/raid1/www/Hosts/bankrupt/TCRAP_Public/211102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 2, 2021, Vol. 24, No. 213
Headlines
A U S T R A L I A
ARISTOCRAT LEISURE: Moody's Affirms 'Ba1' CFR Amid Playtech Deal
AUSTRALIAN ENERGY: First Creditors' Meeting Set for Nov. 9
FUSION COOLING: Second Creditors' Meeting Set for Nov. 9
LIGHT TRUST 2021-1: S&P Assigns BB (sf) Rating to Class E Notes
PEPPER RESIDENTIAL NO.31: S&P Assigns Prelim 'B' Rating to F Notes
C H I N A
21VIANET GROUP: Moody's Assigns B2 Rating to Proposed USD Bonds
CHINA OCEANWIDE: Creditors Seize Control of Stalled Skyscraper
CHINA: Two Thirds of Top Developers Breach 'Red Line' on Debt
GUANGXI LIUZHOU: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
GUANGZHOU R&F: Fitch Lowers LT Foreign Currency IDR to 'B-'
KAISA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
VNET GROUP: S&P Rates New U.S. Dollar Senior Unsecured Notes 'B'
XINJIANG ZHONGTAI: Fitch Lowers LT IDRs to 'B', Outlook Stable
YANGO GROUP: Offers Dollar Bond Swap to Avoid Imminent Default
I N D I A
ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating
ANANDA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
ARDEE TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
FLIC MICROWAVES: CARE Lowers Rating on INR12.33cr LT Loan to D
GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating
HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category
INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
KARPAGAM MILLS: CARE Reaffirms D Rating on INR62.3cr Loans
LAXMINARAYAN SHIVHARE: CARE Keeps D Ratings in Not Cooperating
LIVE WIRES: CARE Lowers Rating on INR0.75cr LT Loan to C
MA MAHAMAYA: CARE Lowers Rating on INR9.36cr LT Loan to D
MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
MUNIRAJ ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
ORIENT CRAFT: CARE Lowers Rating on INR324.01cr LT Loan to D
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category
R K CHAVAN: CARE Lowers Rating on INR12.37cr LT Loan to C
SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating
SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SHAMSHREE LIFESCIENCES: CRISIL Keeps D Ratings in Not Cooperating
SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating
V S EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
VAMSADHARA GINNING: CARE Lowers Rating on INR15cr LT Loan to D
VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating
I N D O N E S I A
MEDCO ENERGI: S&P Alters Outlook to Negative, Affirms 'B+' ICR
J A P A N
H.I.S. CO: Expects to Post JPY53BB Net Loss for Year Ended Oct. 31
M A L A Y S I A
AIRASIA X: Officially Slips Into PN17 Status on E&Y's Disclaimer
N E W Z E A L A N D
DREAMLAND HOME: Creditors' Proofs of Debt Due Dec. 29
RAVELA DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 29
S I N G A P O R E
FOOT PAVILION: Court to Hear Wind-Up Petition on Nov. 19
KS DRILLING: Creditors' Meeting Set for November 11
SANYI (S): Court Enters Wind-Up Order
SING INTERNATIONAL: Court Enters Wind-Up Order
X X X X X X X X
[*] BOND PRICING: For the Week Oct. 25, 2021 to Oct. 29, 2021
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A U S T R A L I A
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ARISTOCRAT LEISURE: Moody's Affirms 'Ba1' CFR Amid Playtech Deal
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Aristocrat Leisure Ltd. At the same time, Moody's has
affirmed the Ba1 foreign currency senior secured bank credit
facility rating of Aristocrat International Pty Limited. The
outlooks remain stable.
RATINGS RATIONALE
The affirmation of the ratings reflects Moody's view that
Aristocrat's proposed acquisition of Playtech Plc will improve the
company's business profile due to the greater diversification, new
complementary growth channels through its real money gaming (RMG)
segment, and the increase in Aristocrat's scale.
The acquisition will be funded via a mix of debt, equity and cash
on hand, and has been structured in line with the current Ba1
rating. Moody's expects that pro-forma leverage for the year ending
June 30, 2022 will remain below the rating agency's tolerance level
of 3.0x.
It is expected to complete in the first half of calendar 2022 and
is subject to several conditions including certain antitrust,
foreign investment, gaming regulatory and financial regulatory
consents and approvals being obtained. This includes approval of
the disposal of Finalto by the Playtech shareholders. Should the
acquisition eventuate without the disposal of Finalto, Moody's may
reconsider the appropriateness of the rating and outlook.
Aristocrat's credit profile reflects its strong market presence and
distribution across a diversified geographical footprint, as well
as its history of developing products that continue to prove
popular among consumers. The credit profile also reflects the shift
in revenue mix towards recurring revenue and earnings stability
from significant organic growth in the premium gaming operations
and digital businesses, as well as recent acquisitions.
The stable outlook reflects Moody's expectation that Aristocrat's
credit metrics will remain within the parameters set for its
ratings over the next 12-18 months. Moody's expects strong
contributions from Playtech and Digital revenue growth, as well as
a recovery in land-based gaming operations revenue will continue to
drive Aristocrat's earnings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if the company commits to a
financial policy in line with an investment-grade rating, which
would include maintaining debt/EBITDA below 2.0x on a sustained
basis. An upgrade to investment grade would also require Aristocrat
transitioning to a fully unsecured capital structure.
Moody's may downgrade the ratings if there is a deterioration in
operating conditions or Aristocrat makes acquisitions that cause
leverage to increase and/or liquidity to weaken to levels below
Moody's expectations for the rating. Specifically, debt/EBITDA
sustained above 3.0x would likely lead to a downgrade.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Aristocrat is a leading gaming provider and games publisher, with
more than 5,400 employees (pre-acquisition of Playtech) located in
offices around the world. Aristocrat offers a diverse range of
products and services including electronic gaming machines, casino
management systems and digital social games. Through its
acquisition of Playtech, the company will also expand to the RMG
segment, further increasing its revenue diversification. The
company's land-based products are approved for use in more than 300
licensed jurisdictions.
AUSTRALIAN ENERGY: First Creditors' Meeting Set for Nov. 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Energy Foundation Ltd will be held on Nov. 9, 2021, at 11:00 a.m.
via virtual facilities.
David Coyne of BRI Ferrier was appointed as administrator of
Australian Energy on Oct. 29, 2021.
FUSION COOLING: Second Creditors' Meeting Set for Nov. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of Fusion Cooling
and Heating Pty Ltd, trading as Alpha Cooling and Heating, has been
set for Nov. 9, 2021, at 10:30 a.m. via telephone or video
conferencing.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 8, 2021, at 5:00 p.m.
Neil McLean and Brent Morgan of Rodgers Reidy were appointed as
administrators of Fusion Cooling on Oct. 5, 2021.
LIGHT TRUST 2021-1: S&P Assigns BB (sf) Rating to Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for Light Trust 2021-1.
Light Trust 2021-1 is a securitization of prime residential
mortgages originated by Australian Central Credit Union Ltd.,
trading as People's Choice Credit Union (People's Choice).
The ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact 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 for the rated notes
comprises mortgage insurance covering 100% of the face value of
24.4% of the loans in the portfolio, accrued interest, and
reasonable costs of enforcement; and note subordination.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread (subject to conditions);
a liquidity facility equal to 0.8% of the outstanding note balance;
and the principal draw function are sufficient under its stress
assumptions to ensure timely payment of interest.
-- The benefit of a standby fixed- to floating-rate interest-rate
swap to be provided by National Australia Bank Ltd. to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.
-- The legal structure of the trust, which is established as a
special-purpose entity, and meets S&P's criteria for insolvency
remoteness.
Ratings Assigned
Light Trust 2021-1
Class A, A$552.00 million: AAA (sf)
Class AB, A$24.00 million: AAA (sf)
Class B, A$10.80 million: AA (sf)
Class C, A$6.90 million: A (sf)
Class D, A$2.70 million: BBB (sf)
Class E, A$1.80 million: BB (sf)
Class F, A$1.80 million: Not rated
PEPPER RESIDENTIAL NO.31: S&P Assigns Prelim 'B' Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No.31. Pepper
Residential Securities Trust No.31 is a securitization of
nonconforming and prime residential mortgages originated by Pepper
Homeloans Pty Ltd.
The preliminary ratings reflect:
-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.
-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.
-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under its stress assumptions to ensure
timely payment of interest.
-- The condition that a minimum margin will be maintained on the
assets.
-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.
Preliminary Ratings Assigned
Pepper Residential Securities Trust No.31
Class A1-s, A$108.3 million: AAA (sf)
Class A1-a, A$266.7 million: AAA (sf)
Class A2, A$64.1 million: AAA (sf)
Class B, A$32.6 million: AA (sf)
Class C, A$10.35 million: A (sf)
Class D, A$7.45 million: BBB (sf)
Class E, A$4.40 million: BB (sf)
Class F, A$3.20 million: B (sf)
Class G, A$2.90 million: Not rated
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C H I N A
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21VIANET GROUP: Moody's Assigns B2 Rating to Proposed USD Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD bonds to be issued by 21Vianet Group, Inc. (B2
stable).
21Vianet will use the proceeds from the proposed bonds to repay its
existing debt and for general corporate purposes.
RATINGS RATIONALE
21Vianet's B2 corporate family rating reflects its solid position
in the internet data center (IDC) market in China, strategically
located data centers, operating track record and partnerships with
leading cloud service providers.
At the same time, the rating is constrained by the company's
relatively limited scale and significant investment needs to
increase capacity over the next two years.
"The proposed issuance, if successful, will improve 21Vianet's
liquidity profile and not materially affect its debt leverage
level, as the majority of the proceeds will be used to refinance
its existing debts," says Shawn Xiong, a Moody's Assistant Vice
President and Analyst. "At the same time, the remaining proceeds
can support its capital spending plan."
Moody's expects 21Vianet's revenue and adjusted EBITDA to grow in
the range of 20% to 30%, over the next 12-18 months, driven
primarily by the increasing utilization of its new cabinets amid
favorable industry prospects for IDCs and cloud services.
Moody's also expects the company to maintain stable profitability
with adjusted EBITDA margins of around 28%-30%. Profitability is
supported by the stable monthly recurring revenue 21Vianet derives
from its IDC business. Monthly recurring revenue per retail cabinet
from this business has gradually improved to RMB9,015 for the first
quarter of 2021 compared with RMB8,953 during the second quarter
2020.
However, 21Vianet has a significant capital spending plan of around
RMB5.0 billion-RMB5.5 billion per annum for the next two to three
years to cater to strong customer demand. The majority of these
planned capital spending is growth-orientated and management has
some flexibility in managing the spending.
As a result of the likely increase in the absolute debt level and
the ramp-up period required between the construction and full
utilization of the new cabinets and projects, Moody's expects
21Vianet's leverage -- as measured by adjusted debt/EBITDA -- to be
in the range of 5.5x-6.0x over the next 12-18 months. The company
will remain significantly free cash flow negative over the same
period.
In terms of liquidity, as of June 30, 2021, its unrestricted cash
balance of RMB4.6 billion was sufficient to cover its short-term
debt of RMB233 million and USD300 million bond due in October 2021.
The company has repaid the USD300 million bond due in October 2021.
However, if the company were to proceed with its planned annual
RMB5.0 billion-RMB5.5 billion capital spending, its liquidity
position will become weak and it will need to raise significant
additional financing.
21Vianet's senior unsecured rating is not affected by subordination
to claims at the operating company level, because the holding
company benefits from cash flow up streamed from its operating
companies under VIE contractual arrangements.
Moody's credit assessment also takes into account the following
environmental, social and governance (ESG) considerations.
From a governance perspective, 21Vianet's ownership is concentrated
in Mr. Sheng Chen, the Co-founder and Executive Chairman. Mr. Chen
holds the largest voting power of around 30% as of June 30, 2021.
This risk is partially tempered by the company's listed status and
the presence of five independent nonexecutive directors on its
board.
The company also has significant investment needs to cater to
strong customer demand, which has resulted in periodically elevated
financial leverage due to the lag between debt-funded investment
and ramp-up of new cabinets at its data centers and large financing
needs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectation that the company
will grow its revenue and ramp up the utilization of its new
cabinet additions while maintaining profitability and sufficient
liquidity.
It also reflects Moody's expectation that the company will be able
to secure additional funding for its planned capital spending.
The ratings could be upgraded if the company continues to grow
revenue, improves profitability, reduces its debt leverage below
5.0x, and significantly reduces negative free cash flow, all on a
sustained basis.
The ratings could be downgraded if the company pursues an
aggressive expansion plan or makes debt-funded acquisitions such
that debt leverage remains above 6.0x on a sustained basis; its
profitability and cash flow or liquidity weakens.
The principal methodology used in this rating was Communications
Infrastructure Methodology published in August 2021.
Headquartered in Beijing, 21Vianet Group, Inc. was founded in 1999
and listed on the NASDAQ in 2011. 21Vianet is the largest carrier-
and cloud-neutral IDC services provider in China. It operates in
more than 20 cities in mainland China. It also provides
interconnectivity service and complementary value-added services,
such as cloud services, virtual private network services and hybrid
IT services.
As of June 30, 2021, Mr. Sheng Chen, the Co-founder and Executive
Chairman, holds the largest voting power of around 30%.
CHINA OCEANWIDE: Creditors Seize Control of Stalled Skyscraper
--------------------------------------------------------------
South China Morning Post reports that China Oceanwide Holdings'
real estate troubles are mounting in the US, with credit holders
taking control of a stalled skyscraper development in San
Francisco.
Overseas credit holders of Oceanwide's two offshore units have
taken over their entire holdings in the project, the developer said
in a Shenzhen Stock Exchange filing, the Post relays. The two
notes, in dollars and worth a combined HK$2.6 billion (US$334
million), have matured.
While investors around the world are watching to see how the crisis
around cash-strapped China Evergrande Group is resolved, Oceanwide
has also run into trouble with real estate projects in New York,
Los Angeles and Hawaii, according to the Post. All together, the
company has spent roughly US$3.5 billion on US investments that are
idle or nowhere near finished.
After a series of failed talks with potential partners, Oceanwide
has been trying to extend its loans and free up cash amid mounting
tumult. Now that the San Francisco project has been possessed by
creditors, there could be added urgency for Oceanwide to extract
whatever it can from its US projects, the Post relates.
"Someone's going to come in and get it at a great price and be a
happy camper," the report quotes Nick Griffin, executive director
of the Los Angeles Downtown Central Business Improvement District,
as saying. "They won't just take a haircut. It'll be a crew cut."
Founded in 1985 by Lu Zhiqiang, Oceanwide started as a property
developer and grew into one of China's largest conglomerates, with
investments in banking, insurance, energy, media and technology.
Over the past decade, it joined the rush of Chinese investors
pouring more than US$235 billion into overseas acquisitions,
ranging from trophy hotels to Hollywood film studios.
According to the Post, Oceanwide's Hong Kong-based development
subsidiary has been warning in regulatory filings this year that if
it can't complete plans to bolster its finances and that it might
not be able to continue to "operate as a going concern."
On Manhattan's Lower East Side, an Oceanwide site at 80 South
Street is being marketed by real estate brokerage Colliers,
according to a person with knowledge of the offering, the report
relays. After pumping more than $400 million into the project, the
sale is expected to be "a big loss" for Oceanwide, the person said.
The Real Deal first reported that the site was for sale.
Deals this year to refinance a project in Los Angeles and sell its
Hawaiian developments either fell through or failed to cross the
finish line, according to company filings cited by the Post.
China Oceanwide Holdings also has been trying to sell its main
office complex in Beijing to raise cash after Oceanwide Holdings
International Development III defaulted in May.
In San Francisco, a unit of Oceanwide hoped to build a two-tower
hotel, office and residential development that was set to be the
city's second-tallest skyscraper. The project, called Oceanwide
Center, is stalled. The company's US$1.3 billion investment has
left a gaping hole in the ground near First and Mission streets.
Oceanwide said last December that it scrapped a US$1.2 billion sale
of the project because the pandemic had impeded due diligence, the
Post recalls.
Holders of the notes can appoint receivers over the pledged assets,
and can file litigation or sell the assets, according to last
week's filing, the Post says. Majority owners of the shares of an
affiliate, Oceanwide Holdings International Financial Development,
also appointed a receiver for their stake, The Post discloses
citing a separate announcement.
Oceanwide is assessing the impact of the share and project
collateral takeover on its operations and finances, and actively
negotiating with the holders, the filing said.
A deal reached in March to sell properties on Oahu in Hawaii, where
the developer plans an 800-room Atlantis-brand resort, ultimately
fell apart because Oceanwide "could not agree to the legal
structure and consideration," the company reported in September,
recalls the Post.
A US$900 million refinancing plan for the Los Angeles project
collapsed in June after due diligence. Oceanwide pumped US$1.2
billion into three new apartment block towers and a planned luxury
Park Hyatt Hotel in Los Angeles that topped out in 2018 before work
stalled.
Oceanwide agreed to buy that site in 2013 before pursuing deals in
San Francisco, New York and Hawaii over the next three years, the
report notes.
China Oceanwide Holdings Group Co., Ltd, operates as a holding
company. The Company through its subsidiaries operates financial
and insurance business, real estate development, hotel services,
property management, and other businesses. China Oceanwide Holdings
Group provides services worldwide.
CHINA: Two Thirds of Top Developers Breach 'Red Line' on Debt
-------------------------------------------------------------
Bloomberg News reports that China's indebted developers are
struggling to meet Beijing's tighter financing rules.
Two-thirds of the top 30 Chinese property firms by sales ranked by
the China Real Estate Info Corp. have breached at least one of the
metrics known as the "three red lines." Greenland Holdings Corp.,
Jiangsu Zhongnan Construction Group, and Guangzhou R&F Properties
Co. have not met any of the metrics, Bloomberg-compiled data showed
as of Oct. 29.
According to Bloomberg, developers are facing rising financial
stress as stricter rules around borrowing and a de-leveraging
campaign by authorities weigh on the sector.
A liquidity crisis at China Evergrande Group has roiled markets,
with the nation's real estate sector making up almost half of the
world's distressed dollar-denominated debt. Speculative-grade
yields briefly topped 20 per cent in October - the highest in a
decade.
Bloomberg says the 3 lines are as follows, according to a state
media report on a government website:
* The property firms' liabilities should not be more than 70 per
cent of assets
* Net debt should not exceed equity
* Cash should be at least equal to short-term borrowings
A search of public statements by the government did not turn up any
concerning any breaches of the red lines, Bloomberg states.
Other firms with the largest amount of outstanding debt and
liabilities like China Evergrande Group and China Railway
Construction Corporation have also violated 2 red lines, adds
Bloomberg.
GUANGXI LIUZHOU: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer credit
rating on Guangxi Liuzhou Dongcheng Investment & Development Group
Co. Ltd., a local government financing vehicle in China, at the
issuer's request. The outlook was negative at the time of
withdrawal.
S&P Global Ratings had lowered last Oct. 29, 2021, its long-term
issuer credit rating on Guangxi Liuzhou to 'B+' from 'BB'. S&P had
said the negative outlook reflects S&P's view that Liuzhou
Dongcheng's refinancing risk remains high due to its sizable
short-term maturities, given its weakening ability to raise funding
for debt repayment under current policy controls.
Moreover, it added that Liuzhou Dongcheng's liquidity position is
weakening due to mounting short-term maturities. S&P sees an
increasing refinancing risk from the company's sizable short-term
maturities. As of Sept. 30, 2021, S&P estimates the company had
about RMB25.7 billion of short-term debt outstanding, including a
US$300 million offshore bond maturing in September 2022, while cash
and fixed deposits available for debt repayment was about RMB7
billion. About 25% of the short-term debt maturities was in
non-standard alternative financing, which is subject to tighter
financial regulations. Given Liuzhou Dongcheng's sluggish operating
cash flow and negative funds from operations (FFO) as a LGFV, it
strongly relies on accessing capital markets to refinance its
maturing debt obligations, and needs to borrow for interest
expenses.
S&P had said, "The downgrade reflects our view that Liuzhou
Dongcheng's refinancing efforts could be susceptible to market
volatility. This is because the company's capital structure may not
be sustainable.
"We have also revised the liquidity assessment for Liuzhou
Dongcheng to weak from less than adequate because the continued
rolling over of its bank borrowings and bond market access are
crucial to sustaining the company's operations.
"The negative outlook mainly reflects our view that Liuzhou
Dongcheng's refinancing risk will remain high over the next 12
months due to its sizable short-term maturities. The LGFV's ability
to raise funding for debt repayments is weakening due to current
policy controls. Any deterioration of its access to capital markets
or bank lending could further weaken its liquidity position and
capital structure.
"We could lower the rating on Liuzhou Dongcheng if the company's
liquidity profile or capital structure deteriorates further. This
could happen if: (1) the company faces difficulties in refinancing;
(2) its cash level drops significantly; (3) its reliance on
short-term borrowing continues to increase; or (4) its borrowing
costs increase significantly due to deterioration in its banking
relationships or capital market access."
GUANGZHOU R&F: Fitch Lowers LT Foreign Currency IDR to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) of China-based homebuilder, Guangzhou R&F
Properties Co. Ltd., and its subsidiary, R&F Properties (HK)
Company Limited (RFHK), to 'B-', from 'B+', and its senior
unsecured ratings to 'B-', from 'B+', with a Recovery Rating of
'RR4'. The Ratings have been placed on Rating Watch Negative (RWN).
Fitch has removed the ratings from Under Criteria Observation (UCO)
following the publication of its updated Corporate Rating
Criteria.
The downgrade and RWN reflect Guangzhou R&F's limited funding
access amid refinancing needs in the coming 12 months. Fitch
believes the company has some options to address the upcoming debt
maturities, with CNY836 billion of total saleable resources and the
recent financial support by its major shareholder. The company is
also in discussions for a number of asset disposals, but these are
subject to execution risk and may leave the company with a limited
liquidity buffer.
Guangzhou R&F is likely to repay the upcoming bond maturities using
cash, which may lead to a deterioration in its business profile.
KEY RATING DRIVERS
Significant Upcoming Maturities: Guangzhou R&F has CNY18 billion of
capital-market debt maturing or becoming puttable in the 2022, of
which USD725 million is due in January 2022. The remaining debt is
due or puttable from April 2022. The company's total cash balance
was CNY29 billion at end-June 2021 of which available cash was
CNY13 billion. Guangzhou R&F plans to maintain is cash level for
normal operation and address the debt maturities through cash
generated from operations - that is, contracted sales net of
expenses - as well as asset disposals. However, these are subject
to execution risk.
Limited Capital Market Access: Guangzhou R&F's access to onshore
and offshore bond markets appears limited, although the company
issued US-dollar bonds in February 2021. Fitch expects access to
offshore bond markets to remain limited and for it to be
challenging for the company to issue or extend puttable onshore and
offshore bonds under current market conditions.
Refinancing Hinges on Contracted Sales: Guangzhou R&F expects to
generate substantial cash flow from operations by reaching its
full-year sales target of CNY150 billion, according to its
refinancing plan. It is confident in reaching its target, as it has
sufficient saleable resources for 2H21. However, contracted sales
slowed to CNY10.5 billion in September 2021, representing a yoy
drop of 29%.
Asset Disposals to Deleverage: The company's 1H21 asset sales of
around CNY5.6 billion included logistic parks as well as
residential, office and retail buildings. Guangzhou R&F is open to
further disposals to help it deleverage and meet its debt
maturities. It can also monetise its large portfolio of investment
properties, which totalled CNY34 billion at end-2020, as well as
hotels with a market value of about CNY55 billion. However, Fitch
believes asset disposals are subject to execution risk.
Ongoing Reduction in Leverage: Leverage, measured by net debt/net
property assets, fell to 54% in 2020, from 64% in 2019, and
remained stable in 1H21. Guangzhou R&F plans to limit land
acquisitions to preserve liquidity. It spent 10% of contracted
sales on land acquisitions in 2020 and 4% in 1H21.
DERIVATION SUMMARY
Guangzhou R&F's ratings are constrained by high leverage, weak
liquidity and reliance on onshore and offshore bonds. Fitch expects
the company's business profile to weaken, as it needs to address
the upcoming capital market maturities amid limited access to
capital market debt.
Guangzhou R&F's CNY139 billion in attributable contracted sales in
2020 was higher than the CNY50 billion-105 billion of 'B-' rated
peers. Guangzhou R&F's land bank of almost four years is also
longer than that of most 'B-' rated peers.
KEY ASSUMPTIONS
-- Attributable contracted sales of CNY141 billion in 2021-2023;
-- EBITDA margin, excluding capitalised interest from cost of
sales, of around 25% in 2021-2023;
-- CNY14 billion-21 billion a year for land acquisitions in 2021-
2023;
-- CNY54 billion-56 billion a year for construction in 2021-2023;
-- 10%-12% of revenue for selling, general and administrative
costs in 2021-2023.
KEY RECOVERY RATING ASSUMPTIONS
-- 4x EBITDA multiple to derive Guangzhou R&F's going-concern
value;
-- Fitch applies a liquidation value approach, as asset
liquidation results in a higher return to creditors.
Liquidation Approach
-- 10% administration claims;
-- 70% advance rate to accounts receivables;
-- 65% advance rate to adjusted net inventory to reflect our
expectation of decrease in its EBITDA margin;
-- 54% advance rate to Guangzhou R&F's investment properties;
-- 60% advance rate to net property, plant and equipment;
-- 100% advance rate to restricted cash.
RATING SENSITIVITIES
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- RWN will be resolved upon greater clarity of repayment plans
for its maturities in 2022.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration in liquidity and continued interruption to bond
market access;
-- Slower than expected execution in its asset disposal plans.
For RFHK:
Factor that could, individually or collectively, lead to positive
rating action/upgrade:
-- Resolution of Guangzhou R&F's RWN.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- A downgrade of Guangzhou R&F's IDR;
-- Weakened linkage with Guangzhou R&F.
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
Weak Liquidity: Guangzhou R&F had CNY29 billion in cash, including
CNY16 billion in restricted cash, as of 1H21, which was
insufficient to cover CNY52 billion of short-term debt due in the
next 12 months. The company has a refinancing plan, which includes
generating cash from operations and asset disposals, but these
depend on continued contracted sales and are subject to execution
risk.
ISSUER PROFILE
Founded in 1994, Guangzhou R&F is a property developer focusing on
medium- and high-end property development. The company also engages
in hotel development, commercial operations, property management
and architectural and engineering design.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch's calculation of net property assets at end-2020 includes
property development inventory, investment property at cost, hotel
properties and joint venture investments. Customer deposits as well
as amounts due to NCIs and joint ventures and associates are
deducted from the summation of items mentioned previously.
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.
KAISA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Kaisa Group Holdings Ltd to Caa1 from B2. At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Kaisa to Caa2 from B3.
The outlook has been changed to negative from rating under review.
This concludes the review for downgrade on Kaisa's ratings
initiated on October 18, 2021.
"The downgrade of Kaisa's CFR to Caa1 reflects the company's
heightened refinancing risks because of its weakened funding access
and sizable debt maturities over the next 12-18 months. The
approval of an interim dividend payment at a time when liquidity
preservation is crucial, also weakens the protection to creditors,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.
The company's funding access has further weakened, as demonstrated
by its highly volatile offshore bond prices, following reduced
investors' and creditors' confidence amid continued negative news
regarding the company.
"The negative outlook reflects the uncertainties around Kaisa's
ability to address its debt maturities over the next 6-12 months,"
adds Lai.
RATINGS RATIONALE
Kaisa's Caa1 CFR reflects the company's large amount of debt
maturities before the end of December 2022 and Moody's expectation
that Kaisa will face difficulties in raising new funds from onshore
and offshore channels to address its refinancing needs, following
the recent sharp decline in the company's offshore bond prices and
the generally tight credit environment.
Kaisa is highly reliant on the offshore bond market as its major
funding channel, which accounted for 58% of its total debt as of
June 30, 2021. In particular, the company had USD3.2 billion of
offshore bonds maturing or becoming puttable before the end of
December 2022.
Kaisa has a solid market position and quality land bank in
higher-tier cities in the Greater Bay Area (GBA) and a solid
pipeline from its urban redevelopment projects. But Moody's expects
contracted sales to decline over the next 6-12 months because of
weaker consumer sentiment amid tight funding conditions. This will
weaken the company's operating cash flow and in turn its
liquidity.
The company had RMB38 billion of unrestricted cash as of the end of
June 2021, but it remains uncertain if it could use such cash
resources for debt repayment. In addition, the company has
increasing exposures to joint ventures, which could limit its
ability to control its cash flow. The company's financial
flexibility will also be hurt if the weakness in debt capital
markets persists.
Kaisa's Caa2 senior unsecured debt rating is one notch lower than
the company's Caa1 CFR due to structural subordination risk. The
subordination risk reflects the fact that the majority of Kaisa's
claims are at its operating subsidiaries and, in the event of a
bankruptcy, have priority over claims at the holding company. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.
In terms of environmental, social and governance (ESG)
considerations, Moody's has factored in the company's history of
debt restructuring and share suspension, as well as high debt
leverage. In addition, the company has a concentrated shareholder
structure, with its founder, Kwok Ying Shing, and his family
members owning a 39.01% stake in the company as of the end of June
2021. The company's approval of the payment of an interim dividend
at a time when preserving liquidity is critical also raises
concerns over the company's governance standards and that the
company is prioritizing the interest of shareholders over
creditors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely given the negative outlook.
However, the outlook could return to stable if Kaisa improves its
access to funding, maintains stable operating cash flow and
strengthens its liquidity.
On the other hand, Moody's could downgrade the ratings if Kaisa's
access to funding and liquidity deteriorate further.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA. As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.
VNET GROUP: S&P Rates New U.S. Dollar Senior Unsecured Notes 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes issued by
the China-based internet data center (IDC) operator, VNET Group
Inc. (B/Stable/--). The issue rating is subject to its review of
the final issuance documentation.
S&P equalizes the issue rating to the issuer credit rating on VNET
Group, given the company's minimal priority debts and low
subordination risks within its capital structure. As of June 30,
2021, VNET Group had total debt (including bank borrowings, bonds,
and convertible notes) of about Chinese renminbi (RMB) 8.0 billion,
of which about RMB1.8 billion was secured debt and unsecured
borrowings at the subsidiary level.
Proceeds of the issuance will be used to fund capital needs and
general corporate purposes. The proposed notes have maintenance
covenants, including minimum interest coverage and redemption upon
a triggering event related to its variable interest entity
structure.
VNET Group's operating scale and performance is strengthening,
benefiting from its effective execution on aggressive capacity
growth targets. However, this is somewhat offset by large funding
needs and negative free operation cash flow of more than RMB3.4
billion in each of the next two years. The company's heavy reliance
on capital markets to fund its growth is an additional risk. Hence,
S&P recently revised upward its business risk profile to fair and
affirmed its 'B' issuer credit rating on VNET Group with a stable
outlook.
S&P forecasts VNET Group's debt-to-EBITDA ratio to increase to
4.7x-5.0x in 2021 and 5.1x-5.6x in 2022 following the proposed
notes issuance, from 4.5x in 2020.
XINJIANG ZHONGTAI: Fitch Lowers LT IDRs to 'B', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Xinjiang Zhongtai (Group)
Co., Ltd.'s (XJZT) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'B' from 'BB-'. The Outlook is Stable.
Fitch has also downgraded the rating on XJZT's USD380 million 7.0%
senior unsecured notes due 2022 to 'B' from 'BB-'. The bond was
issued directly by XJZT and hence rated at the same level as the
IDRs.
All the ratings have been removed from Rating Watch Negative
(RWN).
Fitch placed the ratings on RWN on 13 July 2021 amid a portfolio
review of Chinese government-related entities (GRE). The RWN
signalled potential negative rating action should Fitch lower its
assessment of the company's status, ownership and control
attribute. The downgrade comes after Fitch's reassessment, which
resulted in the revision of the attribute to 'Strong', from 'Very
Strong', leading to a lower overall support score of 12.5, with a
bottom-up +1 notch uplift from the Standalone Credit Profile
(SCP).
KEY RATING DRIVERS
Status, Ownership and Control: 'Strong'
Fitch lowered its assessment of the Status, Ownership and Control
to 'Strong' from 'Very Strong' to reflect that the Xinjiang
government has less direct control over XJZT's more commercialised
business, which is more profit-driven. This may reduce the
government's incentive to provide extraordinary support, especially
in light of the company's weak standalone profile, for a prolonged
period.
XJZT is 91.06%-owned by the Xinjiang State-owned Assets Supervision
and Administration Commission (SASAC) and 8.94% by the Xinjiang
Finance Bureau. Xinjiang SASAC transferred its stake in October
2021 as a part of the plan to improve the national social security
fund. The SASAC maintains direct control over XJZT through the
appointment of board members, while major investment and financial
decisions require government approval. However, the government may
have less oversight over the company's exposure to the chemical
segment, in particular Zhongtai Chemical, which is 23.66%-owned by
XJZT.
Support Track Record: 'Moderate'
XJZT has received support mostly via asset injections of important
state-owned assets. The government in 2020 injected a 90% stake in
Xinjiang Grain and Oil Group Co., Ltd., valued at approximately
CNY76 million, and subsequently injected land into the subsidiary
valued at CNY140 million, according to management. Fitch expects
the government to remain supportive of XZJT, including by providing
subsidies, injections and other preferential policies. However, the
size of the support has not been material relative to the weak
standalone profile, and was the main constraint against a higher
attribute assessment.
Socio-Political Implications of Default: 'Weaker'
The attribute reflects XJZT's larger exposure to the commercially
driven chemical operations relative to the parent-level policy
business. One of XJZT's policy roles is to hold a key stake in the
listed subsidiary Zhongtai Chemical, an important asset for the
province, although it is likely ringfenced and hence reducing the
potential social and economic implications in the event of a
default by XZJT. This resulted in a lower assessment when compared
with similar investment holding company (holdco) peers.
The company's policy is also to promote economic development in
strategic industries, such as cotton and textiles, agency trading
and agriculture, although the size is small against its chemical
exposure. In addition, the region has other strategic holdcos that
could potentially serve as substitutes, if needed.
Financial Implications of Default: 'Moderate'
XJZT was the largest GRE as of end-2020 under the direct
supervision of the Xinjiang SASAC by consolidated assets of CNY108
billion, of which 59% were via Zhongtai Chemical. The size of the
company's parent-level operations and other policy-driven assets
are small relative to the size of the sponsor. In addition, Fitch
has considered the perception of XJZT's access to capital markets,
as evidenced by the rising funding costs and reliance on short-term
financing over the past two years.
These attributes may lessen the financial implications of a
default, and are more in line with peers with a 'Moderate'
assessment. However, the company's potential contagion impact on
the region's other GREs and policy intensity may provide certain
incentives for the government to provide support.
Standalone Credit Profile
Fitch has assessed XJZT's SCP on a parent level, as the company is
an investment holdco and there is potential ringfencing between the
parent and subsidiaries. XJZT's SCP has factored in a revenue
defensibility of 'Weaker', operating risk of 'Midrange', financial
profile of 'Weaker'. XJZT's weaker liquidity relative to a high
percentage of short-term debt resulted in the lower SCP of 'b-' in
comparison with similar highly leveraged peers.
Revenue Defensibility: 'Weaker'
Fitch assessed the overall revenue defensibility to be 'Weaker',
considering the company's revenue is tied to the profitability of
subsidiaries that are dominated by the chemical industry. The
industry is subject to higher volatility. The company has certain
controls over the payout of its subsidiaries, although the
dividends are not material relative to the size of its total debt.
Operating Risk: 'Midrange'
The 'Midrange' assessment factored in limited operating risk in
XJZT's parent-level operations due to its role as an asset manager
with well-defined cost drivers, such as financial expenses and
limited staff. So Fitch does not expect the parent-level cost to
change significantly in a downturn, apart from financial expenses.
Fitch also assessed the resource management as 'Midrange' and
capital planning as 'Neutral'.
Financial Profile: 'Weaker'
Fitch assessed the financial profile as 'Weaker' on the high
leverage with a net adjusted debt/cash flow available for debt
service (CFADS) of around 79x as of end-2020, a level in line with
Fitch's forecast period through 2025, considering limited
visibility of cash inflow from its investment cycle. Management
expects dividends from investments to gradually increase, while
Fitch will reassess the sustainability of such cash flow for any
future improvements in the leverage.
Derivation Summary
Fitch applied a one-notch uplift from the SCP to derive the final
IDRs. This reflects the application of the GRE Rating Criteria and
Fitch's assessment of the strength of linkage and incentive to
provide support with the government sponsor.
XJZT's parent-level SCP was assessed under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, considering the
company's revenue defensibility of 'Weaker', operating risk of
'Midrange', financial profile of 'Weaker' and a liquidity profile
of 'Weaker'.
Debt Ratings
XJZT has one USD380 million outstanding offshore bond. The bond is
rated at the same level as the issuer's Long-Term Foreign-Currency
IDR as its directly issued by the company and therefore ranks pari
passu with the company's other unsecured and unsubordinated
obligation.
Liquidity and Debt Structure
Fitch believes XJZT's parent level has weaker liquidity, with a
high proportion of short-term debt and a short debt-maturity
schedule. In particular, the company has heavy reliance on its
ability to refinance its debt and therefore is subject to market
volatility.
Issuer Profile
Established in 2012, XJZT optimises the value of state-owned assets
and promotes economic development and employment. XJZT's industry
investments include chemicals, textiles, agency trading and
agriculture. XJZT owned a 23.66% stake in Zhongtai Chemical at
end-2020, accounting for about 60% of consolidated total assets.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration in Fitch's credit view on the Xinjiang
government's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and
regulations may result in rating action;
-- Revision lower in the company's standalone profile;
-- Weakening of the government's linkage or incentive to support;
-- Change in XJZT's IDRs will be reflected in the notes' rating.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- A change in Fitch's credit view on the Xinjiang government's
ability to provide subsidies, grants or other legitimate
sources allowed under China's policies and regulations may
result in rating action;
-- Revision higher in 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 15;
-- Change in XJZT's IDRs will be reflected in the notes' rating.
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.
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.
YANGO GROUP: Offers Dollar Bond Swap to Avoid Imminent Default
--------------------------------------------------------------
Reuters reports that Chinese developer Yango Group said on Nov. 1
it has launched an offer to exchange some of its U.S. dollar bonds
and is seeking the support of investors to change the terms of the
remaining ones to improve its liquidity and avoid defaults.
Yango is offering $25 in cash and $1,000 in new notes for each
$1,000 of existing bonds exchanged, it said in a statement to the
Hong Kong bourse, Reuters relays. The exchange offer applies to its
U.S. dollar notes due in February 2023, January 2022 and March
2022, which have an outstanding face value of $747 million.
According to Reuters, the company said government policy
tightening, credit events and deteriorating consumer sentiment had
cut off refinancing avenues for property firms "and put enormous
pressure on our short-term liquidity".
It said the offer was part of "overall efforts to improve our
liquidity, preserve options to stabilize our operations as a going
concern, and avoid imminent payment defaults and potential holistic
restructurings of our debts and business operations."
Yango's liquidity crunch comes against the backdrop of a crisis at
China Evergrande Group, which has stoked concern among investors
globally about the country's deeply indebted, $5 trillion property
sector and tightened funding access for other developers, Reuters
says.
Evergrande narrowly avoided a catastrophic default for the second
time in a week on Oct. 29, making a last-minute payment on an
overdue dollar bond coupon just before its grace period expired.
Yango has eight outstanding U.S. dollar bonds worth a total $2.24
billion and 14 outstanding yuan-denominated bonds worth 13.1
billion yuan, Reuters discloses citing Refinitiv data. Holders of
the February 2023 notes, worth a total of $247 million, have the
option to demand early repayment on Nov. 12.
Its March 2022 bond slumped 13% on Oct. 29, boosting its yield to
nearly 750%, according to Duration Finance.
About Yango Group
Yango Group Co.,Ltd is a China-based company principally engaged in
the development and sale of real estates. The Company's property
projects include residential buildings, office buildings and
commercial properties, among others. The Company is also involved
in the import and export trading, hotel operation, education
management and other businesses. The Company mainly operates its
business in domestic market, with East China as its main market.
As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2021, Moody's Investors Service has downgraded the corporate
family rating of Yango Group Co., Ltd to B2 from B1. At the same
time, Moody's has downgraded the senior unsecured rating on the
bonds issued by Yango Justice International Limited to B3 from B2.
The outlook has been changed to negative from stable.
=========
I N D I A
=========
ABF ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ABF
Engineering International Private Limited (AEIPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.07 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.80 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of AEIPL under the 'issuer non-cooperating' category as
AEIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AEIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021 and September 28, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
ABF Engineering International Private Limited (AEIPL) was
established in 2007 as a company to render manufacturing services
to industries and sectors such as construction, ship building,
petrochemical, Oil and Gas, Fertilizers, Chemical plants, Power
Sector, Pharma and Engineering Project Construction consultants.
ABF is certified by American Society of Mechanical Engineers (ASME)
for U and PP stamp to manufacture pressure vessels, piping
fabrication and accessories. ABF Engineering is registered with IBR
Act, 1950 to manufacture pressure parts and package boiler and
certified by Engineers India Limited (EIL) for procurement of
pressure vessels, and Nuclear Power Corporation of India Limited
(NPCIL) as a vendor for condensers, storage tanks, process piping,
structural fabrication, fabricated steel parts, Sheet metal parts
etc.
AGROW FOODS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrow Foods
(AF) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of AF under the 'issuer noncooperating' category as AF
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021, September 28, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Agrow Foods (AF) was established in the year 2015 by Mr. Swapnil
Munde and is engaged in the trading and processing of food grains
(pulses) at Nagpur, Maharashtra. The commercial operations of the
entity started in the month of September, 2015.
ANANDA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ananda
Exports (AE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 7.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of AE under the 'issuer non-cooperating' category as AE
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021, September 24, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Ananda Exports was established in 2010 as a
partnership firm with the purpose of trading of human hair. The
firm is managed by Mr. Suresh Kumar Nangia and his son Mr. Gaurav
Nangia. Mr. Suresh Kumar Nangia has 48 years of experience in the
trading industry. The firm exports to Tunisia, Italy, China, Honk
Kong, etc. The firm procures the traded products from the South
India and West Bengal from local traders.
ARDEE TECHNOLOGIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ardee
Technologies Private Limited (ATPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.10 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 18.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 24, 2020, placed
the rating(s) of ATPL under the 'issuer non-cooperating' category
as ATPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2021, August 20, 2021, and August 30, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ardee Technologies Private Limited (ATPL) incorporated on October
7, 1987 was promoted by Mr. G.S. Narayan who is a chemical engineer
with about 40 years of experience in the iron and steel industry.
The company is engaged in manufacturing of various kinds of sensors
used for measuring temperature and gas content in molten iron,
steel and other metals. Further company also manufactures cored
wires at its China plant. The company name has been changed to
Arrdy Engineering Innovations Private Limited on February 18,
2017.
BALA JI: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bala Ji
Warehouse (SBW) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 11 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with SBW for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBW, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBW continues to be 'CRISIL D Issuer Not Cooperating'.
SBW was set up as a partnership firm of Mr. Sandeep Kodan, Mr.
Ramesh Kumar and Mr. Suresh Kumar in 2012. The firm has constructed
a warehouse with capacity of 52,500 MT to provide storage of agro
based products in Barwara (Haryana). It has signed a ten-year
contract with HAFED. The warehouse has been constructed with an
estimated cost of INR18.10 crore, and began commercial operations
in May 2014.
FLIC MICROWAVES: CARE Lowers Rating on INR12.33cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Flic
Microwaves Private Limited (FMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.33 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Short Term Bank 2.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated February 11, 2021, placed
the rating(s) of FMPL under the 'issuer non-cooperating' category
as FMPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 25, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of FMPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information.
Hyderabad based Flic Microwave Private Limited (FMPL) was
established as a partnership firm in 1991 by Mr. Prasantha Pradhan
and Mrs. Nivedita Mohanty. Later, the constitution of the firm
changed to Private Limited Company in August 1992. FMPL is engaged
in manufacturing of Microwaves. The Company majorly deals in
Components, Super Components, Sub Systems and EM Systems, etc. FMPL
imports raw material i.e. electrical components from USA and sells
the final product in domestic market. The company majorly deals
with public sector entities such as Defence Research Development
Organisation (DRDO), Bharat Electronics Limited, Defense
Electronics Research Laboratory, Defence Avionocs Research
Establishment, etc. The key person of the company is Mr. Sukumar
Pradhan (Managing Director) with post-graduation in Electronics, he
has nine years' experience as a scientist in Defence Research
Development Organisation (DRDO). The company has installed capacity
of 500 units per annum.
GURU NANAK: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru Nanak
Rice Mills (GNRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 19, 2020, placed the
rating(s) of GNRM under the 'issuer non-cooperating' category as
GNRM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GNRM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2021, September 14, 2021, September 24, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Guru Nanak Rice Mills (GRM) is a Punjab based partnership firm
established in 2001 by Mr Satpal Sohal, Mr Raj Kumar Sohal and Mr
Om Parkash Sohal. GRM is engaged in processing and trading of paddy
at its manufacturing facility located in Nakodar, Punjab having an
installed capacity of 50,000 metric tonnes per annum. Punjab based
partnership firm, Ujagar Mill Satpal (UMS) is an associate concern
of GRM which is engaged in a similar business (since 1980).
HIM CYLINDERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him
Cylinders Limited (HCL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 1, 2020, placed the
rating(s) of HCL under the 'issuer non-cooperating' category as HCL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. HCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021, September 6, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
HCL, incorporated on August 19, 1983 as a private limited company,
belongs to the Him Group of Companies of New Delhi and is engaged
in manufacturing of LPG Cylinders. Subsequently, it was converted
into a public limited company in July 1999. The manufacturing
facility of the company is located in Una district of Himachal
Pradesh having an installed capacity to manufacture 15.56 lakh
cylinders per annum. The company manufactures the products
according to the client's specifications and sells its entire
output to the public sector oil marketing companies (OMC).
HIM VALVES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Valves
and Regulators Private Limited (HVRPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 18.14 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 1, 2020, placed the
rating(s) of HVRPL under the 'issuer non-cooperating' category as
HVRPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HVRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 17, 2021, August 27, 2021, September 6, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Him Valves and Regulators Private Limited (HVRPL), incorporated on
June 10, 1997, is promoted by Shri Ashok Prakash Raja and Shri
Shanti Swarup Raja. The company is engaged in manufacturing of
valves and regulators with an installed capacity of 17 lakh units
and 12 lakh units per annum respectively. The manufacturing
facility of HVRPL is located in Himachal Pradesh and is accredited
with ISO 9002:1994. The main raw materials used for manufacturing
are zinc alloys and brass rods which are mainly procured
domestically from local agents. The company manufactures the
products according to the client's specifications and sells its
output to the public sector oil marketing companies (OMC).
INDIGO COLLECTIONS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indigo
Collections Private Limited (ICPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 5.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 05, 2020, placed the
rating(s) of Indigo Collections Private Limited (ICPL)
under the 'issuer non-cooperating' category as ICPL had failed to
provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. ICPL continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 21, 2021,
August 31, 2021, September 10, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Delhi based, Indigo Collections Private Limited (ICPL) was
incorporated on February 2, 2005; however started its commercial
operations in April, 2008. ICPL is currently being managed by Mrs.
Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder Singh and Mrs.
Seema Ghai with the help of qualified management. The company is a
manufacturer and exporter of readymade garments for ladies and
children such as tops, blouses, pants, shirts etc. The
manufacturing facility is located in Gurgaon, Haryana. ICPL exports
90% of its production to established brands such as ZARA, RNA
Group, CALAO Imports S.L. etc. based in the USA, UK and UAE. The
company procures the raw material such as fabrics and related
accessories like buttons, threads, labels, zippers etc. from
manufactures and traders located in the domestic and overseas
market.
JHARKHAND ROAD: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jharkhand
Road Projects Implementation Company Limited (JRPICL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 1,275.51 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated April 4, 2019, placed the
ratings of JRPICL under the 'issuer non-cooperating' category as
JRPICL had failed to provide information for monitoring the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement.
Resultantly it continues to be under "Issuer non-cooperating"
category in line with CARE's extant policy in respect of
noncooperation by Issuer. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information, which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating factors in stretched liquidity profile with non-receipt
of annuities since January 31, 2020. The company had applied for
One Time Restructuring (OTR) which was invoked and approved by the
lenders in June 2021. However, CARE Ratings is not in receipt of
supporting documents corroborating the same.
Detailed description of the key rating drivers
At the time of last rating on October 27, 2020 the following were
the rating strengths and weaknesses (updated for the information
available from the Company):
Key Rating Weaknesses
* Stretched liquidity profile: The company witnessed stretched
liquidity due to non-receipt of annuities from The Govt. of
Jharkhand. The State Government has not released part annuity for
FY20 (pending for 2 projects-due in Jan and March 2020), FY21 (all
annuities) and FY22 (3 annuities due so far till Oct. 14, 2021)
totaling to ~Rs 644 crore till Oct. 14, 2021. With annuity receipts
being the major source of income, timely receipt thereof is of
paramount importance and requires close monitoring.
The Debt Service Reserve Account (DSRA) and Major Maintenance
Reserve Account (MMRA) have also been depleted. The investments in
mutual funds lien marked in favor of lenders which amounted to ~Rs
175 crore as on March 31, 2020 has been completely exhausted. The
outstanding amount in DSRA as on September 30, 2021 stood at
Rs.10,808. The MMRA on the same date stood as Rs 1.38 lakh.
The company had cash and bank balance of around INR86 crore as on
March 31, 2020 which has depleted to around Rs 7 crore as of March
31, 2021. Delay in receipt of annuity increased the likelihood of
cash flow mismatch for timely debt servicing. Hence, the company
applied for OTR which was approved by the lenders. However,
supporting documents corroborating the same have not been furnished
to CARE Ratings.
* Delay in Major Maintenance and exposure to O&M/MM risk: Major
Maintenance (MM) acivity on three out of five projects have been
completed. The MM activity for the 2 projects is dependent on
receipt of annuities from the authority. Delay in MM activity may
lead to levying of any damages in the form of reduced annuity from
the Authority.
Considering the liquidity crunch faced by JRPICL, meeting regular
O&M and other expense would be a challenge. Further, keeping in
view the weak credit profile of the sponsors, ITNL (CARE D, INC),
no comfort from the fixed price contract can be drawn as in case of
any shortfall in routine and well as periodic maintenance arise.
The Government of Jharkhand (GoJ) has conceptualized a
comprehensive program titled the Jharkhand Accelerated Road
Development Programme (JARDP) to improve road infrastructure in the
state through Public Private Partnership framework. IL&FS won the
bid and a Programme Development Agreement (PDA) was signed between
GoJ and IL&FS Group for the improvement of 1500 km lane of selected
project road corridors. Certain road stretches had been selected
for development under this program. The program was being
implemented under an SPV named Jharkhand Accelerated Road
Development Company Limited (JARDCL), a JV between IL&FS group and
GoJ with shareholding pattern in ratio of 74:26 respectively. In
terms of the PDA, the GoJ and IL&FS group may take up the
financing, construction, operation and maintenance of the roads
either through JARDCL or through separate SPV's incorporated by GoJ
and/or IL&FS. Accordingly, IL&FS group incorporated JRPICL for
undertaking the design, engineering, financing, procurement,
construction, operation and maintenance of the program, on Build,
Operate & Transfer (BOT) Annuity Basis. The promoters of JRPICL are
ITNL (93.43%) and IL&FS (6.57%).
JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. S. R. M.
Foods (JSRMF) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL D (Issuer Not
cooperating)
Proposed Long Term 0.92 CRISIL D (Issuer Not
Bank Loan Facility cooperating)
Term Loan 1.08 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with JSRMF for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JSRMF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSRMF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSRMF continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2012 and based in Gondia (Maharashtra), JSRMF is a
proprietorship firm of Mr. Abhinav Agrawal. It processes paddy into
rice, rice bran, and broken rice. It has installed paddy milling
capacity of 160 tonne per day (tpd).
KARPAGAM MILLS: CARE Reaffirms D Rating on INR62.3cr Loans
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Sri
Karpagam Mills India Private Limited (SKM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 55.85 CARE D Reaffirmed
Short Term Bank
Facilities 6.45 CARE D Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SKM continue to
factor in ongoing delays in servicing debt obligations and
overdrawals in working capital facilities. The ratings are also
constrained by declined scale of operations in FY21 (Prov.) (refers
to April 1 to March 31), weak capital structure, weak debt coverage
indicators and volatility in raw material prices.
Rating sensitivities
Positive Factors
* Improvement in liquidity and timely servicing of debt obligations
along with efficient utilisation of working capital limits on
sustained basis.
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in servicing debt obligations and overdrawals: The
operating cycle of the company elongated to 369 days in FY21
(Prov.) (refers to April 1 to March 31) from 240 days in FY20 due
to stretched inventory and collection period. Due to stretched
working capital cycle, the company has overdrawn its working
capital facilities for more than 30 days and the account remains as
NPA.
* Declined scale of operations: During FY21, the size of operations
of the company declined and stood moderate with total operating
income at INR84.32 crore as against INR121.34 crore in FY20 on
account of low production due to Covid lockdown during Q1FY21.
* Weak capital structure and debt coverage indicators: The capital
structure of the company continued to remain weak with overall
gearing which deteriorated to 5.22x as of March 31, 2021 (Prov.)
from 5.19x as of March 31, 2020. The debt coverage deteriorated and
remained weak with TD/GCA at 29.43x as of March 31, 2021 as against
20.09x as of March 31, 2020.
* Volatility in raw material prices: The profitability of spinning
mills depends largely on the prices of cotton and cotton yarn which
are governed by various factors such as area under cultivation,
monsoon, international demand-supply situation, etc. The cotton
being the major raw material of spinning mills, movement in cotton
prices without parallel movement in yarn prices impact the
profitability of the spinning mills. The cotton textile industry is
inherently prone to the volatility in cotton and yarn prices.
Poor Liquidity
Liquidity is poor marked by lower accruals to repay term debt
obligations and fully utilized bank limits and with moderate cash
balance of INR1.70 crore as on March 31, 2021 (Prov.). The
operating cycle of the company elongated and stood higher at 369
days in FY21(Prov.) from 240 days in FY20 due to higher inventory
and collection period which led to overdrawals in working capital
limits. The company had not opted for covid moratorium whereas it
had availed emergency covid loan of Rs.
5.80 crore on August 2020 with tenure of 48 months including
holiday period of 12 months.
* Industry outlook and COVID impact: Cotton production in India is
estimated to remain stable y-o-y and stand at 6.1 million tonnes in
the current cotton season (CS) October 2020 – September 2021
backed by higher yields. Apart from production, cotton supply
includes carry-over stocks from last season which surged by 290.6%
to 2.1 million tonnes and as a result total cotton supply during CS
2020-21 is estimated to increase by 21.7% to 8.4 million tonnes.
The domestic cotton demand which was disrupted due to Covid-19
pandemic in CS 2019-20 is expected to grow by 32% to 5.6 million
tonnes on account of a likely recovery in domestic cotton demand in
the current season. After meeting domestic requirements, India is
estimated to increase cotton exports by 20% to 1.02 million tonnes
backed by improving international cotton consumption and the demand
for Indian cotton on account of its competitive pricing in the
global markets. Cotton yarn production declined by 21.3% y-o-y to
2,918 thousand tonnes (2.9 million tonnes) during April
2020-February 2021. This was mainly due to sharp decline of 53%-94%
in the first 3 months of FY21 on account of Covid-19 disruptions.
Thereafter, the output fell by a slower 7.1% in July 2020 and
decreased by a marginal 0.5%-1.5% in the months of August 2020,
December 2020 and February 2021 and increased by 0.2%-7% in rest of
the months during FY21 on account of better domestic demand and
increase in exports of cotton yarn.
Sri Karpagam Mills India Private Limited (SKM) was incorporated in
the year 2005 by Mr. A. Somasundaram and his brothers. SKM is
located at Coimbatore, Tamil Nadu and is engaged in manufacturing
of cotton yarn of counts 10-60s with installed capacity of 52,800
spindles as of September 30, 2021.
LAXMINARAYAN SHIVHARE: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Laxminarayan Shivhare (LS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 3.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 13, 2020, placed
the rating(s) of LS under the 'issuer non-cooperating' category as
LS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 29, 2021, October 9, 2021, October 19, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Established in 1990, M/s Laxminarayan Shivhare (LS) is a
proprietorship firm which is into the business of retailing of
alcohol. The firm also operates a warehouse named M/s Maa Kaila
Devi Warehouse. LS is part of Shivhare liquor group based in Madhya
Pradesh (MP). LS holds retail liquor supplier license in MP and
undertakes retail trade of Indian made foreign liquor (IMFL), beer,
country liquor (CL), wine etc. The firm enters into open tendering
process every year to avail license for the retailing of the
liquor. Depending upon the allotment of shops during tendering, the
number of shops held by the firm varies every year. The shops are
allotted in MP by the state government through a competitive
bidding process. Shivhare Liquor group has other associate concern
namely M/s Ram Swaroop Shivhare, M/s Gopal Shivhare, M/s Laxmi
Narayan Shivhare & M/s Kalpna Shivhare which are engaged in similar
business activity.
LIVE WIRES: CARE Lowers Rating on INR0.75cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Live
Wires Advertising Private Limited (LWAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 0.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 5.20 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 24, 2020, placed
the rating(s) of LWAPL under the 'issuer non-cooperating' category
as LWAPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LWAPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2021, August 20, 2021, and August 30, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of LWAPL have been
revised on account of non-availability of requisite information.
The ratings also factored in significant decline in scale of
operations, reporting of net losses, deterioration in capital
structure and debt coverage indicators during FY20 over FY19.
Livewires Advertising Private Limited (LWAPL) was incorporated in
1992 in Hyderabad in the state of Andhra Pradesh. LWAPL is engaged
in providing advertising solutions. The current promoters of LWAPL
took over the operations of the company in 2001. The company
operates in print media advertisement segment and is engaged in
designing, developing and maintaining advertising campaigns for
state government departments of Telangana (GOT) like Greater
Hyderabad Municipal Corporation (GHMC), Department of Irrigation,
Department of Information & Public Relations, besides others.
MA MAHAMAYA: CARE Lowers Rating on INR9.36cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ma
Mahamaya Rice Mill Private Limited (MMRMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.36 CARE D Revised from CARE B+;
Facilities Stable
Short Term Bank
Facilities 0.45 CARE D Revised from CARE A4
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
MMRMPL takes into account the ongoing delays in repayments of term
loan (Principal and Interest) and delays in payment of interest on
cash credit facility for more than 30 days.
Rating Sensitivities
Positive Factors - Factors that could lead to positive rating
action/upgrade:
* Regularization of debt servicing for a continuous period of 3
months
* Company earning sufficient cash accruals so as to meet its debt
repayment obligations
Detailed description of the key rating drivers
Key Rating Weaknesses
* Delay in debt servicing: There has been ongoing delays in
repayments of term loan (Principal and Interest) and delays in
payment of interest on cash credit facility for more than 30 days.
Liquidity: Poor
Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and modest cash balance.
This could constrain the ability of the company to repay its debt
obligations on a timely basis.
Ma Mahamaya Rice Mill Private Limited was incorporated in July 2006
with an objective to enter into the rice milling and processing
business. The manufacturing unit of the company is located at
Madhyamgram, Dist: Burdwan with an installed capacity of 40000
metric tons per annum. The company sells its finished product under
the brand name of Mahamaya Bhog. The company is procuring raw paddy
from the local farmers and small paddy agents. Mr. Sandip Hazra
(Director) and Mrs. Madhumita Hazra who have around 21 years and 16
years of experiences, respectively, in similar line of business,
are looking after the day-to-day operation of the company.
MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Machinery Store (MMS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.30 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 0.30 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 22, 2020, placed the
rating(s) of MMS under the 'issuer non-cooperating' category as MMS
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MMS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 7, 2021, September 17, 2021, September 27, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Incorporated as a partnership firm in 1954 by Gupta family, Alwar
(Rajasthan) based M/s Modern Machinery Store (MMS) is engaged in
automobile trading and servicing. MMS is an authorized dealer for
two wheelers manufactured by Hero Moto Corp Limited. Besides, it
also operates dealership of John Deere India Private Limited
(JDIPL). The firm has a 3S (sales, service and spares) facility in
Alwar. Until July 2016, MMS was also an authorized dealer for
passenger cars manufactured by Hyundai Motor India Limited;
however, the same segment has now been shifted by the promoters in
newly incorporated company M/s Modern Autocar Private Limited
(MAPL).
MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohana Cotton
Ginning Private Limited (MCG) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (Issuer Not
cooperating)
Cash Credit 5 CRISIL D (Issuer Not
cooperating)
Term Loan 6.5 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with MCG for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MCG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCG continues to be 'CRISIL D Issuer Not Cooperating'.
MCG was set up by Mr. A Subramanyam and his friends and relatives
in Guntur, Andhra Pradesh, in 2010. The company gins and presses
raw cotton, and trades in cotton lint.
MUNIRAJ ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Muniraj
Enterprise (ME) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.75 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 11, 2020, placed
the rating(s) of ME under the 'issuer non-cooperating' category as
ME had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 27, 2021, October 7, 2021, October 17, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Surat-based (Gujarat) MUE was established as a partnership firm in
2011 by five partners i.e. Mr Harish Patel, Mr Vivek Poddar, Mr
Mirang Shah, Mr Sushil Poddar and Mr Jayendra Patel. Later on, Mr
Jayendra Patel retired from firm and Mrs Nayna Shah, Mrs Rita
Morakhiya & Mrs Deepika Patel were added as partners. The firm is
engaged into the real estate activities. Currently, the firm is
executing a commercial project 'MEENA Bazaar' (RERA Registration
no. - PR/GJ/SURAT/SURAT CITY/SUDA/CAA03436/180918) consisting of
215 shops, 82 offices, 1 warehouse and 7 halls at Pal area of
Surat, Gujarat.
ORIENT CRAFT: CARE Lowers Rating on INR324.01cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Orient Craft Limited (OCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 324.01 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE BB-; Stable
Short Term Bank 700.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
Category and Revised from
CARE A4
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 13, 2020, placed
the rating(s) of OCL under the 'issuer non-cooperating' category as
OCL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. OCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 21, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of OCL have been revised
on account of ongoing delays in debt servicing as recognized from
publicly available information with further confirmation from one
of its lender.
Orient Craft Ltd (OCL), promoted by Mr. Sudhir Dhingra and Mr. K.K.
Kohli in Feb 1978, is in the business of manufacturing ready to
wear garments and home furnishings. The company is one of India's
leading manufacturers and exporters of premium ready-to-wear
garments. The company exports its products to leading international
fashion houses and retail chains, predominantly in the United
States and Europe. OCL has established relationships over the years
with leading retailers of the world, such as Marks and Spencer's,
The Gap Group, Macys Merchandising etc. which have been giving it
repeat orders. OCL is also recognized by the Government as a
four-star export house.
PRAYAN ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prayan
Ispat & Steel Private Limited (PISPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.09 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of PISPL under the 'issuer non-cooperating' category
as PISPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PISPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021, August 31, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Uttar Pradesh-based PIS, is a private limited company incorporated
in 2010 and is currently managed by Mr. Amit Agarwal Mrs. Gaura
Agarwal. PIS is engaged in the manufacturing of M S Ingots. The
manufacturing facility of the company is located in Bijnor, Uttar
Pradesh. The product finds its application in manufacturing of TMT
bars. The company sells its products mainly in Uttaranchal and
Uttar Pradesh to the TMT bar manufacturers. The main raw material
for the manufacturing of MS Ingots is sponge iron and iron scrap
which is procured domestically. Agarwal Sales Corporation is the
group associates of PIS which is engaged in trading of iron & steel
product.
PRITI GEMS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Priti Gems
Exports Private Limited (PGEPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 13, 2020, placed the
rating(s) of PGEPL under the 'issuer non-cooperating' category as
PGEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PGEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 29, 2021, September 8, 2021, September 18, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Established in 1995, Priti Gems Exports Private Limited (PGEPL-
converted from partnership firm into private limited company in
2010), a group concern of K. Chandrakant & Co. International Pvt.
Ltd., is engaged in the manufacturing of cut & polished dark brown
diamonds ranging from 0.01 carat to 20 carats in round as well as
other shapes like Princess, Oval, Emerald, Marquise, Pears, Heart,
etc. The company has its own manufacturing set-up in Dahisar and
Surat. PGEPL imports rough diamonds from Belgium and supplies
polished diamonds to jewellery manufacturers based in Australia,
Belgium, Germany, Hong Kong, Israel, Japan, Korea, Thailand, UAE,
UK and USA.
R K CHAVAN: CARE Lowers Rating on INR12.37cr LT Loan to C
---------------------------------------------------------
R K Chavan Infrastructure Private Limited (RKCIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.37 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Short Term Bank 2.63 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of RKCIPL under the 'issuer non-cooperating' category as
RKCIPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RKCIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021, September 28, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of non-availability of
requisite information. The ratings also consider a delay in debt
servicing of loan instalments (not rated by CARE) as recognized
from publicly available information.
Latur-based (Maharashtra) RKCIPL was incorporated in the year 2011
and was promoted by Mr Raj Kumar Chavan. The company obtains the
orders from the government as well as private players. The company
is engaged in the business of civil construction (primarily roads).
The company gets subcontracts within infrastructure basket it
undertakes the construction of roads, bridges, buildings; etc. and
executes orders for only private players within the state of
Maharashtra.
SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Projects
and Systems Private Limited (SPS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL D (Issuer Not
cooperating)
Letter of Credit 0.6 CRISIL D (Issuer Not
cooperating)
Overdraft Facility 1 CRISIL D (Issuer Not
cooperating)
Overdraft Facility 3 CRISIL D (Issuer Not
cooperating)
Proposed Overdraft 1 CRISIL D (Issuer Not
Facility cooperating)
CRISIL Ratings has been consistently following up with SPS for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SPS was incorporated in the year 2007 and is engaged in the
business of providing turn-key electric solutions for factory
automation to varied industries. The company's corporate office is
located at Bangalore, Karnataka.
SATWIK FEEDS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satwik
Feeds (SF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 12, 2020, placed the
rating(s) of SF under the 'issuer noncooperating' category as SF
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 28, 2021, September 7, 2021, September 17, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Satwik Feeds (SFE) was established in 2014 as a partnership firm.
The operations however, started in January 2016. It is currently
being managed by Mr. Krishan Pal and Mr. Ramesh Chander Khatri
sharing profits and losses in equal proportions. SFE is engaged in
manufacturing of poultry and cattle feed at its manufacturing
facility located in Shamli, Uttar Pradesh with total installed
capacity of 72000 tonnes per annum as on December 31, 2018. Apart
from SFE, the directors are associated with three group concerns
namely, Bhagwati Farms, Bhagwati Feeds Pvt. Ltd., and Vikas Poultry
Farms. Bhagwati Farms and Vikas Poultry Farms are engaged in
poultry farming business since 2012 and 2016 respectively and
Bhagwati Feeds Pvt. Ltd. is into manufacturing of poultry feeds
since 2004.
SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SCV SKY
Vision (SCV) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 CRISIL D (Issuer Not
cooperating)
Long Term Loan 5 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with SCV for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SCV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCV continues to be 'CRISIL D Issuer Not Cooperating'.
SCV, established in 1980, is a Multi system operator (MSO) of
television channels in Chitoor district. SCV's operations are
managed by Mr. Chenchu krishnama Naidu, Managing partner.
SHAMSHREE LIFESCIENCES: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shamshree
Lifesciences Limited (SLL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.25 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3.75 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 1.12 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 1.3 CRISIL D (Issuer Not
Cooperating)
Term Loan 4 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.39 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.36 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.96 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.50 CRISIL D (Issuer Not
Cooperating)
CRISIL Ratings has been consistently following up with SLL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SLL was established in 2006 at Baddi (Himachal Pradesh) by Mr.
Jatinder Kumar Jain as a closely held public limited company;
however, operations commenced in December 2010. The company
manufactures dry powder injectables, mainly antibiotics.
SKYWORLD EXIM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyworld
Exim (SWE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated November 12, 2020, placed
the rating(s) of SWE under the 'issuer non-cooperating' category as
SWE had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SWE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 28, 2021, October 8, 2021 and October 18, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Skyworld Exim (SWE) was formed in the year 2007 by Mr Rajnish
Gupta. The firm is managed by Mr. Gupta and his father, Mr. Jai
Bhagwan Gupta. SWE is engaged in the import & domestic trading of
fabrics, paper, paper material, foils & multilayer packaging films.
During FY17 (Prov.), 97.99% of revenue was contributed from trading
of fabrics, 1.50% from paper and rest from sprinkler pipes. It
operates in north India with major operations in Delhi NCR,
Rajasthan and Gujarat states and a marketing network consisting of
15 wholesalers and distributors.
V S EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V S
Education Foundation (VSEF) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated October 7, 2020, placed the
rating(s) of VSEF under the 'issuer non-cooperating' category as
VSEF had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. VSEF continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2021, September 2, 2021, September 12, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Ludhiana, Punjab based V S Education Foundation (VEF) Trust was
formed in October 2015. Mr. Vijay Kansal is the President of the
trust and the trust was setup with an objective to provide
educational services. VEF was established to provide education
under the brand name of DPS world School. VEF operates a school in
the name of "Delhi World School" in Ludhiana the school provides
primary and secondary education from Nursery to XII standard and is
affiliated with CBSE (Central Board of Secondary Education).
VAISHNOVI INFRATECH: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishnovi
Infratech Limited (VIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 30 CRISIL D (Issuer Not
cooperating)
Bank Guarantee 25 CRISIL D (Issuer Not
cooperating)
Cash Credit 16 CRISIL D (Issuer Not
cooperating)
Cash Credit 9 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
VIL, set up in 2006 by Mr. T Ganagadhar Rao and his family members,
undertakes civil construction, and irrigation and road works. It is
based in Hyderabad.
VAMSADHARA GINNING: CARE Lowers Rating on INR15cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vamsadhara Ginning And Pressing Industries (VGPI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Revised from
CARE B-; Stable
Detailed Rationale & Key Rating Drivers
CARE had, vide its press release dated December 10, 2020, placed
the rating(s) of VGPI under the 'issuer non-cooperating' category
as VGPI had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VGPI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 21, 2021.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating assigned to the bank facilities of VGPI has been revised
on account of ongoing delays in debt servicing recognized from
publicly available information.
Vamsadhara Ginning & Pressing Industries (VGPI) was established in
the year 2016 by seven partners. The firm is engaged in cotton
ginning & pressing at its factory located at Piduguralla, Guntur
district. The operations started from February 2017 and the firm
has its customer presence in Andhra Pradesh and Telangana who
purchase cotton lint and cotton seed manufactured by the firm. Mr.
Sontineni Venkateswara Rao, the chief promoter and managing partner
of this firm since its inception, has 27 years of experience in the
line of rice milling and cotton ginning business. He is also having
a major stake in the associate concerns, 'Vamsadhara Rice
Industries' and 'Vamsadhara Cotton Industries' both located at
Janapadu, Andhra Pradesh.
VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedika Agro
Industries (VAI) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
Proposed Working 1.25 CRISIL D (Issuer Not
Capital Facility Cooperating)
CRISIL Ratings has been consistently following up with VAI for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAI continues to be 'CRISIL D Issuer Not Cooperating'.
Set up in 2011, VAI, a proprietorship concern of Mr. Uday Jankar,
processes chana to chana dal and then to besan. It facility at
Ambegaon, Maharashtra, has a capacity of 15 tonne per day.
VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vijay Iron and
Steel Co. (VISC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
cooperating)
CRISIL Ratings has been consistently following up with VISC for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VISC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VISC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VISC continues to be 'CRISIL D Issuer Not Cooperating'.
Established in 1972 in Jalandhar, Punjab, as a proprietorship firm
by Mr. Ramniwas Bansal, VISC trades in steel products such as
hot-rolled coils, sheets, and plates.
=================
I N D O N E S I A
=================
MEDCO ENERGI: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on PT Medco Energi
Internasional Tbk. to negative from stable. At the same time, S&P
affirmed its 'B+' long-term issuer credit rating on the company and
long-term issue ratings on its guaranteed senior unsecured notes.
The negative outlook reflects S&P's expectation of the company's
weaker operating performance in 2021 and the prospect of continued
weakness in gas demand.
S&P said, "We revised the outlook on Medco to negative from stable
reflecting our view that Medco's FFO-to-debt ratio may remain below
12% due to lower production on account of maintenance and unplanned
downtime. The company's production levels remain below what we had
previously anticipated for 2021. As a result, we have now revised
our production rate estimates for Medco downwards by about 5
thousand barrels of oil equivalent (kboe) per day for 2021 to about
95 kboe/d. We had previously anticipated higher production of at
least 100 kboe/d amid a stronger oil price environment,
particularly during the second half of 2021. Our revised production
will lower sales volumes for the year by 1.8 million-2.0 million of
barrels of oil equivalent (boe), and contrasts with the company's
production rate of 100 kboe/d in 2020 and pro-forma production rate
of 115 kboe/d in 2019 when it acquired Ophir Energy PLC."
S&P estimates that the lost production could cost Medco US$50
million-US$100 million in EBITDA, given that the production loss
coincides with a period of favorable hydrocarbon prices. Brent oil
prices increased to an average of US$73.2 per barrel (bbl) for the
third quarter of 2021, compared with US$61.3/bbl during the first
quarter. In addition, S&P has considered the potential for further
cost escalation of up to 5%-7% of its cost base for the year.
The company attributes the lower production to a conflux of
unplanned shutdowns at its Block A gas field in Aceh in Indonesia
and its operations in Vietnam over the second quarter of the year,
as well as planned maintenance. Historically, these gas fields have
contributed about 30 kboe/d of production, about 30% of Medco's
historical annual production. S&P understands these were the main
contributors to the 1.8 million to 2.0 million boe lower sales
volume in 2021; however, these gas fields have since been restored
to full production. In addition, gas demand in East Java and Aceh
in Indonesia, and in Singapore, has remained subdued to-date,
contributing to lower production rates which have kept output below
capacity of 110 kboe/d for the year.
S&P said, "If tepid gas demand persists in 2022, Medco's
FFO-to-debt ratio may not recover in line with our forecasts. We
forecast a recovery in Medco's FFO-to-debt ratio to 12%-14% for
2022, albeit this remains uncertain, with a limited buffer for the
ratio to rise higher than 12%. We have revised our 2022 production
estimates to 98 kboe/d-103 kboe/d due to the risk of continued
weakness in gas demand carrying into the next year. This assumes no
further production issues from Medco's existing producing blocks
and aligns with our understanding that Medco could generate 105
kboe/d in production in 2022, based on its current capital spending
plan.
"Our base-case scenario projects group consolidated EBITDA
(inclusive of power segment) of US$700 million-US$750 million for
Medco in 2022. This includes EBITDA from the company's power
segment of US$50 million-US$60 million on the ramp-up of its 275
megawatt (MW) Riau gas-fired power plant and its 26.8MW Sumbawa
solar photovoltaic plant.
"Based on our current assumptions, we estimate that a US$5/bbl drop
in Brent crude oil prices will trim our EBITDA estimate for the
company by US$50 million-US$60 million, all else being equal. Our
estimate assumes a brent oil price of US$65/bbl in 2022 and average
production rate of 98 kboe/d-103 kboe/d.
“zMedco could generate marginally positive free operating cash
flow (FOCF) over the next one to two years, provided capital
expenditure (capex) remains disciplined. We estimate the company
will generate marginally positive to broadly breakeven FOCF over
2021-2022 under management's guided capex of up to US$215 million
in 2021--lower than Medco's annual average of US$300 million over
2018-2019. However, we believe that continued capex at these levels
may come at the cost of future production, given the natural
decline of Medco's mature oil and gas fields."
The company has not fully utilized planned capex for the year, with
a reported consolidated capex of US$50 million during the first
half of 2021. Furthermore, Medco's cash position could be bolstered
by proceeds received from the sale of an 8% stake in PT Amman
Mineral Internasional (AMI). Medco is due to receive US$82 million
of net cash proceeds from PT Sumber Mineral Citra Nusantara (SMCN)
by the end of 2021. The transaction was amended in May to reduce
the sale of the stake in AMI to 8% from 10% originally.
S&P said, "According to Medco's disclosures, it also owns an 18%
stake in SMCN. While we do not explicitly recognize these cash
receipts in our forecasts, we believe the amounts would provide
little benefit to the company's FFO-to-debt metrics unless it
applies the proceeds towards reducing gross debt.
"We expect Medco to appropriately manage its growth aspirations to
preserve its balance sheet at the 'B+' level. The company's
recently articulated energy transition strategy outlines
management's intention to target gas-heavy and producing assets in
the region to replenish its reserves, reduce carbon emissions in
its operated-assets, and expand the renewable energy portfolio
within its power segment. This follows the company's receipt of
shareholders' approval in August 2021 for the issuance of a U.S.
dollar-denominated bond as well as a rights issue to be applied
towards capex, refinancing or acquisition.
"We anticipate Medco will be prudent in its evaluation of growth
opportunities and take appropriate financial policy actions with
consideration to the tolerances of the 'B+' rating. For example,
the company had subsequently sold non-core assets such as its 51%
stake of The Energy Building, its stake in AMI following the
acquisition of Ophir Energy PLC to help pare down the debt-financed
acquisition. Ultimately, we would assess each opportunity based on
its individual merit and its effect on both Medco's business
profile and balance sheet, as well as how it aligns with the
company's long-term strategy. Our rating on Medco also assumes that
new projects in Medco's power business, will be appropriately
funded by a mix of project financing and capital injection from
strategic partners.
"Medco's capital structure indicates a dependency on debt capital
markets, while high annual fixed charges for interest and taxes
weigh on its FFO. We project the company's average annual tax and
interest payments to be between US$400 million and US$450 million
over 2021-2022, based on the company's current capital structure
and earnings profile. This leaves the company with limited
operating cash flow to fund its capital spending plan should
earnings decline. As of June 30, 2021, about 80% of Medco's capital
structure is comprised of bonds denominated in U.S. dollars and
Indonesian rupiah (IDR) with bullet maturities.
"In our view, this concentration of funding to bonds limits the
company's ability to utilize discretionary cash to repay debt,
unless the company undertakes a liability management exercise such
as the bond tender conducted in March 2020 on its guaranteed U.S.
dollar-denominated notes. We view this concentration in bonds as a
relative weakness, given that Medco's access to capital markets
would remain susceptible to market and investor sentiment.
"The negative outlook on Medco reflects the company's operating
performance, which have been weaker than we earlier expected. It
also reflects the prospect that FFO-to-debt ratio will remain below
12% if production does not recover to comfortably above 100 kboe/d
under our current hydrocarbon price assumptions.
"We could lower the rating if Medco's FFO-to-debt ratio fails to
improve well above 12% on a sustained basis. Such a scenario would
likely occur if production remains below 100 kboe/d or if
hydrocarbon prices fall materially below our expectation. We may
also downgrade the company if it embarks on debt-funded
acquisitions that could either weaken its balance sheet with no
marked contribution to earnings, significantly weaken its reserve
life, or increase its dependence on capital market funding.
"We could also lower the rating if we observe a weakening in the
company's transparency or governance practices.
"We could revise the outlook on Medco back to stable if higher
hydrocarbon prices and production rates recovering comfortably
above 100 kboe/d strengthen the company's FFO-to-debt ratio to well
above 12% sustainably. A stable outlook would also be contingent
upon close-to-breakeven FOCF and Medco maintaining a sizable
liquidity cushion."
Medco is an Indonesia-based and listed oil and gas company. Medco
owns PT Medco Power Indonesia (MPI) and a 23.13% effective interest
in AMI, which controls the Batu Hijau copper and gold mine in
eastern Indonesia. Medco has 16 producing oil and gas fields in
Indonesia, Thailand, and Vietnam, and a service contract field in
Oman, with a consolidated total production of 94 kboe/d for the
first half of 2021. Oil sales contracts are indexed to the
Indonesian crude price index while the bulk of gas sales are
contracted at a fixed price with annual escalation. The Panigoro
family indirectly controls Medco through intermediate holding
companies.
=========
J A P A N
=========
H.I.S. CO: Expects to Post JPY53BB Net Loss for Year Ended Oct. 31
------------------------------------------------------------------
The Japan Times reports that Travel agency H.I.S. Co. said on Oct.
30 it expects to report a record net loss of JPY53 billion ($465
million) for the year ending this month, its second straight year
in the red, as the coronavirus wreaks havoc on the industry.
The Japanese firm's latest result follows the JPY25 billion loss it
made in the previous fiscal year. Revenue for the current year is
expected to fall 70% to JPY125 billion, it said, adding it will not
pay an annual dividend, the report discloses.
Nearly 80% of the company's revenue comes from services linked to
overseas travel.
According to the Japan Times, H.I.S. in September sold its head
office in Tokyo for JPY32.4 billion to improve its financial
position. It also plans to raise JPY21.5 billion through
third-party allotment and issuance of share warrants, it said.
Its rival JTB Corp. has also been undertaking restructuring
efforts, including the sale of offices, the report notes.
H.I.S. Co., Ltd. is primarily engaged in travel business. It is
involved in insurance agency such as overseas travel insurance, as
well as development and operation of guest room reservation
system.
===============
M A L A Y S I A
===============
AIRASIA X: Officially Slips Into PN17 Status on E&Y's Disclaimer
----------------------------------------------------------------
Bloomberg News reports that long haul budget airline AirAsia X was
officially categorised as a financially distressed company, giving
the company a year to restructure its finances or risk losing its
Malaysian listing.
AirAsia X's external auditor Ernst & Young issued a disclaimer of
opinion on the airline's audited financial statements for the
18-month period ended June 2021, the company said in a stock
exchange filing on Oct. 29, Bloomberg relates. There are threats
that may cast "significant doubt" on AirAsia X continuing as a
going concern, Ernst & Young said. "The company is taking the
necessary steps to address its PN17 (Practice Note 17) status,"
AirAsia X said in a separate filing, adding that it has one year to
regularise its financial condition, failing which it will be
delisted from the stock exchange.
AirAsia X, the sister company of technology and budget carrier
AirAsia Group, is one of the many airlines in the Asia-Pacific
region to have been hit by travel restrictions imposed to curb the
coronavirus pandemic, according to Bloomberg. It has grounded most
of its aircraft fleet since March last year and has deferred
payment to creditors.
Bloomberg relates that AirAsia X recently offered to pay creditors
only 0.5% of the more than US$8 billion total debt they are owed
and terminate all existing contracts as it tries to restructure
after it triggered events of default for various agreements.
Ernst & Young said the basis of its disclaimer of opinion is
dependent on various management initiatives such as successful
implementations of the proposed debt restructuring, a fundraising
exercise and a revised business plan that involves AirAsia X
operating a "leaner and more sustainable cost structure", as well
as the global recovery from the pandemic, Bloomberg relays.
"In view of the multiple uncertainties described above, we are
unable to form an opinion on the financial statements due to the
potential interaction of the uncertainties and their possible
cumulative effects on the financial statements," the auditor, as
cited by Bloomberg, said.
AirAsia is set to meet its creditors to vote on its restructuring
proposal on Nov. 12.
AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.
=====================
N E W Z E A L A N D
=====================
DREAMLAND HOME: Creditors' Proofs of Debt Due Dec. 29
-----------------------------------------------------
Creditors of Dreamland Home Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Dec. 29,
2021, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 29, 2021.
The company's liquidators are:
Vivian Judith Fatupaito
Elizabeth Helen Keene
KPMG Auckland
18 Viaduct Harbour Avenue
PO Box 1584, Shortland Street
Auckland
New Zealand
RAVELA DEVELOPMENT: Creditors' Proofs of Debt Due Dec. 29
---------------------------------------------------------
Creditors of Ravela Development Company Limited, which is in
voluntary liquidation, are required to file their proofs of debt by
Dec. 29, 2021, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 29, 2021.
The company's liquidators are:
Vivian Judith Fatupaito
Elizabeth Helen Keene
KPMG Auckland
18 Viaduct Harbour Avenue
PO Box 1584, Shortland Street
Auckland
New Zealand
=================
S I N G A P O R E
=================
FOOT PAVILION: Court to Hear Wind-Up Petition on Nov. 19
--------------------------------------------------------
A petition to wind up the operations of The Foot Pavilion Pte Ltd
will be heard before the High Court of Singapore on Nov. 19, 2021,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 25, 2021.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road #30-00
High Street Centre
Singapore 179094
KS DRILLING: Creditors' Meeting Set for November 11
---------------------------------------------------
KS Drilling Pte Ltd, which is under Judicial Management, will hold
a meeting for its creditors on Nov. 11, 2021, at 3:00 p.m., via
video-conference and/or tele-conference.
Agenda of the meeting includes:
a. to present a Statement on the company's affairs showing
the assets and its estimated realisable value, together
with a list of creditors and the estimated amount of the
claims;
b. to confirm the appointment of the Liquidators;
c. to appoint a Committee of Inspection;
d. to propose giving the Liquidators the power to appoint
solicitors;
e. to propose giving the Liquidators the power to compromise
claims and debts; and
f. Any other resolutions.
The company's Judicial Manager can be reached at:
Andrew Grimmett
c/o 6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809
SANYI (S): Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 22, 2021, to
wind up the operations of Sanyi (S) Pte. Ltd.
Etiqa Insurance Pte Ltd filed the petition against the company.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
SING INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 22, 2021, to
wind up the operations of Sing International (S) Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week Oct. 25, 2021 to Oct. 29, 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
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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
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AVANSTRATE INC 0.15 10/29/32 JPY 9.75
HIS CO LTD 0.58 02/19/27 JPY 65.67
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
UNIZO HOLDINGS CO LTD 1.10 11/28/24 JPY 34.54
UNIZO HOLDINGS CO LTD 0.99 11/27/26 JPY 38.24
UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 38.24
UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 38.24
UNIZO HOLDINGS CO LTD 0.89 05/29/24 JPY 45.49
UNIZO HOLDINGS CO LTD 0.80 11/29/23 JPY 47.16
UNIZO HOLDINGS CO LTD 0.75 11/28/22 JPY 51.54
UNIZO HOLDINGS CO LTD 0.85 05/26/23 JPY 52.40
UNIZO HOLDINGS CO LTD 0.52 05/27/22 JPY 53.26
UNIZO HOLDINGS CO LTD 0.43 11/29/21 JPY 65.40
MALAYSIA
--------
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.65
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.25
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.27
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.10
HUME CEMENT INDUSTRIES 5.00 05/29/24 MYR 1.42
MALAYAN FLOUR MILLS BH 5.00 01/24/24 MYR 1.50
PENGURUSAN AIR SPV BHD 1.00 11/05/35 MYR 63.24
PENGURUSAN AIR SPV BHD 1.00 02/05/36 MYR 63.43
PENGURUSAN AIR SPV BHD 1.00 09/28/35 MYR 64.38
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 5.20
SD INTERNATIONAL SUKUK 7.00 03/12/25 USD 37.07
SD INTERNATIONAL SUKUK 6.30 05/09/22 USD 44.52
SENAI-DESARU EXPRESSWA 1.35 06/30/31 MYR 70.10
SENAI-DESARU EXPRESSWA 1.35 12/31/30 MYR 71.71
SENAI-DESARU EXPRESSWA 1.35 06/28/30 MYR 73.34
SENAI-DESARU EXPRESSWA 1.35 12/31/29 MYR 74.92
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.02
NEW ZEALAND
-----------
PRECINCT PROPERTIES NE 4.80 09/27/21 NZD 1.18
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIO 15.00 07/15/06 USD 19.63
SINGAPORE
---------
APL REALTY HOLDINGS PT 5.95 06/02/24 USD 72.38
ASL MARINE HOLDINGS LT 3.00 03/28/25 SGD 41.34
ASL MARINE HOLDINGS LT 3.00 10/01/26 SGD 41.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.59
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.59
BANYAN TREE HOLDINGS L 7.50 08/06/22 SGD 1.32
BLD INVESTMENTS PTE LT 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73
BLUE OCEAN RESOURCES P 8.00 12/31/21 USD 21.73
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 45.75
ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 45.98
ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 69.98
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 20.21
GOLDEN LEGACY PTE LTD 6.88 03/27/24 USD 20.27
INDO INFRASTRUCTURE GR 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE L 6.00 12/11/24 USD 27.13
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 18.06
JGC VENTURES PTE LTD 10.75 08/30/21 USD 54.63
MICLYN EXPRESS OFFSHOR 8.75 11/25/18 USD 8.10
MODERNLAND OVERSEAS PT 6.95 04/13/24 USD 45.83
NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 55.41
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 14.68
PACIFIC RADIANCE LTD 4.30 03/31/20 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 6.13
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 6.13
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SOUTH KOREA
-----------
CJ CGV CO LTD 1.00 06/08/51 KRW 70.25
FIRST 5G SECURITIZATIO 1.71 02/28/25 KRW 28.20
FIRST 5G SECURITIZATIO 1.89 11/28/25 KRW 28.57
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 41.13
KIBO ABS SPECIALTY CO 5.00 02/24/24 KRW 69.68
KIBO ABS SPECIALTY CO 5.00 02/24/23 KRW 72.38
KIBO ABS SPECIALTY CO 5.00 02/28/22 KRW 73.57
KIBO ABS SPECIALTY CO 5.00 02/24/22 KRW 74.43
KIBO ABS SPECIALTY CO 5.00 08/28/21 KRW 75.35
LOTTE CARD CO LTD 3.95 06/28/49 KRW 37.34
POSCO ENERGY CO LTD 5.21 08/29/43 KRW 64.45
SAMPYO CEMENT CO LTD 8.30 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.30 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 8.10 06/26/15 KRW 70.00
SINBO SECURITIZATION S 5.00 06/27/22 KRW 61.81
SINBO SECURITIZATION S 5.00 02/23/22 KRW 63.31
SINBO SECURITIZATION S 5.00 07/24/22 KRW 63.37
SINBO SECURITIZATION S 5.00 07/26/22 KRW 63.44
SINBO SECURITIZATION S 5.00 08/29/22 KRW 64.24
SINBO SECURITIZATION S 5.00 08/31/22 KRW 64.28
SINBO SECURITIZATION S 3.00 11/21/23 KRW 64.32
SINBO SECURITIZATION S 5.00 01/26/22 KRW 64.36
SINBO SECURITIZATION S 5.00 01/25/22 KRW 64.42
SINBO SECURITIZATION S 5.00 09/26/22 KRW 64.63
SINBO SECURITIZATION S 4.00 12/25/23 KRW 65.91
SINBO SECURITIZATION S 4.00 12/25/23 KRW 65.91
SINBO SECURITIZATION S 5.00 06/30/23 KRW 65.93
SINBO SECURITIZATION S 5.00 06/27/23 KRW 65.96
SINBO SECURITIZATION S 4.00 06/30/24 KRW 66.00
SINBO SECURITIZATION S 4.00 06/30/24 KRW 66.00
SINBO SECURITIZATION S 4.00 09/29/24 KRW 66.57
SINBO SECURITIZATION S 4.00 09/29/24 KRW 66.57
SINBO SECURITIZATION S 5.00 01/25/23 KRW 66.68
SINBO SECURITIZATION S 4.00 08/28/24 KRW 66.70
SINBO SECURITIZATION S 4.00 08/28/24 KRW 66.70
SINBO SECURITIZATION S 4.00 07/29/24 KRW 66.82
SINBO SECURITIZATION S 4.00 04/15/24 KRW 66.86
SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06
SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06
SINBO SECURITIZATION S 5.00 09/26/23 KRW 67.06
SINBO SECURITIZATION S 5.00 07/24/23 KRW 67.07
SINBO SECURITIZATION S 5.00 07/29/23 KRW 67.08
SINBO SECURITIZATION S 5.00 08/29/23 KRW 67.09
SINBO SECURITIZATION S 5.00 08/29/23 KRW 67.09
SINBO SECURITIZATION S 5.00 09/09/23 KRW 67.25
SINBO SECURITIZATION S 3.00 01/29/24 KRW 67.44
SINBO SECURITIZATION S 5.00 11/21/23 KRW 67.98
SINBO SECURITIZATION S 5.00 06/30/24 KRW 68.13
SINBO SECURITIZATION S 5.00 10/24/23 KRW 68.19
SINBO SECURITIZATION S 5.00 10/24/23 KRW 68.19
SINBO SECURITIZATION S 5.00 02/27/24 KRW 68.34
SINBO SECURITIZATION S 5.00 08/31/21 KRW 68.40
SINBO SECURITIZATION S 5.00 09/29/24 KRW 68.87
SINBO SECURITIZATION S 5.00 08/28/24 KRW 69.03
SINBO SECURITIZATION S 5.00 07/29/24 KRW 69.17
SINBO SECURITIZATION S 5.00 07/29/24 KRW 69.17
SINBO SECURITIZATION S 4.00 01/29/24 KRW 69.44
SINBO SECURITIZATION S 4.00 01/29/24 KRW 69.44
SINBO SECURITIZATION S 5.00 07/26/21 KRW 69.63
SINBO SECURITIZATION S 5.00 01/29/23 KRW 71.11
SINBO SECURITIZATION S 5.00 12/25/22 KRW 71.37
SINBO SECURITIZATION S 5.00 12/25/23 KRW 71.69
SINBO SECURITIZATION S 5.00 02/28/22 KRW 73.56
SINBO SECURITIZATION S 5.00 03/20/23 KRW 73.90
SINBO SECURITIZATION S 5.00 02/28/23 KRW 74.06
SINBO SECURITIZATION S 5.00 12/27/21 KRW 74.25
SRI LANKA
---------
SRI LANKA DEVELOPMENT 4.72 01/22/25 USD 62.66
SRI LANKA DEVELOPMENT 5.98 01/22/25 USD 64.60
SRI LANKA DEVELOPMENT 6.02 01/22/25 USD 64.69
SRI LANKA DEVELOPMENT 6.05 01/22/25 USD 64.76
SRI LANKA DEVELOPMENT 6.50 01/22/25 USD 65.84
SRI LANKA DEVELOPMENT 6.75 01/22/25 USD 66.44
SRI LANKA DEVELOPMENT 6.80 01/22/25 USD 66.56
SRI LANKA DEVELOPMENT 6.82 01/22/25 USD 66.61
SRI LANKA DEVELOPMENT 6.87 01/22/25 USD 66.73
SRI LANKA DEVELOPMENT 6.99 01/22/25 USD 67.02
SRI LANKA DEVELOPMENT 7.68 01/22/25 USD 68.68
SRI LANKA DEVELOPMENT 7.95 05/01/24 USD 72.29
SRI LANKA DEVELOPMENT 7.99 05/01/24 USD 72.46
SRI LANKA DEVELOPMENT 4.04 05/01/23 USD 73.35
SRI LANKA DEVELOPMENT 4.08 05/01/23 USD 73.41
SRI LANKA DEVELOPMENT 4.17 03/16/23 USD 74.91
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 62.78
SRI LANKA GOVERNMENT I 6.20 05/11/27 USD 62.83
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 62.83
SRI LANKA GOVERNMENT I 6.75 04/18/28 USD 62.83
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 62.89
SRI LANKA GOVERNMENT I 7.55 03/28/30 USD 62.90
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 63.01
SRI LANKA GOVERNMENT I 7.85 03/14/29 USD 63.06
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 64.44
SRI LANKA GOVERNMENT I 6.83 07/18/26 USD 64.56
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 65.28
SRI LANKA GOVERNMENT I 6.13 06/03/25 USD 65.37
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 65.40
SRI LANKA GOVERNMENT I 6.85 11/03/25 USD 65.42
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 66.20
SRI LANKA GOVERNMENT I 6.35 06/28/24 USD 66.31
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 66.32
SRI LANKA GOVERNMENT I 6.85 03/14/24 USD 66.34
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 72.69
SRI LANKA GOVERNMENT I 5.75 04/18/23 USD 72.72
SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 64.06
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.55
MDX PCL 4.75 09/17/03 USD 22.88
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2021. All rights reserved. ISSN: 1520-9482.
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