/raid1/www/Hosts/bankrupt/TCREUR_Public/150202.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, February 2, 2015, Vol. 16, No. 022
Headlines
B E L G I U M
TRUVO NV: S&P Cuts CCR to 'D' Due to Ongoing Loan Modification
C Y P R U S
CYPRUS AIRWAYS: Liquidators Appointed; Investors Mull Suit
C Z E C H R E P U B L I C
U ROZVARILU: Files for Bankruptcy; Owes CZK6.85MM to Creditors
G E R M A N Y
TXTR: Declares Bankruptcy; Mulls Restructuring, Asset Sale
I R E L A N D
KENMARE RESOURCES: Extends Debt Restructuring Deal Deadline
TITAN EUROPE 2006-5: Moody's Lowers Rating on A1 Notes to B1
I T A L Y
ILVA: Declared Insolvent by Milan Bankruptcy Court
L U X E M B O U R G
CERBERUS NIGHTINGALE: Fitch Assigns B- Rating to EUR145MM Notes
N E T H E R L A N D S
DRYDEN 32: S&P Affirms 'B-' Rating on Class F Notes
HALCYON STRUCTURED: S&P Lowers Rating on Class E Notes to 'B-'
SCHOENENREUS: Declared Bankrupt After ING Talks Fail
R U S S I A
ATOMENERGOPROM: S&P Lowers ICR to 'BB+/B'; Outlook Negative
BASHKORTOSTAN: S&P Cuts Issuer Credit Rating to BB+; Outlook Neg
CHELYABINSK OBLAST: S&P Revises Outlook to Neg. & Affirms BB+ ICR
KHANTY-MANSIYSK: S&P Lowers ICR to 'BB+'; Outlook Negative
LENINGRAD OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
MOSCOW CITY: S&P Lowers Issuer Credit Rating to BB+; Outlook Neg.
NOVOSIBIRSK CITY: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
RUSNANO: S&P Lowers ICR to 'BB-'; Outlook Stable
SURGUT CITY: S&P Lowers Issuer Credit Rating to BB+; Outlook Neg.
VNESHECONOMBANK: S&P Lowers ICR to 'BB+/B'; Outlook Negative
YAMAL-NENETS: S&P Lowers ICR to 'BB+'; Outlook Negative
S E R B I A
* Serbia Okays Plan to Open Bankruptcy Proceedings for 188 Cos.
S P A I N
UCI 14: S&P Lowers Rating on Class B Notes to 'B+'
UCI 15: S&P Affirms 'B-' Rating on Class C Notes
U N I T E D K I N G D O M
TOWERGATE FINANCE: In Crunch Talks; Weighs Up Debt Proposals
X X X X X X X X
* BOND PRICING: For the Week January 26 to January 30, 2015
*********
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B E L G I U M
=============
TRUVO NV: S&P Cuts CCR to 'D' Due to Ongoing Loan Modification
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Belgium-based publisher of classified
directories Truvo N.V. to 'D' from 'CC'.
At the same time, S&P lowered to 'D' from 'C' the issue rating on
Truvo's EUR170 million senior secured term loan A due 2015. The
recovery rating on this instrument remains unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.
In addition, S&P lowered to 'D' from 'C' the issue rating on
Truvo's EUR113 million second-lien term loan B due 2015, and on
holding company Talon PIKco N.V.'s EUR71 million payment-in-kind
(PIK) notes due 2019. The recovery rating on these instruments
remains unchanged at '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.
The downgrades reflect Truvo's modifications of its loan
agreement, for which it received unanimous consent from lenders.
Under the modifications, some interests have been rescheduled and
become payable subject to a minimum cash balance. S&P views loan
modification by a distressed issuer as a de facto restructuring
and tantamount to default under its criteria.
In addition, S&P understands that the company received unanimous
consent from its lenders for a debt restructuring, including a
significant debt reduction and lower cash interest payments.
Truvo is currently waiting for tax rulings and anticipate that
its financial restructuring will complete at the end of first-
quarter 2015.
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C Y P R U S
===========
CYPRUS AIRWAYS: Liquidators Appointed; Investors Mull Suit
----------------------------------------------------------
Cyprus Mail reports that financial advisers Avgoustinos
Papathomas -- august@cy.gt.com -- and David Dunckley --
david.dunckley@uk.gt.com -- have been appointed as liquidators
for the now defunct Cyprus Airways.
Creditors and shareholders took the decision during an assembly
on Jan. 30, Cyprus Mail relays.
According to Cyprus Mail, Cyprus Airways' private investors are
in the process of suing the company, claiming that the airline's
closure by the government has cost them not only the capital they
poured in but also deprived them of any right to recover their
investment.
Polis Polyviou, the legal representative for Cyprus Airways
responded that the only authority that could proclaim the
assembly illegal is the courts, Cyprus Mail relates.
The assembly also appointed a committee to oversee the
liquidation process, comprised of three officials from the office
of the Accountant-general and two representatives from the
workers' unions, Cyprus Mail discloses.
Cyprus Airways is 93% owned by the state, the rest is owned by
some 4,000 private investors. The former national carrier was
grounded in January, after the European Commission issued a
ruling ordering the company to return some EUR66 million it had
received in state aid in 2012, Cyprus Mail recounts.
===========================
C Z E C H R E P U B L I C
===========================
U ROZVARILU: Files for Bankruptcy; Owes CZK6.85MM to Creditors
--------------------------------------------------------------
CTK, citing the insolvency register, reports that Prague's U
Rozvarilu restaurant has filed for bankruptcy as it owes CZK6.85
million to creditors.
The book value of its assets is lower than CZK250,000, CTK notes.
According to CTK, a Prague court has launched insolvency
proceedings.
The operator of the restaurant, located on the fifth floor of the
department store Bila labut in recent years, has long been
grappling with problems, CTK relays. U Rozvarilu executive
Miloslav Simek said the restaurant was no longer in operation and
that the employees already received notices, CTK relates.
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G E R M A N Y
=============
TXTR: Declares Bankruptcy; Mulls Restructuring, Asset Sale
----------------------------------------------------------
Calvin Reid at Publishers Weekly reports that Txtr has declared
bankruptcy with plans to restructure operations and offer its
assets for acquisition.
During this process, Txtr will continue to operate its online
e-book store and e-reading platform, Publishers Weekly says.
In a statement, a spokesperson for Txtr said the company will
work with Olswang Restructuring Solutions to find a possible
buyer for Txtr assets, Publishers Weekly relates. According to
Publishers Weekly, cofounder Thomas Leliveld said that a deal to
sell the company fell apart at the end of 2014. The objective
now, Mr. Leliveld, as cited by Publishers Weekly, said, "is to
speed up the acquisition process." He hopes to get a deal done
before the end of the first quarter, Publishers Weekly notes.
During this restructuring, consumers using the Txtr e-book
platform will continue to be able to buy and read e-books on the
system, Publishers Weekly discloses.
Txtr is a Berlin-based e-book device and retail platform.
=============
I R E L A N D
=============
KENMARE RESOURCES: Extends Debt Restructuring Deal Deadline
-----------------------------------------------------------
Eoin Burke-Kennedy at The Irish Times reports that Kenmare
Resources has announced the extension of a deadline to finalize a
deal with lenders on restructuring its debt.
According to the Irish Times, the company which has been hit by
the fall in commodity prices, now has until Feb. 28 to agree a
budget with project lenders. In a trading update, Kenmare said
its bank loans amounted to US$337.3 million at the end of last
year, down from US$355.2 million at the end of 2013, The Irish
Times relates.
Kenmare Resources is an exploration company based in Dublin.
TITAN EUROPE 2006-5: Moody's Lowers Rating on A1 Notes to B1
------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one class
and affirmed two classes of Notes issued by Titan Europe 2006-5
p.l.c.
EUR330 million A1 Notes, Downgraded to B1 (sf); previously on
Jul 25, 2014 Downgraded to Ba3 (sf)
EUR112.3 million A2 Notes, Affirmed Caa1 (sf); previously on Jul
25, 2014 Downgraded to Caa1 (sf)
EUR0.05 million X Notes, Affirmed Caa2 (sf); previously on Jul
25, 2014 Downgraded to Caa2 (sf)
Moody's does not rate the Class A3, B, C, D, E, F and Class V
Notes.
Ratings Rationale
The downgrade action results from the technical Note Event of
Default (NEoD) on the January 2015 interest payment date (IPD).
The transaction relies on the liquidity facility and principal
payments on the loans to make full payment of interest on the
Class A1 and X Notes. In line with Moody's expectation, the
liquidity facility was fully depleted at the January 2015 IPD
with available interest receipts only sufficient to make
outstanding swap liability payments. No interest was paid to the
Class A noteholders constituting a NEoD.
Moody's assessment of the underlying portfolio of loans remains
largely unchanged compared to the July 2014 downgrade action.
Therefore, based on the underlying collateral, Moody's expects
full recovery on the Class A1 Notes even in the event of a NEoD
and taking into account swap breakage costs.
The Class X Notes reference the underlying loan pool. As such,
the key rating parameters that influence the expected loss on the
referenced loan pool also influence the rating on the Class X
Notes. The rating of the Class X Notes was based on the
methodology described in Moody's Approach to Rating Structured
Finance Interest-Only Securities published in February 2012.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Main factors or circumstances that could lead to a downgrade of
the Class A1 rating are a decline in the property values backing
the underlying loans that is worse than Moody's expectation,
leading to lower recoveries on the loans.
Regarding an upgrade of the ratings, Moody's applies its general
guidance for defaulted securities, as further explained in the
Generally, a defaulted security is not rated higher than B1 (sf).
=========
I T A L Y
=========
ILVA: Declared Insolvent by Milan Bankruptcy Court
--------------------------------------------------
ANSA reports that Milan's bankruptcy court declared ILVA, one of
Europe's largest steel plants, insolvent on Jan. 30, with a debt
totaling nearly EUR3 billion.
According to ANSA, the troubled Taranto steel plant is under
temporary public control, a move that Premier Matteo Renzi said
in December would last at most 36 months.
The industry ministry named former power and environmental
executives Piero Gnudi, Enrico Laghi and Corrado Carrubba as
extraordinary commissioners, as part of the Italian government's
massive clean-up and turnaround project, ANSA relates.
The ILVA plant has been shrouded in controversy in recent years,
related to serious pollution it has caused that has been linked
to an unusually high rate of cancers in the area, ANSA relays.
Taranto Mayor Ippazio Stefano sent a letter to Mr. Renzi in which
he said some 3,000 workers have not been adequately paid and they
should be given the highest priority as ILVA creditors, ANSA
recounts.
ILVA is one of Europe's largest steel plants.
===================
L U X E M B O U R G
===================
CERBERUS NIGHTINGALE: Fitch Assigns B- Rating to EUR145MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned Cerberus Nightingale 1 S.A.'s
(Cerberus) proposed issue of EUR145 million senior notes expected
ratings of 'B-(EXP)'/'RR6'. Cerberus is a holding company of
Cerba European Lab SAS (Cerba).
At the same time, Fitch has affirmed Cerba's Issuer Default
Rating (IDR) at 'B+' with a Negative Outlook. The 'BB-'/'RR3'
rating on Cerba's EUR530m senior secured notes, including the
planned EUR85 million tap issue under this instrument, is also
affirmed.
The proceeds of the planned issues, together with cash on hand,
will be used to fund the acquisition of Novescia SAS. Fitch
recently revised its Outlook on Cerba's IDR to Negative from
Stable on the basis that the latest acquisition would weaken
Cerba's credit metrics and entail higher integration risk
relative to previous bolt-on acquisitions.
Pending completion of the acquisition, the proceeds of the issues
will be deposited in separate escrow accounts. While in escrow,
the notes will not be guaranteed and will be secured by a first-
ranking charge over the relevant escrow account. If the
acquisition is not completed prior to May 27, 2015, the notes
will be subject to a special mandatory redemption at par plus any
accrued and unpaid interest. The assignment of the final ratings
is contingent on the completion of the Novescia acquisition and
the receipt of final documents materially conforming to
information already reviewed.
KEY RATING DRIVERS FOR THE BONDS
Pari Passu Ranking Post Completion
Upon completion of the acquisition, the EUR85 million tap issue
will share the same key terms and conditions as the existing
EUR445 million 7% senior secured notes due 2020. They will be
senior secured obligations of Cerba European Lab SAS and share
the same ranking, coupon and maturity. They will also benefit
from the same incurrence-based covenants, security package and
guarantees.
Weak Recovery for Senior Noteholders
Cerberus's notes are rated two notches below Cerba's IDR to
reflect their subordination to the existing senior secured
obligations. The 'RR6' reflects poor recovery prospects (0-10%)
of the new notes in a default scenario. As the new notes are
junior-ranking, we continue to expect above-average recovery
prospects within the 'RR3' range (51-70%) for Cerba's senior
secured noteholders.
Although the senior notes will be issued by Cerberus, an entity
currently sitting outside the senior secured notes restricted
group, they will benefit from the same guarantees provided by
Cerba and certain operating subsidiaries as the senior secured
notes but on a subordinated basis and will also benefit from a
second-ranking share pledge over Cerberus Nightingale 2 S.A., an
intermediate holding company of Cerba. The notes will mature at
the same time as the existing senior secured notes and have the
same call protection.
KEY RATING DRIVERS
Reduced IDR Headroom
While the acquisition of Novescia would increase Cerba's scale
and strengthen its position on the French laboratory testing
market, we expect FFO adjusted gross leverage to remain above
6.5x for 2015-2016 (adjusted for 12 month-contribution of
acquisitions). In our view, Cerba's weaker credit metrics over
the near term reduce rating headroom at 'B+', relative to
immediate peers within the healthcare sector, including Labco SA
(B+/Stable). In addition, Fitch expects free cash-flow (FCF)
generation to remain constrained in the low mid-single digits (as
a percentage of revenue), as a result of higher cash interest,
resulting from its debt-funded acquisition growth strategy.
Successful Integration Critical for Deleveraging
In an environment of persistent pressure on reimbursement tariffs
from public entities, we believe that Cerba is reliant on
successfully integrating its acquisitions and extracting the
planned synergies (both at Novescia and at smaller bolt-on
acquisitions) to support mild deleveraging prospects over the
medium term. Fitch considers the operational execution risk of
the Novescia acquisition to be potentially higher than smaller
bolt-on acquisitions for which the company has a good track
record.
Continued Expansion in Routine Labs
The ratings reflect Cerba's ability to take advantage of the
fragmentation of the French routine market. Cerba's acquisitive
strategy enables it to broaden its network around regional
platforms while realising synergies and increasing scale. Fitch
expects Cerba to continue with this strategy over the medium term
and forecast the company will spend up to EUR50 million p.a. on
small bolt-on acquisitions over the next three years. A larger
acquisition such as that of Novescia would be considered as event
risk.
Leading Clinical Laboratories Player
Cerba is one of the largest medical diagnostics groups in Europe.
Its resilient like-for-like performance, which Fitch expects to
continue, is underpinned by growing volumes and fairly stable
profit margins. The group benefits from a sound reputation for
scientific expertise and innovation at the specialized end of the
market (23% of revenue for the last 12 months to September 2014,
adjusted for the Novescia acquisition).
Business and Geographical Diversification
The group's activities in its Central Lab division globally (8%
of sales) and its presence in the Belgian and Luxembourg routine
markets (12% of sales) provide some diversification and reduce
exposure to the French healthcare system. Fitch considers that
upon expiry of the three-year agreement reached in October 2013
between the French clinical pathology laboratories unions and the
authorities (with the objective to achieve annual market growth
of 0.25%), Cerba would be at risk of further tariff pressure.
RATING SENSITIVITIES
Future developments that could lead to a negative rating action
include:
-- Inability to integrate Novescia and extract the planned
synergies such that FFO adjusted gross leverage remains
above 6.5x and FFO interest coverage remains around 2.0x by
2017 (pro forma for acquisitions)
-- Further aggressively funded acquisition policy
Future developments that could lead to the Outlook being revised
to Stable include:
-- Ability to integrate Novescia and smaller bolt-on
acquisitions swiftly such that FFO adjusted gross leverage
falls below 6.5x and FFO interest coverage increases
towards 2.5x by 2017 (pro forma for acquisitions)
-- EBITDA margin above 23% and FCF in the mid to high single
digit on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Cerba is expected to have satisfactory cash on balance sheet
after the completion of the acquisition, supported by an
increased RCF commitment to EUR80 million to support liquidity
and bolt-on acquisition needs.
The maturity profile is long-dated, with the combined EUR675
million senior secured and senior notes falling due in February
2020.
=====================
N E T H E R L A N D S
=====================
DRYDEN 32: S&P Affirms 'B-' Rating on Class F Notes
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Dryden 32 Euro CLO 2014 B.V.'s class A-1A, A-1B, B-1A, B-1B, C,
D, E, and F notes following the transaction's effective date as
of Nov. 7, 2014.
Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral. On the closing date, the collateral
manager typically covenants to purchase the remaining collateral
within the guidelines specified in the transaction documents to
reach the target level of portfolio collateral. Typically, the
CLO transaction documents specify a date by which the targeted
level of portfolio collateral must be reached. The "effective
date" for a CLO transaction is usually the earlier of the date on
which the transaction acquires the target level of portfolio
collateral, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").
An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with
the transaction's structure, provides sufficient credit support
to maintain the ratings that S&P assigned on the transaction's
closing date. The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of S&P's review based on the information presented to S&P.
S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction. This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new-issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets.
For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines. This is because not all
assets in the portfolio have been purchased.
"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio. Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P said.
"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation. In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated European cash flow CLO," S&P
added.
On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view,
the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
S&P deems necessary.
RATINGS LIST
Dryden 32 Euro CLO 2014 B.V.
EUR416.7 Million Fixed- And Floating-Rate Notes
Ratings Affirmed
Class Rating
A-1A AAA (sf)
A-1B AAA (sf)
B-1A AA (sf)
B-1B AA (sf)
C A (sf)
D BBB (sf)
E BB (sf)
F B- (sf)
HALCYON STRUCTURED: S&P Lowers Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Halcyon Structured Asset Management European CLO 2006-
I B.V.
Specifically, S&P has:
-- Raised its ratings on the class B and C notes;
-- Affirmed its rating on the class D notes;
-- Lowered its rating on the class E notes; and
-- Withdrawn its ratings on the class A-1 and A-1R notes.
The rating actions follow S&P's analysis of the transaction's
recent performance, and the application of its relevant criteria.
As the class A-1 and A-1R notes have fully amortized, S&P has
withdrawn its ratings on these classes of notes.
As a result of the class A-1 and A-1R notes' amortization, the
overcollateralization for all of the rated classes of notes has
increased since S&P's previous review on Sept. 13, 2013.
S&P has applied its corporate collateralized debt obligation
(CDO) criteria to perform its credit and cash flow analysis.
The results of S&P's analysis show that the class B and C notes'
available credit enhancement is now commensurate with higher
ratings than those currently assigned. S&P has therefore raised
its ratings on these classes of notes.
Since S&P's previous review, it has also observed that the
obligor concentration has increased. As a result, the
application of the largest obligor default test constrained S&P's
ratings on the class D and E notes at 'BB+ (sf)' and 'B- (sf)',
respectively. This test considers the effect of several of the
largest obligors defaulting simultaneously. S&P introduced this
supplemental test in its corporate CDO criteria. S&P has
therefore affirmed its 'BB+ (sf)' rating on the class D notes,
and lowered to 'B- (sf)' from 'B (sf)' S&P's rating on the class
E notes.
Halcyon Structured Asset Management European CLO 2006-I is a cash
flow collateralized loan obligation (CLO) transaction managed by
Halcyon Loan Investors LP. It is backed by a portfolio of loans
to primarily European speculative-grade corporate firms. The
transaction closed in June 2006 and its reinvestment period ended
in July 2011.
RATINGS LIST
Halcyon Structured Asset Management European CLO 2006-I B.V.
EUR400 mil secured floating-rate notes
Rating
Class Identifier To From
A-1R NR AA+ (sf)
A-1 40536MAF7 NR AA+ (sf)
B 40536MAE0 AAA (sf) A+ (sf)
C 40536MAD2 A+ (sf) BBB+ (sf)
D 40536MAC4 BB+ (sf) BB+ (sf)
E 40536MAB6 B- (sf) B (sf)
NR -- Not Rated.
SCHOENENREUS: Declared Bankrupt After ING Talks Fail
----------------------------------------------------
DutchNews.nl reports that Schoenenreus was declared bankrupt on
Jan. 29, two days after being given court protection from
creditors.
According to DutchNews.nl, news agency ANP reported that talks
with the company's bank ING failed to produce results and the
official receiver said he had no choice but to ask for
bankruptcy.
Schoenenreus went bankrupt at the beginning of 2013 but launched
a restart the same day with 200 stores, DutchNews.nl recounts.
However, the company, which now has 140 outlets in the
Netherlands and Belgium, was unable to head off the impact of the
economic crisis and growing online sales, DutchNews.nl discloses.
Schoenenreus is a Dutch budget footwear retail group.
===========
R U S S I A
===========
ATOMENERGOPROM: S&P Lowers ICR to 'BB+/B'; Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term issuer credit ratings on Russian state-owned nuclear
monopoly Atomic Energy Power Corp. JSC (AtomEnergoProm) to
'BB+/B' from 'BBB-/A-3'. The outlook is negative.
At the same time, S&P lowered its Russia national scale rating on
AtomEnergoProm to 'ruAA+' from 'ruAAA'.
S&P has removed all the ratings from CreditWatch negative where
it placed them on Dec. 26, 2014.
The downgrade follows a similar action on the Russian Federation.
The ratings on AtomEnergoProm reflect S&P's view that there's a
"very high" likelihood that the Russian government would provide
timely and sufficient extraordinary support to AtomEnergoProm in
the event of financial distress.
The negative outlook reflects the outlook on Russia. S&P would
lower its ratings on AtomEnergoProm in the event of a sovereign
downgrade.
S&P might also lower the ratings if the company's SACP
deteriorates to 'b+' or below, or if S&P considers that the
likelihood of government support has reduced to "moderately high"
or below. S&P regards both scenarios as unlikely, however.
If S&P revises the outlook on Russia to stable, S&P would take a
similar action on AtomEnergoProm, assuming the company's credit
metrics develop in line with its base-case expectations.
BASHKORTOSTAN: S&P Cuts Issuer Credit Rating to BB+; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Bashkortostan to 'BB+' from 'BBB-'. The outlook
is negative.
At the same time, S&P removed the rating from CreditWatch with
negative implications, where it placed it on Dec. 26, 2014.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Bashkortostan are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In the case of Bashkortostan, the deviation has
been caused by S&P's downgrade of the Russian Federation to 'BB+'
from 'BBB-' on
Jan. 26, 2015.
RATIONALE
The rating action on Bashkortostan follows the lowering of S&P's
foreign currency sovereign credit rating on the Russian
Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign only if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Bashkortostan, meet these
conditions. Consequently, S&P do not see a possibility that we
could rate Bashkortostan higher than Russia. In accordance with
S&P's criteria, it continues to assess Bashkortostan's stand-
alone credit profile (SACP) at 'bbb-'. The SACP is not a rating
but a means of assessing an LRG's intrinsic creditworthiness
under the assumption that there is no sovereign rating cap.
The 'bbb-' SACP reflects the republic's exceptional liquidity,
average budgetary performance, very low debt, and low contingent
liabilities. Moreover, S&P factors into its assessment its
opinion that Bashkortostan's financial management is satisfactory
in a global context and prudent by Russian standards.
The SACP is constrained by S&P's view of Russia's volatile and
unbalanced institutional framework, which leads to weak budgetary
flexibility. Other constraints include the republic's weak
economy, characterized by single-sector concentration in the oil-
processing industry and only modest wealth in an international
context.
OUTLOOK
The negative outlook on Bashkortostan mirrors that on Russia.
Any rating action S&P takes on the sovereign would likely be
followed by a similar action on Bashkortostan as long as the
Republic's intrinsic credit characteristics remain aligned with
S&P's base-case scenario.
S&P views a downside scenario as highly unlikely because the SACP
on Bashkortostan is higher than the credit rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Bashkortostan (Republic of)
Issuer Credit Rating BB+/Negative/-- BBB-/Watch Neg/--
CHELYABINSK OBLAST: S&P Revises Outlook to Neg. & Affirms BB+ ICR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian Chelyabinsk Oblast to negative from stable. At the same
time, S&P affirmed its 'BB+' long-term issuer credit rating and
'ruAA+' Russia national scale rating on the region.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Chelyabinsk Oblast are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a pre-
established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation
of the reasons for the deviation. In this case, the deviation
has been caused by the lowering of S&P's long-term foreign
currency sovereign credit rating on the Russian Federation to
'BB+' from 'BBB-' on Jan. 26, 2015.
Rationale
The rating action on Chelyabinsk Oblast follows the lowering of
S&P's long-term foreign currency sovereign credit rating on the
Russian Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Chelyabinsk Oblast, meet these
conditions. Therefore, S&P do not rate Chelyabinsk Oblast higher
than Russia. In accordance with S&P's criteria, it continues to
assess Chelyabinsk Oblast's stand-alone credit profile (SACP) at
'bb+', which is aligned with the ratings. The SACP is not a
rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The ratings are constrained by S&P's view of Russia's volatile
and unbalanced institutional framework, which limits the oblast's
weak budgetary flexibility and its very weak economy, which is
exposed to concentration risks. The ratings also reflect S&P's
view that the oblast's financial management is weak in an
international context--similar to most Russian peers. S&P's
expectations of average budgetary performance, a low debt burden,
strong liquidity, and very low contingent liabilities support the
ratings. S&P revised its assessment of budgetary performance to
average from strong. The issuer credit rating on Chelyabinsk
Oblast is equal to its SACP.
OUTLOOK
The negative outlook on Chelyabinsk Oblast mirrors that on
Russia. S&P could take a negative rating on the oblast if it took
a negative rating action on Russia.
Even if the sovereign credit rating on Russia remains unchanged,
S&P could take a negative rating action if, under its downside
scenario, the oblast's loosened control over expenditure led to
only average budgetary performance, with deficits after capital
accounts of more than 5% of revenues, and if debt service
coverage decreased to less than 100% due to weaker average free
cash levels. This would lead S&P to revise its view of the
oblast's liquidity to adequate.
S&P could revise the outlook back to stable following a similar
action on Russia, and if the oblast performs in line with S&P's
base-case scenario.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
To From
Chelyabinsk Oblast
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
Ratings Affirmed
Chelyabinsk Oblast
Issuer Credit Rating
Russia National Scale ruAA+/--/--
KHANTY-MANSIYSK: S&P Lowers ICR to 'BB+'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Khanty-Mansiysk Autonomous Okrug (KMAO), an oil-
producing region in Russia's western Siberia, to 'BB+' from
'BBB-'. At the same time, S&P lowered its Russia national scale
rating on KMAO to 'ruAA+' from 'ruAAA'. The outlook is negative.
At the same time, S&P removed the ratings from CreditWatch with
negative implications, where it had placed them on Dec. 30, 2014.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on KMAO are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In this case, the deviation has been caused by
the lowering of S&P's long-term foreign currency sovereign credit
rating on the Russian Federation to 'BB+' from 'BBB-' on Jan. 26,
2015.
RATIONALE
The rating action on KMAO follows the lowering of S&P's long-term
foreign currency sovereign credit rating on the Russian
Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including KMAO, meet these conditions.
Therefore, S&P do not rate KMAO higher than Russia. In
accordance with S&P's criteria, it continues to assess KMAO's
stand-alone credit profile (SACP) at 'bbb-'. The SACP is not a
rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The 'bbb-' SACP reflects the okrug's very low debt, very low
contingent liabilities, average budgetary performance, and
adequate liquidity. S&P assess KMAO's economy as average overall
and neutral for its creditworthiness because S&P believes that
its very high wealth levels are mitigated by high economic
concentration and only limited growth prospects.
The SACP is constrained by S&P's view of Russia's volatile and
unbalanced institutional framework and weak budgetary
flexibility, as well as S&P's assessment of the okrug's weak
financial management in an international context.
OUTLOOK
The negative outlook on KMAO mirrors that on Russia. Any rating
action S&P takes on the sovereign would likely be followed by a
similar action on KMAO as long as the okrug's intrinsic credit
characteristics remain aligned with S&P's base-case scenario.
S&P views an intrinsic downside scenario as highly unlikely
because the SACP on KMAO is higher than the credit rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Khanty-Mansiysk Autonomous Okrug
Issuer Credit Rating BB+/Negative/-- BBB-/Watch Neg/--
Russia National Scale ruAA+/-- ruAAA/Watch Neg/--
LENINGRAD OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian Leningrad Oblast to negative from stable. At the same
time, S&P affirmed its 'BB+' long-term issuer credit rating and
'ruAA+' Russia national scale rating on the region.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Leningrad Oblast are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a pre-
established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation
of the reasons for the deviation. In this case, the deviation
has been caused by the lowering of S&P's long-term foreign
currency sovereign credit rating on the Russian Federation to
'BB+' from 'BBB-' on Jan. 26, 2015.
RATIONALE
The rating action on Leningrad Oblast follows the lowering of
S&P's long-term foreign currency sovereign credit rating on the
Russian Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Leningrad Oblast, meet these
conditions. Therefore, S&P do not rate Leningrad Oblast higher
than Russia. In accordance with S&P's criteria, it continues to
assess Leningrad Oblast's stand-alone credit profile (SACP) at
'bb+', which is aligned with the ratings. The SACP is not a
rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The ratings reflect S&P's view of Russia's volatile and
unbalanced institutional framework, which translates into a weak
budgetary flexibility for Russian regions, including Leningrad
Oblast; the oblast's weak economy; and weak financial management
in an international context. The ratings are supported by the
oblast's average budgetary performance, adequate liquidity, very
low debt burden, and very low contingent liabilities.
OUTLOOK
The negative outlook on Leningrad Oblast mirrors that on Russia.
S&P could take a negative rating on the oblast if it took a
negative rating action on Russia.
Even if the sovereign credit rating on Russia remains unchanged,
S&P could take a negative rating action if the oblast proves
unable to accommodate spending pressure, which, coupled with
weaker revenues, would result in consistent operating deficits
and average deficits after capital accounts approaching 10% of
revenues. This would most likely undermine the region's
liquidity or lead to a higher debt burden, as per S&P's downside
scenario.
S&P could revise the outlook back to stable following a similar
action on Russia, and if the oblast performs in line with S&P's
base-case scenario.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
To From
Leningrad Oblast
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
Ratings Affirmed
Leningrad Oblast
Issuer Credit Rating
Russia National Scale ruAA+/--/--
MOSCOW CITY: S&P Lowers Issuer Credit Rating to BB+; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on the capital city of Moscow to 'BB+' from 'BBB-'.
The outlook is negative. At the same time, S&P lowered its
Russia national scale rating on Moscow to 'ruAA+' from 'ruAAA'.
S&P also removed the ratings from CreditWatch with negative
implications, where S&P placed them on Dec. 29, 2014.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Moscow are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In the case of Moscow, the deviation has been
caused by S&P's downgrade of the Russian Federation to 'BB+' from
'BBB-' on Jan. 26, 2015.
RATIONALE
The rating actions on Moscow follow the lowering of S&P's foreign
currency sovereign credit ratings on the Russian Federation to
'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign only if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Moscow, meet these conditions.
Consequently, S&P do not see a possibility that it could rate
Moscow higher than Russia.
In accordance with S&P's criteria, it assess Moscow's stand-alone
credit profile (SACP) at 'bbb+'. The SACP is not a rating but a
means of assessing an LRG's intrinsic creditworthiness under the
assumption that there is no sovereign rating cap.
The 'bbb+' SACP reflects Moscow's position as Russia's economic,
administrative, and financial center. This position underpins
its strong economy and contributes to its high wealth levels in
an international comparison. Very low debt, exceptional
liquidity, and very low contingent liabilities also support the
SACP. Average budgetary flexibility and budgetary performance,
which S&P expects to gradually deteriorate over the next few
years, are neutral for the city's creditworthiness, in S&P's
view.
The SACP is constrained by Russia's volatile and unbalanced
institutional framework, under which distribution of revenues and
expenditures largely depends on the federal government's
decisions, and by S&P's view of Moscow's weak financial
management, given the only emerging nature of long-term planning
and limited predictability of budget policy.
OUTLOOK
The negative outlook on Moscow mirrors that on Russia. Any
rating action S&P take on the sovereign would likely be followed
by a similar action on Moscow.
S&P views a downside scenario based on Moscow's intrinsic
creditworthiness as highly unlikely, because S&P's SACP is higher
than the long-term rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Moscow (City of)
Issuer Credit Rating BB+/Negative/-- BBB-/Watch Neg/--
Russia National Scale ruAA+/-- ruAAA/Watch Neg/--
Senior Unsecured BB+ BBB-/Watch Neg
Senior Unsecured ruAA+ ruAAA/Watch Neg
NOVOSIBIRSK CITY: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian city of Novosibirsk to negative from stable. At the same
time, S&P affirmed its 'BB+' long-term issuer credit rating and
'ruAA+' Russia national scale rating on the city.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Novosibirsk are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In this case, the deviation has been caused by
the downgrade of S&P's rating on the Russian Federation to 'BB+'
from 'BBB-' on Jan. 26, 2015.
RATIONALE
The rating action on Novosibirsk follows the lowering of S&P's
foreign currency sovereign credit ratings on the Russian
Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign if it considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Novosibirsk, meet these conditions.
Consequently, S&P do not see a possibility that it could rate
Novosibirsk higher than Russia. In accordance with S&P's
criteria, it continues to assess Novosibirsk's stand-alone credit
profile (SACP) at 'bb+', in line with the issuer credit rating.
The SACP is not a rating but a means of assessing an LRG's
intrinsic creditworthiness under the assumption that there is no
sovereign rating cap.
The ratings are constrained by what S&P sees as Novosibirsk's
relatively weak economy and Russia's volatile and unbalanced
institutional framework, which limits the city's weak budgetary
flexibility and predictability. These constraints are mitigated
by Novosibirsk's satisfactory management quality and reasonable
cost control, which results in average budgetary performance,
adequate liquidity, low debt, and very low contingent
liabilities.
OUTLOOK
The negative outlook on Novosibirsk mirrors that on Russia. S&P
could take a negative rating action on the city if it took a
negative rating action on Russia.
Even if the sovereign rating remains unchanged, S&P could still
take a negative rating action if the city's management drew back
from its cautious spending and refinancing policies by building
up deficits after capital accounts and failing to secure in
advance new credit lines for 2016 repayments. This would lead
S&P to revise its view of the city's management to weak and the
city's liquidity to less than adequate.
S&P would revise the outlook back to stable following a similar
action on Russia, and if the city performs in line with S&P's
base-case scenario.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
To From
Novosibirsk (City of)
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
Russia National Scale ruAA+/--/--
Senior Unsecured BB+
Senior Unsecured
National Scale Rating ruAA+
RUSNANO: S&P Lowers ICR to 'BB-'; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Russian state-owned technology investment
vehicle RusNano to 'BB-' from 'BB'. At the same time, S&P
lowered its Russia national scale rating on RusNano to 'ruAA-'
from 'ruAA'. The outlook is stable.
In addition, S&P removed the ratings from CreditWatch where they
were placed with negative implications on Dec. 26, 2014.
Finally, S&P affirmed its 'B' short-term rating on the company.
The downgrade of RusNano follows the similar action S&P took on
Russia on Jan. 26, 2015.
In S&P's opinion, there is a "high" likelihood that the
government of the Russian Federation would provide timely and
sufficient extraordinary support to RusNano in the event of
financial distress. S&P incorporates into its ratings its
assessment of RusNano's stand-alone credit profile (SACP) of 'b'.
RusNano receives strong ongoing support from the Russian
government in the form of conditional non-timely guarantees on
all currently issued debt. S&P regards RusNano as a government-
related entity (GRE). In accordance with S&P's criteria for
rating GREs, it bases its view that there is a "high" likelihood
of extraordinary government support on S&P's assessment of
RusNano's:
-- "Important role" for the Russian government. The
government created RusNano to support state policies on
promoting economic diversification in innovative sectors.
RusNano's mandate is to invest in projects that apply
nanotechnology and to promote these investments in the
market. Consequently, RusNano is one of the government's
main tools of economic diversification in high tech
industries, which is confirmed by the government's large
equity injections and guarantees; and
-- "Very strong" link with the Russian government, its full
owner. Privatization of RusNano is unlikely to happen, in
S&P's view. S&P expects the government to continue
guaranteeing RusNano's new borrowings in 2014-2015. S&P
don't think that the recent creation and the ensuing
expected privatization of RusNano's "management company"
will affect the company's link with the government.
RusNano will remain the owner and creditor of all
investment projects, in S&P's opinion.
The stable outlook reflects the strong ongoing support that
RusNano receives from the government.
S&P could take a negative rating action on RusNano if S&P
observes continued weak performance of its investment portfolio,
leading to pronounced losses and depleting capital, and rapid
deterioration in RusNano's liquidity. This could lead S&P to
revise its SACP assessment of the company to the 'ccc' category.
S&P could lower its ratings on RusNano within the next 12 months
if it observes signs of a lower likelihood of timely and
sufficient extraordinary support from the government.
S&P could upgrade RusNano if S&P sees an improvement in its SACP
or an increasing likelihood of extraordinary support, which S&P
do not expect at this stage.
SURGUT CITY: S&P Lowers Issuer Credit Rating to BB+; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on the Russian City of Surgut to 'BB+' from 'BBB-'.
At the same time, S&P lowered its Russia national scale rating on
Surgut to 'ruAA+' from 'ruAAA'. The outlook is negative.
At the same time, S&P removed the ratings from CreditWatch with
negative implications, where it placed them on Dec. 29, 2014.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Surgut are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In the case of Surgut, the deviation has been
caused by S&P's downgrade of the Russian Federation to 'BB+' from
'BBB-' on Jan. 26, 2015.
RATIONALE
The rating action on Surgut follows the lowering of S&P's foreign
currency sovereign credit rating on the Russian Federation to
'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign only if S&P considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including Surgut, meet these conditions.
Consequently, S&P do not see a possibility that it could rate
Surgut higher than Russia.
In accordance with S&P's criteria, it continues to assess
Surgut's stand-alone credit profile (SACP) at 'bbb-'. The SACP
is not a rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The 'bbb-' SACP reflects the city's average budgetary
performance, very low debt burden, exceptional liquidity, and
very low contingent liabilities. S&P's view of Russia's volatile
and unbalanced institutional framework, the city's weak budgetary
flexibility and predictability, and its overall weak economy
constrain the SACP. S&P views the city's financial management as
satisfactory for the SACP.
OUTLOOK
The negative outlook on Surgut mirrors that on Russia. Any
rating action S&P takes on the sovereign would likely be followed
by a similar action on Surgut, as long as the city's intrinsic
credit characteristics remain aligned with S&P's base-case
scenario.
S&P views a downside scenario as highly unlikely because the SACP
on Surgut is higher than the credit rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Surgut (City of)
Issuer Credit Rating BB+/Negative/-- BBB-/Watch Neg/--
Russia National Scale ruAA+/-- ruAAA/Watch Neg/--
VNESHECONOMBANK: S&P Lowers ICR to 'BB+/B'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term foreign currency issuer credit ratings on Russian state-
owned development bank Vnesheconombank (VEB) to 'BB+/B' from
'BBB-/A-3'. At the same time, S&P lowered its long- and short-
term local currency ratings on the bank to 'BBB-/A-3' from
'BBB/A-2'. The outlook is negative.
S&P removed the ratings from CreditWatch, where it had placed
them with negative implications on Dec. 26, 2014.
S&P's rating actions on VEB reflect S&P's similar actions on
Russia.
S&P bases its ratings on VEB on our opinion of its status as a
government-related entity (GRE) with an almost certain likelihood
of extraordinary support from the Russian government in the event
of financial difficulties. Accordingly, S&P equalizes its
ratings on VEB with those on Russia.
In accordance with S&P's criteria for GREs, its view that there
is an almost certain likelihood of extraordinary government
support is based on S&P's assessment of VEB's:
-- Critical role for Russia as the government's prime public
development institution, a role that cannot be readily
undertaken by a private entity. VEB group assets currently
represent about 5% of Russia's GDP; and
-- Integral link with Russia. This is because of VEB's
special status as a state corporation, operating under the
law "On The Bank For Development" with strong oversight
from the federal government, and because of the
government's proven track record of financial support to
VEB in all circumstances. Such support was recently
repeated in the decision to provide a subordinated deposit
to VEB and reiterated very recently in highly ranked
government and central bank officials' comments about the
government's strong commitment to support the entity after
the imposition of U.S. sanctions.
S&P assess VEB's stand-alone credit profile (SACP) at 'b+'.
The negative outlook reflects that on Russia and S&P's view that
it could reconsider its view of the likelihood of support if
VEB's SACP weakened.
S&P might lower the ratings over the next two years -- even if
the sovereign ratings remain unchanged -- if S&P's view of the
likelihood of government support changed. For example, S&P might
revise its view if S&P believed VEB's SACP had deteriorated to
'b' or lower. S&P could take a similar action if the government
reduced VEB's role as a prime development institution.
S&P would revise the outlook to stable if it was to revise the
sovereign outlook to stable.
YAMAL-NENETS: S&P Lowers ICR to 'BB+'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Yamal-Nenets Autonomous Okrug (YANAO), a gas-
producing region in Russia's western Siberia, to 'BB+' from
'BBB-'. At the same time, S&P lowered its Russia national scale
rating on YANAO to 'ruAA+' from 'ruAAA'. The outlook is
negative.
At the same time, S&P removed the ratings from CreditWatch with
negative implications, where it had placed them on Dec. 29, 2014.
As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on YANAO are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar. Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation. In this case, the deviation has been caused by
the lowering of S&P's long-term foreign currency sovereign credit
rating on the Russian Federation to 'BB+' from 'BBB-' on Jan. 26,
2015.
RATIONALE
The rating action on YANAO follows the lowering of S&P's long-
term foreign currency sovereign credit rating on the Russian
Federation to 'BB+' from 'BBB-' on Jan. 26, 2015.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign if it considers that it
exhibits certain characteristics. S&P do not currently consider
that Russian LRGs, including YANAO, meet these conditions.
Therefore, S&P do not rate YANAO higher than Russia.
In accordance with S&P's criteria, it continues to assess YANAO's
stand-alone credit profile (SACP) at 'bbb-'. The SACP is not a
rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The 'bbb-' SACP reflects the okrug's average economy, which
enjoys very high wealth levels but has a high economic
concentration and limited growth prospects. The SACP is also
supported by strong liquidity, very low debt, and very low
contingent liabilities. S&P's view of the region's average
budgetary performance--improving, but potentially subject to
volatility--and average budgetary flexibility are neutral for
YANAO's creditworthiness.
The SACP is constrained by S&P's view of Russia's volatile and
unbalanced institutional framework and weak financial management
in an international context.
OUTLOOK
The negative outlook on YANAO mirrors that on Russia. Any rating
action S&P takes on the sovereign would likely be followed by a
similar action on YANAO as long as the okrug's intrinsic credit
characteristics remain aligned with S&P's base-case scenario.
S&P views an intrinsic downside scenario as highly unlikely
because the SACP on ANAO is higher than the credit rating.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Yamal-Nenets Autonomous Okrug
Issuer Credit Rating BB+/Negative/-- BBB-/Watch Neg/--
Russia National Scale ruAA+/-- ruAAA/Watch Neg/--
===========
S E R B I A
===========
* Serbia Okays Plan to Open Bankruptcy Proceedings for 188 Cos.
---------------------------------------------------------------
Georgi Georgiev at SeeNews reports that the Serbian government
said on Jan. 31 it has approved an action plan to open bankruptcy
proceedings for 188 state companies part of the portfolio of the
country's Privatization Agency.
Earlier this month, finance minister Dusan Vujovic said those
companies employed around 5,000 people, SeeNews relates.
According to SeeNews, the government said in a statement the
enterprises earmarked for bankruptcy are idled, have drawn no
interest from potential investors, or have an unsustainable
business.
A total of 76 of the targeted companies have no employees while
another 50 have fewer than five employees, SeeNews discloses.
Social programs will be carried out at all affected companies,
the statement, as cited by SeeNews, said, adding that the
relevant government bodies have been instructed to take steps for
the opening of the bankruptcy proceedings.
=========
S P A I N
=========
UCI 14: S&P Lowers Rating on Class B Notes to 'B+'
--------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fondo de Titulizacion de Activos UCI 14's class A and B notes.
At the same time, S&P has affirmed its rating on the class C
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 the September 2014 payment date. S&P's analysis reflects the
application of its RMBS criteria and its RAS criteria.
Credit enhancement, based on the performing balance, including
loans in arrears up to 90 days for the class A and B notes has
increased to the levels shown below, from 13.90% for the class A
notes and 8.76% for the class B notes since S&P's previous
review. Credit enhancement for the class C notes has decreased
from 2.97%.
Class Available credit
enhancement (%)
A 15.73
B 9.37
C 2.21
This transaction features an amortizing reserve fund, which
currently represents 3.98% of the outstanding balance of the
notes. It is at its required level, but has not been able to
amortize as the trigger has been breached because 90+ days
delinquencies exceeded 1.25% of the assets' outstanding balance.
Severe delinquencies of more than 90 days at 7.29% are on average
higher for this transaction than S&P's Spanish RMBS index, which
is at 6.18%. Defaults are defined as mortgage loans in arrears
for more than 18 months in this transaction. Current defaults
over the original balance securitized, at 3.61%, have slightly
decreased from 3.87% in our previous 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 a decrease 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 39.42 40.21
AA 34.97 35.91
A 30.78 28.37
BBB 24.08 24.34
BB 20.57 21.56
B 19.11 19.07
The increase in the WAFF is mainly due to the pool's high
seasoning of 117.38 months being mitigated by an increase in the
originator's payment arrangements, which have increased to 26.61%
of the pool from 17.94% in S&P's previous review, and the lack of
credit given to loans that are in arrears. These payments
arrangements are more vulnerable to an adverse macroeconomic
environment, in S&P's view, and it has stressed them accordingly.
The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the effect of
house price declines since the origination of the underlying
collateral. 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 our RMBS criteria. In this
transaction, the rating on the sovereign does not constrain S&P's
ratings due to the transaction's credit and structural features.
Consequently, S&P's ratings on this transaction are constrained
by the application of its RMBS criteria.
The transaction features interest deferral triggers for the class
B and C notes, based on the positive difference between the
outstanding balance of the senior notes and the sum of the
available funds, plus the outstanding balance of the non-
defaulted assets. Moreover, if the level of outstanding defaults
over the closing portfolio balance exceeds 9.60%, the interest
amounts received by the funds won't be used to pay interest on
the class B and C notes. S&P don't expect the transaction to
breach the interest deferral triggers in the near term.
Since the pool currently comprises floating-rate loans, there is
no longer a swap in this transaction covering the portfolio's
initial fixed portion. S&P has therefore applied its basis risk
stress and margin compression assumptions. These adjustments
impact the fund's cash-flows as they narrow inflows that are not
able to pay the weighted-average cost of the notes plus the
fund's fees at the current rating levels.
Although the performance has been stable since S&P's previous
review -- due to the originator increasing the level of payment
arrangements -- the credit assets' quality together with the
tightened inflows assumptions constrain the available credit
enhancement for the class A and B notes. S&P has therefore
lowered its ratings on the class A and B notes.
S&P has affirmed its 'B- (sf)' rating on the class C notes as it
don't expect them to default in the short to medium term.
S&P also consider credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8%, split equally between the one-
month and the three-month buckets for a one-year horizon, and 8%
arrears concentrated in the three-month bucket for the three-year
horizon. This did not result in our rating deteriorating below
the maximum projected deterioration that we 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 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 further falls in house prices which will then
level off at the end of 2015.
On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in our Spanish RMBS index to improve in 2015.
S&P expects severe arrears in the portfolio to remain vulnerable
to 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.
UCI 14 is a Spanish RMBS transaction, which closed in November
2005. It securitizes a pool of residential mortgage loans, 6.69%
of which are personal loans that Union de Creditos Inmobiliarios,
Establecimiento Financiero de Credito originated. The loans are
mainly located in Andalucia, Madrid, and Catalonia.
RATINGS LIST
Class Rating Rating
To From
Fondo de Titulizacion de Activos UCI 14
EUR1.45 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A BBB (sf) A (sf)
B B+ (sf) BB (sf)
Rating Affirmed
C B- (sf)
UCI 15: S&P Affirms 'B-' Rating on Class C Notes
------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB- (sf)' from
'AA (sf)' its credit rating on Fondo de Titulizacion de Activos
UCI 15's class A notes. At the same time, S&P has affirmed its
'B (sf)' and 'B- (sf)' ratings on the class B and C 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 S&P has received
from the December 2014 payment date. S&P's analysis reflects the
application of its RMBS criteria and its RAS criteria.
Credit enhancement, based on the performing balance, including
loans in arrears up to 90 days, has increased to 16.4% for the
class A notes, from 13.7% since S&P's previous review. Credit
enhancement for the class B and C notes has also increased over
the same period, to 11.1% and 2.0%, from 9.3% and 1.8%,
respectively.
This transaction features an amortizing reserve fund, which
currently represents 3.4% of the notes' outstanding balance. It
is at its required level, but has not been able to amortize as
the trigger has been breached because 90+ days delinquencies
exceeded 1.25% of the assets' outstanding balance.
Severe delinquencies of more than 90 days, at 6.4%, are on
average slightly higher for this transaction than S&P's Spanish
RMBS index. Collateral performance has remained relatively
stable since mid-2012, following an improvement after 2009.
However, the asset pool also includes loans to borrowers under
payment arrangements and with capitalized amounts. Some of these
loans are not in arrears, but may be at higher risk of default,
in S&P's view. Defaults are defined as mortgage loans in arrears
for more than 18 months in this transaction.
Current defaults over the original balance securitized, at 4.10%,
have slightly decreased from 4.31% in S&P's previous 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 esults show an increase in the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 41.2 45.4
AA 36.5 41.1
A 32.1 33.6
BBB 25.2 29.4
BB 20.5 26.5
B 18.6 23.8
The increase in the WAFF is mainly due to the increase in the
proportion of assets in payment arrangements, which have
increased to 32.38% of the pool, from 20.72% in S&P's previous
review, and the lack of seasoning credit given to delinquent
loans. These payments arrangements are more vulnerable to an
adverse macroeconomic environment, in S&P's view, and it has
stressed them accordingly. The increase in the WALS is mainly
due to the application of S&P's revised market value decline
assumptions and the effect of house price declines since the
origination of the underlying collateral. 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 its RMBS criteria. In this
transaction, S&P's ratings are not constrained by the rating on
the sovereign due to the transaction's credit and structural
features, and are therefore constrained by the application of
S&P's RMBS criteria.
The transaction features interest deferral triggers for the class
B and C notes, based on the positive difference between the
outstanding balance of the senior notes and the sum of the
available funds, plus the outstanding balance of the non-
defaulted assets. Moreover, if the level of outstanding defaults
over the closing portfolio balance exceeds 9.60%, the interest
amounts received from the assets won't be used to pay interest on
the class B and C notes. S&P don't expect the transaction to
breach the interest deferral triggers in the near term.
Since the pool currently comprises floating-rate loans, there is
no longer a swap in this transaction covering the portfolio's
initial fixed portion. S&P has therefore applied its basis risk
stress and margin compression assumptions. These adjustments
affect the fund's cash flows as they narrow inflows that are not
able to pay the weighted-average cost of the notes plus the
fund's fees at the current rating levels.
Although the performance has been stable since S&P's previous
review--due to the originator increasing the level of payment
arrangements--the credit assets' quality together with the
tightened inflows assumptions constrain the available credit
enhancement for the class A notes. S&P has therefore lowered to
'BBB- (sf)' from 'AA (sf)' its rating on the class A notes.
S&P has affirmed its 'B (sf)' and 'B- (sf)' ratings on the class
B and C notes, respectively, as S&P don't expect them to default
in the short to medium term.
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%, split equally between the one-
month and the three-month buckets for a one-year horizon, and 8%
arrears concentrated in the three-month bucket for the three-year
horizon. This did not result in S&P's rating deteriorating below
the maximum projected deterioration that S&P 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 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, which
will then level off at the end of the year.
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.
UCI 15 is a Spanish RMBS transaction, which closed in May 2006.
It securitizes a pool of residential mortgage loans, 5.36% of
which are personal loans that Union de Creditos Inmobiliarios,
Establecimiento Financiero de Credito originated. The loans are
mainly located in Andalucia, Madrid, and Catalonia.
RATINGS LIST
Class Rating Rating
To From
Fondo de Titulizacion de Activos UCI 15
EUR1,452 Million Mortgage-Backed Floating-Rate Notes
Rating Lowered
A BBB- (sf) AA (sf)
Ratings Affirmed
B B (sf)
C B- (sf)
===========================
U N I T E D K I N G D O M
===========================
TOWERGATE FINANCE: In Crunch Talks; Weighs Up Debt Proposals
------------------------------------------------------------
Alistair Gray and Arash Massoudi and Vivianne Rodrigues at The
Financial Times report that directors of the heavily indebted
insurance broker Towergate are holding crunch talks as they weigh
up rival restructuring proposals that will determine the fate of
one of Britain's biggest private companies.
The board, led by Alastair Lyons, was expected to reach a
decision last weekend on the fate of Towergate, the FT notes.
According to the FT, people familiar with the situation indicated
the board might favor a bid from a group of secured creditors.
However, no decision had been taken as of Jan. 30, the FT says.
At least two other parties have tabled rival last-minute
proposals, the FT states. A group of unsecured bondholders --
led by KKR, the Bain Capital affiliate Sankaty Advisors, and
alternative investment manager Highbridge -- has offered to
inject GBP200 million into Towergate as part of their plan, the
FT says, citing people with knowledge of the situation.
Meanwhile, Marsh & McLennan, the US-listed broker that has been
eyeing Towergate for several weeks, has made a cash offer of more
than GBP600 million, the FT notes.
According to the FT, secured creditors that hold about two-thirds
of the company's GBP715 million worth of senior debt have
proposed buying the equity for GbP1 in return for reducing the
amount they are owed in a "prepackaged" administration -- in
effect the pre-negotiated sale of an insolvent business.
People with knowledge of the process highlighted that the plan
from the secured creditors, being advised by Moelis, would leave
the company with less debt leverage, the FT relates.
However, the unsecured bondholders -- whose bonds are trading at
13p in the pound -- would face heavy losses under the plan,
according to the FT.
A bill on Towergate's debt pile was due on Feb. 2 to secured
creditors, the FT notes. Another payment, to the unsecured
creditors, is due two weeks later, the FT states. Together they
are estimated to total about GBP30 million, the FT discloses.
Towergate hired Evercore and Rothschild in November to advise on
its future, The FT recounts. The company warned it might not
survive as a going concern if a restructuring could not be
agreed, the FT says.
Kent-based Towergate employs about 5,000 people at more than 120
offices.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 26 to January 30, 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.
* * * End of Transmission * * *