/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/150511.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, May 11, 2015, Vol. 16, No. 91 Headlines A U S T R I A HYPO ALPE ADRIA: Court Orders Heta to Repay EUR2.3BB to BayernLB HYPO TIROL: Moody's Lowers Debt & Deposit Ratings to 'Ba1' A Z E R B A I J A N BANK TECHNIQUE: Moody's Reviews Caa1 Ratings for Downgrade F I N L A N D TALVIVAARA MINING: Creditors Back Restructuring Plan G E R M A N Y PROGROUP AG: S&P Assigns 'B+' CCR; Outlook Stable SEB IMMOINVEST: Liquidating Fund Distributes EUR326MM Dividend G R E E C E GREECE: Bailout Talks Remain Sluggish, Meeting Scheduled Today NATIONAL BANK: Moody's Cuts Ratings of Mortgage Covered Bonds I R E L A N D EIRLES TWO: S&P Withdraws B-p Rating on US$12MM Combination Notes HARVEST CLO III: Moody's Affirms Ba2 Ratings on 2 Note Classes LUNAR FUNDING V 2007-56: S&P Puts BB+ Rating on CreditWatch Pos. I T A L Y BANCA MEDIOCREDITO: Fitch Withdraws 'B' LT Issuer Default Rating BORMIOLI ROCCO: S&P Lowers CCR to 'B', Outlook Stable MONTE DEI PASCHI: Reports EUR72.6MM Net Income in 2015 1Q TAURUS CMBS NO. 2: S&P Lowers Ratings on 3 Note Classes to 'D' N E T H E R L A N D S ARES EURO I: Moody's Cuts Rating on EUR6MM Class F Notes to B3 CID FINANCE: S&P Raises Rating on 43 Recourse Notes to 'BB+' PENTA CLO 2: Moody's Rates EUR13MM Class F Notes '(P)B2' SMILE SECURITISATION 2007: Fitch Affirms CC Rating on Cl. E Notes S W E D E N NOBINA AB: S&P Revises Outlook to Positive & Affirms 'B' Rating SBAB BANK: Moody's Assigns Ba2(hyb) Rating to AT1 Securities T U R K E Y TURKEY: S&P Affirms 'BB+/B' Foreign Currency Sovereign Ratings U N I T E D K I N G D O M AUBURN SECURITIES 4: S&P Lowers Rating on Class E Notes to B- LANCELOT MANAGEMENT: GFSC Seeks Administrators to Oversee Funds SHOON: Enters Into Company Voluntary Arrangement X X X X X X X X * BOND PRICING: For the Week May 4, 2015 to May 8, 2015 ********* ============= A U S T R I A ============= HYPO ALPE ADRIA: Court Orders Heta to Repay EUR2.3BB to BayernLB ---------------------------------------------------------------- James Shotter at The Financial Times reports that a German court has ordered Heta, the "bad bank" set up to deal with the stricken Austrian lender Hypo Alpe Adria, to pay BayernLB about EUR2.3 billion, giving the German lender a boost in a long-running dispute. According to the FT, the decision in a Munich court on May 8 by Judge Gesa Lutz requires Heta to make payments of EUR1.03 billion and CHF1.29 billion plus interest to BayernLB, which has been trying to recoup EUR2.4 billion from Hypo, the Carinthia-based bank which it had previously owned. Heta, as cited by the FT, said that it would appeal against the decision, adding that it felt that key parts of its arguments had been inadequately appreciated. BayernLB bought a majority stake in Hypo in 2007, before ceding control of the Austrian bank when it had to be nationalized during the financial crisis after a rapid expansion into the Balkans ended in failure, the FT recounts. Since late 2012, BayernLB and its Austrian counterparts have become embroiled in a dispute over EUR2.4 billion which the German lender provided to Hypo, the FT relays. BayernLB says this was a loan, the FT notes. Heta had claimed it should be counted as equity, the FT states. About Hypo Alpe-Adria Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It is active in banking and leasing. In banking, HGAA serves both corporate and retail customers and offers services ranging from traditional lending through savings and deposits to complex investment products and asset management services. Hypo Alpe received EUR1.75 billion in aid in emergency capital from the Austrian government. European Union Competition Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe faced possible closure for failing to adequately restructure. The European Commission approved Hypo's recapitalization in December 2013, but made it conditional on the management presenting a thorough plan to overhaul the group. The Austrian finance ministry, which effectively runs Hypo Alpe, submitted a restructuring plan to the Commission on Feb. 5, 2013. On Sept. 3, 2013, the Commission cleared Hypo Alpe's restructuring plan, which includes the sale of the bank's Austrian unit and Balkans banking network and the winding-down of non-viable parts. It also approved additional aid to wind down the bank. As reported in the Troubled Company Reporter-Europe on Nov. 3, 2014, The Wall Street Journal said Austria's nationalized lender Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has split itself between a wind-down unit, called Heta Asset Resolution GmbH, and its southeastern European network of banks. The split is part of the lender's restructuring plan approved by the European Commission, the Journal disclosed. According to the Journal, under the plan, the Austrian government -- Hypo Alpe- Adria's current owner -- must sell off all of the bank's assets or transfer them into a wind-down unit by mid-2015. HYPO TIROL: Moody's Lowers Debt & Deposit Ratings to 'Ba1' ---------------------------------------------------------- Moody's Investors Service downgraded the long-term debt and deposit ratings of two Austrian regional mortgage banks (Landeshypothekenbanken), Hypo Tirol Bank AG (Hypo Tirol) and Vorarlberger Landes- und Hypothekenbank AG (VLH). The rating actions reflect Moody's assessment of the banks' liability structure within the Loss Given Failure (LGF) analysis -- which forms part of Moody's revised bank rating methodology -- and the removal of support uplift available from their public-sector owners because of changed assumptions. Moody's deems such support unlikely given the restrictive framework of the European Bank Recovery and Resolution Directive (BRRD). The actions also reflect the expected adverse effects on each banks' earnings, capitalization, and funding that arise from the banks' support for Pfandbriefbank (Oesterreich) AG (Backed Senior Unsecured debt A2, review for downgrade) for whose liabilities they are liable under a joint and several liability agreement. These rating actions conclude the reviews for downgrade initiated on March 6, 2015, which were extended on March 17, 2015 following the roll-out of Moody's revised bank rating methodology. Moody's has taken following rating actions: -- confirmed Hypo Tirol's standalone baseline credit assessment (BCA) at ba3 and the bank's backed and non-backed subordinated debt ratings at B1 -- downgraded Hypo Tirol's long-term and short-term debt and deposit ratings to Ba1 and Not-Prime from Baa2/Prime-2, as well as the bank's backed long-term debt and deposit ratings to Ba1 from Baa1 -- confirmed VLH's standalone BCA at baa3 and the bank's backed subordinated debt ratings at Ba1 -- downgraded VLH's long-term and short-term debt and deposit ratings to Baa1 and Prime-2 from A2/Prime-1, as well as the bank's backed long-term debt and deposit ratings to Baa1 from A1. The banks' long-term senior debt and deposit ratings carry a negative outlook. Moody's removed -- for its own business reasons -- the rating outlook on Hypo Tirol's and VLH's subordinated debt instruments. Moody's also assigned a Counterparty Risk Assessment (CR Assessment) of Baa3(cr)/Prime-3(cr) to Hypo Tirol and A3(cr)/Prime-2(cr) to VLH. Downgrade of Hypo Tirol's and VLH's long-term ratings: The downgrade of Hypo Tirol's and VLH's long-term debt and deposit ratings reflects the effects from the implementation of Moody's new global bank rating methodology as well as Moody's changed assumptions of whether the banks would receive government (systemic) support, which resulted in an elimination of systemic support uplift. The uplift from the introduction of Loss Given Failure (LGF), which takes into account the assessment of potential losses to different rated instruments in case of a bank's failure not fully mitigates the adverse effect from the removal of government support. Hypo Tirol and VLH are subject to the BRRD, which Moody's considers to be an Operational Resolution Regime. In accordance with the new global bank rating methodology, the rating agency applies the advanced Loss Given Failure analysis to the banks' liabilities, considering the risks faced by the different debt and deposit classes across the liability structure at failure. For both Hypo Tirol and VLH, the LGF analysis indicates a very low loss-given-failure for deposits and senior unsecured debt, leading us to position the banks' Preliminary Rating Assessment (PRA) two notches above their Adjusted BCAs, which are ba3 for Hypo Tirol and baa3 for VLH. The assessment for both banks is supported by their substantial volume of senior unsecured debt, which mainly consists of backed/grandfathered senior debt with sizeable maturities until 2017. Following the implementation of BRRD in Austria, Moody's considers that support from the Austrian government (Aaa stable) as well as the regional governments is constrained. Consequently, systemic support for Hypo Tirol's and VLH's debt and deposits instruments is low, leading to no additional rating uplift. As a result, the senior debt and deposit ratings of Ba1 for Hypo Tirol's and of Baa1 for Hypo Vorarlberg's now include two notches of LGF uplift from the banks' respective adjusted BCAs versus four notches of rating uplift from systemic support previously. Rationale for the Negative Outlooks: The negative outlooks on each bank's long-term ratings reflect remaining uncertainties around the contemplated support measures for Pfandbriefbank under the statutory multi-recourse joint & several liability scheme of its member banks and related Austrian federal states. These uncertainties refer to some Austrian provinces' reluctance to participate in the recently agreed support measures, raising the risk that a smaller group of potentially weaker members to the joint and several liability framework need to share the burden. Furthermore, additional impairments on Heta's liabilities beyond those already recognized in the banks' financial statements could add credit pressure on the two banks. The negative outlook on the banks' state-guaranteed ratings follows the negative outlook on each bank's non-guaranteed long- term debt and deposit ratings. Downgrade of Hypo Tirol'S and VLH'S State-Guaranteed Ratings: Moody's decision to remove the value it had so far attributed to the deficiency guarantees provided from the banks' respective guarantors -- the State of Tyrol (unrated) and the State of Vorarlberg (unrated) -- triggered the downgrade of Hypo Tirol's and VLH's backed long and short-term debt and deposit ratings. There is a strong likelihood that deficiency guarantees are not enforceable in Austria upon a full or partial write-down (and cancellation) of bailed-in debt because of their accessory nature, under the new Federal Banking Restructuring and Resolution Act (BaSAG), which is the national implementation law of the European BRRD, effective since January 1, 2015. As a result, Moody's has re-positioned these backed ratings at the same level as each bank's non-guaranteed senior unsecured debt rating. Manageable Impact on Hypo Tirol's and VLH's Standalone Financial Strengths from the Support Measures Provided to Pfandbriefbank: The confirmation of Hypo Tirol's ba3 BCA and VLH's baa3 BCA reflects Moody's assessment that the burden of supporting Pfandbriefbank remains manageable for both banks at this stage, and within the scope of risk identified at their respective BCA levels. Support for Pfandbriefbank which aims to shield the company from losses on their material exposure to Heta Asset Resolution AG (Heta; Carinthian-state-guaranteed debt rated Ca, negative) became necessary following (1) the initiation of resolution measures by the Austrian Financial Market Authority (FMA) on 1 March 2015 for Heta; and (2) the enforcement of a temporary payment moratorium over Heta's liabilities until 31 May 2016. The moratorium resulted in the immediate triggering of the statutory liability scheme for Pfandbriefbank which holds EUR1.2 billion of Heta's claims, as of 30 June 2014. Pfandbriefbank's liabilities benefit from a statutory multi-recourse liability scheme by its member banks (i.e., the Austrian Landeshypothekenbanken), and their current (or previous) owners, the Austrian federal states. In Moody's view, Hypo Tirol's and VLH's pro rata share under the joint and several liability scheme for Pfandbriefbank's liabilities represents a significant but manageable near-term burden relative to each bank's financial strengths. The banks' 2014 loan loss provisions for their respective exposures resulted in markedly reduced full-year profits for VLH and in a full-year loss for Hypo Tirol. However, downside risks remain from the banks' commitment to Pfandbriefbank. These primarily relate to (1) the risk of higher losses resulting from Heta's liabilities than the banks' current provisioning levels; (2) the sector-wide consequences of another Pfandbriefbank member encountering financial difficulties; and (3) the potential negative impact on member banks' financials if additional parties to the joint and several support agreement decide to withdraw their support. Moody's anticipates further challenges to the funding plans of Hypo Tirol and to a smaller degree also for VLH, if the negative near-term impact on investor demand for Austrian bank debt instruments extends over a longer period. Despite the loss reported for the year 2014 which includes an impairment on Hypo Tirol's exposure to Pfandbriefbank, the bank reported an improved transitional Common Equity Tier 1 (CET1) ratio of 10.8% and EUR449 million CET1 capital under IFRS at year-end 2014 (2013: 10.3% Tier 1 capital ratio). However, the still-elevated problem loan ratio primarily from legacy run-off portfolios in Italy (Baa2 stable) and weak internal capital generation, imply that the bank has only limited leeway to absorb credit losses beyond Moody's current expectations. VLH has a limited capital buffer to absorb potential losses in a stressed economic environment, with a transitional CET1 ratio of 9.8% and EUR808 million CET1 capital under IFRS at year-end 2014 (2013: 10.3% Tier 1 capital ratio). However, VLH's sound earnings capacity, which the bank reported at EUR41 million net income for 2014 after the recognition of a haircut on its exposure to Pfandbriefbank, provides VLH some flexibility in order to deal with any unforeseen risks. Rationale for the CR Assessment: Moody's has assigned CR Assessments of Baa3(cr)/Prime-3(cr) to Hypo Tirol and of A3(cr)/Prime-2(cr) to VLH. The CR Assessment is Moody's opinion of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings. The CR Assessment therefore (1) considers only the risk of default rather than the likelihood of default and the expected financial loss suffered in the event of default; and (2) applies to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is Moody's opinion on the counterparty risk related to a bank's covered bonds, derivatives (e.g. swaps), letters of credit and other contractual commitments. In assigning the CR Assessment, Moody's evaluates the issuer's standalone strength and the likelihood, should the need arise, of affiliate and government support, as well as the anticipated seniority of counterparty obligations under Moody's LGF framework. The CR Assessment also assumes that authorities will likely take steps to preserve the continuity of a bank's key operations, maintain payment flows, and avoid contagion if the bank enters a resolution process. The negative outlooks reflect the absence of upward rating pressure on the banks' backed and non-backed long-term ratings. A downgrade of Hypo Tirol's and VLH's standalone BCA could be triggered if Moody's were to conclude that additional, incremental liabilities of Hypo Tirol and VLH under the support scheme for Pfandbriefbank have a further material negative impact on the banks' financial credit strength. A downgrade of Hypo Tirol's or VLH's long-term debt and deposit ratings could be triggered following (1) a change in each bank's standalone BCA; and/or (2) a change in uplift as a result of Moody's LGF analysis. List of Affected Ratings: Hypo Tirol Bank AG The following rating inputs and ratings were confirmed: - BCA and adjusted BCA of ba3 - (P)B1 subordinated MTN program The following rating was confirmed and the rating outlook was removed: - B1 state-guaranteed subordinated debt ratings The following ratings were downgraded: - long-term debt and deposit ratings to Ba1 from Baa2, with negative outlook - short-term deposit ratings to Not-Prime from Prime-2 - state-guaranteed long-term debt and deposit ratings to Ba1 from Baa1, with negative outlook - state-guaranteed short-term deposit ratings to Not-Prime from Prime-2 The following rating inputs were assigned: - Counterparty Risk Assessment of Baa3(cr)/Prime-3(cr) Vorarlberger Landes- und Hypothekenbank AG (VLH): The following rating inputs and ratings were confirmed: - BCA and adjusted BCA of baa3 - (P)Ba1 subordinated MTN program The following rating was confirmed and the rating outlook was removed: - Ba1 state-guaranteed subordinated debt ratings The following ratings were downgraded: - long-term debt and deposit ratings to Baa1 from A2, with negative outlook - short-term deposit ratings to Prime-2 from Prime-1 - state-guaranteed long-term debt and deposit ratings to Baa1 from A1, with negative outlook - state-guaranteed short-term deposit rating to Prime-2 from Prime-1 The following rating inputs were assigned: - Counterparty Risk Assessment of A3(cr)/Prime-2(cr) The principal methodology used in these ratings was Banks published in March 2015. =================== A Z E R B A I J A N =================== BANK TECHNIQUE: Moody's Reviews Caa1 Ratings for Downgrade ---------------------------------------------------------- Moody's Investors Service has placed on review for downgrade Bank Technique OJSC's Caa1 long-term local and foreign-currency deposit ratings and caa2 baseline credit assessment (BCA), reflecting the rating agency's view that the bank's capital cushion, undermined by a heavy one-off foreign-currency revaluation loss in February of this year, will not be replenished in a sufficient and timely manner. At the same time, Moody's has affirmed the Not-Prime short-term global local and foreign-currency deposit ratings. Moody's notes that Bank Technique has received verbal regulatory forbearance to breach capital adequacy ratios and has applied for a AZN15 million subordinated loan from the Central Bank of the Republic of Azerbaijan (CBAR) to replenish its capital position. The bank's controlling shareholder may also make a capital contribution, but the timing, amount and form of its support remain uncertain. Moody's rating review placement follows the sudden erosion of the bank's capital cushion following a significant one-off foreign- currency revaluation loss, which caused total and Tier 1 capital adequacy ratios to subsequently fall below the regulatory threshold under local standards. Moody's therefore considers that (1) Bank Technique requires extraordinary support, despite the regulatory waiver; and (2) financial support in form of subordinated debt either from CBAR or controlling shareholder will likely be received. Bank Technique experienced the material foreign currency revaluation loss of around AZN25 million in February, which hit the bank's Tier 1 and total regulatory capital ratios, falling to 5.2% and 7.1%, respectively as of March 1, 2015, below the regulatory thresholds of 6% and 12%, respectively. The bank held an unhedged open short position in foreign currency equaling 14% of assets or 124% of equity as of 1 February 2015, according to local accounting standards. The review will focus on the form of capital replenishment, its sufficiency and timeliness. Bank Technique's deposit ratings have limited upside potential in the next 12 to 18 months, given that the ratings are on review for downgrade. However, Moody's could confirm Bank Technique's ratings if the bank receives necessary and timely support from either CBAR or its controlling shareholder that underpins the stabilization of its credit profile and addresses capital erosion risks. Moody's could downgrade Bank Technique's ratings if there are any lapses or delays in the replenishment of the bank's total capital. A negative rating action could also be taken if no clear-cut Tier 1 recapitalization plan for 2015 is worked out and agreed by the bank and shareholders within three months' time. The principal methodology used in these ratings was Banks published in March 2015. Headquartered in Baku, Azerbaijan, Bank Technique reported total assets of AZN568.5 million, total shareholders' equity of AZN49.8 million and net income of AZN 1.3 million, according to audited International Financial Reporting Standards as of June 30, 2014. ============= F I N L A N D ============= TALVIVAARA MINING: Creditors Back Restructuring Plan ---------------------------------------------------- Yle reports that creditors of Talvivaara voted to support the company's proposed restructuring plan on May 6. The final vote count is still to be confirmed, Yle notes. The vote in favor of the move to restructure the ailing mining company is an important step in efforts to salvage its fortunes, Yle says. According to Yle, the company reported that on May 6 creditors owed a total of EUR270 million agreed to the plan to re-organize operations. On the other hand, creditors owed a total of around EUR5 million voted against the proposal, however they proved to be in the minority, Yle relays. According to the terms of the restructuring proposal, the company needed the blessing of creditors owed outstanding funds amounting to at least EUR105 million to proceed with its plans, Yle notes. Talvivaara related that the final results of the voting won't be known until May 25, at which time a report will be filed with the District Court overseeing the proposed restructuring process, Yle relays. About Talvivaara Mining Talvivaara Mining Co. Ltd. is a Finnish nickel producer. It filed for a corporate reorganization on Nov. 15, 2013, to raise funds and avoid bankruptcy. The company suffered from falling nickel prices and a slow ramp-up at its mine in northern Finland, forcing it to seek fundraising help from investors and creditors. ============= G E R M A N Y ============= PROGROUP AG: S&P Assigns 'B+' CCR; Outlook Stable ------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its 'B+' long-term corporate credit rating to German containerboard and corrugated board producer Progroup AG and JH-Holding Finance S.A., a financing subsidiary of Progroup's holding company JH- Holding GmbH. The outlook is stable. At the same time, S&P assigned its 'B+' rating to Progroup's EUR400 million senior secured notes, with a recovery rating of '3', indicating out expectation of meaningful recovery in the event of payment default, in the lower half of the 50%-70% range. S&P also assigned its 'B-' rating with a '6' recovery rating to the EUR125 million payment-in-kind (PIK) toggle notes issued by JH-Holding Finance, reflecting S&P's expectation of negligible recovery in the event of a payment default of 0%-10%. The rating on Progroup reflects S&P's assessment of the group's "fair" business risk profile and its "aggressive" financial risk profile, as S&P's criteria define these terms. S&P's rating also encompasses its view of the company's liquidity as "adequate" following the refinancing, and its management and governance as "fair." In line with S&P's group rating methodology, it takes a consolidated approach when analyzing Progroup's creditworthiness and therefore include debt at the holding company in consolidated credit metrics. S&P views Progroup and JH-Holding Finance to be core subsidiaries within the group. S&P makes only minor adjustments to the reported debt by adding outstanding factoring liabilities (EUR6.3 million) and operating leases (about EUR8 million), and by treating all cash as surplus, apart from EUR5 million, which S&P believes is tied up at foreign subsidiaries. S&P's "fair" assessment of Progroup's business risk profile is constrained by its position as a relatively small player in the oversupplied, fragmented, commodity-like, and highly competitive European paperboard market. However, these weaknesses are partly mitigated by Progroup's differentiated business model, with its focus on corrugated sheets, as well as its modern machines, well- invested asset base, and strong cost position. S&P's "aggressive" assessment of Progroup's financial risk profile incorporates the relatively high leverage on a consolidated basis, with S&P's expectation of funds from operations (FFO) to debt of about 13% and debt to EBITDA of 4.5x at year-end 2015. Although these levels are in line with S&P's "aggressive" financial risk category, the assessment is at the very low end of the range. S&P therefore applies a one-notch negative adjustment to the 'bb-' anchor to arrive at the 'B+' rating. That said, S&P thinks that the group has the potential to deleverage slightly in the coming years, despite possible pressure on operating margins, as operating cash flow will likely remain strong. S&P views favorably the group's long-dated debt maturity profile, limited exposure to foreign exchange risk, and its comfortable liquidity position following the refinancing exercise. The stable outlook reflects S&P's expectation that Progroup's profitability could weaken slightly in the coming years due to price pressure, but that the group's strong cash flow generation will prevent credit metrics from deteriorating significantly. S&P expects the group will maintain a cautious approach to expansion and remain focused on its well-established relations with its small and midsize customer base. For the current long- term rating, S&P expects the group will maintain FFO to debt of at least 12% and debt to EBITDA of below 5x, while maintaining positive cash flow generation after investments and an ongoing cautious dividend policy. Downside pressure on the rating could arise as a result of declining economic conditions in Europe, which would exacerbate overcapacity in the market and put pressure on Progroup's pricing. This in turn would weaken the company's credit metrics. S&P could lower the rating if FFO to debt deteriorated toward 10% on a long-term basis. S&P could also lower the rating if Progroup's financial policy became less conservative, for example, if the group pursued a large-scale merger and acquisition or began paying dividends, although S&P sees such a scenario as unlikely at the moment. Ratings upside is unlikely in the coming two years, as S&P expects the market for containerboard and corrugated board to remain challenging, which will likely limit any improvement in credit metrics. S&P could consider an upgrade if credit metrics outperformed its current base case, such as FFO to debt consistently above 16% and debt to EBITDA below 4.5x. Any ratings upside could only follow Progroup's demonstration of a continued cautious financial policy and stable operational performance. SEB IMMOINVEST: Liquidating Fund Distributes EUR326MM Dividend ------------------------------------------------------------- Property Investor Europe reports that liquidating German property fund SEB ImmoInvest, managed by Swedish SEB Bank's Frankfurt- based unit recently sold to UK's Cordea Savills, will pay out an unscheduled dividend of EUR326 million after selling nine properties for EUR834 million. As reported by the Troubled Company Reporter-Europe on July 4, 2013, Property Investor Europe related that SEB AM was forced in 2012 to liquidate SEB Immoinvest as redemption requests far outstripped liquidity on re-opening the fund for one day only. It had closed during the financial crisis along with many other German open-end property funds during the massive run on liquidity, only to be hit again by market uncertainty from Berlin draft legislation on investor protection in May 2010, which was eventually amended or withdrawn completely, Property Investor Europe recounted. SEB ImmoInvest is a German open-ended property fund. =========== G R E E C E =========== GREECE: Bailout Talks Remain Sluggish, Meeting Scheduled Today -------------------------------------------------------------- Peter Spiegel at The Financial Times reports that there have been so many "make-or-break" moments for Athens since Greece's debt crisis first shook markets five years ago, that it is difficult to know when things might really break. But this much is clear: unless Greece and its international creditors agree a deal soon to close out the country's EUR172 billion bailout, and then quickly agree another rescue, Athens is likely to run out of money and default on its debts, the FT says. That would push it perilously close to crashing out of the eurozone, according to the FT. Officials had been eying this week as a potential capitulation date, the FT says. All 19 eurozone finance ministers are due to gather in Brussels today, May 11, for their monthly eurogroup meeting, where bailout deals are normally brokered, the FT discloses. Tomorrow, May 12, Greece is due to make EUR750 million loan repayment to the International Monetary Fund, the FT notes. Several factors have conspired against a deal this week, the FT states. For one thing, Greece appears to have once again scraped together enough cash to stave off the day of reckoning, according to the FT. Asked on May 7 if the fund payment would be made, Yanis Varoufakis, the Greek finance minister, as cited by the FT, said: "Of course we want to pay the IMF. We intend to pay every creditor." Meanwhile, progress in bailout talks remains sluggish, the FT notes. Officials involved in the negotiations say the atmosphere has improved: negotiators are now engaged on substantive differences, rather than battling over logistics such as who will attend, the FT relays. But there has been no real narrowing of differences, the FT says. Some officials on both sides of the talks had hoped that Monday's meeting would at least produce a statement endorsing their progress but even that low bar appears out of reach, the FT discloses. With such an endorsement, Athens hoped the European Central Bank would be persuaded to increase its cap on the amount of short- term debt the government could issue -- a key relief valve that would have eased, at least temporarily, the government's cash crunch, according to the FT. But no such relief is now expected, the FT states. With no agreement imminent, the deadline becomes more nebulous, the FT says. The current bailout ends in June and officials are starting to examine the calendar to figure out the drop-dead moment a deal must be reached to have enough time to clear all the prerequisites for a payment to reach Athens by June 30, the FT notes. Most officials believe the last week of May would be the best- case scenario, leaving a full month for eurozone parliaments -- including the increasingly hostile German Bundestag -- to approve the deal and for Greece to pass and implement new laws, the FT relays. NATIONAL BANK: Moody's Cuts Ratings of Mortgage Covered Bonds ------------------------------------------------------------- Moody's Investors Service downgraded the ratings of the mortgage covered bonds across four Greek covered bond programs and confirmed the ratings of the bonds for one other program. Specifically, Moody's has downgraded: -- to B3 from B1, on review direction uncertain, the ratings on the mortgage covered bonds issued by National Bank of Greece S.A. (deposits Caa3 negative, adjusted baseline credit assessment (BCA) caa3), under its Global covered bond programme -- to B3 from Ba3, on review for downgrade, the mortgage covered bonds issued by National Bank of Greece S.A. under its Covered Bond Programme II -- to B3 from Ba3, on review for downgrade, the mortgage covered bonds issued by Eurobank Ergasias S.A. (deposits Caa3 negative, adjusted BCA caa3), under its Mortgage Covered Bonds I programme -- to B3 from B1, on review direction uncertain, the mortgage covered bonds issued by Alpha Bank AE (deposits Caa3 negative, adjusted BCA caa3), under its Direct Issuance Global programme Moody's also confirmed at B3 the ratings on the mortgage covered bonds issued by Eurobank Ergasias S.A., under its Mortgage Covered Bonds II programme. These rating actions conclude Moody's review of Greek covered bonds. The rating actions on the covered bond ratings referenced above follow (1) the rating actions on the relevant issuer ratings; and (2) following the Greek sovereign downgrade to Caa2 from Caa1, the lowering of Greece's country ceiling to B3, which now constrains the covered bond ratings at the B3 level. Moody's determines covered bond ratings using a two-step process: an expected loss analysis and a timely payment indicator (TPI) framework analysis. Expected Loss: Moody's uses its Covered Bond Model (COBOL) to determine a rating based on the expected loss on the bond. COBOL determines expected loss as (1) a function of the probability that the issuer will cease making payments under the covered bonds (a CB anchor event), and (2) the stressed losses on the cover pool assets following a CB anchor event. The cover pool losses are an estimate of the losses Moody's currently models following a CB anchor event. Moody's splits cover pool losses between market risk and collateral risk. Market risk measures losses stemming from refinancing risk and risks related to interest-rate and currency mismatches (these losses may also include certain legal risks). Collateral risk measures losses resulting directly from the cover pool assets' credit quality. Moody's derives collateral risk from the collateral score. The CB anchor for all Greek Mortgage Covered Bonds is the respective issuer's deposit rating plus zero notches, given that the debt ratio is lower than 5%. Following Moody's methodology update of March 2015, for most issuers Moody's will begin using counterparty risk (CR) assessments to determine the CB anchor, once the rating agency assigns a CR assessment to the issuer. TPI Framework: Moody's assigns a "timely payment indicator" (TPI), which measures the likelihood of timely payments to covered bondholders following a CB anchor event. The TPI framework limits the covered bond rating to a certain number of notches above the CB anchor. The assigned TPIs remain as follows: National Bank of Greece -- mortgage covered bonds under its Global Covered Bonds programme: "Very Improbable" -- mortgage covered bonds under its Covered Bonds II programme: "Improbable" Eurobank Ergasias -- mortgage covered bonds under its Covered Bonds I programme: "Probable-High" -- mortgage covered bonds under its Covered Bonds II programme: "Very Improbable" Alpha Bank -- mortgage covered bonds under its Direct Issuance Global programme: "Very Improbable" The CB anchor is the main determinant of a covered bond programme's rating robustness. A change in the level of the CB anchor could lead to an upgrade or downgrade of the covered bonds. The TPI Leeway measures the number of notches by which Moody's might lower the CB anchor before the rating agency downgrades the covered bonds because of TPI framework constraints. A multiple-notch downgrade of the covered bonds might occur in certain limited circumstances, such as (1) a sovereign downgrade negatively affecting both the CB Anchor and the TPI; (2) a multiple-notch downgrade of the CB Anchor; or (3) a material reduction of the value of the cover pool. The principal methodology used in these ratings was "Moody's Approach to Rating Covered Bonds" published in March 2015. ============= I R E L A N D ============= EIRLES TWO: S&P Withdraws B-p Rating on US$12MM Combination Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services raised to 'A+' from 'BB+', removed from CreditWatch positive, and placed on CreditWatch negative its credit rating on Eirles Two Ltd.'s series 191 combination notes. At the same time, S&P has withdrawn its 'B-p/Watch Pos' rating on Eirles Two Ltd.'s series 192 combination notes. On Feb. 27, 2015, S&P placed on CreditWatch positive its ratings on Eirles Two's series 191 and 192 combination notes following similar rating actions on the their underlying components. Series 191 is composed of: -- US$6 million of the series 9 class E-1-c mezzanine notes issued by Atlas II CDO PLC on June 15, 2015; and -- US$4 million of the unrated series 13 class F-2 equity portfolio credit-linked secured notes issued by Atlas II CDO. The series 191 combination notes pay a stated coupon of 2% per year. Series 192 is composed of: -- US$6 million of the series 8 class E-1-b mezzanine notes issued by Atlas II CDO; and -- US$6 million of the unrated series 13 class F-2 equity portfolio credit-linked secured notes issued by Atlas II CDO. S&P estimates the current rated balance of the series 191 combination notes to be about $1.01 million. The US$6 million redemption proceeds of the series 9 class E-1-c mezzanine notes will be sufficient to cover the redemption of the rated balance and the interest due on the series 191 notes. Therefore, S&P's rating on the series 191 notes is weak-linked to its rating on the series 9 class E-1-c mezzanine notes. The rating action on the series 191 combination notes follows S&P's recent rating action on the series 9 class E-1-c mezzanine notes. S&P has received confirmation from the trustee that the entire $12 million rated balance of the series 192 combination notes has been fully paid. Therefore, S&P has withdrawn its 'B-p/Watch Pos' rating on the series 192 combination notes. The series 192 noteholders will keep on receiving the distributions from the two underlying components as residual payments. S&P defines the rated balance as the combination notes' initial principal amount minus all distributions of the underlying components after payment of stated interest (if any). RATINGS LIST Class Rating Rating To From Rating Raised, Removed From CreditWatch Positive, And Placed On CreditWatch Negative Eirles Two Ltd. US$10 Million Fixed-Rate Deferring Interest Combination Notes Linked To Two Separate Issues Of Atlas II CDO PLC Portfolio Credit-Linked Secured Notes Series 191 A+/Watch Neg BB+/Watch Pos Rating Withdrawn Eirles Two Ltd. US$12 Million Combination Notes Linked To Two Separate Issues Of Atlas II CDO PLC Portfolio Credit-Linked Secured Notes Series 192 NR B-p/Watch Pos HARVEST CLO III: Moody's Affirms Ba2 Ratings on 2 Note Classes -------------------------------------------------------------- Moody's Investors Service has taken rating actions on the following notes issued by Harvest CLO III plc: -- EUR425,000,000 Class A Senior Floating Rate Notes due 2021, Affirmed Aaa (sf); previously on Jan 15, 2014 Affirmed Aaa (sf) -- EUR77,000,000 Class B Senior Floating Rate Notes due 2021, Upgraded to Aaa (sf); previously on Jan 15, 2014 Upgraded to Aa1 (sf) -- EUR30,750,000 Class C-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, Upgraded to Aa1 (sf); previously on Jan 15, 2014 Upgraded to A2 (sf) -- EUR12,000,000 Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, Upgraded to Aa1 (sf); previously on Jan 15, 2014 Upgraded to A2 (sf) -- EUR16,750,000 Class D-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, Upgraded to Baa1 (sf); previously on Jan 15, 2014 Upgraded to Baa3 (sf) -- EUR9,250,000 Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, Upgraded to Baa1 (sf); previously on Jan 15, 2014 Upgraded to Baa3 (sf) -- EUR15,750,000 Class E-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, Affirmed Ba2 (sf); previously on Jan 15, 2014 Upgraded to Ba2 (sf) -- EUR3,000,000 Class E-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, Affirmed Ba2 (sf); previously on Jan 15, 2014 Upgraded to Ba2 (sf) -- EUR10,000,000 Class V Combination Notes due 2021, Upgraded to A2 (sf); previously on Jan 15, 2014 Upgraded to Baa2 (sf) Harvest CLO III plc, issued in April 2006, is a collateralized loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by 3i Debt Management Investments Ltd. The transaction's reinvestment period ended in June 2013. The rating actions on the notes are primarily a result of the material improvement in over-collateralization ratios following the June and December 2014 payment dates. Since the last rating action in January 2014 the Class A notes have amortized by approximately EUR246.44M or 58% of its original outstanding balance. Additionally as reported by the Trustee in April 2015 the cash balance in the principal account is currently EUR66.6 million. As a result of the deleveraging, over-collateralization has increased. As of the trustee's April 2015 report, the Class A/ B, Class C, Class D and Class E had over-collateralization ratios of 157.21%, 128.32%, 115.42% and 107.62% compared with 125.92%, 114.69%, 108.78% and 104.89% respectively, as of the trustee's January 2014 report. The rating on the combination notes addresses the repayment of the rated balance on or before the legal final maturity. For the Class V notes, the 'rated balance' at any time is equal to the principal amount of the combination note on the issue date times a rated coupon of 2.00% per annum accrued on the rated balance on the preceding payment date, minus the sum of all payments made from the issue date to such date, of either interest or principal. The rated balance will not necessarily correspond to the outstanding notional amount reported by the trustee. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool as having a performing par and principal proceeds balance of EUR247.94 million (including non-Euro obligations hedged via perfect assets swaps) and GBP33.26 million, defaulted par of EUR10.1 million, a weighted average default probability of 19.8% over 4.16 years weighted average life (consistent with a 10 year WARF of 2888), a weighted average recovery rate upon default of 49.52% for a Aaa liability target rating, a diversity score of 24 and a weighted average spread of 3.88%. The GBP denominated assets are fully hedged with a macro swap, which Moody's also modelled. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed a recovery of 50% of the 98.63% of the portfolio exposed to first-lien senior secured corporate assets upon default and of 15% of the 1.37% remaining non-first-lien loan corporate assets upon default. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analyzing. The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. In addition to the base-case analysis, Moody's conducted a sensitivity analyses on the estimated average recovery rate on future defaults. As the portfolio is increasingly becoming less granular, as evidenced by the low diversity score, the expected loss of the pool could potentially be more exposed to variation in future recovery rates on defaulted assets. Moody's ran a model whereby it decreased the weighted average recovery rate upon default by 5%; the model generated outputs which are within two notches of the base case. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of 1) uncertainty about credit conditions in the general economy 2) the concentration of lowly-rated debt maturing between 2014 and 2015, which may create challenges for issuers to refinance. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in the legal interpretation of CDO documentation by different transactional parties due to embedded ambiguities. Additional uncertainty about performance is due to the following: (1) Portfolio amortization: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortization could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortization would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. (2) Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralization levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analyzed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. (3) Foreign currency exposure: The deal is exposed to non-EUR denominated assets. Volatility in foreign exchange rates will have a direct impact on interest and principal proceeds available to the transaction, which can affect the expected loss of rated tranches. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. LUNAR FUNDING V 2007-56: S&P Puts BB+ Rating on CreditWatch Pos. ---------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch positive its 'BB+ (sf)' credit rating on Lunar Funding V PLC's series 2007-56. The CreditWatch positive placement is part of S&P's regular monthly review of European synthetic collateralized debt obligations (CDOs). The CreditWatch positive placement reflects, among other things, the effect of recent rating migration within reference portfolio, recent credit events on referenced obligations, and the application of S&P's relevant criteria. S&P has used its SROC (synthetic rated overcollateralization) tool to surveil its ratings on these synthetic CDOs. The tranche's current SROC exceeds 100%, which indicates to S&P that the tranche's credit enhancement is greater than that required to maintain the current rating. Additionally, S&P's analysis indicates that the current SROC would be greater than 100% at a higher rating level than currently assigned. S&P has therefore placed on CreditWatch positive its 'BB+ (sf)' rating on Lunar Funding V's series 2007-56. S&P has used its CDO Evaluator model 6.3 to determine the amount of net losses in each portfolio that S&P expects to occur in each rating scenario. S&P has also applied its top obligor and industry tests. One of the main steps in S&P's rating analysis is the review of the credit quality of the portfolio referenced assets. SROC is one of the tools S&P uses when surveilling its ratings on synthetic CDO tranches with reference portfolios. SROC is a measure of the degree by which the credit enhancement (or attachment point) of a tranche exceeds the stressed loss rate assumed for a given rating scenario. SROC helps capture what S&P considers to be the major influences on portfolio performance: Credit events, asset rating migration, asset amortization, and time to maturity. It is a comparable measure across different tranches of the same rating. ========= I T A L Y ========= BANCA MEDIOCREDITO: Fitch Withdraws 'B' LT Issuer Default Rating ---------------------------------------------------------------- Fitch Ratings has withdrawn Banca Mediocredito Friuli Venezia Giulia S.p.A.'s (MFVG) ratings as follows: -- Long-term IDR of 'B' with a Stable Outlook; withdrawn -- Short-term IDR of 'B'; withdrawn -- Viability Rating of 'b'; withdrawn -- Support Rating of '4'; withdrawn -- Senior Long- and Short-term debt Ratings: 'B'/'RR4' and 'B'; withdrawn Fitch is withdrawing the ratings as MFVG has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for MFVG. BORMIOLI ROCCO: S&P Lowers CCR to 'B', Outlook Stable ----------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Italy-based glass and plastic packaging company Bormioli Rocco Holdings S.A. to 'B' from 'B+'. The outlook is stable. In addition, S&P lowered its issue rating on Bormioli Rocco's EUR250 million senior secured notes to 'B' from 'B+'. The recovery rating on the notes is unchanged at '3', indicating S&P's expectation of meaningful recovery in the event of a payment default, in the lower half of the 50%-70% range. The downgrade reflects S&P's view that Bormioli Rocco's leverage metrics, funds from operations (FFO) to debt and debt to EBITDA, are lagging S&P's expectations for the long-term rating, with no indication of a swift reversal over 2015 and 2016. This is due to both lower operating performance and an increased amount of debt as result of higher capital spending in 2014, 2015, and 2016. Bormioli Rocco's profitability metrics in 2014 were below S&P's expectations. This reflects difficult trading conditions and additional furnace stoppages beyond S&P's previous base-case forecasts. As result, S&P's adjusted EBITDA margin dropped to 9% in 2014, compared with 11.5% in 2013. However, S&P understands that those production problems had no major impact on Bormioli Rocco's client relationships. In addition, S&P expects the company's performance to recover somewhat in 2015 and 2016, and the EBITDA margin to improve to above 12% in 2015 and 2016, although that is still below the average for the industry. The improvement is thanks both to slightly improving economic prospects in some of the countries where Bormioli Rocco operates, and to S&P's view that potential production problems, including furnace stoppages and breakdowns, should be less of a concern in 2015, as the company will likely benefit from overhauls undertaken in 2014. At the same time, Bormioli Rocco's adjusted financial debt has increased over 2014, mainly reflecting increased capital spending and prefunding made in anticipation of further sustained capital expenditures in 2015, and reached a high EUR355 million as of Dec. 31, 2014. S&P expects Bormioli Rocco's adjusted financial debt to remain broadly unchanged over 2015 and 2016. This is because, when calculating our adjusted financial debt, S&P applies a 100% haircut to the company's cash and cash equivalent assets on the balance sheet, since Bormioli Rocco is private equity owned. As result, FFO to debt fell to 3.3% and debt to EBITDA worsened to 8x in 2014, and S&P forecasts that they will remain at 7%-9% and 5x-6x in 2015 and 2016. S&P is therefore revising its financial risk profile assessment on Bormioli Rocco to "highly leveraged" from "aggressive." S&P views Bormioli Rocco's business risk profile as "fair," reflecting the company's relatively small scope of operations, below-average margins for the industry, sensitivity to volatile input costs, and relatively high capital intensity. S&P assess Bormioli Rocco's financial risk profile as "highly leveraged." The stable outlook reflects S&P's view that the production problems Bormioli Rocco suffered in 2014 should progressively ease, thus leading to a recovery of the profitability margin in 2015 and 2016 to above 12%. The stable outlook also reflects S&P's expectation that the company will renew a significant part of its committed credit lines maturing in 2016, as it has done over the past few years. "We could downgrade Bormioli Rocco if the company's profitability does not recover in 2015 as we anticipate. We believe this would happen if the company continues to face production problems or if currently improving economic prospects in Europe fade. In such a scenario, we would likely revise our assessment of the business risk profile to "weak." The long-term rating could also come under pressure if the company is unable to renew its credit lines maturing in 2016 during the course of 2015. We could also lower the long-term rating if Bormioli Rocco's shareholders adopted a more aggressive financial policy, resulting in weaker credit measures than we consider commensurate with the long-term rating," S&P said. S&P may consider raising the long-term rating if the company's adjusted FFO-to-debt and debt-to-EBITDA ratios were to improve to above 12% and below 5x for a sustained period of time. S&P believes that such a scenario is unlikely in the next couple of years, however, given that the company's capital spending will likely absorb the entire operating cash flow. A positive rating action would necessitate an improvement of the company's liquidity profile to "adequate." MONTE DEI PASCHI: Reports EUR72.6MM Net Income in 2015 1Q --------------------------------------------------------- Sonia Sirletti at Bloomberg News reports that Banca Monte dei Paschi di Siena SpA, which tapped Italy for two bailouts since 2009, reported a profit after 11 straight quarterly losses as interest costs on state aid fell. The bank on May 8 said net income in the first three months of the year was EUR72.6 million (US$81 million) compared with a net loss of EUR174.1 million a year earlier, Bloomberg relates. Chief Executive Officer Fabrizio Viola is cleaning up the balance sheet, reducing risk and selling assets to restore profit at the world's oldest bank, engulfed in legal probes of alleged misconduct by former managers, Bloomberg relays. According to Bloomberg, the lender, which had the biggest capital shortfall among the banks that failed the European Central Bank's health check last year, on May 8 said it's delaying and lowering profitability targets as it prepares to raise EUR3 billion from shareholders over coming weeks. Monte Paschi said the change in targets was necessary because of the economic environment, the outcome of the comprehensive assessment and target capital requirements imposed by the regulatory authority, Bloomberg relates. The ECB gave an unfavorable assessment of Monte Paschi in its supervisory review this year, Bloomberg recounts. It cited the bank's high credit risk, difficulty of achieving adequate levels of profitability and an inability to generate capital organically, in addition to reputational and legal risks, Bloomberg notes. The bank now targets net profit of about EUR880 million in 2018, compared with EUR900 million in 2017 it sought previously, Bloomberg discloses. About Monte dei Paschi Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is an Italy-based company engaged in the banking sector. It provides traditional banking services, asset management and private banking, including life insurance, pension funds and investment trusts. In addition, it offers investment banking, including project finance, merchant banking and financial advisory services. The Company comprises more than 3,000 branches, and a structure of channels of distribution. Banca Monte dei Paschi di Siena Group has subsidiaries located throughout Italy, Europe, America, Asia and North Africa. It has numerous subsidiaries, including Mps Sim SpA, MPS Capital Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA. TAURUS CMBS NO. 2: S&P Lowers Ratings on 3 Note Classes to 'D' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'D (sf)' its credit ratings on Taurus CMBS No. 2 S.r.l.'s class E, F, and G notes. On Dec. 18, 2014, the last remaining loan (Berenice loan) fully repaid the outstanding loan amount of EUR34.695 million. On the January 2015 interest payment date, the cash manager applied a principal adjustment of EUR260,000 to the recovered principal applied to the remaining notes. Consequently, the class E and F notes' principal balance fully redeemed, and the class G notes have a non-accruing interest (NAI) amount of EUR260,000. Furthermore, the January 2015 cash manager's report noted that the issuer failed to meet its accrued interest payment obligation under the class E, F, and G notes. Although the remaining loan paid full interest, the weighted-average loan coupon on the remaining loan pool was not sufficient to cover issuer expenses and note interest. Since the last loan in the transaction repaid, S&P has subsequently been informed that the issuer will not receive any further funds for distribution and the accrued interest shortfalls will ultimately be written off. S&P's ratings on Taurus CMBS No. 2's notes address the timely payment of interest quarterly in arrears, and the payment of principal no later than the legal final maturity date in July 2019. The rating actions on the class E and F notes reflect S&P's view that it does not expect the accrued interest shortfalls to be repaid. S&P has therefore lowered to 'D (sf)' from 'B- (sf)' and 'CCC- (sf)' its ratings on the class E and F notes, respectively, in accordance with S&P's criteria. S&P has also lowered to 'D (sf)' from 'B- (sf)' its rating on the class G notes. This class of notes has experienced continued interest shortfalls and now also has an NAI amount allocated to it. The issuer has requested that S&P withdraw its ratings on the outstanding class E, F, and G notes. Consequently, S&P will withdraw its ratings on all three classes of notes in 30 days. RATINGS LIST Taurus CMBS No. 2 S.r.l. EUR403.9 mil commercial mortgage-backed floating-rate notes Rating Rating Class Identifier To From E IT0003957047 D (sf) B- (sf) F IT0003957054 D (sf) CCC- (sf) G IT0003957062 D (sf) B- (sf) ===================== N E T H E R L A N D S ===================== ARES EURO I: Moody's Cuts Rating on EUR6MM Class F Notes to B3 -------------------------------------------------------------- Moody's Investors Service has taken a variety of rating actions on the following notes issued by Ares Euro CLO I B.V.: -- EUR151.2 million (current outstanding balance EUR102.6M) Class A-1 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on Aug 7, 2014 Affirmed Aaa (sf) -- EUR37.8M Class A-2 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on Aug 7, 2014 Affirmed Aaa (sf) -- EUR52M (current outstanding balance EUR38.6M) Class A-3 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on Aug 7, 2014 Affirmed Aaa (sf) -- EUR8M Class B-1 Senior Secured Deferrable Floating Rate Notes due 2024, Upgraded to Aaa (sf); previously on Aug 7, 2014 Upgraded to Aa1 (sf) -- EUR13M Class B-2 Senior Secured Deferrable Fixed Rate Notes due 2024, Upgraded to Aaa (sf); previously on Aug 7, 2014 Upgraded to Aa1 (sf) -- EUR19M Class C Senior Secured Deferrable Floating Rate Notes due 2024, Upgraded to Aa3 (sf); previously on Aug 7, 2014 Upgraded to A1 (sf) -- EUR26M Class D Senior Secured Deferrable Floating Rate Notes due 2024, Affirmed Baa3 (sf); previously on Aug 7, 2014 Affirmed Baa3 (sf) -- EUR13.5M Class E Senior Secured Deferrable Floating Rate Notes due 2024, Affirmed Ba3 (sf); previously on Aug 7, 2014 Affirmed Ba3 (sf) -- EUR6M Class F Senior Secured Deferrable Floating Rate Notes due 2024, Downgraded to B3 (sf); previously on Aug 7, 2014 Affirmed B1 (sf) -- EUR8M Class Q Combination Notes due 2024, Affirmed A3 (sf); previously on Aug 7, 2014 Upgraded to A3 (sf) Ares Euro CLO I, issued in April 2007, is a Collateralised Loan Obligation ("CLO") backed by a portfolio of mostly high yield European loans. The portfolio is managed by Ares Management Limited. The transaction's reinvestment period ended on May 15, 2014. The upgrades to the ratings on class B and C are primarily the result of the deleveraging that have occurred over the last payment date. The Class A has amortized approximately EUR57 million in November 2014. As a result of the deleveraging, over- collateralization (OC) ratios have increased. According to the March 2015 trustee report the OC ratios of Classes A, B, C, D, E and F are 154.5%, 138.3%, 126.3%, 112.9%,107.0% and 104.5% compared to 139.6%, 128.2%, 119.4%, 109.1%, 104.4% and 102.5% respectively in June 2014. The downgrade to the ratings of class F is the result of the deterioration of key credit metrics of the underlying pool since last rating action in August 2014. The credit quality has deteriorated as reflected in the deterioration in the average credit rating of the portfolio (measured by the weighted average rating factor, or WARF) and an increase in the proportion of securities from issuers with ratings of Caa1 or lower. As of the trustee's March 2015 report, the WARF was 2,779 compared with 2,592 in June 2014. Securities with ratings of Caa1 or lower currently make up approximately 7.6% of the underlying portfolio, versus 5.0% in June 2014. The rating on the combination notes addresses the repayment of the rated balance on or before the legal final maturity. For the Class Q notes, the 'rated balance' at any time is equal to the principal amount of the combination note on the issue date minus the sum of all payments made from the issue date to such date, of either interest or principal. The rated balance will not necessarily correspond to the outstanding notional amount reported by the trustee. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool as having a performing par of EUR219.4 million, and principal proceeds balance of EUR56.8 million, defaulted par of EUR1,8 million, a weighted average default probability of 22.8% (consistent with a WARF of 3,035), a weighted average recovery rate upon default of 48.3% for a Aaa liability target rating, a diversity score of 33 and a weighted average spread of 3.3%. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed a recovery of 50% for 93.7% of the portfolio exposed to first-lien senior secured corporate assets upon default, 15% for 3.4% of the portfolio exposed to non-first-lien loan corporate assets upon default, and 33.6% for 2.9% of the portfolio exposed to structured finance assets upon default. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analyzing. The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. In addition to the base-case analysis, Moody's conducted sensitivity analyses on the key parameters for the rated notes, for which it assumed a lower weighted average recovery rate in the portfolio. Moody's ran a model in which it reduced the weighted average recovery rate by 5%; the model generated outputs were within two notches of the base-case result. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the note, in light of uncertainty about credit conditions in the general economy. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. Additional uncertainty about performance is due to the following: - Portfolio amortization: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortization could accelerate as a consequence of high loan prepayment levels or collateral sales the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortization would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. - Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralization levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analyzed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. CID FINANCE: S&P Raises Rating on 43 Recourse Notes to 'BB+' ------------------------------------------------------------ Standard & Poor's Ratings Services raised to 'BB+' from 'BB' and placed on CreditWatch negative its credit rating on CID Finance B.V.'s series 43 credit-linked secured limited recourse notes. This transaction is a credit-linked note, linked to the performance of CaixaBank S.A.'s subordinated debt 'BB+/Watch Neg'. On the issue date, CID Finance entered into a credit default swap and an interest rate swap agreement with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; BBB/Stable/A-2). Under the credit default swap, CID Finance agreed to sell protection on CaixaBank's subordinated debt. Under the interest rate swap, BBVA pays to CID Finance the quarterly coupon due under the notes. BBVA will repay the principal amount due on the notes on Sept. 20, 2015. As such, S&P's rating on the credit-linked notes reflects the credit risk associated with: -- BBVA as the swap counterparty; and -- CaixaBank's subordinated debt rating as reference obligation under the credit default swap. The rating action follows S&P's recent rating actions on the reference obligation. Under S&P's repack criteria, it would generally reflect changes to the rating on the collateral or reference obligation in S&P's rating on the tranche. S&P has therefore raised to 'BB+' from 'BB' and placed on CreditWatch negative its rating on CID Finance's series 43 notes. RATINGS LIST CID Finance B.V. EUR9 mil credit-linked secured limited recourse notes Series 43 Rating Rating Class Identifier To From XS0528910788 BB+/Watch Neg BB PENTA CLO 2: Moody's Rates EUR13MM Class F Notes '(P)B2' -------------------------------------------------------- Moody's Investors Service assigned the following provisional ratings to notes to be issued by Penta CLO 2 B.V.: -- EUR234,000,000 Class A Senior Secured Floating Rate Notes due 2028, Assigned (P)Aaa (sf) -- EUR49,000,000 Class B Senior Secured Floating Rate Notes due 2028, Assigned (P)Aa2 (sf) -- EUR25,250,000 Class C Senior Secured Deferrable Floating Rate Notes due 2028, Assigned (P)A2 (sf) -- EUR20,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2028, Assigned (P)Baa2 (sf) -- EUR26,750,000 Class E Senior Secured Deferrable Floating Rate Notes due 2028, Assigned (P)Ba2 (sf) -- EUR13,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2028, Assigned (P)B2 (sf) Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of a transaction and associated documentation, Moody's will endeavor to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. Moody's provisional rating of the rated notes addresses the expected loss posed to noteholders by legal final maturity of the notes in 2028. The provisional ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the collateral manager, Partners Group (UK) Management Ltd ("Partners Group"), has sufficient experience and operational capacity and is capable of managing this CLO. Penta CLO 2 is a managed cash flow CLO. At least 90% of the portfolio must consist of secured senior loans or senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. The portfolio is expected to be approximately 75% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the six month ramp-up period in compliance with the portfolio guidelines. Partners Group will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk and credit improved obligations, and are subject to certain restrictions. In addition to the six classes of notes rated by Moody's, the Issuer will issue EUR46,100,000 of subordinated notes. Moody's has not assigned rating to this class of notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Factors that would lead to an upgrade or downgrade of the rating: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Partners Group's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in February 2014. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Moody's used the following base-case modeling assumptions: - Par Amount: EUR400,000,000 - Diversity Score: 36 - Weighted Average Rating Factor (WARF): 2850 - Weighted Average Spread (WAS): 4.20% - Weighted Average Coupon (WAC): 6.50% - Weighted Average Recovery Rate (WARR): 42.0% - Weighted Average Life (WAL): 8 years. As part of the base case, Moody's has addressed the potential exposure to obligors domiciled in countries with local currency country risk ceiling (LCC) of A1 or below. As per the portfolio constraints, exposures to countries with local currency country risk ceiling rating of A1 or below cannot exceed 10%, with exposures to countries local currency country risk ceiling rating of Baa1 to Baa3 further limited to 5%. Following the effective date, and given these portfolio constraints and the current sovereign ratings of eligible countries, the total exposure to countries with a LCC of A1 or below may not exceed 10% of the total portfolio. As a worst case scenario, a maximum 5% of the pool would be domiciled in countries with LCC of Baa1 to Baa3 and 5% would be domiciled in countries with LCC of A1 to A3. The remainder of the pool will be domiciled in countries which currently have a LCC of Aa3 and above. Given this portfolio composition, the model was run with different target par amounts depending on the target rating of each class of notes as further described in the methodology. The portfolio haircuts are a function of the exposure size to countries with a LCC of A1 or below and the target ratings of the rated notes and amount to 0.75% for the Class A notes, 0.50% for the Class B notes, 0.375% for the Class C notes and 0% for Classes D, E and F notes. Together with the set of modelling assumptions above, Moody's conducted additional sensitivity analyses, which were an important component in determining the provisional rating assigned to the rated notes. These sensitivity analyses includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current model output, whereby a negative difference corresponds to higher expected losses), holding all other factors equal: Percentage Change in WARF: WARF + 15% (to 3278 from 2850) Ratings Impact in Rating Notches: - Class A Senior Secured Floating Rate Notes: 0 - Class B Senior Secured Floating Rate Notes: -1 - Class C Senior Secured Deferrable Floating Rate Notes: -2 - Class D Senior Secured Deferrable Floating Rate Notes: -2 - Class E Senior Secured Deferrable Floating Rate Notes: -1 - Class F Senior Secured Deferrable Floating Rate Notes: 0 Percentage Change in WARF: WARF +30% (to 3705 from 2850) - Class A Senior Secured Floating Rate Notes: -1 - Class B Senior Secured Floating Rate Notes: -3 - Class C Senior Secured Deferrable Floating Rate Notes: -3 - Class D Senior Secured Deferrable Floating Rate Notes: -2 - Class E Senior Secured Deferrable Floating Rate Notes: -1 - Class F Senior Secured Deferrable Floating Rate Notes: -1 SMILE SECURITISATION 2007: Fitch Affirms CC Rating on Cl. E Notes ----------------------------------------------------------------- Fitch Ratings has affirmed Smile Securitisation Company 2007 B.V.'s class E notes (XS0288455883) at 'CCsf' with a Recovery Estimate of 0%. The transaction is a cash flow securitization of a static pool of originally EUR4.91bn of loans to SMEs, originated by ABN AMRO Bank N.V. (A+/Negative/F1+) in the Netherlands. KEY RATING DRIVERS The affirmation reflects the high levels of credit risk to the notes, which will rely on recoveries received over the next year for repayment. The transaction was called on 20 March 2015, the first optional redemption date. All loans have been repurchased by the seller. However, the market value of the defaulted loans was not sufficient to repay the class E and F notes (only class E is rated). Under the terms of the transaction documents, the shortfall on the notes remains outstanding for one year but accrues no interest. During this time, any further recoveries received are paid to the noteholders. After one year, the market value of the defaulted loans is reassessed and any increase also paid to the issuer. If this is insufficient to repay the shortfall, the note defaults. RATING SENSITIVITIES Fitch did not run any sensitivities as the ratings are sensitive to the recoveries on the defaulted assets. =========== S W E D E N =========== NOBINA AB: S&P Revises Outlook to Positive & Affirms 'B' Rating --------------------------------------------------------------- Standard & Poor's Ratings Services said that it revised its outlook on Sweden-based bus operator Nobina AB to positive from stable. The 'B' rating was affirmed. S&P also withdrew the 'B' rating on Nobina Europe Holding AB on the company's request. The outlook revision follows Nobina's recent announcement that it has engaged advisors to evaluate a possible exit for the current shareholders. S&P views Nobina's current shareholder base, consisting of primarily hedge funds and distressed debt funds, as a rating constraint. This is due to the shareholders' short-term investment horizon and a financial policy that is likely to be aggressive if a sale does not materialize. Although Nobina's credit metrics have improved recently, with funds from operations (FFO) to debt at about 17% for the financial year ended Feb. 28, 2015, S&P still views the financial risk profile as highly leveraged, due to lack of transparency regarding the financial policy and a high degree of event risk tied to the shareholder structure. As a result, S&P thinks that an exit of the current shareholders could be positive for Nobina's credit profile if it resulted in a long-term shareholder base. In S&P's view, this would decrease event risk and increase the predictability of Nobina's financial policy. "In our view, Nobina's business risk profile has improved to fair from weak. This is due to the company's track record of stable profitability over the past few years, with rolling 12-month Standard & Poor's-adjusted EBITDA margins of about 13%. Although Nordic bus markets are still highly competitive, we see signs that they are improving in that the public transport authorities are placing more importance on quality. We think that Nobina will benefit from this development, as it brings greater predictability to the market. We also think that contract migration will benefit Nobina's earnings in the coming years as several loss-making transport contracts expire and are replaced by new contracts on more favorable terms. That said, we acknowledge that new contracts normally weigh on profitability in the first few years because start-up costs are typically high. However, we still expect Nobina to face fierce competition and that continued discipline in the tendering processes for new contracts will be crucial to further profitability improvements", S&P said. In S&P's base case, it assumes: -- Revenue growth of 6%-7% for financial years 2015-2016 and 2016-2017 due to gains under new contracts. -- Somewhat higher profitability, with the adjusted EBITDA margin increasing gradually toward 14.0% over the next two years from 13.0% in financial year 2014-2015, underpinned by the phase-out of loss-making contracts and an increasing number of incentive-based contracts. -- Large capital expenditures on new buses in financial year 2015-2016, at more than Swedish krona (SEK) 1.3 billion (about EUR140 million), followed by SEK400 million-SEK600 million per year thereafter. -- No shareholder distributions or acquisitions. Based on these assumptions, S&P arrives at these credit measures for financial year 2015-2016: -- FFO to debt of about 16%. -- Debt to EBITDA of about 4.8x. -- Negative free operating cash flow, taking into account new bus purchases, which are financed by leasing and therefore do not flow through the company's cash flow statements. Liquidity S&P now assesses Nobina's liquidity profile as adequate under S&P's criteria, compared with less than adequate previously. This is due to Nobina's strengthening cash balances and S&P's forecast of stable operational cash flow generation in the next 12-24 months. S&P also notes that the company has full coverage of its bus purchases in the coming 12-24 months through financing proposals, which S&P understands are secured before Nobina starts the tendering process. Although S&P acknowledges the company's access to a SEK150 million committed credit line with one of its core banks, S&P do not include these funds in its liquidity calculation because it matures on Dec. 31, 2015. S&P views positively the company's issuance of a Swedish krona bond in 2014 because it eliminates exposure to interest payments in euros and profit and loss effects from unrealized currency exposure, which previously created volatility in its earnings and credit metrics. As of Feb. 28, 2015, S&P assumes the group's liquidity sources are: -- Unrestricted cash of SEK453 million; -- Access to lease financing for new buses of about SEK1.3 billion; and -- S&P's forecast of FFO of about SEK750 million-SEK800 million. S&P forecasts the group's liquidity uses as of the same date to be: -- About SEK1.3 billion to purchase new buses; -- Other capital expenditure of less than SEK100 million; -- Repayment of SEK634 million in short-term debt; and -- Seasonal working capital flows of up to SEK50 million. The positive outlook on Nobina indicates that there is a one-in- three likelihood that S&P could raise the rating by one notch in the next six to 12 months if there is a positive shift in Nobina's financial policy. S&P could reassess the financial policy if a change in ownership takes place and, in S&P's view, the new shareholders follow a less aggressive financial strategy, have a longer-term investment horizon, and would likely support the company's current level of financial ratios. S&P anticipates that Nobina will continue to strengthen its operational performance through selective contract bidding, efficiency improvements, and continued fleet optimization and that rising profitability will support its credit metrics in the future. Upside scenario S&P could raise the rating to 'B+' if, for example, a change in ownership occurred that S&P believes would support a less aggressive financial policy. This could, for example, be the case if there are new long-term shareholders that S&P would not categorize as financial sponsors. In S&P's view, such a situation would be consistent with credit metrics being sustained at the current level, notably with FFO to debt no lower than 12%. Downside scenario S&P could revise the outlook to stable if it do not change its view of Nobina's financial policy following a change in ownership, or if no change in ownership takes place within the next 12 months. This could also occur if leverage increased from the current levels, for example due to unexpected shareholder remunerations or acquisitions, or if operating performance were to deteriorate, which could result from poor contract management, unexpected cost increases, or increased competition from foreign bus operators. SBAB BANK: Moody's Assigns Ba2(hyb) Rating to AT1 Securities ------------------------------------------------------------ Moody's Investors Service assigned a Ba2(hyb) rating to the 'high trigger' additional tier 1 (AT1) securities issued in March 2015 by SBAB Bank AB (publ) ('SBAB', senior unsecured A2, stable; baseline credit assessment (BCA) baa2). These perpetual non-cumulative AT1 securities rank junior to Tier 2 capital, pari passu with any other deeply subordinated debt securities and senior to all classes of SBAB's share capital and other capital instruments that qualify as common equity tier 1 (CET1) capital. Coupons may be cancelled in full or in part on a non-cumulative basis at the issuer's discretion or mandatorily if the distributable items are insufficient. The principal of the securities is partially or fully written down if SBAB's group- level CET1 capital ratio falls below 7% or if SBAB's bank-level CET1 capital ratio falls below 5.125%. SBAB did not participate in the rating action for this security. Whilst SBAB is a Participating Issuer, subject to Moody's definition of participation as referring to the relationship Moody's maintains with the rated entity, SBAB did not participate in the rating action for this security. Moody's has also affirmed the ratings assigned to SBAB's junior obligations, including the (P)Baa3 subordinated programme rating, Baa3 subordinated debt rating, and Ba2(hyb) non-cumulative preferred stock rating. At the same time, for its own business reasons, Moody's has withdrawn the outlooks for all SBAB's junior instrument ratings. Please refer to "Moody's Investors Service's Policy for Withdrawal of Credit Ratings", available at moodys.com. Outlooks, which indicate the direction of any rating pressures, are now assigned only to long-term senior debt and deposit ratings. The Ba2(hyb) rating assigned to the securities reflects Moody's approach to rating 'high trigger' securities. According to this methodology, Moody's rates to the lower of a model-based outcome and a non-viability security rating. This method takes account of the credit risk associated with the distance to trigger breach and the credit risk of these securities' non-viability component, which also captures the risk of coupon suspension on a non- cumulative basis. With regards to the AT1 securities' dual trigger structure, Moody's based its rating assessment on the higher of the two triggers, namely the 7% CET1 ratio trigger point at the SBAB's group level rather than the 5.125% CET1 ratio trigger applied at the unconsolidated bank level. According to its methodology, Moody's first applied a model to assess the probability of SBAB's group-level CET1 ratio reaching the write-down trigger and loss severity if the trigger is breached. The model is based on SBAB's BCA of baa2, which incorporates SBAB's overall intrinsic credit strength and SBAB 's group-level CET1 capital ratio of 27.5% as of end-March 2015 (SBAB's bank level CET1 ratio was 26.7% at the same date). The model gives an outcome of Baa3(hyb). The model outcome was then compared with the Ba2(hyb) rating of a non-viability security, which is positioned based on Moody's advanced Loss Given Failure (LGF) analysis and also captures both the probability of impairment associated with non-cumulative coupon suspension as well as the probability of a bank-wide failure. Therefore, the non-viability security rating cap results in the rating assignment of Ba2(hyb) to SBAB Bank's high -- trigger AT1 securities. In addition, Moody's ran a sensitivity analysis on SBAB that factors in changes to the group-level CET1 ratio and SBAB 's BCA. The outcome of this sensitivity analysis confirms that a Ba2(hyb) rating is resilient under the main plausible scenarios. An upgrade of SBAB's BCA could lead to an upgrade of this instrument. Conversely, downward pressure on the rating of this instrument could develop if SBAB's baa2 BCA were adjusted downwards or if the group's CET1 ratio were to reduce materially below the current level on an ongoing basis. In addition, Moody's would also reconsider the rating if the probability of a coupon suspension increased. The principal methodology used in these ratings was Banks published in March 2015. =========== T U R K E Y =========== TURKEY: S&P Affirms 'BB+/B' Foreign Currency Sovereign Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its unsolicited long- and short-term local currency sovereign credit ratings on the Republic of Turkey to 'BBB-/A-3' from 'BBB/A-2'. At the same time, S&P affirmed its unsolicited 'trAAA/trA-1' long- and short- term Turkey national scale ratings and unsolicited 'BB+/B' long- and short-term foreign currency sovereign credit ratings on Turkey. The outlook remains negative. RATIONALE The lowering of the local currency sovereign credit ratings on Turkey reflects what S&P considers to be increasing curbs on the operational independence of Turkey's central bank, which in S&P's opinion have made it more challenging for the monetary authority to credibly fulfill its price stability mandate and to dampen the impact of exchange rate volatility on the economy's growth prospects. Another consequence of rising currency volatility, which reflects a less transparent monetary policy, is the re- dollarization of the financial sector's deposit base. Overall, S&P now considers that the challenged credibility of the central bank, including a weakened monetary transmission channel, has diminished the status of the Turkish lira as a reliable transactional currency; S&P thinks this poses greater risks to the refinancing of Turkey's considerable stock of external debt. While S&P considers that Turkey's relatively deep capital markets benefit its monetary flexibility, S&P views the complex monetary framework -- with multiple interest rates and an unusually broad interest rate corridor -- as relatively ineffective given the high pass-through of exchange rate depreciation into headline inflation. The affirmation of the foreign currency sovereign credit ratings on Turkey reflects S&P's base-case scenario that annual GDP growth will average about 3% from 2015-2018, that external debt metrics will gradually stabilize, and that Turkey's leveraged private and state-owned banks, which have been intermediating high current account deficits since 2008, will not require fiscal support. "In our view, authorities have accurately flagged key risks, in particular Turkey's high and recurrent external deficits. The government's ambitious Tenth Development Plan pragmatically focuses on ways to raise the domestic savings rate and cut the bill for imported energy (which we estimate made up most of last year's current account deficit of about 5.7% of GDP), while improving the currently low participation of women in the labor market and reducing the size of Turkey's substantial informal economy. However, since the Development Plan's publication in the summer of 2013, there has been only modest progress on its implementation. Were the pace of implementation to accelerate after this year's general elections on June 7, it could help Turkey to shift away from its current economic growth model, which remains highly dependent on net debt financing from abroad," S&P said. The Turkish economy continues to have higher external debt levels and lower foreign exchange reserves relative to other large emerging markets. For end-2015, S&P projects Turkey's narrow net external debt to total 1.4x current account receipts; by comparison, this ratio is 0.3x in South Africa, 0.4x in Brazil, and 0.5x in Hungary. S&P estimates usable reserves (gross reserves excluding foreign exchange and gold reserve requirements, but including government deposits of US$4.5 billion) at US$45.3 billion as of end-February 2015, a figure that is roughly equal to last year's s current account deficit. This international reserve position only provides a limited buffer against any further exchange-rate pressure. Stripping out government deposits, this figure is an estimated US$40.8 billion, equivalent to 2.4 months of import cover, well below the coverage ratios of peers. Total deposits for all foreign exchange reserve requirements made up an estimated 65% of gross reserves in February 2015 (37% in 2011). External leverage for Turkey's banking sector remains relatively high, and at quite short maturities. Between 2008 and 2015, net banking sector external debt increased from less than US$8 billion (1% of GDP) to a projected US$172 billion (23% of GDP), while in dollar terms the size of the economy remained about the same. It remains to be seen whether rapid credit growth to the corporate sector, particularly small and midsize enterprises, can benefit Turkey's long term growth potential. While S&P views Turkey's banking system in general as well capitalized and supervised, the size of the state banks, and their involvement in quasi-fiscal operations, means that asset quality should not be assumed to be homogenous throughout the system. Although the banks are fully hedged, their rising foreign currency borrowing has occurred in tandem with declining profitability -- and could create a problem for banks if their hedges do not hold due to counterparty risk or the second round effects of the large open foreign exchange position in the corporate sector (at an estimated 22% of GDP) on banks' asset quality. While Turkish banks' direct exposure to nonresidential property appears to be limited to 7% of total assets, the corporate sector's exposure to construction and property together would likely be about 14.5% of its assets (similar to its share in Turkish 2014 GDP as measured in current prices). In S&P's view, the Turkish financial system would therefore not be immune to any larger downturn, especially one accompanied by further exchange rate depreciation. Nevertheless, the low systemwide nonperforming loans ratio of about 2.8% indicates a robust starting point in any potential crisis. The ratings on Turkey benefit from the Treasury's policy of meeting net public-sector financing needs by issuing in local currency, at longer maturities. External and monetary risks to Turkey's economic prospects persist. These include: -- Turkey's still-sizable, albeit considerably narrowed, current account deficit (CAD), which S&P forecasts at 4.6% of GDP at end-2015 (5.7% in 2014). S&P forecasts that the CAD will be 16% of current account receipts by year-end. -- Inflation, which S&P projects will average 7% in 2015. Headline inflation has remained above the Turkish central bank's medium-term target of 5% for several years. -- The 22% year-over-year depreciation of Turkey's exchange rate against the economy's key funding currency, the U.S. dollar. In S&P's view, this will exert further pressure on the corporate sector in light of its large open foreign exchange position of an estimated US$177.5 billion, or 22% of GDP, as of the end of January 2015. -- The estimated loss of two-thirds of the competitiveness gains from the depreciation of the trade-weighted exchange rate due to higher inflation versus trading partners since 2010. -- The uncertain global economic environment, particularly the possible reversal of historically low U.S. interest rates. Mitigating these external vulnerabilities to some degree, Turkey benefits from deep local currency capital markets, which have benefited the sovereign's access to and cost of financing. The decline in oil prices should benefit the net financing position of the economy. After revising S&P's oil price assumptions down to a medium-term average of US$67.5/barrel for Brent oil (from US$102), it now projects the CAD will decline to 4.6% of GDP in 2015 and 3.7% of GDP by 2018. S&P forecasts a slight improvement in the external financing profile, with progressively lower reliance on net debt inflows over a four-year horizon. "Our baseline expectation is that the government will continue running limited deficits, averaging 1.6% of GDP in 2015-2016, widening to 3% in 2018. However, historically, fiscal performance has been highly cyclical, and subject to large swings into deficit, such as in 2009, when automatic stabilizers yielded a general government deficit of 5.9% of GDP. Key debt metrics trends will, under our baseline projections, remain largely flat- -with the general government interest burden at about 7% of revenues and net general government debt at 33% of GDP, of which we estimate two-thirds is denominated in Turkish lira. We also note that, since 2009, the average maturity of Turkish government domestic debt has more than doubled to about seven years. Our headline deficit figures are higher than in the government's Development Plan given our lower growth forecasts. One risk to the funding profile of the central government remains the high stock of domestic debt held by non-residents: 20.6% of total debt at end-March 2015, down from its 25.7% peak in April 2013, equivalent to just under 5% of GDP. Were monetary instability to persist, this stock could become a flow, which might put pressure on balance-of-payments financing," S&P said. "Despite the government's presentation of a new structural reform agenda, we continue to see policy risks that we believe could persist even after the upcoming 2015 general elections. The erosion of checks and balances in Turkey's key independent institutions, alongside the centralization of decision-making, poses risks to business confidence and economic stability, in our opinion. With our expectation that real GDP growth will hover around 3% over the medium term, unemployment could continue rising, leading to social pressures. Lastly, the spillover of sectarian and ethnic tensions from conflicts in Syria and Iraq could render policymaking less predictable, and also lead to higher fiscal costs," S&P added. OUTLOOK The negative outlook reflects S&P's view that there is at least a one-in-three likelihood that it could downgrade Turkey within the next 6-12 months if Turkey's fiscal performance and debt metrics were to deviate from current expectations--for instance, due to a sudden drop in revenue, higher expenditure needs, or the crystallization of contingent liabilities from quasi-fiscal activities or financial-sector instability. Such fiscal deterioration could result from a balance-of-payments or growth shock as a result of changed global liquidity conditions or an economic downturn in core trading markets. An intensification of intervention in the independence of Turkish institutions, including the central bank, could also lead to weaker growth outcomes, and a lower rating. S&P could revise the outlook to stable if economic growth continued to rebalance and depended less heavily on external borrowing. RATINGS LIST Ratings To From Turkey (Republic of) Sovereign credit rating Foreign Currency|U^ BB+/Neg./B BB+/Neg./B Local Currency|U^ BBB-/Neg./A-3 BBB/Neg./A-2 Turkey National Scale|U^ trAAA/--/trA-1 trAAA/--/trA-1 Transfer & Convertibility Assessment T&C Assessment|U^ BBB BBB |U^ Unsolicited ratings with issuer participation and access to internal documents. =========================== U N I T E D K I N G D O M =========================== AUBURN SECURITIES 4: S&P Lowers Rating on Class E Notes to B- ------------------------------------------------------------- Standard & Poor's Ratings Services took various credit rating actions in Auburn Securities 4 PLC (Auburn 4) and Auburn Securities 5 PLC (Auburn 5). Specifically, S&P has: -- Raised its ratings on Auburn 4's class C and D notes, and Auburn 5's class B, C, and D notes; -- Affirmed its ratings on Auburn 4's class A2, M, and B notes, and Auburn 5's class A2 and M notes; -- Lowered its ratings on Auburn 4's and Auburn 5's class E notes. The rating actions follow S&P's credit and cash flow analysis of the most recent transaction information that S&P has received (March 2015). S&P's analysis reflects the application of its U.K. residential mortgage-backed securities (RMBS) criteria. Auburn 4 and Auburn 5 are U.K. buy-to-let transactions, originated by Capital Home Loans Ltd., a subsidiary of Permanent TSB PLC. Each pool also has a significant portion of flexible mortgages, with redraw facilities in place to address the related risk. Auburn 4's reserve fund is fully funded, while Auburn 5's reserve fund has been replenishing over the last year and is currently at 86.8% of its required level. Principal redemption in both transactions is sequential. The liquidity and redraw facilities in each transaction have been drawn to cash and are held in a bank account in the issuer's name. Each transaction's bank account agreement is in line with S&P's current counterparty criteria. Therefore, S&P's current counterparty criteria do not constrain the maximum potential rating on the notes. The interest rate swaps in each transaction are not in line with S&P's current counterparty criteria, so it gave no benefit to the swaps in its analysis and S&P delinked its ratings on the notes from the swap counterparty. S&P considered appropriate cash flow stresses to address interest rate and basis risk in both transactions. Since S&P's previous review, total arrears have decreased to 1.08% from 1.64% in Auburn 4 and to 1.20% from 1.38% in Auburn 5. Arrears in both transactions are on average also lower than for other U.K. RMBS transactions that S&P rates and well below its U.K. prime RMBS index. Cumulative losses to date are 0.21% and 0.72% in Auburn 4 and Auburn 5, respectively. The transactions' increased seasoning and the decrease in arrears have led us to lower S&P's weighted-average foreclosure frequency (WAFF) calculations since S&P's previous review. However, S&P has increased its weighted-average loss severity (WALS) in the 'AAA' rating scenario for Auburn 4 and in the 'AAA' and 'AA' rating scenarios for Auburn 5, due to updated market value decline assumptions. Auburn 4 Rating WAFF WALS level (%) (%) AAA 21.33 33.61 AA 14.55 25.21 A 11.02 12.77 BBB 7.55 6.30 BB 4.02 2.97 Auburn 5 Rating WAFF WALS level (%) (%) AAA 21.01 36.13 AA 14.32 27.90 A 10.90 15.85 BBB 7.39 9.38 BB 3.95 5.87 Both transactions have deleveraged, increasing the available credit enhancement for all classes of notes. Considering the U.K.'s improving economic conditions and the application of our U.K. RMBS criteria, S&P's analysis indicates that Auburn 4's class C and D notes, and Auburn 5's class B, C, and D notes can pass S&P's cash flow stresses at higher ratings than those previously assigned. S&P has therefore raised its ratings on Auburn 4's class C and D notes, and Auburn 5's class B, C, and D notes. S&P considers the available credit enhancement for Auburn 4's class A2, M, and B notes, and Auburn 5's class A2 and M notes to be commensurate with S&P's currently assigned ratings. S&P has therefore affirmed its 'AAA (sf)' ratings on these classes of notes. However, the available credit enhancement for Auburn 4's and Auburn 5's class E notes is not high enough to support the currently assigned ratings under S&P's cash flow stress scenarios. S&P has therefore lowered to 'B- (sf)' from 'BB- (sf)' its ratings on Auburn 4's and Auburn 5's class E notes. RATINGS LIST Class Rating To From Auburn Securities 4 PLC GBP1 Billion Mortgage-Backed Floating-Rate Notes Ratings Raised C AA+ (sf) AA (sf) D A- (sf) BBB (sf) Ratings Affirmed A2 AAA (sf) M AAA (sf) B AAA (sf) Rating Lowered E B- (sf) BB- (sf) Auburn Securities 5 PLC GBP450 Million Mortgage-Backed Floating-Rate Notes Ratings Raised B AAA (sf) AA (sf) C AA (sf) A (sf) D A- (sf) BBB- (sf) Ratings Affirmed A2 AAA (sf) M AAA (sf) Rating Lowered E B- (sf) BB- (sf) LANCELOT MANAGEMENT: GFSC Seeks Administrators to Oversee Funds --------------------------------------------------------------- Renee Bonorchis at Bloomberg News reports that the Guernsey Financial Services Commission is seeking to oversee funds linked to David Cosgrove and Cobus Kellermann that were suspended as regulators investigate whether the funds were correctly valued and if the men failed in their duties as managers. An affidavit dated April 22 and filed in the Royal Court of Guernsey by Paul Yabsley, a senior analyst at the Commission, shows Alan Roberts and James Toynton, both U.K. licensed insolvency practitioners, were suggested as administrators to protect investors in the funds, Bloomberg relays. According to Bloomberg, the funds and firms concerned are Lancelot Management Ltd., the Global Mutual Fund PCC Ltd., the Universal Mutual Fund ICC Ltd., the Worldwide Mutual Fund PCC Ltd. and the Trinity Global Fund. Regulators and authorities in Guernsey, Mauritius, South Africa and the U.K. are investigating funds and companies linked to Kellermann and Cosgrove, Bloomberg relates. Mr. Kellermann, a South African, operates Lancelot, the Global Mutual Fund and the Worldwide Mutual Fund, according to data compiled by Bloomberg. Mr. Yabsley states in the affidavit Mr. Cosgrove acts as a director of all of the funds and companies named, Bloomberg discloses. Asset Valuations "There is a risk that the value of the underlying assets of such funds are not accurately known and that the net asset value attributed to the various cells is incorrect," Bloomberg quotes Mr. Yabsley as saying in the affidavit. The GFSC, as the commission is known, confirmed in an e-mail that it submitted an affidavit recommending the appointment of Roberts and Toynton, Bloomberg relays. Since the affidavit was filed, Lancelot's funds have been liquidated, Bloomberg says, citing the GFSC's website. "There appears to be systemic failings in corporate governance and the application of law, regulation, code and principle to the management and function of the Global Mutual Fund and the managed funds by Lancelot and the respective boards," Mr. Yabsley, as cited by Bloomberg, said. SHOON: Enters Into Company Voluntary Arrangement ------------------------------------------------ Jill Geoghegan at Drapers reports that Shoon has entered into a company voluntary arrangement in an attempt to ensure its survival. Insolvency firm Leonard Curtis is overseeing the CVA, which is subject to a vote by creditors and shareholders on May 22, Drapers relates. Shoon's managing director Mark Pinnock told Drapers: "It's part of the restructuring of the business and a result of the previous management's decisions. It's the right process to move forward with and will protect the core part of the business, which is healthy. "The strategy will involve some store closures, but there will be minimal redundancies." Shoon has 10 stores and employees 160 people in total, Drapers discloses. It made a pre-tax loss of GBP1.3 million on sales of GBP8.3 million for the year to February 1, 2014, Drapers says, citing the most recent accounts filed at Companies House. Bartle and Phillips, who previously ran footwear chains including Jones Bootmaker, Stead & Simpson and Gordon Scott, bought Shoon and its debts from restructuring specialist GA Retail in January 2014, Drapers recounts GA Retail had supported a management buyout of Shoon in May 2012 after it fell into administration, Drapers notes. However, Bartle and Phillips decided to sell the chain earlier this year after Phillips suffered a spell of ill health, Drapers states. Shoon is a footwear retailer. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 4, 2015 to May 8, 2015 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Ukreximbank Via Bi 8.38 7/27/2015 USD 75.50 Alcatel-Lucent 4.25 7/1/2018 EUR 3.84 OAS Investments Gm 8.25 10/19/2019 USD 17.00 Heckler & Koch Gmb 9.50 5/15/2018 EUR 74.39 Heta Asset Resolut 4.38 1/24/2017 EUR 59.13 Ukraine Government 9.25 7/24/2017 USD 45.75 Brunswick Rail Fin 6.50 11/1/2017 USD 60.00 Far East Capital L 8.00 5/2/2018 USD 53.50 Metinvest BV 8.75 2/14/2018 USD 60.75 Ukreximbank Via Bi 8.75 1/22/2018 USD 67.13 QGOG Constellation 6.25 11/9/2019 USD 72.76 Alcatel-Lucent 0.13 1/30/2020 EUR 4.59 Avangardco Investm 10.00 10/29/2015 USD 46.98 Oschadbank Via SSB 8.25 3/10/2016 USD 66.00 Metinvest BV 10.25 5/20/2015 USD 68.75 Hellenic Republic 5.00 3/11/2019 EUR 64.25 NBG Finance PLC 4.38 4/30/2019 EUR 63.34 Heta Asset Resolut 4.25 10/31/2016 EUR 59.00 Takko Luxembourg 2 9.88 4/15/2019 EUR 48.50 Ukraine Government 4.95 10/13/2015 EUR 45.00 Privatbank CJSC Vi 9.38 9/23/2015 USD 65.38 Ukraine Government 6.88 9/23/2015 USD 50.75 Ukraine Railways v 9.50 5/21/2018 USD 58.25 Piraeus Group Fina 5.00 3/27/2017 EUR 68.63 Alpha Credit Group 3.38 6/17/2017 EUR 71.21 Oschadbank Via SSB 8.88 3/20/2018 USD 65.00 HSH Nordbank AG/Lu 2.64 EUR 35.70 Aegon NV 0.39 EUR 72.91 Tonon Luxembourg S 10.50 5/14/2024 USD 44.50 UKRLANDFARMING PLC 10.88 3/26/2018 USD 53.97 DTEK Finance PLC 7.88 4/4/2018 USD 48.25 Public Power Corp 5.50 5/1/2019 EUR 71.92 Heta Asset Resolut 2.75 5/31/2016 CHF 58.00 Norske Skogindustr 7.00 6/26/2017 EUR 70.02 Norwegian Energy C 6.50 3/6/2018 NOK 59.63 Singulus Technolog 7.75 3/23/2017 EUR 42.25 Nordea Bank AB 0.70 EUR 74.77 Iona Energy Co UK 12.50 9/27/2018 USD 32.00 Asya Sukuk Co Ltd 7.50 3/28/2023 USD 62.00 Hellenic Railways 4.68 10/29/2015 EUR 70.13 Ukraine Government 7.80 11/28/2022 USD 45.25 EXIM of Ukraine CJ 5.79 2/9/2016 USD 50.06 First Ukrainian In 11.00 12/31/2018 USD 50.82 Public Power Corp 4.75 5/1/2017 EUR 74.00 Bank of New York M 4.55 12/15/2050 EUR 66.50 Peugeot SA 4.45 1/1/2016 EUR 29.37 Indo Energy Financ 6.38 1/24/2023 USD 65.88 WPE International 10.38 9/30/2020 USD 6.25 HSH Nordbank AG 7.25 USD 43.86 ERB Hellas PLC 4.25 6/26/2018 EUR 63.00 Virgolino de Olive 10.50 1/28/2018 USD 3.66 CHC Helicopter SA 9.38 6/1/2021 USD 65.06 City of Kyiv Via K 9.38 7/11/2016 USD 46.25 OGX Austria GmbH 8.50 6/1/2018 USD 0.29 Banco Espirito San 7.13 11/28/2023 EUR 9.00 Privatbank CJSC Vi 10.88 2/28/2018 USD 60.02 AXA SA 0.54 EUR 72.47 AXA SA 0.85 EUR 73.93 Metinvest BV 10.50 11/28/2017 USD 59.65 City of Kiev Ukrai 8.00 11/6/2015 USD 48.00 Paragon Offshore P 6.75 7/15/2022 USD 42.25 Afren PLC 6.63 12/9/2020 USD 44.00 Afren PLC 10.25 4/8/2019 USD 44.00 Yuksel Insaat AS 9.50 11/10/2015 USD 68.75 Athens Urban Trans 4.85 9/19/2016 EUR 68.13 Hellenic Republic 5.80 7/14/2015 JPY 73.88 Oesterreichische V 10.00 EUR 0.71 Banque Federative 1.02 EUR 63.13 Far East Capital L 8.75 5/2/2020 USD 44.00 ING Groep NV 0.45 EUR 71.96 Commercial Bank Pr 5.80 2/9/2016 USD 36.63 Banca delle Marche 0.99 6/1/2017 EUR 49.75 Afren PLC 11.50 2/1/2016 USD 43.00 Hema Bondco II BV 8.50 12/15/2019 EUR 65.96 Paragon Offshore P 7.25 8/15/2024 USD 42.00 Mriya Agro Holding 9.45 4/19/2018 USD 11.01 Ukraine Government 6.58 11/21/2016 USD 45.50 Credit Agricole SA 0.71 EUR 64.48 OSX 3 Leasing BV 13.00 3/20/2015 USD 59.25 Ukraine Government 6.25 6/17/2016 USD 45.50 Financing of Infra 9.00 12/7/2017 USD 44.00 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.77 Oesterreichische V 0.89 11/28/2016 EUR 50.50 ING Groep NV 0.85 EUR 73.87 SOITEC 6.75 9/18/2018 EUR 1.60 Bank of New York M 4.26 12/30/2099 EUR 33.00 Ukraine Government 7.95 2/23/2021 USD 45.00 Econocom Group SA/ 1.50 1/15/2019 EUR 11.33 Aegon NV 4.16 NLG 69.93 Depfa Funding II L 6.50 EUR 60.09 Ekotechnika GmbH 9.75 5/10/2018 EUR 11.25 Etablissements Mau 1.63 7/1/2019 EUR 15.49 CGG SA 1.25 1/1/2019 EUR 27.46 Rothschilds Contin 0.96 EUR 57.35 Hellenic Republic 2.09 7/25/2057 EUR 16.63 Heta Asset Resolut 0.10 5/31/2016 EUR 58.90 Caixa Terrassa Soc 1.43 EUR 64.78 Santander Internat 2.00 USD 48.00 Faurecia 3.25 1/1/2018 EUR 42.76 Phones4u Finance P 9.50 4/1/2018 GBP 31.88 Hellenic Republic 5.20 7/17/2034 EUR 56.75 Depfa Funding III 1.72 EUR 57.91 Russian Standard B 11.50 1/17/2024 USD 58.00 CNP Assurances 0.53 EUR 64.99 Norske Skog Holdin 8.00 2/24/2021 EUR 68.13 Air France-KLM 2.03 2/15/2023 EUR 11.46 Codere Finance Lux 8.25 6/15/2015 EUR 63.88 Hellenic Railways 4.03 3/17/2017 EUR 67.63 Danske Bank Oyj 0.73 EUR 65.08 Hellenic Republic 5.00 8/22/2016 JPY 66.25 Phosphorus Holdco 10.00 4/1/2019 GBP 1.94 Banque Federative 0.83 EUR 62.98 Transcapitalbank J 7.74 7/18/2017 USD 73.50 Santander Finance 0.62 EUR 68.28 Ukraine Government 6.75 11/14/2017 USD 45.25 Pescanova SA 5.13 4/20/2017 EUR 3.00 HSBC Bank PLC 0.75 USD 60.86 BNP Paribas Fortis 2.03 EUR 74.62 Meyer Burger Techn 4.00 9/24/2020 CHF 68.72 Capital Raising Gm 7.50 EUR 11.83 Piraeus Group Fina 1.85 7/20/2016 EUR 64.55 NIBC Bank NV 0.67 EUR 56.13 Sydbank A/S 1.22 EUR 64.52 Banca delle Marche 1.18 6/15/2016 EUR 47.75 Meyer Burger Techn 5.00 5/24/2017 CHF 71.27 Eurobank Ergasias 1.64 6/8/2017 EUR 45.80 Virgolino de Olive 10.88 1/13/2020 USD 25.50 NTRP Via Interpipe 10.25 8/2/2017 USD 25.38 OGX Austria GmbH 8.38 4/1/2022 USD 0.30 Rothschilds Contin 0.69 USD 52.39 Hellenic Railways 5.01 12/27/2017 EUR 68.75 ESFIL-Espirito San 5.25 6/12/2015 EUR 2.65 Renaissance Credit 13.50 5/22/2019 USD 65.38 Virgolino de Olive 11.75 2/9/2022 USD 1.13 Norshore Atlantic 12.00 12/21/2018 USD 55.02 Tonon Luxembourg S 10.50 5/14/2024 USD 35.00 HSBC Bank PLC 0.69 USD 60.78 Credit Mutuel Arke 0.86 EUR 61.12 NIBC Bank NV 2.13 USD 65.79 Banco Espirito San 2.67 EUR 11.38 Assystem 4.50 EUR 28.39 Vseukrainsky Aktsi 9.00 6/14/2019 USD 1.94 Nexity SA 0.63 1/1/2020 EUR 49.83 BPCE SA 0.54 EUR 62.67 Depfa Funding IV L 5.03 EUR 60.09 Talvivaara Mining 4.00 12/16/2015 EUR 0.81 Mriya Agro Holding 10.95 3/30/2016 USD 9.95 Aralco Finance SA 10.13 5/7/2020 USD 9.10 Praktiker AG 5.88 2/10/2016 EUR 0.12 Jasper Explorer PL 13.50 5/27/2016 USD 5.38 Lambay Capital Sec 6.25 GBP 1.36 BLT Finance BV 7.50 5/15/2014 USD 5.25 Hellenic Republic 6.14 4/14/2028 EUR 68.13 Island Drilling Co 9.50 4/3/2018 USD 56.63 Ageasfinlux SA 1.40 EUR 64.05 DF Deutsche Forfai 7.88 5/27/2020 EUR 58.50 Jyske Bank A/S 0.98 EUR 65.67 Hellenic Republic 5.25 2/1/2016 JPY 65.00 Scandinavian Airli 2.38 CHF 32.13 Noreco Norway AS 6.50 3/6/2018 NOK 55.88 OAS Investments Gm 8.25 10/19/2019 USD 15.25 Orco Property Grou 7.00 11/7/2019 EUR 74.00 Orpea 1.75 1/1/2020 EUR 66.70 Paragon Offshore P 7.25 8/15/2024 USD 41.00 Paragon Offshore P 6.75 7/15/2022 USD 41.00 HSBC Bank PLC 0.60 USD 60.77 Astana Finance BV 7.88 6/8/2010 EUR 12.50 Pescanova SA 8.75 2/17/2019 EUR 3.00 Cooperatieve Centr 0.50 11/26/2021 ZAR 55.47 Hellenic Republic 4.50 7/3/2017 JPY 65.25 Heta Asset Resolut 0.76 1/24/2017 EUR 3.26 Finance and Credit 9.25 1/25/2019 USD 10.00 Virgolino de Olive 10.88 1/13/2020 USD 11.00 Financing of Infra 7.40 4/20/2018 USD 43.50 Pierre & Vacances 3.50 10/1/2019 EUR 38.07 Espirito Santo Fin 6.88 10/21/2019 EUR 0.09 ATF Capital BV 10.00 USD 65.63 Oesterreichische V 9.00 7/26/2018 EUR 48.75 Takko Luxembourg 2 7.01 4/15/2019 EUR 45.46 Nexans SA 4.00 1/1/2016 EUR 55.17 Dexia Credit Local 4.30 EUR 5.88 Hellenic Republic 4.50 11/8/2016 JPY 65.63 BNP Paribas SA 0.48 USD 61.50 Caisse Federale du 1.17 EUR 61.00 International Indu 9.00 7/6/2011 EUR 0.70 Hellenic Railways 4.50 12/6/2016 JPY 68.88 Ukraine Railways v 9.50 5/21/2018 USD 40.00 Banco Espanol de C 0.61 EUR 67.55 Corporate Commerci 8.25 8/8/2014 USD 2.87 PA Resources AB 13.50 3/3/2016 SEK 4.63 Ajecorp BV 6.50 5/14/2022 USD 69.50 Pohjola Bank Oyj 0.64 EUR 69.47 TAG Immobilien AG 6.50 12/10/2015 EUR 11.91 Koninklijke Luchtv 0.75 CHF 30.10 Le Noble Age 4.88 1/3/2016 EUR 18.87 National Westminst 0.63 USD 63.00 Financing of Infra 8.38 11/3/2017 USD 44.00 Hybrid Raising Gmb 6.63 EUR 12.13 Global PVQ SE 6.75 10/21/2015 EUR 0.94 Espirito Santo Fin 3.13 12/2/2018 EUR 2.00 Laurel GmbH 7.13 11/16/2017 EUR 35.75 Breeze Finance SA 6.71 4/19/2027 EUR 44.00 RENE LEZARD Mode G 7.25 11/25/2017 EUR 33.71 International Indu 11.00 2/19/2013 USD 0.70 Belfius Bank SA/NV 2.05 FRF 55.00 Virgolino de Olive 10.50 1/28/2018 USD 1.10 Petrol AD 8.38 1/26/2017 EUR 25.00 Metinvest BV 8.75 2/14/2018 USD 40.25 Astana Finance BV 9.00 11/16/2011 USD 12.50 JZ Capital Partner 6.00 7/30/2021 GBP 11.00 Cirio Holding Luxe 6.25 2/16/2004 EUR 2.14 Hellenic Republic 5.25 2/1/2016 JPY 65.00 IM Skaugen SE 9.60 6/30/2016 NOK 50.01 BOA Offshore AS 8.04 12/18/2018 NOK 69.38 Kezizalog Zrt 7.75 10/1/2018 EUR 7.53 BDT Media Automati 8.13 10/9/2017 EUR 58.38 Songa Offshore 7.50 12/11/2018 NOK 73.88 Lehman Brothers UK 5.75 EUR 0.01 SNS Bank NV 11.25 EUR 0.85 SNS Bank NV 6.25 10/26/2020 EUR 2.42 Heta Asset Resolut 0.14 5/31/2016 EUR 54.38 Heta Asset Resolut 4.35 11/3/2016 EUR 3.29 Barclays Bank PLC 1.56 GBP 71.10 Commerzbank Holdin 0.75 USD 59.59 Air Berlin Finance 1.50 4/11/2027 EUR 75.00 Jyske Bank A/S 0.74 EUR 65.65 Afren PLC 10.25 4/8/2019 USD 42.00 MS Deutschland Bet 6.88 12/18/2017 EUR 16.00 Brunswick Rail Fin 6.50 11/1/2017 USD 41.02 Rena GmbH 8.25 7/11/2018 EUR 8.63 Societe Air France 2.75 4/1/2020 EUR 20.58 Hellenic Bank PCL 10.00 EUR 50.00 Windreich GmbH 6.50 7/15/2016 EUR 10.88 Far East Capital L 8.00 5/2/2018 USD 53.50 Nordea Bank Norge 0.56 USD 63.17 PA Resources AB 12.25 4/5/2016 NOK 4.91 OGX Austria GmbH 8.50 6/1/2018 USD 0.01 APP International 11.75 10/1/2005 USD 0.01 Norske Skog Holdin 8.00 2/24/2023 USD 64.25 Barclays Bank PLC 0.63 USD 60.50 Ukraine Government 5.00 12/20/2015 USD 51.13 Banco Comercial Po 5.00 EUR 67.00 Lloyds Bank PLC 0.60 USD 62.58 Virgolino de Olive 11.75 2/9/2022 USD 1.10 Pescanova SA 6.75 3/5/2015 EUR 3.33 Etablissements Mau 7.13 7/31/2015 EUR 13.42 Dannemora Mineral 11.75 3/22/2016 USD 0.67 Bank of Scotland P 0.63 USD 62.46 Den Norske Creditb 0.53 USD 61.88 Lehman Brothers UK 5.13 EUR 0.03 Golden Gate AG 6.50 10/11/2014 EUR 37.10 Popular Capital SA 0.70 EUR 59.00 Kaupthing Bank Hf 7.63 2/28/2015 USD 14.13 Talvivaara Mining 9.75 4/4/2017 EUR 0.04 friedola Gebr Holz 7.25 4/11/2017 EUR 41.75 Societe Generale S 0.44 USD 61.50 Raiffeisenlandesba 4.40 4/17/2024 EUR 72.75 Mox Telecom AG 7.25 11/2/2017 EUR 2.55 Metinvest BV 10.25 5/20/2015 USD 65.50 Barclays Bank PLC 0.63 USD 60.58 QGOG Constellation 6.25 11/9/2019 USD 63.00 More & More AG 8.13 6/11/2018 EUR 48.75 Mechel 8.40 5/27/2021 RUB 57.01 GNB - Cia de Segur 3.53 EUR 67.90 Dexia SA 4.89 EUR 8.75 Heta Asset Resolut 1.91 9/29/2016 JPY 49.00 Heta Asset Resolut 5.92 2/22/2022 EUR 2.00 Afren PLC 6.63 12/9/2020 USD 46.25 Cirio Finance Luxe 7.50 11/3/2002 EUR 8.25 Barclays Bank PLC 1.18 3/21/2033 USD 68.50 Banco Pinto & Sott 1.08 EUR 11.00 Hellenic Railways 4.50 12/6/2016 JPY 68.88 EDOB Abwicklungs A 7.50 4/1/2012 EUR 0.76 Sidetur Finance BV 10.00 4/20/2016 USD 13.00 TGC-2 OJSC 12.00 10/10/2018 RUB 70.35 Alpha Credit Group 1.70 2/1/2017 EUR 42.30 IKB Deutsche Indus 5.63 3/31/2017 EUR 19.55 Lehman Brothers Tr 8.25 3/16/2035 EUR 4.81 Dexia Kommunalbank 4.88 12/31/2016 EUR 20.00 Kaupthing Bank Hf 9.00 USD 0.13 Hellenic Republic 5.00 8/22/2016 JPY 65.50 Lloyds Bank PLC 0.44 USD 62.39 Barclays Bank PLC 1.44 3/28/2033 USD 68.78 AgroGeneration 8.00 4/1/2019 EUR 66.00 SiC Processing Gmb 7.13 3/1/2016 EUR 3.95 getgoods.de AG 7.75 10/2/2017 EUR 5.38 Heta Asset Resolut 4.25 5/31/2016 EUR 56.50 UniCredit Bank Aus 0.50 12/27/2031 EUR 63.50 Ukraine Government 7.50 4/17/2023 USD 47.07 GNB - Cia de Segur 2.23 12/19/2022 EUR 71.00 Hellenic Republic 5.80 7/14/2015 JPY 73.88 Heckler & Koch Gmb 9.50 5/15/2018 EUR 74.75 Agroton Public Ltd 6.00 7/14/2019 USD 30.00 KPNQwest NV 10.00 3/15/2012 EUR 0.50 DNB Bank ASA 0.56 USD 62.21 Codere Finance Lux 9.25 2/15/2019 USD 64.00 National 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Colonia Real Estat 5.88 5/11/2015 EUR 6.96 Cirio Finanziaria 8.00 12/21/2005 EUR 1.57 Ukraine Government 6.88 9/23/2015 USD 50.78 Mechel 8.40 5/27/2021 RUB 56.51 Espirito Santo Fin 9.75 12/19/2025 EUR 2.67 Lehman Brothers Tr 6.00 11/2/2035 EUR 5.13 LBI HF 6.25 EUR 0.00 Solarworld AG 6.38 7/13/2016 EUR 31.50 Royal Bank of Scot 3.84 11/16/2030 USD 74.00 Del Monte Finance 6.63 5/24/2006 EUR 8.38 Banco Espirito San 2.88 EUR 11.50 Barclays Bank PLC 1.73 4/9/2028 USD 73.72 Alpine Holding Gmb 6.00 5/22/2017 EUR 0.00 Gunther Zamek Prod 7.75 5/15/2017 EUR 4.98 Teak Holz Internat 5.00 8/31/2015 EUR 55.00 Barclays Bank PLC 0.41 12/28/2040 EUR 68.85 Solarworld AG 6.13 1/21/2017 EUR 31.88 PNE Wind AG 3.75 10/10/2019 EUR 3.05 Barclays Bank PLC 1.68 4/19/2033 USD 68.27 SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00 Penell GmbH Elektr 7.75 6/10/2019 EUR 10.30 IM Skaugen SE 10.42 4/11/2017 NOK 66.06 Lehman Brothers Tr 7.25 10/5/2035 EUR 4.48 National Westminst 0.56 USD 63.50 WGF Westfaelische 6.35 12/1/2016 EUR 6.45 Societe Generale S 1.92 EUR 64.20 Ideal Standard Int 11.75 5/1/2018 EUR 42.13 Abanka Vipa DD Via 1.90 EUR 0.31 Barclays Bank PLC 2.95 5/31/2033 USD 69.63 Ukraine Government 7.80 11/28/2022 USD 45.57 Oesterreichische V 0.78 6/18/2018 EUR 65.00 Aralco Finance SA 10.13 5/7/2020 USD 5.00 Financing of Infra 8.38 11/3/2017 USD 43.89 Ukraine Government 6.75 11/14/2017 USD 45.56 Lloyds Bank PLC 1.70 2/22/2033 USD 67.50 UKRLANDFARMING PLC 10.88 3/26/2018 USD 50.50 Bank Nederlandse G 0.50 7/12/2022 ZAR 54.32 Depfa ACS Bank 0.25 7/8/2033 CAD 24.00 Cirio Del Monte NV 7.75 3/14/2005 EUR 1.87 Alpine Holding Gmb 5.25 7/1/2015 EUR 0.00 Glitnir HF 6.69 6/15/2016 USD 0.02 Heta Asset Resolut 4.63 3/4/2018 EUR 51.50 Petromena ASA 9.75 5/24/2015 NOK 1.95 Oesterreichische V 9.00 7/26/2024 EUR 65.00 Barclays Bank PLC 2.98 12/23/2033 USD 75.00 Rena GmbH 7.00 12/15/2015 EUR 8.63 Societe Generale S 1.50 2/28/2033 USD 74.00 Northland Resource 15.00 7/15/2019 USD 1.13 Kaupthing Bank Hf 6.75 EUR 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6.40 12/15/2015 EUR 14.13 Glitnir HF 4.50 1/9/2012 EUR 14.00 Haltdalen Spareban 2.75 NOK 54.88 Lehman Brothers Tr 6.00 7/28/2010 EUR 6.63 Lehman Brothers Tr 6.00 7/28/2010 EUR 6.63 Lehman Brothers Tr 4.90 7/28/2020 EUR 3.82 Gjerstad Sparebank 2.87 NOK 74.37 Lehman Brothers Tr 3.82 10/20/2009 USD 6.63 LBI HF 2.22 10/15/2019 JPY 2.81 Glitnir HF 3.00 12/15/2009 EUR 14.00 Lehman Brothers Tr 13.50 6/2/2009 USD 6.63 LBI HF 4.40 11/3/2009 CZK 2.81 Lehman Brothers Tr 6.00 3/4/2015 USD 3.82 Oesterreichische V 5.01 3/26/2018 EUR 57.13 Oesterreichische V 5.01 3/26/2018 EUR 57.13 Lehman Brothers Tr 5.22 3/1/2024 EUR 6.63 Lehman Brothers Tr 3.50 6/20/2011 EUR 3.82 Lehman Brothers Tr 5.50 4/23/2014 EUR 3.82 Lehman Brothers Tr 16.20 5/14/2009 USD 6.63 Lehman Brothers Tr 16.00 11/9/2008 USD 6.63 Kaupthing Bank Hf 7.50 4/2/2011 EUR 14.13 Lehman Brothers Tr 10.00 5/22/2009 USD 6.63 Lehman Brothers Tr 4.60 8/1/2013 EUR 3.82 Lehman Brothers Tr 8.00 5/22/2009 USD 6.63 Lehman Brothers Tr 6.25 11/30/2012 EUR 3.82 Lehman Brothers Tr 6.00 2/19/2023 USD 3.82 Lehman Brothers Tr 1.00 2/26/2010 USD 3.82 Lehman Brothers Tr 4.87 10/8/2013 USD 6.63 Lehman Brothers Tr 1.95 11/4/2013 EUR 6.63 LBI HF 7.25 4/2/2011 EUR 2.81 LBI HF 7.00 4/2/2010 EUR 2.81 Lehman Brothers Tr 7.50 2/14/2010 AUD 6.63 Lehman Brothers Tr 5.00 12/6/2011 EUR 6.63 Lehman Brothers Tr 0.50 6/2/2020 EUR 6.63 Lehman Brothers Tr 12.00 7/4/2011 EUR 6.63 Lehman Brothers Tr 5.50 7/8/2013 EUR 3.82 Lehman Brothers Tr 7.60 3/4/2010 NZD 6.63 Lehman Brothers Tr 17.00 6/2/2009 USD 6.63 Lehman Brothers Tr 2.75 10/28/2009 EUR 3.82 Lehman Brothers Tr 3.00 6/3/2010 EUR 3.82 Lehman Brothers Tr 9.75 6/22/2018 USD 3.82 LBI HF 1.68 12/22/2014 JPY 2.81 Province of Trevis 0.31 12/31/2034 EUR 60.84 HSBC Bank PLC 0.50 5/29/2020 IDR 63.90 Municipality Finan 0.25 6/28/2040 CAD 28.40 Lehman Brothers Tr 7.75 1/3/2012 AUD 6.63 UBS AG 5.56 2/10/2016 USD 36.53 UBS AG 2.75 8/18/2016 USD 9.31 Lehman Brothers Tr 2.50 8/15/2012 CHF 3.82 LBI HF 4.08 3/16/2015 EUR 2.81 Lehman Brothers Tr 6.00 8/7/2013 EUR 3.82 Glitnir HF 5.24 12/22/2010 USD 14.00 UBS AG 11.22 2/4/2016 USD 23.10 Lehman Brothers Tr 16.80 8/21/2009 USD 6.63 LBI HF 4.00 9/23/2015 EUR 2.81 Lehman Brothers Tr 14.10 11/12/2008 USD 6.63 Lehman Brothers Tr 0.75 3/29/2012 EUR 3.82 Glitnir HF 3.30 6/10/2010 EUR 14.00 Glitnir HF 5.35 5/11/2010 USD 14.00 Lehman Brothers Tr 4.00 8/11/2010 USD 3.82 Lehman Brothers Tr 2.30 6/6/2013 USD 6.63 Lehman Brothers Tr 7.50 5/30/2010 AUD 6.63 Lehman Brothers Tr 11.00 5/9/2020 USD 3.82 Lehman Brothers Tr 4.30 6/4/2012 USD 6.63 Lehman Brothers Tr 4.00 6/5/2011 USD 6.63 UBS AG 8.42 12/17/2015 USD 26.12 LBI HF 2.14 2/3/2020 JPY 2.81 UBS AG 8.15 7/21/2015 USD 45.63 Lehman Brothers Tr 3.10 6/4/2010 USD 6.63 Lehman Brothers Tr 5.25 7/8/2014 EUR 6.63 LBI HF 6.75 2/18/2015 EUR 2.81 Lehman Brothers Tr 6.60 5/23/2012 AUD 6.63 Lehman Brothers Tr 16.00 10/28/2008 USD 6.63 LBI HF 2.75 3/16/2011 EUR 2.81 Lehman Brothers Tr 6.60 2/9/2009 EUR 3.92 Lehman Brothers Tr 4.70 3/23/2016 EUR 3.82 Lehman Brothers Tr 8.00 4/20/2009 EUR 3.82 Lehman Brothers Tr 0.50 2/16/2009 EUR 6.63 Lehman Brothers Tr 7.63 7/22/2011 HKD 6.63 Glitnir HF 4.85 4/6/2012 EUR 14.00 Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00 Lehman Brothers Tr 5.00 3/13/2009 EUR 3.82 Lehman Brothers Tr 6.72 12/29/2008 EUR 3.97 Lehman Brothers Tr 7.06 12/29/2008 EUR 3.98 Glitnir HF 2.57 12/31/2013 EUR 14.00 Glitnir HF 6.00 12/10/2009 ISK 0.02 Glitnir HF 6.20 12/20/2009 ISK 0.02 Glitnir HF 5.00 2/1/2016 ISK 14.00 Glitnir HF 6.00 8/1/2010 ISK 14.00 LBI HF 8.65 5/1/2011 ISK 2.81 Lehman Brothers Tr 10.00 10/23/2008 USD 6.63 Lehman Brothers Tr 10.00 10/22/2008 USD 6.63 Lehman Brothers Tr 6.45 2/20/2010 AUD 6.63 Lehman Brothers Tr 12.40 6/12/2009 USD 6.63 Glitnir HF 0.50 11/26/2009 EUR 14.00 Lehman Brothers Tr 10.00 6/17/2009 USD 6.63 Lehman Brothers Tr 13.15 10/30/2008 USD 6.63 Lehman Brothers Tr 3.63 3/2/2012 EUR 6.63 Lehman Brothers Tr 0.50 8/1/2020 EUR 6.63 Royal Bank of Scot 1.69 11/14/2016 GBP 1.08 Glitnir HF 0.01 8/3/2009 JPY 14.00 Lehman Brothers Tr 16.00 12/26/2008 USD 6.63 Kaupthing Bank Hf 7.50 12/5/2014 ISK 14.13 Lehman Brothers Tr 2.30 6/27/2013 USD 6.63 Oesterreichische V 5.01 2/5/2018 EUR 58.50 LBI HF 5.44 9/3/2018 EUR 0.01 Oesterreichische V 5.00 3/13/2018 EUR 57.50 Lehman Brothers Tr 8.00 3/21/2018 USD 3.82 Lehman Brothers Tr 3.45 5/23/2013 USD 3.82 Lehman Brothers Tr 4.10 5/20/2009 USD 6.63 Lehman Brothers Tr 4.60 11/9/2011 EUR 3.82 Lehman Brothers Tr 4.60 10/11/2017 ILS 29.88 Oesterreichische V 5.00 12/12/2018 EUR 50.50 Lehman Brothers Tr 18.25 10/2/2008 USD 6.63 e-Kancelaria Grupa 10.00 10/23/2015 PLN 1.00 HSBC Trinkaus & Bu 10.40 12/28/2015 EUR 74.92 HSBC Trinkaus & Bu 13.20 11/27/2015 EUR 72.46 Notenstein Privatb 7.40 10/31/2016 CHF 45.09 UBS AG 14.25 6/26/2015 EUR 73.78 UBS AG 13.75 6/26/2015 EUR 74.33 UBS AG 14.50 6/26/2015 EUR 75.00 UBS AG 14.25 9/25/2015 EUR 74.90 Kommunalbanken AS 0.50 8/15/2018 BRL 71.28 UBS AG 7.75 6/26/2015 EUR 60.83 LBBW 4.00 6/26/2015 EUR 59.20 UBS AG 12.25 6/26/2015 EUR 63.66 Credit Suisse AG/N 8.25 5/18/2015 CHF 72.82 UBS AG 12.25 9/25/2015 EUR 74.81 UBS AG 18.25 9/25/2015 EUR 62.59 UBS AG 12.00 12/29/2015 EUR 74.71 UBS AG 20.50 12/29/2015 EUR 72.19 UBS AG 20.25 9/25/2015 EUR 72.50 UBS AG 23.00 9/25/2015 EUR 56.20 UBS AG 19.75 12/29/2015 EUR 64.76 UBS AG 22.75 12/29/2015 EUR 68.80 UBS AG 23.00 9/25/2015 EUR 67.73 UBS AG/London 9.00 12/3/2015 CHF 74.97 LBBW 4.25 8/28/2015 EUR 65.70 LBBW 5.25 8/28/2015 EUR 61.55 LBBW 6.50 8/28/2015 EUR 57.50 Zurcher Kantonalba 3.67 1/25/2016 CHF 54.93 UBS AG 10.00 12/29/2015 EUR 71.75 UBS AG 11.50 6/26/2015 EUR 60.30 Commerzbank AG 13.25 11/26/2015 EUR 72.81 Vontobel Financial 8.20 6/26/2015 EUR 74.99 Vontobel Financial 5.65 6/26/2015 EUR 67.96 Goldman Sachs & Co 7.00 6/24/2015 EUR 74.89 Goldman Sachs & Co 11.00 6/24/2015 EUR 71.69 Goldman Sachs & Co 9.00 6/24/2015 EUR 70.07 Goldman Sachs & Co 11.00 6/24/2015 EUR 66.46 Notenstein Privatb 8.80 7/24/2015 EUR 74.93 HSBC Trinkaus & Bu 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23.25 9/25/2015 EUR 68.34 UBS AG 21.25 3/29/2016 EUR 71.26 Vontobel Financial 4.00 6/12/2015 EUR 50.30 Vontobel Financial 8.00 6/12/2015 EUR 47.10 UBS AG 14.75 6/26/2015 EUR 67.43 UBS AG 13.25 6/26/2015 EUR 71.90 UBS AG 14.25 12/29/2015 EUR 72.63 Commerzbank AG 14.25 11/26/2015 EUR 71.53 UBS AG/London 11.50 11/26/2015 CHF 68.63 UBS AG/London 10.75 11/26/2015 CHF 68.17 Commerzbank AG 12.00 11/26/2015 EUR 67.82 UBS AG 24.00 12/29/2015 EUR 67.63 UBS AG 21.25 6/26/2015 EUR 59.02 UBS AG 20.25 3/29/2016 EUR 67.84 UBS AG 13.25 12/29/2015 EUR 60.48 UBS AG 8.75 9/25/2015 EUR 72.25 UBS AG 5.75 6/26/2015 EUR 59.92 UBS AG 10.75 6/26/2015 EUR 50.76 UBS AG 9.50 12/29/2015 EUR 62.69 UBS AG 14.75 3/29/2016 EUR 71.77 UBS AG 7.00 6/26/2015 EUR 60.07 LBBW 3.50 8/28/2015 EUR 70.57 Notenstein Finance 7.00 10/23/2015 USD 72.87 Leonteq Securities 3.00 9/19/2019 CHF 64.25 Leonteq Securities 11.00 12/4/2015 USD 65.74 Notenstein Privatb 8.20 5/27/2016 CHF 74.34 DZ Bank AG Deutsch 7.50 11/27/2015 EUR 72.22 Commerzbank AG 9.50 10/22/2015 EUR 74.91 Commerzbank AG 11.50 10/22/2015 EUR 72.30 Commerzbank AG 13.75 10/22/2015 EUR 70.15 Commerzbank AG 15.75 10/22/2015 EUR 68.06 UBS AG/London 10.25 11/12/2015 CHF 73.22 UBS AG/London 11.75 11/12/2015 CHF 62.03 HSBC Trinkaus & Bu 17.50 12/28/2015 EUR 64.91 HSBC Trinkaus & Bu 13.70 12/28/2015 EUR 67.60 HSBC Trinkaus & Bu 10.00 12/28/2015 EUR 71.25 HSBC Trinkaus & Bu 13.90 8/28/2015 EUR 66.59 HSBC Trinkaus & Bu 12.40 11/27/2015 EUR 68.60 DZ Bank AG Deutsch 15.50 5/20/2015 EUR 63.48 Goldman Sachs & Co 25.00 6/24/2015 EUR 73.19 Goldman Sachs & Co 25.00 8/26/2015 EUR 73.43 Goldman Sachs & Co 24.00 9/23/2015 EUR 74.88 DZ Bank AG Deutsch 11.00 10/23/2015 EUR 66.14 Notenstein Privatb 3.00 9/22/2020 CHF 69.59 DZ Bank AG Deutsch 7.75 7/24/2015 EUR 69.89 Commerzbank AG 7.00 10/22/2015 EUR 70.93 BNP Paribas Emissi 13.00 12/24/2015 EUR 67.16 Bank Julius Baer & 13.70 11/11/2015 CHF 67.45 UBS AG/London 12.35 11/3/2015 CHF 62.95 UBS AG/London 8.48 11/3/2015 CHF 61.20 BNP Paribas Emissi 15.00 12/24/2015 EUR 74.44 BNP Paribas Emissi 16.00 12/24/2015 EUR 72.47 HSBC Trinkaus & Bu 17.00 12/28/2015 EUR 60.20 HSBC Trinkaus & Bu 11.90 12/28/2015 EUR 63.76 HSBC Trinkaus & Bu 8.70 12/28/2015 EUR 67.26 Commerzbank AG 7.00 9/24/2015 EUR 65.20 UBS AG 22.75 12/29/2015 EUR 64.44 UBS AG 21.00 9/25/2015 EUR 62.26 UBS AG 13.50 12/29/2015 EUR 74.05 UBS AG 20.25 9/25/2015 EUR 67.99 UBS AG 22.75 12/29/2015 EUR 74.35 UBS AG 22.75 6/26/2015 EUR 55.51 UBS AG 18.50 6/26/2015 EUR 61.47 UBS AG 19.25 12/29/2015 EUR 62.28 UBS AG 16.50 9/25/2015 EUR 65.34 UBS AG 20.50 6/26/2015 EUR 61.97 UBS AG 24.75 6/26/2015 EUR 53.03 UBS AG 16.50 6/26/2015 EUR 65.11 UBS AG 18.00 12/29/2015 EUR 64.15 UBS AG 21.50 9/25/2015 EUR 58.08 UBS AG 24.00 6/26/2015 EUR 57.31 UBS AG 22.00 9/25/2015 EUR 64.69 UBS AG 16.25 12/29/2015 EUR 69.81 UBS AG 18.00 9/25/2015 EUR 71.67 UBS AG 23.75 9/25/2015 EUR 61.89 UBS AG 20.50 12/29/2015 EUR 60.63 UBS AG 14.75 9/25/2015 EUR 68.54 UBS AG 21.25 9/25/2015 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Paribas Emissi 10.00 7/23/2015 EUR 64.37 BNP Paribas Emissi 8.00 7/23/2015 EUR 64.59 Credit Suisse AG/N 8.13 7/15/2015 CHF 73.98 Bank Julius Baer & 3.90 11/30/2015 CHF 71.95 Leonteq Securities 6.00 1/7/2016 EUR 45.95 Goldman Sachs Inte 1.00 12/5/2017 SEK 15.26 HSBC Trinkaus & Bu 18.50 6/26/2015 EUR 61.81 Notenstein Privatb 7.00 6/17/2015 CHF 74.64 Commerzbank AG 3.00 12/3/2015 EUR 63.46 UBS AG 14.75 6/26/2015 EUR 71.35 UBS AG 12.75 12/29/2015 EUR 73.74 UBS AG 14.50 12/29/2015 EUR 68.40 UBS AG 13.75 12/29/2015 EUR 70.36 Societe Generale E 4.00 6/26/2017 EUR 52.02 Vontobel Financial 7.75 6/26/2015 EUR 74.25 Raiffeisen Centrob 8.56 7/22/2015 EUR 72.49 Raiffeisen Centrob 9.87 7/22/2015 EUR 72.98 UBS AG 10.75 12/29/2015 EUR 65.78 UBS AG 14.25 6/26/2015 EUR 55.30 Leonteq Securities 5.25 2/26/2016 CHF 59.57 Leonteq Securities 3.90 3/1/2016 EUR 49.37 Leonteq Securities 3.10 3/1/2016 EUR 73.75 Lehman Brothers Tr 9.25 6/20/2012 USD 3.82 Lehman Brothers Tr 1.50 2/8/2012 CHF 3.82 Oesterreichische V 0.83 10/15/2019 EUR 34.25 Oesterreichische V 4.50 10/21/2020 EUR 37.00 Lehman Brothers Tr 0.01 9/20/2011 USD 3.82 Lehman Brothers Tr 4.68 12/12/2045 EUR 6.63 Lehman Brothers Tr 13.00 12/14/2012 USD 3.82 Lehman Brothers Tr 5.12 4/30/2027 EUR 6.63 Lehman Brothers Tr 7.75 2/21/2016 EUR 3.82 Lehman Brothers Tr 4.10 8/23/2010 USD 6.63 Lehman Brothers Tr 7.25 6/20/2010 USD 3.82 DZ Bank AG Deutsch 3.50 9/23/2015 EUR 74.71 DZ Bank AG Deutsch 5.40 9/23/2015 EUR 71.89 DZ Bank AG Deutsch 4.80 12/23/2015 EUR 73.69 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 69.68 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 66.47 DZ Bank AG Deutsch 4.60 9/23/2015 EUR 63.14 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 72.20 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 69.03 DZ Bank AG Deutsch 4.40 12/23/2015 EUR 65.60 DZ Bank AG Deutsch 3.90 9/23/2015 EUR 74.92 DZ Bank AG Deutsch 5.80 9/23/2015 EUR 71.71 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 74.18 DZ Bank AG Deutsch 4.60 12/23/2015 EUR 68.82 DZ Bank AG Deutsch 3.20 12/23/2015 EUR 67.93 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14.20 10/28/2015 CHF 62.55 HSBC Trinkaus & Bu 21.30 6/26/2015 EUR 46.89 HSBC Trinkaus & Bu 15.80 6/26/2015 EUR 49.61 HSBC Trinkaus & Bu 8.50 6/26/2015 EUR 55.02 HSBC Trinkaus & Bu 17.10 9/25/2015 EUR 50.52 HSBC Trinkaus & Bu 12.80 7/24/2015 EUR 52.12 HSBC Trinkaus & Bu 11.30 10/23/2015 EUR 54.56 UBS AG/London 7.50 10/15/2015 CHF 57.59 Oesterreichische V 2.75 9/20/2016 EUR 73.50 Commerzbank AG 9.50 9/24/2015 EUR 63.73 Commerzbank AG 11.50 9/24/2015 EUR 61.39 Commerzbank AG 13.75 9/24/2015 EUR 59.44 Deutsche Bank AG 10.00 6/22/2015 EUR 70.80 Deutsche Bank AG 10.00 8/26/2015 EUR 72.60 Deutsche Bank AG 10.00 10/21/2015 EUR 74.00 Oesterreichische V 5.05 8/5/2030 EUR 18.63 HSBC Trinkaus & Bu 13.40 9/25/2015 EUR 52.57 Deutsche Bank AG 10.00 7/22/2015 EUR 71.70 Deutsche Bank AG 10.00 9/22/2015 EUR 73.20 Deutsche Bank AG 10.00 11/25/2015 EUR 74.90 Oesterreichische V 2.75 8/24/2016 EUR 74.63 Oesterreichische V 1.33 6/14/2017 EUR 60.38 Credit Suisse AG/L 7.50 6/25/2015 USD 70.40 BNP Paribas 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74.24 BNP Paribas Emissi 9.00 6/25/2015 EUR 70.40 BNP Paribas Emissi 11.00 6/25/2015 EUR 67.04 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 73.90 UniCredit Bank AG 4.50 6/24/2015 EUR 72.50 UniCredit Bank AG 4.75 6/24/2015 EUR 53.19 UniCredit Bank AG 4.50 6/24/2015 EUR 53.80 UniCredit Bank AG 5.00 6/24/2015 EUR 73.44 Vontobel Financial 11.20 5/15/2015 EUR 65.75 Leonteq Securities 9.07 5/3/2016 GBP 54.53 UBS AG/London 9.06 10/23/2015 CHF 62.40 UBS AG/London 12.88 10/23/2015 CHF 64.65 DZ Bank AG Deutsch 8.50 5/22/2015 EUR 56.51 Deutsche Bank AG 6.20 6/22/2015 EUR 51.20 Deutsche Bank AG 5.20 6/22/2015 EUR 48.20 Deutsche Bank AG 7.20 6/22/2015 EUR 51.30 Leonteq Securities 11.60 8/12/2015 USD 63.53 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 58.33 UniCredit Bank AG 4.30 6/24/2015 EUR 54.44 UniCredit Bank AG 5.00 6/24/2015 EUR 68.64 UniCredit Bank AG 6.00 6/24/2015 EUR 72.55 UniCredit Bank AG 5.25 6/24/2015 EUR 52.00 UniCredit Bank AG 6.00 6/24/2015 EUR 70.26 UniCredit Bank AG 5.50 6/24/2015 EUR 51.43 UniCredit Bank AG 5.25 6/24/2015 EUR 66.87 UniCredit Bank AG 4.20 6/24/2015 EUR 74.60 UniCredit Bank AG 5.00 6/24/2015 EUR 52.59 UniCredit Bank AG 4.75 6/24/2015 EUR 70.52 Vontobel Financial 5.80 6/12/2015 EUR 67.71 Credit Suisse AG/N 8.25 5/4/2015 USD 72.20 Deutsche Bank AG 7.20 6/22/2015 EUR 54.40 Deutsche Bank AG 6.20 6/22/2015 EUR 48.40 Deutsche Bank AG 5.20 6/22/2015 EUR 51.00 Deutsche Bank AG 7.20 6/22/2015 EUR 48.50 Deutsche Bank AG 5.20 6/22/2015 EUR 54.20 Deutsche Bank AG 6.20 6/22/2015 EUR 54.30 Deutsche Bank AG 6.20 6/22/2015 EUR 69.60 Zurcher Kantonalba 14.00 7/29/2015 EUR 67.46 BNP Paribas Emissi 8.00 6/25/2015 EUR 60.31 BNP Paribas Emissi 10.50 6/25/2015 EUR 55.28 Deutsche Bank AG 5.20 9/22/2015 EUR 64.00 Deutsche Bank AG 5.20 9/22/2015 EUR 70.80 Deutsche Bank AG 5.20 9/22/2015 EUR 67.20 Deutsche Bank AG 6.20 12/22/2015 EUR 69.00 Deutsche Bank AG 5.20 6/22/2015 EUR 69.60 Deutsche Bank AG 5.20 12/22/2015 EUR 65.20 Deutsche Bank AG 6.20 6/22/2015 EUR 66.10 Deutsche Bank AG 7.20 6/22/2015 EUR 69.80 Deutsche Bank AG 6.20 12/22/2015 EUR 65.80 Deutsche Bank AG 7.20 9/22/2015 EUR 68.00 Deutsche Bank AG 5.20 6/22/2015 EUR 74.80 Deutsche Bank AG 6.20 9/22/2015 EUR 71.20 Notenstein Privatb 9.60 6/16/2015 CHF 43.96 Commerzbank AG 7.00 5/21/2015 EUR 70.47 Commerzbank AG 9.00 5/21/2015 EUR 66.88 Commerzbank AG 11.25 5/21/2015 EUR 63.65 HSBC Trinkaus & Bu 14.50 6/26/2015 EUR 63.82 Goldman Sachs & Co 12.00 7/22/2015 EUR 64.44 DZ Bank AG Deutsch 10.50 5/22/2015 EUR 55.14 DZ Bank AG Deutsch 16.00 5/22/2015 EUR 52.17 Vontobel Financial 8.80 6/26/2015 EUR 66.72 DZ Bank AG Deutsch 7.25 6/26/2015 EUR 65.64 Bank Julius Baer & 15.25 6/4/2015 CHF 52.20 Vontobel Financial 4.95 9/11/2015 EUR 66.18 Vontobel Financial 7.80 9/11/2015 EUR 67.18 Commerzbank AG 8.75 5/21/2015 EUR 67.15 Commerzbank AG 11.00 5/21/2015 EUR 63.91 DZ Bank AG Deutsch 4.25 6/5/2015 EUR 73.96 UniCredit Bank AG 6.00 7/23/2015 EUR 51.69 UniCredit Bank AG 4.50 7/23/2015 EUR 55.86 UniCredit Bank AG 4.00 7/23/2015 EUR 57.19 UniCredit Bank AG 5.50 7/23/2015 EUR 68.24 UniCredit Bank AG 4.40 7/23/2015 EUR 73.85 DZ Bank AG Deutsch 7.50 9/11/2015 EUR 71.10 Commerzbank AG 11.50 5/21/2015 EUR 58.87 Commerzbank AG 7.25 5/21/2015 EUR 74.88 Commerzbank AG 7.50 5/21/2015 EUR 74.05 Commerzbank AG 6.50 5/21/2015 EUR 67.42 Commerzbank AG 9.00 5/21/2015 EUR 62.87 Vontobel Financial 6.05 9/25/2015 EUR 66.51 Vontobel Financial 9.20 9/25/2015 EUR 65.81 Vontobel Financial 5.90 9/25/2015 EUR 71.34 Vontobel Financial 6.40 6/26/2015 EUR 70.01 DZ Bank AG Deutsch 8.50 5/22/2015 EUR 67.48 DZ Bank AG Deutsch 5.50 5/22/2015 EUR 64.66 DZ Bank AG Deutsch 10.25 5/22/2015 EUR 59.69 BNP Paribas Emissi 6.00 6/25/2015 EUR 65.66 Commerzbank AG 10.50 5/21/2015 EUR 68.22 Vontobel Financial 7.50 6/26/2015 EUR 64.70 UniCredit Bank AG 5.50 7/23/2015 EUR 52.78 UniCredit Bank AG 5.00 7/23/2015 EUR 54.61 UniCredit Bank AG 5.20 7/23/2015 EUR 70.02 UniCredit Bank AG 4.80 7/23/2015 EUR 71.88 UniCredit Bank AG 6.00 7/23/2015 EUR 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Goldman Sachs & Co 7.00 5/20/2015 EUR 73.05 Goldman Sachs & Co 7.00 7/22/2015 EUR 74.75 Goldman Sachs & Co 8.00 7/22/2015 EUR 70.63 Goldman Sachs & Co 10.00 7/22/2015 EUR 67.43 Goldman Sachs & Co 8.00 12/23/2015 EUR 73.80 Goldman Sachs & Co 10.00 12/23/2015 EUR 68.26 Intertekhelektro-N 8.50 4/21/2020 RUB 60.00 Oesterreichische V 3.50 5/23/2022 EUR 25.63 Leonteq Securities 9.00 4/8/2016 USD 32.41 Oesterreichische V 2.75 8/26/2016 EUR 74.50 Bank Julius Baer & 10.20 10/7/2015 CHF 67.55 Zurcher Kantonalba 7.02 10/9/2015 CHF 62.21 Leonteq Securities 13.60 1/6/2016 CHF 73.17 UniCredit Bank AG 4.80 10/22/2015 EUR 74.87 UniCredit Bank AG 5.00 10/22/2015 EUR 73.82 DZ Bank AG Deutsch 5.60 10/7/2015 EUR 59.11 Goldman Sachs & Co 8.00 9/23/2015 EUR 72.79 Vontobel Financial 9.75 10/23/2015 EUR 74.09 Notenstein Finance 8.68 4/1/2016 USD 73.99 Bank Julius Baer & 8.25 10/9/2015 USD 65.00 UniCredit Bank AG 5.20 10/22/2015 EUR 71.75 Goldman Sachs & Co 10.00 5/20/2015 EUR 73.16 Goldman Sachs & Co 14.00 5/20/2015 EUR 65.37 Goldman Sachs & Co 12.00 9/23/2015 EUR 69.76 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 68.29 DZ Bank AG Deutsch 7.25 6/12/2015 EUR 67.52 DZ Bank AG Deutsch 8.00 9/11/2015 EUR 69.86 DZ Bank AG Deutsch 6.80 6/12/2015 EUR 72.75 Bank Julius Baer & 11.50 5/21/2015 USD 63.65 Credit Suisse AG/L 8.00 5/29/2015 USD 60.66 UniCredit Bank AG 4.00 9/24/2015 EUR 49.31 UniCredit Bank AG 4.00 9/24/2015 EUR 74.74 UniCredit Bank AG 4.00 9/24/2015 EUR 50.53 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 68.90 DZ Bank AG Deutsch 7.75 9/11/2015 EUR 70.78 Bank Julius Baer & 14.75 5/20/2015 CHF 57.55 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 60.25 Deutsche Bank AG 5.20 7/22/2015 EUR 74.00 Deutsche Bank AG 5.20 8/26/2015 EUR 70.40 Deutsche Bank AG 6.20 7/22/2015 EUR 74.20 Deutsche Bank AG 5.20 7/22/2015 EUR 70.00 Deutsche Bank AG 5.20 8/26/2015 EUR 74.40 Deutsche Bank AG 6.20 8/26/2015 EUR 70.80 UBS AG/London 14.83 5/22/2015 CHF 62.70 UBS AG/London 6.50 5/22/2015 CHF 45.00 LBBW 4.50 6/26/2015 EUR 73.84 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12/28/2015 EUR 73.39 HSBC Trinkaus & Bu 19.50 6/26/2015 EUR 73.72 DZ Bank AG Deutsch 6.50 8/28/2015 EUR 71.06 Leonteq Securities 15.20 12/2/2015 CHF 64.53 Commerzbank AG 8.75 8/27/2015 EUR 65.22 Commerzbank AG 10.75 8/27/2015 EUR 62.76 Commerzbank AG 10.25 8/27/2015 EUR 69.75 Commerzbank AG 11.00 8/27/2015 EUR 73.07 Commerzbank AG 6.75 8/27/2015 EUR 67.98 Vontobel Financial 6.60 6/12/2015 EUR 74.72 DZ Bank AG Deutsch 5.70 9/7/2015 EUR 69.18 HSBC Trinkaus & Bu 9.50 7/24/2015 EUR 64.36 HSBC Trinkaus & Bu 10.80 9/25/2015 EUR 63.31 HSBC Trinkaus & Bu 8.80 10/23/2015 EUR 66.13 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 46.36 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 51.84 HSBC Trinkaus & Bu 6.90 6/26/2015 EUR 73.07 HSBC Trinkaus & Bu 8.70 7/24/2015 EUR 70.86 HSBC Trinkaus & Bu 11.50 9/25/2015 EUR 67.61 e-Kancelaria Grupa 9.00 12/23/2015 PLN 2.00 BNP Paribas Emissi 7.25 10/22/2015 EUR 72.28 BNP Paribas Emissi 7.00 1/21/2016 EUR 72.84 e-Kancelaria Grupa 9.00 12/4/2015 PLN 40.00 Lehman Brothers Tr 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73.04 Notenstein Privatb 9.10 8/29/2016 CHF 47.66 Credit Suisse AG/L 11.00 8/28/2015 USD 49.07 Bank Julius Baer & 7.00 8/28/2015 USD 71.65 Commerzbank AG 17.50 5/21/2015 EUR 50.01 Leonteq Securities 11.00 8/25/2015 USD 59.15 Commerzbank AG 13.00 5/21/2015 EUR 70.77 Commerzbank AG 23.25 6/25/2015 EUR 53.84 Commerzbank AG 24.25 7/23/2015 EUR 53.18 Commerzbank AG 9.00 7/23/2015 EUR 66.09 HSBC Trinkaus & Bu 6.90 9/25/2015 EUR 64.57 HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 65.68 HSBC Trinkaus & Bu 6.10 12/28/2015 EUR 65.10 HSBC Trinkaus & Bu 9.00 6/26/2015 EUR 67.11 HSBC Trinkaus & Bu 8.40 9/25/2015 EUR 68.80 HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 68.56 HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 68.29 HSBC Trinkaus & Bu 7.90 12/28/2015 EUR 69.96 HSBC Trinkaus & Bu 5.90 12/28/2015 EUR 68.67 Societe Generale S 0.50 4/4/2024 MXN 60.99 Societe Generale S 0.50 12/21/2022 AUD 74.54 Bank Julius Baer & 8.25 9/18/2015 CHF 48.75 Goldman Sachs & Co 11.00 10/21/2015 EUR 74.73 Veniti SA 9.70 3/28/2016 PLN 55.00 e-Kancelaria Grupa 9.00 10/25/2016 PLN 1.00 Cooperatieve Centr 0.50 12/29/2027 MXN 46.60 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 10/21/2015 EUR 74.73 HSBC Bank PLC 0.50 12/20/2018 RUB 65.24 Commerzbank AG 7.50 6/25/2015 EUR 73.86 Commerzbank AG 8.00 7/23/2015 EUR 73.09 Commerzbank AG 11.75 7/23/2015 EUR 61.50 Commerzbank AG 16.00 7/23/2015 EUR 52.62 DZ Bank AG Deutsch 9.10 8/7/2015 EUR 70.40 Commerzbank AG 7.25 7/23/2015 EUR 73.14 Commerzbank AG 7.00 7/23/2015 EUR 66.06 Commerzbank AG 10.00 7/23/2015 EUR 56.59 Commerzbank AG 13.00 7/23/2015 EUR 49.52 Commerzbank AG 16.25 7/23/2015 EUR 44.55 Commerzbank AG 19.75 7/23/2015 EUR 40.68 Commerzbank AG 10.00 7/23/2015 EUR 60.47 Lehman Brothers Tr 2.50 12/15/2011 GBP 6.63 DZ Bank AG Deutsch 8.25 7/24/2015 EUR 59.68 Commerzbank AG 5.50 7/23/2015 EUR 72.97 Commerzbank AG 7.00 7/23/2015 EUR 70.33 Commerzbank AG 9.00 7/23/2015 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50.85 Banque Cantonale V 10.80 6/25/2015 CHF 53.23 Bank Julius Baer & 7.65 7/3/2015 USD 65.65 UBS AG/London 15.25 6/25/2015 CHF 46.01 Commerzbank AG 6.75 6/25/2015 EUR 63.83 Commerzbank AG 8.50 6/25/2015 EUR 60.56 Commerzbank AG 10.50 6/25/2015 EUR 57.96 Commerzbank AG 7.50 6/25/2015 EUR 52.35 Commerzbank AG 6.50 6/25/2015 EUR 68.76 Commerzbank AG 8.25 6/25/2015 EUR 65.44 Commerzbank AG 10.25 6/25/2015 EUR 62.05 DZ Bank AG Deutsch 7.25 7/24/2015 EUR 62.63 DZ Bank AG Deutsch 16.00 7/24/2015 EUR 36.01 Credit Suisse AG/N 8.25 1/11/2016 CHF 54.23 MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 72.50 e-Kancelaria Grupa 10.00 6/27/2016 PLN 1.00 HSBC Bank PLC 0.50 4/11/2023 MXN 65.51 LBI HF 4.32 1/31/2010 EUR 2.81 UBS AG/London 21.25 6/26/2015 EUR 72.92 UBS AG/London 23.50 6/26/2015 EUR 50.76 Vontobel Financial 5.50 8/14/2015 EUR 73.09 HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 70.67 HSBC Trinkaus & Bu 8.00 8/28/2015 EUR 61.66 HSBC Trinkaus & Bu 6.00 9/25/2015 EUR 71.02 HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 65.86 UniCredit Bank AG 6.50 9/24/2015 EUR 74.08 LBI HF 4.75 5/31/2013 EUR 2.81 UBS AG 19.50 6/24/2016 EUR 74.87 Oesterreichische V 5.10 5/23/2022 EUR 31.13 UBS AG 16.00 12/23/2016 EUR 74.82 UBS AG 24.25 12/29/2015 EUR 68.71 UBS AG 16.00 12/23/2016 EUR 74.43 UBS AG 22.50 3/29/2016 EUR 71.05 Banca di Cividale 0.09 10/2/2036 EUR 60.22 Oesterreichische V 4.81 5/9/2035 EUR 16.88 Lehman Brothers Tr 7.50 6/15/2017 USD 3.82 Lehman Brothers Tr 6.00 12/30/2017 EUR 3.82 Lehman Brothers Tr 6.00 5/23/2018 CZK 3.82 UBS AG 21.75 3/29/2016 EUR 72.54 Credit Suisse AG/N 8.25 9/14/2015 CHF 74.00 LBBW 4.30 9/23/2016 EUR 70.37 LBI HF 4.28 11/19/2010 EUR 2.81 Goldman Sachs & Co 17.00 5/20/2015 EUR 70.41 UBS AG/London 24.75 3/29/2016 EUR 67.11 UBS AG/London 17.75 9/25/2015 EUR 68.79 Credit Suisse AG/N 7.00 9/7/2015 CHF 72.25 Vontobel Financial 8.50 6/26/2015 EUR 66.67 DZ Bank AG Deutsch 5.00 8/14/2015 EUR 74.60 UBS AG/London 14.75 3/29/2016 EUR 74.56 Vontobel Financial 4.70 6/26/2015 EUR 65.69 Vontobel 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3/29/2016 EUR 65.85 Commerzbank AG 7.00 6/25/2015 EUR 67.30 UniCredit Bank AG 5.00 6/25/2015 EUR 67.66 Commerzbank AG 10.75 12/24/2015 EUR 74.04 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 69.55 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 44.29 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 52.34 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 69.41 HSBC Trinkaus & Bu 10.50 6/26/2015 EUR 74.82 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 59.55 Commerzbank AG 14.75 12/24/2015 EUR 70.41 Klaebu Sparebank 2.72 NOK 69.84 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 48.78 HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 71.48 BNP Paribas Emissi 8.00 7/23/2015 EUR 53.64 DZ Bank AG Deutsch 14.50 8/28/2015 EUR 69.60 DZ Bank AG Deutsch 7.25 8/14/2015 EUR 68.78 BNP Paribas Emissi 9.00 5/21/2015 EUR 56.78 BNP Paribas Emissi 6.75 7/23/2015 EUR 56.69 BNP Paribas Emissi 6.75 7/23/2015 EUR 72.54 DZ Bank AG Deutsch 8.80 12/23/2015 EUR 74.76 HSBC Trinkaus & Bu 13.00 6/26/2015 EUR 61.03 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 73.42 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 49.47 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 53.94 Deutsche Bank AG 9.00 9/11/2015 EUR 67.83 BNP Paribas Emissi 8.00 6/25/2015 EUR 52.95 BNP Paribas Emissi 6.75 6/25/2015 EUR 56.10 Lehman Brothers Tr 4.25 5/15/2010 EUR 3.82 Lehman Brothers Tr 3.35 10/13/2016 EUR 3.82 Kaupthing Bank Hf 4.53 4/24/2012 EUR 14.13 Credit Suisse AG/N 8.75 8/24/2015 CHF 72.64 LBI HF 3.34 5/11/2012 EUR 2.81 Lehman Brothers Tr 7.39 5/4/2017 USD 3.82 UBS AG/London 16.25 12/29/2015 EUR 70.78 UBS AG/London 13.25 9/25/2015 EUR 72.55 DZ Bank AG Deutsch 6.25 10/9/2015 EUR 72.38 UBS AG 17.25 12/23/2016 EUR 73.55 Deutsche Bank AG 6.00 6/22/2015 EUR 73.70 Deutsche Bank AG 8.00 6/22/2015 EUR 71.90 Vontobel Financial 5.60 6/26/2015 EUR 71.52 Kaupthing Bank Hf 4.47 10/27/2010 EUR 14.13 DekaBank Deutsche 3.10 2/26/2018 EUR 74.61 Leonteq Securities 6.58 3/29/2016 EUR 69.75 UniCredit Bank AG 6.10 6/26/2015 EUR 62.90 UniCredit Bank AG 4.90 6/26/2015 EUR 69.60 UniCredit Bank AG 4.30 6/26/2015 EUR 73.55 UniCredit Bank AG 5.00 6/25/2015 EUR 71.77 UniCredit Bank AG 5.80 6/26/2015 EUR 64.44 UniCredit Bank AG 5.50 6/26/2015 EUR 53.01 UniCredit Bank AG 4.80 6/26/2015 EUR 54.20 Vontobel Financial 7.90 6/26/2015 EUR 70.23 UniCredit Bank AG 4.00 6/25/2015 EUR 70.26 HSBC Trinkaus & Bu 27.50 6/26/2015 EUR 60.28 UniCredit Bank AG 5.50 6/25/2015 EUR 63.85 DZ Bank AG Deutsch 8.00 1/22/2016 EUR 74.07 UniCredit Bank AG 6.00 6/25/2015 EUR 68.74 UniCredit Bank AG 5.50 6/26/2015 EUR 66.07 UniCredit Bank AG 5.20 6/26/2015 EUR 67.78 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 45.85 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 54.87 HSBC Trinkaus & Bu 9.50 6/26/2015 EUR 65.08 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 69.83 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 72.29 HSBC Trinkaus & Bu 8.50 6/26/2015 EUR 70.22 Glitnir HF 3.50 10/30/2012 EUR 14.00 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 71.86 LBI HF 4.34 3/1/2011 EUR 2.81 UBS AG/London 18.50 12/29/2015 EUR 69.20 Goldman Sachs & Co 14.00 8/26/2015 EUR 74.10 Lehman Brothers Tr 4.00 5/30/2010 USD 6.63 Lehman Brothers Tr 2.48 5/12/2009 USD 3.82 Lehman Brothers Tr 2.25 5/12/2009 USD 3.82 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 66.47 Leonteq Securities 8.64 8/25/2015 CHF 17.46 UBS AG 20.50 6/24/2016 EUR 73.88 Lehman Brothers Tr 4.00 5/17/2010 USD 3.82 Notenstein Privatb 11.00 8/28/2015 CHF 69.30 Credit Suisse AG/N 7.75 8/28/2015 CHF 73.03 UniCredit Bank AG 4.80 9/24/2015 EUR 56.10 UniCredit Bank AG 4.75 9/24/2015 EUR 56.41 HSBC Trinkaus & Bu 15.50 6/26/2015 EUR 56.45 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 68.97 Credit Suisse AG/L 8.00 7/3/2015 CHF 70.83 Credit Suisse AG/N 10.50 7/9/2015 USD 52.77 UBS AG/London 6.75 7/2/2015 CHF 73.74 UBS AG/London 7.00 7/16/2015 CHF 42.00 Lehman Brothers Tr 4.50 8/2/2009 USD 6.63 Banque Cantonale V 13.10 7/21/2015 CHF 62.73 Commerzbank AG 9.50 7/23/2015 EUR 74.81 Zurcher Kantonalba 6.60 7/29/2015 CHF 48.23 Notenstein Privatb 13.40 7/28/2015 USD 57.67 Zaklady Miesne Mys 11.50 6/10/2015 PLN 10.00 Lehman Brothers Tr 5.50 6/15/2009 CHF 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6/22/2015 EUR 62.80 Deutsche Bank AG 7.20 12/22/2015 EUR 73.20 Deutsche Bank AG 7.20 12/22/2015 EUR 69.70 Deutsche Bank AG 5.20 12/22/2015 EUR 68.40 Deutsche Bank AG 5.20 6/22/2015 EUR 65.90 Deutsche Bank AG 6.20 9/22/2015 EUR 67.60 Deutsche Bank AG 7.20 9/22/2015 EUR 71.60 Deutsche Bank AG 7.20 9/22/2015 EUR 64.80 Deutsche Bank AG 6.20 12/22/2015 EUR 72.50 Deutsche Bank AG 5.20 6/22/2015 EUR 62.70 Deutsche Bank AG 7.20 6/22/2015 EUR 66.20 Deutsche Bank AG 7.20 6/22/2015 EUR 63.00 Deutsche Bank AG 7.20 12/22/2015 EUR 66.50 Deutsche Bank AG 5.20 12/22/2015 EUR 71.90 Deutsche Bank AG 6.20 9/22/2015 EUR 64.40 BNP Paribas Emissi 9.00 1/21/2016 EUR 65.14 UBS AG/London 10.50 10/8/2015 CHF 67.76 Leonteq Securities 9.00 10/20/2015 CHF 62.94 Bank Julius Baer & 10.60 10/9/2015 USD 71.70 UBS AG/London 12.00 10/1/2015 CHF 70.37 Commerzbank AG 10.00 5/21/2015 EUR 71.83 Barclays Bank PLC 1.64 6/3/2041 USD 72.48 Leonteq Securities 6.70 6/6/2016 USD 70.24 Vontobel Financial 8.00 8/28/2015 EUR 72.55 DZ 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Commerzbank AG 16.50 5/21/2015 EUR 38.23 Commerzbank AG 20.50 5/21/2015 EUR 34.34 Commerzbank AG 24.75 5/21/2015 EUR 31.13 Commerzbank AG 6.25 6/25/2015 EUR 60.68 Commerzbank AG 9.25 6/25/2015 EUR 51.50 Commerzbank AG 12.50 6/25/2015 EUR 44.69 Commerzbank AG 16.50 6/25/2015 EUR 39.25 Commerzbank AG 19.75 6/25/2015 EUR 36.20 Commerzbank AG 23.50 6/25/2015 EUR 33.33 Lehman Brothers Tr 6.50 7/24/2026 EUR 3.82 Deutsche Bank AG 4.50 12/22/2015 EUR 73.69 Glitnir HF 6.31 7/28/2011 USD 14.00 Glitnir HF 6.31 7/28/2011 USD 14.00 DZ Bank AG Deutsch 5.00 6/26/2015 EUR 72.32 DZ Bank AG Deutsch 5.25 9/25/2015 EUR 70.41 Leonteq Securities 10.00 1/22/2016 USD 69.84 Credit Suisse AG/N 8.25 7/31/2015 USD 68.16 DZ Bank AG Deutsch 5.40 7/23/2015 EUR 71.21 DZ Bank AG Deutsch 5.60 10/23/2015 EUR 72.80 DZ Bank AG Deutsch 4.70 7/23/2015 EUR 62.59 DZ Bank AG Deutsch 5.70 7/23/2015 EUR 60.18 DZ Bank AG Deutsch 3.90 10/23/2015 EUR 68.09 DZ Bank AG Deutsch 4.90 10/23/2015 EUR 65.07 DZ Bank AG Deutsch 5.80 10/23/2015 EUR 62.84 DZ Bank AG Deutsch 7.10 7/23/2015 EUR 69.95 DZ Bank AG Deutsch 6.10 7/23/2015 EUR 66.65 DZ Bank AG Deutsch 3.70 7/23/2015 EUR 65.84 DZ Bank AG Deutsch 4.20 7/23/2015 EUR 63.26 DZ Bank AG Deutsch 6.00 10/23/2015 EUR 72.40 DZ Bank AG Deutsch 4.70 10/23/2015 EUR 68.80 DZ Bank AG Deutsch 6.30 7/23/2015 EUR 63.51 DZ Bank AG Deutsch 4.90 7/23/2015 EUR 63.21 DZ Bank AG Deutsch 4.40 7/23/2015 EUR 57.46 DZ Bank AG Deutsch 5.90 10/23/2015 EUR 66.36 DZ Bank AG Deutsch 5.80 10/23/2015 EUR 63.32 DZ Bank AG Deutsch 4.70 10/23/2015 EUR 60.06 DZ Bank AG Deutsch 3.10 7/22/2015 EUR 69.64 DZ Bank AG Deutsch 4.90 7/22/2015 EUR 66.77 DZ Bank AG Deutsch 6.00 7/22/2015 EUR 65.48 DZ Bank AG Deutsch 3.90 10/22/2015 EUR 70.36 DZ Bank AG Deutsch 4.70 10/22/2015 EUR 69.14 DZ Bank AG Deutsch 5.60 10/22/2015 EUR 68.04 DZ Bank AG Deutsch 7.80 7/22/2015 EUR 72.81 DZ Bank AG Deutsch 3.70 7/22/2015 EUR 69.25 DZ Bank AG Deutsch 5.70 7/22/2015 EUR 66.10 DZ Bank AG Deutsch 8.30 7/22/2015 EUR 63.37 DZ Bank AG Deutsch 3.60 10/22/2015 EUR 72.15 DZ Bank AG Deutsch 5.30 10/22/2015 EUR 69.33 DZ Bank AG Deutsch 7.30 10/22/2015 EUR 66.92 Lehman Brothers Tr 4.50 3/6/2013 CHF 3.82 Lehman Brothers Tr 4.00 4/24/2009 USD 6.63 Lehman Brothers Tr 9.00 6/13/2009 USD 6.63 Lehman Brothers Tr 9.00 3/17/2009 GBP 6.63 Lehman Brothers Tr 7.00 11/28/2008 CHF 6.63 Lehman Brothers Tr 7.38 9/20/2008 EUR 6.63 Lehman Brothers Tr 3.85 4/24/2009 USD 6.63 Lehman Brothers Tr 7.25 10/6/2008 EUR 6.63 Lehman Brothers Tr 10.50 8/9/2010 EUR 6.63 Lehman Brothers Tr 8.00 5/22/2009 USD 6.63 Bank Julius Baer & 6.50 7/31/2015 USD 67.75 Lehman Brothers Tr 5.75 6/15/2009 CHF 6.63 Lehman Brothers Tr 7.50 10/24/2008 USD 6.63 UBS AG/London 15.00 7/23/2015 CHF 43.35 Lehman Brothers Tr 10.00 3/27/2009 USD 3.82 Lehman Brothers Tr 5.00 10/24/2008 CHF 6.63 Lehman Brothers Tr 7.00 4/14/2009 EUR 6.63 Bank Julius Baer & 6.60 7/27/2015 EUR 72.20 Lehman Brothers Tr 4.95 10/25/2036 EUR 3.82 Leonteq Securities 11.52 10/28/2015 CHF 60.16 BNP Paribas Emissi 7.00 6/25/2015 EUR 67.04 BNP Paribas Emissi 10.00 6/25/2015 EUR 62.74 BNP Paribas Emissi 5.00 6/25/2015 EUR 74.43 BNP Paribas Emissi 7.00 6/25/2015 EUR 66.62 BNP Paribas Emissi 10.00 6/25/2015 EUR 60.48 BNP Paribas Emissi 14.00 6/25/2015 EUR 55.66 BNP Paribas Emissi 14.00 6/25/2015 EUR 62.52 BNP Paribas Emissi 17.00 6/25/2015 EUR 57.92 BNP Paribas Emissi 20.00 6/25/2015 EUR 54.07 UBS AG/London 12.00 7/9/2015 CHF 49.51 Lehman Brothers Tr 2.00 11/16/2009 EUR 3.82 Deutsche Bank AG 7.20 6/22/2015 EUR 66.80 Deutsche Bank AG 7.20 6/22/2015 EUR 62.10 Deutsche Bank AG 5.20 9/22/2015 EUR 63.10 Deutsche Bank AG 5.20 12/22/2015 EUR 64.40 Deutsche Bank AG 5.20 6/22/2015 EUR 61.80 Deutsche Bank AG 6.20 9/22/2015 EUR 63.50 Deutsche Bank AG 7.20 12/22/2015 EUR 70.30 Deutsche Bank AG 5.20 6/22/2015 EUR 66.50 Deutsche Bank AG 7.20 12/22/2015 EUR 65.70 Deutsche Bank AG 6.20 6/22/2015 EUR 66.70 Deutsche Bank AG 6.20 9/22/2015 EUR 68.20 Deutsche Bank AG 5.20 9/22/2015 EUR 67.80 Deutsche Bank AG 6.20 12/22/2015 EUR 69.70 Deutsche Bank AG 7.20 9/22/2015 EUR 68.60 Deutsche Bank AG 5.20 12/22/2015 EUR 69.00 Deutsche Bank AG 6.20 6/22/2015 EUR 62.00 Deutsche Bank AG 6.20 12/22/2015 EUR 65.10 Vontobel Financial 5.70 12/11/2015 EUR 73.59 Commerzbank AG 11.00 6/25/2015 EUR 57.38 Leonteq Securities 9.40 10/8/2015 USD 73.64 DZ Bank AG Deutsch 5.50 9/25/2015 EUR 72.94 DZ Bank AG Deutsch 9.25 7/24/2015 EUR 71.04 HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 66.85 HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 70.88 HSBC Trinkaus & Bu 6.50 7/24/2015 EUR 73.39 HSBC Trinkaus & Bu 15.00 9/25/2015 EUR 55.16 HSBC Trinkaus & Bu 12.00 9/25/2015 EUR 58.45 HSBC Trinkaus & Bu 7.50 9/25/2015 EUR 65.06 HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 72.40 HSBC Trinkaus & Bu 16.50 6/26/2015 EUR 71.82 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 62.31 HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 61.06 HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 64.53 HSBC Trinkaus & Bu 8.50 7/24/2015 EUR 65.10 Deutsche Bank AG 7.20 6/23/2015 EUR 54.80 Deutsche Bank AG 5.20 6/23/2015 EUR 54.50 Deutsche Bank AG 6.20 6/23/2015 EUR 54.70 Deutsche Bank AG 5.20 9/22/2015 EUR 64.20 Deutsche Bank AG 7.20 9/22/2015 EUR 65.00 Deutsche Bank AG 6.20 9/22/2015 EUR 64.60 Deutsche Bank AG 7.20 9/22/2015 EUR 61.90 Deutsche Bank AG 6.20 9/22/2015 EUR 61.50 Deutsche Bank AG 5.20 9/22/2015 EUR 61.10 Deutsche Bank AG 7.20 9/22/2015 EUR 59.10 Deutsche Bank AG 6.20 9/22/2015 EUR 58.70 Deutsche Bank AG 5.20 9/22/2015 EUR 58.30 Deutsche Bank AG 7.20 9/22/2015 EUR 56.60 Deutsche Bank AG 6.20 9/22/2015 EUR 56.20 Deutsche Bank AG 5.20 9/22/2015 EUR 55.80 Commerzbank AG 7.25 6/25/2015 EUR 73.49 Lehman Brothers Tr 3.70 6/6/2009 EUR 3.82 HSBC Trinkaus & Bu 4.90 7/10/2015 EUR 68.29 UBS AG/London 7.00 7/9/2015 CHF 41.44 Kaupthing Bank Hf 1.75 6/7/2016 EUR 14.13 Commerzbank AG 6.00 6/25/2015 EUR 63.55 Commerzbank AG 7.50 6/25/2015 EUR 67.97 Commerzbank AG 7.00 6/25/2015 EUR 69.66 DZ Bank AG Deutsch 9.50 7/24/2015 EUR 60.61 LBI HF 7.20 4/27/2026 EUR 0.01 Glitnir HF 6.84 12/15/2015 EUR 0.02 Vontobel Financial 8.35 6/26/2015 EUR 64.38 Vontobel Financial 5.30 6/26/2015 EUR 67.90 Deutsche Bank AG 5.20 6/23/2015 EUR 57.10 Vontobel Financial 5.80 9/11/2015 EUR 72.43 Vontobel Financial 5.00 9/11/2015 EUR 72.15 Vontobel Financial 5.10 12/11/2015 EUR 73.23 Vontobel Financial 4.45 12/11/2015 EUR 72.84 Glitnir HF 3.63 4/5/2009 EUR 14.00 HSBC Trinkaus & Bu 9.00 7/24/2015 EUR 61.14 HSBC Trinkaus & Bu 13.50 9/25/2015 EUR 74.66 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 68.53 Bank Julius Baer & 7.10 7/8/2015 CHF 42.65 UniCredit Bank AG 4.90 9/24/2015 EUR 55.80 Notenstein Privatb 6.10 12/30/2015 EUR 72.75 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 67.16 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 71.61 Deutsche Bank AG 6.20 9/22/2015 EUR 70.90 Deutsche Bank AG 5.20 9/22/2015 EUR 67.60 Deutsche Bank AG 5.20 6/23/2015 EUR 63.00 Deutsche Bank AG 6.20 6/23/2015 EUR 63.20 Deutsche Bank AG 7.20 6/23/2015 EUR 63.30 Deutsche Bank AG 5.20 6/23/2015 EUR 59.90 Deutsche Bank AG 6.20 6/23/2015 EUR 60.00 Deutsche Bank AG 7.20 6/23/2015 EUR 60.20 Deutsche Bank AG 7.20 6/23/2015 EUR 57.40 Deutsche Bank AG 6.20 6/23/2015 EUR 57.20 UBS AG/London 12.25 6/26/2015 EUR 73.44 UBS AG/London 18.75 12/23/2016 EUR 72.62 UBS AG/London 16.00 3/29/2016 EUR 71.55 UBS AG/London 15.00 12/29/2015 EUR 71.58 UBS AG/London 11.75 12/29/2015 EUR 74.91 UBS AG/London 22.25 6/24/2016 EUR 68.88 Lehman Brothers Tr 4.10 2/19/2010 EUR 3.82 UBS AG/London 23.75 6/26/2015 EUR 63.54 UBS AG/London 5.00 8/6/2015 USD 61.59 Raiffeisen Centrob 7.33 8/21/2015 EUR 66.87 DZ Bank AG Deutsch 9.50 8/28/2015 EUR 67.42 BNP Paribas Emissi 9.00 6/25/2015 EUR 74.44 Lehman Brothers Tr 3.50 10/31/2011 USD 3.82 Credit Suisse AG/N 10.25 8/14/2015 CHF 74.08 Notenstein Privatb 11.00 8/14/2015 CHF 70.22 UBS AG/London 15.75 6/26/2015 EUR 69.62 UBS AG/London 19.25 9/25/2015 EUR 67.73 Lehman Brothers Tr 7.00 2/15/2012 EUR 6.63 UBS AG/London 12.50 6/24/2016 EUR 74.10 UBS AG/London 15.00 6/24/2016 EUR 72.53 UBS AG/London 21.75 6/26/2015 EUR 64.90 Lehman Brothers Tr 6.60 2/22/2012 EUR 6.63 Lehman Brothers Tr 1.68 3/5/2015 EUR 3.82 BNP Paribas Emissi 10.00 6/25/2015 EUR 70.53 Deutsche Bank AG 7.00 6/22/2015 EUR 73.80 Deutsche Bank AG 7.00 6/22/2015 EUR 71.80 Deutsche Bank AG 8.00 6/22/2015 EUR 69.90 Deutsche Bank AG 8.00 6/22/2015 EUR 74.00 Lehman Brothers Tr 6.75 4/5/2012 EUR 3.82 UBS AG/London 18.00 6/26/2015 EUR 67.99 UBS AG/London 13.25 6/24/2016 EUR 73.41 UBS AG/London 13.25 3/29/2016 EUR 73.68 UBS AG/London 22.00 9/25/2015 EUR 65.77 Lehman Brothers Tr 6.00 5/12/2017 EUR 3.82 UBS AG/London 14.25 3/29/2016 EUR 72.97 UBS AG/London 18.00 12/23/2016 EUR 73.02 UBS AG/London 13.00 12/29/2015 EUR 73.81 UBS AG/London 23.50 6/24/2016 EUR 68.69 UBS AG/London 15.00 9/25/2015 EUR 71.31 Vontobel Financial 9.25 6/26/2015 EUR 70.42 DekaBank Deutsche 3.40 3/5/2018 EUR 74.26 Deutsche Bank AG 6.20 6/22/2015 EUR 73.70 Deutsche Bank AG 6.20 6/22/2015 EUR 74.90 Raiffeisen Centrob 2.80 11/14/2016 EUR 68.86 EFG International 12.86 10/30/2017 EUR 67.54 Leonteq Securities 6.25 11/13/2015 CHF 55.32 Goldman Sachs & Co 9.00 5/20/2015 EUR 65.17 Deutsche Bank AG 7.20 9/22/2015 EUR 73.50 Deutsche Bank AG 5.20 9/22/2015 EUR 68.90 Deutsche Bank AG 7.20 9/22/2015 EUR 69.70 Deutsche Bank AG 6.20 9/22/2015 EUR 73.10 Deutsche Bank AG 6.20 9/22/2015 EUR 69.30 Zurcher Kantonalba 12.00 7/23/2015 CHF 48.78 Goldman Sachs & Co 16.00 5/20/2015 EUR 59.32 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 47.53 Goldman Sachs & Co 13.00 5/20/2015 EUR 59.20 Goldman Sachs & Co 7.00 9/23/2015 EUR 71.54 Goldman Sachs & Co 10.00 9/23/2015 EUR 65.73 Goldman Sachs & Co 11.00 9/23/2015 EUR 63.16 LBBW 4.00 6/26/2015 EUR 73.50 LBBW 5.00 6/26/2015 EUR 70.74 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 71.49 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 50.90 Goldman Sachs & Co 13.00 5/20/2015 EUR 74.91 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 63.30 Goldman Sachs & Co 8.00 9/23/2015 EUR 71.93 Bank Julius Baer & 9.00 10/8/2015 CHF 47.70 Goldman Sachs & Co 6.00 5/20/2015 EUR 73.01 Goldman Sachs & Co 8.00 5/20/2015 EUR 69.02 Leonteq Securities 12.20 7/22/2015 USD 68.45 Vontobel Financial 5.00 5/6/2016 EUR 72.30 DZ Bank AG Deutsch 9.00 6/26/2015 EUR 68.37 Lehman Brothers Tr 1.60 6/21/2010 JPY 3.82 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 67.88 Deutsche Bank AG 5.20 9/22/2015 EUR 72.70 UniCredit Bank AG 5.00 6/25/2015 EUR 52.29 UniCredit Bank AG 6.25 6/25/2015 EUR 50.69 UniCredit Bank AG 4.75 6/25/2015 EUR 53.52 UniCredit Bank AG 4.25 6/25/2015 EUR 54.78 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 50.78 DZ Bank AG Deutsch 7.50 6/26/2015 EUR 68.16 DZ Bank AG Deutsch 9.25 6/12/2015 EUR 68.99 DZ Bank AG Deutsch 10.00 6/12/2015 EUR 69.07 Lehman Brothers Tr 2.40 6/20/2011 JPY 3.82 UniCredit Bank AG 6.10 6/25/2015 EUR 51.26 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 58.48 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 63.36 HSBC Trinkaus & Bu 11.50 6/26/2015 EUR 64.71 UniCredit Bank AG 6.50 6/25/2015 EUR 50.14 Oesterreichische V 1.61 5/18/2020 EUR 32.00 Oesterreichische V 1.61 5/18/2020 EUR 32.50 Oesterreichische V 1.61 5/18/2020 EUR 32.50 Leonteq Securities 7.60 11/20/2015 USD 47.52 Raiffeisen Centrob 2.40 12/19/2016 EUR 69.32 ********* 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 * * *