/raid1/www/Hosts/bankrupt/TCREUR_Public/150119.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, January 19, 2015, Vol. 15, No. 12
Headlines
G R E E C E
GREECE: Creditors Worry Over Precautionary Credit Line
I R E L A N D
ARBOUR CLO II: Fitch Assigns Final 'B-sf' Rating to Class F Notes
HARVEST CLO V: Fitch Affirms 'Bsf' Ratings on Two Note Classes
SETANTA INSURANCE: Expects Significant Shortfall in Funds
L U X E M B O U R G
ENDO LUXEMBOURG: Moody's Confirms 'Ba3' Corporate Family Rating
ONEX WIZARD: Moody's Assigns 'B2' Corporate Family Rating
SUNRISE COMMUNICATIONS: Fitch Puts 'BB-' IDR on Watch Positive
S P A I N
HIPOTECARIO MIXTO V: S&P Lowers Rating on Class C Notes to 'B-'
MADRID RMBS IV: S&P Lowers Rating on Class C Notes to 'BB-'
TDA TARRAGONA 1: S&P Raises Ratings on 2 Note Classes From 'B+'
S W I T Z E R L A N D
NORD ANGLIA: First Quarter Results No Impact on Moody's B1 Rating
U K R A I N E
AKTABANK: Deposit Fund Commences Liquidation Procedure
INTERCREDITBANK: Deposit Fund Launches Liquidation Procedure
UKRAINE: Russia's Early Bond Redemption May Trigger Default
U N I T E D K I N G D O M
ALPARI LTD: Enters Insolvency Over Extreme Lack of Liquidity
AUSTIN REED: Plans to Close Around 30 Stores Under CVA Deal
MERLIN ENTERTAINMENTS: Moody's Hikes Corp. Family Rating to Ba2
THOMAS COOK: S&P Assigns 'B' Rating to EUR400MM Sr. Unsec. Bonds
THOMAS COOK: Fitch Rates Senior Unsecured Notes 'B+(EXP)/'RR3'
TOWERGATE FINANCE: Bondholders Mull "Pre-Packaged Administration"
U Z B E K I S T A N
KDB BANK: S&P Assigns 'B+/B' Counterparty Ratings
X X X X X X X X
* BOND PRICING: For the Week January 12 to January 16, 2015
*********
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G R E E C E
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GREECE: Creditors Worry Over Precautionary Credit Line
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Gabriele Steinhauser and Viktoria Dendrinou at The Wall Street
Journal report three European officials on Jan. 16 said that some
of Greece's international creditors are worried that a
precautionary credit line might not be enough to secure the
country's finances this year and that it might instead need new
loans from the currency union's bailout fund.
According to the Journal, the three officials said these concerns
were expressed at a meeting of senior officials from eurozone
finance ministries and the "troika" of the European Commission,
the European Central Bank and the International Monetary Fund on
Thursday evening in Brussels. The fresh worries about Greece's
fiscal situation comes ahead of parliamentary elections on
Jan. 25, which the anti-austerity Syriza party is widely expected
to win, the Journal notes.
People familiar with the matter said the banks are seeking a few
billion euros between them, the Journal relays. The move
heightened fears over the stability of Greece's banking system as
the country lurches through another period of political
uncertainty, the Journal states.
The upcoming elections have put on hold negotiations between
Greece and its international creditors on a credit line to follow
its EUR240 billion (US$277 billion) bailout from the eurozone and
the IMF, the Journal discloses. A credit line, the eurozone and
Greece had hoped, would help convince private investors the
country can pay its bills after the rescue program runs out, the
Journal says.
However, now some creditors are beginning to question whether a
precautionary credit line will be enough to sustain Greece's
finances, or whether the eurozone should "rather be talking about
a third [bailout] program with money that would actually be
used," the Journal quotes one of the officials as saying.
According to the Journal, another official said some countries,
along with troika members, have concerns about Greece's fiscal
situation and raised the prospect of new loans.
Neither official wanted to name the countries that were arguing
in favor of a third bailout, the Journal notes.
Greece's bailout program, and the painful conditions it has to
fulfill to receive the money, has dominated the election
campaign, the Journal says. The leftist Syriza party has
promised voters that it won't make more cuts to public spending
and that it will push the eurozone to forgive some of Greece's
debts, the Journal discloses. The prospect of new bailout loans,
rather than just a precautionary line, is likely to further
complicate matters for the governing center-right New Democracy
party, which has been telling voters that Greece's economy is
finally improving, the Journal states.
At their meeting on Jan. 15, eurozone officials also expressed
willingness to further extend the country's existing bailout,
which is now scheduled to expire at the end of February, the
Journal says, citing two officials. An extension would give
Greece more time to form a government and negotiate a follow-up
arrangement, the Journal notes.
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I R E L A N D
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ARBOUR CLO II: Fitch Assigns Final 'B-sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Arbour CLO II Limited notes final
ratings, as follows:
EUR5 million class A1: 'AAAsf'; Outlook Stable
EUR204.3 million class A2: 'AAAsf'; Outlook Stable
EUR22 million class B1: 'AAsf'; Outlook Stable
EUR25.7 million class B2: 'AAsf'; Outlook Stable
EUR10 million class C1: 'Asf'; Outlook Stable
EUR12 million class C2: 'Asf'; Outlook Stable
EUR19.8 million class D: 'BBBsf'; Outlook Stable
EUR26.2 million class E: 'BBsf'; Outlook Stable
EUR10.6 million class F: 'B-sf'; Outlook Stable
EUR39.5 million subordinated notes: not rated
Arbour CLO II Limited is an arbitrage cash flow collateralized
loan obligation (CLO). Net proceeds from the issuance of the
notes are being used to purchase a EUR365.3 million portfolio of
mostly European leveraged loans and bonds. The portfolio is
managed by Oaktree Capital Management (UK) LLP. The transaction
features a four-year reinvestment period.
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. Fitch has credit opinions or public ratings on
all the obligors in the identified portfolio. The covenanted
maximum Fitch weighted average rating factor (WARF) for assigning
the final ratings is 34. The WARF of the identified portfolio is
31.4.
High Recovery Expectations
At least 90% of the portfolio will comprise senior secured loans
and bonds. Recovery prospects for these assets are typically more
favorable than for second-lien, unsecured, and mezzanine assets.
Fitch has assigned Recovery Ratings (RR) to all the assets in the
identified portfolio. The covenanted minimum Fitch weighted
average recovery rate (WARR) for assigning the final ratings is
69.5%. The WARR of the identified portfolio is 73.4%.
Above-Average Concentration
Portfolio profile tests limit the exposure to the largest Fitch
industry to 20% and to the three largest Fitch industries to 50%.
This is above the threshold for CLOs rated recently by Fitch.
Furthermore, up to five obligors in the portfolio can each
represent 3% of the pool. This is above the typical number of
exceptions for CLOs rated recently by Fitch.
Partial Interest Rate Hedge
Between 5% and 15% of the portfolio may be invested in fixed-rate
assets, while fixed-rate liabilities account for 10.1% of the
target par amount. If the minimum fixed-rate assets test falls
below 5%, the collateral manager will not be able to buy
floating-rate assets until the test is satisfied.
Limited FX Risk
The transaction is allowed to invest up to 30% of the portfolio
in non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase. Unhedged non-
euro assets may not exceed 2.5% of the portfolio at any time.
Documentation Amendments
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers confirmation to be
given if Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.
HARVEST CLO V: Fitch Affirms 'Bsf' Ratings on Two Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO V plc's notes as follows:
Class A-R (No ISIN): affirmed at 'AAAsf'; Outlook Stable
Class A-D (ISIN XS0293379342): affirmed at 'AAAsf'; Outlook
Stable
Class A-2 (ISIN XS0293379771): affirmed at 'AAsf'; Outlook Stable
Class B (ISIN XS0293380191): affirmed at 'Asf'; Outlook Stable
Class C-1 (ISIN XS0293380274): affirmed at 'BBBsf'; Outlook
Stable
Class C-2 (ISIN XS0293951280): affirmed at 'BBBsf'; Outlook
Stable
Class D (ISIN XS0293380431): affirmed at 'BBsf'; Outlook Stable
Class E-1 (ISIN XS0293380514): affirmed at 'Bsf'; Outlook Stable
Class E-2 (ISIN XS0293952684): affirmed at 'Bsf'; Outlook Stable
Class Q (ISIN XS0293380944): affirmed at 'BB-sf'; Outlook Stable
Harvest CLO V is a securitization of mainly senior secured,
senior unsecured, second-lien and mezzanine loans (including
revolvers). At closing a total note issuance of EUR650 million
was used to invest in a target portfolio of EUR632 million. The
portfolio is actively managed by 3i Debt Management Investments
Limited.
KEY RATING DRIVERS
The affirmation reflects adequate levels of credit enhancement
for the rated notes. The credit quality of performing assets has
improved since November 2013, as reflected in the reported
weighted average rating factor decreasing to 27.8 currently from
28.7 in November 2013,. However, four assets have defaulted in
the last 12 months.
Following the end of the reinvestment period in May 2014, the
manager can reinvest unscheduled principal proceeds and proceeds
from the sale of credit-improved and credit- impaired assets,
subject to certain conditions. The manager is currently unable to
reinvest any principal proceeds because of a breach of the
portfolio profile tests as well as the class E over-
collateralization (OC) test level being below 108%.
Although Fitch considers a return to reinvesting unlikely, the
agency expects limited deleveraging of the structure in the near
future given the significantly back-loaded maturity profile of
the portfolio. Only 1% of the portfolio is scheduled to mature
between now and 2016, while 25.4% and 29.1% of the portfolio is
scheduled to mature in 2020 and 2021, respectively.
The transaction is currently passing all OC tests. The OC test
values have deteriorated since November 2013 due to defaults in
the portfolio, leading to a breach of the class E OC test. The
class A-R and A-D notes were partially redeemed in November 2014,
curing the class E OC test failure. However, while the class A/B
OC test result is now above its November 2013 level, the
remaining OC tests remain below their values 12 months ago but
are still in compliance. All interest coverage tests are passing
with significant buffers.
The transaction uses the multi-currency class A-R variable
funding notes to hedge GBP and USD exposure. The main hedging
strategy following the end of the reinvestment period involves
matching senior note redemptions by currency so that GBP and USD
principal proceeds are used to redeem GBP and USD-denominated
class A-R drawings while euro principal proceeds are used to
redeem euro-denominated senior liabilities, thus keeping the
balance of GBP and USD-denominated assets and liabilities
aligned. However, a skew of defaults or prepayment activity to
assets denominated in a single currency can create a currency
mismatch, introducing additional performance volatility for the
transaction. Fitch has considered the impact of a currency
mismatch in its analysis.
Assets denominated in GBP and USD and hedged using the class A-R
notes account for 17.4% of the portfolio at spot rates, down from
18.9% in November 2013.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one notch for the rated notes.
SETANTA INSURANCE: Expects Significant Shortfall in Funds
---------------------------------------------------------
Pamela Newenham and Charlie Taylor at The Irish Times report that
Deloitte's Paul Mercieca, the liquidator of insolvent Setanta
Insurance, expects there could be a "significant shortfall"
between available funds and the total value of claims.
Mr. Mercieca, who was appointed as liquidator to the Dublin-based
insurance company in April 2014, said that as a result of the
expected shortfall he intends to make advance applications to the
Insurance Compensation Fund on behalf of claimants, The Irish
Times relates.
The State-backed fund, which was established in 1964, is one into
which all Irish insurers pay into to cover claims in the event of
a company going bust, The Irish Times discloses.
A maximum of 65% of the value of a claim, or EUR825,000,
(whichever is less) can be recovered from the fund, The Irish
Times says.
Setanta, which was licensed by the Maltese Financial Services
Authority (MFSA), collapsed early last year leaving up to 75,000
van and car drivers without cover, The Irish Times recounts.
The firm, which had been in the process of winding down its
business since January 2014, collapsed three months later when
shareholders were informed that the proposed solvent run-off of
the business was no longer possible, and a decision was taken to
immediately dissolve the business, The Irish Times relays.
Setanta Insurance was a Maltese-registered insurer. It provided
private and commercial motor insurance policies to Irish
consumers and sold exclusively through 230 brokers.
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L U X E M B O U R G
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ENDO LUXEMBOURG: Moody's Confirms 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Endo
Luxembourg Finance I Company S.a.r.l. and related entities,
including the Ba3 Corporate Family Rating, the Ba3-PD Probability
of Default Rating, the Ba1 senior secured rating and the B1
senior unsecured rating. Moody's also affirmed Endo's SGL-2
Speculative Grade Liquidity rating. These actions conclude the
rating review Moody's initiated on September 17, 2014. The rating
outlook is stable.
Confirmations:
Issuer: Endo Finance Co.
Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)
Issuer: Endo Finance LLC
Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)
Issuer: Endo Luxembourg Finance I Company S.a.r.l.
Corporate Family Rating, Confirmed at Ba3
Probability of Default Rating, Confirmed at Ba3-PD
Senior Secured Bank Credit Facility, Confirmed at Ba1 (LGD2)
Affirmations:
Issuer: Endo Luxembourg Finance I Company S.a.r.l.
Speculative Grade Liquidity Rating, Affirmed at SGL-2
Outlook Actions:
Issuer: Endo Finance Co.
Outlook, Changed To Stable From Rating Under Review
Issuer: Endo Finance LLC
Outlook, Changed To Stable From Rating Under Review
Issuer: Endo Luxembourg Finance I Company S.a.r.l.
Outlook, Changed To Stable From Rating Under Review
The confirmation reflects stabilization of Endo's underlying
business trends, significant progress in resolving mesh
litigation claims, and a focused acquisition strategy resulting
in revenue diversification and EBITDA accretion. Depending on
stockholder election, Endo's pending acquisition of Auxilium
Pharmaceuticals, Inc. ("Auxilium") could cause debt/EBITDA to
modestly exceed 4.0 times, but Moody's anticipates rapid
deleveraging in line with a publicly communicated debt/EBITDA
target of less than 4.0 times. EBITDA improvement will occur
through realization of cost synergies and organic growth drivers
within Endo's business lines including its generic pharmaceutical
segment.
Key risk factors include the potential for opportunistic
acquisitions involving more financial leverage than Moody's
current expectations, or mesh litigations costs exceeding those
included in Endo's existing accruals.
Ratings Rationale
Endo's Ba3 Corporate Family Rating reflects its modest size and
scale relative to larger pharmaceutical peers, partially offset
by the company's solid market positioning as a niche player in
the pain and urology markets and by its revenue diversity across
branded drugs, generic drugs and medical devices. Endo's
expertise in pain drugs and its good compliance with US Drug
Enforcement Agency (DEA) regulations act as high barriers to
entry, also a credit strength. The company's organic growth rates
are constrained by competition and other pressures facing core
pharmaceutical products like Lidoderm and Opana ER, and softness
in medical procedure volumes. Further, Endo faces large cash
outflows related to product safety lawsuits involving its
surgical mesh products. Amidst these pressures, Endo is
undergoing cost reduction initiatives and an acquisition strategy
focused on specialty pharmaceutical companies, most recently
including Auxilium Pharmaceuticals, Inc. Although this
transaction temporarily increases financial leverage, Moody's
anticipate that Endo will sustain debt/EBITDA within a range of
3.0 to 4.0 times consistent with its publicly articulated
financial policies.
The rating outlook is stable reflecting Moody's expectations that
Endo will sustain gross debt/EBITDA below 4.0 times while funding
mesh litigation outflows and business development. Although not
expected in the near term, Moody's could upgrade Endo's ratings
if the company substantially increases its size, scale and
diversification and significantly resolves its mesh litigation
while sustaining debt/EBITDA below 3.5 times. Conversely, Moody's
could downgrade Endo's ratings if gross debt/EBITDA is sustained
above 4.0 times. This scenario could occur if Endo performs debt-
financed acquisitions, faces higher-than-expected litigation cash
outflows, or divests businesses without a commensurate reduction
in debt levels.
The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Headquartered in Luxembourg, Endo Luxembourg Finance I Company
S.a.r.l. is a subsidiary of Endo International plc, which is
headquartered in Dublin, Ireland. Endo is a specialty healthcare
company offering branded and generic pharmaceuticals and medical
devices. Including the predecessor company Endo Health Solutions,
Inc., net revenues for the 12 months ended September 30, 2014
Moody's are approximately $2.4 billion.
ONEX WIZARD: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and a B2-PD probability of default rating (PDR) to
Onex Wizard Acquisition Company II S.C.A., which is the parent
holding company of SIG Combibloc Group AG (SIG) and the top
holding company of the restricted group.
Concurrently, Moody's has assigned provisional (P)B1 ratings to
the EUR1,965 million-equivalent senior secured Term Loan
Facilities, due 2022 and the pari pasu ranking EUR300 million
senior secured Revolving Credit Facility (RCF), due 2021 borrowed
at Onex Wizard Acquisition Company I S.a.r.l. as well as a
(P)Caa1 rating to the EUR700 million-equivalent senior unsecured
notes, due 2023 issued at Onex Wizard Acquisition Company II
S.C.A.
The outlook on all ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the new senior secured Term Loan
facilities and new senior unsecured notes. A definitive rating
may differ from a provisional rating.
The proceeds of the debt facilities, together with approximately
EUR1,015 million sponsor and management equity will be used to
effect a buyout of the company by Onex Partners IV (Onex) from
Reynolds Group Holdings Limited, which is ultimately owned by
Rank Group Limited. The funds will be used to finance the
acquisition and pay fees and expenses relating to the
transaction.
Ratings Rationale
The B2 rating is constrained by (1) SIG's concentration of sales
within one product segment; (2) potential volatility in raw
material prices, compounded by the lack of cost pass-through
mechanisms in its contracts; (3) the competitive environment in
which SIG operates, with many of the markets being dominated by
Tetra Pak; and (4) the company's high level of initial financial
leverage at 6.4x Moody's-adjusted debt/EBITDA pro forma for the
transaction and expected gradual deleveraging over the next few
years in the absence of any meaningful debt amortization until
2021, due to strong cash conversion and the cash sweep mechanism.
The B2 CFR positively reflects the company's (1) stable business
model, which is based on supplying filler machines to its
customers under contract agreements, which usually incorporate
SIG's right to supply ongoing carton sleeves; (2) shift from less
profitable, mature markets towards more profitable growing
markets, such as Asia and South America; (3) installed base of
around 1,000 filler machines deployed under long-term contracts,
with an average six year duration, as well as supply and service
contracts, resulting in long-standing customer relationships and
renewal rates of over 90% supported by high switching costs; and
(4) high share of sales towards less-discretionary food and
beverage end markets.
Liquidity Profile
Moody's views SIG's liquidity profile as adequate. After the
transaction, liquidity will be supported by EUR75 million in cash
reserves retained on balance sheet, in addition to an undrawn
EUR300 million RCF maturing in six years. Moody's expects that
liquidity will be supported by positive cash flow generation,
which will adequately cover capex requirements and all other
basic cash obligations. A significant proportion of capex, around
EUR79 million per annum, relates to the costs of installing
fillers and would naturally reduce should sales fall.
The structure contains only a springing net leverage covenant
with a target of 7.0x, only tested when the RCF is more than 30%
drawn. The liquidity profile is further supported by a long-dated
maturity profile, with no significant maturity due until 2021
when the RCF matures.
SIG's operations are moderately seasonal. SIG's customers produce
products such as beverages and liquid foods that are generally
less sensitive to seasonal effects. However, there is some
seasonality as a result of increased consumption of juices and
tea during the summer months in Europe. Sales in the fourth
quarter can increase as a result of additional purchases by
customers prior to the end of the year to achieve annual volume
rebates.
Structural Considerations
Onex Wizard Acquisition Company II S.C.A. is the top entity
within the restricted group and reporting entity for the
consolidated group. The probability of default rating is at the
same level as the corporate family rating in all scenarios,
reflecting Moody's assumption of a 50% recovery rate as is
customary for capital structures consisting of a mix of senior
and subordinated debt.
The senior secured RCF and senior secured Term Loan facilities
are secured on a first lien basis, with a security package that
includes guarantees from a substantial proportion of at least 80%
of EBITDA and 80% of assets across the group. The (P)B1 rating to
the EUR300 million senior secured RCF and EUR1,965 million-
equivalent senior secured Term Loan Facilities reflect their
highest ranking in the waterfall. The EUR700 million senior notes
rank below the senior secured facilities and are rated (P)Caa1,
two notches below the CFR, reflecting its subordination to a
material amount of debt ranking ahead.
Rating Outlook
The stable outlook on the ratings reflects Moody's expectation
that SIG will continue to grow while maintaining a conservative
financial policy and will gradually improve its key credit
metrics, benefitting from increasing penetration into profitable,
growing markets.
The stable outlook also incorporates Moody's assumption that the
company will not embark on any large debt-financed acquisitions,
or engage in shareholder-friendly initiatives prior to
deleveraging the business over the next 12-18 months.
What Could Change The Rating Up/Down
Upward pressure on the rating could result from the company's
success in improving operating profitability, leading to a
reduction in Moody's-adjusted leverage towards 5.5x, together
with an EBIT interest cover trending towards 2.0x.
Conversely, a rating downgrade could result from deteriorating
operating profitability preventing the company from improving key
credit metrics, that would result in financial leverage
deteriorating beyond 6.5x. Negative free cash flow or a
materially weakening liquidity profile would also create downward
rating pressure.
Principal Methodologies
The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Corporate Profile
SIG is a leading manufacturer of aseptic carton packaging systems
for both beverage and liquid food products, including juices,
milk, soups and sauces. SIG supplies complete aseptic carton
packaging systems, which include aseptic filling machines,
aseptic cartons, spouts, caps and closures and machine
optimization services. The company generated revenues of around
EUR1,677 in FYE December 2013.
SUNRISE COMMUNICATIONS: Fitch Puts 'BB-' IDR on Watch Positive
--------------------------------------------------------------
Fitch Ratings has placed Luxembourg-based Sunrise Communications
Holdings S.A.'s Long-term Issuer Default Rating (IDR) of 'BB-'
and Mobile Challenger Intermediate Group's (holding company) IDR
of 'B+' on Rating Watch Positive (RWP) following the announcement
of the former's planned IPO and refinancing.
The most likely outcome of the RWP will be a two-notch upgrade to
'BB+' Sunrise's Rating, with its resolution subject to the
successful listing of the company and use of proceeds to
strengthen the balance sheet. Sunrise envisages reducing net
debt-to-EBITDA to 2.7x post IPO from 3.6x (3Q14), which would
correspond to funds from operations (FFO)-adjusted net leverage
of 3.3x-3.4x. Fitch considers this as consistent with a 'BB+'
rating, given Sunrise's current operating profile, proposed
shareholder remuneration policy and no material change in the
competitive and regulatory environment in Switzerland.
KEY RATING DRIVERS
IPO to Reduce Leverage
Sunrise is planning a listing on the Swiss SIX Exchange through a
newly formed entity, Sunrise Communication Group AG during 1H15.
The IPO is expected to raise primary gross proceeds of about CHF
1.35bn, excluding any 'greenshoe' over allotment options that
could increase the IPO size by 15%. The proceeds are expected to
reduce net debt-to-EBITDA to 2.7x from 3.6x (4.7x including
Mobile Challenger's PIK toggle notes), bringing it closer to a
long-term leverage target of 2.5x. The newly listed entity will
be committed to a CHF135 million dividend in 2016, followed by a
pay-out ratio of at least 65% of equity-free cashflow thereafter
and will return any excess cashflow above its target capital
structure to shareholders.
Redemption of Existing Notes
Sunrise has also announced that it will call all of its existing
debt during February 2015. The redemption of the notes is subject
to the conditions described in the relevant redemption notice,
including the successful completion of the IPO and the
availability of new bank financing. Any new instrument ratings
will depend on the mix of secured and unsecured debt in the new
capital structure.
Stable Market Position Likely
Sunrise has a stable, number two position in the Swiss telecoms
market that is dominated by the incumbent Swisscom. Sunrise's
predominant strengths are within the mobile segment, where it has
increased its mobile revenue share to 20.5% from 19% over the
last five years. Sunrise expects 2014 revenue and adjusted EBITDA
to have grown 2%-3% yoy.
Competitive Market Environment
Competition in the Swiss telecoms market remains strong,
particularly in the fixed-line segment where Cablecom and
Swisscom have become more aggressive -- and successful -- in
marketing their multi-play bundles with ultra-broadband speeds.
This has placed pressure on Sunrise's fixed-line business, which
Fitch views as vulnerable to competition, given its role as an
unbundled local loop service provider. We expect fierce
competition to continue in this segment over the short-to medium-
term due to high broadband and pay-TV penetration rates as well
as customer migration towards higher broadband speeds.
Competition in the mobile segment could also increase with the
launch of Cablecom's moble product and recent change in ownership
of Switzerland's third mobile operator, Orange Communications
S.A., following its acquisition by NJJ Capital, a vehicle funded
by Xavier Niel, the founder of Iliad in France.
Expected Increase in Leverage
Fitch expects leverage over 2016 and 2017 to increase modestly as
a result of remaining spectrum payments, increased cash taxes and
dividend payments. This will be partly offset by a reduction in
capex, following a period of increased investment for network and
set-top boxes for its IPTV service.
RATING SENSITIVITIES
Sunrise pre-IPO
Positive: Future developments that could, individually or
collectively, lead to positive rating actions include:
-- FFO adjusted net leverage below 4.0x (or below 5.0x,
including PIKs)
-- FFO fixed charge cover above 3.0x (or above 2.5x, including
PIKs). FFO fixed charge cover for last 12 months to September
2014 was 1.8x
Negative: Future developments that could, individually or
collectively, lead to negative rating actions include:
-- FFO adjusted net leverage above 4.5x (or above 5.5x,
including PIKs)
-- FFO fixed charge cover below 2.5x (2.0x, including PIKs)
-- Mid-single digit decline in EBITDA in 2014 and/or
expectations of negative FCF, excluding spectrum payments in
the next two years
Mobile Challenger Intermediate Group SA pre-IPO
Positive: Future developments that could, individually or
collectively, lead to positive rating actions include:
-- Positive rating actions on Sunrise
Negative: Future developments that could, individually or
collectively, lead to negative rating action include:
-- Negative rating actions on Sunrise
-- An increase in the notching differential from Sunrise's IDR,
likely to be driven by an increase in the leverage of the
holding company or the issuance of new cash pay debt, with no
PIK option.
Fitch has placed the following ratings on Rating Watch Positive:
Sunrise Communications Holdings SA
Long-term IDR: 'BB-'
'Senior secured RCF due 2016: 'BB'
Senior secured notes due 2017: 'BB'
Senior notes due 2018: 'B'
Mobile Challenger Intermediate Group SA
Long-term IDR: 'B+'
Senior PIK toggle notes due 2019: 'B-'
=========
S P A I N
=========
HIPOTECARIO MIXTO V: S&P Lowers Rating on Class C Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos' class
B and C notes. At the same time, S&P has raised its rating on
the class A notes.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation."
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of September 2014. S&P's analysis reflects the application of
its RMBS criteria and its RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'. Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress. However, S&P's cash flow analysis
results indicate that it cannot assign any notches of uplift
above the sovereign rating to S&P's ratings in this transaction.
As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria cap at 'BBB (sf)' the maximum potential ratings in
this transaction.
The interest rate and basis swaps do not satisfy S&P's current
counterparty criteria, so S&P did not give benefit to the swaps
in its analysis at rating levels above its long-term 'BBB' issuer
credit rating (ICR) on Cecabank S.A. as the swap counterparty.
As in S&P's previous review, its criteria continue to link its
rating on the class A notes to its long-term 'BBB' ICR on
Cecabank. S&P considered appropriate cash flow stresses to
address interest rate and basis risk in the transaction.
The class B and C notes have irreversible interest deferral
triggers. S&P do not expect any of the interest deferral
triggers to be breached in the near term.
Credit enhancement for the class A notes has increased to 10.2%,
from 10.0% since S&P's previous review on Aug. 22, 2014.
Class Available credit
enhancement (%)
A 10.2
B 5.9
C 1.2
This transaction features an amortizing reserve fund, which
currently represents 1.2% of the outstanding performing balance
of the mortgage assets. The cash reserve started to amortize
three years after closing in July 2006. The reserve is not
amortizing, as certain performance triggers are not satisfied.
Due to periodic defaults, the cash reserve has not been at its
target amount since 2012.
Severe delinquencies of more than 90 days at 3.13% are on average
lower for this transaction than S&P's Spanish RMBS index.
Defaults are defined as mortgage loans in arrears for more than
540 days in this transaction. Cumulative defaults, at 1.64%, are
also lower than in other Spanish RMBS transactions that S&P
rates. Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in S&P's
opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 29.7 29.3
AA 23.5 25.2
A 19.1 18.2
BBB 14.4 14.5
BB 10.4 12.0
B 8.8 9.9
The increase in the WAFF is mainly due to the adjustments that
S&P applies to the original loan-to-value ratios, seasoned loans,
geographical province concentration, and adjustments that S&P
applies to jumbo loans under its updated RMBS criteria. The
increase in the WALS is mainly due to the application of S&P's
revised market value decline assumptions and the indexing of its
valuations under its RMBS criteria. The overall effect is an
increase in the required credit coverage for each rating level
since S&P's previous review.
Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria. S&P's
ratings in this transaction are not constrained by the rating on
the sovereign.
The pro rata conditions are currently met and the notes are
therefore repaying pro rata. S&P has therefore also tested the
cash flow outcomes under these conditions by applying delayed
recession timings and commingling loss. S&P's cash flow analysis
results indicate that these delayed assumptions result in lower
rating outcomes for all classes of notes. Additionally, under
S&P's RMBS criteria, it stressed a floating and fixed fee of
0.50% of current outstanding balance and EUR50,000 per year,
respectively. The increased senior fees reduce the available
distribution amounts for all classes of notes. S&P's cash flow
analysis indicates that the increased senior fees negatively
affect the subordinated classes of notes, as the fixed-fee
component increases in relative terms over time.
The class A notes do not pass S&P's cash flow stresses under its
RAS criteria, and therefore do not achieve any notches of uplift
above the sovereign rating. Specifically, the tranche does not
pass S&P's benign 'A' sovereign run. Following the application
of S&P's RMBS criteria, and after it applied its delayed
recession timing, the class A notes' cash flow results indicate
that they can withstand S&P's stress at a 'BBB' rating level.
Consequently, S&P has raised to 'BBB (sf)' from 'BBB- (sf)' its
rating on this class of notes.
S&P's cash flow analysis also indicates that the class B and C
notes can only withstand the stresses that S&P applies at 'B' and
'B-' rating levels, respectively. S&P has therefore lowered to
'B (sf)' from 'BB- (sf)' its rating on the class B notes, and to
'B- (sf)' from 'B (sf)' our rating on the class C notes.
S&P also considers credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one-year and three-year
horizons, respectively. This did not result in S&P's rating
deteriorating below the maximum projected deterioration that it
would associate with each relevant rating level, as outlined in
S&P's credit stability criteria.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when it applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and further falls in house prices in 2015.
On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
AyT Hipotecario Mixto V is a Spanish RMBS transaction, which
closed in July 2006 and securitizes first-ranking mortgage loans.
Caja General de Ahorros de Granada (now CaixaBank), Caja de
Ahorros y Monte de Piedad de Navarra (now Banco Mare Nostrum),
and Unnim Banc (now BBVA) originated the pool, which comprises
loans granted to Spanish residents, mainly located in Navarra,
Andalucia, and Catalonia.
RATINGS LIST
Class Rating Rating
To From
AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos
EUR675 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered
B B (sf) BB- (sf)
C B- (sf) B (sf)
Rating Raised
A BBB (sf) BBB- (sf)
MADRID RMBS IV: S&P Lowers Rating on Class C Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in MADRID RMBS I, Fondo de Titulizacion de Activos,
MADRID RMBS II, Fondo de Titulizacion de Activos, MADRID RMBS
III, Fondo de Titulizacion de Activos, and MADRID RMBS IV, Fondo
de Titulizacion de Activos.
Specifically, S&P has:
-- Raised its ratings on MADRID RMBS I and II's class B notes;
-- Lowered its ratings on MADRID RMBS I's class A2 notes,
MADRID RMBS II's class A3 notes, MADRID RMBS III's class A2
and A3 notes, and MADRID RMBS IV's class B and C notes; and
-- Affirmed its ratings on MADRID RMBS I class C, D, and E
notes, MADRID RMBS II's class A2, C, D, and E notes, MADRID
RMBS III's class B, C, D, and E notes, and MADRID RMBS IV's
class A1, A2, D, and E notes.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of these transactions, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of the November 2014 investor reports. S&P's analysis reflects
the application of its RMBS criteria, its RAS criteria, and its
current counterparty criteria
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'. Under S&P's RAS criteria, these
transactions' notes can therefore be rated four notches above the
sovereign rating, if they have sufficient credit enhancement to
pass a minimum of a "severe" stress. However, as all six of the
conditions in paragraph 48 of the RAS criteria are met, S&P can
assign ratings to MADRID RMBS IV's class A1 notes up to a maximum
of six notches (two additional notches of uplift) above the
sovereign rating, subject to credit enhancement being sufficient
to pass an "extreme" stress.
As S&P's long-term rating on the Kingdom of Spain is 'BBB', S&P's
RAS criteria cap at 'AA (sf)' the maximum potential rating on
MADRID RMBS IV's class A1 notes. The maximum potential rating
for all other classes of notes in all four transactions is 'A+
(sf)'.
All four transactions feature an interest deferral trigger for
the class B to E notes. If breached, the interest payments are
subordinated below principal in the priority of payments. For
MADRID RMBS I, II, and IV, these triggers are based on cumulative
net defaults over the closing portfolio balances. These
cumulative net default triggers are irreversible. Therefore, if
the triggers are breached, interest payments will be subordinated
for the life of the transaction. For MADRID RMBS III, these
triggers are based on cumulative gross defaults over the closing
portfolio balance.
Credit enhancement for MADRID RMBS I, II, III, and IV's most
senior classes has increased since our previous reviews. At the
same time, credit enhancement for the junior classes of notes in
all four transactions has decreased. For MADRID RMBS I, II, and
III, this decrease is due to the full depletion of the reserve
fund, limited prepayments, and uncured defaults, which has led to
the these three transactions being undercollateralized.
Class Available credit enhancement,
excluding defaulted loans (%)
I II III IV
A1 - - - 24.23
A2 21.95 21.51 14.34 24.23
A3 - 21.51 14.34 -
B 13.69 13.04 10.34 19.06
C 4.83 3.97 3.86 12.65
D 0.81 (0.14) (1.32) 8.11
E (1.31) (2.68) (5.10) 5.83
All four transactions feature a reserve fund, which can amortize
to a target amount. However, the reserve funds for MADRID RMBS
I, II, and III are now depleted. MADRID RMBS IV's reserve fund
currently represents 6.2% of the outstanding performing balance
of the mortgage assets. This reserve has been continually drawn
and has not been at its target level since September 2008.
Severe delinquencies of more than 90 days and excluding defaults
for Madrid RMBS I, II, III, and IV are currently at 0.74%, 0.73%,
0.90%, and 1.12%, respectively, which is below our Spanish RMBS
index, although they have been above the index in the past.
Defaults are defined in MADRID RMBS I, II, and III as mortgage
loans in arrears for more than 180 days. For MADRID RMBS IV,
this is 360 days. Defaults, at 14.75%, 16.15%, 17.21%, and
16.09% in MADRID RMBS I, II, III, and IV, respectively, are
higher than in other Spanish RMBS transactions that S&P rates.
Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.
After applying S&P's RMBS criteria to these transactions, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%) CC (%)
MADRID RMBS I
AAA 57.61 56.43 32.51
AA 43.31 52.56 22.76
A 35.38 45.37 16.05
BBB 25.68 41.18 10.58
BB 15.97 38.11 6.09
B 13.23 35.20 4.66
MADRID RMBS II
AAA 53.68 55.78 29.95
AA 39.93 51.90 20.72
A 32.54 44.68 15.54
BBB 23.60 40.47 9.55
BB 14.67 37.38 5.49
B 12.16 34.45 4.19
MADRID RMBS III
AAA 42.57 59.81 25.46
AA 31.75 56.16 17.83
A 25.92 49.34 12.79
BBB 18.83 45.32 8.53
BB 11.86 42.35 5.02
B 9.79 39.50 3.87
MADRID RMBS IV
AAA 39.88 60.17 24.03
AA 30.26 56.56 17.14
A 25.03 49.78 12.48
BBB 18.32 45.78 8.40
BB 11.76 42.80 5.04
B 9.83 39.93 3.93
CC -- Credit coverage.
The increases in the WAFF are mainly due to the adjustment
factors that S&P has applied to the original loan-to-value
ratios, the different adjustments that S&P applies to seasoned
loans, and the geographical province concentration adjustments
under S&P's RMBS criteria. The increases in the WALS are mainly
due to the application of S&P's revised market value decline
assumptions and the indexing of valuations under S&P's revised
criteria. The overall effect is an increase in the required
credit coverage for each rating level.
Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria. S&P's
ratings on MADRID RMBS II's class A2 notes and MADRID RMBS IV's
class B notes are constrained by the rating on the sovereign.
S&P's ratings on MADRID RMBS IV's class A1 and A2 notes are
constrained by S&P's current counterparty criteria.
Under S&P's RMBS criteria, MADRID RMBS II's class A2 notes and
MADRID RMBS IV's class A1 and A2 notes have sufficient credit
enhancement to withstand S&P's stresses at 'AA', 'AAA', and 'A'
rating levels, respectively. For MADRID RMBS II's class A2
notes, the maximum notches of uplift is four notches above the
sovereign rating. S&P has therefore affirmed its 'A+ (sf)'
rating on MADRID RMBS II's class A2 notes.
MADRID RMBS IV's class A1 notes are able to pass all of the
conditions under S&P's RAS criteria to permit a six-notch uplift
above the sovereign rating. The class A2 notes have sufficient
credit enhancement to withstand a severe stress scenario up to
three notches above the sovereign rating. However, S&P's current
counterparty criteria cap at 'A (sf)' its ratings on MADRID RMBS
IV's class A1 and A2 notes. This is because the rating level for
the replacement trigger for the bank account provider is 'BBB',
which only supports a maximum potential rating of 'A (sf)' under
our current counterparty criteria.
Under S&P's current counterparty criteria, because of swap
counterparty risk, the maximum achievable rating for MADRID RMBS
IV's class A1, A2, and B notes is 'A- (sf)'. S&P has conducted a
credit, cash flow, and structural analysis to determine how much
support this transaction gains from the swap, and to see if the
class A1, A2, and B notes can achieve a rating higher than
'A- (sf)' without the benefit of the swap agreement. As these
classes of notes can be rated up to 'A (sf)' without the benefit
of the swap agreement, S&P has delinked its ratings on MADRID
RMBS IV's class A1, A2, and B notes from its rating on the swap
provider. Consequently, S&P has affirmed its 'A (sf)' ratings on
the class A1 and A2 notes.
Following the application of S&P's RMBS criteria, and after it
applied its delayed recession timing, MADRID RMBS IV's class B
notes' cash flow results indicate that this class can withstand
stresses up to a 'BBB+' rating level. However, the class B notes
do not pass S&P's cash flow stresses under its RAS criteria, and
therefore do not achieve any notches of uplift above the
sovereign rating. S&P has therefore lowered to 'BBB (sf)' from
'A (sf)' its rating on the class B notes.
S&P's credit and cash flow results indicate that the available
credit enhancement for MADRID RMBS I's class A2 notes, MADRID
RMBS II's class A3 notes, MADRID RMBS III's class A2 and A3
notes, and MADRID RMBS IV's class C notes is commensurate with
lower ratings than those currently assigned. S&P has therefore
lowered its ratings on these classes of notes.
S&P expects the interest deferral triggers for MADRID RMBS I's
class C, D, and E notes, MADRID RMBS II's class C and D notes,
and MADRID RMBS IV's class D and E notes to be breached in the
near term. This will benefit the senior class A notes as related
cash flows will be diverted toward them. Taking this expectation
into account, as well as subsequent interest defaults, S&P has
affirmed its ratings on MADRID RMBS I's class C, D, and E notes,
MADRID RMBS II's class C and D notes, and MADRID RMBS IV's class
D and E notes.
MADRID RMBS II's class E notes and MADRID RMBS III's class B, C,
D, and E notes' interest deferral triggers have already been
breached. Consequently, the interest on these notes is deferred
in the priority of payments, and these classes of notes continued
to suffer interest shortfalls due to the lack of liquidity. S&P
has therefore affirmed its 'D (sf)' ratings on MADRID RMBS II's
class E notes and MADRDID RMBS III's class B, C, D, and E notes.
S&P's credit and cash flow results indicate that the available
credit enhancement for MADRID RMBS I and II's class B notes is
commensurate with higher ratings than those previously assigned.
As a result, S&P has raised its ratings on these classes of
notes. Due to an error, in S&P's previous review of these two
transactions, it applied cumulative gross defaults in its cash
flow models instead of the cumulative net defaults as stated
under the transactions' documents. The rating actions also take
into account the amendment to the deferral triggers modelling in
S&P's cash flow analysis.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house prices stabilization during 2015.
On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.
S&P expects severe arrears in all four transactions to remain at
their current levels, as there are a number of downside risks.
These include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
MADRID RMBS I, MADRID RMBS II, MADRID RMBS III, and MADRID RMBS
IV are Spanish RMBS transactions, which securitize first-ranking
mortgage loans. Bankia S.A. originated the pools, which comprise
loans granted to prime borrowers, mainly located in Madrid.
RATINGS LIST
Class Rating Rating
To From
MADRID RMBS I, Fondo de Titulizacion de Activos
EUR2 Billion Mortgage-Backed Floating-Rate Notes
Rating Lowered
A2 BBB (sf) A- (sf)
Rating Raised
B BB+ (sf) BB- (sf)
Ratings Affirmed
C B- (sf)
D CCC+ (sf)
E CCC- (sf)
MADRID RMBS II, Fondo de Titulizacion de Activos
EUR1.8 Billion Mortgage-Backed Floating-Rate Notes
Rating Lowered
A3 BBB (sf) A+ (sf)
Rating Raised
B BBB- (sf) BB- (sf)
Ratings Affirmed
A2 A+ (sf)
C B- (sf)
D CCC+ (sf)
E D (sf)
MADRID RMBS III, Fondo de Titulizacion de Activos
EUR3 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A2 BBB (sf) A- (sf)
A3 BBB (sf) A- (sf)
Ratings Affirmed
B D (sf)
C D (sf)
D D (sf)
E D (sf)
MADRID RMBS IV, Fondo de Titulizacion de Activos
EUR2.4 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
B BBB (sf) A (sf)
C BB- (sf) BB+ (sf)
Ratings Affirmed
A1 A (sf)
A2 A (sf)
D CCC (sf)
E CC (sf)
TDA TARRAGONA 1: S&P Raises Ratings on 2 Note Classes From 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB+ (sf)' from
'BBB- (sf)' and to 'BBB (sf)' from 'B+ (sf)' its credit ratings
on TDA Tarragona 1, Fondo de Titulizacion de Activos' class A and
B notes, respectively.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received,
including the August 2014 pool cut and December 2014 investor
report. The application of S&P's RAS and its current
counterparty criteria constrain its ratings in this transaction.
Credit enhancement for the class A and B notes, considering non-
defaulted assets and the available reserve fund, has increased to
18.96% and 13.02%, from -0.89% and -6.64%, respectively, at S&P's
previous review. The increase in credit enhancement is a result
of Catalunya Banc S.A., the seller, repurchasing mortgages. The
repurchases included 322 nonperforming and delinquent loans for
EUR52 million, which resulted in a re-collateralization of the
transaction and a replenished reserve fund.
This transaction features an amortizing reserve fund, which
currently represents 8.49% of the outstanding balance (not
including defaults), as of the December 2014 investor report.
The reserve is currently at 99.3% of its required value. The
issuer partially drew on the reserve fund during the last payment
date. Given the repurchase of non-performing loans, in addition
to the pool's seasoning and the relatively stable credit
performance, S&P don't expect there to be any significant reserve
fund draws in the future.
After the loan repurchase, severe delinquencies of more than 90
days, at 1.62%, are on average lower for this transaction than
S&P's Spanish RMBS index. Defaults are defined as mortgage loans
in arrears for more than 12 months in this transaction and are
currently at 3.63% of the portfolio balance. The recent loan
repurchase was targeted at nonperforming loans, which led to the
significant drop in arrears and defaults since S&P's last review.
Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 30.46 32.64
AA 23.29 28.32
A 19.37 20.97
BBB 14.28 17.09
BB 9.25 14.43
B 7.79 12.04
The increase in the WAFF is mainly due to S&P's increased base-
case foreclosure frequencies, the higher original loan-to-value
ratio penalty, and the inclusion of province level adjustments
under S&P's updated criteria. The increase in the WALS is mainly
due to the application of its revised market value decline
assumptions and indexed valuations. The overall effect is an
increase in the required credit coverage for each rating level.
Following the application of S&P's RAS criteria, its RMBS
criteria, and its current counterparty criteria, S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria, (ii) the rating that the class of notes
can attain under its RMBS criteria, and (iii) the rating as
capped by a non-compliant counterparty. In this transaction,
S&P's rating on the class A notes is constrained by its long-term
issuer credit rating (ICR) on the bank account counterparty,
Banco Santander S.A. and S&P's rating on the class B notes is
constrained by its RAS criteria.
As the originator has repurchased defaulted and some delinquent
loans, the transaction's pool performance has benefitted.
Consequently, the transaction is now fully collateralized and the
reserve fund is at 99.3% of its target level.
Despite the increased number of stressed scenarios under S&P's
updated RMBS criteria, the increased credit enhancement resulted
in higher cash flow results than our currently assigned ratings.
Under S&P's RMBS criteria, the class A and B notes have
sufficient credit enhancement to withstand its stresses at 'A+'
and 'A-' rating levels, respectively. The class A notes have
sufficient credit enhancement to resist a severe stress scenario
under S&P's RAS criteria, up to two notches above its rating of
the sovereign. The class B notes are unable to pass a severe
scenario under S&P's RAS criteria, so they are capped at the
sovereign rating.
Under the transaction documents, if S&P's long-term ICR on the
swap provider, Cecabank S.A., falls below 'BBB+', the transaction
enters a 60-day remedy period, in which the swap counterparty
should replace itself with a 'BBB+' rated entity or find a 'BBB+'
rated guarantor. S&P's long-term ICR on Cecabank is below the
documented required level and it did not take the documented
remedy actions. Therefore, S&P cannot give credit to the swap
agreement at a rating level above the long-term ICR on the swap
provider, and S&P conducted our cash flow analysis assuming that
the transaction does not benefit from any support from the swap
provider. S&P has delinked its ratings on the notes in this
transaction from its rating on the swap provider.
Similarly, if S&P's long-term ICR on the bank account provider
falls below 'A', the transaction enters a 60-day remedy period,
in which the bank account counterparty should replace itself with
a 'A' rated entity or find a 'BBB+' rated guarantor. S&P's long-
term ICR on Banco Santander is below the documented required
level and it did not take the documented remedy actions. Under
S&P's current counterparty criteria, the class A and B notes can
therefore not achieve a rating higher than S&P's 'BBB+' long-term
ICR on Banco Santander.
S&P has therefore raised to 'BBB+ (sf)' from 'BBB- (sf)' its
rating on the class A notes and to 'BBB (sf)' from 'B+ (sf)' its
rating on the class B notes.
S&P also considers credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8.00% for one-year and three-year
horizons. This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it would associate
with each relevant rating level, as outlined in its credit
stability
criteria.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house prices levelling off in 2015.
On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
TDA Tarragona I is a Spanish RMBS transaction, which closed in
November 2007. It securitizes a portfolio of residential
mortgage loans, mostly originated by real estate agents. The
loans are secured over Spanish properties, mainly in Catalonia
(95.06% of the balance of the outstanding pool). Loans granted
to second-home buyers currently represent 4.34% of the pool, and
loans granted to self-employed borrowers account for 6.22% of the
pool's outstanding balance. Catalunya Banc (previously Caixa
D'Estalvis de Tarragona) originated the underlying loans. On
July 21, 2014, Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
announced that it had reached an agreement with the Spanish
Banking Restructuring Fund (FROB) to acquire its stake in Spanish
bank Catalunya Banc. The transaction is still pending regulatory
approvals and is expected to be completed in the first quarter of
2015.
RATINGS LIST
Class Rating Rating
To From
TDA Tarragona 1, Fondo de Titulizacion de Activos
EUR397.4 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
A BBB+ (sf) BBB- (sf)
B BBB (sf) B+ (sf)
=====================
S W I T Z E R L A N D
=====================
NORD ANGLIA: First Quarter Results No Impact on Moody's B1 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc.'s
(NAE, B1 stable) results for the fiscal first quarter ended
November 30, 2014, were in line with expectations and do not
affect the company's B1 ratings or stable outlook.
"NAE continues to execute as expected. Moody's believe that the
strengths of the company's business model and geographically
diverse operations largely mitigate the effects of an
appreciating US dollar, slowing Chinese economy, and declining
oil prices on demand for the company's services," says Joe
Morrison, a Moody's Vice President and Senior Analyst.
NAE reported sales for the first quarter of fiscal 2015 of $154
million, up 14% year over year. Excluding the currency effects of
a rising US dollar, which particularly impacted European results,
sales would have been up 17%. The company continues to achieve
tuition fee increases at rates higher than its cost inflation.
On a latest 12 months (LTM) basis, NAE's adjusted EBITDA margin
was about 36%, on par with the result for FY2014. Adjusted debt
to EBITDA and EBITDA less capex to interest expense for the year
Moody'sre about 6.0x and 1.5x, respectively, in line with Moody's
expectations.
"We continue to expect these ratios to improve further in 2015
and support the current ratings," adds Morrison, who is also the
Lead Analyst for NAE.
Moody's expects improvement will be mainly driven by increases in
earnings, underpinned by organic enrollment growth, price
increases, contributions from NAE's new schools in Cambodia and
Singapore, and by the lower funding costs associated with the
initial public offering and debt refinancing concluded in 2014.
NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.
The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.
Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 31 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 20,200 students
ranging in level from pre-school through to secondary school. For
the fiscal year ended August 31, 2014, NAE generated revenues of
US$475 million.
=============
U K R A I N E
=============
AKTABANK: Deposit Fund Commences Liquidation Procedure
------------------------------------------------------
Interfax-Ukraine reports that the Individuals' Deposit Guarantee
Fund has launched the liquidation procedure of Aktabank.
The withdrawal of the banks' license and its liquidation are
stipulated in central bank resolutions No. 27 dated Jan. 16 and
No. 19 dated Jan. 15, Interfax-Ukraine discloses.
Yulia Prykhodko will be in charge of Aktabank's liquidation,
Interfax-Ukraine says.
Interim administration at Aktabank was introduced on
September 17, 2014, Interfax-Ukraine relates.
Aktabank was rank 54th (UAH1.291 million) among 166 operating
banks in Ukraine.
INTERCREDITBANK: Deposit Fund Launches Liquidation Procedure
------------------------------------------------------------
Interfax-Ukraine reports that the Individuals' Deposit Guarantee
Fund has launched the liquidation procedure of InterCreditBank.
The withdrawal of the banks' license and its liquidation are
stipulated in central bank resolutions No. 27 dated Jan. 16 and
No. 19 dated Jan. 15, Interfax-Ukraine discloses.
Fund representative Volodymyr Kosiuha was appointed
InterCreditBank's authorized liquidator, Interfax-Ukraine
relates.
Interim administration at InterCreditBank was introduced on
October 10, 2014, Interfax-Ukraine recounts.
InterCreditBank as of the beginning of October 2014 ranked 145th
in terms of overall assets (UAH334.507 million).
UKRAINE: Russia's Early Bond Redemption May Trigger Default
-----------------------------------------------------------
Krystof Chamonikolas at Bloomberg News reports that the economic
pressure being applied by Russia is threatening to push Ukraine
to the brink of default, putting the burden on the U.S. and its
allies to keep the war-ravaged nation afloat.
The question of Russia calling a US$3 billion bond, which Prime
Minister Dmitry Medvedev last week said will "soon" be decided,
is pushing the government in Kiev toward debt-restructuring talks
with other creditors, Bloomberg relates.
According to Bloomberg, Regis Chatellier, a strategist at Societe
Generale SA in London, said such a request by the Kremlin would
trigger a sovereign default for Ukraine.
Nicholas Spiro, managing director at Spiro Sovereign Strategy in
London, said by e-mail the prospect of Russia demanding early
redemption "could be the catalyst" for a wider debt overhaul,
Bloomberg notes. "Restructuring of some sort is practically a
foregone conclusion given the severity of the deterioration in
the financial and economic environment," Mr. Spiro, as cited by
Bloomberg, said.
Goldman Sachs Group Inc. said in a Jan. 12 report bondholders may
be saddled with losses of as much as 70% in a restructuring,
Bloomberg relays.
Mr. Medvedev's warning adds urgency to Ukraine's efforts to
obtain fresh funding after the European Union said the country
needs US$15 billion on top of a US$17 billion International
Monetary Fund program to stay afloat, Bloomberg notes.
Russia says it has the option to demand immediate repayment on
the notes because Ukraine's debt rose above the equivalent of 60
percent of economic output, breaching levels set in the
securities' covenants, Bloomberg relates. Mr. Medvedev, as cited
by Bloomberg, said Jan. 14 that the government in Moscow will
make a decision on the debt soon, Bloomberg.
"We don't want a Ukrainian default, worsening the plight of the
Ukrainian economy," Bloomberg quotes Mr. Medvedev as saying.
"Still, debts have to be paid, both government as well as those
of companies."
===========================
U N I T E D K I N G D O M
===========================
ALPARI LTD: Enters Insolvency Over Extreme Lack of Liquidity
------------------------------------------------------------
BBC News reports that West Ham football club sponsor and currency
broker Alpari has shut its UK arm following the Swiss National
Bank's decision to end its capping of the Swiss franc against the
euro.
According to BBC, the foreign exchange broker said in a statement
that the move had created "exceptional volatility and extreme
lack of liquidity."
As a result, the majority of Alpari clients had "sustained
losses", BBC notes.
The euro rose 1.2% on Jan. 16 to buy 0.9869 Swiss francs, BBC
relates.
The Jan. 15 euro-franc close was 0.9755, well above its lowest
point of 0.85 following the sudden removal of the cap, BBC
states.
"Where a client cannot cover this loss, it is passed on to us,"
BBC quotes Alpari as saying. "This has forced Alpari (UK)
Limited to confirm [Fri]day that it has entered into insolvency."
The Financial Conduct Authority said it was "working closely"
with the company, BBC relates.
West Ham, as cited by BBC, said Alpari's collapse would not
affect the club, which was in talks with potential new shirt
sponsors for next year.
The SNB shocked markets on Jan. 15 by reversing a three-year-old
policy, BBC relays.
The bank had previously capped the value of the franc at 1.20 per
euro, BBC notes.
Alpari Group is a UK-based foreign exchange, precious metals and
CFD broker headquartered in London.
AUSTIN REED: Plans to Close Around 30 Stores Under CVA Deal
-----------------------------------------------------------
Mark Kleinman at Sky News reports that Austin Reed is examining
the closure of dozens of high street stores as part of a
restructuring aimed at securing its long-term future.
Austin Reed has begun discussions with landlords about a Company
Voluntary Arrangement (CVA), a restructuring mechanism, with the
closure of approximately 30 shops said to be under consideration,
Sky News relates.
According to Sky News, property sources said as part of a deal,
Darius Capital, the principal shareholder in Austin Reed, would
be likely to inject fresh capital into the business.
People close to the situation insisted that no final decision had
been made about whether to proceed with a CVA or how many stores
would close, Sky News relays.
However, it is understood that a CVA could be launched as soon as
this week, with Deloitte, the accountancy firm, reported before
Christmas to have been lined up to oversee it, Sky News says.
If Austin Reed does proceed with the plan, it would be the latest
retailer to initiate measures to improve the state of its balance
sheet, Sky News states.
It was unclear on Jan. 14 which alternatives to a CVA were being
considered by Austin Reed's shareholders, Sky News notes.
Austin Reed is a high street clothing retailer. The company
specializes in formalwear for men and women, trades from around
230 shops. The company was founded by Austin Leonard Reed in
1900, with a flagship store opening in 1911 on London's Regent
Street.
MERLIN ENTERTAINMENTS: Moody's Hikes Corp. Family Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating (CFR) and to Ba3-PD from B1-PD
probability of default rating (PDR) of Merlin Entertainments PLC.
The rating of the secured credit facilities has also been
upgraded to Ba2 from Ba3. The outlook is stable.
"The upgrade reflects the combination of Merlin's continued
strong performance in 2014 and somewhat improved credit metrics
since its IPO in October 2013, and Moody's expectation that these
will strengthen further with ongoing earnings growth", says
Richard Morawetz, a Moody's Vice President - Senior Credit
Officer and lead analyst for Merlin.
Ratings Rationale
Following the company's listing on the London Stock Exchange in
October 2013, for which net proceeds were used largely for debt
reduction, the company's metrics have continued to strengthen on
the back of earnings growth and further debt reduction. The
company reported underlying EBITDA of GBP390 million in FY2013,
up 12.8% year-on-year; in the six months to June 2014, reported
EBITDA grew 7.5% year-on-year to GBP120 million, while reported
net debt was at GBP977 million, fairly stable versus FYE2013 but
about GBP300 million lower year-on-year. As of June 2014, the
adjusted leverage metric was at 4.5x, which Moody's expect to be
slightly lower at FYE2014 with higher earnings and somewhat lower
reported debt. The reduction in net debt has benefited from a
reduced acquisition spend over the past two years, although
Moody's believe that the company will continue to pursue bolt-on
acquisitions where appropriate.
In the first 36 weeks of 2014, the company reported actual sales
growth of 3.8% (and 9.3% at constant exchange rates), and like-
for-like sales growth of 6.7%. Moody's also expects that some of
the high cash balance -- GBP268 million as of June 2014 -- will
be used to repay debt over time. In terms of financial policy,
the company has introduced a dividend policy of 35%-40% of net
income (based on a normalized expected tax rate), which will be
applied for a full year in 2015 for the first time and should
increase the actual dividends paid versus 2014.
The company's liquidity is deemed strong, with a cash balance of
GBP268 million as of June 2014, and an undrawn revolving credit
facility (RCF) of GBP150 million. After refinancing its bank
facilities in June 2013, the company has no significant debt
maturities prior to the RCF and term loans maturing in 2018 and
2019. The company's cash flows are characterized by significant
seasonality, with nearly all net inflows generated in the second
and third quarters. The term loans and RCF contain the same
financial covenants for leverage and interest cover, for which
headroom is expected to remain strong as of December 2014.
Rationale for the Stable Outlook
The stable outlook reflects Moody's expectation that the company
will likely continue to grow earnings organically and to generate
free cash flows, but will use these occasionally to continue its
growth ambitions. Moody's believe that earnings may also benefit
from lower fuel costs currently and higher disposable income.
Nevertheless, Moody's expect that Moody's adjusted leverage
metric will remain slightly above Moody's guidance for the Ba2
rating as of FYE2014, which is partly attributable to the long-
term nature of operating leases, but that it will trend towards
Moody's guidance in the near future.
What Could Move the Rating UP/DOWN
Although not envisaged in the near-term in light of the action,
further upward pressure to the rating could occur if leverage, as
measure by adjusted debt/EBITDA, were to fall sustainably below
3.5x. A more aggressive financial policy, or a significant
industry downturn, neither of which Moody's expects at this time,
could lead to negative ratings pressure if gross leverage were to
remain above 4.0x, or on liquidity concerns. In this regard, the
rating does not incorporate any large-scale debt-funded
acquisitions.
Principal Methodologies
The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. 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 Dorset, the UK, Merlin Entertainments plc is the largest
European, and second-largest global, operator of visitor
attractions in terms of attendance. The company reported about
GBP1.2 billion in revenues and underlying EBITDA of GBP390
million in FY2013, and attracted nearly 60 million visitors to
its 99 locations in that year. The company's shareholders include
Kirkbi, a Danish investment fund (30%); two private equity
partners (Blackstone with 10% and CVC Capital Partners with 5%);
while the remainder is free float.
THOMAS COOK: S&P Assigns 'B' Rating to EUR400MM Sr. Unsec. Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed EUR400 million senior unsecured bond, due 2021,
to be issued by U.K.-based Thomas Cook Finance PLC. S&P assigned
a recovery rating of '4' to the proposed bond, indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.
The rating reflects S&P's estimate of the company's valuation in
the event of default; its capital structure, mainly comprising
unsecured debt instruments; and a sizable amount of prior-ranking
debt.
The issue rating of 'B' and recovery rating of '4' on Thomas
Cook's existing senior unsecured bonds are unchanged.
The issue and recovery ratings on the proposed senior unsecured
bond are based on preliminary information and are subject to the
successful issuance of the bond and S&P's review of the final
documentation. S&P understands that the proceeds of the new bond
will be used to refinance the existing EUR400 million bond due
2015.
RECOVERY ANALYSIS
S&P understands that the documentation for the proposed bond will
mirror the terms and conditions of the company's other bond
issues.
S&P's hypothetical default scenario is triggered by a liquidity
shortfall resulting from significant working capital swings. S&P
also assumes that Thomas Cook's revenues will come under pressure
if the global economy deteriorates, leading to a material
contraction in average customer spending and a substantial risk
of the company being unable to refinance the debt maturing in
2017.
S&P values the company as a going concern, given its well-
established market position, high brand awareness, and the
critical mass of its operations.
SIMULATED DEFAULT AND VALUATION ASSUMPTIONS
-- Year of default: 2017
-- EBITDA at emergence: oe309 mil.
-- Implied enterprise value (EV) multiple: 5x
-- Jurisdiction: U.K.
SIMPLIFIED WATERFALL
-- Net EV (after 5% admin costs): oe1.5 bil.
-- Priority debt claims: oe470 mil.*
-- Senior Unsecured debt claims: oe2.3 bil.*
-- Recovery expectation: 30%-50% (upper half of the range)
* All debt amounts include six months of prepetition interest.
THOMAS COOK: Fitch Rates Senior Unsecured Notes 'B+(EXP)/'RR3'
-------------------------------------------------------------
Fitch Ratings has assigned Thomas Cook Finance plc's planned
issue of up to EUR300 million-EUR400 million fixed-rate senior
notes due 2021 an expected senior unsecured rating of
'B+(EXP)'/'RR3'.
The final rating for the bonds is contingent upon the receipt of
final documents conforming to information already received by
Fitch.
The fixed-rate notes will be guaranteed by Thomas Cook Group plc
(TCG; B/Stable). The rating is one notch higher than the IDR due
to expected good recovery prospects under a going concern
scenario. The notes will rank pari passu with TCG's existing bank
debt and senior unsecured notes. The proceeds will be used to
pre-fund the company's EUR400 million 6.75% notes due in 2015.
Concurrent with the proposed bond issue will be the cancellation
of the additional bank facility that was arranged in May 2013 to
support the repayment of the EUR400 million 2015 bond.
Fitch affirmed TCG and the senior unsecured notes (B+/RR3) issued
by Thomas Cook Finance plc on 7 January 2015. The affirmation
reflected improved results in FY14 and the significant further
cost-cutting achieved, which has led to improved profitability.
KEY RATING DRIVERS
Turnaround Plan, Improved Trading
TCG continues to deliver on its Wave 1 cost-cutting program, by
achieving GBP400 million cumulative savings against a previously
announced target of GBP360 million, while the EBIT margin
improved to 3.8% at FYE14 from 2.8% at FYE13. TCG's turnaround
plan is designed to improve profitability by GBP500 million
(recently increased from GBP460 million) by end-2015.
A further GBP400 million of cost-cutting (Wave 2 program) by end-
2018 has now been identified. There are execution risks, but
Fitch notes management's successful track record to date and
expect that it will continue to execute the plan, notwithstanding
the recent change in CEO.
Competitive, Low Margin Industry
Competition in the holiday sector remains keen, notably from low-
cost airlines and the constant growth of online companies such as
Expedia.com. Against a target online penetration rate of 50% for
bookings by 2015, TCG's online bookings only rose to 38% of total
bookings at FYE14 (target 40%), suggesting that despite its
strong brand name, TCG is yet to be identified as a first-call
online brand.
Established Brand Name
The ratings continue to benefit from the strong brand name,
geographical diversification of its customer base and end-
destinations, dynamic new management, a cost-cutting and re-
organization program, improved working capital management and IT
system rationalization.
Seasonality and Leverage
Working capital typically increases by up to GBP700 million
between September to December, due to this being a quieter
holiday period and higher marketing costs for the summer season.
Group-adjusted funds from operations (FFO) gross leverage is
forecast to be around 5.5x at FYE15 (including working capital
swings of GBP700 million), from around 6.5x at FYE14. Fitch
considers the new note issue mildly credit-positive as it will
extend TCG's debt maturity profile.
LIQUIDITY
Following a successful refinancing in 2013 we expect sustained
and improving free cash flow generation, an extended debt
maturity profile, and available cash balances and undrawn
committed bank lines to support the business's financial
flexibility and liquidity.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
action include:
-- An enhanced EBIT margin of close to 4%
-- Positive free cash flow generation
-- Improved interest cover and lease-adjusted FFO gross leverage
(including GBP700 million for working changes) below 5.0x
Negative: Future developments that could lead to negative rating
action include:
-- Deterioration in EBIT margin below 2.5%, reflecting increased
competition
-- Liquidity headroom below GBP200 million
-- Increase in FFO gross leverage (as adjusted by Fitch) above
7.0x
TOWERGATE FINANCE: Bondholders Mull "Pre-Packaged Administration"
-----------------------------------------------------------------
Alistair Gray at The Financial Times reports that bondholders in
Towergate have proposed putting the heavily indebted insurance
broker into a "pre-packaged" administration.
According to the FT, private equity backers Advent and holders of
Towergate's unsecured debt, trading at about 20p in the pound,
would be wiped out under the plan from a group of secured
creditors to seize control of the business.
Pressure is mounting on lossmaking Towergate, which employs about
5,000 people, to restructure its GBP1 billion-plus debt burden,
the FT says.
A fire sale of its aviation insurance broking division last month
raised GBP27 million, giving the company some breathing space,
but Towergate still needs to pay a debt interest bill at the
start of next month, the FT notes.
Another payment is due two weeks later, the FT states. They are
estimated to total about GBP30 million, the FT discloses.
The bondholders who put forward the restructuring plan on Jan. 16
hold about two-thirds of Towergate's GBP715 million worth of
senior secured debt, which is trading at about 90p in the pound,
the FT relays.
They are being advised by investment bankers at Moelis, which
advised bondholders involved in the Co-operative Bank's financial
restructuring, the FT notes. According to the FT, their plan
would involve a pre-pack administration -- effectively the pre-
negotiated sale of an insolvent business -- and buying the equity
for GBP1 in return for reducing the amount they are owed.
However, other investors will be keen to avoid the move, which
would result in heavy losses for them, the FT says.
The insurance broker has run into difficulties after an ill-fated
acquisition spree during which it bought almost 300 smaller
businesses, the FT recounts.
Further complicating the restructuring situation are uncertain
liabilities, the FT discloses. Towergate has warned it might
have to compensate as many as 2,000 customers who were given
potentially unsuitable financial advice, the FT relates.
Maidstone, England-based Towergate Finance is Europe's largest
insurance broker.
===================
U Z B E K I S T A N
===================
KDB BANK: S&P Assigns 'B+/B' Counterparty Ratings
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+/B' long- and
short-term counterparty credit ratings to Uzbekistan-based KDB
Bank Uzbekistan JSC. The outlook is stable.
The ratings on KDB Bank Uzbekistan incorporate the structurally
elevated economic and industry risks that S&P factors into its
'b+' anchor, or starting point for assigning a long-term rating
to a bank operating in Uzbekistan. Standard & Poor's bases its
ratings on KDB Bank Uzbekistan on the bank's "moderate" business
position, "adequate" capital and earnings, "adequate" risk
position, "average" funding, and "adequate" liquidity, as S&P's
criteria define these terms. S&P assess the bank's stand-alone
credit profile (SACP) at 'b+'. S&P's long-term rating on the
bank could be three notches higher than the SACP under its
criteria, reflecting its view of its status as a "strategically
important" subsidiary of Korea Development Bank. However, the
long-term rating on KDB Bank Uzbekistan is constrained by S&P's
assessment of Uzbekistan's creditworthiness.
S&P considers KDB Bank Uzbekistan's business position to be
"moderate." S&P's assessment reflects the bank's weak business
diversity, mainly owing to the bank's conservative development
strategy and deliberately narrowed customer base, because it
chooses to serve only high-profile clients with good credit
standing. The bank concentrates mostly on providing financial
services, namely settlement services and trading finance
facilities, which is quite a competitive field in Uzbekistan.
Its other primary long-run focus is the gradual doubling of the
loan portfolio share, which formed only 5% of its total assets on
Nov. 30, 2014. As a result of its integration with RBS NB
Uzbekistan, KDB Bank Uzbekistan's total assets doubled in 2013,
and it became Uzbekistan's largest commercial bank with foreign
investments. However, the bank is still a midsize bank with a
market share of about 3.8% and ranks eighth out of 26 domestic
banks in terms of total assets. S&P do not expect the bank to
gain market share in the next two years. The bank's shareholders
are Korea Development Bank (86.3% stake), the National Bank for
Foreign Economic Activity of the Republic of Uzbekistan (10.3%),
and Turon Bank (3.4%). S&P views the ownership structure as a
strength for the business profile, versus those of local midsize
peers, as it underpins adequate corporate governance and
transparency and appropriate risk management architecture.
"We base our assessment of capital and earnings as "adequate" on
our forecast risk-adjusted capital (RAC) ratio of 9% for KDB Bank
Uzbekistan for the next two years. We base our RAC ratio on our
view of the bank's low risk profile on its loan book representing
just 5% of total assets, in addition to its limited growth
appetite in 2015-2016. Overall, we assume no major change in the
bank's balance sheet structure or risk profile during the
observed rating period. We believe that internal capital
generation is strong and should remain at 16.5% annually in 2015-
2016, with estimated return on equity of 15% over the same
period," S&P said.
"We assess KDB Bank Uzbekistan's risk position as "adequate,"
based on the loan book's low proportion in total assets and our
view that it will likely increase only gradually to 10% of total
assets by year-end 2016. Therefore, credit risks linked to
lending activities -- typically very high in Uzbekistan -- are
limited in KDB Bank Uzbekistan's case. We view positively the
bank's asset exposures to interbank placements that are
geographically well diversified, although we regard single-name
concentrations in these placements as high. The top-20 interbank
exposures amounted to approximately 93% of the total due from
other banks on Nov. 30, 2014. Lastly, the bank's focus on
settlement services and trade finance exposes it to limited asset
risks," S&P added
"We regard KDB Bank Uzbekistan's funding as "average." The
bank's stable funding ratio is several times higher than the 124%
average for its peers. We view the bank's funding needs as
limited owing to the loan portfolio's small size and the overall
short-term nature of assets. The bank's funding profile -- with
customer demand accounts forming about 80% of total liabilities
on Nov. 30, 2014 -- is justified for its current business model,
in our view. However, the funding profile limits KDB Bank
Uzbekistan's asset diversification and loan portfolio growth and
potentially increases funding volatility. Single-name
concentrations are high, with the top-20 depositors representing
73% of total liabilities," S&P said.
Liquidity is "adequate," in S&P's view, with the bank's liquid
assets covering approximately 100% of short-term customer
deposits.
S&P considers KDB Bank Uzbekistan to be a "strategically
important" subsidiary of its majority owner Korea Development
Bank. S&P thinks KDB Bank Uzbekistan is unlikely to be sold in
the long term. The bank is important to Korea Development Bank's
long-term strategy and supports strong ties between the Uzbek and
South Korean governments, in S&P's opinion. Moreover, the parent
has indicated it considers its subsidiary in Uzbekistan as a
platform for expansion opportunities into other Central Asian
countries and has a track record of support to its overseas
subsidiaries, including KDB Bank Uzbekistan. Operational
integration between the two banks is significant, notably via IT,
management, and risk platforms.
The stable outlook on KDB Bank Uzbekistan reflects S&P's view
that the bank will follow its conservative strategy, focusing on
serving corporate clients. Simultaneously, S&P anticipates that
the bank will preserve its market share and maintain its risk
profile at current levels, which are lower than for domestic
peers.
S&P could consider a negative rating action on KDB Bank
Uzbekistan if it fails to continue expanding its customer
franchise because it cannot sustainably face stiff competition
from state-owned banks. Such an inability to develop a
sustainable, and profitable, business model would prompt S&P to
review the stability of the bank's franchise and its strategic
importance for its parent.
A positive rating action on KDB Bank Uzbekistan is remote at this
stage, unless S&P's assessment of Uzbekistan's creditworthiness
improves, because it constrains our long-term rating on the bank.
Taking into account the linkages between the ratings on banks
operating in Uzbekistan and the sovereign's creditworthiness,
bank-specific factors leading to a possible upgrade of KDB Bank
Uzbekistan appear limited.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 12 to January 16, 2015
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
VTB Bank OJSC Via V 6.95 10/17/2022 USD 75.00
OAS Investments Gmb 8.25 10/19/2019 USD 34.28
Sberbank of Russia 5.25 5/23/2023 USD 73.72
Sberbank of Russia 5.50 2/26/2024 USD 77.00
Rosneft Oil Co via 4.20 3/6/2022 USD 75.25
Takko Luxembourg 2 9.88 4/15/2019 EUR 33.25
Gazprombank OJSC Vi 7.50 12/28/2023 USD 72.75
Russian Railways vi 3.37 5/20/2021 EUR 73.91
Russian Federal Bon 8.15 2/3/2027 RUB 71.99
QGOG Constellation 6.25 11/9/2019 USD 64.00
Heta Asset Resoluti 4.38 1/24/2017 EUR 68.16
Sistema JSFC via Si 6.95 5/17/2019 USD 75.00
Gazprombank OJSC Vi 5.13 5/13/2024 CHF 71.50
Ukraine Government 9.25 7/24/2017 USD 60.54
Heta Asset Resoluti 4.25 10/31/2016 EUR 67.96
VTB Bank OJSC Via V 5.00 10/24/2024 CHF 68.88
CGG SA 6.50 6/1/2021 USD 76.00
Russian Standard Ba 10.75 4/10/2018 USD 30.00
Frigoglass Finance 8.25 5/15/2018 EUR 70.25
Russian Agricultura 6.00 6/3/2021 USD 72.50
Ukraine Government 7.50 4/17/2023 USD 58.25
Bank Otkritie Finan 10.00 4/26/2019 USD 71.00
Russian Agricultura 8.50 10/16/2023 USD 69.78
Rickmers Holding Gm 8.88 6/11/2018 EUR 70.58
Credit Bank of Mosc 8.70 11/13/2018 USD 78.00
Afren PLC 6.63 12/9/2020 USD 56.75
Brunswick Rail Fina 6.50 11/1/2017 USD 59.65
Ukraine Government 6.88 9/23/2015 USD 70.55
Ukraine Government 4.95 10/13/2015 EUR 62.80
Gazprom Neft OAO Vi 4.38 9/19/2022 USD 74.25
EDC Finance Ltd 4.88 4/17/2020 USD 66.25
Far East Capital Lt 8.00 5/2/2018 USD 41.00
Novatek OAO via Nov 4.42 12/13/2022 USD 66.13
CGG SA 1.25 1/1/2019 EUR 24.07
Home Credit & Finan 9.38 4/24/2020 USD 72.51
Russian Federal Bon 6.80 12/11/2019 RUB 73.25
Banco Espirito Sant 7.13 11/28/2023 EUR 9.00
Vnesheconombank Via 4.03 2/21/2023 EUR 70.35
TMK OAO Via TMK Cap 7.75 1/27/2018 USD 87.00
Virgolino de Olivei 10.50 1/28/2018 USD 6.75
MHP SA 8.25 4/2/2020 USD 75.20
Russian Federal Bon 7.60 4/14/2021 RUB 72.80
TMK OAO Via TMK Cap 6.75 4/3/2020 USD 51.50
Russian Standard Ba 7.73 12/16/2015 USD 65.13
SOITEC 6.75 9/18/2018 EUR 1.87
Russian Railways vi 8.30 4/2/2019 RUB 67.88
Renaissance Credit 7.75 5/31/2016 USD 88.00
Avangardco Investme 10.00 10/29/2015 USD 64.50
EnQuest PLC 5.50 2/15/2022 GBP 68.18
Tinkoff Credit Syst 14.00 6/6/2018 USD 70.00
Russian Standard Ba 7.56 12/1/2016 USD 50.00
Oschadbank Via SSB 8.25 3/10/2016 USD 57.75
Russian Federal Bon 7.00 1/25/2023 RUB 67.50
EnQuest PLC 7.00 4/15/2022 USD 61.00
Russian Agricultura 8.63 2/17/2017 RUB 74.88
Russian Railways vi 2.73 2/26/2021 CHF 72.11
Oschadbank Via SSB 8.88 3/20/2018 USD 56.00
Banca delle Marche 1.03 6/1/2017 EUR 53.33
Vneshprombank via V 9.00 11/14/2016 USD 92.00
Russian Federal Bon 7.60 7/20/2022 RUB 70.75
Ukraine Government 7.80 11/28/2022 USD 59.08
Mriya Agro Holding 9.45 4/19/2018 USD 11.00
Paragon Offshore PL 6.75 7/15/2022 USD 61.50
Indo Energy Finance 6.38 1/24/2023 USD 64.56
Raspadskaya OJSC Vi 7.75 4/27/2017 USD 64.00
Home Credit & Finan 10.50 4/19/2021 USD 61.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.10
Sberbank of Russia 7.40 3/4/2018 TRY 69.65
WPE International C 10.38 9/30/2020 USD 19.00
Ukraine Government 7.75 9/23/2020 USD 59.72
Paragon Offshore PL 7.25 8/15/2024 USD 60.75
AHML Finance Ltd 7.75 2/13/2018 RUB 58.40
Afren PLC 10.25 4/8/2019 USD 97.50
Metinvest BV 8.75 2/14/2018 USD 60.50
Ukraine Government 6.58 11/21/2016 USD 61.33
Ukraine Government 6.75 11/14/2017 USD 60.77
UKRLANDFARMING PLC 10.88 3/26/2018 USD 50.50
Privatbank CJSC Via 9.38 9/23/2015 USD 71.50
Ukreximbank Via Biz 8.75 1/22/2018 USD 58.13
Ukraine Government 6.25 6/17/2016 USD 62.38
Russian Standard Ba 11.50 1/17/2024 USD 29.88
Renaissance Credit 13.50 6/21/2018 USD 49.50
Virgolino de Olivei 11.75 2/9/2022 USD 1.96
Ekosem-Agrar GmbH 8.50 12/7/2018 EUR 64.97
Borets Finance Ltd 7.63 9/26/2018 USD 96.00
Air France-KLM 4.97 4/1/2015 EUR 12.27
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.21
DTEK Finance PLC 7.88 4/4/2018 USD 45.00
Hema Bondco II BV 8.50 12/15/2019 EUR 61.24
Towergate Finance P 10.50 2/15/2019 GBP 25.00
Federal Grid Co OJS 8.45 3/13/2019 RUB 67.79
Financing of Infras 9.00 12/7/2017 USD 60.00
Ukraine Railways vi 9.50 5/21/2018 USD 65.25
Ekosem-Agrar GmbH 8.75 3/23/2017 EUR 71.00
Russian Federal Bon 6.70 5/15/2019 RUB 74.75
City of Kyiv Via Ky 9.38 7/11/2016 USD 69.76
VimpelCom Holdings 9.00 2/13/2018 RUB 67.13
DTEK Finance BV 9.50 4/28/2015 USD 79.00
Iona Energy Co UK P 9.50 9/27/2018 USD 70.00
Ukraine Government 7.95 2/23/2021 USD 59.32
Bank of New York Me 4.33 12/30/2099 EUR 30.33
Asya Sukuk Co Ltd 7.50 3/28/2023 USD 60.98
Espirito Santo Fina 6.88 10/21/2019 EUR 0.18
Alcatel-Lucent 4.25 7/1/2018 EUR 3.32
Codere Finance Luxe 8.25 6/15/2015 EUR 61.00
Russian Agricultura 7.88 2/7/2018 RUB 65.00
ESFIL-Espirito Sant 5.25 6/12/2015 EUR 5.00
First Ukrainian Int 11.00 12/31/2018 USD 71.00
Yuksel Insaat AS 9.50 11/10/2015 USD 61.00
Far East Capital Lt 8.75 5/2/2020 USD 41.50
Singulus Technologi 7.75 3/23/2017 EUR 41.38
TUI AG 2.75 3/24/2016 EUR 73.47
OGX Austria GmbH 8.38 4/1/2022 USD 1.00
Ekotechnika GmbH 9.75 5/10/2018 EUR 23.51
Talvivaara Mining C 4.00 12/16/2015 EUR 1.00
Norske Skogindustri 7.00 6/26/2017 EUR 56.26
Banca delle Marche 1.23 6/15/2016 EUR 50.63
Alcatel-Lucent 0.13 1/30/2020 EUR 4.09
City of Kiev Ukrain 8.00 11/6/2015 USD 74.15
Takko Luxembourg 2 7.08 4/15/2019 EUR 33.14
Promsvyazbank OJSC 10.50 7/30/2021 USD 68.75
EnQuest PLC 7.00 4/15/2022 USD 62.00
Air France-KLM 2.03 2/15/2023 EUR 11.55
EXIM of Ukraine CJS 5.79 2/9/2016 USD 51.51
KCA Deutag UK Finan 7.25 5/15/2021 USD 70.75
Virgolino de Olivei 10.88 1/13/2020 USD 20.00
Norske Skogindustri 11.75 6/15/2016 EUR 73.10
Econocom Group SA/N 1.50 1/15/2019 EUR 10.44
Praktiker AG 5.88 2/10/2016 EUR 0.13
Etablissements Maur 1.63 7/1/2019 EUR 15.30
Geo Travel Finance 10.38 5/1/2019 EUR 71.50
Russian Federal Bon 6.40 5/27/2020 RUB 71.75
Afren PLC 6.63 12/9/2020 USD 56.00
Alno AG 8.50 5/14/2018 EUR 58.50
Aralco Finance SA 10.13 5/7/2020 USD 8.50
AG Spring Finance I 9.50 6/1/2019 EUR 74.72
Oesterreichische Vo 0.93 11/28/2016 EUR 27.13
Mriya Agro Holding 10.95 3/30/2016 USD 11.00
Mifa Mitteldeutsche 7.50 8/12/2018 EUR 9.10
Pescanova SA 5.13 4/20/2017 EUR 3.83
MAG IAS GmbH 7.50 2/8/2016 EUR 55.13
Phones4u Finance PL 9.50 4/1/2018 GBP 32.63
Metinvest BV 10.50 11/28/2017 USD 61.39
Phosphorus Holdco P 10.00 4/1/2019 GBP 2.00
DF Deutsche Forfait 7.88 5/27/2020 EUR 64.25
Privatbank CJSC Via 10.88 2/28/2018 USD 57.63
Hellenic Republic G 5.20 7/17/2034 EUR 62.38
MS Deutschland Bete 6.88 12/18/2017 EUR 15.10
NII International T 11.38 8/15/2019 USD 74.00
Renaissance Credit 13.50 5/22/2019 USD 52.63
Faurecia 3.25 1/1/2018 EUR 31.99
Financing of Infras 8.38 11/3/2017 USD 60.00
NTRP Via Interpipe 10.25 8/2/2017 USD 40.00
Norwegian Energy Co 6.75 6/9/2019 NOK 10.13
VTB Bank OJSC Via V 6.95 10/17/2022 USD 74.05
Nexans SA 4.00 1/1/2016 EUR 54.40
Pescanova SA 8.75 2/17/2019 EUR 3.92
NII International T 7.88 8/15/2019 USD 71.50
OAS Investments Gmb 8.25 10/19/2019 USD 41.00
Commercial Bank Pri 5.80 2/9/2016 USD 50.00
InterOil Exploratio 15.00 3/14/2016 NOK 30.00
Corporate Commercia 8.25 8/8/2014 USD 3.58
Peugeot SA 4.45 1/1/2016 EUR 26.07
Laurel GmbH 7.13 11/16/2017 EUR 32.88
Bank St Petersburg 11.00 10/24/2018 USD 67.38
Bank St Petersburg 10.75 4/22/2019 USD 65.00
Sympatex Holding Gm 8.00 12/3/2018 EUR 37.25
Dannemora Mineral A 11.75 3/22/2016 USD 0.63
Espirito Santo Fina 3.13 12/2/2018 EUR 1.51
Virgolino de Olivei 10.88 1/13/2020 USD 58.85
Nexans SA 2.50 1/1/2019 EUR 70.38
Afren PLC 10.25 4/8/2019 USD 65.00
PA Resources AB 13.50 3/3/2016 SEK 31.13
BLT Finance BV 7.50 5/15/2014 USD 6.00
Gebr Sanders GmbH & 8.75 10/22/2018 EUR 71.00
Northland Resources 15.00 7/15/2019 USD 1.56
Sberbank of Russia 5.50 2/26/2024 USD 75.00
Jasper Explorer PLC 13.50 5/27/2016 USD 11.38
VimpelCom Holdings 9.00 2/13/2018 RUB 67.13
RENE LEZARD Mode Gm 7.25 11/25/2017 EUR 47.50
Orpea 3.88 1/1/2016 EUR 57.25
Financing of Infras 7.40 4/20/2018 USD 58.00
Rosneft Oil Co via 4.20 3/6/2022 USD 69.75
Sberbank of Russia 5.25 5/23/2023 USD 81.25
PA Resources AB 12.25 4/5/2016 NOK 29.88
QGOG Constellation 6.25 11/9/2019 USD 64.50
OGX Austria GmbH 8.50 6/1/2018 USD 0.13
Attica Funds PLC 2.58 3/24/2015 EUR 55.13
Brunswick Rail Fina 6.50 11/1/2017 USD 40.96
Mox Telecom AG 7.25 11/2/2017 EUR 0.00
Oesterreichische Vo 9.09 7/26/2018 EUR 27.13
Etablissements Maur 7.13 7/31/2015 EUR 13.12
Golden Gate AG 6.50 10/11/2014 EUR 39.20
Paragon Offshore PL 6.75 7/15/2022 USD 62.00
SNS Bank NV 6.25 10/26/2020 EUR 2.49
Novatek OAO via Nov 4.42 12/13/2022 USD 78.75
Le Noble Age 4.88 1/3/2016 EUR 21.06
Novo Banco SA 3.50 1/23/2043 EUR 73.08
Bank Otkritie Finan 10.00 12/17/2019 USD 67.00
Rena GmbH 8.25 7/11/2018 EUR 9.50
EDC Finance Ltd 4.88 4/17/2020 USD 66.25
Paragon Offshore PL 7.25 8/15/2024 USD 81.50
Global PVQ SE 6.75 10/21/2015 EUR 1.17
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.01
Talvivaara Mining C 9.75 4/4/2017 EUR 0.03
APP International F 11.75 10/1/2005 USD 4.00
Barclays Bank PLC 3.44 4/19/2033 USD 64.55
Lloyds Bank PLC 3.68 1/31/2033 USD 69.25
Lloyds Bank PLC 3.21 2/22/2033 USD 68.00
Teak Holz Internati 5.00 8/31/2015 EUR 71.00
Ukraine Government 9.25 7/24/2017 USD 60.86
Virgolino de Olivei 11.75 2/9/2022 USD 18.00
Seabird Exploration 6.00 12/18/2015 USD 10.00
Nexity SA 0.63 1/1/2020 EUR 43.91
Promsvyazbank OJSC 10.50 3/17/2021 USD 60.00
Northland Resources 4.00 10/15/2020 USD 0.23
Pescanova SA 6.75 3/5/2015 EUR 3.83
Ukraine Government 7.50 4/17/2023 USD 58.03
Takko Luxembourg 2 9.88 4/15/2019 EUR 34.00
Gazprom Neft OAO Vi 4.38 9/19/2022 USD 83.76
Ideal Standard Inte 11.75 5/1/2018 EUR 50.38
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Rena GmbH 7.00 12/15/2015 EUR 9.50
Astana Finance BV 7.88 6/8/2010 EUR 6.38
MHP SA 8.25 4/2/2020 USD 67.15
Hellenic Republic G 2.09 7/25/2057 EUR 19.00
Pierre & Vacances S 3.50 10/1/2019 EUR 35.59
Russian Standard Ba 10.75 4/10/2018 USD 40.00
AHML Finance Ltd 7.75 2/13/2018 RUB 58.40
BDT Media Automatio 8.13 10/9/2017 EUR 60.75
Ukraine Government 6.88 9/23/2015 USD 69.82
Barclays Bank PLC 3.39 3/28/2033 USD 70.00
Ukraine Government 7.80 11/28/2022 USD 59.16
Sistema JSFC 8.75 11/24/2016 RUB 74.00
Ukraine Government 6.75 11/14/2017 USD 60.40
Norske Skogindustri 7.13 10/15/2033 USD 47.00
AgroGeneration 8.00 7/17/2018 EUR 34.00
Novo Banco SA 3.50 2/19/2043 EUR 72.65
Lloyds Bank PLC 3.44 4/26/2033 USD 64.00
Codere Finance Luxe 9.25 2/15/2019 USD 64.25
Cattles Ltd 6.88 1/17/2014 GBP 3.00
TradeDoubler AB 6.75 12/20/2018 SEK 71.50
Barclays Bank PLC 2.95 5/31/2033 USD 70.00
Russian Agricultura 8.50 10/16/2023 USD 62.00
Far East Capital Lt 8.00 5/2/2018 USD 38.01
Virgolino de Olivei 10.50 1/28/2018 USD 18.00
Heta Asset Resoluti 0.84 1/24/2017 EUR 40.00
Espirito Santo Fina 5.13 5/30/2016 EUR 4.43
International Indus 9.00 7/6/2011 EUR 0.46
Gunther Zamek Produ 7.75 5/15/2017 EUR 4.11
Espirito Santo Fina 9.75 12/19/2025 EUR 3.44
Orpea 1.75 1/1/2020 EUR 60.92
Gazprombank OJSC Vi 6.50 7/17/2020 USD 69.00
BNP Paribas SA 3.42 4/30/2033 USD 70.50
Credit Bank of Mosc 8.70 11/13/2018 USD 55.00
Cirio Holding Luxem 6.25 2/16/2004 EUR 1.12
Gazprombank OJSC Vi 8.75 6/29/2019 RUB 56.38
Norske Skogindustri 7.13 10/15/2033 USD 54.50
SiC Processing GmbH 7.13 3/1/2016 EUR 3.66
getgoods.de AG 7.75 10/2/2017 EUR 5.38
Finance and Credit 9.25 1/25/2019 USD 49.63
Heta Asset Resoluti 4.25 6/16/2015 EUR 69.38
Kezizalog Zrt 7.75 10/1/2018 EUR 48.45
Sistema JSFC via Si 6.95 5/17/2019 USD 72.50
Novo Banco SA 3.50 1/2/2043 EUR 72.73
TMK OAO Via TMK Cap 6.75 4/3/2020 USD 57.78
AK BARS Bank Via AK 8.00 7/13/2022 USD 52.75
Northland Resources 4.00 10/15/2020 NOK 0.14
Lehman Brothers Tre 6.00 11/2/2035 EUR 5.13
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.02
Barclays Bank PLC 3.58 3/21/2033 USD 66.60
Travel24.com AG 7.50 9/17/2017 EUR 34.00
Breeze Finance SA 6.71 4/19/2027 EUR 44.00
Corsicanto Ltd 3.50 1/15/2032 USD 69.50
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.02
Towergate Finance P 10.50 2/15/2019 GBP 26.38
KCA Deutag UK Finan 7.25 5/15/2021 USD 75.00
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Ukraine Railways vi 9.50 5/21/2018 USD 51.75
Centrosolar Group A 7.00 2/15/2016 EUR 1.35
JZ Capital Partners 6.00 7/30/2021 GBP 10.65
Metinvest BV 8.75 2/14/2018 USD 55.08
Far Eastern Shippin 10.25 5/31/2016 RUB 72.01
Mechel 8.40 5/27/2021 RUB 28.53
International Indus 11.00 2/19/2013 USD 0.46
Hellas Telecommunic 8.50 10/15/2013 EUR 0.00
Portigon AG 7.46 12/31/2019 EUR 10.00
Petrol AD 8.38 1/26/2017 EUR 46.38
Glitnir HF 6.69 6/15/2016 USD 0.02
Astana Finance BV 9.00 11/16/2011 USD 6.38
Barclays Bank PLC 0.50 3/13/2023 RUB 51.49
Bank of Khanty-Mans 9.15 6/18/2023 USD 73.63
Ukraine Government 7.75 9/23/2020 USD 59.64
OGX Austria GmbH 8.38 4/1/2022 USD 2.51
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.67
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Borets Finance Ltd 7.63 9/26/2018 USD 72.25
Club Mediterranee S 6.11 11/1/2015 EUR 23.91
More & More AG 8.13 6/11/2018 EUR 39.50
TAG Immobilien AG 6.50 12/10/2015 EUR 10.57
Ukraine Government 4.95 10/13/2015 EUR 67.65
Heta Asset Resoluti 5.03 1/26/2017 EUR 39.25
Russian Federal Bon 5.00 10/31/2018 RUB 70.01
Agroton Public Ltd 6.00 7/14/2019 USD 30.25
Russian Agricultura 6.00 6/3/2021 USD 68.75
Novo Banco SA 3.50 3/18/2043 EUR 72.65
Heta Asset Resoluti 4.35 11/3/2016 EUR 39.38
Barclays Bank PLC 0.47 12/28/2040 EUR 65.19
Mechel 8.40 6/1/2021 RUB 28.05
Cirio Del Monte NV 7.75 3/14/2005 EUR 10.75
Deutsche Bank AG/Lo 2.39 3/15/2033 USD 68.50
Lehman Brothers Tre 7.00 5/17/2035 EUR 5.13
Mechel 10.00 8/25/2020 RUB 43.06
Oesterreichische Vo 9.09 7/26/2025 EUR 17.38
Sazka AS 9.00 7/12/2021 EUR 2.80
Cirio Finanziaria S 8.00 12/21/2005 EUR 1.60
Societe Air France 2.75 4/1/2020 EUR 21.61
Sidetur Finance BV 10.00 4/20/2016 USD 20.00
Hypo Tirol Bank AG 0.66 7/23/2026 EUR 58.88
SUEK Finance 8.25 6/26/2020 RUB 75.00
Ukraine Government 7.95 2/23/2021 USD 61.07
Ukraine Government 6.25 6/17/2016 USD 64.36
friedola Gebr Holza 7.25 4/11/2017 EUR 49.25
Heta Asset Resoluti 5.04 2/15/2023 EUR 31.13
Hellenic Republic G 0.93 8/10/2019 EUR 64.64
Raspadskaya OJSC Vi 7.75 4/27/2017 USD 68.00
Societe Generale SA 3.26 2/28/2033 USD 70.56
Deutsche Bank AG 1.79 6/28/2033 USD 66.90
Indo Energy Finance 6.38 1/24/2023 USD 67.42
Privatbank CJSC Via 10.88 2/28/2018 USD 57.63
Gazprombank OJSC Vi 5.75 11/21/2018 USD 75.00
Del Monte Finance L 6.63 5/24/2006 EUR 15.88
Codere Finance Luxe 8.25 6/15/2015 EUR 62.25
Glitnir HF 6.38 9/25/2012 USD 11.88
Bank Otkritie Finan 10.00 4/26/2019 USD 69.75
TGC-2 OJSC 12.00 10/10/2018 RUB 45.50
Financing of Infras 8.38 11/3/2017 USD 59.42
Autonomous Communit 7.55 7/21/2026 EUR 63.72
Dexia Kommunalbank 4.88 12/31/2016 EUR 38.15
Depfa ACS Bank 0.25 7/8/2033 CAD 24.00
Lehman Brothers Tre 5.00 2/16/2015 EUR 4.56
City of Kyiv Via Ky 9.38 7/11/2016 USD 69.76
Lehman Brothers Tre 7.25 10/5/2035 EUR 4.36
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.00
IT Holding Finance 9.88 11/15/2012 EUR 0.20
WGF Westfaelische G 6.35 12/1/2016 EUR 19.60
Societe Centrale de 9.00 7/1/2016 EUR 6.60
Lloyds Bank PLC 6.56 7/5/2033 USD 71.50
KPNQwest NV 10.00 3/15/2012 EUR 0.38
Cooperatieve Centra 0.50 11/26/2021 ZAR 54.65
Promsvyazbank OJSC 12.25 2/1/2018 RUB 50.00
UKRLANDFARMING PLC 10.88 3/26/2018 USD 46.00
Lehman Brothers Tre 6.00 2/15/2035 EUR 4.58
Sairgroup Finance B 4.38 6/8/2006 EUR 12.75
Lehman Brothers Tre 2.88 3/14/2013 CHF 11.13
Mriya Agro Holding 9.45 4/19/2018 USD 10.50
Heta Asset Resoluti 0.54 12/18/2030 EUR 39.00
Hellenic Republic G 2.27 2/7/2022 EUR 55.19
Heta Asset Resoluti 5.92 2/22/2022 EUR 39.50
Kaupthing Bank Hf 5.75 10/4/2011 USD 13.50
SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00
Kaupthing Bank Hf 5.75 10/4/2011 USD 13.50
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.00
Bank Julius Baer & 13.35 3/5/2015 USD 52.25
Cattles Ltd 7.13 7/5/2017 GBP 3.00
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Heta Asset Resoluti 4.63 3/4/2018 EUR 55.00
PNE Wind AG 3.75 10/10/2019 EUR 2.65
Novolipetsk Steel O 8.00 7/25/2023 RUB 75.00
Glitnir HF 6.00 3/5/2012 GBP 11.88
WPE International C 10.38 9/30/2020 USD 20.38
Kaupthing Bank Hf 7.63 2/28/2015 USD 13.50
Strenesse AG 9.00 3/15/2017 EUR 42.50
Cirio Finance Luxem 7.50 11/3/2002 EUR 7.63
AK BARS Bank 11.95 10/15/2015 RUB 60.01
Barclays Bank PLC 3.07 6/17/2033 USD 71.82
SAG Solarstrom AG 7.50 7/10/2017 EUR 45.00
Federal Grid Co Uni 8.25 9/15/2020 RUB 50.00
Solarworld AG 6.13 1/21/2017 EUR 31.25
Assystem 4.00 1/1/2017 EUR 22.63
Ukraine Government 6.58 11/21/2016 USD 60.85
Tophedge AG 9.00 6/1/2020 EUR 0.21
Frey 6.00 11/15/2022 EUR 20.20
Banco Espirito Sant 10.00 12/6/2021 EUR 9.63
Credit Bank of Mosc 9.10 10/30/2018 RUB 70.01
Petromena ASA 9.75 5/24/2015 NOK 2.00
Solen AG 7.50 4/8/2016 EUR 1.10
Allied Irish Banks 0.83 10/24/2035 EUR 23.13
Far East Capital Lt 8.75 5/2/2020 USD 41.88
Teksid Aluminum Lux 11.38 7/15/2011 EUR 0.01
Bulgaria Steel Fina 12.00 5/4/2013 EUR 1.00
Alpha Credit Group 0.58 2/21/2021 EUR 53.47
Karlie Group GmbH 6.75 6/25/2018 EUR 58.42
Financing of Infras 7.40 4/20/2018 USD 59.48
Sovcombank ICB JSC 13.40 6/20/2016 RUB 60.01
BES Vida - Cia de S 2.28 12/19/2022 EUR 69.30
Home Credit & Finan 9.38 4/24/2020 USD 65.04
Raiffeisen Bank Int 4.50 9/28/2035 EUR 49.00
WGF Westfaelische G 5.35 5/15/2015 EUR 16.01
Agentstvo po Ipotec 7.49 2/15/2017 RUB 57.00
ffk environment Gmb 7.25 6/1/2016 EUR 3.50
BLT Finance BV 12.00 2/10/2015 USD 10.50
Svensk Exportkredit 0.50 3/28/2029 AUD 64.70
IKB Deutsche Indust 4.70 3/31/2017 EUR 22.00
KA Finanz AG 5.43 2/13/2024 EUR 59.13
Cyprus Popular Bank 1.83 5/26/2016 EUR 0.53
La Veggia Finance S 7.13 11/14/2004 EUR 0.63
SNS Bank NV 6.63 5/14/2018 EUR 2.78
Hellas Telecommunic 8.08 7/15/2015 EUR 0.89
NII International T 7.88 8/15/2019 USD 75.00
KPNQwest NV 7.13 6/1/2009 EUR 0.37
LBI HF 6.10 8/25/2011 USD 9.88
Codere Finance Luxe 9.25 2/15/2019 USD 65.50
Bashneft OAO 8.85 1/31/2023 RUB 70.00
eno energy GmbH 7.38 6/30/2016 EUR 64.80
DTEK Finance PLC 7.88 4/4/2018 USD 59.14
Banco Espirito Sant 1.63 5/27/2018 EUR 9.63
HMS Hydraulic Machi 10.10 1/30/2018 RUB 53.38
Colonia Real Estate 5.88 5/11/2015 EUR 6.80
Heta Asset Resoluti 0.67 11/29/2032 EUR 39.00
Frigoglass Finance 8.25 5/15/2018 EUR 69.84
Cooperatieve Centra 0.50 10/29/2027 MXN 45.00
Air Berlin Finance 1.50 4/11/2027 EUR 63.36
Credit Europe Bank 9.20 10/9/2015 RUB 63.02
Mechel 8.40 5/27/2021 RUB 29.12
Eitzen Chemical ASA 12.62 6/6/2016 NOK 20.50
Espirito Santo Fina 5.05 11/15/2025 EUR 3.94
Global PVQ Netherla 5.75 5/26/2014 EUR 30.13
Agentstvo po Ipotec 7.63 6/15/2018 RUB 71.03
KA Finanz AG 4.90 6/23/2031 EUR 49.75
DEMIRE Real Estate 6.00 12/30/2018 EUR 1.41
Freshwater Finance 6.06 10/17/2036 GBP 65.63
Glitnir HF 6.33 7/28/2011 USD 11.88
Geo Travel Finance 10.38 5/1/2019 EUR 70.00
Solarworld AG 6.38 7/13/2016 EUR 31.00
Svyaznoy Bank ZAO 12.00 8/6/2015 RUB 65.21
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Gamigo AG 8.50 6/19/2018 EUR 75.00
CBo Territoria 6.00 1/1/2020 EUR 3.83
Dexia Kommunalbank 5.63 12/31/2017 EUR 30.00
Russian Federal Bon 7.05 1/19/2028 RUB 64.00
Banca Monte dei Pas 2.05 11/10/2020 EUR 70.00
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Kaupthing Bank Hf 3.00 2/12/2010 CHF 13.50
Barclays Bank PLC 3.08 4/9/2028 USD 68.00
Aralco Finance SA 10.13 5/7/2020 USD 8.38
Heta Asset Resoluti 0.19 1/24/2017 EUR 64.13
ESTAVIS AG 6.25 3/27/2019 EUR 2.20
Home Credit & Finan 10.50 4/19/2021 USD 61.63
IKB Deutsche Indust 4.50 3/31/2015 EUR 0.50
Deutsche Bank AG/Lo 3.25 6/20/2019 EUR 0.50
Region of Puglia It 0.71 2/6/2023 EUR 72.56
Municipality Financ 0.50 3/28/2018 BRL 70.82
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Region of Piemont I 0.34 11/27/2036 EUR 59.24
UniCredit Bank Aust 0.60 8/20/2033 EUR 69.88
Kaupthing Bank Hf 4.70 2/15/2010 CAD 13.50
Heta Asset Resoluti 7.50 5/27/2024 ATS 39.00
Junta de Castilla y 7.20 11/11/2026 EUR 63.19
Phosphorus Holdco P 10.00 4/1/2019 GBP 2.00
Mobile TeleSystems 8.70 11/7/2017 RUB 73.01
Bank Nederlandse Ge 0.50 6/7/2022 ZAR 54.77
Mriya Agro Holding 10.95 3/30/2016 USD 10.88
Financing of Infras 9.00 12/7/2017 USD 58.52
Svensk Exportkredit 7.00 9/26/2022 RUB 74.07
LBI HF 6.10 8/25/2011 USD 9.88
Krasnodar Regional 10.75 9/13/2016 RUB 60.00
MegaFon Finans OOO 9.85 9/29/2022 RUB 64.01
Petromena ASA 10.85 11/19/2014 USD 2.00
Vnesheconombank 8.40 12/20/2018 RUB 75.00
Czerwona Torebka SA 7.21 4/15/2016 PLN 60.00
Bashneft OAO 8.35 12/13/2016 RUB 60.03
Solar Millennium AG 6.50 7/15/2015 EUR 11.00
Region of Abruzzo I 0.56 11/7/2036 EUR 55.67
Hema Bondco II BV 8.50 12/15/2019 EUR 62.17
Glitnir HF 4.75 10/15/2010 USD 11.88
UTair-Finans OOO 13.00 11/13/2015 RUB 23.63
BKN biostrom AG 7.50 6/5/2016 EUR 1.50
IKB Deutsche Indust 5.63 3/31/2017 EUR 22.00
Global PVQ Netherla 1.38 4/30/2012 EUR 30.13
Glitnir HF 4.38 2/5/2010 EUR 11.88
Societe Generale SA 1.92 6/28/2033 USD 66.00
Takko Luxembourg 2 7.08 4/15/2019 EUR 33.14
Finmek Internationa 7.00 12/3/2004 EUR 0.13
Kuzbassenergo-Finan 8.70 4/15/2021 RUB 53.00
Glitnir HF 3.00 6/30/2010 EUR 11.88
Bank Nederlandse Ge 0.50 3/3/2021 NZD 74.64
Transaero Airlines 12.00 10/25/2018 RUB 74.70
Bashneft OAO 9.00 2/4/2022 RUB 60.01
Vnesheconombank 2.00 6/18/2021 RUB 55.29
Heta Asset Resoluti 3.42 11/7/2016 EUR 69.75
Zlomrex Internation 8.50 2/1/2014 EUR 71.00
Glitnir HF 5.44 12/22/2015 USD 11.88
MirLand Development 7.21 5/31/2020 ILS 31.00
UniCredit Bank Aust 0.56 12/27/2031 EUR 71.13
Groupe Monceau Fleu 4.30 5/2/2022 EUR 4.50
Gigaset AG 3.00 4/22/2015 EUR 0.59
NII International T 11.38 8/15/2019 USD 75.00
Global PVQ Netherla 1.38 4/30/2012 EUR 30.13
Lehman Brothers Tre 8.25 3/16/2035 EUR 5.00
Heta Asset Resoluti 0.41 9/26/2043 EUR 3.52
Bremer Landesbank K 0.56 4/5/2041 EUR 69.63
Federal Grid Co Uni 8.00 1/7/2028 RUB 72.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 13.25
Vnesheconombank 8.10 9/27/2018 RUB 70.01
Lehman Brothers Tre 5.00 2/27/2014 EUR 4.70
Phones4u Finance PL 9.50 4/1/2018 GBP 32.63
Svyaznoy Bank ZAO 13.50 6/8/2018 RUB 72.10
GFI Informatique SA 5.25 1/1/2017 EUR 5.97
Carcade OOO 12.50 4/25/2016 RUB 70.00
Kaupthing Bank Hf 5.25 7/18/2017 BGN 13.50
Norske Skogindustri 11.75 6/15/2016 EUR 73.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 13.25
Oesterreichische Vo 9.09 7/26/2019 EUR 27.13
Lehman Brothers Tre 4.00 2/16/2017 EUR 7.75
Solon SE 1.38 12/6/2012 EUR 0.33
Sairgroup Finance B 6.63 10/6/2010 EUR 15.13
International Bank 13.50 6/23/2016 RUB 60.00
Ural-Siberian Bank 10.00 8/25/2017 RUB 60.01
OL Groupe SA 7.00 12/28/2015 EUR 6.43
Glitnir HF 5.31 12/24/2012 USD 11.88
Credit Agricole Cor 0.50 3/6/2023 RUB 51.17
Heta Asset Resoluti 0.23 2/17/2017 EUR 61.13
AdP - Aguas de Port 0.18 10/22/2027 EUR 70.13
EXER D GmbH 5.70 2/1/2016 EUR 10.00
Region of Molise It 0.58 12/15/2033 EUR 65.07
LBI HF 2.25 2/14/2011 CHF 4.20
Konservenfabrik Zac 8.00 4/1/2016 EUR 0.00
RZD Rasvytie vokzal 12.50 10/21/2016 RUB 65.00
Heta Asset Resoluti 0.19 8/1/2017 EUR 54.00
Ideal Standard Inte 11.75 5/1/2018 EUR 50.38
Mechel 10.00 8/25/2020 RUB 43.30
Oesterreichische Vo 9.09 7/26/2024 EUR 17.50
Irkut Corp 9.00 11/6/2023 RUB 65.16
Lehman Brothers Tre 7.00 11/26/2013 EUR 4.70
Heckler & Koch GmbH 9.50 5/15/2018 EUR 74.88
Lehman Brothers Tre 5.00 9/22/2014 EUR 4.70
Lehman Brothers Tre 5.10 5/8/2017 HKD 29.88
Morgan Stanley BV 8.50 5/25/2015 EUR 26.43
Sachsen Bank 0.48 1/22/2041 EUR 71.89
Kaupthing Bank Hf 5.50 2/2/2009 USD 13.50
Lehman Brothers Tre 3.00 9/13/2010 JPY 29.88
Absolut Bank OAO 10.25 7/27/2016 RUB 60.01
Lehman Brothers Tre 8.25 12/3/2015 EUR 7.75
Russian Federal Bon 7.00 8/16/2023 RUB 65.10
KPNQwest NV 8.13 6/1/2009 USD 0.41
MT-Energie GmbH & C 8.25 4/4/2017 EUR 5.00
Bank National Facto 12.30 10/17/2016 RUB 60.00
HC Finance OOO 8.25 11/26/2021 RUB 70.00
Junta Comunidades d 0.29 12/5/2023 EUR 71.43
Glitnir HF 1.63 3/11/2009 CHF 11.88
LBI HF 3.00 12/7/2010 CHF 4.20
BioEnergie Taufkirc 6.50 7/30/2020 EUR 69.50
Federal Grid Co Uni 8.50 6/22/2021 RUB 75.00
Artea 6.00 8/4/2019 EUR 1.00
Lehman Brothers Tre 3.03 1/31/2015 EUR 7.75
Societe Generale SA 3.84 1/31/2033 USD 73.00
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
MirLand Development 6.50 12/31/2015 ILS 37.26
Minicentrales Dos S 4.81 11/29/2034 EUR 73.00
Credit Bank of Mosc 8.65 4/8/2015 RUB 60.01
DEIKON GmbH 1.00 11/16/2016 EUR 26.30
MirLand Development 8.50 8/31/2016 ILS 32.12
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
City of Baile Hercu 2.50 12/16/2020 RON 75.00
Lehman Brothers Tre 5.25 5/26/2026 EUR 4.70
Lehman Brothers Tre 4.00 10/24/2012 EUR 4.70
Bank Otkritie Finan 10.00 12/17/2019 USD 67.00
Exane Finance 1.75 4/28/2016 EUR 65.79
Heta Asset Resoluti 0.39 3/12/2043 EUR 3.42
Emporiki Group Fina 5.00 2/24/2022 EUR 67.82
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
TGK-9 OAO 8.10 8/7/2017 RUB 51.01
Russian Standard Ba 11.50 2/27/2016 RUB 70.01
Heta Asset Resoluti 4.88 9/18/2017 EUR 38.38
SAir Group 0.13 7/7/2005 CHF 11.00
Lehman Brothers Tre 4.00 12/2/2012 EUR 4.70
Lehman Brothers Tre 1.00 5/9/2012 EUR 4.70
Lehman Brothers Tre 4.50 5/2/2017 EUR 4.70
Breeze Finance SA 11.75 4/19/2027 EUR 3.00
Lehman Brothers Tre 6.00 10/30/2012 EUR 4.70
Northland Resources 15.00 7/15/2019 USD 1.56
RSG-Finance LLC 12.75 11/22/2016 RUB 70.03
Rusfinans Bank OOO 11.60 11/10/2015 RUB 60.01
Kommunalbanken AS 0.50 9/26/2017 BRL 74.88
RUSNANO OAO 8.90 12/20/2017 RUB 71.11
Credit Suisse AG/Lo 15.50 5/4/2016 USD 70.67
Federal Grid Co Uni 7.95 7/6/2023 RUB 73.01
Eitzen Chemical ASA 11.24 6/6/2016 USD 20.50
Lehman Brothers Tre 6.00 3/14/2011 EUR 4.70
Heta Asset Resoluti 0.30 4/9/2043 EUR 3.10
Espirito Santo Fina 5.05 11/15/2025 EUR 4.83
Lehman Brothers Tre 8.50 7/5/2016 EUR 4.70
RSL Communications 10.50 11/15/2008 USD 1.25
Credit Europe Bank 9.50 2/19/2016 RUB 60.00
Russian Railways JS 9.00 9/20/2039 RUB 100.00
Bank Nederlandse Ge 0.50 7/12/2022 ZAR 53.66
Royal Bank of Scotl 4.24 1/12/2046 EUR 72.50
Hamburgische Landes 0.46 1/22/2041 EUR 71.55
Province of Milan I 0.17 12/20/2042 EUR 43.61
Rosselkhozbank OJSC 7.90 9/18/2023 RUB 60.01
Mobile TeleSystems 5.00 6/29/2021 RUB 62.50
Investkredit Bank A 7.00 7/24/2022 EUR 63.69
Heta Asset Resoluti 5.27 4/7/2028 EUR 39.38
Bosnia & Herzegovin 2.50 6/30/2022 BAM 75.00
Cooperatieve Centra 0.50 7/30/2043 MXN 19.07
Alpha Credit Group 2.00 4/27/2024 EUR 44.25
Russian Railways JS 8.20 3/21/2028 RUB 75.00
Italy Government In 0.72 7/31/2045 EUR 63.94
Metkombank JSC 9.50 4/15/2015 RUB 60.01
Heta Asset Resoluti 4.54 9/22/2017 EUR 60.25
Agentstvo po Ipotec 8.25 9/15/2021 RUB 75.00
Europlan ZAO 12.50 10/31/2017 RUB 60.01
Allied Irish Banks 5.25 3/10/2035 GBP 26.50
Vontobel Financial 5.84 9/9/2016 EUR 72.64
DZ Bank AG Deutsche 6.50 3/24/2023 EUR 72.34
Anglian Water Servi 1.06 1/26/2057 GBP 73.18
Heta Asset Resoluti 5.73 12/10/2021 EUR 39.50
Codere Finance Luxe 8.25 6/15/2015 EUR 62.25
Siloviye Mashiny OA 8.10 9/28/2023 RUB 57.01
Bashneft OAO 8.85 1/31/2023 RUB 71.00
Notenstein Privatba 10.12 8/26/2015 USD 60.06
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Region of Abruzzo I 0.40 11/7/2031 EUR 64.98
Raiffeisen Centroba 2.80 11/14/2016 EUR 67.03
Kaupthing Bank Hf 1.80 10/20/2009 JPY 13.50
Russian Highways 9.75 11/29/2016 RUB 60.01
ESTAVIS AG 7.75 6/25/2017 EUR 2.49
Caisse Centrale du 7.00 9/10/2015 EUR 15.39
Codere Finance Luxe 8.25 6/15/2015 EUR 61.00
Lehman Brothers Tre 6.00 10/24/2008 EUR 7.75
Oesterreichische Vo 5.27 2/8/2027 EUR 17.38
Cooperatieve Centra 0.50 10/30/2043 MXN 19.00
Lehman Brothers Tre 7.00 6/6/2017 EUR 4.70
Ingra DD 6.13 12/6/2016 HRK 12.99
Heta Asset Resoluti 0.49 8/12/2017 EUR 54.88
PJSC Geotech Seismi 10.50 10/17/2018 RUB 51.26
Alpha Credit Group 2.00 11/28/2032 EUR 23.96
ADLER Real Estate A 6.00 12/27/2018 EUR 7.25
Heta Asset Resoluti 3.72 3/15/2017 EUR 64.63
EuroChem Mineral & 8.90 6/26/2018 RUB 59.00
Municipality Financ 0.50 5/8/2029 AUD 62.72
Investkredit Bank A 4.77 4/12/2022 EUR 74.70
Republika Srpska 1.50 12/15/2023 BAM 72.00
WGF Westfaelische G 6.35 8/1/2017 EUR 4.00
SAir Group 4.25 2/2/2007 CHF 11.25
Heta Asset Resoluti 0.20 7/18/2017 EUR 54.63
Sidetur Finance BV 10.00 4/20/2016 USD 20.00
MirLand Development 6.00 11/30/2017 ILS 31.90
AdP - Aguas de Port 0.60 6/20/2022 EUR 70.25
LBI HF 4.40 1/18/2010 CAD 4.20
Credit Suisse AG/Lo 1.64 6/1/2042 USD 57.94
Atari SA 0.10 4/1/2020 EUR 1.81
KA Finanz AG 6.08 12/13/2018 EUR 70.00
Kaupthing Bank Hf 9.75 9/10/2015 USD 13.50
Espirito Santo Fina 5.63 7/28/2017 EUR 4.06
ADLER Real Estate A 6.00 6/30/2017 EUR 7.25
Oesterreichische Vo 1.08 5/20/2025 EUR 64.25
Lehman Brothers Tre 8.25 2/3/2016 EUR 4.70
Municipality Financ 0.50 12/20/2018 ZAR 72.78
Lehman Brothers Tre 5.00 3/18/2015 EUR 6.38
Lehman Brothers Tre 4.95 10/25/2036 EUR 4.70
Lehman Brothers Tre 6.00 3/18/2015 USD 4.70
Agentstvo po Ipotec 10.75 5/15/2023 RUB 58.00
Credit Europe Bank 11.25 9/5/2016 RUB 60.01
Kommunekredit 0.50 10/22/2019 BRL 59.50
Alpha Credit Group 1.50 12/18/2028 EUR 27.29
Heta Asset Resoluti 0.36 4/9/2018 EUR 46.38
UniCredit Bank Aust 0.44 1/25/2031 EUR 69.88
Lehman Brothers Tre 1.46 2/19/2012 JPY 29.88
Baltic Financial Ag 12.75 9/27/2016 RUB 60.00
INKA Beteiligungsve 5.10 10/31/2018 EUR 70.00
UTair-Finans OOO 12.00 6/17/2016 RUB 30.00
Lehman Brothers Tre 1.28 11/6/2010 JPY 29.88
LBI HF 4.53 4/24/2012 EUR 4.20
Lehman Brothers Tre 4.00 7/20/2012 EUR 4.70
Promsvyazbank OJSC 10.50 3/17/2021 USD 60.00
DekaBank Deutsche G 0.12 6/23/2034 EUR 74.42
DEIKON GmbH 1.00 7/1/2015 EUR 26.00
Heta Asset Resoluti 5.80 6/17/2017 EUR 58.38
Lehman Brothers Tre 8.88 1/28/2011 HKD 29.88
UTair-Finans OOO 13.00 11/13/2015 RUB 23.05
Windreich GmbH 6.75 3/1/2015 EUR 10.88
RUSNANO OAO 8.90 12/20/2017 RUB 70.00
UniCredit Bank AG 4.00 6/25/2015 EUR 64.17
Heta Asset Resoluti 0.36 4/22/2018 EUR 49.38
BLT Finance BV 7.50 5/15/2014 USD 6.00
City of Kiev Ukrain 8.00 11/6/2015 USD 74.15
Republika Srpska 1.50 6/30/2023 BAM 74.01
KA Finanz AG 4.44 12/20/2030 EUR 42.00
Lehman Brothers Tre 4.69 2/19/2017 EUR 7.75
Sviaz Bank OAO 11.15 4/29/2016 RUB 60.01
HSBC Bank PLC 0.50 3/1/2018 RUB 74.80
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.65
Republic of Khakass 8.40 10/27/2020 RUB 67.04
Emporiki Group Fina 5.00 12/2/2021 EUR 68.14
Svensk Exportkredit 0.50 1/31/2022 ZAR 51.79
Cerruti Finance SA 6.50 7/26/2004 EUR 1.77
Lehman Brothers Tre 5.00 5/2/2022 EUR 7.75
Lehman Brothers Tre 7.50 5/2/2017 EUR 4.70
Cassa di Risparmio 1.98 4/15/2018 EUR 53.75
Commerzbank AG 5.00 9/27/2019 EUR 74.17
Heta Asset Resoluti 0.23 8/11/2017 EUR 53.75
Lehman Brothers Tre 5.50 4/23/2014 EUR 4.70
Societe Generale SA 0.50 5/30/2023 MXN 62.40
Oesterreichische Vo 9.09 7/26/2020 EUR 27.13
Municipality Financ 0.50 6/19/2024 ZAR 41.80
Leonteq Securities 6.72 6/5/2015 USD 72.63
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 1.56
LBI HF 5.25 6/5/2023 EUR 4.20
Hamburgische Landes 0.47 10/30/2040 EUR 71.61
Comune di Verona 0.31 12/1/2026 EUR 64.30
Fonciere Volta SA 4.50 7/30/2020 EUR 2.70
BNP Paribas SA 0.50 1/31/2018 RUB 67.21
Barclays Bank PLC 0.50 4/24/2023 MXN 62.99
RFA-Invest OAO 12.00 2/24/2016 RUB 60.00
Russian Federal Sav 8.15 3/6/2025 RUB 71.44
Russian Bank for Sm 8.25 11/26/2016 RUB 60.01
Heta Asset Resoluti 3.90 1/24/2017 EUR 67.63
Lehman Brothers Tre 4.00 7/27/2011 EUR 4.70
UTair-Finans OOO 12.00 4/22/2015 RUB 20.01
UTair-Finans OOO 12.00 6/17/2016 RUB 40.00
Barclays Bank PLC 3.09 5/10/2028 USD 74.86
Astana Finance BV 14.50 7/2/2013 USD 6.38
Zlomrex Internation 8.50 2/1/2014 EUR 71.00
Societe Generale SA 2.37 11/29/2032 USD 68.71
UBS AG 9.00 7/3/2017 CHF 58.28
Oesterreichische Vo 4.81 7/29/2025 EUR 61.00
Heta Asset Resoluti 0.15 5/6/2016 EUR 71.63
LBI HF 6.00 6/6/2017 EUR 4.20
RMK-Finans 0.10 12/15/2015 RUB 68.16
Lehman Brothers Tre 8.00 2/16/2016 EUR 4.70
AdP - Aguas de Port 0.30 1/23/2023 EUR 70.13
RBC OJSC 3.27 4/19/2018 RUB 45.00
Lehman Brothers Tre 7.60 3/26/2009 EUR 4.70
iMoneyBank 13.00 10/27/2016 RUB 60.00
Northland Resources 12.25 3/26/2016 USD 1.56
Kommunekredit 0.50 2/20/2020 BRL 56.58
Republika Srpska 1.50 10/30/2023 BAM 73.20
Heta Asset Resoluti 0.13 1/24/2017 EUR 61.00
Lehman Brothers Tre 8.00 4/20/2009 EUR 4.70
Salvator Grundbesit 9.50 12/31/2021 EUR 13.00
Lehman Brothers Tre 1.75 2/7/2010 EUR 7.75
Kommunalbanken AS 0.50 3/2/2018 BRL 70.74
Kommunekredit 0.50 7/30/2027 TRY 32.82
RUSNANO OAO 8.90 12/20/2017 RUB 60.00
Bank Julius Baer & 9.75 3/27/2015 USD 70.05
Credit Suisse AG 8.50 1/9/2015 USD 7.82
SAir Group 5.13 3/1/2003 CHF 11.00
Kommunekredit 0.50 12/14/2020 ZAR 64.02
Heta Asset Resoluti 0.84 9/20/2017 EUR 39.38
SG Option Europe SA 7.00 5/5/2017 EUR 60.02
AKB Baltica Bank 8.25 6/5/2024 RUB 33.12
UTair-Finans OOO 12.00 4/22/2015 RUB 20.01
hkw personalkonzept 8.25 11/15/2016 EUR 1.20
UniCredit Bank ZAO 8.10 11/20/2018 RUB 60.00
Uboat Line SA 8.06 9/27/2015 PLN 50.00
BNP Paribas Emissio 8.00 6/25/2015 EUR 69.60
LBI HF 3.20 5/10/2010 SKK 4.20
Heta Asset Resoluti 0.18 3/15/2017 EUR 59.00
Housing Financing F 2.70 1/1/2020 ISK 66.00
HSBC Bank PLC 0.50 4/27/2027 NZD 56.16
Municipality Financ 0.50 11/10/2021 NZD 73.29
Bank Julius Baer & 9.40 5/27/2015 CHF 62.45
Province of Rovigo 0.43 12/28/2035 EUR 58.55
Avanquest Software 6.50 2/15/2015 EUR 4.30
Heta Asset Resoluti 5.68 7/5/2017 EUR 58.00
Junta de Castilla y 6.60 2/24/2023 EUR 67.98
UniCredit Bank ZAO 8.60 2/11/2016 RUB 60.03
World of Building T 5.40 6/25/2019 RUB 2.40
JP Morgan Structure 5.65 7/1/2015 CHF 47.55
Heta Asset Resoluti 4.40 6/20/2017 EUR 57.75
Province of Milan I 0.42 12/22/2033 EUR 65.73
Lehman Brothers Tre 5.00 8/16/2017 EUR 4.70
Lehman Brothers Tre 3.86 9/21/2011 SGD 7.75
Cassa Depositi e Pr 0.15 10/31/2029 EUR 70.73
Bank St Petersburg 10.90 9/8/2016 RUB 60.06
UTair-Finans OOO 9.50 7/21/2016 RUB 20.00
UTair-Finans OOO 12.00 6/17/2016 RUB 30.00
UTair-Finans OOO 11.75 5/26/2015 RUB 20.00
Sviaz Bank OAO 11.40 4/13/2022 RUB 60.01
Societe Generale SA 13.20 7/29/2015 USD 54.41
Bank Nederlandse Ge 0.50 9/20/2022 MXN 69.60
UBS AG 19.25 3/29/2016 EUR 67.23
Heta Asset Resoluti 0.38 3/10/2018 EUR 47.38
SAir Group 5.50 7/23/2003 CHF 11.00
UniCredit Bank AG 0.80 11/19/2029 EUR 67.00
Lehman Brothers Tre 6.65 8/24/2011 AUD 29.88
Heta Asset Resoluti 0.35 5/17/2017 EUR 56.13
Lehman Brothers Tre 4.00 3/10/2011 EUR 4.70
Deutsche Bank AG/Lo 0.50 10/5/2021 IDR 62.42
Kaupthing Bank Hf 4.65 2/19/2013 EUR 13.50
PC Guard SA 8.23 4/13/2015 PLN 75.00
Lehman Brothers Tre 10.00 10/22/2008 USD 7.75
HSBC Bank PLC 0.50 2/24/2027 NZD 56.74
Lenenergo OAO 8.50 4/18/2017 RUB 60.00
Bank Nederlandse Ge 0.50 8/15/2022 ZAR 55.64
Raiffeisen Centroba 2.40 12/19/2016 EUR 67.43
UTair-Finans OOO 12.00 5/26/2015 RUB 20.01
Heta Asset Resoluti 0.30 5/17/2017 EUR 56.75
Barclays Bank PLC 1.99 12/1/2040 USD 73.11
LBI HF 6.75 2/18/2015 EUR 4.20
Hellas Telecommunic 8.08 7/15/2015 EUR 0.89
Lehman Brothers Tre 13.50 11/28/2008 USD 7.75
Oesterreichische Vo 6.00 3/30/2017 EUR 15.00
Caixa Geral de Depo 5.98 3/3/2028 EUR 71.88
Kommunalbanken AS 0.50 11/8/2018 BRL 65.86
Emporiki Group Fina 5.10 12/9/2021 EUR 69.08
Glitnir HF 6.38 9/25/2012 USD 11.88
Heta Asset Resoluti 4.07 3/21/2017 EUR 65.00
HSBC Bank PLC 0.50 6/4/2018 IDR 74.65
Russian Federal Sav 8.15 10/1/2025 RUB 71.25
Barclays Bank PLC 0.50 3/19/2021 MXN 71.92
Republika Srpska 1.50 9/25/2026 BAM 63.03
Hanzenvast Gothenbu 8.00 6/30/2022 EUR 75.00
Credit Suisse AG/Na 8.50 4/7/2015 USD 61.74
Leonteq Securities 19.94 5/21/2015 CHF 57.92
Hellas Telecommunic 8.50 10/15/2013 EUR 0.00
SV Patrimonia 4.00 4/19/2016 EUR 50.50
Glitnir HF 2.25 2/15/2011 EUR 11.88
Glitnir HF 3.25 8/15/2016 EUR 11.88
Investkredit Bank A 0.61 3/14/2020 EUR 70.41
Province of Treviso 0.17 12/31/2034 EUR 57.06
Lehman Brothers Tre 11.75 3/1/2010 EUR 7.75
Heta Asset Resoluti 0.42 3/4/2018 EUR 47.38
BNP Paribas SA 0.50 11/16/2032 MXN 32.77
Bank Nederlandse Ge 0.50 5/12/2021 ZAR 60.34
Credit Suisse AG/Lo 15.00 9/18/2015 USD 70.87
Bank Julius Baer & 10.20 11/13/2015 USD 70.50
SAir Group 6.25 4/12/2005 CHF 10.75
Bank Julius Baer & 8.75 5/22/2015 USD 64.05
HSBC Bank PLC 0.50 10/30/2018 IDR 72.04
UBS AG/London 10.50 6/5/2015 CHF 50.24
Landeskreditbank Ba 0.50 5/10/2027 CAD 70.67
Kaupthing Bank Hf 0.69 5/21/2011 JPY 13.50
Kuzbassenergo-Finan 11.00 6/14/2021 RUB 50.05
Lehman Brothers Tre 7.00 10/22/2010 EUR 4.70
Glitnir HF 3.75 1/15/2010 EUR 11.88
Gold-Zack AG 7.00 12/14/2005 EUR 11.02
Lehman Brothers Tre 11.00 6/29/2009 EUR 7.75
Lehman Brothers Tre 5.55 3/12/2015 EUR 7.75
Province of Brescia 0.52 12/22/2036 EUR 57.76
Lehman Brothers Tre 14.90 9/15/2008 EUR 7.75
MORTGAGE AGENT AHML 3.00 9/9/2045 RUB 72.46
Sviaz Bank OAO 11.15 11/1/2015 RUB 70.01
Republika Srpska 1.50 6/15/2024 BAM 74.00
Bank Nederlandse Ge 0.50 8/9/2022 MXN 70.04
Cooperatieve Centra 0.50 1/31/2033 MXN 28.22
Svensk Exportkredit 0.50 3/15/2022 ZAR 51.09
HSBC Bank PLC 0.50 12/29/2026 AUD 68.15
Leonteq Securities 10.30 6/10/2015 CHF 60.81
Horus Finance ZAO 13.00 3/6/2019 RUB 60.30
Bank MIA 10.75 6/6/2017 RUB 60.01
Societe Generale SA 5.50 7/27/2015 EUR 55.84
UBS AG/London 2.06 3/31/2017 USD 9.79
Heta Asset Resoluti 0.32 7/1/2017 EUR 55.13
SAir Group 6.25 10/27/2002 CHF 11.13
Glitnir HF 5.00 3/14/2012 EUR 11.88
Glitnir HF 4.75 10/15/2010 USD 11.88
Muehl Product & Ser 6.75 3/10/2005 DEM 1.70
Province of Treviso 0.31 12/31/2034 EUR 58.42
RSL Communications 12.00 11/1/2008 USD 1.25
Bosnia & Herzegovin 2.50 6/30/2023 BAM 72.06
Glitnir HF 3.25 9/15/2015 EUR 11.88
ECM Real Estate Inv 5.00 10/9/2011 EUR 10.38
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
LBI HF 7.20 4/27/2026 EUR 0.01
Lehman Brothers Tre 8.00 10/17/2014 EUR 4.70
KA Finanz AG 4.26 2/8/2019 EUR 61.13
Republika Srpska 1.50 12/15/2023 BAM 74.00
Republika Srpska 1.50 12/22/2023 BAM 66.00
BNP Paribas SA 0.50 5/6/2021 MXN 70.53
URALSIB Leasing Co 11.00 4/21/2016 RUB 60.86
Cooperatieve Centra 0.50 11/30/2027 MXN 44.70
Svensk Exportkredit 0.50 6/20/2029 AUD 62.04
Kommunalbanken AS 0.50 5/27/2022 ZAR 53.27
Bank Soyuz JSCB 12.75 10/11/2018 RUB 60.00
HSBC Bank PLC 0.50 6/28/2019 IDR 67.96
URALSIB Leasing Co 11.50 2/10/2015 RUB 59.27
Uboat Line SA 6.00 4/24/2015 PLN 75.00
Republika Srpska 1.50 5/31/2025 BAM 68.50
Republic of Srpska 1.50 6/9/2025 BAM 68.50
JP Morgan Structure 8.20 5/18/2015 CHF 73.91
UBS AG 12.00 12/29/2015 EUR 56.13
Heta Asset Resoluti 4.70 4/2/2018 EUR 53.13
Heta Asset Resoluti 0.46 7/28/2017 EUR 54.38
Heta Asset Resoluti 0.46 8/21/2017 EUR 54.13
Dresdner Bank AG 0.77 11/19/2029 EUR 57.88
Kommunekredit 0.50 5/11/2029 CAD 67.91
Lehman Brothers Tre 4.70 3/23/2016 EUR 4.70
COFIDUR SA 0.10 12/31/2024 EUR 15.03
Russian Federal Sav 7.60 12/9/2021 RUB 71.50
Russian Federal Sav 7.60 2/24/2021 RUB 73.01
LBBW 0.60 1/8/2041 EUR 70.91
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Lehman Brothers Tre 4.00 4/13/2011 CHF 4.70
LBI HF 7.25 4/2/2011 EUR 4.20
VEB-Leasing OAO 9.50 4/2/2021 RUB 60.01
Investpro OOO 13.00 12/31/2018 RUB 60.00
DeltaCredit Bank 8.45 8/30/2018 RUB 60.00
Russian Post FGUP 8.70 10/18/2019 RUB 60.00
Lehman Brothers Tre 4.35 8/8/2016 SGD 29.88
Lehman Brothers Tre 7.55 12/29/2008 USD 4.70
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Svensk Exportkredit 0.50 2/22/2022 ZAR 51.42
Heta Asset Resoluti 0.43 8/28/2017 EUR 54.00
UBS AG/London 10.25 3/10/2017 USD 9.54
Bank Julius Baer & 14.75 5/20/2015 CHF 60.80
Raiffeisen Centroba 6.65 8/12/2015 EUR 74.24
Glitnir HF 3.00 10/31/2015 EUR 11.88
Barclays Bank PLC 9.00 4/24/2015 USD 8.97
Lehman Brothers Tre 4.00 2/28/2010 EUR 7.75
Kaupthing Bank Hf 0.80 2/15/2011 EUR 13.50
UBS AG 10.37 10/23/2015 USD 16.75
Glitnir HF 2.00 1/30/2009 CHF 11.88
Oesterreichische Vo 4.25 9/7/2020 EUR 70.35
Glitnir HF 3.00 4/1/2010 CZK 11.88
Union Technologies 0.10 1/1/2020 EUR 5.30
LBI HF 6.75 8/18/2015 EUR 4.20
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 5.00 5/12/2011 CHF 4.70
Comune di Ladispoli 0.28 12/31/2026 EUR 74.18
Barclays Bank PLC 0.50 1/28/2033 MXN 34.82
HSBC Bank PLC 0.50 12/8/2026 AUD 62.75
Svensk Exportkredit 0.50 4/25/2019 BRL 61.24
HSBC Bank PLC 0.50 10/30/2026 NZD 57.84
Municipality Financ 0.50 11/21/2018 ZAR 73.25
City of Krasnodar R 9.00 11/5/2015 RUB 60.04
Russian Federal Sav 8.15 3/10/2027 RUB 70.78
Leonteq Securities 13.90 1/15/2015 USD 56.41
HSBC Bank PLC 0.50 9/28/2018 IDR 72.71
Russian Bor Chemica 10.00 12/20/2018 RUB 0.01
wige MEDIA AG 6.00 3/17/2019 EUR 1.85
Kaupthing Bank Hf 7.90 2/1/2016 EUR 13.50
NIBC Bank NV 25.98 5/7/2029 EUR 49.39
Kaupthing Bank Hf 7.90 4/28/2016 EUR 13.50
DEIKON GmbH 1.00 7/1/2016 EUR 27.00
Glitnir HF 5.86 7/28/2016 GBP 11.88
Lehman Brothers Tre 3.00 12/3/2012 EUR 4.70
Lehman Brothers Tre 6.00 3/4/2015 USD 4.70
Comune di Orvieto 0.30 12/31/2031 EUR 61.49
Heta Asset Resoluti 0.47 2/10/2018 EUR 51.13
Lehman Brothers Tre 6.70 4/21/2011 USD 4.70
HSBC Bank PLC 0.50 12/20/2018 RUB 69.92
Lehman Brothers Tre 9.25 6/20/2012 USD 4.70
Lehman Brothers Tre 7.00 2/15/2012 EUR 7.75
Lehman Brothers Tre 9.00 5/15/2022 USD 4.70
Comune di San Bened 0.25 6/30/2027 EUR 72.71
Lehman Brothers Tre 14.90 11/16/2010 EUR 7.75
e-Kancelaria Grupa 8.37 10/17/2016 PLN 70.80
Bank Nederlandse Ge 0.50 9/20/2022 ZAR 53.99
DeltaCredit Bank 8.25 8/7/2015 RUB 60.01
ExpertGroup OOO/Rus 13.00 12/11/2015 RUB 60.00
Societe Generale SA 0.50 4/3/2023 RUB 51.45
Kommunalbanken AS 0.50 8/9/2017 BRL 74.43
Municipality Financ 0.50 12/14/2018 TRY 70.58
Societe Generale Ef 5.00 11/7/2016 EUR 74.78
Republika Srpska 1.50 12/24/2025 BAM 66.36
BNP Paribas SA 0.50 9/29/2029 AUD 65.16
Svensk Exportkredit 0.50 6/29/2029 AUD 65.67
Bank Julius Baer & 8.25 9/18/2015 CHF 53.40
UBS AG/London 9.06 10/23/2015 CHF 68.80
UBS AG/London 12.75 2/12/2015 CHF 48.17
Heta Asset Resoluti 0.35 4/2/2018 EUR 46.50
KFW 0.25 10/6/2036 CAD 37.21
Lehman Brothers Tre 0.80 12/30/2016 EUR 4.70
RSL Communications 10.13 3/1/2008 USD 1.25
Lehman Brothers Tre 3.70 6/6/2009 EUR 4.70
RSL Communications 9.13 3/1/2008 USD 1.25
Kaupthing Bank Hf 1.99 7/5/2012 JPY 13.50
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Municipality Financ 0.25 6/28/2040 CAD 26.47
Russian Federal Sav 7.70 12/16/2020 RUB 73.83
UniCredit Bank Aust 0.70 1/22/2031 EUR 67.63
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 6.30 12/21/2018 USD 4.70
Lehman Brothers Tre 4.60 10/11/2017 ILS 29.88
Comune di Lozio 0.44 12/31/2035 EUR 55.88
Comune di Marsciano 0.33 12/31/2036 EUR 52.83
Lehman Brothers Tre 7.59 11/22/2009 MXN 29.88
LBI HF 4.38 10/20/2008 EUR 4.20
Societe Generale SA 0.50 6/12/2023 RUB 50.51
Lehman Brothers Tre 11.00 7/4/2011 CHF 7.75
Lehman Brothers Tre 15.00 3/30/2011 EUR 4.70
UniCredit Bank Aust 0.47 1/24/2031 EUR 68.75
Lehman Brothers Tre 4.05 9/16/2008 EUR 4.70
Kommunekredit 0.50 9/19/2019 BRL 60.20
Svensk Exportkredit 0.50 8/28/2020 TRY 60.96
Municipality Financ 0.50 2/22/2019 IDR 69.68
Lehman Brothers Tre 2.50 11/9/2011 CHF 4.70
Lehman Brothers Tre 1.50 10/25/2011 EUR 4.70
RSL Communications 9.88 11/15/2009 USD 1.25
HSBC Bank PLC 0.50 5/31/2019 IDR 68.27
Lloyds Bank PLC 0.50 7/26/2028 MXN 41.18
Svensk Exportkredit 0.50 8/28/2018 BRL 65.56
Svensk Exportkredit 0.50 4/24/2029 AUD 64.26
Otkritie Holding 12.50 7/26/2017 RUB 60.00
Leonteq Securities 14.20 11/18/2015 CHF 74.93
Vontobel Financial 8.55 3/13/2015 EUR 73.12
Goldman Sachs & Co 11.00 6/24/2015 EUR 73.12
Banque Cantonale Va 15.70 3/27/2015 EUR 55.14
JP Morgan Structure 12.00 2/17/2015 CHF 41.71
UBS AG 10.00 3/27/2015 USD 7.55
Glitnir HF 3.00 11/30/2009 EUR 11.88
IT Holding Finance 9.88 11/15/2012 EUR 0.20
Heta Asset Resoluti 0.23 2/9/2017 EUR 60.38
Depfa ACS Bank 0.50 3/3/2025 CAD 73.20
Municipality Financ 0.50 3/17/2025 CAD 68.06
Lehman Brothers Tre 6.00 9/20/2011 EUR 4.70
Lehman Brothers Tre 18.25 10/2/2008 USD 7.75
Glitnir HF 4.85 4/26/2012 EUR 11.88
Lehman Brothers Tre 10.00 1/3/2012 BRL 4.70
Nutritek Internatio 8.75 12/11/2008 USD 2.00
Oesterreichische Vo 4.90 8/18/2025 EUR 61.30
ENEFI Energyefficie 10.24 2/12/2015 HUF 17.29
Bank Nederlandse Ge 0.50 6/22/2021 ZAR 55.92
Glitnir HF 6.00 12/15/2012 GBP 11.88
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.00
Province of Palermo 0.28 12/31/2035 EUR 53.57
LBI HF 4.32 1/31/2010 EUR 4.20
Lehman Brothers Tre 3.00 3/19/2018 JPY 7.75
Kommunalbanken AS 0.50 9/20/2018 BRL 66.78
Medved-Finans OOO 12.50 8/22/2016 RUB 60.10
Kommunalbanken AS 0.50 8/15/2018 BRL 68.92
Cooperatieve Centra 0.50 8/21/2028 MXN 42.28
Comune di Orvieto 0.30 12/31/2030 EUR 63.59
Province of Teramo 0.27 12/30/2030 EUR 65.57
HSBC Bank PLC 0.50 1/29/2027 NZD 56.92
Municipality Financ 0.50 11/21/2018 TRY 70.68
HSBC Bank PLC 0.50 7/30/2019 IDR 67.43
Efesk Group 13.25 6/14/2016 RUB 60.10
Avangard Bank 10.25 2/1/2016 RUB 60.00
Republic of Karelia 12.25 4/8/2020 RUB 70.11
UBS AG 8.05 1/7/2015 USD 7.78
Republic of Mariy E 11.30 7/7/2018 RUB 60.05
e-Kancelaria Grupa 9.00 12/4/2015 PLN 73.90
Notenstein Privatba 10.80 1/30/2015 USD 70.41
Bank Julius Baer & 8.00 5/7/2015 USD 51.10
EFG International F 6.48 5/29/2018 EUR 54.01
Notenstein Privatba 14.00 3/9/2015 CHF 46.11
Bank Julius Baer & 9.45 1/23/2015 USD 60.30
Banque Cantonale Va 16.10 3/27/2015 CHF 55.50
Zurcher Kantonalban 5.00 9/17/2015 CHF 62.56
JP Morgan Structure 10.00 1/15/2015 USD 64.35
Svensk Exportkredit 0.50 8/29/2029 AUD 66.91
Kaupthing Bank Hf 6.50 10/8/2010 ISK 13.50
Kaupthing Bank Hf 6.40 12/15/2015 EUR 13.50
Lehman Brothers Tre 4.50 12/30/2010 USD 7.75
Provinsor Fastighet 8.50 6/30/2015 DKK 0.10
Freshwater Finance 6.18 4/20/2035 GBP 68.13
Glitnir HF 3.30 6/10/2010 EUR 11.88
LBI HF 1.68 12/22/2014 JPY 4.20
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Tre 4.25 3/13/2021 EUR 7.75
LBI HF 4.34 12/22/2025 EUR 4.20
LBI HF 7.75 2/22/2016 USD 4.20
Province of Brescia 0.68 6/30/2036 EUR 58.53
Lehman Brothers Tre 4.80 11/16/2012 HKD 7.75
KPNQwest NV 7.13 6/1/2009 EUR 0.37
Comunita Montana de 0.31 6/30/2027 EUR 74.39
Glitnir HF 6.69 6/15/2016 USD 0.02
Glitnir HF 7.32 12/19/2012 USD 11.88
Lehman Brothers Tre 6.25 11/30/2012 EUR 4.70
Lehman Brothers Tre 6.25 9/5/2011 EUR 4.70
Svensk Exportkredit 0.50 12/17/2027 USD 71.58
Heta Asset Resoluti 0.35 5/10/2017 EUR 56.38
Glitnir HF 6.00 8/1/2015 ISK 11.88
LBI HF 5.08 3/1/2013 ISK 4.20
Lehman Brothers Tre 11.00 12/19/2011 USD 4.70
Lehman Brothers Tre 6.60 2/9/2009 EUR 4.47
Comune di Bossico 0.39 12/31/2035 EUR 55.15
Comune di Ponte Di 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 4.68 12/12/2045 EUR 7.75
Kaupthing Bank Hf 7.50 4/2/2011 EUR 13.50
Lehman Brothers Tre 9.75 6/22/2018 USD 4.70
Lehman Brothers Tre 2.00 6/28/2011 EUR 4.70
Arizk 3.00 12/20/2030 RUB 23.91
Comune di Erchie 0.31 12/31/2036 EUR 52.28
Comune di Soriano N 0.27 12/31/2026 EUR 74.29
Lehman Brothers Tre 0.50 7/2/2020 EUR 7.75
Oesterreichische Vo 3.78 8/25/2033 EUR 71.00
HSBC Bank PLC 0.50 11/9/2018 IDR 71.88
Comune di Cimbergo 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 4.60 7/6/2016 EUR 4.70
Lehman Brothers Tre 5.00 11/22/2012 EUR 4.70
Lehman Brothers Tre 8.28 3/26/2009 USD 4.70
BNP Paribas SA 0.50 2/13/2024 NZD 65.18
HSBC Bank PLC 0.50 12/29/2022 AUD 70.92
HSBC Bank PLC 0.50 12/2/2022 AUD 70.93
HSBC Bank PLC 0.50 6/9/2023 MXN 63.88
Svensk Exportkredit 0.50 6/28/2022 ZAR 49.45
Svensk Exportkredit 0.50 6/26/2019 TRY 66.73
Municipality Financ 0.50 8/8/2029 NZD 54.81
Municipality Financ 0.50 1/23/2018 BRL 72.83
Municipality Financ 0.50 11/25/2020 ZAR 58.36
Lehman Brothers Tre 3.00 6/23/2009 EUR 4.70
Leonteq Securities 6.70 6/6/2016 USD 67.65
Societe Generale SA 0.50 4/4/2024 MXN 60.50
Commerzbank AG 6.50 2/26/2015 EUR 70.56
DekaBank Deutsche G 5.75 2/5/2015 EUR 71.13
Bank Julius Baer & 6.50 7/31/2015 USD 56.55
Leonteq Securities 10.00 9/17/2015 USD 68.57
Notenstein Finance 7.00 10/23/2015 USD 62.03
SAir Group 2.13 11/4/2004 CHF 11.00
Republika Srpska 9.00 9/26/2027 BAM 62.00
Commerzbank AG 6.50 2/26/2015 EUR 57.77
Bank Julius Baer & 8.10 5/7/2015 USD 65.90
Bank Julius Baer & 12.50 4/7/2015 CHF 47.70
Goldman Sachs & Co 10.00 3/25/2015 EUR 67.93
Societe Generale SA 4.00 3/29/2016 EUR 66.68
Barclays Bank PLC 3.50 2/5/2016 EUR 58.36
Raiffeisen Centroba 5.32 3/12/2015 EUR 21.55
Commerzbank AG 10.00 3/26/2015 EUR 73.54
UBS AG/London 7.00 1/22/2015 CHF 41.64
Commerzbank AG 4.00 2/3/2015 EUR 55.33
Commerzbank AG 13.50 4/23/2015 EUR 60.57
SAir Group 2.75 7/30/2004 CHF 10.75
Lehman Brothers Tre 4.25 5/15/2010 EUR 4.70
Glitnir HF 5.25 5/2/2017 ISK 11.88
Oesterreichische Vo 1.55 3/1/2022 EUR 73.50
LBI HF 3.36 8/17/2012 EUR 4.20
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Oberoesterreichisch 0.39 4/25/2042 EUR 60.91
Comune di Roe Volci 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 23.30 9/16/2008 USD 7.75
HSBC Bank PLC 0.50 5/29/2020 IDR 63.26
Lehman Brothers Tre 7.75 1/3/2012 AUD 7.75
Lehman Brothers Tre 6.45 2/20/2010 AUD 7.75
Lehman Brothers Tre 10.44 11/22/2008 CHF 7.75
Lehman Brothers Tre 6.00 2/19/2023 USD 4.70
Societe Generale SA 0.50 5/22/2024 MXN 60.84
HSBC Bank PLC 0.50 2/24/2023 AUD 69.36
HSBC Bank PLC 0.50 4/3/2023 AUD 69.78
Leonteq Securities 29.61 10/26/2017 EUR 45.99
Commerzbank AG 5.00 6/25/2015 EUR 73.49
Commerzbank AG 4.70 6/25/2015 EUR 67.87
Commerzbank AG 8.50 3/26/2015 EUR 73.55
Commerzbank AG 8.25 4/23/2015 EUR 74.63
HSBC Trinkaus & Bur 7.00 9/25/2015 EUR 67.42
UBS AG 8.84 3/10/2015 USD 8.25
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 37.12
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 70.85
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 67.50
Notenstein Finance 12.00 11/3/2015 USD 72.32
Deutsche Bank AG 7.20 12/22/2015 EUR 71.60
UBS AG/London 8.00 1/9/2015 USD 51.05
Commerzbank AG 12.50 5/21/2015 EUR 44.67
Commerzbank AG 9.75 2/26/2015 EUR 47.60
Commerzbank AG 12.75 2/26/2015 EUR 41.39
Commerzbank AG 10.00 2/26/2015 EUR 63.40
DZ Bank AG Deutsche 14.50 3/27/2015 EUR 49.97
Commerzbank AG 6.50 2/26/2015 EUR 68.60
DZ Bank AG Deutsche 8.00 3/27/2015 EUR 60.61
Commerzbank AG 13.00 2/26/2015 EUR 74.06
Commerzbank AG 19.50 2/26/2015 EUR 33.63
Commerzbank AG 11.50 2/26/2015 EUR 74.66
Commerzbank AG 6.00 2/26/2015 EUR 74.16
Commerzbank AG 8.00 2/26/2015 EUR 70.68
Commerzbank AG 8.00 2/26/2015 EUR 70.67
Commerzbank AG 10.25 2/26/2015 EUR 52.32
Commerzbank AG 10.00 2/26/2015 EUR 72.17
Commerzbank AG 7.50 6/25/2015 EUR 58.63
Commerzbank AG 8.50 2/26/2015 EUR 69.17
Commerzbank AG 9.00 2/26/2015 EUR 54.41
Deutsche Bank AG 6.20 3/24/2015 EUR 53.50
Commerzbank AG 10.00 2/26/2015 EUR 49.36
Commerzbank AG 16.00 2/26/2015 EUR 36.87
Commerzbank AG 7.75 2/26/2015 EUR 66.36
Commerzbank AG 8.00 2/26/2015 EUR 54.05
UBS AG 22.00 3/27/2015 EUR 42.72
UBS AG 6.25 12/29/2015 EUR 67.06
UBS AG 16.25 12/29/2015 EUR 72.98
Commerzbank AG 10.00 4/23/2015 EUR 72.75
Commerzbank AG 6.00 4/23/2015 EUR 74.91
Commerzbank AG 10.75 3/26/2015 EUR 65.22
Commerzbank AG 8.00 3/26/2015 EUR 70.93
Commerzbank AG 7.25 3/26/2015 EUR 57.24
Commerzbank AG 8.50 4/23/2015 EUR 70.46
Commerzbank AG 8.25 3/26/2015 EUR 70.30
Commerzbank AG 10.00 3/26/2015 EUR 67.20
Commerzbank AG 12.00 3/26/2015 EUR 64.40
Commerzbank AG 8.25 1/22/2015 EUR 70.33
Commerzbank AG 8.00 1/22/2015 EUR 64.18
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 72.00
Commerzbank AG 7.50 3/26/2015 EUR 74.26
UBS AG 7.49 3/31/2015 USD 8.57
Commerzbank AG 6.50 1/22/2015 EUR 74.16
Vontobel Financial 7.70 1/30/2015 EUR 66.10
Commerzbank AG 6.00 1/22/2015 EUR 67.55
Leonteq Securities 7.00 1/22/2016 CHF 44.05
EFG International F 10.00 1/16/2015 USD 72.73
Commerzbank AG 13.00 3/26/2015 EUR 74.67
Commerzbank AG 10.50 1/22/2015 EUR 72.08
Commerzbank AG 8.50 3/26/2015 EUR 69.82
Commerzbank AG 8.00 1/22/2015 EUR 66.52
UBS AG/London 7.92 9/15/2015 USD 9.33
Commerzbank AG 8.50 3/26/2015 EUR 71.67
Commerzbank AG 7.00 1/22/2015 EUR 70.07
DZ Bank AG Deutsche 16.00 5/22/2015 EUR 67.71
Commerzbank AG 6.50 1/22/2015 EUR 62.32
Commerzbank AG 9.50 4/23/2015 EUR 71.06
Commerzbank AG 11.50 4/23/2015 EUR 62.96
Commerzbank AG 16.50 4/23/2015 EUR 42.29
Commerzbank AG 11.25 5/21/2015 EUR 74.54
Commerzbank AG 7.25 4/23/2015 EUR 61.33
Commerzbank AG 13.25 4/23/2015 EUR 46.67
Commerzbank AG 20.00 4/23/2015 EUR 39.16
Commerzbank AG 27.25 4/23/2015 EUR 35.12
Commerzbank AG 7.25 1/22/2015 EUR 59.88
Commerzbank AG 9.75 1/22/2015 EUR 56.36
Commerzbank AG 9.00 1/22/2015 EUR 71.21
Commerzbank AG 11.00 1/22/2015 EUR 74.51
Commerzbank AG 8.50 1/22/2015 EUR 59.77
Commerzbank AG 9.50 1/22/2015 EUR 45.74
Commerzbank AG 20.25 1/22/2015 EUR 31.12
Commerzbank AG 10.50 1/22/2015 EUR 62.97
Commerzbank AG 13.75 1/22/2015 EUR 72.37
HSBC Trinkaus & Bur 2.50 1/23/2015 EUR 72.41
Commerzbank AG 7.75 4/23/2015 EUR 73.35
Commerzbank AG 7.25 1/22/2015 EUR 74.13
Commerzbank AG 12.75 1/22/2015 EUR 39.50
Commerzbank AG 16.25 1/22/2015 EUR 34.84
Commerzbank AG 7.00 4/23/2015 EUR 74.68
Leonteq Securities 12.10 10/22/2015 USD 66.49
Commerzbank AG 11.00 5/21/2015 EUR 74.73
Commerzbank AG 6.75 5/21/2015 EUR 57.95
Bank Julius Baer & 10.00 2/27/2015 USD 36.05
Kaupthing Bank Hf 7.50 12/5/2014 ISK 13.50
Lehman Brothers Tre 2.30 6/27/2013 USD 7.75
Lehman Brothers Tre 2.37 7/15/2013 USD 4.70
LBI HF 5.44 9/3/2018 EUR 0.01
City of Siret Roman 4.01 3/1/2028 RON 23.88
LBI HF 3.11 11/10/2008 EUR 4.20
Glitnir HF 4.50 1/9/2012 EUR 11.88
Glitnir HF 6.75 3/27/2013 EUR 11.88
Glitnir HF 3.00 10/4/2011 EUR 11.88
Lehman Brothers Tre 6.50 5/16/2015 EUR 4.70
Glitnir HF 2.75 3/31/2010 EUR 11.88
Lehman Brothers Tre 3.50 9/29/2017 EUR 7.75
Lehman Brothers Tre 3.00 8/8/2017 EUR 4.70
Lehman Brothers Tre 5.00 9/1/2011 EUR 4.70
Lehman Brothers Tre 3.35 10/13/2016 EUR 4.70
Provincia di Ancona 0.31 6/30/2028 EUR 70.53
Eksportfinans ASA 0.25 7/14/2033 CAD 21.63
Lehman Brothers Tre 7.00 7/11/2010 EUR 4.70
Glitnir HF 4.01 7/6/2009 HKD 11.88
Lehman Brothers Tre 5.00 8/1/2025 EUR 4.70
Lehman Brothers Tre 6.00 7/28/2010 EUR 7.75
Lehman Brothers Tre 6.00 7/28/2010 EUR 7.75
Lehman Brothers Tre 7.50 8/1/2035 EUR 4.70
Lehman Brothers Tre 4.90 7/28/2020 EUR 4.70
Glitnir HF 3.45 8/22/2010 CZK 11.88
Glitnir HF 0.01 8/3/2009 JPY 11.88
Lehman Brothers Tre 12.00 7/13/2037 JPY 4.70
Lehman Brothers Tre 10.00 6/11/2038 JPY 4.70
UBS AG 8.93 6/25/2015 USD 44.54
Credit Suisse AG 8.00 7/31/2015 USD 8.78
UBS AG 2.75 8/18/2016 USD 8.62
Kaupthing Bank Hf 4.47 10/27/2010 EUR 13.50
Lehman Brothers Tre 2.30 4/28/2014 JPY 4.70
Lehman Brothers Tre 4.10 5/20/2009 USD 7.75
Lehman Brothers Tre 2.00 5/17/2010 EUR 7.75
Oesterreichische Vo 5.45 8/2/2019 EUR 72.70
Lehman Brothers Tre 0.75 3/29/2012 EUR 4.70
Glitnir HF 5.35 5/11/2010 USD 11.88
Eksportfinans ASA 0.50 5/9/2030 CAD 31.25
Lehman Brothers Tre 4.50 3/7/2015 EUR 4.70
Raiffeisenverband S 0.05 2/28/2031 EUR 71.71
LBI HF 4.40 11/3/2009 CZK 4.20
LBI HF 3.45 12/18/2033 JPY 0.01
Glitnir HF 0.50 11/26/2009 EUR 11.88
Lehman Brothers Tre 5.00 12/6/2011 EUR 7.75
Comune di Marsciano 0.50 12/30/2034 EUR 57.92
Lehman Brothers Tre 5.22 3/1/2024 EUR 7.75
Lehman Brothers Tre 3.63 3/2/2012 EUR 7.75
LBI HF 4.08 3/16/2015 EUR 4.20
Lehman Brothers Tre 6.00 6/21/2011 EUR 4.70
Lehman Brothers Tre 2.00 11/16/2009 EUR 4.70
Lehman Brothers Tre 3.40 9/21/2009 HKD 7.75
Lehman Brothers Tre 2.00 6/21/2011 EUR 4.70
Lehman Brothers Tre 2.50 8/23/2012 GBP 7.75
Lehman Brothers Tre 3.00 8/13/2011 EUR 4.70
Kaupthing Bank Hf 3.75 2/15/2024 ISK 13.50
Glitnir HF 5.25 5/2/2014 ISK 11.88
Lehman Brothers Tre 4.70 3/23/2016 EUR 4.70
Comunita Montana Le 0.37 1/15/2027 EUR 73.85
Glitnir HF 3.63 4/5/2009 EUR 11.88
Lehman Brothers Tre 10.00 8/2/2037 JPY 4.70
Kaupthing Bank Hf 5.00 11/8/2013 EUR 13.50
UBS AG 10.05 10/23/2015 USD 37.24
LBI HF 4.75 5/31/2013 EUR 4.20
Lehman Brothers Tre 4.00 5/17/2010 USD 4.70
Lehman Brothers Tre 2.48 5/12/2009 USD 4.70
Lehman Brothers Tre 2.25 5/12/2009 USD 4.70
Bulgaria Steel Fina 12.00 5/4/2013 EUR 1.00
Lehman Brothers Tre 7.50 6/15/2017 USD 4.70
Lehman Brothers Tre 0.50 2/16/2009 EUR 7.75
Kaupthing Bank Hf 1.65 7/5/2010 JPY 13.50
Glitnir HF 4.85 4/6/2012 EUR 11.88
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00
Lehman Brothers Tre 6.00 12/30/2017 EUR 4.70
Kaupthing Bank Hf 0.20 7/12/2009 JPY 13.50
Lehman Brothers Tre 6.00 3/17/2011 EUR 4.70
Lehman Brothers Tre 13.00 7/25/2012 EUR 7.75
Glitnir HF 10.00 6/28/2017 USD 11.88
UBS AG 11.60 11/19/2015 USD 8.62
Lehman Brothers Tre 6.00 5/23/2018 CZK 4.70
Banca di Cividale S 0.18 10/2/2036 EUR 59.52
Kaupthing Bank Hf 4.90 5/29/2017 EUR 13.50
Lehman Brothers Tre 4.00 5/30/2010 USD 7.75
Lehman Brothers Tre 4.10 6/10/2014 SGD 7.75
Glitnir HF 2.57 12/31/2013 EUR 11.88
Lehman Brothers Tre 10.00 1/4/2010 USD 4.70
Lehman Brothers Tre 4.87 10/8/2013 USD 7.75
Lehman Brothers Tre 1.95 11/4/2013 EUR 7.75
Lehman Brothers Tre 3.00 8/15/2017 EUR 4.70
Lehman Brothers Tre 3.50 9/19/2017 EUR 7.75
Glitnir HF 0.01 5/6/2009 JPY 11.88
Oesterreichische Vo 1.08 3/1/2021 EUR 74.13
Lehman Brothers Tre 4.15 8/25/2020 EUR 7.75
Kaupthing Bank Hf 5.80 9/7/2012 EUR 13.50
Glitnir HF 3.30 8/22/2012 EUR 11.88
Lehman Brothers Tre 6.00 12/6/2016 USD 4.70
LBI HF 4.00 9/23/2015 EUR 4.20
LBI HF 2.14 2/3/2020 JPY 4.20
City of Pavullo nel 1.12 12/31/2030 EUR 74.17
Kaupthing Bank Hf 7.00 1/3/2011 EUR 13.50
Lehman Brothers Tre 16.80 8/21/2009 USD 7.75
Lehman Brothers Tre 5.20 3/19/2018 EUR 7.75
Lehman Brothers Tre 13.15 10/30/2008 USD 7.75
Glitnir HF 3.50 10/30/2012 EUR 11.88
Lehman Brothers Tre 8.60 7/31/2013 GBP 4.70
Lehman Brothers Tre 8.28 7/31/2013 GBP 4.70
Lehman Brothers Tre 7.50 7/31/2013 GBP 4.70
Lehman Brothers Tre 7.32 7/31/2013 GBP 4.70
Barclays Bank PLC 1.64 6/3/2041 USD 73.36
LBI HF 4.40 11/30/2035 EUR 0.01
Lehman Brothers Tre 5.10 6/22/2046 EUR 7.75
Lehman Brothers Tre 4.60 11/9/2011 EUR 4.70
Lehman Brothers Tre 6.50 7/24/2026 EUR 4.70
Lehman Brothers Tre 12.22 11/21/2017 USD 4.70
LBI HF 3.00 10/22/2015 EUR 4.20
Lehman Brothers Tre 3.50 12/20/2027 USD 4.70
Lehman Brothers Tre 4.50 8/2/2009 USD 7.75
Glitnir HF 6.33 7/28/2011 USD 11.88
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Lehman Brothers Tre 14.10 11/12/2008 USD 7.75
Lehman Brothers Tre 4.50 3/6/2013 CHF 4.70
Lehman Brothers Tre 4.00 4/24/2009 USD 7.75
Lehman Brothers Tre 9.00 3/17/2009 GBP 7.75
Lehman Brothers Tre 8.00 5/22/2009 USD 7.75
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 4.00 8/11/2010 USD 4.70
Lehman Brothers Tre 4.50 7/24/2014 EUR 4.70
Lehman Brothers Tre 7.50 5/30/2010 AUD 7.75
Lehman Brothers Tre 4.30 6/4/2012 USD 7.75
Lehman Brothers Tre 4.00 6/5/2011 USD 7.75
Lehman Brothers Tre 4.00 10/12/2010 USD 7.75
KPNQwest NV 7.13 6/1/2009 EUR 0.37
Comune di Ferentino 0.24 12/28/2027 EUR 71.24
Glitnir HF 6.84 12/15/2015 EUR 0.02
Lehman Brothers Tre 4.00 1/4/2011 USD 7.75
Lehman Brothers Tre 9.30 12/21/2010 EUR 7.75
Lehman Brothers Tre 8.00 12/31/2010 USD 7.75
Lehman Brothers Tre 9.00 6/13/2009 USD 7.75
Lehman Brothers Tre 7.00 11/28/2008 CHF 7.75
Lehman Brothers Tre 7.38 9/20/2008 EUR 7.75
Lehman Brothers Tre 3.85 4/24/2009 USD 7.75
Lehman Brothers Tre 7.25 10/6/2008 EUR 7.75
Lehman Brothers Tre 10.50 8/9/2010 EUR 7.75
Lehman Brothers Tre 5.25 7/8/2014 EUR 7.75
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 2.30 6/6/2013 USD 7.75
Lehman Brothers Tre 11.00 5/9/2020 USD 4.70
Kaupthing Bank Hf 1.75 6/7/2016 EUR 13.50
Lehman Brothers Tre 1.50 10/12/2010 EUR 4.70
ECM Real Estate Inv 5.00 10/9/2011 EUR 10.38
Lehman Brothers Tre 8.00 10/23/2008 USD 7.75
Lehman Brothers Tre 8.50 7/6/2009 CHF 7.75
Glitnir HF 6.31 7/28/2011 USD 11.88
Glitnir HF 6.31 7/28/2011 USD 11.88
Oberoesterreichisch 0.51 11/6/2030 EUR 74.50
Lehman Brothers Tre 8.80 12/27/2009 EUR 7.75
Lehman Brothers Tre 13.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 7.00 2/15/2010 CHF 7.75
Lehman Brothers Tre 7.75 1/30/2009 EUR 7.75
City of Hunedoara R 2.43 8/15/2026 RON 56.32
Lehman Brothers Tre 11.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 10.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 5.75 6/15/2009 CHF 7.75
Lehman Brothers Tre 7.50 10/24/2008 USD 7.75
Lehman Brothers Tre 10.00 3/27/2009 USD 4.70
Lehman Brothers Tre 5.00 10/24/2008 CHF 7.75
Lehman Brothers Tre 7.00 4/14/2009 EUR 7.75
Lehman Brothers Tre 0.25 7/21/2014 EUR 4.70
Lehman Brothers Tre 7.63 7/22/2011 HKD 7.75
Lehman Brothers Tre 8.00 8/3/2009 USD 7.75
Glitnir HF 5.86 7/28/2016 GBP 11.88
Lehman Brothers Tre 0.50 8/1/2020 EUR 7.75
Lehman Brothers Tre 6.00 8/7/2013 EUR 4.70
Glitnir HF 5.24 12/22/2010 USD 11.88
Lehman Brothers Tre 8.05 12/20/2010 HKD 7.75
Lehman Brothers Tre 7.60 3/4/2010 NZD 7.75
Lehman Brothers Tre 17.00 6/2/2009 USD 7.75
Lehman Brothers Tre 13.50 6/2/2009 USD 7.75
Lehman Brothers Tre 4.82 12/18/2036 EUR 7.75
Lehman Brothers Tre 5.25 4/1/2023 EUR 7.75
Kaupthing Bank Hf 5.00 1/4/2027 SKK 13.50
Lehman Brothers Tre 12.40 6/12/2009 USD 7.75
Lehman Brothers Tre 8.00 3/19/2012 USD 4.70
Lehman Brothers Tre 4.00 11/24/2016 EUR 4.70
Lehman Brothers Tre 7.05 4/8/2015 USD 4.70
Lehman Brothers Tre 7.80 3/31/2018 USD 4.70
Lehman Brothers Tre 7.15 3/21/2013 USD 4.70
Glitnir HF 6.00 12/10/2009 ISK 0.02
Glitnir HF 6.20 12/20/2009 ISK 0.02
Glitnir HF 5.00 2/1/2011 ISK 11.88
Glitnir HF 5.25 10/23/2011 ISK 11.88
Glitnir HF 5.00 2/1/2016 ISK 11.88
LBI HF 7.00 4/2/2010 EUR 4.20
Comune di Comezzano 0.34 6/30/2030 EUR 65.51
Lehman Brothers Tre 4.05 9/16/2008 EUR 4.70
Lehman Brothers Tre 7.60 1/31/2013 AUD 7.75
Lehman Brothers Tre 5.50 6/22/2010 USD 4.70
Lehman Brothers Tre 3.50 6/20/2011 EUR 4.70
Glitnir HF 6.00 8/1/2010 ISK 11.88
Kaupthing Bank Hf 7.00 7/24/2009 ISK 13.50
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.00
LBI HF 8.65 5/1/2011 ISK 4.20
Lehman Brothers Tre 7.50 2/14/2010 AUD 7.75
Lehman Brothers Tre 2.50 12/15/2011 GBP 7.75
Lehman Brothers Tre 9.50 4/1/2018 USD 4.70
SG Option Europe SA 6.00 1/9/2015 EUR 71.41
Lehman Brothers Tre 8.00 3/21/2018 USD 4.70
Kaupthing Bank Hf 7.63 2/28/2015 USD 13.50
Lehman Brothers Tre 9.00 5/6/2011 CHF 7.75
Lehman Brothers Tre 10.60 4/22/2014 MXN 4.70
Lehman Brothers Tre 16.00 11/9/2008 USD 7.75
Kaupthing Bank Hf 7.70 10/2/2011 EUR 13.50
Lehman Brothers Tre 5.00 3/13/2009 EUR 4.70
Kaupthing Bank Hf 7.50 10/2/2010 EUR 13.50
Lehman Brothers Tre 13.00 12/14/2012 USD 4.70
Lehman Brothers Tre 10.00 5/22/2009 USD 7.75
Lehman Brothers Tre 8.00 5/22/2009 USD 7.75
Comune di Bovegno 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 5.00 2/15/2018 EUR 4.70
Kaupthing Bank Hf 0.95 10/20/2010 JPY 13.50
Lehman Brothers Tre 3.00 9/12/2036 JPY 29.88
Lehman Brothers Tre 16.20 5/14/2009 USD 7.75
Lehman Brothers Tre 4.60 8/1/2013 EUR 4.70
Lehman Brothers Tre 3.00 6/3/2010 EUR 4.70
Lehman Brothers Tre 7.60 5/21/2013 USD 4.70
Lehman Brothers Tre 10.00 6/17/2009 USD 7.75
Lehman Brothers Tre 5.12 4/30/2027 EUR 7.75
Lehman Brothers Tre 1.50 2/8/2012 CHF 4.70
Synergy Classic Via 2.00 8/2/2015 USD 52.92
Lehman Brothers Tre 0.01 9/20/2011 USD 4.70
Kaupthing Bank Hf 4.53 4/24/2012 EUR 13.50
Lehman Brothers Tre 4.10 8/23/2010 USD 7.75
Oravita City Counci 3.88 6/15/2027 RON 40.02
Lehman Brothers Tre 5.00 4/24/2017 EUR 4.70
LBI HF 3.34 5/11/2012 EUR 4.20
Lehman Brothers Tre 8.00 12/27/2032 JPY 4.70
Lehman Brothers Tre 7.39 5/4/2017 USD 4.70
Cooperatieve Centra 0.50 12/29/2027 MXN 44.42
Agrokompleks OOO 12.50 12/10/2015 RUB 60.20
Lehman Brothers Tre 3.50 10/31/2011 USD 4.70
Lehman Brothers Tre 3.50 10/24/2011 USD 4.70
Comune di Nervesa d 0.39 1/31/2027 EUR 73.96
Lehman Brothers Tre 7.25 6/20/2010 USD 4.70
Lehman Brothers Tre 7.00 9/20/2011 USD 4.70
Lehman Brothers Tre 0.25 10/19/2012 CHF 4.70
Lehman Brothers Tre 0.50 6/2/2020 EUR 7.75
Lehman Brothers Tre 12.00 7/4/2011 EUR 7.75
Lehman Brothers Tre 5.50 7/8/2013 EUR 4.70
Lehman Brothers Tre 6.00 2/14/2012 EUR 7.75
Kaupthing Bank Hf 4.95 5/6/2009 EUR 13.50
Lehman Brothers Tre 13.43 1/8/2009 ILS 7.75
Lehman Brothers Tre 6.00 5/12/2017 EUR 4.70
Lehman Brothers Tre 6.60 2/22/2012 EUR 7.75
Lehman Brothers Tre 6.75 4/5/2012 EUR 4.70
Lehman Brothers Tre 11.00 7/4/2011 USD 7.75
Lehman Brothers Tre 16.00 12/26/2008 USD 7.75
Lehman Brothers Tre 4.10 2/19/2010 EUR 4.70
Lehman Brothers Tre 3.10 6/4/2010 USD 7.75
Lehman Brothers Tre 1.68 3/5/2015 EUR 4.70
LBI HF 4.28 11/19/2010 EUR 4.20
LBI HF 4.34 3/1/2011 EUR 4.20
Lehman Brothers Tre 5.00 2/28/2032 EUR 4.70
Lehman Brothers Tre 3.45 5/23/2013 USD 4.70
Svensk Exportkredit 0.50 8/25/2021 ZAR 59.39
Lehman Brothers Tre 5.25 11/21/2009 USD 4.70
Lehman Brothers Tre 15.00 6/4/2009 CHF 7.75
City of Hunedoara R 2.43 8/15/2026 RON 73.00
Lehman Brothers Tre 5.38 2/4/2014 USD 4.70
Lehman Brothers Tre 6.72 12/29/2008 EUR 4.55
Lehman Brothers Tre 7.06 12/29/2008 EUR 4.56
Lehman Brothers Tre 2.50 8/15/2012 CHF 4.70
Lehman Brothers Tre 5.50 11/30/2012 CZK 4.70
Lehman Brothers Tre 6.00 10/30/2012 USD 7.75
Lehman Brothers Tre 16.00 10/8/2008 CHF 7.75
Lehman Brothers Tre 5.50 6/15/2009 CHF 7.75
Lehman Brothers Tre 1.00 2/26/2010 USD 4.70
LBI HF 2.75 3/16/2011 EUR 4.20
Lehman Brothers Tre 10.00 10/23/2008 USD 7.75
Lehman Brothers Tre 6.60 5/23/2012 AUD 7.75
Lehman Brothers Tre 16.00 10/28/2008 USD 7.75
Kaupthing Bank Hf 4.50 1/17/2011 EUR 13.50
Lehman Brothers Tre 7.75 2/21/2016 EUR 4.70
Lehman Brothers Tre 7.50 9/13/2009 CHF 7.75
City of Predeal Rom 2.50 5/15/2026 RON 60.00
Lehman Brothers Tre 6.85 12/22/2008 EUR 4.70
Barclays Bank PLC 0.50 3/26/2021 MXN 71.84
HSBC Bank PLC 0.50 4/11/2023 MXN 64.64
Societe Generale SA 0.50 4/30/2023 RUB 50.96
Municipality Financ 0.50 5/31/2022 ZAR 50.22
Municipality Financ 0.50 2/7/2018 BRL 71.90
HSBC Bank PLC 0.50 7/30/2027 NZD 55.28
Oesterreichische Vo 3.78 7/21/2033 EUR 71.13
EFG International F 6.00 11/30/2017 EUR 54.95
Leonteq Securities 6.25 11/13/2015 CHF 56.92
Leonteq Securities 7.60 11/20/2015 USD 37.84
e-Kancelaria Grupa 9.00 10/25/2016 PLN 70.10
Municipality Financ 0.50 7/30/2029 AUD 66.05
Municipality Financ 0.50 1/10/2018 BRL 72.48
Municipality Financ 0.50 4/26/2022 ZAR 50.81
Lehman Brothers Tre 2.40 6/20/2011 JPY 4.70
Lehman Brothers Tre 1.60 6/21/2010 JPY 4.70
Lehman Brothers Tre 4.20 12/3/2008 HKD 4.70
HSBC Bank PLC 0.50 2/2/2023 AUD 70.23
UBS AG 10.75 12/29/2015 EUR 62.27
UBS AG 14.25 6/26/2015 EUR 53.63
Leonteq Securities 5.65 5/27/2015 CHF 56.55
Zurcher Kantonalban 4.51 1/25/2016 CHF 56.30
UniCredit Bank AG 5.25 2/26/2016 EUR 66.56
EFG International F 12.86 10/30/2017 EUR 70.18
Barclays Bank PLC 3.50 12/7/2015 EUR 58.69
Leonteq Securities 14.25 2/13/2015 USD 38.03
UBS AG 7.10 7/22/2015 EUR 66.31
UBS AG 21.00 12/29/2015 EUR 70.62
UBS AG 21.00 3/27/2015 EUR 74.53
UBS AG 23.75 3/27/2015 EUR 58.07
UBS AG 15.75 3/27/2015 EUR 67.65
UBS AG 20.00 9/25/2015 EUR 63.87
UBS AG 23.75 9/25/2015 EUR 67.05
UBS AG 22.25 6/26/2015 EUR 67.97
UBS AG 17.25 12/29/2015 EUR 74.56
UBS AG 21.75 9/25/2015 EUR 69.15
UBS AG 19.00 9/25/2015 EUR 64.56
UBS AG 12.50 12/29/2015 EUR 73.19
UBS AG 22.00 3/27/2015 EUR 58.94
UBS AG 23.00 6/26/2015 EUR 59.60
UBS AG 13.50 9/25/2015 EUR 70.68
UBS AG 15.00 12/29/2015 EUR 70.27
UBS AG 24.75 6/26/2015 EUR 65.05
UBS AG 23.50 9/25/2015 EUR 72.37
UBS AG 19.50 9/25/2015 EUR 71.63
UBS AG 17.00 9/25/2015 EUR 74.59
UBS AG 19.25 3/27/2015 EUR 62.20
UBS AG 21.50 6/26/2015 EUR 60.92
UBS AG 15.00 3/27/2015 EUR 67.38
UBS AG 13.50 12/29/2015 EUR 71.34
UBS AG 13.50 12/29/2015 EUR 72.39
UBS AG 21.75 12/29/2015 EUR 63.82
UBS AG 22.25 9/25/2015 EUR 73.75
UBS AG 23.00 3/27/2015 EUR 74.64
UBS AG 21.25 3/27/2015 EUR 60.83
UBS AG 20.75 6/26/2015 EUR 62.08
UBS AG 13.00 9/25/2015 EUR 72.70
UBS AG 24.50 9/25/2015 EUR 60.08
UBS AG 16.50 12/29/2015 EUR 68.53
UBS AG 22.75 6/26/2015 EUR 74.02
UBS AG 21.75 3/27/2015 EUR 67.81
UBS AG 18.00 12/29/2015 EUR 66.57
UBS AG 19.25 6/26/2015 EUR 63.24
UBS AG 15.00 9/25/2015 EUR 68.89
UBS AG 17.00 12/29/2015 EUR 67.61
UBS AG 16.75 6/26/2015 EUR 65.93
Vontobel Financial 3.00 1/23/2015 EUR 62.60
Vontobel Financial 21.85 3/27/2015 EUR 71.03
Vontobel Financial 5.05 6/26/2015 EUR 73.26
Vontobel Financial 6.75 3/13/2015 EUR 63.99
Vontobel Financial 8.95 3/13/2015 EUR 61.09
BNP Paribas Emissio 4.50 3/26/2015 EUR 71.67
BNP Paribas Emissio 6.00 3/26/2015 EUR 67.86
BNP Paribas Emissio 8.00 3/26/2015 EUR 64.61
BNP Paribas Emissio 5.00 6/25/2015 EUR 71.43
BNP Paribas Emissio 5.50 6/25/2015 EUR 67.68
BNP Paribas Emissio 7.00 6/25/2015 EUR 64.80
UniCredit Bank AG 5.80 6/26/2015 EUR 74.01
UniCredit Bank AG 5.50 6/26/2015 EUR 58.73
Province of Treviso 0.40 12/31/2034 EUR 60.10
Lehman Brothers Tre 3.82 10/20/2009 USD 7.75
LBI HF 2.22 10/15/2019 JPY 4.20
Glitnir HF 3.00 12/15/2009 EUR 11.88
Lehman Brothers Tre 2.75 10/28/2009 EUR 4.70
Leonteq Securities 4.50 4/4/2016 EUR 48.38
UniCredit Bank AG 4.90 2/26/2015 EUR 65.78
UBS AG 12.75 6/26/2015 EUR 69.86
UniCredit Bank AG 5.00 2/26/2015 EUR 61.27
UniCredit Bank AG 4.80 2/26/2015 EUR 59.56
UniCredit Bank AG 4.00 2/26/2015 EUR 60.95
UniCredit Bank AG 4.00 2/26/2015 EUR 71.14
UniCredit Bank AG 6.00 2/26/2015 EUR 56.96
UniCredit Bank AG 5.50 2/26/2015 EUR 64.45
UniCredit Bank AG 4.60 2/26/2015 EUR 66.49
UniCredit Bank AG 6.50 2/26/2015 EUR 72.76
UniCredit Bank AG 12.00 2/26/2015 EUR 74.01
UniCredit Bank AG 5.80 2/26/2015 EUR 63.77
Raiffeisen Centroba 8.28 1/21/2015 EUR 63.55
UniCredit Bank AG 4.00 2/26/2015 EUR 67.96
Commerzbank AG 4.80 6/25/2015 EUR 71.09
DZ Bank AG Deutsche 6.25 1/23/2015 EUR 72.60
DZ Bank AG Deutsche 5.50 1/23/2015 EUR 62.08
DZ Bank AG Deutsche 5.00 1/23/2015 EUR 63.35
Vontobel Financial 13.20 1/16/2015 EUR 69.18
DZ Bank AG Deutsche 8.75 5/22/2015 EUR 73.68
UniCredit Bank AG 6.00 2/26/2015 EUR 74.67
UniCredit Bank AG 6.10 2/26/2015 EUR 62.45
UBS AG 23.75 12/29/2015 EUR 71.69
UBS AG 23.50 9/25/2015 EUR 72.95
UBS AG 23.00 12/29/2015 EUR 57.44
UBS AG 23.25 12/29/2015 EUR 73.82
UBS AG 22.50 3/27/2015 EUR 70.75
UBS AG 21.25 3/29/2016 EUR 66.39
UBS AG 23.00 6/26/2015 EUR 72.83
UBS AG 21.50 9/25/2015 EUR 74.47
DZ Bank AG Deutsche 7.25 1/16/2015 EUR 62.02
DZ Bank AG Deutsche 9.00 1/16/2015 EUR 62.07
DZ Bank AG Deutsche 7.00 7/10/2015 EUR 64.10
DZ Bank AG Deutsche 8.00 7/10/2015 EUR 64.61
UBS AG 18.50 3/27/2015 EUR 67.68
Vontobel Financial 9.00 4/24/2015 EUR 74.10
UBS AG 25.00 9/25/2015 EUR 71.43
UBS AG 24.25 12/29/2015 EUR 72.18
UBS AG 21.00 3/27/2015 EUR 65.46
UBS AG 13.75 3/29/2016 EUR 71.15
UBS AG 22.75 6/26/2015 EUR 70.99
UBS AG 24.75 9/25/2015 EUR 69.83
DZ Bank AG Deutsche 4.25 2/6/2015 EUR 73.39
UBS AG 21.75 3/27/2015 EUR 74.71
UBS AG 10.50 3/29/2016 EUR 74.58
DZ Bank AG Deutsche 6.00 1/23/2015 EUR 64.32
DZ Bank AG Deutsche 7.50 1/23/2015 EUR 62.13
DZ Bank AG Deutsche 7.00 3/27/2015 EUR 63.31
DekaBank Deutsche G 4.90 6/11/2015 EUR 64.73
Bank Julius Baer & 7.25 4/1/2015 CHF 50.95
DZ Bank AG Deutsche 8.00 1/23/2015 EUR 71.97
DZ Bank AG Deutsche 18.00 1/23/2015 EUR 70.62
DZ Bank AG Deutsche 6.00 1/23/2015 EUR 67.23
DZ Bank AG Deutsche 7.75 1/23/2015 EUR 73.57
BNP Paribas Emissio 11.00 3/26/2015 EUR 71.35
BNP Paribas Emissio 4.00 3/26/2015 EUR 63.54
BNP Paribas Emissio 5.50 3/26/2015 EUR 59.96
BNP Paribas Emissio 7.50 3/26/2015 EUR 56.94
BNP Paribas Emissio 10.00 3/26/2015 EUR 54.41
BNP Paribas Emissio 10.00 3/26/2015 EUR 73.42
BNP Paribas Emissio 9.00 3/26/2015 EUR 73.19
BNP Paribas Emissio 13.00 3/26/2015 EUR 67.77
BNP Paribas Emissio 3.50 3/26/2015 EUR 66.53
BNP Paribas Emissio 6.00 3/26/2015 EUR 60.55
BNP Paribas Emissio 9.50 3/26/2015 EUR 55.93
BNP Paribas Emissio 16.50 3/26/2015 EUR 73.03
BNP Paribas Emissio 7.50 3/26/2015 EUR 72.69
BNP Paribas Emissio 12.50 3/26/2015 EUR 66.71
BNP Paribas Emissio 8.00 3/26/2015 EUR 45.20
BNP Paribas Emissio 11.00 3/26/2015 EUR 40.43
BNP Paribas Emissio 15.00 3/26/2015 EUR 37.07
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 73.90
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 71.46
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 66.21
HSBC Trinkaus & Bur 10.50 6/26/2015 EUR 70.19
HSBC Trinkaus & Bur 7.50 6/26/2015 EUR 73.49
HSBC Trinkaus & Bur 9.50 1/23/2015 EUR 69.76
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 69.74
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 74.04
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 71.41
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 68.12
HSBC Trinkaus & Bur 8.50 6/26/2015 EUR 69.62
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 69.82
DZ Bank AG Deutsche 6.00 3/27/2015 EUR 64.22
Goldman Sachs & Co 7.00 2/25/2015 EUR 64.08
Goldman Sachs & Co 9.00 2/25/2015 EUR 61.58
Goldman Sachs & Co 11.00 2/25/2015 EUR 59.31
Goldman Sachs & Co 13.00 2/25/2015 EUR 71.72
DZ Bank AG Deutsche 5.80 3/13/2015 EUR 74.05
DZ Bank AG Deutsche 5.50 6/12/2015 EUR 73.90
UniCredit Bank AG 4.00 2/26/2015 EUR 75.00
UniCredit Bank AG 5.20 2/26/2015 EUR 72.36
UniCredit Bank AG 4.00 2/26/2015 EUR 63.37
UniCredit Bank AG 4.50 2/26/2015 EUR 74.69
UniCredit Bank AG 5.45 2/26/2015 EUR 58.95
Commerzbank AG 9.25 4/23/2015 EUR 73.83
DZ Bank AG Deutsche 5.75 1/16/2015 EUR 73.85
Notenstein Privatba 11.30 6/10/2015 CHF 68.68
Notenstein Privatba 9.70 5/11/2015 EUR 73.27
UBS AG 14.25 6/26/2015 EUR 62.11
DZ Bank AG Deutsche 4.90 9/11/2015 EUR 74.71
UniCredit Bank AG 4.40 2/26/2015 EUR 74.09
UniCredit Bank AG 4.80 2/26/2015 EUR 73.21
UBS AG 10.75 6/26/2015 EUR 62.73
UniCredit Bank AG 6.00 2/26/2015 EUR 70.75
UBS AG 10.75 12/29/2015 EUR 61.00
UniCredit Bank AG 4.60 2/26/2015 EUR 61.82
UniCredit Bank AG 5.85 2/26/2015 EUR 57.60
UniCredit Bank AG 4.30 2/26/2015 EUR 62.59
UniCredit Bank AG 6.25 2/26/2015 EUR 69.91
Zurcher Kantonalban 12.00 7/23/2015 CHF 56.57
UBS AG 9.25 6/26/2015 EUR 69.48
UBS AG 7.75 6/26/2015 EUR 72.76
UBS AG 12.50 6/26/2015 EUR 64.20
UBS AG 10.75 6/26/2015 EUR 66.60
BNP Paribas Emissio 6.00 7/23/2015 EUR 72.31
Bank Julius Baer & 8.85 9/25/2015 CHF 57.65
Bank Julius Baer & 7.00 10/2/2015 USD 65.95
Bank Julius Baer & 13.90 10/2/2015 USD 71.70
Banque Cantonale Va 15.40 3/25/2015 USD 72.49
Leonteq Securities 11.20 12/29/2015 CHF 59.57
EFG International F 1.55 4/29/2015 EUR 45.44
DZ Bank AG Deutsche 7.50 3/6/2015 EUR 59.67
DZ Bank AG Deutsche 6.75 2/13/2015 EUR 68.11
Vontobel Financial 16.50 1/16/2015 EUR 59.85
Vontobel Financial 5.45 3/13/2015 EUR 73.39
Vontobel Financial 12.60 3/13/2015 EUR 63.71
Vontobel Financial 5.55 6/12/2015 EUR 73.37
Vontobel Financial 6.25 6/12/2015 EUR 71.94
Commerzbank AG 8.50 2/26/2015 EUR 67.37
BNP Paribas Emissio 7.00 1/22/2015 EUR 74.88
UBS AG 14.75 6/26/2015 EUR 69.74
DZ Bank AG Deutsche 11.00 1/23/2015 EUR 70.66
DZ Bank AG Deutsche 11.50 1/23/2015 EUR 73.67
Banque Cantonale Va 13.10 7/21/2015 CHF 63.66
Vontobel Financial 7.40 3/27/2015 EUR 70.63
Vontobel Financial 8.35 6/26/2015 EUR 70.81
Vontobel Financial 5.30 6/26/2015 EUR 73.37
Zurcher Kantonalban 5.60 11/18/2015 USD 74.81
Credit Suisse AG/Na 8.38 10/15/2015 USD 69.40
DZ Bank AG Deutsche 16.00 9/25/2015 EUR 54.08
DZ Bank AG Deutsche 2.90 3/23/2015 EUR 65.81
DZ Bank AG Deutsche 4.20 3/23/2015 EUR 64.21
DZ Bank AG Deutsche 7.80 3/23/2015 EUR 61.49
DZ Bank AG Deutsche 1.70 3/23/2015 EUR 66.29
DZ Bank AG Deutsche 4.10 3/23/2015 EUR 63.37
DZ Bank AG Deutsche 7.90 3/23/2015 EUR 61.07
DZ Bank AG Deutsche 2.10 9/23/2015 EUR 71.01
DZ Bank AG Deutsche 3.50 9/23/2015 EUR 68.76
DZ Bank AG Deutsche 5.40 9/23/2015 EUR 67.10
DZ Bank AG Deutsche 2.10 12/23/2015 EUR 72.81
DZ Bank AG Deutsche 3.30 12/23/2015 EUR 70.79
DZ Bank AG Deutsche 4.80 12/23/2015 EUR 69.26
DZ Bank AG Deutsche 5.20 3/23/2015 EUR 56.43
DZ Bank AG Deutsche 3.20 3/23/2015 EUR 53.50
DZ Bank AG Deutsche 5.70 9/23/2015 EUR 65.56
DZ Bank AG Deutsche 5.70 9/23/2015 EUR 62.85
DZ Bank AG Deutsche 4.60 9/23/2015 EUR 59.54
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 68.39
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 65.68
DZ Bank AG Deutsche 4.40 12/23/2015 EUR 62.47
DZ Bank AG Deutsche 2.40 9/23/2015 EUR 71.76
DZ Bank AG Deutsche 3.90 9/23/2015 EUR 69.29
DZ Bank AG Deutsche 5.80 9/23/2015 EUR 67.35
DZ Bank AG Deutsche 2.20 12/23/2015 EUR 74.01
DZ Bank AG Deutsche 3.50 12/23/2015 EUR 71.81
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 70.10
DZ Bank AG Deutsche 4.30 3/23/2015 EUR 56.18
DZ Bank AG Deutsche 2.60 9/23/2015 EUR 63.61
DZ Bank AG Deutsche 3.10 9/23/2015 EUR 61.33
DZ Bank AG Deutsche 4.80 9/23/2015 EUR 62.29
DZ Bank AG Deutsche 2.70 12/23/2015 EUR 65.76
DZ Bank AG Deutsche 4.60 12/23/2015 EUR 64.97
DZ Bank AG Deutsche 3.20 12/23/2015 EUR 63.37
DZ Bank AG Deutsche 6.40 3/23/2015 EUR 59.43
JP Morgan Structure 12.20 9/30/2015 USD 65.60
UBS AG/London 23.75 12/29/2015 EUR 74.74
UBS AG/London 21.75 6/26/2015 EUR 74.86
UBS AG/London 14.50 6/26/2015 EUR 68.06
UBS AG/London 24.75 9/25/2015 EUR 72.51
UBS AG/London 21.75 12/29/2015 EUR 74.71
UBS AG/London 9.00 12/29/2015 EUR 58.07
UBS AG/London 14.75 9/25/2015 EUR 61.16
HSBC Trinkaus & Bur 20.00 3/27/2015 EUR 73.91
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 69.23
HSBC Trinkaus & Bur 9.50 4/24/2015 EUR 63.47
HSBC Trinkaus & Bur 8.50 8/28/2015 EUR 65.64
DZ Bank AG Deutsche 13.00 3/27/2015 EUR 65.38
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.78
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 74.72
HSBC Trinkaus & Bur 6.50 7/24/2015 EUR 73.27
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 72.02
HSBC Trinkaus & Bur 12.00 3/27/2015 EUR 61.08
HSBC Trinkaus & Bur 11.00 6/26/2015 EUR 63.35
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 62.84
HSBC Trinkaus & Bur 8.50 7/24/2015 EUR 64.98
Commerzbank AG 8.00 2/26/2015 EUR 70.52
Bank Julius Baer & 7.10 7/8/2015 CHF 47.90
Bank Julius Baer & 10.20 10/7/2015 CHF 68.20
Leonteq Securities 9.00 4/8/2016 USD 39.74
Commerzbank AG 20.50 9/24/2015 EUR 74.26
Commerzbank AG 23.75 9/24/2015 EUR 71.64
Commerzbank AG 26.75 9/24/2015 EUR 69.03
Raiffeisen Centroba 10.63 1/20/2016 EUR 72.39
Raiffeisen Centroba 25.04 1/21/2015 EUR 73.75
Raiffeisen Centroba 20.68 7/22/2015 EUR 73.71
UniCredit Bank AG 5.00 10/22/2015 EUR 71.72
UniCredit Bank AG 4.50 10/22/2015 EUR 72.87
UBS AG/London 11.75 11/12/2015 CHF 69.86
Bank Julius Baer & 10.60 10/9/2015 USD 59.95
Leonteq Securities 13.40 1/14/2016 CHF 72.84
Zurcher Kantonalban 7.02 10/9/2015 CHF 63.45
Leonteq Securities 6.00 1/7/2016 EUR 36.83
Bank Julius Baer & 8.60 1/7/2015 CHF 38.10
Leonteq Securities 6.20 7/15/2016 EUR 67.89
LBBW 4.50 2/27/2015 EUR 73.74
Societe Generale Ef 4.00 6/26/2017 EUR 49.27
Raiffeisen Centroba 5.83 1/21/2015 EUR 71.25
Raiffeisen Centroba 7.45 1/21/2015 EUR 73.75
Raiffeisen Centroba 7.97 1/21/2015 EUR 74.60
Raiffeisen Centroba 7.94 1/21/2015 EUR 71.75
Bank Julius Baer & 8.20 9/23/2015 CHF 57.50
Leonteq Securities 15.20 12/2/2015 CHF 59.62
Credit Suisse AG/Na 10.25 8/28/2015 USD 73.82
Commerzbank AG 6.00 8/27/2015 EUR 71.12
Commerzbank AG 9.25 8/27/2015 EUR 70.30
Commerzbank AG 11.75 8/27/2015 EUR 69.14
Notenstein Privatba 7.20 9/3/2015 EUR 63.73
Leonteq Securities 12.00 12/15/2015 CHF 63.76
Credit Suisse AG/Na 8.00 3/16/2016 USD 66.02
Bank Julius Baer & 10.70 9/16/2015 CHF 67.70
HSBC Trinkaus & Bur 15.00 3/27/2015 EUR 66.85
UBS AG/London 22.50 3/27/2015 EUR 73.72
Bank Julius Baer & 7.70 2/11/2015 CHF 50.75
UniCredit Bank AG 4.25 8/14/2015 EUR 61.16
UBS AG/London 5.00 8/6/2015 USD 58.87
DZ Bank AG Deutsche 5.75 8/28/2015 EUR 74.24
DZ Bank AG Deutsche 9.50 8/28/2015 EUR 69.12
Bank Julius Baer & 11.50 8/19/2015 CHF 67.75
Leonteq Securities 13.00 9/2/2015 CHF 57.72
UBS AG/London 12.75 8/20/2015 CHF 71.56
Notenstein Privatba 9.10 8/29/2016 CHF 63.35
Credit Suisse AG/Lo 11.00 8/28/2015 USD 45.72
Bank Julius Baer & 7.00 8/28/2015 USD 61.95
Commerzbank AG 15.75 4/23/2015 EUR 64.29
Commerzbank AG 25.50 4/23/2015 EUR 54.60
Commerzbank AG 13.00 5/21/2015 EUR 68.29
Commerzbank AG 17.50 5/21/2015 EUR 52.30
Commerzbank AG 12.00 6/25/2015 EUR 72.01
Commerzbank AG 23.25 6/25/2015 EUR 57.72
Commerzbank AG 24.25 7/23/2015 EUR 57.60
UBS AG/London 6.50 11/5/2015 USD 73.99
DZ Bank AG Deutsche 7.75 7/24/2015 EUR 63.53
Commerzbank AG 7.50 6/25/2015 EUR 68.94
Commerzbank AG 16.25 6/25/2015 EUR 53.27
Commerzbank AG 8.00 7/23/2015 EUR 68.97
Commerzbank AG 11.75 7/23/2015 EUR 60.51
Commerzbank AG 16.00 7/23/2015 EUR 54.25
Commerzbank AG 11.75 3/26/2015 EUR 72.17
Commerzbank AG 11.50 4/23/2015 EUR 72.24
Commerzbank AG 14.25 4/23/2015 EUR 69.93
Commerzbank AG 9.25 5/21/2015 EUR 74.12
Commerzbank AG 11.50 5/21/2015 EUR 71.82
Commerzbank AG 12.00 6/25/2015 EUR 74.26
Commerzbank AG 12.75 7/23/2015 EUR 73.42
Raiffeisen Centroba 8.47 7/22/2015 EUR 74.60
Raiffeisen Centroba 10.59 7/22/2015 EUR 71.16
Raiffeisen Centroba 6.95 1/20/2016 EUR 71.80
Raiffeisen Centroba 6.95 1/20/2016 EUR 67.16
UBS AG/London 7.50 8/13/2015 CHF 52.35
Credit Suisse AG/Na 8.50 2/29/2016 USD 64.22
Leonteq Securities 20.00 12/8/2015 USD 72.16
Notenstein Privatba 10.00 9/5/2016 CHF 63.40
UBS AG/London 13.75 8/27/2015 CHF 70.74
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 66.88
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 66.38
HSBC Trinkaus & Bur 8.40 9/25/2015 EUR 68.02
HSBC Trinkaus & Bur 7.80 9/25/2015 EUR 67.57
HSBC Trinkaus & Bur 7.10 9/25/2015 EUR 67.05
HSBC Trinkaus & Bur 7.90 12/28/2015 EUR 69.18
HSBC Trinkaus & Bur 7.50 12/28/2015 EUR 68.77
HSBC Trinkaus & Bur 7.00 12/28/2015 EUR 68.27
HSBC Trinkaus & Bur 5.90 12/28/2015 EUR 67.16
Leonteq Securities 6.00 9/29/2015 EUR 72.64
UBS AG/London 11.25 8/27/2015 CHF 55.29
Commerzbank AG 10.25 8/27/2015 EUR 69.44
Commerzbank AG 11.00 8/27/2015 EUR 70.67
Commerzbank AG 14.00 8/27/2015 EUR 66.34
Commerzbank AG 17.25 8/27/2015 EUR 62.22
Commerzbank AG 20.50 8/27/2015 EUR 59.02
Commerzbank AG 23.75 8/27/2015 EUR 56.40
Bank Julius Baer & 7.40 9/9/2015 CHF 53.75
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 54.06
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 43.15
HSBC Trinkaus & Bur 6.30 3/27/2015 EUR 70.47
HSBC Trinkaus & Bur 6.90 6/26/2015 EUR 71.70
HSBC Trinkaus & Bur 8.70 7/24/2015 EUR 70.21
HSBC Trinkaus & Bur 11.50 9/25/2015 EUR 68.43
HSBC Trinkaus & Bur 6.60 9/25/2015 EUR 72.41
HSBC Trinkaus & Bur 7.90 10/23/2015 EUR 71.10
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 67.58
UBS AG/London 5.50 10/29/2015 USD 74.32
UBS AG/London 12.35 11/3/2015 CHF 70.95
UBS AG/London 8.48 11/3/2015 CHF 67.80
Leonteq Securities 9.40 11/17/2015 CHF 74.43
Deutsche Bank AG 5.20 3/24/2015 EUR 74.00
UBS AG/London 10.00 7/2/2015 CHF 50.41
BNP Paribas Emissio 5.25 1/22/2015 EUR 71.71
BNP Paribas Emissio 6.50 6/25/2015 EUR 72.13
BNP Paribas Emissio 4.00 1/22/2015 EUR 70.47
BNP Paribas Emissio 5.00 5/21/2015 EUR 67.17
BNP Paribas Emissio 4.00 5/21/2015 EUR 70.51
Bank Julius Baer & 11.00 3/13/2015 USD 57.95
Goldman Sachs & Co 12.00 2/25/2015 EUR 64.77
Vontobel Financial 19.30 3/27/2015 EUR 73.96
HSBC Trinkaus & Bur 16.50 3/27/2015 EUR 74.04
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 63.18
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 74.90
Credit Suisse AG/Na 8.50 7/20/2015 USD 58.29
UBS AG/London 12.00 7/9/2015 CHF 54.33
Leonteq Securities 6.00 7/14/2015 USD 63.05
Deutsche Bank AG 4.20 6/22/2015 EUR 70.60
Deutsche Bank AG 5.20 6/22/2015 EUR 69.40
DZ Bank AG Deutsche 7.50 3/27/2015 EUR 73.05
DZ Bank AG Deutsche 6.00 3/27/2015 EUR 57.35
Deutsche Bank AG 7.20 6/22/2015 EUR 73.20
DZ Bank AG Deutsche 6.75 3/27/2015 EUR 69.71
Deutsche Bank AG 7.20 6/22/2015 EUR 68.30
Deutsche Bank AG 5.20 9/22/2015 EUR 68.60
DZ Bank AG Deutsche 10.50 3/27/2015 EUR 59.17
DZ Bank AG Deutsche 17.50 3/27/2015 EUR 29.27
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 57.65
Deutsche Bank AG 6.20 3/24/2015 EUR 73.50
Deutsche Bank AG 6.20 3/24/2015 EUR 68.40
Deutsche Bank AG 7.20 3/24/2015 EUR 68.60
Deutsche Bank AG 5.20 12/22/2015 EUR 69.70
Deutsche Bank AG 4.20 6/22/2015 EUR 75.00
Deutsche Bank AG 5.20 3/24/2015 EUR 73.30
Deutsche Bank AG 5.20 3/24/2015 EUR 68.20
Deutsche Bank AG 5.20 6/22/2015 EUR 67.40
Deutsche Bank AG 6.20 9/22/2015 EUR 69.30
Deutsche Bank AG 7.20 9/22/2015 EUR 70.00
Deutsche Bank AG 5.20 6/22/2015 EUR 72.20
Deutsche Bank AG 5.20 6/22/2015 EUR 72.80
Deutsche Bank AG 5.20 6/22/2015 EUR 71.10
Deutsche Bank AG 6.20 6/22/2015 EUR 73.20
Deutsche Bank AG 7.20 3/24/2015 EUR 73.70
Deutsche Bank AG 6.20 6/22/2015 EUR 69.90
Deutsche Bank AG 6.20 6/22/2015 EUR 72.70
Deutsche Bank AG 6.20 9/22/2015 EUR 74.00
Deutsche Bank AG 5.20 9/22/2015 EUR 73.30
Deutsche Bank AG 4.20 6/22/2015 EUR 72.30
Deutsche Bank AG 7.20 9/22/2015 EUR 74.70
Deutsche Bank AG 5.20 12/22/2015 EUR 74.30
Deutsche Bank AG 6.20 6/22/2015 EUR 67.80
Deutsche Bank AG 6.20 6/22/2015 EUR 71.50
Deutsche Bank AG 6.20 12/22/2015 EUR 70.60
Deutsche Bank AG 6.20 9/22/2015 EUR 68.90
Deutsche Bank AG 5.20 9/22/2015 EUR 65.60
Deutsche Bank AG 5.20 9/22/2015 EUR 74.30
Deutsche Bank AG 6.20 9/22/2015 EUR 75.00
Deutsche Bank AG 7.20 6/22/2015 EUR 74.40
Deutsche Bank AG 5.20 6/22/2015 EUR 73.40
Deutsche Bank AG 6.20 6/22/2015 EUR 73.90
HSBC Trinkaus & Bur 4.90 7/10/2015 EUR 74.13
UBS AG/London 7.00 7/9/2015 CHF 45.07
Commerzbank AG 6.00 6/25/2015 EUR 73.25
Commerzbank AG 6.00 6/25/2015 EUR 70.23
DZ Bank AG Deutsche 6.25 3/27/2015 EUR 74.38
DZ Bank AG Deutsche 5.50 7/24/2015 EUR 74.87
DZ Bank AG Deutsche 9.50 7/24/2015 EUR 62.32
JP Morgan Structure 28.50 5/7/2015 USD 70.92
UniCredit Bank AG 5.00 9/24/2015 EUR 74.56
Credit Suisse AG/Lo 7.00 8/14/2015 USD 70.50
Leonteq Securities 8.00 8/15/2016 CHF 70.20
Leonteq Securities 9.60 11/18/2015 CHF 73.34
UBS AG/London 14.50 6/26/2015 EUR 74.69
DZ Bank AG Deutsche 16.00 8/28/2015 EUR 40.29
Credit Suisse AG/Na 8.00 2/8/2016 USD 62.12
UBS AG/London 9.30 7/22/2015 EUR 73.21
DZ Bank AG Deutsche 5.25 9/11/2015 EUR 74.56
HSBC Trinkaus & Bur 19.00 3/27/2015 EUR 56.68
HSBC Trinkaus & Bur 13.00 9/25/2015 EUR 61.36
HSBC Trinkaus & Bur 10.00 9/25/2015 EUR 62.93
HSBC Trinkaus & Bur 10.00 2/27/2015 EUR 59.88
HSBC Trinkaus & Bur 9.00 7/24/2015 EUR 62.96
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 74.66
Commerzbank AG 9.25 7/23/2015 EUR 62.30
Commerzbank AG 7.00 7/23/2015 EUR 62.69
Commerzbank AG 10.00 7/23/2015 EUR 55.65
Commerzbank AG 13.00 7/23/2015 EUR 50.42
Commerzbank AG 16.25 7/23/2015 EUR 47.03
Commerzbank AG 19.75 7/23/2015 EUR 44.64
Commerzbank AG 23.25 7/23/2015 EUR 43.10
Zurcher Kantonalban 11.03 8/7/2015 CHF 57.20
Commerzbank AG 8.00 7/23/2015 EUR 73.07
Notenstein Privatba 4.00 2/1/2016 EUR 64.82
Vontobel Financial 5.05 7/10/2015 EUR 74.48
Vontobel Financial 7.20 7/10/2015 EUR 72.49
Vontobel Financial 9.60 7/10/2015 EUR 70.83
Banque Cantonale Va 6.00 7/15/2015 CHF 65.47
Commerzbank AG 5.00 1/22/2015 EUR 74.13
Commerzbank AG 8.50 1/22/2015 EUR 70.58
Commerzbank AG 5.00 2/26/2015 EUR 74.60
Commerzbank AG 8.00 2/26/2015 EUR 71.34
Commerzbank AG 5.00 3/26/2015 EUR 74.95
Commerzbank AG 7.50 3/26/2015 EUR 71.83
Commerzbank AG 5.00 4/23/2015 EUR 74.74
Commerzbank AG 7.25 4/23/2015 EUR 72.30
Commerzbank AG 6.25 5/21/2015 EUR 74.58
Commerzbank AG 8.75 5/21/2015 EUR 72.09
Commerzbank AG 8.25 6/25/2015 EUR 72.72
Commerzbank AG 11.00 6/25/2015 EUR 70.79
Commerzbank AG 8.50 6/25/2015 EUR 74.82
Commerzbank AG 7.00 6/25/2015 EUR 69.41
Commerzbank AG 9.00 5/21/2015 EUR 50.07
Commerzbank AG 16.50 5/21/2015 EUR 41.09
Commerzbank AG 20.50 5/21/2015 EUR 38.77
Commerzbank AG 24.75 5/21/2015 EUR 37.17
Commerzbank AG 6.25 6/25/2015 EUR 57.80
Commerzbank AG 9.25 6/25/2015 EUR 50.90
Commerzbank AG 12.50 6/25/2015 EUR 45.83
Commerzbank AG 16.50 6/25/2015 EUR 42.13
Commerzbank AG 19.75 6/25/2015 EUR 40.38
Commerzbank AG 23.50 6/25/2015 EUR 38.96
UBS AG/London 10.50 7/16/2015 CHF 54.62
UBS AG/London 7.00 7/16/2015 CHF 47.31
Credit Suisse AG/Na 8.00 1/29/2016 CHF 60.95
DZ Bank AG Deutsche 5.25 6/12/2015 EUR 73.66
Goldman Sachs & Co 13.00 1/21/2015 EUR 66.32
Goldman Sachs & Co 8.00 2/25/2015 EUR 74.41
Goldman Sachs & Co 9.00 4/22/2015 EUR 72.26
Goldman Sachs & Co 11.00 4/22/2015 EUR 69.53
Goldman Sachs & Co 9.00 6/24/2015 EUR 72.20
Goldman Sachs & Co 16.00 1/21/2015 EUR 70.71
Goldman Sachs & Co 10.00 9/23/2015 EUR 71.75
Goldman Sachs & Co 14.00 4/22/2015 EUR 74.15
BNP Paribas Emissio 6.50 3/26/2015 EUR 73.49
BNP Paribas Emissio 10.00 3/26/2015 EUR 69.17
BNP Paribas Emissio 7.00 6/25/2015 EUR 72.95
BNP Paribas Emissio 10.00 6/25/2015 EUR 69.53
HSBC Trinkaus & Bur 12.00 6/26/2015 EUR 65.17
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 71.97
HSBC Trinkaus & Bur 15.50 3/27/2015 EUR 71.11
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 73.96
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 74.39
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 72.58
HSBC Trinkaus & Bur 12.50 6/26/2015 EUR 68.81
BNP Paribas Emissio 9.50 3/26/2015 EUR 73.19
BNP Paribas Emissio 9.00 6/25/2015 EUR 73.92
HSBC Trinkaus & Bur 15.00 3/27/2015 EUR 59.84
BNP Paribas Emissio 15.00 3/26/2015 EUR 71.50
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 62.08
BNP Paribas Emissio 18.50 3/26/2015 EUR 66.88
HSBC Trinkaus & Bur 9.50 6/26/2015 EUR 65.39
BNP Paribas Emissio 23.00 3/26/2015 EUR 63.16
HSBC Trinkaus & Bur 6.00 6/26/2015 EUR 70.27
BNP Paribas Emissio 14.00 6/25/2015 EUR 73.21
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 64.75
BNP Paribas Emissio 17.00 6/25/2015 EUR 69.74
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 68.05
BNP Paribas Emissio 20.00 6/25/2015 EUR 66.76
HSBC Trinkaus & Bur 10.00 6/26/2015 EUR 71.08
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 61.53
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 52.34
HSBC Trinkaus & Bur 11.00 6/26/2015 EUR 55.48
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 59.66
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 63.21
HSBC Trinkaus & Bur 10.50 1/23/2015 EUR 52.82
BNP Paribas Emissio 8.50 3/26/2015 EUR 74.78
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 72.13
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 67.04
Zurcher Kantonalban 6.60 7/29/2015 CHF 50.26
EFG International F 7.30 7/22/2015 USD 73.66
Leonteq Securities 10.00 1/22/2016 USD 65.25
Credit Suisse AG/Na 8.25 7/31/2015 USD 60.83
DZ Bank AG Deutsche 4.90 1/22/2015 EUR 71.74
DZ Bank AG Deutsche 6.00 1/22/2015 EUR 68.38
DZ Bank AG Deutsche 5.40 7/23/2015 EUR 70.99
DZ Bank AG Deutsche 5.60 10/23/2015 EUR 72.08
DZ Bank AG Deutsche 4.70 7/23/2015 EUR 58.40
DZ Bank AG Deutsche 5.70 7/23/2015 EUR 56.61
DZ Bank AG Deutsche 3.90 10/23/2015 EUR 63.44
DZ Bank AG Deutsche 4.90 10/23/2015 EUR 61.20
DZ Bank AG Deutsche 5.80 10/23/2015 EUR 59.35
DZ Bank AG Deutsche 5.70 1/22/2015 EUR 74.52
DZ Bank AG Deutsche 4.00 1/22/2015 EUR 71.05
DZ Bank AG Deutsche 4.70 1/22/2015 EUR 67.82
DZ Bank AG Deutsche 2.20 1/22/2015 EUR 54.22
DZ Bank AG Deutsche 3.20 1/22/2015 EUR 51.36
DZ Bank AG Deutsche 4.20 1/22/2015 EUR 49.21
DZ Bank AG Deutsche 3.70 7/23/2015 EUR 60.90
DZ Bank AG Deutsche 5.50 1/22/2015 EUR 53.55
DZ Bank AG Deutsche 4.00 1/22/2015 EUR 50.95
DZ Bank AG Deutsche 4.80 1/22/2015 EUR 48.66
DZ Bank AG Deutsche 6.30 7/23/2015 EUR 60.36
DZ Bank AG Deutsche 4.90 7/23/2015 EUR 59.60
DZ Bank AG Deutsche 4.40 7/23/2015 EUR 54.08
DZ Bank AG Deutsche 5.90 10/23/2015 EUR 63.27
DZ Bank AG Deutsche 5.80 10/23/2015 EUR 60.57
DZ Bank AG Deutsche 4.70 10/23/2015 EUR 57.26
DZ Bank AG Deutsche 3.60 1/22/2015 EUR 56.46
DZ Bank AG Deutsche 5.50 1/22/2015 EUR 54.94
DZ Bank AG Deutsche 7.60 1/22/2015 EUR 53.76
DZ Bank AG Deutsche 3.10 7/22/2015 EUR 64.00
DZ Bank AG Deutsche 4.90 7/22/2015 EUR 62.14
DZ Bank AG Deutsche 6.00 7/22/2015 EUR 61.41
DZ Bank AG Deutsche 3.90 10/22/2015 EUR 65.39
DZ Bank AG Deutsche 4.70 10/22/2015 EUR 64.66
DZ Bank AG Deutsche 5.60 10/22/2015 EUR 64.06
DZ Bank AG Deutsche 2.90 1/22/2015 EUR 59.30
DZ Bank AG Deutsche 5.80 1/22/2015 EUR 56.31
DZ Bank AG Deutsche 10.30 1/22/2015 EUR 53.70
DZ Bank AG Deutsche 3.70 7/22/2015 EUR 64.23
DZ Bank AG Deutsche 5.70 7/22/2015 EUR 62.23
DZ Bank AG Deutsche 8.30 7/22/2015 EUR 60.80
DZ Bank AG Deutsche 3.60 10/22/2015 EUR 67.26
DZ Bank AG Deutsche 5.30 10/22/2015 EUR 65.55
DZ Bank AG Deutsche 7.30 10/22/2015 EUR 64.31
Vontobel Financial 7.90 6/26/2015 EUR 73.56
Vontobel Financial 8.15 3/27/2015 EUR 73.95
UBS AG/London 15.00 7/23/2015 CHF 55.72
Leonteq Securities 11.52 10/28/2015 CHF 57.28
Deutsche Bank AG 7.20 3/24/2015 EUR 70.20
BNP Paribas Emissio 8.00 6/25/2015 EUR 58.64
BNP Paribas Emissio 6.75 6/25/2015 EUR 61.56
BNP Paribas Emissio 8.00 7/23/2015 EUR 59.30
BNP Paribas Emissio 6.75 7/23/2015 EUR 62.11
Vontobel Financial 11.20 3/27/2015 EUR 54.00
Goldman Sachs & Co 10.00 2/25/2015 EUR 67.53
Vontobel Financial 23.50 3/27/2015 EUR 72.74
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 69.39
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.27
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 74.55
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 73.46
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 66.51
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 67.14
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 73.08
Banque Cantonale Va 1.00 7/7/2016 CHF 34.89
HSBC Trinkaus & Bur 11.00 9/25/2015 EUR 74.18
HSBC Trinkaus & Bur 13.00 9/25/2015 EUR 74.64
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 69.63
HSBC Trinkaus & Bur 9.50 9/25/2015 EUR 71.54
HSBC Trinkaus & Bur 6.50 2/27/2015 EUR 72.81
HSBC Trinkaus & Bur 10.00 9/25/2015 EUR 65.04
HSBC Trinkaus & Bur 9.50 2/27/2015 EUR 62.20
Commerzbank AG 6.25 2/26/2015 EUR 73.22
Leonteq Securities 12.40 4/27/2016 CHF 69.76
Bank Julius Baer & 11.00 10/14/2015 CHF 64.75
Commerzbank AG 3.00 12/3/2015 EUR 57.01
UBS AG/London 7.50 10/15/2015 CHF 65.06
Leonteq Securities 9.07 5/3/2016 GBP 62.70
UBS AG/London 12.88 10/23/2015 CHF 72.95
BNP Paribas Emissio 7.00 10/22/2015 EUR 61.30
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 67.87
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 66.89
DZ Bank AG Deutsche 5.50 1/23/2015 EUR 67.70
UniCredit Bank AG 4.00 6/24/2015 EUR 65.69
UniCredit Bank AG 4.50 6/24/2015 EUR 59.26
Vontobel Financial 5.30 4/17/2015 EUR 74.55
DZ Bank AG Deutsche 7.75 6/12/2015 EUR 74.73
Vontobel Financial 8.35 6/26/2015 EUR 57.64
Bank Julius Baer & 14.20 10/28/2015 CHF 70.40
UBS AG/London 10.50 10/8/2015 CHF 73.05
Leonteq Securities 9.00 10/20/2015 CHF 69.55
BNP Paribas Emissio 13.00 1/22/2015 EUR 74.09
Bank Julius Baer & 6.00 7/3/2015 EUR 72.20
Banque Cantonale Va 10.80 6/25/2015 CHF 55.46
Bank Julius Baer & 7.65 7/3/2015 USD 68.90
UBS AG/London 15.25 6/25/2015 CHF 43.12
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.65
HSBC Trinkaus & Bur 7.00 4/24/2015 EUR 73.56
HSBC Trinkaus & Bur 15.50 6/26/2015 EUR 59.53
Credit Suisse AG/Na 10.50 7/9/2015 USD 51.82
UBS AG 10.75 3/27/2015 EUR 45.73
UBS AG 7.75 6/26/2015 EUR 49.74
Bank Julius Baer & 10.00 7/3/2015 USD 50.20
UBS AG 14.75 3/27/2015 EUR 73.03
DZ Bank AG Deutsche 5.50 3/27/2015 EUR 70.42
DZ Bank AG Deutsche 11.00 3/27/2015 EUR 56.61
Credit Suisse AG/Na 8.40 6/26/2015 USD 42.31
Notenstein Privatba 6.10 12/30/2015 EUR 62.27
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 66.68
UBS AG 4.75 3/27/2015 EUR 71.51
UBS AG 7.25 6/26/2015 EUR 53.70
UBS AG 11.25 6/24/2016 EUR 72.67
DZ Bank AG Deutsche 10.75 6/26/2015 EUR 71.63
Credit Suisse AG/Na 8.00 3/7/2016 EUR 74.52
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 66.31
UBS AG 14.75 3/27/2015 EUR 72.72
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 65.48
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 64.53
UBS AG 13.50 12/29/2015 EUR 74.42
UBS AG 13.75 9/25/2015 EUR 61.73
UBS AG 12.25 6/26/2015 EUR 74.70
Leonteq Securities 8.64 8/25/2015 CHF 29.49
Commerzbank AG 6.25 2/26/2015 EUR 72.42
Commerzbank AG 7.25 2/26/2015 EUR 52.98
Commerzbank AG 5.75 2/26/2015 EUR 69.71
DZ Bank AG Deutsche 8.00 2/27/2015 EUR 72.28
Vontobel Financial 7.60 3/27/2015 EUR 68.14
Commerzbank AG 6.00 2/26/2015 EUR 56.64
Commerzbank AG 6.00 2/26/2015 EUR 74.22
Commerzbank AG 12.25 2/26/2015 EUR 50.07
UBS AG 13.00 3/27/2015 EUR 71.95
UBS AG 14.00 6/26/2015 EUR 70.02
DZ Bank AG Deutsche 6.25 6/26/2015 EUR 74.70
UBS AG 13.50 9/25/2015 EUR 74.53
DZ Bank AG Deutsche 5.00 7/24/2015 EUR 74.42
LBBW 4.00 6/26/2015 EUR 64.95
LBBW 3.00 6/26/2015 EUR 73.78
LBBW 4.00 6/26/2015 EUR 70.68
DZ Bank AG Deutsche 9.75 3/13/2015 EUR 73.98
DZ Bank AG Deutsche 7.75 3/13/2015 EUR 73.45
Deutsche Bank AG 6.20 3/24/2015 EUR 74.30
Leonteq Securities 7.35 7/2/2015 USD 58.32
Deutsche Bank AG 6.20 3/24/2015 EUR 74.00
Deutsche Bank AG 6.20 3/24/2015 EUR 69.90
DZ Bank AG Deutsche 5.25 6/12/2015 EUR 73.66
Deutsche Bank AG 6.20 3/24/2015 EUR 70.00
Vontobel Financial 10.90 3/13/2015 EUR 73.53
Deutsche Bank AG 5.20 3/24/2015 EUR 72.10
Deutsche Bank AG 5.20 3/24/2015 EUR 69.80
Deutsche Bank AG 7.20 3/24/2015 EUR 70.10
Deutsche Bank AG 7.20 3/24/2015 EUR 53.10
Deutsche Bank AG 7.20 3/24/2015 EUR 74.50
Deutsche Bank AG 7.20 3/24/2015 EUR 72.50
Deutsche Bank AG 7.20 3/24/2015 EUR 53.70
Banque Cantonale Va 5.25 7/2/2015 CHF 50.49
Deutsche Bank AG 7.20 3/24/2015 EUR 74.20
Deutsche Bank AG 7.20 3/24/2015 EUR 54.90
Raiffeisen Centroba 6.29 1/20/2016 EUR 56.96
Deutsche Bank AG 7.10 2/25/2015 EUR 69.70
Deutsche Bank AG 5.10 2/25/2015 EUR 69.40
Deutsche Bank AG 5.10 2/25/2015 EUR 71.10
UBS AG 14.25 6/26/2015 EUR 73.90
Deutsche Bank AG 6.10 2/25/2015 EUR 67.10
Deutsche Bank AG 7.10 2/25/2015 EUR 73.20
Deutsche Bank AG 7.10 2/25/2015 EUR 71.40
Deutsche Bank AG 6.10 2/25/2015 EUR 71.20
UBS AG 12.50 3/27/2015 EUR 72.54
UniCredit Bank AG 4.25 9/24/2015 EUR 62.76
UniCredit Bank AG 5.75 9/24/2015 EUR 58.96
Deutsche Bank AG 6.10 2/25/2015 EUR 73.50
Deutsche Bank AG 7.10 2/25/2015 EUR 73.60
UBS AG 5.00 6/26/2015 EUR 71.34
UniCredit Bank AG 4.90 9/24/2015 EUR 61.41
UniCredit Bank AG 4.75 9/24/2015 EUR 62.01
DZ Bank AG Deutsche 6.75 6/26/2015 EUR 73.61
Notenstein Privatba 12.00 3/10/2015 CHF 50.50
BNP Paribas Emissio 9.25 1/22/2015 EUR 68.43
BNP Paribas Emissio 9.00 2/26/2015 EUR 69.32
UBS AG 11.75 3/27/2015 EUR 68.64
UBS AG 13.50 3/27/2015 EUR 61.67
UBS AG 14.75 3/27/2015 EUR 56.07
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 73.70
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 72.30
Commerzbank AG 10.00 2/26/2015 EUR 71.64
Commerzbank AG 8.50 2/26/2015 EUR 69.06
DZ Bank AG Deutsche 7.50 2/27/2015 EUR 70.77
Vontobel Financial 5.25 3/27/2015 EUR 71.75
UBS AG 11.00 3/27/2015 EUR 61.88
Vontobel Financial 11.60 6/12/2015 EUR 74.77
Commerzbank AG 8.75 6/25/2015 EUR 73.34
UBS AG 14.75 9/25/2015 EUR 72.41
Commerzbank AG 6.50 6/25/2015 EUR 67.21
Commerzbank AG 8.25 6/25/2015 EUR 64.82
Commerzbank AG 10.25 6/25/2015 EUR 62.41
UBS AG 13.00 3/27/2015 EUR 59.34
DZ Bank AG Deutsche 5.00 7/24/2015 EUR 60.08
UBS AG 9.00 3/27/2015 EUR 64.74
DZ Bank AG Deutsche 6.75 7/24/2015 EUR 66.52
DZ Bank AG Deutsche 16.00 7/24/2015 EUR 35.80
Vontobel Financial 8.45 3/13/2015 EUR 74.28
Credit Suisse AG/Na 8.25 1/11/2016 CHF 62.55
DZ Bank AG Deutsche 6.50 9/11/2015 EUR 74.68
Vontobel Financial 5.10 3/13/2015 EUR 70.82
Vontobel Financial 6.25 3/13/2015 EUR 71.03
Vontobel Financial 7.25 3/13/2015 EUR 71.22
Deutsche Bank AG 6.20 3/24/2015 EUR 56.60
Deutsche Bank AG 6.20 3/24/2015 EUR 54.70
Deutsche Bank AG 6.20 3/24/2015 EUR 72.30
Vontobel Financial 5.80 3/13/2015 EUR 67.50
Vontobel Financial 4.15 3/13/2015 EUR 71.35
Deutsche Bank AG 6.20 3/24/2015 EUR 72.30
Deutsche Bank AG 6.20 3/24/2015 EUR 72.50
Deutsche Bank AG 6.20 3/24/2015 EUR 74.30
Deutsche Bank AG 5.20 3/24/2015 EUR 72.30
Deutsche Bank AG 5.20 3/24/2015 EUR 74.10
Deutsche Bank AG 5.20 3/24/2015 EUR 72.10
Deutsche Bank AG 5.20 3/24/2015 EUR 54.40
Deutsche Bank AG 5.20 3/24/2015 EUR 73.80
Leonteq Securities 8.00 7/7/2016 USD 66.65
Deutsche Bank AG 5.20 3/24/2015 EUR 53.30
Vontobel Financial 4.95 3/13/2015 EUR 63.51
Vontobel Financial 5.40 3/13/2015 EUR 63.60
Deutsche Bank AG 5.20 3/24/2015 EUR 69.70
Vontobel Financial 5.90 3/13/2015 EUR 63.69
Deutsche Bank AG 5.20 3/24/2015 EUR 56.30
Deutsche Bank AG 7.20 3/24/2015 EUR 72.80
Deutsche Bank AG 7.20 3/24/2015 EUR 55.00
Deutsche Bank AG 7.20 3/24/2015 EUR 74.60
Deutsche Bank AG 7.20 3/24/2015 EUR 72.50
Deutsche Bank AG 7.20 3/24/2015 EUR 56.80
Raiffeisen Centroba 7.55 1/20/2016 EUR 59.63
Raiffeisen Centroba 5.98 1/20/2016 EUR 72.68
Raiffeisen Centroba 3.78 1/20/2016 EUR 73.18
Deutsche Bank AG 6.10 2/25/2015 EUR 73.00
Deutsche Bank AG 7.10 2/25/2015 EUR 74.70
Deutsche Bank AG 6.10 2/25/2015 EUR 69.50
Deutsche Bank AG 5.10 2/25/2015 EUR 72.90
Deutsche Bank AG 7.10 2/25/2015 EUR 67.30
UniCredit Bank AG 5.25 9/24/2015 EUR 60.60
UniCredit Bank AG 5.40 9/24/2015 EUR 60.04
Credit Suisse AG/Na 9.00 5/28/2015 EUR 66.34
Deutsche Bank AG 5.10 2/25/2015 EUR 73.30
UniCredit Bank AG 4.80 9/24/2015 EUR 61.67
UBS AG 7.25 3/27/2015 EUR 48.59
Leonteq Securities 11.80 9/10/2015 EUR 72.97
DZ Bank AG Deutsche 4.25 9/11/2015 EUR 73.98
UniCredit Bank AG 5.25 6/24/2015 EUR 57.60
UniCredit Bank AG 6.00 6/24/2015 EUR 61.15
UniCredit Bank AG 5.50 6/24/2015 EUR 57.07
UniCredit Bank AG 5.00 6/24/2015 EUR 63.32
UniCredit Bank AG 6.50 6/24/2015 EUR 70.73
Vontobel Financial 4.45 3/13/2015 EUR 73.99
Vontobel Financial 3.15 6/12/2015 EUR 72.97
Goldman Sachs & Co 5.00 3/25/2015 EUR 74.38
Goldman Sachs & Co 7.00 3/25/2015 EUR 67.82
Goldman Sachs & Co 10.00 3/25/2015 EUR 62.52
UniCredit Bank AG 5.50 6/24/2015 EUR 72.43
UniCredit Bank AG 4.75 6/24/2015 EUR 58.69
UniCredit Bank AG 4.50 6/24/2015 EUR 74.26
UniCredit Bank AG 5.00 6/24/2015 EUR 58.14
Vontobel Financial 3.05 3/13/2015 EUR 73.73
Vontobel Financial 2.20 3/13/2015 EUR 73.57
Credit Suisse AG/Na 8.50 6/17/2015 USD 52.11
Credit Suisse AG/Lo 7.50 6/25/2015 USD 58.44
Goldman Sachs & Co 6.00 3/25/2015 EUR 70.93
Goldman Sachs & Co 8.00 3/25/2015 EUR 64.86
Goldman Sachs & Co 8.00 1/21/2015 EUR 66.11
DZ Bank AG Deutsche 6.50 3/13/2015 EUR 74.21
Deutsche Bank AG 7.80 1/21/2015 EUR 72.50
Deutsche Bank AG 5.80 1/21/2015 EUR 72.30
Deutsche Bank AG 6.80 1/21/2015 EUR 72.40
Deutsche Bank AG 5.80 1/21/2015 EUR 70.60
Deutsche Bank AG 6.80 1/21/2015 EUR 69.00
Deutsche Bank AG 7.80 1/21/2015 EUR 69.00
Credit Suisse AG/Na 7.85 3/20/2015 EUR 73.77
Deutsche Bank AG 5.80 1/21/2015 EUR 68.90
Deutsche Bank AG 5.80 1/21/2015 EUR 72.40
Deutsche Bank AG 7.80 1/21/2015 EUR 64.30
Deutsche Bank AG 6.80 1/21/2015 EUR 70.70
Deutsche Bank AG 6.80 1/21/2015 EUR 66.60
Deutsche Bank AG 6.80 1/21/2015 EUR 64.30
Deutsche Bank AG 6.80 1/21/2015 EUR 72.50
Deutsche Bank AG 7.80 1/21/2015 EUR 72.60
Deutsche Bank AG 5.80 1/21/2015 EUR 66.50
Vontobel Financial 4.70 6/26/2015 EUR 74.58
Vontobel Financial 5.00 3/27/2015 EUR 74.56
Deutsche Bank AG 5.80 1/21/2015 EUR 64.20
Deutsche Bank AG 7.80 1/21/2015 EUR 70.70
Deutsche Bank AG 7.80 1/21/2015 EUR 66.60
Leonteq Securities 7.07 9/21/2015 CHF 52.99
UBS AG 5.79 9/17/2015 USD 33.83
Vontobel Financial 9.00 4/14/2015 EUR 72.30
Vontobel Financial 8.05 3/27/2015 EUR 73.60
Zurcher Kantonalban 9.28 1/15/2015 EUR 69.00
Bank Julius Baer & 6.25 3/27/2015 EUR 72.75
Bank Julius Baer & 9.10 3/27/2015 USD 70.70
BNP Paribas Emissio 9.75 3/26/2015 EUR 72.74
BNP Paribas Emissio 5.00 3/26/2015 EUR 73.57
BNP Paribas Emissio 6.50 3/26/2015 EUR 69.56
BNP Paribas Emissio 8.00 3/26/2015 EUR 66.77
BNP Paribas Emissio 5.00 1/22/2015 EUR 70.91
BNP Paribas Emissio 4.25 1/22/2015 EUR 72.69
BNP Paribas Emissio 5.25 7/23/2015 EUR 71.91
UBS AG 21.75 12/29/2015 EUR 58.48
UBS AG 5.75 12/29/2015 EUR 74.42
UBS AG 19.75 12/29/2015 EUR 59.14
UBS AG 17.25 9/25/2015 EUR 70.16
UBS AG 23.25 9/25/2015 EUR 73.00
UBS AG 22.50 9/25/2015 EUR 55.90
UBS AG 16.50 3/27/2015 EUR 69.80
UBS AG 20.00 9/25/2015 EUR 57.14
UBS AG 23.75 6/26/2015 EUR 71.41
UBS AG 21.50 12/29/2015 EUR 74.83
UBS AG 24.50 9/25/2015 EUR 71.30
UBS AG 19.75 6/26/2015 EUR 73.56
UBS AG 24.25 3/27/2015 EUR 68.49
UBS AG 21.75 9/25/2015 EUR 72.29
UBS AG 21.75 6/26/2015 EUR 71.71
UBS AG 19.25 3/27/2015 EUR 73.41
UBS AG 21.75 3/27/2015 EUR 71.78
UBS AG 18.50 3/27/2015 EUR 55.43
UBS AG 23.25 6/26/2015 EUR 72.11
UBS AG 19.75 6/26/2015 EUR 55.50
UBS AG 23.50 9/25/2015 EUR 64.22
UBS AG 23.75 6/26/2015 EUR 63.10
UBS AG 21.25 6/26/2015 EUR 74.36
UBS AG 22.75 9/25/2015 EUR 71.82
UBS AG 21.75 3/27/2015 EUR 74.39
UBS AG 10.50 12/29/2015 EUR 65.78
UBS AG 17.75 12/29/2015 EUR 60.21
UBS AG 21.00 6/26/2015 EUR 74.13
UBS AG 20.25 3/27/2015 EUR 74.82
UBS AG 23.00 12/29/2015 EUR 71.95
UBS AG 23.50 6/26/2015 EUR 69.98
UBS AG 20.25 9/25/2015 EUR 73.56
UBS AG 20.00 12/29/2015 EUR 74.90
UBS AG 24.75 9/25/2015 EUR 74.54
UBS AG 23.75 3/27/2015 EUR 70.89
UBS AG 22.50 9/25/2015 EUR 73.00
UBS AG 21.75 3/27/2015 EUR 70.81
UBS AG 23.25 3/27/2015 EUR 74.58
Goldman Sachs & Co 12.00 1/21/2015 EUR 73.88
Goldman Sachs & Co 9.00 1/21/2015 EUR 74.37
Goldman Sachs & Co 13.00 1/21/2015 EUR 66.73
Vontobel Financial 4.05 6/26/2015 EUR 71.11
UBS AG 20.75 12/29/2015 EUR 67.73
UBS AG 21.75 3/27/2015 EUR 63.59
UBS AG 24.00 9/25/2015 EUR 74.03
UBS AG 15.50 12/29/2015 EUR 61.54
UBS AG 13.00 12/29/2015 EUR 63.28
UBS AG 23.50 6/26/2015 EUR 72.33
UBS AG 6.00 9/25/2015 EUR 73.29
UBS AG 9.25 12/29/2015 EUR 67.42
UBS AG 7.25 9/25/2015 EUR 70.29
UBS AG 23.75 9/25/2015 EUR 74.87
UBS AG 24.50 9/25/2015 EUR 54.71
UBS AG 17.25 9/25/2015 EUR 58.70
UBS AG 8.00 12/29/2015 EUR 69.34
UBS AG 10.00 9/25/2015 EUR 65.55
UBS AG 19.75 9/25/2015 EUR 74.67
UBS AG 18.50 3/27/2015 EUR 67.08
UBS AG 8.50 9/25/2015 EUR 67.66
UBS AG 6.75 12/29/2015 EUR 71.58
UBS AG 23.00 6/26/2015 EUR 53.48
UBS AG 24.75 3/27/2015 EUR 71.27
UBS AG 24.50 9/25/2015 EUR 72.13
UBS AG 22.00 6/26/2015 EUR 64.44
UBS AG 23.00 6/26/2015 EUR 71.18
UBS AG 22.75 12/29/2015 EUR 74.35
UBS AG 24.75 3/27/2015 EUR 60.57
UBS AG 20.50 9/25/2015 EUR 66.77
UBS AG 19.25 3/27/2015 EUR 74.76
UBS AG 19.25 9/25/2015 EUR 68.02
UBS AG 23.00 6/26/2015 EUR 75.00
UBS AG 24.75 6/26/2015 EUR 69.91
UBS AG 14.50 9/25/2015 EUR 60.90
UBS AG 25.00 9/25/2015 EUR 73.67
UBS AG 22.50 9/25/2015 EUR 74.55
UBS AG 5.80 7/22/2015 EUR 68.81
Goldman Sachs & Co 5.00 1/21/2015 EUR 73.40
Goldman Sachs & Co 6.00 1/21/2015 EUR 69.37
Goldman Sachs & Co 7.00 1/21/2015 EUR 66.06
Goldman Sachs & Co 9.00 1/21/2015 EUR 63.12
Goldman Sachs & Co 11.00 1/21/2015 EUR 60.41
Goldman Sachs & Co 5.00 6/24/2015 EUR 73.85
Goldman Sachs & Co 6.00 6/24/2015 EUR 70.67
Goldman Sachs & Co 7.00 6/24/2015 EUR 67.93
Goldman Sachs & Co 8.00 6/24/2015 EUR 65.31
Goldman Sachs & Co 10.00 6/24/2015 EUR 63.68
UBS AG 22.25 6/26/2015 EUR 73.37
UBS AG 18.25 9/25/2015 EUR 65.49
UBS AG 12.00 12/29/2015 EUR 74.95
UBS AG 20.50 12/29/2015 EUR 64.62
UBS AG 20.25 9/25/2015 EUR 63.44
UBS AG 23.00 9/25/2015 EUR 61.11
UBS AG 17.00 3/27/2015 EUR 64.61
UBS AG 11.75 3/27/2015 EUR 72.15
UBS AG 22.75 12/29/2015 EUR 63.15
UBS AG 23.00 9/25/2015 EUR 61.00
UBS AG 22.75 12/29/2015 EUR 74.62
UBS AG 22.75 12/29/2015 EUR 69.23
UBS AG 22.75 6/26/2015 EUR 60.12
UBS AG 18.50 6/26/2015 EUR 64.28
UBS AG 19.25 12/29/2015 EUR 65.79
UBS AG 16.50 9/25/2015 EUR 67.47
UBS AG 19.25 12/29/2015 EUR 72.44
UBS AG 24.75 6/26/2015 EUR 58.47
UBS AG 16.50 6/26/2015 EUR 67.02
UBS AG 18.00 12/29/2015 EUR 67.14
UBS AG 21.50 9/25/2015 EUR 62.35
UBS AG 23.50 3/27/2015 EUR 71.76
UBS AG 24.00 6/26/2015 EUR 71.48
UBS AG 22.00 9/25/2015 EUR 74.98
UBS AG 15.00 6/26/2015 EUR 67.99
UBS AG 12.25 9/25/2015 EUR 72.93
UBS AG 18.50 3/27/2015 EUR 63.98
UBS AG 23.75 9/25/2015 EUR 72.63
UBS AG 17.00 9/25/2015 EUR 66.49
UBS AG 13.25 6/26/2015 EUR 70.35
UBS AG 11.00 6/26/2015 EUR 74.70
UBS AG 15.25 12/29/2015 EUR 69.24
UBS AG 20.50 12/29/2015 EUR 64.69
UBS AG 14.75 9/25/2015 EUR 69.85
UBS AG 19.25 6/26/2015 EUR 67.42
UBS AG 16.25 3/27/2015 EUR 70.35
UBS AG 24.25 3/27/2015 EUR 56.41
UBS AG 7.00 12/29/2015 EUR 65.43
UBS AG 7.00 3/27/2015 EUR 61.51
UBS AG 6.25 6/26/2015 EUR 64.99
UBS AG 18.00 3/27/2015 EUR 69.91
UBS AG 11.50 9/25/2015 EUR 74.14
UBS AG 9.75 9/25/2015 EUR 57.90
UBS AG 24.25 9/25/2015 EUR 47.26
UBS AG 8.00 3/27/2015 EUR 59.33
UBS AG 5.00 6/26/2015 EUR 70.03
UBS AG 21.00 3/27/2015 EUR 65.38
UBS AG 24.25 3/27/2015 EUR 69.34
UBS AG 20.25 3/27/2015 EUR 74.84
UBS AG 17.00 9/25/2015 EUR 70.66
UBS AG 15.00 12/29/2015 EUR 73.08
UBS AG 13.50 6/26/2015 EUR 59.74
UBS AG 17.00 12/29/2015 EUR 74.86
UBS AG 21.25 3/27/2015 EUR 52.02
UBS AG 23.50 3/27/2015 EUR 62.89
UBS AG 16.75 9/25/2015 EUR 72.08
UBS AG 18.25 9/25/2015 EUR 70.27
UBS AG 19.50 3/27/2015 EUR 61.04
UBS AG 15.75 3/27/2015 EUR 74.75
UBS AG 15.00 6/26/2015 EUR 58.14
UBS AG 19.75 3/27/2015 EUR 69.29
UBS AG 13.75 9/25/2015 EUR 58.44
UBS AG 13.75 9/25/2015 EUR 74.02
UBS AG 22.50 3/27/2015 EUR 63.23
UBS AG 18.00 3/27/2015 EUR 68.07
UBS AG 22.00 9/25/2015 EUR 72.85
UBS AG 22.00 6/26/2015 EUR 72.44
UBS AG 16.00 9/25/2015 EUR 67.34
UBS AG 19.50 12/29/2015 EUR 64.90
UBS AG 14.75 3/27/2015 EUR 67.10
UBS AG 12.50 9/25/2015 EUR 59.72
UBS AG 7.00 6/26/2015 EUR 62.83
UBS AG 4.50 6/26/2015 EUR 72.91
UBS AG 4.25 3/27/2015 EUR 72.71
UBS AG 10.25 6/26/2015 EUR 55.99
UBS AG 10.75 3/27/2015 EUR 53.80
UBS AG 11.75 12/29/2015 EUR 74.07
UBS AG 16.50 9/25/2015 EUR 56.57
UBS AG 5.25 9/25/2015 EUR 70.72
UBS AG 4.75 3/27/2015 EUR 69.32
UBS AG 12.25 6/26/2015 EUR 53.47
UBS AG 5.50 6/26/2015 EUR 67.35
UBS AG 13.00 3/27/2015 EUR 50.86
UBS AG 21.50 6/26/2015 EUR 68.79
UBS AG 17.00 12/29/2015 EUR 66.97
UBS AG 15.50 6/26/2015 EUR 67.07
UBS AG 13.00 3/27/2015 EUR 70.08
UBS AG 12.50 6/26/2015 EUR 71.89
UBS AG 18.75 6/26/2015 EUR 69.03
UBS AG 6.25 3/27/2015 EUR 63.94
UBS AG 24.25 3/27/2015 EUR 41.31
UBS AG 13.25 3/27/2015 EUR 59.29
UBS AG 11.00 9/25/2015 EUR 61.02
UBS AG 14.75 12/29/2015 EUR 58.64
UBS AG 24.50 9/25/2015 EUR 59.58
UBS AG 21.75 12/29/2015 EUR 63.33
UBS AG 18.00 6/26/2015 EUR 64.27
UBS AG 19.25 3/27/2015 EUR 53.56
UBS AG 13.50 12/29/2015 EUR 59.31
UBS AG 15.50 3/27/2015 EUR 57.22
UBS AG 21.75 9/25/2015 EUR 61.39
UBS AG 4.75 12/29/2015 EUR 73.60
UBS AG 16.00 6/26/2015 EUR 72.76
UBS AG 15.25 12/29/2015 EUR 74.84
UBS AG 24.25 9/25/2015 EUR 70.13
UBS AG 21.50 12/29/2015 EUR 73.81
UBS AG 23.25 12/29/2015 EUR 71.81
UBS AG 14.00 6/26/2015 EUR 73.36
UBS AG 16.00 12/29/2015 EUR 68.06
UBS AG 5.75 12/29/2015 EUR 69.09
UBS AG 16.50 3/27/2015 EUR 64.45
UBS AG 21.75 6/26/2015 EUR 60.47
UBS AG 18.75 9/25/2015 EUR 72.00
UBS AG 17.25 3/27/2015 EUR 55.26
UBS AG 17.50 9/25/2015 EUR 50.21
UBS AG 24.25 9/25/2015 EUR 74.98
UBS AG 16.75 6/26/2015 EUR 56.84
UBS AG 18.25 6/26/2015 EUR 72.39
UBS AG 15.00 9/25/2015 EUR 57.34
UBS AG 19.00 9/25/2015 EUR 63.96
UBS AG 14.00 6/26/2015 EUR 69.33
UBS AG 20.25 6/26/2015 EUR 61.85
UBS AG 20.50 6/26/2015 EUR 66.89
UBS AG 18.25 6/26/2015 EUR 55.59
UBS AG 12.50 12/29/2015 EUR 60.31
UBS AG 17.75 9/25/2015 EUR 65.14
UBS AG 22.25 3/27/2015 EUR 58.10
UBS AG 9.50 12/29/2015 EUR 59.88
UBS AG 22.50 3/27/2015 EUR 52.00
UBS AG 16.50 6/26/2015 EUR 58.17
Goldman Sachs & Co 6.00 2/25/2015 EUR 66.98
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 65.44
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 69.24
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 49.36
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 53.59
Commerzbank AG 9.00 3/26/2015 EUR 72.37
Vontobel Financial 7.25 5/22/2015 EUR 72.90
Goldman Sachs & Co 11.00 3/25/2015 EUR 72.00
Deutsche Bank AG 6.00 3/25/2015 EUR 63.57
Goldman Sachs & Co 16.00 2/25/2015 EUR 68.91
DZ Bank AG Deutsche 5.25 6/26/2015 EUR 61.80
DZ Bank AG Deutsche 7.75 6/26/2015 EUR 69.38
DZ Bank AG Deutsche 16.00 6/26/2015 EUR 38.59
Notenstein Privatba 10.20 4/7/2015 EUR 74.60
Vontobel Financial 7.20 5/22/2015 EUR 75.00
DZ Bank AG Deutsche 8.25 6/12/2015 EUR 70.32
DZ Bank AG Deutsche 7.25 6/12/2015 EUR 74.93
DZ Bank AG Deutsche 6.90 4/15/2015 EUR 62.45
DZ Bank AG Deutsche 9.10 4/15/2015 EUR 59.91
DZ Bank AG Deutsche 5.10 4/15/2015 EUR 65.44
DZ Bank AG Deutsche 5.00 4/15/2015 EUR 60.78
DZ Bank AG Deutsche 8.70 1/15/2015 EUR 70.49
DZ Bank AG Deutsche 6.90 1/15/2015 EUR 73.80
DZ Bank AG Deutsche 10.50 4/15/2015 EUR 72.85
DZ Bank AG Deutsche 5.30 1/15/2015 EUR 62.29
Raiffeisen Centroba 10.78 7/22/2015 EUR 67.37
Raiffeisen Centroba 9.41 1/20/2016 EUR 67.33
Raiffeisen Centroba 9.12 7/22/2015 EUR 65.02
DZ Bank AG Deutsche 5.30 1/15/2015 EUR 56.69
DZ Bank AG Deutsche 7.20 1/15/2015 EUR 54.04
DZ Bank AG Deutsche 6.60 4/15/2015 EUR 58.41
DZ Bank AG Deutsche 5.50 6/12/2015 EUR 65.72
BNP Paribas Emissio 7.00 1/22/2015 EUR 62.45
Credit Suisse AG/Na 8.50 10/8/2015 USD 70.10
BNP Paribas Emissio 5.00 3/26/2015 EUR 63.96
BNP Paribas Emissio 6.00 3/26/2015 EUR 64.18
BNP Paribas Emissio 7.00 3/26/2015 EUR 64.39
BNP Paribas Emissio 5.50 6/25/2015 EUR 64.09
BNP Paribas Emissio 6.50 6/25/2015 EUR 64.56
BNP Paribas Emissio 11.00 3/26/2015 EUR 72.00
BNP Paribas Emissio 8.00 6/25/2015 EUR 73.01
BNP Paribas Emissio 9.00 6/25/2015 EUR 73.47
UniCredit Bank AG 6.00 6/26/2015 EUR 57.66
UniCredit Bank AG 6.10 6/26/2015 EUR 72.41
DZ Bank AG Deutsche 9.90 1/15/2015 EUR 55.85
UniCredit Bank AG 4.00 6/26/2015 EUR 60.87
LBBW 5.50 8/28/2015 EUR 74.34
DekaBank Deutsche G 4.50 10/30/2015 EUR 74.13
HSBC Trinkaus & Bur 12.00 6/26/2015 EUR 74.31
Commerzbank AG 9.00 3/26/2015 EUR 54.38
Commerzbank AG 8.00 3/26/2015 EUR 72.79
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 72.49
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 73.49
HSBC Trinkaus & Bur 10.00 4/24/2015 EUR 66.21
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.99
Bank Julius Baer & 8.00 1/16/2015 EUR 70.80
Raiffeisen Centroba 8.23 7/22/2015 EUR 72.25
Raiffeisen Centroba 8.56 7/22/2015 EUR 63.53
UniCredit Bank AG 6.00 6/25/2015 EUR 59.96
Raiffeisen Centroba 9.87 7/22/2015 EUR 63.52
UniCredit Bank AG 5.00 6/25/2015 EUR 62.01
Vontobel Financial 8.45 6/26/2015 EUR 74.86
Vontobel Financial 9.35 3/27/2015 EUR 74.20
UniCredit Bank AG 5.00 6/25/2015 EUR 73.34
LBBW 3.00 2/27/2015 EUR 71.42
UBS AG/London 11.00 5/13/2015 CHF 44.59
UniCredit Bank AG 4.80 6/26/2015 EUR 59.80
UBS AG/London 10.60 5/12/2015 USD 62.65
Commerzbank AG 6.75 3/26/2015 EUR 56.65
Commerzbank AG 6.00 3/26/2015 EUR 74.09
Leonteq Securities 6.70 7/16/2015 EUR 73.68
Goldman Sachs & Co 10.00 2/25/2015 EUR 74.69
Vontobel Financial 6.55 3/27/2015 EUR 56.68
UniCredit Bank AG 5.50 6/25/2015 EUR 59.02
Raiffeisen Centroba 8.88 7/22/2015 EUR 73.70
UniCredit Bank AG 6.00 6/25/2015 EUR 71.58
UniCredit Bank AG 4.75 6/25/2015 EUR 61.46
Vontobel Financial 5.10 6/26/2015 EUR 73.51
Vontobel Financial 4.70 3/27/2015 EUR 73.72
UniCredit Bank AG 4.00 6/25/2015 EUR 64.25
LBBW 4.00 2/27/2015 EUR 69.06
Vontobel Financial 8.20 6/26/2015 EUR 68.42
Goldman Sachs & Co 6.00 2/25/2015 EUR 66.98
DZ Bank AG Deutsche 6.25 3/13/2015 EUR 68.56
DZ Bank AG Deutsche 6.00 6/12/2015 EUR 68.61
DZ Bank AG Deutsche 6.50 9/11/2015 EUR 70.29
Goldman Sachs & Co 12.00 2/25/2015 EUR 64.52
DZ Bank AG Deutsche 5.75 3/13/2015 EUR 72.46
DZ Bank AG Deutsche 6.25 9/11/2015 EUR 74.51
UBS AG/London 13.25 5/20/2015 CHF 47.77
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 69.72
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 68.53
Bank Julius Baer & 11.50 5/21/2015 USD 59.80
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 70.04
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 67.79
Bank Julius Baer & 7.50 1/27/2015 EUR 63.25
Bank Julius Baer & 9.00 10/8/2015 CHF 54.50
Credit Suisse AG/Lo 8.00 5/29/2015 USD 65.78
Bank Julius Baer & 7.00 4/14/2015 USD 60.25
DZ Bank AG Deutsche 17.00 1/23/2015 EUR 28.83
DZ Bank AG Deutsche 5.00 1/23/2015 EUR 58.99
DZ Bank AG Deutsche 6.00 5/22/2015 EUR 68.30
DZ Bank AG Deutsche 9.00 6/26/2015 EUR 70.30
DZ Bank AG Deutsche 6.25 1/16/2015 EUR 72.57
DZ Bank AG Deutsche 6.00 1/16/2015 EUR 68.68
UniCredit Bank AG 4.00 6/25/2015 EUR 53.93
UniCredit Bank AG 4.00 6/25/2015 EUR 72.73
Deutsche Bank AG 7.50 3/24/2015 EUR 73.20
Deutsche Bank AG 7.50 3/24/2015 EUR 69.40
Deutsche Bank AG 6.50 3/24/2015 EUR 74.90
Deutsche Bank AG 6.50 3/24/2015 EUR 69.20
Deutsche Bank AG 6.50 3/24/2015 EUR 73.20
Deutsche Bank AG 6.50 3/24/2015 EUR 71.10
Vontobel Financial 5.65 6/12/2015 EUR 73.16
Vontobel Financial 7.50 6/12/2015 EUR 73.96
Vontobel Financial 4.60 6/12/2015 EUR 72.71
Deutsche Bank AG 5.50 3/24/2015 EUR 71.60
Deutsche Bank AG 5.50 3/24/2015 EUR 63.80
Deutsche Bank AG 6.50 3/24/2015 EUR 71.80
Deutsche Bank AG 6.50 3/24/2015 EUR 70.10
Deutsche Bank AG 6.50 3/24/2015 EUR 67.70
Deutsche Bank AG 6.50 3/24/2015 EUR 64.00
Deutsche Bank AG 7.50 3/24/2015 EUR 70.30
Deutsche Bank AG 7.50 3/24/2015 EUR 65.70
Vontobel Financial 5.75 1/23/2015 EUR 72.33
Landesbank Hessen-T 3.50 7/10/2015 EUR 59.90
Leonteq Securities 11.40 7/31/2015 EUR 73.44
Goldman Sachs & Co 7.00 3/25/2015 EUR 74.10
Goldman Sachs & Co 6.00 6/24/2015 EUR 73.53
Goldman Sachs & Co 9.00 6/24/2015 EUR 69.91
Goldman Sachs & Co 8.00 12/23/2015 EUR 68.67
Goldman Sachs & Co 8.00 6/24/2015 EUR 68.11
Goldman Sachs & Co 7.00 6/24/2015 EUR 67.65
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 68.93
Goldman Sachs & Co 12.00 1/21/2015 EUR 74.23
Goldman Sachs & Co 11.00 6/24/2015 EUR 66.52
DZ Bank AG Deutsche 6.50 6/12/2015 EUR 73.27
DZ Bank AG Deutsche 4.50 1/9/2015 EUR 67.01
Leonteq Securities 9.15 5/20/2015 USD 57.16
DZ Bank AG Deutsche 9.50 2/27/2015 EUR 67.37
DZ Bank AG Deutsche 9.00 3/27/2015 EUR 67.99
HSBC Trinkaus & Bur 12.00 3/27/2015 EUR 62.03
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 62.68
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 61.65
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 72.63
DZ Bank AG Deutsche 8.00 1/23/2015 EUR 53.15
DZ Bank AG Deutsche 5.50 9/25/2015 EUR 73.99
DZ Bank AG Deutsche 6.75 1/16/2015 EUR 68.70
DZ Bank AG Deutsche 6.00 1/16/2015 EUR 74.11
DZ Bank AG Deutsche 7.50 5/22/2015 EUR 71.06
Deutsche Bank AG 6.50 3/24/2015 EUR 71.10
Deutsche Bank AG 5.50 3/24/2015 EUR 69.00
Deutsche Bank AG 7.50 3/24/2015 EUR 71.40
Deutsche Bank AG 5.50 3/24/2015 EUR 74.70
Deutsche Bank AG 5.50 3/24/2015 EUR 70.90
Deutsche Bank AG 7.50 3/24/2015 EUR 73.40
Vontobel Financial 6.25 6/12/2015 EUR 73.42
Vontobel Financial 7.95 4/17/2015 EUR 74.37
Deutsche Bank AG 5.50 3/24/2015 EUR 69.90
Deutsche Bank AG 5.50 3/24/2015 EUR 67.50
Deutsche Bank AG 5.50 3/24/2015 EUR 62.40
Deutsche Bank AG 6.50 3/24/2015 EUR 65.40
Deutsche Bank AG 7.50 3/24/2015 EUR 67.90
Vontobel Financial 5.95 6/12/2015 EUR 72.92
Vontobel Financial 6.80 6/12/2015 EUR 73.29
Goldman Sachs & Co 16.00 2/25/2015 EUR 68.35
Credit Suisse AG/Na 8.50 1/22/2015 EUR 62.75
Goldman Sachs & Co 4.00 2/25/2015 EUR 73.87
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 72.74
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 57.20
HSBC Trinkaus & Bur 6.50 3/27/2015 EUR 61.82
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 67.52
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 73.66
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 74.81
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 74.68
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 65.67
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 71.48
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 71.79
HSBC Trinkaus & Bur 14.00 3/27/2015 EUR 46.27
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 49.24
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.46
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 74.63
Vontobel Financial 5.60 6/26/2015 EUR 64.25
Goldman Sachs & Co 10.00 1/21/2015 EUR 73.61
DZ Bank AG Deutsche 6.00 6/12/2015 EUR 63.16
DZ Bank AG Deutsche 7.40 1/15/2015 EUR 58.89
DZ Bank AG Deutsche 3.70 4/15/2015 EUR 63.51
DZ Bank AG Deutsche 3.90 1/15/2015 EUR 59.63
Raiffeisen Centroba 8.24 1/20/2016 EUR 64.38
BNP Paribas Emissio 7.00 6/25/2015 EUR 64.79
BNP Paribas Emissio 8.00 3/26/2015 EUR 71.36
BNP Paribas Emissio 9.50 3/26/2015 EUR 71.68
Vontobel Financial 6.35 6/26/2015 EUR 67.93
Goldman Sachs & Co 7.00 3/25/2015 EUR 64.33
Goldman Sachs & Co 10.00 3/25/2015 EUR 64.27
Goldman Sachs & Co 13.00 6/24/2015 EUR 64.11
Vontobel Financial 9.10 3/27/2015 EUR 74.14
Vontobel Financial 8.35 6/26/2015 EUR 74.81
Goldman Sachs & Co 10.00 2/25/2015 EUR 67.52
Goldman Sachs & Co 8.00 2/25/2015 EUR 64.22
Goldman Sachs & Co 7.00 2/25/2015 EUR 74.38
Goldman Sachs & Co 8.00 12/23/2015 EUR 73.02
Banque Cantonale Va 9.03 7/23/2015 CAD 74.78
DZ Bank AG Deutsche 4.50 4/13/2015 EUR 66.45
DZ Bank AG Deutsche 8.00 2/27/2015 EUR 62.92
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 59.12
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 70.93
UniCredit Bank AG 4.00 6/25/2015 EUR 57.84
Deutsche Bank AG 7.50 3/24/2015 EUR 69.50
Deutsche Bank AG 5.50 3/24/2015 EUR 69.10
Deutsche Bank AG 6.50 3/24/2015 EUR 73.00
Deutsche Bank AG 5.50 3/24/2015 EUR 72.90
Deutsche Bank AG 5.50 3/24/2015 EUR 65.20
Deutsche Bank AG 6.50 3/24/2015 EUR 62.70
Deutsche Bank AG 7.50 3/24/2015 EUR 72.00
Deutsche Bank AG 7.50 3/24/2015 EUR 64.20
Deutsche Bank AG 7.50 3/24/2015 EUR 62.90
Vontobel Financial 7.50 6/12/2015 EUR 73.59
Goldman Sachs & Co 17.00 2/25/2015 EUR 68.48
UniCredit Bank AG 6.15 1/23/2015 EUR 74.96
Bank Julius Baer & 3.90 11/30/2015 CHF 68.80
Leonteq Securities 5.25 2/26/2016 CHF 65.88
Zurcher Kantonalban 4.99 2/9/2015 CHF 55.95
UBS AG 10.00 12/29/2015 EUR 67.24
UBS AG 11.50 6/26/2015 EUR 57.08
Royal Bank of Scotl 7.25 1/30/2015 EUR 56.60
Societe Generale Ef 2.50 10/7/2016 EUR 55.61
Bank J Safra Sarasi 8.00 4/27/2015 CHF 66.98
Barclays Bank PLC 2.50 3/7/2017 EUR 43.08
Morgan Stanley BV 9.00 4/16/2015 EUR 70.85
Leonteq Securities 3.90 3/1/2016 EUR 48.54
SG Option Europe SA 8.00 9/29/2015 USD 74.00
UBS AG 5.75 3/2/2015 USD 22.00
UBS AG 0.50 4/27/2015 CHF 66.25
Kommunalbanken AS 0.50 2/23/2018 BRL 70.94
Kommunalbanken AS 0.50 2/2/2018 BRL 71.38
Vontobel Financial 4.00 6/12/2015 EUR 47.70
Vontobel Financial 8.00 6/12/2015 EUR 55.20
UBS AG 12.75 12/29/2015 EUR 70.15
UBS AG 14.75 6/26/2015 EUR 64.52
UBS AG 13.25 6/26/2015 EUR 67.93
SpareBank 1 Naering 2.29 1/16/2016 NOK 0.09
Vontobel Financial 6.00 6/12/2015 EUR 74.50
Notenstein Privatba 7.00 6/17/2015 CHF 62.53
UBS AG 12.25 6/26/2015 EUR 70.54
Leonteq Securities 5.00 5/23/2016 CHF 57.00
UBS AG 11.50 12/29/2015 EUR 72.93
UBS AG 14.50 12/29/2015 EUR 66.16
UBS AG 13.75 12/29/2015 EUR 67.57
DZ Bank AG Deutsche 8.25 6/26/2015 EUR 72.68
DZ Bank AG Deutsche 5.50 1/16/2015 EUR 70.38
DZ Bank AG Deutsche 5.25 7/10/2015 EUR 71.45
DZ Bank AG Deutsche 6.50 7/10/2015 EUR 69.37
UBS AG 24.25 3/27/2015 EUR 58.29
UBS AG 17.25 3/29/2016 EUR 68.67
UBS AG 24.75 3/27/2015 EUR 71.29
Bank Julius Baer & 11.00 2/11/2015 CHF 49.40
UBS AG 21.50 3/29/2016 EUR 74.91
UBS AG 23.75 12/29/2015 EUR 71.75
UBS AG 24.00 12/29/2015 EUR 72.83
Vontobel Financial 7.50 6/26/2015 EUR 73.40
UBS AG 21.25 6/26/2015 EUR 69.20
Vontobel Financial 4.70 3/13/2015 EUR 67.95
Vontobel Financial 4.80 4/24/2015 EUR 73.40
LBBW 4.00 6/24/2016 EUR 69.69
UniCredit Bank AG 5.00 7/23/2015 EUR 60.27
UniCredit Bank AG 4.00 7/23/2015 EUR 62.69
UBS AG 3.10 2/25/2015 EUR 71.91
Notenstein Privatba 4.33 7/28/2015 EUR 74.56
Leonteq Securities 10.40 8/14/2015 EUR 73.56
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 73.98
UBS AG 4.70 4/15/2015 USD 33.16
Commerzbank AG 8.50 3/26/2015 EUR 73.43
JP Morgan Structure 10.00 1/15/2015 CHF 64.74
UniCredit Bank AG 4.00 9/24/2015 EUR 55.54
Deutsche Bank AG 6.20 8/26/2015 EUR 72.50
DZ Bank AG Deutsche 7.00 7/10/2015 EUR 72.80
Deutsche Bank AG 5.20 7/22/2015 EUR 74.50
Leonteq Securities 12.25 1/29/2015 EUR 69.50
UniCredit Bank AG 5.50 2/26/2015 EUR 58.25
UBS AG 20.00 6/26/2015 EUR 67.14
DZ Bank AG Deutsche 7.00 1/16/2015 EUR 67.61
UBS AG 21.75 12/29/2015 EUR 64.82
UBS AG 23.00 6/26/2015 EUR 68.96
UBS AG 12.25 3/29/2016 EUR 72.81
UBS AG 11.75 6/24/2016 EUR 73.61
Credit Suisse AG/Na 8.25 2/5/2015 EUR 68.11
Vontobel Financial 5.70 3/13/2015 EUR 68.13
UBS AG 13.25 6/24/2016 EUR 72.43
Vontobel Financial 14.35 1/16/2015 EUR 61.73
Vontobel Financial 10.75 3/13/2015 EUR 66.16
Raiffeisen Centroba 7.33 8/21/2015 EUR 57.48
UniCredit Bank AG 5.50 7/23/2015 EUR 74.14
UniCredit Bank AG 5.50 7/23/2015 EUR 58.49
UniCredit Bank AG 4.50 7/23/2015 EUR 61.43
Vontobel Financial 4.65 6/26/2015 EUR 73.12
UBS AG 13.25 12/29/2015 EUR 70.62
Credit Suisse AG/Lo 2.75 1/29/2019 SEK 58.30
DZ Bank AG Deutsche 8.75 1/23/2015 EUR 66.72
UniCredit Bank AG 4.00 9/24/2015 EUR 57.02
Deutsche Bank AG 6.20 7/22/2015 EUR 72.00
DZ Bank AG Deutsche 7.25 7/10/2015 EUR 72.93
Deutsche Bank AG 5.20 8/26/2015 EUR 75.00
UBS AG 13.25 3/27/2015 EUR 53.66
UBS AG 14.75 9/25/2015 EUR 53.33
Vontobel Financial 5.00 5/6/2016 EUR 73.50
Zurcher Kantonalban 10.50 2/6/2015 CHF 56.90
Leonteq Securities 9.68 7/29/2015 USD 69.87
DZ Bank AG Deutsche 6.25 9/25/2015 EUR 70.33
UBS AG 13.75 3/27/2015 EUR 58.10
UBS AG 6.50 12/29/2015 EUR 64.60
UBS AG 9.75 3/27/2015 EUR 65.74
UniCredit Bank AG 7.00 2/26/2015 EUR 70.95
UBS AG 23.50 12/29/2015 EUR 63.67
UBS AG 22.00 9/25/2015 EUR 74.73
UBS AG 23.25 6/26/2015 EUR 73.12
DZ Bank AG Deutsche 3.60 8/21/2015 EUR 61.26
Commerzbank AG 7.50 5/21/2015 EUR 73.96
UBS AG 14.75 3/29/2016 EUR 70.25
UBS AG 23.50 3/27/2015 EUR 67.34
UBS AG 20.75 6/26/2015 EUR 71.69
Zurcher Kantonalban 11.25 2/13/2015 EUR 73.06
Leonteq Securities 10.58 2/3/2017 USD 69.45
Vontobel Financial 6.25 3/13/2015 EUR 68.24
UniCredit Bank AG 6.00 7/23/2015 EUR 57.46
Vontobel Financial 7.40 3/27/2015 EUR 53.80
Commerzbank AG 7.00 3/26/2015 EUR 74.77
UniCredit Bank AG 6.00 7/23/2015 EUR 72.68
Commerzbank AG 9.00 3/26/2015 EUR 71.57
Vontobel Financial 10.30 3/13/2015 EUR 74.01
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 66.43
Notenstein Privatba 11.00 8/14/2015 CHF 65.68
UBS AG/London 19.75 4/16/2015 CHF 67.00
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 67.60
UBS AG/London 8.98 5/22/2015 CHF 63.60
UniCredit Bank AG 5.00 2/26/2015 EUR 69.95
UBS AG/London 14.83 5/22/2015 CHF 65.90
UniCredit Bank AG 5.00 2/26/2015 EUR 49.40
UniCredit Bank AG 5.30 2/26/2015 EUR 72.38
UniCredit Bank AG 4.00 2/26/2015 EUR 68.59
UniCredit Bank AG 4.00 2/26/2015 EUR 73.76
UniCredit Bank AG 5.50 2/26/2015 EUR 68.13
UniCredit Bank AG 4.50 2/26/2015 EUR 50.28
UniCredit Bank AG 5.40 2/26/2015 EUR 65.13
DZ Bank AG Deutsche 6.75 1/23/2015 EUR 68.83
DZ Bank AG Deutsche 7.10 3/6/2015 EUR 61.00
DZ Bank AG Deutsche 5.10 3/6/2015 EUR 59.27
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 53.77
Barclays Bank PLC 11.50 10/10/2018 SEK 73.11
DZ Bank AG Deutsche 9.25 3/27/2015 EUR 68.76
UBS AG 24.00 12/29/2015 EUR 63.72
UBS AG 20.25 3/27/2015 EUR 70.97
Goldman Sachs & Co 9.00 5/20/2015 EUR 74.90
DZ Bank AG Deutsche 5.50 5/22/2015 EUR 73.55
DZ Bank AG Deutsche 7.00 5/22/2015 EUR 74.72
UBS AG 22.00 12/29/2015 EUR 74.94
DZ Bank AG Deutsche 8.50 5/22/2015 EUR 74.51
UBS AG 22.50 12/29/2015 EUR 73.39
UBS AG 24.75 9/25/2015 EUR 61.24
UBS AG 16.00 6/24/2016 EUR 69.88
UBS AG 23.75 12/29/2015 EUR 66.80
Goldman Sachs & Co 13.00 5/20/2015 EUR 70.76
Bank Julius Baer & 7.90 2/4/2015 CHF 45.70
UBS AG 20.00 12/29/2015 EUR 69.25
UBS AG 21.75 6/26/2015 EUR 65.66
UBS AG 14.00 6/24/2016 EUR 71.47
Zurcher Kantonalban 8.25 1/30/2015 EUR 68.83
UBS AG/London 10.50 1/29/2015 CHF 43.14
UniCredit Bank AG 4.80 2/26/2015 EUR 70.13
UniCredit Bank AG 4.00 2/26/2015 EUR 51.19
UniCredit Bank AG 4.00 6/25/2015 EUR 68.64
UBS AG/London 6.50 5/22/2015 CHF 50.05
UniCredit Bank AG 5.70 2/26/2015 EUR 70.93
UniCredit Bank AG 4.00 6/25/2015 EUR 57.82
UniCredit Bank AG 4.75 2/26/2015 EUR 66.85
UniCredit Bank AG 6.00 2/26/2015 EUR 63.56
DZ Bank AG Deutsche 8.30 3/6/2015 EUR 68.10
DZ Bank AG Deutsche 9.50 3/6/2015 EUR 58.25
DZ Bank AG Deutsche 5.20 3/6/2015 EUR 64.19
DZ Bank AG Deutsche 3.70 3/6/2015 EUR 62.11
Vontobel Financial 6.60 6/26/2015 EUR 72.01
DZ Bank AG Deutsche 5.00 3/27/2015 EUR 65.78
DZ Bank AG Deutsche 9.50 2/27/2015 EUR 64.74
DZ Bank AG Deutsche 5.00 2/27/2015 EUR 70.98
BNP Paribas Emissio 6.00 3/26/2015 EUR 72.88
BNP Paribas Emissio 8.00 3/26/2015 EUR 69.08
UBS AG 19.75 6/24/2016 EUR 68.37
UBS AG 24.75 3/27/2015 EUR 65.85
UBS AG 22.50 12/29/2015 EUR 72.99
Goldman Sachs & Co 13.00 5/20/2015 EUR 69.46
UBS AG 23.00 6/26/2015 EUR 71.05
UBS AG 21.25 3/27/2015 EUR 69.37
Goldman Sachs & Co 11.00 9/23/2015 EUR 73.36
UBS AG 22.25 12/29/2015 EUR 74.37
UBS AG 23.25 9/25/2015 EUR 72.94
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 72.23
UniCredit Bank AG 4.00 2/26/2015 EUR 72.24
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 69.86
UBS AG/London 12.53 5/22/2015 CHF 64.50
UniCredit Bank AG 5.50 2/26/2015 EUR 48.56
Commerzbank AG 6.00 1/22/2015 EUR 72.30
UniCredit Bank AG 4.90 2/26/2015 EUR 73.90
Barclays Bank PLC 5.88 8/19/2016 EUR 70.31
DZ Bank AG Deutsche 12.20 3/6/2015 EUR 63.52
DZ Bank AG Deutsche 6.90 3/6/2015 EUR 56.78
DZ Bank AG Deutsche 5.25 3/27/2015 EUR 74.72
DZ Bank AG Deutsche 16.00 3/27/2015 EUR 30.75
DZ Bank AG Deutsche 12.50 2/27/2015 EUR 46.32
DZ Bank AG Deutsche 18.25 2/27/2015 EUR 58.52
BNP Paribas Emissio 7.00 6/25/2015 EUR 71.53
UBS AG 18.00 6/24/2016 EUR 69.02
UBS AG 22.00 12/29/2015 EUR 67.94
UBS AG 23.75 9/25/2015 EUR 70.75
UBS AG 22.50 3/27/2015 EUR 70.86
Goldman Sachs & Co 11.00 9/23/2015 EUR 72.46
UBS AG 22.00 12/29/2015 EUR 73.23
UBS AG 21.25 3/27/2015 EUR 73.76
DZ Bank AG Deutsche 10.25 5/22/2015 EUR 61.95
Deutsche Bank AG 4.00 5/25/2015 EUR 65.20
UBS AG 23.00 3/27/2015 EUR 63.37
Zurcher Kantonalban 8.00 6/4/2015 CHF 52.46
UBS AG 22.75 9/25/2015 EUR 65.96
UBS AG 23.75 6/26/2015 EUR 66.71
DZ Bank AG Deutsche 5.00 3/6/2015 EUR 73.58
Goldman Sachs & Co 16.00 1/21/2015 EUR 66.44
DZ Bank AG Deutsche 6.50 1/23/2015 EUR 71.46
DZ Bank AG Deutsche 7.00 1/23/2015 EUR 72.72
Deutsche Bank AG 5.20 7/22/2015 EUR 71.40
Deutsche Bank AG 5.20 8/26/2015 EUR 71.90
Leonteq Securities 5.40 4/10/2015 USD 56.26
DZ Bank AG Deutsche 6.50 7/10/2015 EUR 72.55
Leonteq Securities 12.20 7/22/2015 USD 52.73
Bank Julius Baer & 10.20 2/6/2015 USD 56.60
UBS AG 5.25 12/29/2015 EUR 69.94
Vontobel Financial 7.65 8/7/2015 EUR 73.60
UniCredit Bank AG 5.20 2/26/2015 EUR 65.09
UniCredit Bank AG 8.00 2/26/2015 EUR 73.39
UniCredit Bank AG 4.30 2/26/2015 EUR 67.22
UBS AG 15.50 6/26/2015 EUR 71.44
UBS AG 11.25 12/29/2015 EUR 61.23
UBS AG 23.75 3/27/2015 EUR 64.79
UBS AG 14.50 12/29/2015 EUR 70.02
UBS AG 14.00 9/25/2015 EUR 69.83
UBS AG 5.25 12/29/2015 EUR 71.27
UBS AG 12.75 12/29/2015 EUR 72.18
UBS AG 12.75 9/25/2015 EUR 71.85
UBS AG 11.50 9/25/2015 EUR 63.75
UBS AG 14.00 6/26/2015 EUR 71.22
UBS AG 11.00 6/26/2015 EUR 73.34
Goldman Sachs & Co 11.00 3/25/2015 EUR 69.97
Leonteq Securities 11.60 8/12/2015 USD 65.44
Vontobel Financial 6.45 8/28/2015 EUR 70.20
HSBC Trinkaus & Bur 7.50 2/27/2015 EUR 71.51
BNP Paribas Emissio 9.00 3/26/2015 EUR 74.63
LBBW 4.00 2/27/2015 EUR 73.76
LBBW 3.00 2/27/2015 EUR 62.84
DZ Bank AG Deutsche 15.25 5/22/2015 EUR 63.37
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 70.10
HSBC Trinkaus & Bur 11.00 1/23/2015 EUR 64.13
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 70.90
HSBC Trinkaus & Bur 10.50 6/26/2015 EUR 74.33
Commerzbank AG 23.75 4/23/2015 EUR 36.93
UBS AG 5.44 6/10/2015 USD 40.54
HSBC Trinkaus & Bur 2.75 1/23/2015 EUR 69.20
HSBC Trinkaus & Bur 6.50 3/27/2015 EUR 64.49
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 74.32
HSBC Trinkaus & Bur 7.50 2/27/2015 EUR 74.68
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 70.70
HSBC Trinkaus & Bur 8.50 2/27/2015 EUR 73.40
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 67.11
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 71.95
Vontobel Financial 8.30 8/28/2015 EUR 70.10
Notenstein Privatba 7.00 5/20/2015 CHF 74.53
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 73.10
HSBC Trinkaus & Bur 7.00 1/23/2015 EUR 75.00
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 74.38
HSBC Trinkaus & Bur 16.00 6/26/2015 EUR 61.67
Commerzbank AG 9.50 4/23/2015 EUR 65.63
Commerzbank AG 10.00 4/23/2015 EUR 52.74
HSBC Trinkaus & Bur 7.50 6/26/2015 EUR 71.49
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 64.82
HSBC Trinkaus & Bur 10.50 1/23/2015 EUR 59.04
HSBC Trinkaus & Bur 9.50 4/24/2015 EUR 61.09
Credit Suisse AG/Na 9.00 2/20/2015 EUR 67.14
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 69.90
UBS AG 14.00 6/26/2015 EUR 68.85
Banque Cantonale Va 8.53 3/2/2015 USD 70.72
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 71.00
UBS AG 13.75 6/26/2015 EUR 74.65
HSBC Trinkaus & Bur 19.00 3/27/2015 EUR 72.42
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 74.29
UBS AG 12.00 3/27/2015 EUR 71.39
Deutsche Bank AG 6.20 6/23/2015 EUR 71.84
Deutsche Bank AG 6.20 6/23/2015 EUR 69.23
Deutsche Bank AG 5.20 6/23/2015 EUR 66.73
Zurcher Kantonalban 7.82 2/20/2015 USD 56.88
Goldman Sachs & Co 9.00 7/22/2015 EUR 72.87
Deutsche Bank AG 5.20 6/23/2015 EUR 68.75
Deutsche Bank AG 8.20 6/23/2015 EUR 72.79
DZ Bank AG Deutsche 21.00 2/27/2015 EUR 30.78
DZ Bank AG Deutsche 5.00 2/27/2015 EUR 68.97
DZ Bank AG Deutsche 6.25 9/25/2015 EUR 74.70
Vontobel Financial 5.85 6/26/2015 EUR 74.26
UBS AG 3.43 6/8/2015 USD 17.52
Zurcher Kantonalban 10.50 2/25/2015 CHF 49.45
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 71.61
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 60.40
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 70.23
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 73.91
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 67.82
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 65.34
UBS AG 11.25 6/26/2015 EUR 73.19
HSBC Trinkaus & Bur 12.50 6/26/2015 EUR 68.04
Deutsche Bank AG 6.20 6/23/2015 EUR 67.20
Goldman Sachs & Co 9.00 12/23/2015 EUR 73.07
Deutsche Bank AG 7.20 6/23/2015 EUR 72.31
Deutsche Bank AG 8.20 6/23/2015 EUR 70.18
Deutsche Bank AG 8.20 6/23/2015 EUR 68.15
Goldman Sachs & Co 13.00 2/25/2015 EUR 71.38
DZ Bank AG Deutsche 9.00 2/27/2015 EUR 58.26
DZ Bank AG Deutsche 6.25 2/27/2015 EUR 61.61
DZ Bank AG Deutsche 5.75 6/26/2015 EUR 68.70
DZ Bank AG Deutsche 15.25 5/22/2015 EUR 61.99
Vontobel Financial 6.85 8/28/2015 EUR 71.30
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 69.71
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 68.93
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.63
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 73.09
Deutsche Bank AG 7.20 6/22/2015 EUR 60.30
Deutsche Bank AG 6.20 6/22/2015 EUR 53.50
Deutsche Bank AG 5.20 6/22/2015 EUR 56.00
Deutsche Bank AG 6.20 6/22/2015 EUR 56.40
Deutsche Bank AG 5.20 6/22/2015 EUR 59.30
Deutsche Bank AG 6.20 3/24/2015 EUR 60.00
Deutsche Bank AG 6.20 6/22/2015 EUR 59.80
Deutsche Bank AG 7.20 6/22/2015 EUR 56.90
Deutsche Bank AG 6.20 12/22/2015 EUR 74.30
Deutsche Bank AG 7.20 6/22/2015 EUR 72.00
DZ Bank AG Deutsche 8.00 3/13/2015 EUR 69.75
Commerzbank AG 5.75 1/22/2015 EUR 69.72
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 61.60
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 70.84
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 63.78
Deutsche Bank AG 6.20 6/22/2015 EUR 72.10
DZ Bank AG Deutsche 10.75 4/24/2015 EUR 58.73
Commerzbank AG 5.75 4/23/2015 EUR 56.39
Commerzbank AG 10.00 4/23/2015 EUR 72.00
Deutsche Bank AG 5.20 6/22/2015 EUR 74.70
Deutsche Bank AG 7.20 9/22/2015 EUR 73.70
Deutsche Bank AG 5.20 6/22/2015 EUR 71.10
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 74.30
Deutsche Bank AG 6.20 12/22/2015 EUR 74.20
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.64
DZ Bank AG Deutsche 7.25 6/12/2015 EUR 69.15
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 66.29
Credit Suisse AG/Na 8.25 5/4/2015 USD 61.48
Deutsche Bank AG 5.20 6/22/2015 EUR 53.00
Deutsche Bank AG 7.20 6/22/2015 EUR 53.90
Deutsche Bank AG 7.20 9/22/2015 EUR 73.60
Deutsche Bank AG 5.20 12/22/2015 EUR 73.30
DZ Bank AG Deutsche 8.25 6/12/2015 EUR 70.35
DZ Bank AG Deutsche 8.00 6/12/2015 EUR 66.55
Deutsche Bank AG 6.20 9/22/2015 EUR 72.90
Commerzbank AG 8.00 1/22/2015 EUR 66.14
Deutsche Bank AG 5.20 6/22/2015 EUR 74.30
Deutsche Bank AG 7.20 6/22/2015 EUR 72.60
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 68.68
Deutsche Bank AG 6.20 3/24/2015 EUR 73.00
Deutsche Bank AG 6.20 6/22/2015 EUR 74.80
Deutsche Bank AG 5.20 6/22/2015 EUR 71.60
Deutsche Bank AG 6.20 6/22/2015 EUR 73.80
Deutsche Bank AG 6.20 6/22/2015 EUR 67.90
Goldman Sachs & Co 5.00 3/25/2015 EUR 74.55
Goldman Sachs & Co 7.00 3/25/2015 EUR 74.98
DZ Bank AG Deutsche 15.75 4/24/2015 EUR 55.62
UBS AG 14.50 12/23/2016 EUR 74.95
UBS AG 16.00 12/23/2016 EUR 74.14
UBS AG 24.25 12/29/2015 EUR 72.69
Commerzbank AG 8.00 4/23/2015 EUR 54.31
Commerzbank AG 7.75 4/23/2015 EUR 74.79
Commerzbank AG 8.75 4/23/2015 EUR 71.45
Deutsche Bank AG 5.20 12/22/2015 EUR 73.20
UBS AG 22.50 3/29/2016 EUR 74.59
UniCredit Bank AG 4.75 2/26/2015 EUR 60.30
UniCredit Bank AG 6.50 2/26/2015 EUR 69.13
UniCredit Bank AG 5.60 2/26/2015 EUR 71.53
Vontobel Financial 6.20 3/27/2015 EUR 72.60
Vontobel Financial 15.15 2/27/2015 EUR 59.60
UBS AG 14.75 6/26/2015 EUR 74.23
Goldman Sachs & Co 11.00 6/24/2015 EUR 64.15
DZ Bank AG Deutsche 5.50 3/27/2015 EUR 56.40
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 63.35
HSBC Trinkaus & Bur 6.00 2/27/2015 EUR 63.92
Notenstein Privatba 9.60 6/16/2015 CHF 46.99
HSBC Trinkaus & Bur 8.25 1/23/2015 EUR 72.38
DZ Bank AG Deutsche 9.75 5/22/2015 EUR 58.74
HSBC Trinkaus & Bur 18.00 3/27/2015 EUR 58.34
Banque Cantonale Va 5.80 6/12/2015 CHF 73.50
HSBC Trinkaus & Bur 17.50 3/27/2015 EUR 69.35
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 72.17
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 70.57
Goldman Sachs & Co 11.00 7/22/2015 EUR 70.61
Deutsche Bank AG 7.20 6/23/2015 EUR 67.68
DZ Bank AG Deutsche 9.25 5/22/2015 EUR 58.55
Bank Julius Baer & 8.50 5/7/2015 USD 64.40
DZ Bank AG Deutsche 7.50 3/27/2015 EUR 73.05
UBS AG 7.60 3/25/2015 EUR 67.87
Deutsche Bank AG 7.20 3/24/2015 EUR 60.20
Deutsche Bank AG 5.20 3/24/2015 EUR 59.80
Deutsche Bank AG 5.20 6/22/2015 EUR 73.30
Commerzbank AG 10.25 1/22/2015 EUR 73.24
Deutsche Bank AG 5.20 9/22/2015 EUR 72.20
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 72.20
Deutsche Bank AG 5.20 3/24/2015 EUR 66.50
DZ Bank AG Deutsche 5.25 4/24/2015 EUR 73.97
Deutsche Bank AG 6.20 6/22/2015 EUR 71.60
Deutsche Bank AG 7.20 6/22/2015 EUR 72.10
Deutsche Bank AG 6.20 9/22/2015 EUR 72.90
Deutsche Bank AG 5.20 9/22/2015 EUR 72.20
UniCredit Bank AG 5.00 6/25/2015 EUR 57.82
DZ Bank AG Deutsche 5.75 3/13/2015 EUR 71.28
UniCredit Bank AG 6.25 6/25/2015 EUR 56.48
DZ Bank AG Deutsche 16.00 5/22/2015 EUR 62.27
UniCredit Bank AG 6.00 6/25/2015 EUR 74.87
HSBC Trinkaus & Bur 6.25 1/23/2015 EUR 74.63
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 68.97
UBS AG 10.50 3/27/2015 EUR 60.61
DZ Bank AG Deutsche 5.75 1/16/2015 EUR 73.20
DZ Bank AG Deutsche 6.75 3/13/2015 EUR 73.70
DZ Bank AG Deutsche 5.00 3/13/2015 EUR 68.34
DZ Bank AG Deutsche 10.50 5/22/2015 EUR 57.81
Vontobel Financial 4.00 9/11/2015 EUR 72.39
Credit Suisse AG/Lo 9.00 12/18/2015 USD 57.51
UniCredit Bank AG 4.25 6/25/2015 EUR 60.23
Bank Julius Baer & 15.25 6/4/2015 CHF 55.50
UBS AG 10.25 6/26/2015 EUR 68.93
SAir Group 2.75 7/30/2004 CHF 11.00
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 63.90
HSBC Trinkaus & Bur 12.00 1/23/2015 EUR 70.82
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.27
HSBC Trinkaus & Bur 11.50 1/23/2015 EUR 73.85
HSBC Trinkaus & Bur 10.25 1/23/2015 EUR 74.87
Vontobel Financial 4.25 9/11/2015 EUR 74.35
Vontobel Financial 4.95 9/11/2015 EUR 74.82
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 68.10
DZ Bank AG Deutsche 5.50 7/10/2015 EUR 74.16
UniCredit Bank AG 6.50 6/25/2015 EUR 56.01
UBS AG 9.50 12/29/2015 EUR 71.94
Vontobel Financial 4.85 9/11/2015 EUR 72.97
Vontobel Financial 5.60 9/11/2015 EUR 73.48
UniCredit Bank AG 4.75 6/25/2015 EUR 59.06
Vontobel Financial 4.65 6/12/2015 EUR 71.85
UniCredit Bank AG 6.10 6/25/2015 EUR 57.05
UBS AG 12.25 9/25/2015 EUR 70.47
Bank Julius Baer & 11.25 6/3/2015 CHF 54.15
HSBC Trinkaus & Bur 9.25 1/23/2015 EUR 68.11
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 67.41
UBS AG 11.75 6/26/2015 EUR 74.59
HSBC Trinkaus & Bur 9.25 1/23/2015 EUR 56.50
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 72.32
HSBC Trinkaus & Bur 15.50 3/27/2015 EUR 49.32
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 74.89
HSBC Trinkaus & Bur 17.50 3/27/2015 EUR 71.73
HSBC Trinkaus & Bur 10.00 6/26/2015 EUR 74.31
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 71.48
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 67.89
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 59.78
HSBC Trinkaus & Bur 16.50 3/27/2015 EUR 72.28
UBS AG/London 7.75 5/28/2015 CHF 45.61
UBS AG 13.75 3/27/2015 EUR 67.06
Deutsche Bank AG 6.00 6/22/2015 EUR 71.40
Deutsche Bank AG 7.00 6/22/2015 EUR 67.90
Deutsche Bank AG 8.00 6/22/2015 EUR 68.40
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.37
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 66.36
HSBC Trinkaus & Bur 7.00 6/26/2015 EUR 73.53
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 73.51
Credit Suisse AG/Lo 7.60 10/15/2015 CHF 70.71
HSBC Trinkaus & Bur 11.50 6/26/2015 EUR 65.74
Commerzbank AG 7.50 5/21/2015 EUR 72.46
Deutsche Bank AG 6.00 6/22/2015 EUR 73.10
Deutsche Bank AG 6.00 6/22/2015 EUR 69.80
Deutsche Bank AG 8.00 6/22/2015 EUR 70.70
Deutsche Bank AG 5.20 9/22/2015 EUR 73.90
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 66.17
UBS AG 6.75 9/25/2015 EUR 72.80
Vontobel Financial 6.40 6/26/2015 EUR 68.25
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 67.96
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 52.97
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 72.63
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 69.69
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 70.11
HSBC Trinkaus & Bur 7.00 9/25/2015 EUR 74.48
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 74.45
Vontobel Financial 5.10 6/26/2015 EUR 69.59
Deutsche Bank AG 6.20 9/22/2015 EUR 74.60
Deutsche Bank AG 7.00 6/22/2015 EUR 73.60
Deutsche Bank AG 7.00 6/22/2015 EUR 71.90
Deutsche Bank AG 7.00 6/22/2015 EUR 70.30
Deutsche Bank AG 8.00 6/22/2015 EUR 72.40
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 69.03
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 72.20
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 63.52
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 69.15
Zurcher Kantonalban 8.10 6/3/2015 EUR 74.91
Goldman Sachs & Co 8.00 3/25/2015 EUR 73.14
Goldman Sachs & Co 8.00 3/25/2015 EUR 74.07
Vontobel Financial 6.50 8/14/2015 EUR 68.40
Vontobel Financial 6.30 6/26/2015 EUR 72.18
Goldman Sachs & Co 16.00 3/25/2015 EUR 70.15
Vontobel Financial 6.50 6/26/2015 EUR 74.01
Vontobel Financial 5.30 9/11/2015 EUR 73.28
Vontobel Financial 5.85 6/12/2015 EUR 72.37
Vontobel Financial 5.30 7/10/2015 EUR 72.49
Vontobel Financial 3.75 7/10/2015 EUR 71.70
DZ Bank AG Deutsche 7.25 6/26/2015 EUR 74.86
Banque Cantonale Va 10.00 2/10/2015 CHF 57.50
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 73.98
HSBC Trinkaus & Bur 6.25 1/23/2015 EUR 63.53
DZ Bank AG Deutsche 7.25 1/16/2015 EUR 67.64
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 57.70
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 54.61
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 73.92
Deutsche Bank AG 8.00 6/22/2015 EUR 74.10
Goldman Sachs & Co 16.00 5/20/2015 EUR 71.85
Bank Julius Baer & 12.25 4/24/2015 USD 71.15
Bank Julius Baer & 7.80 2/27/2015 USD 72.85
UBS AG/London 8.50 2/19/2015 CHF 71.63
UBS AG/London 16.50 2/19/2015 CHF 63.63
Goldman Sachs & Co 10.00 3/25/2015 EUR 68.46
Goldman Sachs & Co 14.00 3/25/2015 EUR 60.82
Vontobel Financial 6.85 3/27/2015 EUR 73.91
Commerzbank AG 8.00 5/21/2015 EUR 73.37
Notenstein Privatba 7.40 10/31/2016 CHF 48.84
Bank Julius Baer & 8.00 2/25/2015 CHF 47.55
DZ Bank AG Deutsche 5.00 2/13/2015 EUR 70.74
DZ Bank AG Deutsche 5.00 8/14/2015 EUR 71.74
UniCredit Bank AG 6.00 6/24/2015 EUR 72.30
Goldman Sachs & Co 7.00 3/25/2015 EUR 71.15
Commerzbank AG 6.00 6/25/2015 EUR 74.16
Vontobel Financial 7.50 6/26/2015 EUR 73.80
UniCredit Bank AG 4.30 6/24/2015 EUR 59.90
Bayerische Landesba 3.40 6/19/2015 EUR 74.94
UBS AG/London 6.75 7/2/2015 CHF 71.37
DZ Bank AG Deutsche 6.00 3/6/2015 EUR 73.97
Vontobel Financial 10.85 4/17/2015 EUR 65.79
Vontobel Financial 8.40 1/16/2015 EUR 66.75
Vontobel Financial 7.05 6/12/2015 EUR 70.64
Vontobel Financial 8.25 6/12/2015 EUR 68.81
Vontobel Financial 9.65 6/12/2015 EUR 67.22
Vontobel Financial 10.55 6/12/2015 EUR 66.22
UBS AG/London 14.50 9/25/2015 EUR 67.99
*********
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.
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 2015. 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
202-362-8552.
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