/raid1/www/Hosts/bankrupt/TCREUR_Public/131209.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, December 9, 2013, Vol. 14, No. 243
Headlines
A R M E N I A
ARMENIA: Moody's Says Fiscal Policy Track Record Supports Rating
F R A N C E
ALCATEL-LUCENT: Moody's Rates US$650MM Sr. Secured Notes (P)B3
C R O A T I A
INSTITUT GRADJEVINARSTVA: Concludes Deal with Creditors
E S T O N I A
SUDA MAJA: Shareholder Dispute Prompts Bankruptcy
F R A N C E
VIVARTE SAS: Seeks Covenant Waiver on EUR2.8 Billion of Debt
G E R M A N Y
ATU AUTO-TEILE-UNGER: Lenders to Take Over in Debt Restructuring
THYSSENKRUPP AG: Fitch Cuts IDR & Sr. Unsec. Notes Rating to BB+
H U N G A R Y
PANNONFLAX TEXTIL: Gyor Court of Justice Orders Liquidation
I R E L A N D
RICHMOND PARK: Moody's Rates EUR15.6-Mil. Class E Notes (P)B2
RICHMOND PARK: Fitch Rates EUR15.6MM Class E Notes B-(EXP)sf
ST PAULS CLO: Fitch Rates EUR15.4MM Class F Notes 'B-sf'
STRAWINSKY I: S&P Lowers Rating on Class D Notes to CCC-
TABERNA EUROPE: Fitch Affirms 'Csf' Ratings on 4 Note Classes
K A Z A K H S T A N
KAZAKHSTAN ENGINEERING: Moody's Rates US$200-Mil. Notes Ba2
M O N T E N E G R O
KOMBINAT ALUMINIJUMA: Bankruptcy Managers Invite Bids
N E T H E R L A N D S
DALRADIAN EUROPEAN: Moody's Raises Rating on Cl. E Notes to Caa2
GREEN APPLE 2008-1: Fitch Affirms Rating on Cl. C Notes at 'BB+'
GROSVENOR PLACE: Moody's Assigns B2 Rating to Class E Notes
GROSVENOR PLACE: Fitch Rates EUR11.38MM Class E Notes 'B-'
LOWLAND MORTGAGE: Fitch Affirms 'BB' Ratings on Class D Notes
P O R T U G A L
CAIXA ECONOMICA: Fitch Affirms 'BB' Long-Term IDR; Outlook Neg.
R U S S I A
RUSSIAN INSURANCE: Fitch Revises 'B' IFS Rating Outlook to Neg.
U K R A I N E
BANK FINANCE: Moody's Lowers Currency Deposit Rating to Caa2
UKRKHIMPROM CHEMICAL: Declared Bankrupt; Liquidation Commences
U N I T E D K I N G D O M
CO-OP BANK: Moody's Says Bonds Amendments No Rating Impact
DECO SERIES 2005-UK: Fitch Cuts Rating on Class D Notes to 'D'
EDU UK INTERMEDIATE: Moody's Assigns 'B3' Corporate Family Rating
PRECISE MORTGAGE: Fitch Rates GBP2.9MM Class E Notes 'BBsf'
PRECISE MORTGAGE: Fitch Rates Class E Notes 'BB(EXP)sf'
U Z B E K I S T A N
CREDIT-STANDARD: Moody's Cuts Currency Deposit Ratings to Ca
X X X X X X X X
* BOND PRICING: For the Week December 2 to December 6, 2013
*********
=============
A R M E N I A
=============
ARMENIA: Moody's Says Fiscal Policy Track Record Supports Rating
----------------------------------------------------------------
Moody's Investors Service says that Armenia's Ba2 rating with a
stable outlook is supported by its prudent fiscal policy track
record and by the significant reduction in the current account
deficit from its 2010 peak. Conversely, Armenia's credit
challenges relate to the economy's small size and its reliance on
commodity exports and on remittances. Moreover, Armenia's already
high economic and financial exposure to Russia is set to
intensify within the Customs Union of Russia, Belarus and
Kazakhstan, in contrast to the previously considered EU Deep and
Comprehensive Free Trade Area (DCFTA).
The rating agency's report is an annual update to the markets and
does not constitute a rating action.
Moody's notes that Armenia's rating is supported by its prudent
fiscal policy, which is reflected in recent deficit reduction
from 7.5% in 2009 to 1.5% in 2012, which has partly been achieved
through cuts in capital expenditure and gradual revenue
mobilization. The latter is underpinned by reforms to broaden the
tax base and the introduction of a funded multi-pillar pension
system from 2014 onwards. Other credit-positive factors include
the successful first-time Eurobond issuance in September 2013, as
well as its favorable cost of funding due to borrowings from
official lenders. Moreover, the combination of higher exports,
stagnating imports and a resumption of remittance inflows has
fueled a sharp reduction in the current account deficit this year
from the 11.2% of GDP in 2012 to 8.7% of GDP as of Q2 2013.
Moody's expects the external adjustment to continue over the
medium term, albeit at a reduced pace in view of (1) an expected
increase in imports alongside greater economic activity from
2014; and (2) the uncertain economic outlook in Russia, Armenia's
main bilateral trading partner and where the vast majority of its
remittances originate. Moody's also notes the resumption of
bilateral talks between the presidents of Armenia and Azerbaijan
under the auspices of the Co-Chairs of the OSCE Minsk Group (the
Russian Federation, France, and the US). These talks are aimed at
achieving a peaceful resolution to the Nagorno-Karabakh conflict,
which remains a source of geo-political risk in the region.
Armenia's credit challenges relate to the economy's small size
and its reliance on commodity exports and on remittances. In this
regard, Armenia's already high economic and financial exposure to
Russia is set to intensify within the Customs Union of Russia,
Belarus and Kazakhstan. Moreover, the country's limited tax take
and relatively high corruption level also represent credit
challenges. Despite the significant adjustment in the current
account, the economy remains highly dollarized in light of a
sufficient, but limited foreign-currency reserve buffer of 3.9
months of imports as of June 2013.
The stable outlook balances fiscal and external credit metric
improvements with the higher exposure to economic and financial
spillovers from Russia. Moody's would consider assigning a
positive outlook and eventually upgrading Armenia's rating if the
initiated structural reforms propel the economy towards more
balanced economic growth and a structural reduction in the
current account deficit. On the other hand, negative rating
pressure could develop following a sustained deterioration in
fiscal and external buffers, or if the current economic slowdown
in Russia were to be sustained and mirrored by a sharp slowdown
in remittance inflows to Armenia.
===========
F R A N C E
===========
ALCATEL-LUCENT: Moody's Rates US$650MM Sr. Secured Notes '(P)B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the proposed US$650 million senior unsecured notes due in 2017
issued by Alcatel-Lucent USA Inc., a wholly owned subsidiary of
Alcatel-Lucent (B3 stable). The senior unsecured notes are
unconditionally and irrevocably guaranteed by Alcatel-Lucent and
certain of its subsidiaries. The corporate family rating (CFR),
probability of default rating (PDR) and rating outlook of
Alcatel-Lucent remain unchanged.
Moody's issues provisional ratings for debt instruments in
advance of the final sale of securities or conclusion of credit
agreements. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the rated
capital instruments. A definitive rating may differ from a
provisional rating.
Ratings Rationale:
-- Assignment of (P)B3 Rating to Senior Unsecured Notes --
The (P)B3 rating on the senior unsecured notes issued by Alcatel-
Lucent USA reflects (1) their unsecured nature and hence their
junior position in Alcatel-Lucent's capital structure behind the
senior secured debt raised by the same entity; and (2) the senior
unsecured guarantees from Alcatel-Lucent and certain
subsidiaries, which rank pari passu with the other senior debt of
the guarantors.
For the 12-month period ending September 30, 2013, initial
guarantors and the issuer represented 53.86% of gross assets and
49.00% of group revenues. Moody's notes that the value of the
guarantees could be impaired given that in certain situations
(e.g., sale, liquidation, merger) a guarantor might be released
from its guarantee without the consent of the noteholders.
Moreover, the laws of certain jurisdictions may limit the
enforceability of some guarantees, whilst certain guarantees
contain limitations.
-- Positioning of the Corporate Family Rating --
The B3 rating (Corporate Family Rating, or "CFR") reflects the
company's persistent negative profitability and large negative
free cash flows stemming from a highly competitive industry,
subdued investments from telecom operators and aggressive
marketing strategies of major competitors. These credit negatives
are to some extent compensated by the company's entrenched market
positions and long standing customer relationships, its large
installed base, and a solid liquidity position with a moderate
leverage on a net of cash basis.
In June 2013, Alcatel-Lucent announced a new strategic plan that,
in essence, will reposition the company's focus predominantly on
becoming an IP Networking and Ultra Broadband specialist and to
manage its Access activities for cash. The B3 rating incorporates
the expectation that Alcatel-Lucent will generate low but
improving levels of operating profitability as a result of its
ongoing cost reduction plan and, longer term, of its recent
strategic re-focusing towards Core Networking (IP routing, IP
transport and IP platforms). Nevertheless, Moody's believes that
it will be challenging for Alcatel-Lucent to achieve its targets,
taking into account historical track record and the competitive
industry environment.
The change in the rating outlook on Alcatel-Lucent's B3 rating to
stable from negative on 7 November 2013 reflects the further
improvement in the company's liquidity and debt maturity profile
as a result of four refinancing transactions since the beginning
of 2013. The stable outlook also reflects the company's
announcement that it will undertake an underwritten capital
raising approximately equivalent to its negative free cash flow
expected in 2013. The proposed transaction will provide the
company with greater flexibility to execute its ongoing
restructuring plan.
What Could Change the Rating Up/Down:
Negative pressure would be exerted on the B3 rating if Alcatel-
Lucent's ongoing restructuring plan fails to gain traction such
that (1) the company's operating margin (as adjusted by Alcatel-
Lucent) fails to trend towards the mid-single digits in
percentage terms; (2) it is unable to reduce its negative free
cash flows (Moody's-adjusted) over the next 12-18 months; (3) the
company's debt/EBITDA does not improve towards 6.0x (Moody's-
adjusted); or (4) it is unable to maintain adequate liquidity.
Upward rating pressure would develop if Alcatel-Lucent shows
evidence of sustained positive free cash flows and operating
margins in the mid-single digits (as adjusted by Alcatel-Lucent)
as well as improved leverage, as evidenced by a Debt/EBITDA ratio
of approximately 6.0x.
Headquartered in Paris, France, Alcatel-Lucent is a leading
developer and manufacturer of telecom equipment with sales of
about EUR14.4 billion in 2012. The company traditionally focuses
on fixed, mobile, optics and converged networking hardware, IP
technologies, software, and services. It holds Bell Labs, one of
the largest innovation and R&D houses in the telecom industry.
=============
C R O A T I A
=============
INSTITUT GRADJEVINARSTVA: Concludes Deal with Creditors
-------------------------------------------------------
SeeNews reports that Institut Gradjevinarstva Hrvatske said on
Thursday it has concluded a deal with its creditors to avoid
bankruptcy.
SeeNews relates that IGH said in a bourse that filing creditors
with claims amounting to 90.15% of the total liabilities of the
company signed off on the deal.
According to SeeNews, the statement said that with the
termination of the pre-bankruptcy settlement procedure,
preconditions have been created for the company to continue
operations.
Institut Gradjevinarstva Hrvatske is a Croatian civil engineering
company.
=============
E S T O N I A
=============
SUDA MAJA: Shareholder Dispute Prompts Bankruptcy
-------------------------------------------------
Toomas Hobemagi at Baltic Business News, citing Aripaev, reports
that a dispute between Andres Jarving and Veiko Murruste,
shareholders of Suda Maja that was developing Ameerikanurga, a
large logistics and industrial park just outside Tallinn, has
driven the company into bankruptcy.
Today, Dec. 9, the court will hear the bankruptcy of Suda Maja
that was founded in 2003 and ended last year with a loss of
EUR0.4 million, BBN discloses.
According to BBN, Andres Jarving, the main shareholder of
Suda Maja, is accusing the company's former CEO Veiko Murruste of
depleting the company of assets with bogus contracts and without
the authorization of the supervisory board.
Mr. Jarving says that Mr. Murruste whom he knows for almost
twenty years had also given distorted information to the
supervisory board about the progress in the main development
project, BBN relays.
Moreover, according to Mr. Jarving, as CEO, Mr. Murruste secretly
took a loan from HK Energia-Konsult and siphoned it out of the
company and later paid the loan back by making Heino Harak, owner
of HK Energia-Konsult, a shareholder of Suda Maja, BBN relates.
Mr. Murruste is also claimed to have sold most of the properties
of Suda Maja to companies whose owners were unknown, BBN notes.
In the summer, Mr. Jarving replaced Murruste with Lenno Ruut who
is former Swedbank executive in charge of problematic property
projects, BBN recounts. According to Mr. Ruut, Mr. Murruste was
reluctant to hand over all documentation to him and said that
Mr. Murruste's actions left no option but to file the company for
bankruptcy, BBN relates.
Mr. Murruste claims that the project failed because Mr. Jarving
is also a large shareholder in Tallinna Kaubamaja department
store group which was not interested in having a new competitor
on the market, BBN discloses.
According to BBN, Mr. Murruste claims that in the spring
Mr. Jarving was offered to be bought out of Suda Maja, but he
refused, nor was Mr. Jarving interested in buying the
shareholding that belonged to Mr. Murruste.
Because of the dispute, Suda Maja sold the Ameerikanurga property
to two companies: Siibxid Ltd. and Vip Crew, BBN relays.
Suda Maja is an Estonian property developer.
===========
F R A N C E
===========
VIVARTE SAS: Seeks Covenant Waiver on EUR2.8 Billion Debt
---------------------------------------------------------
Julie Miecamp at Bloomberg News reports that Vivarte SAS Chairman
Marc Lelandais is asking banks to waive terms governing almost
EUR2.8 billion (US$3.8 billion) of debt as the company confronts
slowing sales amid a sputtering economic recovery.
"We need time to continue to invest in the business, renovate the
existing stores and weather the crisis," Bloomberg quotes
Mr. Lelandais as saying in an interview after meeting more than
100 lenders in London on Thursday. "We want to guarantee the
future of the business and will focus on cash and deleveraging."
The Paris-based company, that's owned by U.K. private equity firm
Charterhouse Capital Partners LLP, asked lenders to drop
covenants that cap the ratio of debt the company can have
relative to earnings, Bloomberg relates. The measure climbed to
6.96 times at the end of May, exceeding the limit of 6.05, and
Mr. Lelandais was this month due to tell lenders if the breach of
terms had been rectified, Bloomberg notes.
According to Bloomberg, Vivarte also breached its interest cover
ratio, a measure of how easily it can pay interest. That measure
was 2.17 times in May, below the minimum threshold of 2.25,
Bloomberg states.
Vivarte has struggled to cope with the terms of the debt, with
sales slowing as the French economy slumped into recession and
the nation's jobless rate jumped to a 16-year high of almost 11%,
Bloomberg relates.
Vivarte SAS is a French fashion retailer.
=============
G E R M A N Y
=============
ATU AUTO-TEILE-UNGER: Lenders to Take Over in Debt Restructuring
----------------------------------------------------------------
Patricia Kuo at Bloomberg News reports that ATU Auto-Teile-Unger
will be taken over by lenders following a debt restructuring.
According to Bloomberg, Weiden, Germany-based ATU said in a
statement on Friday that shareholders and a majority of senior
bondholders agreed to write off more than EUR600 million
(US$816 million) of debt to cut cash interest costs by more than
90%.
Centerbridge Partners LP will become the majority shareholder
after providing about EUR100 million of new financing along with
investors Goldman Sachs Investment Partners and Babson Capital,
Bloomberg discloses. Hayfin Capital Management LLP will provide
an additional EUR75 million in a senior credit facility due in
2018, Bloomberg notes.
"Our top priority over the past months has been to deleverage and
protect liquidity," Bloomberg quotes Hans-Norbert Topp, chief
executive officer of ATU, as saying in the statement. "With this
agreement in place, we can now focus on further improving our
offering and services."
ATU has been struggling with declining sales and high interest
costs, accumulating debts of EUR765 million including shareholder
loans since its leveraged buyout by New York-based by KKR in
2004, Bloomberg relays.
The statement said that senior bondholders will convert their
debt into equity as part of the restructuring, which is expected
to complete in January, Bloomberg relates. Investors in the new
financing will receive about 92% of the company's common equity,
Bloomberg states.
Rating Downgrade
S&P said it downgraded ATU on Dec. 6 because the company hasn't
paid a coupon due on its EUR450 million of bonds that mature in
May 2014 and that it doesn't expect a payment within a 30-day
grace period, Bloomberg relates. The company said Dec. 3 that
about 80% of bondholders agreed to waive the coupon, Bloomberg
relays.
ATU Auto-Teile-Unger is the German car repair and tire chain
owned by KKR & Co.
THYSSENKRUPP AG: Fitch Cuts IDR & Sr. Unsec. Notes Rating to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded Germany-based ThyssenKrupp AG's (TK)
Long-term Issuer Default Rating (IDR) and senior unsecured
ratings to 'BB+' from 'BBB-'. The Outlook on the Long-term IDR is
Negative. The Short-term IDR and commercial paper program ratings
have been downgraded to 'B' from 'F3'.
The downgrade principally reflects lower-than-expected sales
proceeds from the company's Steel Americas assets. Fitch had
expected that TK would be able to sell its Steel Americas assets
for a combined value of at least US$3 billion. While the
announced sale of the Alabama rolling and coating plant for
US$1.55 billion has been supplemented by a EUR882 million (US$1.2
billion) headline value capital increase, the combined cash
proceeds fall short of previous expectations. The decision to
retain the currently still lossmaking CSA steel mill in Brazil is
also a negative, and together with continued weak credit metrics,
is a key factor behind the Negative Outlook.
Key Rating Drivers:
Retention of CSA Negative
The retention of CSA not only lowers the realised sales proceeds
but continues TK's exposure to a currently still lossmaking
asset. As part of the Alabama sale CSA will have a multi-year
offtake agreement representing 40% of its production capacity (2m
tonnes per annum). TK's ability to sell the remainder of its slab
output into the spot market remains a risk factor to future
profitability of the plant, together with exchange rates and
steel price trends. However, Fitch expects FY14 losses at CSA to
be materially smaller than the EUR495 million EBIT loss recorded
for Steel Americas in the financial year to September 2013 as
production volumes ramp up from the 3.5mt produced in the past
year.
Elimination of Outokumpu Exposure
TK holds a loan note from Finnish stainless steel producer
Outokumpu Oyj with a book value of EUR1 billion as of September
2013, together with a 29.9% shareholding in the company with a
book value of EUR305 million. These exposures will be eliminated
with the divestment of the 29.9% shareholding, and the loan note
to be swapped for two operating companies -- VDM and AST (Terni),
as well as other smaller activities in the stainless steel
service center sector. The loss of over EUR270 million on the
sale of the shares will have a more limited impact on equity,
with the elimination of a commitment to Outokumpu of up to EUR200
million which resulted from the original sale of Inoxum to
Outokumpu. The net negative equity effect will be around EUR100
million. Overall Fitch view these transactions as a net negative
given the loss of value and that the Terni stainless plant is
currently lossmaking.
Weak 2014 Credit Profile
TK's FY14 credit metrics are expected to remain weak for a 'BB+'
rating with Fitch estimating funds from operations (FFO) gross
leverage in excess of 6.0x, despite a forecast improvement in
EBIT margins to around 1% (from -2% in FY13). Beyond FY14 Fitch
think metrics will progressively improve as losses at CSA are
narrowed and also due to a return to positive FCF generation.
Nonetheless under Fitch's estimates FFO gross leverage will
remain in excess of 3.5x in FY15.
Modest Steel Market Improvement
For FY14, Fitch expects western European steel market conditions
to show a modest improvement. This reflects positive signals
given by a variety of forward-looking indicators plus expected
improvements in steel demand from key end-markets such as
construction and automotive. Fitch expects overall steel
consumption growth of 2%-3%. The pick-up in demand should result
in a modest increase in steel prices given that inventory levels
at service centers and with end-users remain low. For TK's non-
steel divisions Fitch's base case includes positive sales growth
but limited margin improvement.
Diversified Business Profile
TK's ratings continue to reflect its well-diversified business
profile, compared with many focused steel competitors. As an
industrial conglomerate, the group benefits from the relative
stability of its capital goods businesses and broad geographical
diversification. It also holds strong market positions in a range
of businesses including elevators and selected engineering and
service activities.
Portfolio Optimization Positive
TK started credit-enhancing disposal and cost-cutting programs in
May 2011. Since then businesses representing 25% of sales have
been sold to reduce portfolio volatility and financial debt.
Further optimization measures are planned and are targeted to
achieve cumulative cost savings of EUR1.7 billion over the next
two years.
Corporate Governance
Over the past 12 to 18 months Board of Directors changes and the
payment of fines regarding TK's involvement in a rail cartel in
Germany have highlighted corporate governance and culture issues
at the company. Fitch believes that current senior management is
committed to improving corporate governance and introducing a
culture of greater accountability. Supporting this view are the
amnesty program and voluntary special audit which have been
undertaken in the past year.
Rating Sensitivities:
Positive: Future developments that could lead to positive rating
actions include:
-- An EBIT margin approaching 4%, positive FCF, and FFO gross
leverage around 3.0x by end-FY16 may result in the Outlook
being revised to Stable. Fitch will continue to assess
progress towards the leverage target over the course of
FY14 and FY15.
Negative: Future developments that could lead to negative rating
action include:
-- The most likely trigger for a further downgrade is
underperformance at CSA resulting in FFO interest cover
below 3x and FFO adjusted leverage forecast to remain above
3.0x by end-FY16
Liquidity & Debt Structure:
TK's excellent liquidity profile continues to be a key supporting
factor for its credit profile. The group's liquidity amounted to
EUR7.3 billion at FYE13, including cash and equivalents of EUR3.8
billion, compared with EUR2.9 billion of debt maturities until
end-FY15.
=============
H U N G A R Y
=============
PANNONFLAX TEXTIL: Gyor Court of Justice Orders Liquidation
-----------------------------------------------------------
MTI-Econews reports that the Gyor Court of Justice on Nov. 27
ordered the liquidation of Pannonflax Textil after unsuccessful
bankruptcy negotiations.
Pannon-Flax initiated bankruptcy proceedings against its 1012-
year-old unit in May, MTI-Econews recounts.
Pannonflax Textil is a unit of Hungarian textile manufacturer
Pannon-Flax.
=============
I R E L A N D
=============
RICHMOND PARK: Moody's Rates EUR15.6-Mil. Class E Notes '(P)B2'
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Richmond Park CLO Limited:
EUR351,050,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aaa (sf)
EUR74,375,000 Class A-2 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aa2 (sf)
EUR34,210,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)A2 (sf)
EUR26,785,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Baa2 (sf)
EUR46,110,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Ba2 (sf)
EUR15,610,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
Ratings Rationale:
Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2027. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Blackstone/GSO
Debt Funds Management Europe Limited ("GSO"), has sufficient
experience and operational capacity and is capable of managing
this CLO.
Richmond Park is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans or senior secured
notes and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 50% ramped up
as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.
GSO will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations, and are subject
to certain restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 67.55m of subordinated notes. Moody's has
not assigned rating to this class of notes.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Loss and Cash Flow Analysis
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
November 2013. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.
Moody's used the following base-case modelling assumptions:
Par amount: EUR595,000,000
Diversity Score: 34
Weighted Average Rating Factor (WARF): 2800
Weighted Average Spread (WAS): 4.10%
Weighted Average Coupon (WAC): 6.25%
Weighted Average Recovery Rate (WARR): 42.7%
Weighted Average Life (WAL): 8 years.
Factors that would lead to an upgrade or downgrade of the rating
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. GSO's investment decisions and
management of the transaction will also affect the notes'
performance.
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3220 from 2800)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class E Senior Secured Deferrable Floating Rate Notes: -1
Percentage Change in WARF: WARF +30% (to 3640 from 2800)
Class A-1 Senior Secured Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: -3
The V Score for this transaction is Medium/High. Moody's assigned
this V Score in a manner similar to the Medium/High V score
assigned for the global cash flow CLO sector.
Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination. The V Score ranks
transactions by the potential for significant rating changes
owing to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modelling and the transaction governance that
underlie the ratings. V Scores apply to the entire transaction,
rather than individual tranches.
RICHMOND PARK III: Fitch Rates EUR15.6MM Class E Notes 'B-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Richmond Park CLO III Limited notes
expected ratings, as follows:
EUR351.050m class A-1: 'AAA(EXP)sf'; Outlook Stable
EUR74.375m class A-2: 'AA(EXP)sf'; Outlook Stable
EUR34.210m class B: 'A(EXP)sf'; Outlook Stable
EUR26.785m class C: 'BBB(EXP)sf'; Outlook Stable
EUR46.110m class D: 'BB(EXP)sf'; Outlook Stable
EUR15.610m class E: 'B-(EXP)sf'; Outlook Stable
EUR67.550m subordinated notes: not rated
Final ratings are contingent on the receipt of final documents
conforming to information already reviewed.
Richmond Park CLO Limited is an arbitrage cash flow
collateralized loan obligation (CLO). Net proceeds from the note
issuance will be used to purchase a EUR595 million portfolio of
European leveraged loans and bonds. The portfolio will be managed
by Blackstone/GSO Debt Funds Europe Limited. The transaction will
have a four year re-investment period scheduled to end in 2018.
Key Rating Drivers:
Payment Frequency Switch
The notes pay quarterly while the portfolio assets can reset to a
semi-annual basis. The transaction has an interest smoothing
account, but no liquidity facility. Nevertheless a large
proportion of assets resetting to a semi-annual basis in any one
quarterly period may cause a liquidity stress for the non-
deferrable senior notes. The reset risk is mitigated by a switch
option whereby the payment frequency on the notes will switch to
semi-annual if, during any due period, 20.0% or more of the
portfolio assets reset to a semi-annual basis and as a result the
projected portfolio proceeds for the following quarterly payment
date are insufficient to cover the accrued interest on the senior
notes on the payment date. The eligibility criteria prevent the
purchase of assets paying interest less frequently than semi-
annually.
Portfolio Credit Quality:
The covenanted minimum Fitch weighted average rating factor for
assigning expected ratings is 34.0. Fitch therefore expects the
average credit quality of obligors to be in the 'B'/'B-' range.
Fitch has public ratings or credit opinions on all assets in the
initial portfolio.
Above Average Recoveries:
Portfolio profile tests ensure that at least 90.0% of the
portfolio will comprise senior secured assets. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The covenanted
minimum weighted average recovery rate for assigning expected
ratings is 69.5%. Fitch assigns Recovery Ratings to all assets in
the initial portfolio.
Limited Interest Rate Risk:
The notes pay on a floating index while 10.0% of the portfolio
assets can be fixed rate. Fitch modelled a 10.0% fixed-rate
bucket in its analysis and the rated notes can withstand the
excess spread compression in a rising interest rate environment.
Limited FX Risk:
Asset swaps are used to mitigate any currency risk on non-euro-
denominated assets. The transaction is allowed to invest up to
10.0% of the portfolio in non-euro-denominated assets, provided
that suitable asset swaps can be entered into.
Rating Sensitivities:
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to two notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of one to three notches for the rated notes.
Amendments to Documents:
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
ST PAULS CLO: Fitch Rates EUR15.4MM Class F Notes 'B-sf'
--------------------------------------------------------
Fitch Ratings has assigned St Paul's CLO III Limited's notes
final ratings, as follows:
EUR326.7m class A: 'AAAsf'; Outlook Stable
EUR64.9m class B: 'AAsf'; Outlook Stable
EUR32.4m class C: 'Asf'; Outlook Stable
EUR26.4m class D: 'BBBsf'; Outlook Stable
EUR33.0m class E: 'BBsf'; Outlook Stable
EUR15.4m class F: 'B-sf'; Outlook Stable
EUR57.7m subordinated notes: not rated
St Pauls CLO III Limited is an arbitrage cash flow collateralized
loan obligation (CLO). Net proceeds from the issuance of the
notes were used to purchase a EUR549m portfolio of European
leveraged loans and bonds.
Key Rating Drivers:
Participation Exposure to EOS
Approximately 66% of the assets in the initial portfolio will be
transferred from ICG EOS Loan Fund Limited (EOS) -- a Fitch-rated
transaction -- through sub-participations. Of these assets, 83%
settled on the issue date and the manager expects the remaining
sub-participations to settle before the effective date.
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. Fitch has public ratings or credit opinions on
all obligors in the indicative portfolio.
Above-Average Recoveries:
The portfolio will comprise a minimum of 90% senior secured
loans/bonds and floating rate notes. Recovery prospects for these
assets are typically more favorable than for second-lien,
unsecured, and mezzanine assets. Fitch has assigned Recovery
Ratings to all obligors in the indicative portfolio.
Limited Basis/Reset Risk:
Basis and reset risk is naturally hedged for most of the
portfolio through the floating rate, semi-annually paying
liabilities. Fixed rate assets can account for no more than 10%
of the portfolio and no more than 5% of the assets can pay
interest less frequently than semi-annually.
Limited FX Risk:
Asset swaps are used to mitigate any currency risk on non-euro-
denominated assets. The transaction is allowed to invest up to
30% of the portfolio in non-euro-denominated assets, provided
that suitable asset swaps can be entered into.
Rating Sensitivities:
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to two notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of two to three notches for the rated notes.
Transaction Summary:
The portfolio is managed by Intermediate Capital Managers
Limited, a wholly-owned subsidiary of Intermediate Capital Group
plc. The reinvestment period is scheduled to end in 2017.
The transaction documents may be amended subject to rating agency
confirmation or note holder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change does not have a negative impact on the then current
ratings. Such amendments may delay the repayment of the notes as
long as Fitch's analysis confirms the expected repayment of
principal at the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
STRAWINSKY I: S&P Lowers Rating on Class D Notes to 'CCC-'
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Strawinsky I PLC's class A1-T, A1-R, A2, B, and E notes. At the
same time, S&P has lowered its ratings on the class C and D
notes.
The rating action follows S&P's assessment of the transaction's
performance using data from the Oct. 10, 2013 trustee report and
the application of its relevant criteria.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each class of notes at each rating level.
In S&P's analysis, it used the reported portfolio balance that it
considers to be performing (EUR113,412,170), the current
weighted-average spread (3.46%), and the weighted-average
recovery rates that S&P considered to be appropriate. S&P
incorporated various cash flow stress scenarios using alternative
default patterns and levels, in conjunction with different
interest and currency stress scenarios.
The class A1-T and A-1R notes have deleveraged further since
S&P's June 8, 2012 review. The notional balances now stand at
approximately 5% of their initial amounts. The amortization of
these senior classes of notes has increased the available credit
enhancement and the overcollateralization ratio tests for the
senior class A and B notes.
S&P's nonsovereign ratings criteria cap the maximum potential
ratings on structured finance transactions with assets in the
European Economic and Monetary Union (EMU or eurozone) sovereigns
that we rate investment-grade at six notches above S&P's rating
on the related sovereign.
In this transaction, there is an aggregate exposure of
approximately 19.2% to assets located in Spain (rated 'BBB-') and
Greece, rated 'B-'. In accordance with S&P's criteria, it can
only consider up to 10% of assets in Spain and Greece as their
sovereign ratings do not support ratings above 'AA-' on the
notes. It follows that S&P reduces the aggregate performing
balance that it considers in 'AAA', 'AA+', and 'AA' scenarios by
EUR10.4 million, notwithstanding other stresses that S&P applies
to account for counterparty or foreign exchange risks.
Approximately 2.5% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign
exchange-related losses, the issuer has entered into a cross-
currency swap agreement with Credit Suisse AG throughout the
transaction's life. Under S&P's current counterparty criteria,
its analysis of the derivative counterparties and their
associated documentation indicates that, absent other mitigants,
it cannot support ratings on the notes higher than 'A+ (sf)'. To
assess the potential effect on S&P's ratings, it has assumed that
the transaction does not benefit from this cross-currency swap by
stressing the cash flows received.
Additionally, to mitigate the risk of foreign exchange-related
losses, the issuer has entered into currency options agreements
with Barclays Bank PLC as a counterparty. Under S&P's current
counterparty criteria, it cannot support ratings on the notes
that are higher than 'A+ (sf)'. To assess the potential effect
on S&P's ratings, it has assumed that the transaction does not
benefit from the currency options agreements.
S&P concluded that, in both of these scenarios, the class A1-R
and A1-T notes can still achieve 'AAA (sf)' ratings and the class
A2 notes a 'AA+ (sf)' rating. Consequently, S&P has affirmed its
ratings on the class A1-R, A1-T, and A2 notes.
Although S&P's cash flow results for the class B notes indicate a
higher rating than the currently assigned rating, it has observed
that the portfolio's credit quality has deteriorated following an
increase in defaulted obligations. The reduced aggregate
collateral balance, combined with the class A1 notes'
deleveraging has increased the obligor concentration.
Additionally, the class A/B overcollateralization ratio is
passing, but the class C, D, and E notes continue to fail their
overcollateralization tests. Therefore, taking these factors into
account, S&P has affirmed its 'BBB+ (sf)' rating on the class B
notes.
The reduced aggregate collateral balance has increased obligor
concentration, and the application of the largest obligor test
now constrains S&P's rating on the class C notes at 'B+ (sf)'.
This is a supplemental stress test that S&P introduced in its
2009 corporate collateralized debt obligations (CDOs) criteria.
Therefore, S&P has lowered to 'B+ (sf)' from 'BB+ (sf)' its
rating on the class C notes.
Following the portfolio's deteriorating credit quality, the
results of S&P's credit and cash flow analysis indicate that the
available credit enhancement for the class D notes is now
commensurate with a lower rating. S&P has therefore lowered to
'CCC- (sf)' from 'CCC+ (sf)' its rating on the class D notes.
However, the available credit enhancement for the class E notes
is still commensurate with the currently assigned rating.
Consequently, S&P has affirmed its 'CCC- (sf)' rating on the
class E notes.
Strawinsky I is a cash flow collateralized loan obligation (CLO)
transaction, backed primarily by leveraged loans granted to
speculative-grade corporate firms. The transaction closed in
August 2007 and it reached the end of its reinvestment period in
August 2013. IMC Asset Management is the transaction's manager.
RATINGS LIST
Class Rating Rating
To From
Strawinsky I PLC
EUR300 Million Secured Floating-Rate and Subordinated Notes
Ratings Affirmed
A1-T AAA (sf)
A1-R AAA (sf)
A2 AA+ (sf)
B BBB+ (sf)
E CCC- (sf)
Ratings Lowered
C B+ (sf) BB+ (sf)
D CCC- (sf) CCC+ (sf)
TABERNA EUROPE I: Fitch Affirms 'Csf' Ratings on 4 Note Classes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings on all classes of notes
from two European collateralized debt obligations (CDOs) as
follows:
Taberna Europe CDO I P.L.C. (Taberna Europe I)
-- EUR291,168,168 class A1 notes at 'Bsf'; Outlook remains
Negative;
-- EUR90,500,000 class A2 notes at 'CCsf';
-- EUR50,019,040 class B notes at 'Csf';
-- EUR31,422,782 class C notes at 'Csf';
-- EUR34,129,327 class D notes at 'Csf';
-- EUR24,305,165.95 class E notes at 'Csf'.
Taberna Europe CDO II P.L.C. (Taberna Europe II)
-- EUR404,676,157 class A1 notes at 'CCCsf';
-- EUR95,000,000 class A2 notes at 'CCsf'.
Key Rating Drivers:
The affirmations for the notes at their current ratings reflect
no major changes in the portfolio since last review.
In both Taberna Europe I and Taberna Europe II, the credit
quality of the collateral remained relatively stable since last
review. In Taberna Europe I, 17% of the portfolio was upgraded
versus 8.3% downgraded. However, the magnitude of upgrades was
modest, in the same range as the downgrades and not exceeding a
category on average. One previously deferring issuer that
comprises 3.8% of the current portfolio notional has defaulted.
In this portfolio, 48% of total notional value of EUR530 million
as of the November 2013 trustee report, is publicly rated, with
the remainder assigned credit opinions. At this review, 32.9% of
the portfolio is rated or carries a credit opinion-equivalent of
investment grade versus 33.4% at last review.
In Taberna Europe II, 14.6% of the portfolio was upgraded versus
12% downgraded, with the average magnitude of the downgrades
slightly higher than that of the upgrades. In addition, there
were two new defaults making up 7.7% of the current portfolio
notional, including one previously deferring issuer. In this
transaction, 56% of the current portfolio notional value of
EUR676 million as of the November 2013 trustee report is publicly
rated, with the remainder assigned credit opinions. At this
review, 34.3% of the portfolio is rated or carries a credit
opinion-equivalent of investment grade compared to 33.6% at last
review.
The paydowns in both transactions were limited and mainly from
the redemption of one asset in each portfolio. The class A-1
notes received 1.8% of the last review balance of US$296 million
in Taberna Europe I and 3.1% of the US$417 million balance in
Taberna Europe II. Therefore, the increase in the credit
enhancement since last review was modest.
The percentages of distressed assets that are currently not
paying interest are 19.8% and 18.6%, in Taberna Europe I and
Taberna Europe II, respectively. The high percentage of non-
performing assets combined with sizeable out-of-the money
interest rate swaps, and a fixed schedule of substantial
structuring and placement fees continue to contribute to the high
risk of interest shortfall in both transactions. The structuring
fee in the interest waterfall is paid senior to the interest due
on the non-deferrable classes. The senior management fee was
deferred and structuring fees waived in full or partially in both
transactions on a number of payment dates in the past two years
which allowed non-deferrable classes to receive timely interest.
The decision to waive the structuring fee or defer the management
fee is made separately for each payment period; therefore no
certainty exists that this will continue in the future. The
Negative Outlook for the A1 notes in Taberna Europe I reflect the
risk of interest shortfall. Fitch does not assign Outlooks to
notes rated below 'Bsf'; however, the current ratings on the non-
deferrable classes in both transactions appropriately reflect the
risk.
The portfolios in both transactions are comprised primarily of
senior unsecured, subordinate debt, and Trust Preferred
Securities (TruPS) issued by Real Estate Investment Trusts
(REITs), and make up 81% of the portfolio in Taberna Europe I and
68% in Taberna Europe II. The remaining exposure consists of
securities issued by financial companies, commercial mortgage
backed securities, and commercial real estate debt.
This review was conducted under the analytical framework
described in the reports 'Global Rating Criteria for Structured
Finance CDOs', and 'Global Rating Criteria for Corporate CDOs'.
The transactions were analyzed within the framework of Fitch
Portfolio Credit Model (PCM), and for each transaction, the PCM
rating loss rates for various rating stresses were compared to
the notes' credit enhancement levels. The transactions were not
analyzed within a cash flow model framework, as the impact of
structural features and excess spread was determined to be
minimal in the context of these CDO ratings. Fitch also
considered additional qualitative factors in its analysis to
conclude the rating actions for the rated notes.
Rating Sensitivity:
The non-deferrable classes in each of these two transactions
could experience interest shortfalls and be downgraded to 'Dsf'
as described above.
===================
K A Z A K H S T A N
===================
KAZAKHSTAN ENGINEERING: Moody's Rates US$200 Million-Mil. Notes
'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive rating of
Ba2, with a loss given default (LGD) of LGD5/70%, to the US$200
million of three-year notes issued by JSC NC Kazakhstan
Engineering. In addition, Moody's has upgraded the group's
probability of default rating to Ba1-PD from Ba2-PD as a result
of applying a 35% recovery rate at the corporate family rating
(CFR) level, used for all-bond debt capital structures. The
outlook on the ratings is stable.
Ratings Rationale:
The Ba2 definitive bond rating is equivalent to Kazakhstan
Engineering's Ba2 CFR, and the provisional rating assigned to the
bond by Moody's on November 8, 2013, and reflects (1) the fact
that Kazakhstan Engineering has refinanced all of its financial
debt ranked senior to the bond; and (2) the rating agency's
expectation that Kazakhstan Engineering will raise any new debt
on an unsecured basis and at the holding company level.
As Kazakhstan Engineering is wholly owned by the Government of
Kazakhstan through Kazakhstan Sovereign Wealth Fund Samruk-Kazyna
JSC (Samruk-Kazyna), Moody's applies its rating methodology for
government-related issuers (GRIs) in determining the group's CFR.
According to this methodology, the CFR is driven by a combination
of (1) Kazakhstan Engineering's baseline credit assessment (BCA)
of b2; (2) the Baa2 local currency rating of the Kazakh
government; (3) the very high default dependence between the
group and the government; and (4) the strong probability of the
provision of state support to the group in the event of financial
distress.
Kazakhstan Engineering's b2 BCA reflects the group's (1) small
size in comparison to other aerospace and defense peers rated in
the global market by Moody's; (2) significant customer
concentration and lack of geographical diversification; (3) low
market share in the civil segment; (4) implementation risk
related to the group's ability to meet ambitious medium-term
growth targets, primarily related to profitability of its
operations, which Moody's expects to translate into a material
step-up in cash flow generation; and (5) overall exposure to an
emerging market operating environment with a less developed
regulatory, political and legal framework.
Moody's also notes that following the issuance of the bond,
Kazakhstan Engineering's credit metrics and ability to service
its debt will be exposed to fluctuations in Kazakhstan's national
currency (tenge), given that around 90% of group's debt is now
denominated in US dollars while 90% of revenue is in Kazakhstani
tenge. However, this foreign exchange risk will be partly
mitigated by the fact that the group plans to maintain deposits
nominated in US dollars sufficient to service the coupon on the
bond.
At the same time, the BCA factors in Kazakhstan Engineering's (1)
dominant position in the Kazakh defense machinery building
industry and favorable conditions of financing state orders; (2)
status as a preferred supplier for large state-controlled
customers; (3) moderate supplier concentration; and (4) moderate
leverage and adequate liquidity.
The rating also factors in Moody's expectation that despite the
increase in Kazakhstan Engineering's debt to around KZT34 billion
(around US$225 million) following the issuance of the notes
(2012: KZT14.3 billion, or around $95 million), the group's
adjusted leverage will remain below 3.0x and within Moody's
guidance for the current rating. This expectation is underpinned
by (1) an anticipated increase in Kazakhstan Engineering's EBITDA
as a result of revenue growth (as per the group's order book);
and (2) Kazakhstan Engineering's projections of an increase in
EBITDA margin to around 18% in 2013 (H1 2013: 10%) on the back of
its ongoing cost-cutting program and an increase in proportion of
higher margin products in the company's output. However, in
Moody's view, there are execution risks that this targeted
increase in EBITDA margin will be achieved as planned.
Rationale for Stable Outlook:
The stable outlook on Kazakhstan Engineering's ratings
incorporates Moody's expectation that (1) the Kazakh government
will continue to support the group; (2) domestic demand for the
group's products will remain stable; (3) the group will be able
to achieve growth in revenue, cash flow and profitability
generation, as planned; and (4) the group will maintain
debt/EBITDA of less than 3.5x (as adjusted by Moody's) and
adequate liquidity.
What Could Change the Rating Up/Down:
Moody's does not envisage positive pressure being exerted on the
group's ratings in the next 12-18 months. However, the rating
agency would consider upgrading Kazakhstan Engineering's ratings
by one notch if the group were to build a track record of
maintaining a strong financial profile over time, while
materially increasing its scale. Negative pressure could be
exerted on the ratings if (1) Kazakhstan Engineering's
debt/EBITDA were to increase above 3.5x on a sustainable basis;
or (2) its liquidity were to deteriorate materially. A one-notch
downgrade of the sovereign rating would not in itself trigger a
downgrade of Kazakhstan Engineering's ratings, provided that all
the other GRI inputs remain unchanged.
Structural Considerations:
The notes will rank pari passu among themselves and with other
present and future unsecured and unsubordinated obligations of
Kazakhstan Engineering's holding company. Noteholders will
benefit from several debt protection covenants, such as negative
pledge, limitations on asset disposal, restrictions on mergers
and consolidations, limitation on distributions of net income.
The group will use the proceeds of the issue for general
corporate purposes, which will include partial refinancing of its
existing tenge-denominated domestic bond. Given the absence of
any other debt obligations in the group's debt portfolio other
than bonds following the issuance of the notes, Moody's has
applied a 35% recovery rate, used for all-bond debt capital
structures.
The current Ba2 rating on the notes, at the level of the CFR,
reflects Moody's understanding that the group's strategy going
forward is to borrow on an unsecured basis at the holding company
level. Moody's notes that the bond is not guaranteed by
Kazakhstan Engineering's operating subsidiaries. Should the group
raise unsecured borrowings at the level of operating
subsidiaries, this might potentially result in a structural
subordination and/or contractual subordination of the notes to
more senior debt in the capital structure and a consequent
notching down of notes from the issuer rating.
JSC Kazakhstan Engineering National Company is a state-controlled
holding company consolidating the machinery building and
engineering enterprises in Kazakhstan. The group executes around
75% of state defense orders and produces around 10% of machinery
products in Kazakhstan. The group is 100% owned by the Kazakhstan
Sovereign Wealth Fund Samruk-Kazyna JSC (Samruk-Kazyna) and its
shares are managed by the Kazakhstan Ministry of Defence (MoD)
pursuant to a trust management agreement. In 2012, Kazakhstan
Engineering generated revenue of KZT52.2 billion (around US$347
million) and had adjusted EBITDA of KZT5.3 billion (around US$35
million).
===================
M O N T E N E G R O
===================
KOMBINAT ALUMINIJUMA: Bankruptcy Managers Invite Bids
-----------------------------------------------------
Petar Komnenic at Reuters reports that the bankruptcy managers of
Montenegro's sole aluminium plant invited bids on Friday for the
Kombinat Aluminijuma Podgorica (KAP), despite a lawsuit announced
by its previous main stakeholder.
Last year, KAP accounted for 30% of Montenegro's exports, but its
business and about 1,000 jobs were kept afloat by big state
subsidies and loans that it could not repay, Reuters recounts.
In July, Montenegrin authorities launched partial bankruptcy
proceedings over KAP's EUR24 million (US$33 million) debt to
Deutsche Bank and two months ago, a court declared bankruptcy
over a EUR380 million debt, Reuters relates.
According to Reuters, in a statement, the bankruptcy management
set the total value of assets and land offered for sale at
EUR54.5 million, but said buyers could also bid for just part of
what was on offer.
The deadline for submitting offers is Jan. 8 next year and the
bids will be opened on Jan. 10, Reuters discloses.
Earlier last week, Russian billionaire Oleg Depaska's Central
European Aluminum Company (CEAC) said it was suing Montenegro for
EUR100 million, saying authorities had violated a 2010 settlement
and so led to the plant going bankrupt, something the government
denies, Reuters relates.
Mr. Deripaska's company in 2005 bought a 58.7% stake in KAP,
Reuters recounts. In a debt for equity deal, the Balkan
country's government later took back half of that stake, Reuters
relays.
KAP's biggest creditor is the state, accounting for EUR148
million of its debt, according to Reuters. On top of that, the
government has issued guarantees for a EUR132 million loan,
Reuters notes.
Kombinat Aluminijuma Podgorica is an aluminium plant. The
company is Montenegro's single biggest industrial employer. It
is jointly owned by the state and the Central European Aluminium
Company of Russian billionaire Oleg Deripaska.
=====================
N E T H E R L A N D S
=====================
DALRADIAN EUROPEAN: Moody's Raises Rating on Cl. E Notes to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Dalradian European CLO IV B.V.:
EUR32M Class B Senior Secured Floating Rate Notes due 2023,
Upgraded to Aa1 (sf); previously on Nov 14, 2013 Upgraded to A1
(sf) and Placed Under Review for Possible Upgrade
EUR24M Class C Deferrable Secured Floating Rate Notes due 2023,
Upgraded to A3 (sf); previously on Nov 14, 2013 Baa3 (sf) Placed
Under Review for Possible Upgrade
EUR25M Class D Deferrable Secured Floating Rate Notes due 2023,
Upgraded to Ba1 (sf); previously on Aug 19, 2011 Upgraded to B1
(sf)
EUR15M Class E Deferrable Secured Floating Rate Notes due 2023,
Upgraded to Caa2 (sf); previously on Aug 19, 2011 Confirmed at Ca
(sf)
Moody's also affirmed the ratings of the following notes:
EUR164M (current outstanding amount EUR 119.9M) Class A Senior
Secured Floating Rate Notes due 2023, Affirmed Aaa (sf);
previously on Nov 14, 2013 Upgraded to Aaa (sf)
EUR100M (current outstanding amount EUR 60.3M) Senior Secured
Floating Rate Variable Funding Notes due 2023, Affirmed Aaa (sf);
previously on Nov 14, 2013 Upgraded to Aaa (sf)
Dalradian European CLO IV B.V., issued in August 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly senior secured European leveraged loans. The
portfolio is managed by Rothschild (NM) & Sons Limited. This
transaction has ended the reinvestment period in July 2013.
Ratings Rationale:
According to Moody's, the rating actions taken on the Class B, C,
D and E notes are primarily a result the of improvement in
overcollateralization ("OC") ratios since the payment date on
August 2012. Moody's notes that the Class A and VFN notes have
been paid down by approximately EUR44.1 million (26.9%) and
EUR39.7 million (39.7%), respectively, since closing. As a result
of the deleveraging the overcollateralization ratios have
increased. As of the latest trustee report dated September 2013,
the Class B, C, D and E overcollateralization ratios are reported
at 134.64%, 120.95%, 109.37% and 103.42%, respectively, as
compared to 124.95%, 113.65%, 103.70% and 97.57%, respectively,
12 months ago. Moody's also notes that the Class D and Class E
Notes are no longer deferring interest and that all previously
deferred interest has been paid in full.
Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and may be different from the trustee's
reported numbers. In its base case, Moody's analyzed the
underlying collateral pool to have a performing par and principal
proceeds balance of EUR217.7 million and US$73.8 million,
defaulted par of EUR14.68 million, a weighted average default
probability of 20.45% (consistent with a WARF of 3025), a
weighted average recovery rate upon default of 45.48% for a Aaa
liability target rating, a diversity score of 32 and a weighted
average spread of 3.943%. The GBP and USD denominated liabilities
are (partially) naturally hedged by the GBP and USD assets.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realised on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 87.09% of the portfolio exposed to first
lien senior secured corporate assets would recover 50% upon
default, while the remainder non first-lien loan corporate assets
would recover 15%. In each case, historical and market
performance trends and collateral manager latitude for trading
the collateral are also relevant factors. These default and
recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.
Factors that would lead to an upgrade or downgrade of the rating
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 2.1% of
the portfolio is European corporate rated B3 and below and
maturing between 2013 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 3,174 by forcing ratings on 25%
of refinancing exposures to Ca. This run generated model outputs
that were within one notch from the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by uncertainties of credit
conditions in the general economy. CLO notes' performance may
also be impacted either positively or negatively by 1) the
manager's investment strategy and behavior and 2) divergence in
legal interpretation of CDO documentation by different
transactional parties due to embedded ambiguities.
Sources of additional performance uncertainties are described
below:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or be delayed by rising loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the senior
notes but may negatively impact the mezzanine and junior notes.
2) Moody's also notes that around 29.9% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
3) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices. Realisation of higher than expected recoveries
would positively impact the ratings of the notes.
4) Foreign currency exposure: The deal has significant exposure
to non-EUR denominated assets. Volatilities in foreign exchange
rate will have a direct impact on interest and principal proceeds
available to the transaction, which may affect the expected loss
of rated tranches.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
Green Apple 2008-1
Class A (ISIN XS0406581495): affirmed at 'AAsf'; Outlook Stable
Class B (ISIN XS0406581735): affirmed at 'BBB+sf'; Outlook Stable
Class C (ISIN XS0406582030): affirmed at 'BB+sf'; Outlook Stable
GREEN APPLE 2008-1: Fitch Affirms 'BB+' Rating on Cl. C Notes
-------------------------------------------------------------
Fitch Ratings has affirmed six tranches of Green Apple B.V.
(Green Apple 2007) and Green Apple 2008-1 NHG B.V. (Green Apple
2008), a series of Dutch RMBS transactions backed by Nationale
Hypotheek Garantie (NHG) mortgages.
The mortgages in both transactions were originated by Argenta
Spaarbank N.V. (Argenta). Green Apple 2007 is sub-serviced by
both Stater Nederland (Stater, RPS1-) and Quion Groep B.V. (RPS2)
and Green Apple 2008 is only sub-serviced by Stater.
Key Rating Drivers:
Specific Loan Vintage Driving Arrears
The affirmations of all notes in both transactions reflect
sufficient credit enhancement (CE) to withstand Fitch's
respective rating stresses. As of end-October 2013, loans in
arrears by more than three months, as a percentage of the
outstanding collateral balance, stood at 0.41% for Green Apple
2007 and 0.78% for Green Apple 2008, compared with 0.21% and
0.56% a year ago.
Green Apple 2008's three months plus arrears are higher than
those for Green Apple 2007 and Fitch's Dutch NHG RMBS arrears
index, both of which are 0.4%. Argenta reported that the increase
in arrears was partially driven by earlier vintage loans in the
pool. Based on the loan-by-loan data received from the servicer,
the loans originated in 2004 comprised 19% of the pool but
accounted for 27% of the total arrears in Green Apple 2008.
Additional Excess Spread
A potential commingling and set-off reserve was included when
Green Apple 2007 was restructured in March 2012. The reserve is
currently amortizing in line with the notes and as of the October
2013 interest payment date (IPD) stood at EUR25 million. Each IPD
the amortized amount forms part of the interest available amount
and provides the transaction with additional gross excess spread.
The gross excess spread can be used to cover period principal
losses until the reserve is amortized to its floor amount of
EUR18 million.
Higher-than-Average Prepayments
Both transactions reported a higher-than-average constant
prepayment rate (CPR) since January 2012, ranging from 6% to 9%
per annum. This is higher than Fitch's current Dutch RMBS CPR
index of around 4%. Fitch believes that this is due to Argenta's
policy to lower the risks of its total mortgage portfolio by
encouraging all borrowers, especially those with high indexed
current loan-to-value ratio loans, to prepay. Although no
penalties would be applied for the borrowers who fail to comply,
Argenta has stated that this may reduce future financing
opportunities with the lender.
Rating Sensitivities:
The benefits from the low arrears and sufficient CE are somewhat
offset by continued house prices declines in the Netherlands.
Home price declines beyond Fitch's expectations could have a
negative effect on the ratings as this would limit recoveries,
putting additional stress on portfolio cash flows.
The mezzanine and junior tranches in both transactions remain
sensitive to the NHG loans' compliance ratio and repurchase
commitment from Argenta due to their lower levels of CE.
As the rating triggers in Green Apple 2007's swap agreements were
changed to 'BBB+'/'F2' from 'A'/'F1' during the restructuring in
March 2012, the highest achievable rating for all notes is 'A+sf'
in line with Fitch's counterparty criteria.
The rating actions are as follows:
Green Apple 2007
Class A (ISIN XS0322161026): affirmed at 'A-sf'; Outlook Stable
Class B (ISIN XS0322161299): affirmed at 'BBBsf'; Outlook Stable
Class C (ISIN XS0322161372): affirmed at 'BBB-sf'; Outlook Stable
Green Apple 2008-1
Class A (ISIN XS0406581495): affirmed at 'AAsf'; Outlook Stable
Class B (ISIN XS0406581735): affirmed at 'BBB+sf'; Outlook Stable
Class C (ISIN XS0406582030): affirmed at 'BB+sf'; Outlook Stable
GROSVENOR PLACE: Moody's Assigns 'B2' Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
notes issued by Grosvenor Place CLO 2013-1 B.V.:
EUR202,125,000 Class A-1 Senior Secured Floating Rate Notes due
2026, Assigned Aaa (sf)
EUR46,375,000 Class A-2 Senior Secured Floating Rate Notes due
2026, Assigned Aa2 (sf)
EUR21,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned A2 (sf)
EUR18,375,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned Baa2 (sf)
EUR22,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned Ba2 (sf)
EUR11,375,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2026, Assigned B2 (sf)
In addition to the six classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes. Moody's has
not assigned rating to this class of notes.
Ratings Rationale:
Moody's rating of the rated notes addresses the expected loss
posed to noteholders by the legal final maturity of the notes in
2026. The ratings reflect the risks due to defaults on the
underlying collateral given the characteristics and eligibility
criteria of the constituent assets, the relevant portfolio tests
and covenants as well as the transaction's capital and legal
structure. Furthermore, Moody's is of the opinion that the
collateral manager, CQS Cayman Limited Partnership ("CQS"), has
sufficient experience and operational capacity and is capable of
managing this CLO.
Grosvenor Place CLO is a managed cash flow CLO. At least 90% of
the portfolio must consist of senior secured obligations and up
to 10% of the portfolio may consist of senior unsecured loans,
second-lien loans, mezzanine obligations, high yield bonds and
senior unsecured bonds. The portfolio is expected to be 75%
ramped up as of the closing date and is expected to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the four month ramp-up period in compliance with the portfolio
guidelines.
CQS will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations, and are subject to certain restrictions.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk bond ceilings (LCC) of A1 and lower. The
transaction's eligibility criteria allows for corporate obligors
domiciled in a list of non-emerging countries (as defined in the
transaction documents), provided such countries have a LCC of at
least Baa3. Following the effective date, and given the portfolio
constraints and the current sovereign ratings in Europe, the
exposure to obligors domiciled in countries with a LCC of A1 and
lower may not exceed 10% of the total portfolio. The remainder of
the pool will contain obligors domiciled in countries which
currently have a LCC of Aaa. Given this portfolio composition,
the analysis was performed with different par amounts depending
on the target rating of each class of notes as further described
in the methodology. The portfolio haircuts are a function of the
exposure size to countries with a LCC of A1 and lower and the
target ratings of the rated notes, and amount to 1.50% for the
class A-1 notes, 1% for the class A-2 notes, 0.75% for the Class
B notes and 0% for Classes C, D and E.
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CQS' investment decisions and
management of the transaction will also affect the notes'
performance.
Factors that would lead to an upgrade or downgrade of the rating
Factors or circumstances that could lead to a downgrade of the
rating are the performance of the underlying collateral being
worse than Moody's expected, deterioration in the credit of the
counterparties and an increase in sovereign risk.
Factors or circumstances that could lead to an upgrade of the
rating are the better performance of the underlying assets than
Moody's expected, a decline in sovereign risk and a decline in
counterparty risk.
Loss and Cash Flow Analysis
Moody's modelled the transaction using its CDOEdge cash flow
model based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
November 2013. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR350,000,000
Diversity Score: 35
Weighted Average Rating Factor (WARF): 2850
Weighted Average Spread (WAS): 4.25%
Weighted Average Recovery Rate (WARR): 45.0%
Weighted Average Life (WAL): 8 years.
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the rating assigned to the
rated notes. This sensitivity analysis includes testing increased
WARFs relative to the base case. Below is a summary of the impact
of an increase in default probability (expressed in terms of WARF
level) on each of the rated notes (shown in terms of the number
of notch difference versus the current model output, whereby a
negative difference corresponds to higher expected losses),
holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3277 from 2850)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class C Senior Secured Deferrable Floating Rate Notes: -1
Percentage Change in WARF: WARF +30% (to 3705 from 2850)
Class A-1 Senior Secured Floating Rate Notes: -1
Class C Senior Secured Deferrable Floating Rate Notes: -2
Stress Scenarios
As the section on loss and cash flow analysis describes, Moody's
quantitative analysis entails an evaluation of scenarios that
stress factors contributing to sensitivity of ratings and take
into account the likelihood of severe collateral losses or
impaired cash flows. Moody's weights the impact on the rated
instruments based on its assumptions of the likelihood of the
events in such scenarios occurring.
GROSVENOR PLACE: Fitch Rates EUR11.38MM Class E Notes 'B-'
----------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2013-1 B.V.'s
notes the following ratings:
EUR202.125m Class A-1: 'AAAsf'; Outlook Stable
EUR46.375m Class A-2: 'AAsf'; Outlook Stable
EUR21.0m Class B: 'Asf'; Outlook Stable
EUR18.375m Class C: 'BBBsf'; Outlook Stable
EUR22.75m Class D: 'BBsf'; Outlook Stable
EUR11.375m Class E: 'B-sf'; Outlook Stable
EUR39.55m Subordinated Notes: not rated
Transaction Summary:
Grosvenor Place CLO 2013-1 B.V. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR350 million
portfolio of European leveraged loans and bonds. The portfolio is
managed by CQS Cayman Limited Partnership and sub-managed by CQS
Investment Management Limited. The reinvestment period is
scheduled to end in 2017.
Key Rating Drivers:
Portfolio Credit Quality
The covenanted minimum weighted average (WA) Fitch rating factor
is 33. Fitch therefore expects the average credit quality of
obligors to be in the 'B' range. Fitch has an explicit rating or
a credit opinion on all the obligors in the indicative portfolio.
Recoveries Close To Covenant
The covenanted minimum WA Fitch recovery rate expected by the
manager for the effective date is 67.13%. This compares with a WA
Fitch recovery rate of 68.5% for the indicative portfolio. At
least 90% of the portfolio will comprise senior secured
obligations. Fitch has assigned Recovery Ratings to 100% of the
indicative portfolio.
Limited Basis/Reset Risk
The transaction uses a liquidity facility (LF) to mitigate reset
risk from assets switching to semi-annual while the notes are
paying quarterly. The commitment fee and spread on the LF are
linked to the rating on the senior notes. The cost of the LF will
increase if the senior notes are downgraded. In addition, if
Fitch withdraws its rating on the senior notes, the LF provider
will have the option to terminate the LF. Fitch believes that
ratings should not be used in this way in transaction documents
and has stated this to the manager. If the LF expires or
terminates, the notes will switch to semi-annually paying
liabilities. No more than 5% of the assets can pay interest less
frequently than semi-annually.
Limited Risk of Rising Interest Rate
Fixed rate assets can account for no more than 10% of the
portfolio.
Limited FX Risk
The transaction is allowed to invest up to 10% of the portfolio
in non-euro-denominated assets, provided that suitable asset
swaps can be entered into.
Lower Obligor Concentration
Unlike many recent CLOs, there are no exceptions to the maximum
obligor concentration limit of 2.5%.
Amendments to Documents
Fitch notes that the documents allow the trustee to approve
certain changes to the transaction documents upon the receipt of
rating confirmation without further reference to investors.
However, the rating impact is not equivalent to determining
whether such a change is prejudicial to the interests of
investors. The provision of rating confirmations is at Fitch's
discretion and Fitch may choose not to provide them.
Rating Sensitivities:
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to five notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of one to four notches for the rated notes.
LOWLAND MORTGAGE: Fitch Affirms 'BB' Ratings on Class D Notes
-------------------------------------------------------------
Fitch Ratings has affirmed 10 tranches of Lowland Mortgage Backed
Securities 1 B.V. (Lowland 1) and Lowland Mortgage Backed
Securities 2 B.V. (Lowland 2), a series of Dutch RMBS
transactions partially backed by the Nationale Hypotheek Garantie
(NHG).
The mortgages in both transactions were originated and serviced
by SNS Bank N.V. (SNS, BBB+/Stable/F2) and its subsidiaries. NHG
loans comprise around 36% and 1% of the current outstanding pool
in Lowland 1 and Lowland 2, respectively. A full list of rating
actions is provided at the end of this commentary.
Key Rating Drivers:
NHG Loans Outperforming Non-NHG Loans
The affirmation of Lowland 1 reflects Fitch's view that
performance is in line with that of its peer transactions.
Similar to other Fitch-rated Dutch RMBS transactions, late-stage
arrears are increasing as a percentage of total arrears due to
the low level of activity in the residential market. As of
October 2013, loans in arrears by more than three months as a
percentage of the outstanding collateral balance in Lowland 1
were up, but still low, at 0.72% compared with 0.17% a year ago.
The increase in arrears was driven by the non-NHG portion of the
pool. Based on the loan-by-loan data received from SNS, the non-
NHG portion's arrears comprised 78% of total arrears despite the
non-NHG portion only accounting for 64% of the pool. As a result
Fitch applied a reduction to the default probabilities of the NHG
portion in its analysis.
Lowland 2 has had only three interest payment dates to date and
loans in arrears by more than three months remain low at 0.02% of
the current pool balance, resulting in affirmation.
Unhedged Transactions
There is no swap in place to hedge the interest rate differential
between the notes and the mortgage loans in either transaction.
Instead, the proportions of fixed- and floating-rate notes issued
are similar to the proportions of fixed- and floating-rate loans
in the pool, thereby providing natural hedging for interest rate
risk.
Despite SNS and its subsidiaries having provided guarantees on
the portfolio's minimum weighted average margin and interest rate
to protect against a decline in the portfolio yield when loans
reset, Fitch has not given credit to this commitment and made
conservative assumptions in its analysis. Current credit
enhancement (CE) is sufficient to withstand the respective rating
stresses.
Rating Sensitivities:
Home price declines beyond Fitch's peak to trough expectations of
25% could have a negative effect on the junior notes' ratings as
this would limit recoveries and put additional stress on
portfolio cash flows.
The junior tranches in Lowland 1 remain sensitive to the NHG
loans' compliance ratio and repurchase commitment from SNS and
its subsidiaries, due to their low level of CE and the NHG loans
representing a significant portion of the current outstanding
pool.
The rating actions are as follows:
Lowland Mortgage Backed Securities 1 B.V.
Class A1 (ISIN XS0729888924): affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN XS0729892108): affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN XS0729892959): affirmed at 'AAsf'; Outlook Stable
Class C (ISIN XS0729893411): affirmed at 'BBB+sf'; Outlook Stable
Class D (ISIN XS0729893767): affirmed at 'BBsf'; Outlook Stable
Lowland Mortgage Backed Securities 2 B.V.
Class A1 (ISIN XS0887366135): affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN XS0887366481): affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN XS0887378064): affirmed at 'AAsf'; Outlook Stable
Class C (ISIN XS0887378577): affirmed at 'Asf'; Outlook Stable
Class D (ISIN XS0887378908): affirmed at 'BBsf'; Outlook Stable
===============
P O R T U G A L
===============
CAIXA ECONOMICA: Fitch Affirms 'BB' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Caixa Economica Montepio Geral's
(Montepio) Long-term Issuer Default Rating (IDR) at 'BB', Support
Rating (SR) at '3' and Support Rating Floor (SRF) at 'BB'. Fitch
has upgraded Montepio's Viability Rating (VR) to 'b+' from 'b'.
Its Long-term IDR Outlook is Negative.
Key Rating Drivers - IDRs, Senior Debt, SR and SRF:
Montepio's Long-term IDR and senior debt rating are at its SRF.
The affirmation of these ratings indicates Fitch's view that
there continues to be a moderate likelihood of state support for
Montepio, if needed. Capital backstop funds of EUR6.4 billion are
still available under the IMF/EU support program. Montepio holds
a 6.6% deposit market share, making it an important second tier
bank in Fitch's view. Montepio has not required state aid but, in
general terms, Portugal has been supportive of its banks.
The Negative Outlook on Montepio's Long-term IDR mirrors that on
the sovereign, given the strong links between bank and sovereign
ratings in Portugal.
Rating Sensitivities - IDRs, Senior Debt Sr and SRF:
Montepio's Long-term IDR and SRF are sensitive to any change in
the assumptions underpinning Fitch's current judgment about
Portugal's ability (as measured by its rating) to support banks.
These ratings may also be affected by changes in the agency's
assumptions around the sovereign propensity of support. Potential
future sovereign support for creditors of banks across
jurisdictions is weakening given legal, regulatory, political and
economic dynamics.
Key Rating Drivers - VR:
The upgrade of the VR reflects a strengthening of capital at
Montepio. Its sole shareholder, the Associacao Mutualista
Montepio Geral (MGAM), injected EUR205 million in 2H13. A further
EUR200 million is currently being raised in the form of non-
voting participation units. Fitch's assumption underpinning the
VR upgrade is that this will be successfully completed by end-
2013.
Capital increases strengthen Montepio's ability to absorb losses
that may stem from weak asset quality. Successful completion of
the capital-raising exercise would have led to pro-forma Fitch
core capital/weighted risks ratio of 13.1% for Montepio at end-
June 2013, considerably stronger than the reported 10.1%.
The rating action also reflects Fitch's views that Montepio's
operating performance should improve in 2014. Although a return
to sustained profitability is still far from evident, retail
funding costs are likely to decline and margins may improve
slightly given the bank's shift away from low-yielding retail
mortgage loans and towards SME lending. A more favorable
operating environment should also help support asset quality as
Portugal's economy is expected by Fitch to come out of recession
in 2014.
Montepio's VR also reflects the stability of the bank's deposit
base and limited forthcoming wholesale funding maturities.
Unencumbered ECB assets represented 12% of 1H13 assets.
Montepio's VR reflects the bank's high exposure to the real
estate, through loans and foreclosed assets. The bank is
vulnerable to a prolonged weak economy and further downturn in
the housing sector. This is not Fitch's base case scenario.
Montepio's credit-at-risk ratio was a weak 12.1% of total loans
at end-1H13, negatively impacted by exposures to the construction
and real estate sectors, which accounted for 18% of loans.
Performance of these loans has been significantly affected by the
recessionary environment.
Rating Sensitivities - VR:
Upward rating potential, while limited, would arise from a
sustained improvement of Montepio's core profitability,
supporting a greater loss absorption capacity. This, together
with an improvement in asset quality trends, would allow the bank
to protect capital levels. Declining reliance on ECB funding
would also be supportive of the VR.
Downward pressure on Montepio's VR would arise from deterioration
in the operating environment, which is likely to trigger asset
quality weakening and be reflected in Portugal's sovereign
ratings. Failure to secure the EUR200 million of fresh capital
would also be negative for the VR.
Rating Drivers and Sensitivities - Dated Subordinated Debt:
The bank's subordinated debt has been upgraded to 'B' from 'B-',
one notch below the bank's VR, in accordance with Fitch's
notching criteria. The ratings of subordinated debt are sensitive
to a change in Montepio's VR.
The rating actions are as follows:
Long-term IDR: affirmed at 'BB'; Outlook Negative
Short-term IDR: affirmed at 'B'
VR: upgraded to 'b+' from 'b'
SR: affirmed at '3'
SRF: affirmed at 'BB'
Senior unsecured debt long-term rating affirmed at 'BB'
Senior unsecured debt short-term rating affirmed at 'B'
Subordinated debt upgraded to 'B' from 'B-'
===========
R U S S I A
===========
RUSSIAN INSURANCE: Fitch Revises 'B' IFS Rating Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Russian Insurance
Centre's (RIC) 'B' Insurer Financial Strength (IFS) rating and
'BBB-(rus)' National IFS rating to Negative from Stable and
affirmed the ratings.
Key Rating Drivers:
The revision of the Outlook reflects the weakening of RIC's
unique niche position as insurer of the Russian defense and space
industries, after the sale of the company to new shareholders and
subsequent changes in the management team. In addition, Fitch is
concerned that RIC's new management team is targeting a more
aggressive growth strategy to compensate for the 61% drop in
gross written premiums in 9M13 relative to 9M12.
Fitch sees increased risk arising from the new team's strategy,
which it understands will continue to focus on commercial
insurance but with more ambitious top line growth targets and
more active regional expansion through the establishment of new
branches. The agency expects that RIC's pricing power as a niche
insurer in the space and defense industries will be undermined by
the weakening of the previously almost exclusive relationships
with key customers. In 9M13 RIC's gross premiums fell by 61%
compared with 9M12.
The contraction of premiums has occurred across all lines of
business, including RIC's core commercial property and liability
lines as well as aviation and marine lines. The insurer has
attempted to cut administrative expenses accordingly, but the
expense ratio still increased to 41% in 9M13 from 25% in 9M12. As
a result, the insurer's combined ratio deteriorated to 87% from
70% in the same period. More positively, RIC's loss ratio has
remained stable. This enabled the insurer to continue reporting
underwriting profits in 9M13.
The changes in RIC's shareholding structure are expected to be
completed by the end of 2013. The insurer will be owned by a
number of individuals, including members of insurer's top
management. Fitch continues to assess the insurer on a standalone
basis, without taking into account the ability (if any) of the
new shareholders to support the company in case of necessity.
According to Fitch's own risk-adjusted assessment, RIC's capital
remains supportive of the rating, but pressured by certain assets
of low liquidity and credit quality. The capital exposure to
these assets varies between accounting dates but is significant,
in Fitch's view. Positively, the company meets the regulatory
solvency requirements comfortably as its solvency margin stood at
240% of the required amount at end-3Q13 (minimum is 130%).
RIC continues to have a non-conservative investment strategy. The
insurer has a track record of holding promissory notes of low
liquidity on its balance sheet as well as a substantial amount of
shares (25% at end-3Q13) and recent investment in land (14% at
end-3Q13). The insurer's bank deposits (25% at end-3Q13) are
concentrated with one bank of low credit quality.
Rating Sensitivities:
RIC's ratings could be downgraded if the company reports
underwriting losses over a number of periods or if its strategy
of aggressive growth results in a significant deterioration in
profitability. The ratings could also be downgraded if RIC incurs
significant losses on its investment portfolio.
Should the insurer manage to consolidate its profile as a
specialized medium-sized commercial insurer and maintain
satisfactory underwriting discipline, Fitch would view it as a
trigger for a revision of the Outlook to Stable. A consistent
improvement in the quality of RIC's investment portfolio could
also lead to the revision of the Outlook to Stable.
=============
U K R A I N E
=============
BANK FINANCE: Moody's Lowers Currency Deposit Rating to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has downgraded Bank Finance and
Credit's long-term local-currency deposit rating to Caa2 from
Caa1, the long-term foreign-currency senior unsecured debt rating
to Ca from Caa1, and the National Scale Rating (NSR) to B3.ua
from Ba3.ua. At the same time, the rating agency has affirmed the
standalone E bank financial strength rating (BFSR), which is now
equivalent to a baseline credit assessment (BCA) of ca (formerly
caa1) and the Not-Prime short-term local- and foreign-currency
deposit ratings, and maintained the Caa2 long-term foreign-
currency deposit rating. The BFSR carries a stable outlook, while
the long-term local-and foreign currency deposit ratings remain
on review for further downgrade. The long-term foreign-currency
debt rating carries no outlook.
Ratings Rationale:
Moody's says rating action is driven by Bank Finance and Credit's
announcement on the restructuring of its US$9 5 million of
Eurobonds, which accounted for 3.4% of the bank's non-equity
funding as of 30 September 2013 . By restructuring its debt, the
bank aims to:
-- extend debt maturity by 5 years to January 2019 from
January 2014
-- cut the interest rate on these loans to 9.125% from 10.25%
-- convert US$95 million debt to a $90 million facility by
paying US$5 million up-front.
The rating agency views the restructuring transaction as a
distressed exchange. As a result, Bank Finance and Credit's debt
rating was downgraded to Ca from Caa1 reflecting Moody's
expectation of losses to creditors as a result of the
restructuring. The bank's BCA was also lowered to ca from caa1 to
reflect its default on its debt obligations.
Moody's also downgraded Bank Finance and Credit's local-currency
deposit rating to Caa2 and placed it on review for further
downgrade. The rating agency expects that depositors will incur
fewer losses compared to debt holders given the ongoing liquidity
support from the National Bank of Ukraine (NBU) to the bank, as
well as an expected committed capital injection from the bank's
ultimate shareholder (Ukrainian businessman Mr. Konstantin
Zhevago), who injected UAH200 million in the bank's capital in 1H
2013 and plans to inject further UAH 500 million by year-end 2013
and a further UAH800 million by year-end 2014, which would
strengthen Bank Finance and Credit's currently weak capital
position.
The continued review for downgrade on Bank Finance and Credit's
debt and deposit ratings reflects Moody's assessment of the risks
associated with the bank's ability to stabilize its weak
liquidity and capital profile. The review will focus on the
success of the bank's debt restructuring and the forthcoming
capital injections by the shareholder.
Headquartered in Kyiv, Ukraine, Bank Finance and Credit reported
total assets of UAH24.5 billion ($3 billion) as of 1 October 2013
(in accordance with unaudited local GAAP financials).
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Methodology published in October 2012 entitled "Mapping Moody's
National Scale Ratings to Global Scale Ratings".
UKRKHIMPROM CHEMICAL: Declared Bankrupt; Liquidation Commences
--------------------------------------------------------------
Interfax-Ukraine, citing the Holos Ukrainy newspaper, reports
that the Kyiv Economic Court has declared Ukrkhimprom Chemical
Company LLC (Kyiv) bankrupt and started a liquidation procedure
against the enterprise.
According to Interfax-Ukraine, creditors' claims are accepted
within two months after the date of publication of the
announcement.
Ivan Husar has been appointed liquidator in the case,
Interfax-Ukraine discloses.
The net income of Ukrkhimprom in 2011 was UAH447.447 million, but
in 2012 it fell to UAH14.736 million, Interfax-Ukraine relays.
The owner of Ukrkhimprom is Ihor Ilchuk. The company is engaged
in various kinds of trade, particularly the sale of food.
===========================
U N I T E D K I N G D O M
===========================
CO-OPERATIVE BANK: Moody's Says Bonds Amendments No Rating Impact
-----------------------------------------------------------------
Moody's Investors Service has said that the following proposed
amendments to the Moorland covered bonds program of Co-Operative
Bank Plc (Co-op; deposits Caa1, standalone bank financial
strength rating E/ baseline credit assessment ca) will not, in
and of themselves and at this time, result in the downgrade or
withdrawal of the ratings of the covered bonds.
(1) Entering into back-up servicing and cash management
agreements; and
(2) The removal of the collection account triggers
On June 18, 2013, Moody's downgraded the Co-op's ratings to
Caa1/Not Prime, following the previous downgrade on 9 May 2013 to
Ba3 On Watch - Possible Downgrade/Not Prime from A3 On Watch -
Possible Downgrade /Prime-2. Under the servicing and cash
management agreements, the cash manager and the servicer (both
Co-op), undertake to appoint or enter into back-up arrangements
if the Co-op's is downgraded below Baa3.
Co-op has proposed to appoint Homeloan Management Limited as
back-up servicer; and Citibank N.A., London Branch (A2/(P)Prime-
1) as back-up cash manager. The proposed back-up arrangements
decrease the linkage of the covered bonds to the issuer and are
in line with Moody's rating implementation guidance on
operational risk.
In addition, in light of the operational considerations of Co-op
as a clearing bank, Co-op's has proposed to remove the collection
account triggers of the program. Moody's notes that following the
removal of the collection account triggers, the program will have
higher linkage to Co-op. However, the current level and form of
over-collateralization mitigates this risk.
The covered bonds are issued under Co-op's Moorland Covered Bond
Programme and Co-op is the underlying institution supporting
these covered bonds. Moody's notes that the current level and
form of over-collateralization in Co-op's Moorland Covered Bond
Programme is sufficient to mitigate the risks associated with the
proposed amendments.
Moody's opinion addresses only the credit impact associated with
the proposed amendments, and Moody's is not expressing any
opinion as to whether the proposed amendments have, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or
counterparties.
DECO SERIES 2005-UK: Fitch Cuts Rating on Class D Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of DECO Series 2005 - UK
Conduit 1 plc's class B, C and D notes as follows:
GBP1.6m class A due July 2017 XS0222802364 affirmed at 'AAAsf';
Outlook Stable
GBP14.5m class B due July 2017 XS0222803099 downgraded to 'Asf'
from 'AAsf'; Outlook Negative
GBP12.2m class C due July 2017 XS0222803842 downgraded to 'Bsf'
from 'BBsf'; Outlook Negative
GBP10.5m class D due July 2017 XS0222806514 downgraded to 'Dsf'
from 'CCsf'; Recovery Estimate 20%
GBP2.8m class E due July 2017 XS0222830811 affirmed at 'Dsf';
Recovery Estimate 0%
The downgrade of class B, C and D notes reflects a worsened
outlook on the credit quality of the four remaining loans
underlying the transaction. All are secured by secondary and
tertiary properties with declining values due to shrinking leases
and weak investor appetite, which is reflected in the Negative
Outlooks on the class B and C notes.
Key Rating Drivers:
The class A notes are protected from credit "bar-belling" by
sequential allocation of principal, resulting in amortization of
almost GBP15 million of this class since the last rating action
in December 2012. There has been full repayment of the GBP9.6
million Commercial and Warehouse loan, in line with Fitch's
expectations. At the October interest payment date, a further
GBP1.9 million of recoveries from the GBP2.8 million Sandfile
loan was repaid, leaving an issuer shortfall of almost GBP1
million. Although this has not been reflected as a non-accruing
interest amount in the latest cash management report, Fitch
believes the shortfall represents a permanent loss of principal.
This brings total loss to date to GBP3.1 million, resulting in
the downgrade to 'Dsf' of the class D notes. Additional expected
losses suggest a recovery of around 20% of par for this class.
The collateral securing the CPI Retail Active Management loan
(the largest in the pool, accounting for 69% of the outstanding
balance) was re-valued in May at GBP24.7 million, down from
GBP30.5 million recorded in 2010, and increasing the reported
loan-to-value ratio (LTV) to 108% from 105% (the loan balance
fell by around GBP4.8 million over the same period). The
collateral, three sub-regional shopping centers, was marketed for
sale in 2Q12, but was unable to attract offers high enough for
the special servicer to agree to sell. With interest coverage of
almost 4x on the securitized loan, the special servicer may
prefer to hold out for an upturn in market sentiment towards
secondary UK retail assets, meanwhile sweeping excess cash flow.
While there are signs of an improvement in market confidence
outside London, this must be viewed against the risk of interest
rate increases or falling net operating income. Prolonged
uncertainty of execution weakens the security underpinning the
class B and, especially, C notes.
Apart from the GBP2.2 million I/S Scandinavian Property
Investment V loan maturing in 2015, the other two loans are of
below-average quality. The GBP5.9 million Heathvale Estates loan
is secured by a mixed use commercial property in one of London
peripheral suburbs and two industrial properties in Hitchin.
While asset management initiatives on the London asset may offer
the potential to increase recoveries, Fitch still expects
substantial losses to be realised. The agency also expects losses
on the GBP3.6 million Holaw loan, which is secured on a highly
illiquid rural property. Given the size of these weaker loans,
however, losses should be limited to the class D notes.
Rating Sensitivities:
Fitch estimates 'Bsf' recoveries to be GBP29 million, which are
sensitive, on the downside, to higher-than-expected losses on the
Holaw and Heathvale loans. Further weakness in these loans or the
CPI loan could lead to subsequent downgrades of the classes B and
C notes.
EDU UK INTERMEDIATE: Moody's Assigns 'B3' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a definitive B3 corporate
family rating (CFR) to EDU UK Intermediate Limited ("Study
Group"). Concurrently, Moody's has assigned a definitive B3
rating with a loss given default (LGD) 4 (51%) to the GBP205
million senior secured notes raised by EDU UK BondCo PLC, a
wholly owned subsidiary of EDU UK Intermediate Ltd. Moody's has
also assigned a B3-PD probability of default rating (PDR) to EDU
UK Intermediate Limited. The outlook on all ratings remains
stable.
Ratings Rationale:
Moody's definitive ratings assignment is in line with the
provisional ratings assigned on September 9, 2013, following
review of the final key terms of the GBP205 million notes, which
are also in line with the drafts reviewed for the provisional
ratings assigned.
EDU UK BondCo PLC's B3 senior secured instrument rating is in
line with the CFR. This reflects the lack of significant
structural subordination and that the notes are guaranteed by
substantially all of Study Group's subsidiaries. Both the notes
and the revolving credit facility share the same security package
and while the notes and the revolving credit facility are pari
passu in ranking, the revolving credit facility is super senior
in terms of enforcement proceeds. The PDR of B3-PD reflects a
group family recovery rate assumption of 50%.
Study Groups' B3 CFR primarily reflects the company's (1) small
size within the broader Business and Consumer Service sector
(GBP241.2 million in sales for FY2012); (2) lack of geographic
diversity, with the majority of profits generated in the UK, and
the balance largely in Australia; (3) reliance on sourcing
students from Asia, with recent softness in Chinese enrolment,
relative to budgeted levels, for the 6 months to June 2013; (4)
recent covenant reset, largely driven by a contract loss in
Australia and the decision to reduce its US student placement
business, as well as weaker trading in Career Education and
Language Education; and (5) high Moody's-adjusted leverage pro-
forma for the refinancing, at around 6.4x for the 12 months to
June 2013.
More positively, the rating reflects (1) Study Group's wide
network of educational institution alliances; (2) the stable
drivers of industry demand, with an English language university
education holding value for Study Group's fairly affluent
students from Asia; (3) the positive enrolment trends at the
group level for the 6 months to June 2013; (4) the improvement in
company-reported Adjusted Continuing EBITDA to GBP39.1 million
for the twelve months ended June 30, 2013 from GBP33.3 million in
fiscal 2012; and (5) the company's modest free cash flow
generation prospects over the next 12-18 months, supporting a
deleveraging trend.
Rating Outlook:
The stable outlook on the ratings reflects Moody's expectation
that Study Group will generate modest top-line growth, remain
free cash flow positive and rapidly deleverage over the next 12-
18 months, such that adjusted debt/EBITDA will trend towards 5.5x
in 12-18 months. The stable outlook also assumes that the company
will not engage in any material debt-funded M&A activity.
What Could Change The Rating Up/Down:
Moody's could upgrade the ratings if Study Group's earnings grow
such that adjusted debt/EBITDA approaches 5x and adjusted
(EBITDA-capex)/interest expense moves comfortably above 2x. A
ratings upgrade would also require financial policies that would
support leverage and coverage remaining at these improved levels
on a sustainable basis.
Conversely, Moody's could downgrade the ratings if Study Group's
operating performance declines or its financial policy becomes
more aggressive, an example of which could be a largely debt-
funded acquisition, such that adjusted debt/EBITDA were to remain
above 6x on a sustained basis or adjusted (EBITDA-capex)/interest
expense does not trend, and remain, above 1.2x. Moody's could
also downgrade the ratings if Study Group is unable to maintain
adequate liquidity.
Established in 1994 and headquartered in London, United Kingdom,
EDU UK Intermediate Limited (Study Group) specializes in the
provision of academic pathway courses for international students.
It has three divisions (1) Higher Education, which provides
university preparation programs for international students; (2)
Language Education, which provides English Language courses under
the "Embassy" brand; and (3) Career Education, which delivers
vocational training programs in Australia for domestic students.
The group reported sales of GBP241.2 million and EBITDA before
non-recurring significant items of GBP32.4 million for FYE
December 2012. The company is ultimately owned by private equity
firm Providence Equity Partners and management.
PRECISE MORTGAGE: Fitch Rates GBP2.9MM Class E Notes 'BBsf'
-----------------------------------------------------------
Fitch Ratings has assigned Precise Mortgage Funding No.1 plc's
notes final ratings, as follows:
GBP134,500,000 Class A: 'AAAsf', Outlook Stable
GBP6,500,000 Class B: 'AAsf', Outlook Stable
GBP6,500,000 Class C: 'Asf', Outlook Stable
GBP10,400,000 Class D: 'BBBsf', Outlook Stable
GBP2,975,000 Class E: 'BBsf', Outlook Stable
GBP2,875,000 Class Z: not rated
GBP5,309,000 Sub notes: not rated
This transaction is a securitization of near-prime residential
mortgages that were originated by Charter Court Financial
Services Limited (CCFS), trading as Precise Mortgages (Precise or
Originator) in the UK (excluding Northern Ireland). The loans are
serviced by Charter Court Financial Services Limited (Exact).
Credit enhancement for the class A notes at 21.1% is provided by
the subordination of the class B to class Z notes (17.86%) and a
non-amortizing reserve fund (RF) of 3.24% which was fully funded
at closing.
Key Rating Drivers:
Post-Crisis, Near-Prime Mortgages
The loans in the portfolio are post-crisis originations that have
been underwritten using a near-prime criteria. Borrowers can be
accepted with limited prior adverse credit history, but the
levels of prior adverse credit in the pool are small compared
with the levels seen during the peak of the economic cycle in
2006/2007.
Limited Performance History, Stringent Underwriting
Charter Court Financial Services (CCFS), trading as Precise
Mortgages (Precise), began originating loans in 2010 and as such
could provide only limited loan performance data. Normally, Fitch
would consider applying an increase to the base default
probabilities when data are limited. However, the agency believes
that in the case of CCFS this was adequately offset by the
stringent underwriting criteria and controls in place. This,
together with the non-prime default matrix that was used, has led
the agency to not adjust upwards its base case default
probabilities.
Pre-Funded Element
The transaction will be subject to a pre-funding of approximately
20% of the collateralized note balance. The pre-funding period
will be the period between closing and the first interest payment
date (IPD). Any potential interest shortfall relating to the pre-
funding amount during the first IPD will be funded via the sub
note. Fitch will review the final pool following pre-funding to
assess whether the pre-funded loans will affect the ratings
assigned.
Hedged Fixed/Floating Risk
As at 31st October 2013 the portfolio was around 72.5% fixed rate
loans, with the rated notes paying three-month (3m) Libor plus a
margin. A balance-guaranteed swap is in place, where the issuer
pays fixed and receives 3m GBP Libor. Fitch factored the impact
of the swap into its cash flow analysis.
Combined Liquidity and General Reserve
The transaction is supported by a non-amortizing rated note
reserve fund (RNRF) set at 3.3% of the rated note balances at
closing. The RNRF is initially isolated to provide only liquidity
support at the point of closing, covering primarily liquidity
shortfalls of the rated notes. As the senior notes amortize, the
liquidity-only portion will reduce and the remainder will become
available to absorb credit losses.
Rating Sensitivities:
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce loss levels higher than
Fitch's base case expectations, which in turn may result in
potential negative rating actions on the notes. Fitch's analysis
revealed that a 30% increase in the weighted average (WA)
foreclosure frequency, along with a 30% decrease in the WA
recovery rate, would result in a model-implied downgrade of the
class A notes to 'Asf' from 'AAAsf'.
Precise provided Fitch with a loan-by-loan data template. All
relevant fields were provided in the data tape, with the
exception of prior mortgage arrears, where Precise was unable to
differentiate between loans having had one to six months of prior
arrears and those having had seven to 12 months prior arrears.
Performance data on historical static arrears was provided for
all loans originated by Precise, but the scope of the data was
limited by the small origination volumes (around GBP400 million
of owner-occupied, buy-to-let and short-term mortgage loans) and
the length of available history (the first Precise origination
was in early 2010).
On account of the limited originating history of Precise, they
were unable to provide loan-level data on sold repossessions for
any loans they had originated, given that none of their loans
have as yet suffered any repossessions. It however provided a
data tape in Fitch template format for 198 sold repossessions
that have been serviced by Exact. Given that the sample did not
contain loans originated by Precise, it was difficult for the
agency to derive any solid conclusions from the data provided
with respect to the expected discounts for sold repossessions.
Due to this limitation, the agency made a conservative 30%
assumption of the quick sale adjustment (QSA), which was higher
than Fitch's original base case assumption of 22%. Market value
decline (MVD) assumptions were adjusted upward to reflect this.
Fitch carried out a file review of selected loans in the pool and
found no material issues.
Fitch has reviewed the results of an agreed-upon procedures (AUP)
report conducted on the portfolio, which checked the accuracy of
the data file provided to Fitch for its rating analysis. The AUP
report showed there were no errors in the data sample that had
been tested.
It is Fitch's opinion that the data available for the rating
analysis is of sufficient quality.
To analyze the CE levels, Fitch evaluated the collateral using
its default model ResiEMEA. The agency assessed the transaction
cash flows using default and loss severity assumptions under
various structural stresses including prepayment speeds and
interest rate scenarios. The cash flow tests showed that each
class of notes could withstand loan losses at a level
corresponding to the related stress scenario without incurring
any principal loss or interest shortfall and can retire principal
by the legal final maturity.
PRECISE MORTGAGE: Fitch Rates Class E Notes 'BB(EXP)sf'
-------------------------------------------------------
This announcement corrects the version published on
November 11, 2013, which incorrectly stated some of the sources
of information.
Fitch Ratings has assigned Precise Mortgage Funding No.1 plc's
notes expected ratings, as follows:
Class A: 'AAA(EXP)sf', Outlook Stable
Class B: 'AA(EXP)sf', Outlook Stable
Class C: 'A(EXP)sf', Outlook Stable
Class D: 'BBB(EXP)sf', Outlook Stable
Class E: 'BB(EXP)sf', Outlook Stable
Class Z: not rated
Sub-notes: not rated
The final ratings are subject to the receipt of final documents
conforming to information already received.
Credit enhancement for the class A notes at 21.1% will be
provided by the subordination of the class B to class F notes
(17.86%) and a non-amortizing reserve fund (RF) of 3.24% which
will be fully funded at closing.
This transaction is an RMBS securitization of near-prime
residential mortgages that were originated by Charter Court
Financial Services (CCFS), trading as Precise Mortgages (Precise
or Originator) in the UK (excluding Northern Ireland). The loans
are serviced by Charter Court Financial Services Limited (Exact).
Key Rating Drivers:
Post-Crisis, Near-Prime Mortgages
The loans in the portfolio are post-crisis originations that have
been underwritten using a near-prime criterion. Borrowers can be
accepted with limited prior adverse credit history, but the
levels of prior adverse credit in the pool are small compared
with the levels seen during the peak of the economic cycle in
2006/2007.
Limited Performance History, Stringent Underwriting
Charter Court Financial Services (CCFS), trading as Precise
Mortgages (Precise), began originating loans in 2010 and as such
could provide only limited loan performance data. Normally, Fitch
would consider applying an increase to the base default
probabilities when data are limited. However, the agency believe
that in the case of CCFS this was adequately offset by the
stringent underwriting criteria and controls in place. This,
together with the non-prime default matrix that was used, has led
the agency to not adjust upwards its base case default
probabilities.
Pre-Funded Element
The transaction will be subject to a pre-funding of up to 20% of
the collateralized note balance. The pre-funding period will be
the period between closing and the first interest payment date
(IPD). Any potential interest shortfall relating to the pre-
funding amount during the first IPD will be funded via the sub
note. Fitch will review the final pool following pre-funding to
assess whether the pre-funded loans will affect the ratings
assigned.
Hedged Fixed/Floating Risk
At closing, the portfolio should have around 72.5% fixed-rate
loans, with the rated notes paying three-month (3m) Libor plus a
margin. A balance-guaranteed swap will be in place at the time of
closing, where the issuer pays fixed and receives 3m GBP Libor.
Fitch factored the impact of the swap into its cash flow
analysis.
Combined Liquidity and General Reserve
The transaction is supported by a non-amortizing rated note
reserve fund (RNRF) set at 3.3% of the rated note balances at
closing. The RNRF is initially isolated to provide only liquidity
support at the point of closing, covering primarily liquidity
shortfalls of the rated notes. As the senior notes amortize, the
liquidity-only portion will reduce and the remainder will become
available to absorb credit losses.
Rating Sensitivities:
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce loss levels higher than
Fitch's base case expectations, which in turn may result in
potential negative rating actions on the notes. Fitch's analysis
revealed that a 30% increase in the weighted average (WA)
foreclosure frequency, along with a 30% decrease in the WA
recovery rate, would result in a model-implied downgrade of the
class A notes to 'A-sf' from 'AAAsf'.
Precise provided Fitch with a loan-by-loan data template. All
relevant fields were provided in the data tape, with the
exception of prior mortgage arrears, where Precise was unable to
differentiate between loans having had one to six months of prior
arrears and those having had seven to 12 months prior arrears.
Performance data on historical static arrears was provided for
all loans originated by Precise, but the scope of the data was
limited by the small origination volumes (around GBP400 million
of owner-occupied, buy-to-let and short-term mortgage loans) and
the length of available history (the first Precise origination
was in early 2010).
On account of the limited originating history of Precise, they
were unable to provide loan-level data on sold repossessions for
any loans they had originated, given that none of their loans
have as yet suffered any repossessions. It however provided a
data tape in Fitch template format for 198 sold repossessions
that have been serviced by Exact. Given that the sample did not
contain loans originated by Precise, it was difficult for the
agency to derive any solid conclusions from the data provided
with respect to the expected discounts for sold repossessions.
Due to this limitation, the agency made a conservative 30%
assumption of the quick sale adjustment (QSA), which was higher
than Fitch's original base case assumption of 22%. Market value
decline (MVD) assumptions were adjusted upward to reflect this.
Fitch carried out a file review of selected loans in the pool and
found no material issues.
Fitch has reviewed the results of an agreed-upon procedures (AUP)
report conducted on the portfolio, which checked the accuracy of
the data file provided to Fitch for its rating analysis. The AUP
report showed there were no errors in the data sample that had
been tested.
It is Fitch's opinion that the data available for the rating
analysis is of sufficient quality.
To analyze the CE levels, Fitch evaluated the collateral using
its default model ResiEMEA. The agency assessed the transaction
cash flows using default and loss severity assumptions under
various structural stresses including prepayment speeds and
interest rate scenarios. The cash flow tests showed that each
class of notes could withstand loan losses at a level
corresponding to the related stress scenario without incurring
any principal loss or interest shortfall and can retire principal
by the legal final maturity.
A comparison of the transaction's Representations, Warranties &
Enforcement Mechanisms (RW&Es) to those typical for that asset
class is available by accessing the appendix that accompanies the
presale report.
===================
U Z B E K I S T A N
===================
CREDIT-STANDARD: Moody's Cuts Currency Deposit Ratings to Ca
------------------------------------------------------------
Moody's Investors Service has downgraded Credit-Standard Bank's
long-term local- and foreign-currency deposit ratings to Ca from
Caa1, and affirmed the standalone E bank financial strength
rating (BFSR), which is equivalent to a standalone baseline
credit assessment (BCA) of ca. The Not-Prime short-term local-
and foreign-currency deposit ratings have also been affirmed. The
outlook on long term ratings is stable. Moody's will withdraw all
the bank's ratings following the withdrawal of its banking
license by the Central Bank of Uzbekistan.
Ratings Rationale:
The rating action and subsequent withdrawal of Credit-Standard
Bank's ratings follow the Central Bank of Uzbekistan's
announcement on 27 November 2013 that it had revoked Credit-
Standard Bank's banking license in connection with the entity's
violation of the state laws on banking activity, resulting in
compulsory liquidation.
Despite the fact that Credit-Standard Bank maintained a healthy
capital buffer and reported a high total regulatory capital ratio
of 67.3% (local GAAP as at end-August 2013 -- latest available
figures), the downgrade of Credit-Standard Bank's ratings
reflects the uncertainty regarding the potential losses that
could be incurred by the creditors as a result of liquidation,
given 1) the absence of verifiable financial information from the
bank at the time of license withdrawal, 2)the undisclosed details
of Credit Standard Bank's violation of the bank regulation which
led to the license withdrawal, and 3)absence of historical data
for similar cases in Uzbekistan, when banks' licenses have been
withdrawn.
According to Moody's, Credit-Standard Bank had no rated debt
outstanding at the time of the rating withdrawal, and customer
deposits represented the main source of the bank's non-equity
funding.
Headquartered in Tashkent, Uzbekistan, Credit-Standard Bank
reported total assets of UZS75.5 billion (US$35.5 million) and
shareholders' equity of UZS50 billion (US$23.5 million) as of
end-August 2013 (latest available figures), according to the
bank's non-audited statutory reports under local GAAP.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week December 2 to December 6, 2013
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.70
Alpine Holding Gmb 6.00 5/22/2017 EUR 0.25
Alpine Holding Gmb 5.25 7/1/2015 EUR 0.25
Alpine Holding Gmb 5.25 6/10/2016 EUR 0.25
A-TEC Industries A 8.75 10/27/2014 EUR 1.63
A-TEC Industries A 2.75 5/10/2014 EUR 2.00
A-TEC Industries A 5.75 11/2/2010 EUR 1.88
Hypo Alpe-Adria-Ba 0.79 11/29/2032 EUR 70.93
Hypo Alpe-Adria-Ba 0.68 12/18/2030 EUR 72.49
Investkredit Bank 4.63 4/12/2022 EUR 74.70
KA Finanz AG 4.90 6/23/2031 EUR 67.75
KA Finanz AG 4.44 12/20/2030 EUR 65.13
Oberoesterreichisc 0.63 11/6/2030 EUR 72.60
Oberoesterreichisc 0.52 4/25/2042 EUR 65.26
Oesterreichische V 1.06 7/29/2018 EUR 25.00
Oesterreichische V 5.27 2/8/2027 EUR 63.00
Raiffeisen Centrob 14.40 3/6/2014 EUR 73.77
UniCredit Bank Aus 0.75 8/20/2033 EUR 73.41
UniCredit Bank Aus 0.70 12/27/2031 EUR 71.81
UniCredit Bank Aus 0.57 1/25/2031 EUR 73.50
UniCredit Bank Aus 0.61 1/24/2031 EUR 73.64
UniCredit Bank Aus 0.72 1/22/2031 EUR 73.74
BELGIUM
-------
Econocom Group 4.00 6/1/2016 EUR 27.70
Ideal Standard Int 11.75 5/1/2018 EUR 72.33
Ideal Standard Int 11.75 5/1/2018 EUR 73.13
BULGARIA
--------
Petrol AD 8.38 1/26/2017 EUR 57.66
Aralco Finance SA 10.13 5/7/2020 USD 75.05
Aralco Finance SA 10.13 5/7/2020 USD 74.63
OGX Austria GmbH 8.50 6/1/2018 USD 12.03
OGX Austria GmbH 8.38 4/1/2022 USD 12.03
OGX Austria GmbH 8.50 6/1/2018 USD 11.88
OGX Austria GmbH 8.38 4/1/2022 USD 11.88
Clariden Leu Ltd/N 5.25 8/6/2014 CHF 65.59
Clariden Leu Ltd/N 4.50 8/13/2014 CHF 62.47
Credit Suisse/Nass 7.25 4/4/2014 USD 64.87
Clariden Leu Ltd/N 4.52 9/10/2014 CHF 65.99
CYPRUS
------
Cyprus Government 4.63 2/3/2020 EUR 73.86
Cyprus Government 6.00 7/1/2023 EUR 73.75
Cyprus Government 4.75 7/1/2020 EUR 73.13
Cyprus Government 5.25 7/1/2022 EUR 71.00
Cyprus Government 5.00 7/1/2021 EUR 71.75
CZECH REPUBLIC
--------------
Sazka AS 9.00 7/12/2021 EUR 10.13
DENMARK
-------
Kommunekredit 0.50 7/30/2027 TRY 26.38
Kommunekredit 0.50 9/19/2019 BRL 53.55
Kommunekredit 0.50 2/20/2020 BRL 51.34
Kommunekredit 0.50 5/11/2029 CAD 50.52
Kommunekredit 0.50 10/22/2019 BRL 53.10
Kommunekredit 0.50 12/14/2020 ZAR 60.44
FINLAND
-------
Municipality Finan 0.50 10/27/2016 BRL 73.96
Municipality Finan 0.50 11/30/2016 BRL 73.14
Municipality Finan 0.50 11/16/2017 TRY 71.26
Municipality Finan 0.50 6/19/2024 ZAR 37.00
Municipality Finan 0.50 2/17/2017 BRL 71.34
Municipality Finan 0.50 4/27/2018 ZAR 70.77
Municipality Finan 0.50 5/31/2022 ZAR 45.84
Municipality Finan 0.50 11/17/2016 BRL 73.90
Municipality Finan 0.50 11/10/2021 NZD 67.05
Municipality Finan 0.50 11/21/2018 ZAR 67.19
Municipality Finan 0.50 4/26/2022 ZAR 46.35
Municipality Finan 0.50 12/20/2018 ZAR 66.70
Municipality Finan 0.50 3/28/2018 BRL 62.02
Municipality Finan 0.50 12/14/2018 TRY 64.02
Municipality Finan 0.50 2/7/2018 BRL 68.42
Municipality Finan 0.50 3/16/2017 BRL 71.42
Municipality Finan 0.50 2/22/2019 IDR 65.22
Municipality Finan 0.50 11/21/2018 TRY 64.13
Municipality Finan 0.50 1/10/2018 BRL 64.01
Municipality Finan 0.50 6/22/2017 IDR 74.39
Municipality Finan 0.50 1/23/2018 BRL 64.50
Municipality Finan 0.25 6/28/2040 CAD 23.91
Municipality Finan 0.50 12/21/2021 NZD 66.64
Municipality Finan 0.50 11/25/2020 ZAR 54.11
Municipality Finan 0.50 3/17/2025 CAD 61.50
Talvivaara Mining 4.00 12/16/2015 EUR 17.99
FRANCE
------
Air France-KLM 4.97 4/1/2015 EUR 12.75
Air France-KLM 2.03 2/15/2023 EUR 10.59
Alcatel-Lucent/Fra 4.25 7/1/2018 EUR 3.12
Alcatel-Lucent/Fra 5.00 1/1/2015 EUR 3.36
Assystem 4.00 1/1/2017 EUR 24.27
AtoS 2.50 1/1/2016 EUR 61.09
AtoS 1.50 7/1/2016 EUR 60.87
BNP Paribas SA 0.50 1/31/2018 RUB 73.33
BNP Paribas SA 0.50 11/16/2032 MXN 39.68
BNP Paribas SA 0.50 5/6/2021 MXN 71.71
Caisse Centrale du 7.00 5/16/2014 EUR 53.03
Caisse Centrale du 7.00 5/18/2015 EUR 9.08
Caisse Centrale du 7.00 9/10/2015 EUR 15.35
Cap Gemini SA 3.50 1/1/2014 EUR 48.05
CGG SA 1.75 1/1/2016 EUR 28.39
CGG SA 1.25 1/1/2019 EUR 31.31
Club Mediterranee 6.11 11/1/2015 EUR 19.71
Credit Agricole Co 0.50 2/28/2018 RUB 73.06
Credit Agricole Co 0.50 3/6/2023 RUB 48.05
Dexia Credit Local 0.88 7/10/2017 EUR 74.75
Dexia Credit Local 4.38 2/12/2019 EUR 71.75
Etablissements Mau 7.13 7/31/2014 EUR 16.90
Etablissements Mau 7.13 7/31/2015 EUR 15.67
Faurecia 4.50 1/1/2015 EUR 24.46
Faurecia 3.25 1/1/2018 EUR 27.55
GFI Informatique S 5.25 1/1/2017 EUR 5.30
Ingenico 2.75 1/1/2017 EUR 57.77
Le Noble Age 4.88 1/3/2016 EUR 19.50
Nexans SA 2.50 1/1/2019 EUR 72.92
Nexans SA 4.00 1/1/2016 EUR 58.43
Novasep Holding SA 9.75 12/15/2016 USD 49.50
Novasep Holding SA 9.75 12/15/2016 USD 49.50
OL Groupe 7.00 12/28/2015 EUR 6.53
Orpea 1.75 1/1/2020 EUR 48.99
Orpea 3.88 1/1/2016 EUR 51.28
Peugeot SA 4.45 1/1/2016 EUR 26.65
Publicis Groupe SA 1.00 1/18/2018 EUR 60.32
SG Option Europe S 8.00 9/29/2015 USD 62.49
SG Option Europe S 7.00 5/5/2017 EUR 52.35
SG Option Europe S 7.00 9/22/2017 EUR 68.73
SG Option Europe S 8.00 12/18/2014 USD 40.49
SG Option Europe S 7.50 12/24/2014 EUR 38.00
SG Option Europe S 7.25 8/5/2014 EUR 62.59
Societe Air France 2.75 4/1/2020 EUR 21.03
Societe Generale S 0.50 6/12/2023 RUB 45.95
Societe Generale S 0.50 4/3/2023 RUB 46.79
Societe Generale S 0.50 11/29/2022 AUD 63.45
Societe Generale S 0.50 7/11/2022 USD 71.63
Societe Generale S 0.50 4/27/2022 USD 72.50
Societe Generale S 0.50 12/21/2022 AUD 63.21
Societe Generale S 0.50 4/30/2023 RUB 46.47
Societe Generale S 0.50 7/11/2022 AUD 64.99
Societe Generale S 0.50 12/6/2021 AUD 67.38
Societe Generale S 0.50 4/27/2022 AUD 65.81
Societe Generale S 0.50 9/7/2021 AUD 69.04
SOITEC 6.75 9/18/2018 EUR 2.50
SOITEC 6.25 9/9/2014 EUR 8.61
Tem SAS 4.25 1/1/2015 EUR 55.58
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
GEORGIA
-------
Bank J Safra Saras 13.60 2/17/2014 CHF 71.13
Bank Julius Baer & 6.20 4/15/2014 CHF 63.95
Bank Julius Baer & 9.00 12/13/2013 USD 67.65
Bank Julius Baer & 14.00 5/23/2014 USD 55.80
Bank Julius Baer & 8.50 12/13/2013 USD 56.05
Bank Julius Baer & 9.50 12/13/2013 USD 61.50
Bank Julius Baer & 12.60 12/13/2013 USD 52.65
Bank Julius Baer & 7.25 4/10/2014 USD 64.50
Bank Julius Baer & 9.00 1/29/2014 CHF 71.40
Bank Julius Baer & 6.10 4/17/2014 CHF 65.15
Bank Julius Baer & 6.20 4/17/2014 EUR 65.45
Bank Julius Baer & 5.00 12/23/2013 CHF 67.05
Bank Julius Baer & 10.20 11/29/2013 USD 52.45
Bank Julius Baer & 11.50 3/18/2014 USD 61.85
Bank Julius Baer & 6.80 4/11/2014 USD 70.15
Bank Julius Baer & 6.50 4/11/2014 USD 71.25
Bank Julius Baer & 9.00 4/11/2014 USD 71.05
Bank Julius Baer & 7.80 2/14/2014 USD 70.35
Bank Julius Baer & 7.50 2/14/2014 CHF 69.75
Bank Julius Baer & 10.00 4/4/2014 USD 62.75
Bank Julius Baer & 6.90 3/21/2014 USD 70.45
Banque Cantonale V 4.90 9/9/2014 CHF 73.73
EFG International 6.00 11/30/2017 EUR 39.45
EFG International 13.40 11/14/2013 CHF 58.64
EFG International 6.82 6/4/2014 CHF 70.01
EFG International 12.86 10/30/2017 EUR 35.40
EFG International 12.10 3/10/2014 USD 50.04
EFG International 4.50 2/20/2014 USD 58.50
EFG International 5.85 10/14/2014 CHF 72.75
EFG International 10.00 12/17/2013 USD 66.27
Leonteq Securities 11.90 1/15/2014 EUR 50.01
Leonteq Securities 17.00 11/21/2013 CAD 40.23
Leonteq Securities 9.25 11/5/2013 USD 36.80
Leonteq Securities 12.65 12/10/2013 EUR 50.06
Leonteq Securities 7.80 8/26/2014 CHF 55.40
Leonteq Securities 15.00 2/13/2014 CHF 55.94
Leonteq Securities 12.00 11/15/2013 CHF 54.70
Leonteq Securities 17.05 2/14/2014 CHF 42.69
Leonteq Securities 10.03 10/25/2013 CHF 48.39
Leonteq Securities 5.06 5/26/2014 CHF 74.49
Leonteq Securities 18.00 12/6/2013 CHF 58.34
Leonteq Securities 8.40 11/27/2013 CHF 69.11
Leonteq Securities 8.80 12/6/2013 EUR 66.34
Leonteq Securities 20.00 12/12/2013 CHF 59.36
Leonteq Securities 12.80 12/12/2013 CHF 56.01
Leonteq Securities 8.00 12/12/2013 CHF 67.47
Leonteq Securities 8.10 12/13/2013 CHF 56.63
Leonteq Securities 9.20 11/15/2013 CHF 72.96
Leonteq Securities 7.21 11/14/2013 CHF 72.00
Leonteq Securities 10.00 11/21/2013 CHF 48.23
Leonteq Securities 13.60 12/6/2013 CHF 53.15
Leonteq Securities 8.75 6/6/2014 GBP 71.26
Leonteq Securities 8.00 12/6/2013 USD 65.15
Leonteq Securities 12.89 12/10/2013 GBP 52.10
Leonteq Securities 10.20 11/14/2013 CHF 56.32
Leonteq Securities 8.01 11/15/2013 CHF 44.99
Leonteq Securities 21.75 5/22/2014 USD 45.78
Leonteq Securities 20.00 5/27/2014 CHF 71.16
Leonteq Securities 12.00 2/24/2014 CHF 69.73
Leonteq Securities 9.46 6/3/2014 AUD 61.68
Leonteq Securities 24.40 2/25/2014 USD 44.15
Leonteq Securities 22.75 2/4/2014 USD 68.91
Leonteq Securities 15.60 2/6/2014 CHF 55.74
Leonteq Securities 12.25 1/30/2014 CHF 49.87
Leonteq Securities 20.52 3/25/2014 USD 50.23
Leonteq Securities 10.00 1/17/2014 CHF 54.64
Leonteq Securities 21.50 3/21/2014 USD 57.05
Leonteq Securities 8.90 3/28/2014 EUR 63.16
Leonteq Securities 14.25 2/13/2015 USD 62.34
Leonteq Securities 11.50 2/11/2014 USD 70.57
Leonteq Securities 20.50 2/13/2014 CHF 65.24
Leonteq Securities 5.80 8/20/2014 USD 70.34
Leonteq Securities 13.25 2/14/2014 USD 60.87
Leonteq Securities 10.00 7/29/2014 USD 58.84
Leonteq Securities 29.61 10/26/2017 EUR 39.70
Leonteq Securities 9.00 10/31/2013 CHF 43.77
Leonteq Securities 12.00 3/5/2014 CHF 60.81
Leonteq Securities 8.50 12/24/2013 USD 54.18
Leonteq Securities 14.06 12/18/2013 USD 52.76
Leonteq Securities 5.76 12/20/2013 GBP 67.92
Leonteq Securities 10.00 1/23/2014 CHF 54.82
Leonteq Securities 8.00 6/19/2014 CHF 73.01
Leonteq Securities 6.80 12/19/2014 USD 71.84
Leonteq Securities 14.05 12/27/2013 CHF 55.88
Leonteq Securities 6.00 5/20/2014 CHF 66.65
Leonteq Securities 10.00 11/27/2013 CHF 74.15
Leonteq Securities 20.00 11/27/2013 CHF 57.98
Leonteq Securities 11.95 11/29/2013 EUR 54.01
Leonteq Securities 8.35 1/3/2014 AUD 70.38
Leonteq Securities 9.20 12/27/2013 CHF 70.21
Leonteq Securities 9.60 1/8/2014 USD 47.95
Leonteq Securities 8.40 1/15/2014 CHF 74.30
Leonteq Securities 14.00 9/22/2014 CHF 66.90
Leonteq Securities 10.80 1/15/2014 CHF 54.68
Leonteq Securities 5.50 1/25/2016 EUR 64.28
Leonteq Securities 12.00 12/6/2013 GBP 52.45
Leonteq Securities 20.14 4/9/2014 USD 55.40
Leonteq Securities 5.50 8/19/2014 USD 72.76
Leonteq Securities 20.07 2/19/2014 USD 41.82
Leonteq Securities 10.00 2/6/2014 USD 57.48
Leonteq Securities 23.90 1/24/2014 USD 43.75
Leonteq Securities 10.00 11/5/2013 USD 71.34
Leonteq Securities 25.70 1/24/2014 USD 50.45
Mare Baltic PCC Lt 2.00 11/1/2015 DKK 0.00
Zurcher Kantonalba 12.35 11/13/2013 CHF 56.78
Zurcher Kantonalba 8.22 11/15/2013 CHF 56.56
Zurcher Kantonalba 6.05 12/19/2013 EUR 65.62
Zurcher Kantonalba 9.00 12/31/2013 CHF 58.57
Zurcher Kantonalba 10.40 12/5/2013 EUR 60.48
Zurcher Kantonalba 10.65 12/6/2013 CHF 57.99
GERMANY
-------
ATU Auto-Teile-Ung 7.47 10/1/2014 EUR 18.67
BDT Media Automati 8.13 10/9/2017 EUR 65.75
BNP Paribas Emissi 6.00 11/21/2013 EUR 72.21
BNP Paribas Emissi 5.00 11/21/2013 EUR 58.40
BNP Paribas Emissi 7.00 12/30/2013 EUR 60.64
BNP Paribas Emissi 5.50 11/21/2013 EUR 60.09
BNP Paribas Emissi 5.00 11/21/2013 EUR 60.05
BNP Paribas Emissi 6.50 12/30/2013 EUR 59.53
BNP Paribas Emissi 5.50 11/21/2013 EUR 68.77
BNP Paribas Emissi 4.50 11/21/2013 EUR 72.24
BNP Paribas Emissi 6.00 11/21/2013 EUR 74.37
Bremer Landesbank 0.69 3/21/2031 EUR 67.09
Bremer Landesbank 0.72 4/5/2041 EUR 54.49
Centrosolar Group 7.00 2/15/2016 EUR 13.75
Commerzbank AG 8.40 12/30/2013 EUR 2.56
Commerzbank AG 5.05 12/24/2013 EUR 67.54
DekaBank Deutsche 2.21 9/22/2021 EUR 13.92
Deutsche Bank AG 7.00 10/31/2013 EUR 56.20
Deutsche Bank AG 5.00 11/29/2013 EUR 65.00
Deutsche Bank AG 5.00 10/31/2013 EUR 64.80
Deutsche Bank AG 6.00 10/31/2013 EUR 61.70
Deutsche Bank AG 6.00 11/29/2013 EUR 62.00
Deutsche Bank AG 7.00 11/29/2013 EUR 56.60
Deutsche Bank AG 8.20 6/24/2014 EUR 61.80
Deutsche Bank AG 6.20 6/24/2014 EUR 66.00
Deutsche Bank AG 7.20 6/24/2014 EUR 62.90
Deutsche Bank AG 6.20 3/25/2014 EUR 66.40
Deutsche Bank AG 8.20 3/25/2014 EUR 61.50
Deutsche Bank AG 7.20 3/25/2014 EUR 62.90
Deutsche Bank AG 5.00 8/20/2014 EUR 69.00
Deutsche Bank AG 5.00 8/20/2014 EUR 65.10
Deutsche Bank AG 5.00 8/20/2014 EUR 61.50
Deutsche Bank AG 5.00 8/20/2014 EUR 56.80
Deutsche Bank AG 6.00 8/20/2014 EUR 69.80
Deutsche Bank AG 6.00 8/20/2014 EUR 65.90
Deutsche Bank AG 6.00 8/20/2014 EUR 62.30
Deutsche Bank AG 6.00 8/20/2014 EUR 57.70
Deutsche Bank AG 7.00 8/20/2014 EUR 70.70
Deutsche Bank AG 7.00 8/20/2014 EUR 66.70
Deutsche Bank AG 7.00 8/20/2014 EUR 63.20
Deutsche Bank AG 7.00 8/20/2014 EUR 58.50
Deutsche Bank AG 6.00 6/25/2014 EUR 66.70
Deutsche Bank AG 5.00 6/25/2014 EUR 59.24
Deutsche Bank AG 7.50 6/24/2014 EUR 55.20
Deutsche Bank AG 8.50 6/24/2014 EUR 55.90
Deutsche Bank AG 9.50 6/24/2014 EUR 56.60
Deutsche Bank AG 5.50 6/24/2014 EUR 52.50
Deutsche Bank AG 6.50 6/24/2014 EUR 53.20
Deutsche Bank AG 7.50 6/24/2014 EUR 53.90
Deutsche Bank AG 8.50 6/24/2014 EUR 54.50
Deutsche Bank AG 9.50 6/24/2014 EUR 55.20
Deutsche Bank AG 5.50 6/24/2014 EUR 51.20
Deutsche Bank AG 6.50 6/24/2014 EUR 51.90
Deutsche Bank AG 7.50 6/24/2014 EUR 52.60
Deutsche Bank AG 8.50 6/24/2014 EUR 53.30
Deutsche Bank AG 9.50 6/24/2014 EUR 53.90
Deutsche Bank AG 5.50 6/24/2014 EUR 60.00
Deutsche Bank AG 6.50 6/24/2014 EUR 60.70
Deutsche Bank AG 7.50 6/24/2014 EUR 61.30
Deutsche Bank AG 8.50 6/24/2014 EUR 62.00
Deutsche Bank AG 9.50 6/24/2014 EUR 62.70
Deutsche Bank AG 5.50 6/24/2014 EUR 58.30
Deutsche Bank AG 6.50 6/24/2014 EUR 59.00
Deutsche Bank AG 7.50 6/24/2014 EUR 59.70
Deutsche Bank AG 8.50 6/24/2014 EUR 60.40
Deutsche Bank AG 9.50 6/24/2014 EUR 61.00
Deutsche Bank AG 6.50 6/24/2014 EUR 57.40
Deutsche Bank AG 7.50 6/24/2014 EUR 58.10
Deutsche Bank AG 8.50 6/24/2014 EUR 58.80
Deutsche Bank AG 9.50 6/24/2014 EUR 59.50
Deutsche Bank AG 6.50 6/24/2014 EUR 55.90
Deutsche Bank AG 7.50 6/24/2014 EUR 56.60
Deutsche Bank AG 8.50 6/24/2014 EUR 57.30
Deutsche Bank AG 9.50 6/24/2014 EUR 58.00
Deutsche Bank AG 5.50 6/24/2014 EUR 53.80
Deutsche Bank AG 6.50 6/24/2014 EUR 54.50
Deutsche Bank AG 6.00 4/24/2014 EUR 68.90
Deutsche Bank AG 7.00 4/24/2014 EUR 65.30
Deutsche Bank AG 8.00 4/24/2014 EUR 62.10
Deutsche Bank AG 8.00 7/22/2014 EUR 72.10
Deutsche Bank AG 9.50 3/25/2014 EUR 62.10
Deutsche Bank AG 5.50 3/25/2014 EUR 58.60
Deutsche Bank AG 6.50 3/25/2014 EUR 59.10
Deutsche Bank AG 7.50 3/25/2014 EUR 59.50
Deutsche Bank AG 9.50 3/25/2014 EUR 60.40
Deutsche Bank AG 8.50 3/25/2014 EUR 58.30
Deutsche Bank AG 6.50 3/25/2014 EUR 55.90
Deutsche Bank AG 7.50 3/25/2014 EUR 56.30
Deutsche Bank AG 8.50 3/25/2014 EUR 56.80
Deutsche Bank AG 9.50 3/25/2014 EUR 57.20
Deutsche Bank AG 5.50 3/25/2014 EUR 54.00
Deutsche Bank AG 8.50 3/25/2014 EUR 55.30
Deutsche Bank AG 9.50 3/25/2014 EUR 55.70
Deutsche Bank AG 8.50 3/25/2014 EUR 53.90
Deutsche Bank AG 6.50 3/25/2014 EUR 51.70
Deutsche Bank AG 9.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 9/23/2014 EUR 74.80
Deutsche Bank AG 8.50 9/23/2014 EUR 73.60
Deutsche Bank AG 8.00 12/20/2013 EUR 54.70
Deutsche Bank AG 9.50 12/20/2013 EUR 63.80
Deutsche Bank AG 11.00 12/20/2013 EUR 64.10
Deutsche Bank AG 7.50 3/25/2014 EUR 61.20
Deutsche Bank AG 6.50 3/25/2014 EUR 57.40
Deutsche Bank AG 6.50 3/25/2014 EUR 54.40
Deutsche Bank AG 7.50 3/25/2014 EUR 54.90
Deutsche Bank AG 5.50 3/25/2014 EUR 52.60
Deutsche Bank AG 6.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 3/25/2014 EUR 53.50
Deutsche Bank AG 5.50 3/25/2014 EUR 51.30
Deutsche Bank AG 8.50 3/25/2014 EUR 52.60
Deutsche Bank AG 8.00 12/20/2013 EUR 63.60
Deutsche Bank AG 8.00 12/20/2013 EUR 59.70
Deutsche Bank AG 9.50 12/20/2013 EUR 60.00
Deutsche Bank AG 9.50 12/20/2013 EUR 55.00
Deutsche Bank AG 11.00 12/20/2013 EUR 60.20
Deutsche Bank AG 6.00 3/25/2014 EUR 66.40
Deutsche Bank AG 8.00 3/25/2014 EUR 61.40
Deutsche Bank AG 7.00 3/25/2014 EUR 62.80
Deutsche Bank AG 11.00 12/20/2013 EUR 55.20
Deutsche Bank AG 6.00 10/31/2013 EUR 62.70
Deutsche Bank AG 8.00 10/31/2013 EUR 53.80
Deutsche Bank AG 6.00 11/29/2013 EUR 63.00
Deutsche Bank AG 8.00 10/31/2013 EUR 72.80
Deutsche Bank AG 7.00 2/28/2014 EUR 60.60
Deutsche Bank AG 5.00 12/20/2013 EUR 63.10
Deutsche Bank AG 7.00 12/20/2013 EUR 56.10
Deutsche Bank AG 7.50 11/29/2013 EUR 55.80
Deutsche Bank AG 5.00 11/29/2013 EUR 67.30
Deutsche Bank AG 7.00 11/29/2013 EUR 59.20
Deutsche Bank AG 8.00 11/29/2013 EUR 54.30
Deutsche Bank AG 6.00 2/28/2014 EUR 64.00
Deutsche Bank AG 8.00 2/28/2014 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 59.40
Deutsche Bank AG 6.50 11/29/2013 EUR 59.20
Deutsche Bank AG 8.50 10/31/2013 EUR 58.90
Deutsche Bank AG 7.50 10/31/2013 EUR 62.70
Deutsche Bank AG 7.50 11/29/2013 EUR 63.20
Deutsche Bank AG 8.50 11/29/2013 EUR 59.40
Deutsche Bank AG 7.50 12/20/2013 EUR 59.60
Deutsche Bank AG 10.00 12/20/2013 EUR 53.60
Deutsche Bank AG 8.00 12/20/2013 EUR 56.30
Deutsche Bank AG 8.50 12/20/2013 EUR 56.40
Deutsche Bank AG 9.00 12/20/2013 EUR 54.90
Deutsche Bank AG 5.00 10/31/2013 EUR 67.10
Deutsche Bank AG 7.00 10/31/2013 EUR 58.80
Deutsche Bank AG 9.00 11/29/2013 EUR 73.50
Deutsche Bank AG 5.50 11/29/2013 EUR 62.90
Deutsche Bank AG 8.50 12/20/2013 EUR 59.80
Deutsche Bank AG 9.00 12/20/2013 EUR 58.10
Deutsche Bank AG 10.00 12/20/2013 EUR 58.30
Deutsche Bank AG 6.00 12/20/2013 EUR 55.90
Deutsche Bank AG 6.50 12/20/2013 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 57.60
Deutsche Bank AG 7.00 12/20/2013 EUR 57.80
Deutsche Bank AG 8.00 12/20/2013 EUR 57.90
Deutsche Bank AG 7.50 12/20/2013 EUR 56.20
Deutsche Bank AG 10.00 12/20/2013 EUR 56.60
Deutsche Bank AG 7.00 12/20/2013 EUR 59.50
Deutsche Bank AG 9.50 12/20/2013 EUR 56.50
Deutsche Bank AG 6.00 3/26/2014 EUR 66.95
Deutsche Bank AG 7.50 12/20/2013 EUR 57.90
Deutsche Bank AG 9.00 12/20/2013 EUR 59.90
Deutsche Bank AG 5.00 3/26/2014 EUR 70.59
Deutsche Bank AG 9.00 12/20/2013 EUR 56.40
Deutsche Bank AG 12.00 12/20/2013 EUR 51.20
Deutsche Bank AG 6.50 12/20/2013 EUR 59.40
Deutsche Bank AG 10.00 12/20/2013 EUR 55.00
Deutsche Bank AG 5.00 6/24/2014 EUR 71.70
Deutsche Bank AG 4.50 3/25/2014 EUR 75.00
Deutsche Bank AG 5.00 3/25/2014 EUR 72.70
Deutsche Bank AG 7.00 1/31/2014 EUR 62.00
Deutsche Bank AG 8.00 1/31/2014 EUR 60.40
Deutsche Bank AG 5.50 3/25/2014 EUR 60.30
Deutsche Bank AG 6.50 3/25/2014 EUR 60.80
Deutsche Bank AG 8.50 3/25/2014 EUR 61.60
Deutsche Bank AG 8.50 3/25/2014 EUR 59.90
Deutsche Bank AG 7.50 3/25/2014 EUR 57.90
Deutsche Bank AG 9.50 3/25/2014 EUR 58.70
Deutsche Bank AG 9.50 3/25/2014 EUR 54.30
Deutsche Bank AG 7.50 3/25/2014 EUR 52.20
Deutsche Bank AG 6.00 1/31/2014 EUR 65.80
Deutsche Bank AG 4.50 6/24/2014 EUR 73.70
Dresdner Bank AG 0.89 11/19/2029 EUR 51.13
Dresdner Bank AG 5.45 2/22/2029 EUR 65.92
Dresdner Bank AG 1.08 12/31/2021 EUR 72.13
DZ Bank AG Deutsch 12.00 10/25/2013 EUR 73.65
DZ Bank AG Deutsch 2.35 3/24/2023 EUR 70.50
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 70.93
DZ Bank AG Deutsch 8.50 10/25/2013 EUR 72.67
DZ Bank AG Deutsch 7.00 10/25/2013 EUR 50.42
DZ Bank AG Deutsch 5.75 12/31/2013 EUR 55.46
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 72.18
DZ Bank AG Deutsch 7.75 11/8/2013 EUR 54.90
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 73.66
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 51.95
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 62.43
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 74.95
DZ Bank AG Deutsch 6.50 11/22/2013 EUR 49.33
DZ Bank AG Deutsch 6.25 11/8/2013 EUR 56.39
DZ Bank AG Deutsch 5.00 12/31/2013 EUR 64.79
DZ Bank AG Deutsch 9.40 12/31/2013 EUR 58.13
DZ Bank AG Deutsch 9.50 10/25/2013 EUR 48.70
DZ Bank AG Deutsch 15.75 11/22/2013 EUR 4.94
DZ Bank AG Deutsch 10.75 12/31/2013 EUR 56.51
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 58.18
DZ Bank AG Deutsch 5.75 6/27/2014 EUR 60.94
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 58.40
DZ Bank AG Deutsch 8.50 9/26/2014 EUR 59.94
DZ Bank AG Deutsch 7.00 4/7/2014 EUR 62.91
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 63.50
DZ Bank AG Deutsch 5.00 10/25/2013 EUR 58.00
DZ Bank AG Deutsch 5.00 12/20/2013 EUR 68.68
DZ Bank AG Deutsch 9.50 1/10/2014 EUR 65.98
DZ Bank AG Deutsch 12.25 1/10/2014 EUR 68.31
DZ Bank AG Deutsch 10.75 7/11/2014 EUR 74.40
DZ Bank AG Deutsch 6.30 7/11/2014 EUR 69.50
DZ Bank AG Deutsch 5.50 12/13/2013 EUR 55.94
DZ Bank AG Deutsch 3.50 12/31/2013 EUR 64.92
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 66.92
DZ Bank AG Deutsch 2.50 12/13/2013 EUR 68.49
DZ Bank AG Deutsch 8.00 3/28/2014 EUR 53.91
DZ Bank AG Deutsch 7.40 7/11/2014 EUR 68.63
DZ Bank AG Deutsch 4.75 12/13/2013 EUR 59.73
DZ Bank AG Deutsch 7.50 1/15/2014 EUR 74.79
DZ Bank AG Deutsch 6.00 11/11/2013 EUR 49.46
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 59.41
DZ Bank AG Deutsch 6.25 3/7/2014 EUR 58.45
DZ Bank AG Deutsch 5.50 2/14/2014 EUR 56.46
DZ Bank AG Deutsch 10.00 12/31/2013 EUR 63.87
DZ Bank AG Deutsch 5.25 6/27/2014 EUR 69.05
DZ Bank AG Deutsch 8.75 9/26/2014 EUR 66.80
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 65.56
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 65.38
DZ Bank AG Deutsch 4.00 12/13/2013 EUR 60.82
DZ Bank AG Deutsch 5.25 10/25/2013 EUR 54.26
DZ Bank AG Deutsch 6.00 12/13/2013 EUR 72.70
DZ Bank AG Deutsch 6.50 6/27/2014 EUR 64.75
DZ Bank AG Deutsch 7.50 6/27/2014 EUR 63.09
DZ Bank AG Deutsch 9.75 6/13/2014 EUR 64.24
DZ Bank AG Deutsch 4.50 12/31/2013 EUR 62.28
DZ Bank AG Deutsch 6.50 3/14/2014 EUR 52.87
DZ Bank AG Deutsch 6.00 1/17/2014 EUR 58.65
DZ Bank AG Deutsch 4.00 3/28/2014 EUR 57.78
DZ Bank AG Deutsch 4.00 12/20/2013 EUR 68.55
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 58.79
DZ Bank AG Deutsch 9.75 11/22/2013 EUR 53.48
DZ Bank AG Deutsch 7.50 1/10/2014 EUR 70.79
DZ Bank AG Deutsch 6.00 3/28/2014 EUR 60.96
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
Estavis AG 7.75 6/25/2017 EUR 2.29
getgoods.de AG 7.75 10/2/2017 EUR 68.50
Goldman Sachs & Co 11.00 10/23/2013 EUR 60.54
Goldman Sachs & Co 13.00 10/23/2013 EUR 47.86
Goldman Sachs & Co 7.00 12/27/2013 EUR 68.38
Goldman Sachs & Co 12.00 12/27/2013 EUR 44.22
Goldman Sachs & Co 13.00 12/27/2013 EUR 72.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 67.54
Goldman Sachs & Co 10.00 11/20/2013 EUR 70.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 43.09
Goldman Sachs & Co 16.00 11/20/2013 EUR 61.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 47.51
Goldman Sachs & Co 10.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 14.00 10/23/2013 EUR 44.71
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.30
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.51
Goldman Sachs & Co 12.00 3/26/2014 EUR 73.08
Goldman Sachs & Co 8.00 3/26/2014 EUR 57.54
Goldman Sachs & Co 14.00 10/23/2013 EUR 69.75
Goldman Sachs & Co 11.00 3/26/2014 EUR 74.11
Goldman Sachs & Co 14.00 11/20/2013 EUR 70.69
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.67
Goldman Sachs & Co 16.00 11/20/2013 EUR 66.17
Goldman Sachs & Co 16.00 3/26/2014 EUR 69.23
Goldman Sachs & Co 6.00 10/23/2013 EUR 72.71
Goldman Sachs & Co 12.00 10/23/2013 EUR 71.90
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.42
Goldman Sachs & Co 8.00 11/20/2013 EUR 57.14
Goldman Sachs & Co 9.00 10/23/2013 EUR 47.84
Goldman Sachs & Co 11.00 3/26/2014 EUR 56.14
Goldman Sachs & Co 8.00 10/23/2013 EUR 52.12
Goldman Sachs & Co 18.00 10/23/2013 EUR 43.70
Goldman Sachs & Co 12.00 11/20/2013 EUR 74.24
Goldman Sachs & Co 13.00 11/20/2013 EUR 72.22
Goldman Sachs & Co 9.00 12/27/2013 EUR 55.96
Goldman Sachs & Co 7.00 3/26/2014 EUR 54.46
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 15.00 11/20/2013 EUR 46.58
Goldman Sachs & Co 16.00 3/26/2014 EUR 50.67
Goldman Sachs & Co 17.00 10/23/2013 EUR 72.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.79
Goldman Sachs & Co 13.00 12/24/2014 EUR 72.15
Goldman Sachs & Co 9.00 12/24/2014 EUR 61.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 71.38
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.72
Goldman Sachs & Co 14.00 12/27/2013 EUR 50.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 46.96
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.65
Goldman Sachs & Co 6.00 3/26/2014 EUR 69.01
Goldman Sachs & Co 10.00 12/27/2013 EUR 59.73
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.64
Goldman Sachs & Co 9.00 12/27/2013 EUR 54.56
Goldman Sachs & Co 10.00 3/26/2014 EUR 53.04
Goldman Sachs & Co 6.00 12/27/2013 EUR 67.36
Goldman Sachs & Co 6.00 12/27/2013 EUR 60.95
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.49
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.92
Goldman Sachs & Co 4.00 3/26/2014 EUR 63.10
Goldman Sachs & Co 5.00 3/26/2014 EUR 67.72
Goldman Sachs & Co 5.00 3/26/2014 EUR 65.56
Goldman Sachs & Co 7.00 3/26/2014 EUR 58.88
Goldman Sachs & Co 9.00 3/26/2014 EUR 56.78
Goldman Sachs & Co 10.00 3/26/2014 EUR 60.15
Goldman Sachs & Co 5.00 6/25/2014 EUR 61.58
Goldman Sachs & Co 8.00 6/25/2014 EUR 61.84
Goldman Sachs & Co 10.00 6/25/2014 EUR 59.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.92
Goldman Sachs & Co 19.00 3/26/2014 EUR 56.61
Goldman Sachs & Co 4.00 6/25/2014 EUR 66.52
Goldman Sachs & Co 4.00 6/25/2014 EUR 62.76
Goldman Sachs & Co 6.00 9/24/2014 EUR 61.79
Goldman Sachs & Co 8.00 9/24/2014 EUR 65.32
Goldman Sachs & Co 8.00 9/24/2014 EUR 63.62
Goldman Sachs & Co 19.00 6/25/2014 EUR 57.83
Goldman Sachs & Co 5.00 9/24/2014 EUR 67.95
Goldman Sachs & Co 13.00 9/24/2014 EUR 58.17
Goldman Sachs & Co 17.00 9/24/2014 EUR 59.59
Goldman Sachs & Co 8.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 5.00 10/23/2013 EUR 62.52
Goldman Sachs & Co 5.00 12/27/2013 EUR 57.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 7.00 8/20/2014 EUR 58.46
Goldman Sachs & Co 10.00 12/27/2013 EUR 69.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 49.99
Goldman Sachs & Co 11.00 12/27/2013 EUR 59.96
Goldman Sachs & Co 13.00 12/27/2013 EUR 58.55
Goldman Sachs & Co 7.00 12/27/2013 EUR 64.12
Goldman Sachs & Co 14.00 12/27/2013 EUR 71.02
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 10.00 12/27/2013 EUR 49.26
Goldman Sachs & Co 6.50 12/27/2013 EUR 43.13
Goldman Sachs & Co 8.00 12/27/2013 EUR 37.67
Goldman Sachs & Co 3.00 12/24/2014 EUR 68.05
Goldman Sachs & Co 12.00 3/26/2014 EUR 54.84
Goldman Sachs & Co 17.00 2/26/2014 EUR 74.27
Goldman Sachs & Co 8.00 12/27/2013 EUR 59.43
Goldman Sachs & Co 9.00 3/26/2014 EUR 59.71
Goldman Sachs & Co 17.00 3/26/2014 EUR 55.75
Goldman Sachs & Co 8.00 1/22/2014 EUR 61.77
Goldman Sachs & Co 7.00 3/26/2014 EUR 61.74
Goldman Sachs & Co 17.00 1/22/2014 EUR 72.86
Goldman Sachs & Co 12.00 12/27/2013 EUR 52.26
Goldman Sachs & Co 14.00 2/26/2014 EUR 52.23
Goldman Sachs & Co 11.00 1/22/2014 EUR 58.90
Goldman Sachs & Co 13.00 1/22/2014 EUR 56.41
Goldman Sachs & Co 16.00 1/22/2014 EUR 55.68
Goldman Sachs & Co 17.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 11.00 12/24/2014 EUR 58.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 50.47
Goldman Sachs & Co 7.00 12/27/2013 EUR 72.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 55.54
Goldman Sachs & Co 16.00 12/27/2013 EUR 73.11
Goldman Sachs & Co 10.00 12/27/2013 EUR 73.16
Goldman Sachs & Co 8.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 14.00 11/20/2013 EUR 66.64
Goldman Sachs & Co 12.00 10/23/2013 EUR 61.94
Goldman Sachs & Co 15.00 12/27/2013 EUR 63.22
Goldman Sachs & Co 14.00 3/26/2014 EUR 66.42
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 8.00 11/20/2013 EUR 50.98
Goldman Sachs & Co 10.00 10/23/2013 EUR 49.39
Goldman Sachs & Co 11.00 3/26/2014 EUR 49.64
Goldman Sachs & Co 11.00 11/20/2013 EUR 45.17
Goldman Sachs & Co 15.00 11/20/2013 EUR 42.06
Goldman Sachs & Co 17.00 11/20/2013 EUR 41.31
Goldman Sachs & Co 13.00 10/23/2013 EUR 70.25
Goldman Sachs & Co 10.00 3/26/2014 EUR 73.65
Goldman Sachs & Co 16.00 11/20/2013 EUR 67.23
Goldman Sachs & Co 13.00 3/26/2014 EUR 69.70
Goldman Sachs & Co 6.00 3/26/2014 EUR 54.89
Goldman Sachs & Co 9.00 12/27/2013 EUR 56.40
Goldman Sachs & Co 18.00 12/27/2013 EUR 52.01
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.90
Goldman Sachs & Co 12.00 2/26/2014 EUR 55.73
Goldman Sachs & Co 7.00 12/27/2013 EUR 59.19
Goldman Sachs & Co 7.00 12/27/2013 EUR 48.72
Goldman Sachs & Co 12.00 11/20/2013 EUR 73.14
Goldman Sachs & Co 12.00 3/26/2014 EUR 68.12
Goldman Sachs & Co 12.00 3/26/2014 EUR 51.20
Goldman Sachs & Co 7.00 10/23/2013 EUR 74.87
Goldman Sachs & Co 13.00 12/27/2013 EUR 66.31
Goldman Sachs & Co 15.00 10/23/2013 EUR 71.91
Goldman Sachs & Co 6.00 11/20/2013 EUR 52.23
Goldman Sachs & Co 14.00 11/20/2013 EUR 48.85
Goldman Sachs & Co 16.00 11/20/2013 EUR 45.57
Goldman Sachs & Co 11.00 10/23/2013 EUR 74.03
Goldman Sachs & Co 8.00 12/27/2013 EUR 56.22
Goldman Sachs & Co 11.00 11/20/2013 EUR 49.88
Goldman Sachs & Co 18.00 10/23/2013 EUR 42.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 47.30
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 11/20/2013 EUR 70.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 54.06
Goldman Sachs & Co 16.00 12/27/2013 EUR 65.08
Goldman Sachs & Co 13.00 12/27/2013 EUR 68.50
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.48
Goldman Sachs & Co 10.00 12/27/2013 EUR 56.30
Goldman Sachs & Co 6.00 12/27/2013 EUR 57.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 68.63
Goldman Sachs & Co 14.00 12/27/2013 EUR 48.78
Goldman Sachs & Co 13.00 12/27/2013 EUR 48.65
Goldman Sachs & Co 6.00 11/20/2013 EUR 64.83
Goldman Sachs & Co 14.00 11/20/2013 EUR 51.46
Goldman Sachs & Co 16.00 11/20/2013 EUR 50.28
Goldman Sachs & Co 15.00 3/26/2014 EUR 52.47
Goldman Sachs & Co 16.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.43
Goldman Sachs & Co 17.00 10/23/2013 EUR 50.76
Goldman Sachs & Co 9.00 3/26/2014 EUR 53.69
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 13.00 12/27/2013 EUR 71.84
Goldman Sachs & Co 10.00 12/27/2013 EUR 55.02
Goldman Sachs & Co 9.00 12/27/2013 EUR 59.61
Goldman Sachs & Co 4.00 12/27/2013 EUR 60.59
Goldman Sachs & Co 4.00 12/27/2013 EUR 69.44
Goldman Sachs & Co 7.00 3/26/2014 EUR 57.47
Goldman Sachs & Co 3.00 3/26/2014 EUR 64.72
Goldman Sachs & Co 8.00 9/24/2014 EUR 59.95
Goldman Sachs & Co 13.00 2/26/2014 EUR 48.40
Goldman Sachs & Co 9.00 10/23/2013 EUR 52.85
Goldman Sachs & Co 6.00 10/23/2013 EUR 64.68
Goldman Sachs & Co 7.00 12/27/2013 EUR 63.13
Goldman Sachs & Co 4.00 3/26/2014 EUR 74.62
Goldman Sachs & Co 9.00 6/25/2014 EUR 60.40
Gunther Zamek Prod 7.75 5/15/2017 EUR 55.50
Hamburgische Lande 0.60 1/22/2041 EUR 68.03
Hamburgische Lande 0.61 10/30/2040 EUR 68.07
Hamburgische Lande 0.61 11/28/2030 EUR 74.77
Hamburgische Lande 0.60 10/25/2030 EUR 75.00
Hamburgische Lande 0.56 10/30/2030 EUR 74.24
Hamburgische Lande 0.64 7/18/2031 EUR 74.20
Hamburgische Lande 0.69 11/8/2030 EUR 74.82
Hamburgische Lande 0.59 2/5/2031 EUR 73.86
Hamburgische Lande 0.58 10/25/2030 EUR 74.61
Hamburgische Lande 0.59 12/1/2030 EUR 73.55
Hanwha Q-CELLS Gmb 6.75 10/21/2015 EUR 1.32
HSBC Trinkaus & Bu 10.50 12/30/2013 EUR 73.80
HSBC Trinkaus & Bu 12.50 12/30/2013 EUR 70.21
HSBC Trinkaus & Bu 11.00 12/30/2013 EUR 73.68
HSH Nordbank AG 1.03 2/14/2017 EUR 68.24
HSH Nordbank AG 1.07 2/14/2017 EUR 68.16
IKB Deutsche Indus 1.12 9/13/2016 EUR 74.66
IKB Deutsche Indus 0.97 1/23/2017 EUR 71.62
KFW 0.25 10/6/2036 CAD 33.42
Landesbank Berlin 4.80 11/7/2014 EUR 58.28
Landesbank Berlin 7.25 6/27/2014 EUR 58.30
Landesbank Berlin 4.00 12/30/2013 EUR 63.19
Landesbank Berlin 5.00 6/27/2014 EUR 64.20
Landesbank Berlin 4.00 12/30/2014 EUR 68.24
Landesbank Berlin 7.00 12/30/2014 EUR 64.80
Landesbank Berlin 4.75 12/30/2014 EUR 65.47
Landesbank Berlin 8.50 3/28/2014 EUR 62.32
Landesbank Berlin 4.75 3/28/2014 EUR 70.71
Landesbank Berlin 8.50 3/28/2014 EUR 65.88
Landesbank Berlin 11.00 12/30/2013 EUR 7.94
Landesbank Berlin 5.50 6/27/2014 EUR 62.69
Landesbank Berlin 4.00 3/28/2014 EUR 61.97
Landesbank Berlin 5.00 8/8/2014 EUR 58.13
Landesbank Berlin 5.00 3/28/2014 EUR 60.58
Landesbank Berlin 6.00 3/28/2014 EUR 65.28
Landesbank Berlin 3.00 3/28/2014 EUR 72.82
Landesbank Berlin 4.50 3/28/2014 EUR 68.83
Landesbank Berlin 5.00 12/30/2013 EUR 59.52
Landesbank Berlin 4.00 3/28/2014 EUR 65.95
Landesbank Berlin 8.00 3/28/2014 EUR 60.17
Landesbank Berlin 7.00 6/27/2014 EUR 58.72
Landesbank Berlin 11.00 6/27/2014 EUR 14.56
Landesbank Berlin 4.00 6/27/2014 EUR 65.46
Landesbank Berlin 5.50 12/23/2013 EUR 60.90
Landesbank Berlin 4.00 6/27/2014 EUR 68.01
Landesbank Berlin 7.00 6/27/2014 EUR 62.46
Landesbank Hessen- 0.85 7/18/2031 EUR 63.96
Landesbank Hessen- 4.00 6/20/2014 EUR 59.10
Landeskreditbank B 0.25 10/13/2037 CAD 29.38
Landeskreditbank B 0.50 5/10/2027 CAD 57.81
Landwirtschaftlich 0.50 4/19/2017 TRY 74.97
LBBW 0.62 10/4/2030 EUR 71.11
LBBW 4.00 11/22/2013 EUR 74.51
LBBW 4.00 3/28/2014 EUR 60.31
LBBW 5.00 3/28/2014 EUR 57.49
LBBW 3.00 11/22/2013 EUR 66.79
LBBW 5.00 11/22/2013 EUR 62.53
LBBW 4.00 11/22/2013 EUR 65.79
LBBW 4.00 7/25/2014 EUR 64.82
LBBW 3.00 2/28/2014 EUR 67.30
LBBW 5.00 2/28/2014 EUR 58.88
LBBW 6.00 2/28/2014 EUR 56.10
LBBW 5.00 11/22/2013 EUR 58.10
LBBW 3.00 11/22/2013 EUR 63.63
LBBW 4.00 11/22/2013 EUR 60.83
LBBW 3.00 6/27/2014 EUR 64.58
LBBW 4.00 6/27/2014 EUR 61.78
LBBW 5.00 6/27/2014 EUR 59.62
LBBW 3.00 8/22/2014 EUR 67.39
LBBW 4.00 8/22/2014 EUR 65.35
LBBW 5.00 8/22/2014 EUR 63.72
LBBW 3.00 2/28/2014 EUR 64.90
LBBW 5.00 2/28/2014 EUR 61.60
LBBW 5.00 9/26/2014 EUR 61.16
LBBW 4.00 10/25/2013 EUR 58.36
LBBW 4.00 3/28/2014 EUR 61.06
LBBW 3.00 3/28/2014 EUR 64.74
LBBW 4.00 1/24/2014 EUR 67.54
LBBW 6.00 1/24/2014 EUR 60.58
LBBW 7.00 1/24/2014 EUR 58.00
LBBW 7.00 11/22/2013 EUR 69.09
LBBW 4.00 6/27/2014 EUR 63.66
LBBW 6.00 6/27/2014 EUR 59.62
LBBW 6.00 7/25/2014 EUR 61.69
LBBW 4.00 3/28/2014 EUR 60.09
LBBW 5.10 1/15/2014 EUR 68.01
LBBW 5.00 6/27/2014 EUR 58.31
LBBW 4.00 6/27/2014 EUR 59.42
LBBW 3.00 6/27/2014 EUR 61.09
LBBW 3.00 9/26/2014 EUR 64.39
LBBW 4.00 9/26/2014 EUR 62.54
LBBW 7.00 9/26/2014 EUR 59.20
LBBW 5.00 11/22/2013 EUR 63.58
LBBW 6.00 11/22/2013 EUR 64.98
LBBW 8.00 11/22/2013 EUR 58.71
Norddeutsche Lande 0.69 10/21/2030 EUR 74.42
Praktiker AG 5.88 2/10/2016 EUR 1.50
Qimonda Finance LL 6.75 3/22/2013 USD 3.44
SiC Processing Gmb 7.13 3/1/2016 EUR 5.50
Solarwatt GmbH 7.00 11/1/2015 EUR 14.75
Solarworld AG 6.13 1/21/2017 EUR 37.25
Solarworld AG 6.38 7/13/2016 EUR 33.00
Solon SE 1.38 12/6/2012 EUR 0.63
Sparkasse KoelnBon 0.68 5/7/2031 EUR 71.54
Sparkasse KoelnBon 0.74 9/29/2034 EUR 68.26
TAG Immobilien AG 6.50 12/10/2015 EUR 9.45
TUI AG 2.75 3/24/2016 EUR 64.09
UniCredit Bank AG 0.92 11/19/2029 EUR 65.48
Vontobel Financial 5.45 12/31/2013 EUR 59.48
Vontobel Financial 5.47 3/17/2014 EUR 35.50
Vontobel Financial 4.30 12/31/2013 EUR 63.20
Vontobel Financial 7.70 12/31/2013 EUR 54.94
Vontobel Financial 5.30 6/27/2014 EUR 60.94
Vontobel Financial 4.25 12/31/2013 EUR 63.14
Vontobel Financial 5.30 12/31/2013 EUR 59.38
Vontobel Financial 9.85 12/31/2013 EUR 73.66
Vontobel Financial 4.20 12/31/2013 EUR 63.14
Vontobel Financial 5.35 12/31/2013 EUR 59.50
Vontobel Financial 7.40 12/31/2013 EUR 54.84
Vontobel Financial 9.85 12/31/2013 EUR 51.06
Vontobel Financial 6.10 12/31/2013 EUR 59.66
Vontobel Financial 5.50 12/31/2013 EUR 59.56
Vontobel Financial 6.85 12/31/2013 EUR 54.78
Vontobel Financial 7.15 12/31/2013 EUR 54.82
Vontobel Financial 9.10 12/31/2013 EUR 50.96
Vontobel Financial 5.10 4/14/2014 EUR 30.60
Vontobel Financial 17.15 12/31/2013 EUR 52.48
Vontobel Financial 4.25 12/31/2013 EUR 63.20
Vontobel Financial 8.65 12/31/2013 EUR 56.66
Vontobel Financial 6.30 12/31/2013 EUR 59.72
Vontobel Financial 8.70 12/31/2013 EUR 73.44
Vontobel Financial 7.85 12/31/2013 EUR 50.72
Vontobel Financial 5.50 12/31/2013 EUR 54.52
Vontobel Financial 5.10 6/27/2014 EUR 60.50
Vontobel Financial 8.00 12/31/2013 EUR 55.02
Vontobel Financial 7.35 6/27/2014 EUR 57.28
Vontobel Financial 4.60 3/28/2014 EUR 60.20
Vontobel Financial 4.75 12/31/2013 EUR 59.42
Vontobel Financial 7.20 3/28/2014 EUR 56.40
Vontobel Financial 7.45 12/31/2013 EUR 59.94
Vontobel Financial 10.20 12/31/2013 EUR 56.98
Vontobel Financial 4.80 12/31/2013 EUR 56.58
Vontobel Financial 5.50 12/31/2013 EUR 56.38
Vontobel Financial 8.85 12/31/2013 EUR 54.96
Vontobel Financial 8.35 12/31/2013 EUR 56.92
Vontobel Financial 7.70 12/31/2013 EUR 54.74
Vontobel Financial 7.40 12/31/2013 EUR 59.92
Vontobel Financial 5.40 6/27/2014 EUR 57.68
Vontobel Financial 5.05 3/28/2014 EUR 57.46
Vontobel Financial 7.60 3/28/2014 EUR 58.24
Vontobel Financial 5.65 3/28/2014 EUR 57.40
Vontobel Financial 4.35 12/31/2013 EUR 63.26
Vontobel Financial 8.65 12/31/2013 EUR 60.16
Vontobel Financial 7.75 12/31/2013 EUR 54.72
Vontobel Financial 8.15 12/31/2013 EUR 56.38
Vontobel Financial 15.75 12/31/2013 EUR 52.14
Vontobel Financial 10.45 12/31/2013 EUR 55.40
Vontobel Financial 6.35 12/31/2013 EUR 54.68
Vontobel Financial 8.00 12/31/2013 EUR 54.98
Vontobel Financial 5.25 12/31/2013 EUR 59.50
Vontobel Financial 6.45 12/31/2013 EUR 74.82
Vontobel Financial 5.00 1/24/2014 EUR 61.50
Vontobel Financial 7.39 11/25/2013 EUR 62.60
WGZ-Bank AG Westde 2.50 12/23/2013 EUR 68.43
WGZ-Bank AG Westde 3.00 1/30/2014 EUR 69.85
WGZ-Bank AG Westde 4.00 1/30/2014 EUR 65.48
WGZ-Bank AG Westde 5.00 1/30/2014 EUR 63.64
WGZ-Bank AG Westde 6.00 12/18/2013 EUR 52.92
WGZ-Bank AG Westde 4.00 12/18/2013 EUR 59.07
WGZ-Bank AG Westde 5.00 12/18/2013 EUR 55.81
WGZ-Bank AG Westde 7.50 12/18/2013 EUR 50.43
WGZ-Bank AG Westde 4.00 3/27/2014 EUR 66.20
WGZ-Bank AG Westde 3.00 6/25/2014 EUR 61.31
WGZ-Bank AG Westde 5.50 6/25/2014 EUR 56.15
WGZ-Bank AG Westde 4.00 6/25/2014 EUR 58.30
WGZ-Bank AG Westde 7.00 6/25/2014 EUR 54.32
WGZ-Bank AG Westde 6.00 1/30/2014 EUR 61.94
WGZ-Bank AG Westde 6.00 3/11/2014 EUR 54.62
WGZ-Bank AG Westde 4.00 9/30/2014 EUR 74.98
WGZ-Bank AG Westde 5.00 9/30/2014 EUR 73.89
WGZ-Bank AG Westde 6.00 9/30/2014 EUR 73.00
WGZ-Bank AG Westde 3.00 3/27/2014 EUR 68.09
WGZ-Bank AG Westde 5.00 3/27/2014 EUR 64.45
WGZ-Bank AG Westde 6.00 3/27/2014 EUR 62.91
Windreich GmbH 6.50 7/15/2016 EUR 11.13
Windreich GmbH 6.50 3/1/2015 EUR 9.88
Windreich GmbH 6.75 3/1/2015 EUR 11.13
Windreich GmbH 6.25 3/1/2015 EUR 11.13
GREECE
------
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
ICELAND
-------
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13
Kaupthing Bank Hf 3.00 2/12/2010 CHF 22.88
Kaupthing Bank Hf 4.70 2/15/2010 CAD 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 4.65 2/19/2013 EUR 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13
Kaupthing Bank Hf 1.99 7/5/2012 JPY 22.88
Kaupthing Bank Hf 9.75 9/10/2015 USD 22.88
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.50 2/2/2009 USD 22.88
Kaupthing Bank Hf 1.80 10/20/2009 JPY 22.88
Kaupthing Bank Hf 5.80 9/7/2012 EUR 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 0.80 2/15/2011 EUR 22.88
Kaupthing Bank Hf 7.50 12/5/2014 ISK 22.88
Kaupthing Bank Hf 3.75 2/15/2024 ISK 22.88
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13
Kaupthing Bank Hf 5.25 7/18/2017 BGN 22.88
Kaupthing Bank Hf 1.65 7/5/2010 JPY 22.88
Kaupthing Bank Hf 7.90 2/1/2016 EUR 22.88
Kaupthing Bank Hf 4.95 5/6/2009 EUR 22.88
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13
Kaupthing Bank Hf 7.70 10/2/2011 EUR 22.88
Kaupthing Bank Hf 4.50 1/17/2011 EUR 22.88
Kaupthing Bank Hf 0.69 5/21/2011 JPY 22.88
Kaupthing Bank Hf 7.00 7/24/2009 ISK 22.88
Kaupthing Bank Hf 0.20 7/12/2009 JPY 22.88
Kaupthing Bank Hf 5.00 11/8/2013 EUR 22.88
Kaupthing Bank Hf 7.50 4/2/2011 EUR 22.88
Kaupthing Bank Hf 7.50 10/2/2010 EUR 22.88
Kaupthing Bank Hf 7.00 1/3/2011 EUR 22.88
Kaupthing Bank Hf 4.53 4/24/2012 EUR 22.88
Kaupthing Bank Hf 4.47 10/27/2010 EUR 22.88
Kaupthing Bank Hf 0.95 10/20/2010 JPY 22.88
Kaupthing Bank Hf 5.00 1/4/2027 SKK 22.88
Kaupthing Bank Hf 4.90 5/29/2017 EUR 22.88
Kaupthing Bank Hf 6.50 10/8/2010 ISK 22.88
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13
Kaupthing Bank Hf 7.90 4/28/2016 EUR 22.88
Kaupthing Bank Hf 1.75 6/7/2016 EUR 22.88
Kaupthing Bank Hf 6.40 12/15/2015 EUR 22.88
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.20 5/10/2010 SKK 8.00
LBI HF 2.25 2/14/2011 CHF 8.00
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.00 12/7/2010 CHF 8.00
LBI HF 4.40 1/18/2010 CAD 8.00
LBI HF 4.38 10/20/2008 EUR 8.00
LBI HF 4.75 5/31/2013 EUR 8.00
LBI HF 4.53 4/24/2012 EUR 8.00
LBI HF 7.25 4/2/2011 EUR 8.00
LBI HF 8.65 5/1/2011 ISK 8.00
LBI HF 4.08 3/16/2015 EUR 8.00
LBI HF 6.75 8/18/2015 EUR 8.00
LBI HF 4.40 11/3/2009 CZK 8.00
LBI HF 6.00 6/6/2017 EUR 8.00
LBI HF 5.44 9/3/2018 EUR 0.13
LBI HF 4.28 11/19/2010 EUR 8.00
LBI HF 2.14 2/3/2020 JPY 8.00
LBI HF 4.32 1/31/2010 EUR 8.00
LBI HF 4.40 11/30/2035 EUR 0.13
LBI HF 5.25 6/5/2023 EUR 8.00
LBI HF 5.08 3/1/2013 ISK 8.00
LBI HF 7.00 4/2/2010 EUR 8.00
LBI HF 3.00 10/22/2015 EUR 8.00
LBI HF 1.68 12/22/2014 JPY 8.00
LBI HF 4.00 9/23/2015 EUR 8.00
LBI HF 3.45 12/18/2033 JPY 0.13
LBI HF 2.22 10/15/2019 JPY 8.00
LBI HF 4.34 3/1/2011 EUR 8.00
LBI HF 3.34 5/11/2012 EUR 8.00
LBI HF 7.75 2/22/2016 USD 8.00
LBI HF 2.75 3/16/2011 EUR 8.00
LBI HF 3.36 8/17/2012 EUR 8.00
LBI HF 7.20 4/27/2026 EUR 0.13
LBI HF 6.75 2/18/2015 EUR 8.00
LBI HF 3.11 11/10/2008 EUR 8.00
LBI HF 4.34 12/22/2025 EUR 8.00
IRELAND
-------
Corsicanto Ltd 3.50 1/15/2032 USD 74.94
Depfa ACS Bank 4.90 8/24/2035 CAD 69.73
Depfa ACS Bank 0.50 3/3/2025 CAD 46.53
Kalvebod PLC 2.00 5/1/2106 DKK 40.00
ITALY
-------
Banca delle Marche 1.18 6/1/2017 EUR 42.39
A2A SpA 3.20 8/10/2036 EUR 62.44
Banca delle Marche 5.50 9/16/2030 EUR 69.25
Banca di Cividale 0.34 10/2/2036 EUR 57.63
Banca Monte dei Pa 1.23 1/15/2018 EUR 74.60
Cassa Depositi e P 0.29 10/31/2029 EUR 61.70
Cirio Finanziaria 8.00 12/21/2005 EUR 0.63
City of Lecco Ital 0.46 6/30/2026 EUR 67.27
Comune di Andrano 3.92 12/31/2035 EUR 71.20
Comune di Fiumicin 0.49 12/31/2026 EUR 66.65
Comune di Grontard 4.10 12/31/2035 EUR 73.36
Comune di Marcheno 4.23 12/31/2036 EUR 74.59
Comune di Marscian 4.03 12/31/2035 EUR 72.47
Comune di Mercato 3.97 12/31/2035 EUR 71.83
Comune di Piadena 4.05 12/31/2035 EUR 72.74
Comune di San Ferd 0.53 12/27/2026 EUR 67.26
Comune di Santa Ma 0.60 5/31/2026 EUR 69.00
Comune di Seminara 0.72 10/31/2026 EUR 69.14
Comune di Verona 0.43 12/1/2026 EUR 64.53
Enel SpA 0.96 10/20/2032 EUR 63.62
Intesa Sanpaolo Sp 1.06 3/20/2023 EUR 74.70
Italy Government I 1.85 9/15/2057 EUR 65.06
Italy Government I 2.00 9/15/2062 EUR 67.03
Italy Government I 2.20 9/15/2058 EUR 72.77
Italy Government I 2.87 5/19/2036 JPY 69.43
Province of Bresci 0.73 12/22/2036 EUR 57.22
Province of Bresci 0.72 6/30/2036 EUR 57.58
Province of Chieti 0.65 12/29/2023 EUR 74.35
Province of Milan 0.59 12/22/2033 EUR 63.54
Province of Rovigo 0.59 12/28/2035 EUR 58.80
Province of Teramo 0.44 12/30/2030 EUR 60.80
Province of Teramo 0.47 12/30/2025 EUR 68.61
Province of Trevis 0.47 12/31/2034 EUR 58.04
Province of Trevis 0.57 12/31/2034 EUR 59.52
Province of Trevis 0.34 12/31/2034 EUR 56.82
Region of Abruzzo 0.68 11/7/2036 EUR 63.64
Region of Abruzzo 0.52 11/7/2031 EUR 61.27
Region of Abruzzo 4.45 3/1/2037 EUR 70.52
Region of Aosta Va 0.45 5/28/2021 EUR 73.65
Region of Molise I 0.72 12/15/2033 EUR 64.40
Region of Piemont 0.45 11/27/2036 EUR 55.47
Region of Puglia I 0.74 2/6/2023 EUR 69.69
Seat Pagine Gialle 10.50 1/31/2017 EUR 23.00
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.75
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
LUXEMBOURG
----------
3W Power SA 9.25 12/1/2015 EUR 55.75
ArcelorMittal 7.25 4/1/2014 EUR 20.83
Bank of New York M 4.48 12/30/2099 EUR 18.04
Bank of New York M 4.73 12/15/2050 EUR 52.00
Cerruti Finance SA 6.50 7/26/2004 EUR 3.00
Cirio Finance Luxe 7.50 11/3/2002 EUR 1.25
Cirio Holding Luxe 6.25 2/16/2004 EUR 0.13
Codere Finance Lux 8.25 6/15/2015 EUR 52.02
Codere Finance Lux 9.25 2/15/2019 USD 50.50
Codere Finance Lux 9.25 2/15/2019 USD 50.98
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Codere Finance Lux 8.25 6/15/2015 EUR 51.75
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Del Monte Finance 6.63 5/24/2006 EUR 13.63
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
Erste Europaeische 0.27 2/1/2037 USD 55.57
European Media Cap 10.00 2/1/2015 USD 75.00
European Media Cap 10.00 2/1/2015 USD 75.00
Finmek Internation 7.00 12/3/2004 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hypothekenbank Fra 0.25 12/20/2029 USD 67.37
International Indu 9.00 7/6/2011 EUR 1.00
International Indu 11.00 2/19/2013 USD 0.88
IT Holding Finance 9.88 11/15/2012 EUR 0.13
IT Holding Finance 9.88 11/15/2012 EUR 0.13
La Veggia Finance 7.13 11/14/2004 EUR 0.25
Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.75
NETHERLANDS
-----------
Astana Finance BV 7.88 6/8/2010 EUR 4.00
Astana Finance BV 9.00 11/16/2011 USD 3.50
Astana Finance BV 14.50 7/2/2013 USD 3.75
Bank Nederlandse G 0.50 5/10/2017 TRY 73.62
Bank Nederlandse G 0.50 7/12/2022 ZAR 52.90
Bank Nederlandse G 0.50 7/12/2017 TRY 72.46
Bank Nederlandse G 0.50 6/7/2022 ZAR 53.32
Bank Nederlandse G 0.50 6/12/2017 TRY 73.13
Bank Nederlandse G 0.50 8/9/2017 TRY 72.30
Bank Nederlandse G 0.50 6/22/2021 ZAR 57.64
Bank Nederlandse G 0.50 3/29/2021 NZD 70.64
Bank Nederlandse G 0.50 8/15/2022 ZAR 52.50
Bank Nederlandse G 0.50 8/9/2022 MXN 64.98
Bank Nederlandse G 0.50 3/3/2021 NZD 64.80
Bank Nederlandse G 0.50 2/24/2025 CAD 65.15
Bank Nederlandse G 0.50 5/12/2021 ZAR 58.17
Bank Nederlandse G 0.50 9/20/2022 ZAR 52.08
BLT Finance BV 7.50 5/15/2014 USD 9.01
BLT Finance BV 12.00 2/10/2015 USD 10.25
BLT Finance BV 7.50 5/15/2014 USD 9.63
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Cirio Del Monte NV 7.75 3/14/2005 EUR 3.38
Cooperatieve Centr 0.50 11/26/2021 ZAR 48.95
Cooperatieve Centr 0.50 10/30/2043 MXN 23.60
Cooperatieve Centr 0.50 8/21/2028 MXN 46.15
Cooperatieve Centr 0.50 7/30/2043 MXN 23.80
Cooperatieve Centr 0.50 1/31/2033 MXN 36.68
Cooperatieve Centr 0.50 10/29/2027 MXN 48.35
Cooperatieve Centr 0.50 11/30/2027 MXN 48.11
Cooperatieve Centr 0.50 12/29/2027 MXN 47.89
Cooperatieve Centr 9.20 3/13/2014 USD 60.77
Cooperatieve Centr 8.60 3/13/2014 CHF 60.50
Cooperatieve Centr 8.15 3/5/2014 CHF 58.60
Cooperatieve Centr 9.20 3/13/2014 USD 60.43
JP Morgan Structur 6.00 2/7/2014 USD 69.19
JP Morgan Structur 5.00 12/3/2013 CHF 64.32
JP Morgan Structur 6.00 2/25/2014 EUR 73.83
JP Morgan Structur 12.30 11/29/2013 USD 48.32
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 10.00 3/15/2012 EUR 0.25
KPNQwest NV 8.13 6/1/2009 USD 0.38
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
Lehman Brothers Tr 7.25 10/5/2035 EUR 9.75
Lehman Brothers Tr 6.00 11/2/2035 EUR 6.00
Lehman Brothers Tr 8.25 3/16/2035 EUR 14.00
Lehman Brothers Tr 6.00 2/15/2035 EUR 6.00
Lehman Brothers Tr 7.00 5/17/2035 EUR 10.38
Lehman Brothers Tr 2.88 3/14/2013 CHF 2.13
Lehman Brothers Tr 5.00 9/22/2014 EUR 6.00
Lehman Brothers Tr 5.00 2/16/2015 EUR 6.00
Lehman Brothers Tr 5.10 5/8/2017 HKD 2.50
Lehman Brothers Tr 7.00 11/26/2013 EUR 6.00
Lehman Brothers Tr 6.00 3/14/2011 EUR 6.00
Lehman Brothers Tr 5.00 2/27/2014 EUR 6.00
Lehman Brothers Tr 8.50 7/5/2016 EUR 6.00
Lehman Brothers Tr 4.00 2/16/2017 EUR 1.38
Lehman Brothers Tr 14.90 9/15/2008 EUR 1.38
Lehman Brothers Tr 4.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 3/18/2015 EUR 6.00
Lehman Brothers Tr 3.03 1/31/2015 EUR 1.38
Lehman Brothers Tr 4.00 10/24/2012 EUR 6.00
Lehman Brothers Tr 1.00 5/9/2012 EUR 6.00
Lehman Brothers Tr 5.25 5/26/2026 EUR 6.00
Lehman Brothers Tr 8.25 12/3/2015 EUR 1.38
Lehman Brothers Tr 5.70 3/18/2015 USD 6.00
Lehman Brothers Tr 7.00 6/6/2017 EUR 6.00
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 12/2/2012 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 EUR 6.00
Lehman Brothers Tr 1.46 2/19/2012 JPY 2.50
Lehman Brothers Tr 3.00 6/23/2009 EUR 6.00
Lehman Brothers Tr 1.75 2/7/2010 EUR 1.38
Lehman Brothers Tr 4.00 2/28/2010 EUR 1.38
Lehman Brothers Tr 4.00 7/20/2012 EUR 6.00
Lehman Brothers Tr 10.00 6/17/2009 USD 1.38
Lehman Brothers Tr 7.00 10/22/2010 EUR 6.00
Lehman Brothers Tr 4.00 7/27/2011 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 10.44 11/22/2008 CHF 1.38
Lehman Brothers Tr 5.00 8/16/2017 EUR 6.00
Lehman Brothers Tr 12.22 11/21/2017 USD 6.00
Lehman Brothers Tr 3.00 9/13/2010 JPY 2.50
Lehman Brothers Tr 4.10 6/10/2014 SGD 1.38
Lehman Brothers Tr 8.00 4/20/2009 EUR 6.00
Lehman Brothers Tr 3.86 9/21/2011 SGD 1.38
Lehman Brothers Tr 3.50 12/20/2027 USD 6.00
Lehman Brothers Tr 5.00 5/12/2011 CHF 6.00
Lehman Brothers Tr 5.00 8/1/2025 EUR 6.00
Lehman Brothers Tr 5.55 3/12/2015 EUR 1.38
Lehman Brothers Tr 7.05 4/8/2015 USD 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.25 9/5/2011 EUR 6.00
Lehman Brothers Tr 23.30 9/16/2008 USD 1.38
Lehman Brothers Tr 8.00 10/17/2014 EUR 6.00
Lehman Brothers Tr 8.88 1/28/2011 HKD 2.50
Lehman Brothers Tr 5.25 11/21/2009 USD 6.00
Lehman Brothers Tr 4.10 2/19/2010 EUR 6.00
Lehman Brothers Tr 10.00 1/3/2012 BRL 6.00
Lehman Brothers Tr 13.50 6/2/2009 USD 1.38
Lehman Brothers Tr 6.00 8/7/2013 EUR 6.00
Lehman Brothers Tr 8.00 3/21/2018 USD 6.00
Lehman Brothers Tr 13.50 11/28/2008 USD 1.38
Lehman Brothers Tr 10.00 6/11/2038 JPY 6.00
Lehman Brothers Tr 3.50 9/19/2017 EUR 1.38
Lehman Brothers Tr 5.50 4/23/2014 EUR 6.00
Lehman Brothers Tr 5.50 6/22/2010 USD 6.00
Lehman Brothers Tr 8.00 2/16/2016 EUR 6.00
Lehman Brothers Tr 4.00 3/10/2011 EUR 6.00
Lehman Brothers Tr 4.00 4/13/2011 CHF 6.00
Lehman Brothers Tr 4.50 3/7/2015 EUR 6.00
Lehman Brothers Tr 7.60 1/31/2013 AUD 1.38
Lehman Brothers Tr 16.00 11/9/2008 USD 1.38
Lehman Brothers Tr 9.75 6/22/2018 USD 6.00
Lehman Brothers Tr 5.12 4/30/2027 EUR 1.38
Lehman Brothers Tr 7.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 2/28/2032 EUR 6.00
Lehman Brothers Tr 4.60 7/6/2016 EUR 6.00
Lehman Brothers Tr 5.10 6/22/2046 EUR 1.38
Lehman Brothers Tr 6.65 8/24/2011 AUD 2.50
Lehman Brothers Tr 16.00 12/26/2008 USD 1.38
Lehman Brothers Tr 2.50 12/15/2011 GBP 1.38
Lehman Brothers Tr 4.68 12/12/2045 EUR 1.38
Lehman Brothers Tr 7.06 12/29/2008 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 2.00 6/28/2011 EUR 6.00
Lehman Brothers Tr 5.70 3/4/2015 USD 6.00
Lehman Brothers Tr 4.69 2/19/2017 EUR 1.38
Lehman Brothers Tr 7.59 11/22/2009 MXN 2.50
Lehman Brothers Tr 1.28 11/6/2010 JPY 2.50
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 6.60 2/9/2009 EUR 6.00
Lehman Brothers Tr 0.50 6/2/2020 EUR 1.38
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 5.38 2/4/2014 USD 6.00
Lehman Brothers Tr 6.30 12/21/2018 USD 6.00
Lehman Brothers Tr 7.00 2/15/2010 CHF 1.38
Lehman Brothers Tr 16.20 5/14/2009 USD 1.38
Lehman Brothers Tr 4.60 10/11/2017 ILS 2.38
Lehman Brothers Tr 15.00 3/30/2011 EUR 6.00
Lehman Brothers Tr 7.50 10/24/2008 USD 1.38
Lehman Brothers Tr 8.00 8/3/2009 USD 1.38
Lehman Brothers Tr 8.60 7/31/2013 GBP 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 7/2/2020 EUR 1.38
Lehman Brothers Tr 5.25 7/8/2014 EUR 1.38
Lehman Brothers Tr 6.50 5/16/2015 EUR 6.00
Lehman Brothers Tr 14.90 11/16/2010 EUR 1.38
Lehman Brothers Tr 6.72 12/29/2008 EUR 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 15.00 6/4/2009 CHF 1.38
Lehman Brothers Tr 18.25 10/2/2008 USD 1.38
Lehman Brothers Tr 3.50 10/31/2011 USD 6.00
Lehman Brothers Tr 2.80 3/19/2018 JPY 1.38
Lehman Brothers Tr 2.00 11/16/2009 EUR 6.00
Lehman Brothers Tr 7.25 10/6/2008 EUR 1.38
Lehman Brothers Tr 5.00 11/22/2012 EUR 6.00
Lehman Brothers Tr 9.25 6/20/2012 USD 6.00
Lehman Brothers Tr 7.60 5/21/2013 USD 6.00
Lehman Brothers Tr 13.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 0.01 9/20/2011 USD 6.00
Lehman Brothers Tr 6.00 2/19/2023 USD 6.00
Lehman Brothers Tr 10.60 4/22/2014 MXN 6.00
Lehman Brothers Tr 3.00 12/3/2012 EUR 6.00
Lehman Brothers Tr 2.50 8/23/2012 GBP 1.38
Lehman Brothers Tr 2.37 7/15/2013 USD 6.00
Lehman Brothers Tr 4.87 10/8/2013 USD 1.38
Lehman Brothers Tr 5.75 6/15/2009 CHF 1.38
Lehman Brothers Tr 6.00 10/24/2008 EUR 1.38
Lehman Brothers Tr 7.38 9/20/2008 EUR 1.38
Lehman Brothers Tr 3.00 8/15/2017 EUR 6.00
Lehman Brothers Tr 3.50 9/29/2017 EUR 1.38
Lehman Brothers Tr 3.00 8/8/2017 EUR 6.00
Lehman Brothers Tr 8.25 2/3/2016 EUR 6.00
Lehman Brothers Tr 13.43 1/8/2009 ILS 1.38
Lehman Brothers Tr 16.00 10/8/2008 CHF 1.38
Lehman Brothers Tr 5.00 3/13/2009 EUR 6.00
Lehman Brothers Tr 5.25 4/1/2023 EUR 1.38
Lehman Brothers Tr 7.63 7/22/2011 HKD 1.38
Lehman Brothers Tr 11.00 7/4/2011 CHF 1.38
Lehman Brothers Tr 7.80 3/31/2018 USD 6.00
Lehman Brothers Tr 5.00 5/2/2022 EUR 1.38
Lehman Brothers Tr 4.25 5/15/2010 EUR 6.00
Lehman Brothers Tr 8.28 7/31/2013 GBP 6.00
Lehman Brothers Tr 4.35 8/8/2016 SGD 2.50
Lehman Brothers Tr 8.50 7/6/2009 CHF 1.38
Lehman Brothers Tr 10.50 8/9/2010 EUR 1.38
Lehman Brothers Tr 7.00 7/11/2010 EUR 6.00
Lehman Brothers Tr 4.82 12/18/2036 EUR 1.38
Lehman Brothers Tr 4.20 12/3/2008 HKD 6.00
Lehman Brothers Tr 3.00 6/3/2010 EUR 6.00
Lehman Brothers Tr 12.40 6/12/2009 USD 1.38
Lehman Brothers Tr 11.00 7/4/2011 USD 1.38
Lehman Brothers Tr 12.00 7/4/2011 EUR 1.38
Lehman Brothers Tr 5.50 7/8/2013 EUR 6.00
Lehman Brothers Tr 9.30 12/21/2010 EUR 1.38
Lehman Brothers Tr 8.00 12/31/2010 USD 1.38
Lehman Brothers Tr 1.50 2/8/2012 CHF 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 11.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 10.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 8.00 3/19/2012 USD 6.00
Lehman Brothers Tr 9.50 4/1/2018 USD 6.00
Lehman Brothers Tr 7.15 3/21/2013 USD 6.00
Lehman Brothers Tr 6.25 11/30/2012 EUR 6.00
Lehman Brothers Tr 1.00 2/26/2010 USD 6.00
Lehman Brothers Tr 3.50 6/20/2011 EUR 6.00
Lehman Brothers Tr 7.50 2/14/2010 AUD 1.38
Lehman Brothers Tr 10.00 10/23/2008 USD 1.38
Lehman Brothers Tr 10.00 10/22/2008 USD 1.38
Lehman Brothers Tr 6.45 2/20/2010 AUD 1.38
Lehman Brothers Tr 10.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.60 8/1/2013 EUR 6.00
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 7.60 3/4/2010 NZD 1.38
Lehman Brothers Tr 3.63 3/2/2012 EUR 1.38
Lehman Brothers Tr 7.75 2/21/2016 EUR 6.00
Lehman Brothers Tr 8.80 12/27/2009 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.75 3/29/2012 EUR 6.00
Lehman Brothers Tr 5.00 12/6/2011 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 1/4/2011 USD 1.38
Lehman Brothers Tr 11.75 3/1/2010 EUR 1.38
Lehman Brothers Tr 3.82 10/20/2009 USD 1.38
Lehman Brothers Tr 3.00 8/13/2011 EUR 6.00
Lehman Brothers Tr 4.80 11/16/2012 HKD 1.38
Lehman Brothers Tr 4.00 10/12/2010 USD 1.38
Lehman Brothers Tr 8.00 10/23/2008 USD 1.38
Lehman Brothers Tr 6.00 9/20/2011 EUR 6.00
Lehman Brothers Tr 3.40 9/21/2009 HKD 1.38
Lehman Brothers Tr 2.30 4/28/2014 JPY 6.00
Lehman Brothers Tr 7.50 6/15/2017 USD 6.00
Lehman Brothers Tr 6.00 12/30/2017 EUR 6.00
Lehman Brothers Tr 4.10 5/20/2009 USD 1.38
Lehman Brothers Tr 2.00 5/17/2010 EUR 1.38
Lehman Brothers Tr 13.00 7/25/2012 EUR 1.38
Lehman Brothers Tr 10.00 8/2/2037 JPY 6.00
Lehman Brothers Tr 1.50 10/12/2010 EUR 6.00
Lehman Brothers Tr 4.10 8/23/2010 USD 1.38
Lehman Brothers Tr 4.60 11/9/2011 EUR 6.00
Lehman Brothers Tr 6.00 2/14/2012 EUR 1.38
Lehman Brothers Tr 7.00 2/15/2012 EUR 1.38
Lehman Brothers Tr 6.00 5/12/2017 EUR 6.00
Lehman Brothers Tr 6.60 2/22/2012 EUR 1.13
Lehman Brothers Tr 5.20 3/19/2018 EUR 1.38
Lehman Brothers Tr 1.95 11/4/2013 EUR 1.38
Lehman Brothers Tr 11.00 12/19/2011 USD 6.00
Lehman Brothers Tr 10.00 3/27/2009 USD 6.00
Lehman Brothers Tr 5.00 10/24/2008 CHF 1.38
Lehman Brothers Tr 7.00 4/14/2009 EUR 1.38
Lehman Brothers Tr 7.75 1/30/2009 EUR 1.38
Lehman Brothers Tr 0.25 7/21/2014 EUR 6.00
Lehman Brothers Tr 4.95 10/25/2036 EUR 6.00
Lehman Brothers Tr 11.00 6/29/2009 EUR 1.38
Lehman Brothers Tr 5.50 6/15/2009 CHF 1.38
Lehman Brothers Tr 1.50 10/25/2011 EUR 6.00
Lehman Brothers Tr 6.75 4/5/2012 EUR 6.00
Lehman Brothers Tr 5.00 4/24/2017 EUR 6.00
Lehman Brothers Tr 7.39 5/4/2017 USD 6.00
Lehman Brothers Tr 3.35 10/13/2016 EUR 6.00
Lehman Brothers Tr 0.80 12/30/2016 EUR 6.00
Lehman Brothers Tr 6.00 5/23/2018 CZK 6.00
Lehman Brothers Tr 4.00 5/30/2010 USD 1.38
Lehman Brothers Tr 4.00 5/17/2010 USD 6.00
Lehman Brothers Tr 2.48 5/12/2009 USD 6.00
Lehman Brothers Tr 2.25 5/12/2009 USD 6.00
Lehman Brothers Tr 2.30 6/27/2013 USD 1.38
Lehman Brothers Tr 3.50 10/24/2011 USD 6.00
Lehman Brothers Tr 0.25 10/19/2012 CHF 6.00
Lehman Brothers Tr 1.68 3/5/2015 EUR 6.00
Lehman Brothers Tr 9.00 5/15/2022 USD 6.00
Lehman Brothers Tr 7.50 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.32 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.50 9/13/2009 CHF 1.38
Lehman Brothers Tr 6.50 7/24/2026 EUR 6.00
Lehman Brothers Tr 4.50 8/2/2009 USD 1.38
Lehman Brothers Tr 0.50 2/16/2009 EUR 1.38
Lehman Brothers Tr 4.25 3/13/2021 EUR 1.38
Lehman Brothers Tr 6.00 3/17/2011 EUR 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.00 12/6/2016 USD 6.00
Lehman Brothers Tr 5.00 9/1/2011 EUR 6.00
Lehman Brothers Tr 3.70 6/6/2009 EUR 6.00
Lehman Brothers Tr 4.50 3/6/2013 CHF 6.00
Lehman Brothers Tr 4.00 4/24/2009 USD 1.38
Lehman Brothers Tr 9.00 6/13/2009 USD 1.38
Lehman Brothers Tr 9.00 3/17/2009 GBP 1.38
Lehman Brothers Tr 7.00 11/28/2008 CHF 1.38
Lehman Brothers Tr 3.85 4/24/2009 USD 1.38
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.50 7/24/2014 EUR 6.00
Lehman Brothers Tr 4.50 12/30/2010 USD 1.38
Lehman Brothers Tr 7.75 1/3/2012 AUD 1.38
Lehman Brothers Tr 3.10 6/4/2010 USD 1.38
Lehman Brothers Tr 2.50 8/15/2012 CHF 6.00
Lehman Brothers Tr 13.15 10/30/2008 USD 1.38
Lehman Brothers Tr 0.50 8/1/2020 EUR 1.38
Lehman Brothers Tr 14.10 11/12/2008 USD 1.38
Lehman Brothers Tr 4.00 8/11/2010 USD 6.00
Lehman Brothers Tr 12.00 7/13/2037 JPY 6.00
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 7.50 8/1/2035 EUR 6.00
Lehman Brothers Tr 4.90 7/28/2020 EUR 6.00
Lehman Brothers Tr 4.15 8/25/2020 EUR 1.38
Lehman Brothers Tr 7.50 5/30/2010 AUD 1.38
Lehman Brothers Tr 11.00 5/9/2020 USD 6.00
Lehman Brothers Tr 4.30 6/4/2012 USD 1.38
Lehman Brothers Tr 4.00 6/5/2011 USD 1.38
Lehman Brothers Tr 2.30 6/6/2013 USD 1.38
Lehman Brothers Tr 6.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 2.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 10.00 1/4/2010 USD 6.00
Lehman Brothers Tr 17.00 6/2/2009 USD 1.38
Lehman Brothers Tr 16.80 8/21/2009 USD 1.38
Lehman Brothers Tr 5.22 3/1/2024 EUR 1.38
Lehman Brothers Tr 6.60 5/23/2012 AUD 1.38
Lehman Brothers Tr 3.45 5/23/2013 USD 6.00
Lehman Brothers Tr 16.00 10/28/2008 USD 1.38
Lehman Brothers Tr 5.00 2/15/2018 EUR 6.00
Lehman Brothers Tr 9.00 5/6/2011 CHF 1.38
Lehman Brothers Tr 2.75 10/28/2009 EUR 6.00
Lehman Brothers Tr 5.50 11/30/2012 CZK 6.00
Lehman Brothers Tr 2.50 11/9/2011 CHF 6.00
Lehman Brothers Tr 4.00 11/24/2016 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 USD 1.38
Lehman Brothers Tr 3.00 9/12/2036 JPY 2.50
Lehman Brothers Tr 13.00 12/14/2012 USD 6.00
Lehman Brothers Tr 2.40 6/20/2011 JPY 6.00
Lehman Brothers Tr 1.60 6/21/2010 JPY 6.00
Lehman Brothers Tr 8.05 12/20/2010 HKD 1.38
Lehman Brothers Tr 7.25 6/20/2010 USD 6.00
Lehman Brothers Tr 7.00 9/20/2011 USD 6.00
Lehman Brothers Tr 6.70 4/21/2011 USD 6.00
Magyar Telecom BV 9.50 12/15/2016 EUR 45.04
Magyar Telecom BV 9.50 12/15/2016 EUR 44.63
Morgan Stanley BV 9.00 4/16/2015 EUR 71.90
Nederlandse Waters 0.50 3/11/2025 CAD 65.79
New World Resource 7.88 5/1/2018 EUR 68.24
New World Resource 7.88 1/15/2021 EUR 36.78
New World Resource 7.88 1/15/2021 EUR 36.25
New World Resource 7.88 5/1/2018 EUR 68.47
NIBC Bank NV 25.98 5/7/2029 EUR 50.62
Nutritek Internati 8.75 12/11/2008 USD 2.00
Q-Cells Internatio 1.38 4/30/2012 EUR 32.45
Q-Cells Internatio 5.75 5/26/2014 EUR 32.09
Sairgroup Finance 4.38 6/8/2006 EUR 10.50
Sairgroup Finance 6.63 10/6/2010 EUR 12.13
Sidetur Finance BV 10.00 4/20/2016 USD 55.25
Sidetur Finance BV 10.00 4/20/2016 USD 55.00
SNS Bank NV 6.25 10/26/2020 EUR 2.13
SNS Bank NV 6.63 5/14/2018 EUR 4.13
WPE International 10.38 9/30/2020 USD 59.90
WPE International 10.38 9/30/2020 USD 59.38
NORWAY
------
Eksportfinans ASA 0.25 7/14/2033 CAD 8.50
Eksportfinans ASA 0.50 5/9/2030 CAD 14.25
Kommunalbanken AS 0.50 3/7/2017 BRL 69.77
Kommunalbanken AS 0.50 5/10/2017 BRL 68.32
Kommunalbanken AS 0.50 8/29/2017 BRL 66.85
Kommunalbanken AS 0.50 5/25/2018 ZAR 70.89
Kommunalbanken AS 0.50 9/26/2017 BRL 65.80
Kommunalbanken AS 0.50 3/28/2017 BRL 68.91
Kommunalbanken AS 0.50 6/28/2017 BRL 67.67
Kommunalbanken AS 0.50 9/20/2018 BRL 64.71
Kommunalbanken AS 0.50 3/2/2018 BRL 62.66
Kommunalbanken AS 0.50 6/1/2017 BRL 68.22
Kommunalbanken AS 0.50 8/15/2018 BRL 67.16
Kommunalbanken AS 0.50 3/29/2017 BRL 70.51
Kommunalbanken AS 0.50 8/16/2016 BRL 73.83
Kommunalbanken AS 0.50 5/27/2022 ZAR 47.60
Kommunalbanken AS 0.50 7/28/2016 BRL 74.11
Norske Skogindustr 7.00 6/26/2017 EUR 60.59
Norske Skogindustr 11.75 6/15/2016 EUR 74.02
Norske Skogindustr 6.13 10/15/2015 USD 72.75
Norske Skogindustr 6.13 10/15/2015 USD 69.53
Norske Skogindustr 7.13 10/15/2033 USD 51.63
Norske Skogindustr 11.75 6/15/2016 EUR 73.50
Norske Skogindustr 7.13 10/15/2033 USD 50.08
Petromena ASA 9.75 5/24/2014 NOK 6.75
Petromena ASA 10.85 11/19/2010 USD 6.75
PORTUGAL
--------
AdP - Aguas de Por 0.33 1/23/2023 EUR 63.88
Banco Espirito San 3.50 1/2/2043 EUR 50.13
Caixa Geral de Dep 5.98 3/3/2028 EUR 57.00
CP - Comboios de P 5.70 2/5/2030 EUR 60.31
Empresa de Desenvo 0.33 11/21/2018 EUR 66.63
Metropolitano de L 4.80 12/7/2027 EUR 73.38
Metropolitano de L 4.06 12/4/2026 EUR 71.93
Parpublica - Parti 4.20 11/16/2026 EUR 68.25
Portugal Obrigacoe 4.10 4/15/2037 EUR 72.12
Rede Ferroviaria N 4.25 12/13/2021 EUR 70.38
Rede Ferroviaria N 4.05 11/16/2026 EUR 71.78
ROMANIA
-------
City of Iasi Roman 4.45 11/15/2028 RON 71.23
RUSSIA
------
Arizk 3.00 12/20/2030 RUB 46.44
Kuzbassenergo-Fina 8.70 4/15/2021 RUB 72.01
Mechel 8.40 5/27/2021 RUB 70.02
Mechel 8.40 6/1/2021 RUB 70.13
Mechel 8.40 5/27/2021 RUB 70.21
Mobile Telesystems 5.00 6/29/2021 RUB 74.25
MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 9.17
Novosibirsk TIN Pl 12.50 8/26/2014 RUB 5.00
RBC OJSC 3.27 4/19/2018 RUB 51.50
Russian Railways J 8.40 6/8/2028 RUB 100.00
Saturn Research & 8.50 6/6/2014 RUB 1.01
TGC-2 12.00 10/10/2018 RUB 75.00
World of Building 4.20 6/25/2019 RUB 3.60
SPAIN
-----
Autonomous Communi 4.25 10/31/2036 EUR 65.75
Autonomous Communi 4.22 4/26/2035 EUR 64.14
Autonomous Communi 4.69 10/28/2034 EUR 68.88
Autonomous Communi 2.97 9/8/2039 JPY 59.88
Autonomous Communi 0.48 10/17/2022 EUR 70.50
Autonomous Communi 2.10 5/20/2024 EUR 73.97
Autonomous Communi 0.27 11/29/2021 EUR 74.92
Banco de Castilla 1.50 6/23/2021 EUR 65.00
Bankinter SA 6.00 12/18/2028 EUR 65.13
City of Madrid Spa 0.34 10/10/2022 EUR 66.37
City of Madrid Spa 4.55 6/16/2036 EUR 73.57
Comunidad Autonoma 3.90 11/30/2035 EUR 63.84
Comunidad Autonoma 4.20 10/25/2036 EUR 66.58
Comunidad Autonoma 4.06 11/23/2035 EUR 63.94
Diputacion Foral d 4.32 12/29/2023 EUR 61.41
Ibercaja Banco SAU 1.09 4/20/2018 EUR 70.93
Junta Comunidades 0.41 12/5/2023 EUR 54.38
Junta Comunidades 3.88 1/31/2036 EUR 60.38
Junta de Extremadu 0.95 6/10/2024 EUR 72.31
Pescanova SA 5.13 4/20/2017 EUR 18.74
Pescanova SA 8.75 2/17/2019 EUR 17.79
Pescanova SA 6.75 3/5/2015 EUR 17.96
Spain Government I 2.92 12/2/2030 JPY 69.99
SWEDEN
------
Dannemora Mineral 11.75 3/22/2016 USD 41.50
Northland Resource 4.00 10/15/2020 USD 6.63
Northland Resource 4.00 10/15/2020 NOK 7.00
Svensk Exportkredi 0.50 9/14/2016 BRL 74.58
Svensk Exportkredi 0.50 2/22/2022 ZAR 46.97
Svensk Exportkredi 0.50 6/29/2017 IDR 73.20
Svensk Exportkredi 0.50 1/31/2022 ZAR 47.32
Svensk Exportkredi 0.50 6/28/2022 ZAR 45.13
Svensk Exportkredi 0.50 3/19/2018 IDR 68.74
Svensk Exportkredi 0.50 8/28/2018 BRL 59.21
Svensk Exportkredi 0.50 3/15/2022 ZAR 46.66
Svensk Exportkredi 0.50 8/26/2021 AUD 68.36
Svensk Exportkredi 0.50 12/17/2027 USD 60.33
Svensk Exportkredi 0.50 12/14/2016 BRL 72.32
Svensk Exportkredi 0.50 9/28/2017 IDR 71.27
Svensk Exportkredi 0.50 2/3/2017 BRL 70.83
Svensk Exportkredi 0.50 7/21/2017 BRL 67.44
Svensk Exportkredi 0.50 12/21/2016 BRL 72.17
Svensk Exportkredi 0.50 9/20/2017 TRY 71.95
Svensk Exportkredi 0.50 12/22/2016 BRL 72.19
Svensk Exportkredi 0.50 8/28/2020 TRY 54.02
Svensk Exportkredi 0.50 9/5/2017 IDR 71.10
Svensk Exportkredi 0.50 3/10/2017 BRL 70.65
Svensk Exportkredi 0.50 1/26/2017 BRL 71.31
Svensk Exportkredi 0.50 6/30/2017 BRL 67.86
Svensk Exportkredi 1.00 11/15/2021 AUD 72.00
Svensk Exportkredi 0.50 6/21/2017 BRL 68.05
Svensk Exportkredi 0.50 8/25/2021 ZAR 56.85
SWITZERLAND
-----------
UBS AG 24.75 1/3/2014 EUR 66.60
Banque Cantonale V 11.80 1/29/2014 CHF 63.63
Banque Cantonale V 6.50 10/5/2015 CHF 72.74
Banque Cantonale V 2.00 7/8/2014 CHF 61.29
SAir Group 6.25 10/27/2002 CHF 11.00
SAir Group 4.25 2/2/2007 CHF 11.63
SAir Group 2.13 11/4/2004 CHF 11.00
SAir Group 0.13 7/7/2005 CHF 11.25
SAir Group 5.50 7/23/2003 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.13
SAir Group 6.25 4/12/2005 CHF 10.88
UBS AG 24.50 1/3/2014 EUR 53.44
UBS AG 23.75 1/3/2014 EUR 58.46
UBS AG 8.87 4/15/2014 USD 10.17
UBS AG 24.00 1/3/2014 EUR 71.67
UBS AG 24.25 1/3/2014 EUR 60.63
UBS AG 18.45 10/24/2013 USD 8.73
UBS AG 14.25 1/3/2014 EUR 52.30
UBS AG 20.00 1/3/2014 EUR 56.56
UBS AG 7.25 7/29/2014 USD 31.57
UBS AG 6.03 5/14/2014 USD 54.95
UBS AG 24.50 1/3/2014 EUR 67.05
UBS AG 7.50 1/3/2014 EUR 64.51
UBS AG 12.70 4/22/2014 USD 66.71
UBS AG 8.94 2/13/2014 USD 14.64
UBS AG 6.29 2/26/2014 USD 32.99
UBS AG 6.22 2/26/2014 USD 38.93
UBS AG 24.00 1/3/2014 EUR 72.58
UBS AG 16.50 1/3/2014 EUR 69.19
UBS AG 18.25 1/3/2014 EUR 62.22
UBS AG 18.75 1/3/2014 EUR 66.02
UBS AG 20.25 1/3/2014 EUR 63.41
UBS AG 17.25 1/3/2014 EUR 42.91
UBS AG 11.50 1/3/2014 EUR 52.05
UBS AG 15.50 1/3/2014 EUR 72.73
UBS AG 22.00 1/3/2014 EUR 61.74
UBS AG 17.75 1/3/2014 EUR 68.54
UBS AG 6.04 8/29/2014 USD 35.75
UBS AG 10.46 1/2/2014 USD 35.35
UBS AG 8.75 1/3/2014 EUR 69.50
UBS AG 15.25 1/3/2014 EUR 63.26
UBS AG 10.75 1/3/2014 EUR 69.94
UBS AG 12.50 1/3/2014 EUR 62.75
UBS AG 19.00 1/3/2014 EUR 53.05
UBS AG 14.25 1/3/2014 EUR 70.59
UBS AG 20.50 1/3/2014 EUR 69.50
UBS AG 8.50 1/3/2014 EUR 69.72
UBS AG 24.00 1/3/2014 EUR 63.30
UBS AG 22.25 1/3/2014 EUR 63.98
UBS AG 9.53 12/17/2013 USD 48.94
UBS AG 6.49 5/23/2014 USD 21.20
UBS AG 6.53 5/27/2014 USD 21.09
UBS AG 6.33 5/12/2014 USD 19.48
UBS AG 9.25 4/30/2014 USD 9.78
UBS AG 14.00 6/27/2014 EUR 55.27
UBS AG 11.75 6/27/2014 EUR 48.70
UBS AG 8.29 1/14/2014 USD 19.98
UBS AG 5.22 1/28/2014 USD 11.48
UBS AG 7.86 1/31/2014 USD 20.24
UBS AG 9.17 6/30/2014 USD 67.70
UBS AG 7.25 8/8/2014 USD 45.54
UBS AG 8.35 10/24/2013 USD 50.89
UBS AG 9.45 10/22/2013 USD 20.95
UBS AG 9.00 1/3/2014 EUR 48.64
UBS AG 14.75 1/3/2014 EUR 44.63
UBS AG 7.15 2/26/2014 USD 32.50
UBS AG 10.75 1/3/2014 EUR 55.72
UBS AG 5.00 1/3/2014 EUR 63.46
UBS AG 8.21 2/26/2014 USD 50.39
UBS AG 10.00 1/3/2014 EUR 43.67
UBS AG 13.50 1/3/2014 EUR 56.28
UBS AG 13.75 1/3/2014 EUR 56.97
UBS AG 10.00 1/3/2014 EUR 62.22
UBS AG 8.25 1/3/2014 EUR 62.15
UBS AG 23.00 1/3/2014 EUR 69.99
UBS AG 18.75 1/3/2014 EUR 69.15
UBS AG 7.25 1/3/2014 EUR 69.51
UBS AG 23.25 1/3/2014 EUR 48.61
UBS AG 22.75 1/3/2014 EUR 59.35
UBS AG 21.50 1/3/2014 EUR 61.38
UBS AG 17.50 1/3/2014 EUR 68.73
UBS AG 14.50 1/3/2014 EUR 74.99
UBS AG 16.00 1/3/2014 EUR 71.69
UBS AG 21.00 1/3/2014 EUR 38.60
UBS AG 6.19 1/8/2014 USD 19.82
UBS AG 9.93 6/18/2014 USD 50.46
UBS AG 9.89 11/22/2013 EUR 71.22
UBS AG 8.00 1/3/2014 EUR 55.16
UBS AG 4.75 1/3/2014 EUR 69.04
UBS AG 4.50 6/27/2014 EUR 48.72
UBS AG 8.75 6/27/2014 EUR 58.09
UBS AG 6.80 2/20/2014 USD 27.83
UBS AG 6.80 2/20/2014 USD 27.76
UBS AG 5.50 3/28/2014 EUR 55.86
UBS AG 9.50 3/28/2014 EUR 50.93
UBS AG 13.50 3/28/2014 EUR 62.47
UBS AG 12.00 3/28/2014 EUR 42.70
UBS AG 11.50 1/3/2014 EUR 39.79
UBS AG 14.00 3/28/2014 EUR 52.93
UBS AG 7.75 6/27/2014 EUR 45.94
UBS AG 6.00 3/28/2014 EUR 49.43
UBS AG 7.00 6/27/2014 EUR 50.45
UBS AG 11.00 3/28/2014 EUR 46.42
UBS AG 11.00 6/27/2014 EUR 59.64
UBS AG 13.00 6/27/2014 EUR 45.50
UBS AG 13.00 1/3/2014 EUR 59.17
UBS AG 10.75 3/28/2014 EUR 58.16
UBS AG 5.00 6/27/2014 EUR 63.87
UBS AG 10.50 6/27/2014 EUR 52.89
UBS AG 12.25 6/27/2014 EUR 71.08
UBS AG 6.25 6/27/2014 EUR 56.36
UBS AG 11.25 3/28/2014 EUR 72.74
UBS AG 11.00 1/3/2014 EUR 70.06
UBS AG 12.25 3/28/2014 EUR 68.98
UBS AG 12.00 1/3/2014 EUR 66.02
UBS AG 13.75 6/27/2014 EUR 65.24
UBS AG 8.00 3/28/2014 EUR 56.96
UBS AG 20.25 1/3/2014 EUR 67.22
UBS AG 24.50 1/3/2014 EUR 59.05
UBS AG 21.75 1/3/2014 EUR 58.98
UBS AG 12.25 1/3/2014 EUR 52.20
UBS AG 18.00 1/3/2014 EUR 64.27
UBS AG 24.75 1/3/2014 EUR 54.61
UBS AG 22.00 1/3/2014 EUR 63.63
UBS AG 19.25 1/3/2014 EUR 71.52
UBS AG 23.50 1/3/2014 EUR 72.60
UBS AG 18.50 1/3/2014 EUR 71.37
UBS AG 6.50 1/3/2014 EUR 63.77
UBS AG 13.00 1/3/2014 EUR 49.48
UBS AG 5.75 1/3/2014 EUR 54.70
UBS AG 4.25 1/3/2014 EUR 54.36
UBS AG 6.25 1/3/2014 EUR 48.11
UBS AG 20.00 1/3/2014 EUR 64.93
UBS AG 14.41 11/21/2013 USD 40.01
UBS AG 23.25 1/3/2014 EUR 65.06
UBS AG 15.50 1/3/2014 EUR 45.13
UBS AG 18.25 1/3/2014 EUR 41.49
UBS AG 6.75 1/3/2014 EUR 68.80
UBS AG 20.75 1/3/2014 EUR 70.05
UBS AG 16.25 1/3/2014 EUR 72.22
UBS AG 19.75 1/3/2014 EUR 64.89
UBS AG 10.00 1/3/2014 EUR 55.96
UBS AG 13.75 1/3/2014 EUR 47.78
UBS AG 12.50 1/3/2014 EUR 49.77
UBS AG 8.50 1/3/2014 EUR 60.73
UBS AG 23.50 1/3/2014 EUR 36.11
UBS AG 22.75 1/3/2014 EUR 59.75
UBS AG 19.50 1/3/2014 EUR 65.22
UBS AG 20.50 1/3/2014 EUR 70.00
UBS AG 23.50 1/3/2014 EUR 72.59
UBS AG 18.25 1/3/2014 EUR 41.55
UBS AG 24.75 1/3/2014 EUR 72.66
UBS AG 17.50 1/3/2014 EUR 69.19
UBS AG 21.50 1/3/2014 EUR 61.80
UBS AG 7.98 3/17/2014 USD 10.60
UBS AG 14.75 3/28/2014 EUR 71.70
UBS AG 11.50 6/27/2014 EUR 74.62
UBS AG 4.50 3/28/2014 EUR 64.14
UBS AG 6.50 3/28/2014 EUR 44.45
UBS AG 7.30 7/7/2014 USD 28.53
TURKEY
------
APP International 11.75 10/1/2005 USD 5.00
Yuksel Insaat AS 9.50 11/10/2015 USD 72.64
UKRAINE
-------
Agroton Public Ltd 12.50 7/14/2014 USD 50.00
UNITED KINGDOM
--------------
Alpha Credit Group 0.73 2/21/2021 EUR 52.38
Alpha Credit Group 6.00 7/29/2020 EUR 72.88
Barclays Bank PLC 0.61 12/28/2040 EUR 64.00
Barclays Bank PLC 8.00 5/23/2014 USD 10.81
Barclays Bank PLC 2.20 11/30/2025 USD 21.86
Barclays Bank PLC 0.50 3/13/2023 RUB 47.04
Barclays Bank PLC 6.75 10/16/2015 GBP 1.15
Barclays Bank PLC 7.40 2/13/2014 GBP 1.04
Barclays Bank PLC 2.50 3/7/2017 EUR 35.67
Barclays Bank PLC 8.25 1/26/2015 USD 1.13
Barclays Bank PLC 1.99 12/1/2040 USD 71.38
Barclays Bank PLC 1.64 6/3/2041 USD 66.57
Barclays Bank PLC 7.50 4/29/2014 GBP 1.06
Barclays Bank PLC 2.33 1/2/2041 USD 73.08
Cattles Ltd 6.88 1/17/2014 GBP 2.50
Cattles Ltd 7.13 7/5/2017 GBP 2.50
Commercial Bank Pr 5.80 2/9/2016 USD 69.01
Co-Operative Bank 9.25 4/28/2021 GBP 72.74
Co-Operative Bank 5.75 12/2/2024 GBP 68.46
Co-Operative Bank 7.88 12/19/2022 GBP 70.52
Co-Operative Bank 5.88 3/28/2033 GBP 69.57
Co-Operative Bank 5.63 11/16/2021 GBP 55.13
Co-Operative Bank 1.01 5/18/2016 EUR 69.71
Credit Suisse AG/L 11.50 4/4/2014 CHF 70.01
Credit Suisse AG/L 8.50 11/5/2013 CHF 45.66
Credit Suisse AG/L 6.50 1/14/2014 CHF 55.22
Credit Suisse AG/L 9.00 11/14/2013 CHF 51.41
Credit Suisse AG/L 1.64 6/1/2042 USD 46.62
Credit Suisse AG/L 8.00 1/14/2014 USD 55.38
Credit Suisse AG/L 6.85 8/8/2014 USD 57.36
Credit Suisse AG/L 10.50 11/15/2013 USD 51.48
Credit Suisse Inte 4.40 10/24/2013 EUR 57.10
Credit Suisse Inte 4.45 12/13/2013 EUR 53.20
Dunfermline Buildi 6.00 3/31/2015 GBP 1.38
Emporiki Group Fin 5.00 2/24/2022 EUR 60.75
Emporiki Group Fin 5.00 12/2/2021 EUR 61.13
Emporiki Group Fin 5.10 12/9/2021 EUR 62.13
ERB Hellas PLC 0.52 9/3/2014 EUR 72.13
Goldman Sachs Inte 2.50 8/17/2018 EUR 20.40
HSBC Bank PLC 0.50 4/3/2023 AUD 62.86
HSBC Bank PLC 0.50 12/2/2022 AUD 64.19
HSBC Bank PLC 0.50 2/24/2023 AUD 63.27
HSBC Bank PLC 0.50 10/25/2021 AUD 68.62
HSBC Bank PLC 0.50 11/30/2021 NZD 65.52
HSBC Bank PLC 0.50 12/20/2018 RUB 69.82
HSBC Bank PLC 0.50 6/30/2021 NZD 67.16
HSBC Bank PLC 0.50 2/2/2023 AUD 63.51
HSBC Bank PLC 0.50 12/29/2022 AUD 63.89
HSBC Bank PLC 0.50 2/5/2018 RUB 74.86
HSBC Bank PLC 0.50 3/1/2018 RUB 74.48
HSBC Bank PLC 0.50 4/27/2027 NZD 47.02
HSBC Bank PLC 0.50 11/22/2021 AUD 68.35
HSBC Bank PLC 0.50 7/30/2027 NZD 46.29
HSBC Bank PLC 0.50 1/29/2027 NZD 47.70
HSBC Bank PLC 0.50 10/30/2026 NZD 48.42
HSBC Bank PLC 0.50 12/29/2026 AUD 50.10
HSBC Bank PLC 0.50 12/8/2026 AUD 50.28
HSBC Bank PLC 0.50 2/24/2027 NZD 47.50
Royal Bank of Scot 1.69 11/14/2016 GBP 1.10
RSL Communications 10.50 11/15/2008 USD 1.20
RSL Communications 10.13 3/1/2008 USD 1.25
RSL Communications 9.13 3/1/2008 USD 1.25
RSL Communications 9.88 11/15/2009 USD 1.25
RSL Communications 12.00 11/1/2008 USD 1.25
UBS AG/London 25.00 3/20/2014 CHF 62.25
UBS AG/London 7.63 9/30/2015 USD 16.71
UBS AG/London 20.25 4/17/2014 CHF 66.13
UBS AG/London 6.88 8/31/2015 USD 15.37
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
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-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *