka's healthcare system and increase the risk of even stricter movement restrictions. Weakening external demand, particularly if the pandemic worsens in end-demand markets, could also remove an important source of support for the economy. S&P said, "We forecast the economy will expand by 4.2% in real terms in 2021, following the 3.6% contraction in 2020, and average 4.2% from 2022-2024. This will bring per capita income to about US$3,900 in 2021, translating into real GDP per capita growth of 2.1% on a 10-year weighted-average basis. Although this growth is in line with peers at a similar income level, we believe that it is substantially below Sri Lanka's potential. "Sri Lanka's institutional setting is a credit weakness, in our view. Recent years have seen frequent political infighting that had occasionally hindered policy predictability. We believe these developments weigh on business confidence. While the current administration's clear victories in both the presidential and parliamentary elections are likely to ease such uncertainty over policy direction, there has been further consolidation of power in the executive. In our view, this could lead to social tension, particularly if divisions along religious or ethnic lines persist." Flexibility and performance profile: Falling reserves and uncertain financing conditions increase external funding difficulties -- The external profile has weakened, with reserves falling below US$3 billion and financing conditions becoming more uncertain. -- Sri Lanka's fiscal deficit is likely to remain elevated while the pandemic continues to affect growth. -- This will likely worsen the government's heavy indebtedness and add to the repayment burden. The country's external position remains a key vulnerability on the rating. With the bullet repayment of the US$1 billion International Sovereign Bond in July 2021, the central bank's reserve holdings have fallen below US$3 billion, or less than two months import cover. S&P expects the infusion of the newly approved Special Drawing Rights allocation by the IMF will boost reserves by about US$800 million. However, this will not be sufficient for the government to meet upcoming maturities of more than US$5 billion till the end of 2022. Although the central bank has signed a number of bilateral currency swap arrangements with partnering central banks, including a 10 billion Chinese renminbi swap line with the People's Bank of China, the adequacy of reserves will still be tenuous without additional means to boost reserves. The ability of the government to secure foreign financing over the next two quarters will be crucial to preventing an external liquidity crisis in 2022. Financing conditions on the international capital markets remain challenging for Sri Lanka. These conditions are unlikely to improve in the short term due to rising inflation pressures, and prospects of a faster-than-expected policy tightening in advanced economies. While the government has been able to issue SLDBs to domestic creditors, demand for these SLDBs could be uncertain. Success in rolling over SLDBs is crucial to the government's debt-servicing capacity. In turn, this will heavily depend on domestic creditors' ability to access external financing under favorable terms. Due to wide-ranging import restrictions and stable exports growth, the current account deficit has narrowed substantially to 1.3% of GDP in 2020 from 2.2% in 2019. S&P said, "We estimate the current account deficit will rise marginally to 1.6% of GDP in 2021. While most of the import restrictions will likely remain in place, higher fuel prices this year will lead to a larger import bill, offsetting the earnings from workers' remittances. Latest high frequency data shows a strong recovery in imports alongside sustained improvements in exports. We expect these trends to be sustained despite new waves of the pandemic." Sri Lanka's external liquidity, as measured by gross external financing needs as a percentage of current account receipts plus usable reserves, is projected to average 129% over 2021-2024. S&P also forecasts that Sri Lanka's external debt net of official reserves and financial sector external assets will remain elevated at around 173% in 2021. Persistent deficits in Sri Lanka's fiscal position also remain a rating constraint. The government's heavy debt burden limits its ability to accumulate policy buffers, which are crucial in times of stress. The COVID-19 pandemic has further devastated government finances by dampening domestic economic activity and lowering excise duty earnings. In the last budget, the government committed to keeping the wide-ranging tax cuts, including a lower value-added tax (VAT) rate, increasing the VAT turnover threshold, and removing the 2% Nation Building Tax, for five years. Instead of affecting the fiscal position only temporarily, these expansionary measures are likely to increase the deficit for an extended period, in S&P's view. In the absence of extremely favorable economic and financial conditions, these measures are expected to constrain revenue growth and could be only partially offset by new revenue measures, such as the Special Goods and Services Tax. The government is planning to significantly ramp up infrastructure spending over the next few years. While recurrent expenditure has been relatively contained, room for further cuts is limited due to the high interest burden. Healthcare-related spending may also increase fiscal pressure, particularly if the hospital system comes under further strain. S&P said, "We expect the fiscal deficit to remain elevated at 10.2% of GDP in 2021 and narrow gradually to 8.4% in 2024. If revenue growth disappoints, we believe the government has some flexibility to cut capital expenditure to contain the fiscal deficit. "High fiscal deficits over an extended period will worsen the government's extremely high debt stock. We expect the increase in net general government debt to average 10.3% over 2021-2024. Net general government debt has exceeded 100% of GDP in 2020 and will continue to increase over the next five years, in our view." Sri Lanka's debt profile is also vulnerable due to the high share of the total debt being denominated in foreign currency, although this has been reducing over the past year. The government has been increasing the share of domestic financing to fund the fiscal deficit. At the same time, domestic interest rates have been kept extremely low through massive liquidity injections by the central bank. While this has reduced the effective interest rate on the government's domestic debt, an increase in domestic liquidity will also pressure the exchange rate. With the central bank starting to increase policy rates, this will worsen the government's interest burden at the margin. The government's interest payment as a percentage of revenues has already reached 68.8% in 2020--the highest ratio among the sovereigns we rate. S&P assesses the government's contingent liabilities from state-owned enterprises and its relatively small financial system as limited. However, risks continue to rise due to sustained losses at Ceylon Petroleum Corp., Ceylon Electricity Board, and Sri Lankan Airlines. Also, Sri Lanka's financial sector has limited capacity to lend more to the government without possibly crowding out private-sector borrowing, owing to its large exposure to the government sector of more than 20%. Sri Lanka's monetary settings remain a credit weakness, although it has seen some structural improvements. The Central Bank of Sri Lanka has been preparing an updated Monetary Law Act in recent years. The passage of this act, which enshrines the central bank's autonomy and capacity, will be crucial to improving the quality and effectiveness of monetary policy, in S&P's view. Environmental, social, and governance (ESG) credit factors for this credit rating change: -- Strategy, execution, and monitoring -- Risk management and internal controls 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; OUTLOOK ACTION TO FROM SRI LANKA Sovereign Credit Rating CCC+/Negative/C CCC+/Stable/C RATINGS AFFIRMED SRI LANKA Transfer & Convertibility Assessment Local Currency CCC+ SRI LANKA Senior Unsecured CCC+ ============= V I E T N A M ============= [*] VIETNAM: Hotels Up for Sale as Tourism Market Struggles ----------------------------------------------------------- Bizhub reports that hit hard by the COVID-19 pandemic, hotel owners have been forced to put their properties up for sale at much lower prices, providing opportunities for investors who were betting on the tourism recovery when the virus was brought under control. More and more hotels across Vietnam have been put up for sale since the outbreak of the fourth wave of coronavirus starting from late April. According to batdongsan.com.vn, one of the top real estate portals in Viet Nam, advertisements for hotel sales have increased considerably in recent months, Bizhub relays. Bizhub relates that Phan Xuan Can, chairman of real estate agent Sohovietnam, said that business plans of hotel owners in 2021 collapsed due to the resurgence of the COVID-19 pandemic. He said that after the third wave of the virus, many hotels owners expected the tourism industry to recover, starting with the national holidays of April 30 and May 1, as well as summer travel. However, the fourth wave starting at the end of April pushed them into difficulties, forcing many to put their properties up for sale because they could not survive with no guests. Can said that there were several successful transactions in tourism spots such as Hoi An, Nha Trang and Da Nang with the prices dropping by around 20-25 per cent against 2019. According to Bizhub, Hoang Van Vinh, President of Nha Trang Tourism Association, said that most tourism companies in the city were on the verge of bankruptcy, adding that around 95% of hotels had to close down while others became quarantine facilities. According to the General Statistics Office, tourism revenue and arrivals saw sharp declines in the first half of this year. Statistics show that the revenue of the tourism industry was estimated at VND4.5 trillion in the first half of this year, dropping by 51.8 per cent against the same period last year, Bizhub discloses. The reason was that Viet Nam had not opened its doors to international tourists as a measure to control the virus together with the imposition of social distancing measures in several localities. GSO's statistics also showed that international arrivals fell by 97.6 per cent in the first half of this year, with those entering the country comprising mostly foreign experts and workers at projects in Viet Nam, Bizhub adds. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Aug. 23, 2021 to Aug. 27, 2021 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.15 ACN 113 874 712 PTY LT 13.25 02/15/18 USD 0.15 CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.01 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.97 GLENNON SMALL COS LTD 5.60 09/30/30 AUD 10.50 VIRGIN AUSTRALIA HOLDI 8.08 03/05/24 AUD 7.11 VIRGIN AUSTRALIA HOLDI 8.25 05/30/23 AUD 7.56 VIRGIN AUSTRALIA HOLDI 8.00 11/26/24 AUD 8.22 VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 8.97 VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 9.06 VIRGIN AUSTRALIA HOLDI 7.88 10/15/21 USD 9.11 VIRGIN AUSTRALIA HOLDI 8.13 11/15/24 USD 9.25 CHINA ----- AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 39.53 AKESU DISTRICT GREEN I 4.09 03/11/23 CNY 40.06 AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 61.28 AKESU TEXTILE CITY DEV 7.50 06/21/24 CNY 62.31 AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 20.22 AKESU XINCHENG ASSET I 6.40 04/20/22 CNY 20.24 ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 36.00 ALTAY PREFECTURE STATE 4.85 01/22/23 CNY 39.62 AN SHUN YU KUN REAL ES 5.48 11/10/21 CNY 37.90 ANHUI HUAAN FOREIGN EC 7.30 07/13/21 CNY 70.01 ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 39.45 ANHUI JIANGNAN INDUSTR 4.76 07/08/23 CNY 40.01 ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 59.98 ANJI NORTHWEST DEVELOP 5.90 07/18/23 CNY 60.31 ANLU CONSTRUCTION DEVE 5.45 06/15/23 CNY 39.74 ANLU CONSTRUCTION DEVE 5.45 06/15/23 CNY 40.03 ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 39.42 ANQING ECONOMIC&TECHNO 4.09 03/09/23 CNY 40.18 ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 20.00 ANQING URBAN CONSTRUCT 6.01 04/27/22 CNY 20.46 ANSHUN CITY CONSTRUCTI 7.30 09/15/24 CNY 70.59 ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 55.50 ANSHUN STATE-RUN ASSET 4.48 07/18/23 CNY 57.15 ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 54.04 ANSHUN XIXIU CITY INVE 4.70 11/22/23 CNY 59.46 BAOJI INVESTMENT GROUP 5.05 04/18/24 CNY 60.97 BAOTOU CITY SCIENCE ED 6.48 03/25/22 CNY 18.38 BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 39.59 BAOYING CITY CONSTRUCT 4.50 03/24/23 CNY 40.37 BAYAN ZHUOER HETAO WAT 8.54 03/31/22 CNY 14.71 BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 39.02 BAZHONG STATE-OWNED AS 5.13 12/02/22 CNY 40.00 BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 61.09 BAZHOU GUOHUI CONSTRUC 6.08 06/19/24 CNY 61.28 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 39.97 BEIJING FUTURE SCIENCE 4.20 08/13/22 CNY 40.20 BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 20.07 BEIJING SHIJINGSHAN ST 6.08 08/18/21 CNY 23.87 BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 40.67 BEIPIAO CITY CONSTRUCT 6.70 03/25/23 CNY 40.70 BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 62.08 BENGBU URBAN INVESTMEN 5.80 04/13/24 CNY 62.12 BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 19.70 BIJIE CONSTRUCTION INV 6.50 01/28/22 CNY 20.06 BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 60.42 BIJIE CONSTRUCTION INV 5.78 07/06/24 CNY 60.79 BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 54.79 BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 56.98 BIJIE DEXI CONSTRUCTIO 4.60 11/17/23 CNY 59.38 BIJIE DEXI CONSTRUCTIO 5.10 12/05/23 CNY 59.76 BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 58.58 BINZHOU ZHANHUA DISTRI 4.93 11/29/23 CNY 58.71 BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 20.00 BINZHOU ZHONGHAI VENTU 6.65 04/13/22 CNY 20.16 BOHAI LEASING CO LTD 7.00 09/10/21 CNY 46.00 BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 38.30 BORALA MONGOL AUTONOMO 5.77 08/26/22 CNY 40.31 BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 40.18 BOZHOU URBAN CONSTRUCT 4.78 04/14/23 CNY 40.51 BOZHOU YIJU REAL ESTAT 4.82 10/27/21 CNY 49.89 BOZHOU YIJU REAL ESTAT 4.82 10/27/21 CNY 49.93 BRILLIANCE AUTO GROUP 5.80 03/20/24 CNY 54.80 BRILLIANCE AUTO GROUP 5.40 09/14/23 CNY 55.80 BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 56.93 BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 59.80 BRILLIANCE AUTO GROUP 5.80 06/17/24 CNY 60.78 BRILLIANCE AUTO GROUP 5.30 10/23/20 CNY 68.50 BRILLIANCE AUTO GROUP 6.50 01/22/22 CNY 68.50 BRILLIANCE AUTO GROUP 6.50 03/13/22 CNY 68.50 BRILLIANCE AUTO GROUP 6.50 04/18/22 CNY 68.50 BRILLIANCE AUTO GROUP 6.50 06/03/22 CNY 68.50 BRILLIANCE AUTO GROUP 6.30 09/14/23 CNY 68.50 BRILLIANCE AUTO GROUP 5.80 11/05/23 CNY 68.50 CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 40.20 CANGNAN COUNTY STATE O 5.58 11/11/22 CNY 40.51 CEFC SHANGHAI INTERNAT 4.08 09/09/21 CNY 60.00 CEFC SHANGHAI INTERNAT 4.98 12/10/20 CNY 61.29 CHANG DE DING LI INDUS 4.30 03/10/23 CNY 40.08 CHANG DE DING LI INDUS 4.30 03/10/23 CNY 40.11 CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 19.50 CHANGCHUN MODERN AGRIC 7.00 07/25/21 CNY 20.00 CHANGDE DE YUAN SHANTY 5.33 09/13/23 CNY 68.23 CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 39.91 CHANGDE URBAN CONSTRUC 3.59 01/12/23 CNY 40.00 CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 59.02 CHANGGE JINCAI PUBLIC 7.10 04/19/24 CNY 61.89 CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 57.18 CHANGJI URBAN CONSTRUC 4.24 11/18/23 CNY 59.66 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 37.00 CHANGLE COUNTY NEWTOWN 5.18 12/16/22 CNY 40.00 CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 25.62 CHANGSHA COUNTY XINGCH 7.90 03/25/22 CNY 25.62 CHANGSHA ECONOMIC & TE 8.45 04/13/22 CNY 15.37 CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 60.62 CHANGSHA ECONOMIC & TE 4.78 03/03/24 CNY 61.26 CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 40.27 CHANGSHA FURONG CITY D 3.88 01/26/23 CNY 40.67 CHANGSHA METRO GROUP C 6.20 04/23/23 CNY 31.02 CHANGSHA METRO GROUP C 5.97 04/03/25 CNY 63.11 CHANGSHA METRO GROUP C 5.97 04/03/25 CNY 63.15 CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 70.00 CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 70.86 CHANGSHA METRO GROUP C 4.10 12/21/25 CNY 70.92 CHANGSHA METRO GROUP C 5.40 07/14/25 CNY 72.79 CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 40.00 CHANGSHA TIANXIN CITY 4.20 11/06/22 CNY 40.05 CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 59.13 CHANGSHA TIANXIN CITY 3.43 08/08/23 CNY 59.83 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.45 CHANGSHA YUHUA JINGKAI 4.17 09/06/23 CNY 59.71 CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 39.98 CHANGSHA YUHUA URBAN C 3.80 01/28/23 CNY 40.11 CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 20.00 CHANGSHU BINJIANG URBA 6.39 09/11/21 CNY 20.08 CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 20.32 CHANGSHU DONGNAN ASSET 6.53 03/26/22 CNY 27.32 CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 19.00 CHANGXING URBAN CONSTR 6.00 12/03/21 CNY 20.21 CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 20.00 CHANGZHOU TIANNING CON 6.48 02/12/22 CNY 20.24 CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 59.12 CHANGZHOU XINGANG ECON 3.42 10/20/23 CNY 59.83 CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 59.66 CHANGZHOU ZHONGLOU ECO 3.64 10/26/23 CNY 59.96 CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 20.53 CHAOHU URBAN TOWN CONS 6.50 04/30/22 CNY 21.95 CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 39.83 CHENGDU GARDEN WATER C 6.15 05/03/23 CNY 40.38 CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 20.33 CHENGDU PIDU DISTRICT 6.95 04/01/22 CNY 28.83 CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 20.05 CHENGDU SHUZHOU CITY C 6.58 05/26/22 CNY 20.50 CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 20.00 CHENGDU XINGCHENGJIAN 6.00 03/20/22 CNY 20.39 CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 58.87 CHENGDU XINGJIN ECOLOG 3.65 10/13/23 CNY 59.96 CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 58.61 CHENGDU XINJIN COUNTY 6.40 07/05/24 CNY 61.17 CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 20.06 CHENGDU XINKAIYUAN URB 7.43 08/12/21 CNY 21.00 CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 39.25 CHENGDU XINKAIYUAN URB 5.29 04/27/23 CNY 39.99 CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 19.90 CHENZHOU BAIFU INVESTM 6.54 08/28/21 CNY 20.00 CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 61.03 CHENZHOU BAIFU INVESTM 4.96 03/22/26 CNY 61.46 CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 40.03 CHENZHOU FUCHENG HIGH 4.73 01/22/23 CNY 40.22 CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 20.05 CHENZHOU INDUSTRY INVE 6.45 01/23/22 CNY 28.60 CHENZHOU WENLV INDUSTR 5.34 11/28/23 CNY 58.40 CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 62.40 CHENZHOU XINTIAN INVES 5.38 03/08/26 CNY 65.47 CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 59.41 CHIBI LANTIAN URBAN CO 4.38 08/10/23 CNY 59.94 CHINA FORTUNE LAND DEV 7.40 03/24/21 CNY 25.13 CHINA FORTUNE LAND DEV 7.20 04/18/21 CNY 25.13 CHINA FORTUNE LAND DEV 5.60 09/10/21 CNY 25.13 CHINA FORTUNE LAND DEV 5.80 05/23/22 CNY 25.13 CHINA FORTUNE LAND DEV 5.00 05/30/22 CNY 68.15 CHINA HUARONG ASSET MA 4.05 11/14/24 CNY 73.10 CHINA OCEANWIDE HOLDIN 8.90 12/13/21 CNY 48.00 CHINA OCEANWIDE HOLDIN 8.60 09/21/21 CNY 64.50 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONME 4.08 09/14/23 CNY 59.98 CHINA YIXING ENVIRONME 4.08 09/14/23 CNY 60.04 CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 39.98 CHONGQIN BAIYAN INVEST 5.75 05/03/23 CNY 40.20 CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 37.67 CHONGQIN XINLIANG INVE 4.76 08/26/23 CNY 38.83 CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 19.90 CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 20.00 CHONGQING BANAN ECONOM 7.00 08/20/21 CNY 20.04 CHONGQING BANAN ECONOM 6.17 03/13/22 CNY 20.19 CHONGQING BAYUAN CONST 4.99 08/16/23 CNY 59.55 CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 40.11 CHONGQING BISHAN DISTR 4.93 03/29/23 CNY 40.34 CHONGQING CHANGSHOU EC 7.20 07/15/21 CNY 20.00 CHONGQING CHANGSHOU EC 7.20 07/15/21 CNY 20.17 CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 20.00 CHONGQING DAZU INDUSTR 6.30 04/28/22 CNY 20.13 CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 39.90 CHONGQING ECO&TECH DEV 3.95 04/13/23 CNY 39.94 CHONGQING FULING TRAFF 6.68 02/03/22 CNY 20.00 CHONGQING FULING TRAFF 6.68 02/03/22 CNY 20.23 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.63 CHONGQING HECHUAN CITY 3.95 09/06/23 CNY 59.64 CHONGQING JIANGBEIZUI 6.50 07/21/21 CNY 20.04 CHONGQING JIN TONG IND 4.44 11/16/23 CNY 56.36 CHONGQING JIN TONG IND 4.44 11/16/23 CNY 59.06 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.09 CHONGQING JINYUN ASSET 4.50 12/31/22 CNY 40.15 CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 20.06 CHONGQING JIULONG HI-T 6.60 08/19/21 CNY 20.26 CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 38.19 CHONGQING KAIQIAN INVE 4.64 03/21/23 CNY 39.66 CHONGQING LAND PROPERT 3.36 03/21/23 CNY 40.05 CHONGQING LAND PROPERT 3.36 03/21/23 CNY 40.10 CHONGQING LIANGJIANG N 5.88 09/16/21 CNY 20.09 CHONGQING LIANGJIANG N 3.10 08/05/21 CNY 40.00 CHONGQING LIANGJIANG N 3.10 08/05/21 CNY 40.00 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 40.19 CHONGQING MAIRUI URBAN 4.95 04/21/23 CNY 40.21 CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 39.73 CHONGQING NANCHUAN CIT 4.20 07/11/23 CNY 39.74 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 58.28 CHONGQING QIJIANG EAST 4.00 09/05/23 CNY 59.11 CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 20.10 CHONGQING SHUANGQIAO E 5.99 11/19/21 CNY 26.25 CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 20.00 CHONGQING TONGLIANG JI 6.59 04/08/22 CNY 20.26 CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 39.51 CHONGQING TONGNAN DIST 4.99 12/31/22 CNY 40.00 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 20.03 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 25.00 CHONGQING WANSHENG ECO 5.40 11/18/21 CNY 39.91 CHONGQING WANZHOU SANX 4.95 08/25/22 CNY 40.24 CHONGQING WANZHOU SANX 4.95 08/25/22 CNY 40.80 CHONGQING WULONG DISTR 6.80 09/21/24 CNY 75.00 CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 38.50 CHONGQING XINGRONG HOL 4.86 03/31/23 CNY 39.61 CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 20.02 CHONGQING XIYONG MICRO 6.58 07/25/21 CNY 22.33 CHONGQING YUELAI INVES 6.09 04/29/22 CNY 20.00 CHONGQING YUELAI INVES 6.09 04/29/22 CNY 20.36 CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 20.24 CHUN'AN XINANJIANG DEV 6.10 03/11/22 CNY 24.55 CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 58.92 CHUN'AN XINANJIANG DEV 3.84 11/04/23 CNY 59.13 CHUZHOU CITY INVESTMEN 6.40 08/22/21 CNY 20.01 CHUZHOU CITY INVESTMEN 6.40 08/22/21 CNY 20.07 CHUZHOU CITY INVESTMEN 6.30 11/30/21 CNY 30.37 CHUZHOU CITY INVESTMEN 6.30 11/30/21 CNY 30.40 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 20.05 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 28.80 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 60.76 CIXI STATE OWNED ASSET 4.90 04/07/24 CNY 63.13 DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 57.90 DAFANG COUNTY CONSTRUC 6.00 09/26/23 CNY 60.41 DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 39.50 DALI HAIDONG DEVELOPME 6.01 01/25/23 CNY 39.82 DALIAN RONGDA INVESTME 5.69 12/05/21 CNY 20.13 DALIAN SHITAI CITY CON 4.50 02/01/23 CNY 37.09 DALIAN SHITAI CITY CON 4.50 02/01/23 CNY 39.85 DANGTU COUNTY CONSTRUC 5.38 08/10/22 CNY 40.43 DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 39.66 DANGYANG XINYUAN INVES 4.97 03/29/23 CNY 40.16 DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 19.83 DANYANG HI-TECH INDUST 6.40 04/24/22 CNY 20.00 DANYANG INVESTMENT GRO 3.99 01/25/23 CNY 39.70 DATONG ECONOMIC CONSTR 4.49 10/22/22 CNY 39.95 DAWA COUNTY CITY CONST 6.29 06/12/22 CNY 19.56 DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 39.13 DAYE ZHENHENG CITY DEV 4.50 03/28/23 CNY 39.62 DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 58.34 DAYE ZHENHENG CITY DEV 4.05 08/31/23 CNY 58.46 DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 20.00 DAZHOU DEVELOPMENT HOL 6.55 01/14/22 CNY 20.13 DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 40.00 DAZHOU DEVELOPMENT HOL 5.10 11/27/22 CNY 40.06 DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 20.12 DEHONGZHOU HONGKANG IN 6.68 01/23/22 CNY 20.14 DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 59.50 DEQING CONSTRUCTION IN 3.60 11/11/23 CNY 59.86 DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 39.85 DEXING INVESTMENT HOLD 5.99 03/21/23 CNY 40.00 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.52 DONGTAI STATE-OWNED AS 3.04 11/16/23 CNY 58.42 DONGYING CITY URBAN AS 5.57 03/31/22 CNY 20.22 DONGYING CITY URBAN AS 5.57 03/31/22 CNY 20.33 DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 40.37 DONGZHI COUNTY CITY OP 4.88 06/20/23 CNY 40.38 DUJIANGYAN NEW CITY CO 6.90 10/19/24 CNY 71.50 DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 19.00 DUJIANGYAN XINGYAN INV 6.10 03/12/22 CNY 19.47 DUNYUN STATE-OWNED ASS 6.60 12/28/22 CNY 39.74 ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 59.40 ENSHI URBAN CONSTRUCTI 3.84 11/01/23 CNY 59.48 EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 20.15 EZHOU CITY CONSTRUCTIO 6.68 09/19/21 CNY 20.53 FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 39.44 FEICHENG CITY ASSETS M 4.04 03/23/23 CNY 39.74 FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 39.80 FEIXI COUNTY URBAN & R 4.45 06/03/23 CNY 41.24 FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 38.10 FENG COUNTY ECONOMIC D 5.18 06/21/23 CNY 39.89 FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 20.23 FENGCHENG CITY CONSTRU 6.49 02/10/22 CNY 20.34 FENGCHENG CITY MODERN 5.76 12/17/22 CNY 39.60 FENGCHENG CITY MODERN 5.76 12/17/22 CNY 40.00 FENGDU COUNTY STATE-OW 6.38 09/05/24 CNY 60.00 FENGHUANG MINGCHENG CO 6.50 03/23/24 CNY 61.05 FENGHUANG MINGCHENG CO 6.50 03/23/24 CNY 61.06 FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 61.39 FENGTAI HUAXING CITY D 5.60 03/13/24 CNY 61.45 FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 20.00 FENGXIAN URBAN INVESTM 4.23 07/13/21 CNY 20.00 FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 20.00 FENGXIAN URBAN INVESTM 6.48 03/20/22 CNY 20.13 FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 58.65 FENYI CITY CONSTRUCTIO 4.54 08/22/23 CNY 59.52 FUJIAN FUSHENG GROUP C 7.90 11/19/21 CNY 60.00 FUJIAN FUSHENG GROUP C 7.90 12/17/21 CNY 70.99 FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 59.70 FUJIAN JINJIANG URBAN 3.35 08/24/23 CNY 60.06 FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 20.00 FUJIAN PROVINCE LIANJI 6.29 04/30/22 CNY 20.33 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.00 FUJIAN ZHANGLONG GROUP 4.99 08/07/22 CNY 40.44 FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 20.05 FUNING URBAN INVESTMEN 7.19 08/15/21 CNY 21.15 FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 61.19 FUNING URBAN INVESTMEN 6.00 03/14/24 CNY 61.23 FUQING CITY STATE-OWNE 5.94 11/26/22 CNY 40.09 FUXIN INFRASTRUCTURE C 6.18 03/18/22 CNY 19.77 FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 39.59 FUZHOU CHANGLE DISTRIC 4.50 04/11/23 CNY 40.01 FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 59.65 FUZHOU DEVELOPMENT ZON 3.53 08/25/23 CNY 59.73 FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 59.14 FUZHOU DONGXIANG INVES 6.20 03/20/24 CNY 61.90 FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 40.02 FUZHOU LINCHUAN URBAN 5.68 07/05/23 CNY 40.08 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.00 FUZHOU URBAN AND RURAL 5.48 01/26/22 CNY 20.19 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 20.35 FUZHOU URBAN AND RURAL 4.89 07/08/22 CNY 20.55 GANSU PROVINCIAL HIGHW 6.58 09/24/22 CNY 71.50 GANSU PROVINCIAL HIGHW 6.20 03/28/23 CNY 72.12 GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 20.00 GANZHOU CITY DEVELOPME 5.50 06/16/22 CNY 20.44 GANZHOU DEVELOPMENT IN 8.10 12/11/23 CNY 63.56 GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 39.89 GAOMI STATE-OWNED ASSE 4.69 01/26/23 CNY 40.11 GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 40.00 GAOYOU CITY CONSTRUCTI 5.48 09/15/22 CNY 40.31 GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 59.72 GAOYOU CITY ECONOMY DE 3.65 09/02/23 CNY 60.00 GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 59.28 GONG'AN COUNTY CITY CO 4.30 08/30/23 CNY 59.28 GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 40.26 GONGQINGCHENG FINANCIA 5.85 03/25/23 CNY 40.27 GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 20.39 GUANGAN DEVELOPMENT AN 6.39 03/24/22 CNY 24.00 GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 20.07 GUANGAN ECONOMIC & TEC 7.10 09/22/21 CNY 20.07 GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 39.94 GUANGAN ECONOMIC & TEC 5.16 04/14/23 CNY 40.00 GUANGAN TRANSPORTATION 5.39 12/01/23 CNY 59.84 GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 40.48 GUANGDONG HUIZHOU COMM 4.16 05/17/23 CNY 40.49 GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 61.40 GUANGDONG HUIZHOU COMM 4.95 12/27/23 CNY 61.48 GUANGRAO COUNTY ECONOM 3.61 09/08/23 CNY 60.01 GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 61.37 GUANGSHUI CITY DEVELOP 6.19 03/01/24 CNY 61.37 GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 20.00 GUANGXI LAIBIN INDUSTR 5.97 11/26/21 CNY 20.04 GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 20.08 GUANGYUAN YUANQU CONST 8.35 08/26/21 CNY 27.00 GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 38.85 GUANGYUAN YUANQU CONST 4.48 03/10/23 CNY 39.43 GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 60.97 GUANGZHOU HUANTOU NANS 6.38 11/18/24 CNY 61.36 GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 45.00 GUANGZHOU METRO GROUP 6.05 06/03/24 CNY 46.46 GUANGZHOU METRO GROUP 6.45 04/02/24 CNY 46.63 GUCHENG CONSTRUCTION I 7.88 04/27/25 CNY 75.00 GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 20.00 GUILIN ECONOMIC CONSTR 5.60 04/22/22 CNY 20.32 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 59.41 GUIXI STATE OWNED HOLD 4.18 08/18/23 CNY 59.48 GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 20.14 GUIYANG BAIYUN INDUSTR 7.30 03/27/22 CNY 25.00 GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 71.31 GUIYANG BAIYUN URBAN C 4.75 09/13/26 CNY 72.66 GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 66.50 GUIYANG CITY CONSTRUCT 4.37 03/25/26 CNY 66.68 GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 74.61 GUIYANG CITY CONSTRUCT 4.00 11/14/26 CNY 74.63 GUIYANG GUANCHENG INDU 7.50 12/25/22 CNY 71.39 GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 38.62 GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 38.89 GUIYANG GUANSHANHU DIS 4.48 03/09/23 CNY 39.58 GUIYANG GUANSHANHU DIS 4.87 01/28/23 CNY 39.79 GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 58.53 GUIYANG GUANSHANHU DIS 6.49 06/22/24 CNY 58.69 GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 39.70 GUIYANG URBAN CONSTRUC 5.23 12/02/22 CNY 39.84 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 38.88 GUIZHOU EAST LAKE CITY 5.18 01/06/23 CNY 39.98 GUIZHOU FANJINGSHAN IN 6.95 01/28/22 CNY 19.82 GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 40.08 GUIZHOU GUIAN CONSTRUC 4.17 10/28/22 CNY 41.00 GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 25.45 GUIZHOU GUILONG INDUST 7.80 04/28/22 CNY 25.49 GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 28.92 GUIZHOU HONGCAI INVEST 6.00 06/07/23 CNY 29.14 GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 58.31 GUIZHOU KAILI KAIYUAN 7.30 05/26/24 CNY 62.03 GUIZHOU LIUPANSHUI PAN 7.30 07/24/24 CNY 60.95 GUIZHOU RAILWAY INVEST 7.20 03/27/22 CNY 20.36 GUIZHOU RAILWAY INVEST 7.50 04/23/24 CNY 47.53 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 55.02 GUIZHOU SHUICHENG CITY 4.98 11/22/23 CNY 59.78 GUIZHOU SHUICHENG ECON 7.50 10/26/25 CNY 59.50 GUIZHOU XINDONGGUAN CI 7.70 09/05/24 CNY 67.00 GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 59.10 GULIN STATE-OWNED ASSE 4.18 08/04/23 CNY 59.25 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 58.88 HAIAN DEVELOPMENT ZONE 4.47 11/16/23 CNY 59.31 HAIAN ECONOMIC TECHNOL 5.45 04/13/23 CNY 40.03 HAIAN ECONOMIC TECHNOL 5.45 04/13/23 CNY 40.32 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.22 HAIAN URBAN DEMOLITION 5.08 11/27/22 CNY 40.88 HAICHENG URBAN JINCAI 5.37 08/10/23 CNY 60.21 HAIFENG MARINE INFRAST 6.84 04/29/22 CNY 20.26 HAIKOU MEILAN INTERNAT 5.25 09/06/19 USD 17.15 HAINAN AIRLINES HOLDIN 6.20 05/24/21 CNY 51.00 HAINING CITY DEVELOPME 5.58 10/22/21 CNY 20.10 HAINING CITY DEVELOPME 5.58 10/22/21 CNY 20.70 HAIYAN COUNTY STATE-OW 5.80 06/12/24 CNY 61.10 HAMI JIANHUI STATE-OWN 3.90 09/21/23 CNY 58.99 HAMI JIANHUI STATE-OWN 3.90 09/21/23 CNY 59.67 HANCHENG CITY INVESTME 4.69 12/05/23 CNY 57.11 HANCHENG CITY INVESTME 4.69 12/05/23 CNY 57.65 HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 59.39 HANCHUAN CITY HANRONG 4.25 07/18/23 CNY 59.71 HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 20.26 HANDAN CONSTRUCTION & 5.48 05/27/22 CNY 27.20 HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 58.95 HANGZHOU CANAL COMPREH 3.40 10/17/23 CNY 60.10 HANGZHOU CITY CONSTRUC 3.80 03/14/23 CNY 40.00 HANGZHOU CITY CONSTRUC 3.80 03/14/23 CNY 40.01 HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 39.87 HANGZHOU FUYANG DEVELO 4.76 01/27/23 CNY 40.42 HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 20.02 HANGZHOU GONGSHU DISTR 6.90 07/21/21 CNY 20.13 HANGZHOU METRO GROUP C 5.97 09/17/24 CNY 63.64 HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 40.37 HANGZHOU WEST LAKE INV 4.30 04/25/23 CNY 40.59 HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 40.14 HANGZHOU XIAOSHAN QIAN 4.00 03/22/23 CNY 40.35 HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 61.64 HANJIANG STATE-OWNED-A 5.40 04/21/24 CNY 61.92 HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00 HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 19.92 HEBEI ZHONGYUE CITY CO 4.10 11/16/21 CNY 19.95 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.03 HEBI INVESTMENTS GROUP 7.88 08/01/21 CNY 20.99 HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 36.00 HECHI CITY CONSTRUCTIO 5.58 11/13/22 CNY 39.28 HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 58.47 HECHI STATE-OWNED CAPI 4.37 11/04/23 CNY 58.96 HEFEI CONSTRUCTION INV 7.20 04/29/24 CNY 48.79 HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 59.38 HEFEI XINCHENG STATE-O 4.13 07/15/23 CNY 59.89 HEILONGJIANG HECHENG C 7.05 06/21/22 CNY 15.26 HEILONGJIANG HECHENG C 5.60 11/11/21 CNY 20.03 HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 39.28 HEISHAN TONGHE ASSET M 6.79 09/18/22 CNY 39.55 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.90 HENGDONG URBAN & RURAL 6.60 12/27/23 CNY 60.97 HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 20.05 HENGYANG BAISHAZHOU DE 6.87 08/22/21 CNY 24.50 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 39.72 HENGYANG COMMUNICATION 4.28 01/21/23 CNY 40.00 HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 58.85 HESHAN PUBLIC ASSET MA 4.08 09/28/23 CNY 59.44 HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 60.19 HESHAN PUBLIC ASSET MA 5.08 12/07/23 CNY 60.24 HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 39.12 HETIAN YUXIN STATE-OWN 4.65 03/28/23 CNY 39.55 HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 20.20 HEYUAN CITY RUNYE INVE 6.20 12/03/21 CNY 25.88 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 61.97 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 43.82 HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 40.00 HUAIAN CITY HUAIAN DIS 4.63 05/03/23 CNY 40.53 HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 20.40 HUAIAN CITY URBAN ASSE 5.70 04/23/22 CNY 21.54 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 39.95 HUAIAN CITY XUYI URBAN 5.10 04/15/23 CNY 40.08 HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 38.69 HUAIAN HONGRI TRANSPOR 5.09 04/20/23 CNY 38.77 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 59.40 HUAIAN HONGZE DISTRICT 4.37 07/18/23 CNY 59.41 HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 20.01 HUAI'AN NEW CITY INVES 6.95 07/28/21 CNY 27.50 HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 57.32 HUAIHUA CITY CONSTRUCT 4.18 08/31/23 CNY 57.67 HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 20.00 HUAIHUA ECONOMIC DEVEL 6.80 03/26/22 CNY 20.18 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 38.87 HUAIHUA TRANSPORTATION 4.96 04/12/23 CNY 39.81 HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 40.17 HUANGGANG CITY CONSTRU 4.08 01/18/23 CNY 40.20 HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 20.33 HUANGSHAN CHENGTOU GRO 5.95 05/06/22 CNY 20.65 HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 39.92 HUANGSHI CIHU HIGH-TEC 4.97 06/08/23 CNY 40.10 HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 40.22 HUANGSHI CIHU HIGH-TEC 4.50 06/08/23 CNY 43.00 HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 20.00 HUANGSHI URBAN CONSTRU 5.99 04/29/22 CNY 20.42 HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 61.96 HUANGSHI ZHONGBANG CIT 5.95 06/02/24 CNY 63.00 HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 20.32 HUBEI PROVINCE CHANGJI 6.15 04/03/22 CNY 22.40 HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 60.84 HUBEI SONGZI JINSONG I 6.60 06/21/24 CNY 61.56 HULUDAO INVESTMENT GRO 7.50 10/18/23 CNY 45.78 HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 19.50 HULUNBEIER INVESTMENT 6.31 04/30/22 CNY 19.60 HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 39.74 HUNAN CHUZHISHENG HOLD 5.60 12/18/22 CNY 40.55 HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 18.60 HUNAN JINYANG INVESTME 5.70 11/27/21 CNY 20.16 HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 39.67 HUNAN JINYANG INVESTME 4.37 01/19/23 CNY 39.71 HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 39.85 HUNAN JINYANG INVESTME 4.39 04/06/23 CNY 40.05 HUNAN JINYANG NEW CITY 4.43 10/23/22 CNY 40.12 HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 58.35 HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 58.60 HUNAN LINGANG DEVELOPM 4.24 07/21/23 CNY 58.88 HUNAN LINGANG DEVELOPM 3.94 10/26/23 CNY 59.04 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 19.53 HUNAN LOUDI ECONOMIC & 6.36 03/13/22 CNY 27.00 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 37.72 HUNAN LOUDI ECONOMIC & 4.89 03/30/23 CNY 38.07 HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 60.00 HUNAN PROVINCIAL RAILW 6.09 04/30/25 CNY 61.76 HUNAN SENTE INDUSTRIAL 6.90 11/28/24 CNY 40.00 HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 61.01 HUNAN SHAODONG ECO-IND 6.58 12/13/23 CNY 61.34 HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 38.49 HUNAN TIER GROUP CO LT 4.20 03/17/23 CNY 39.30 HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 39.76 HUNAN YOUZHOU INVESTME 4.80 07/07/23 CNY 39.77 HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 20.11 HUZHOU URBAN CONSTRUCT 6.48 08/28/21 CNY 22.38 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 39.50 INNER MONGOLIA JINLONG 7.30 11/19/22 CNY 40.44 INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 19.40 INNER MONGOLIA KE'ERQI 6.50 03/11/22 CNY 20.00 INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 20.00 INNER MONGOLIA KE'ERQI 6.45 04/30/22 CNY 20.00 INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 20.06 INNER MONGOLIA SHENGXI 8.18 08/21/21 CNY 24.00 INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 20.30 INNER MONGOLIA ZHUNGEE 6.54 12/31/21 CNY 22.10 JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 61.41 JIAHE ZHUDU DEVELOPMEN 6.50 05/25/24 CNY 61.42 JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 39.30 JIAN CITY JINGANGSHAN 4.87 01/27/23 CNY 39.84 JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 39.89 JIANAN INVESTMENT HOLD 4.30 03/08/23 CNY 40.34 JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 59.40 JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 59.53 JIANAN INVESTMENT HOLD 3.50 09/05/23 CNY 59.85 JIANAN INVESTMENT HOLD 3.85 09/05/23 CNY 60.07 JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 20.35 JIANGMEN NEW HI-TECH I 6.03 04/22/22 CNY 20.41 JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 40.22 JIANGSU BEIGU INDUSTRI 5.80 06/20/23 CNY 40.36 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 59.45 JIANGSU DAHANG LINGANG 5.18 09/22/23 CNY 59.58 JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 59.39 JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 59.40 JIANGSU GAOCHUN ECONOM 3.67 09/23/23 CNY 59.42 JIANGSU GAOCHUN ECONOM 3.92 11/23/23 CNY 59.77 JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 60.93 JIANGSU GAOCHUN ECONOM 5.66 06/26/24 CNY 61.18 JIANGSU HAIRUN CITY DE 6.22 04/03/22 CNY 20.32 JIANGSU HAIRUN CITY DE 6.22 04/03/22 CNY 22.20 JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 40.13 JIANGSU HAIZHOU DEVELO 4.67 06/06/23 CNY 40.29 JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 39.95 JIANGSU HANRUI INVESTM 4.63 04/15/23 CNY 40.51 JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 58.06 JIANGSU HANRUI INVESTM 5.00 08/31/23 CNY 58.17 JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 59.38 JIANGSU JINTAN GUOFA I 4.60 08/22/23 CNY 59.51 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 60.67 JIANGSU RUNCHENG ASSET 5.65 04/19/24 CNY 62.65 JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 29.74 JIANGSU RUNQI WANGUO I 4.14 10/21/21 CNY 29.97 JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 20.18 JIANGSU WUZHONG ECONOM 5.49 11/19/21 CNY 20.32 JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 40.34 JIANGSU XISHAN ECONOMI 5.78 07/20/22 CNY 40.50 JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 20.17 JIANGSU YANGKOU PORT C 6.23 04/10/22 CNY 27.50 JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 58.33 JIANGSU YINGZHOU DEVEL 4.33 09/21/23 CNY 59.04 JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 40.00 JIANGSU ZHANGJIAGANG E 3.95 03/22/23 CNY 40.26 JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 61.85 JIANGSU ZHONGAN CONSTR 5.65 03/24/24 CNY 62.40 JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 58.40 JIANGSU ZHUFU INDUSTRI 4.47 07/20/23 CNY 58.91 JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 39.66 JIANGXI HEJI INVESTMEN 5.09 12/17/22 CNY 40.00 JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 29.80 JIANGXI HUIHENG PROPER 4.43 08/30/21 CNY 40.02 JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 39.59 JIANGXI LONGHU MOUNTAI 4.35 03/16/23 CNY 39.68 JIANGXI PINGXIANG CHAN 6.00 08/11/24 CNY 60.00 JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 39.92 JIANGYOU HONGFEI INVES 6.55 09/02/22 CNY 40.31 JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 20.06 JIANHU COUNTY DEVELOPM 7.29 09/25/21 CNY 22.75 JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 19.92 JIANHU URBAN CONSTRUCT 6.30 06/01/22 CNY 22.86 JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 39.94 JIANHU URBAN CONSTRUCT 3.28 10/13/21 CNY 41.00 JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 61.66 JIANLI FENGYUAN CITY I 6.78 04/28/24 CNY 61.67 JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 57.96 JIANYANG DEVELOPMENT H 3.93 11/10/23 CNY 58.85 JIANYANG MODERN INDUST 6.00 04/24/24 CNY 60.03 JIANYANG MODERN INDUST 6.00 04/24/24 CNY 60.03 JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 58.96 JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 59.46 JIAXING XIANGJIADANG D 3.87 09/21/23 CNY 59.48 JIAXING XIANGJIADANG D 4.13 07/20/23 CNY 60.31 JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 39.96 JIAYU COUNTY URBAN TOW 5.70 01/19/23 CNY 40.16 JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 60.45 JIAYU COUNTY URBAN TOW 5.70 03/23/24 CNY 60.45 JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 60.98 JIAYU COUNTY URBAN TOW 6.50 01/19/24 CNY 61.08 JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 20.00 JIAYUGUAN CITY INFRAST 7.83 09/23/21 CNY 20.03 JIEYANG CITY INVESTMEN 6.55 08/27/21 CNY 20.12 JIEYANG CITY INVESTMEN 6.55 08/27/21 CNY 20.17 JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 37.00 JILIN CITY CONSTRUCTIO 3.80 01/27/23 CNY 39.57 JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 40.11 JILIN ECONOMIC AND TEC 6.20 04/29/23 CNY 40.23 JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 19.96 JINAN CITY LICHENG DIS 5.00 06/23/22 CNY 20.29 JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 20.00 JINCHANG CONSTRUCTION 6.79 12/21/22 CNY 40.49 JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 20.06 JINCHENG STATE-OWNED C 4.99 11/11/21 CNY 20.10 JINGDEZHEN CERAMIC CUL 5.38 11/27/22 CNY 40.00 JINGDEZHEN CERAMIC CUL 5.38 11/27/22 CNY 40.27 JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 39.50 JINGJIANG CITY INVESTM 4.55 03/30/23 CNY 39.80 JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 20.02 JINGJIANG HARBOUR GROU 7.30 08/05/21 CNY 20.16 JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 15.00 JINGMEN CITY CONSTRUCT 6.85 07/09/22 CNY 15.39 JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 39.80 JINGMEN HIGH-TECH DEVE 5.48 08/11/22 CNY 40.21 JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 59.37 JINGMEN HIGH-TECH DEVE 4.15 07/28/23 CNY 59.56 JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 59.02 JINGSHAN JINGCHENG INV 4.38 08/29/23 CNY 60.17 JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 39.60 JINGZHOU URBAN CONSTRU 3.97 03/10/23 CNY 39.94 JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 20.09 JINHU COUNTY STATE-OWN 7.75 08/25/21 CNY 21.33 JINHU COUNTY STATE-OWN 4.00 07/26/22 CNY 49.73 JINHU COUNTY STATE-OWN 4.00 07/26/22 CNY 49.95 JINING CITY SHIZHONG D 6.39 01/29/22 CNY 19.98 JINING CITY SHIZHONG D 6.39 01/29/22 CNY 24.44 JINING CITY SHIZHONG D 3.52 09/14/23 CNY 59.61 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 20.30 JINING HIGH TECH URBAN 6.09 04/30/22 CNY 21.50 JINING HIGH TECH URBAN 5.88 04/25/23 CNY 71.59 JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 60.18 JINSHA COUNTY CONSTRUC 6.01 09/05/23 CNY 60.19 JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 59.91 JINTANG MODERN AGRICUL 5.49 07/14/23 CNY 60.01 JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 40.89 JINZHAI URBAN DEVELOPM 5.90 04/25/23 CNY 40.90 JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 20.05 JINZHOU CITY INVESTMEN 6.44 08/18/21 CNY 24.91 JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 19.98 JISHOU HUATAI STATE OW 7.18 02/09/22 CNY 22.82 JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 62.50 JISHOU HUATAI STATE OW 6.50 06/21/24 CNY 62.53 JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 19.55 JIUJIANG CITY CONSTRUC 5.50 05/22/22 CNY 20.25 JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 20.36 JIUJIANG LAND INVESTME 6.20 03/23/22 CNY 20.40 JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 39.66 JIUJIANG LIANXI DISTRI 4.58 03/30/23 CNY 39.90 JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 19.91 JIXI STATE OWN ASSET M 6.87 01/19/22 CNY 20.85 KAIFENG URBAN OPERATIO 6.35 03/23/22 CNY 20.13 KAIFENG URBAN OPERATIO 6.35 03/23/22 CNY 20.13 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 39.85 KAIFU CITY DEVELOPMENT 4.20 01/21/23 CNY 40.14 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.48 KAIFU CITY DEVELOPMENT 3.73 08/22/23 CNY 59.77 KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 38.99 KAILI GUIZHOU TOWN CON 5.29 12/17/22 CNY 40.00 KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 56.00 KAILI GUIZHOU TOWN CON 4.20 10/13/23 CNY 57.21 KANGMEI PHARMACEUTICAL 6.28 03/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 20.50 KANGMEI PHARMACEUTICAL 5.50 04/20/21 CNY 20.50 KANGMEI PHARMACEUTICAL 7.00 06/21/21 CNY 20.50 KANGMEI PHARMACEUTICAL 6.80 06/28/21 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 6.33 01/27/22 CNY 36.69 KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 40.00 KASHI URBAN CONSTRUCTI 5.80 07/20/22 CNY 40.28 KUNMING DONGJUN REAL E 4.50 11/02/21 CNY 24.85 LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 14.90 LANZHOU STATE OWNED AS 6.32 09/10/21 CNY 19.97 LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 40.24 LAOHEKOU CITY CONSTRUC 6.75 08/12/22 CNY 40.30 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.49 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 20.50 LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 59.19 LEPING STATE-OWNED ASS 3.70 10/20/23 CNY 59.31 LEQING CITY STATE OWNE 5.99 10/20/21 CNY 20.16 LEQING CITY STATE OWNE 5.99 10/20/21 CNY 20.85 LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 20.00 LESHAN STATE-OWNED ASS 5.68 10/22/21 CNY 20.15 LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 20.16 LIANYUNGANG TRANSPORT 5.47 11/17/21 CNY 25.00 LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 39.39 LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 39.60 LIAOCHENG ANTAI URBAN 5.16 04/11/23 CNY 39.85 LIAOCHENG ANTAI URBAN 4.58 04/11/23 CNY 39.94 LIAOCHENG XINGYE HOLDI 5.20 04/13/23 CNY 39.20 LIAOCHENG XINGYE HOLDI 5.20 04/13/23 CNY 39.95 LIAONING GUANLONG CONS 4.70 11/10/23 CNY 57.91 LIAONING GUANLONG CONS 4.70 11/10/23 CNY 59.45 LIAONING YAODU DEVELOP 6.50 04/29/23 CNY 40.66 LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 39.78 LILING HIGH-TECH INDUS 4.93 01/19/23 CNY 39.81 LINFEN YAODU DISTRICT 7.19 03/13/22 CNY 20.22 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 58.95 LINYI CITY DEVELOPMENT 3.85 11/22/23 CNY 60.10 LISHUI CITY CULTURAL T 5.67 08/13/22 CNY 40.35 LISHUI CITY CULTURAL T 5.67 08/13/22 CNY 40.85 LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 58.50 LIUPANSHUI CITY TRAFFI 5.98 05/02/24 CNY 60.82 LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.70 LIUPANSHUI DEVELOPMENT 3.74 01/20/23 CNY 39.87 LIUPANSHUI MINSHENG IN 5.08 01/29/23 CNY 37.98 LIUPANSHUI MINSHENG IN 5.08 01/29/23 CNY 39.88 LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 39.74 LIUYANG MODERN MANUFAC 4.72 01/19/23 CNY 39.77 LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 61.02 LIUYANG MODERN MANUFAC 5.75 05/02/24 CNY 61.64 LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 20.10 LIUYANG URBAN CONSTRUC 6.98 08/22/21 CNY 20.25 LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 39.79 LIUYANG URBAN CONSTRUC 4.45 05/24/23 CNY 40.49 LIUZHOU CITY INVESTMEN 7.18 12/31/22 CNY 29.00 LIUZHOU CITY INVESTMEN 7.18 12/31/22 CNY 30.00 LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 57.85 LIUZHOU DONGTONG INVES 4.45 07/22/23 CNY 57.95 LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 38.81 LIUZHOU INVESTMENT HOL 4.28 03/08/23 CNY 39.89 LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 44.00 LIUZHOU LONGJIAN INVES 8.28 04/30/24 CNY 46.26 LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 18.00 LIYANG KUNLUN URBAN CO 5.90 10/24/21 CNY 20.10 LONGHAI STATE-OWNED AS 6.58 08/15/21 CNY 20.02 LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 39.81 LONGYAN RAILWAY CONSTR 4.98 04/13/23 CNY 40.23 LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 20.00 LOUDI TIDU INVESTMENT 7.18 08/27/21 CNY 20.05 LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 39.66 LOUDI TIDU INVESTMENT 4.83 01/20/23 CNY 39.79 LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 39.26 LOUDI WANBAO NEW DISTR 5.13 02/01/23 CNY 39.98 LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 58.43 LOUDI WANBAO NEW DISTR 4.42 08/01/23 CNY 59.40 LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 20.00 LUJIANG CITY CONSTRUCT 6.70 04/16/22 CNY 20.49 LUOYANG CITY COUNTRY C 4.28 04/26/23 CNY 39.78 LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 40.00 LUOYANG CITY DEVELOPME 4.47 12/02/22 CNY 40.27 LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 59.86 LUZHOU FUYANG INVESTME 5.00 08/11/23 CNY 59.87 LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 60.00 LUZHOU XINGLU INVESTME 6.41 04/23/25 CNY 63.40 LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 39.50 LUZHOU XINGYANG INVEST 4.87 01/28/23 CNY 39.64 MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 20.07 MA'ANSHAN CIHU HIGH TE 6.85 09/09/21 CNY 23.00 MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 59.08 MA'ANSHAN CIHU HIGH TE 3.90 11/28/23 CNY 60.40 MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 20.22 MAANSHAN ECONOMIC TECH 6.49 03/06/22 CNY 24.99 MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 20.12 MAANSHAN HUASHAN DISTR 6.07 04/20/22 CNY 20.45 MAANSHAN NINGBO INVEST 7.50 04/18/26 CNY 40.00 MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 58.85 MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 59.17 MAANSHAN SOUTHERN INDU 4.43 09/02/23 CNY 59.38 MAANSHAN SOUTHERN INDU 4.53 07/25/23 CNY 59.96 MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 38.69 MEISHAN CITY DONGPO DE 5.90 06/30/23 CNY 38.95 MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 39.28 MEISHAN HONGDA CONSTRU 4.18 03/28/23 CNY 39.52 MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 20.33 MEIZHOU CITY XIN JIN Y 6.02 04/22/22 CNY 25.32 MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 39.78 MEIZHOU MEI COUNTY DIS 5.00 12/30/22 CNY 40.00 MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 20.18 MUDANJIANG AREA URBAN 6.48 06/30/22 CNY 25.00 MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZH 3.00 03/29/22 CNY 20.00 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 69.66 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 70.20 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 75.00 MUNICIPALITY OF SHENZH 3.37 03/29/26 CNY 75.00 NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 59.49 NANCHANG ECONOMY TECHN 3.83 09/22/23 CNY 60.23 NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 19.58 NANCHONG AIRPORT INVES 6.80 01/26/22 CNY 20.15 NANCHONG JIALING DEVEL 7.80 12/12/24 CNY 75.00 NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 40.18 NANJING BAIXIA STATE-O 3.98 03/29/23 CNY 40.35 NANJING HEXI NEW TOWN 3.20 07/22/21 CNY 40.02 NANJING JIANGNING ECON 7.94 04/14/24 CNY 48.20 NANJING JIANGNING URBA 3.48 11/11/23 CNY 59.40 NANJING JIANGNING URBA 3.48 11/11/23 CNY 59.67 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 40.25 NANJING JIANYE SCIENCE 4.37 06/24/23 CNY 40.38 NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 20.04 NANJING LISHUI ECONOMI 6.27 09/22/21 CNY 21.29 NANJING LISHUI ECONOMI 3.41 11/09/23 CNY 59.52 NANJING LISHUI URBAN C 4.97 04/28/23 CNY 39.88 NANJING LISHUI URBAN C 4.97 04/28/23 CNY 39.88 NANJING METRO GROUP CO 3.29 08/29/23 CNY 59.98 NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 39.71 NANJING QIXIA STATE-OW 4.10 06/24/23 CNY 40.41 NANJING STATE OWNED AS 5.60 03/06/23 CNY 30.48 NANNING HI-TECH INDUST 4.28 03/25/23 CNY 35.20 NANNING HI-TECH INDUST 4.28 03/25/23 CNY 39.89 NANNING HI-TECH INDUST 3.82 10/20/23 CNY 58.86 NANNING HI-TECH INDUST 3.82 10/20/23 CNY 59.08 NANPING CITY WUYI NEW 4.96 09/28/22 CNY 40.20 NANPING CITY WUYI NEW 4.96 09/28/22 CNY 40.30 NANTONG CHONGCHUAN URB 5.70 07/21/22 CNY 70.00 NANTONG CHONGCHUAN URB 5.70 07/21/22 CNY 70.84 NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 39.86 NANTONG CITY TONGZHOU 3.75 07/07/23 CNY 40.00 NANTONG CITY TONGZHOU 4.88 04/10/24 CNY 60.90 NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 40.03 NANTONG CITY XINGCHUAN 3.80 09/06/21 CNY 40.04 NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 40.19 NANTONG HIGH TECHNOLOG 5.00 10/19/22 CNY 41.52 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 20.00 NANTONG SUTONG SCIENCE 6.20 03/18/22 CNY 20.36 NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 39.72 NANYANG HIGH-TECH DIST 6.45 04/29/23 CNY 40.64 NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 60.70 NANZHANG COUNTY CONSTR 6.00 01/20/24 CNY 61.05 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 59.08 NEIJIANG CITY XINGYUAN 4.28 08/16/23 CNY 59.26 NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 39.52 NEIJIANG STATE-OWNED A 6.20 04/12/23 CNY 40.39 NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 36.36 NEIJINAG CONSTRUCTION 5.03 12/25/22 CNY 39.20 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 IN 5.85 12/04/21 CNY 20.11 NINGBO CITY ZHENHAI IN 5.85 12/04/21 CNY 20.16 NINGBO FENGHUA INVESTM 4.58 03/28/22 CNY 50.12 NINGBO FENGHUA INVESTM 4.58 03/28/22 CNY 50.39 NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 20.21 NINGBO MEISHAN ISLAND 6.27 03/23/22 CNY 28.29 NINGXIA SHENG YAN INDU 7.50 09/27/23 CNY 42.45 NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 20.20 NINGXIANG CITY CONSTRU 6.70 01/20/22 CNY 20.20 NINGXIANG CITY CONSTRU 6.00 06/02/26 CNY 71.92 NINGXIANG CITY CONSTRU 6.00 06/02/26 CNY 72.67 NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 39.92 NINGXIANG ECONOMIC TEC 3.87 01/27/23 CNY 40.00 NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 39.71 NINGXIANG STATE-OWNED 4.89 06/03/23 CNY 39.78 NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 59.07 NINGXIANG STATE-OWNED 3.88 11/02/23 CNY 59.13 ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 60.42 ONE BELT ONE ROAD JIAN 4.70 07/15/23 CNY 60.43 PANJIN WATER GROUP CO 5.18 10/28/23 CNY 55.46 PANJIN WATER GROUP CO 5.18 10/28/23 CNY 59.94 PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 20.20 PANSHAN COUNTY STATE-O 7.48 01/21/22 CNY 20.21 PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 20.40 PANZHIHUA STATE OWNED 8.18 03/13/22 CNY 20.45 PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 40.00 PEIXIAN CITY INVESTMEN 5.20 11/10/22 CNY 40.13 PEKING UNIVERSITY FOUN 6.20 05/31/20 CNY 11.00 PEKING UNIVERSITY FOUN 6.15 07/23/20 CNY 11.00 PEKING UNIVERSITY FOUN 6.30 09/12/20 CNY 11.00 PEKING UNIVERSITY FOUN 4.80 07/26/21 CNY 11.00 PEKING UNIVERSITY FOUN 6.10 08/22/21 CNY 11.00 PEKING UNIVERSITY FOUN 5.99 11/02/21 CNY 11.00 PEKING UNIVERSITY FOUN 5.80 01/28/22 CNY 11.00 PEKING UNIVERSITY FOUN 6.68 08/09/23 CNY 11.00 PEKING UNIVERSITY FOUN 6.50 11/16/23 CNY 11.00 PEKING UNIVERSITY FOUN 6.30 03/04/24 CNY 11.00 PENGZHOU STATE-PENGZHO 3.95 10/20/23 CNY 57.51 PENGZHOU STATE-PENGZHO 3.95 10/20/23 CNY 58.92 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 40.39 PINGHU CITY INVESTMENT 5.13 04/29/23 CNY 40.66 PINGJIANG COUNTY WATER 6.64 06/27/26 CNY 70.05 PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 36.00 PINGLIANG CULTURAL & T 6.85 11/30/22 CNY 40.49 PINGTAN COMPREHENSIVE 3.92 01/29/23 CNY 40.60 PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 39.41 PINGXIANG CHANGXING IN 5.26 04/11/23 CNY 40.28 PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 19.92 PINGXIANG HUIFENG INVE 6.60 01/26/22 CNY 20.54 PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 40.00 PINGYANG STATE-OWNED A 4.97 01/08/23 CNY 40.43 PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 20.19 PIZHOU CITY HENGRUN IN 6.46 12/05/21 CNY 22.46 PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 39.54 PIZHOU ECONOMIC DEVELO 5.00 10/29/22 CNY 40.00 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.13 PUTIAN HIGH TECHNOLOGY 5.90 05/03/22 CNY 25.16 QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 20.00 QIANAN URBAN CONSTRUCT 7.19 08/11/21 CNY 20.04 QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 20.30 QIANAN XINGYUAN WATER 6.25 04/22/22 CNY 20.40 QIANDONGNAN TRANSPORTA 5.79 12/21/22 CNY 38.28 QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 65.69 QIANDONGNANZHOU KAIHON 5.30 09/22/26 CNY 70.56 QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 39.81 QIANJIANG URBAN CONSTR 5.19 12/21/22 CNY 40.00 QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 58.60 QIANNAN AUTONOMOUS PRE 6.99 04/19/24 CNY 59.30 QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 61.96 QIANNAN AUTONOMOUS PRE 6.98 07/06/24 CNY 61.97 QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 18.89 QIANNANZHOU INVESTMENT 6.43 03/09/22 CNY 19.02 QIANNANZHOU INVESTMENT 6.77 07/28/24 CNY 69.79 QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 39.47 QIANXINAN AUTONOMOUS R 5.90 06/22/23 CNY 40.25 QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 58.30 QICHUN COUNTY CONSTRUC 4.96 10/18/23 CNY 59.16 QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 39.97 QIDONG COMMUNICATIONS 4.00 03/18/23 CNY 40.00 QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 30.70 QIDONG STATE-OWNED ASS 7.30 11/20/22 CNY 30.95 QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 40.24 QIDONG STATE-OWNED ASS 4.00 03/09/23 CNY 40.28 QIHE CITY OPERATION CO 5.10 03/07/23 CNY 39.82 QIHE CITY OPERATION CO 5.10 03/07/23 CNY 39.87 QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 58.89 QINGDAO CHANGYANG INVE 3.73 09/12/23 CNY 59.59 QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 30.71 QINGDAO CONSON DEVELOP 6.40 12/12/22 CNY 31.05 QINGDAO JIAOZHOU BAY D 6.33 09/18/21 CNY 20.11 QINGDAO JIAOZHOU BAY D 6.33 09/18/21 CNY 21.30 QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 20.08 QINGDAO JIMO CITY TOUR 5.47 11/17/21 CNY 20.25 QINGDAO JIMO CITY TOUR 5.35 07/10/24 CNY 61.85 QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 40.19 QINGDAO OCEAN INVESTME 4.36 05/12/23 CNY 40.39 QINGDAO WEST COAST DEV 4.26 06/06/23 CNY 39.56 QINGDAO WEST COAST DEV 4.26 06/06/23 CNY 40.12 QINGHAI PROVINCIAL INV 7.25 02/22/20 USD 28.11 QINGHAI PROVINCIAL INV 7.88 03/22/21 USD 30.26 QINGHAI PROVINCIAL INV 6.40 07/10/21 USD 33.44 QINGHAI STATE-OWNED AS 5.40 05/21/23 CNY 50.90 QINGHAI STATE-OWNED AS 5.90 12/17/22 CNY 53.10 QINGHAI STATE-OWNED AS 6.38 08/14/28 CNY 55.00 QINGHAI STATE-OWNED AS 7.20 11/25/28 CNY 55.00 QINGHAI STATE-OWNED AS 6.70 10/10/29 CNY 55.00 QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 39.68 QINHUANGDAO CITY DEVEL 4.69 04/14/23 CNY 40.48 QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 58.51 QINHUANGDAO DEVELOPMEN 4.07 08/26/23 CNY 59.16 QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 20.22 QIONGLAI CITY CONSTRUC 6.98 03/25/22 CNY 20.80 QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 39.92 QUANJIAO URBAN INFRAST 5.10 05/18/23 CNY 39.92 QUJING CITY QILIN DIST 5.37 11/26/22 CNY 39.97 QUJING CITY QILIN DIST 5.37 11/26/22 CNY 41.95 QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 19.92 QUJING ECO TECH DEVELO 7.48 07/21/21 CNY 20.01 QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 39.24 QUJING ECO TECH DEVELO 5.75 06/01/23 CNY 40.19 RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 38.80 RENHUAI CITY DEVELOPME 5.12 04/14/23 CNY 38.80 RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 40.30 RENQIU CONSTRUCTION IN 5.68 11/18/22 CNY 40.82 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 38.00 RENSHOU DEVELOPMENT OF 6.42 12/22/22 CNY 39.76 REWARD SCIENCE AND TEC 5.53 07/05/21 CNY 29.10 REWARD SCIENCE AND TEC 6.40 03/03/22 CNY 70.00 RIGHT WAY REAL ESTATE 8.00 07/15/21 CNY 43.89 RIZHAO CITY CONSTRUCTI 3.98 12/07/22 CNY 39.93 RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 71.73 RUCHENG COUNTY URBAN C 5.69 02/23/24 CNY 71.74 RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 59.78 RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 59.81 RUDONG COUNTY JINXIN T 3.80 07/26/23 CNY 60.01 RUDONG COUNTY JINXIN T 4.57 07/26/23 CNY 60.31 RUDONG COUNTY KAITAI C 4.57 01/08/23 CNY 40.26 RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 59.25 RUDONG NEW WORLD INVES 4.37 07/18/23 CNY 59.46 RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 39.82 RUGAO COMMUNICATIONS C 3.74 03/23/23 CNY 40.14 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.77 RUGAO ECONOMIC & TRADE 3.95 03/24/23 CNY 39.78 RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 39.73 RUIAN STATE OWNED ASSE 4.56 01/27/23 CNY 40.53 RUICHANG CITY INVESTME 5.50 06/17/23 CNY 39.59 RUICHANG CITY INVESTME 5.68 03/25/23 CNY 39.71 RUICHANG CITY INVESTME 5.50 06/17/23 CNY 40.18 RUICHANG CITY INVESTME 5.68 03/25/23 CNY 40.21 RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 59.12 RUIJIN URBAN DEVELOPME 4.13 09/06/23 CNY 59.13 RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 24.75 RUZHOU CITY XINYUAN IN 6.30 09/16/21 CNY 25.05 RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 57.18 RUZHOU CITY XINYUAN IN 4.43 09/26/23 CNY 57.21 SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 20.00 SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 20.00 SANMEN COUNTY STATE-OW 6.85 10/29/21 CNY 20.12 SANMEN COUNTY STATE-OW 6.80 03/18/22 CNY 20.25 SANMING STATE-OWNED AS 5.10 04/17/24 CNY 61.28 SANMING TRANSPORTATION 3.68 03/29/23 CNY 40.02 SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 20.16 SHAANXI ANKANG HIGH TE 8.78 09/17/21 CNY 27.00 SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 39.62 SHAANXI XIXIAN NEW ARE 5.10 06/06/23 CNY 39.62 SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 20.04 SHAANXI XIXIAN NEW ARE 6.85 08/15/21 CNY 20.05 SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 19.50 SHAANXI XIXIAN NEW ARE 6.89 01/05/22 CNY 20.18 SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 40.05 SHAANXI XIXIAN NEW ARE 5.15 11/27/22 CNY 41.01 SHANDONG BORUN INDUSTR 6.50 11/02/21 CNY 33.39 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.36 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 20.50 SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 20.01 SHANDONG CENTURY SUNSH 8.19 07/21/21 CNY 20.02 SHANDONG FUYU CHEMICAL 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 20.26 SHANDONG GAOCHUANG CON 6.05 06/18/22 CNY 22.45 SHANDONG RUYI TECHNOLO 7.90 09/18/23 CNY 52.10 SHANDONG SNTON GROUP C 5.18 09/08/21 CNY 8.52 SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 20.00 SHANDONG TENGJIAN INVE 6.00 06/08/22 CNY 20.16 SHANDONG WANTONG PETRO 7.97 11/29/21 CNY 0.20 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.32 SHANGHAI MINHANG URBAN 5.63 04/20/22 CNY 20.48 SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 61.05 SHANGHAI MUNICIPAL INV 4.80 11/05/24 CNY 61.46 SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 20.07 SHANGHAI NANHUI URBAN 6.04 08/20/21 CNY 20.15 SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 39.78 SHANGHAI URBAN CONSTRU 3.50 01/06/23 CNY 40.03 SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 40.19 SHANGRAO CITY STATE-OW 4.65 01/29/23 CNY 40.40 SHANTOU CITY CONSTRUCT 8.57 03/23/22 CNY 15.52 SHANTOU INVESTMENT HOL 7.99 03/04/24 CNY 48.04 SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 24.50 SHANXI XIANG KUANG GRO 8.80 02/11/22 CNY 40.85 SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 62.20 SHAODONG NEW AREA DEVE 7.10 04/19/24 CNY 62.21 SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 68.34 SHAOGUAN URBAN INVESTM 3.67 10/25/24 CNY 69.17 SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 40.01 SHAOWU URBAN CONSTRUCT 5.88 09/11/22 CNY 43.39 SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 20.39 SHAOXING CHENGZHONGCUN 6.09 04/27/22 CNY 20.43 SHAOXING CITY INVESTME 5.75 04/17/22 CNY 20.27 SHAOXING CITY INVESTME 5.75 04/17/22 CNY 28.00 SHAOXING CITY KEQIAO D 6.40 08/20/21 CNY 20.08 SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 20.47 SHAOXING JINGHU NEW DI 6.13 04/30/22 CNY 20.53 SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 59.93 SHAOXING KEQIAO CITY C 3.64 09/19/23 CNY 59.97 SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 20.00 SHAOXING KEQIAO ECONOM 7.00 12/10/21 CNY 20.20 SHAOXING KEYAN CONSTRU 6.28 03/24/22 CNY 20.00 SHAOXING KEYAN CONSTRU 6.28 03/24/22 CNY 20.37 SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 39.85 SHAOXING SHANGYU ECONO 4.76 04/11/23 CNY 40.36 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 20.04 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 21.15 SHAOYANG BAOQING INDUS 5.78 07/04/26 CNY 70.43 SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 39.43 SHAOYANG DULIANG INVES 5.50 04/13/23 CNY 40.05 SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 20.01 SHENGZHOU INVESTMENT H 7.60 07/17/21 CNY 20.59 SHENYANG DADONG STATE- 6.05 03/20/22 CNY 20.00 SHENYANG DADONG STATE- 6.05 03/20/22 CNY 20.18 SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 20.13 SHENYANG ECONOMIC AFFO 7.17 04/29/22 CNY 20.39 SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 20.19 SHENYANG TIEXI STATE-O 6.00 01/14/22 CNY 27.50 SHENZHEN METRO GROUP C 5.40 03/25/23 CNY 30.44 SHENZHEN METRO GROUP C 6.75 01/24/24 CNY 46.68 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.00 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 55.70 SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 20.21 SHIJIAZHUANG STATE-OWN 5.75 04/09/22 CNY 27.20 SHISHI CITY CONSTRUCTI 6.10 05/04/22 CNY 20.45 SHISHOU BOYA CITY CONS 6.98 06/15/24 CNY 61.90 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.68 SHIYAN ECO DEVELOPMENT 3.98 08/05/23 CNY 59.90 SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 20.09 SHIYAN STATE-OWNED CAP 6.58 08/20/21 CNY 20.29 SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 70.98 SHIYAN STATE-OWNED CAP 4.88 01/11/26 CNY 71.04 SHIYAN YUNYANG INVESTM 6.40 07/10/24 CNY 61.33 SHIZHU TUJIA HONGSHENG 7.00 11/13/24 CNY 64.00 SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 40.70 SHUCHENG COUNTY URBAN 5.50 04/29/23 CNY 40.71 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 39.50 SHUYANG JINGYUAN ASSET 5.49 09/11/22 CNY 40.14 SICHUAN COAL GASIFICAT 7.00 04/18/23 CNY 40.58 SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00 SICHUAN LANGUANG DEVEL 7.15 03/16/23 CNY 24.00 SICHUAN LANGUANG DEVEL 7.40 09/14/21 CNY 30.45 SICHUAN LANGUANG DEVEL 7.50 07/11/21 CNY 33.40 SICHUAN LANGUANG DEVEL 7.50 07/23/22 CNY 42.00 SICHUAN LANGUANG DEVEL 6.50 07/29/21 CNY 47.50 SICHUAN LANGUANG DEVEL 7.00 09/29/22 CNY 47.50 SICHUAN LANGUANG DEVEL 7.00 10/26/22 CNY 47.50 SICHUAN LANGUANG DEVEL 7.50 11/22/22 CNY 47.50 SICHUAN LANGUANG DEVEL 7.20 03/11/23 CNY 47.50 SICHUAN LANGUANG DEVEL 7.20 05/11/23 CNY 47.50 SICHUAN LANGUANG DEVEL 7.50 08/12/21 CNY 50.00 SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 39.54 SICHUAN LANGZHONG FAMO 5.60 04/19/23 CNY 40.16 SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 39.74 SICHUAN LONGYANG TIANF 5.45 05/27/23 CNY 39.81 SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 20.00 SICHUAN NAXING INDUSTR 7.17 09/11/21 CNY 20.05 SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 38.92 SICHUAN NAXING INDUSTR 4.68 03/31/23 CNY 39.50 SICHUAN NAXING INDUSTR 6.80 08/18/22 CNY 50.00 SICHUAN NAXING INDUSTR 6.80 08/18/22 CNY 50.36 SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 58.52 SICHUAN QINBA NEWCITY 6.68 07/07/24 CNY 60.00 SICHUAN RENSHOU XINLON 7.00 06/27/24 CNY 61.21 SICHUAN RENSHOU XINLON 7.00 06/27/24 CNY 61.80 SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 20.11 SICHUAN TIANYIN INDUST 6.79 03/25/22 CNY 28.00 SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 20.12 SIHONG COUNTY HONG YUA 6.15 03/16/22 CNY 20.35 SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 39.22 SIHUI STATE OWNED ASSE 4.59 01/14/23 CNY 40.18 SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 40.32 SIYANG COUNTY MINKANG 4.94 01/21/23 CNY 40.56 SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 19.95 SONGYUAN URBAN DEVELOP 5.79 12/04/21 CNY 20.78 SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 39.89 SUINING COUNTY RUNQI I 5.42 11/20/22 CNY 40.00 SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 19.63 SUINING FUYUAN INDUSTR 6.39 03/17/22 CNY 24.18 SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 57.18 SUINING FUYUAN INDUSTR 5.34 12/02/23 CNY 59.91 SUINING KAIDA INVESTME 4.89 04/08/23 CNY 38.56 SUINING KAIDA INVESTME 4.89 04/08/23 CNY 38.59 SUINING ROUGANG INVEST 5.65 01/24/24 CNY 59.87 SUINING TIANTAI INDUST 5.98 03/28/24 CNY 60.72 SUINING TIANTAI INDUST 5.98 03/28/24 CNY 60.73 SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 60.31 SUIZHOU DEVELOPMENT IN 5.70 04/07/24 CNY 60.52 SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 39.57 SUIZHOU HIGH-TECH INDU 4.47 03/25/23 CNY 39.77 SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 20.06 SUIZHOU URBAN CONSTRUC 7.18 09/02/21 CNY 21.20 SUIZHOU YULONG WATER S 6.10 03/28/23 CNY 43.20 SUQIAN CITY CONSTRUCTI 5.30 07/11/24 CNY 61.16 SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 61.46 SUQIAN ECONOMIC DEVELO 5.40 04/20/24 CNY 61.88 SUQIAN YUFENG ASSET MA 5.50 04/21/24 CNY 62.01 SUQIAN YUFENG ASSET MA 5.50 04/21/24 CNY 64.26 SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 40.02 SUZHOU CITY CONSTRUCTI 3.89 03/24/23 CNY 40.11 SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 40.28 SUZHOU CITY HENGCHENG 4.40 03/01/23 CNY 40.29 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 40.08 SUZHOU NEW & HIGH-TECH 4.18 03/23/23 CNY 40.29 SUZHOU SND GROUP CO LT 6.20 07/22/21 CNY 20.01 SUZHOU SND GROUP CO LT 6.20 07/22/21 CNY 20.03 SUZHOU WUJIANG COMMUNI 3.75 05/26/23 CNY 52.69 SUZHOU WUJIANG DISTRIC 5.25 07/08/22 CNY 40.44 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 40.06 TAIAN TAISHAN HOLDINGS 5.50 04/26/23 CNY 40.28 TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 40.84 TAICANG SCIENCE EDUCAT 5.54 08/28/22 CNY 44.60 TAIXING HONGQIAO PARK 5.03 10/29/22 CNY 39.60 TAIXING HONGQIAO PARK 5.03 10/29/22 CNY 39.68 TAIZHOU CITY CONSTRUCT 6.92 10/16/23 CNY 46.84 TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 61.65 TAIZHOU GAOGANG HI-TEC 5.54 06/22/24 CNY 63.70 TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 39.99 TAIZHOU HAILING CITY D 4.60 12/14/22 CNY 40.22 TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 20.56 TAIZHOU JIAOJIANG STAT 6.18 07/06/22 CNY 24.00 TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 39.71 TAIZHOU JINDONG URBAN 5.10 06/02/23 CNY 39.81 TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 39.69 TAIZHOU XINTAI GROUP C 4.07 03/23/23 CNY 39.73 TIANCHANG CITY CONSTRU 4.99 12/05/23 CNY 56.41 TIANCHANG CITY CONSTRU 4.99 12/05/23 CNY 59.78 TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 19.96 TIANJIN BEICHEN TECHNO 6.87 08/20/21 CNY 27.00 TIANJIN BINHAI NEW ARE 6.10 11/23/21 CNY 24.00 TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 36.29 TIANJIN BOHAI STATE-OW 3.82 04/18/23 CNY 39.29 TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 64.28 TIANJIN BOHAI STATE-OW 4.10 04/18/26 CNY 70.00 TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 16.65 TIANJIN DONGFANG CAIXI 5.19 01/29/22 CNY 19.94 TIANJIN DONGLI CITY IN 4.28 12/02/22 CNY 40.19 TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 29.92 TIANJIN ECONOMIC TECHN 6.50 12/03/22 CNY 30.54 TIANJIN GUANGCHENG INV 6.97 02/22/23 CNY 28.60 TIANJIN HARBOR CONSTRU 6.29 10/21/21 CNY 40.13 TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 20.00 TIANJIN HUANCHENG URBA 5.75 04/27/22 CNY 20.50 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 24.22 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 30.51 TIANJIN INFRASTRUCTURE 4.22 10/15/26 CNY 73.11 TIANJIN INFRASTRUCTURE 3.95 09/14/32 CNY 73.50 TIANJIN INFRASTRUCTURE 3.30 08/02/32 CNY 73.68 TIANJIN INFRASTRUCTURE 5.00 10/26/23 CNY 74.14 TIANJIN INFRASTRUCTURE 4.20 09/03/23 CNY 74.20 TIANJIN INFRASTRUCTURE 3.99 08/10/23 CNY 74.53 TIANJIN INFRASTRUCTURE 4.64 05/21/29 CNY 98.50 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 69.17 TIANJIN METRO GROUP CO 4.27 10/16/25 CNY 74.00 TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 38.64 TIANJIN NINGHE INVESTM 5.50 04/22/23 CNY 40.16 TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 60.47 TIANJIN RAILWAY CONSTR 5.58 04/13/25 CNY 64.40 TIANJIN REAL ESTATE GR 4.50 09/29/20 USD 73.75 TIANJIN WATER INVESTME 6.60 07/28/21 CNY 19.95 TIANJIN WATER INVESTME 6.60 07/28/21 CNY 21.80 TIANJIN WUQING ECONOMI 6.65 09/12/21 CNY 19.53 TIANJIN WUQING ECONOMI 6.65 09/12/21 CNY 19.99 TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 39.91 TIANJIN WUQING STATE-O 4.15 11/17/22 CNY 40.00 TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 20.10 TIANMEN CITY CONSTRUCT 8.20 08/28/21 CNY 25.16 TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 58.28 TIANMEN CITY CONSTRUCT 3.98 11/15/23 CNY 59.80 TONGLING CONSTRUCTION 4.12 03/14/23 CNY 40.00 TONGLING CONSTRUCTION 4.12 03/14/23 CNY 40.14 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 57.10 TSINGHUA HOLDINGS CORP 4.10 08/24/21 CNY 66.77 TSINGHUA UNIGROUP CO L 5.20 12/10/23 CNY 11.65 TSINGHUA UNIGROUP CO L 5.11 01/25/24 CNY 13.00 TSINGHUA UNIGROUP CO L 4.94 03/25/22 CNY 16.55 TSINGHUA UNIGROUP CO L 5.85 03/27/22 CNY 16.88 TSINGHUA UNIGROUP CO L 5.60 11/15/20 CNY 26.63 TSINGHUA UNIGROUP CO L 6.20 03/16/21 CNY 26.63 TSINGHUA UNIGROUP CO L 6.15 12/26/21 CNY 26.63 TSINGHUA UNIGROUP CO L 6.00 08/14/22 CNY 26.63 TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 20.26 TULUFAN DISTRICT STATE 6.20 03/19/22 CNY 20.39 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 ULANQAB CITY INVESTMEN 8.39 04/25/22 CNY 25.54 URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 20.00 URUMQI ECO&TECH DEVELO 6.40 04/13/22 CNY 20.19 WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 20.34 WANGCHENG ECONOMIC DEV 6.57 01/22/22 CNY 28.81 WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 39.44 WANGCHENG ECONOMIC DEV 3.75 07/13/23 CNY 61.05 WEIHAI CITY SHUANGDAO 5.32 04/28/24 CNY 61.84 WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 39.39 WEIHAI LANCHUANG CONST 4.80 12/17/22 CNY 39.62 WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 38.40 WEIHAI URBAN CONSTRUCT 3.33 03/02/23 CNY 39.95 WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 58.85 WEIHAI WENDENG DISTRIC 3.64 10/26/23 CNY 59.01 WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 39.65 WEIHAI WENDENG URBAN P 4.80 05/26/23 CNY 39.69 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.00 WEINAN CITY INVESTMENT 6.09 03/11/22 CNY 20.22 WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 39.42 WENDENG GOLDEN BEACH I 3.97 03/21/23 CNY 39.43 WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 57.34 WENSHAN URBAN CONSTRUC 4.50 09/13/23 CNY 59.42 WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 40.34 WENZHOU CITY CONSTRUCT 4.05 01/25/23 CNY 40.37 WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 40.88 WENZHOU CITY CONSTRUCT 5.00 04/26/23 CNY 40.94 WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 40.42 WENZHOU GANGCHENG DEVE 5.19 03/29/23 CNY 40.43 WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 20.15 WENZHOU LUCHENG CITY D 5.58 11/03/21 CNY 20.17 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 60.20 WENZHOU OUHAI NEW CITY 3.98 10/26/23 CNY 60.20 WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63 WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63 WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63 WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63 WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63 WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63 WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63 WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63 WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63 WINTIME ENERGY CO LTD 4.75 07/07/22 CNY 43.63 WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 20.12 WUHAN CITY HUANPI DIST 6.43 09/17/21 CNY 24.00 WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 61.67 WUHAN CITY HUANPI DIST 5.48 04/19/24 CNY 61.75 WUHAN JIANGXIA URBAN C 4.80 06/03/23 CNY 40.10 WUHAN JIANGXIA URBAN C 4.80 06/03/23 CNY 40.32 WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 20.18 WUHAN METRO GROUP CO L 5.25 04/14/22 CNY 20.36 WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 58.93 WUHAN QIAOKOU STATE OW 3.48 08/29/23 CNY 59.76 WUHAN URBAN CONSTRUCTI 4.99 06/15/24 CNY 75.00 WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 39.72 WUHU COMMUNICATIONS IN 4.50 04/28/23 CNY 40.20 WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 59.00 WUHU COMMUNICATIONS IN 3.58 09/23/23 CNY 59.99 WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 20.26 WUHU COUNTY CONSTRUCTI 6.60 12/08/21 CNY 26.35 WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 59.90 WUHU JINGHU CONSTRUCTI 4.37 07/20/23 CNY 60.06 WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 39.60 WUHU JIUJIANG CONSTRUC 3.96 03/21/23 CNY 40.15 WUHU XINMA INVESTMENT 4.87 11/04/22 CNY 40.22 WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 20.08 WUHU YIJU INVESTMENT G 6.45 08/11/21 CNY 20.30 WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 39.83 WUXI HUIKAI ECONOMIC D 4.16 04/08/23 CNY 40.10 WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 40.33 WUXI TAIHU NEW CITY DE 4.49 05/03/23 CNY 40.50 WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 59.50 WUXI TAIHU NEW CITY DE 3.47 08/29/23 CNY 59.89 WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 59.79 WUXI XIDONG NEW TOWN C 3.92 11/09/23 CNY 60.04 WUYANG CONSTRUCTION GR 7.80 09/11/20 CNY 32.48 XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 39.65 XIAN FENGDONG DEVELOPM 4.67 01/08/23 CNY 39.68 XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 20.09 XI'AN INTERNATIONAL HO 6.20 10/21/21 CNY 21.46 XI'AN INTERNATIONAL IN 7.90 09/23/21 CNY 22.28 XI'AN PIONEERING PARK 6.20 05/02/24 CNY 61.44 XI'AN PIONEERING PARK 6.20 05/02/24 CNY 61.45 XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 38.00 XIANGSHUI GUANJIANG HO 4.98 12/24/22 CNY 39.56 XIANGTAN CITY CONSTRUC 7.60 04/02/22 CNY 71.00 XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 54.20 XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 56.97 XIANGTAN CITY INFRASTR 3.95 08/04/23 CNY 57.29 XIANGTAN CITY INFRASTR 3.60 08/04/23 CNY 59.71 XIANGTAN JIUHUA ECONOM 6.59 01/21/22 CNY 19.31 XIANGTAN JIUHUA ECONOM 5.00 07/25/26 CNY 69.08 XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 15.49 XIANGTAN WANLOU XINCHE 6.90 01/14/22 CNY 19.73 XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 56.32 XIANGXIANG ECONOMIC DI 5.28 09/09/23 CNY 57.88 XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 39.47 XIANGXIANG URBAN CONST 5.84 05/18/23 CNY 40.26 XIANGXIANG URBAN CONST 7.50 10/27/24 CNY 60.00 XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 40.01 XIANGYANG CITY XIANGZH 5.18 04/28/23 CNY 40.27 XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 61.92 XIANGYANG HIGH TECH ST 6.25 06/12/24 CNY 62.28 XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 39.69 XIANGYANG STATE-OWNED 4.62 01/25/23 CNY 39.69 XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 20.16 XIANNING HIGH-TECH INV 6.29 02/10/22 CNY 20.56 XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 70.55 XIANNING HIGH-TECH INV 6.60 06/01/27 CNY 72.25 XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 39.59 XIANTAO CITY CONSTRUCT 4.59 04/18/23 CNY 40.49 XIAOCHANG SHUNHE DEVEL 4.15 10/17/23 CNY 58.67 XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 20.10 XIAOGAN GAOCHUANG INVE 6.87 09/22/21 CNY 26.69 XIAOXIAN COUNTY DEVELO 4.85 06/22/23 CNY 40.37 XIAOXIAN COUNTY DEVELO 4.85 06/22/23 CNY 40.40 XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 39.62 XINDONGGANG HOLDING GR 5.53 04/27/23 CNY 40.02 XINGAN COUNTY URBAN CO 5.48 08/03/23 CNY 58.41 XINGAN COUNTY URBAN CO 5.48 08/03/23 CNY 59.90 XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 26.97 XINGAN LEAGUE URBAN DE 6.18 12/21/22 CNY 27.16 XINGHUA CITY ECONOMIC 5.28 06/13/22 CNY 25.01 XINGHUA CITY ECONOMIC 5.28 06/13/22 CNY 25.11 XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 18.40 XINGYI XINHENG URBAN C 5.40 12/16/22 CNY 39.82 XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 39.89 XINMI CAIYUAN CITY CON 4.35 02/28/23 CNY 39.95 XINMIN CITY LUXIN MUNI 6.41 07/29/21 CNY 13.72 XINMIN CITY LUXIN MUNI 6.41 07/29/21 CNY 13.76 XINTAI CITY COORDINATI 6.35 03/23/22 CNY 20.12 XINTAI CITY COORDINATI 6.35 03/23/22 CNY 20.75 XINYI CITY INVESTMENT 4.30 01/19/23 CNY 39.11 XINYI CITY INVESTMENT 4.30 01/19/23 CNY 40.00 XINYI ECONOMIC DEVELOP 6.66 09/27/24 CNY 74.50 XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 20.19 XINYI URBAN TRANSPORTA 6.14 02/06/22 CNY 20.34 XINYI URBAN TRANSPORTA 5.35 04/24/24 CNY 60.58 XINYI URBAN TRANSPORTA 5.35 04/24/24 CNY 62.57 XINYU CITY SHANTYTOWN 6.50 11/13/22 CNY 70.76 XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 20.34 XINYU CITY YUSHUI DIST 7.70 06/24/22 CNY 21.39 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 20.14 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 26.00 XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 39.82 XUANCHENG STATE-OWNED 4.12 04/07/23 CNY 40.37 XUZHOU BOCHANT DEVELOP 5.69 07/28/21 CNY 33.33 XUZHOU CITY JIAWANG CO 4.00 03/23/23 CNY 40.03 XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 40.00 XUZHOU CITY TONGSHAN D 5.23 09/18/22 CNY 40.59 XUZHOU HI-TECH INDUSTR 3.78 11/11/23 CNY 59.99 XUZHOU HI-TECH INDUSTR 3.78 11/11/23 CNY 60.06 XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 40.45 XUZHOU XINSHENG INVEST 5.13 08/12/22 CNY 44.46 YAN'AN NEW CITY CONSTR 5.60 04/21/24 CNY 60.67 YANCHENG GUANDONG ECON 6.42 05/16/24 CNY 62.39 YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 39.90 YANCHENG HIGH-TECH ZON 3.90 12/14/22 CNY 39.94 YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 20.05 YANCHENG ORIENTAL INVE 6.48 09/15/21 CNY 20.07 YANCHENG SOUTH DISTRIC 6.70 07/30/21 CNY 20.05 YANCHENG SOUTH DISTRIC 6.70 07/30/21 CNY 20.10 YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 39.18 YANCHENG YANDU DISTRIC 3.67 03/17/23 CNY 39.34 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 20.45 YANGJIANG HENGCAI CITY 6.24 04/14/22 CNY 21.20 YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 60.87 YANGXIN TOWN CONSTRUCT 6.50 04/26/24 CNY 61.32 YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 39.53 YANGZHONG TRANSPORTATI 4.95 04/07/23 CNY 39.58 YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 40.39 YANGZHONG TRANSPORTATI 4.98 04/07/23 CNY 40.42 YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 60.56 YANGZHOU ECONOMIC & TE 5.28 07/06/24 CNY 62.40 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 57.93 YANGZHOU GUANGLING NEW 3.62 09/07/23 CNY 59.36 YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 20.36 YANGZHOU HANJIANG CONS 5.88 06/15/22 CNY 26.63 YI CHENG CONSTRUCTION 5.44 04/27/23 CNY 39.73 YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 40.00 YI ZHENG CITY DEVELOPM 4.63 01/08/23 CNY 40.15 YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 40.00 YICHANG HIGH-TECH INVE 4.80 12/15/22 CNY 40.51 YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 59.12 YICHANG HIGH-TECH INVE 3.74 07/21/23 CNY 60.30 YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 60.99 YICHANG HIGH-TECH INVE 6.10 05/18/24 CNY 61.25 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 60.94 YICHANG WUJIA NEW CITY 6.50 04/20/24 CNY 61.30 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.00 YICHUN VENTURE CAPITAL 6.70 03/23/22 CNY 20.22 YIHUA ENTERPRISE GROUP 7.00 04/29/22 CNY 54.00 YIHUA LIFESTYLE TECHNO 6.88 07/23/20 CNY 35.00 YIHUA LIFESTYLE TECHNO 6.88 07/16/20 CNY 35.90 YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 61.30 YINGCHENG CITY PUYANG 6.50 04/14/24 CNY 61.31 YINGKOU BEIHAI NEW CIT 7.19 07/12/24 CNY 61.03 YINGKOU COASTAL DEVELO 6.45 01/26/22 CNY 20.14 YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 58.16 YINGKOU ECO & TECH DEV 5.20 08/05/23 CNY 58.41 YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 58.80 YINGKOU ECO & TECH DEV 6.98 04/19/24 CNY 58.83 YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 37.47 YINGKOU LAOBIAN CITY C 4.98 03/11/23 CNY 40.00 YINGKOU LAOBIAN CITY C 5.63 12/16/22 CNY 40.18 YINGTAN JUNENG INVESTM 6.75 07/31/22 CNY 20.56 YINGTAN JUNENG INVESTM 6.75 07/31/22 CNY 41.18 YINGTAN STATE-OWNED AS 7.50 12/12/22 CNY 30.87 YINGTAN STATE-OWNED AS 7.50 12/12/22 CNY 30.88 YINGTAN STATE-OWNED AS 3.63 08/12/21 CNY 40.02 YINING CITY STATE OWNE 5.37 09/24/22 CNY 38.99 YINING CITY STATE OWNE 5.37 09/24/22 CNY 39.40 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.16 YIWU CITY CONSTRUCTION 4.31 12/07/22 CNY 40.40 YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 24.95 YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 20.00 YIXING CITY CONSTRUCTI 6.16 03/30/22 CNY 20.33 YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 20.19 YIYANG ADVANCED INDUST 7.00 03/30/22 CNY 28.00 YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 56.87 YIYANG PROVINCE AREA I 5.16 11/23/23 CNY 56.92 YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 56.95 YIYANG PROVINCE AREA I 4.95 10/13/23 CNY 57.00 YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 67.47 YIZHANG XINGYI CONSTRU 5.49 09/02/24 CNY 70.10 YONGCHENG COAL & ELECT 7.50 02/02/21 CNY 100.00 YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 20.00 YONGJIA INVESTMENT GRO 6.50 11/12/21 CNY 20.17 YONGXING YINDU INVESTM 5.60 03/24/23 CNY 39.39 YONGXING YINDU INVESTM 5.60 03/24/23 CNY 40.13 YONGXING YINDU INVESTM 6.93 07/07/24 CNY 59.84 YONGXING YINDU INVESTM 6.93 07/07/24 CNY 60.00 YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 39.33 YONGZHOU ECONOMIC CONS 3.55 01/14/23 CNY 39.79 YUANAN COUNTY QIFENG C 5.50 05/27/23 CNY 40.71 YUANAN COUNTY QIFENG C 5.50 05/27/23 CNY 40.71 YUEYANG DONGTING XINCH 6.15 03/20/22 CNY 20.12 YUEYANG DONGTING XINCH 6.15 03/20/22 CNY 20.17 YUEYANG HUIHUA URBAN I 5.78 04/18/24 CNY 60.52 YUEYANG HUIHUA URBAN I 5.78 04/18/24 CNY 60.98 YUEYANG HUILIN INVESTM 5.50 11/03/21 CNY 19.89 YUEYANG URBAN CONSTRUC 4.80 01/27/26 CNY 73.28 YUEYANG URBAN CONSTRUC 4.80 01/27/26 CNY 73.29 YUEYANG YUNXI CITY CON 6.00 07/08/23 CNY 38.43 YUEYANG YUNXI CITY CON 6.00 07/08/23 CNY 40.32 YUEYANG YUNXI CITY CON 5.18 11/21/23 CNY 57.16 YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 20.21 YUHUAN CITY COMMUNICAT 5.65 11/03/21 CNY 20.22 YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 20.59 YUHUAN CITY COMMUNICAT 6.18 03/20/22 CNY 24.47 YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 39.94 YUHUAN CITY CONSTRUCTI 5.10 05/03/23 CNY 40.74 YUHUAN CITY CONSTRUCTI 3.72 10/21/23 CNY 58.89 YUHUAN CITY CONSTRUCTI 3.72 10/21/23 CNY 59.83 YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 56.05 YUNCHENG SHUIHU CITY C 4.54 11/21/23 CNY 59.42 YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 40.00 YUZHOU GENERAL INVESTM 4.68 01/19/23 CNY 40.04 ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 40.02 ZAOYANG CITY CONSTRUCT 5.50 03/22/23 CNY 40.11 ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 59.31 ZHANGQIU STATE OWNED A 3.69 08/09/23 CNY 59.83 ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 39.90 ZHANGSHU STATE-OWNED A 4.80 06/22/23 CNY 42.67 ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 20.11 ZHANGYE CITY INVESTMEN 6.92 09/22/21 CNY 20.90 ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 20.20 ZHANGZHOU ECONOMIC DEV 6.17 04/27/22 CNY 20.38 ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 61.16 ZHAODONG DONGSHENG CON 6.50 01/20/24 CNY 61.17 ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 20.00 ZHAOQING GAOYAO DISTRI 6.68 04/14/22 CNY 20.36 ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 59.09 ZHAOQING HI-TECH ZONE 3.97 08/26/23 CNY 59.56 ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 40.25 ZHEJIANG BINHAI NEW CI 4.65 12/23/22 CNY 40.45 ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 20.04 ZHEJIANG GUOXING INVES 6.94 08/01/21 CNY 28.50 ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 62.57 ZHEJIANG HANGZHOU QING 5.99 06/30/24 CNY 62.57 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 55.00 ZHEJIANG HUISHENG INVE 4.49 03/15/24 CNY 55.32 ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 20.20 ZHEJIANG OUHAI CONSTRU 6.45 04/23/22 CNY 20.38 ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 40.10 ZHEJIANG OUHAI CONSTRU 4.83 01/21/23 CNY 40.46 ZHEJIANG XINCHANG INVE 5.88 10/30/21 CNY 20.12 ZHEJIANG XINCHANG INVE 6.95 12/31/21 CNY 20.29 ZHEJIANG XINCHANG INVE 6.95 12/31/21 CNY 20.44 ZHEJIANG XINCHANG INVE 5.88 10/30/21 CNY 21.06 ZHENGZHOU AIRPORT ECON 4.27 07/20/26 CNY 68.33 ZHENGZHOU AIRPORT ECON 4.27 07/20/26 CNY 69.13 ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 60.00 ZHENGZHOU GENERAL AVIA 5.98 06/27/24 CNY 61.97 ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 40.00 ZHENGZHOU JINGKAI INVE 5.48 07/31/22 CNY 40.37 ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 20.31 ZHENGZHOU MOUZHONG DEV 7.48 12/11/21 CNY 26.20 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 39.75 ZHENGZHOU MOUZHONG DEV 4.59 04/18/23 CNY 40.19 ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 20.00 ZHENJIANG DANTU DISTRI 5.89 11/03/21 CNY 20.04 ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 57.18 ZHENJIANG NEW AREA URB 5.31 07/14/23 CNY 59.58 ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 37.00 ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 39.25 ZHIJIANG STATE-OWNED A 4.38 03/28/23 CNY 39.65 ZHIJIANG STATE-OWNED A 4.78 01/11/23 CNY 39.93 ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 40.13 ZHONGGUANCUN DEVELOPME 4.20 08/12/22 CNY 40.54 ZHONGMINTOU LEASING HO 7.55 09/21/21 CNY 49.49 ZHONGSHAN TORCH DEVELO 5.79 03/23/24 CNY 60.87 ZHONGSHAN TORCH DEVELO 5.79 03/23/24 CNY 61.02 ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 20.00 ZHONGSHAN TRANSPORTATI 5.25 11/26/21 CNY 20.17 ZHONGYUAN ASSET MANAGE 4.48 09/16/23 CNY 74.59 ZHOUSHAN DINGHAI CITY 6.67 07/20/22 CNY 40.24 ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 20.06 ZHOUSHAN DINGHAI STATE 7.13 08/04/21 CNY 20.13 ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 40.48 ZHOUSHAN ISLANDS NEW D 6.98 10/22/22 CNY 40.80 ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 25.84 ZHOUSHAN PUTUO DISTRIC 7.18 06/20/22 CNY 26.90 ZHUCHENG ECONOMIC DEVE 5.37 07/12/24 CNY 80.18 ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 39.76 ZHUHAI HUIHUA INFRASTR 4.70 06/27/23 CNY 40.07 ZHUJI CITY EAST NEW TO 3.89 08/26/23 CNY 60.57 ZHUJI CITY YUEDU INVES 6.38 04/07/22 CNY 20.45 ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 61.86 ZHUJI STATE-OWNED ASSE 5.34 06/28/24 CNY 62.50 ZHUZHOU CITY CONSTRUCT 8.36 11/10/21 CNY 23.75 ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 20.00 ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 20.04 ZHUZHOU GECKOR GROUP C 6.38 04/17/22 CNY 20.22 ZHUZHOU GECKOR GROUP C 6.95 08/11/21 CNY 20.86 ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 59.12 ZHUZHOU GECKOR GROUP C 3.78 09/28/23 CNY 59.17 ZHUZHOU HI-TECH AUTO E 4.47 11/03/23 CNY 74.16 ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 37.63 ZHUZHOU RECYCLING ECON 4.38 03/24/23 CNY 38.38 ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 38.90 ZHUZHOU XIANGJIANG SCE 5.39 11/25/22 CNY 38.95 ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 40.00 ZIBO BANYANG CITY URBA 5.50 09/09/22 CNY 40.04 ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 60.24 ZIBO BOSHAN STATE OWNE 5.63 03/29/24 CNY 61.40 ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 61.84 ZIXING CHENGCHENG INVE 6.20 03/16/24 CNY 61.85 ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 60.78 ZIXING CITY DEVELOPMEN 6.00 05/03/24 CNY 60.79 ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 36.43 ZIYANG WATER INVESTMEN 3.97 03/17/23 CNY 37.82 ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 38.97 ZIZHONG COUNTY XINGZI 5.97 01/18/23 CNY 39.68 ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 60.00 ZONGYANG INVESTMENT DE 5.85 04/25/24 CNY 61.65 ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 60.95 ZUNYI BOZHOU URBAN CON 6.60 07/06/24 CNY 61.38 ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 38.35 ZUNYI ECONOMIC DEVELOP 4.87 01/22/23 CNY 40.00 ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 37.82 ZUNYI HONGHUAGANG DIST 5.05 06/27/23 CNY 39.79 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 44.65 ZUNYI NEW DISTRICT DEV 5.99 04/07/26 CNY 55.62 ZUNYI ROAD & BRIDGE CO 6.10 04/27/23 CNY 34.20 ZUNYI TRAFFIC TRAVEL I 7.70 09/27/27 CNY 67.00 HONG KONG --------- CAIYUN INTERNATIONAL I 5.50 04/08/22 USD 68.25 DR PENG HOLDING HONGKO 7.55 12/01/22 USD 63.41 HNA GROUP INTERNATIONA 6.25 10/05/21 USD 18.87 INDONESIA --------- DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.14 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 1.14 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.14 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 1.14 DELTA MERLIN DUNIA TEK 2.50 06/26/28 USD 13.95 SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 20.43 SRI REJEKI ISMAN TBK P 7.25 01/16/25 USD 20.53 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 9.88 ACME MEDAK SOLAR ENERG 0.01 08/29/46 INR 14.12 ACME RANGA REDDY SOLAR 0.01 08/31/46 INR 14.04 AMPSOLAR SOLUTION PVT 0.01 11/03/37 INR 27.68 AMPSOLAR SOLUTION PVT 0.01 10/27/37 INR 27.72 APG HABITAT PVT LTD 1.00 09/09/28 INR 63.61 APG INTELLI HOMES PVT 1.25 02/04/35 INR 45.61 APG INTELLI HOMES PVT 1.25 02/04/35 INR 45.65 ASSETS CARE & RECONSTR 1.00 03/30/29 INR 62.90 ASSETS CARE & RECONSTR 2.00 03/30/29 INR 68.75 ASSETS CARE & RECONSTR 2.00 03/30/29 INR 68.75 AUTOMOTIVE EXCHANGE PV 4.00 10/11/30 INR 62.38 AUTOMOTIVE EXCHANGE PV 4.00 06/01/30 INR 62.73 BODY CUPID PVT LTD 0.01 03/31/31 INR 48.09 BREEZE CONSTRUCTIONS P 0.01 06/29/30 INR 48.31 BRITANNIA INDUSTRIES L 5.50 06/03/24 INR 29.00 BRITANNIA INDUSTRIES L 8.00 08/28/22 INR 30.97 CHANDRAJYOTI ESTATE DE 0.01 07/06/30 INR 49.46 CREIXENT SPECIAL STEEL 0.01 08/28/25 INR 73.40 CUMULUS TRADING CO PVT 0.01 05/21/32 INR 41.69 CUMULUS TRADING CO PVT 0.01 01/23/30 INR 66.52 DEWAN HOUSING FINANCE 8.50 04/18/23 INR 28.71 DLF ASPINWAL HOTELS PV 0.01 10/15/30 INR 45.90 DLF EMPORIO RESTAURANT 0.01 08/12/30 INR 49.07 DLF EMPORIO RESTAURANT 0.01 06/29/30 INR 49.55 DLF HOME DEVELOPERS LT 0.01 06/29/30 INR 51.68 DLF HOMES SERVICES PVT 0.01 06/29/30 INR 48.31 DLF REAL ESTATE BUILDE 0.01 06/23/30 INR 49.49 DLF RECREATIONAL FOUND 0.01 10/15/30 INR 46.02 DLF RESIDENTIAL BUILDE 0.01 06/23/30 INR 48.25 DLF RESIDENTIAL DEVELO 0.01 06/28/30 INR 49.40 DLF SOUTHERN TOWNS PVT 0.01 07/09/30 INR 49.59 DOMUS REAL ESTATE PVT 0.01 07/11/30 INR 49.57 ECAP EQUITIES LTD 0.01 03/26/31 INR 48.79 EDEL LAND LTD 0.01 03/22/26 INR 70.19 EDELWEISS ASSET RECONS 2.00 07/22/29 INR 67.07 EDELWEISS ASSET RECONS 2.00 03/28/29 INR 68.19 EDELWEISS ASSET RECONS 2.00 01/15/29 INR 68.90 EDELWEISS ASSET RECONS 2.00 10/07/28 INR 69.89 EDELWEISS ASSET RECONS 2.00 11/20/27 INR 73.26 EDELWEISS RURAL & CORP 0.01 03/25/31 INR 49.60 ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 49.16 ESSAR POWER TRANSMISSI 3.00 03/31/43 INR 49.16 FUTURE RETAIL LTD 5.60 01/22/25 USD 74.66 GREEN URJA PVT LTD 0.01 02/14/30 INR 51.60 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 9.88 HCL INFOTECH LTD 0.10 03/31/36 INR 32.14 HITODI INFRASTRUCTURE 0.01 06/30/27 INR 63.00 JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTU 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 29.87 JTPM ATSALI LTD 0.01 08/29/48 INR 12.50 JUNO MONETA TECHNOLOGI 0.01 05/18/26 INR 70.48 KANAKADURGA FINANCE LT 0.01 04/15/36 INR 28.62 KRIBHCO INFRASTRUCTURE 1.00 04/15/26 INR 74.88 KUSHALS RETAIL PVT LTD 1.00 05/13/29 INR 60.97 MARIS POWER SUPPLY CO 2.00 04/18/28 INR 71.45 MELOSA BUILDERS & DEVE 0.01 06/29/30 INR 48.33 MENS BUILDCON PVT LTD 0.01 06/29/30 INR 48.33 MYTRAH AADHYA POWER PV 0.01 07/05/35 INR 33.40 MYTRAH ADVAITH POWER P 0.01 07/13/36 INR 30.72 MYTRAH AKSHAYA ENERGY 0.01 07/13/36 INR 30.72 NANI VIRANI WIND ENERG 2.00 06/30/39 INR 43.81 NEEMUCH SOLAR POWER PV 0.01 08/29/46 INR 14.12 ORIGAMI CELLULO PVT LT 0.01 11/14/36 INR 29.44 POLY TOUGH TUBES LTD 1.00 04/19/26 INR 74.80 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE 0.40 10/15/33 INR 44.89 PUNJAB INFRASTRUCTURE 0.40 10/15/32 INR 47.92 PUNJAB INFRASTRUCTURE 0.40 10/15/31 INR 51.31 PUNJAB INFRASTRUCTURE 0.40 10/15/30 INR 55.04 PUNJAB INFRASTRUCTURE 0.40 10/15/29 INR 59.09 PUNJAB INFRASTRUCTURE 0.40 10/15/28 INR 63.48 PUNJAB INFRASTRUCTURE 0.40 10/15/27 INR 68.25 PUNJAB INFRASTRUCTURE 0.40 10/15/26 INR 73.35 PURVANCHAL SOLAR POWER 0.01 08/29/46 INR 14.12 PYRAMID SAIMIRA THEATR 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 30.31 RAMANI ICECREAM CO LTD 0.01 12/29/35 INR 32.57 REDKITE CAPITAL PVT LT 2.50 03/30/29 INR 70.59 REDKITE CAPITAL PVT LT 2.50 01/15/28 INR 74.91 REI AGRO LTD 5.50 11/13/14 USD 0.96 REI AGRO LTD 5.50 11/13/14 USD 0.96 RELIANCE COMMUNICATION 6.50 11/06/20 USD 10.09 REWANCHAL SOLAR POWER 0.01 08/29/46 INR 14.12 SAKET HOLIDAYS RESORTS 0.01 06/29/30 INR 49.34 SANJWIN CONSULTING SOL 0.01 06/01/28 INR 59.07 SHIVAJI MARG MAINTENAN 0.01 06/28/30 INR 48.28 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 23.63 STPL HORTICULTURE PVT 0.01 03/31/31 INR 56.78 SUNWORLD SOLAR POWER P 0.01 08/31/46 INR 14.04 SURBHI INVESTMENTS & T 2.50 10/21/28 INR 71.53 SUTARA ROADS & INFRA L 0.01 08/31/30 INR 56.77 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 68.95 TATA SMARTFOODZ LTD 0.01 11/23/25 INR 71.57 TATA SMARTFOODZ LTD 0.01 07/15/25 INR 73.93 TN URJA PVT LTD 0.10 02/22/36 INR 31.92 WATSUN INFRABUILD PVT 4.00 10/16/37 INR 60.07 WS T&D LTD 0.10 03/24/29 INR 55.76 JAPAN ----- AVANSTRATE INC 0.15 10/29/32 JPY 9.75 HIS CO LTD 0.58 02/19/27 JPY 65.67 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 1.10 11/28/24 JPY 34.54 UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 38.24 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 38.24 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 38.24 UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 45.49 UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 47.16 UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 51.54 UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 52.40 UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 53.26 UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 65.40 MALAYSIA -------- ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.65 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.25 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.27 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.10 HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.42 MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 1.50 PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 63.24 PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 63.43 PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 64.38 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.20 SD INTERNATIONAL SUKUK 7.00 03/12/25 USD 37.07 SD INTERNATIONAL SUKUK 6.30 05/09/22 USD 44.52 SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.10 SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.71 SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 73.34 SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 74.92 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02 NEW ZEALAND ----------- PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.18 PHILIPPINES ----------- BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 19.63 SINGAPORE --------- APL REALTY HOLDINGS PT 5.95 06/02/24 USD 72.38 ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 41.34 ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 41.38 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.59 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.59 BANYAN TREE HOLDINGS L 7.50 08/06/22 SGD 1.32 BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73 BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 45.98 ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 69.98 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 20.21 GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 20.27 INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 27.13 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 18.06 JGC VENTURES PTE LTD 10.75 08/30/21 USD 54.63 MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 8.10 MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 45.83 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 55.41 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.68 PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 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 ----------- CJ CGV CO LTD 1.00 06/08/51 KRW 70.25 FIRST 5G SECURITIZATIO 1.71 02/28/25 KRW 28.20 FIRST 5G SECURITIZATIO 1.89 11/28/25 KRW 28.57 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 41.13 KIBO ABS SPECIALTY CO 5.00 02/24/24 KRW 69.68 KIBO ABS SPECIALTY CO 5.00 02/24/23 KRW 72.38 KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 73.57 KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 74.43 KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 75.35 LOTTE CARD CO LTD 3.95 06/28/49 KRW 37.34 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 64.45 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 S 5.00 06/27/22 KRW 61.81 SINBO SECURITIZATION S 5.00 02/23/22 KRW 63.31 SINBO SECURITIZATION S 5.00 07/24/22 KRW 63.37 SINBO SECURITIZATION S 5.00 07/26/22 KRW 63.44 SINBO SECURITIZATION S 5.00 08/29/22 KRW 64.24 SINBO SECURITIZATION S 5.00 08/31/22 KRW 64.28 SINBO SECURITIZATION S 3.00 11/21/23 KRW 64.32 SINBO SECURITIZATION S 5.00 01/26/22 KRW 64.36 SINBO SECURITIZATION S 5.00 01/25/22 KRW 64.42 SINBO SECURITIZATION S 5.00 09/26/22 KRW 64.63 SINBO SECURITIZATION S 4.00 12/25/23 KRW 65.91 SINBO SECURITIZATION S 4.00 12/25/23 KRW 65.91 SINBO SECURITIZATION S 5.00 06/30/23 KRW 65.93 SINBO SECURITIZATION S 5.00 06/27/23 KRW 65.96 SINBO SECURITIZATION S 4.00 06/30/24 KRW 66.00 SINBO SECURITIZATION S 4.00 06/30/24 KRW 66.00 SINBO SECURITIZATION S 4.00 09/29/24 KRW 66.57 SINBO SECURITIZATION S 4.00 09/29/24 KRW 66.57 SINBO SECURITIZATION S 5.00 01/25/23 KRW 66.68 SINBO SECURITIZATION S 4.00 08/28/24 KRW 66.70 SINBO SECURITIZATION S 4.00 08/28/24 KRW 66.70 SINBO SECURITIZATION S 4.00 07/29/24 KRW 66.82 SINBO SECURITIZATION S 4.00 04/15/24 KRW 66.86 SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06 SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06 SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06 SINBO SECURITIZATION S 5.00 07/24/23 KRW 67.07 SINBO SECURITIZATION S 5.00 07/29/23 KRW 67.08 SINBO SECURITIZATION S 5.00 08/29/23 KRW 67.09 SINBO SECURITIZATION S 5.00 08/29/23 KRW 67.09 SINBO SECURITIZATION S 5.00 09/09/23 KRW 67.25 SINBO SECURITIZATION S 3.00 01/29/24 KRW 67.44 SINBO SECURITIZATION S 5.00 11/21/23 KRW 67.98 SINBO SECURITIZATION S 5.00 06/30/24 KRW 68.13 SINBO SECURITIZATION S 5.00 10/24/23 KRW 68.19 SINBO SECURITIZATION S 5.00 10/24/23 KRW 68.19 SINBO SECURITIZATION S 5.00 02/27/24 KRW 68.34 SINBO SECURITIZATION S 5.00 08/31/21 KRW 68.40 SINBO SECURITIZATION S 5.00 09/29/24 KRW 68.87 SINBO SECURITIZATION S 5.00 08/28/24 KRW 69.03 SINBO SECURITIZATION S 5.00 07/29/24 KRW 69.17 SINBO SECURITIZATION S 5.00 07/29/24 KRW 69.17 SINBO SECURITIZATION S 4.00 01/29/24 KRW 69.44 SINBO SECURITIZATION S 4.00 01/29/24 KRW 69.44 SINBO SECURITIZATION S 5.00 07/26/21 KRW 69.63 SINBO SECURITIZATION S 5.00 01/29/23 KRW 71.11 SINBO SECURITIZATION S 5.00 12/25/22 KRW 71.37 SINBO SECURITIZATION S 5.00 12/25/23 KRW 71.69 SINBO SECURITIZATION S 5.00 02/28/22 KRW 73.56 SINBO SECURITIZATION S 5.00 03/20/23 KRW 73.90 SINBO SECURITIZATION S 5.00 02/28/23 KRW 74.06 SINBO SECURITIZATION S 5.00 12/27/21 KRW 74.25 SRI LANKA --------- SRI LANKA DEVELOPMENT 4.72 01/22/25 USD 62.66 SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 64.60 SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 64.69 SRI LANKA DEVELOPMENT 6.05 01/22/25 USD 64.76 SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 65.84 SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 66.44 SRI LANKA DEVELOPMENT 6.80 01/22/25 USD 66.56 SRI LANKA DEVELOPMENT 6.82 01/22/25 USD 66.61 SRI LANKA DEVELOPMENT 6.87 01/22/25 USD 66.73 SRI LANKA DEVELOPMENT 6.99 01/22/25 USD 67.02 SRI LANKA DEVELOPMENT 7.68 01/22/25 USD 68.68 SRI LANKA DEVELOPMENT 7.95 05/01/24 USD 72.29 SRI LANKA DEVELOPMENT 7.99 05/01/24 USD 72.46 SRI LANKA DEVELOPMENT 4.04 05/01/23 USD 73.35 SRI LANKA DEVELOPMENT 4.08 05/01/23 USD 73.41 SRI LANKA DEVELOPMENT 4.17 03/16/23 USD 74.91 SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 62.78 SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 62.83 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 62.83 SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 62.83 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 62.89 SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 62.90 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 63.01 SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 63.06 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 64.44 SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 64.56 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 65.28 SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 65.37 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 65.40 SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 65.42 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 66.20 SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 66.31 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 66.32 SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 66.34 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 72.69 SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 72.72 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 64.06 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 ***