/raid1/www/Hosts/bankrupt/TCREUR_Public/140224.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, February 24, 2014, Vol. 15, No. 38
Headlines
B U L G A R I A
NATIONAL ELECTRICITY: Ruling Power May Prompt Bankruptcy
C Z E C H R E P U B L I C
LAZNE VELICHOVKY: Administrator Selects Winning Bidder
D E N M A R K
ISS A/S: Moody's Raises Corporate Family Rating to 'Ba3'
ISS A/S: S&P Puts 'BB' Corp. Credit Rating on Watch Positive
F R A N C E
PEUGEOT SA: Moody's Changes Outlook on 'B1' CFR to Stable
G E R M A N Y
HYPO ALPE ADRIA: Creditors Urged to Contribute to Wind-Down Costs
PROVIDE VR 2003-1: Fitch Affirms 'Csf' Rating on Class D Notes
I R E L A N D
LUNAR FUNDING V: S&P Raises Rating on Series 2007-58 to 'B-'
MALLINCKRODT PLC: S&P Lowers Corporate Credit Rating to 'BB-'
SIG CAPITAL: Court Appoints Receiver Over O'Brien Investment
K A Z A K H S T A N
* KAZAKHSTAN: Banks Not Facing Bankruptcy Risk, Pres. Says
N E T H E R L A N D S
LAURELIN II: Fitch Affirms 'BBsf' Rating on EUR17MM Class E Notes
MESDAG BV: Fitch Lowers Rating on Class C Notes to 'CCsf'
WOOD STREET V: Fitch Affirms 'Bsf' Ratings on 2 Note Classes
R O M A N I A
* ROMANIA: More Than 2,000 Companies Go Bust in January 2014
R U S S I A
SOLWAY INVESTMENT: Fitch Cuts LT Foreign Currency IDR to 'B-'
S P A I N
IBERCAJA BANCO: Fitch Assigns 'BB+' IDR; Outlook Stable
IM GRUPO: Moody's Affirms 'C' Ratings on 3 Note Classes
PORTAVENTURA ENTERTAINMENT: Moody's Rates EUR420MM Notes 'B3'
U K R A I N E
UKRAINE: On Verge of Bankruptcy Amid Political Crisis
U N I T E D K I N G D O M
ARGON CAPITAL: Moody's Puts B1 Rating on Review for Downgrade
CPUK FINANCE: Fitch Affirms 'B+' Rating on Class B Notes
EUROSAIL PRIME-UK: S&P Lowers Ratings on 4 Note Classes to 'D'
KPL CONTRACTS: In Administration, More than 200 Jobs Affected
LB UK: Administrators to Make Third Dividend Distribution
WINDERMERE XI: Moody's Affirms 'Caa3' Rating on GBP55MM Notes
X X X X X X X X
* BOND PRICING: For the Week February 17 to February 21, 2014
*********
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B U L G A R I A
===============
NATIONAL ELECTRICITY: Ruling Power May Prompt Bankruptcy
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FOCUS News Agency reports that Boyko Borisov, leader of the
oppositional Citizens for European Development of Bulgaria (CEDB)
and former prime minister of Bulgaria, said at a meeting with the
regional structures of the party, "The ruling power will lead the
National Electricity Company (NEK) to bankruptcy".
Mr. Borisov, as cited by FOCUS News, said that "Standard & Poor's
decreased Bulgaria's rating; it sent a warning and, especially
when it comes to NEK, it means that they are bringing the company
to a real bankruptcy.
"The situation around the electricity price, which is
artificially kept unchanged, will grow worse."
===========================
C Z E C H R E P U B L I C
===========================
LAZNE VELICHOVKY: Administrator Selects Winning Bidder
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CTK reports that David Janosik, Lazne Velichovky's insolvency
administrator, has said the creditor committee of the company
chose a new owner in a tender on Friday after opening envelopes
with bids from tender participants.
The name of the tender's winner and the price offered for
Lazne Velichovky will not be disclosed for the time being,
Mr. Janosik, as cited by CTK, said, adding two entities had
submitted a bid in the tender.
The price was the only criterion for choosing the winner,
CTK notes.
The company was appraised at CZK110.6 million, CTK discloses.
Lazne Velichovky is a spa company based in the Czech Republic.
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D E N M A R K
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ISS A/S: Moody's Raises Corporate Family Rating to 'Ba3'
--------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of ISS A/S (ISS) to Ba3 from B1. Concurrently,
Moody's has also upgraded the probability of default rating (PDR)
rating to Ba3-PD, the company's senior subordinated notes, due
2016, to B2 from B3 and the senior secured facilities to Ba2 from
Ba3 of ISS Global A/S. All ratings are under review for upgrade.
Ratings Rationale
"The upgrade of the CFR to Ba3 reflects the reduction in net
leverage that has taken place over the past 12-18 months as ISS
has conducted a string of divestments of non-core assets and
applied the proceeds for debt reimbursement," says Knut Slatten,
Moody's lead analyst for ISS. "This has contributed to a
strengthening of free cash flows as interest payments have been
significantly reduced," adds Mr. Slatten.
Furthermore, the decision to leave the ratings under review
follows ISS's announcement on February 18 whereby the company
declares its intention to file for an Initial Public Offering
(IPO). As part of the intended IPO, ISS expects to issue new
shares worth approximately DKK8 billion (EUR1.1 billion). At the
same time, ISS has put in place new banking facilities
agreements. The company is -- in addition to the proceeds
obtained from the IPO -- intending to draw on these facilities to
repay existing debt instruments during the course of 2014. This
is likely to lead to a material reduction in net debt and further
strengthening of free cash flows as interest expenses continue to
abate.
During the review process, Moody's will closely monitor the
company's progress on the contemplated IPO and will assess the
implications of the proposed refinancing on the company's
financial profile, as well as its financial policy objectives
post-IPO. If the IPO goes ahead as scheduled, Moody's is likely
to upgrade the Ba3 CFR by two notches, although a more favorable
outcome cannot be excluded at this stage.
What Could Change The Rating Up/Down
Upward pressure on the rating could occur if ISS's adjusted
leverage were to fall below 5.0x. Conversely, negative rating
pressure could arise if the group's operating profitability were
to decline, with adjusted debt/EBITDA moving towards 5.5x.
Negative pressure could also occur if ISS were to make debt-
funded acquisitions, or if the company were to experience
difficulty in executing its large-scale Integrated Facility
Services contracts.
Principal Methodology
The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
Based in Copenhagen, Denmark, ISS is one of the leading facility
services providers in the world. The company recorded revenues of
DKK79 billion (EUR10 billion) in financial year 2012.
ISS A/S: S&P Puts 'BB' Corp. Credit Rating on Watch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'BB' long-term corporate credit ratings
on Denmark-based facilities services provider ISS A/S and the
company's subsidiaries ISS World Services A/S and ISS Global A/S.
At the same time, S&P placed on CreditWatch positive its 'B'
short-term rating on ISS World Services A/S.
In addition, S&P affirmed its 'BB' and 'B+' issue ratings on ISS'
debt instruments. The recovery ratings on these instruments
remain unchanged.
The CreditWatch placement follows ISS' announcement that it
intends to float shares in a primary share issuance to raise
additional capital. The group proposes to use the extra
capital -- targeted at about Danish Krone (DKK) 8 billion in IPO
proceeds -- to delever its capital structure.
"We assess ISS' financial risk profile as "aggressive" under our
criteria. We forecast that Standard & Poor's-adjusted debt to
EBITDA for the financial year ending Dec. 31, 2013, will be under
4.5x, while adjusted funds from operations (FFO) to debt will be
about 13%. We estimate that if the proceeds of the IPO were
fully used to repay debt, pro forma adjusted debt to EBITDA for
2014 could drop closer to 3x with FFO to debt rising to the low
20% range. These metrics would be consistent with a financial
risk profile assessment of "significant," as defined by our
criteria," S&P said.
S&P's assessment of ISS' business risk profile as "strong" would
be unaffected by the prospective IPO.
S&P's base case for ISS assumes:
-- Organic revenue growth in the low to mid-single digits for
2014 and 2015.
-- Stable operating margins.
-- IPO proceeds used for debt reduction.
S&P may reassess the current financial policy assessment of FS-5
for ISS following the completion of the IPO. If S&P considers
that ISS would continue deleveraging post the IPO, maintain
limited acquisition spending, and introduce a stable dividend
policy, S&P could revise the financial policy assessment to FS-4.
S&P aims to resolve the CreditWatch following ISS' successful
completion of the IPO and once it has confirmation from ISS on
the final use of the new funding. S&P expects this to happen
within 90 days. In addition, S&P will seek to ascertain from the
group's reference shareholders (EQT Partners and Goldman Sachs
Capital Partners) their investment horizon, strategy, and degree
of support for the revised financial policy.
S&P would view a further reduction in ISS' debt burden as
positive and it could raise the ratings as a result. The
magnitude of any potential ratings upside would depend on S&P's
satisfactory assessment of: 1) the group's likely sustainable
future credit metrics; 2) the group's revised financial policy,
together with an assessment of the group's future shareholder
structure; and 3) the group's sustained adequate liquidity.
S&P could affirm the ratings at their current level if ISS is
unsuccessful in its IPO.
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F R A N C E
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PEUGEOT SA: Moody's Changes Outlook on 'B1' CFR to Stable
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Moody's Investors Service has changed to stable from negative the
outlook on the B1 corporate family rating (CFR) and the B1-PD
probability of default rating (PDR) of Peugeot S.A. (PSA) and its
rated subsidiary GIE PSA Tresorerie. Concurrently, Moody's has
affirmed all of PSA's and its subsidiary's ratings.
The outlook change is triggered by a EUR3.0 billion cash inflow,
which follows the announced and pre-subscribed capital increase.
The cash inflow will help to restore PSA's cash position, which
eroded in fiscal year 2013 as a result of negative operational
free cash flow (FCF) and cash outflow for restructuring that
together totaled approximately EUR1.0 billion. This rating action
assumes the successful completion of all parts of the plan
announced on February 19, including approval by regulatory
authorities and PSA shareholders.
"Moody's have stabilized Peugeot's outlook as the cash inflow
will strengthen the company's liquidity position and provide it
with a cushion with which to cover anticipated cash consumption
in the year ahead," says Falk Frey, a Moody's Senior Vice
President and lead analyst for Peugeot. "However, turning around
the profitability of its automotive division remains a
significant challenge for Peugeot," adds Mr. Frey.
Affirmations:
Issuer: Peugeot S.A.
Probability of Default Rating, Affirmed B1-PD
Corporate Family Rating, Affirmed B1
EUR574.99996M 4.45% Senior Unsecured Conv./Exch. Bond/Debenture
Jan 1, 2016, Affirmed B1
EUR5000M Senior Unsecured Medium-Term Note Program, Affirmed
(P)B1
EUR5000M Senior Unsecured Medium-Term Note Program, Affirmed
(P)NP
EUR650M 5% Senior Unsecured Regular Bond/Debenture Oct 28, 2016,
Affirmed B1
EUR600M 5.625% Senior Unsecured Regular Bond/Debenture Jul 11,
2017, Affirmed B1
EUR1000M 7.375% Senior Unsecured Regular Bond/Debenture Mar 6,
2018, Affirmed B1
EUR750M 8.375% Senior Unsecured Regular Bond/Debenture Jul 15,
2014, Affirmed B1
EUR500M 6.875% Senior Unsecured Regular Bond/Debenture Mar 30,
2016, Affirmed B1
EUR500M 5.625% Senior Unsecured Regular Bond/Debenture Jun 29,
2015, Affirmed B1
EUR600M 6.5% Senior Unsecured Regular Bond/Debenture Jan 18,
2019, Affirmed B1
Issuer: GIE PSA Tresorerie
EUR1200M Senior Unsecured Commercial Paper, Affirmed NP
EUR600M 6% Senior Unsecured Regular Bond/Debenture Sep 19, 2033,
Affirmed B1
Outlook Actions:
Issuer: Peugeot S.A.
Outlook, Changed To Stable From Negative
Issuer: GIE PSA Tresorerie
Outlook, Changed To Stable From Negative
Ratings Rationale
Change of Outlook on Ratings to Stable From Negative
The stabilization of PSA's outlook was prompted by the company's
planned EUR3.0 billion cash inflow, which comes on the back of
its announced pre-subscribed capital increase. While Moody's
believes that the cash inflow from the capital increase, as well
as the new credit agreements, are credit positive for PSA as they
will strengthen the company's liquidity profile, PSA's automotive
division continues to generate substantial losses.
In 2013, the automotive division's recurring operating income was
negative at EUR1.0 billion compared with a loss of EUR1.5 billion
in 2012. Including restructuring costs and non-recurring income,
the operating loss at the automotive division amounted to
EUR2.1 billion in 2013 compared with a loss of EUR5.7 billion in
2012. Consequently, PSA's industrial business reported a loss
from continuing operations of EUR2.45 billion in 2013 compared
with a loss of EUR6.0 billion in 2012. While PSA has made
significant progress in turning around the company, it is likely
that it will take more time than originally anticipated for the
structural changes implemented and cost savings generated to
result in a return to profitability and positive FCF generation.
In Moody's view, the financial strength of the new shareholders
(i.e., the French State and Dongfeng Motor Corporation) will be
insufficient to provide short-term solutions to turn around the
automotive division's operating performance and master the
challenges PSA is facing in Europe, Latin America and Russia
though some benefits should accrue over time from the
strengthening of the industrial alliance, most notably in China.
On a positive note, PSA was able to substantially reduce negative
free cash flow (FCF) in 2013 when compared with 2012 which was
also better than anticipated by us. PSA's reported consolidated
negative operational free cash flow of EUR426 million in 2013 --
prior to restructuring -- well below the 2012 comparative number
of a negative EUR3 billion. This was for a large part aided by
working capital inflow and tight control on Capex and R&D.
PSA's B1 CFR reflects (1) its high dependency on the weakest of
European car markets in Southern Europe, and hence extremely weak
financial performance recently, in particular with regard to
operating losses in the company's automobile division and the
negative FCF from its industrial operations; (2) the challenges
in successfully restructuring and turning around the operating
performance of its automotive operations, against the background
of a European market environment with new passenger car demand
remaining well below pre-crisis levels and being characterized by
historically high discount levels, especially in the small and
medium-sized passenger car segments; (3) the risk that PSA's
announced initiatives may not be sufficient for the group to
realise the financial results it is targeting within its
restructuring plan in the absence of an anticipated strong
recovery in year-on-year European passenger car demand in 2014.
This could induce PSA to implement additional measures to achieve
the targeted turnaround as announced.
PSA's rating positively takes into account (1) the group's
adequate liquidity with EUR6.2 billion cash and cash equivalents
on balance sheet for PSA's industrial operations as at 31
December 2013, plus the anticipated nearly EUR3.0 billion cash
inflow from the signed capital increase, which provide the
resources and time that would allow PSA to implement the
necessary operational and structural measures to turn around the
core automotive business within the next two years; (2) PSA's
announced action plan, which included important new product
launches and cost reductions; (3) PSA's continued cooperation
with General Motors Company (GM), mostly on purchasing and
certain industrial projects, which could result in additional
synergies in the medium to long-term; and (4) the longer term
potential synergies from projects it is involved in with its new
shareholder and Chinese joint-venture partner, Dongfeng.
Liquidity
Moody's note that PSA currently maintains an adequate liquidity
position, which provides the company with a sufficient period of
time to reverse negative performance trends. As of December 31,
2013, PSA's principal liquidity sources for its industrial
business consisted of (1) cash and cash equivalents on the
balance sheet amounting to EUR6.2 billion; (2) availability under
undrawn committed credit lines of EUR2.225 billion maturing July
2015 and EUR175 million maturing July 2014 (excluding additional
headroom of EUR1.15 billion under Faurecia's facility) which
should be renewed by extending the amount to EUR2.7 billion as
well as maturities to 5- and 3 years respectively (contingent
upon the EUR3 billion capital increase); (3) current financial
assets of EUR141 million less some haircuts; (4) potential cash
flow generation from operations over the next 12 months as well
as (5) the anticipated cash inflow of approximately EUR3.0
billion from the capital increase. These cash sources provide
adequate coverage for PSA's major liquidity requirements during
the next 12 months. These requirements consist of short-term debt
maturities, capital expenditures, working capital funding and
day-to-day operating needs.
Moody's also positively notes that Banque PSA Finance is planning
to enter into a joint venture with an international bank for the
future development of the captive financing activities of the
group in Europe. This JV would over time allow the release of the
current state guarantee for bonds issued by Banque PSA totalling
up to EUR7.0 billion.
Structural Considerations
Peugeot's funding policy is based on borrowing at the holding
company level (PSA), and on-lending to its operating subsidiaries
via GIE PSA Tresorerie. Based on a cash-pooling agreement between
PSA and GIE, all operating subsidiaries' payment obligations to
GIE rank pari-passu with trade payables at the subsidiaries'
level. In addition, PSA has put in place a guarantee by GIE that
will benefit PSA bondholders.
Rationale For Stable Outlook
The stable outlook reflects a strengthened liquidity position
following the execution of the EUR3.0 billion announced and
subscribed capital increase, as well as Moody's anticipation of a
recovery in market share losses based on the Group's young and
competitive new model range on the market.
What Could Change The Ratings Down/Up
PSA's ratings could come under downward pressure if the company
is unable to (1) turn around its operating performance and cash
flow generation, which would be evidenced by achieving a close-
to-breakeven EBIT result in its industrial business and reducing
recurring operating income losses in its automotive division to
around EUR0.5 billion in 2014, with further improvement towards
breakeven in 2015; (2) limit negative FCF (as adjusted by Moody's
and including cash outflow for restructuring) to around EUR1.0
billion in 2014; and (3) recover part of its lost market shares
in Western Europe with a successful new product line-up in the
current year and beyond.
The ratings could come under upward pressure if there is a
faster-than-anticipated and sustained recovery in the operating
performance and cash generation of PSA's automotive business.
This recovery would be reflected by (1) positive operating
profits in the industrial business in 2014, with profitability
improving to a positive EBIT margin by 2014 and beyond; and (2) a
positive FCF as per Moody's definition.
Principal Methodologies
The principal methodology used in these ratings was the Global
Automobile Manufacturer Industry published in June 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Peugeot S.A. is Europe's second-largest maker of light vehicles
with its two main brands Peugeot and Citro‰n. In addition, PSA
holds a 51.7% interest in Faurecia SA (B1 stable), one of
Europe's leading automotive suppliers (turnover of EUR18.0
billion in fiscal year 2013) and remains a 25% shareholder in
Gefco, France's second-largest transportation and logistics
service provider. The PSA group also provides financing to
dealers and end-customers through its wholly owned finance
subsidiary, Banque PSA Finance. In fiscal year 2013, the PSA
group generated revenues of EUR54.1 billion and reported a
recurring operating loss of EUR0.2 billion.
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G E R M A N Y
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HYPO ALPE ADRIA: Creditors Urged to Contribute to Wind-Down Costs
-----------------------------------------------------------------
Angelika Gruber and Michael Shield at Reuters report that the
finance ministry said on Thursday creditors of Hypo Alpe Adria
should contribute to the costs of winding down the nationalized
Austrian lender, listing insolvency or voluntary debt haircuts as
possible options.
The comments widen a split between the government and bank
supervisors over how to handle Hypo, whose chronic capital needs
have required EUR4.8 billion (US$6.6 billion) in taxpayer support
since 2008, Reuters notes.
Reuters relates that a ministry spokesman said Austria had
commissioned outside experts to review the situation, adding:
"The political goal is that not just taxpayers bear all the
costs, but that others such as creditors or the province of
Carinthia do their part."
Carinthia is Hypo's home province and still has EUR12.5 billion
in guarantees on Hypo debt, Reuters discloses. The central bank
and FMA market watchdog have warned the government not to let
Hypo go under, Reuters relays. Such an eventuality would
triggering guarantees that Carinthia -- with an annual budget of
around EUR2 billion -- cannot honor on its own, Reuters states.
The government at this stage favors creating a "bad bank" to
absorb toxic assets from loss-making Hypo, which it had to take
over from BayernLB in 2009, but has refused for weeks to rule out
letting the bank go bust, Reuters says.
According to Reuters, Austrian Finance Minister Michael
Spindelegger in which he takes the same line when asked about an
orderly insolvency said "I believe that creditors as well have to
contribute, and Carinthia too has a moral obligation because the
provincial government there caused the problem".
He said it was a political decision to determine to what extent
creditors and Carinthia should be asked to support Hypo's
resolution costs, but a decision to be taken only after the
government had a chance to review all its options, Reuters notes.
About Hypo Alpe-Adria
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government. European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group. The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.
PROVIDE VR 2003-1: Fitch Affirms 'Csf' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Provide VR 2003-1 Plc, as follows.
-- Senior credit default swap: paid in full
-- Class A+ (ISIN DE000A0AAZ03): paid in full
-- Class A (ISIN DE000A0AAZ11): paid in full
-- Class B (ISIN DE000A0AAZ29): affirmed at 'AAsf'; Outlook
Stable
-- Class C (ISIN DE000A0AAZ37): affirmed at 'BBBsf'; Outlook
Stable
-- Class D (ISIN DE000A0AAZ45): affirmed at 'CCsf'; Recovery
Estimate (RE) 70%
-- Class E (ISIN DE000A0AAZ52): affirmed at 'Csf'; RE 0%
-- Class F: NR
The transaction is a synthetic securitization backed by
residential mortgages originated by several institutions
belonging to the German Cooperative Banking group.
Key Rating Drivers
Since the last review in February 2013, additional losses of
EUR0.6 million have been realised and allocated to the class E
notes. Cumulative losses since closing in December 2003 currently
stand at 2.2% of the original pool balance. The class F notes
(not rated) have been completely eliminated by loss allocation
(EUR6.1 million). The class E notes have also incurred
EUR4 million losses. Of their initial balance of EUR4.4 million,
currently only EUR0.4 million are outstanding (based on the
latest investor report as of December 2013).
Overall, the deal is performing worse than Fitch's initial
expectations and we expect the class E notes to be reduced to
zero through further loss allocation, as outstanding foreclosures
currently in the portfolio turn into losses. Given the small
outstanding balance of the class E notes, losses are also likely
to be allocated to the class D notes. This expectation is
factored into the notes' ratings and REs and consequently their
affirmation.
The class B and C notes have built up substantial credit
enhancement through amortization. The portfolio has amortized to
approximately 8% of its initial balance. As a result, they are
able to withstand losses commensurate with their current ratings,
as reflected in their affirmation.
Rating Sensitivities
The transaction remains exposed to further loss allocation, as
outstanding foreclosures in the portfolio (currently
approximately EUR2 million) translate into losses. Fitch expects
additional losses to be allocated to the class E notes (thus
fully eliminating them) and also to the class D notes. At the
same time, Fitch expects the relative credit enhancement for the
class B and C notes to further increase via amortization,
resulting in additional protection.
Fitch assigns REs to all notes rated 'CCCsf' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
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I R E L A N D
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LUNAR FUNDING V: S&P Raises Rating on Series 2007-58 to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its credit rating on
Lunar Funding V PLC's series 2007-58 by raising it to 'B- (sf)'
from 'CCC+ (sf)'. Lunar Funding V's series 2007-58 is a single
tranche European synthetic corporate investment-grade
collateralized debt obligation (CDO) transaction.
The rating action follows S&P's discovery of an error leading to
its Jan. 22, 2014 rating action in this transaction, when it
lowered it to 'CCC+ (sf)' from 'B- (sf)/Watch Neg' as part of its
regular monthly synthetic CDO surveillance. When calculating the
synthetic rated overcollateralization (SROC) results, S&P had
erroneously assumed there had been negative rating migration in
the underlying portfolio of Lunar Funding V's series 2007-58.
S&P has corrected this error by raising to 'B- (sf)' from 'CCC+
(sf)' its rating on Lunar Funding V's series 2007-58.
MALLINCKRODT PLC: S&P Lowers Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Mallinckrodt plc from CreditWatch with negative implications and
lowered the corporate credit rating to 'BB-' from 'BBB-'. The
outlook is stable. At the same time, S&P lowered the rating on
the company's US$900 million senior unsecured notes to 'B' from
'BBB-' and assigned a recovery rating of '6', indicating
negligible prospects (0-10%) of recovery of principal in the
event of a default. The downgrades follow the company's debt-
financed US$1.3 billion acquisition of Cadence Pharmaceuticals.
S&P also assigned its senior secured issue-level rating of 'BB+
to the company's proposed senior secured credit facility that
will be used to fund the acquisition. The recovery rating on the
facility is '1', reflecting S&P's expectation of very high
recovery (90%-100%) in the event of payment default.
"Our 'BB-' rating on Mallinckrodt is derived from our anchor of
'bb-' based on our "fair" business risk and "aggressive"
financial risk profile assessments for the company.
Mallinckrodt's fair business risk profile incorporates the
product and revenue diversity afforded by two businesses, imaging
and pharmaceuticals, which is offset by lower than average
profitability relative to peers," said credit analyst Cheryl
Richer. "Moreover, performance has fallen short of our
expectations given supply constraints experienced by the imaging
segment and a somewhat thin pipeline. The addition of Cadence's
single product, Ofirmev, to the pharmaceutical business is not
significant enough to alter our view of the company's business
risk because it does not add product or therapeutic
diversification."
S&P's stable outlook anticipates low- to mid-single-digit organic
revenue growth, largely driven by the company's specialty pharma
business, and improving gross and EBITDA margins. As a result,
S&P expects debt leverage to decline to at least 5x within 12
months.
Upside scenario
Stronger than anticipated revenue and EBITDA growth and
management's commitment to maintain debt leverage below 4x could
result in an upgrade. For example, a 20% revenue increase and
100-basis-point (bp) gross margin improvement over S&P's base
case would result in financial metrics consistent with a
"significant" financial risk profile, including FFO/debt of about
20%.
Downside scenario
S&P could lower its ratings if anticipated financial improvement
does not occur. For example, if revenues grew by only 10% in
2015, compared with S&P's base case forecast of 15%, and gross
margins did not improve by at least 400 bps over 2014, debt
leverage would remain above 5x and S&P could lower the ratings.
Alternatively, another large, debt-financed acquisition could
trigger a downgrade. Per S&P's base case assumptions, it
estimates Mallinckrodt has about $500 million of increment debt
(or less cash) capacity in 2015 at the current ratings.
SIG CAPITAL: Court Appoints Receiver Over O'Brien Investment
------------------------------------------------------------
Independent.ie reports that creditors pursuing businessmen
Breifne O'Brien in a bid to enforce judgments of some
EUR13 million have secured court orders appointing a receiver
over his interest in a property in Boston held via two Irish-
registered partnerships.
According to Independent.ie, the EUR100,000 investment in the
partnerships was disclosed by Mr. O'Brien in a statement of
affairs provided in 2008.
Judge Peter Kelly appointed the receiver on Thursday,
Independent.ie relates.
It followed an application by counsel representing several
investors who previously obtained judgments totaling some
EUR13 million against Mr. O'Brien, Independent.ie notes.
Solicitor Brian Quigley, of McCann Fitzgerald, was appointed
receiver with a range of powers aimed at realising any sums due
to Mr. O'Brien under his interest in the partnerships, Sig
Capital Nominees and Sig Cap GB, Independent.ie relays.
===================
K A Z A K H S T A N
===================
* KAZAKHSTAN: Banks Not Facing Bankruptcy Risk, Pres. Says
----------------------------------------------------------
RIA Novosti reports that Kazakhstan President Nursultan
Nazarbayev sought to dismiss concerns Friday that any of the
country's lenders was in danger of going bankrupt as unease
persists in the wake of a decision to sharply devalue the
national currency.
Mr. Nazarbayev, as cited by RIA Novosti, said in a government
meeting on the state of the financial sector that the oil-rich
country's economy was in good health and that no bank would fold.
Banks in Kazakhstan were particularly badly hit by the global
financial crisis of 2008 and major state interventions were
required to save leading financial groups from collapse, RIA
Novosti recounts.
Kazakhstan's central bank joined the attempt to calm savers on
Feb. 18 by dismissing the rumors that Kaspi, Alliance and Center
Credit were facing looming bankruptcy, RIA Novosti relates.
The central bank said the rumors were "false, speculative and
misleading" and designed to destabilize the country's banking
system, RIA Novosti relays.
The banks also issued a joint statement to reassure clients, RIA
Novosti discloses.
=====================
N E T H E R L A N D S
=====================
LAURELIN II: Fitch Affirms 'BBsf' Rating on EUR17MM Class E Notes
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook Laurelin II B.V.'s junior
notes to Negative from Stable and affirmed all ratings as
follows:
-- EUR147.2m Class A-1E: affirmed at 'AAAsf'; Outlook Stable
-- EUR90m Class A-1R: affirmed at 'AAAsf'; Outlook Stable
-- GBP30.4m Class A-1S: affirmed at 'AAAsf'; Outlook Stable
-- EUR15.8m Class A-2: affirmed at 'AAAsf'; Outlook Stable
-- EUR26m Class B-1: affirmed at 'AAsf'; Outlook Stable
-- EUR15m Class B-2: affirmed at 'AAsf'; Outlook Stable
-- EUR26m Class C: affirmed at 'Asf'; Outlook Stable
-- EUR12.5m Class D-1: affirmed at 'BBBsf'; Outlook revised to
Negative from Stable
-- EUR10.5m Class D-2: affirmed at 'BBBsf'; Outlook revised to
Negative from Stable
-- EUR17m Class E: affirmed at 'BBsf'; Outlook Negative
-- EUR1.7m Class X: paid in full
Laurelin II B.V. is a securitization of mainly senior secured,
senior unsecured, second-lien, and mezzanine loans (including
revolvers) extended to mostly European obligors. At closing, a
total note issuance of EUR450 million was used to invest in a
target portfolio of EUR438 million. The portfolio is actively
managed by GoldenTree Asset Management L.P.
Key Rating Drivers
The affirmation reflects the transaction's stable performance
over the past 12 months. The Fitch Weighted Average Rating
Factor increased to 29.78 from 29.52, signaling slightly lower
credit quality, but still below its trigger of 32. This was
offset by an improvement in the Weighted Average Recovery Rate
over the same period to 66% from 65.1%, above its trigger of
64.5%. In addition, the Weighted Average Spread (WAS) increased
significantly to 4.47% from 4.07%, above its threshold of 2.75%,
the second-highest among Fitch's CLOs. However, defaults are now
1.3% of the performing portfolio, up from 0% 12 months ago
The notes' over-collateralization (OC) tests have not been
breached to date. OC test results deteriorated towards the end-
2012 as a result of defaults in the portfolio but have since
recovered. The interest coverage tests are passing with rising
buffers.
The revision in Outlooks to Negative on the class D notes and the
Negative Outlook on the class E notes reflects their sensitivity
to refinancing risk and an increase in defaults over the past 12
months. Lower credit quality obligors may face difficulties
finding alternative financing, leaving them unable to repay the
securitized loans once they reach maturity. Currently, 4.73% of
the portfolio is scheduled to mature by end-2015.
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 -- are stressed.
Increasing the default probability by 25% would likely result in
a downgrade of up to three notches on the notes. Furthermore,
applying a recovery rate haircut of 25% on all the assets would
likely result in a downgrade of up to three notches on the notes.
MESDAG BV: Fitch Lowers Rating on Class C Notes to 'CCsf'
---------------------------------------------------------
Fitch Ratings has downgraded Mesdag (Charlie) B.V.'s class C
notes due December 2019 and affirmed all other classes, as
follows:
EUR130.7 million Class A (XS0289819889) affirmed at 'AAsf';
Outlook revised to Stable from Negative
EUR40.3 million Class B (XS0289822677) affirmed at 'BBBsf';
Outlook Negative
EUR40.3 million Class C (XS0289823568) downgraded to 'CCsf'
from 'CCCsf'
Recovery Estimate (RE) 50%
EUR3.4 million Class D (XS0289824533) affirmed at 'Dsf'; RE0%
EUR0 million Class E (XS0289824889) affirmed at 'Dsf'; RE0%
Mesdag (Charlie) B.V. is a CMBS transaction secured by six loans
backed by commercial real estate assets in Germany and the
Netherlands originated by NIBC Bank N.V.
Key Rating Drivers
The downgrade of the class C notes reflects the threat of loss
from the bankrupt Dutch Office loans and the thin layer of credit
support offered by the class D notes' balance (EUR3.4 million).
The affirmation of all other classes of notes and the revision of
the Outlook on the class A notes to Stable reflects the good
performance of the largest loan in the portfolio, Berlin
(EUR114.6 million, 53% of the pool balance), and Fitch's mixed
view on the performance of the remaining loans.
The Dutch Office I and II loans (EUR31.8 million and EUR25
million, respectively) continue to pose a threat of further
losses to junior notes. An asset manager has now been appointed
on the properties securing these loans to improve value ahead of
a disposal process. The current reported loan-to-value (LTV)
ratios stand at 148.1% and 124.8%, respectively. Fitch expects
significant losses on the Dutch Office loans, in excess of the
class D notes' balance, which will lead to losses applied to the
class C notes.
The performance of the Berlin loan German multifamily housing
collateral, underpinned by strong income, low vacancy, a
manageable cost base and strong demand for German multifamily
assets, resulted in a current market value increase of 7% to
EUR201.9 million in December 2013 from EUR187.9 million in
December of 2011. This will benefit the class A notes due to the
sequential payment of principal on the notes.
Since Fitch's last rating action, costs on some properties
backing the Tommy and Sparkasse loans have spiked. Although this
is cause for concern, low leverage on the Tommy loan (LTV 37%)
helps mitigate the risk of losses. Fitch expects a moderate
chance of refinance on the Sparkasse loan at maturity in March
2014 despite the unique nature of the properties, which are
mainly used as bank branches and residential space with a heavy
concentration in a relatively small pocket of western Germany.
The facility benefits from an average lease term of nearly seven
years to a strong tenant (Sparkasse, German savings bank) and
desirable town centre locations.
Rating Sensitivities
Any losses from the disposal of the Dutch Office I and II
properties could result in a further downgrade of the class C
notes.
Estimated 'Bsf' recoveries are EUR187.9m.
WOOD STREET V: Fitch Affirms 'Bsf' Ratings on 2 Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed Wood Street CLO V B.V's notes as
follows:
-- Class A-D (ISIN XS0305963588): affirmed at 'AAAsf'; Outlook
Stable
-- Class A-R (no ISIN): affirmed at 'AAAsf'; Outlook Stable
-- Class A-T (ISIN US978639AM42): affirmed at 'AAAsf'; Outlook
Stable
-- Class A-2 (ISIN XS0305963745): affirmed at 'AAsf'; Outlook
Stable
-- Class B (ISIN XS0305963828): affirmed at 'Asf'; Outlook
Stable
-- Class C-1 (ISIN XS0305964123): affirmed at 'BBBsf'; Outlook
Stable
-- Class C-2 (ISIN XS0305964396): affirmed at 'BBBsf'; Outlook
Stable
-- Class D (ISIN XS0305964800): affirmed at 'BBsf'; Outlook
Stable
-- Class E-1 (ISIN XS0305965286): affirmed at 'Bsf'; Outlook
Stable
-- Class E-2 (ISIN XS0305965799): affirmed at 'Bsf'; Outlook
Stable
Wood Street CLO V is a securitization of mainly European senior
secured loans with a total note issuance of EUR500 million
invested in a target portfolio of EUR480m. The portfolio is
actively managed by Alcentra Limited.
Key Rating Drivers
The affirmations reflect commensurate levels of credit
enhancement for the notes, the respective transaction's stable
performance over the past 12 months, increases in excess spread
and stable coverage tests. The notes each have sufficient
buffers relative to Fitch's loss expectation at the current
ratings. The Stable Outlook on the mezzanine and junior notes
reflects limited refinancing and default clustering risks over
the next 18 months as only a small proportion of the current
portfolio is scheduled to mature over this time horizon.
The weighted average spread on the portfolio continues to
increase and is correlated with amend and extend activity on the
underlying loans. The transaction's weighted average spread of
4.66% as of end-December 2013 is the highest among pre-crisis
Fitch-rated CLOs. The weighted average life of the portfolio has
extended marginally, following maturity extension of a
considerable number of loans in the portfolio and trading
activity by the manager. The re-investment period for the
transaction will end in October 2014, although unscheduled
principal proceeds can be re-invested at any time subject to
fairly stringent covenants on coverage tests, credit quality and
assets' weighted average life. There are currently no long-dated
assets in the portfolio and the coverage tests do not incur any
penalty on such assets.
There is currently one defaulted asset in the portfolio making up
1% of the portfolio balance. The defaulted asset has been in the
portfolio for the past 12months and in the over-collateralization
test is currently being appraised at the lower of its recovery
rate and market value. The transaction is passing its coverage
tests although the buffers have marginally decreased, due to a
default of another asset in 2013 - which has since been sold
off -- and drawdowns on the class A-R variable funding note. The
class A-R variable funding note is now nearly fully drawn.
The transaction has the ability to invest up to 30% of the
portfolio in sterling-denominated assets. Currency risk from
sterling assets is naturally hedged through matching sterling
liabilities on the revolving multi-currency class A-R notes. The
key risk arises when a sterling asset defaults, leaving the
remaining sterling assets unable to cover sterling note
repayments and in turn causing the structure to convert euro
proceeds into sterling to pay off sterling liabilities. In such
a scenario, currency risk is exacerbated if sterling is
appreciating against the euro while a simultaneous rise in the
GBP Libor may compound the cost of sterling liabilities.
Such risks are managed in the structure via several tools,
including a redenomination of part of the class A-R notes and the
use of a liquidity facility, out-of-the money currency options
and an interest rate cap. The residual currency risk is absorbed
by the structure through excess spread, which is at present
fairly significant, and through the low cost of funding on the
liabilities. Fitch has found that the transactions can withstand
the various combinations of interest rate and currency stresses
overlaid with default skews between sterling and euro assets.
The transaction's exposure to Ireland, Italy and Spain --
countries where Fitch has imposed a sovereign rating cap under
the ratings on any of the notes in the transaction -- is fairly
higher than pre-crisis Fitch-rated CLOs.
Rating Sensitivities
Fitch ran rating sensitivity scenarios on the transaction to
assess the impact on the notes' ratings if default rates and
recovery rates are stressed.
A 25% increase in the expected obligor default probability would
lead to a downgrade of two to three notches for the rated notes.
A 25% reduction in the expected recovery rates would lead to a
downgrade of one to two notches for the rated notes.
=============
R O M A N I A
=============
* ROMANIA: More Than 2,000 Companies Go Bust in January 2014
------------------------------------------------------------
Florentina Dragu at Ziarul Financiar reports that data from the
Trade Registry showed Friday a little over 2,000 companies went
out of business in Romania last month, down 14.5% compared with
January 2013.
===========
R U S S I A
===========
SOLWAY INVESTMENT: Fitch Cuts LT Foreign Currency IDR to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded Russian-based Solway Investment
Group Limited's Long-term foreign currency Issuer Default Rating
(IDR) to 'B-' from 'B' and placed it on Rating Watch Negative
(RWN). The group's Short-term IDR of 'B' has also been placed on
RWN.
The downgrade reflects a material rebasing of expected results
for the next three to four years stemming from a combination of
delays at key development projects (Fenix, KurilGeo), a potential
curtailment of production at the group's Pobugsky ferro-nickel
plant, as well as nickel prices below Fitch's price deck. Fitch
now expects FY2014 revenues of around USD450 million compared
with previous expectations in excess of USD900 million.
The RWN primarily reflects liquidity concerns over the coming
6-12 months. Given assumed negative free cash flow (FCF),
maintenance of adequate liquidity is dependent upon receiving
funds from asset sales and raising new debt.
Key Rating Drivers
Rebased Forecasts
In recent months, Solway has been subject to several operational
problems at existing and planned sites, as well as nickel market-
related issues. These factors have led us to significantly
revise down our expectations for the group over the next three to
four years. "We now expect revenues in 2014 and 2015 to be
roughly half previous levels at around USD450 million-USD500
million. Under our base rating case, Fitch calculated EBITDA will
be similarly affected, with levels of around USD120 million in
2014 and USD175 million in 2015. FCF will now also be negative
in 2014 before turning positive in 2015. Funds from operations
(FFO) adjusted leverage is forecast to peak at end-2013 at 4.1x
(1.6x expected previously), but will reduce to below 2.0x in 2014
and beyond as the Fenix project ramps up," Fitch said.
Liquidity
As of February 2014, Solway had USD41 million of cash against
maturing debt of USD49 million in 2014. Under the 2014 base
case, we forecast negative FCF of around USD25 million. The
maintenance of adequate liquidity is therefore dependent on
receiving cash from asset sales and planned debt raising. Solway
expects USD135 million in proceeds from asset sales in 2014,
USD49 million of which has been received to date. These include
residential apartments, commercial property and equity stakes in
mining projects. The company also has plans to raise new debt
funding of up to USD100 million from from a private equity fund
with negotiations currently ongoing.
Project Delays
Solway's main development project is the Fenix nickel mine in
Guatemala. Commissioning was originally planned for August 2013
but has been postponed by six months due to delays in equipment
delivery. Phases 1 and 2 of the project, consisting of
processing capacity of 27,000 metric tonnes per annum in
aggregate and a diesel power plant, will be completed in February
2014. The company's KurilGeo gold mine in Russia has also been
subject to delays and will now come into production in 2H14
rather than 2H13.
Indonesia Ore Export Ban
Solway's Pobugsky ferro-nickel plant in Ukraine has historically
sourced nickel ore from Indonesia. Indonesia banned the export
of unprocessed nickel ores from January 2014. "We understand
that the Pobugsky plant has sufficient ore to continue operation
until the end of March 2014, after which there is no guaranteed
supply. The company's Fenix mine will eventually be able to
supply around one-third of the plants requirements," Fitch said.
Diversified Portfolio of Assets
Although relatively small in size Solway has good operational
diversification. It produces ferronickel (67% of revenue in
2012), copper and copper concentrate (14%), lead concentrate
(11%) and zinc concentrate (5%). This kind of product
diversification may reduce the volatility of margins. However,
the company operates in countries with 'high' and 'medium' risk
relative to mining operations -- Ukraine, Macedonia, Guatemala
and Russia.
Below Average Corporate Governance
Transactions with related entities represent a material portion
of Solway's revenue. As a private company Solway has a low level
of transparency and public information disclosure (although Fitch
continues to receive adequate information to monitor the
ratings).
Rating Sensitivities
Negative: Future developments that could lead to negative rating
action include:
-- Further delays and/or cost overruns in key development
projects.
-- Failure to improve company's liquidity profile via the
expected disposal of non-core assets or debt issuance.
-- Sustained negative FCF.
-- FFO adjusted gross leverage sustained above 3.0x.
Positive: Future developments that could lead to positive rating
actions include:
-- Successful commissioning and period of sustainable production
from key Fenix and KurilGeo development projects.
-- Funds from operations adjusted gross leverage sustainably
below 2.0x.
-- Strengthening of the liquidity profile.
-- Improvement of the corporate governance profile including
greater transparency and information disclosure.
Resolution of the RWN will likely take place over the next six
months.
=========
S P A I N
=========
IBERCAJA BANCO: Fitch Assigns 'BB+' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Spain-based Ibercaja Banco, S.A. a
Long-term Issuer Default Rating (IDR) of 'BB+' with Stable
Outlook and a Viability Rating (VR) of 'bb+'. Fitch has also
assigned a Support Rating and Support Rating Floor (SRF)
respectively of '3' and 'BB+'.
At the same time, Fitch has taken rating actions on Ibercaja
Banco's subsidiary, Banco Grupo Cajatres, S.A. (BCaja3).
KEY RATING DRIVERS - IBERCAJA BANCO's IDRS AND VR
Ibercaja Banco's Long-term IDR is driven by its intrinsic
strengths, as captured by the VR. The VR reflects a loan book
heavily weighted towards retail mortgages (around 65% of loans)
where asset quality is holding up better than the average Spanish
bank. Other supporting factors for the VR are a comfortable
funding and liquidity profile and a leading franchise in Aragon.
Both factors were boosted following the acquisition of BCaja3 and
its ample customer deposit base.
On the other hand, Ibercaja Banco's VR also reflects its modest
earning capacity, due to low interest rates and limited growth
prospects in the bank's traditional markets resulting from
Spain's weak operating environment. Fairly weak capital ratios
also weigh on the VR, as do the execution risks arising from the
restructuring and subsequent integration of BCaja3.
The impaired loan (NPL) ratio reached 8.9% at end-3Q13 following
a spike in 1H13. This reflected deterioration in the bank's real
estate development loan portfolio and the consolidation of
BCaja3's loans. However, the NPL ratio remains below that of
many peers, reflecting conservative underwriting standards
applied to residential mortgages and real estate development
loans representing just 10% of total lending, which is low
relative to other Spanish banks. Reserve coverage for NPLs (66%)
is reasonable as the bulk of these loans are secured by tangible
collateral. Fitch expects asset quality to weaken further, but
the agency considers the bank's loss absorption capacity as
compatible with the current VR.
The bank is predominantly funded by deposits, with a loan/deposit
ratio of 107%. The stock of unencumbered assets is considered
ample at 15% of total assets given the diversified structure of
the bank's wholesale debt repayments.
Fitch expects Ibercaja Banco's profitability to remain modest
given weak growth, low interest rates and additional provisions.
Any profitability improvement will mainly arise from synergies
from the BCaja3 merger. Ibercaja Banco's 9M13 figures show only
marginal profitability, due to tight margins and high, albeit
declining, impairments, following heavy losses in 2012.
Fitch believes Ibercaja Banco's level of capital, coupled with
weak earnings prospects, provides the bank with a fairly moderate
capacity to absorb unforeseen losses. However, capital should
benefit from the conversion of deferred tax assets into tax
credits, risk-weighting optimization and one-off items. At end-
3Q13, Ibercaja Banco's Fitch eligible capital-to-weighted risks
ratio was 8.3% and included EUR407 million of convertibles from
Spain's Fund for Orderly Bank Restructuring. These convertibles
were injected into BCaja3 prior to its acquisition.
RATING SENSITIVITIES - IBERCAJA BANCO's IDRS AND VR
A downgrade of Ibercaja Banco's VR may lead to a corresponding
action on the IDRs, provided the Support Rating Floor is also
being revised lower. This is because the VR is at the same level
as the Support Rating Floor.
The VR remains sensitive to a higher-than-currently-assumed
deterioration in asset quality, especially if this results in an
even lower level of earnings or inability to sustain capital.
The VR could also be downgraded if expected synergies from the
BCaja3 acquisition fail to materialize.
Modest upward potential on the VR could arise if asset quality
stabilizes, and if earnings generation and capital ratios see
material improvements. The VR would also benefit from a smooth
implementation of BCaja3's restructuring.
KEY RATING DRIVERS - IBERCAJA BANCO's SUPPORT RATING AND SRF
The SR of '3' and SRF of 'BB+' reflect Fitch's opinion of a
moderate likelihood of government support for the bank, if
needed. This is due to a small franchise at national level
(deposit market share: 3%), although Fitch also considers
Ibercaja Banco's large presence in Aragon, and in Castilla-Leon
and Extremadura.
RATING SENSITIVITIES - IBERCAJA BANCO's SUPPORT RATING AND SRF
A downgrade of Spain's Long-term IDR (BBB/Stable) could put
pressure on Ibercaja Banco's SR and SRF. The SR and SRF could
also be downgraded if the bank's franchise are significantly
eroded, which is, however, not Fitch's base case. The SR and SRF
could also be downgraded should state support for senior
creditors of EU banks weaken, as signaled in a series of
legislative, policy and regulatory initiatives.
KEY RATING DRIVERS - BCAJA3
Fitch aligns BCaja3's IDRs with the parent's because BCaja3 is
viewed as a core subsidiary and will be merged into the parent by
end-2014, when BCaja3 will cease to exist as a separate legal
entity. Ibercaja Banco acquired BCaja3 on July 23, 2013. BCaja3
is 100% owned by Ibercaja Banco and is fully-consolidated into
the group's accounts.
BCaja3's SRF of 'BB+' is affirmed and withdrawn. Fitch believes
the main source of support for BCaja3 to be Ibercaja Banco,
rather than the Kingdom of Spain. Fitch does not assign SRFs to
banks whose primary source of support is institutional.
RATING SENSITIVITIES - BCAJA3
Until BCaja3 ceases to exist as a separate legal entity, its IDRs
are sensitive to the same factors that could impact Ibercaja
Banco's IDRs. BCaja3's Stable Outlook reflects its parent's.
BCaja3's SR may be downgraded if its importance to the group
diminishes, which Fitch considers as unlikely at present.
The rating actions are as follows:
Ibercaja Banco:
-- Long-term IDR: assigned at 'BB+'; Stable Outlook
-- Short-term IDR: assigned at 'B'
-- Viability Rating: assigned at 'bb+'
-- Support Rating: assigned at '3'
-- Support Rating Floor: assigned at 'BB+'
BCaja3:
-- Long-term IDR: affirmed at 'BB+'; Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Support Rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB+'; withdrawn
IM GRUPO: Moody's Affirms 'C' Ratings on 3 Note Classes
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six
mezzanine notes and affirmed the ratings of 10 notes issued by
three Spanish asset-backed securities (ABS) transactions backed
by loans to small and medium-sized enterprises (SME): IM Grupo
Banco Popular Empresas 1, FTA, IM Grupo Banco Popular FTPYME I,
FTA, and IM Grupo Banco Popular FTPYME II, FTA.
Deleveraging and the high level of credit enhancement, combined
with asset-pool performance in line with Moody's expectations,
primarily drove the rating actions. The actions also capture
Moody's view regarding the deals' exposure to counterparty risk.
The three SME ABS transactions were originated by Banco Popular
Espanol, S.A. (Ba3/NP negative, standalone bank financial
strength rating E+/baseline credit assessment b1 negative).
Ratings rationale
Deleveraging of the Transaction and Build-Up Of Credit
Enhancement
The rating action primarily reflects the deleveraging of the
transactions and the increase of credit enhancement to address
credit risk.
The current level of credit enhancement in the form of cash (via
the reserve fund) and subordination is sufficient to support the
upgrades for the notes of the following deals, ranging from one
to three-notches (1) the class C and D notes issued by IM Grupo
Banco Popular Empresas 1, FTA; (2) class B and C notes issued by
IM Grupo Banco Popular FTPYME I, FTA; and (3) the class B and C
notes issued by IM Grupo Banco Popular FTPYME II, FTA.
The fast amortization in the three deals has prompted a
significant deleveraging in their capital structures during 2013.
The credit enhancement under class C and D in IM Grupo Banco
Popular Empresas 1, FTA, of 46.2% and 20.8% respectively, has
been the key driver for the upgrades to A3 (sf) and Ba3 (sf).
The credit enhancement under class B and C in IM Grupo Banco
Popular FTPYME I, FTA, of 41.8% and 32.8% respectively, has been
the key driver for the upgrades to A3 (sf) and Baa3 (sf).
The credit enhancement of 48.8% and 37.0% available under class B
and class C respectively in IM Grupo Banco Popular FTPYME II, FTA
is enough to protect these notes from the increasing borrower
concentration risk, with the top 10 borrowers representing 22% of
the portfolio (according to the December 2013 collateral report).
Using different sensitivity scenarios, Moody's has tested the
current ratings' resistance to the default of the top borrowers'
exposures.
Moody's Maintains Key Collateral Assumptions
The performance of the three transactions is in line with Moody's
expectations.
90+ delinquencies have stabilized in IM Grupo Banco Popular
Empresas 1, FTA and IM Grupo Banco Popular FTPYME I, FTA at 2.0%
and 2.7% respectively, following decreasing trends since their
peak in 2012, and below the market average for Spanish SME ABS.
The lack of granularity in IM Grupo Banco Popular FTPYME II, FTA
prompted the increase in arrears in December 2013 up to 6.9%;
however, this remains below Moody's default assumption of 16.5%
of the current portfolio balance in the deal. Defaults stood at
4% to 5% of the original pool balance as of December 2013.
Moody's maintained its default and recovery rate assumptions for
the three transactions, which it updated on April 11, 2013 in IM
Grupo Banco Popular FTPYME I, FTA and IM Grupo Banco Popular
FTPYME II, FTA, and on 25 March 2013 in IM Grupo Banco Popular
Empresas 1, FTA.
For IM Grupo Banco Popular Empresas 1, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 60.0% and the CoV is
90.3% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 22.8%.
For IM Grupo Banco Popular FTPYME I, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 60.0% and the CoV is
88.2% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 21.5%.
For IM Grupo Banco Popular FTPYME II, FTA, the current default
assumption is 16.5% of the current portfolio balance, the
assumption for the fixed recovery rate is 45.0% and the CoV is
83.7% which, combined with the key collateral assumptions,
corresponds to a portfolio credit enhancement of 31.3%.
Exposure to Counterparty Risk
Moody's rating actions also take into consideration the exposure
to the different counterparties in the transactions.
In the three transactions, Banco Popular Espanol, S.A. acts as
servicer and collections account bank, and transfers collections
every day to the reinvestment accounts at the Banco de Espana
(unrated), where the reserve funds also reside. Moody's has
incorporated into its analysis the potential default of both
counterparties, which could expose the transactions to a
commingling loss on the collections and a loss on the reserve
fund.
HSBC Bank plc (Aa3/P-1) acts as swap counterparty in IM Grupo
Banco Popular FTPYME I, FTA, while JPMorgan Chase Bank, N.A.,
London Branch (Aa3/(P)P-1) has this role in IM Grupo Banco
Popular Empresas 1, FTA. Banco Popular Espanol, S.A. is the swap
counterparty in IM Grupo Banco Popular FTPYME II, FTA.
The principal methodology used in these ratings was Moody's
Global Approach to Rating SME Balance Sheet Securitizations
published in January 2014.
Factors That Would Lead to an Upgrade or Downgrade of the Ratings
Factors or circumstances that could lead to a downgrade of the
ratings affected by the action would be (1) worse-than-expected
performance of the underlying collateral; (2) deterioration in
the credit quality of the counterparties; and (3) an increase in
Spain's sovereign risk.
Factors or circumstances that could lead to an upgrade of the
ratings affected by the action would be the better-than-expected
performance of the underlying assets, and a decline in both
counterparty and sovereign risk.
List of Affected Ratings
Issuer: IM Grupo Banco Popular Empresas 1, FTA
EUR1135.8M A2 Notes, Affirmed A3 (sf); previously on Mar 25,
2013 Confirmed at A3 (sf)
EUR28.8M B Notes, Affirmed A3 (sf); previously on Mar 25, 2013
Confirmed at A3 (sf)
EUR27M C Notes, Upgraded to A3 (sf); previously on Mar 25, 2013
Confirmed at Baa3 (sf)
EUR54.9M D Notes, Upgraded to Ba3 (sf); previously on Mar 25,
2013 Upgraded to B2 (sf)
EUR32.4M E Notes, Affirmed C (sf); previously on Mar 25, 2013
Affirmed C (sf)
Issuer: IM Grupo Banco Popular FTPYME I, FTA
EUR150M A4 Notes, Affirmed A3 (sf); previously on Apr 11, 2013
Confirmed at A3 (sf)
EUR155.4M A5(G) Notes, Affirmed A3 (sf); previously on Apr 11,
2013 Confirmed at A3 (sf)
EUR30M B Notes, Upgraded to A3 (sf); previously on Apr 11, 2013
Confirmed at Baa3 (sf)
EUR28M C Notes, Upgraded to Baa3 (sf); previously on Apr 11,
2013 Confirmed at Ba2 (sf)
EUR60M D Notes, Affirmed B2 (sf); previously on Apr 11, 2013
Upgraded to B2 (sf)
EUR30M E Notes, Affirmed C (sf); previously on Apr 11, 2013
Affirmed C (sf)
Issuer: IM Grupo Banco Popular FTPYME II, FTA
EUR221.7M A3(G) Notes, Affirmed A3 (sf); previously on Apr 11,
2013 Confirmed at A3 (sf)
EUR47M B Notes, Upgraded to Baa1 (sf); previously on Apr 11,
2013 Confirmed at Baa2 (sf)
EUR23M C Notes, Upgraded to Baa2 (sf); previously on Apr 11,
2013 Upgraded to Ba1 (sf)
EUR45M D Notes, Affirmed B3 (sf); previously on Apr 11, 2013
Upgraded to B3 (sf)
EUR39M E Notes, Affirmed C (sf); previously on Apr 11, 2013
Affirmed C (sf)
PORTAVENTURA ENTERTAINMENT: Moody's Rates EUR420MM Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 instrument
rating with a loss given default of LGD4 to the senior secured
EUR420 million notes due 2019 and 2020 issued at PortAventura
Entertainment Barcelona B.V., a special purpose vehicle that is
not affiliated with the rated group, has no turnover generating
operations of its own and whose principal purpose is to issue the
notes. The notes proceeds are on-lent to the company via a
Secured Credit Facility. PAESA Entertainment Holding, S.L.'s
(PortAventura) B3 corporate family rating (CFR), B3-PD
probability of default rating (PDR) and the stable outlook on all
ratings remain unchanged.
Ratings Rationale
Moody's definitive ratings on these debt obligations are in line
with the provisional ratings assigned on December 9, 2013.
Corporate Family Rating And Probability Of Default Rating
In Moody's view, the key constraints to PortAventura's ratings
are its small scale relative to its peers in the theme park and
destination park industry, single location, and the rating
agency's expectation of a fairly aggressive capital structure
after the pending notes issuance. In last twelve months to
September 2013 the company reported sales of EUR181 million,
which is the smallest within Moody's rated peer group of theme
parks. The company has shown progressive growth in both revenues
and earnings in the past three years. However, Moody's continues
to believe that PortAventura's limited diversification, with one
theme park in Catalunya (Generalitat de Catalunya is rated Ba3 by
Moody's, with a stable outlook), exposes the company to economic,
regulatory or political risks in that region and in Spain
generally (Government of Spain is rated Baa3 by Moody's, with a
stable outlook). Its concentration of visitors from Spain, which
continued to make up nearly two thirds of visitors in 2012, is
significant and exposes the company to domestic tourism trends,
although PortAventura is gradually diversifying its visitor base
to other countries, with the share of foreign visitors increasing
from 29% in 2011 to 35% in 2012. The company's gross leverage
(debt/EBITDA), as adjusted by Moody's, was 4.2x as of FYE2012,
although Moody's expects that with the current financing, and
return of funds to shareholders, the metric will rise to about
6.0x pro forma using last twelve month reported EBITDA to
September 2013 of EUR71.9 million. As the company tends to
generate positive free cash flows, the trend in the leverage
metric will depend on the company and its shareholders' own
financial policies. Our rating factors in the expectation of
continued steady growth in earnings without any further debt-
funded returns to shareholders.
The rating is supported by PortAventura's resilient performance
in recent years. Reported EBITDA grew to EUR68.8 million in 2012,
from EUR40.1 million in 2010, amidst a regional economy in
Catalunya that saw on average slightly negative growth of about
0.2% in 2007-12 (and negative 1.0% in 2012). The average national
GDP growth was also negative in those years, while Moody's
forecasts minus 1.3% in 2013 and growth of 0.7% in 2014. EBITDA
growth has continued on a positive trajectory in 2013 with last
twelve month reported EBITDA to September 2013 of EUR71.9
million. The park's earnings growth has benefited in part from
the park's own expansion in terms of adding new hotels and
renovating existing ones, as well as adding new attractions, most
notably the Shambhala, the tallest roller coaster in Europe which
opened in 2012 with an investment of EUR25 million. PortAventura
had 3.7 million visitors in 2012, of which about 34% from abroad,
making it the fifth most visited park in Europe, with the second
largest number of rooms after Eurodisney. Moody's expects that
the company will continue to invest in new rides and attractions,
which Moody's believe will remain fundamental to attract new and
repeat customers and to grow earnings.
Moody's notes that land development in the area where
PortAventura operates is regulated by the Recreational and
Tourism Centers (RTC), a consortium composed of the local
municipalities where PortAventura operates and the Generalitat de
Catalunya. While the consortium could potentially impede
PortAventura's own development plans, it could also act as a
barrier to entry for new competitors. In this regard, Moody's
notes the application currently pending to develop Barcelona
World (BCN World), a luxury tourism complex adjacent to
PortAventura with six hotels. PortAventura has not committed any
funds to this project, but has an option to manage some of the
hotels. In our view, such a development could bring more tourism
to the region in general, which would be to the benefit of both
companies, but also risks increasing competition over hotel
occupancy. However, the development is not expected to begin
operations until late 2016. In October 2013, the company reached
an option agreement with the BCN World shareholders to
participate in the potential development of the project through
the management of its family hotels.
The company has issued EUR420 million fixed and floating rate
notes which, together with existing cash, will be used to: i) to
refinance existing debt, including a vendor loan, of about EUR270
million in total; ii) to pay certain transaction fees of about
EUR15 million; and iii) to pay a dividend to shareholders of
about EUR170 million. Of this amount, EUR50 million was held in
an escrow account and paid to World Park Holdings upon
consummation of the acquisition by KKR, which Moody's understands
occurred on 10 February 2014. The company also retains an EUR15
million secured mortgage loan on Hotel Caribe, a hotel in which
it holds a 60% stake. Post transaction, this mortgage loan and
the notes are expected to be the only outstanding debt at the
company.
In terms of liquidity, the company benefits from an EUR50 million
Revolving Credit Facility (RCF) maturing in 2019, was undrawn at
closing, as well as a pro forma cash balance as of September 2013
of EUR26 million. The facility contains one covenant for
leverage, for which Moody's expects strong headroom. The covenant
is only applicable if the aggregate amount of utilization amounts
to at least 15% of the available amount. The company's revenues
are highly seasonal, with the majority of revenues and earnings
generated between June and August. Seasonality is partly
mitigated by the convention centre, which is opened year-round,
and where peak occupancy is in the October to March period. Since
the company tends to see cash outflows in the fourth and first
quarters of the year, Moody's expects drawings under the RCF to
be during those quarters. The rating agency's assessment of
adequate liquidity therefore assumes access to the RCF at all
times.
B3 Rating Of Senior Secured Notes
The B3 rating of the notes, at the same level as the CFR,
reflects the fact that they represent nearly all of the company's
debt obligations. The notes are issued by PortAventura
Entertainment Barcelona B.V., a special purpose funding vehicle,
with the proceeds on-lent to the restricted group by means of a
Secured Credit Facility. The facility will be guaranteed by
guarantors that represented 92% of the EBITDA, 91% of total
assets and 97% of revenues of the group as of September 2013. The
Secured Credit Facility will also hold a security over certain
bank accounts and shares of the Issuer and the Subsidiary
Guarantors, as well as over certain material real estate assets.
Finally, although Hotel Caribe itself is not a Subsidiary
Guarantor, the Secured Credit Facility will also be secured by a
pledge over the 60% of the shares in Hotel Caribe held by
PortAventura. The Secured Credit Facility Agreement amounts to
EUR420 million, the same as the senior secured notes, and has the
same maturity date. The RCF is secured by the same collateral as
the Secured Credit Facility except that the RCF will not benefit
from the security over shares held in Hotel Caribe. The notes
will be secured by a first-ranking security over the receivables
owed to the issuer, notably the Secured Credit Facility. In
accordance with the terms of an intercreditor agreement, in the
event of enforcement of the collateral, the Secured Credit
Facility will be repaid only after the RCF has been repaid in
full. The PDR of B3-PD reflects a group family recovery rate
assumption of 50%, in line with bank and bond capital structures.
Rationale For The Stable Outlook
The stable outlook reflects Moody's view that PortAventura's
recent performance and gradual growth in earnings, will result in
a gradual strengthening in metrics. The rating does not
anticipate any further distributions to shareholders after this
transaction. Given the single site nature of the company, Moody's
would expect it to retain a fairly conservative financial profile
for the rating. For the current B3 rating, the rating agency
would expect PortAventura to maintain its gross adjusted leverage
below 6x, such that Moody's expects there will be limited
flexibility for deviations from the business plan.
What Could Change The Rating Up/Down
Positive pressure could ensue if the gross leverage metric were
to fall well below 5.5x on a sustainable basis, with strong
liquidity and continued positive free cash flow generation.
Downward pressure on the rating would likely occur if operating
performance trends worsen or the gross leverage metric were to
exceed 6.25x on a continued basis, or following a significant
deterioration in liquidity (including, but not limited to,
diminishing covenant headroom) or free cash flow generation.
Principal Methodology
PortAventura Entertainment Barcelona B.V.'s ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside PortAventura Entertainment Barcelona B.V.'s core industry
and believes PortAventura Entertainment Barcelona B.V.'s ratings
are comparable to those of other issuers with similar credit
risk. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
PortAventura, based in Catalunya, Spain, is the second largest
destination resort in Europe by number of hotel rooms and the
fourth largest destination resort and theme park by number of
visitors in 2012. In that year, the company reported revenues and
EBITDA of EUR181.2 million and EUR68.8 million, respectively.
=============
U K R A I N E
=============
UKRAINE: On Verge of Bankruptcy Amid Political Crisis
-------------------------------------------------------
Deutsche Welle reports that Ukraine's political crisis has
brought the country to the edge of the abyss. And worse yet, the
standoff between the government and demonstrators has reduced the
economy to a shambles, Deutsche Welle says.
According to Deutsche Welle, the latest setback came over the
weekend, when the ratings agency Standard and Poor's cut Kyiv's
credit worthiness to CCC, just a few notches away from being
classified as insolvent.
Ukraine's currency, the hryvnia, has lost more than 10% of its
value against the euro since the beginning of this year,
Deutsche Welle notes. Meanwhile, the country's foreign exchange
reserves are melting away rapidly, Deutsche Welle states. As a
consequence, Ukraine's public debt is soaring because a large
portion of the loans taken out were in foreign currencies,
according to Deutsche Welle.
"A bankruptcy is absolutely possible," Deutsche Welle quotes
Theocharis Grigoriadis, an economist with the Eastern Europe
Institute at the Free University of Berlin, as saying.
Mr. Grigoriadis, as cited by Deutsche Welle, said that the
country's impending bankruptcy was the reason why Ukrainian
President Viktor Yanukovych rejected the EU association agreement
last year and instead accepted a multi-billion dollar loan from
Moscow.
Deutsche Welle relates that Mr. Thomas Baumman said with its
foreign exchange reserves dwindling, Ukraine will soon face
problems paying for imported goods.
Deutsche Welle notes that Mr. Grigoriadis said the EU, World
Bank, International Monetary Fund, and -- if possible -- Russia
need to sit down at one table and develop a plan for Ukraine.
Mr. Yanukovych rejected IMF loans because they required stringent
economic reforms, Deutsche Welle recounts.
"In order to meet the conditions of the IMF, Ukraine needs a new
government," Deutsche Welle quotes Mr. Baumann as saying.
===========================
U N I T E D K I N G D O M
===========================
ARGON CAPITAL: Moody's Puts B1 Rating on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the rating of the following notes issued by Argon
Capital PLC:
Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities,
B1 Placed Under Review for Possible Downgrade; previously on
November 12, 2013 Confirmed at B1.
Ratings Rationale
Moody's explained that the rating action taken is the result of
the rating action on the preference shares of Royal Bank of
Scotland Group plc whose B1 (hyb) rating was placed on review for
possible downgrade on February 12, 2014. The transaction is a
repackaging of preference shares issued by Royal Bank of Scotland
Group plc.
Factors that would lead to an upgrade or downgrade of the rating:
This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of the preference shares of Royal Bank of Scotland Group plc and
therefore the rating moves in lock-step.
Moody's expects to conclude this review when the review of Royal
Bank of Scotland Group plc is completed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating Repackaged Securities published in April 2010.
Moody's conducted no cash flow analysis, sensitivity or stress
scenarios because the ratings are a direct pass-through of the
rating of the Royal Bank of Scotland Group PLC preference shares.
CPUK FINANCE: Fitch Affirms 'B+' Rating on Class B Notes
--------------------------------------------------------
Fitch Ratings has affirmed CPUK Finance Ltd.'s class A1, A2 and B
notes at 'BBB', 'BBB' and 'B+', respectively. The Outlook on all
the notes is Stable.
Key Rating Drivers
The affirmation is driven by the solid performance of Center
Parcs Limited (Center Parcs; the operating company; forming the
borrower group together with four property holding companies
among others) with 1H14 EBITDA (24 weeks) rising by 3.5% and
revenues up by 3.4%. Growth was supported by the continuation of
Center Parcs' capex program with GBP39.9 million (13.1% sales)
and GBP14.7 million total capex invested in 2013 and 1H14,
respectively. The Stable Outlooks reflect Fitch's expectation
that the relatively good quality estate and proactive management
will continue to deliver steady performance over the next few
years.
After revenue growth slowed materially during FY12 to 0.4% (due
primarily to a VAT increase in 2011, impact of a 53-week year and
concession changes that were broadly EBITDA neutral but negative
for revenues), strong growth in accommodation of 6.0% (59.1% of
total revenues) drove FY13 growth of 4.0%. Accommodation growth
was price-led and largely generated in 2H, with the average daily
rate (ADR) improving by 7.4% and 7.9% in 3Q13 and 4Q13,
respectively (YoY quarterly basis) while occupancy remained flat
at around 97% on a trailing-12-months (TTM) average basis.
According to management, the strong ADR growth was driven by
inflationary price increases, yield management and the benefit of
uplift in ADR on the refurbished lodges, as well as a small
benefit from new build accommodation. During FY13, on-site (40.9%
total revenues) growth was lower at 1.4%, but this was affected
by the loss of GBP2.7 million of revenues from the transfer of 16
food and beverage and retail units to concessions during the
year.
The improved top line performance drove FY13 EBITDA growth of
4.8% (to GBP140.0 million), with the margin remaining around 46%
versus previous year as cost of goods sold reduced by 7.9% (to
GBP31.4 million) as a result of cost management and concession
transfers, and operating costs increased by 6.5% to GBP132.1
million due to increases in all key drivers (payroll, maintenance
insurance and energy costs). At 3.5%, EBITDA growth for the first
half of FY14 showed continued stable performance.
Center Parcs is reliant on a relatively high capex spend to keep
its offer current. As of 1H14 the refurbishment program was on
track, with 69% of all 3421 units having been refurbished so far,
leaving 957 to go with planned upgrades of a further 263 units in
the remainder of FY14 and early FY15 at an estimated cost of
GBP14.2 million.
Center Parcs continues to benefit from a high level of advance
bookings. Guests can book 18 months in advance, giving the
company a high degree of visibility for its staffing and
expenditure requirements. 24 weeks into FY14, around 80% physical
capacity has been booked.
As expected, the class B cumulative interest expense ratio (1.79x
as per first half of FY14) is below its restricted payment
covenant (1.9x) so that no dividends have been paid (except
management fees) and cash is being locked up (GBP37.4 million as
per 1H14).
Fitch's base case (to legal final maturity of the notes in
February 2042) free cash flow (FCF) compound annual
EUROSAIL PRIME-UK: S&P Lowers Ratings on 4 Note Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' its credit
ratings on Eurosail PRIME-UK 2007-A PLC's class M, B, C, and D
notes. At the same time, S&P has placed on CreditWatch positive
its 'B (sf)' rating on the class A notes.
On Feb. 4, 2014, we were notified that Eurosail PRIME-UK 2007-A's
noteholders voted in favor of restructuring the transaction. The
rating actions follow the Feb. 13, 2014 noteholders' approval of
Eurosail PRIME-UK 2007-A's restructuring proposal, with the
restructuring being conditional on the successful sale of the
remaining claims against Lehman Brothers' bankruptcy trustee.
The restructuring, among other things, removed the foreign
exchange rate risk by converting the euro-denominated notes into
British pound sterling-denominated notes and resulted in a write-
down of the class M, B, C, and D notes by 13.03% each, equating
to a total write-down of GBP7.00 million.
Following the bankruptcy of Lehman Brothers, the issuer entered
into a termination and settlement agreement with Lehman Brothers'
trustee, in March 2012. Under this agreement, the parties agreed
to settle the issuer's claim against Lehman Brothers under the
terminated hedging agreement at a value of US$106 million.
The proceeds of the termination, including the sale of the
remaining claims, amounted to US$64.9 million, or 61.12% of the
agreed claim.
Following the sale of the remaining claims in early February, the
restructuring became effective, which resulted in amendments to
the existing debt documentation's terms and conditions, and
included, among other things:
-- The conversion into sterling of the termination payouts to
GBP39.78 million from US$64.9 million;
-- A decrease of the reserve fund to GBP1.500 million from
GBP4.725 million; and
-- The re-collateralization of the transaction through write-
downs of the mezzanine and junior classes of notes,
effective on the December 2013 interest payment date.
Because the class M, B, C, and D notes suffered principal losses
due to the write-downs -- of GBP2.15 million, GBP2.11 million,
GBP1.39 million, and GBP1.35 million, respectively -- S&P has
lowered to 'D (sf)' its ratings on these classes of notes.
The senior class of notes did not incur a write-down and the
conversion occurred at a spot rate of GBP0.830 to EUR1.000.
Therefore, S&P do not view the amendment to the class A notes as
a distressed restructuring. Following the conversion, the
transaction is no longer exposed to foreign exchange rate risk,
which was the main constraint on S&P's rating. S&P has therefore
placed on CreditWatch positive its rating on the class A notes.
In order to resolve this CreditWatch placement, S&P will conduct
a credit and cash flow analysis of the revised transaction
structure.
Eurosail PRIME-UK 2007-A is a U.K. residential mortgage-backed
securities (RMBS) transaction backed by mortgages originated by
Alliance & Leicester PLC.
RATINGS LIST
Class Rating Rating
To From
Eurosail PRIME-UK 2007-A PLC
EUR323.743 Million Floating-Rate Notes
Rating Placed On CreditWatch Positive
A B (sf)/Watch Pos B (sf)
Ratings Lowered
M D (sf) B- (sf)
B D (sf) B- (sf)
C D (sf) B- (sf)
D D (sf) CCC (sf)
KPL CONTRACTS: In Administration, More than 200 Jobs Affected
-------------------------------------------------------------
Press Association reports that more than 200 jobs have been lost
at an administration-hit KPL Contracts in Northern Ireland.
There had been concerns for the 202-strong workforce at Derry-
based KPL Contracts following Friday's move to call in the
administrators, Press Association relates.
Worst fears have now been realised with administrator
PricewaterhouseCoopers conceding that efforts to save the
business and continue trading had been unsuccessful, Press
Association relays.
It said all workers had been made redundant, Press Association
notes.
According to Press Association, it is understood the company also
had large borrowings relating to property development.
KPL Contracts is a maintenance firm. The Dungiven company had
done work for public utility companies such as BT, NIE and
Northern Ireland Water.
LB UK: Administrators to Make Third Dividend Distribution
---------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, the Joint
Administrators of LB UK RE Holdings Limited intend to make a
third dividend distribution to the preferential creditors (if
any) and to the unsecured, non-preferential creditors of the
company.
Proofs of debt may be lodged at any point through March 12, 2014,
the last date for proving claims. However, creditors are
requested to lodge their proofs of debt at the earliest possible
opportunity.
Person so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.
The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.
The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.
For further information, contact details and proof of debt forms,
please visit http://is.gd/9kgAYS
Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP,
7 More London Riverside, London SE1 2RT marked for the attention
of Nigel Rackham. Alternatively you can email a completed proof
of debt form to lbukre.claims@uk.pwc.com
Rule 2.95(2)c of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of LB UK RE's net property which is required to
be made available for the satisfaction of LB UK RE's unsecured
debts pursuant to section 176A of the Insolvency Act 1986. There
are no floating charges over the assets of LB UK RE and,
accordingly, there shall be no prescribed part. All of LB UK
RE's net property will be available for the satisfaction of LB UK
RE's unsecured debts.
WINDERMERE XI: Moody's Affirms 'Caa3' Rating on GBP55MM Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating action on the
following classes of Notes issued by Windermere XI CMBS plc
(amounts reflect initial outstanding):
Issuer: Windermere XI CMBS plc
GBP570M A Notes, Upgraded to A1 (sf); previously on Oct 21,
2013 Ba2 (sf) Placed Under Review for Possible Upgrade
GBP55M B Notes, Affirmed Caa3 (sf); previously on Jun 6, 2011
Downgraded to Caa3 (sf)
The Class A Notes were placed on review for possible upgrade on
October 21, 2013. The action concludes Moody's review of the
transaction.
Moody's does not rate the Class C, Class D and Class E Notes.
Ratings Rationale
The upgrade action reflects: (1) the large increase in credit
enhancement (CE) for the Class A Notes following the prepayment
of the Devonshire Loan which contributed approximately 45% to the
pool; and (2) the further expected increase in CE after the
anticipated repayment of the Long Acre Loan in April 2014, which
now contributes 48% to the pool.
The Class B Notes are affirmed at Caa3 (sf) because despite the
increase in CE for this Class from 14% to 25.5%, Moody's expects
the Class to incur losses by its legal final maturity.
Since the October 2013 IPD, the Class A Note CE has increased to
48% from 26%. After the expected repayment of the Long Acre Loan
and the loss allocation from the almost worked out Westville
Loan, Moody's expects that the CE will reach 92%. Moody's
estimates that by this point only about GBP6-GBP7 million of
Class A Notes will remain outstanding with a Moody's Note-to-
Value of 15%. The Government Income Portfolio Loan which will be
the sole remaining loan, has adequate collateral value from its
13 office properties to repay the remaining balance. Additionally
the Class A also benefits from cash sweep from the loan.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in:
European CMBS: 2013 Central Scenarios published in February
2013;
Global Structure Finance Operational Risk Guidelines republished
in June 2013; and
Rating Caps for CMBS in the Tail Period published in October
2011.
Factors that would lead to an upgrade or downgrade of the
ratings:
Main factors or circumstances that could lead to a downgrade of
the ratings are (i) the borrower's failure to refinance the Long
Acre Loan together with an inability to sell the underlying
property for an amount that would fully repay the securitized
loan; and (ii) lower than expected recovery on the Government
Income Portfolio Loan.
The Class A Notes are subject a rating cap of Aa2 (sf) due to
operational risk. Given the start of the transaction's tail
period in April 2014, the Class A Notes are also subject to a
tail period rating cap which range between Aa1(sf) and A2(sf)
during a 24 to 36 months remaining tail period. Given these
rating caps, and our expectation that Class A Notes will be fully
redeemed by the end of 2014, there is no scope for further
upgrade.
The main factor that could lead to an upgrade of the Class B
Notes is a higher than expected recovery on the Government Income
Portfolio Loan. Given Moody's GBP41.6 million property value for
the properties securing this loan, Moody's expects approximately
30% loss on the Class B Notes. A reduction in loss expectation to
10%-20% for the Class B Notes could result in a one notch upgrade
to Caa2 (sf).
Moody's Portfolio Analysis
Windermere XI CMBS plc closed in August 2007 and represents the
securitization of initially eight mortgage loans originated by
Lehman Commercial Paper Inc and secured by first-ranking legal
mortgages over initially 47 commercial properties located across
the UK. Currently three loans remain in the pool secured by 15
properties. The pool exhibits an above average concentration in
terms of geographic location (100% in the UK) and property type
(94% office). Moody's uses a variation of Herf to measure
diversity of loan size, where a higher number represents greater
diversity. Large multi-borrower transactions typically have a
Herf of less than 10 with an average of around 5. This pool has a
Herf of 2.7, lower than at Moody's prior review.
The Devonshire House Mortgage Loan which contributed 45% to the
pool prepaid in December 2013, ahead of its maturity date in
April 2014. Moody's understands that the loan was repaid through
the sale of the prime Mayfair, London office property securing
the loan. This loan repayment was possible through the successful
repositioning of the property and very strong sponsor support.
The property suffered a vacancy rate in excess of 40% between the
beginning of 2012 and mid-2013 during which time debt service was
partly made from an interest reserve account that was topped up
quarterly by the sponsor. The sponsor also undertook an extensive
capex program between Q4 2012 and Q1 2013 and implemented a
re-letting strategy thereafter. However, there was no direct
reporting available to track progress on the strategy during this
period. Moody's was prompted to place the Class A notes on review
for upgrade following market news on the re-letting activity with
the expectation to conclude following receipt of detailed
information. Without the strong sponsor support, in Moody's
opinion this loan would have defaulted.
The remaining portfolio is highly bifurcated in terms of loan
quality. While Moody's expect the Long Acre Loan (48% of current
pool balance) will fully repay, the Government Income Portfolio
(32%) and the Westville Loans (20%) have very high expected
losses in the range of 50%-75% and >75% respectively.
The Long Acre Loan with GBP111 million securitized balance is
secured by a 194,000 square feet office property in a very prime
location close to Covent Garden tube station. Through a sale of
shares in the TopCo, the property changed ownership at the
beginning of 2013. The sale of shares in the TopCo unlike the
sale of shares in the parent or the borrower, did not trigger a
mandatory prepayment obligation under the loan agreement. Prior
to the sale of the shares, the property was marketed for sale and
firm bids were received from cash investors in the range of
GBP164-GBP165 million. The loan will mature in April 2014 and
based on information from the servicer, the sponsor is aiming to
refinance the loan prior to its maturity. In Moody's opinion, a
successful repayment of the loan is the most likely scenario.
However, even if the property had to be sold in order to repay
the loan, a full repayment is expected given the strong investor
interest in this property in 2013 and the very good location of
the property.
The Government Income Portfolio Loan was extended until October
2014 after the borrower met the extension condition to paydown
the loan to GBP76 million. One industrial and 12 office
properties remain under the loan which are almost entirely let to
UK Government related tenants. The properties are in secondary
locations and of average quality. Moody's value for the portfolio
is GBP41.6 million compared to the underwriter value of GBP49.1
million as of May 2012. This portfolio had suffered a 53% value
decline since March 2007 due to an increase in cap rates and the
properties' unfavorable lease break and lease expiry profiles. To
obtain the next extension, the sponsor needs to pay down the loan
to GBP40 million by October 2014. There is also a cash sweep in
place since the April 2013 IPD and approximately GBP3 million of
excess cash has been swept and applied toward repaying the loan
over the last four quarters. This will decrease over time as the
properties are sold. In Moody's opinion the sale proceeds from
these assets will comfortably cover the remaining Class A Notes
after the Long Acre Loan repays and the Westville Loan is worked
out.
The defaulted Westville Loan which has been in special servicing
since July 2009, is close to being worked out with only one
remaining property to be sold. The property is a retail park let
to three tenants in Wolverhampton, West Midlands. Moody's expects
a net recovery in the region of GBP3 million from this property
which means that the loss on the securitized portion of the loan
will reach approximately GBP43.6 million. These losses will
likely be allocated to the Class D and C Notes during 2014.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 17 to February 21, 2014
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.70
Alpine Holding Gmb 6.00 5/22/2017 EUR 0.25
Alpine Holding Gmb 5.25 7/1/2015 EUR 0.25
Alpine Holding Gmb 5.25 6/10/2016 EUR 0.25
A-TEC Industries A 8.75 10/27/2014 EUR 1.63
A-TEC Industries A 2.75 5/10/2014 EUR 2.00
A-TEC Industries A 5.75 11/2/2010 EUR 1.88
Hypo Alpe-Adria-Ba 0.79 11/29/2032 EUR 70.93
Hypo Alpe-Adria-Ba 0.68 12/18/2030 EUR 72.49
Investkredit Bank 4.63 4/12/2022 EUR 74.70
KA Finanz AG 4.90 6/23/2031 EUR 67.75
KA Finanz AG 4.44 12/20/2030 EUR 65.13
Oberoesterreichisc 0.63 11/6/2030 EUR 72.60
Oberoesterreichisc 0.52 4/25/2042 EUR 65.26
Oesterreichische V 1.06 7/29/2018 EUR 25.00
Oesterreichische V 5.27 2/8/2027 EUR 63.00
Raiffeisen Centrob 14.40 3/6/2014 EUR 73.77
UniCredit Bank Aus 0.75 8/20/2033 EUR 73.41
UniCredit Bank Aus 0.70 12/27/2031 EUR 71.81
UniCredit Bank Aus 0.57 1/25/2031 EUR 73.50
UniCredit Bank Aus 0.61 1/24/2031 EUR 73.64
UniCredit Bank Aus 0.72 1/22/2031 EUR 73.74
BELGIUM
-------
Econocom Group 4.00 6/1/2016 EUR 27.70
Ideal Standard Int 11.75 5/1/2018 EUR 72.33
Ideal Standard Int 11.75 5/1/2018 EUR 73.13
BULGARIA
--------
Petrol AD 8.38 1/26/2017 EUR 57.66
Aralco Finance SA 10.13 5/7/2020 USD 75.05
Aralco Finance SA 10.13 5/7/2020 USD 74.63
OGX Austria GmbH 8.50 6/1/2018 USD 12.03
OGX Austria GmbH 8.38 4/1/2022 USD 12.03
OGX Austria GmbH 8.50 6/1/2018 USD 11.88
OGX Austria GmbH 8.38 4/1/2022 USD 11.88
Clariden Leu Ltd/N 5.25 8/6/2014 CHF 65.59
Clariden Leu Ltd/N 4.50 8/13/2014 CHF 62.47
Credit Suisse/Nass 7.25 4/4/2014 USD 64.87
Clariden Leu Ltd/N 4.52 9/10/2014 CHF 65.99
CYPRUS
------
Cyprus Government 4.63 2/3/2020 EUR 73.86
Cyprus Government 6.00 7/1/2023 EUR 73.75
Cyprus Government 4.75 7/1/2020 EUR 73.13
Cyprus Government 5.25 7/1/2022 EUR 71.00
Cyprus Government 5.00 7/1/2021 EUR 71.75
CZECH REPUBLIC
--------------
Sazka AS 9.00 7/12/2021 EUR 10.13
DENMARK
-------
Kommunekredit 0.50 7/30/2027 TRY 26.38
Kommunekredit 0.50 9/19/2019 BRL 53.55
Kommunekredit 0.50 2/20/2020 BRL 51.34
Kommunekredit 0.50 5/11/2029 CAD 50.52
Kommunekredit 0.50 10/22/2019 BRL 53.10
Kommunekredit 0.50 12/14/2020 ZAR 60.44
FINLAND
-------
Municipality Finan 0.50 10/27/2016 BRL 73.96
Municipality Finan 0.50 11/30/2016 BRL 73.14
Municipality Finan 0.50 11/16/2017 TRY 71.26
Municipality Finan 0.50 6/19/2024 ZAR 37.00
Municipality Finan 0.50 2/17/2017 BRL 71.34
Municipality Finan 0.50 4/27/2018 ZAR 70.77
Municipality Finan 0.50 5/31/2022 ZAR 45.84
Municipality Finan 0.50 11/17/2016 BRL 73.90
Municipality Finan 0.50 11/10/2021 NZD 67.05
Municipality Finan 0.50 11/21/2018 ZAR 67.19
Municipality Finan 0.50 4/26/2022 ZAR 46.35
Municipality Finan 0.50 12/20/2018 ZAR 66.70
Municipality Finan 0.50 3/28/2018 BRL 62.02
Municipality Finan 0.50 12/14/2018 TRY 64.02
Municipality Finan 0.50 2/7/2018 BRL 68.42
Municipality Finan 0.50 3/16/2017 BRL 71.42
Municipality Finan 0.50 2/22/2019 IDR 65.22
Municipality Finan 0.50 11/21/2018 TRY 64.13
Municipality Finan 0.50 1/10/2018 BRL 64.01
Municipality Finan 0.50 6/22/2017 IDR 74.39
Municipality Finan 0.50 1/23/2018 BRL 64.50
Municipality Finan 0.25 6/28/2040 CAD 23.91
Municipality Finan 0.50 12/21/2021 NZD 66.64
Municipality Finan 0.50 11/25/2020 ZAR 54.11
Municipality Finan 0.50 3/17/2025 CAD 61.50
Talvivaara Mining 4.00 12/16/2015 EUR 17.99
FRANCE
------
Air France-KLM 4.97 4/1/2015 EUR 12.75
Air France-KLM 2.03 2/15/2023 EUR 10.59
Alcatel-Lucent/Fra 4.25 7/1/2018 EUR 3.12
Alcatel-Lucent/Fra 5.00 1/1/2015 EUR 3.36
Assystem 4.00 1/1/2017 EUR 24.27
AtoS 2.50 1/1/2016 EUR 61.09
AtoS 1.50 7/1/2016 EUR 60.87
BNP Paribas SA 0.50 1/31/2018 RUB 73.33
BNP Paribas SA 0.50 11/16/2032 MXN 39.68
BNP Paribas SA 0.50 5/6/2021 MXN 71.71
Caisse Centrale du 7.00 5/16/2014 EUR 53.03
Caisse Centrale du 7.00 5/18/2015 EUR 9.08
Caisse Centrale du 7.00 9/10/2015 EUR 15.35
Cap Gemini SA 3.50 1/1/2014 EUR 48.05
CGG SA 1.75 1/1/2016 EUR 28.39
CGG SA 1.25 1/1/2019 EUR 31.31
Club Mediterranee 6.11 11/1/2015 EUR 19.71
Credit Agricole Co 0.50 2/28/2018 RUB 73.06
Credit Agricole Co 0.50 3/6/2023 RUB 48.05
Dexia Credit Local 0.88 7/10/2017 EUR 74.75
Dexia Credit Local 4.38 2/12/2019 EUR 71.75
Etablissements Mau 7.13 7/31/2014 EUR 16.90
Etablissements Mau 7.13 7/31/2015 EUR 15.67
Faurecia 4.50 1/1/2015 EUR 24.46
Faurecia 3.25 1/1/2018 EUR 27.55
GFI Informatique S 5.25 1/1/2017 EUR 5.30
Ingenico 2.75 1/1/2017 EUR 57.77
Le Noble Age 4.88 1/3/2016 EUR 19.50
Nexans SA 2.50 1/1/2019 EUR 72.92
Nexans SA 4.00 1/1/2016 EUR 58.43
Novasep Holding SA 9.75 12/15/2016 USD 49.50
Novasep Holding SA 9.75 12/15/2016 USD 49.50
OL Groupe 7.00 12/28/2015 EUR 6.53
Orpea 1.75 1/1/2020 EUR 48.99
Orpea 3.88 1/1/2016 EUR 51.28
Peugeot SA 4.45 1/1/2016 EUR 26.65
Publicis Groupe SA 1.00 1/18/2018 EUR 60.32
SG Option Europe S 8.00 9/29/2015 USD 62.49
SG Option Europe S 7.00 5/5/2017 EUR 52.35
SG Option Europe S 7.00 9/22/2017 EUR 68.73
SG Option Europe S 8.00 12/18/2014 USD 40.49
SG Option Europe S 7.50 12/24/2014 EUR 38.00
SG Option Europe S 7.25 8/5/2014 EUR 62.59
Societe Air France 2.75 4/1/2020 EUR 21.03
Societe Generale S 0.50 6/12/2023 RUB 45.95
Societe Generale S 0.50 4/3/2023 RUB 46.79
Societe Generale S 0.50 11/29/2022 AUD 63.45
Societe Generale S 0.50 7/11/2022 USD 71.63
Societe Generale S 0.50 4/27/2022 USD 72.50
Societe Generale S 0.50 12/21/2022 AUD 63.21
Societe Generale S 0.50 4/30/2023 RUB 46.47
Societe Generale S 0.50 7/11/2022 AUD 64.99
Societe Generale S 0.50 12/6/2021 AUD 67.38
Societe Generale S 0.50 4/27/2022 AUD 65.81
Societe Generale S 0.50 9/7/2021 AUD 69.04
SOITEC 6.75 9/18/2018 EUR 2.50
SOITEC 6.25 9/9/2014 EUR 8.61
Tem SAS 4.25 1/1/2015 EUR 55.58
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
GEORGIA
-------
Bank J Safra Saras 13.60 2/17/2014 CHF 71.13
Bank Julius Baer & 6.20 4/15/2014 CHF 63.95
Bank Julius Baer & 9.00 12/13/2013 USD 67.65
Bank Julius Baer & 14.00 5/23/2014 USD 55.80
Bank Julius Baer & 8.50 12/13/2013 USD 56.05
Bank Julius Baer & 9.50 12/13/2013 USD 61.50
Bank Julius Baer & 12.60 12/13/2013 USD 52.65
Bank Julius Baer & 7.25 4/10/2014 USD 64.50
Bank Julius Baer & 9.00 1/29/2014 CHF 71.40
Bank Julius Baer & 6.10 4/17/2014 CHF 65.15
Bank Julius Baer & 6.20 4/17/2014 EUR 65.45
Bank Julius Baer & 5.00 12/23/2013 CHF 67.05
Bank Julius Baer & 10.20 11/29/2013 USD 52.45
Bank Julius Baer & 11.50 3/18/2014 USD 61.85
Bank Julius Baer & 6.80 4/11/2014 USD 70.15
Bank Julius Baer & 6.50 4/11/2014 USD 71.25
Bank Julius Baer & 9.00 4/11/2014 USD 71.05
Bank Julius Baer & 7.80 2/14/2014 USD 70.35
Bank Julius Baer & 7.50 2/14/2014 CHF 69.75
Bank Julius Baer & 10.00 4/4/2014 USD 62.75
Bank Julius Baer & 6.90 3/21/2014 USD 70.45
Banque Cantonale V 4.90 9/9/2014 CHF 73.73
EFG International 6.00 11/30/2017 EUR 39.45
EFG International 13.40 11/14/2013 CHF 58.64
EFG International 6.82 6/4/2014 CHF 70.01
EFG International 12.86 10/30/2017 EUR 35.40
EFG International 12.10 3/10/2014 USD 50.04
EFG International 4.50 2/20/2014 USD 58.50
EFG International 5.85 10/14/2014 CHF 72.75
EFG International 10.00 12/17/2013 USD 66.27
Leonteq Securities 11.90 1/15/2014 EUR 50.01
Leonteq Securities 17.00 11/21/2013 CAD 40.23
Leonteq Securities 9.25 11/5/2013 USD 36.80
Leonteq Securities 12.65 12/10/2013 EUR 50.06
Leonteq Securities 7.80 8/26/2014 CHF 55.40
Leonteq Securities 15.00 2/13/2014 CHF 55.94
Leonteq Securities 12.00 11/15/2013 CHF 54.70
Leonteq Securities 17.05 2/14/2014 CHF 42.69
Leonteq Securities 10.03 10/25/2013 CHF 48.39
Leonteq Securities 5.06 5/26/2014 CHF 74.49
Leonteq Securities 18.00 12/6/2013 CHF 58.34
Leonteq Securities 8.40 11/27/2013 CHF 69.11
Leonteq Securities 8.80 12/6/2013 EUR 66.34
Leonteq Securities 20.00 12/12/2013 CHF 59.36
Leonteq Securities 12.80 12/12/2013 CHF 56.01
Leonteq Securities 8.00 12/12/2013 CHF 67.47
Leonteq Securities 8.10 12/13/2013 CHF 56.63
Leonteq Securities 9.20 11/15/2013 CHF 72.96
Leonteq Securities 7.21 11/14/2013 CHF 72.00
Leonteq Securities 10.00 11/21/2013 CHF 48.23
Leonteq Securities 13.60 12/6/2013 CHF 53.15
Leonteq Securities 8.75 6/6/2014 GBP 71.26
Leonteq Securities 8.00 12/6/2013 USD 65.15
Leonteq Securities 12.89 12/10/2013 GBP 52.10
Leonteq Securities 10.20 11/14/2013 CHF 56.32
Leonteq Securities 8.01 11/15/2013 CHF 44.99
Leonteq Securities 21.75 5/22/2014 USD 45.78
Leonteq Securities 20.00 5/27/2014 CHF 71.16
Leonteq Securities 12.00 2/24/2014 CHF 69.73
Leonteq Securities 9.46 6/3/2014 AUD 61.68
Leonteq Securities 24.40 2/25/2014 USD 44.15
Leonteq Securities 22.75 2/4/2014 USD 68.91
Leonteq Securities 15.60 2/6/2014 CHF 55.74
Leonteq Securities 12.25 1/30/2014 CHF 49.87
Leonteq Securities 20.52 3/25/2014 USD 50.23
Leonteq Securities 10.00 1/17/2014 CHF 54.64
Leonteq Securities 21.50 3/21/2014 USD 57.05
Leonteq Securities 8.90 3/28/2014 EUR 63.16
Leonteq Securities 14.25 2/13/2015 USD 62.34
Leonteq Securities 11.50 2/11/2014 USD 70.57
Leonteq Securities 20.50 2/13/2014 CHF 65.24
Leonteq Securities 5.80 8/20/2014 USD 70.34
Leonteq Securities 13.25 2/14/2014 USD 60.87
Leonteq Securities 10.00 7/29/2014 USD 58.84
Leonteq Securities 29.61 10/26/2017 EUR 39.70
Leonteq Securities 9.00 10/31/2013 CHF 43.77
Leonteq Securities 12.00 3/5/2014 CHF 60.81
Leonteq Securities 8.50 12/24/2013 USD 54.18
Leonteq Securities 14.06 12/18/2013 USD 52.76
Leonteq Securities 5.76 12/20/2013 GBP 67.92
Leonteq Securities 10.00 1/23/2014 CHF 54.82
Leonteq Securities 8.00 6/19/2014 CHF 73.01
Leonteq Securities 6.80 12/19/2014 USD 71.84
Leonteq Securities 14.05 12/27/2013 CHF 55.88
Leonteq Securities 6.00 5/20/2014 CHF 66.65
Leonteq Securities 10.00 11/27/2013 CHF 74.15
Leonteq Securities 20.00 11/27/2013 CHF 57.98
Leonteq Securities 11.95 11/29/2013 EUR 54.01
Leonteq Securities 8.35 1/3/2014 AUD 70.38
Leonteq Securities 9.20 12/27/2013 CHF 70.21
Leonteq Securities 9.60 1/8/2014 USD 47.95
Leonteq Securities 8.40 1/15/2014 CHF 74.30
Leonteq Securities 14.00 9/22/2014 CHF 66.90
Leonteq Securities 10.80 1/15/2014 CHF 54.68
Leonteq Securities 5.50 1/25/2016 EUR 64.28
Leonteq Securities 12.00 12/6/2013 GBP 52.45
Leonteq Securities 20.14 4/9/2014 USD 55.40
Leonteq Securities 5.50 8/19/2014 USD 72.76
Leonteq Securities 20.07 2/19/2014 USD 41.82
Leonteq Securities 10.00 2/6/2014 USD 57.48
Leonteq Securities 23.90 1/24/2014 USD 43.75
Leonteq Securities 10.00 11/5/2013 USD 71.34
Leonteq Securities 25.70 1/24/2014 USD 50.45
Mare Baltic PCC Lt 2.00 11/1/2015 DKK 0.00
Zurcher Kantonalba 12.35 11/13/2013 CHF 56.78
Zurcher Kantonalba 8.22 11/15/2013 CHF 56.56
Zurcher Kantonalba 6.05 12/19/2013 EUR 65.62
Zurcher Kantonalba 9.00 12/31/2013 CHF 58.57
Zurcher Kantonalba 10.40 12/5/2013 EUR 60.48
Zurcher Kantonalba 10.65 12/6/2013 CHF 57.99
GERMANY
-------
ATU Auto-Teile-Ung 7.47 10/1/2014 EUR 18.67
BDT Media Automati 8.13 10/9/2017 EUR 65.75
BNP Paribas Emissi 6.00 11/21/2013 EUR 72.21
BNP Paribas Emissi 5.00 11/21/2013 EUR 58.40
BNP Paribas Emissi 7.00 12/30/2013 EUR 60.64
BNP Paribas Emissi 5.50 11/21/2013 EUR 60.09
BNP Paribas Emissi 5.00 11/21/2013 EUR 60.05
BNP Paribas Emissi 6.50 12/30/2013 EUR 59.53
BNP Paribas Emissi 5.50 11/21/2013 EUR 68.77
BNP Paribas Emissi 4.50 11/21/2013 EUR 72.24
BNP Paribas Emissi 6.00 11/21/2013 EUR 74.37
Bremer Landesbank 0.69 3/21/2031 EUR 67.09
Bremer Landesbank 0.72 4/5/2041 EUR 54.49
Centrosolar Group 7.00 2/15/2016 EUR 13.75
Commerzbank AG 8.40 12/30/2013 EUR 2.56
Commerzbank AG 5.05 12/24/2013 EUR 67.54
DekaBank Deutsche 2.21 9/22/2021 EUR 13.92
Deutsche Bank AG 7.00 10/31/2013 EUR 56.20
Deutsche Bank AG 5.00 11/29/2013 EUR 65.00
Deutsche Bank AG 5.00 10/31/2013 EUR 64.80
Deutsche Bank AG 6.00 10/31/2013 EUR 61.70
Deutsche Bank AG 6.00 11/29/2013 EUR 62.00
Deutsche Bank AG 7.00 11/29/2013 EUR 56.60
Deutsche Bank AG 8.20 6/24/2014 EUR 61.80
Deutsche Bank AG 6.20 6/24/2014 EUR 66.00
Deutsche Bank AG 7.20 6/24/2014 EUR 62.90
Deutsche Bank AG 6.20 3/25/2014 EUR 66.40
Deutsche Bank AG 8.20 3/25/2014 EUR 61.50
Deutsche Bank AG 7.20 3/25/2014 EUR 62.90
Deutsche Bank AG 5.00 8/20/2014 EUR 69.00
Deutsche Bank AG 5.00 8/20/2014 EUR 65.10
Deutsche Bank AG 5.00 8/20/2014 EUR 61.50
Deutsche Bank AG 5.00 8/20/2014 EUR 56.80
Deutsche Bank AG 6.00 8/20/2014 EUR 69.80
Deutsche Bank AG 6.00 8/20/2014 EUR 65.90
Deutsche Bank AG 6.00 8/20/2014 EUR 62.30
Deutsche Bank AG 6.00 8/20/2014 EUR 57.70
Deutsche Bank AG 7.00 8/20/2014 EUR 70.70
Deutsche Bank AG 7.00 8/20/2014 EUR 66.70
Deutsche Bank AG 7.00 8/20/2014 EUR 63.20
Deutsche Bank AG 7.00 8/20/2014 EUR 58.50
Deutsche Bank AG 6.00 6/25/2014 EUR 66.70
Deutsche Bank AG 5.00 6/25/2014 EUR 59.24
Deutsche Bank AG 7.50 6/24/2014 EUR 55.20
Deutsche Bank AG 8.50 6/24/2014 EUR 55.90
Deutsche Bank AG 9.50 6/24/2014 EUR 56.60
Deutsche Bank AG 5.50 6/24/2014 EUR 52.50
Deutsche Bank AG 6.50 6/24/2014 EUR 53.20
Deutsche Bank AG 7.50 6/24/2014 EUR 53.90
Deutsche Bank AG 8.50 6/24/2014 EUR 54.50
Deutsche Bank AG 9.50 6/24/2014 EUR 55.20
Deutsche Bank AG 5.50 6/24/2014 EUR 51.20
Deutsche Bank AG 6.50 6/24/2014 EUR 51.90
Deutsche Bank AG 7.50 6/24/2014 EUR 52.60
Deutsche Bank AG 8.50 6/24/2014 EUR 53.30
Deutsche Bank AG 9.50 6/24/2014 EUR 53.90
Deutsche Bank AG 5.50 6/24/2014 EUR 60.00
Deutsche Bank AG 6.50 6/24/2014 EUR 60.70
Deutsche Bank AG 7.50 6/24/2014 EUR 61.30
Deutsche Bank AG 8.50 6/24/2014 EUR 62.00
Deutsche Bank AG 9.50 6/24/2014 EUR 62.70
Deutsche Bank AG 5.50 6/24/2014 EUR 58.30
Deutsche Bank AG 6.50 6/24/2014 EUR 59.00
Deutsche Bank AG 7.50 6/24/2014 EUR 59.70
Deutsche Bank AG 8.50 6/24/2014 EUR 60.40
Deutsche Bank AG 9.50 6/24/2014 EUR 61.00
Deutsche Bank AG 6.50 6/24/2014 EUR 57.40
Deutsche Bank AG 7.50 6/24/2014 EUR 58.10
Deutsche Bank AG 8.50 6/24/2014 EUR 58.80
Deutsche Bank AG 9.50 6/24/2014 EUR 59.50
Deutsche Bank AG 6.50 6/24/2014 EUR 55.90
Deutsche Bank AG 7.50 6/24/2014 EUR 56.60
Deutsche Bank AG 8.50 6/24/2014 EUR 57.30
Deutsche Bank AG 9.50 6/24/2014 EUR 58.00
Deutsche Bank AG 5.50 6/24/2014 EUR 53.80
Deutsche Bank AG 6.50 6/24/2014 EUR 54.50
Deutsche Bank AG 6.00 4/24/2014 EUR 68.90
Deutsche Bank AG 7.00 4/24/2014 EUR 65.30
Deutsche Bank AG 8.00 4/24/2014 EUR 62.10
Deutsche Bank AG 8.00 7/22/2014 EUR 72.10
Deutsche Bank AG 9.50 3/25/2014 EUR 62.10
Deutsche Bank AG 5.50 3/25/2014 EUR 58.60
Deutsche Bank AG 6.50 3/25/2014 EUR 59.10
Deutsche Bank AG 7.50 3/25/2014 EUR 59.50
Deutsche Bank AG 9.50 3/25/2014 EUR 60.40
Deutsche Bank AG 8.50 3/25/2014 EUR 58.30
Deutsche Bank AG 6.50 3/25/2014 EUR 55.90
Deutsche Bank AG 7.50 3/25/2014 EUR 56.30
Deutsche Bank AG 8.50 3/25/2014 EUR 56.80
Deutsche Bank AG 9.50 3/25/2014 EUR 57.20
Deutsche Bank AG 5.50 3/25/2014 EUR 54.00
Deutsche Bank AG 8.50 3/25/2014 EUR 55.30
Deutsche Bank AG 9.50 3/25/2014 EUR 55.70
Deutsche Bank AG 8.50 3/25/2014 EUR 53.90
Deutsche Bank AG 6.50 3/25/2014 EUR 51.70
Deutsche Bank AG 9.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 9/23/2014 EUR 74.80
Deutsche Bank AG 8.50 9/23/2014 EUR 73.60
Deutsche Bank AG 8.00 12/20/2013 EUR 54.70
Deutsche Bank AG 9.50 12/20/2013 EUR 63.80
Deutsche Bank AG 11.00 12/20/2013 EUR 64.10
Deutsche Bank AG 7.50 3/25/2014 EUR 61.20
Deutsche Bank AG 6.50 3/25/2014 EUR 57.40
Deutsche Bank AG 6.50 3/25/2014 EUR 54.40
Deutsche Bank AG 7.50 3/25/2014 EUR 54.90
Deutsche Bank AG 5.50 3/25/2014 EUR 52.60
Deutsche Bank AG 6.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 3/25/2014 EUR 53.50
Deutsche Bank AG 5.50 3/25/2014 EUR 51.30
Deutsche Bank AG 8.50 3/25/2014 EUR 52.60
Deutsche Bank AG 8.00 12/20/2013 EUR 63.60
Deutsche Bank AG 8.00 12/20/2013 EUR 59.70
Deutsche Bank AG 9.50 12/20/2013 EUR 60.00
Deutsche Bank AG 9.50 12/20/2013 EUR 55.00
Deutsche Bank AG 11.00 12/20/2013 EUR 60.20
Deutsche Bank AG 6.00 3/25/2014 EUR 66.40
Deutsche Bank AG 8.00 3/25/2014 EUR 61.40
Deutsche Bank AG 7.00 3/25/2014 EUR 62.80
Deutsche Bank AG 11.00 12/20/2013 EUR 55.20
Deutsche Bank AG 6.00 10/31/2013 EUR 62.70
Deutsche Bank AG 8.00 10/31/2013 EUR 53.80
Deutsche Bank AG 6.00 11/29/2013 EUR 63.00
Deutsche Bank AG 8.00 10/31/2013 EUR 72.80
Deutsche Bank AG 7.00 2/28/2014 EUR 60.60
Deutsche Bank AG 5.00 12/20/2013 EUR 63.10
Deutsche Bank AG 7.00 12/20/2013 EUR 56.10
Deutsche Bank AG 7.50 11/29/2013 EUR 55.80
Deutsche Bank AG 5.00 11/29/2013 EUR 67.30
Deutsche Bank AG 7.00 11/29/2013 EUR 59.20
Deutsche Bank AG 8.00 11/29/2013 EUR 54.30
Deutsche Bank AG 6.00 2/28/2014 EUR 64.00
Deutsche Bank AG 8.00 2/28/2014 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 59.40
Deutsche Bank AG 6.50 11/29/2013 EUR 59.20
Deutsche Bank AG 8.50 10/31/2013 EUR 58.90
Deutsche Bank AG 7.50 10/31/2013 EUR 62.70
Deutsche Bank AG 7.50 11/29/2013 EUR 63.20
Deutsche Bank AG 8.50 11/29/2013 EUR 59.40
Deutsche Bank AG 7.50 12/20/2013 EUR 59.60
Deutsche Bank AG 10.00 12/20/2013 EUR 53.60
Deutsche Bank AG 8.00 12/20/2013 EUR 56.30
Deutsche Bank AG 8.50 12/20/2013 EUR 56.40
Deutsche Bank AG 9.00 12/20/2013 EUR 54.90
Deutsche Bank AG 5.00 10/31/2013 EUR 67.10
Deutsche Bank AG 7.00 10/31/2013 EUR 58.80
Deutsche Bank AG 9.00 11/29/2013 EUR 73.50
Deutsche Bank AG 5.50 11/29/2013 EUR 62.90
Deutsche Bank AG 8.50 12/20/2013 EUR 59.80
Deutsche Bank AG 9.00 12/20/2013 EUR 58.10
Deutsche Bank AG 10.00 12/20/2013 EUR 58.30
Deutsche Bank AG 6.00 12/20/2013 EUR 55.90
Deutsche Bank AG 6.50 12/20/2013 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 57.60
Deutsche Bank AG 7.00 12/20/2013 EUR 57.80
Deutsche Bank AG 8.00 12/20/2013 EUR 57.90
Deutsche Bank AG 7.50 12/20/2013 EUR 56.20
Deutsche Bank AG 10.00 12/20/2013 EUR 56.60
Deutsche Bank AG 7.00 12/20/2013 EUR 59.50
Deutsche Bank AG 9.50 12/20/2013 EUR 56.50
Deutsche Bank AG 6.00 3/26/2014 EUR 66.95
Deutsche Bank AG 7.50 12/20/2013 EUR 57.90
Deutsche Bank AG 9.00 12/20/2013 EUR 59.90
Deutsche Bank AG 5.00 3/26/2014 EUR 70.59
Deutsche Bank AG 9.00 12/20/2013 EUR 56.40
Deutsche Bank AG 12.00 12/20/2013 EUR 51.20
Deutsche Bank AG 6.50 12/20/2013 EUR 59.40
Deutsche Bank AG 10.00 12/20/2013 EUR 55.00
Deutsche Bank AG 5.00 6/24/2014 EUR 71.70
Deutsche Bank AG 4.50 3/25/2014 EUR 75.00
Deutsche Bank AG 5.00 3/25/2014 EUR 72.70
Deutsche Bank AG 7.00 1/31/2014 EUR 62.00
Deutsche Bank AG 8.00 1/31/2014 EUR 60.40
Deutsche Bank AG 5.50 3/25/2014 EUR 60.30
Deutsche Bank AG 6.50 3/25/2014 EUR 60.80
Deutsche Bank AG 8.50 3/25/2014 EUR 61.60
Deutsche Bank AG 8.50 3/25/2014 EUR 59.90
Deutsche Bank AG 7.50 3/25/2014 EUR 57.90
Deutsche Bank AG 9.50 3/25/2014 EUR 58.70
Deutsche Bank AG 9.50 3/25/2014 EUR 54.30
Deutsche Bank AG 7.50 3/25/2014 EUR 52.20
Deutsche Bank AG 6.00 1/31/2014 EUR 65.80
Deutsche Bank AG 4.50 6/24/2014 EUR 73.70
Dresdner Bank AG 0.89 11/19/2029 EUR 51.13
Dresdner Bank AG 5.45 2/22/2029 EUR 65.92
Dresdner Bank AG 1.08 12/31/2021 EUR 72.13
DZ Bank AG Deutsch 12.00 10/25/2013 EUR 73.65
DZ Bank AG Deutsch 2.35 3/24/2023 EUR 70.50
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 70.93
DZ Bank AG Deutsch 8.50 10/25/2013 EUR 72.67
DZ Bank AG Deutsch 7.00 10/25/2013 EUR 50.42
DZ Bank AG Deutsch 5.75 12/31/2013 EUR 55.46
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 72.18
DZ Bank AG Deutsch 7.75 11/8/2013 EUR 54.90
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 73.66
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 51.95
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 62.43
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 74.95
DZ Bank AG Deutsch 6.50 11/22/2013 EUR 49.33
DZ Bank AG Deutsch 6.25 11/8/2013 EUR 56.39
DZ Bank AG Deutsch 5.00 12/31/2013 EUR 64.79
DZ Bank AG Deutsch 9.40 12/31/2013 EUR 58.13
DZ Bank AG Deutsch 9.50 10/25/2013 EUR 48.70
DZ Bank AG Deutsch 15.75 11/22/2013 EUR 4.94
DZ Bank AG Deutsch 10.75 12/31/2013 EUR 56.51
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 58.18
DZ Bank AG Deutsch 5.75 6/27/2014 EUR 60.94
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 58.40
DZ Bank AG Deutsch 8.50 9/26/2014 EUR 59.94
DZ Bank AG Deutsch 7.00 4/7/2014 EUR 62.91
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 63.50
DZ Bank AG Deutsch 5.00 10/25/2013 EUR 58.00
DZ Bank AG Deutsch 5.00 12/20/2013 EUR 68.68
DZ Bank AG Deutsch 9.50 1/10/2014 EUR 65.98
DZ Bank AG Deutsch 12.25 1/10/2014 EUR 68.31
DZ Bank AG Deutsch 10.75 7/11/2014 EUR 74.40
DZ Bank AG Deutsch 6.30 7/11/2014 EUR 69.50
DZ Bank AG Deutsch 5.50 12/13/2013 EUR 55.94
DZ Bank AG Deutsch 3.50 12/31/2013 EUR 64.92
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 66.92
DZ Bank AG Deutsch 2.50 12/13/2013 EUR 68.49
DZ Bank AG Deutsch 8.00 3/28/2014 EUR 53.91
DZ Bank AG Deutsch 7.40 7/11/2014 EUR 68.63
DZ Bank AG Deutsch 4.75 12/13/2013 EUR 59.73
DZ Bank AG Deutsch 7.50 1/15/2014 EUR 74.79
DZ Bank AG Deutsch 6.00 11/11/2013 EUR 49.46
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 59.41
DZ Bank AG Deutsch 6.25 3/7/2014 EUR 58.45
DZ Bank AG Deutsch 5.50 2/14/2014 EUR 56.46
DZ Bank AG Deutsch 10.00 12/31/2013 EUR 63.87
DZ Bank AG Deutsch 5.25 6/27/2014 EUR 69.05
DZ Bank AG Deutsch 8.75 9/26/2014 EUR 66.80
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 65.56
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 65.38
DZ Bank AG Deutsch 4.00 12/13/2013 EUR 60.82
DZ Bank AG Deutsch 5.25 10/25/2013 EUR 54.26
DZ Bank AG Deutsch 6.00 12/13/2013 EUR 72.70
DZ Bank AG Deutsch 6.50 6/27/2014 EUR 64.75
DZ Bank AG Deutsch 7.50 6/27/2014 EUR 63.09
DZ Bank AG Deutsch 9.75 6/13/2014 EUR 64.24
DZ Bank AG Deutsch 4.50 12/31/2013 EUR 62.28
DZ Bank AG Deutsch 6.50 3/14/2014 EUR 52.87
DZ Bank AG Deutsch 6.00 1/17/2014 EUR 58.65
DZ Bank AG Deutsch 4.00 3/28/2014 EUR 57.78
DZ Bank AG Deutsch 4.00 12/20/2013 EUR 68.55
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 58.79
DZ Bank AG Deutsch 9.75 11/22/2013 EUR 53.48
DZ Bank AG Deutsch 7.50 1/10/2014 EUR 70.79
DZ Bank AG Deutsch 6.00 3/28/2014 EUR 60.96
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
Estavis AG 7.75 6/25/2017 EUR 2.29
getgoods.de AG 7.75 10/2/2017 EUR 68.50
Goldman Sachs & Co 11.00 10/23/2013 EUR 60.54
Goldman Sachs & Co 13.00 10/23/2013 EUR 47.86
Goldman Sachs & Co 7.00 12/27/2013 EUR 68.38
Goldman Sachs & Co 12.00 12/27/2013 EUR 44.22
Goldman Sachs & Co 13.00 12/27/2013 EUR 72.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 67.54
Goldman Sachs & Co 10.00 11/20/2013 EUR 70.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 43.09
Goldman Sachs & Co 16.00 11/20/2013 EUR 61.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 47.51
Goldman Sachs & Co 10.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 14.00 10/23/2013 EUR 44.71
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.30
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.51
Goldman Sachs & Co 12.00 3/26/2014 EUR 73.08
Goldman Sachs & Co 8.00 3/26/2014 EUR 57.54
Goldman Sachs & Co 14.00 10/23/2013 EUR 69.75
Goldman Sachs & Co 11.00 3/26/2014 EUR 74.11
Goldman Sachs & Co 14.00 11/20/2013 EUR 70.69
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.67
Goldman Sachs & Co 16.00 11/20/2013 EUR 66.17
Goldman Sachs & Co 16.00 3/26/2014 EUR 69.23
Goldman Sachs & Co 6.00 10/23/2013 EUR 72.71
Goldman Sachs & Co 12.00 10/23/2013 EUR 71.90
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.42
Goldman Sachs & Co 8.00 11/20/2013 EUR 57.14
Goldman Sachs & Co 9.00 10/23/2013 EUR 47.84
Goldman Sachs & Co 11.00 3/26/2014 EUR 56.14
Goldman Sachs & Co 8.00 10/23/2013 EUR 52.12
Goldman Sachs & Co 18.00 10/23/2013 EUR 43.70
Goldman Sachs & Co 12.00 11/20/2013 EUR 74.24
Goldman Sachs & Co 13.00 11/20/2013 EUR 72.22
Goldman Sachs & Co 9.00 12/27/2013 EUR 55.96
Goldman Sachs & Co 7.00 3/26/2014 EUR 54.46
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 15.00 11/20/2013 EUR 46.58
Goldman Sachs & Co 16.00 3/26/2014 EUR 50.67
Goldman Sachs & Co 17.00 10/23/2013 EUR 72.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.79
Goldman Sachs & Co 13.00 12/24/2014 EUR 72.15
Goldman Sachs & Co 9.00 12/24/2014 EUR 61.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 71.38
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.72
Goldman Sachs & Co 14.00 12/27/2013 EUR 50.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 46.96
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.65
Goldman Sachs & Co 6.00 3/26/2014 EUR 69.01
Goldman Sachs & Co 10.00 12/27/2013 EUR 59.73
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.64
Goldman Sachs & Co 9.00 12/27/2013 EUR 54.56
Goldman Sachs & Co 10.00 3/26/2014 EUR 53.04
Goldman Sachs & Co 6.00 12/27/2013 EUR 67.36
Goldman Sachs & Co 6.00 12/27/2013 EUR 60.95
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.49
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.92
Goldman Sachs & Co 4.00 3/26/2014 EUR 63.10
Goldman Sachs & Co 5.00 3/26/2014 EUR 67.72
Goldman Sachs & Co 5.00 3/26/2014 EUR 65.56
Goldman Sachs & Co 7.00 3/26/2014 EUR 58.88
Goldman Sachs & Co 9.00 3/26/2014 EUR 56.78
Goldman Sachs & Co 10.00 3/26/2014 EUR 60.15
Goldman Sachs & Co 5.00 6/25/2014 EUR 61.58
Goldman Sachs & Co 8.00 6/25/2014 EUR 61.84
Goldman Sachs & Co 10.00 6/25/2014 EUR 59.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.92
Goldman Sachs & Co 19.00 3/26/2014 EUR 56.61
Goldman Sachs & Co 4.00 6/25/2014 EUR 66.52
Goldman Sachs & Co 4.00 6/25/2014 EUR 62.76
Goldman Sachs & Co 6.00 9/24/2014 EUR 61.79
Goldman Sachs & Co 8.00 9/24/2014 EUR 65.32
Goldman Sachs & Co 8.00 9/24/2014 EUR 63.62
Goldman Sachs & Co 19.00 6/25/2014 EUR 57.83
Goldman Sachs & Co 5.00 9/24/2014 EUR 67.95
Goldman Sachs & Co 13.00 9/24/2014 EUR 58.17
Goldman Sachs & Co 17.00 9/24/2014 EUR 59.59
Goldman Sachs & Co 8.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 5.00 10/23/2013 EUR 62.52
Goldman Sachs & Co 5.00 12/27/2013 EUR 57.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 7.00 8/20/2014 EUR 58.46
Goldman Sachs & Co 10.00 12/27/2013 EUR 69.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 49.99
Goldman Sachs & Co 11.00 12/27/2013 EUR 59.96
Goldman Sachs & Co 13.00 12/27/2013 EUR 58.55
Goldman Sachs & Co 7.00 12/27/2013 EUR 64.12
Goldman Sachs & Co 14.00 12/27/2013 EUR 71.02
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 10.00 12/27/2013 EUR 49.26
Goldman Sachs & Co 6.50 12/27/2013 EUR 43.13
Goldman Sachs & Co 8.00 12/27/2013 EUR 37.67
Goldman Sachs & Co 3.00 12/24/2014 EUR 68.05
Goldman Sachs & Co 12.00 3/26/2014 EUR 54.84
Goldman Sachs & Co 17.00 2/26/2014 EUR 74.27
Goldman Sachs & Co 8.00 12/27/2013 EUR 59.43
Goldman Sachs & Co 9.00 3/26/2014 EUR 59.71
Goldman Sachs & Co 17.00 3/26/2014 EUR 55.75
Goldman Sachs & Co 8.00 1/22/2014 EUR 61.77
Goldman Sachs & Co 7.00 3/26/2014 EUR 61.74
Goldman Sachs & Co 17.00 1/22/2014 EUR 72.86
Goldman Sachs & Co 12.00 12/27/2013 EUR 52.26
Goldman Sachs & Co 14.00 2/26/2014 EUR 52.23
Goldman Sachs & Co 11.00 1/22/2014 EUR 58.90
Goldman Sachs & Co 13.00 1/22/2014 EUR 56.41
Goldman Sachs & Co 16.00 1/22/2014 EUR 55.68
Goldman Sachs & Co 17.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 11.00 12/24/2014 EUR 58.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 50.47
Goldman Sachs & Co 7.00 12/27/2013 EUR 72.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 55.54
Goldman Sachs & Co 16.00 12/27/2013 EUR 73.11
Goldman Sachs & Co 10.00 12/27/2013 EUR 73.16
Goldman Sachs & Co 8.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 14.00 11/20/2013 EUR 66.64
Goldman Sachs & Co 12.00 10/23/2013 EUR 61.94
Goldman Sachs & Co 15.00 12/27/2013 EUR 63.22
Goldman Sachs & Co 14.00 3/26/2014 EUR 66.42
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 8.00 11/20/2013 EUR 50.98
Goldman Sachs & Co 10.00 10/23/2013 EUR 49.39
Goldman Sachs & Co 11.00 3/26/2014 EUR 49.64
Goldman Sachs & Co 11.00 11/20/2013 EUR 45.17
Goldman Sachs & Co 15.00 11/20/2013 EUR 42.06
Goldman Sachs & Co 17.00 11/20/2013 EUR 41.31
Goldman Sachs & Co 13.00 10/23/2013 EUR 70.25
Goldman Sachs & Co 10.00 3/26/2014 EUR 73.65
Goldman Sachs & Co 16.00 11/20/2013 EUR 67.23
Goldman Sachs & Co 13.00 3/26/2014 EUR 69.70
Goldman Sachs & Co 6.00 3/26/2014 EUR 54.89
Goldman Sachs & Co 9.00 12/27/2013 EUR 56.40
Goldman Sachs & Co 18.00 12/27/2013 EUR 52.01
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.90
Goldman Sachs & Co 12.00 2/26/2014 EUR 55.73
Goldman Sachs & Co 7.00 12/27/2013 EUR 59.19
Goldman Sachs & Co 7.00 12/27/2013 EUR 48.72
Goldman Sachs & Co 12.00 11/20/2013 EUR 73.14
Goldman Sachs & Co 12.00 3/26/2014 EUR 68.12
Goldman Sachs & Co 12.00 3/26/2014 EUR 51.20
Goldman Sachs & Co 7.00 10/23/2013 EUR 74.87
Goldman Sachs & Co 13.00 12/27/2013 EUR 66.31
Goldman Sachs & Co 15.00 10/23/2013 EUR 71.91
Goldman Sachs & Co 6.00 11/20/2013 EUR 52.23
Goldman Sachs & Co 14.00 11/20/2013 EUR 48.85
Goldman Sachs & Co 16.00 11/20/2013 EUR 45.57
Goldman Sachs & Co 11.00 10/23/2013 EUR 74.03
Goldman Sachs & Co 8.00 12/27/2013 EUR 56.22
Goldman Sachs & Co 11.00 11/20/2013 EUR 49.88
Goldman Sachs & Co 18.00 10/23/2013 EUR 42.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 47.30
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 11/20/2013 EUR 70.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 54.06
Goldman Sachs & Co 16.00 12/27/2013 EUR 65.08
Goldman Sachs & Co 13.00 12/27/2013 EUR 68.50
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.48
Goldman Sachs & Co 10.00 12/27/2013 EUR 56.30
Goldman Sachs & Co 6.00 12/27/2013 EUR 57.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 68.63
Goldman Sachs & Co 14.00 12/27/2013 EUR 48.78
Goldman Sachs & Co 13.00 12/27/2013 EUR 48.65
Goldman Sachs & Co 6.00 11/20/2013 EUR 64.83
Goldman Sachs & Co 14.00 11/20/2013 EUR 51.46
Goldman Sachs & Co 16.00 11/20/2013 EUR 50.28
Goldman Sachs & Co 15.00 3/26/2014 EUR 52.47
Goldman Sachs & Co 16.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.43
Goldman Sachs & Co 17.00 10/23/2013 EUR 50.76
Goldman Sachs & Co 9.00 3/26/2014 EUR 53.69
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 13.00 12/27/2013 EUR 71.84
Goldman Sachs & Co 10.00 12/27/2013 EUR 55.02
Goldman Sachs & Co 9.00 12/27/2013 EUR 59.61
Goldman Sachs & Co 4.00 12/27/2013 EUR 60.59
Goldman Sachs & Co 4.00 12/27/2013 EUR 69.44
Goldman Sachs & Co 7.00 3/26/2014 EUR 57.47
Goldman Sachs & Co 3.00 3/26/2014 EUR 64.72
Goldman Sachs & Co 8.00 9/24/2014 EUR 59.95
Goldman Sachs & Co 13.00 2/26/2014 EUR 48.40
Goldman Sachs & Co 9.00 10/23/2013 EUR 52.85
Goldman Sachs & Co 6.00 10/23/2013 EUR 64.68
Goldman Sachs & Co 7.00 12/27/2013 EUR 63.13
Goldman Sachs & Co 4.00 3/26/2014 EUR 74.62
Goldman Sachs & Co 9.00 6/25/2014 EUR 60.40
Gunther Zamek Prod 7.75 5/15/2017 EUR 55.50
Hamburgische Lande 0.60 1/22/2041 EUR 68.03
Hamburgische Lande 0.61 10/30/2040 EUR 68.07
Hamburgische Lande 0.61 11/28/2030 EUR 74.77
Hamburgische Lande 0.60 10/25/2030 EUR 75.00
Hamburgische Lande 0.56 10/30/2030 EUR 74.24
Hamburgische Lande 0.64 7/18/2031 EUR 74.20
Hamburgische Lande 0.69 11/8/2030 EUR 74.82
Hamburgische Lande 0.59 2/5/2031 EUR 73.86
Hamburgische Lande 0.58 10/25/2030 EUR 74.61
Hamburgische Lande 0.59 12/1/2030 EUR 73.55
Hanwha Q-CELLS Gmb 6.75 10/21/2015 EUR 1.32
HSBC Trinkaus & Bu 10.50 12/30/2013 EUR 73.80
HSBC Trinkaus & Bu 12.50 12/30/2013 EUR 70.21
HSBC Trinkaus & Bu 11.00 12/30/2013 EUR 73.68
HSH Nordbank AG 1.03 2/14/2017 EUR 68.24
HSH Nordbank AG 1.07 2/14/2017 EUR 68.16
IKB Deutsche Indus 1.12 9/13/2016 EUR 74.66
IKB Deutsche Indus 0.97 1/23/2017 EUR 71.62
KFW 0.25 10/6/2036 CAD 33.42
Landesbank Berlin 4.80 11/7/2014 EUR 58.28
Landesbank Berlin 7.25 6/27/2014 EUR 58.30
Landesbank Berlin 4.00 12/30/2013 EUR 63.19
Landesbank Berlin 5.00 6/27/2014 EUR 64.20
Landesbank Berlin 4.00 12/30/2014 EUR 68.24
Landesbank Berlin 7.00 12/30/2014 EUR 64.80
Landesbank Berlin 4.75 12/30/2014 EUR 65.47
Landesbank Berlin 8.50 3/28/2014 EUR 62.32
Landesbank Berlin 4.75 3/28/2014 EUR 70.71
Landesbank Berlin 8.50 3/28/2014 EUR 65.88
Landesbank Berlin 11.00 12/30/2013 EUR 7.94
Landesbank Berlin 5.50 6/27/2014 EUR 62.69
Landesbank Berlin 4.00 3/28/2014 EUR 61.97
Landesbank Berlin 5.00 8/8/2014 EUR 58.13
Landesbank Berlin 5.00 3/28/2014 EUR 60.58
Landesbank Berlin 6.00 3/28/2014 EUR 65.28
Landesbank Berlin 3.00 3/28/2014 EUR 72.82
Landesbank Berlin 4.50 3/28/2014 EUR 68.83
Landesbank Berlin 5.00 12/30/2013 EUR 59.52
Landesbank Berlin 4.00 3/28/2014 EUR 65.95
Landesbank Berlin 8.00 3/28/2014 EUR 60.17
Landesbank Berlin 7.00 6/27/2014 EUR 58.72
Landesbank Berlin 11.00 6/27/2014 EUR 14.56
Landesbank Berlin 4.00 6/27/2014 EUR 65.46
Landesbank Berlin 5.50 12/23/2013 EUR 60.90
Landesbank Berlin 4.00 6/27/2014 EUR 68.01
Landesbank Berlin 7.00 6/27/2014 EUR 62.46
Landesbank Hessen- 0.85 7/18/2031 EUR 63.96
Landesbank Hessen- 4.00 6/20/2014 EUR 59.10
Landeskreditbank B 0.25 10/13/2037 CAD 29.38
Landeskreditbank B 0.50 5/10/2027 CAD 57.81
Landwirtschaftlich 0.50 4/19/2017 TRY 74.97
LBBW 0.62 10/4/2030 EUR 71.11
LBBW 4.00 11/22/2013 EUR 74.51
LBBW 4.00 3/28/2014 EUR 60.31
LBBW 5.00 3/28/2014 EUR 57.49
LBBW 3.00 11/22/2013 EUR 66.79
LBBW 5.00 11/22/2013 EUR 62.53
LBBW 4.00 11/22/2013 EUR 65.79
LBBW 4.00 7/25/2014 EUR 64.82
LBBW 3.00 2/28/2014 EUR 67.30
LBBW 5.00 2/28/2014 EUR 58.88
LBBW 6.00 2/28/2014 EUR 56.10
LBBW 5.00 11/22/2013 EUR 58.10
LBBW 3.00 11/22/2013 EUR 63.63
LBBW 4.00 11/22/2013 EUR 60.83
LBBW 3.00 6/27/2014 EUR 64.58
LBBW 4.00 6/27/2014 EUR 61.78
LBBW 5.00 6/27/2014 EUR 59.62
LBBW 3.00 8/22/2014 EUR 67.39
LBBW 4.00 8/22/2014 EUR 65.35
LBBW 5.00 8/22/2014 EUR 63.72
LBBW 3.00 2/28/2014 EUR 64.90
LBBW 5.00 2/28/2014 EUR 61.60
LBBW 5.00 9/26/2014 EUR 61.16
LBBW 4.00 10/25/2013 EUR 58.36
LBBW 4.00 3/28/2014 EUR 61.06
LBBW 3.00 3/28/2014 EUR 64.74
LBBW 4.00 1/24/2014 EUR 67.54
LBBW 6.00 1/24/2014 EUR 60.58
LBBW 7.00 1/24/2014 EUR 58.00
LBBW 7.00 11/22/2013 EUR 69.09
LBBW 4.00 6/27/2014 EUR 63.66
LBBW 6.00 6/27/2014 EUR 59.62
LBBW 6.00 7/25/2014 EUR 61.69
LBBW 4.00 3/28/2014 EUR 60.09
LBBW 5.10 1/15/2014 EUR 68.01
LBBW 5.00 6/27/2014 EUR 58.31
LBBW 4.00 6/27/2014 EUR 59.42
LBBW 3.00 6/27/2014 EUR 61.09
LBBW 3.00 9/26/2014 EUR 64.39
LBBW 4.00 9/26/2014 EUR 62.54
LBBW 7.00 9/26/2014 EUR 59.20
LBBW 5.00 11/22/2013 EUR 63.58
LBBW 6.00 11/22/2013 EUR 64.98
LBBW 8.00 11/22/2013 EUR 58.71
Norddeutsche Lande 0.69 10/21/2030 EUR 74.42
Praktiker AG 5.88 2/10/2016 EUR 1.50
Qimonda Finance LL 6.75 3/22/2013 USD 3.44
SiC Processing Gmb 7.13 3/1/2016 EUR 5.50
Solarwatt GmbH 7.00 11/1/2015 EUR 14.75
Solarworld AG 6.13 1/21/2017 EUR 37.25
Solarworld AG 6.38 7/13/2016 EUR 33.00
Solon SE 1.38 12/6/2012 EUR 0.63
Sparkasse KoelnBon 0.68 5/7/2031 EUR 71.54
Sparkasse KoelnBon 0.74 9/29/2034 EUR 68.26
TAG Immobilien AG 6.50 12/10/2015 EUR 9.45
TUI AG 2.75 3/24/2016 EUR 64.09
UniCredit Bank AG 0.92 11/19/2029 EUR 65.48
Vontobel Financial 5.45 12/31/2013 EUR 59.48
Vontobel Financial 5.47 3/17/2014 EUR 35.50
Vontobel Financial 4.30 12/31/2013 EUR 63.20
Vontobel Financial 7.70 12/31/2013 EUR 54.94
Vontobel Financial 5.30 6/27/2014 EUR 60.94
Vontobel Financial 4.25 12/31/2013 EUR 63.14
Vontobel Financial 5.30 12/31/2013 EUR 59.38
Vontobel Financial 9.85 12/31/2013 EUR 73.66
Vontobel Financial 4.20 12/31/2013 EUR 63.14
Vontobel Financial 5.35 12/31/2013 EUR 59.50
Vontobel Financial 7.40 12/31/2013 EUR 54.84
Vontobel Financial 9.85 12/31/2013 EUR 51.06
Vontobel Financial 6.10 12/31/2013 EUR 59.66
Vontobel Financial 5.50 12/31/2013 EUR 59.56
Vontobel Financial 6.85 12/31/2013 EUR 54.78
Vontobel Financial 7.15 12/31/2013 EUR 54.82
Vontobel Financial 9.10 12/31/2013 EUR 50.96
Vontobel Financial 5.10 4/14/2014 EUR 30.60
Vontobel Financial 17.15 12/31/2013 EUR 52.48
Vontobel Financial 4.25 12/31/2013 EUR 63.20
Vontobel Financial 8.65 12/31/2013 EUR 56.66
Vontobel Financial 6.30 12/31/2013 EUR 59.72
Vontobel Financial 8.70 12/31/2013 EUR 73.44
Vontobel Financial 7.85 12/31/2013 EUR 50.72
Vontobel Financial 5.50 12/31/2013 EUR 54.52
Vontobel Financial 5.10 6/27/2014 EUR 60.50
Vontobel Financial 8.00 12/31/2013 EUR 55.02
Vontobel Financial 7.35 6/27/2014 EUR 57.28
Vontobel Financial 4.60 3/28/2014 EUR 60.20
Vontobel Financial 4.75 12/31/2013 EUR 59.42
Vontobel Financial 7.20 3/28/2014 EUR 56.40
Vontobel Financial 7.45 12/31/2013 EUR 59.94
Vontobel Financial 10.20 12/31/2013 EUR 56.98
Vontobel Financial 4.80 12/31/2013 EUR 56.58
Vontobel Financial 5.50 12/31/2013 EUR 56.38
Vontobel Financial 8.85 12/31/2013 EUR 54.96
Vontobel Financial 8.35 12/31/2013 EUR 56.92
Vontobel Financial 7.70 12/31/2013 EUR 54.74
Vontobel Financial 7.40 12/31/2013 EUR 59.92
Vontobel Financial 5.40 6/27/2014 EUR 57.68
Vontobel Financial 5.05 3/28/2014 EUR 57.46
Vontobel Financial 7.60 3/28/2014 EUR 58.24
Vontobel Financial 5.65 3/28/2014 EUR 57.40
Vontobel Financial 4.35 12/31/2013 EUR 63.26
Vontobel Financial 8.65 12/31/2013 EUR 60.16
Vontobel Financial 7.75 12/31/2013 EUR 54.72
Vontobel Financial 8.15 12/31/2013 EUR 56.38
Vontobel Financial 15.75 12/31/2013 EUR 52.14
Vontobel Financial 10.45 12/31/2013 EUR 55.40
Vontobel Financial 6.35 12/31/2013 EUR 54.68
Vontobel Financial 8.00 12/31/2013 EUR 54.98
Vontobel Financial 5.25 12/31/2013 EUR 59.50
Vontobel Financial 6.45 12/31/2013 EUR 74.82
Vontobel Financial 5.00 1/24/2014 EUR 61.50
Vontobel Financial 7.39 11/25/2013 EUR 62.60
WGZ-Bank AG Westde 2.50 12/23/2013 EUR 68.43
WGZ-Bank AG Westde 3.00 1/30/2014 EUR 69.85
WGZ-Bank AG Westde 4.00 1/30/2014 EUR 65.48
WGZ-Bank AG Westde 5.00 1/30/2014 EUR 63.64
WGZ-Bank AG Westde 6.00 12/18/2013 EUR 52.92
WGZ-Bank AG Westde 4.00 12/18/2013 EUR 59.07
WGZ-Bank AG Westde 5.00 12/18/2013 EUR 55.81
WGZ-Bank AG Westde 7.50 12/18/2013 EUR 50.43
WGZ-Bank AG Westde 4.00 3/27/2014 EUR 66.20
WGZ-Bank AG Westde 3.00 6/25/2014 EUR 61.31
WGZ-Bank AG Westde 5.50 6/25/2014 EUR 56.15
WGZ-Bank AG Westde 4.00 6/25/2014 EUR 58.30
WGZ-Bank AG Westde 7.00 6/25/2014 EUR 54.32
WGZ-Bank AG Westde 6.00 1/30/2014 EUR 61.94
WGZ-Bank AG Westde 6.00 3/11/2014 EUR 54.62
WGZ-Bank AG Westde 4.00 9/30/2014 EUR 74.98
WGZ-Bank AG Westde 5.00 9/30/2014 EUR 73.89
WGZ-Bank AG Westde 6.00 9/30/2014 EUR 73.00
WGZ-Bank AG Westde 3.00 3/27/2014 EUR 68.09
WGZ-Bank AG Westde 5.00 3/27/2014 EUR 64.45
WGZ-Bank AG Westde 6.00 3/27/2014 EUR 62.91
Windreich GmbH 6.50 7/15/2016 EUR 11.13
Windreich GmbH 6.50 3/1/2015 EUR 9.88
Windreich GmbH 6.75 3/1/2015 EUR 11.13
Windreich GmbH 6.25 3/1/2015 EUR 11.13
GREECE
------
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
ICELAND
-------
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13
Kaupthing Bank Hf 3.00 2/12/2010 CHF 22.88
Kaupthing Bank Hf 4.70 2/15/2010 CAD 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 4.65 2/19/2013 EUR 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13
Kaupthing Bank Hf 1.99 7/5/2012 JPY 22.88
Kaupthing Bank Hf 9.75 9/10/2015 USD 22.88
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.50 2/2/2009 USD 22.88
Kaupthing Bank Hf 1.80 10/20/2009 JPY 22.88
Kaupthing Bank Hf 5.80 9/7/2012 EUR 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 0.80 2/15/2011 EUR 22.88
Kaupthing Bank Hf 7.50 12/5/2014 ISK 22.88
Kaupthing Bank Hf 3.75 2/15/2024 ISK 22.88
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13
Kaupthing Bank Hf 5.25 7/18/2017 BGN 22.88
Kaupthing Bank Hf 1.65 7/5/2010 JPY 22.88
Kaupthing Bank Hf 7.90 2/1/2016 EUR 22.88
Kaupthing Bank Hf 4.95 5/6/2009 EUR 22.88
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13
Kaupthing Bank Hf 7.70 10/2/2011 EUR 22.88
Kaupthing Bank Hf 4.50 1/17/2011 EUR 22.88
Kaupthing Bank Hf 0.69 5/21/2011 JPY 22.88
Kaupthing Bank Hf 7.00 7/24/2009 ISK 22.88
Kaupthing Bank Hf 0.20 7/12/2009 JPY 22.88
Kaupthing Bank Hf 5.00 11/8/2013 EUR 22.88
Kaupthing Bank Hf 7.50 4/2/2011 EUR 22.88
Kaupthing Bank Hf 7.50 10/2/2010 EUR 22.88
Kaupthing Bank Hf 7.00 1/3/2011 EUR 22.88
Kaupthing Bank Hf 4.53 4/24/2012 EUR 22.88
Kaupthing Bank Hf 4.47 10/27/2010 EUR 22.88
Kaupthing Bank Hf 0.95 10/20/2010 JPY 22.88
Kaupthing Bank Hf 5.00 1/4/2027 SKK 22.88
Kaupthing Bank Hf 4.90 5/29/2017 EUR 22.88
Kaupthing Bank Hf 6.50 10/8/2010 ISK 22.88
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13
Kaupthing Bank Hf 7.90 4/28/2016 EUR 22.88
Kaupthing Bank Hf 1.75 6/7/2016 EUR 22.88
Kaupthing Bank Hf 6.40 12/15/2015 EUR 22.88
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.20 5/10/2010 SKK 8.00
LBI HF 2.25 2/14/2011 CHF 8.00
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.00 12/7/2010 CHF 8.00
LBI HF 4.40 1/18/2010 CAD 8.00
LBI HF 4.38 10/20/2008 EUR 8.00
LBI HF 4.75 5/31/2013 EUR 8.00
LBI HF 4.53 4/24/2012 EUR 8.00
LBI HF 7.25 4/2/2011 EUR 8.00
LBI HF 8.65 5/1/2011 ISK 8.00
LBI HF 4.08 3/16/2015 EUR 8.00
LBI HF 6.75 8/18/2015 EUR 8.00
LBI HF 4.40 11/3/2009 CZK 8.00
LBI HF 6.00 6/6/2017 EUR 8.00
LBI HF 5.44 9/3/2018 EUR 0.13
LBI HF 4.28 11/19/2010 EUR 8.00
LBI HF 2.14 2/3/2020 JPY 8.00
LBI HF 4.32 1/31/2010 EUR 8.00
LBI HF 4.40 11/30/2035 EUR 0.13
LBI HF 5.25 6/5/2023 EUR 8.00
LBI HF 5.08 3/1/2013 ISK 8.00
LBI HF 7.00 4/2/2010 EUR 8.00
LBI HF 3.00 10/22/2015 EUR 8.00
LBI HF 1.68 12/22/2014 JPY 8.00
LBI HF 4.00 9/23/2015 EUR 8.00
LBI HF 3.45 12/18/2033 JPY 0.13
LBI HF 2.22 10/15/2019 JPY 8.00
LBI HF 4.34 3/1/2011 EUR 8.00
LBI HF 3.34 5/11/2012 EUR 8.00
LBI HF 7.75 2/22/2016 USD 8.00
LBI HF 2.75 3/16/2011 EUR 8.00
LBI HF 3.36 8/17/2012 EUR 8.00
LBI HF 7.20 4/27/2026 EUR 0.13
LBI HF 6.75 2/18/2015 EUR 8.00
LBI HF 3.11 11/10/2008 EUR 8.00
LBI HF 4.34 12/22/2025 EUR 8.00
IRELAND
-------
Corsicanto Ltd 3.50 1/15/2032 USD 74.94
Depfa ACS Bank 4.90 8/24/2035 CAD 69.73
Depfa ACS Bank 0.50 3/3/2025 CAD 46.53
Kalvebod PLC 2.00 5/1/2106 DKK 40.00
ITALY
-------
Banca delle Marche 1.18 6/1/2017 EUR 42.39
A2A SpA 3.20 8/10/2036 EUR 62.44
Banca delle Marche 5.50 9/16/2030 EUR 69.25
Banca di Cividale 0.34 10/2/2036 EUR 57.63
Banca Monte dei Pa 1.23 1/15/2018 EUR 74.60
Cassa Depositi e P 0.29 10/31/2029 EUR 61.70
Cirio Finanziaria 8.00 12/21/2005 EUR 0.63
City of Lecco Ital 0.46 6/30/2026 EUR 67.27
Comune di Andrano 3.92 12/31/2035 EUR 71.20
Comune di Fiumicin 0.49 12/31/2026 EUR 66.65
Comune di Grontard 4.10 12/31/2035 EUR 73.36
Comune di Marcheno 4.23 12/31/2036 EUR 74.59
Comune di Marscian 4.03 12/31/2035 EUR 72.47
Comune di Mercato 3.97 12/31/2035 EUR 71.83
Comune di Piadena 4.05 12/31/2035 EUR 72.74
Comune di San Ferd 0.53 12/27/2026 EUR 67.26
Comune di Santa Ma 0.60 5/31/2026 EUR 69.00
Comune di Seminara 0.72 10/31/2026 EUR 69.14
Comune di Verona 0.43 12/1/2026 EUR 64.53
Enel SpA 0.96 10/20/2032 EUR 63.62
Intesa Sanpaolo Sp 1.06 3/20/2023 EUR 74.70
Italy Government I 1.85 9/15/2057 EUR 65.06
Italy Government I 2.00 9/15/2062 EUR 67.03
Italy Government I 2.20 9/15/2058 EUR 72.77
Italy Government I 2.87 5/19/2036 JPY 69.43
Province of Bresci 0.73 12/22/2036 EUR 57.22
Province of Bresci 0.72 6/30/2036 EUR 57.58
Province of Chieti 0.65 12/29/2023 EUR 74.35
Province of Milan 0.59 12/22/2033 EUR 63.54
Province of Rovigo 0.59 12/28/2035 EUR 58.80
Province of Teramo 0.44 12/30/2030 EUR 60.80
Province of Teramo 0.47 12/30/2025 EUR 68.61
Province of Trevis 0.47 12/31/2034 EUR 58.04
Province of Trevis 0.57 12/31/2034 EUR 59.52
Province of Trevis 0.34 12/31/2034 EUR 56.82
Region of Abruzzo 0.68 11/7/2036 EUR 63.64
Region of Abruzzo 0.52 11/7/2031 EUR 61.27
Region of Abruzzo 4.45 3/1/2037 EUR 70.52
Region of Aosta Va 0.45 5/28/2021 EUR 73.65
Region of Molise I 0.72 12/15/2033 EUR 64.40
Region of Piemont 0.45 11/27/2036 EUR 55.47
Region of Puglia I 0.74 2/6/2023 EUR 69.69
Seat Pagine Gialle 10.50 1/31/2017 EUR 23.00
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.75
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
LUXEMBOURG
----------
3W Power SA 9.25 12/1/2015 EUR 55.75
ArcelorMittal 7.25 4/1/2014 EUR 20.83
Bank of New York M 4.48 12/30/2099 EUR 18.04
Bank of New York M 4.73 12/15/2050 EUR 52.00
Cerruti Finance SA 6.50 7/26/2004 EUR 3.00
Cirio Finance Luxe 7.50 11/3/2002 EUR 1.25
Cirio Holding Luxe 6.25 2/16/2004 EUR 0.13
Codere Finance Lux 8.25 6/15/2015 EUR 52.02
Codere Finance Lux 9.25 2/15/2019 USD 50.50
Codere Finance Lux 9.25 2/15/2019 USD 50.98
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Codere Finance Lux 8.25 6/15/2015 EUR 51.75
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Del Monte Finance 6.63 5/24/2006 EUR 13.63
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
Erste Europaeische 0.27 2/1/2037 USD 55.57
European Media Cap 10.00 2/1/2015 USD 75.00
European Media Cap 10.00 2/1/2015 USD 75.00
Finmek Internation 7.00 12/3/2004 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hypothekenbank Fra 0.25 12/20/2029 USD 67.37
International Indu 9.00 7/6/2011 EUR 1.00
International Indu 11.00 2/19/2013 USD 0.88
IT Holding Finance 9.88 11/15/2012 EUR 0.13
IT Holding Finance 9.88 11/15/2012 EUR 0.13
La Veggia Finance 7.13 11/14/2004 EUR 0.25
Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.75
NETHERLANDS
-----------
Astana Finance BV 7.88 6/8/2010 EUR 4.00
Astana Finance BV 9.00 11/16/2011 USD 3.50
Astana Finance BV 14.50 7/2/2013 USD 3.75
Bank Nederlandse G 0.50 5/10/2017 TRY 73.62
Bank Nederlandse G 0.50 7/12/2022 ZAR 52.90
Bank Nederlandse G 0.50 7/12/2017 TRY 72.46
Bank Nederlandse G 0.50 6/7/2022 ZAR 53.32
Bank Nederlandse G 0.50 6/12/2017 TRY 73.13
Bank Nederlandse G 0.50 8/9/2017 TRY 72.30
Bank Nederlandse G 0.50 6/22/2021 ZAR 57.64
Bank Nederlandse G 0.50 3/29/2021 NZD 70.64
Bank Nederlandse G 0.50 8/15/2022 ZAR 52.50
Bank Nederlandse G 0.50 8/9/2022 MXN 64.98
Bank Nederlandse G 0.50 3/3/2021 NZD 64.80
Bank Nederlandse G 0.50 2/24/2025 CAD 65.15
Bank Nederlandse G 0.50 5/12/2021 ZAR 58.17
Bank Nederlandse G 0.50 9/20/2022 ZAR 52.08
BLT Finance BV 7.50 5/15/2014 USD 9.01
BLT Finance BV 12.00 2/10/2015 USD 10.25
BLT Finance BV 7.50 5/15/2014 USD 9.63
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Cirio Del Monte NV 7.75 3/14/2005 EUR 3.38
Cooperatieve Centr 0.50 11/26/2021 ZAR 48.95
Cooperatieve Centr 0.50 10/30/2043 MXN 23.60
Cooperatieve Centr 0.50 8/21/2028 MXN 46.15
Cooperatieve Centr 0.50 7/30/2043 MXN 23.80
Cooperatieve Centr 0.50 1/31/2033 MXN 36.68
Cooperatieve Centr 0.50 10/29/2027 MXN 48.35
Cooperatieve Centr 0.50 11/30/2027 MXN 48.11
Cooperatieve Centr 0.50 12/29/2027 MXN 47.89
Cooperatieve Centr 9.20 3/13/2014 USD 60.77
Cooperatieve Centr 8.60 3/13/2014 CHF 60.50
Cooperatieve Centr 8.15 3/5/2014 CHF 58.60
Cooperatieve Centr 9.20 3/13/2014 USD 60.43
JP Morgan Structur 6.00 2/7/2014 USD 69.19
JP Morgan Structur 5.00 12/3/2013 CHF 64.32
JP Morgan Structur 6.00 2/25/2014 EUR 73.83
JP Morgan Structur 12.30 11/29/2013 USD 48.32
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 10.00 3/15/2012 EUR 0.25
KPNQwest NV 8.13 6/1/2009 USD 0.38
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
Lehman Brothers Tr 7.25 10/5/2035 EUR 9.75
Lehman Brothers Tr 6.00 11/2/2035 EUR 6.00
Lehman Brothers Tr 8.25 3/16/2035 EUR 14.00
Lehman Brothers Tr 6.00 2/15/2035 EUR 6.00
Lehman Brothers Tr 7.00 5/17/2035 EUR 10.38
Lehman Brothers Tr 2.88 3/14/2013 CHF 2.13
Lehman Brothers Tr 5.00 9/22/2014 EUR 6.00
Lehman Brothers Tr 5.00 2/16/2015 EUR 6.00
Lehman Brothers Tr 5.10 5/8/2017 HKD 2.50
Lehman Brothers Tr 7.00 11/26/2013 EUR 6.00
Lehman Brothers Tr 6.00 3/14/2011 EUR 6.00
Lehman Brothers Tr 5.00 2/27/2014 EUR 6.00
Lehman Brothers Tr 8.50 7/5/2016 EUR 6.00
Lehman Brothers Tr 4.00 2/16/2017 EUR 1.38
Lehman Brothers Tr 14.90 9/15/2008 EUR 1.38
Lehman Brothers Tr 4.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 3/18/2015 EUR 6.00
Lehman Brothers Tr 3.03 1/31/2015 EUR 1.38
Lehman Brothers Tr 4.00 10/24/2012 EUR 6.00
Lehman Brothers Tr 1.00 5/9/2012 EUR 6.00
Lehman Brothers Tr 5.25 5/26/2026 EUR 6.00
Lehman Brothers Tr 8.25 12/3/2015 EUR 1.38
Lehman Brothers Tr 5.70 3/18/2015 USD 6.00
Lehman Brothers Tr 7.00 6/6/2017 EUR 6.00
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 12/2/2012 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 EUR 6.00
Lehman Brothers Tr 1.46 2/19/2012 JPY 2.50
Lehman Brothers Tr 3.00 6/23/2009 EUR 6.00
Lehman Brothers Tr 1.75 2/7/2010 EUR 1.38
Lehman Brothers Tr 4.00 2/28/2010 EUR 1.38
Lehman Brothers Tr 4.00 7/20/2012 EUR 6.00
Lehman Brothers Tr 10.00 6/17/2009 USD 1.38
Lehman Brothers Tr 7.00 10/22/2010 EUR 6.00
Lehman Brothers Tr 4.00 7/27/2011 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 10.44 11/22/2008 CHF 1.38
Lehman Brothers Tr 5.00 8/16/2017 EUR 6.00
Lehman Brothers Tr 12.22 11/21/2017 USD 6.00
Lehman Brothers Tr 3.00 9/13/2010 JPY 2.50
Lehman Brothers Tr 4.10 6/10/2014 SGD 1.38
Lehman Brothers Tr 8.00 4/20/2009 EUR 6.00
Lehman Brothers Tr 3.86 9/21/2011 SGD 1.38
Lehman Brothers Tr 3.50 12/20/2027 USD 6.00
Lehman Brothers Tr 5.00 5/12/2011 CHF 6.00
Lehman Brothers Tr 5.00 8/1/2025 EUR 6.00
Lehman Brothers Tr 5.55 3/12/2015 EUR 1.38
Lehman Brothers Tr 7.05 4/8/2015 USD 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.25 9/5/2011 EUR 6.00
Lehman Brothers Tr 23.30 9/16/2008 USD 1.38
Lehman Brothers Tr 8.00 10/17/2014 EUR 6.00
Lehman Brothers Tr 8.88 1/28/2011 HKD 2.50
Lehman Brothers Tr 5.25 11/21/2009 USD 6.00
Lehman Brothers Tr 4.10 2/19/2010 EUR 6.00
Lehman Brothers Tr 10.00 1/3/2012 BRL 6.00
Lehman Brothers Tr 13.50 6/2/2009 USD 1.38
Lehman Brothers Tr 6.00 8/7/2013 EUR 6.00
Lehman Brothers Tr 8.00 3/21/2018 USD 6.00
Lehman Brothers Tr 13.50 11/28/2008 USD 1.38
Lehman Brothers Tr 10.00 6/11/2038 JPY 6.00
Lehman Brothers Tr 3.50 9/19/2017 EUR 1.38
Lehman Brothers Tr 5.50 4/23/2014 EUR 6.00
Lehman Brothers Tr 5.50 6/22/2010 USD 6.00
Lehman Brothers Tr 8.00 2/16/2016 EUR 6.00
Lehman Brothers Tr 4.00 3/10/2011 EUR 6.00
Lehman Brothers Tr 4.00 4/13/2011 CHF 6.00
Lehman Brothers Tr 4.50 3/7/2015 EUR 6.00
Lehman Brothers Tr 7.60 1/31/2013 AUD 1.38
Lehman Brothers Tr 16.00 11/9/2008 USD 1.38
Lehman Brothers Tr 9.75 6/22/2018 USD 6.00
Lehman Brothers Tr 5.12 4/30/2027 EUR 1.38
Lehman Brothers Tr 7.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 2/28/2032 EUR 6.00
Lehman Brothers Tr 4.60 7/6/2016 EUR 6.00
Lehman Brothers Tr 5.10 6/22/2046 EUR 1.38
Lehman Brothers Tr 6.65 8/24/2011 AUD 2.50
Lehman Brothers Tr 16.00 12/26/2008 USD 1.38
Lehman Brothers Tr 2.50 12/15/2011 GBP 1.38
Lehman Brothers Tr 4.68 12/12/2045 EUR 1.38
Lehman Brothers Tr 7.06 12/29/2008 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 2.00 6/28/2011 EUR 6.00
Lehman Brothers Tr 5.70 3/4/2015 USD 6.00
Lehman Brothers Tr 4.69 2/19/2017 EUR 1.38
Lehman Brothers Tr 7.59 11/22/2009 MXN 2.50
Lehman Brothers Tr 1.28 11/6/2010 JPY 2.50
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 6.60 2/9/2009 EUR 6.00
Lehman Brothers Tr 0.50 6/2/2020 EUR 1.38
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 5.38 2/4/2014 USD 6.00
Lehman Brothers Tr 6.30 12/21/2018 USD 6.00
Lehman Brothers Tr 7.00 2/15/2010 CHF 1.38
Lehman Brothers Tr 16.20 5/14/2009 USD 1.38
Lehman Brothers Tr 4.60 10/11/2017 ILS 2.38
Lehman Brothers Tr 15.00 3/30/2011 EUR 6.00
Lehman Brothers Tr 7.50 10/24/2008 USD 1.38
Lehman Brothers Tr 8.00 8/3/2009 USD 1.38
Lehman Brothers Tr 8.60 7/31/2013 GBP 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 7/2/2020 EUR 1.38
Lehman Brothers Tr 5.25 7/8/2014 EUR 1.38
Lehman Brothers Tr 6.50 5/16/2015 EUR 6.00
Lehman Brothers Tr 14.90 11/16/2010 EUR 1.38
Lehman Brothers Tr 6.72 12/29/2008 EUR 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 15.00 6/4/2009 CHF 1.38
Lehman Brothers Tr 18.25 10/2/2008 USD 1.38
Lehman Brothers Tr 3.50 10/31/2011 USD 6.00
Lehman Brothers Tr 2.80 3/19/2018 JPY 1.38
Lehman Brothers Tr 2.00 11/16/2009 EUR 6.00
Lehman Brothers Tr 7.25 10/6/2008 EUR 1.38
Lehman Brothers Tr 5.00 11/22/2012 EUR 6.00
Lehman Brothers Tr 9.25 6/20/2012 USD 6.00
Lehman Brothers Tr 7.60 5/21/2013 USD 6.00
Lehman Brothers Tr 13.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 0.01 9/20/2011 USD 6.00
Lehman Brothers Tr 6.00 2/19/2023 USD 6.00
Lehman Brothers Tr 10.60 4/22/2014 MXN 6.00
Lehman Brothers Tr 3.00 12/3/2012 EUR 6.00
Lehman Brothers Tr 2.50 8/23/2012 GBP 1.38
Lehman Brothers Tr 2.37 7/15/2013 USD 6.00
Lehman Brothers Tr 4.87 10/8/2013 USD 1.38
Lehman Brothers Tr 5.75 6/15/2009 CHF 1.38
Lehman Brothers Tr 6.00 10/24/2008 EUR 1.38
Lehman Brothers Tr 7.38 9/20/2008 EUR 1.38
Lehman Brothers Tr 3.00 8/15/2017 EUR 6.00
Lehman Brothers Tr 3.50 9/29/2017 EUR 1.38
Lehman Brothers Tr 3.00 8/8/2017 EUR 6.00
Lehman Brothers Tr 8.25 2/3/2016 EUR 6.00
Lehman Brothers Tr 13.43 1/8/2009 ILS 1.38
Lehman Brothers Tr 16.00 10/8/2008 CHF 1.38
Lehman Brothers Tr 5.00 3/13/2009 EUR 6.00
Lehman Brothers Tr 5.25 4/1/2023 EUR 1.38
Lehman Brothers Tr 7.63 7/22/2011 HKD 1.38
Lehman Brothers Tr 11.00 7/4/2011 CHF 1.38
Lehman Brothers Tr 7.80 3/31/2018 USD 6.00
Lehman Brothers Tr 5.00 5/2/2022 EUR 1.38
Lehman Brothers Tr 4.25 5/15/2010 EUR 6.00
Lehman Brothers Tr 8.28 7/31/2013 GBP 6.00
Lehman Brothers Tr 4.35 8/8/2016 SGD 2.50
Lehman Brothers Tr 8.50 7/6/2009 CHF 1.38
Lehman Brothers Tr 10.50 8/9/2010 EUR 1.38
Lehman Brothers Tr 7.00 7/11/2010 EUR 6.00
Lehman Brothers Tr 4.82 12/18/2036 EUR 1.38
Lehman Brothers Tr 4.20 12/3/2008 HKD 6.00
Lehman Brothers Tr 3.00 6/3/2010 EUR 6.00
Lehman Brothers Tr 12.40 6/12/2009 USD 1.38
Lehman Brothers Tr 11.00 7/4/2011 USD 1.38
Lehman Brothers Tr 12.00 7/4/2011 EUR 1.38
Lehman Brothers Tr 5.50 7/8/2013 EUR 6.00
Lehman Brothers Tr 9.30 12/21/2010 EUR 1.38
Lehman Brothers Tr 8.00 12/31/2010 USD 1.38
Lehman Brothers Tr 1.50 2/8/2012 CHF 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 11.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 10.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 8.00 3/19/2012 USD 6.00
Lehman Brothers Tr 9.50 4/1/2018 USD 6.00
Lehman Brothers Tr 7.15 3/21/2013 USD 6.00
Lehman Brothers Tr 6.25 11/30/2012 EUR 6.00
Lehman Brothers Tr 1.00 2/26/2010 USD 6.00
Lehman Brothers Tr 3.50 6/20/2011 EUR 6.00
Lehman Brothers Tr 7.50 2/14/2010 AUD 1.38
Lehman Brothers Tr 10.00 10/23/2008 USD 1.38
Lehman Brothers Tr 10.00 10/22/2008 USD 1.38
Lehman Brothers Tr 6.45 2/20/2010 AUD 1.38
Lehman Brothers Tr 10.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.60 8/1/2013 EUR 6.00
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 7.60 3/4/2010 NZD 1.38
Lehman Brothers Tr 3.63 3/2/2012 EUR 1.38
Lehman Brothers Tr 7.75 2/21/2016 EUR 6.00
Lehman Brothers Tr 8.80 12/27/2009 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.75 3/29/2012 EUR 6.00
Lehman Brothers Tr 5.00 12/6/2011 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 1/4/2011 USD 1.38
Lehman Brothers Tr 11.75 3/1/2010 EUR 1.38
Lehman Brothers Tr 3.82 10/20/2009 USD 1.38
Lehman Brothers Tr 3.00 8/13/2011 EUR 6.00
Lehman Brothers Tr 4.80 11/16/2012 HKD 1.38
Lehman Brothers Tr 4.00 10/12/2010 USD 1.38
Lehman Brothers Tr 8.00 10/23/2008 USD 1.38
Lehman Brothers Tr 6.00 9/20/2011 EUR 6.00
Lehman Brothers Tr 3.40 9/21/2009 HKD 1.38
Lehman Brothers Tr 2.30 4/28/2014 JPY 6.00
Lehman Brothers Tr 7.50 6/15/2017 USD 6.00
Lehman Brothers Tr 6.00 12/30/2017 EUR 6.00
Lehman Brothers Tr 4.10 5/20/2009 USD 1.38
Lehman Brothers Tr 2.00 5/17/2010 EUR 1.38
Lehman Brothers Tr 13.00 7/25/2012 EUR 1.38
Lehman Brothers Tr 10.00 8/2/2037 JPY 6.00
Lehman Brothers Tr 1.50 10/12/2010 EUR 6.00
Lehman Brothers Tr 4.10 8/23/2010 USD 1.38
Lehman Brothers Tr 4.60 11/9/2011 EUR 6.00
Lehman Brothers Tr 6.00 2/14/2012 EUR 1.38
Lehman Brothers Tr 7.00 2/15/2012 EUR 1.38
Lehman Brothers Tr 6.00 5/12/2017 EUR 6.00
Lehman Brothers Tr 6.60 2/22/2012 EUR 1.13
Lehman Brothers Tr 5.20 3/19/2018 EUR 1.38
Lehman Brothers Tr 1.95 11/4/2013 EUR 1.38
Lehman Brothers Tr 11.00 12/19/2011 USD 6.00
Lehman Brothers Tr 10.00 3/27/2009 USD 6.00
Lehman Brothers Tr 5.00 10/24/2008 CHF 1.38
Lehman Brothers Tr 7.00 4/14/2009 EUR 1.38
Lehman Brothers Tr 7.75 1/30/2009 EUR 1.38
Lehman Brothers Tr 0.25 7/21/2014 EUR 6.00
Lehman Brothers Tr 4.95 10/25/2036 EUR 6.00
Lehman Brothers Tr 11.00 6/29/2009 EUR 1.38
Lehman Brothers Tr 5.50 6/15/2009 CHF 1.38
Lehman Brothers Tr 1.50 10/25/2011 EUR 6.00
Lehman Brothers Tr 6.75 4/5/2012 EUR 6.00
Lehman Brothers Tr 5.00 4/24/2017 EUR 6.00
Lehman Brothers Tr 7.39 5/4/2017 USD 6.00
Lehman Brothers Tr 3.35 10/13/2016 EUR 6.00
Lehman Brothers Tr 0.80 12/30/2016 EUR 6.00
Lehman Brothers Tr 6.00 5/23/2018 CZK 6.00
Lehman Brothers Tr 4.00 5/30/2010 USD 1.38
Lehman Brothers Tr 4.00 5/17/2010 USD 6.00
Lehman Brothers Tr 2.48 5/12/2009 USD 6.00
Lehman Brothers Tr 2.25 5/12/2009 USD 6.00
Lehman Brothers Tr 2.30 6/27/2013 USD 1.38
Lehman Brothers Tr 3.50 10/24/2011 USD 6.00
Lehman Brothers Tr 0.25 10/19/2012 CHF 6.00
Lehman Brothers Tr 1.68 3/5/2015 EUR 6.00
Lehman Brothers Tr 9.00 5/15/2022 USD 6.00
Lehman Brothers Tr 7.50 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.32 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.50 9/13/2009 CHF 1.38
Lehman Brothers Tr 6.50 7/24/2026 EUR 6.00
Lehman Brothers Tr 4.50 8/2/2009 USD 1.38
Lehman Brothers Tr 0.50 2/16/2009 EUR 1.38
Lehman Brothers Tr 4.25 3/13/2021 EUR 1.38
Lehman Brothers Tr 6.00 3/17/2011 EUR 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.00 12/6/2016 USD 6.00
Lehman Brothers Tr 5.00 9/1/2011 EUR 6.00
Lehman Brothers Tr 3.70 6/6/2009 EUR 6.00
Lehman Brothers Tr 4.50 3/6/2013 CHF 6.00
Lehman Brothers Tr 4.00 4/24/2009 USD 1.38
Lehman Brothers Tr 9.00 6/13/2009 USD 1.38
Lehman Brothers Tr 9.00 3/17/2009 GBP 1.38
Lehman Brothers Tr 7.00 11/28/2008 CHF 1.38
Lehman Brothers Tr 3.85 4/24/2009 USD 1.38
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.50 7/24/2014 EUR 6.00
Lehman Brothers Tr 4.50 12/30/2010 USD 1.38
Lehman Brothers Tr 7.75 1/3/2012 AUD 1.38
Lehman Brothers Tr 3.10 6/4/2010 USD 1.38
Lehman Brothers Tr 2.50 8/15/2012 CHF 6.00
Lehman Brothers Tr 13.15 10/30/2008 USD 1.38
Lehman Brothers Tr 0.50 8/1/2020 EUR 1.38
Lehman Brothers Tr 14.10 11/12/2008 USD 1.38
Lehman Brothers Tr 4.00 8/11/2010 USD 6.00
Lehman Brothers Tr 12.00 7/13/2037 JPY 6.00
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 7.50 8/1/2035 EUR 6.00
Lehman Brothers Tr 4.90 7/28/2020 EUR 6.00
Lehman Brothers Tr 4.15 8/25/2020 EUR 1.38
Lehman Brothers Tr 7.50 5/30/2010 AUD 1.38
Lehman Brothers Tr 11.00 5/9/2020 USD 6.00
Lehman Brothers Tr 4.30 6/4/2012 USD 1.38
Lehman Brothers Tr 4.00 6/5/2011 USD 1.38
Lehman Brothers Tr 2.30 6/6/2013 USD 1.38
Lehman Brothers Tr 6.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 2.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 10.00 1/4/2010 USD 6.00
Lehman Brothers Tr 17.00 6/2/2009 USD 1.38
Lehman Brothers Tr 16.80 8/21/2009 USD 1.38
Lehman Brothers Tr 5.22 3/1/2024 EUR 1.38
Lehman Brothers Tr 6.60 5/23/2012 AUD 1.38
Lehman Brothers Tr 3.45 5/23/2013 USD 6.00
Lehman Brothers Tr 16.00 10/28/2008 USD 1.38
Lehman Brothers Tr 5.00 2/15/2018 EUR 6.00
Lehman Brothers Tr 9.00 5/6/2011 CHF 1.38
Lehman Brothers Tr 2.75 10/28/2009 EUR 6.00
Lehman Brothers Tr 5.50 11/30/2012 CZK 6.00
Lehman Brothers Tr 2.50 11/9/2011 CHF 6.00
Lehman Brothers Tr 4.00 11/24/2016 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 USD 1.38
Lehman Brothers Tr 3.00 9/12/2036 JPY 2.50
Lehman Brothers Tr 13.00 12/14/2012 USD 6.00
Lehman Brothers Tr 2.40 6/20/2011 JPY 6.00
Lehman Brothers Tr 1.60 6/21/2010 JPY 6.00
Lehman Brothers Tr 8.05 12/20/2010 HKD 1.38
Lehman Brothers Tr 7.25 6/20/2010 USD 6.00
Lehman Brothers Tr 7.00 9/20/2011 USD 6.00
Lehman Brothers Tr 6.70 4/21/2011 USD 6.00
Magyar Telecom BV 9.50 12/15/2016 EUR 45.04
Magyar Telecom BV 9.50 12/15/2016 EUR 44.63
Morgan Stanley BV 9.00 4/16/2015 EUR 71.90
Nederlandse Waters 0.50 3/11/2025 CAD 65.79
New World Resource 7.88 5/1/2018 EUR 68.24
New World Resource 7.88 1/15/2021 EUR 36.78
New World Resource 7.88 1/15/2021 EUR 36.25
New World Resource 7.88 5/1/2018 EUR 68.47
NIBC Bank NV 25.98 5/7/2029 EUR 50.62
Nutritek Internati 8.75 12/11/2008 USD 2.00
Q-Cells Internatio 1.38 4/30/2012 EUR 32.45
Q-Cells Internatio 5.75 5/26/2014 EUR 32.09
Sairgroup Finance 4.38 6/8/2006 EUR 10.50
Sairgroup Finance 6.63 10/6/2010 EUR 12.13
Sidetur Finance BV 10.00 4/20/2016 USD 55.25
Sidetur Finance BV 10.00 4/20/2016 USD 55.00
SNS Bank NV 6.25 10/26/2020 EUR 2.13
SNS Bank NV 6.63 5/14/2018 EUR 4.13
WPE International 10.38 9/30/2020 USD 59.90
WPE International 10.38 9/30/2020 USD 59.38
NORWAY
------
Eksportfinans ASA 0.25 7/14/2033 CAD 8.50
Eksportfinans ASA 0.50 5/9/2030 CAD 14.25
Kommunalbanken AS 0.50 3/7/2017 BRL 69.77
Kommunalbanken AS 0.50 5/10/2017 BRL 68.32
Kommunalbanken AS 0.50 8/29/2017 BRL 66.85
Kommunalbanken AS 0.50 5/25/2018 ZAR 70.89
Kommunalbanken AS 0.50 9/26/2017 BRL 65.80
Kommunalbanken AS 0.50 3/28/2017 BRL 68.91
Kommunalbanken AS 0.50 6/28/2017 BRL 67.67
Kommunalbanken AS 0.50 9/20/2018 BRL 64.71
Kommunalbanken AS 0.50 3/2/2018 BRL 62.66
Kommunalbanken AS 0.50 6/1/2017 BRL 68.22
Kommunalbanken AS 0.50 8/15/2018 BRL 67.16
Kommunalbanken AS 0.50 3/29/2017 BRL 70.51
Kommunalbanken AS 0.50 8/16/2016 BRL 73.83
Kommunalbanken AS 0.50 5/27/2022 ZAR 47.60
Kommunalbanken AS 0.50 7/28/2016 BRL 74.11
Norske Skogindustr 7.00 6/26/2017 EUR 60.59
Norske Skogindustr 11.75 6/15/2016 EUR 74.02
Norske Skogindustr 6.13 10/15/2015 USD 72.75
Norske Skogindustr 6.13 10/15/2015 USD 69.53
Norske Skogindustr 7.13 10/15/2033 USD 51.63
Norske Skogindustr 11.75 6/15/2016 EUR 73.50
Norske Skogindustr 7.13 10/15/2033 USD 50.08
Petromena ASA 9.75 5/24/2014 NOK 6.75
Petromena ASA 10.85 11/19/2010 USD 6.75
PORTUGAL
--------
AdP - Aguas de Por 0.33 1/23/2023 EUR 63.88
Banco Espirito San 3.50 1/2/2043 EUR 50.13
Caixa Geral de Dep 5.98 3/3/2028 EUR 57.00
CP - Comboios de P 5.70 2/5/2030 EUR 60.31
Empresa de Desenvo 0.33 11/21/2018 EUR 66.63
Metropolitano de L 4.80 12/7/2027 EUR 73.38
Metropolitano de L 4.06 12/4/2026 EUR 71.93
Parpublica - Parti 4.20 11/16/2026 EUR 68.25
Portugal Obrigacoe 4.10 4/15/2037 EUR 72.12
Rede Ferroviaria N 4.25 12/13/2021 EUR 70.38
Rede Ferroviaria N 4.05 11/16/2026 EUR 71.78
ROMANIA
-------
City of Iasi Roman 4.45 11/15/2028 RON 71.23
RUSSIA
------
Arizk 3.00 12/20/2030 RUB 46.44
Kuzbassenergo-Fina 8.70 4/15/2021 RUB 72.01
Mechel 8.40 5/27/2021 RUB 70.02
Mechel 8.40 6/1/2021 RUB 70.13
Mechel 8.40 5/27/2021 RUB 70.21
Mobile Telesystems 5.00 6/29/2021 RUB 74.25
MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 9.17
Novosibirsk TIN Pl 12.50 8/26/2014 RUB 5.00
RBC OJSC 3.27 4/19/2018 RUB 51.50
Russian Railways J 8.40 6/8/2028 RUB 100.00
Saturn Research & 8.50 6/6/2014 RUB 1.01
TGC-2 12.00 10/10/2018 RUB 75.00
World of Building 4.20 6/25/2019 RUB 3.60
SPAIN
-----
Autonomous Communi 4.25 10/31/2036 EUR 65.75
Autonomous Communi 4.22 4/26/2035 EUR 64.14
Autonomous Communi 4.69 10/28/2034 EUR 68.88
Autonomous Communi 2.97 9/8/2039 JPY 59.88
Autonomous Communi 0.48 10/17/2022 EUR 70.50
Autonomous Communi 2.10 5/20/2024 EUR 73.97
Autonomous Communi 0.27 11/29/2021 EUR 74.92
Banco de Castilla 1.50 6/23/2021 EUR 65.00
Bankinter SA 6.00 12/18/2028 EUR 65.13
City of Madrid Spa 0.34 10/10/2022 EUR 66.37
City of Madrid Spa 4.55 6/16/2036 EUR 73.57
Comunidad Autonoma 3.90 11/30/2035 EUR 63.84
Comunidad Autonoma 4.20 10/25/2036 EUR 66.58
Comunidad Autonoma 4.06 11/23/2035 EUR 63.94
Diputacion Foral d 4.32 12/29/2023 EUR 61.41
Ibercaja Banco SAU 1.09 4/20/2018 EUR 70.93
Junta Comunidades 0.41 12/5/2023 EUR 54.38
Junta Comunidades 3.88 1/31/2036 EUR 60.38
Junta de Extremadu 0.95 6/10/2024 EUR 72.31
Pescanova SA 5.13 4/20/2017 EUR 18.74
Pescanova SA 8.75 2/17/2019 EUR 17.79
Pescanova SA 6.75 3/5/2015 EUR 17.96
Spain Government I 2.92 12/2/2030 JPY 69.99
SWEDEN
------
Dannemora Mineral 11.75 3/22/2016 USD 41.50
Northland Resource 4.00 10/15/2020 USD 6.63
Northland Resource 4.00 10/15/2020 NOK 7.00
Svensk Exportkredi 0.50 9/14/2016 BRL 74.58
Svensk Exportkredi 0.50 2/22/2022 ZAR 46.97
Svensk Exportkredi 0.50 6/29/2017 IDR 73.20
Svensk Exportkredi 0.50 1/31/2022 ZAR 47.32
Svensk Exportkredi 0.50 6/28/2022 ZAR 45.13
Svensk Exportkredi 0.50 3/19/2018 IDR 68.74
Svensk Exportkredi 0.50 8/28/2018 BRL 59.21
Svensk Exportkredi 0.50 3/15/2022 ZAR 46.66
Svensk Exportkredi 0.50 8/26/2021 AUD 68.36
Svensk Exportkredi 0.50 12/17/2027 USD 60.33
Svensk Exportkredi 0.50 12/14/2016 BRL 72.32
Svensk Exportkredi 0.50 9/28/2017 IDR 71.27
Svensk Exportkredi 0.50 2/3/2017 BRL 70.83
Svensk Exportkredi 0.50 7/21/2017 BRL 67.44
Svensk Exportkredi 0.50 12/21/2016 BRL 72.17
Svensk Exportkredi 0.50 9/20/2017 TRY 71.95
Svensk Exportkredi 0.50 12/22/2016 BRL 72.19
Svensk Exportkredi 0.50 8/28/2020 TRY 54.02
Svensk Exportkredi 0.50 9/5/2017 IDR 71.10
Svensk Exportkredi 0.50 3/10/2017 BRL 70.65
Svensk Exportkredi 0.50 1/26/2017 BRL 71.31
Svensk Exportkredi 0.50 6/30/2017 BRL 67.86
Svensk Exportkredi 1.00 11/15/2021 AUD 72.00
Svensk Exportkredi 0.50 6/21/2017 BRL 68.05
Svensk Exportkredi 0.50 8/25/2021 ZAR 56.85
SWITZERLAND
-----------
UBS AG 24.75 1/3/2014 EUR 66.60
Banque Cantonale V 11.80 1/29/2014 CHF 63.63
Banque Cantonale V 6.50 10/5/2015 CHF 72.74
Banque Cantonale V 2.00 7/8/2014 CHF 61.29
SAir Group 6.25 10/27/2002 CHF 11.00
SAir Group 4.25 2/2/2007 CHF 11.63
SAir Group 2.13 11/4/2004 CHF 11.00
SAir Group 0.13 7/7/2005 CHF 11.25
SAir Group 5.50 7/23/2003 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.13
SAir Group 6.25 4/12/2005 CHF 10.88
UBS AG 24.50 1/3/2014 EUR 53.44
UBS AG 23.75 1/3/2014 EUR 58.46
UBS AG 8.87 4/15/2014 USD 10.17
UBS AG 24.00 1/3/2014 EUR 71.67
UBS AG 24.25 1/3/2014 EUR 60.63
UBS AG 18.45 10/24/2013 USD 8.73
UBS AG 14.25 1/3/2014 EUR 52.30
UBS AG 20.00 1/3/2014 EUR 56.56
UBS AG 7.25 7/29/2014 USD 31.57
UBS AG 6.03 5/14/2014 USD 54.95
UBS AG 24.50 1/3/2014 EUR 67.05
UBS AG 7.50 1/3/2014 EUR 64.51
UBS AG 12.70 4/22/2014 USD 66.71
UBS AG 8.94 2/13/2014 USD 14.64
UBS AG 6.29 2/26/2014 USD 32.99
UBS AG 6.22 2/26/2014 USD 38.93
UBS AG 24.00 1/3/2014 EUR 72.58
UBS AG 16.50 1/3/2014 EUR 69.19
UBS AG 18.25 1/3/2014 EUR 62.22
UBS AG 18.75 1/3/2014 EUR 66.02
UBS AG 20.25 1/3/2014 EUR 63.41
UBS AG 17.25 1/3/2014 EUR 42.91
UBS AG 11.50 1/3/2014 EUR 52.05
UBS AG 15.50 1/3/2014 EUR 72.73
UBS AG 22.00 1/3/2014 EUR 61.74
UBS AG 17.75 1/3/2014 EUR 68.54
UBS AG 6.04 8/29/2014 USD 35.75
UBS AG 10.46 1/2/2014 USD 35.35
UBS AG 8.75 1/3/2014 EUR 69.50
UBS AG 15.25 1/3/2014 EUR 63.26
UBS AG 10.75 1/3/2014 EUR 69.94
UBS AG 12.50 1/3/2014 EUR 62.75
UBS AG 19.00 1/3/2014 EUR 53.05
UBS AG 14.25 1/3/2014 EUR 70.59
UBS AG 20.50 1/3/2014 EUR 69.50
UBS AG 8.50 1/3/2014 EUR 69.72
UBS AG 24.00 1/3/2014 EUR 63.30
UBS AG 22.25 1/3/2014 EUR 63.98
UBS AG 9.53 12/17/2013 USD 48.94
UBS AG 6.49 5/23/2014 USD 21.20
UBS AG 6.53 5/27/2014 USD 21.09
UBS AG 6.33 5/12/2014 USD 19.48
UBS AG 9.25 4/30/2014 USD 9.78
UBS AG 14.00 6/27/2014 EUR 55.27
UBS AG 11.75 6/27/2014 EUR 48.70
UBS AG 8.29 1/14/2014 USD 19.98
UBS AG 5.22 1/28/2014 USD 11.48
UBS AG 7.86 1/31/2014 USD 20.24
UBS AG 9.17 6/30/2014 USD 67.70
UBS AG 7.25 8/8/2014 USD 45.54
UBS AG 8.35 10/24/2013 USD 50.89
UBS AG 9.45 10/22/2013 USD 20.95
UBS AG 9.00 1/3/2014 EUR 48.64
UBS AG 14.75 1/3/2014 EUR 44.63
UBS AG 7.15 2/26/2014 USD 32.50
UBS AG 10.75 1/3/2014 EUR 55.72
UBS AG 5.00 1/3/2014 EUR 63.46
UBS AG 8.21 2/26/2014 USD 50.39
UBS AG 10.00 1/3/2014 EUR 43.67
UBS AG 13.50 1/3/2014 EUR 56.28
UBS AG 13.75 1/3/2014 EUR 56.97
UBS AG 10.00 1/3/2014 EUR 62.22
UBS AG 8.25 1/3/2014 EUR 62.15
UBS AG 23.00 1/3/2014 EUR 69.99
UBS AG 18.75 1/3/2014 EUR 69.15
UBS AG 7.25 1/3/2014 EUR 69.51
UBS AG 23.25 1/3/2014 EUR 48.61
UBS AG 22.75 1/3/2014 EUR 59.35
UBS AG 21.50 1/3/2014 EUR 61.38
UBS AG 17.50 1/3/2014 EUR 68.73
UBS AG 14.50 1/3/2014 EUR 74.99
UBS AG 16.00 1/3/2014 EUR 71.69
UBS AG 21.00 1/3/2014 EUR 38.60
UBS AG 6.19 1/8/2014 USD 19.82
UBS AG 9.93 6/18/2014 USD 50.46
UBS AG 9.89 11/22/2013 EUR 71.22
UBS AG 8.00 1/3/2014 EUR 55.16
UBS AG 4.75 1/3/2014 EUR 69.04
UBS AG 4.50 6/27/2014 EUR 48.72
UBS AG 8.75 6/27/2014 EUR 58.09
UBS AG 6.80 2/20/2014 USD 27.83
UBS AG 6.80 2/20/2014 USD 27.76
UBS AG 5.50 3/28/2014 EUR 55.86
UBS AG 9.50 3/28/2014 EUR 50.93
UBS AG 13.50 3/28/2014 EUR 62.47
UBS AG 12.00 3/28/2014 EUR 42.70
UBS AG 11.50 1/3/2014 EUR 39.79
UBS AG 14.00 3/28/2014 EUR 52.93
UBS AG 7.75 6/27/2014 EUR 45.94
UBS AG 6.00 3/28/2014 EUR 49.43
UBS AG 7.00 6/27/2014 EUR 50.45
UBS AG 11.00 3/28/2014 EUR 46.42
UBS AG 11.00 6/27/2014 EUR 59.64
UBS AG 13.00 6/27/2014 EUR 45.50
UBS AG 13.00 1/3/2014 EUR 59.17
UBS AG 10.75 3/28/2014 EUR 58.16
UBS AG 5.00 6/27/2014 EUR 63.87
UBS AG 10.50 6/27/2014 EUR 52.89
UBS AG 12.25 6/27/2014 EUR 71.08
UBS AG 6.25 6/27/2014 EUR 56.36
UBS AG 11.25 3/28/2014 EUR 72.74
UBS AG 11.00 1/3/2014 EUR 70.06
UBS AG 12.25 3/28/2014 EUR 68.98
UBS AG 12.00 1/3/2014 EUR 66.02
UBS AG 13.75 6/27/2014 EUR 65.24
UBS AG 8.00 3/28/2014 EUR 56.96
UBS AG 20.25 1/3/2014 EUR 67.22
UBS AG 24.50 1/3/2014 EUR 59.05
UBS AG 21.75 1/3/2014 EUR 58.98
UBS AG 12.25 1/3/2014 EUR 52.20
UBS AG 18.00 1/3/2014 EUR 64.27
UBS AG 24.75 1/3/2014 EUR 54.61
UBS AG 22.00 1/3/2014 EUR 63.63
UBS AG 19.25 1/3/2014 EUR 71.52
UBS AG 23.50 1/3/2014 EUR 72.60
UBS AG 18.50 1/3/2014 EUR 71.37
UBS AG 6.50 1/3/2014 EUR 63.77
UBS AG 13.00 1/3/2014 EUR 49.48
UBS AG 5.75 1/3/2014 EUR 54.70
UBS AG 4.25 1/3/2014 EUR 54.36
UBS AG 6.25 1/3/2014 EUR 48.11
UBS AG 20.00 1/3/2014 EUR 64.93
UBS AG 14.41 11/21/2013 USD 40.01
UBS AG 23.25 1/3/2014 EUR 65.06
UBS AG 15.50 1/3/2014 EUR 45.13
UBS AG 18.25 1/3/2014 EUR 41.49
UBS AG 6.75 1/3/2014 EUR 68.80
UBS AG 20.75 1/3/2014 EUR 70.05
UBS AG 16.25 1/3/2014 EUR 72.22
UBS AG 19.75 1/3/2014 EUR 64.89
UBS AG 10.00 1/3/2014 EUR 55.96
UBS AG 13.75 1/3/2014 EUR 47.78
UBS AG 12.50 1/3/2014 EUR 49.77
UBS AG 8.50 1/3/2014 EUR 60.73
UBS AG 23.50 1/3/2014 EUR 36.11
UBS AG 22.75 1/3/2014 EUR 59.75
UBS AG 19.50 1/3/2014 EUR 65.22
UBS AG 20.50 1/3/2014 EUR 70.00
UBS AG 23.50 1/3/2014 EUR 72.59
UBS AG 18.25 1/3/2014 EUR 41.55
UBS AG 24.75 1/3/2014 EUR 72.66
UBS AG 17.50 1/3/2014 EUR 69.19
UBS AG 21.50 1/3/2014 EUR 61.80
UBS AG 7.98 3/17/2014 USD 10.60
UBS AG 14.75 3/28/2014 EUR 71.70
UBS AG 11.50 6/27/2014 EUR 74.62
UBS AG 4.50 3/28/2014 EUR 64.14
UBS AG 6.50 3/28/2014 EUR 44.45
UBS AG 7.30 7/7/2014 USD 28.53
TURKEY
------
APP International 11.75 10/1/2005 USD 5.00
Yuksel Insaat AS 9.50 11/10/2015 USD 72.64
UKRAINE
-------
Agroton Public Ltd 12.50 7/14/2014 USD 50.00
UNITED KINGDOM
--------------
Alpha Credit Group 0.73 2/21/2021 EUR 52.38
Alpha Credit Group 6.00 7/29/2020 EUR 72.88
Barclays Bank PLC 0.61 12/28/2040 EUR 64.00
Barclays Bank PLC 8.00 5/23/2014 USD 10.81
Barclays Bank PLC 2.20 11/30/2025 USD 21.86
Barclays Bank PLC 0.50 3/13/2023 RUB 47.04
Barclays Bank PLC 6.75 10/16/2015 GBP 1.15
Barclays Bank PLC 7.40 2/13/2014 GBP 1.04
Barclays Bank PLC 2.50 3/7/2017 EUR 35.67
Barclays Bank PLC 8.25 1/26/2015 USD 1.13
Barclays Bank PLC 1.99 12/1/2040 USD 71.38
Barclays Bank PLC 1.64 6/3/2041 USD 66.57
Barclays Bank PLC 7.50 4/29/2014 GBP 1.06
Barclays Bank PLC 2.33 1/2/2041 USD 73.08
Cattles Ltd 6.88 1/17/2014 GBP 2.50
Cattles Ltd 7.13 7/5/2017 GBP 2.50
Commercial Bank Pr 5.80 2/9/2016 USD 69.01
Co-Operative Bank 9.25 4/28/2021 GBP 72.74
Co-Operative Bank 5.75 12/2/2024 GBP 68.46
Co-Operative Bank 7.88 12/19/2022 GBP 70.52
Co-Operative Bank 5.88 3/28/2033 GBP 69.57
Co-Operative Bank 5.63 11/16/2021 GBP 55.13
Co-Operative Bank 1.01 5/18/2016 EUR 69.71
Credit Suisse AG/L 11.50 4/4/2014 CHF 70.01
Credit Suisse AG/L 8.50 11/5/2013 CHF 45.66
Credit Suisse AG/L 6.50 1/14/2014 CHF 55.22
Credit Suisse AG/L 9.00 11/14/2013 CHF 51.41
Credit Suisse AG/L 1.64 6/1/2042 USD 46.62
Credit Suisse AG/L 8.00 1/14/2014 USD 55.38
Credit Suisse AG/L 6.85 8/8/2014 USD 57.36
Credit Suisse AG/L 10.50 11/15/2013 USD 51.48
Credit Suisse Inte 4.40 10/24/2013 EUR 57.10
Credit Suisse Inte 4.45 12/13/2013 EUR 53.20
Dunfermline Buildi 6.00 3/31/2015 GBP 1.38
Emporiki Group Fin 5.00 2/24/2022 EUR 60.75
Emporiki Group Fin 5.00 12/2/2021 EUR 61.13
Emporiki Group Fin 5.10 12/9/2021 EUR 62.13
ERB Hellas PLC 0.52 9/3/2014 EUR 72.13
Goldman Sachs Inte 2.50 8/17/2018 EUR 20.40
HSBC Bank PLC 0.50 4/3/2023 AUD 62.86
HSBC Bank PLC 0.50 12/2/2022 AUD 64.19
HSBC Bank PLC 0.50 2/24/2023 AUD 63.27
HSBC Bank PLC 0.50 10/25/2021 AUD 68.62
HSBC Bank PLC 0.50 11/30/2021 NZD 65.52
HSBC Bank PLC 0.50 12/20/2018 RUB 69.82
HSBC Bank PLC 0.50 6/30/2021 NZD 67.16
HSBC Bank PLC 0.50 2/2/2023 AUD 63.51
HSBC Bank PLC 0.50 12/29/2022 AUD 63.89
HSBC Bank PLC 0.50 2/5/2018 RUB 74.86
HSBC Bank PLC 0.50 3/1/2018 RUB 74.48
HSBC Bank PLC 0.50 4/27/2027 NZD 47.02
HSBC Bank PLC 0.50 11/22/2021 AUD 68.35
HSBC Bank PLC 0.50 7/30/2027 NZD 46.29
HSBC Bank PLC 0.50 1/29/2027 NZD 47.70
HSBC Bank PLC 0.50 10/30/2026 NZD 48.42
HSBC Bank PLC 0.50 12/29/2026 AUD 50.10
HSBC Bank PLC 0.50 12/8/2026 AUD 50.28
HSBC Bank PLC 0.50 2/24/2027 NZD 47.50
Royal Bank of Scot 1.69 11/14/2016 GBP 1.10
RSL Communications 10.50 11/15/2008 USD 1.20
RSL Communications 10.13 3/1/2008 USD 1.25
RSL Communications 9.13 3/1/2008 USD 1.25
RSL Communications 9.88 11/15/2009 USD 1.25
RSL Communications 12.00 11/1/2008 USD 1.25
UBS AG/London 25.00 3/20/2014 CHF 62.25
UBS AG/London 7.63 9/30/2015 USD 16.71
UBS AG/London 20.25 4/17/2014 CHF 66.13
UBS AG/London 6.88 8/31/2015 USD 15.37
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. 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 * * *