/raid1/www/Hosts/bankrupt/TCRAP_Public/210907.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, September 7, 2021, Vol. 24, No. 173
Headlines
A U S T R A L I A
CHAPEL OF ANGELS: Second Creditors' Meeting Set for Sept. 13
CRUMPLER PTY: Enters Into Voluntary Administration
HONOURFUL PTY: Second Creditors' Meeting Set for Sept. 14
HUON VALLEY: Second Creditors' Meeting Set for Sept. 14
MESOBLAST LIMITED: Reports US$98.8M Net Loss for FY Ended June 30
RESIMAC TRIOMPHE 2021-2: S&P Assigns B Rating on Class F Notes
C H I N A
CENTRAL CHINA REAL: Moody's Alters Outlook on Ba3 CFR to Negative
CHINA EVERGRANDE: Clock Ticks as US$7.4 Billion of Bonds Due 2022
COUNTRY GARDEN: S&P Affirms 'BB+' LongTerm ICR, Outlook Positive
GUANGZHOU R&F: Moody's Cuts CFR to B2, Placed on Further Review
JIANGSU FANG YANG: Fitch Lowers LT IDRs to 'BB-', Outlook Stable
KUNMING URBAN: Fitch Lowers LT IDRs to 'BB', Outlook Stable
LIANGSHAN DEVELOPMENT: Fitch Lowers LongTerm IDRs to 'BB-'
RISESUN REAL ESTATE: S&P Lowers ICR to 'B+', Outlook Stable
XINYUAN REAL ESTATE: Fitch Lowers Foreign Currency IDR to 'CCC'
YICHANG HIGH-TECH: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
I N D I A
ALAPATT JEWELLERY: ICRA Keeps B+ Debt Rating in Not Cooperating
ALLIANCE GRANIMARMO: ICRA Keeps D Debt Ratings in Not Cooperating
AZIZ ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
BAJRANG BRONZE: ICRA Keeps B- Debt Ratings in Not Cooperating
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
CHIDAMBARAM SHIPCARE: ICRA Keeps B+ Ratings in Not Cooperating
ELECTROPATH SERVICES: ICRA Keeps D Ratings in Not Cooperating
FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating
GANPATI ADVISORY: ICRA Keeps B+ Debt Rating in Not Cooperating
GEM BATTERIES: ICRA Keeps D Debt Ratings in Not Cooperating
GLITTER METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GSM MEGA: ICRA Lowers Rating on INR120cr Term Loans to D
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
KOTADIYA REALITY: ICRA Keeps B+ Debt Rating in Not Cooperating
LAXMI MEMORIAL: ICRA Lowers Rating on INR15cr LT Loan to B+
MOBISMART CARD: ICRA Moves B+ Debt Ratings to Not Cooperating
MONTFORT EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
POMMYS GARMENTS: ICRA Lowers Rating on INR26cr LT Loan to B+
POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
RAJ EVENTS: ICRA Keeps D Debt Ratings in Not Cooperating Category
RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating
SAIMAX CERAMIC: ICRA Keeps B+ Debt Rating in Not Cooperating
SAMBHAV SHELTERS: ICRA Withdraws B+ Rating on INR30cr LT Loan
VENKATA SAI: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
VIDEOCON GROUP: Lenders Fail to Receive Bids for Energy Business
VISHWAKARMA BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
WINDSOR INDUSTRIES: ICRA Cuts Rating on INR9.90cr LT Loan to B+
XRBIA DEVELOPERS: ICRA Lowers Rating on INR323cr Term Loan to B+
N E W Z E A L A N D
MAINZEAL PROPERTY: Supreme Court Allows Appeals to Proceed
P H I L I P P I N E S
PHILIPPINE AIRLINES: To Return 21 Aircraft to Lessors & Lenders
S I N G A P O R E
DEVOTE MANAGEMENT: Court to Hear Wind-Up Petition on Sept. 24
ENDOLOGIX SINGAPORE: Creditors' Proofs of Debt Due on Oct. 6
GREATEARTH CORP: To Wind Up Company; PwC Appointed as Liquidators
T A I W A N
TACHAN SECURITIES: Fitch Affirms and Withdraws 'BB' IDR
V I E T N A M
SHBANK FINANCE: Moody's Puts 'B3' CFR Under Review for Upgrade
X X X X X X X X
[*] BOND PRICING: For the Week Aug. 30, 2021 to Sept. 3, 2021
[*] Surging Covid-19 Cases Hammer Asian Factories
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A U S T R A L I A
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CHAPEL OF ANGELS: Second Creditors' Meeting Set for Sept. 13
------------------------------------------------------------
A second meeting of creditors in the proceedings of Chapel of
Angels Pty Ltd, trading as The Falls Wedding Chapel Montville, has
been set for Sept. 13, 2021, at 11:00 a.m. via teleconferencing
facilities 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. 10, 2021, at 4:00 p.m.
Liam Bailey of O'Brien Palmer was appointed as administrator of
Chapel of Angels on Aug. 9, 2021.
CRUMPLER PTY: Enters Into Voluntary Administration
--------------------------------------------------
Inside Retail reports that Australian bag brand Crumpler has
appointed voluntary administrators and is up for an urgent sale,
after the company determined its current cash flow couldn't keep it
afloat.
According to the report, PKF Melbourne's Jason Stone and Glenn
Franklin were appointed as administrators at a board meeting on 31
August, and are hopeful that a sale will occur on a going concern
basis.
"The main contributors towards the cash glow situation are Covid-19
related closures of Melbourne and Sydney stores as well as a
general downturn in the travel industry resulting in reduced demand
for travel and business accessories," Inside Retail quotes Mr.
Stone as saying in a statement.
"Once a contract of sale is executed and price determined, the
administrators will determine the likely return to unsecured
creditors."
The company currently has 11 stores, most of which are closed, and
also operates Singaporean and Malaysian entities which have their
own stores and are continuing to trade, the report discloses.
Crumpler's former CEO Adam Wilkinson left the business, as well as
his role as CEO at Tigerlily, in August to take up the new position
of head of new business at PAS Group.
Tigerlily replaced Mr. Wilkinson's absence with the hiring of
former Esther & Co general manager Travis Wright, the report
notes.
HONOURFUL PTY: Second Creditors' Meeting Set for Sept. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Honourful Pty
Ltd, trading as 'Golden Century Seafood Restaurant', has been set
for Sept. 14, 2021, at 11:00 a.m. via virtual meeting by Microsoft
Team.
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. 13, 2021, at 4:00 p.m.
Gavin Moss and Desmond Teng of Chifley Advisory were appointed as
administrators of Honourful Pty on Aug. 17, 2021.
HUON VALLEY: Second Creditors' Meeting Set for Sept. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Huon Valley
Timber Pty. Ltd. has been set for Sept. 14, 2021, at 3:00 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. 13, 2021, at 4:00 p.m.
Barry Kenneth Hamilton of Barry Hamilton & Associates was appointed
as administrator of Huon Valley on Aug. 11, 2021.
MESOBLAST LIMITED: Reports US$98.8M Net Loss for FY Ended June 30
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Mesoblast Limited filed with the Securities and Exchange Commission
its Annual Report on Form 20-F disclosing a net loss of US$98.81
million on US$7.46 million of revenue for the year ended June 30,
2021, compared to a net loss of US$77.94 million on US$32.16
million of revenue for the year ended June 30, 2020.
As of June 30, 2021, the Company had US$744.72 million in total
assets, US$163.32 million in total liabilities, and US$581.40
million in total equity.
Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2021, citing that additional cash inflows
will be required over the next twelve months in order to meet
forecast expenditure, including repayment of the Hercules debt
facility, that raises substantial doubt about its ability to
continue as a going concern.
A full-text copy of the Form 20-F is available for free at:
https://bit.ly/3n9SOUo
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).
RESIMAC TRIOMPHE 2021-2: S&P Assigns B Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2021-2. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2021-2 is a securitization of prime residential mortgages
originated by RESIMAC Ltd.
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.
-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
on 23.5% of the loans in the portfolio, which covers 100% of the
face value of these loans, accrued interest, and reasonable costs
of enforcement.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
rated notes, are sufficient under its stress assumptions to ensure
timely payment of interest.
-- The extraordinary expense reserve of A$150,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.
Ratings Assigned
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-2
Class A, A$900.00 million: AAA (sf)
Class AB, A$64.00 million: AAA (sf)
Class B, A$15.00 million: AA (sf)
Class C, A$11.00 million: A (sf)
Class D, A$5.00 million: BBB (sf)
Class E, A$1.50 million: BB (sf)
Class F, A$1.00 million: B (sf)
Class G, A$2.50 million: Not rated
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C H I N A
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CENTRAL CHINA REAL: Moody's Alters Outlook on Ba3 CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Central
China Real Estate Limited (CCRE) to negative from stable.
At the same time, Moody's has affirmed CCRE's Ba3 Corporate Family
Rating and B1 senior unsecured ratings.
"The negative outlook reflects our expectation that CCRE's sales
and financial metrics would weaken because of the challenging
operating environment in CCREs' core markets and weakened access to
offshore funding," says Kaven Tsang, a Moody's Senior Vice
President.
"At the same time, the rating affirmation reflects our expectation
that CCRE will have sufficient liquidity to address its refinancing
needs amid volatile offshore debt capital markets, and CCRE's
leading market position in its home Henan market," adds Tsang.
RATINGS RATIONALE
CCRE's Ba3 CFR reflects its leading market position and long
operating track record in Henan province. The rating also takes
into consideration its adequate liquidity.
However, CCRE's geographic concentration in Henan limits its
operational flexibility and exposes it to regional economic and
regulatory risks. The rating is also constrained by the execution
risks and funding needs associated with the company's expansion
plan, its exposure to joint ventures (JVs), and high reliance on
offshore bond funding.
Moody's believes CCRE will face uncertainty in issuing new offshore
bonds at reasonable funding costs to refinance its maturing debt in
view of the volatile offshore debt capital markets, as well as the
recent decline in its offshore bond prices.
The offshore bond market is CCRE's major funding channel,
accounting for 65% of its total debt as of June 30, 2021.
CCRE will have two US dollar bonds, with a total amount of $900
million, maturing in November 2021 and August 2022. While the
maturing offshore bonds represented 20% of CCRE's total debt as of
June 30, 2021, Moody's expects the company to have sufficient
internal resources to repay them. However, the repayment will
reduce the funding available for its operations over the next 12-18
months. The company's financial flexibility will also be affected
if weakness in the offshore debt capital markets persists.
CCRE's liquidity remains adequate. Moody's expects CCRE's RMB10.9
billion of unrestricted cash as of June 30, 2021, and cash flow
generated from operations to fully cover its committed land
payments, dividends as well as maturing debt over the next 12-18
months. The impact of a large decline in unrestricted cash as of
June 30, 2021 is largely offset by a corresponding fall in
short-term debt as of the same date.
Moody's forecasts the company's contracted sales will decline to
RMB60 billion-RMB65 billion this year from RMB68.3 billion in 2020,
considering disruptions to its property sales in Henan due to
flooding and lockdowns in July and August, as well as weakened
operating and tightened funding conditions. In the first seven
months, the company achieved RMB33.3 billion of contracted sales,
flat from the same period in 2020. It has sizable saleable
resources of around RMB68.8 billion in the second half (H2),
according to the company.
Moody's projects CCRE's leverage, as measured by revenue/adjusted
debt, will weaken to around 105% over the next 12-18 months from
133% for the 12 months ended June 2021, because tight funding
conditions could limit the company's project delivery pace and
revenue growth in H2 2021 and 2022.
Meanwhile, the company's EBIT/interest coverage will fall to around
2.5x over the next 12-18 months from 3.2x for the 12 months ended
June 2021, due to a potential decline in revenue and a likely
increase in funding costs. CCRE's EBIT/interest coverage position
is weak for its Ba3 CFR.
CCRE's B1 senior unsecured bond rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that most of CCRE's claims are
at the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.
In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the concentration of CCRE's
ownership in its controlling shareholder, Wu Po Sum, who had a
69.64% stake in the company as of June 11, 2021. The company's
provision of financial guarantees to related parties will also
increase its contingent liabilities and the risk of potential fund
leakage.
These concerns are mitigated by the presence of special committees
— in particular, the audit and remuneration committees — that
are chaired by independent nonexecutive directors to oversee
corporate governance; and the application of the Listing Rules of
the Hong Kong Stock Exchange and the Securities and Futures
Ordinance in Hong Kong SAR, China in governing related-party
transactions.
In terms of dividend payments, CCRE maintained a largely stable
payout ratio at 30%-40% of attributable net income in 2018-20.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of the company's ratings is unlikely over the next 12
months, given the negative rating outlook.
However, the rating outlook could return to stable if the company
restores its offshore funding access at reasonable funding costs
and balances its funding channels with lower reliance on offshore
funding, realizes business plan to grow its operating scale,
improves its credit metrics and maintains adequate balance-sheet
cash to support its liquidity.
The rating could be downgraded if CCRE's contracted sales,
liquidity, profit margin or credit metrics worsen.
Any sign of an inability to refinance maturing debt, restore its
offshore funding access, or balance its exposure to different types
of funding channel while maintaining reasonable funding costs,
could also pressure the company's ratings.
Deteriorating credit metrics that could trigger a rating downgrade
include EBIT/interest coverage below 2.5x-3.0x, gross profit
margins below 17.5%-20% or unrestricted cash/adjusted short-term
debt below 1.0x-1.5x.
Downgrade pressure could also increase if the company's contingent
liabilities associated with JVs or the risk of providing funding
support to JVs increase materially. This could result from a
significant deterioration in the financial strength and liquidity
of its JV projects or a substantial increase in investments in new
JV projects.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Founded in 1992, Central China Real Estate Limited (CCRE) is a
leading property developer in China's Henan province. As of June
30, 2021, the company's land bank totaled 56.21 million square
meters in attributable gross floor area (GFA). The company was
listed on the Hong Kong Stock Exchange in June 2008. CCRE's
chairman, Wu Po Sum, owned a 69.64% stake in the company as of June
11, 2021.
CHINA EVERGRANDE: Clock Ticks as US$7.4 Billion of Bonds Due 2022
-----------------------------------------------------------------
Bloomberg News reports that the clock is ticking for China
Evergrande Group to raise cash and pay back US$7.4 billion (US$9.9
billion) of bonds coming due next year.
Evergrande's dollar notes plunged to record lows last week after
the developer warned that it risks defaulting on its debt, the
report says. A measure of the company's ability to repay short-term
borrowings deteriorated in the first half as cash and equivalents
plunged to a six-year low, its earnings report showed.
According to Bloomberg, pressure on Evergrande's liquidity may
intensify if it cannot smoothly sell assets and extend borrowings,
China's biggest credit rating firm said when downgrading onshore
bonds on Sept. 2. Some non-bank creditors have demanded immediate
loan repayments, Bloomberg reported, potentially further squeezing
available cash to bondholders.
Evergrande's yuan bonds are no longer accepted as collateral in the
country's key funding market. Its notes were absent from a list of
securities accepted in return for cash in so-called repurchase
agreements on Shenzhen's exchange. They also could not be pledged
for cash on Shanghai's exchange, according to a notice posted by
the clearing house late on Sept. 3.
While the Chinese regulators have urged the company to resolve its
debt woes, the government has so far stayed silent on whether it
will provide financial support, Bloomberg notes.
Evergrande has been offering steep discounts on its properties to
entice buyers and raise cash. Even so, contracted sales fell 26 per
cent last month from a year earlier, according to a filing on Sept.
3, Bloomberg relays.
The company's average selling price slid 11.5 per cent last month
from July to the lowest since July 2016, according to Bloomberg
calculations based on a Sept. 3 filing.
Evergrande's shares and bonds have plummeted to levels that suggest
investors are bracing themselves for a potential default.
The stock has lost about 74 per cent this year. Its dollar bond due
2025 was indicated at 25.2 US cents on the dollar on Sept. 6, after
falling 10.9 US cents last week, Bloomberg-compiled prices show.
Bloomberg notes that despite selling stakes in some of its prized
assets and offering steep discounts to offload apartments,
Evergrande reported a 29 per cent slide in profit for the first
half, with its mainland Hengda Real Estate and electric vehicle
unit reporting losses. Its gross margin almost halved to 12.9 per
cent from six months earlier, the lowest since at least 2008.
In an effort to soothe home buyers, Evergrande on Sept. 1 pledged
to deliver on its housing projects, with billionaire Hui Ka Yan
describing the directive as a "military order", Bloomberg adds.
About China Evergrande
China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.
As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term
issue rating on the U.S. dollar notes issued by Evergrande and
guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook
reflects Evergrande's increasing strained liquidity and nonpayment
risk. It also reflects S&P's view that its asset disposal plan,
though potentially substantial, lacks visibility or certainty.
COUNTRY GARDEN: S&P Affirms 'BB+' LongTerm ICR, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Country Garden Holdings Co. Ltd.
The positive outlook reflects S&P's expectation that Country
Garden's disciplined spending and debt growth should mitigate
moderate margin decline and slow revenue growth, producing a stable
leverage over the next 12 months.
Country Garden's financial stability continues to improve.
This is stemming from a slower growth appetite and a shift in focus
toward financial discipline and operating efficiency. By S&P's
estimate, the company will utilize about 30% of attributable
contracted sales, or Chinese renminbi (RMB) 190 billion-RMB200
billion in 2021 and RMB210 billion-RMB220 billion in 2022 for land
replenishment. This is slightly up against 27% in the first half of
2021, and much lower than the historical average. The slower pace
of expansion over the past two years will allow the company to be
selective on projects to prioritize strengthening profitability and
cash collection.
S&P said, "We expect Country Garden's debt growth will be contained
by its slower expansion. Land purchases have been reduced to trim
the company's adjusted debt to RMB339 billion as of end-June 2021,
2.5% lower than end-2020, and 6% against end-2019. As a result, the
company will maintain a relatively stable leverage of 3.5x-3.6x in
2021, against 3.8x in 2020 and 3.5x in 2019.
"Margin pressure will last over the next 12-18 months, before
bottoming out. We anticipate Country Garden's gross margin will
further drop to 18%-19% in 2021-2022, from around 20% in the first
half of 2021, as the company recognizes lower-margin or even
loss-making projects. Most of these projects were acquired in
2017-2018 during an overheated land market as industry players were
expanding aggressively in anticipation of robust price
appreciation. However, price caps subsequently implemented have
substantially limited profitability in some cities. We anticipate
the company's EBITDA will grow by no more than 2% in the next two
years. This is because margin erosion will offset revenue growth."
A margin rebound will likely kick in from 2023, given Country
Garden's more conservative land banking since 2019 and continual
streamlining of operating costs. S&P believes Country Garden's
contracted sales margin has bottomed out from a trough in the first
half of 2021 to above 20%, which will likely be recognized in 2023
and drive its gross margin recovery.
Tight policy environment will increase operating challenges for
Country Garden. S&P believes the operating environment will not be
easy as policymakers maintain stringent controls on multiple
aspects of the sector including mortgage volumes and property
prices. These could hurt homebuyers' sentiment and weigh on Country
Garden's sales execution and cash collection, especially in
lower-tier cities where demand are more volatile in general.
Nonetheless, Country Garden has been maintaining a healthy
operating cash flow. The company's contracted sales expanded by a
satisfactory 13.5% year over year in the first half, and cash
collection jumped by 90%, despite tighter mortgage approvals.
Country Garden, as a sector leader in lower-tier cities, generated
about 60%-70% of attributable contracted sales in the lower-tier
cities. By S&P's estimate, the company's attributable contracted
sales will grow by 8%-10% in 2021, and slowed to 6%-8% in 2022.
Diversified land acquisition channels underpin Country Garden's
competitive advantages. While the developer continues to benefit
from less competition in lower-tier cities, it also has an
advantage in land auctions in higher-tier cities, especially those
under the "centralized land auction scheme." Many of the cities
require bidders to place a deposit for each land parcel therefore
favoring financially strong companies, like Country Garden.
In the first half of 2021, Country Garden acquired 14 parcels of
land via centralized auctions at prices averaging about 7% above
opening bids against its peers' generally at 15%-20%. In addition,
the company acquired 51% of the new gross floor area (GFA) in the
first half through channels other than auctions, mainly through
project acquisitions, township development and urban renewal.
Country Garden's capital structure and funding costs are comparable
with those of higher rated peers. Despite recent volatility in the
bond market the company has tapped the offshore market in 2021 and
issued senior notes with tenors from 4.4 years to 10 years with
costs ranging from 2.7% to 3.3%. This compares well against
similar-rated or even higher-rated peers. As of end-June 2021, the
company continued to have strong weighted average maturity at over
2.7 years, with minimal exposure to trust and other alternative
borrowings.
S&P said, "The positive outlook reflects our expectation that
Country Garden's operations will remain stable, despite price caps
and related challenges in many lower-tier cities. We also expect
its disciplined spending and debt growth should offset the moderate
margin decline and slow revenue growth, producing a stable leverage
in the next 12 months.
"We could upgrade Country Garden if the company demonstrates a
longer record of operational stability and financial discipline,
such that it builds a cushion against operational volatility in the
lower-tier cities. This could be demonstrated by its debt-to-EBITDA
ratio staying at about 3.5x, at the same time maintaining its
return on capital ratio comparable to its closest investment-grade
peers.
"We could revise the outlook to stable if Country Garden's
debt-to-EBITDA ratio does not stabilize at about 3.5x, or it fails
to maintain its return on capital comparable to its closest
investment-grade peers. This could happen if: (1) the company's
profitability wanes substantially due to more severe price cuts or
market slowdowns, or (2) its debt-funded expansion becomes more
aggressive than we expect."
GUANGZHOU R&F: Moody's Cuts CFR to B2, Placed on Further Review
---------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
Corporate Family Rating of Guangzhou R&F Properties Co., Ltd., and
to B3 from B2 the CFR of R&F Properties (HK) Company Limited (R&F
HK).
At the same time, Moody's has placed the ratings under review for
further downgrade.
The rating outlooks were negative before the review for further
downgrade.
"The downgrade of Guangzhou R&F's CFR to B2 reflects the company's
increased refinancing risks because of its weakened access to
offshore funding and sizable amount of maturing debt," says Kaven
Tsang, a Moody's Senior Vice President.
"We expect the company to continue focusing on generating internal
cash to repay its maturing debts and fund its operations over the
next 12-18 months. However, the review for downgrade reflects the
uncertainty over the company's ability to generate enough operating
cash flow to materially reduce its debt to more sustainable levels,
given the challenging operating and funding environments," adds
Tsang.
RATINGS RATIONALE
Guangzhou R&F's B2 CFR reflects the company's long operating
history in China's property market, quality portfolio of urban
redevelopment projects, and geographically diversified land bank in
China. The CFR also reflects the company's modest financial
metrics, despite the company's deleveraging efforts, and weak
liquidity with high refinancing needs.
Guangzhou R&F's liquidity is weak. The company's cash holdings of
RMB28.8 billion (including RMB16 billion restricted cash) as of
June 2021 and estimated operating cash flows through the end of
2022 will not be sufficient to cover its debt repayments in the
next 12-18 months. Therefore, the company will have to rely on new
financing or asset sales to fund its upcoming debt maturities.
While Moody's expects the company to maintain its access to onshore
bank funds, its weakened access to onshore and offshore debt
capital markets will hinder the company's ability to raise new debt
at reasonable costs to repay its maturing bonds. The use of
internal resources to repay maturing bonds will reduce the
company's funding available for its operations, which will restrain
its business operations.
The downgrade of R&F HK's CFR to B3 reflects the weakened ability
of its parent to provide financial and operational support in times
of need and the subsidiary's weak standalone credit quality with a
small scale and high exposure to the volatile operating environment
of the hotel business.
R&F HK's CFR B3 rating incorporates its standalone credit profile
and a one-notch uplift based on Moody's assessment of support from
Guangzhou R&F in times of need, because of (1) Guangzhou R&F's full
ownership of R&F HK and its intention to maintain its stake; (2)
R&F HK's role as the primary platform for the group to raise funds
from offshore banks and capital markets to invest in property
projects in China, as well as for overseas investments; (3)
Guangzhou R&F's track record of financial support to R&F HK,
including the provision of keepwell deeds and equity interest
purchase undertakings of R&F HK's guaranteed bonds in recent years;
and (4) the reputational risks for Guangzhou R&F if R&F HK were to
default.
R&F HK's liquidity position is also weak. The company relies on
support from Guangzhou R&F to access funding.
In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentrated ownership of Guangzhou
R&F's key shareholders.
Nevertheless, Guangzhou R&F's nine-member board of directors
includes three independent non-executive directors and two
non-executive directors. In addition, the company is subject to
other internal governance structures and standards required under
the Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.
The company is transparent in disclosing its business and financial
activities. Its financial management favors the use of debt
leverage that maximizes return to shareholders, and its dividend
payouts are higher than many of its rated peers'.
Moody's review will focus on (1) Guangzhou R&F's access to funding,
its liquidity and refinancing risks, specifically its ability to
address its maturing debt (including puttable bonds) in a timely
manner; and (2) the company's ability to sustain stable sales and
operating cash flow generation to reduce its leverage on a
sustained basis.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade the rating if Guangzhou R&F's liquidity and
refinancing risks heighten, its access to onshore bank funds
weakens, or if the company fails to materially reduce its debt to
more sustainable levels.
An upgrade of the ratings is unlikely given the review for
downgrade. However, Moody's could confirm the ratings if Guangzhou
R&F shows improvement in its access to funding, materially reduces
its refinancing risks and significantly lowers its debt to more
sustainable levels.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a large developer in
China's residential and commercial property sector. As of June
2021, the company had a land bank of 55.5 million square meters
(sqm) in total saleable area, spread across 92 cities in China and
six cities overseas, including Australia, the UK, Malaysia, Korea,
and Cambodia. Mr. Li Sze Lim and Mr. Zhang Li are the company's
co-founders and owned 28.97% and 27.50% equity interests,
respectively, as of June 30, 2021.
R&F Properties (HK) Company Limited (R&F HK) and its subsidiaries
are principally engaged in the development and sale of properties,
property investments and hotel operations in China. The company was
established in Hong Kong on August 25, 2005. It serves as an
offshore funding vehicle and holding company for some of Guangzhou
R&F's property projects in China.
JIANGSU FANG YANG: Fitch Lowers LT IDRs to 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded China-based Jiangsu Fang Yang Group
Co., Ltd.'s (Fang Yang) Long-Term Foreign-Currency and
Local-Currency Issuer Default Ratings (IDR) to 'BB-' from 'BB'. The
Outlook is Stable. Fitch has also downgraded the rating on Fang
Yang's USD280 million 7.5% senior unsecured notes due 2021 and
USD150 million 5.3% senior unsecured notes due 2024 to 'BB-', from
'BB'. The senior unsecured notes were issued by Haichuan
International Investment Co., Ltd., an indirectly and wholly owned
subsidiary. The notes were unconditionally and irrevocably
guaranteed by Fang Yang. The ratings have been removed from Rating
Watch Negative (RWN).
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 GREs' support record and
financial implications of default attributes under Fitch's
Government-Related Entities Rating Criteria.
Fang Yang's downgrade reflects a lower support score of 17.5, from
25 previously, resulting in a change to a bottom-up approach with a
two-notch uplift from the 'b' Standalone Credit Profile (SCP), from
a top-down approach relative to Fitch's assessment of the
Lianyungang municipality's creditworthiness. This comes after Fitch
revised the support track record and the financial implications of
default assessments to 'Moderate', from 'Strong'.
Fang Yang was established by the Lianyungang municipality as a
flagship GRE responsible for urban development and supporting
services within the Lianyungang Xuwei New District (XND).
KEY RATING DRIVERS
'Moderate' Support Record: Fitch lowered the attribute to
'Moderate' from 'Strong' to reflect Fitch's view that Fang Yang has
received less direct support from the Lianyungang municipality,
which caused the company's financial profile to remain at a weaker
level. Fang Yang's operations are more directly monitored and
supported by the Lianyungang XND management committee than the
municipality. Fang Yang receives government injections, subsidies
and infrastructure revenue from the XND management committee to
help service debt and support capex for urban infrastructure
development, but the lack of timely cash payments has led to a
continuous increase in the company's total debt and the
consistently weak financial profile.
'Moderate' Financial Implications of Default: Fitch believes the
company has experienced volatility in the capital market due to the
government's tightening of policies. Fitch thinks its continuously
increasing short-term and total debt may lead to lower financing
resilience, reducing the cost and access implications of a default,
although the company remains an onshore issuer. Fang Yang's
expansion in the commercial ancillary service business within the
Lianyungang XND cushions the direct financial implications for the
Lianyungang municipality.
Fitch believes Fang Yang's financial failure would still have
'Moderate' implications as the company remains one of the major
GREs in Lianyungang. A failure by the government to provide timely
support to Fang Yang, leading to a default by the company, could
imply the government is in financial difficulty and hurt its
credibility.
'Strong' Status, Ownership and Control: Fang Yang is wholly owned
by the Lianyungang municipality, which has delegated supervision of
the company to the XND management committee. The municipal
government monitors the company's financing plans and debt levels,
and Fang Yang is required to regularly report operational and
financial results to the Lianyungang XND management committee.
'Moderate' Socio-Political Implications of Default: Fang Yang is
the municipality's sole developer of large-scale infrastructure
projects and provider of public services to the enterprises within
the Lianyungang XND. Therefore, a default is likely to disrupt the
implementation of the municipality's and central government's
development plans. However, the disruption would be moderated by
other local GREs with similar expertise and responsibilities.
SCP of 'b': Fitch's assessment of the company's SCP is driven
mainly by the weak financial profile, with net debt/EBITDA above
54x by end-2020. Fitch expects the net debt/EBITDA to improve
gradually, supported by increasing EBITDA that is driven by the
expansion of ancillary service revenue within the new district.
Fitch changed Fang Yang's revenue defensibility to 'Midrange' from
'Weaker' under Fitch's Public Sector, Revenue-Support Entities
Rating Criteria to reflect the increasing demand in infrastructure
development and ancillary services as more enterprises set up
business in the district. Fitch assesses Fang Yang's operating risk
as 'Midrange' based on its predictable costs.
DERIVATION SUMMARY
Fang Yang's SCP was assessed under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, considering the
company's revenue defensibility, operating risk and financial
profile.
Fitch applied a two-notch uplift from the SCP to derive the final
IDR. This reflects the application of the Government-Related
Entities Rating Criteria and Fitch's assessment of the strength of
linkage and incentive to provide support.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A positive change in Fitch's credit view of the Lianyungang
municipal government's ability to provide subsidies, grants or
other legitimate sources allowed under China's policies and
regulations;
-- An upward revision of the company's standalone profile,
including an improved liquidity profile;
-- Expansion of the company's policy role, resulting in an
increase in the overall support score to 20.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration in Fitch's credit view of the Lianyungang
government's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and
regulations;
-- A lowering of the company's standalone profile;
-- Weakening of the government's incentive to support;
-- Rating action on Fang Yang would lead to similar action on the
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.
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.
KUNMING URBAN: Fitch Lowers LT IDRs to 'BB', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded China-based Kunming Municipal Urban
Construction Investment & Development Co., Ltd.'s (KUCI) Foreign-
and Local-Currency Issuer Default Ratings (IDR) to 'BB' from 'BB+'.
The Outlook is Stable. Fitch has also downgraded the rating on
KUCI's USD500 million 5.8% senior unsecured notes due 2022 to 'BB'
from 'BB+'. The ratings have been removed from Rating Watch
Negative (RWN).
The ratings were placed on RWN on July 13, 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 Government-Related Entities Rating
Criteria.
The downgrade comes after Fitch lowered the financial implications
of default to 'Moderate' from 'Strong' to reflect Fitch's belief
the company has experienced some difficulties in accessing
capital-market debt due to the deterioration of the credit profiles
of similar entities. The deterioration in financing capacity or
financing resilience may weaken the financial implications of
default for its sponsoring government or other GREs under the same
sponsor.
KUCI's rating continues to reflect the Kunming municipality's
ownership and oversight, a record of financial support by the
government and the company's functional role in the city's
development. These factors indicate a strong incentive by the
sponsor to provide extraordinary support to KUCI, if needed.
KEY RATING DRIVERS
'Moderate' Financial Implications of Default: Fitch believes the
company has experienced volatility in the capital market due to the
tightening of government policies and investor concerns over
regional capital-market stability. Fitch thinks KUCI's
concentration on non-standard financing and high borrowing costs
could lead to lower financing resilience. Nevertheless, the company
remains an onshore issuer.
Fitch believes KUCI's financial failure would still have 'Moderate'
implications as the company remains one of the major GREs in
Kunming municipality. A failure by the government to provide timely
support to KUCI, leading to a default by the company, could imply
the government is in financial difficulty and hurt its
credibility.
'Very Strong' Status, Ownership and Control: KUCI is a limited
liability company that is 84.42% owned by the Kunming State-owned
Assets Supervision and Administration Commission (SASAC), a
sub-department of the city government. The remaining 15.58% is held
by Kunming Development Investment Group Co., Ltd, which is fully
owned by the Kunming SASAC. Kunming SASAC has direct control and
oversight of the company's board and monitors its strategic
planning and finances. All major corporate events require
government approval.
'Strong' Support Record: Kunming municipality provides support such
as capital and asset injections, subsidies, land cost returns and
debt support to help KUCI in key infrastructure construction and
primary-land development. The municipality loaned KUCI CNY400
million in 2019 and CNY200 million in 2020 from the proceeds of a
government bond issue to fund investment in primary-land
development. The government returned the cost of the primary-land
development to KUCI, contributing most of the company's revenue and
cash flow. The government also provided CNY11 million in capital
and asset injections in 2020 booked under capital reserves.
'Moderate' Socio-Political Impact of Default: KUCI is one of the
Kunming government's major urban developers in projects such as key
municipal roads, public parks, underground utility tunnels and the
Wujiaba New Area Development Project. A default by KUCI is likely
to have a political impact on the government, requiring the
mobilisation of resources to ensure continued provision of key
public services by administrative orders or emergency liquidity
support. The government may also have to appoint other urban
developers and operators in the city to assume part of KUCI's
duties, if necessary. Therefore, any disruption is likely to be
temporary and moderate.
DERIVATION SUMMARY
KUCI's ratings are assessed under Fitch's GRE criteria, reflecting
Kunming municipality's strong control over the company and the
support provided. Fitch also factors in the socio-political and
financial implications for the government if KUCI were to default.
KUCI's Standalone Credit Profile is assessed under Fitch's Public
Sector, Revenue-Supported Entities Rating Criteria, while the IDRs
are mainly driven by the four GRE rating factors.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upward revision of Fitch's credit view of the Kunming
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.
-- An increased incentive for the Kunming municipality to provide
support to KUCI, including stronger socio-political or
financial implications of default or a stronger support
record.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A lowering of Fitch's credit view of the Kunming
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.
-- Significant weakening in the socio-political and financial
implications of a default, a weaker record of government
support, or dilution of the government's stake.
-- Rating action on KUCI would lead to similar action on the 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.
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.
LIANGSHAN DEVELOPMENT: Fitch Lowers LongTerm IDRs to 'BB-'
----------------------------------------------------------
Fitch Ratings has downgraded Liangshan Development (Holdings) Group
Co., Ltd.'s (LSID) Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'BB-' from 'BB'. The Outlook is Stable. Fitch
has also downgraded the rating on LSID's USD300 million 7% bonds
due 2022, issued by subsidiary Liang Shan International Development
Limited, to 'BB-' from 'BB'. The ratings have been removed from
Rating Watch Negative (RWN).
The downgrade comes after Fitch lowered the financial implications
of default to 'Strong' from 'Very Strong' to reflect Fitch's belief
that the company's access to the capital market has been weak in
recent years, which resulted in a lower overall support score.
Fitch has also revised LSID's Standalone Credit Profile (SCP) to
'b-' from 'b' due to increasing leverage and possible refinancing
risk.
The ratings were placed on RWN on 12 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 Government-Related Entities Rating
Criteria and the company's SCP.
LSID's ratings also reflect the Liangshan prefecture's ownership,
control and support of the company as well as the socio-political
impact on the government if LSID defaults, according to Fitch's GRE
criteria.
KEY RATING DRIVERS
'Strong' Financial Implications of Default: Fitch thinks the
tightening in the company's access to the capital market in recent
years due to Liangshan prefecture's economic and fiscal weaknesses
may have contributed to a rise in the cost of funding. Fitch
expects these conditions to continue, potentially weakening LSID's
fund-raising capacity in the medium term.
Fitch believes a financial failure of LSID would still have
'Strong' implications as the company remains the largest GRE in
Liangshan prefecture by assets. A failure by the government to
provide timely support to LSID, leading to a default by the
company, could imply the government is in financial difficulty and
hurt its credibility.
SCP Lowered to 'b-': LSID has a 'Weaker' financial profile. The SCP
was lowered due to increasing leverage on capital-intensive
public-work investments and weak cash generation as well as
possible refinancing risk. Fitch forecasts net
debt/Fitch-calculated EBITDA to be above 20x by 2025 on its capex
plan. Fitch expects the company's low debt coverage and fast asset
growth to continue in the medium term due to the region's
infrastructure development. Fitch forecasts cash flow from
operations/debt and interest coverage will remain below 1x.
Fitch has assessed LSID's revenue defensibility as 'Weaker' under
the agency's Public-Sector, Revenue-Supported Entities Rating
Criteria because the company has a fairly diversified business
profile with somewhat limited pricing ability. Fitch considers the
operating risk as 'Midrange' based on its predictable cost
structure.
'Very Strong' Status, Ownership and Control: The Liangshan
State-owned Assets Supervision and Administration Commission
(SASAC) owned 65% of LSID as of end-2020 with the rest held by 14
county-level SASACs or treasuries within the prefecture. The
Liangshan government approves LSID's operational and financing
plans, appoints and supervises board members, and audits and
monitors performance under the company's legal status. Major
decisions, such as M&A, spin-offs, bankruptcy and liquidation,
require government verification and approval.
Government Sets Strategic Course: The local government also sets
the course of LSID's strategic development and appoints most of its
senior management. The government also monitors closely the
company's financing plans and debt levels. LSID is also required to
report its operational and financial results to the government on a
regular basis.
'Strong' Support Record: The government supports LSID via financial
subsidies and capital or resource injections to ensure sustainable
operations. LSID's government subsidies in 2020 increased by almost
threefold from 2019 due to additional construction and operating
funds as well as subsidies for loss-making public-welfare duties.
LSID's share capital also continued to increase on continuous share
transfers as well as Liangshan and county governments' capital and
asset injections.
'Moderate' Socio-Political Implications of Default: LSID was
commissioned by the government to boost the local economy and
alleviate the region's poverty. Fitch expects substantial
government support via administrative or fiscal measures to ensure
LSID's continued operational viability as its businesses are
essential to social welfare and a key political priority for the
local government. The government may also appoint other policy GREs
to provide substitute services, if necessary.
DERIVATION SUMMARY
LSID's ratings are assessed under Fitch's GRE criteria, reflecting
Liangshan prefecture's strong control over the company and the
support provided. Fitch also factors in the socio-political and
financial implications for the government if LSID were to default.
LSID's SCP is assessed as 'b-' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, while the IDRs are
driven mainly by the four GRE rating factors.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upgrade of Fitch's credit view on Liangshan prefecture's
ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations;
-- An increased incentive for Liangshan prefecture to provide
support to LSID, including stronger socio-political or
financial implications of default or a stronger support
record;
-- Improvement in the SCP or the liquidity position of LSID.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of Fitch's credit view on Liangshan prefecture's
ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations;
-- Significant weakening in the socio-political and financial
implications of a default, a weaker record of support by the
government, or dilution of the government's stake;
-- Deterioration of the SCP or the liquidity position of LSID;
-- Rating action on LSID would lead to similar action on the 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
LSID is Liangshan prefecture's key investment and financing
platform and manages state-owned assets, such as mineral products
and hydroelectricity. LSID also develops public-welfare projects,
including roads and infrastructure, schools, healthcare facilities,
shanty-town redevelopment and underprivileged household
relocation.
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.
RISESUN REAL ESTATE: S&P Lowers ICR to 'B+', Outlook Stable
-----------------------------------------------------------
On Sept. 2, 2021, S&P Global Ratings lowered its issuer credit
rating on Risesun Real Estate Development Co. Ltd. to 'B+' from
'BB-'. S&P also lowered its long-term issue rating on the U.S.
dollar notes that the company guarantees.
The stable outlook reflects S&P's view that Risesun will maintain
certain financial headroom despite some deterioration while
managing its short-term maturities.
S&P said, "The downgrade reflects our view that Risesun will face
multiple operational and financial challenges in the next one to
two years. We anticipate the company's credit metrics will weaken,
while putting the management's ability to balance various business
goals to the test." These challenges include better destocking in
its home market of Hebei province, managing a controlled margin
slide while expanding into Yangtze River Delta (YRD) and Greater
Bay Area (GBA). Risesun will also need to manage its short-term
offshore maturities likely through internal resources due to market
volatility at a time when land replenishment becomes more
pressing.
Lackluster sell-through in its home market will constrain Risesun's
growth prospects and cash inflow. By S&P's estimate, the company's
sell-through rate will only normalize toward 55%-60% over the next
12 months, from the current 45%-50%, provided no further regulatory
tightening while local demand remains at least stable. The current
market turmoil in the Jing-Jin-Ji particularly the pan-Beijing-rim
region is mainly driven by strict regulation that suppresses
investment purchase, and subpar local demand due to economic
headwinds. The company is carrying a high level of inventory in the
region (about 40% of total saleable resources), primarily within
Hebei province as of midyear 2021.
Expansion into the YRD and GBA will only support modest scale
growth. S&P estimates Risesun will manage to achieve 70%-75%
sell-through for its projects in these regions. This should help
the company maintain a single-digit rate of growth in sales to
Chinese renminbi (RMB) 135 billion-RMB140 billion over the next one
to two years. Compared to Hebei province, YRD and GBA have more
stable and stronger demand that will help improve Risesun's blended
sell-through rate and support an overall sales growth. However, the
expansion will expose the company to heightened competition,
elevated land costs and much stricter regulation such as price
caps.
Accelerated margin compression will follow the expansion. S&P
estimates the gross margin of Risesun's property development
segment will trend downward to about 20% in 2022 and further to
15%-18% in 2023, from the 23% realized in the first half of 2021.
This compares to the peak of 29%-31% in 2018-2019. The decline is a
result of the newer projects that carry higher land costs,
particularly in YRD, with intensified competition and a restrictive
regulatory environment that limits sales pricing and presale
conditions.
Credit metrics, compounded by investment needs for land, will
therefore continue to weaken through to 2023. S&P anticipates the
spending on land will need to go up to 35%-39% of sales proceeds
for each 2022 and 2023, if Risesun sticks to its plan of
penetrating further into YRD and GBA, without depleting its land
bank rapidly. While S&P believes the company will have some
flexibility around land spending in 2021 given its existing
reserves across key chosen markets (such as Hangzhou, Wuhu and
Xuzhou), its expansion plans will still require replenishment to
rebound from 2022.
S&P forecasts Risesun's leverage (debt-to-EBITDA) will worsen to
4.6x-5.0x in 2022, and further to 5.4x-5.8x in 2023, from an
estimated flattish 3.9x in 2021.
Business challenges and market volatility will weigh on Risesun's
access to debt capital markets for refinancing. The company's
deteriorated access is highlighted by the significant pricing slump
in its U.S. dollar senior notes over the past few months. The
company faces about US$780 million (RMB5 billion) in offshore
maturities due before May 2022, while within 2022 it has about RMB4
billion in domestic bonds maturing or puttable. Together these
represent 99% of the company's outstanding capital market
issuances.
A scenario of Risesun paying down its offshore maturities while
narrowing its domestic capital market exposure means it would need
to rely more heavily on bank loans and alternative financing. This
will be a challenging substitution under the current regulatory
restrictions on incremental debt for either financing channels.
Bank loans already accounted for almost 60% of the company's gross
debt at midyear 2021. Risesun's funding channels would also be less
broad and diversified than that of peers in this situation.
S&P said, "We believe the company should be able to manage its
maturities. Risesun has sufficient unrestricted cash (RMB26.3
billion) and is likely to generate free operating cash flow (RMB5.1
billion-RMB5.5 billion in 2021 after capital expenditure, before
dividends). It also has the means for cross-border funds transfer
(such as a cross-border cash pool arrangement).
"We anticipate Risesun will take a particularly cautious approach
to buy land this year. The company should be able to limit its
spending on land to below 25% of total contracted sales this year
to build up financial buffer for potential debt maturity
management, even though this will constrain its resources for
geographical expansion. This level of land replenishment intensity
is unlikely to sustain after this year. The company's total
saleable resources of the existing land bank are about RMB400
billion, which will only support a further 2-2.5 years of
development and sales. In order to sustain its sales scale, the
company will need to reallocate more resources and reaccelerate its
land investment from next year.
"Overall, calibrated decisions are required for internal resource
allocation amid a tough business environment, alongside increasing
pressure on Risesun's credit metrics. We reflect these risks in our
negative comparable rating analysis, effectively lowering the
issuer credit rating by one notch.
"The stable outlook reflects our expectation that Risesun will be
able to sustain its contracted sales over the next one to two
years. Modest scale growth and accelerated margin compression will
result in an uptick in the company's leverage, but Risesun should
maintain its rating headroom. The company will also be able to
manage its short-term debt obligations including offshore U.S.
dollar maturities through internal resources if need be.
"We may lower the rating if Risesun's weighted average maturity
(WAM) of its debt fails to improve to two years or above, while its
liquidity profile weakens further. This is likely to happen if the
company faces difficulties in managing its short-term offshore
maturities.
"We may also lower the rating if Risesun's debt leverage increases
significantly. This is likely to happen if: (1) the company's
revenue and profitability are materially below our projections; or
(2) its land acquisitions significantly exceed our forecast, such
that its adjusted debt-to-EBITDA ratio is above 6.0x for an
extended period.
"We may raise the rating if Risesun manages to maintain diverse
financing channels and improve its capital structure, such that its
WAM stays above two years. At the same time, the company's
profitability will not be materially below our forecast and remain
comparable with the industry average, while its debt-to-EBITDA
ratio stays below 4.5x."
XINYUAN REAL ESTATE: Fitch Lowers Foreign Currency IDR to 'CCC'
---------------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Xinyuan Real
Estate Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC' from 'B-'. At the same time, Fitch has downgraded
Xinyuan's senior unsecured rating and the ratings on its
outstanding bonds to 'CCC' from 'B-', with Recovery Rating of
'RR4'. The ratings have been removed from Rating Watch Negative, on
which they were placed in July 2021.
The downgrade reflects heightened refinancing risk on Xinyuan's
USD229 million bonds due in October 2021 and internal control
weaknesses, as highlighted by the continued delay in publishing its
audited financial results.
KEY RATING DRIVERS
High Refinancing Risk: Xinyuan is working on a number of options to
refinance its USD229 million bond, which matures in October 2021.
However, with less than two months remaining before maturity, Fitch
believes the company has yet to secure all funding to refinance the
bond.
Tight Liquidity: Fitch estimates the company had a total cash
balance of around CNY8 billion as at end-2020. Excluding CNY2.2
billion of restricted cash and CNY0.8 billion of cash at Xinyuan's
subsidiary, Xinyuan Property Management Service (Cayman) Ltd.,
available cash at Xinyuan was around CNY5 billion. However, it is
not clear how much of this is readily available to redeem the
bonds. Furthermore, Fitch believes that relying on cash to repay
the bonds may curtail the company's ability to maintain sufficient
working capital and replenish its landbank .
ESG - Governance: Xinyuan has an ESG Relevance Score of '5' for
Management Strategy and Financial Transparency. Its 2020 audited
financial statements have not been published due to an independent
review initiated by its audit committee on how certain transactions
will affect its 2020 results. Fitch understands that the
independent review is near completion and note that the audited
financial results of Xinyuan Property Management Service (Cayman)
Ltd. have been published.
However, Xinyuan's audited results remain outstanding and Fitch
believes the delay lowers investor confidence in the company's
timely financial disclosure. This has a negative impact on the
credit profile, as evidenced by the delay in offshore bond
refinancing, and is highly relevant to the rating.
Steady Sales and Moderate Leverage: Fitch believes Xinyuan is on
track to achieve stable contracted sales in 2021, after recording
contracted sales and cash collection of around CNY8 billion in
7M21, compared with CNY19 billion for full year 2020. Leverage,
measured by net debt/adjusted inventory, dropped to 50% in 2020 as
the company reduced land acquisitions. This led to its land-bank
life falling to about 2.8 years, which is still in line with
industry peers.
DERIVATION SUMMARY
Xinyuan's ratings reflect its refinancing risk and financial
transparency.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Attributable contracted sales to increase by 5% in 2021 and 2%
in 2022 (2020: 15%);
-- 80% cash collection rate after value added tax in 2021-2022
(2021: 80%);
-- Land acquisition costs of 30% of sales proceeds in 2021 and
38% in 2022 (2020: 13%);
-- Construction cost at 37% sales proceeds in 2021 and 37% in
2022 (2020: 34%);
-- Adjusted EBITDA margin, excluding capitalised interest and
assumption changes, of 21% in 2021 and 2022 (2020: 14%).
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that Xinyuan would be liquidated
in bankruptcy;
-- Fitch assumes a 10% administrative claim.
Liquidation Approach
-- The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or
liquidation processes conducted during a bankruptcy or
insolvency proceeding and distributed to creditors;
-- 100% advance rate applied to cash, with trade payables added
to the repayment waterfall, since available cash is less than
trade payables;
-- 70% advance rate applied to net inventory. The company says
that the decline in its 2020 EBITDA margin was caused by one
off factors, such as clearing old stock at low prices, a
higher contribution from low-margin projects and lower revenue
recognition due to construction delays during the pandemic. We
forecast EBITDA margin to recover in 2021;
-- 70% advance rate applied to trade receivables;
-- 60% advance rate applied to property, plant and equipment
(buildings only);
-- 100% advance rate applied to investment properties. A 6.5% cap
rate would lead to a 110% advance rate, but Fitch has capped
it at 100% to be conservative. Investment properties are
booked at cost less depreciation on the balance sheet.
The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR1' for all
secured debt and onshore unsecured debt, and a recovery
corresponding to a Recovery Rating of 'RR3' for offshore unsecured
debt. However, the Recovery Rating for senior unsecured debt is
capped at 'RR4', because, under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into Group D of creditor
friendliness, and the Recovery Ratings of issuers with assets in
this group are subject to a cap of 'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Refinancing of the bonds falling due in October 2021 without
deterioration in its liquidity position;
-- Publication of unqualified audited financial results.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to publish unqualified audited financial results;
-- Inability to repay the bonds falling due in October 2021;
-- Evidence of further deterioration in funding access and/or
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
Refinancing Critical: Xinyuan improved its liquidity position in
2020, with available cash/short-term non-bank debt and available
cash/short-term debt improving to 1.0x and 0.6x, respectively, from
0.6x and 0.4x at end-2019. However, use of cash to redeem the
maturing US-dollar bonds instead of refinancing is likely to worsen
its liquidity. Fitch excludes cash at Xinyuan Property Management
for Fitch's liquidity analysis, as the subsidiary's cash is not
directly accessible to Xinyuan.
ISSUER PROFILE
Xinyuan is a small property developer in China, with CNY15
billion-20 billion of contracted sales. It generates around half of
its contracted sales from its home market in Zhengzhou and has
expanded to tier one and two cities across the country, including
Beijing, Chengdu, Xi'an and Qingdao. It listed on the New York
Stock Exchange in 2007.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's calculation of adjusted inventory used in the leverage
calculations includes: inventory, net deposits and prepayments for
projects, projects included in other receivables, investment
properties, property, plant and equipment (land and buildings),
investments in joint ventures, net amounts due from joint ventures,
and net amount due from non-controlling interests, less contract
deposits and customer deposits.
ESG CONSIDERATIONS
Xinyuan has ESG Relevance Score of '5' for Management Strategy and
Financial Transparency, which have a negative impact on the credit
profile, and are highly relevant to the rating.
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.
YICHANG HIGH-TECH: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Yichang High-Tech Investment Development
Co., Ltd.'s (YHID) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB+'. The Outlook is Stable.
Concurrently, Fitch has affirmed the rating on YHID's US dollar
unsecured notes at 'BB+'.
YHID invests in and constructs public works, such as land and urban
development, industrial parks and social housing, in the Yichang
High-Tech Development Zone in Hubei province. The entity was the
second-largest infrastructure-investment platform in Yichang
municipality by assets in 2020.
KEY RATING DRIVERS
'Very Strong' Status, Ownership and Control: YHID's legal status
remains unchanged as it is governed by ordinary company law without
explicit liability transfer implications. Fitch's assessment is
based on stable 100% state ownership and the local government's
influence over the entity's operations, including project
investment and financing activities. This implies the local
government has a strong incentive to avert a default of the entity,
adding to the potential for extraordinary support if needed.
'Strong' Support Record: The company continued to receive strong
financial support from the government, amounting to CNY200
million-300 million per annum in the past five years. Consistent
financial support eases YHID's financial burden and enhances its
financial sustainability. The local government does not provide a
guarantee for the entity's outstanding debt, but capital injections
and contributions-in-kind have stabilised its finances. A
consistent record of support and no policy restrictions on
government support reinforce Fitch's support expectations.
'Moderate' Socio-Political Implications of Default: The assessment
reflects YHID's regional business concentration in the Yichang
High-Tech Development Zone and the possibility of substitutes for
its services. YHID's projects are largely in the zone as it was
established to promote the area's development, limiting the
socio-political impact of a default to within the zone rather than
the entire municipality. Fitch believes other government-related
entities (GRE) that undertake municipal investment projects in
Yichang may be able to act as substitutes with temporary
disruptions.
'Strong' Financial Implications of Default: YHID is the
second-largest GRE in the municipality by total assets and debt and
it is responsible for a significant share of the important
investment projects in the zone. This implies a default by the
entity may hinder the investment progress of the projects and the
local government's borrowing capacity. It would also ripple through
the other GREs in the municipality, which would hamper their
funding accessibility. The projects have funding from multilateral
financial institutions and China's policy banks.
'Weaker' Revenue Defensibility: Revenue from YHID's construction
segment, in which it acts as the government's agent, rose in 2020,
indicating that the impact from the coronavirus pandemic may have
been less than Fitch expected. YHID has also expanded into
commodity trading, which accounted for 65% of revenue in 2020. The
company is likely to rely on the trading business for revenue
growth. The reduction in the share of government-driven projects in
its business mix can provide a buffer against demand fluctuations
upon policy changes, but the high customer concentration limits
Fitch's assessment of revenue defensibility to 'Weaker'.
Midrange' Operating Risk: Fitch maintains the assessment at
'Midrange' to reflect potential moderate volatility in operating
costs and some flexibility on capex timing. It has well-identified
cost drivers but has reported modest fluctuations in its gross
margins. Its investment plan is directed by the local government a
year ahead, giving it some flexibility over the progress as the
project owner.
'b' Standalone Credit Profile: The operating risk and revenue
defensibility assessments as well as persistently high leverage
result in a Standalone Credit Profile (SCP) of 'b'. Leverage
remained high after increased investments in municipal projects.
Net debt to EBITDA rose to 36x in 2020 from 33x in 2019 and is
likely to increase further, assuming no significant changes in the
business framework. This limits the SCP assessment.
DERIVATION SUMMARY
YHID's ratings reflect the four factors assessed under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile assessed under Fitch's Public-Sector,
Revenue-Supported Entities Rating Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- An upward revision in Fitch's credit view of Yichang
municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.
-- An increased incentive for Yichang municipality to provide
support to YHID, including stronger socio-political or
financial implications of a default or a stronger support
record.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A lowering of Fitch's credit view of Yichang municipality's
ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations.
-- A significant weakening in the socio-political and financial
implications of default, a weaker support record from the
government or a dilution in the government's shareholding.
-- Rating action on YHID would lead to similar action on the
rating of 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.
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
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ALAPATT JEWELLERY: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Alapatt
Jewellery (House of Alapatt) in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]B+(Stable) ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 5.50 [ICRA]B+ (Stable); ISSUER NOT
Based-Working COOPERATING; Rating continues
Capital Limits to remain under 'Issuer Not
Cooperating' Category
Rationale
The rating continues to remain under 'Issuer Not Cooperating
category' because of lack of adequate information regarding Alapatt
Jewellery (House of Alapatt)'s performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its 'Policy in respect of
non-cooperation by a rated entity' available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.
As part of its process and in accordance with its rating agreement
with Alapatt Jewellery (House of Alapatt), ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.
Alapatt Jewellery (House of Alapatt) is a Cochin-based partnership
firm established by Mr. Jose Alapatt in 1994. It is involved in
gold and diamond jewellery retailing through its ~15,000-square
feet retail showroom located in Cochin. The firm meets its gold
requirement through traders and melting of old gold exchanged by
the customers and outsourcing the jewellery manufacturing to local
goldsmiths. Alapatt Jewellery (House of Alapatt) meets its diamond
jewellery requirement through diamonds procured from merchants
based out of Mumbai and Bangalore.
ALLIANCE GRANIMARMO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Alliance
Granimarmo Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as '[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 17.97 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term- 33.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Based Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long Term/ 4.53 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term– COOPERATING; Rating Continues
Unallocated to remain under 'Issuer Not
Limits Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1998, Alliance Granimarmo Private Limited ('AGPL')
is engaged in quarrying and processing of rough granite blocks into
slabs and tiles. The Company exports the granites slabs and tiles
to the USA, Europe, Africa, and Middle East. The company's
manufacturing facility is located in Tada, Andhra Pradesh, with a
processing capacity of 38 lakh square foot of granite slabs per
year. AGPL is part of the Gimpex group, which is mainly engaged in
sales of barite, coal, iron ore, mill scale, clinker, and
bentonite. The company's name was changed from Alliance Minerals
Private Limited to Alliance Granimarmo Private Limited, in November
2014.
AZIZ ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Aziz
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 8.00 [ICRA]B (Stable) ISSUER NOT
Fund Based/ COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1972 as a partnership firm, Aziz Enterprises is
engaged in the trading of precious gems, with product profile
including emerald and tanzanite stones with a focus on trading of
rough emerald stones. The firm has been managed by Mr. Ikramullah
and Mr. Salimullah, who have been engaged in this line of business
since 1975. However, in October 2014 Mr. Aminulla, Ms. Sugra Begum,
Ms. Yasmeen and Ms. Ghosiya Begum joined as the partners of the
firm. The firm is also a member of Gems & Jewellery Export
Promotion Corporation.
BAJRANG BRONZE: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bajrang
Bronze LLP in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B- (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 2.29 [ICRA]B- (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Cash Credit 3.00 [ICRA]B- (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Bajrang Bronze LLP, was established in October 2015 with the object
to carry on the business of Manufacturing of Bronzev Products,
Bushing, Brass Products, Aluminium Products and other Metal
Products. The manufacturing site is located atv Sardar Industrial
Area, Padavala, Rajkot. The commercial production has commenced in
May 2016. The facility has installed capacity
of 1200 MT out of which 700 MT for Bronze Casting, 200 MT for Brass
Casting and 300 MT for Aluminium Casting.
BARASAT KRISHNAGAR: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Barasat
Krishnagar Expressways Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA] D; ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LongTerm/ 705.60 [ICRA]D; ISSUER NOT COOPERATING;
Fundbased/ Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
BKEL has been incorporated as a special purpose vehicle promoted by
Madhucon Infra Limited (MIL) and Madhucon Projects Limited (MPL) to
undertake the implementation of four-laning of Barasat to
Krishnanagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis. The project has
been terminated in December 2015 due to land acquisition issues and
is currently under arbitration.
CHIDAMBARAM SHIPCARE: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Chidambaram Shipcare Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
'[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 2.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/ COOPERATING; Rating continues
Facilities to remain under 'Issuer Not
Cooperating' category
Long Term- 0.65 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 2.85 [ICRA]A4 ISSUER NOT
Non Fund COOPERATING; Rating continues
Based Facilities to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Chidambaram Shipcare Private Limited (CSPL) was set up by Mr. K.
Chidambaram in 1979 to provide afloat ship repair services and
fabrication services at shipyards and ship building yards.
Currently, apart from providing these services, CSPL also has
dealership and service support agreements with:
* Volvo India Private Limited for marine propulsion and genset
engines, spare parts and accessories;
* SMAG Peiner Grabs (India) Private Limited for grabs; and
* Optimarin for ballast water treatment systems.
CSPL is a registered Ship Repair Unit (SRU) with the Directorate
General of Shipping for rendering afloat ship repair services. It
currently has a workshop at the Chennai Port and another at
Darukhana, near the Mumbai Port, which act as the base for its
southern and western operations, respectively.
ELECTROPATH SERVICES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Electropath Services (India) Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as '[ICRA]D/[ICRA]D:
ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 21.27 [ICRA] D ISSUER NOT COOPERATING;
Fund Based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 28.73 [ICRA] D ISSUER NOT COOPERATING;
Fund Based Rating continues to remain under
Bank Guarantee 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Established in 2006, ESIPL is engaged in executing turnkey power
projects for Maharashtra State Electricity Distribution Company
Limited (MSEDCL). The company provides services like designing,
erecting, commissioning, testing for project like electricity
distribution and transmission lines, electricity distribution
transformer centers, substations, etc. The promoter, Mr. Sambhaji
Nathrao Gitte has experience of more than two decades in electrical
contracting.
FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Fortune's
Sparsh Healthcare Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]D: ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 7.50 [ICRA]D; ISSUER NOT COOPERATING;
Term Loan Rating Continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Fortune's Sparsh Healthcare Private Limited is promoted by Dr.
Rahul Bade, Dr. Vikas Kude, Dr. Amit Wagh and Mr. Vinod Adaskar.
The company operates a 70 bedded super specialty hospital at
Somatane Phata which is close to 30 kms from Pune.
GANPATI ADVISORY: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ganpati
Advisory Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as '[ICRA] B+ (Stable): ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based– 5.00 [ICRA] B+ (Stable); ISSUER
NOT
Cash Credit COOPERATING; Rating Continues
to remain under the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Ganpati Advisory Limited was incorporated as a closely held public
limited company in 2003. It was formed to invest in group concerns,
which are involved in the manufacturing of cement. However, it has
started cement manufacturing by establishing its own facility in
2013 with an installed capacity of 600 metric tonne per day (MTPD).
The company procures clinker, gypsum and fly ash from the local
market to produce cement. GAL manufactures and sells cement under
the brand names of 'Shakti' and 'Kohinoor Gold Cement'. It sells to
wholesalers in Uttar Pradesh and Madhya Pradesh. Mr. Anil Kumar
Agrawal, Managing Director of the company, looks after the
day-to-day operations of the company and also heads the other group
companies involved in a similar line of business.
GEM BATTERIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gem
Batteries Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as '[ICRA]D: ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund Based Rating Continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated on August 13, 2003, Gem Batteries Private Limited
(GBPL) manufactures lead batteries mainly for the automotive and
industrial segment. The company's manufacturing plant is located at
Baddi, Himachal Pradesh and the current manufacturing capacity is
around 20,000 batteries per month. It is primarily a family-run
concern with Mr. N.M. Gupta (his wife Mrs. Bimal Gupta) and his son
and daughter-in-law being the directors. Prior to entering the
battery manufacturing business, the promoters were involved in
business if trading in batteries. The company sells its products in
the replacement market through a distributor network.
GLITTER METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Glitter
Metals Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as '[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 10.00 [ICRA]B+(Stable)/[ICRA] A4
Short Term– ISSUER NOT COOPERATING;
Unallocated Rating Moved to the 'Issuer
Not Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Incorporated in 2016, Glitter Metals Pvt Ltd (GMPL) is engaged in
trading, manufacturing and sale of copper wire rods, busbars and
other copper products and components as well as ferrous and
non-ferrous metals. The company started its trading operations from
October 2016, while manufacturing began from its facility at
Nardana MIDC in Dhule district of Maharashtra in January 2017. The
registered office of the company is in Nashik, Maharashtra.
GMPL registered a net profit of INR0.70 crore on an OI of INR248.53
crore in FY2019, against a net profit of INR0.18 crore on an OI of
INR171.08 crore in FY2018.
GSM MEGA: ICRA Lowers Rating on INR120cr Term Loans to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of GSM Mega
Infrastructures Private Limited (GMIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based– 110.00 [ICRA]D downgraded from
Term Loans [ICRA]BB; removed from watch
with negative implications
Unallocated 10.00 [ICRA]D downgraded from
limits [ICRA]BB; removed from watch
with negative implications
Rationale
The rating downgrade of GMIPL factors in the instances of delays in
the debt servicing obligations in the recent past due to liquidity
crunch emanating from delayed collections of rentals from tenants
due to Covid-19 pandemic. ICRA has been receiving the No Default
Statement (NDS) from GMIPL regularly in the prior months, which did
not suggest irregularity in debt servicing. However, the latest
information suggests instances of delays in debt servicing by
GMIPL. Further, the rating continues to remain constrained by high
tenant concentration, high leverage and vulnerability of coverage
ratios to factors such as changes in interest rates or reduction in
occupancy levels. ICRA notes the attractive location of the mall
with no competitive mall in the vicinity.
Key rating drivers and their description
Credit strengths
* Attractive property location with no competitive mall in
vicinity: GSM mall is strategically built on the Pune-Hyderabad
highway in Miyapur, Hyderabad, and located in proximity to
pharmaceutical, apparel and industrial development areas with no
major competing mall of similar scale in the vicinity.
Credit challenges
* Delays in debt servicing due to stretched receivables: There were
delays in the debt servicing obligations owing to liquidity crunch
emanating from delayed collections of rentals from tenants on
account of Covid-19 pandemic.
* High tenant concentration: GMIPL has high tenant concentration,
with the top-five tenants occupying 57% of the total leasable area.
This exposes the company to high market risks in case any of these
tenants vacate their areas. Further, GSM is exposed to market risk
as 17% of the total leasable area is currently vacant.
* High leverage ratio: The company has high leverage because of the
reduced rentals loan-to-annual rental income of around 7.8 times
for the mall.
* Vulnerability to changes in interest rate and occupancy levels:
The debt coverage ratios are vulnerable to factors such as changes
in interest rates or reduction in occupancy levels.
Liquidity position: Poor
RESPL's liquidity position is poor because of reduced rentals owing
to pandemic leading to reduced accruals against debt repayments.
Further the collections have also been elongated leading to timing
mismatches between due date and payments.
Rating sensitivities
Positive factors – ICRA could upgrade GMIPL's rating with
regularisation in debt servicing for a period of more than three
consecutive months.
Negative factors – Not Applicable
Incorporated in 2011, GMIPL is involved in developing and operating
commercial real estate projects at Miyapur, Hyderabad. The
mall-cum-multiplex has a total chargeable area of 4.34 lakh sqft
and operates under the name GSM Mall. Spread across 3.23-acre area,
the mall has 7 floors (G+6) and three basement levels of parking
(for up to 800 cars). The mall became operational in June 8, 2019
and has an occupancy level of 83% of the leasable area as of May
2021. The company is promoted by Mr. Murali Mohan Reddy, Mr. M V S
Seshagiri Rao and Mr. Siva Shankar Reddy.
IMPERIAL TUBES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Imperial
Tubes private limited in the 'Issuer Not Cooperating' category. The
rating is denoted as '[ICRA]D/[ICRA]D ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 50.00 [ICRA] D ISSUER NOT COOPERATING;
Limit–Open Rating continues to remain
under
Cash Credit 'Issuer Not Cooperating'
Category
Non-Fund 5.00 [ICRA] D ISSUER NOT COOPERATING;
Based–Bank Rating continues to remain under
Guarantee 'Issuer Not Cooperating'
Category
Non-Fund Based– 5.00 [ICRA] D ISSUER NOT
COOPERATING;
Inland Letter Rating continues to remain under
of Credit 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 1978, ITPL is currently engaged in the
manufacturing of electric resistance welded (ERW) black pipes with
an installed capacity of 120,000 metric tonnes per annum (MTPA).
The manufacturing facility of the company is located in Howrah,
West Bengal. The company is being managed by the two directors Mr.
Pratik Sharma and Mr. Manish Sharma, who had taken
over the business from the original promoters in December 2013. The
pipes manufactured by the company have varied applications like
irrigation, water supply, sewerage system, fabrication,
construction activity, idlers/ conveyors, water wells (casing
pipes) etc. and are sold under the brand name of 'Imperial'.
KOTADIYA REALITY: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kotadiya
Reality in the 'Issuer Not Cooperating' category. The rating is
denoted as '[ICRA]B+(Stable) ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 32.00 [ICRA]B+(Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Established in July 2014 as a partnership firm, Surat(Gujarat)
based Kotadiya Reality (KR) is constructing a residential
project–Rameshwaram Dev Bhoomi -at Bhimrad in Surat. The project
entails the construction of 5 towers constituting 116 residential
flats on a plot admeasuring 8,361 square meters, with a total
saleable area of 3,22,756 square feet. The construction commenced
in 2014 and is expected to get completed by March 2018. The firm's
partners have almost three decades of experience in the real estate
business through the Rameshwaram Group, engaged in real-estate
construction business in Surat, having developed ~1.86 million
square feet of residential complexes in Surat.
LAXMI MEMORIAL: ICRA Lowers Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Laxmi
Memorial Education Trust (LMET), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 15.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/ COOPERATING; Rating
TL downgraded from [ICRA]BB-
(Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Long Term– 8.00 [ICRA]B+ (Stable) ISSUER NOT
Non Fund Based COOPERATING; Rating
downgraded from [ICRA]BB-
(Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
The ratings are downgrade because of lack of adequate information
regarding LMET performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its 'Policy in respect of non-cooperation by the rated entity'.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Laxmi Memorial Education Trust, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
LMET was incorporated in 1992 under the leadership of Mr. A J
Shetty. The Trust has been accorded the recognition of linguistic
minority status by the Government of Karnataka and enjoys special
privileges under the linguistic minority act. The most notable of
LMET's colleges are AJ Institute of Medical Sciences and AJ
Institute of Dental Sciences which have A J Hospital & Research
Center attached to the college premises and together they
contribute to more than 90% of the trust's revenues. The trust also
has colleges in the field of nursing, management, physiotherapy,
hotel management, paramedical sciences and hospital management.
MOBISMART CARD: ICRA Moves B+ Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Mobismart
Card Technology Private Limited (MCTPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as '[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term– 3.70 [ICRA]B+ (Stable); ISSUER NOT
Fund-based/CC COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Long-term– 19.50 [ICRA]B+ (Stable); ISSUER
NOT
Fund-based/TL COOPERATING; Rating moved to
'Issuer Not Cooperating'
Category
Long-term/ 0.30 [ICRA]B+ (Stable)/[ICRA]A4;
short-term– ISSUER NOT COOPERATING;
Unallocated Rating moved to 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Incorporated in 2016, MCTPL manufactures smart cards including
magnetic striped and chip cards for various industries such as
banking, telecom, retail, government entities, etc. The company has
its manufacturing facility at Chennai, Tamil Nadu spanning across
an area of 18,000 sq. feet, wherein it undertakes printing,
lamination, chip implanting and personalisation for the
manufacturing of cards. Its manufacturing facility is ISO and
SCOSTA certified and is accredited by Visa and Master
Card.
MONTFORT EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of The
Montfort Educational Society in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]B(Stable) ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-OD 1.00 [ICRA]B (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based 8.07 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated 0.93 [ICRA]B (Stable) ISSUER NOT
Amount COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
The Montfort Educational society (Montfort or MES) was established
by Dr. John K V in 2006. The Montfort Educational society was
registered after the catholic saint, St. Louise Mary Gregone de
Montfort. The society started its first educational institution
under the banner K John Public School in 2007 in Eastern Nagpur.
The second institution under the same name was established in 2008
at Saoner, Nagpur. In April 2016, the society has also established
a nursery school at Besa in Nagpur.
POMMYS GARMENTS: ICRA Lowers Rating on INR26cr LT Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Pommys
Garments (India) Limited (PGIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term– 26.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/ COOPERATING; Rating
CC downgraded from [ICRA]BB-
(Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Long Term– 3.38 [ICRA]B+ (Stable) ISSUER NOT
Fund Based/ COOPERATING; Rating
TL downgraded from [ICRA]BB-
(Stable) and continues to
remain under 'Issuer Not
Cooperating' category
Rationale
The ratings are downgrade because of lack of adequate information
regarding PGIL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its 'Policy in respect of non-cooperation by the rated entity.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Modular Concepts LLC, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Pommys Garments (India) Limited ('PGIL') was set up in 1998 as a
partnership firm with the present directors as the partners. The
company was converted from a private limited company to a public
limited company in November 2017 and the name changed from Pommys
Garments (India) Private Limited to Pommys Garments (India)
Limited. Initially, PGIL was involved in the manufacturing of
women's night wear had diversified during the recent years to also
manufacture women's tops and leggings. The Company procures raw
material (cloth) in bale form from suppliers in Gujarat, Mumbai,
Tirupur and Rajasthan. The Company has an in house capacity to
produce 5000 pieces per day. The Company has also recently entered
into newer segments like women's innerwear, salwars and men's
shirts. The Company also has retail presence through 19 showrooms
across Tamil Nadu and Pondicherry and also plans to open 5 more
showrooms in during 2016-17. Currently PGIL sells its products
through ~300 retail showrooms across Tamil Nadu, Kerala, Karnataka
and Andhra Pradesh under the brand 'Pommys'.
POPULAR FOUNDATIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Popular
Foundations Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as '[ICRA]B+ (Stable); ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based COOPERATING; Rating continues
Facilities- to remain under 'Issuer Not
Cash Credit Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Popular Foundations Private Limited was established in 1998 by Mr.
Venaktesh who is the managing director of the company. PFPL
undertakes contracts in the construction segment with an experience
of over two decades in the construction industry in Chennai, Tamil
Nadu. The company undertakes construction of civil structures such
as colleges, schools, factories, hotels and other commercial
buildings.
PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Preeti
Textile in the 'Issuer Not Cooperating' category. The rating is
denoted as '[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 1.00 [ICRA]B(Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund-based 4.89 [ICRA]B(Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund (4.52) [ICRA]A4 ISSUER NOT
based-FLC COOPERATING; Rating continues
(Sublimit of To remain under 'Issuer Not
term loans) Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Preeti Textile is the proprietorship concern of Mrs. Preeti
Aggarwal. However, her husband Pankaj Aggarwal mainly handles
operations. He has around 15 years of experience in the textile
industry. He is also the director of Dass Embroidery Pvt. Ltd. and
a key management personal of Dass Exports, S. G. Creations, Alfa
Machinery Traders and Dhan Darshan Creation.
RAJ EVENTS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Raj Events
and Entertainment Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]D: ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 26.50 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
Raj Events and Entertainment Private Limited incorporated in 2003
is engaged in the newspaper publishing business and publishes the
'Raj Express' Hindi newspaper in four editions namely Bhopal,
Indore, Jabalpur and Gwalior in Madhya Pradesh.
RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities Ranganathan
Rajeswari Charitable Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as '[ICRA]D ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 8.50 [ICRA] D ISSUER NOT COOPERATING;
Fund Based TL Rating continues to remain under
'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Ranganathan Rajeswari Charitable Trust ('RRCT') was established in
2006 to impart professional education to students in Tamil Nadu.
The trust owns and manages 'Ranganathan Engineering College'
('REC'), 'Ranganathan Architecture College' ('RAC') and
'Ranganathan Polytechnic College' ('RPC') situated in Coimbatore,
Tamil Nadu. The promoters of the trust are Dr. R. Murugesan, Dr. P.
Tamilarasi Murugesan, Mr. R. Karuna Boopathy, Mrs. K. Tamilarasi,
Mr. R. Subramanian, Mrs. B. Ezhilarasi and Mrs. M. Praveena. The
promoters have more than 30 years of experience in the education
sector.
SAIMAX CERAMIC: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Saimax
Ceramic Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as '[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 8.05 [ICRA]B+ (Stable) ISSUER NOT
COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non-fund based 2.75 [ICRA]A4 ISSUER NOT
COOPERATING; Rating continues
To remain under 'Issuer Not
Cooperating' category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.
Saimax Ceramic Private Limited was incorporated in July, 2011 by
Mr. Nitin D. Shirvi and Mr. Kalpesh M. Rangpariya. SCPL is involved
in the manufacturing of glazed ceramic wall tiles and sells its
products under the brand name Saimax. The company has its
manufacturing facility located at Morbi, Gujarat and commercial
production started from April, 2012. At present,, the plant has an
installed capacity of manufacturing 40,000 MTPA of wall tiles p.a.
It manufactures wall tiles of size 10' X13', 10' X 15', 10' X 10''
and 18' X 12'.
SAMBHAV SHELTERS: ICRA Withdraws B+ Rating on INR30cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Sambhav Shelters, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term– 30.00 [ICRA]B+(Stable) reaffirmed;
Fund Based removed from ISSUER NOT
Cash Credit COOPERATING category and
Limit Withdrawn
Rationale
The rating reaffirmation considers the longstanding experience of
the promoters of Sambhav spanning over 20 years in the real estate
industry. The rating favorably factors in the location of the
project in South Mumbai with good connectivity and infrastructure
facilities, along with its advanced stage of construction.
The rating is, however, constrained by the significant market risks
faced by the firm with ~52% of the total area remaining unsold as
on March 31, 2021 and slow sales velocity with only 19 flats booked
over the last 36 months. Furthermore, the rating takes into
consideration the low cash flow adequacy1 of 15%, which makes
generation of incremental sales and collections critical for
meeting the impending debt repayments. ICRA also notes the risk
associated with the partnership constitution including the inherent
risk of capital withdrawal.
The rating assigned to the bank limits of Sambhav have been
withdrawn in accordance with ICRA's policy on withdrawal and
suspension at the request of the company and based on the no
objection certificate provided by its banker.
Key rating drivers and their description
Credit strengths
* Favorable location of project with good connectivity and presence
of social and commercial infrastructure: The project Bayvue is
located at Kalbadevi in South Mumbai and enjoys good social
infrastructure with various reputed hospitals and education
institutes in the vicinity. Furthermore, the project draws comfort
from its advantage of being near to various retail and
entertainment centers. The project also enjoys good connectivity
with mass transit terminals as well as the airport.
* Vast experience of promoters in real estate industry: The firm is
a part of the Vibrant Group, which has been in the construction and
real estate sector for more than two decades. The Group has
developed nearly 9 lakh sq. ft. of real estate projects till July
2021. The promoters have vast experience with more than 20 years of
experience in the real estate industry. Low regulatory risk,
execution and funding risks despite delays in project execution due
to change in project scope and amid
* Covid-19 induced lockdown: In FY2019, the project added
additional units in wing A (East and West Bay) and introduced Wing
B (South Bay) leading to revision in the total area of the project
to 59,782 sq. ft. from 46,025 sq. ft. earlier, in line with the
change in Development Regulations that permitted higher FSI.
Accordingly, the DCCO was extended from December 2020 committed
receivables/pending cost + debt outstanding to January 2022. A
further extension of six months was granted under the Covid relief
package and the DCCO now stands at June 2022. At present, the
construction is at a fairly advanced stage with ~ 92% of the
overall project cost incurred till March 31, 2021, which reduces
the execution and funding risks to an extent.
Credit challenges
* Significant market risk and as only ~48% of the total area is
sold; heightened by intense competition; weak market conditions
exacerbated by Covid-19 pandemic: The project was launched in April
2014, and 48% of the inventory has been sold till March 31, 2021.
The sales velocity has been low, with 19 units, valued at INR39.44
crore, sold over the last three years (~11,000 sq feet area). Thus,
significant market risks exist for the unsold area. The Covid-19
pandemic may exacerbate these risks.
* Low cash flow adequacy: The committed receivables from the sold
area stood at INR5.73 crore as of March 2021. The overall estimated
pending project cost stood at INR11.56 crore, with outstanding debt
at INR27.3 crore. Thus, the cash flow adequacy is low at 15%. With
debt repayment on the project loan commencing from October 2020 and
unavailability of any undrawn lines, the risks of cash flow
mismatches going forward are exacerbated. Generation of incremental
sales and collections will remain critical for meeting the
impending debt repayments from its operating cash flows. ICRA,
however, notes that its past cash flows were supported by recovery
of loan advanced to a group company, Vibrant Homes LLP, to the tune
of INR8.66 crore, which facilitated INR4 crore prepayments on the
overdraft facility.
* Risk inherent in the partnership firm including risk of capital
withdrawal: Given Sambhav's constitution as a partnership firm, it
is exposed to discrete risks including the possibility of capital
withdrawal by the partners and the risk of dissolution of the firm
upon the death, retirement or insolvency of the partners.
Liquidity position: Stretched
Sambhav's liquidity position is stretched with INR5.73 crore of
committed receivables and ~INR0.87 crore free cash and liquid
investments, as of March 31, 2021. The firm has an overall
estimated pending project cost of INR11.56 crore and debt
obligations to the tune of INR16.00 crore in FY2022 and INR9.00
crore in FY2023. While generation of incremental sales and
collections will remain critical for meeting its impending debt
repayments from the operating cash flows, ICRA expects support from
the promoters in the form of unsecured loans to bridge any funding
gaps.
Sambhav Shelters is a partnership firm incorporated in 2006 and is
a part of Vibrant Group, which has been in the real estate industry
since the last 20 years. At present, the firm is involved in the
construction of the project Bayvue located in Chira Bazaar,
Kalbadevi, Mumbai. It is a re-development project consisting three
towers- East, West and South. The total area of the project stands
revised at 59,782 sq. feet from 46,025 sq. ft. earlier, housing a
total of 91 saleable units (62 saleable units earlier).
VENKATA SAI: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Venkata
Sai Agro Industries' (VSAI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term– 10.00 [ICRA]B+ (Stable);
reaffirmed
Fund Based–
Cash Credit
Rationale
The rating reaffirmation reflects the extensive experience of VSAI
partners in the rice-milling industry and easy availability of
paddy because of its proximity to major paddy-cultivating regions
in northern Karnataka. ICRA considers the favourable demand
prospects of the rice industry because of the country's growing
population, with India being one of the largest producers and
consumers of rice.
However, the rating is constrained by the firm's moderate financial
profile, characterised by its small scale of operations, thin
margins, low net worth, high gearing and moderate coverage
indicators. Further, in FY2021, with an increase in working capital
intensity and low cash accruals, VSAI's liquidity position has
remained stretched. The rating is also impacted by the stiff
competition and limited value-additive nature of the business,
constraining the pricing flexibility. The rating factors in the
susceptibility of VSAI's revenues and profitability to
agro-climatic risks as the availability of paddy can be affected by
adverse weather conditions. The firm is also exposed to the
inherent risks of capital withdrawal associated with partnership
entities.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that VSAI will continue to benefit from the extensive experience of
its partners in the rice-milling business.
Key rating drivers and their description
Credit strength
* Extensive experience of promoters in rice milling business:
Incorporated in 2007, VSAI is a partnership firm involved in the
processing of whole rice. The partners have been involved in the
rice milling business for over a decade. The partners are directly
involved in VSAI's day-to-day business.
* Proximity to rice-growing areas: The firm's plant is located at
Maanvi (Karnataka), which is surrounded by areas such as Raichur,
Sindhnoor and Gangavathi, where the major part of the paddy is
cultivated. This results in low transportation cost for the firm
and easy availability of paddy at a competitive rate. VSAI's paddy
requirements are met locally through direct purchases from
farmers.
* Favourable long-term demand outlook: The demand prospects of the
rice industry are expected to remain favourable, supported by
India's growing population with rice remaining a staple food grain
in the country. Moreover, India is the world's second largest
consumer of rice, apart from being a leading exporter, though more
in the Basmati rice segment.
Credit challenges
* Small scale of operations: VSAI is a small-scale player with
revenues of INR57.2 crore in FY2021, increasing from INR49.4 crore
in FY2020 owing to higher sales realisation. However, small scale
of operations and low net worth restrict operational and financial
flexibility to some extent.
* Leveraged capital structure and coverage indicators: The firm's
gearing remained high at 1.75 times as on March 31, 2021 and
TD/OPBITDA of 7.65 times in FY2021. As most of its debt includes
working capital borrowings, with limited long-term repayments,
VSAI's interest coverage and DSCR remained moderate at 1.50 times
and 1.54 times, respectively, in FY2021.
* Intense competition in industry: Owing to low entry barriers and
the presence of numerous unorganised and organised players, along
with readily available technology and proximity to rice-cultivating
belt, the firm faces intense competition for paddy procurement.
This affects volumes and pricing flexibility of rice millers like
VSAI.
* Inherent agro-climatic risks and vulnerability to changes in
Government policies: The rice milling industry is susceptible to
agro-climatic risks (which can affect the availability of paddy in
adverse weather conditions), epidemics in paddy crop or a shift of
farmers to other cash crops and cyclicality. Moreover, it is
exposed to Government policies such as minimum support price,
affecting the raw material cost, which in turn will impact the
margins.
* Inherent risks associated with a partnership firm: VSAI is
exposed to risks associated with partnership firms including
limited ability to raise capital and capital withdrawal by
partners, which could adversely impact its capital structure.
Liquidity position: Stretched
VSAI's working capital intensity increased significantly in FY2021
owing to high inventory holding and elongated debtors. The firm is
dependent on its working capital limits as evident from its almost
full utilisation of limits between April 2020 and March 2021. It
has an outstanding term loan of INR0.69 crore under the Covid
Emergency Line of Credit, which is scheduled to be fully repaid in
FY2024. In this backdrop, the liquidity position is likely to
remain stretched.
Rating sensitivities
Positive factors – ICRA could upgrade VSAI's rating if the firm
demonstrates a sustained improvement in its revenues and profits,
leading to an improved liquidity. Specific credit metrics that may
lead to an upgrade of VSAI's rating include interest coverage above
2.5 times on a sustained basis.
Negative factors – Pressure on VSAI's rating could arise if there
is a decline in revenue and margins, leading to a further stretched
liquidity. Moreover, any major debt-funded capex in the near term
would affect the firm's liquidity position, which could exert
pressure on the firm's rating.
Incorporated in 2007, VSAI is a partnership firm involved in the
milling of paddy and produces rice. The firm has a milling unit at
Maanvi, Karnataka with an installed capacity of 8 metric tonnes per
hour (MTPH) of milling. Its major products include boiled rice, raw
rice, bran, broken rice and husk. The factory runs in two shifts
daily. VSAI procures paddy from local farmers and has a diversified
customer base across Andhra Pradesh, Telangana, Maharashtra and
Karnataka.
In FY2021, on a provisional basis, the firm reported a net profit
of INR0.6 crore on an operating income (OI) of INR57.2 crore
compared to a net profit of INR0.5 crore on an OI of INR49.41 crore
in FY2020.
VIDEOCON GROUP: Lenders Fail to Receive Bids for Energy Business
----------------------------------------------------------------
Livemint.com reports that lenders to Videocon group's energy
business have extended the deadline for submitting the resolution
plan until September 30 after it failed to receive any bids from
potential applicants, according to two bankers aware of the
development.
Videocon Oil Ventures Ltd (VOVL), which is engaged in oil and gas
extraction through international subsidiaries, had received
expressions of interest from four companies, including Vedanta and
Brazil-based Petrobras, for its overseas assets, according to
Livemint.com.
"We have received no bids so far. It is almost a year since the
timeline has been extended. Bankers believe that liquidation may
not fetch any value, so the lenders have decided to extend the
timeline further," said the first banker aware of the matter.
Livemint.com relates that the delay in VOVL's resolution adds to
the woes of lenders who are awaiting the National Company Law
Appellate Tribunal's (NCLAT's) decision on the debt resolution
process of Videocon.
The Supreme Court had last month refused to set aside the stay
order given by NCLAT on Vedanta Group's Twin Star Technologies
acquisition of Videocon group. It directed NCLAT to give its final
decision on the matter on September 7.
NCLAT's decision to stay the debt resolution process was based on
an appeal by Bank of Maharashtra, which contended that the Twin
Star bid had been made too close to the liquidation value.
Videocon was in the first list of the 12 largest accounts that the
Reserve Bank of India referred for bankruptcy in late 2016. VOVL is
not part of Videocon Group's corporate insolvency proceedings, but
was admitted separately in 2019, the report says. The company,
which has a debt of nearly INR30,000 crore, is backed by a
corporate guarantee worth INR24,000 crore from Videocon Industries
Ltd.
VOVL holds 99% shares in Videocon Hydrocarbon Holdings Ltd (VHHL),
a Cayman Islands company formed in 2009 for the Videocon group's
global oil and gas assets. VHHL in turn holds 100% of equity shares
of Videocon Energy Brazil Ltd (VEBL), which is a 50% joint venture
partner in IBV Brasil Petróleo Ltd.
About Videocon Industries
Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.
Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.
On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.
The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.
VISHWAKARMA BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term ratings of Shree Vishwakarma
Builders in the 'Issuer Not Cooperating' category. The ratings are
denoted as '[ICRA] D; ISSUER NOT COOPERATING'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LongTerm/ 34.50 [ICRA]D; ISSUER NOT COOPERATING;
Fundbased/ Rating continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
SVB is a partnership firm incorporated in October 2012 with
fourteen partners registered at Kanker Khera, Meerut, Uttar
Pradesh. The firm is promoted by Mr. Parminder Tewatia, Ms.
Ravindri Devi and Mr. Arjun Singh. SVB launched a project 'Green
Paradise' in Modipuram, Meerut and completed the same in February
2017. The project comprises a saleable area of 3.11 million sq. ft.
and consists of 63 plots, 130 duplex and 26 G+2 floors. The project
cost for INR80.0 crore is funded by Rs
34.50 crore of bank debt, INR25.52 crore of promoter's contribution
and INR19.98 crore of customer advances.
WINDSOR INDUSTRIES: ICRA Cuts Rating on INR9.90cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Windsor
Industries Private Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term- 9.90 [ICRA]B+(Stable) ISSUER NOT
Fund based COOPERATING; Rating
limits downgraded from
[ICRA]BB+(Stable) and rating
Continues to remain under
'Issuer Not Cooperating'
Category
Rationale
The ratings are downgrade because of lack of adequate information
regarding Windsor Industries Private Limited performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its 'Policy in respect of
non-cooperation by the rated entity'. The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Windsor Industries Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.
WIPL is an entity under Windsor Group owned by Mr. P S Sahni which
is engaged in the manufacturing of expanded polystyrene (EPS)
packaging goods, thermocol blocks, foam disposable goods such as
cups and plates. Erstwhile, this company was known under the name
of Vinca Polypacks Pvt. Ltd. till December 19, 2013. In October
2013, the high court of Punjab & Haryana approved the amalgamation
of group companies namely, Bestilo Packagings Pvt. Ltd. and Windsor
Polymers Pvt. Ltd. w.e.f. April 1, 2012 under a scheme of
amalgamation as per section 391 to 394 of the companies act 1956.
WIPL has also acquired the proprietorship concern, Windsor
Industries, of Mr. P S Sahni from April 1, 2014. And therefore,
from April 1, 2014 the entire group has been working as one entity
i.e. Windsor Industries Pvt. Ltd. The consolidation took place in
the group has helped the management in centralization of activities
and decisions.
XRBIA DEVELOPERS: ICRA Lowers Rating on INR323cr Term Loan to B+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Xrbia
Developers Limited, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 12.00 [ICRA]B+(Stable) ISSUER NOT
Limits– COOPERATING; Rating
downgraded
Cash Credit from [ICRA]BB+(Stable) and
rating continues to remain
under 'Issuer Not Cooperating'
category
Fund based 323.00 [ICRA]B+(Stable) ISSUER NOT
Limits– COOPERATING; Rating
downgraded
Term Loan from [ICRA]BB+(Stable) and
rating continues to remain
under 'Issuer Not Cooperating'
category
Non-fund- 15.00 [ICRA]B+(Stable) ISSUER NOT
Based Limits COOPERATING; Rating downgraded
from [ICRA]BB+(Stable) and
rating continues to remain
under 'Issuer Not Cooperating'
category
Rationale
The ratings are downgrade because of lack of adequate information
regarding Xrbia Developers Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its 'Policy in respect of
non-cooperation by the rated entity'. The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.
As part of its process and in accordance with its rating agreement
with Xrbia Developers Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.
The promoters of Xrbia group started real estate operations in the
year 1995 and have so far executed projects with over 14 million
square feet (msf) of saleable area and over 20 msf of area under
various stages of development spread across affordable housing,
plotting schemes and mid-luxury residences. Xrbia Developers
Limited, incorporated in 2004, is involved in the development and
sale of real estate projects and is part of Pune based Xrbia Group.
The firm is currently executing two residential and two plotting
schemes. The residential project Eiffel Khopoli Woods is located at
Mhadap, Khalapur and has sold 63% of the total 0.7 msf of saleable
area. The other residential project Xrbia Vangani is located at
Karjat and enjoys good connectivity with suburbs of Mumbai. The
company has sold 67% of the total 2.5 msf of saleable area in
Vangani. The company also has two plotting schemes at Hinjewadi,
Pune and Kharpudi, Pune. All the necessary approvals required for
the project such as land approvals, environmental clearance,
commencement certificate, etc, have been obtained.
=====================
N E W Z E A L A N D
=====================
MAINZEAL PROPERTY: Supreme Court Allows Appeals to Proceed
----------------------------------------------------------
Stuff.co.nz reports that a long-running legal battle between the
liquidators of collapsed construction firm Mainzeal and its
directors is heading to the Supreme Court.
According to Stuff, the Supreme Court has granted the liquidators
of Mainzeal leave as they seek to reverse an attempt by the
company's directors to pay less in damages caused by the collapse
of the construction giant.
It also granted directors leave to appeal an earlier Court of
Appeal decision which found they had breached their director duties
and that they were liable to pay compensation, Stuff says.
Mainzeal was put into liquidation in 2013 owing nearly 1,400
unsecured creditors NZD111 million.
In February 2019, Mainzeal directors former prime minister Dame
Jenny Shipley, Richard Yan, Peter Gomm and Clive Tilby were found
liable for breaching director duties by trading recklessly, and
ordered to pay a total of NZD36 million in damages and NZD2.3
million in costs to Mainzeal, Stuff recalls.
In March, the Court of Appeal ruled the directors were unsuccessful
in their bid to overturn the decision that they were liable for
damages for the company's collapse.
But the directors were successful in persuading the Court of Appeal
to order a fresh High Court hearing into the level of damages they
would have to pay.
In May, liquidators Andrew Bethell and Brian Mayo-Smith from BDO
said they had applied to the Supreme Court to appeal the decision,
the report notes.
On Sept. 6, the Supreme Court said the directors' leave to appeal
and the liquidators leave to cross appeal was granted, according to
Stuff.
Stuff relates that the liquidators said they were pleased the
Supreme Court had agreed to hear their cross-appeal.
"Given the clear facts of the case and the findings of liability in
both the High Court and Court of Appeal, we hope the Supreme Court
hearing will bring the legal action to a close and provide
compensation to the creditors."
In May, the liquidators said the Court of Appeal was wrong when it
decided there was insufficient information to determine losses and
in referring the matter back to the High Court to assess
compensation, Stuff relays.
They said clear evidence was presented in earlier proceedings to
support about NZD75 million of NZD115 million of losses were
incurred as a result of obligations entered into or performed in
breach of company law where the directors knowingly exposed
creditors to illegitimate risk and serious loss by allowing the
company to continue trading while insolvent.
Throughout the whole civil trial, the directors have maintained
they believed the company would be able to meet its obligations as
they fell due, relates Stuff.
About Mainzeal Property
Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company. The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.
On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.
Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.
On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.
The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.
Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE AIRLINES: To Return 21 Aircraft to Lessors & Lenders
---------------------------------------------------------------
Philippine Airlines, Inc., said it plans to emerge from Chapter 11
bankruptcy as a leaner and more efficient airline.
Prior to the COVID-19 pandemic, PAL's fleet had a total of 98
aircraft, consisting of 48 narrow-body aircraft, 31 wide-body
aircraft and 19 turboprop aircraft. The Debtor's fleet is comprised
of 13 owned aircraft and 85 aircraft under finance leases and
operating leases.
Prior to the onset of the COVID-19 pandemic, PAL was providing
airline services with a wide network spanning 35 domestic points
and 40 foreign cities, including, New York, Los Angeles, San
Francisco, Honolulu, Guam, Vancouver, Toronto, London, Sydney,
Melbourne, Brisbane, Auckland, Dubai, Doha, Tokyo, Osaka, Nagoya,
Hong Kong, Shanghai, Taipei, Bangkok, Jakarta, Bali, Saigon, Kuala
Lumpur, Singapore, Phnom Penh, Incheon and Pusan.
As of June 2021, PAL employed a total of approximately 4,500
employees, with 52% unionized primarily by two Philippine labor
unions: Philippine Airlines Employees' Association (PALEA), for
ground employees, and Flight Attendants' and Stewards' Association
of the Philippines (FASAP) for the cabin crew. Approximately 96% of
PAL's employees are located in the Philippines and the remaining 4%
of employees are spread across over 21 different countries,
including the United States.
Nilo Thaddeus Rodriguez, CFO of PAL, explained in court filings
that given the current economic climate, the Debtor has a surplus
of aircraft in its fleet. In accordance with the Restructuring
Support Agreements and the Proposed Plan, the Debtor plans to
reduce fleet size and composition in line with the expected demands
and new network. The Debtor will return 21 surplus aircraft to
lessors and lenders and implement 18- to 24-month power-by-the-hour
("PBH") structures (with no minimums) on retained aircraft. In the
aggregate, the Proposed Plan allows the Debtor to reduce fleet
capacity by approximately 23%.
Mr. Rodriguez added that PAL plans to take a number of measures to
optimize its network in connection with the Restructuring Support
Agreements and the Proposed Plan. In particular, PAL will exit
unprofitable markets and continue to fly only those routes that
are, or can be made, profitable, while reintroducing capacity in
line with evolving demands. PAL will also selectively increase
regional capacity in targeted growth markets. In doing so, PAL will
strengthen its Manila hub and strategically redeploy capacity to
more profitable destinations as demand returns. PAL will
consolidate domestic capacity from Clark International Airport
(CRK) to Manila International Airport (MNL) due to market demands.
In addition, PAL's revised business plan anticipates growing
capacity in short haul regional routes (especially growth markets
such as China), consolidating capacity in the West Coast gateways
and cancelling certain ultra-long-haul flights, while maintain
profitable opportunistic flying from Cebu as a source of continued
growth.
About Philippine Airlines
Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world
On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).
As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.
The Honorable Shelley C. Chapman is the case judge.
The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines. Kurtzman Carson Consultants LLC is the claims agent.
=================
S I N G A P O R E
=================
DEVOTE MANAGEMENT: Court to Hear Wind-Up Petition on Sept. 24
-------------------------------------------------------------
A petition to wind up the operations of Devote Management Pte Ltd
will be heard before the High Court of Singapore on Sept. 24, 2021,
at 10:00 a.m.
ST Engineering Halter Marine & Offshore Inc., doing business as
Halter Marine & Offshore filed the petition against the company on
Sept. 1, 2021.
The Petitioner's solicitors are:
Joseph Tan Jude Benny LLP
39 Robinson Road
#15-01 Robinson Point
Singapore 068911
ENDOLOGIX SINGAPORE: Creditors' Proofs of Debt Due on Oct. 6
------------------------------------------------------------
Creditors of Endologix Singapore Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Oct. 6, 2021, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 31, 2021.
The company's liquidators are:
Lim Soh Yen
Lynn Ong Bee Ling
c/o 133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
GREATEARTH CORP: To Wind Up Company; PwC Appointed as Liquidators
-----------------------------------------------------------------
The Straits Times reports that Greatearth Corporation is being
wound up - a week after its shock closure of five Build-To-Order
(BTO) project sites that left around 2,900 buyers facing long
delays for their homes.
According to the report, the move is also likely to leave many
sub-contractors in the lurch, with few avenues open to recoup what
are substantial losses for some.
The winding-up process was triggered when Mr. Goh Eng Hwee, the
director of Greatearth Corporation and Greatearth Construction,
filed a statutory declaration of the company's inability to
continue business, the report relays.
Three related companies - Greatearth, Greatearth Holding and
Universal EC Investments - are also being wound up.
Professional services firm PwC was appointed provisional liquidator
on Sept. 3, The Straits Times discloses. A creditors meeting will
be held on Sept. 27.
Greatearth Corporation and Greatearth Construction were the main
contractors for the five affected BTO projects, which comprise a
total of 2,982 units. The projects are Sky Vista @ Bukit Batok,
Senja Heights and Senja Ridges in Bukit Panjang, Marsiling Grove in
Woodlands and West Coast Parkview in Clementi.
Work at the sites stopped on Aug. 20, the report notes.
Several sub-contractors are facing heavy losses on the contracting
fees owed to them by Greatearth, according to the report.
Some told The Straits Times that they have been locked out of the
sites, and so cannot retrieve valuable building materials such as
steel components that have not been paid for.
The Straits Times relates that insolvency lawyer Lam Zhen Yu from
Withers KhattarWong said the liquidators will assess Greatearth's
financial status and whether it has assets that can be sold to
raise cash for creditors.
Greatearth Pte Ltd is an integrated building services company based
in Singapore.
===========
T A I W A N
===========
TACHAN SECURITIES: Fitch Affirms and Withdraws 'BB' IDR
-------------------------------------------------------
Fitch Ratings has affirmed Tachan Securities Co., Ltd.'s (Tachan)
Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook
and Short-Term IDR at 'B'. These ratings have been simultaneously
withdrawn for commercial reasons.
Fitch continues to assign Tachan's National Ratings, which are not
affected by the withdrawal of the international ratings. The
National Long-Term Rating is 'BBB+(twn)' with a Stable Outlook and
the National Short-Term Rating is 'F2(twn)'
The international ratings have been withdrawn for commercial
reasons.
KEY RATING DRIVERS
IDRS
The ratings of Tachan are underpinned by a modest company profile,
namely a small market franchise in an international context with a
business model concentrating on brokerage and proprietary trading
activities. Tachan's narrow focus is balanced by the low use of
leverage and Fitch's expectation that the company can maintain
reasonable capital and liquidity buffers to weather external
shocks.
Tachan increased leverage in 1H21 due to the expanded investment
portfolio and increased margin financing associated with larger
market trading flows. The level of leverage, nonetheless, remains
low in absolute terms, providing an adequate buffer against
potential market shocks.
Similarly to industry peers, Tachan relies on wholesale funding and
uses short-term funding, in particular repurchase agreements
(repos), to fund long-term bond investments. These risks are
mitigated by the maintenance of sufficient liquidity coverage.
Tachan reported a stronger profit in 1H21 (operating profit/average
equity of 19%, against 5% in 2020), driven by strong brokerage
revenue and trading profit on buoyant trading volumes. Even so,
profitability remains structurally volatile, as Tachan's main
sources of revenue - brokerage and proprietary trading - are
susceptible to changes in market conditions.
RATING SENSITIVITIES
IDRS
No longer relevant as the international ratings have been
withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.
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.
Following the withdrawal of the international ratings for Tachan,
Fitch will no longer be providing the associated ESG Relevance
Scores.
=============
V I E T N A M
=============
SHBANK FINANCE: Moody's Puts 'B3' CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed all long-term ratings of
SHBANK Finance Company Limited (SHB Finance) on review for upgrade.
The rating action follows Saigon - Hanoi Commercial Joint Stock
Bank's (SHB, B2 stable) agreement with Bank of Ayudhya (BAY, Baa1
stable) to sell a 100% equity stake in SHB Finance, subject to
regulatory and board approvals.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The review for upgrade reflects Moody's expectation that BAY will
support SHB Finance, because of its importance to BAY's ASEAN
expansion strategy, as well as BAY's significant ownership and
other reputational considerations. Currently, Moody's incorporates
a high probability of affiliate support for SHB Finance from SHB.
The transaction will have two phases with SHB transferring 50% of
the charter capital during the first phase in the first half of
2022, and the remaining 50% in the next three years. Moody's will
reevaluate the affiliate support assumptions for the company
following the completion of the first phase.
Over time, Moody's expects SHB Finance to benefit from funding,
technology, and risk management support from BAY and its parent
MUFG Bank, Ltd. (MUFG, A1 stable), which has a long history in
consumer finance in parts of Asia. Moody's will review these
benefits as well as BAY's involvement in setting the company's
strategic direction.
Upon the completion of the first phase of transfer of ownership,
Moody's could upgrade SHB Finance's ratings by one notch to B2
based on the assumed affiliate support that SHB Finance will
receive from BAY. If the transaction is not approved, Moody's will
confirm SHB Finance's ratings. Once the second phase is completed,
SHB Finance's ratings could receive a more significant uplift
because of affiliate support.
Given the review for upgrade, Moody's is unlikely to downgrade SHB
Finance's ratings during the review period.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
SHB Finance is headquartered in Hanoi, reported total assets of
VND5.8 billion as of December 31, 2020.
LIST OF AFFECTED RATINGS
On Review for Upgrade:
Issuer: SHBANK Finance Company Limited
Long-term Foreign and Local Currency Issuer Ratings, Placed on
Review for Upgrade, currently B3
Corporate Family Rating, Placed on Review for Upgrade, currently
B3
Outlook Action:
Issuer: SHBANK Finance Company Limited
Outlook, Changed to Rating Under Review from Stable
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Aug. 30, 2021 to Sept. 3, 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
[*] Surging Covid-19 Cases Hammer Asian Factories
-------------------------------------------------
The Wall Street Journal reports that factory activity faltered
across Asia in August, with a resurgence in Covid-19 infections
adding to global supply-chain disruptions and confirming fears of a
slowdown in the region's economic recovery.
Gauges of manufacturing activity plummeted across major Asian
economies, in large part because virus lockdowns, port congestion
and higher input costs hampered production. There were also signs
that global demand for some Asian goods has been leveling off, as
consumers rein in spending in the West, the Journal relates.
According to the Journal, factories in Vietnam have been forced to
shut or reduce their workforces during the country's deadliest
Covid-19 wave. In Malaysia, most manufacturers have been told to
reduce capacity unless they have vaccinated at least 80% of factory
workers, the report relates. China partly shut down the world's
third-busiest port last month, though it has since reopened.
In China, a intently adopted non-public gauge of manufacturing unit
exercise - the Caixin China buying managers index, which primarily
measures smaller producers - contracted in August for the primary
time for the reason that begin of the nation's financial
restoration in April 2020. It dropped to 49.2 in August from 50.3
in July. Readings under 50 sign contraction.
The Journal notes that the weaker-than-expected outcomes got here
on the heels of one other disappointing report earlier within the
week, when an official authorities gauge of the overall
manufacturing sector slipped to 50.1 in August, its lowest degree
in 18 months.
*********
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,
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***