/raid1/www/Hosts/bankrupt/TCREUR_Public/131230.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 30, 2013, Vol. 14, No. 256
Headlines
C Z E C H R E P U B L I C
METROPOLITNI SPORITELNI: Declared Bankrupt; License Revoked
G E R M A N Y
COREALCREDIT BANK: Fitch Puts BB- Sub. Debt Rating on Watch Pos.
DEUTSCHE RASTSTATTEN: S&P Assigns 'BB-' Corporate Credit Rating
G R E E C E
FREESEAS INC: Amends Prospectus Over Resale of 5.5 Million Shares
I R E L A N D
AVOCA CLO VII: Fitch Affirms 'CCC' Rating on Class F Notes
DEKANIA EUROPE: Fitch Affirms 'C' Ratings on Four Note Classes
JAZZ III CDO: S&P Raises Ratings on Two Note Classes to 'BB-'
I T A L Y
ATLANTE FINANCE: S&P Lowers Rating on Class C Notes to 'B'
BANCA MONTE: Delays EUR3-Bil. Stock Sale Until at Least May
SALINI SPA: S&P Assigns 'BB' CCR; Outlook Stable
K A Z A K H S T A N
ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'C'
CENTRAL-ASIAN ELECTRIC: Fitch Rates 10-Yr. Unsecured Bond 'B+'
HOME CREDIT: Fitch Rates Upcoming Local Bonds 'bb-(EXP)'
KAZKOMMERTS-POLICY: S&P Affirms 'B+' Counterparty Credit Rating
KOMPETENZ JOINT: Fitch Alters Outlook on 'B' IFS to Negative
L I T H U A N I A
UAB BITE: Fitch Alters Outlook to Stable & Affirms 'B-' IDR
L U X E M B O U R G
DUCHESS CDO I: Moody's Hikes EUR37MM Class B Notes Rating to Caa3
N E T H E R L A N D S
BRIT INSURANCE: Fitch Affirms BB+ Rating on Subordinated Notes
SNS REAAL: S&P Affirms 'BB+' Counterparty Credit Ratings
STORK TECHNICAL: S&P Affirms 'B-' CCR & Removes Rating from Watch
N O R W A Y
SONGA OFFSHORE: S&P Lowers Corporate Credit Rating to 'D'
P O L A N D
ZLOMREX INTERNATIONAL: Finance Company Seeks U.S. Protection
R U S S I A
BANK NATIONAL: Fitch Upgrades Viability Rating From 'BB+'
MOSCOW INTEGRATED: Fitch Keeps 'BB+' IDR on Rating Watch Negative
NOVIKOMBANK: Fitch Assigns 'B' FC Issuer Default Rating
SYNERGY OAO: Fitch Affirms 'B' Long-Term Issuer Default Ratings
TELE2 RUSSIA: Fitch Retains 'BB+' IDR on Rating Watch Evolving
S L O V E N I A
ABANKA VIPA: Fitch Affirms 'B-' Long-Term Issuer Default Rating
MERCATOR: Creditors Extend Restructuring Agreement
S P A I N
CAJA SAN FERNANDO: S&P Affirms & Withdraws CCC- Rating on D Notes
CAJA SAN FERNANDO: S&P Lowers Ratings on Two Note Classes to D
FAGOR ELECTRODOMESTICOS: Closure to Hit Cooperatives in Spain
NCG BANCO: S&P Puts 'BB-' Rating on CreditWatch Negative
S W I T Z E R L A N D
DUFRY AG: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable
U K R A I N E
PSC PROMINVESTBANK: Fitch Assigns 'B-' Issuer Default Rating
U N I T E D K I N G D O M
BRADFORD BULLS: Chairman & Directors Quit Amid Financial Woes
CO-OPERATIVE BANK: Fitch Affirms 'B' Issuer Default Rating
CO-OPERATIVE BANK: Fitch Retains Ratings on RMBS
JOHNSTON PRESS: Lenders Agree to Reset Covenants on GBP300MM Debt
PREMIER FOODS: Unveils Turnaround Plan; Mulls Rights Issue
X X X X X X X X
* Fitch Affirms 77 EMEA Consumer & Pharma Companies' Ratings
* Fitch: 2014 European Govt Borrowing Edges Down on Deficit Cuts
* BOND PRICING: For the Week December 23 to December 27, 2013
*********
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C Z E C H R E P U B L I C
===========================
METROPOLITNI SPORITELNI: Declared Bankrupt; License Revoked
-----------------------------------------------------------
CTK News, citing information published in the Insolvency
Register, reports that the Municipal Court in Prague sent the
credit union Metropolitni sporitelni druzstvo (MSD) into
bankruptcy on Dec. 23 and appointed Ivo Hala its insolvency
administrator.
The Czech National Bank revoked the credit union's license and
then, at the CNB's request, the court appointed David Termer
MSD's liquidator, CTK relays.
The CNB revoked the license allowing MSD to operate as a credit
union because it had found serious shortcomings in its activities
that harmed interests of the clients and endangered
the credit union's safety and stability, CTK relates.
Clients are unlikely to lose their money as credit unions, just
like banks and building societies, have their assets insured at
the Deposit Insurance Fund (FPV), CTK says.
Deposits are 100% insured, the maximum being EUR100,000 (over
CZK2.7 million) per client and bank, CTK discloses.
According to CTK, CNB spokesman Marek Petrus said the credit
union's clients would get their compensation within weeks or
months.
FPV's management said the fund will likely pay around CZK12
billion in compensation, which would be the second highest payout
since 1994, the year of FPV's foundation, CTK notes.
Ten years ago, clients of Union banka received CZK12.4 billion in
compensation, CTK recounts.
FPV head Renata Kadlecova told CTK that the fund's liquidity is
around CZK27.5 billion and the fund may also get money from the
state budget.
January 24 next year is a deadline for the fund to launch
compensation payments to clients, CTK says.
MSD was set up in 1999 as a regional credit union based in Brno,
southern Moravia.
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G E R M A N Y
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COREALCREDIT BANK: Fitch Puts BB- Sub. Debt Rating on Watch Pos.
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Fitch Ratings has affirmed Germany-based Aareal Bank AG's
Long-term Issuer Default Rating (IDR) at 'A-' and its Viability
Rating (VR) at 'bbb'. The Outlook on the Long-term IDR is Stable.
At the same time, the agency has placed COREALCREDIT BANK AG's
(COREALCREDIT) Long- and Short-term IDRs of 'BBB-' and 'F3' on
Rating Watch Positive and affirmed its VR at 'bb'.
The rating actions reflect Aareal's planned acquisition of
COREALCREDIT from a company owned by the US financial investor
Lone Star. The announced purchase price of EUR342 million is
subject to contractually agreed adjustments up until the closing
date. According to current plans, the transaction -- which is
subject to the approval of the respective authorities -- will be
completed during the first half of next year.
KEY RATING DRIVERS - AAREAL'S IDRs, VR, SUPPORT RATING, SUPPORT
RATING FLOOR AND SENIOR DEBT
The affirmations of Aareal's Long-term IDR, Support Rating,
Support Rating Floor and senior debt ratings reflect Fitch's view
that its status as one of Germany's largest, independent active
Pfandbrief issuers continues to result in a very high probability
that state support would be forthcoming if necessary. State
support, in Fitch's view, is even more certain in the short-term
and so Aareal's Short-term IDR at 'F1' is at the higher of two
potential Sort-term ratings mapping to its 'A-' Long-term IDR.
The Stable Outlook is based on Fitch's view that support will
continue to be forthcoming, although this is sensitive to
evolving developments around support for EU banks.
The affirmation of Aareal's VR reflects Fitch's expectation that
the bank's recurring earnings and capitalization could benefit
slightly from the acquisition of the much smaller, Germany-
focused COREALCREDIT, which is being purchased at a material
discount to the net fair value of its assets and liabilities. On
the other hand, the rating also takes into account execution risk
on the acquisition. Taxation and legal risks are by nature
difficult to quantify with certainty and the acquisition will
absorb considerable management capacity at least in the short-
term. Fitch expects that Aareal will not release upfront
accounting profit from this transaction through dividend payments
in the early years before the full economic impact of the
transaction materializes. Therefore, the affirmation of the VR is
based on assumptions that potential legacy risks at COREALCREDIT
are sufficiently ring-fenced and that cash collateral is trapped
at the financial institution in an escrow account.
On balance, Fitch believes that Aareal's management team is
experienced in structuring complex financial transactions and
expects that Aareal will extract some net profit from the
transaction, including the substantial negative goodwill it will
book upfront.
KEY RATING DRIVERS - COREALCREDIT'S IDRs, VR, SUPPORT RATING,
SUPPORT RATING FLOOR AND SENIOR DEBT
The Rating Watch Positive on COREALCREDIT's IDRs and senior debt
reflects Fitch's expectation that the acquisition will close
successfully in 1H14 and the positive impact of support it will
receive from Aareal. The future rating level will factor in a
very strong propensity for Aareal to support COREALCREDIT,
underpinned by a profit and loss sharing agreement between the
two financial institutions. The ratings will also factor in
Aareal's ability to provide support either from its own resources
or via state support to COREALCREDIT through Aareal.
Once COREALCREDIT becomes a subsidiary of Aareal, Fitch's
analysis will be based on an institution (Aareal) being the
source of support, rather than on the state.
The affirmation of COREALCREDIT's VR reflects Fitch's view that
its financial position will not be affected negatively by the
transaction nor be significantly changed from March when the VR
was last reviewed. Once the acquisition is approved by the
authorities, Fitch expects that the bank's capitalization will
improve before potential capital transfers to Aareal.
COREALCREDIT's profitability for the purpose of consolidation
into Aareal's accounts, once the transaction is complete, will
depend substantially on the pull-to-par fair value of assets and
liabilities and Aareal's management's ability to deliver
synergies according to plan. Fitch expects that COREALCREDIT's
liquidity will benefit from Aareal's ready access to funding
sources. The profit and loss sharing agreement will neutralize
any profit or loss between the two banks.
RATING SENSITIVITIES - AAREAL's IDRs, SUPPORT RATING, SUPPORT
RATING FLOOR AND SENIOR DEBT
Aareal's IDRs, Support Rating, Support Rating Floor and senior
debt ratings are sensitive to any change in Fitch's assumptions
about the on-going availability of extraordinary sovereign
support for the bank. In Fitch's view, there is a clear intention
ultimately to reduce implicit state support for financial
institutions in the EU, as demonstrated by a series of
legislative, regulatory and policy initiatives, most recently
agreement between the European Council and Commission on the Bank
Recovery and Resolution Directive. In September 2013, Fitch
commented on its approach to incorporating support in its bank
ratings in light of evolving support dynamics for banks
worldwide.
Aareal's Support Rating Floor would be revised lower and its
Support Rating, IDRs and senior debt ratings downgraded if Fitch
concludes that potential sovereign support has weakened relative
to its previous assessment. Given Aareal's VR is 'bbb', any
support-driven downgrade of the bank's Long-term IDR and senior
debt ratings would be limited to two notches.
RATING SENSITIVITIES - COREALCREDIT's IDRs, SUPPORT RATING,
SUPPORT RATING FLOOR AND SENIOR DEBT
Fitch expects to resolve the Rating Watches once the transaction
is successfully closed. Fitch's considerations on support for EU
banks will affect the rating decision. If support considerations
are excluded, COREALCREDIT's Long-term IDR would be equalized
with Aareal's VR. This would mean a one-notch upgrade for
COREALCREDIT's Long-term IDR and senior debt ratings and either
an affirmation or one-notch upgrade of its Short-term IDR.
COREALCREDIT's Support Rating and Support Rating Floor are
sensitive to similar support considerations as those for Aareal.
In addition, if the acquisition by Aareal fails to go ahead, its
IDRs and senior debt ratings will be sensitive to changes to
Fitch's view about state support.
RATING SENSITIVITIES - VRs
Aareal's 'bbb' VR is the highest for a German monoline commercial
real estate lender and benefits from its resilient performance
since 2008. The non-performing loan (NPL) ratio will deteriorate
once Aareal consolidates COREALCREDIT. COREALCREDIT has a large,
albeit rapidly shrinking, NPL portfolio which, combined with its
weak profitability, is one of the main reasons for its VR being
at 'bb'.
However, COREALCREDIT has fairly high NPL coverage with loan loss
reserves compared with its German peers, and the terms of the
acquisition include further cash collateral against unexpected
deterioration of collateral value. Fitch understands that Aareal
has conducted extensive due diligence on COREALCREDIT's loan
portfolio, covering most commercial real estate loans. If
Aareal's assessment proves to be inadequate -- which is not
Fitch's base case -- it could be negative for COREALCREDIT's VR.
Aareal has negotiated protection in the form of cash collateral
and fair value adjustments for potential taxation and legal
risks. If Aareal's assessment has not been sufficiently
conservative, the upside for Aareal's profitability and capital
generating capacity through this acquisition would be reduced. In
addition, if Aareal's calculation of the net gain of the
acquisition has been too optimistic, this would be neutral to
negative for the VR, but if risks emerge that have not been
identified by Aareal in its due diligence, this would be negative
for the VR.
COREALCREDIT's capital, funding and liquidity will be managed at
a consolidated level and the profit and loss sharing agreement
will mutualise the two banks' earnings. Consequently, Fitch would
most likely withdraw COREALCREDIT's VR once the acquisition is
successfully closed.
KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES
Aareal's and COREALCREDIT's Lower Tier 2 subordination securities
are notched down one level from the banks' respective VRs to
reflect higher loss severity compared with senior unsecured debt
instruments in line with Fitch's criteria.
Aareal's hybrid securities, issued by Capital Funding GmbH and
Aareal Capital Funding LLC (Delaware), are rated 'BB-'. The
instruments' distributable profit trigger or an annual profit
trigger combined with a regulatory capital ratio trigger are
reflected in the notes being rated four notches below Aareal's
VRs, two notches for high loss severity risks and two notches for
high non-performance risks.
Subordinated debt ratings and hybrid ratings are sensitive to the
potential changes of the banks' respective VRs. When the
acquisition is closed, the anchor VR for COREALCREDIT's
subordinated debt is likely to be Aareal's, rather than
COREALCREDIT's, VR.
RATING ACTIONS
Aareal Bank AG:
Long-term IDR: affirmed at 'A-', Outlook Stable
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-'
Debt Issuance Programme: affirmed at 'A-'/'F1'
Senior unsecured notes: affirmed at 'A-'
Subordinated debt: affirmed at 'BBB-'
Capital Funding GmbH (DE0007070088): affirmed at 'BB-'
Aareal Capital Funding LLC (Delaware) (XS0138973010): affirmed at
'BB-'.
COREALCREDIT BANK AG:
Long-term IDR: 'BBB-' placed on Rating Watch Positive
Short-term IDR: 'F3' placed on Rating Watch Positive
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB-'
Senior unsecured notes: 'BBB-' placed on Rating Watch Positive
Subordinated debt: 'BB-' placed on Rating Watch Positive
DEUTSCHE RASTSTATTEN: S&P Assigns 'BB-' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Deutsche Raststatten Gruppe IV GmbH.
Deutsche Raststatten Gruppe IV is a subsidiary of leading
concession holder for German motorway services areas (MSAs),
Deutsche Raststatten Gruppe GmbH. S&P refers to Deutsche
Raststatten Gruppe and its subsidiaries together as Tank & Rast
or the group.
At the same time, S&P assigned the following ratings:
-- An issue rating of 'BB' to the EUR1.45 billion senior
secured facilities, due in 2018 and 2019, issued by
Deutsche Raststatten Holding GmbH. The recovery rating on
these facilities is '2', indicating S&P's expectation of
substantial (70%-90%) recovery prospects in the event of a
payment default.
-- An issue rating of 'B' to the EUR460 million second-lien
notes, due in 2020, issued by Deutsche Raststatten Gruppe
IV. The recovery rating on these notes is '6', indicating
S&P's expectation of negligible (0%-10%) recovery prospects
in the event of a payment default.
The assignment of ratings follows Deutsche Raststatten Gruppe
IV's completion of a refinancing by issuing senior secured bank
facilities, second-lien notes, and a payment-in-kind (PIK)
instrument. The ratings reflect S&P's assessment of Deutsche
Raststatten Gruppe IV's financial risk profile as "highly
leveraged" and its business risk profile as "strong."
Tank & Rast's business model is similar to that of a landlord
insofar as the group receives stable fixed and variable income
from leases and a fuel commission from oil companies selling fuel
at its MSAs. Tank & Rast's tenants therefore bear the operating
risk of the businesses operating within the MSAs. Tank & Rast
has a strong market position as the concession holder of
approximately 90% of all German MSA concessions granted by the
German government. This provides Tank & Rast with a fundamental
competitive advantage. Tank & Rast's MSAs also benefit from its
Sanifair services, whereby a small fee is charged for customers
to use modern and clean toilet facilities. Furthermore, the
business' operating performance has proven stable and resilient
to the wider economic cycle. Importantly, Tank & Rast's
operating profitability, measured by EBITDA, demonstrates low
volatility and is above average relative to the EBITDA margins of
its peers. These are key considerations in S&P's assessment of
the group's "strong" competitive position.
These strengths are moderated by the risk of changes to the law
or restrictions applicable to German MSA concessions; the finite
duration of concessions, with the majority expiring in 2036-2038;
and Tank & Rast's reliance on the operating performance of its
tenants and third-party brands. Tank & Rast's business model is
different to that of its U.K. motorway services peers, such as
Moto Hospitality, which bears the risks of operating the MSAs
itself. S&P also compares Tank & Rast with comparable businesses
in other sectors, including Intercontinental Hotel Group
(lodging); Aeroports de Paris (transportation); and Societe
Fonciere Lyonnaise S.A. (real estate). S&P's business risk
assessment also incorporates its view of the motorway services
industry's "intermediate" risk, and "very low" country risk in
Germany, where all Tank & Rast's operations are located.
S&P's assessment of Tank & Rast's financial risk profile as
"highly leveraged" reflects its view of its high debt, aggressive
financial policies, and ownership by a financial sponsor, which
constrains S&P's rating on Deutsche Raststatten Gruppe IV. In
S&P's opinion, Tank & Rast's capital structure is complex, with
the presence of a PIK instrument, shareholder preference shares
that S&P assess as a debt-like obligation under its criteria, and
intergroup loans. On completion of the refinancing, S&P
calculates that Tank & Rast's Standard & Poor's-adjusted debt to
EBITDA will be about 10.5x including the shareholder preference
shares (equivalent to about 8.0x excluding the PIK instrument and
shareholder preference shares), with adjusted interest coverage
of about 1.3x, equivalent to cash interest coverage of 2.1x.
In S&P's view, Tank & Rast's ability to reduce adjusted debt to
EBITDA is limited because of the accrual of PIK interest or
dividends on the PIK instrument and shareholder preference
shares. Despite Tank & Rast's high leverage, S&P believes that
its capital structure is sustainable, thanks to the business'
stable earnings and the group's ability to generate positive free
operating cash flow.
S&P's base-case operating scenario assumes:
-- Stable motorway traffic growth in line with German GDP
growth that it forecasts at 1.6% in 2014 and 1.7% in 2015.
-- Revenue growth of 50%-60% in 2013, and about 15% in 2014,
driven by the transition to a new self-supply arrangement
for about 5% of Tank & Rast's annual fuel sales. Under
this new arrangement, Tank & Rast sells fuel directly to
customers, rather than obtaining commissions from oil
companies.
-- A decline in Tank & Rast's EBITDA margin from about 70%
historically to less than 50% in 2014, because of the
change to the fuel supply arrangement. S&P anticipates
EBITDA margins will remain stable on a normalized basis
excluding changes to the fuel supply arrangement.
-- Capital expenditure (capex) of about 10%-15% of revenues to
fund service station replacements, refurbishments, and new
sites.
Based on these assumptions, S&P calculates the following credit
measures:
-- Adjusted debt to EBITDA of about 10.5x in 2014, equivalent
to about 8.0x excluding the PIK instrument and shareholder
preference shares.
-- Adjusted interest coverage of about 1.3x in 2014,
equivalent to cash interest coverage of 2.1x.
-- Positive free operating cash flow to debt over the next few
years.
The stable outlook reflects S&P's view that Tank & Rast will
achieve moderate EBITDA growth thanks to its resilient business
model and strategic initiatives -- such as the change in its fuel
supply arrangements -- to optimize operating performance. The
stable outlook also reflects Tank & Rast's ability to generate
positive free operating cash flow. S&P believes that the
forecast EBITDA growth should enable Tank & Rast to moderately
reduce adjusted debt to EBITDA over the medium term, alongside
cash interest coverage of 2x.
S&P could consider lowering the rating if Tank & Rast's strategic
initiatives to increase EBITDA are not successful, or if a severe
deterioration in the German economy or if a sudden spike in oil
prices caused the group's operating performance to deteriorate.
Specifically, S&P could lower the rating if cash interest
coverage falls sustainably below 2x. S&P could also lower the
rating if free operating cash flow turns negative, or if
tightening covenant headroom causes the group's liquidity
position to weaken.
Ratings upside is limited due to Tank & Rast's high leverage and
ownership by a financial sponsor.
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G R E E C E
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FREESEAS INC: Amends Prospectus Over Resale of 5.5 Million Shares
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FreeSeas Inc. amended its registration statement relating to the
resale of up to 5,485,534 shares of the Company's common stock,
US$.001 par value, by Crede CG III, Ltd. These shares of Common
Stock are issuable upon conversion of Series B Convertible
Preferred Stock or Series C Convertible Preferred Stock.
The Company is not selling any securities under this prospectus
and will not receive any of the proceeds from the sale of Common
Stock by the selling stockholder except for funds received from
the exercise of warrants held by the selling stockholder, if and
when exercised for cash. The Company will pay the expenses of
registering these shares, including legal and accounting fees.
The Company's common stock is currently quoted on The NASDAQ
Capital Market under the symbol "FREE." On Dec. 19, 2013, the
closing price of the Company's common stock was US$1.21 per
share.
A copy of the amended Form F-1 is available for free at:
http://is.gd/pu1I4X
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.
Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010. As of Sept. 30, 2013, the Company had US$107.35
million in total assets, US$106.63 million in total liabilities,
all current, and US$711,000 in total shareholders' equity.
RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012. The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency. In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements. It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank. Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets. These conditions, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
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I R E L A N D
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AVOCA CLO VII: Fitch Affirms 'CCC' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has affirmed Avoca CLO VII plc's notes, as follows:
EUR283.9m class A-1 (ISIN XS0289562745): affirmed at 'AAAsf';
Outlook Stable
EUR62.5m class A-2 (ISIN XS0289563396): affirmed at 'AAAsf';
Outlook Stable
EUR145.0m class A-3 (ISIN XS0289564014): affirmed at 'AAAsf';
Outlook Stable
EUR48.5m class B (ISIN XS0289565763): affirmed at 'AAsf';
Outlook Stable
EUR42.0m class C1 (ISIN XS0289566571): affirmed at 'Asf';
Outlook Stable
EUR4.5m class C2 (ISIN XS0290383412): affirmed at 'Asf';
Outlook Stable
EUR23.0m class D1 (ISIN XS0289566902): affirmed at 'BBBsf';
Outlook Revised to Stable from Negative
EUR8.5m class D2 (ISIN XS0290383768): affirmed at 'BBBsf';
Outlook Revised to Stable from Negative
EUR28.3m class E1 (ISIN XS0289567546): affirmed at 'Bsf';
Outlook Revised to Stable from Negative
EUR2.8m class E2 (ISIN XS0290384493): affirmed at 'Bsf';
Outlook Revised to Stable from Negative
EUR14.0m class F (ISIN XS0289568437): affirmed at 'CCCsf'
RE 50%
EUR40.0m class V (ISIN XS0290386431): affirmed at 'AAAsf';
Outlook Stable
Key Rating Drivers
The affirmation reflects the transaction's stable performance
since the previous review and the available credit enhancement.
The exposure of 'CCC' rated and below assets has reduced to 2.11%
in November 2013 from 3% reported at the time of the previous
review. The Fitch PCM Rating factor has improved to 32.53 from
34.14. In the latest report the transaction reported two
defaulted assets totaling EUR3 million with the expected recovery
rate of 56%.
The portfolio exposure continues to be concentrated to core
European countries where France, Germany, United Kingdom and
Netherlands account for 73.4% of the portfolio assets as compared
to 70.54% in the previous review. The three largest industries
are Business Services, Cable and General Retail representing
12.6%, 9.3% and 7.9% respectively as compared to the three
largest industries at the time of the previous review being
Business Services, Broadcasting and Media and Telecommunications.
The Outlook revision on the junior notes reflects the improved
portfolio credit quality, increased in weighted average spread to
4.07% in November 2013 from 3.78% at the time of the previous
review and smoothing of the maturity profile.
The affirmation of the class V combination notes reflects the
affirmation of its components, class A-1, A-2 and A-3. The class
V notes' rating addresses the timely payment of interest and the
ultimate repayment of principal by the stated maturity date.
Rating Sensitivities
Fitch ran various rating sensitivity stresses on the transaction
to outline the impact on the notes' ratings if the key risk
drivers -- default rates and recovery rates -- were stressed.
Increasing the default probability by 25% would likely result in
a downgrade of up to two notches on the mezzanine and junior
notes. Furthermore, applying a recovery rate haircut of 25.0% on
all the assets would likely result in a downgrade of up to one
notch on the mezzanine notes and junior notes. In both the
scenarios there would be no impact on the senior notes' ratings.
Avoca CLO VII plc is a securitization of mainly European senior
secured loans, with the total note issuance of EUR711 million
invested in a portfolio of EUR663 million. The portfolio is
actively managed by Avoca Capital Holdings. The transaction's
reinvestment period ends in May 2014 therefore the manager can
reinvest all principal proceeds subject to meeting certain
criteria.
DEKANIA EUROPE: Fitch Affirms 'C' Ratings on Four Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 21 classes of notes and
upgraded two classes of notes from three European collateralized
debt obligations (CDOs) as follows:
Dekania Europe CDO I P.L.C. (Dekania Europe I)
-- EUR103,846,915 class A1 notes affirmed at 'AAsf';
Outlook Stable;
-- EUR11,500,000 class A2 notes affirmed at 'Asf';
Outlook Stable;
-- EUR13,000,000 class A3 notes affirmed at 'Asf';
Outlook Stable;
-- EUR35,000,000 class B1 notes affirmed at 'BBsf';
Outlook Stable;
-- EUR15,000,000 class B2 notes affirmed at 'BBsf';
Outlook Stable;
-- EUR29,500,000 class C notes affirmed at 'B-sf';
Outlook Stable;
-- EUR15,461,821 class D notes affirmed at 'CCCsf'.
Dekania Europe CDO II P.L.C. (Dekania Europe II)
-- EUR141,195,921class A1 notes affirmed at 'Asf';
Outlook Stable;
-- EUR25,000,000 class A2-A notes affirmed at 'BBBsf';
Outlook Stable;
-- EUR 5,000,000 class A2-B notes affirmed at 'BBBsf';
Outlook Stable;
-- EUR26,515,950 class B notes upgraded to 'BBsf' from
'Bsf'; Outlook Stable;
-- EUR29,102,627 class C notes upgraded to 'Bsf' from
'CCCsf'; Assign Outlook Stable;
-- EUR13,873,859 class D1 notes affirmed at
'CCsf';
-- EUR2,473,327 class D2 notes affirmed at 'CCsf';
-- EUR14,996,547 class E notes affirmed at 'Csf'.
Dekania Europe CDO III P.L.C. (Dekania Europe III)
-- EUR143,945,909 class A1 notes affirmed at 'BBsf';
Outlook revised to Stable from Negative;
-- EUR16,000,000 class A-2A notes affirmed at 'Bsf';
Outlook revised to Stable from Negative;
-- EUR12,000,000 class A-2B notes affirmed at 'Bsf';
Outlook revised to Stable from Negative;
-- EUR25,357,226 class B notes affirmed at 'CCCsf';
-- EUR20,080,229 class C notes affirmed at 'CCsf';
-- EUR13,562,142 class D notes affirmed at 'Csf';
-- EUR9,407,590 class E notes affirmed at 'Csf';
-- EUR4,667,030 class F notes affirmed at 'Csf.
This review was conducted under the analytical framework
described in the report 'Global Rating Criteria for Corporate
CDOs'.
Key Rating Drivers:
The affirmations for the notes in Dekania Europe I at their
current ratings reflect no major changes in the portfolio since
last review. The upgrade for the class B and C notes and the
affirmation for class A notes in Dekania Europe II are in line
with the range of breakeven results from the cash flow model.
Although the results of the cash flow analysis indicate a higher
rating category for the class D notes, considering the position
of the notes in the waterfall Fitch has affirmed the notes at
their current ratings. The affirmation of the notes in Dekania
Europe III at their current ratings is in line with the range of
breakeven results from the cash flow model. The Outlook revision
to Stable from Negative for the class A notes reflects the
available cushions to the current ratings in the breakeven levels
from the cash flow model.
Securities issued by insurance companies and banks represent all
of the collateral in Dekania Europe I and 92% and 84% of the
portfolio notional in Dekania II and III, respectively. Despite
the likely downward pressure on European insurers' and banks'
earnings in 2014 as a result of the continuing low interest rate
environment, both industries at large are expected to remain
resilient with stable outlooks.
Across the three CDOs, the credit quality of collateral has
remained stable or slightly improved. The average credit quality
of the performing collateral in Dekania Europe I and II
marginally improved to 'BBB-/BB+'. The average credit quality of
collateral in Dekania Europe III migrated to 'BB' from 'BB-/B+'.
There were no new deferrals or defaults in Dekania Europe I. All
of the overcollateralization (OC) tests in this transaction are
currently passing. A deferring issuer representing EUR12 million
and EUR5.3 million of notional in Dekania Europe II and III,
respectively, has defaulted in August 2013. Additionally, an
issuer of subordinate notes representing EUR12 million of
collateral in the same transactions has started to defer on its
interest payments since June of 2013. The new deferral and
default in Dekania Europe II has resulted in failure of senior OC
test which was passing at last review. Similar to Dekania Europe
II all the OC tests in Dekania Europe III are currently failing.
All three transactions experienced a very limited amount of de-
leveraging: 0.15% of the senior class's balance at last review in
Dekania Europe I, 3.7% in Dekania Europe II, 3.3% in Dekania
Europe III. The contribution from excess spread in Dekania II
(1.7%) was slightly higher than Dekania Europe III (1.3%).
The amount of interest collections in Dekania Europe III was
negatively impacted by a deferral of a fixed rate annual pay
asset in May of 2012 while the transaction continued to make
fixed for floating payments under the asset specific interest
rate hedge. To avoid the interest shortfall on class A-2B notes
in Dekania Europe III on the April payment date approximately EUR
50,000 was withdrawn from the interest reserve account to pay the
remainder of the interest on the note. The interest reserve
account was not drawn upon to pay down the interest on the non-
deferrable classes on the subsequent Payment dates. The risk of
future interest shortfall to non-deferrable classes is
sufficiently remote in Fitch opinion, due to the termination of
the hedge in May of 2013.
High degree of concentration in these transactions and meaningful
exposure to the perpetual securities contribute to the tail risk
that will affect the subordinate notes. The perpetual securities
comprise 13% of Dekania Europe I, 18% of Dekania Europe II, and
38% in Dekania Europe III. The recovery assumption on the
perpetual securities is significantly lower than that of other
subordinated debt. In addition, if not called prior to the CDO
legal maturity date, they face the risk of potential liquidation
at a significant discount to their par values, given their
illiquid nature and long-dated legal maturity.
Rating Sensitivity:
The majority of the underlying assets in these portfolios have an
option to prepay after a non-call period ranging from five to 10
years. The maturity profile of the portfolios affects default
rates projected by PCM and availability and timing of cash flows.
Given the high degree of uncertainty with respect to the
likelihood of calls, Fitch considered collateral manager's
expectations for the likelihood of calls as the sensitivity
scenario. The sensitivity scenario resulted in a significantly
shorter weighted average life of the portfolios across all three
transactions and consequently lower default projections. However,
this was offset by lower levels of excess spread available over
the life of the transactions.
Due to these offsetting factors, passing ratings indicated by
Fitch's cash flow model for the notes in all three transactions
generally were no more than a category higher in the sensitivity
scenario and remained in the same rating categories for some
interest rate/default timing stresses. Additionally, considering
the high degree of portfolio concentration in these transactions,
the risk of adverse selection as the result of early redemptions
could negatively impact the ratings.
JAZZ III CDO: S&P Raises Ratings on Two Note Classes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Jazz III CDO (Ireland) PLC's euro-
denominated issue.
The rating actions follow S&P's assessment of the rated notes'
increased overcollateralization, the transaction's reduced time
to maturity, and its review of the October 2013 trustee reports.
CAPITAL STRUCTURE
Notional
Current as of OC as of
notional May 2012 Current May 2012
Class (mil. EUR) (mil. EUR) Interest OC (%)
(%)
Unfunded 783.50 783.50 N/A N/A N/A
S 70.00 70.00 6mEURIBOR+0.30% 10.2 9.0
A-1 45.00 45.00 6mEURIBOR+0.45% 5.9 4.9
B-1 10.00 10.00 6mEURIBOR+0.90% 4.9 4.0
C-1 10.00 10.00 6mEURIBOR+1.40% 3.9 3.0
D-1 5.40 5.40 6mEURIBOR+3.00% 2.8 2.0
D-2 6.60 6.60 7.04% 2.8 2.0
E-1 10.80 10.80 6mEURIBOR+5.25% 1.6 0.9
E-2 1.20 1.20 9.29% 1.6 0.9
Sub 57.50 57.50 N/A 0.0 0.0
N/A -- Not applicable.
OC -- Overcollateralization = (total funded collateral -- tranche
balance [including tranche balance of all senior tranches])
/total exposure.
Sub -- Subordinated.
6m -- Six-month.
EURIBOR -- Euro Interbank Offered Rate.
COMBINATION NOTES
Rated
Current balance
rated as of
balance May 2012
Class (mil. EUR) (mil. EUR) Interest Components
(mil. EUR)
N 2.51 4.12 N/A 6.60 class D-2
note principal
3.44
subordinated
note principal
P 0.22 0.60 N/A 1.20 class E-2
note principal
0.80
subordinated
note principal
N/A--Not applicable.
Since S&P's May 2012 review, the transaction's performance has
benefited from the following factors:
-- Scenario default rates at each rating level have fallen
sharply since S&P's previous review as the transaction is
nearing its legal final maturity. This is mainly due to
more than EUR930 million of credit default swaps maturing
by March 2014, which account for more than 90% of the
portfolio. S&P also notes that the portfolio's credit
quality has slightly deteriorated.
-- The available credit enhancement is higher than in S&P's
May 2012 review.
-- There are EUR76 million cash proceeds available in this
transaction. The issuer would use this amount to redeem
the notes (in order of priority) on the two remaining
payment dates. The available credit enhancement is higher
than in S&P's May 2012 review.
-- The rated balance of the class N notes decreased by 39%,
and the rated balance of the class P notes decreased by
63%.
S&P performed a credit and cash flow analysis of the transaction.
Natixis S.A. (A/Negative/A-1) provides currency hedges on 16% of
the total funded collateral. S&P has applied its current
counterparty criteria and, in S&P's view, its long-term rating on
Natixis, and its replacement covenants, are appropriate to
support liabilities rated 'A+' and below. Therefore, for any
ratings above 'A+', S&P conducted its analysis assuming
nonperformance of the currency hedging counterparty.
Taking the above factors into account, S&P considers that the
available credit enhancement for all classes of notes is
commensurate with higher ratings than S&P previously assigned.
S&P has therefore raised its ratings on all classes of notes.
Jazz III CDO (Ireland) is a hybrid cash/synthetic arbitrage
collateralized debt obligation (CDO) of corporate entities and
sovereigns, managed by AXA Investment Managers Paris S.A. The
asset structure combines elements of cash CDOs (i.e., purchasing
bonds and loans with the proceeds of the note issuance) and
synthetic CDOs (i.e., selling protection through a portfolio of
credit-default swaps and total-return swaps). The liability
structure combines both a funded and an unfunded element. The
transaction closed in August 2006.
RATINGS LIST
Class Rating
To From
Jazz III CDO (Ireland) PLC
EUR228.9 Million Fixed- And Floating-Rate Notes Series 1
Ratings Raised
S AAA (sf) AA- (sf)
A-1 AA+ (sf) BBB+ (sf)
B-1 AA- (sf) BBB- (sf)
C-1 A (sf) BB- (sf)
D-1 BBB (sf) B- (sf)
D-2 BBB (sf) B- (sf)
E-1 BB- (sf) CCC-(sf)
E-2 BB- (sf) CCC-(sf)
N combo A- (sf) BB- (sf)
P combo BB+ (sf) CCC+ (sf)
=========
I T A L Y
=========
ATLANTE FINANCE: S&P Lowers Rating on Class C Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B (sf)' from
'BB (sf)' and removed from CreditWatch negative its credit rating
on Atlante Finance S.r.l.'s class C notes. At the same time, S&P
has affirmed its 'A (sf)' ratings on the class A and B notes.
The downgrade resolves S&P's July 12, 2013 CreditWatch placement
of the class C notes.
According to the September 2013 servicer report, the class C
notes' available credit enhancement has decreased to 4.3% from
6.2% in March 2012. At the same time, the principal deficiency
ledger has increased to EUR80.1 million from EUR68.1 million due
to the default of large loans in the securitized pool. Defaults
since closing represent 14.8% of the closing balance, which S&P
considers to be substantially higher than in April 2012, when
they reached 11.9%.
The concentration in the small and midsize enterprise (SME) part
of the subpool has remained stable, due to the default of large
loans and the recent prepayment of the largest securitized
borrower. The top four borrowers now represent 34.9% of the
subpool's balance, which is slightly lower than 35.3% in April
2012.
Due to the decrease in available credit enhancement, the class C
notes can no longer withstand our stresses for commingling risk
under an originator insolvency scenario. Therefore, S&P's
current counterparty criteria constrain its rating on the class C
notes at our long-term 'BB-' issuer credit rating on the
servicer, Unipol Banca SpA. Under S&P's cash flow analysis, they
achieve a 'B (sf)' rating. S&P has therefore lowered to 'B (sf)'
from 'BB (sf)' and removed from CreditWatch negative its rating
on the class C notes.
In S&P's cash flow analysis, it tested additional scenarios, for
class A and B notes, where it did not give benefit to the swap,
since the derivative agreement's replacement language is in line
with a previous (superseded) version of S&P's counterparty
criteria, but is not in line with its current counterparty
criteria. The class A and B notes passed S&P's stresses at its
currently assigned 'A (sf)' ratings, irrespective of the
derivative counterparty's support. S&P has therefore affirmed
its 'A (sf)' ratings on the class A and B notes.
Atlante Finance is an Italian asset-backed securities (ABS)
transaction. Unipol Banca originated the transaction's mixed
portfolio of SME and residential loans.
RATINGS LIST
Atlante Finance S.r.l.
EUR1.52 Billion Asset-Backed Floating-Rate Notes
Class Rating
To From
Rating Lowered And Removed From CreditWatch Negative
C B (sf) BB (sf)/Watch Neg
Ratings Affirmed
A A (sf)
B A (sf)
BANCA MONTE: Delays EUR3-Bil. Stock Sale Until at Least May
-----------------------------------------------------------
Sergio Di Pasquale and Francesca Cinelli at Bloomberg News report
that Banca Monte dei Paschi di Siena SpA, the bailed-out Italian
bank, will delay a EUR3 billion (US$4.1 billion) stock sale until
at least May from the first quarter after its biggest shareholder
demanded a postponement.
According to Bloomberg, Monte Paschi Chairman Alessandro Profumo
said that the bank's investors backed the delayed rights offer at
an extraordinary shareholder meeting in Siena on Dec. 28. The
vote ends a clash between the lender and its main shareholder
over the timing of the offering, Bloomberg notes.
Monte Paschi, Bloomberg says, needs the funds to help repay state
aid and avert nationalization, and management was pushing for a
January stock sale to get ahead of other Italian banks that might
need to raise capital. The main shareholder, Fondazione Monte
dei Paschi di Siena, vowed to oppose the offering unless it was
delayed until after the first quarter to give the investor more
time to repair its own finances, Bloomberg discloses.
Bloomberg relates that speaking at the shareholder meeting before
voting began, Mr. Profumo said he had "no communication" to make
about media reports that he may resign.
"We'd weigh what to do" at the mid-January board meeting,
Mr. Profumo, as cited by Bloomberg, said, adding that postponing
the capital increase may create uncertainty and require the
assembly of a new group of underwriters. A group of 10 banks,
including UBS AG, Citigroup Inc. and Goldman Sachs Group Inc. had
agreed to back the offering in the first quarter, Bloomberg
recounts.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).
TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'. S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'. At
the same time, S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Dec. 5, 2012.
SALINI SPA: S&P Assigns 'BB' CCR; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Italy-based construction and
engineering company Salini S.p.A. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue rating to Salini's
EUR400 million senior unsecured notes maturing in 2018. The
recovery rating on the notes is '5', indicating S&P's expectation
of modest (10%-30%) recovery for creditors in the event of a
payment default.
The long-term rating on Salini reflects S&P's view that the
company has a "fair" business risk profile and a "significant"
financial risk profile, as S&P's criteria define the terms. S&P
considers Salini's business risk profile to be constrained by its
exposure to the cyclical and capital-intensive construction
market, with its high operational risks. Salini has only limited
product diversification in the infrastructure segment, as well as
significant exposure to the mature and stagnant Italian market.
The company faces high country risks in Africa and South America.
Nevertheless, S&P believes Salini's track record and experience
in risk management largely mitigate these risks, as does its
consistently higher profitability than peers'.
The stable outlook reflects S&P's assessment that Salini's credit
metrics, consolidating Impregilo, will be consistent with the
company's "significant" financial risk profile at year-end 2013
and slowly improve over 2014 and thereafter. S&P's base case
assumes that Salini will maintain an EBITDA margin of about 8% in
2013 and about 10% in 2014, notwithstanding the weak conditions
of the Italian and European economies, thanks to its significant
operations outside Europe. S&P assumes that the company will
maintain strong risk-control management to minimize the risks of
its exposure to projects in emerging-market countries. S&P
expects that Salini will maintain FFO to debt at about 25% in
2013 and that this ratio will improve in the following years.
This is in line with a target ratio, which should be maintained
in the 20%-30% range for the current rating.
S&P could consider a negative rating action if Salini's group
EBITDA falls below 7%, if debt increases due to new acquisitions
or a very generous shareholder remuneration policy, and if, as a
consequence of these circumstances, the FFO-to-debt ratio falls
below 20%.
Rating upside potential could build if Salini's group adjusted
FFO to debt improved sustainably above 30%, and if Salini
demonstrated its capacity to generate steady positive free cash
flow.
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan's Alliance Bank JSC's
Long-term Issuer Default Ratings (IDRs) and senior unsecured bond
rating to 'C' from 'CCC'.
Key Rating Drivers
The downgrade of Alliance's IDRs to 'C' from 'CCC' and Viability
Rating (VR) to 'c' from 'cc' reflects Fitch's view that the
default is now probably imminent in light of (i) recent
statements by Alliance's new management that it plans to initiate
discussions with stakeholders, including the bank's creditors, to
recapitalize the bank; (ii) the bank's weak stand-alone financial
position, which may be worse than previously disclosed in light
of additional provisioning requirements identified by management;
and (iii) the absence of any plans of either the Kazakh
authorities or the bank's new private shareholder to recapitalize
the bank without creditor participation.
In a recent presentation to creditors (subsequently published),
management highlighted the bank's weak capitalization, additional
provisional requirements, structurally weak profitability and
tight liquidity. Specifically, management estimated that the bank
needs to create further KZT75 billion-KZT95 billion of loan
impairment reserves (equal to 11%-14% of gross loans, or 13%-16%
of Basel I risk-weighted assets at end-9M13).
At end-9M13, Alliance reported a low Basel II Tier I capital
ratio of 2.4%; the regulatory capital ratios were a higher 9.1%
(Tier I) and 13.4% (total), respectively, mainly due to lower
impairment reserves in statutory accounts. Fitch Core Capital was
negative, mainly due to the deduction of deferred tax assets
(which are included in Basel capital).
Creation of the additional impairment reserves identified by
management, coupled with smaller announced write-downs of other
assets, would result in the bank reporting deeply negative equity
in both regulatory and IFRS accounts. A full write-down of the
bank's subordinated obligations and recovery notes (in the IFRS
accounts) would, therefore, be insufficient to restore the bank's
capital position, meaning that some further recapitalization
measures will also be required.
Fitch does not exclude the possibility that the bank's majority
shareholder (67% stake) National Welfare Fund Samruk Kazyna's
(SK) or the expected new private shareholder Bulat Utemuatov
(acquiring a 16% stake from SK; has also purchased an 80% stake
in another failed bank, Temirbank, from SK) will make some
contribution to Alliance's recapitalization. However, the tone of
the recent statements in Fitch's view clearly indicated that the
bank's senior creditors will also be expected to participate in
the recapitalization.
The downwards revision of Alliance's Support Rating Floor to 'No
Floor' from 'CCC' reflects Fitch's view that regulatory
forbearance for the bank is unlikely to be extended beyond the
near term, and that any support from the Kazakh authorities is
unlikely to be sufficient to prevent default.
Management expect to present a more comprehensive assessment of
capital requirements in mid-January 2014 when, Fitch believes,
forms of debt restructuring affecting senior creditors (excluding
depositors) are likely to be proposed.
Rating Sensitivities
Implementation of a restructuring of the bank's senior
obligations, which, in Fitch's view, involves a material
reduction of terms relative to the original contractual terms,
would, in accordance with the agency's 'Distressed Debt Exchange'
criteria, result in the IDRs being downgraded to 'RD' (Restricted
Default).
Fitch does not expect to take any further rating action as a
result of the bank's announced intention, as part of its
liquidity preservation measures, not to make payments to holders
of recovery notes, which are due this week. In Fitch's view, the
recovery notes do not represent obligations, default on which
would "best reflect the uncured failure of the entity", (as
provided for in the agency's rating definitions), and so would
not trigger a downgrade of the bank's IDRs to default level.
The rating actions are as follows:
Long-Term foreign currency IDR: downgraded to 'C' from 'CCC'
Short-Term foreign currency IDR: affirmed at 'C'
Long-Term local currency IDR: downgraded to 'C' from 'CCC'
Viability Rating: downgraded to 'c' from 'cc'
Support Rating: affirmed at 5
Support Rating Floor: revised to 'No Floor' from 'CCC'
Senior debt rating: downgraded to 'C' to 'CCC'; Recovery Rating
'RR4'
Subordinated debt rating: affirmed at 'C'; Recovery Rating 'RR5'
CENTRAL-ASIAN ELECTRIC: Fitch Rates 10-Yr. Unsecured Bond 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based integrated energy
company JSC Central-Asian Electric Power Corporation's (CAEPCo)
KZT1 billion 10-year unsecured bond a final local currency rating
of 'B+'. The bond is rated one notch below CAEPCo's Long-Term
local currency Issuer Default Rating (IDR) of 'BB-'. Fitch also
assigned the bond a local currency unsecured National Rating of
'BBB-(kaz)'. Currently KZT1 billion has been issued under a KZT15
billion note program.
The bond's proceeds are being used to fund working capital and
CAEPCo's significant investment program aimed at modernizing its
ageing generation capacity as well as upgrading the distribution
network at its operating subsidiaries.
Key Drivers for Unsecured Bond Rating
Unguaranteed, Unsecured, Structurally Subordinated
The notes are issued by CAEPCo and do not benefit from upstream
guarantees from the operating subsidiaries. The bonds also have
no security over operating assets and no cross defaults to other
facilities. As indicated at the time of the expected rating
assignment, if unsecured debt is issued at the CAEPCo level
without guarantees from the operating companies and if secured
debt exceeds 2x EBITDA, we may consider such holdco debt as
structurally subordinated.
Currently all drawn debt facilities (both secured and unsecured)
are at the operating company level and represent 2.3x FY12 Fitch-
adjusted EBITDA. In addition over 60% of committed debt
(including the latest bond) is currently secured, representing
over 4x Fitch-adjusted FY12 EBITDA. This includes the recent
European Bank for Reconstruction and Development (AAA/Stable)
secured facility of KZT21 billion which was undrawn at end-June
2013.
Recoveries on the latest notes are therefore likely to be below
average leading to the notes being rated at 'B+', a notch below
CAEPCO's local currency IDR of 'BB-'.
KEY RATING DRIVERS FOR CAEPCo
Large Capex Programme
CAEPCo's substantial capex over the next five years will likely
result in negative free cash flow over the same period and call
for significant debt funding given likely continued dividend
payments. This will likely result in a sustained increase in
funds from operations (FFO) adjusted leverage to around 3x, from
2.2x at FYE12. The capex program is aimed at modernizing over 50%
of CAEPCo's ageing 1960s and 1970s generation capacity by 2015,
as well as upgrading its distribution network. Capacity expansion
will be moderate at around 15% in total up to 2015 but additional
benefits will be smaller losses and increased fuel efficiency.
Increasing Tariffs
Revenue and EBITDA growth are reliant on increasing generation
tariffs. Escalating tariff caps have been set in each of CAEPCo's
operating regions until 2015, based on inflation and CAEPCo's
planned capex program. Actual tariffs achieved can be slightly
higher or lower than these caps, but importantly, the tariff
trend is still strongly upwards each year. Tariffs together with
supportive electricity supply/demand dynamics in Kazakhstan, and
CAEPCo's fairly low cost base should underpin forecast increased
revenue and EBITDA. Post-2015 the tariff regime is uncertain,
particularly for existing capacities. However, we assume that
fuel and other cost inflation will continue to be reflected in
energy prices, possibly with some support for new capacities
through capacity payments.
Some Volume Risk
Revenue and EBITDA growth is assisted by the increasing volume of
commercial electricity sales (generated and purchased) which we
forecast to grow in excess of 4% CAGR to 2015 for CAEPCo, in line
with expected country-wide electricity demand growth. However,
volume risk and cyclicality, particularly with directly connected
industrial customers, remains an issue for CAEPCo. There is some
customer concentration but Fitch views counterparty risk as
manageable. Although we forecast CAEPCo will remain short on
generation, the potential to export or sell on the wholesale
market, currently at above the tariff cap, remains an option
should the company's net position reverse.
Benefit of Cheap Fuel
Kazakh coal prices are over 80% below international market rates.
The low price reflects the low calorific content and high ash
content of coal used domestically as well as low transport costs.
Additionally, to protect energy affordability, the coal price
charged to utilities is regulated annually and reflected in power
tariff caps. An unexpected and significant increase in the price
of coal above Fitch's current inflationary estimates of 7%-10%
per annum would have a negative impact on EBITDA, although this
is considered unlikely and should be reflected in higher tariffs.
Generation Dominates Despite Integration
CAEPCo's vertical integration gives it access to markets for its
energy output and limits customer concentration. The cash flow
smoothing effect as a result of vertical integration is fairly
limited as the non-generation businesses of distribution and
supply represented less than 10% and 5% of Fitch adjusted EBITDA
in 2012, respectively. The heat distribution business is loss-
making due to high heat loss and regulated end user tariffs,
which Fitch assumes are kept low for social reasons (heat
generation is reported within overall generation and cash flow
accretive), a situation that we assume will persist but with
gradual improvement.
No Parent Uplift or Constraint
Unlike most Fitch-rated utilities in CIS, CAEPCo is privately
owned and therefore not impacted by sovereign linkage. The
company is run as a standalone enterprise with two foreign
institutional shareholders and as such we do not assume any
impact on the ratings based on the credit profile of the
controlling parent, Central-Asian Power-Energy Company JSC
(CAPEC). The ratings therefore reflect CAEPCo's standalone credit
profile.
Potential Acquisitions
CAEPCo is likely to continue participating in the consolidation
of the Kazakh electricity market. Fitch has included in its
forecast the potential for some near-term acquisitions, which
could be margin-enhancing and moderately de-leveraging. Non-
completion or completion with higher debt and capital expenditure
requirement than our forecasts could push CAEPCo towards Fitch's
thresholds for negative rating action.
Dividends to Delay Debt Reduction
CAEPCo's financial policy is to pay dividends and this could
delay de-leveraging in the long term. However, we believe that
should tariffs and volumes underperform CAEPCo retains the
flexibility to lower dividends to preserve cash.
Debt Structure and Liquidity
Fitch views CAEPCo's short term liquidity as adequate, supported
by KZT6.5 billion of cash at end-3Q13 and over KZT10 billion of
available facilities, including the facilities recently arranged
with EBRD. At end-3Q13, three-quarters of debt had maturities
greater than four years, with short-term maturities representing
KZT5.9 billion. Fitch expects negative free cash flow for 2013
given capital expenditure commitments.
The on-going capital expenditure program will likely call for
significant additional debt funding during the next five years,
given potential continued dividend payments. Of this, total loans
in the amount of KZT21bn have been entered into with EBRD in May
2013. CAEPCo has proven access to domestic and some international
lenders, as well as the domestic bond market.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
- Stronger financial profile than forecast by Fitch due to,
among other things, higher-than- expected growth in electric
and heat tariffs and/or generation electricity supporting FFO
adjusted leverage below 2x and FFO interest coverage above 7x
(FY12: 5.6x) on a sustained basis
- Increase of certainty regarding the post-2015 regulatory
framework
Negative: Future developments that could lead to negative rating
action include:
- A substantially above inflation increase in coal price and/or
tariffs materially lower than our forecasts, leading to
forecast FFO adjusted leverage at persistently higher than 3x
and FFO interest coverage below 4.5x
- Committing to capex without sufficient available funding,
worsening overall liquidity position
HOME CREDIT: Fitch Rates Upcoming Local Bonds 'bb-(EXP)'
--------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based SB JSC Home Credit
and Finance Bank's (HCK) upcoming local bonds an expected Long-
term rating of 'BB-(EXP)' and an expected National Long-term
rating of 'BBB+(kaz)(EXP)'. The issue is expected to have a
maturity of five years and pay a 9.5% coupon semi-annually.
Key Rating Drivers
The issue's Long-term rating and National long-term rating
correspond to HCK's Long-term local currency Issuer Default
Rating (IDR) of 'BB-' and National Rating of 'BBB+(kaz)'. HCK's
Long-term IDRs, National Rating and Support Rating reflect the
moderate probability of the bank receiving support if needed from
its parent, Russia's Home Credit and Finance Bank (HCFB,
'BB/Stable; bb'). Fitch's view on the probability of support is
based on the bank's full ownership by HCFB, its small size
relative to the parent (HCK accounts for 5% of HCFB's assets,
limiting the cost of any potential support) and reputational risk
for HCFB in case of the bank's default.
The one-notch difference between HCFB and HCK's ratings reflects
the cross-border nature of the parent-subsidiary relationship,
HCK's so far limited track record of operations and some
uncertainty about the long-term commitment of HCFB to support HCK
in case of a prolonged deterioration of the operating environment
in Kazakhstan.
Rating Sensitivities
An upgrade or a downgrade of HCK's Long-term local currency IDR
will result in a similar action on the issue's ratings. Any
positive or negative action on the parent's Long-term IDRs would
likely be matched by a similar action on HCK's Long-term IDRs.
This would also impact the National Rating and could result in a
change in the Support Rating.
HCK's ratings are as follows:
Long-term foreign currency IDR: 'BB-'; Outlook Stable
Short-term foreign currency IDR: 'B'
Long-term local currency IDR: 'BB-'; Outlook Stable
National Long-term Rating: 'BBB+(kaz)'; Outlook Stable
Viability Rating: 'b'
Support Rating: '3'
KAZKOMMERTS-POLICY: S&P Affirms 'B+' Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
counterparty credit and financial strength ratings on Kazakhstan-
based Insurance Co. Kazkommerts-Policy JSC at 'B+'. The outlook
remains negative.
At the same time, S&P affirmed the Kazakhstan national scale
rating at 'kzBBB-'.
The ratings on Kazkommerts-Policy reflect Kazkommerts-Policy's
vulnerable business risk profile and less-than-adequate financial
risk profile. S&P combines these factors to derive its 'bb'
anchor for Kazkommerts-Policy. The final rating is two notches
lower than the anchor, reflecting S&P's assessment of management
and governance as weak.
S&P considers Kazkommerts-Policy to be an insulated subsidiary
from its parent, Kazkommertsbank, as defined in its group rating
criteria, because of the regulatory framework and because the
subsidiary's stand-alone credit profile is above the group credit
profile of the parent.
S&P's assessment of Kazkommerts-Policy's competitive position is
constrained by the company's small premium base in absolute
terms, its geographic focus on Kazakhstan, and the company's
still weak underwriting performance. S&P revised its score for
risk position to intermediate from moderate, reflecting the
investment portfolio's decreasing concentration risk and given no
immediate negative impact on the additional sources of earnings
and volatility from Kazkommerts-Policy's expansion into the
retail sector. S&P notes that the company's investment risk is
lower than that of its peers because it holds a high proportion
of its investments in government bonds (about 30% of invested
assets as of Oct. 1, 2013).
S&P's assessment of the risk position is a reflection of the high
level of high-risk assets to total adjusted capital (56% as of
Oct. 1, 2013) and concentration of the investment portfolio on
the corporate sector (34%) which makes the company reliant on the
financial strength of Kazakh issuers.
The negative outlook reflects S&P's view that Kazkommerts-Policy
will find it difficult to retain its market position in
Kazakhstan, given still declining insurance premiums for the
first nine months of 2013 and the company's negative underwriting
results.
S&P will likely lower the long-term rating if Kazkommerts-
Policy's weaker operating performance and competitive standing
damage the company's business risk profile. S&P also notes that
the weakening of investment credit quality to the 'B' category
can negatively affect the financial risk profile and subsequently
the long-term rating.
If S&P was to perceive Kazkommertsbank's actions as having a
negative influence on the company's operating results or
infringing the rights of policyholders, S&P would also consider a
negative rating action. S&P's rating on Kazkommerts-Policy would
likely to be at most one notch higher than that on
Kazkommertsbank. Thus, a negative rating action on
Kazkommertsbank would likely lead to a similar rating action on
Kazkommerts-Policy.
A positive rating action is a remote possibility at this stage.
S&P could revise the outlook to stable if underwriting
performance improves and the company achieves net income in
excess of KZT200 million in 2013-2014.
KOMPETENZ JOINT: Fitch Alters Outlook on 'B' IFS to Negative
------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Kompetenz Joint Stock
Company (Kazakhstan)'s (Kompetenz) 'B' Insurer Financial Strength
(IFS) rating and 'BB(kaz)' National IFS rating to Negative from
Stable and affirmed the ratings.
Key Rating Drivers
The Outlook revision reflects the increased drag from the
workers' compensation (WC) line on Kompetenz's underwriting
performance in 9M13.
Kompetenz's underwriting loss grew significantly to KZT301
million in 9M13 from KZT103 million in 2012 with losses from the
WC line being the key driver for this deterioration. Due to a
weak underwriting performance, Kompetenz also reported a net loss
of KZT174 million in 9M13 (2012: net income of KZT108 million).
The loss reduced equity by 7.6%.
As the WC line was transferred by the Kazakh regulator to the
life insurance sector from 2012, Kompetenz, like other local non-
life insurers, has been managing the run-off of this line of
business. Accident and disability risks are covered, with the
latter experiencing a significant increase in claims frequency
over the past few years. As a result, Kompetenz has experienced
significant adverse prior-year reserve development and the line
made a 46pp contribution to the insurer's total loss ratio of 59%
in 9M13 and 22pp to the loss ratio of 33% in 2012 respectively.
While the WC loss was partially offset by the positive
underwriting result on the non-WC portfolio and through the
investment result in 2012, the WC loss was too large to be fully
offset in 9M13. The non-WC portfolio underwriting result for this
period was negatively impacted by the growth in the
administrative expense ratio while net premiums written declined
by 25%. At the same time, the non-WC portfolio's loss and
commission ratios remained stable compared with 2012. Positively,
the insurer achieved moderate growth in its gross premium volumes
in 9M13, indicating an improvement in its franchise after a
decline in 2012.
The WC line has been a market-wide challenge for Kazakh insurers
both in the life and non-life sectors over the past two years.
Fitch understands that the regulator is currently considering
some potentially favorable changes to claims regulation for WC
business that could limit reserving risk on existing portfolios.
The changes could be enforced as soon as the middle of 2014.
However, if favorable changes to the regulation of WC business do
not materialize, Fitch believes that non-life insurers may remain
exposed to the reserving risk for this line. Kompetenz appears to
be particularly vulnerable to any absence of positive regulatory
developments on WC due to its limited financial flexibility as it
is a core operating company of an individual shareholder.
In addition to the risks stemming from the need to strengthen
reserves for WC, Fitch also considers the cost base of the
company as large. Kompetenz plans to grow rapidly so that its
earnings are sufficient to support its expenses, but Fitch is
concerned that the company may not be able to succeed in fully
implementing its plans. Should the company be successful in its
strategy, the agency also sees some execution risk in achieving
this growth profitably. A strong growth strategy could
temporarily improve the insurer's expense ratio, but could also
put pressure on the insurer's underwriting profitability and
increase acquisition costs.
Kompetenz's growth strategy is targeted at the retail and
commercial segments. Fitch believes that the local competitive
environment creates additional challenges, as the insurer is not
affiliated with a local large industrial group nor does it have
access to exclusive distribution channels which is a common
business model for insurers in Kazakhstan.
Fitch considers Kompetenz's capital position as supportive of the
current ratings, underpinned by significant levels of
reinsurance, an investment portfolio of a credit quality at least
commensurate with the rating and benefitting from the decline in
net business volumes.
Kompetenz's regulatory solvency margin has experienced some
volatility due to large single contracts as insurance receivables
are not fully admissible in the regulatory solvency calculation.
The margin declined to 114% (the minimum is 100%) at end-10M13,
but restored to 131% at end-11M13. Fitch believes that Kompetenz
may be potentially again exposed to the regulatory capital risk
in case of large contracts inflow.
Rating Sensitivities
The ratings could be downgraded in the next 12 to 24 months if
profitability does not improve as a result of the new strategy,
or materially better performance is not achieved in WC. The
ratings could also be downgraded if the insurer reports for a
sustained period a statutory solvency margin below 100%.
The Outlook could be revised to Stable if Kompetenz manages to
improve the underwriting result on its non-WC portfolio to an
extent where it could offset any potential reduction in capital
should additional WC reserve strengthening be required. This
improvement would also need to be accompanied by a reduction in
exposure to reserving risk related to the WC line.
The Outlook could also be revised to Stable if regulation of the
WC line changes so that Kompetenz's reserving risk is materially
reduced.
=================
L I T H U A N I A
=================
UAB BITE: Fitch Alters Outlook to Stable & Affirms 'B-' IDR
-----------------------------------------------------------
Fitch Ratings has revised UAB Bite Lietuva's (Bite) Outlook to
Stable from Positive and affirmed Bite's Long-term Issuer Default
Rating (IDR) at 'B-'. At the same time Fitch has affirmed Bite
Finance International BV's (BFI) bonds at 'B-'. BFI's senior
secured revolving credit facility (RCF) has also been affirmed at
'B'/RR3.
Key Rating Drivers
The Outlook revision reflects Fitch's view that the business is
no longer likely to deleverage as quickly as we previously
thought. Guidelines previously set for an upgrade including funds
from operations (FFO) net adjusted leverage approaching 3.7x -
3.8x are not expected to be achieved in 2014. The company's
operating performance and financial metrics, including the
generation of positive free cash flow mean that leverage is now
expected to remain flat at around 4.3x through 2014 and into
2015.
Challenging Operating Conditions
Bite operates in two mature, relatively small markets where
economic conditions are challenging. In both markets Bite
competes against larger and more financially secure operators
with experience and the benefit of operations in multiple
countries. In both, Tele2 is the most disruptive, consistently
setting a price floor. While Bite has proven successful at
positioning its brand somewhere between the value proposition and
the most expensive offer in both markets, conditions in Lithuania
through 2013 have proven more challenging than expected, while
termination rate cuts in April in both have had a significant
impact on revenues.
Lithuanian Momentum Stalled
Lithuania is by far Bite's largest market with the business
generating revenues and EBITDA of EUR135 million and EUR39.7
million respectively in 2012. Competitive pressures and
termination rate cuts have seen subscriber evolution stall and
significant top-line pressure through the second and third
quarters of 2013. Net subscriber losses, and revenues in the
range of EUR120 million - EUR122 million are now expected by
Fitch for 2013. The commercial success of its product
repositioning, including the 4Q13 launch of a separately branded
low-end offer to compete more directly with Tele2, will be
important if revenues are to stabilize and subscriber growth
resume.
Stable Metrics, No Deleveraging
The change in the operating environment combined with margin
pressures associated with the increased commercial activity
intended to drive subscriber additions over the next several
quarters, suggest that EBITDA is unlikely to improve materially
in 2014 and that unadjusted leverage (net debt / EBITDA) will
remain at around 4.0x. The company is generating positive free
cash flow which will improve the overall net debt profile. An
unexpected tax ruling affecting the deductibility of interest is
being challenged in the courts. Assuming the ruling is upheld
however adds approximately 0.3x of leverage to forecast 2014 FFO
net adjusted leverage resulting in a Fitch forecast metric of
4.3x, a level that is not consistent with a higher rating.
Covenant Step-down, Low Headroom
The company's secured bank RCF includes a leverage covenant that
steps down over time, with the rate at which the test tightens
through 2014 and 2015 anticipating progressively improving
financial metrics. The slowdown in the business in 2013 and the
margin pressure associated with the commercial activity
(described above) expected over the next several quarters, are
likely to put pressure on covenant headroom. 2014 will be an
important year in terms of regaining operating momentum, with a
further step-down in the covenant in 2015 making it important
that commercial momentum feeds through to improving financial
performance in that year. Bite is generating positive free cash
flow and funded through 2018. Utilization of the RCF is therefore
not expected. Fitch will continue to monitor covenant headroom
closely, including potential management efforts to loosen the
test or otherwise ensure a breach under an undrawn liquidity line
should not undermine the integrity of the bonds (i.e. trigger
cross default).
Metrics Consistent with Rating Level
With the business generating positive free cash flow (when 2013
is adjusted for the exceptional costs relating to its
refinancing), the metrics outlined above, along with forecast
fixed charge cover in the region of 2.6x - 2.7x, support the
current rating level. The company's size and operating
environment are constraints on the rating with the degree to
which a heightened competitive environment, weaker than planned
performance and factors like an unexpected tax ruling,
underlining the need for caution in the rating.
Rating Sensitivities
Negative: Future developments that could lead to negative rating
action include:
- A failure to generate a positive free cash flow margin -- our
rating case assumes this to be in the low to mid-single digit
range
- Failure to stabilize and improve the subscriber profile in
Lithuania
- Failure to address covenant headroom -- through a
renegotiation of the metric step-down or otherwise.
- Persistently weakening leverage trend. A forecast FFO net
adjusted metric of 4.3x provides headroom at the 'B-' level. A
materially weaker metric and no sign of the negative trend
being addressed would be a concern.
Positive: Future developments that could lead to positive rating
actions include:
- A difficult operating environment and the constraining factors
described above suggest an improvement in the rating is
unlikely in the near to medium term.
- Solid improvement in operating performance in Lithuania,
ongoing traction in Latvia and an FFO net adjusted leverage of
3.8x or below could potentially support a higher rating --
this kind of leverage performance is not currently envisaged
in our rating case.
===================
L U X E M B O U R G
===================
DUCHESS CDO I: Moody's Hikes EUR37MM Class B Notes Rating to Caa3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the
following notes issued by Duchess CDO I S.A.:
EUR37,000,000 Class B Second Priority Secured Fixed Rate Notes
due June 2017 (current outstanding balance of EUR33,958,642),
Upgraded to Caa3 (sf); previously on August 10, 2009 Downgraded
to Ca (sf)
Ratings Rationale:
According to Moody's, the rating upgrade on the Class B notes is
primarily a result of deleveraging of the Class A notes since
December 2012 and the resumption of interest payments on the
Class B notes. Moody's notes that the Class A notes have been
collectively paid down by approximately 48.4% or EUR198.6 million
since December 2012. Additionally since that time, the Class B
notes have repaid all their deferred interest after the deal
started to satisfy the Class A overcollateralization test, and
have further amortized by approximately 8.1% or EUR3.0 million
due to the failure of the Class B overcollateralization test.
Notwithstanding benefits of the deleveraging, Moody's notes that
the credit quality of the underlying portfolio has deteriorated
since the December 2012. Based on the November 2013 trustee
report, the weighted average rating factor is currently 3744
compared to 3204 in December 2012.
Additionally, Moody's notes that the underlying portfolio
includes a number of investments in securities that mature after
the maturity date of the notes. Based on Moody's calculation,
securities that mature after the maturity date of the notes
currently make up approximately 14.4% of the underlying
portfolio. These investments potentially expose the notes to
market risk in the event of liquidation at the time of the notes'
maturity. Rating actions also reflect a correction to Moody's
modeling of the amounts due under the interest rate swap and the
cross currency basis swap, and the priority of payments to the
Class B notes from the interest waterfall. These corrections
partially offset each other and the net impact of these changes
is positive for the Class B notes.
Duchess CDO I S.A., issued in June 2001, is a multicurrency
collateralized loan obligation backed primarily by a portfolio of
senior secured loans denominated in Euros and Pound Sterling.
Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates ("CEs"). Moody's
analysis reflects the application of certain adjustments with
respect to the default probabilities associated with CEs.
Specifically, Moody's assumed a 1-notch downgrade stress for
assets with CEs that were not updated for over 12 months up to 15
months, which represent approximately 2.3% of the collateral
pool. Additionally, for each CE where the related exposure
constitutes more than 3% of the collateral pool, Moody's
applied a 2-notch equivalent assumed downgrade. This adjustment
was applied to approximately 30% of the pool.
Factors that would lead to an upgrade or downgrade of the rating
Moody's notes that this transaction is subject to a number of
factors and circumstances that could lead to either an upgrade or
downgrade of the ratings, as described below:
1) Macroeconomic uncertainty: CLO performance may be negatively
impacted by a) uncertainties of credit conditions in the general
economy and b) the large concentration of upcoming speculative-
grade debt maturities which may create challenges for issuers to
refinance.
2) Collateral credit risk: A shift towards holding collateral of
better credit quality, or better than expected credit performance
of the underlying assets collateralizing the transaction, can
lead to positive CLO performance. Conversely, a negative shift in
credit quality or performance of the underlying collateral can
have adverse consequences for CLO performance.
3) Deleveraging: An important source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging of the CLO
may accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings. Faster than expected
note repayment will usually have a positive impact on CLO notes,
beginning with those having the highest payment priority.
4) Currency risk: 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.
5) 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.
6) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes an asset's terminal value
upon liquidation at maturity to be equal to the lower of an
assumed liquidation value (depending on the extent to which the
asset's maturity lags that of the liabilities) and the asset's
current market value.
7) Exposure to credit estimates: The deal is exposed to a large
number of securities whose default probabilities are assessed
through credit estimates. In the event that Moody's is not
provided the necessary information to update the credit estimates
in a timely fashion, the transaction may be impacted by any
default probability adjustments Moody's may assume in lieu of
updated credit estimates. Moody's also conducted tests to assess
the collateral pool's concentration risk in obligors bearing a
credit estimate that constitute more than 3% of the collateral
pool.
8) Collateral manager: Performance may also be impacted, either
positively or negatively, by a) the manager's investment strategy
and behavior and b) divergence in legal interpretation of CLO
documentation by different transactional parties due to embedded
ambiguities.
Loss and Cash Flow Analysis
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique.
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 EUR158.8 million and GBP54.8 million, a
defaulted par of EUR15.2 million, a weighted average default
probability of 29.4% (implying a WARF of 4956), a weighted
average recovery rate upon default of 45.2%, and a diversity
score of 18. The 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. 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 realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance trends and collateral manager latitude for trading
the collateral are also factors.
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) on all rated notes (shown in terms of the
number of notches' difference versus the current model output,
where a positive difference corresponds to lower expected loss),
assuming that all other factors are held equal:
Moody's Adjusted WARF - 20% (3956)
Class B: +1
Moody's Adjusted WARF + 20% (5947)
Class B: -1
=====================
N E T H E R L A N D S
=====================
BRIT INSURANCE: Fitch Affirms BB+ Rating on Subordinated Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Brit Insurance Holdings B.V.'s Long-
term Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook
and its subordinated notes at 'BB+'.
Key Rating Drivers
The ratings reflect the solid financial profile of the Brit group
(Brit), which is supported by strong risk-adjusted capitalization
and underlying earnings. The group reported an overall profit
before tax for 1H13 of GBP77.9 million (1H12: GBP51.8 million).
The reported combined ratio, excluding FX effects, was 86% (1H12:
92.8%), which reflects the continued benign catastrophe
environment.
Brit has taken steps to reduce the volatility of the solvency
position caused by currency fluctuations, through currency
matching of the capital base. Although Fitch views the improved
matching positively, increased exposure to foreign currencies may
lead to increased accounting volatility in foreign exchange gains
and losses.
Fitch expects consolidated group financial leverage as calculated
by the agency to be maintained below 30% and risk-adjusted
capitalization to remain at least commensurate with the current
ratings. Fitch expects that Brit will take on more investment
risk but the portfolio will remain commensurate with the rating
level.
While the sale of Brit's UK operation Brit Insurance Limited
(BIL), in October 2012, has reduced the size and diversity of the
group, Fitch views positively other actions taken by management
to streamline operations and exit underperforming insurance
classes. Fitch also notes that the book of retained business,
after the sale of BIL to The RiverStone Group, is experiencing
favorable reserve developments.
Brit is owned by Achilles Netherlands Holdings B.V, a holding
company majority owned by funds managed by Apollo Management VII,
L.P. and funds advised by CVC Capital Partners Ltd.
Rating Sensitivities
Key rating triggers for a downgrade include failure by Brit to
maintain financial leverage and capitalization at levels at least
commensurate with the current ratings. Any marked shift towards a
higher risk investment portfolio could lead to negative rating
pressure.
Key triggers for a rating upgrade would be a marked and sustained
improvement in earnings, coupled with capitalization commensurate
with a higher rating.
SNS REAAL: S&P Affirms 'BB+' Counterparty Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB/A-3' and
'BB+/B' long- and short-term counterparty credit ratings on Dutch
SNS Bank N.V. (SNS Bank, or the bank) and bancassurance holding
company, SNS REAAL N.V. (SNS REAAL, or the group). The outlook
on both entities remains negative.
The affirmation of SNS Bank and SNS REAAL reflects the recent
approval by the European Commission (EC) of the group's
restructuring plans. S&P considers that the support measures the
group has benefited from since its nationalization in February
2013 have improved its stand-alone credit profile (SACP) in terms
of capitalization and risk exposures. The conditions imposed as
a result of the state aid received -- including the divestment of
insurance subsidiary REAAL N.V. -- are in line with S&P's
expectations.
To reflect the benefits that S&P believes arise from the property
finance transfer, it has revised upward the bank's SACP to 'bb+'
from 'bb-'. This transfer, which is part of the EC's approval,
will occur before end-2013. As a result, S&P has revised upward
its assessments of both the bank's capital and earnings and risk
position. At the same time, S&P has removed the related two
notches of uplift for expected additional short-term support
which it had previously included in its ratings in anticipation
of this transfer. This has no impact on the long-term rating.
S&P's ratings on the bank continue to benefit from one notch of
support based on its assessment of the bank's moderate systemic
importance in The Netherlands. In addition, S&P continues to
include a transitional notch of adjustment in its ratings to
reflect its expectation that access to diversified funding
sources will gradually normalize during 2014.
The property finance transfer will materially reduce the bank's
risk-weighted assets under our risk-adjusted capital (RAC)
framework. Pro forma the transfer and some intragroup
adjustments to facilitate the disentanglement of the group's
various entities, we expect SNS Bank's RAC ratio to be
comfortably in excess of 10% at end-2013, up from about 9% at
end-June 2013. S&P expects this ratio to be in a range of 11%-
12% in the next 18-24 months, based on the bank's restored
positive earnings generation. S&P has therefore revised upward
its assessment of the bank's capital and earnings to "strong"
from "adequate." The bank estimates that its core Tier 1 ratio
at end-September 2013, pro forma these measures, was 15.5%.
However, S&P notes the increase in the pro forma double leverage
of SNS REAAL to EUR730 million at that date, which the group
intends to eliminate once it disposes of the insurance
activities.
As a result of the property finance transfer, SNS Bank will be
focused almost entirely on retail activities--with residential
mortgages representing the vast majority of its lending exposure.
S&P considers that the bank's risk profile improves materially
following the property transfer, underpinning the revision of
S&P's risk position assessment to "moderate" from "weak."
However, S&P's assessment also considers the bank's recent
mortgage loan losses, which exceed its domestic system average,
and its general risk management track record.
S&P do not reflect any benefits from the sister insurance
operations in the ratings on the bank and the group. However,
S&P believes that restructurings -- including the separation of
the insurance operations -- increase the risk of strategic
distraction. In addition, S&P notes the bank's weakening lending
market shares over the past few years. S&P therefore maintains
its "weak" assessment of the bank's business position.
S&P continues to view the bank's funding as "below average" and
its liquidity as "adequate." The announcement of the group's
nationalization immediately stopped a phase of deposit outflow
that occurred in January 2013. In addition, S&P expects the
property finance transfer to improve the bank's loan-to-deposit
ratio by around 10 percentage points to less than 130%, by
reducing related lending by close to EUR5 billion. However, in
S&P's view, the group has yet to demonstrate renewed access to
diversified market funding sources.
S&P maintains a two-notch difference between SNS REAAL and SNS
Bank. The difference reflects, among other things, the recent
stress that the group has experienced, the notch of government
support that S&P include in its assessment of the group credit
profile, and its expectation of SNS REAAL's continued efforts to
disentangle the various entities of the group.
The negative outlook on SNS Bank and SNS REAAL reflects the
possibility that S&P's assessments of the bank's capitalization
or risk position could weaken if the Dutch domestic economy fails
to stabilize. It also reflects S&P's view of possible
difficulties that the bank could face in regaining stand-alone
access to diversified funding sources.
S&P could take a negative rating action if the bank fails to
regain some stand-alone access to market funding in the next 12
months or if its maturity profile -- as measured by S&P's stable
funding ratio -- deteriorates. In this case, S&P would remove
the transitional notch that it currently factors into its
ratings.
S&P could also lower the ratings if retail loan impairment
charges deteriorate in 2014 -- leading it to revise its view of
the bank's risk position -- or if the bank fails to maintain a
RAC ratio sustainably above 10%.
S&P could revise the outlook to stable if the bank demonstrates
sound earnings capacity and regains some access to market
funding, provided its economic backdrop also stabilizes.
STORK TECHNICAL: S&P Affirms 'B-' CCR & Removes Rating from Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
long-term corporate credit rating on Netherlands-based business
services company Stork Technical Services Holding B.V. (STS). At
the same time, S&P removed the rating from CreditWatch with
negative implications, where it placed it on Nov. 15, 2013. The
outlook is stable.
S&P also affirmed its 'CCC+' issue rating on STS' senior secured
notes and removed it from CreditWatch. The recovery rating on
these notes remains at '5', indicating S&P's expectation of
modest (10%-30%) recovery in the event of a payment default
The rating action follows the successful amendment of the
maintenance covenant included in STS' revolving credit facility
(RCF) documentation. It also reflects S&P's assessment that STS'
liquidity has improved -- it assess it as "less than adequate"
from "weak" previously -- supported by improved covenant headroom
in 2013-2014 and S&P's base-case assumption that the RCF should
remain available for drawing over the coming year.
S&P anticipates that the company will have about 10%-15% headroom
under the revised net debt-to-EBITDA covenant thresholds at the
end of 2013 and 2014.
S&P thinks that STS will continue to face challenging market
conditions in the power and chemical markets in Europe, which
have already led to asset underutilization in 2013. STS has also
experienced some project losses, strikes, and restructuring costs
during 2013, which brought its nine-month reported EBITDA to a
low EUR24 million, or EUR47 million adjusted for one-off items by
management, compared with EUR56 million reported for the same
period last year, or EUR72 million adjusted. S&P now anticipates
that STS will report about EUR38 million EBITDA for full-year
2013. S&P do not forecast a substantial recovery in industrial
end markets in Europe in 2014, but nevertheless expect an
improvement in STS' reported EBITDA to about EUR50 million,
assuming continued growth in oil and gas markets and no
exceptional project losses, as well as some benefits from past
and future restructuring measures.
S&P's base case scenario assumes:
-- A 0.6% contraction in eurozone (European Economic and
Monetary Union) GDP in 2013, followed by a mild recovery of
0.9% in 2014.
-- Demand from European chemicals and power markets remaining
subdued in 2014.
-- About EUR30 million of capital expenditure (capex) per
annum in 2013-2014.
Based on these assumptions, S&P arrives at the following credit
measures:
-- A Standard & Poor's-adjusted debt-to-EBITDA ratio slightly
below 10x in 2013 and declining in 2014, on the back of
EBITDA improvement.
-- S&P adjusts debt and EBITDA for operating leases and
pensions. However, S&P do not adjust EBITDA for most of
the nonrecurring items reported by the company. Standard &
Poor's-adjusted expected EBITDA for 2013 is EUR49 million,
and EUR60 million for 2014.
-- Moderately negative free operating cash flow (FOCF) in
2014.
The stable outlook reflects S&P's expectation that STS will
continue to face challenging market condition in its industrial
end markets in continental Europe in 2014, while benefits from
restructuring measures and solid growth fundamentals in oil and
gas end markets will contain further EBITDA contraction. It also
reflects S&P's expectation that liquidity will remain less than
adequate in the next 12 months and that FFO cash interest
coverage will remain above 1.0x.
An upgrade would depend on healthier demand from all STS' key end
markets and an improvement in the company's Standard & Poor's-
adjusted EBITDA margin to historic levels of about 7% (not
adjusted for non-recurring items). A positive rating action
would also depend on the company's ability to generate positive
FOCF and sustain ample covenant headroom.
S&P might consider a negative rating action if STS' liquidity
deteriorated due to significant negative FOCF or tightening of
headroom under the maintenance covenant. FFO cash interest
coverage falling below 1x could also lead S&P to take a negative
rating action.
===========
N O R W A Y
===========
SONGA OFFSHORE: S&P Lowers Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Cyprus-domiciled drilling company
Songa Offshore S.E. to 'D' (default) from 'CC'.
The downgrade follows Songa's implementation of an extensive debt
restructuring in line with its previously announced plans, and
following all of the necessary formal approvals from its
stakeholders. S&P understands that amendments have now been made
to Songa's existing bank and bond debt to reduce debt
amortization payments and interest rates, and extend maturity
dates. These amendments are now in effect. S&P views this
restructuring as a distressed exchange, which constitutes an
event of default under S&P's criteria.
To consider an exchange offer as distressed and tantamount to
default, S&P assess whether the following two conditions have
been met:
-- The offer, in S&P's view, implies that the investor will
receive less value than the promise of the original
securities; and
-- The offer, in S&P's view, is distressed, rather than purely
opportunistic.
S&P's views are further supported by what it assess as Songa's
"weak" liquidity profile, "weak" management and governance
(including high management turnover), and recent financial
covenant issues. S&P notes that the amendments to financial
covenants included in the restructuring relieve recurring issues
with maintenance covenant headroom.
S&P understands that Songa has received US$400 million of new
capital -- a US$250 million equity issue through a private
placement (with a further US$25 million to be raised in the first
quarter of 2014), and a US$150 million convertible bond.
Furthermore, Statoil ASA and its partners have agreed improved
terms on their existing charter agreements with Songa, in return
for Songa's early repayment of the US$222 million vendor loan due
to Statoil.
S&P understands that Songa is continuing to pursue sales of its
rigs Songa Venus and Songa Mercur, which should bring in more
cash in 2014. However, S&P notes that the financing for four new
Cat-D rigs has not yet been concluded, although it understands
that funding for the first two rigs, which are due to be
delivered in the last quarter of 2014, is in its final stages of
documentation.
S&P acknowledges that the amendments to Songa's existing bank and
bond debt will improve Songa's long-term capital structure and
help to relieve its immediate liquidity issues. S&P plans to
conduct a review of Songa's new capital structure and raise the
corporate credit rating as expediently as possible to reflect the
benefits realized from the debt restructuring.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Songa Offshore SE
Corporate Credit Rating D/-- CC/Negative/--
===========
P O L A N D
===========
ZLOMREX INTERNATIONAL: Finance Company Seeks U.S. Protection
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Zlomrex International Finance SA, the financing
vehicle for an integrated Polish steel producer, filed a Chapter
15 petition on Dec. 23 in Manhattan to assist a U.K. court in
extending the Feb. 1 maturity of EUR117.9 million (US$161.49
million) in 8.5 percent senior secured notes.
According to the report, the notes provided primary financing for
affiliates Hutta Stali Jakosciowych SA, Ferrostal Labedy Sp,
Zlomrex Metal Sp, and their parent Cognor SA. The company said
it would be unable to refinance the notes at maturity.
Although the financing vehicle is a French-incorporated business,
the company said that bankruptcy proceedings in France were
impracticable because it would touch off defaults on other
obligations. Chapter 11 in the U.S. was rejected because of
"high costs," according to a court filing.
Instead, the company in November initiated proceedings in the
Chancery Division of the High Court of Justice of England and
Wales designed to effect a scheme of arrangement under U.K. law,
akin to Chapter 11 in the U.S. For full payment under the
scheme, there is already agreement with holders of 69 percent of
the notes where they will be given new secured notes maturing in
2010 for 80 percent of the current debt. The other 20 percent
will be in the form of exchangeable debt securities to mature in
2021.
The company said total debt of the financing vehicle is EUR126.1
million. If enough noteholders accept the proposal, it can be
consummated as an exchange offer without court intervention.
The steel-producing affiliates have 5.5 percent of the Polish
market. They were hurt by the decline in European and Polish
steel consumption and prices. If the U.S. Bankruptcy Court
determines that the company's main bankruptcy is in the U.K.,
creditor actions in the U.S. will be halted, and the U.S. court
can assist in enforcement of the U.K. bankruptcy scheme.
The case is In re Zlomrex International Finance SA, 13-14138,
U.S. Bankruptcy Court, Southern District New York (Manhattan).
===========
R U S S I A
===========
BANK NATIONAL: Fitch Upgrades Viability Rating From 'BB+'
---------------------------------------------------------
Fitch Ratings has upgraded Russia's Bank National Clearing
Centre's (NCC) Long-term Issuer Default Ratings (IDRs) to 'BBB'
from 'BBB-' with a Stable Outlook, and the Viability Rating (VR)
to 'bbb' from 'bb+'.
NCC is a key operating subsidiary of the Moscow Exchange Group
(MOEX), which is by far the largest stock exchange in Russia. NCC
is a central clearing counterparty (CCP) on foreign exchange
(FX), securities, REPO and derivatives markets. In its role as an
intermediary between market participants, NCC acts as a
counterparty for each trade and is ultimately responsible for the
performance of trading obligations in case of the failure of one
or more clearing participants.
KEY RATING DRIVERS: NCC'S IDRs, SUPPORT RATING, SUPPORT RATING
FLOOR, NATIONAL RATING
The upgrade of the Long-term IDR and an upward revision of the
Support Rating Floor (SRF) reflects Fitch's view of the high
probability of support for NCC's given its important role in
ensuring the proper functioning of local financial markets and
its unique infrastructure. A failure of NCC to perform its
functions could lead to serious confidence-related issues and
have a material negative impact on the whole Russian financial
system.
In October 2013 NCC was granted the status of a qualified central
counterparty by the Central Bank of Russia (CBR), a designation
which recognizes NCC's special role and confirms its compliance
with certain, quite stringent, risk-management requirements. As a
result NCC's own risk-weighting was lowered, which makes clearing
through it potentially less capital intensive for counterparties
than OTC trading. Fitch also understands that NCC meets the
preliminary criteria for inclusion in the list of systemically
important financial institutions.
Although there is no track record of support, as NCC has never
needed it, certain support mechanisms have been put in place by
CBR, included unlimited USD/RUB swap lines, a collateralized
liquidity facility and a direct repo line.
The CBR has not publicly stated its willingness or commitment to
provide capital support to NCC, and in case of any solvency
issues, Fitch expects that the CBR would turn to MOEX to
recapitalize NCC in the first place. However, in Fitch's view,
should MOEX itself be for any reason unable or unwilling to
support NCC, the CBR would be highly likely to take whatever
actions are required to ensure NCC's continued smooth operation.
KEY RATING DRIVERS: NCC'S VR
The upgrade of the VR reflects NCC's strengthened capital
position following recent equity injection and earnings
retention, major improvements in legislation including the proper
close-out netting of failed market participants, limited risks
arising from the introduction of new products, improved
regulatory oversight and significantly reduced contingency risks
related to MOEX. As a result NCC now achieves a 'BBB' Long-term
IDR even without taking into account potential support.
Credit risk is moderate, as NCC's collateral levels provide
sufficient coverage of potential replacement costs arising from
counterparty defaults. The daily collateral margining with an
ability to manually adjust collateral requirements in case of
significant market volatility (occasionally used by management)
further mitigates risks. In addition, recent legislative changes
addressed previous concerns about NCC's potential inability to
enforce collateral under derivatives transactions in case of a
counterparty bankruptcy. Individual uncovered limits are small
(e.g. do not exceed 1.2% of NCC's equity even for investment
grade names).
NCC did not suffer any losses from counterparty defaults during
the 2008 crisis, and during 2013 suffered only one small loss on
a default by a broker due to it receiving dividends on traded
securities prior to settlement (collateral requirements have then
been changed to address such risks). New products, including
'T+2' settlement and CCP repo operations, are adequately managed
and do not pose significant additional risk. NCC also plans to
introduce cross-market netting across all products (this
currently only applies for equity, bonds and repo markets) which
will further reduce risks.
NCC's solid capitalization was supported by a RUB9 billion
capital injection from the group in October 2013. Regulatory
capital increased to RUB27.7 billion at November 1, 2013,
resulting in a capital adequacy ratio (N1) of 21.6%, comfortably
above the regulatory minimum of 10%. Collective loss coverage
funds totaling RUB3.6 billion and robust earnings generation
(RUB4.6 billion net income in 9M13, annualized ROE of 39%)
provide an additional cushion against potential stresses. Fitch
estimates that the capital buffer could allow NCC to comfortably
withstand a stress more severe than that of September 2008.
Specifically, Fitch estimates that NCC could withstand the
defaults of its largest 40 counterparties without requiring
capital support.
NCC has a solid liquidity cushion and no debt. Liabilities
consist of interest-free accounts of trading parties (mainly used
for pledging of collateral), which proved to be countercyclical:
NCC even reported an inflow of customer funding in the crisis of
2008 due to the loss of confidence among market participants, who
became less willing to trade with each other directly.
Investment policy is very conservative, allowing investing in
cash, high-rated bank placements and short-term (up to 1.5 year
duration) bonds rated 'BB-' and above, which can be repoed with
the CBR. As a result, customer accounts were 94% covered by
available liquidity at end-3Q13.
Fitch's concerns about potential contingency risks for NCC from
MOEX have considerably reduced because of the extinguishment of
MOEX's RUB22 billion put option (considered a liability)
previously provided to former RTS shareholders (RTS was merged
into MOEX in December 2011), which was exercisable if they had
not been able to sell their shares through an IPO. However, as
the IPO was successful, MOEX's equity was restored by this amount
and was also supported by sound earnings (consolidated net income
of RUB8.5 billion in 3Q13). As a result MOEX's Fitch Core
Capital/total assets ratio increased to 10.3% at end-3Q13 from a
modest 1.2% at end-1H12.
Operational risks (mostly stemming from MOEX) have also
moderated, as the group has been working on improving IT systems,
which is reflected in increased availability ratio and reduced
frequency and duration of IT disruptions.
Rating Sensitivities
NCC's IDRs will be upgraded if both Russia's sovereign rating is
upgraded and either the SRF is revised upward or VR is upgraded.
The IDRs would be downgraded if either Russia's sovereign rating
is downgraded or both the SRF is revised downward and the VR is
downgraded.
The SRF may be revised upward if the Russian sovereign is
upgraded. Any failure or prolonged delay by the CBR/state to
provide support, if needed, could result in a downgrade of the
Support Rating and downward revision of SRF.
An upgrade of the VR would require an upgrade of sovereign rating
and further improvement in the credit profile. Losses due to
insufficient collateralization, repetitive or prolonged IT-system
outages, frequent/substantial utilization of CBR liquidity
facilities or a significant decrease in loss absorption capacity
could put downward pressure on NCC's VR.
The rating actions are as follows:
Long-term foreign and local currency IDRs: upgraded to 'BBB'
from 'BBB-'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
Support Rating Floor revised to 'BBB' from 'BBB-'
Viability Rating: upgraded to 'bbb' from 'bb+'
National Long-term rating: upgraded to 'AAA(rus)' from
'AA+(rus); Outlook Stable
MOSCOW INTEGRATED: Fitch Keeps 'BB+' IDR on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings is maintaining OJSC Moscow Integrated Power
Company's (MIPC) Long-term foreign and local currency Issuer
Default Ratings (IDR) of 'BB+' on Rating Watch Negative (RWN).
This follows the recent ownership change driven by the City of
Moscow's (BBB/Stable/F3) sale of its 89.98% stake in MIPC to OOO
Gazpromenergoholding, a 100% subsidiary of OAO Gazprom
(BBB/Stable) for RUB98.6 billion.
The RWN reflects uncertainty related to the new owner's strategy
regarding MIPC including funding and capex plans. It also
reflects a likely downward migration of MIPC's ratings as Fitch
expects to move to a bottom-up rating approach based on the
standalone profile of MIPC, from a top-down approach currently.
Fitch assesses MIPC's standalone profile to be in the low 'BB' or
high 'B' rating category and, in resolving the RWN, may
incorporate some parental support into the ratings. Before the
recent sale, MIPC's ratings were notched down by two levels from
those of the City of Moscow, its former majority shareholder, and
reflected their strong operational and strategic ties, including
tangible support in the form of subsidies to cover uneconomic
residential tariffs.
Fitch has not been provided with Gazpromenergoholding's future
strategy regarding MIPC, which does not allow the ratings agency
to assess strategic, legal and operational links between MIPC and
its new parent under the agency's Parent and Subsidiary Rating
Linkage methodology. At the same time, the results for 1H13
suggest deterioration in cash flows and leverage ratios of MIPC.
Fitch expects MIPC to provide it with details regarding the new
strategy in the next few months.
Key Rating Drivers
Parental Support
Fitch considers the acquisition of MIPC's stake to be strategic
for Gazpromenergoholding. The acquisition fits in with Gazprom's
strategy of vertical integration and creation of the full value
chain and their operational inter-dependence with regard to gas
supplies/purchases. We have not been provided with
Gazpromenergoholding's future strategy regarding MIPC; however,
Fitch would expect timely financial support to be available if
the need arises. This is based on evidence of support in another
Gazpromenergoholding's subsidiary, OGK-2, which received a
capital injection of about RUB23 billion (US$0.7 billion) through
an additional share issue, and in a payment terms extension for
OJSC Mosenergo's (BB+/Stable) gas purchases from Gazprom during
the financial and economic crisis.
Fitch notes that gas, used on all MIPC's generation facilities,
is purchased from OAO Gazprom Mezhregiongas Moskva, owned by
Gazprom, and that Mosenergo, owned by Gazprom, is the major
supplier of heat energy to MIPC. Mosenergo supplies about 70% of
its heat to MIPC's network.
Supportive Subsidies
Fitch's assessment of MIPC's standalone credit profile in the low
'BB' or high 'B' rating category is based on expectation that the
company will continue to receive subsidies for uneconomic tariffs
from the City of Moscow at least in the medium term. More clarity
regarding future capex plans, cost and margin development is
needed for us to assess more accurately the standalone rating of
MIPC.
In 2012-2013, MIPC continued to receive large subsidies from the
City of Moscow (to cover the uneconomic residential utility
tariff). The subsidies amounted to RUB16.1 billion in 2012, and
RUB11.9 billion in 10M13 and should be a further RUB2.8 billion
by year-end.
Modest Tariff Growth
Fitch does not expect significant power volume growth in 2014,
and power and heat price increases in the medium term are likely
to fall below the expected inflation. The maximum heat tariff
growth for the City of Moscow for 2014 was approved at 1.2%,
starting from July 1.
Higher Debt
At end-H113, MIPC had unadjusted debt of RUB38 billion, up from
RUB32 billion at end-2012 and RUB22bn at end-2011. Higher
leverage at end-2012 was partly the result of the replacement of
outstanding trade accounts payable to Mosenergo with loans from
Sberbank of Russia (Sberbank, BBB/Stable) in 2011-2012 and partly
as a result of MTK's consolidation in October 2012. At end-2012
MIPC reported funds from operations (FFO)-adjusted leverage of
2x, up from 1.5 at end-2011.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
- Strengthening ties between MIPC and GazpromEnergoholding
and/or Gazprom, possibly manifested by more tangible support
received by MIPC in form of equity injections and/or loan
guarantees
- Economic residential heat tariffs and profitable operations
would be positive for the standalone credit profile. However,
Fitch does not expect this to happen in the medium term.
Negative: Future developments that could lead to negative rating
action include:
- The new parent's strategy that may adversely affect the
availability of support and the parent-subsidiary arrangements
put in place, including possible acquisition funding
- A reduction of subsidies or other forms of tangible support
from the City of Moscow that are not accompanied by higher
tariffs.
LIQUIDITY AND DEBT STRUCTURE
At end-1H13 MIPC had RUB25.7 billion of short-term debt. This is
compared with RUB5 billion of cash in hand, RUB1 billion of
unused credit facilities, RUB7.4 billion under a new loan
agreement with Sberbank signed in July 2013 and an agreed
RUB8.3 billion loan from Sberbank in December 2013. Most of the
short-term debt comprises loans from state-owned Sberbank, which
are likely to be renewed or extended. In July 2013 MIPC redeemed
its RUB6 billion local bonds. In 2011-2012, MIPC rolled over its
short-term bank loans and concluded new loan agreements with
Sberbank that mature in 2013-2014. Fitch expects MIPC to roll
over its short-term bank loans in 2013. We expect MIPC's free
cash flow to remain negative in 2013.
List of Rating Actions
Long-term Foreign Currency IDR of 'BB+' maintained on RWN
Long-term Local Currency IDR of 'BB+' maintained on RWN
National Long-term Rating of 'AA(rus)' maintained on RWN
Short-term Foreign Currency IDR affirmed at 'B'
National Short-term Rating of 'F1+(rus)', maintained on RWN
NOVIKOMBANK: Fitch Assigns 'B' FC Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has published Russia-based Novikombank's Long-term
foreign-currency Issuer Default Rating (IDR) of 'B' with a
Positive Outlook.
Key Rating Drivers
Novikom's Long-term IDRs, Viability Rating (VR) and National
Long-term Rating reflect the bank's limited franchise, high
borrower concentrations and tight capitalization. On the positive
side, the ratings also take into account the bank's satisfactory
asset quality, comfortable liquidity position, decent
profitability, stable funding base and the benefits of ordinary
support from Russian Technologies State Corporation, (RT), which
currently owns 17.6% in the bank.
The Positive Outlook on the bank's IDRs and National Long-term
Rating reflects potential benefits in terms of additional support
and business growth stemming from higher cooperation with RT,
particularly in light of the latter's announced intention to
acquire a majority stake of the bank by end-1H14.
The current scope of cooperation with RT includes lending to
companies from the group (about 30% of Novikom's gross loans) and
attraction of accounts/deposits (50% of customer accounts), as
the bank effectively performs a treasury function for some of
them. Also, of the bank's total outstanding subordinated debt of
RUB12.8 billion at end-9M13, RUB4.6 billion was provided by two
RT companies. RT and other current shareholders reached a
preliminary agreement whereby RT will acquire a controlling stake
in Novikom by converting its RUB4.6 billion subordinated debt
into equity and acquiring shares from other shareholders. A new
equity contribution by RT in the form of property is planned for
late 2014.
The acquisition of a majority stake should further cement the
relationship with RT, reducing the risk of some of the group
funding being withdrawn. Moreover, the bank may benefit from an
expanded funding base, as the plan is for it to perform treasury
functions for a broader group of RT companies. Consequently, this
may also imply an increased propensity to support from RT in the
future.
The bank faces material single-name concentrations in loans (the
20 largest groups of borrowers made up 66% of total loans or 5.8x
Fitch core capital (FCC) at end-1H13). Of these, Fitch views 76%
as fairly low-risk, being either loans to government-owned
companies and/or borrowers with some state-backing (working under
government contracts). The remainder consists of loans to private
companies, which are higher-risk due to long tenors and,
sometimes, poor financials of the borrowers.
Novikom's reported asset quality is acceptable with non-
performing loans (NPLs, overdue more than 90 days) and
restructured exposures accounting for below 1% and 12%,
respectively, of end- 1H13 gross loans. NPLs and restructured
loans were only moderately (by 21%) covered by loan impairment
reserves (LIRs) representing material risk as the majority of
restructurings relates to private borrowers.
Capitalization has been tight to date. At end-11M13, the bank
could increase its LIRs by only 1% to a maximum of 4% of gross
loans before its regulatory capital ratio (CAR) (N1: 11.8% at
end-11M13) would fall below the minimum 10%. However, pre-
impairment operating profit (about 3% of average gross loans)
provides a moderate extra buffer. Fitch expects regulatory
capitalization to increase moderately in the medium-term, because
the conversion of existing RUB4.6 billion subordinated debt by RT
will allow about RUB1.3 billion of existing subordinated debt to
be additionally included into Tier 2 capital, although this debt
will amortize by a moderate amount during 2014. The expected
property contribution by RT towards end-2014 will also boost the
bank's capitalization.
Novikom's liquidity position is underpinned by a fairly liquid
loan book and significant buffer of liquid assets (cash, non-
restricted net short-term interbank placements and securities
eligible for repo with the Central Bank of Russia) sufficient to
cover about 19% of customer accounts at end-11M13. However,
wholesale funds maturing in 2014 of RUB9.4 billion (50% of the
end-11M13 liquidity buffer), unless refinanced, could put
downward pressure on the bank's liquidity position.
Novikom's customer accounts (65% of end-1H13 liabilities) are
predominantly short-term and highly concentrated (top 20
depositors comprised 61% of total accounts), although many of
them are relationship-based and therefore rather inelastic.
Rating Sensitivities
The ratings could be upgraded if RT acquires a majority skate in
the bank as planned and demonstrates a strong commitment to
support the bank's development.
The rating may be affirmed and the Outlook revised back to Stable
if RT abandons its plan to increase its stake in Novikon and
there is no visible increase in cooperation between the bank and
RT.
The bank's ratings could be downgraded should the pressure on
asset quality, capital and liquidity intensify and are not
remedied by shareholder support on a timely basis.
The rating actions are as follows:
Long-term foreign-currency IDR published at 'B'; Outlook
Positive
Short-term foreign-currency IDR published at 'B'
Long-term local-currency IDR published at 'B'; Outlook Positive
National Long-term Rating published at 'BBB(rus)'; Outlook
Positive
Viability Rating published at 'b'
Support Rating published at '5'
Support Rating Floor published at 'No Floor'
SYNERGY OAO: Fitch Affirms 'B' Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OAO Synergy's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B'.
The agency has also affirmed Synergy's senior unsecured rating at
'B'/'RR4' and its National Long-term Rating at 'BBB+(rus)'. The
Outlook on the IDRs and National Rating is Stable.
The ratings reflect Synergy's fairly high capex, its share
repurchases during 2012 and 2013 and uncertainty around the
effects of further excise increases on the performance of the
Russian duty-paying vodka market. The ratings also reflect
Synergy's ability to maintain healthy credit metrics, strengthen
its product portfolio and increase market share despite a
contracting duty-paying vodka market in Russia. Fitch also
believes that, despite a contraction of profits in 1H13, Synergy
should be able to display adequate pricing power to protect
current year profits from the volume decline brought about by the
sharp excise duty increases in 2013.
Key Rating Drivers
Increasing Excise Duties
The sharp excise duty increase introduced in 2013 boosted the
illegal vodka market, by encouraging consumers to migrate from
low-priced duty-paying vodkas. Synergy's 1H13 EBITDA (calculated
before one-off charges) contracted 8% after it was able to partly
compensate a 23% volume contraction with price increases and
continued trade marketing investments. We expect Synergy to have
performed better in 2H13 but this will depend on how much
customers have been stocking up ahead of 2014's excise increase.
Any positive rating action is contingent on the stabilization in
trading and level of visibility on 2014/2015 profits, confirming
its resilience to adverse changes in the industry.
Challenges Not Over
Further excise duty increases planned for 2014-16 will put
additional pressure on the company's sales volumes and challenge
its ability to increase sales prices (especially for low- and
mid-price segments). These measures could continue to manifest
their effects on consumption for some time, as demonstrated by
the protracted decline of beer consumption in Russia well after
the initial sharp excise duty increase of 2010.
Evolving Competitive Environment
The Russian spirits industry remains fragmented and is
experiencing a consolidation process. While more small local
producers could go out of business as a result of the higher
excise duties, larger ones will be fighting for market share.
Companies like Synergy with a developed distribution network and
brands in several categories are, in Fitch's view, well placed to
benefit in a challenging operating environment. However, at the
same time, we also expect stiffer competition from currently
ailing CEDC (acquired by Russian Standard in 2013) as it turns
around.
Market Leadership
Synergy enjoys a leading market position supported by a portfolio
of strong brands, increasing product diversification, a more
developed distribution platform and larger scale of operations
compared with most competitors. An on-going shift of consumption
towards more expensive products continues to benefit Synergy,
given its focus on the premium segment, which enjoys less elastic
demand and higher growth potential.
Improving Credit Metrics
Due to the shift to more premium products, we expect a gradual
increase in Synergy's EBITDA margin. Improved profitability,
together with reducing capex needs -- now that the upgrading of
the food unit's production capacity is complete -- should support
cash flow generation. Fitch expects broadly stable FY13 funds
from operations (FFO)-adjusted net leverage from 2012's 1.6x and,
subject to maintaining low shareholder returns, some scope for
de-leveraging over the next three years.
Liquidity
The debt maturity profile is skewed towards 2015. As of mid-
September 2013, Synergy's short-term debt amounted to RUB1.9
billion. Adequate liquidity is supported by Fitch's expectation
of positive free cash flow (FCF) generation from FY13, available
cash of RUB654 million as of end-June 2013 and RUB5.1 billion of
undrawn credit facilities as of mid-September 2013.
Rating Sensitivities
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
- Deterioration of FFO-adjusted net leverage above 3.0x
- Persistently negative FCF from heavy working capital or capex,
or aggressive acquisitive activity not mitigated by asset
disposal or equity injections
- Further unexpected regulatory changes in the Russian spirits
sector that may put more pressure on sales and profitability
Positive: Future developments that could lead to a positive
rating action include:
- FCF turning and remaining positive, with EBITDA margin
maintained above 13%
- FFO-adjusted net leverage below 1.5x on a sustained basis
- Evidence of resilience to ongoing excise duty increases
- Maintenance of strong liquidity cushion in the form of cash
and available committed bank lines relative to short-term debt
maturities as well as well spread out maturities
TELE2 RUSSIA: Fitch Retains 'BB+' IDR on Rating Watch Evolving
--------------------------------------------------------------
Fitch Ratings has maintained Tele2 Russia Holdings AB's (Tele2
Russia) ratings, including its Long-Term Issuer Default Rating
(IDR) of 'BB+', on Rating Watch Evolving (RWE) on uncertainty
over its longer-term capital structure and strategic shareholding
situation. The proposed terms of cooperation with Rostelecom
suggest that this company will only acquire a minority 45% stake
in a joint business with Tele2 Russia which will likely lead to a
downgrade, however, other options remain available. The RWE is
likely to be resolved once there is more clarity on these issues.
Tele2 Russia is a successful regional mobile-only operator in
Russia with a lean and efficient business model. It is uniquely
positioned as a mild price discounter. Tele2 Russia's ratings
were placed on RWE following its acquisition by Russian Bank VTB
(JSC) (VTB) (BBB, Negative) from Tele2.
Key Rating Drivers
Rating Watch Evolving
Fitch understands that the company and its shareholders are
likely to address their strategic options in the near future.
Rostelecom's (BBB-/Stable) board approved the terms of its
potential cooperation with Tele2 Russia and the announced
intention is to create a joint venture between Rostelecom and
Tele2 Russia. The two companies are expected to contribute their
mobile assets to a joint business with Rostelecom intending to
ultimately control a 45% stake in the joint venture.
Although the terms of the deal are not yet final, Fitch
understands that Rostelecom has not made a commitment to become a
majority shareholder in the new joint venture. In the event of a
lack of a strong parent-subsidiary linkage between Rostelecom and
the new company, Tele2 Russia is likely to be downgraded by at
least one notch reflecting corporate governance concerns that
private investors with a relatively weak credit profile may end
up as effective controlling shareholders in the company. An
aggressive capital structure and material asset divestments by
Tele2 Russia may be credit concerns.
However, the deal has not been officially signed and negotiations
continue. Tele2 Russia's ratings may be upgraded if linkage with
Rostelecom is viewed as strong which will likely require
shareholding of above 50% and an evidence of legal, operating and
strategic ties.
VTB announced that it was a financial investor and already
divested of a 50% stake to a consortium of private investors.
Fitch believes that it is likely to divest or at least
significantly further reduce its exposure to this asset in future
as it would be unusual for a bank to hold on to an equity
investment in a non-financial corporate.
Fitch understands that the plan is to make sure that public debt
currently recourse to Tele2 Russia will become recourse to the
new joint venture. A failure to do so would be viewed as a rating
concern.
Successful 2G Operator
Tele2 Russia's ratings reflect the company's successful position
of a value-for-money operator. It is the fourth-largest Russian
mobile operator with around a 10% market share and 23.7 million
subscribers at end-3Q13. The company has been able to grow its
subscriber base slightly ahead of the market maintaining a strong
customer perception of price leadership coupled with acceptable
service quality.
Limited Geographic Franchise
Tele2 Russia's 2G licenses only cover less than half of the
country's 143m population. It is unlikely that the company can
organically acquire mobile licenses to operate in new regions,
including in Moscow. The company will be challenged to increase
its low market share of corporate customers unless it becomes a
truly nationwide operator.
New Regulation is Positive
The introduction of mobile number portability in Dec 2013 should
benefit the company and help it to eat into the market share of
its larger peers. This new piece of regulation allows Tele2
Russia to more fully exploit the benefits of its market
positioning as a mild price discounter.
Strong Cash Generation
Tele2R's business model has been efficient with a tight control
over operating costs and capex leading to strong free cash flow
generation. Fitch believes it would be a challenge to preserve
the company's lean business model after the company has been
severed from business processes of its former shareholder Tele2
AB.
Rating Sensitivities
More clarity on Tele2 Russia's long-term shareholding and capital
structure would likely lead to a rating watch resolution.
List of Rating Action
Long-Term IDR: 'BB+' maintained on RWE
National Long-Term Rating: 'AA(rus)' maintained on RWE
Senior Unsecured Debt: 'BB+'/'AA(rus)' maintained on RWE
===============
S L O V E N I A
===============
ABANKA VIPA: Fitch Affirms 'B-' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has taken various actions on Slovenia-based Nova
Ljubljanska Banka's (NLB), Nova Kreditna Banka Maribor's (NKBM)
and Abanka Vipa's (Abanka) Viability Ratings, by first
downgrading them to 'f' and then upgrading to 'b-', before
placing them on Rating Watch Positive (RWP).
The Long-term Issuer Default Ratings (IDRs) of NLB and NKBM have
been affirmed at 'BB-' with a Negative Outlook. At the same time
the agency has placed the 'B-' Long-term IDR of Abanka on RWP.
The rating actions follow the approval by the European Commission
(EC) of state aid measures in respect of NLB and NKBM, and of
rescue aid measures in respect of Abanka. As a result, the
Slovenian government has recapitalized, and in so doing fully
nationalized, the three banks.
The recapitalization measures are due to be followed shortly by
the transfer of non-performing loans (NPLs) from the balance
sheets of NLB and NKBM to the Bank Asset Management Company, a
process that should be completed by end-2013. Following the
recapitalization measures and the transfer of bad assets, the
Slovenian authorities expect NLB and NKBM to report core Tier 1
ratios of 15% at end-2013.
Abanka is expected to report a Tier 1 ratio of 9% by end-2013,
subsequently rising to 15% in Q114. The difference is explained
by the fact that Abanka has yet to submit a restructuring plan to
the EC and only once this has been approved can it apply for
state aid, making it eligible to transfer assets to the bad bank
and receive further capital support from the Slovenian
government.
KEY RATING DRIVERS AND SENSITIVITIES - VRs
The downgrade of the VRs to 'f' from 'ccc' (NLB, NKBM) and 'cc'
(Abanka) reflects Fitch's view that the banks failed, based on
the full write down of their equity and subordinated instruments,
and the scale of their recapitalization requirements. The
subsequent upgrades of the VRs to 'b-' reflects the agency's
view, based on preliminary analysis of the banks' post-rescue
capital, asset quality and coverage ratios, that the banks should
be able to achieve VRs of at least in the 'b' category.
The RWP on the VRs reflects the potential for the ratings to be
upgraded further following a full review of the banks' standalone
profiles. This review will focus in particular on (i) the volumes
of NPLs remaining on the banks' balance sheets following the
asset transfers, and the coverage of these by impairment
reserves; (ii) the banks' capital ratios, and the vulnerability
of these to any potential further provisioning requirements; and
(iii) the banks' performance prospects, and in particular their
ability to improve operating profitability at the pre-impairment
level. The review will also consider prospects for the Slovenian
economy, which Fitch expects to contract by 0.6% in 2014 before
growing 1% in 2015, and the governance, strategies and possible
privatization of the banks.
Fitch expects to complete the review of the banks' VRs by end-
April 2014. However, in the case of Abanka, the completion of the
review will depend on the EC's decision on state aid for the
bank, and hence on the timing of further recapitalization and
asset transfers.
KEY RATING DRIVERS AND SENSITIVITIES: IDRs, Support Ratings and
Support Rating Floors
The Long-term IDRs, Support Ratings and Support Rating Floors of
NLB and NKBM continue to be driven by potential support from the
Slovenian authorities. The affirmation of the Long-term IDRs at
'BB-' reflects Fitch's view of potential further support for the
banks, in case of need, given their systemic importance, the
current rescue package and their full state ownership.
At the same time, the wide (five notch) difference between the
Slovenian sovereign (BBB+/Negative) and the banks, and the
Negative Outlooks on the banks' ratings, reflect significant
uncertainty about any future support, given (i) the somewhat
diminished ability and potentially also propensity of the
sovereign to provide further support after the current bail-out;
(ii) the potential privatization of the banks; and (iii)
potential negative pressure on support-driven ratings of all EU
banks in line with progress with the adoption of bank resolution
legislation.
However, NLB's and NKBM's Long-term IDRs could stabilize at their
current levels, or be upgraded, if Fitch upgrades the banks' VRs
to 'bb-' or higher levels, as a result of the upcoming review,
making VRs, instead of Support Ratings, the driver of the IDRs.
Abanka's Long-term IDR, and the RWP on the rating, are driven by
the bank's VR, and the Long-term IDR could be upgraded in line
with the VR. If state aid for Abanka is approved, and in Fitch's
view the bank is likely to remain state-owned for the foreseeable
future, then the differential between its Support Rating and
Support Rating Floor and those of NLB and NKBM are likely to
narrow. Fitch will review the Support Ratings and Support Rating
Floors of all three banks as part of its global review of
sovereign support for banks, which it expects to complete in
1Q14.
KEY RATING DRIVERS AND SENSITIVITIES: HYBRID CAPITAL INSTRUMENTS
OF NKBM AND Abanka
The affirmation of the hybrid capital instruments of NKBM and
Abanka at 'C', and the subsequent withdrawal of these ratings,
reflects the bail-in and full write-down of these instruments as
part of the recapitalization process.
The rating actions are as follows:
Nova Kreditna Banka Maribor:
Long-Term IDR: affirmed at 'BB-' Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating downgraded to 'f' from 'ccc', subsequently
upgraded to 'b-' from 'f', placed on RWP
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB-'
Hybrid capital instrument: affirmed at 'C', rating withdrawn
Nova Ljubljanska Banka
Long-Term IDR: affirmed at 'BB-' Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating downgraded to 'f' from 'ccc', subsequently
upgraded to 'b-' from 'f', placed on RWP
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB-'
Abanka:
Long-Term IDR: 'B-' placed on RWP
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'f' from 'cc', subsequently
upgraded to 'b-' from 'f', placed on RWP
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'B-'
Hybrid capital instrument: affirmed at 'C', rating withdrawn
MERCATOR: Creditors Extend Restructuring Agreement
--------------------------------------------------
SeeNews reports that Mercator said on Friday it has received from
the majority of its creditors notifications of approval of a
proposed Restructuring Framework Agreement (RFA).
According to SeeNews, the company said in a bourse filing that in
this way, the Amended and Restated Pre-Negotiation Agreement
dated June 28, 2013, has also been extended through March 31,
2014, pursuant to the terms and conditions stipulated by the RFA.
As reported by the Troubled Company Reporter-Europe on Sept. 19,
2013, Reuters related that Mercator appointed advisers to help
with a EUR1 billion debt restructuring. The restructuring is a
condition of a proposed sale of a 53.12% stake in Mercator to
Croatian food and retail group Agrokor, Reuters disclosed.
Mercator is a Slovenian retailer.
=========
S P A I N
=========
CAJA SAN FERNANDO: S&P Affirms & Withdraws CCC- Rating on D Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed, removed from
CreditWatch negative, and subsequently withdrawn its credit
ratings on Caja San Fernando CDO I Fondo de Titulizacion de
Activos' class A1, A2, B, C, and D euro-denominated notes.
On Dec. 9, 2013, S&P placed on CreditWatch negative its ratings
on the class A1, A2, B, C, and D euro-denominated notes following
receipt of an early liquidation notice. The notes' legal final
maturity is in December 2095.
Based on the latest trustee report (dated December 2013) and the
trustee's confirmation, S&P notes that the class A1, A2, B, C,
and D euro-denominated notes have fully paid all of their
obligations. S&P has therefore affirmed, removed from CreditWatch
negative, and subsequently withdrawn its ratings on these classes
of notes.
Caja San Fernando CDO I is a static cash flow collateralized debt
obligation (CDO) transaction that securitizes structured finance
securities. The transaction closed in February 2005.
RATINGS LIST
Caja San Fernando CDO I Fondo de Titulizacion de Activos
EUR119.7 Million Fixed- And Floating-Rate Notes
Class Rating
To From
Ratings Affirmed, Removed From CreditWatch Negative, And
Subsequently
Withdrawn
A1 BBB- (sf) BBB- (sf)/Watch Neg
NR BBB- (sf)
A2 BB+ (sf) BB+ (sf)/Watch Neg
NR BB+ (sf)
B B+ (sf) B+ (sf)/Watch Neg
NR B+ (sf)
C CCC+ (sf) CCC+ (sf)/Watch Neg
NR CCC+ (sf)
D CCC- (sf) CCC- (sf)/Watch Neg
NR CCC- (sf)
NR -- Not rated.
CAJA SAN FERNANDO: S&P Lowers Ratings on Two Note Classes to D
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Caja San Fernando CDO I Fondo de Titulizacion de
Activos' U.S. dollar-denominated series.
Specifically, S&P has:
-- Affirmed, removed from CreditWatch negative, and
subsequently withdrawn its 'CCC- (sf)' rating on the class
A1 notes;
-- Lowered to 'D (sf)' from 'CCC- (sf)' and removed from
CreditWatch negative its rating on the class A2 notes;
-- Affirmed its 'D (sf)' rating on the class B notes; and
-- Lowered to 'D (sf)' from 'CC (sf)' its ratings on the class
C and D notes.
On Dec 9, 2013, S&P had placed on CreditWatch negative its
ratings on Caja San Fernando CDO I's class A1 and A2 U.S. dollar-
denominated notes following its receipt of an early liquidation
notice.
The rating actions follow the trustee's confirmation of the
nonpayment of principal to the class A2, B, C, and D noteholders
after the transaction's liquidation. The trustee has confirmed
that only the class A1 noteholders were paid full principal. S&P
has therefore affirmed, removed from CreditWatch negative, and
subsequently withdrawn its 'CCC- (sf)' rating on the class A1
notes. S&P has also affirmed its 'D (sf)' rating on the class B
notes following confirmation of nonpayment of principal.
As S&P's ratings on the notes address the ultimate payment of
principal, it has lowered to 'D (sf)' from 'CCC- (sf)' and
removed from CreditWatch negative its rating on the class A2
notes. At the same time, S&P has lowered to 'D (sf)' from 'CC
(sf)' its ratings on the class C and D notes. S&P has The notes'
legal final maturity is in December 2095.
Caja San Fernando CDO I is a static cash flow collateralized debt
obligation (CDO) transaction that securitizes structured finance
securities. The transaction closed in February 2005.
RATINGS LIST
Class Rating
To From
Caja San Fernando CDO I Fondo de Titulizacion de Activos
US$171 Million Fixed- And Floating-Rate Notes
Rating Affirmed, Removed From CreditWatch Negative, And Withdrawn
A1 CCC- (sf) CCC- (sf)/Watch Neg
NR CCC- (sf)
Rating Lowered And Removed From CreditWatch Negative
A2 D (sf) CCC- (sf)/Watch Neg
Rating Affirmed
B D (sf)
Ratings Lowered
C D (sf) CC (sf)
D D (sf) CC (sf)
NR -- Not rated.
FAGOR ELECTRODOMESTICOS: Closure to Hit Cooperatives in Spain
-------------------------------------------------------------
Christopher Bjork at The Wall Street Journal reports that for
decades, the giant network of industrial and retail cooperatives
born in this small town was held up as an international model.
Whenever one co-op got into trouble, the rest of the Mondragon
Corporation would rescue it with cash or take on workers at risk
of losing their jobs, the Journal notes.
Then the unthinkable happened. In October, Fagor
Electrodomesticos, a global exporter and the U.S. market leader
in pressure cookers, shut its factories after the other co-ops
denied it a lifeline, the Journal relays. That, in turn, has
shaken the Mondragon network, the largest of its kind in the
world, fraying the bonds among its 109 surviving co-ops and
eroding confidence in the weaker ones, the Journal states. Many
of its 80,000 employees now fear for their jobs in a country with
26% unemployment, the Journal discloses.
"This is our Lehman moment," the Journal quotes Juan Antonio
Talledo, who lost his job on Fagor's refrigerator assembly line,
as saying recalling the U.S. investment bank failure five years
ago that nearly brought down the global financial system.
With debts of EUR850 million (US$1.16 billion), Fagor is one of
the biggest casualties in Spain's record-setting year of
bankruptcies, the Journal says. Even as the economy emerges from
its second recession in five years, growth remains too weak to
save many deeply indebted Spanish companies, the Journal
discloses.
But Fagor's abrupt closure reverberates beyond Spain, the Journal
relates. Many scholars in the U.S. and Europe have argued for
decades that employee-owned co-ops are a more productive and
worker-friendly alternative to traditional shareholder
capitalism, the Journal states. The crisis here highlights a
weakness: Co-ops have fewer options to raise capital when trying
to ride out a recession, according to the Journal.
The long Spanish downturn that drained Fagor of resources now
threatens core principles of the network it had helped
Create -- democratic management and job security for employee-
owners, the Journal discloses.
George Cheney, a Kent State University professor who has studied
Mondragon for 20 years, said the network will survive but faces
severe strains, the Journal relates. According to the Journal,
cooperatives around the world, he added, are watching how it
resolves competing demands of employees and lenders, and
financial fallout among its members.
Fagor's 1,800 workers in Spain have lost their jobs and access to
savings they had plowed into the co-op, the Journal discloses.
Tajo, a small co-op in the Mondragon network that makes car parts
and components for household appliances, says it could face
bankruptcy because Fagor bought much of its production, the
Journal states. Creditors owed EUR2.5 billion by supermarket
chain Eroski, the network's largest co-op, have told the
management to retrench by selling or closing outlets, the Journal
recounts.
"Contagion is inevitable," the Journal quotes Lorenzo Bernaldo de
Quiros, head of Freemarket International Consulting in Madrid and
a former adviser to Mondragon, as saying. "Some co-ops lent
money to Fagor. Others were its suppliers. They're all
intertwined."
Fagor Electrodomesticos is a Spanish home appliance maker.
NCG BANCO: S&P Puts 'BB-' Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
ratings on Spain-based NCG Banco on CreditWatch with negative
implications. At the same time, S&P affirmed its 'B' short-term
ratings.
The CreditWatch placement follows the Dec. 18, 2013 announcement
from Spain's Fund For Orderly Bank Restructuring (Fondo de
Reestructuracion Ordenada Bancaria; FROB) and Deposit Protection
Scheme (Fondo de Garantia de Depositos) on the sale of their 88%
stake in NCG Banco S.A. (NCG) to Banco Etchevarria S.A., a
80%-owned Spanish subsidiary of Banesco Group (Banesco). It
reflects S&P's view that the acquisition of NCG and its
integration with Banesco may have a negative effect on NCG's
creditworthiness. The acquisition is still pending regulatory
approvals from national and European authorities.
Based on publicly available information, S&P understands that
Banesco is an internationally diversified Venezuelan group that
owns stakes in commercial banking operations in several countries
in Central and South America, as well as in the U.S. In this
context, S&P understands that a significant portion of Banesco's
consolidated assets are located in Venezuela, a country where S&P
sees higher operating risks for a bank entity and lower sovereign
creditworthiness than in Spain.
Currently, S&P do not have full information about the group's
corporate structure. S&P is therefore unable to assess whether
there are any structural or contractual factors at Banesco that
could mitigate the potential risks from any negative economic or
political development in Venezuela, and which might undermine
Banesco's business and/or financial profiles, therefore directly
or indirectly affecting NCG's credit profile.
Banesco offered EUR1 billion to acquire not only the stake in
NCG, but also two different written-off portfolios that the FROB
was in the process of selling. According to the FROB's published
statement, the terms of the agreement reached with Banesco do not
include any asset protection scheme -- which would cover
potential losses from NCG's portfolio -- nor any other additional
guarantee from the FROB beyond what was included in the initial
sale offer.
In this context, S&P do not have full information on the group's
financial profile, and therefore on its flexibility to support
or, on the contrary, on its potential need to extract resources
from NCG. S&P notes, nonetheless, that given NCG's significantly
larger asset base than both Banco Etcheverria and Banesco,
Banesco's capacity to support NCG -- particularly its capital
position -- in case of need could be limited.
S&P also acknowledges that it is possible that Banesco may
request to discuss, with European financial authorities, NCG's
restructuring plans agreed as part of the state aid that the bank
has received and, consequently, revise NCG's business focus. In
S&P's view, a shift of the bank's strategy toward more aggressive
growth targets at a time when it is still completing its
restructuring process may increase its risk profile.
S&P expects to resolve the CreditWatch placement within the next
three months, once it gathers sufficient business and financial
information on Banesco, as well as on its business plans for NCG
and on the corporate structure of the group after the
consolidation of NCG. If S&P concluded that the integration of
NCG with Banesco could have negative implications for NCG's
business and/or financial profiles, S&P could lower the ratings
on NCG by one or more notches. Specifically, this may occur if
S&P believed that NCG's capitalization was likely to weaken from
current levels, or if it perceived that the group's strategy and
business plans could affect NCG's credit risk profile in the
medium-to-long term.
S&P could affirm the ratings and remove them from CreditWatch if
it concluded that NCG's operations were not likely to be affected
by potentially negative developments in Banesco's Venezuelan
operations or elsewhere in the group. An affirmation would also
likely hinge on S&P's assessment of NCG's new ultimate owner's
ability to support the bank, if needed, and that any changes to
NCG's business and financial current plans under its
restructuring process were unlikely to have a material negative
effect on NCG's credit risk profile.
=====================
S W I T Z E R L A N D
=====================
DUFRY AG: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' long-term corporate credit rating on Switzerland-based
travel retailer Dufry AG. The outlook is stable.
The affirmation follows Dufry's announcement that it had acquired
Greek company Hellenic Duty Free Shop S.A. (HDF). On Dec. 11,
2013, Dufry signed an agreement with Folli Follie Group to
acquire the outstanding 49% of HDF for Swiss franc (CHF) 401
million (EUR328 million). To fund the transaction, Dufry
increased its capital by CHF187 million and obtained a new CHF611
million term loan.
Since Dufry acquired the initial 51% stake in HDF in April 2013,
its regional concentration has moderately increased, in S&P's
view. However, HDF's low dependence on consumer sentiment in
Greece, given its large share of international customers,
somewhat reduces this risk. S&P believes the total share of
revenues from the Greek operations is less than 10%. Although
S&P considers country risk exposure to Brazil significant, in
S&P's view Dufry's good positioning and strong footprint in the
Brazilian market should lead to steady EBITDA contributions after
the store space at the Sao Paulo airport is extended. Overall,
S&P regards Dufry's weighted average country risk as
"intermediate," factoring in its diverse presence in different
countries.
Consequently, S&P continues to assess Dufry's business risk
profile as "satisfactory." With a 9% share of a highly
fragmented market, the company has a leading position in the
growing, but volatile, retail travel industry. Due to its
largely diversified international presence in 45 countries, the
company's operations should benefit from increasing global air
travel demand, which will likely increase by 4% annually over the
next 10 years. At the same time, however, competition for
duty-free retail concessions at airports is increasing.
S&P continues to assess Dufry's financial risk as "significant."
S&P has revised down its assessment of Dufry's management and
governance to "fair" from "satisfactory," due to limited
transparency regarding minimum payment obligations under its
concession contracts. However, this has not led S&P to revise
the anchor of 'bb+'.
The stable outlook on Dufry reflects S&P's view that the company
will focus on deleveraging after its acquisition and integration
of HDF. S&P also anticipates that Dufry will maintain its
Standard & Poor's-adjusted ratio of debt to EBITDA at 2.5x-3.5x,
while generating FOCF equivalent to 10%-15% of debt.
Furthermore, S&P anticipates that the company will likely reduce
debt within 12 months of completing future acquisitions.
Rating upside is limited by management's continued appetite for
acquisitions, which prevents a sustainable improvement in
financial metrics. However, S&P could consider a positive rating
action if Dufry sustained a ratio of adjusted debt to EBITDA of
about 2.5x, and improved FFO to debt to comfortably above 30%.
S&P could take a negative rating action if Dufry's financial
covenant headroom tightened more than it currently expects. This
could materialize if regulatory or event risks resulted in sales
volatility. Furthermore, S&P could lower the rating if debt to
EBITDA exceeded 3.5x while FOCF to debt fell significantly below
10%, or if external shocks, loss of major concessions, or an
increase in concession fees caused a sustained decline in
profitability.
=============
U K R A I N E
=============
PSC PROMINVESTBANK: Fitch Assigns 'B-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned Ukraine-based 'Joint Stock Commercial
Industrial & Investment Bank' (PSC Prominvestbank, PIB) a Long-
term foreign currency Issuer Default Rating (IDR) of 'B-' with a
Negative Outlook.
KEY RATING DRIVERS - IDRS, NATIONAL RATING, SENIOR DEBT AND
SUPPORT RATING
PIB's IDRs, National, Support and senior debt ratings reflect
Fitch's view of limited probability of support the bank may
receive, if needed, from its 98.6%-owner, Russian state-owned
Vnesheconombank (VEB, BBB/Stable). While the agency views the
propensity to support is strong, actual support is constrained by
country risks, which have heightened in recent months.
In addition to ownership, Fitch's view of VEB's willingness to
support takes into account the track record of funding and
capital support; PIB's integration with the parent group; and the
absence of any near-term plans to sell the bank. The track record
of parental support includes equity injections and a subordinated
loan provided since 2009, and USD1.6bn of non-equity funding,
scheduled to mature in 2014-2018. VEB plans a further equity
injection in 2014.
PIB's Long-term foreign-currency IDR is currently constrained by
Ukraine's Country Ceiling (B-), which reflects heightened risks
of transfer and convertibility restrictions. Such restrictions
could limit the extent to which support from VEB could be
utilized to service PIB's obligations. The bank's 'B' Long-term
local currency IDR also takes into account Ukrainian country
risks.
The Negative Outlook on the bank's IDRs reflects the potential
for a further downgrade of Ukraine's Country Ceiling given the
Negative Outlook on Ukraine's ratings.
RATING SENSITIVITIES - IDRS, NATIONAL LONG-TERM RATING, SENIOR
DEBT
The Long-term IDRs and senior debt ratings could be downgraded if
Ukraine's Country Ceiling is downgraded as a result of a
sovereign downgrade. A revision of the sovereign Outlook to
Stable would help the ratings to stabilize at their current
levels.
Fitch's views a disposal of the bank as unlikely in the short- to
medium-term. However, a change in the agency's view on the
propensity of VEB to provide support to its Ukrainian subsidiary
could lead to downward pressure on PIB's ratings.
The Stable Outlook on the bank's National Rating reflects Fitch's
view that the bank's creditworthiness relative to other Ukrainian
issuers is unlikely to change significantly as a result of the
potential sovereign downgrade.
KEY RATING DRIVERS - VR
PIB's 'ccc' Viability Rating (VR) reflects the bank's currently
weak asset quality and potential downside risks stemming from
sizeable restructured exposures, large industry/borrower
concentrations, high foreign-currency lending (58% of gross loans
at end-10M13), as well as pressure on capital due to poor
profitability driven by large loan impairments.
In Fitch's view PIB, like other banks in Ukraine, has limited
resilience to risks from the deteriorating sovereign profile and
operating environment. The bank's asset quality, capital and
liquidity positions are likely to be highly sensitive to the
performance of the economy and any marked depreciation of the
Ukrainian hryvna. At the same time, the VR considers PIB's
comfortable liquidity position, also underpinned by the
availability of parent funding (31% of end-1H13 liabilities) and
by positive deposit trends so far, limited direct exposure to FX-
risk (through an open currency position), adequate reserve
coverage of existing non-performing loans and future re-
capitalization plans.
Non-performing loans (NPLs; more than 90 days overdue) accounted
for 15% of gross loans at end-10M13, after regular write-offs. In
addition, around 18% of loans were rolled-over/restructured, most
of which would have been in default if not for restructuring.
Fitch's review of the major exposures (loans to the 25 largest
borrowers, accounting for around 65% of gross loans at end-1H13)
additionally revealed that some of these (not classified as
either NPLs or restructured) were fairly high-risk, being long-
term exposures with non-amortizing principal, provided to
borrowers operating in highly vulnerable economic segments such
as metallurgy and/or construction. In this context, PIB's loss
absorption capacity is modest.
Fitch estimates that PIB could have increased its statutory loan
impairment reserves to 19% of loans at end-3Q13 from the actual
level of 15% before its regulatory capital adequacy ratio (end-
3Q13: 13.2%) would fall to the regulatory minimum of 10%. Planned
recapitalization should markedly improve that bank's loss
absorption capacity in 2014. However, this could prove
insufficient should asset quality continue to deteriorate.
Internal capital generation has been negative since 2009 given
modest pre-impairment profitability and high loan loss
provisions, while near-term profitability prospects are further
constrained by a weak economy and still volatile borrower
performance in Ukraine.
PIB's liquidity position is adequate with a solid level of highly
liquid assets (cash, non-restricted short-term bank placements
and unencumbered repoable securities) sufficient to cover 63% of
customer deposits at end-11M13.
RATING SENSITIVITIES - VR
The VR could be downgraded if additional loan impairment
recognition undermines the bank's capital position. Stabilization
of asset quality and completion of the bank's recapitalization
could result in an upgrade of the VR. Reduced portfolio
concentrations and improved profitability in a more stable
operating environment would also be beneficial for the bank's
credit profile.
The rating actions are as follows:
Long-term Foreign Currency IDR assigned at 'B-'; Outlook
Negative
Short-term Foreign Currency IDR assigned at 'B'
Long-term Local Currency IDR assigned at 'B'; Outlook Negative
National Long-term Rating assigned at 'AAA(ukr)'; Outlook Stable
Viability Rating assigned at 'ccc'
Support Rating assigned at '5'
Senior unsecured local currency debt rating assigned at
'B'/'RR4'/'AAA(ukr)'
===========================
U N I T E D K I N G D O M
===========================
BRADFORD BULLS: Chairman & Directors Quit Amid Financial Woes
-------------------------------------------------------------
BBC News reports that Bradford Bulls chairman Mark Moore and
fellow directors Ian Watt and Andrew Calvert have resigned from
the club.
The shock move is more bad news for the Super League outfit, who
have been plagued by financial problems, BBC says.
Mr. Moore, who only took over as chairman from Omar Khan in
September, quit after the board of directors were told that the
transfer of shares from the club's previous owners would not
happen, BBC relates.
The Bulls spent more than two months in administration in 2012,
BBC recounts.
According to BBC, earlier this month, Mr. Moore told the club's
fans that the financial problems they were dealing with were
worse than they had thought.
They said Bradford needed to make savings of up to GBP400,000 and
a day later, redundancies were made across the club, BBC relays.
According to BBC, Mr. Moore cited Mr. Khan's refusal to transfer
his shares to the board as the key reason for their decision to
quit, claiming in the process that Mr. Khan was requesting the
repayment of director's loans be made by the club.
Mr. Khan and Gerry Sutcliffe MP bought Bradford back in 2012
after the club fell into financial difficulties, BBC discloses.
Bradford Bulls is a professional rugby league club in Bradford,
West Yorkshire, England who plays in the Super League.
CO-OPERATIVE BANK: Fitch Affirms 'B' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed The Co-operative Bank Plc's Issuer
Default Rating (IDRs) and senior debt ratings at 'B'. The Rating
Watch Negative (RWN) has been removed following the successful
completion of the liability management exercise (LME) which has
recapitalized the bank. Court approval for the debt exchange was
received on December 18, 2013, following a vote in favor of the
LME by bondholders and was settled on Dec. 20, 2013.
Fitch has placed the Long-term IDR on Negative Outlook due to the
on-going challenges the bank faces in returning to sustainable
profitability, risks of strategic drift and potential damage to
Co-op Bank's customer funding franchise.
Fitch has also downgraded the bank's VR to 'f' and immediately
upgraded it to 'b'. The downgrade acknowledges the losses
incurred by the junior bondholders on successful completion of
the LME which represent a failure by the bank according to
Fitch's definitions. The subsequent upgrade reflects Fitch's view
that the bank has returned to viability following the
recapitalization. The Recovery Rating of the bank's senior debt
has been affirmed at 'RR4'.
KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT
Co-op Bank's VR has been realigned with its IDR and the ratings
are driven by Co-op's standalone creditworthiness. The bank's
IDRs, VR and senior debt ratings reflect Fitch's view that the
bank's capitalization remains weak, despite the LME and that it
is expected to remain weak in the foreseeable future given its
revised strategy. Persistent losses are expected over the medium-
term as the bank invests heavily in IT and as it de-risks its
balance sheet through the disposal of its non-core loan
portfolios. Non-core, non-prime and commercial loan portfolios
(44% of gross loans at end-1H13) show fair values well below
their carrying values, which is likely to hinder the pace of
deleveraging, leaving material tail risk in the portfolio for
several years. This could cause a large spike in credit
impairment charges.
Potential significant conduct redress could also be a risk to the
bank's capital base.
The Negative Outlook on the Long-term IDR reflects the
considerable challenges that the bank will face during its
restructuring, corporate governance challenges as well as the
risks of strategic drift in the control of new shareholders. The
Negative Outlook also captures the potential negative impact the
change in shareholding and recent media attention could have on
Co-op Bank's previously stable and loyal customer base.
RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT
The Outlook on the Long-term IDR is Negative. The bank's IDRs, VR
and senior debt ratings are sensitive to the extent of losses
incurred from restructuring and credit impairment charges as well
as strategic drift or a weakening of its funding franchise. Fitch
considers that the current strategy leaves little margin for
error and downside risk still exists for the IDR if the combined
weak operating performance and asset quality impairments become
significantly destructive to capital ratios.
The ratings are also sensitive to a further revision of strategy
following the change in ownership structure. Upside potential is
limited until the bank becomes capital generative.
The senior debt's Recovery Rating of 'RR4' reflects Fitch's
expectation that in the event of a default, recoveries on
unsecured senior debt would be in the range of 31% to 50%, due to
the bank's considerable share of encumbered assets (about 29% at
end- 1H13), potential additional stress for the loan book and a
reduced Tier 2 buffer after the LME.
KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR
The bank's Support Rating of '5' and Support Rating Floor of 'NF'
have been affirmed and are consistent with Fitch's view of a
clear political intention to ultimately reduce implicit support
for banks in the UK. Fitch does not expect any change to these
ratings.
KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES
Fitch has withdrawn the subordinated debt's ratings as these
instruments have been written down and no longer exist.
The rating actions are as follows:
Long-term IDR: affirmed at 'B'; RWN removed; placed on Negative
Outlook
Short-term IDR: affirmed at 'B'; RWN removed
Viability Rating: downgraded to 'f' from 'c' and immediately
upgraded to 'b'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
Senior unsecured notes' Long-term rating: affirmed at
'B'/'RR4'; RWN removed
Senior unsecured notes' Short-term rating: affirmed at 'B'; RWN
removed
5.5555% Upper Tier 2 securities GB00B3VMBW45: ratings withdrawn
13% Upper Tier 2 securities GB00B3VH4201: ratings withdrawn
Lower Tier 2 subordinated notes: ratings withdrawn
CO-OPERATIVE BANK: Fitch Retains Ratings on RMBS
------------------------------------------------
Fitch Ratings says that there is no rating impact on The
Co-operative Bank Plc's RMBS programs following rating actions on
Co-op. Fitch gave Co-op Bank a 'B' rating on Dec. 20, 2013.
Co-op currently performs the roles of servicer, issuer account
bank, collection account bank and cash manager in the Silk Road
series (Silk Road Finance No.1 Plc, Silk Road Finance No. 2 Plc
and Silk Road Finance No.3 Plc). The bank also acts as the
servicer, issuer account bank and cash manager in Cambric Finance
No.1 Plc. In the Leek series (Leek 17, Leek 18, Leek 19, Leek 20,
Leek 21 and Leek 22), Co-op is both the guarantor and cash
manager as well as Internal GIC Account provider.
In Fitch's view, the rating actions taken on Co-op, resulting in
the Long-term Issuer Default Rating (IDR) of the bank remaining
at 'B', do not presently have any rating implications for the Co-
op transactions. Any amounts held in the Co-op issuer/GIC
accounts in each of these transactions are capped at their
respective thresholds and also fully cash-collateralized at
eligible account banks. Further, in respect of the Silk Road
transactions where Co-op acts as both collection account bank and
issuer account bank provider, Fitch maintains its view that risks
relating to commingling and payment interruption are sufficiently
mitigated by the sizable reserve funds.
Furthermore, Fitch understands that in its efforts to comply with
the respective transaction documents, Co-op is currently in the
process of appointing back-up cash managers and back-up servicers
for each of the aforementioned transactions.
JOHNSTON PRESS: Lenders Agree to Reset Covenants on GBP300MM Debt
-----------------------------------------------------------------
Robert Cookson at The Financial Times reports that Johnston Press
and its lenders have agreed to reset the covenants on its GBP300
million of debt after the struggling regional newspaper group
hired financial advisers for a full refinancing in 2014.
The company announced on Friday that it had hired Rothschild to
help it refinance its debt in the new year, well ahead of the
maturity of its debt facilities in September 2015, the FT relays.
Johnston Press borrowed the money during the credit boom from
banks including Barclays and Royal Bank of Scotland, the FT
recounts. However its business has since struggled because of
falling newspaper circulations and a downturn in the print
classified advertising market, the FT notes.
The group has an incentive to refinance the debt before the end
of 2014, because its loans are structured in such a way that the
interest rate is based on the amount of debt outstanding at
certain points in time, the FT discloses.
According to the FT, if Johnston Press manages to refinance its
debt before the end of 2014, it would be able to save about
GBP25 million -- a figure that is significant given the company's
market capitalization of about GBP100 million.
Johnston Press gave no specifics about the precise nature of its
debt covenants, which have been reset until September 2015, the
FT states.
The company had net debt of GBP306.4 million in August, down from
GBP352 million at the end of 2011, the FT relates.
Johnston Press is the publisher of the Scotsman and the Yorkshire
Post.
PREMIER FOODS: Unveils Turnaround Plan; Mulls Rights Issue
----------------------------------------------------------
Peter Ranscombe at The Scotsman reports that Premier Foods
chief executive Gavin Darby on Dec. 22 unveiled a turnaround plan
for the company, which could include a GBP300 million rights
issue earlier next year.
According to The Scotsman, in an interview with a Sunday
newspaper, Mr. Darby pledged to tackle the debt and pensions
mountain faced by the food producer and turn Premier into a
"normal company" in 2014.
The group has struggled under a GBP1.3 billion debt and pensions
burden -- four times higher than its stock market capitalization,
The Scotsman discloses.
Mr. Darby remained tight lipped over the exact details of his
rescue plan, but analysts at Credit Suisse suggested the
turnaround would include a GBP300 million rights issue to help
meet a looming GBP110 million bill for fees, interest and
pensions payments, The Scotsman relays.
The company has about 9,000 staff in 35 factories in the UK and
built up its debt pile during a series of acquisitions, The
Scotsman notes.
Mr. Darby, as cited by The Scotsman, said: "This company has been
restructuring for six years. We want to turn it into a normal
company again in 2014."
Premier, The Scotsman says, has already revealed that it is
seeking an outside investor to help it spin-off Hovis into a
separately-funded joint venture.
Premier Foods is the maker of Mr. Kipling cakes and Hovis bread.
===============
X X X X X X X X
===============
* Fitch Affirms 77 EMEA Consumer & Pharma Companies' Ratings
------------------------------------------------------------
Fitch Ratings has affirmed 77 EMEA consumer and pharmaceutical
companies' ratings, the worksheet of which is available at
http://is.gd/LT9JJa
The worksheet provides:
-- A full list of ratings affirmed
-- A hyperlink to each issuer's rating summary page at
www.fitchratings.com
-- Primary analyst and secondary analyst contact information
* Fitch: 2014 European Govt Borrowing Edges Down on Deficit Cuts
----------------------------------------------------------------
Fitch Ratings says that the 2014 gross* government borrowing for
European sovereigns will be down compared with 2013, with an
estimated drop of 1.2% to EUR1,811 billion from 2013's EUR1,832
billion. For the 17 euro area countries as a whole, gross
borrowing will be down 2.9% year on year (yoy) to EUR1.5
trillion, or 15.1% of GDP. This compares favorably with Japan and
the US, which face 2014 gross borrowing requirements of around
37% and 22% of GDP, respectively.
In absolute terms, government borrowing is largest in Italy
(EUR393 billion), France (EUR352 billion), the UK (EUR267
billion) and Spain (EUR216 billion). As a share of GDP, it is
largest in Cyprus (31%), Portugal (26%), Italy (25%), Greece
(24%) and Slovenia (23%). Overall, gross borrowing has decreased
yoy for the majority of European governments, with the notable
exceptions of Slovenia (up 13.3% of GDP, largely due to high
expected bank recapitalization costs) and Portugal (up 6.1% of
GDP due to a heavier redemption schedule in 2014).
"Fiscal tightening is delivering results, helped by a gradual
economic recovery in Europe. Central government net borrowing
estimates for 2014 indicate an impressive 21% reduction on 2013
levels," says Douglas Renwick, Senior Director in Fitch's
Sovereign team.
"Refinancing needs -- the largest portion of gross borrowing for
European governments -- are up 8.4% year-on-year in 2014. Italy,
the UK, and Greece will be seeing the largest increases in medium
and long-term debt redemptions. In Greece, this is a result of
EUR7.4 billion of IMF loans coming due," adds Mr. Renwick.
With the revision of the rating outlooks on France, the UK,
Belgium, and Spain to Stable in 2013 -- after downgrades in
France and the UK -- only 30% of the EU15 gross borrowing
requirement for 2014 is for governments with sovereign ratings on
Negative Outlook. This is a significant decrease on the 74% for
2013.
In line with this, the marginal cost of funding for peripheral
euro area countries has fallen significantly, with the spread to
core euro area countries down 130bp yoy to 240bp in December
2013. High-grade yields, on the other hand, have risen after the
Fed's taper pre-announcement in May 2013. Fitch expects these
trends to continue into 2014.
The report, entitled "European Government Borrowing for 2014:
Deleveraging Continues", is available at www.fitchratings.com
* Fitch defines gross borrowing as net cash borrowing plus
redemptions on medium and long-term debt plus the stock of
short-term debt at the end of the previous year (which will
need to be rolled over at least once during the current year).
* BOND PRICING: For the Week December 23 to December 27, 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
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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
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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
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Yioula Glassworks 9.00 12/1/2015 EUR 74.00
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
ICELAND
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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
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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
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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 * * *