/raid1/www/Hosts/bankrupt/TCREUR_Public/150720.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, July 20, 2015, Vol. 16, No. 141
Headlines
A U S T R I A
HETA ASSET: Constitutional Court to Review KLH's Debt Guarantees
HETA ASSET: Group of Creditors Files EUR1 Billion Lawsuit
B E L G I U M
BELFIUS BANK: S&P Raises Rating on Jr. Sub. Instruments to 'BB+'
F R A N C E
FINANCIERE LULLY: S&P Assigns Prelim. 'B' CCR, Outlook Stable
HORIZON HOLDINGS I: Moody's Assigns B1 CFR, Outlook Stable
HORIZON HOLDINGS I: S&P Assigns Prelim. 'B+' CCR, Outlook Stable
LAFARGE SA: Fitch Raises IDR From 'BB+', Outlook Positive
I R E L A N D
BACCHUS 2006-1: Moody's Raises Rating on Cl. E Notes to 'Ba2(sf)'
I T A L Y
POPOLARE DI VICENZA: Fitch Puts 'BB' IDR on Rating Watch Neg.
BANCA ROMAGNA: European Commission Approves Liquidation Aid
L U X E M B O U R G
AGEASFINLUX SA: Fitch Lifts Rating on Hybrid Instruments to 'BB+'
N E T H E R L A N D S
E-MAC NL 2006-II: Moody's Confirms 'B1(sf)' Rating on Cl. D Notes
TIKEHAU CLO: Fitch Assigns 'B-sf' Rating to Class F Notes
P O R T U G A L
MAGELLAN MORTGAGES NO. 4: Moody's Lifts Rating on D Notes to Caa2
R U S S I A
FEDERAL PASSENGER: Fitch Affirms 'BB+' IDR, Outlook Negative
GELENDZHIK-BANK PJSC: Put Under Provisional Administration
METALLOINVEST JSC: Moody's Says New Facility Credit Neutral
UTAIR: No Decision Yet on RUR19-Bil. State Aid Request
S P A I N
CIUDAD REAL: Receives One Bid for Central Airport
TP FERRO: Files for Creditor Protection in Spain
S W I T Z E R L A N D
UBS AG: Moody's Confirms 'Ba3' Ratings on Euro Medium Term Notes
U N I T E D K I N G D O M
NEW LOOK: Fitch Affirms 'B-' Long-Term IDR; Outlook Stable
NEWCASTLE BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable
V.GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week July 13, 2015 to July 17, 2015
*********
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A U S T R I A
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HETA ASSET: Constitutional Court to Review KLH's Debt Guarantees
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Alexander Weber at Bloomberg News reports that Austria's
constitutional court will have to decide whether the debt
guarantees by Kaerntner Landesholding for bad bank Heta Asset
Resolution are valid.
According to Bloomberg, the regional court in Klagenfurt,
Austria, asked the constitutional court to review the part of the
law on which the debt guarantees are based.
The court may rule on the guarantees by year-end, Bloomberg
discloses.
KLH, the Carinthian state asset agency, started reorganization
proceedings last month as it faces having to meet as much as
EUR13.6 billion of debt guarantees, Bloomberg relates.
Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria. Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.
HETA ASSET: Group of Creditors Files EUR1 Billion Lawsuit
---------------------------------------------------------
Arno Schuetze at Reuters reports that a group of creditors led by
German lender Dexia is suing Austrian "bad bank" Heta for EUR1
billion (US$1.1 billion).
According to Reuters, Dexia said in a statement on July 15 it had
filed a lawsuit in Frankfurt on behalf of the group, which
included mortgage lenders, insurers, asset managers and public
organizations.
Austria earlier offered to pay the German state of Bavaria
EUR1.23 billion to settle a multitude of outstanding court cases
but other creditors' claims remain, Reuters relates.
Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria. Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.
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B E L G I U M
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BELFIUS BANK: S&P Raises Rating on Jr. Sub. Instruments to 'BB+'
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Standard & Poor's Ratings Services raised to 'BB+' from 'D' its
issue rating on one of Belgium-based Belfius Bank's undated
junior subordinated instruments. S&P also raised to 'BB+' from
'BB' its issue ratings on two perpetual notes benefiting from
Belfius Bank's junior subordinated guarantee.
The European Commission (EC) had imposed on Belfius Bank a ban on
discretionary coupon payments as part of the measures implemented
in an exchange with the bank for aid from the Belgium state. Now
that the ban has been lifted, Belfius Bank has resumed coupon
payments, including the payment of arrears, on May 18, 2015, on
its EUR65.9 million outstanding deferrable undated junior
subordinated instrument, originally issued by Credit Communal de
Belgique in 1997. S&P therefore upgraded this instrument to
'BB+' in accordance with its criteria for hybrid capital
instruments.
The 'BB+' issue rating on this undated junior subordinated debt
reflects S&P's assessment of Belfius Bank's unsupported group
credit profile of 'bbb+' and S&P's rating approach, which
involves deducting:
-- One notch because the notes are contractually subordinated;
-- One notch because the notes have Tier 2 regulatory capital
status and a discretionary coupon nonpayment clause; and
-- One notch because the regulatory framework implies that a
principal write-down of this hybrid instrument could occur.
Similarly, the end of the ban on coupon payment alleviates S&P's
concern regarding the potential likelihood of coupon suspension
of the US$50 million and US$100 million perpetual notes, with
mandatory interest, issued in 2000 by Artesia Overseas Ltd
(subsequently Dexia Overseas, then Belfius Financing Co.) and
currently benefiting from Belfius Bank's junior subordinated
guarantee. S&P rated the two notes one notch below our minimal
standard notching for hybrid capital instruments because it
believed there was an incrementally higher risk of potential
coupon suspension than S&P's minimal standard notching would have
indicated. This no longer exists, in S&P's view. S&P therefore
raised to 'BB+' from 'BB' its issue ratings on these two
instruments, reflecting its assessment of Belfius Bank's
unsupported group credit profile of 'bbb+' and S&P's methodology,
which includes removing:
-- One notch because the notes are contractually subordinated;
-- One notch because the regulatory framework implies that a
principal write-down of these hybrid instruments could take
place; and
-- One notch because the notes rank pari passu with Belfius
Bank's other junior subordinated financial obligations, and
S&P therefore considers that the loss-absorption risk is
not fully reflected in the initial two-notch deduction.
S&P continues to classify the equity content of these three
instruments as "minimal," as per S&P's criteria.
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F R A N C E
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FINANCIERE LULLY: S&P Assigns Prelim. 'B' CCR, Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating on France-based micro-connector
manufacturer Financiere Lully C SAS (Linxens). The outlook is
stable.
S&P also assigned its preliminary 'B' issue rating to the
proposed EUR680 million-equivalent first-lien term loans due 2022
and EUR100 million revolving credit facility (RCF) due 2022,
issued by a Luxembourg-based financing subsidiary. S&P has
assigned its preliminary recovery rating of '3' to both the
first-lien loans and the RCF, indicating its expectation of
meaningful recovery in the higher half of the 50%-70% range in
the event of a payment default.
At the same time, S&P assigned a preliminary 'CCC+' issue rating
to the proposed EUR230 million-equivalent second-lien term loan
due 2023 and issued by a Luxembourg-based financing subsidiary.
S&P assigned a preliminary recovery rating of '6' to this loan,
indicating its expectation of negligible (0-10%) recovery in the
event of a payment default.
The ratings will remain preliminary until the new capital and
corporate structure has been put in place. In addition, the
preliminary ratings are subject to S&P's satisfactory review of
the final documentation.
The preliminary long-term corporate credit rating reflects S&P's
assessment of Linxens' business risk profile as "fair" and its
financial risk profile as "highly leveraged."
Linxens' business risk profile is constrained by the company's
small size, particularly compared with its main customers (smart
card and semiconductor manufacturers), its lack of meaningful
product diversification, very high customer concentration, and
its exposure to medium- to long-term technology shifts, in S&P's
opinion. Nevertheless, the risk of migration toward pure
contactless technology or embedded handset SIM cards seems
limited in the near term. In S&P's view, these weaknesses are
partly offset by Linxens' strong market position as the world's
No. 1 supplier of tapes for smart cards; solid growth
opportunities, mainly for banking cards, as well as for
government and healthcare cards; and good profitability.
Linxens' competitive position and margins are currently supported
by its larger scale and superior manufacturing process know-how.
In addition, S&P expects Linxens will report relatively resilient
profit margins, thanks to a mainly variable cost structure, and a
track record of steady efficiency gains in its production process
that offsets price declines.
Linxens' financial risk profile is primarily constrained by debt-
to-EBITDA and funds from operations (FFO)-to-debt ratios, as
adjusted by Standard & Poor's, of about 9.6x (about 7.0x
excluding shareholder loans) and 3%-4% (9%-10%), respectively,
post-closing. S&P expects leverage to gradually improve
thereafter, due to higher EBITDA generation, which will, however,
be partly offset by a EUR340 million noncash interest accruing
shareholder loan, which S&P views as debt under its criteria.
Nevertheless, S&P acknowledges certain equity characteristics,
such as the maturity after the senior financing, the lack of cash
interest payments, and the structural subordination of the
shareholder loan, which will be issued outside the restricted
group by a holding company of Linxens.
S&P doesn't deduct surplus cash in its leverage calculations,
primarily because private-equity owned companies are more likely
than other companies to pursue an aggressive financial policy, in
S&P's view. These weaknesses are partially offset by S&P's
expectations of free operating cash flow (FOCF) generation in
excess of 4% of Standard & Poor's adjusted debt (5%-6% excluding
shareholder loans) and solid EBITDA cash interest coverage of
about 2.5x to 3.0x in 2015-2017. Linxens' FOCF generation is
supported by modest capital expenditures and limited cash tax
payments.
In S&P's base case for Linxens, it assumes:
-- Revenue growth of about 20%-25% in 2015, supported by solid
demand in payment cards due to the EMV (Europay MasterCard
Visa) standard rollout in the U.S. and China, as well as
solid demand for SIM cards. In addition, Linxens' revenues
are likely to benefit meaningfully from the strengthening
U.S. dollar against the euro. In 2016 and 2017, S&P
expects about 4%-10% annual organic growth, primarily due
to continued strong growth of banking cards and new product
lines.
-- Increasing EBITDA margin due to higher volumes, improving
productivity, and efficiency offsetting ongoing price
declines, and continued lower precious metal content. In
addition, 2015 EBITDA will benefit from favorable foreign
exchange effects.
-- Capital expenditures representing about 6% of revenues in
2015 because the group is investing in new production
lines. S&P expects the ratio to decline to about 5% in
2016-2017.
-- Moderate working capital requirements in light of the
expected strong revenue growth.
Based on these assumptions, S&P arrives at these credit measures
for Linxens:
-- Adjusted debt to EBITDA at about 9.6x (7.0x excluding
shareholder loans) at year-end 2015 and declining toward 9x
(6x) by year-end 2017.
-- Adjusted FFO to debt of about 3%-4% (9%-10% excluding
shareholder loans) in 2015-2017.
-- Adjusted FOCF to debt at about 4%-5% (5%-7% excluding
shareholder loans) in 2015-2017.
The stable outlook on Linxens reflects S&P's expectations that
group revenues and EBITDA will continue to grow, and S&P's
estimate of adjusted debt to EBITDA between 9x and 10x (6x and 7x
excluding shareholder loans) and FOCF to debt of about 4% (5%)
over the next 12 months.
S&P could raise the ratings if stronger-than-expected revenues
and EBITDA growth, as well as voluntary senior debt prepayments
through excess cash flow, materially strengthen Linxens' credit
metrics. In particular, adjusted debt to EBITDA sustainably below
9x (6x excluding shareholder loans) and a FOCF to debt ratio of
more than 6% (8%-10% excluding shareholder loans) could support a
higher rating.
S&P could lower the ratings if Linxens' operating performance
deteriorates, for instance if EBITDA declines significantly on
lower revenues or weaker margins, resulting in adjusted debt to
EBITDA above 10x (7x excluding shareholder loans) and only
modestly positive FOCF generation.
HORIZON HOLDINGS I: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
(CFR) and B1-PD Probability of Default Rating (PDR) to Horizon
Holdings I SAS, the top entity of the restricted group of glass
bottle producer Verallia. Concurrently, Moody's assigned a
provisional (P)B1 (LGD 3) rating to the group's EUR560 million
equivalent Senior Secured Notes, the EUR1,002 million Senior
Secured Term Loan B and the EUR200 million Revolving Credit
Facility, which will be issued by Horizon Holdings III SAS, a
majority owned indirect subsidiary of Horizon Holdings I SAS, as
well as a (P)B3 (LGD 6) rating to the EUR300 million Senior
Unsecured Notes, issued by Horizon Holdings I SAS. The outlook on
all ratings is stable.
The ratings are contingent upon Apollo's success in closing its
proposed acquisition of Verallia, the glass packaging division of
Saint-Gobain. The proceeds of the debt facilities, together with
the sponsor equity will be used to effect a buyout of the company
from Saint-Gobain. The funds will be used to finance the
acquisition, repay nearly all existing debt at Verallia and to
cover fees and expenses relating to the transaction.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the agency's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the group's proposed senior secured
loans. Definitive ratings may differ from provisional ratings.
RATINGS RATIONALE
The rating balances the company's defensive business risk profile
as a leading producer of glass containers for use largely in the
food and beverage industry, which provides for good revenue and
cash flow visibility with its high financial leverage following
the buyout by Apollo and recent operating weakness in some of its
core markets.
Verallia's B1 CFR is supported by its solid market position as
the global number 3 producer of glass containers, with leading
positions in its core markets of Southwestern Europe. Strong and
long-standing customer relationships, supported by the group's
track record of being perceived as a high quality and reliable
supplier add to this. The rating also incorporates the strong
historical profitability levels of the group helped by its
exposure to resilient end markets, no material customer
concentration and a track record of being able to pass on
volatile input costs as well as a focus on cost management.
On a more negative note, the rating is constrained by high
financial leverage for the rating category, calculated at just
below 5.5x gross debt/EBITDA (as adjusted by Moody's) pro forma
for the proposed transaction. Moody's expects any deleveraging to
be gradual, hinging on targeted profit improvements due to the
absence of meaningful debt amortization requirements. While
operating profitability came under pressure in 2013/2014 from
increased competition in particular in Italy and France, Moody's
notes that initiated efficiency measures and some price
concessions should allow Verallia to win back market share while
gradually improving operating profitability. Moody's also
considers the risk of at least temporary margin compression,
should input cost inflation not be managed carefully and be
largely passed on to customers.
The stable outlook mirrors Moody's expectation of moderate
improvements in operating profitability over the next 18 months,
owing to improving fixed cost absorption and benefits from
initiated restructuring measures, partly compensated by negative
pricing effects. This should allow Verallia to deleverage its
capital structure and build headroom in its rating category.
Following the proposed recapitalization, Moody's expects that the
company's liquidity profile adequate. There will be no cash pro
forma for the transaction, with other liquidity sources including
operating cash flow before working capital swings of around
EUR270-300 million per year and access to a EUR200 million
revolving credit facility. Moody's expects Verallia to generate
modest amounts of free cash flow over the next 18-24 months.
These sources should be sufficient to cover operating cash
requirements, fund seasonal working capital swings as well as
capex in the region of around EUR200 million per year. There are
no major debt maturities before 2021 when the revolving credit
facility falls due.
WHAT COULD CHANGE THE RATINGS -- UP/DOWN
Upward pressure on the rating could result from the company's
success in improving profitability on the back of implemented
restructuring measures such as its EBITDA margin improves back to
the high teen percentages and its Moody's adjusted debt/EBITDA
declining to below 4.5x.
Pressure on the rating could build if profitability were to
weaken with EBITDA margins falling below the mid-teen
percentages, Moody's adjusted debt/EBITDA trending above 5.5x for
a longer period or Verallia were to generate negative free cash
flow or were to embark on a sizeable debt-funded acquisition.
STRUCTURAL CONSIDERATIONS
The (P)B1 rating on the Senior Secured Notes, the Senior Secured
Term Loan B and the Revolving Credit Facility is at the same
level as the Corporate Family Rating and reflects the fact that
the Senior Unsecured Notes provide only for a modest first-loss
cushion in a default scenario, not sufficient to allow for a one-
notch uplift from the CFR. While the Senior Secured Notes and the
RCF share the same collateral package, comprising pledges over
shares of the issuer and the guarantors, pledges over
intercompany receivables and material bank accounts. The (P)B3
rating on the Senior Unsecured Notes reflect their junior ranking
in the capital structure as they are contractually and
structurally subordinated to the Senior Secured Notes, the Senior
Secured Term Loan B and the RCF.
Headquartered in Paris, France, Verallia S.A. is a global leading
producer of glass containers for the food and beverage industry.
The group generated sales of EUR2.4 billion in 2014.
HORIZON HOLDINGS I: S&P Assigns Prelim. 'B+' CCR, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
preliminary 'B+' long-term corporate credit ratings to Horizon
Holdings I (Verallia), the France-based financial holding company
for glass packaging manufacturer Verallia, as well as to its
finance subsidiary Horizon Holdings III S.A.S. The outlook on
these ratings is stable.
At the same time, S&P assigned its preliminary 'B+' issue rating
to Verallia's proposed EUR560 million equivalent senior secured
notes and its EUR1,002 million senior secured term loan issued by
Horizon Holdings III. The preliminary recovery rating on these
facilities is '3', indicating S&P's expectation of "meaningful"
recovery prospects in the higher half of the 50%-70% range in the
event of a payment default.
S&P also assigned its preliminary 'B-' issue rating to the
proposed EUR300 million senior unsecured notes issued by Horizon
Holdings I. The preliminary recovery rating on these
subordinated notes is '6', indicating S&P's expectation of
negligible (0%-10%) recovery prospects in the event of a payment
default.
The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, it reserves the
right to withdraw or revise its ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
security, and ranking.
The preliminary ratings on Horizon Holdings I and core finance
subsidiary Horizon Holdings III reflect S&P's assessment of
Verallia's business risk profile as "fair" and its financial risk
profile as "highly leveraged."
S&P understands that the acquisition, which places Verallia at an
enterprise value of around EUR2.8 billion, will be financed by
the placement of a EUR1,002 million term loan B, EUR560 million
equivalent of senior secured notes, and EUR300 million of senior
unsecured notes. The group will also utilize EUR250 million of
nonrecourse factoring that S&P treats as debt in its adjustments.
The remainder, around EUR575 million, is new equity, of which 10%
will be provided by French sovereign investment fund Bpi France
Participations, and 90% by Apollo. This equity will be exchanged
for shareholder loans that S&P believes will meet its criteria
for equity treatment. S&P estimates that the group will report
Standard & Poor's-adjusted debt to EBITDA of just over 5x at the
close of the transaction, trending towards 4.7x over the next two
years.
Verallia has leading market positions in its core European
markets and longstanding relationships with a broad and
diversified customer base. It is the third-largest glass
packaging company worldwide, after Owens-Illinois and Ardagh
Glass. The top three players' margins are similar, but they have
recently come under pressure from smaller regional players who
benefit from a lower cost base, depending on where their
production assets are located. Nevertheless, S&P believes that
industry fundamentals are solid, supported by a significant
exposure to relatively stable food and beverage consumption, and
increasing demand for recyclable and premium packaging.
These strengths are partly offset by Verallia's relatively
undiversified product focus on glass packaging, some margin
pressure due to recent operational issues, and its high
geographic concentration in Europe (the source of approximately
90% of sales in 2014), where the market environment and
macroeconomic demand drivers are still sluggish.
The combination of our "fair" business risk profile and "highly
leveraged" financial risk profile assessments lead to an anchor
-- S&P's initial analytical outcome -- of 'b'. S&P forecasts
that Verallia's credit metrics will be at the top end of the
"highly leveraged" financial risk category, and S&P therefore
applies an upward adjustment to the anchor under its comparable
rating analysis modifier, resulting in the preliminary 'B+'
rating.
S&P's base case assumes:
-- Revenues growth in 2015 and 2016 of approximately 3%-4% as
a result of organic volume growth and stabilizing pricing
in Europe; and
-- Improving margins as a result of cost reduction measures
and operating leverage through higher capacity utilization,
resulting in the adjusted EBITDA margin improving to over
17% over next two years, up from 15.9% in 2014.
Based on these assumptions, S&P arrives at these credit measures:
-- Debt to EBITDA of a little over 5x for 2015, which S&P
forecasts will trend downwards to around 4.7x over the next
couple of years, driven by improving earnings;
-- Relatively stable funds from operations (FFO) to debt at
around 13%;
-- Positive discretionary cash flow generation, despite
significant capital expenditure (capex); and
-- Sound EBITDA and FFO cash interest coverage of over 4x.
Based on S&P's review of draft shareholder loan documentation, it
has not included approximately EUR575 million of shareholder
loans in its calculation of the adjusted leverage ratio.
However, if S&P's review of the executed version of these
documents indicates that they do not satisfy all the requirements
to be treated as equity in S&P's criteria "The Treatment Of Non-
Common Equity Financing In Nonfinancial Corporate Entities,"
adjusted leverage would be approximately 6.5x. This would likely
result in a final rating lower than the preliminary rating.
The outlook on the ratings is stable. S&P believes that the
growth environment that currently benefits the group's main
markets should continue beyond 2015, resulting in moderate volume
growth and stabilizing prices. S&P therefore expects that
Verallia should be able to grow revenues and improve its margins
over the rating horizon of 12-18 months, resulting in broadly
stable to slightly improving credit metrics.
S&P could lower the ratings if Verallia were to experience severe
margin pressure, or poorer cash flows, leading to weaker credit
metrics; specifically, debt to EBITDA of more than 5.5x or FFO to
debt of less than 10%. Rating pressure may also stem from debt-
funded acquisitions or shareholder returns. S&P could also
consider lowering the ratings following a deterioration of its
assessment of the group's liquidity.
S&P believes that the likelihood of an upgrade is limited at this
stage, because of Verallia's high tolerance for aggressive
financial policies and high leverage owing to the group's
financial sponsor ownership. An upgrade is therefore more likely
to be driven by upward reassessment of the group's business risk
profile. This could be a result of a sustained improvement in
profitability metrics, in particular return on capital over 13%
and a track record of low earnings volatility.
LAFARGE SA: Fitch Raises IDR From 'BB+', Outlook Positive
---------------------------------------------------------
Fitch Ratings has upgraded French building materials group
Lafarge SA's Long-term Issuer Default Ratings (IDR) and senior
unsecured rating to 'BBB-' from 'BB+'. All ratings have been
removed from Watch. The Outlook is Positive.
The upgrade of the ratings reflects Lafarge's strong strategic
ties and pending operational integration with Holcim Ltd
(BBB/Stable), following the completion of the merger between the
two companies to create LafargeHolcim. Fitch maintains a one-
notch differential between the two companies, because Holcim does
not currently guarantee Lafarge's substantial debts that have no
recourse to Holcim assets and also due to a lack of cross-default
to Holcim.
The Positive Outlook reflects the potential reduction of
Lafarge's debt, which may result in an alignment with Holcim's
ratings. In particular, the ratings could be upgraded if
Lafarge's standalone leverage is commensurate with a 'BBB' rating
and/or if Fitch can safely assume that Holcim would support
Lafarge in servicing its debt provided such debt is low relative
to its cash generation.
KEY RATING DRIVERS
Disposals to Improve Leverage
Proceeds from the sale of the global portfolio of assets to CRH,
if used to repay debt, will improve the combined group's
financial flexibility, by enhancing its credit metrics. The
higher-than-expected proceeds from the disposal will help
mitigate a weaker-than-expected recovery in recent quarters.
Strong Business Profile
The announced merger between Holcim and Lafarge will create the
world's largest building materials company, with combined pro-
forma net sales of CHF33 billion (EUR27 billion) in 2014. It
will hold number one market positions in cement, aggregates and
ready-mix products and benefit from the individual companies'
complementary asset base in Latin America and Africa & Middle
East.
Synergies
Management aims to reap CHF1.7 billion (EUR1.4 billion) in
run-rate synergies after the end of the third year after the
merger through best practice and cross-utilization, cost savings
and optimal capex allocation. In addition, the group plans to
implement CHF500 million (EUR410 million) in working capital
savings over the same period. These measures will support the
credit profile of the combined group in the long-term, although
their associated costs will offset benefits in the near-term.
Cost Savings
Fitch expects healthy cost savings at both Holcim and Lafarge to
mitigate inflationary pressures in 2015. Following severe cost
inflation pressures in emerging markets in 2014 Fitch expects the
combined group to offset some of the margin losses through price
increases due to healthy volume growth.
RATING SENSITIVITIES
The ratings could be upgraded if Holcim extends an unconditional
and irrevocable guarantee to Lafarge's debt or a cross-default
mechanism is implemented. The ratings could also be upgraded if
Lafarge's debt is materially reduced to an extent whereby stand-
alone leverage is commensurate with a 'BBB' rating and/or if
Fitch can safely assume that Holcim would support Lafarge in
servicing its debt provided such debt is low relative to its cash
generation.
The ratings could be downgraded if LafargeHolcim's IDR was
downgraded, which could happen if EBIT margin is below 10%, FCF
is negative and FFO gross and net leverage is above 4.0x and
3.5x, respectively.
LIQUIDITY
Lafarge's total liquidity of EUR4.9 billion as of end-March 2015
included EUR1.8 billion of cash (excluding around EUR150 million
of restricted cash as per Fitch adjustment) and EUR3 billion of
undrawn committed credit lines. This compares with EUR2.7
billion of debt maturing in the next 12 months. The group's
average debt maturity is three years and 11 months, with an
average interest rate of 6.3%.
KEY ASSUMPTIONS FOR THE COMBINED GROUP
-- Moderate revenue growth and EBITDA margins broadly stable
at around 20%
-- Continued dividend distributions in line with previous
years
-- FCF generation of around CHF500 million per annum
-- Use of EUR6.5 billion in proceeds from the disposal of
assets to CRH to fund merger-related transactions and repay
debt
-- Continued smaller M&A
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I R E L A N D
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BACCHUS 2006-1: Moody's Raises Rating on Cl. E Notes to 'Ba2(sf)'
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Moody's Investors Service has upgraded the ratings on the
following notes issued by Bacchus 2006-1 plc:
EUR25.54M (currently EUR12.6M outstanding) Class C Senior
Secured Deferrable Floating Rate Notes due 2022, Upgraded to
Aaa (sf); previously on Sep 29, 2014 Upgraded to Aa1 (sf)
EUR19.66M Class D Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to A2 (sf); previously on Sep 29, 2014
Upgraded to Baa3 (sf)
EUR10M Class E Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Ba2 (sf); previously on Sep 29, 2014
Affirmed B2 (sf)
EUR5M Class W Combination Notes, Upgraded to Aaa (sf);
previously on Sep 29, 2014 Affirmed Aa3 (sf)
EUR69M Class Y Combination Notes, Upgraded to Aa3 (sf);
previously on Sep 29, 2014 Upgraded to A2 (sf)
Moody's also affirmed the rating on the following notes issued by
Bacchus 2006-1 plc:
EUR5.386M Class Z Combination Notes, Affirmed Aa1 (sf);
previously on Sep 29, 2014 Affirmed Aa1 (sf)
Bacchus 2006-1 plc, issued in March 2006, is a collateralized
loan obligation ("CLO") backed by a portfolio of mostly high-
yield senior secured European and US loans. The portfolio is
managed by IKB Deutsche Industriebank AG. The transaction's
reinvestment period ended in April 2012.
RATINGS RATIONALE
The rating upgrades of the notes are primarily a result of the
redemption of the senior Notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of the remaining
Classes of Notes. Moody's notes that as of the May 2015 trustee
report, the Classes A and B Notes have redeemed in full and the
Class C Notes have redeemed by approximately EUR12.9 million (or
50.6% of their original balance). As a result of the deleveraging
the OC ratios of the remaining Classes of Notes have increased
significantly. According to the May 2015 trustee report, the
Classes C, D and E OC ratios are 411.61%, 160.96% and 122.89%
respectively compared to levels just prior to the payment date in
April 2015 of 216.54%, 137.51% and 115.98%.
The ratings of the combination notes address the repayment of the
rated balance on or before the legal final maturity. 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 and principal proceeds balance of EUR51.2 million,
a weighted average default probability of 24.32% (consistent with
a WARF of 3931.5), a weighted average recovery rate upon default
of 47.07% for a Aaa liability target rating, a diversity score of
10 and a weighted average spread of 3.85%.
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 the 91.64% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 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.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average spread by 30 basis
points; the model generated outputs that were within one notch of
the base-case results.
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 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.
-- Around 45.86% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461
-- 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.
=========
I T A L Y
=========
POPOLARE DI VICENZA: Fitch Puts 'BB' IDR on Rating Watch Neg.
-------------------------------------------------------------
Fitch Ratings has placed Banca Popolare di Vicenza (BPV)'s 'BB'
Long-term Issuer Default Rating on Rating Watch Negative (RWN).
Fitch has also affirmed BPV's Short-term IDR at 'B', Support
Rating (SR) at '5' and Support Rating Floor (SRF) at 'No Floor'.
KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT
The Rating Watch Negative reflects Fitch's expectation that BPV
is likely to report significant losses that will require
additional capital, potentially for a material amount and to be
raised in a fairly short timeframe, which in our opinion bears
significant execution risks.
Fitch expects BPV to report material losses, as early as when it
approves its 1H15 results, given the recently appointed top
management's mandate to undertake a thorough assessment of the
bank's balance sheet assets, which we expect will result in high
loan impairment, and potentially other, charges. In addition,
the bank faces risk of further negative impact on capital
following recent regulatory inspections.
Fitch will resolve the RWN once the amount of losses that the
bank is likely to report in 2015 and the ultimate impact on its
capital position is clarified and there is clear visibility on
the timing, amount and execution of potential capital-
strengthening initiatives.
The announced transformation of the bank into a public limited
company (S.p.A.) and its subsequent listing, which may take place
in early 2016, should enhance transparency and, over a fairly
short period, improve its corporate governance. Fitch views the
appointment of new management as a factor potentially
contributing to a strengthening of the bank.
SUPPORT RATING AND SUPPORT RATING FLOOR
The SR and SRFs reflect Fitch's view that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes non-viable. In
Fitch's view, the EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks are now sufficiently progressed to provide a framework for
resolving banks that is likely to require senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.
In the EU, BRRD has been effective in member states since 1
January 2015, including minimum loss absorption requirements
before resolution financing or alternative financing (eg,
government stabilization funds) can be used. Full application of
BRRD, including the bail-in tool, is required from 1 January
2016.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated lower Tier 2 debt issued by BPV is notched off BPV's
VR once to reflect Fitch's view of loss severity risk based on
their level of subordination. The absence of coupon flexibility
means that non-performance risk is minimal, hence no further
notching is applied.
RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT
BPV's ratings will be downgraded if the bank fails to compensate
losses with a strengthening of capital to maintain its capital
ratios and net impaired loans-to-Fitch Core Capital at levels
that are similar to those at end-2014, or if the process of
strengthening capital becomes protracted.
Similarly, asset quality ratios (i.e. including Fitch's
assessment of coverage levels) that are materially weaker than
levels at end-2014 could lead to a downgrade. Depending on the
resulting asset quality and capital profile of the bank, after
new management completes the balance sheet assessment, and any
remedial action that can be realistically achieved, BPV's ratings
could be downgraded, including by several notches, or be
affirmed.
SUPPORT RATING AND SUPPORT RATING FLOOR
An upgrade to the SR and upward revision to the SRF would be
contingent on a positive change in the sovereign's propensity to
support BPV. While not impossible, this is highly unlikely in
Fitch's view.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
BPV's subordinated debt rating is primarily sensitive to a change
in the VR, which drives the debt rating, but also to a change in
Fitch's view of non-performance or loss severity risk relative to
BPV's viability.
The rating actions are:
Long-term IDR: 'BB' placed on Rating Watch Negative
Short-term IDR: affirmed at 'B'
Viability Rating: 'bb' placed on Rating Watch Negative
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Long-term senior unsecured notes and EMTN program: 'BB' placed
on Rating Watch Negative
Short-term senior unsecured notes and EMTN program: affirmed at
'B'
Subordinated Lower Tier 2 notes: 'BB-' placed on Rating Watch
Negative
BANCA ROMAGNA: European Commission Approves Liquidation Aid
-----------------------------------------------------------
The European Commission on July 18 disclosed that it has decided
that an Italian liquidation measure in favor of a small Italian
cooperative bank "Banca Romagna Cooperativa -- Credito
Cooperativo Romagna Centro e Macerone" (Banca Romagna
Cooperativa) is compatible with EU state aid rules.
Banca Romagna Cooperativa had been under special administration
since 2013, and was put into liquidation by the Italian
authorities on July 17, 2015, under national insolvency law. Its
assets and liabilities, including deposits, were transferred to
Banca Sviluppo, which is part of the ICCREA Group. This will
ensure that Banca Romagna Cooperativa's transferred activities
return to long-term viability within the new entity. Under the
measure notified by Italy, the Italian mandatory deposit
guarantee scheme ("Fondo di Garanzia dei Deposanti del Credito
Cooperativo") will cover the negative difference between the
transferred assets and liabilities.
Deposit guarantee schemes are mandatory under EU law to ensure
that covered deposits are paid out when a bank is liquidated and
exits the market, in which case there are no State aid issues.
In this case, however, the deposit guarantee scheme's
intervention constitutes State aid, because it is acting beyond
this pay-out function, namely in a transfer of asset and
liabilities, under the control of the Italian authorities. The
Commission's assessment showed that this aid is compatible with
EU state aid rules, in particular the Commission's 2013 Banking
Communication. Equity and subordinated debt will not be
transferred but will remain in the entity in liquidation, which
means shareholders and junior bondholders will fully contribute
reducing the need for State aid to the necessary minimum in line
with burden sharing principles.
Banca Romagna Cooperativa Credito Cooperativo Romagna Centro E
Macerone Societa Cooperativa is based in Cesena, Italy.
===================
L U X E M B O U R G
===================
AGEASFINLUX SA: Fitch Lifts Rating on Hybrid Instruments to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Ageas Insurance International NV's
(Ageas' immediate holding company) Long term Issuer Default
Rating (IDR) to 'A' from 'A-'. The ultimate Ageas holding
company, Ageas SA/NV, has also been upgraded to Long-term IDR
'A-' from 'BBB+'.
At the same time, Fitch has upgraded Ageas SA/NV's hybrid
instruments by one notch. The ratings actions follow the
publication of Fitch's updated insurance notching criteria on
July 14, 2015 after an initial exposure draft of proposed
criteria on May 15, 2015. No other ratings are impacted by the
changes to Fitch's notching criteria.
Fitch has also withdrawn operating companies Ageas Insurance
International NV and Ageas SA/NV's Short-term IDRs at 'F1' and
'F2' respectively as they are no longer considered by Fitch to be
relevant to the agency's coverage.
In addition, Fitch has affirmed Ageas' other operating companies:
AG Insurance and Ageas Insurance Limited.
The Outlooks on the IFS ratings and the Long-term IDRs are all
Stable.
KEY RATING DRIVERS
Following the updated criteria Fitch no longer notches down
Ageas' holding company IDRs from the operating companies' IDRs.
Under the new insurance notching criteria, no notching is applied
to investment grade insurers in regulatory environments where the
"group solvency" regime is being employed, subject to certain
exceptions, and when earnings or capital for the home territory
makes up more than 30% of the total. The Ageas Group meet both
criteria, hence the upgrade of the holding companies' IDRs.
The upgrades of Ageas SA/NV's hybrid instruments follow the
upgrade of the holding companies' IDR.
AG Insurance, as the main operating subsidiary in Ageas, is
viewed by Fitch as "Core" to the group and, as such, carries an
IFS rating of 'A+'. Ageas, through AG Insurance, is the largest
insurer in Belgium. Access to extensive and diversified
distribution channels, including the banking network of BNP
Paribas Fortis (A+/Stable), is a key positive rating factor.
Ageas Insurance Limited is also viewed by Fitch as "Core" to
Ageas and, as such, carries an IFS rating of 'A+'. Ageas
Insurance Limited is Ageas' main business in the UK, which is the
second largest country by premium for the group after Belgium,
and is a key part of Ageas' operations.
The ratings of Ageas benefit from strong solvency. The group's
regulatory solvency margin was 226% at end-March 2015. According
to Fitch's Prism factor-based capital model (Prism FBM), Ageas
was "Very Strong" based on 2014 results. Fitch expects solvency
to remain strong, supported by retained earnings, even after
allowing for the group's share buyback programme.
Ageas' financial leverage ratio was 21% at end-2014, in line with
2013's, and below the agency's median guidelines for the 'A' IFS
category. When the EUR400m bond issue and redemption of existing
debt carried out by AG Insurance (Ageas' core subsidiary) in 2015
are taken into account, the group leverage only marginally
increases to 22% using 2014 data. This is well below the 25%-30%
range prior to 2013.
Ageas' underwriting profitability is robust. The operating
margin on life guaranteed products, measured by return on assets,
declined to 0.7% in 2014 (2013: 1.4%) as Ageas' share in the
result of associates was lower. The group's combined ratio
worsened slightly to 99.6% in 2014 (2013: 98.3%), following
higher levels of catastrophe activity during the period.
Challenging underwriting conditions in Belgium and the UK and low
bond yields limiting its investment income are putting pressure
on the group's earnings. Fitch expects these conditions to
persist. A mitigating factor is Ageas' business in Asia and
Turkey, which is more profitable.
The ratings of the Ageas holding companies take into account the
group's strong net cash position, which totaled EUR1.6 billion at
end-March 2015. Legacy non-core insurance business from the
break-up of the Fortis group in 2009 continues to affect
profitability at holding company level, where the net result
continues to be volatile. However, Fitch expects management
actions to reduce this volatility over time.
Following the restructuring of Ageas in 2008, Fitch believes that
Ageas SA/NV continues to face litigation risk from former Fortis
shareholders in Belgium and the Netherlands. Despite the
company's denial of all allegations, if the actions against Ageas
SA/NV are successful, they could eventually have a substantial
negative financial impact on the company. This litigation risk
is reflected in Ageas SA/NV's IDR being one notch lower than the
IDR of AG Insurance.
RATING SENSITIVITIES
Ageas' ratings could be downgraded if the group's Prism FBM score
falls to the "Strong" category, on a sustained basis. The
ratings could also be downgraded if the group's profitability
weakens significantly, with a pre-tax operating profit return on
equity below 5% (2014: 9%) and a pre-tax operating return on
assets below 0.4% (2014: 0.7%).
Ageas' ratings could also be downgraded if the litigation risk
results in material losses for the group well in excess of the
provisions currently held.
The ratings could be upgraded if Ageas' profitability improves
over a sustained period, with a pre-tax operating profit return
on equity of at least 12%, a pre-tax operating return on assets
of 1.1% or above, and group earnings being in line with 'AA'-
rated peers.
FULL LIST OF RATING ACTIONS
AG Insurance
IFS rating affirmed at 'A+'; Outlook Stable
Long-term IDR affirmed at 'A'; Outlook Stable
Subordinated bond affirmed at 'BBB+'
Ageas Insurance Limited
IFS rating affirmed at 'A+'; Outlook Stable
Ageas SA/NV
Long-term IDR upgraded to 'A-' from 'BBB+'; Outlook Stable
Short-term IDR affirmed at 'F2'; withdrawn
Ageas Insurance International
Long-term IDR upgraded to 'A' from 'A-'; Outlook Stable
Short-term IDR upgraded to 'F1' from 'F2'; withdrawn
Ageas Hybrid Financing
Hybrid capital instruments upgraded to 'BBB-' from 'BB+'
Ageasfinlux SA
Hybrid capital instruments upgraded to 'BB+' from 'BB'
=====================
N E T H E R L A N D S
=====================
E-MAC NL 2006-II: Moody's Confirms 'B1(sf)' Rating on Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded thirteen tranches and
confirmed one tranche in six Dutch RMBS transactions, five
tranches are affirmed.
The rating actions are prompted by (i) the conclusion of the
review of the ratings of various counterparties, (ii) the
revision of key collateral assumptions in five transactions, and
(iii) the sufficiency of credit enhancement.
RATINGS RATIONALE
The rating actions conclude the placement on review for upgrade
of thirteen classes of notes in six Dutch RMBS transactions due
to the updates to several Moody's structured finance rating
methodologies.
The rating upgrades reflect the updates to several Moody's
structured finance rating methodologies and related updates in
the aforementioned CR Assessments, as well as the revision of key
collateral assumptions in five transactions.
The rating confirmation reflects Moody's view that the available
credit enhancement is sufficient to maintain the current rating
on the affected tranche.
-- COUNTERPARTY RISK EXPOSURE AND UPDATES TO MOODY'S STRUCTURED
FINANCE RATING METHODOLOGIES
The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicers, account banks or swap
providers. Moody's incorporated the updates to its structured
finance methodologies in its analysis of the transactions
affected by the rating actions.
Moody's now matches banks' exposure in structured finance
transactions to the CR Assessment for commingling risk, and to
the bank deposit rating when analyzing set-off risk. Moody's has
introduced a recovery rate assumption of 45% for both exposures.
Moody's considered how the liquidity available in the
transactions and other mitigants support continuity of note
payments, in case of servicer default, using the CR Assessment as
a reference point for servicers or cash managers. The ratings of
the notes are not capped by operational risk in any of the six
transactions as per the 'Global Structured Finance Operational
Risk Guidelines' published by Moody's Investors Service on the
16th March 2015.
Moody's also assessed the default probability of each
transaction's account bank providers by referencing the bank's
deposit rating.
Moody's analysis considered the risks of additional losses on the
notes if they were to become unhedged following a swap
counterparty default by using the CR Assessment as a reference
point for swap counterparties. As a result, the ratings on
classes B and C in E-MAC NL 2004-II B.V., classes B and C in E-
MAC 2005-III B.V., class B in E-MAC NL 2006 -- II B.V., classes B
and C in E-MAC Program II B.V./ Compartment NL 2007-IV, and class
C in E-MAC Program II B.V./Compartment NL 2008-IV were
constrained due to their swap counterparty exposure.
-- KEY COLLATERAL ASSUMPTIONS
Moody's has reassessed its lifetime Expected Loss assumptions
(EL) taking into account the collateral performance of the
transactions to date. The securitized pools are performing in
line with Moody's expected loss assumptions. As a result, Moody's
maintained the expected loss assumptions for all six
transactions.
Moody's has also assessed loan-by-loan information for the
outstanding portfolios to determine the credit support consistent
with target rating levels and the volatility of the distribution
of future losses. Moody's lowered the MILAN CE assumption in five
out of six transactions to reflect the decreasing weighted
average loan-to-value ratio since the last rating action and the
stable outlook for Dutch RMBS transactions
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF387952).
The MILAN CE assumptions have been reduced from 9% to 6% in E-MAC
NL 2004-II B.V., from 8% to 5% in E-MAC NL 2005-III B.V., from
8.5% to 5.5% in E-MAC NL 2006-II B.V., from 11% to 7% in E-MAC
Program II B.V. / Compartment NL 2007-IV and from 13% to 9% in E-
MAC Program II B.V. / Compartment NL 2008-IV. The MILAN CE
assumption remains unchanged at 13% in E-MAC Program III B.V. /
Compartment NL 2008-I.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
January 2015.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) better-than-expected performance of the
underlying collateral; (2) deleveraging of the capital structure;
and (3) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk; (2) worse-
than-expected performance of the underlying collateral; (3)
deterioration in the notes' available credit enhancement; and (4)
deterioration in the credit quality of the transaction
counterparties.
LIST OF AFFECTED RATINGS:
Issuer: E-MAC NL 2004-II B.V.
EUR584M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)
EUR13M B Notes, Upgraded to Aa1 (sf); previously on Mar 20, 2015
Aa3 (sf) Placed Under Review for Possible Upgrade
EUR8.5M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade
Issuer: E-MAC NL 2005-III B.V.
EUR856.2M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)
EUR14.7M B Notes, Upgraded to Aa2 (sf); previously on Mar 20,
2015 A3 (sf) Placed Under Review for Possible Upgrade
EUR10M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa2 (sf) Placed Under Review for Possible Upgrade
Issuer: E-MAC NL 2006-II B.V.
EUR528M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)
EUR8.8M B Notes, Upgraded to Aa3 (sf); previously on Mar 20, 2015
A3 (sf) Placed Under Review for Possible Upgrade
EUR5.5M C Notes, Upgraded to A3 (sf); previously on Mar 20, 2015
Baa2 (sf) Placed Under Review for Possible Upgrade
Issuer: E-MAC Program II B.V. / Compartment NL 2007-IV
EUR654.85M A Notes, Upgraded to Aaa (sf); previously on Apr 16,
2014 Affirmed Aa1 (sf)
EUR16.8M B Notes, Upgraded to Aa2 (sf); previously on Mar 20,
2015 A1 (sf) Placed Under Review for Possible Upgrade
EUR12.6M C Notes, Upgraded to A1 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade
EUR15.75M D Notes, Confirmed at B1 (sf); previously on Mar 20,
2015 B1 (sf) Placed Under Review for Possible Upgrade
Issuer: E-MAC Program II B.V. / Compartment NL 2008-IV
EUR230.6M A Notes, Affirmed Aaa (sf); previously on Apr 16, 2014
Affirmed Aaa (sf)
EUR11.3M B Notes, Upgraded to Aaa (sf); previously on Mar 20,
2015 Aa2 (sf) Placed Under Review for Possible Upgrade
EUR2.8M C Notes, Upgraded to Aa2 (sf); previously on Mar 20, 2015
A2 (sf) Placed Under Review for Possible Upgrade
Issuer: E-MAC Program III B.V. / Compartment NL 2008-I
EUR160M A2 Notes, Affirmed Aaa (sf); previously on Apr 16, 2014
Affirmed Aaa (sf)
EUR7.5M B Notes, Upgraded to Aa2 (sf); previously on Mar 20, 2015
Aa3 (sf) Placed Under Review for Possible Upgrade
EUR3.9M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade
TIKEHAU CLO: Fitch Assigns 'B-sf' Rating to Class F Notes
---------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO B.V.'s notes final ratings
as:
Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B: 'AA+sf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated
Tikehau CLO B.V. is an arbitrage cash flow collateralized loan
obligation (CLO).
KEY RATING DRIVERS
Moderate Portfolio Credit Quality
Fitch has public ratings or credit opinions on 64 of the 69
obligors in the identified portfolio and has determined the
average credit quality to be in the 'B' to 'B-' range. The
weighted average rating factor of the identified portfolio (68.1%
of target par) is 32.7.
High Expected Recoveries
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to 69 of the 74
obligations. The weighted average recovery rating of the
identified portfolio is 69.2.
Partial Interest Rate Hedge
During the first five years of the transaction, interest rate
risk is naturally hedged for most of the portfolio, as fixed-rate
liabilities and assets initially represent 11.8% and up to 7.5%
of target par, respectively. As the fixed-paying class A-2 notes
are senior in the structure and switch to floating after five
years, the notional amount of fixed-rate liabilities will reduce
after the reinvestment period, limiting the benefit of the hedge.
Unhedged Non-Euro Assets Exposure
The manager can invest up to 2.5% of the portfolio in unhedged
non-euro assets, which are purchased in the primary market. Any
unhedged asset in excess of the allowed limits or held for longer
than 90 days will receive a zero balance for the calculation of
the OC tests. Unhedged assets may only be purchased if after a
haircut of 50% the portfolio notional amount is still above
target par.
Hedged Non-Euro Assets Exposure
The transaction is permitted to invest up to 20% of the portfolio
in non-euro assets, provided perfect asset swaps can be entered
into.
TRANSACTION SUMMARY
Net proceeds from the issuance of the notes are being used to
purchase a EUR340 million portfolio of mostly euro-denominated
leveraged loans and bonds. The transaction features a four-year
reinvestment period and the portfolio is managed by Tikehau
Capital Europe Limited.
The transaction documents may be amended subject to rating agency
confirmation or note-holder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one to three notches for the rated notes.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied
on the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
===============
P O R T U G A L
===============
MAGELLAN MORTGAGES NO. 4: Moody's Lifts Rating on D Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 26 tranches and
affirmed 14 tranches in 10 Portuguese RMBS transactions. The
rating actions conclude the review that Moody's initiated on 20
March 2015. In addition, Moody's Investors Service is taking
actions on Magellan Mortgages No. 1 plc and Magellan Mortgages
No. 4 plc following completion of rating review actions of banks
and assignment of Counterparty Risk Assessment ("CR Assessment").
RATINGS RATIONALE
Today's rating actions reflect (1) the update of several of
Moody's cross-sector, primary and secondary rating methodologies
for structured finance securities, to incorporate the new
Counterparty Risk (CR) Assessment that it introduced for banks as
part of its revised bank rating methodology and (2) completion of
rating review actions of banks and the assignment of its
Counterparty Risk Assessment to the relevant Portuguese and other
banks acting as counterparties to the affected transactions,
following the application of Moody's bank methodology.
Moody's has also affirmed or confirmed the ratings of the notes
where the current Credit Enhancement was commensurate with the
current ratings.
APPLICATION OF MOODY'S STRUCTURED FINANCE RATING METHODOLOGIES
Moody's updated several of its cross-sector methodologies to
incorporate the CR Assessments in its analysis of structured
finance transactions in March 2015. Moody's now matches banks'
exposure in structured finance transactions to one of three
reference points: the CR Assessment, bank deposit rating or
senior unsecured rating.
Moody's has used CR Assessments in its analysis to measure the
risk of default for (1) operational risk exposures (specifically
exposures to servicers); (2) exposures to swap counterparties;
and (3) exposures to servicers in relation to commingling risk.
Moody's has used the bank deposit rating to measure the default
risk for exposures associated with account banks. Additionally,
for bank-related exposures (e.g., deposits held at a defaulting
bank) Moody's has assumed a recovery rate of 45% in instances
when the risk is measured or modeled.
REVISION OF KEY COLLATERAL ASSUMPTIONS
The key collateral assumptions for all transactions remain
unchanged as part of this review. The performance of the
underlying asset portfolios remain in line with Moody's
assumptions. Moody's also has a stable outlook
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF387952)
for Portuguese RMBS transactions. The ratings were not subject to
an analysis on the sensitivity of key collateral assumptions.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
January 2015.
The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) lower sovereign risk; (2) better-than-
expected performance of the underlying collateral; (3)
deleveraging of the capital structure; and (4) improvements in
the credit quality of the transaction's counterparties.
Conversely, factors or circumstances that could lead to a
downgrade of the ratings include (1) higher sovereign risk; (2)
worse-than-expected performance of the underlying collateral; (3)
deterioration in the notes' available credit enhancement; and (4)
deterioration in the credit quality of the transaction's
counterparties.
List of Affected Ratings:
Issuer: Lusitano Mortgages No. 1 plc
EUR915M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)
EUR32.5M Series B Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 A3 (sf) Placed Under Review for Possible Upgrade
EUR25M Series C Notes, Upgraded to Baa2 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade
EUR22.5M Series D Notes, Upgraded to B1 (sf); previously on Jan
23, 2015 Affirmed B2 (sf)
EUR5M Series E Notes, Affirmed Caa1 (sf); previously on Jan 23,
2015 Affirmed Caa1 (sf)
Issuer: Lusitano Mortgages No. 2 plc
EUR920M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)
EUR30M Series B Notes, Upgraded to A1 (sf); previously on Mar 20,
2015 A3 (sf) Placed Under Review for Possible Upgrade
EUR28M Series C Notes, Upgraded to Baa1 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade
EUR16M Series D Notes, Upgraded to Ba2 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade
EUR6M Series E Notes, Upgraded to B3 (sf); previously on Jan 23,
2015 Affirmed Caa2 (sf)
Issuer: Lusitano Mortgages No. 3 plc
EUR1140M Series A Notes, Upgraded to A2 (sf); previously on Mar
20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade
EUR27M Series B Notes, Upgraded to Ba2 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade
EUR18.6M Series C Notes, Upgraded to B1 (sf); previously on Jan
23, 2015 Upgraded to B3 (sf)
EUR14.4M Series D Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Upgraded to Caa1 (sf)
Issuer: Lusitano Mortgages No. 4 plc
EUR1134M Series A Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade
EUR22.8M Series B Notes, Upgraded to Ba1 (sf); previously on Mar
20, 2015 B3 (sf) Placed Under Review for Possible Upgrade
EUR19.2M Series C Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Affirmed Caa1 (sf)
EUR24M Series D Notes, Affirmed Caa3 (sf); previously on Jan 23,
2015 Affirmed Caa3 (sf)
Issuer: Lusitano Mortgages No. 6 Limited
EUR943.25M Series A Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade
EUR65.45M Series B Notes, Upgraded to Baa3 (sf); previously on
Mar 20, 2015 Ba3 (sf) Placed Under Review for Possible Upgrade
EUR41.8M Series C Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Affirmed Caa1 (sf)
EUR17.6M Series D Notes, Affirmed Caa3 (sf); previously on Jan
23, 2015 Affirmed Caa3 (sf)
Issuer: Magellan Mortgages No. 1 plc
EUR942.5M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)
EUR37M Series B Notes, Upgraded to A3 (sf); previously on Jan 23,
2015 Affirmed Baa2 (sf)
EUR20.5M Series C Notes, Affirmed Ba3 (sf); previously on Jan 23,
2015 Upgraded to Ba3 (sf)
Issuer: Magellan Mortgages No. 3 plc
EUR1413.75M Series A Notes, Upgraded to A3 (sf); previously on
Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade
EUR33.75M Series B Notes, Upgraded to Ba2 (sf); previously on Feb
6, 2015 Affirmed B1 (sf)
EUR15.75M Series C Notes, Upgraded to B2 (sf); previously on Feb
6, 2015 Affirmed B3 (sf)
EUR36.75M Series D Notes, Affirmed Caa1 (sf); previously on Feb
6, 2015 Affirmed Caa1 (sf)
Issuer: Magellan Mortgages No. 4 plc
EUR1413.75M Series A Notes, Affirmed Baa1 (sf); previously on May
15, 2015 Upgraded to Baa1 (sf)
EUR33.75M Series B Notes, Upgraded to Ba3 (sf); previously on May
15, 2015 Upgraded to B1 (sf)
EUR18.75M Series C Notes, Affirmed B3 (sf); previously on May 15,
2015 Affirmed B3 (sf)
EUR33.75M Series D Notes, Upgraded to Caa2 (sf); previously on
May 15, 2015 Affirmed Caa3 (sf)
Issuer: PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY
EUR611M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)
EUR16.25M Series B Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)
EUR22.75M Series C Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa1 (sf) Placed Under Review for Possible Upgrade
Issuer: PELICAN MORTGAGES NO. 3 PUBLIC LIMITED COMPANY
EUR717.375M Series A Notes, Upgraded to Baa1 (sf); previously on
Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade
EUR14.25M Series B Notes, Upgraded to Ba3 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade
EUR12M Series C Notes, Affirmed B3 (sf); previously on Jan 23,
2015 Upgraded to B3 (sf)
EUR6.375M Series D Notes, Affirmed Caa2 (sf); previously on Jan
23, 2015 Upgraded to Caa2 (sf)
===========
R U S S I A
===========
FEDERAL PASSENGER: Fitch Affirms 'BB+' IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Joint Stock Company
Federal Passenger Company's (FPC) Long-term Issuer Default Rating
(IDR) at 'BB+' with Negative Outlook.
The ratings continue to be driven by FPC's strong ties with
state-owned parent, JSC Russian Railways (RZD, BBB-/Negative),
and its domestic monopoly in long distance rail. FPC is
dependent on subsidies and given its important public function in
providing affordable long-distance rail transportation, Fitch
expects FPC to continue to benefit from considerable operational
and financial support from both RZD and the Russian Federation
(BBB-/Negative).
The Negative Outlook mirrors RZD's Outlook, which in turn
reflects that of the Russian Federation. Rating actions on RZD
are likely to be replicated in FPC's ratings with a one notch
differential.
KEY RATING DRIVERS
One Notch below RZD's IDR
FPC's Long-term IDR continues to be notched down by one level
from that of RZD in accordance with Fitch's Parent and Subsidiary
Rating Linkage Methodology given the company's strong legal,
operational and strategic ties with RZD and, indirectly, with the
state. The strong ties are evidenced by RZD's 100% direct
ownership of FPC, its control over FPC's strategy, and inter-
dependency of operations.
FPC holds a monopoly in long-haul rail transportation and
continues to receive sizeable subsidies (RUB23.3 billion in 2014)
from the federal budget in compensation for state-regulated
below-cost tariffs. RZD in 2014 contributed new equity to FPC of
RUB12.8 billion, comprising RUB8.3 billion assets and RUB4.5
billion cash; however, Fitch notes that the capital injection was
accompanied by dividend payment of RUB4.1 billion from FPC.
FPC is considered a principal subsidiary according to the terms
of RZD's eurobonds documentation, as its revenue equals to 10.3%
of RZD's total revenue and, as a result, meets the 10% threshold.
Therefore, FPC's obligations could be captured within RZD's cross
default provision. However, Fitch has not aligned FPC's ratings
with RZD's owing to the absence of explicit guarantees and also
because FPC's revenue could fall below the 10% threshold.
Highly Dependent on Subsidies
FPC receives subsidies in compensation for insufficient state-
regulated tariffs. Excluding subsidies, FPC is deeply loss-
making, generates material negative free cash flows (FCF) and is
economically unviable on a standalone basis. FPC's unregulated
business is not sufficiently profitable or cash-generative to
offset losses generated by its regulated business.
While losses incurred at the EBITDA level (excluding subsidies)
have narrowed over 2010-2014, Fitch expects EBITDA will remain
under pressure given minimal increases in passenger numbers,
combined with continued pricing and inflationary cost pressures.
Fitch expects management to optimize revenues and to cut some
costs through increased staff productivity and asset efficiency,
but these alone are unlikely to enable FPC to become financially
self-sufficient.
Subsidies do not always compensate the company for operating
losses, which can arise where costs are higher than those
expected by the state. Fitch expects the state to continue
adjusting subsidies where revenue shortfall cannot be met through
tariff increases, as was the case in 2014. However, there is no
formal retrospective adjustment procedure. Adjustments are at
the government's discretion and subject to federal budget
constraints.
'B' Category Standalone Rating
Fitch assesses FPC's standalone rating at the 'B' category. The
company's inability to generate sustainable operating cash flows,
without shareholder support, places the ratings under pressure.
This is due to limited passenger growth, as well as pricing and
inflationary cost pressures. Funds from operations (FFO) lease-
adjusted gross leverage of close to 3x in the medium-term and FFO
fixed charge cover of below 3x are commensurate with the 'B'
rating category.
The regulatory framework and tariff-setting mechanisms for the
company's regulated business are less transparent and predictable
than some international peers'.
FFO Lease-Adjusted Leverage and Coverage
Fitch adjusts FPC's FFO leverage and coverage credit metrics for
locomotive payments to more accurately compare FPC with rail
peers such as Deutsche Bahn AG ('AA'/Stable) and PKP Intercity
S.A. ('BBB'/Stable), which purchase their locomotives. Lease
payments relating to the use of locomotives are capitalized using
a 5x lease multiple, instead of the 8x multiple usually used for
Russian rail companies. The lower multiple reflects the
flexibility of these locomotive payments. FPC only pays for the
use of locomotives when the locomotive is in operation. Payments
do not have specific tenors or contracts typical of ordinary
leases.
Domestic Monopoly
FPC is strategically important to Russia given its monopoly in
long-distance passenger rail transportation, with a share of over
90% of long-haul passenger transportation in 2014. The
importance of FPC's rail network is further illustrated by the
country's significant geographical size and extreme climate
conditions. In certain areas, inadequate motorway and aviation
infrastructure often means FPC's rail network is the only form of
transportation available. Further plans to develop high speed
rail have been postponed owing to the current difficult economic
environment in the country.
Increasing Airline Competition
The share of airline traffic in long-haul passenger
transportation increased to 46% in 2014 from 33% in 2010. While
air travel is likely to pose a continuing and increasing threat,
FPC is likely to remain the main carrier of long-haul passengers
over the medium-term as Russia does not currently have adequate
airport infrastructure to accommodate increasing demand.
Weakening Credit Metrics
Fairly high capex of about RUB19.4 billion on average over 2015-
2017 will result in continuing negative FCF. As a result, net
debt/EBITDA is likely to rise to around 1.4x by 2018 from 0.4x in
2014. However, this would still be well below the external
covenant of net debt/EBITDA of 3.0x. Fitch does not expect the
company to scale back its capex plans, as the company's assets
are rather old.
Volumes under Pressure
Passenger turnover continued to decline in 2014 and 1H15 (by
11.6% yoy and 11.4% yoy respectively) mainly due to deterioration
of the Russian economy, declining purchasing power of population
as well as cancellation of unprofitable trains. The unregulated
segment declined by 14% yoy in 2014 compared with 7% in regulated
segment. As a result, the share of the regulated segment in total
passenger turnover rose to 62% in 2014 from 59% in 2013.
In the medium term we expect rail passenger turnover volumes to
remain under pressure on the back of a drop in real income,
increasing support of air transport from the state as well as
growing competition from air and motor transport.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action include:
-- A downgrade of RZD's ratings, assuming the parent links do
not strengthen at the same time.
-- Evidence of weakening ties with RZD (and indirectly the
state) including but not limited to reduced financial
support in the form of insufficient subsidies, tariffs or
equity injections such that net debt/EBITDA exceeds 1.5x.
Positive: Future developments that could lead to positive rating
action include:
-- RZD's Outlook being revised to Stable or a positive change
in RZD's ratings, unless FPC's links with RZD weaken.
-- Guarantees by RZD of a substantial portion of FPC's debt,
which would imply stronger legal ties with RZD.
For the rating of RZD, the following sensitivities were outlined
by Fitch in its rating action commentary of March 1, 2015:
Negative: Future developments that could lead to negative rating
action include:
-- Fitch expects to continue aligning RZD's IDR with Russia's,
given the strength of government links. Therefore, Fitch
is unlikely to downgrade RZD before downgrading Russia.
However, sustained FFO net adjusted leverage above 3.5x and
FFO fixed charge coverage below 4x may be negative for
RZD's ratings unless further evidence of state support is
provided.
Positive: Future developments that could lead to positive rating
action include:
-- A positive change in Russia's rating may be replicated in
RZD (up to BBB level), unless its links with the State
weaken
LIQUIDITY AND DEBT STRUCTURE
At end-2014 FPC had cash of RUB10.7 billion, which comfortably
covered short-term debt of RUB2.6 billion as well as most of the
2015 negative FCF of around RUB10 billion (as calculated by
Fitch). However, these cash financing requirements are largely
expected to be funded by additional debt and not through existing
cash balances. The company also has undrawn credit facilities of
RUB19.3 billion. FPC does not pay commitment fees for these
facilities, which is a common practice in Russia. Fitch does not
include them in its liquidity analysis.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Domestic GDP decline of 3.5% in 2015 and growth of 1%-1.5%
in 2016-2017 and inflation of 11.2% in 2015 and 6%-8% over
2016-2017
-- Passenger turnover deterioration of about 2%-9% over 2015-
2018
-- Tariff growth below CPI level
-- Capital expenditure and subsidies in line with management's
forecasts
FULL LIST OF RATING ACTIONS
Long-term foreign currency IDR affirmed at 'BB+' with Negative
Outlook
Long-term local currency IDR affirmed at 'BB+' with Negative
Outlook
Short-term foreign currency IDR affirmed at 'B'
Short-term local currency IDR affirmed at 'B'
Long-term National Rating affirmed at 'AA+(rus)' with Stable
Outlook
GELENDZHIK-BANK PJSC: Put Under Provisional Administration
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-1697 dated July 17, 2015,
revoked a banking license from the credit institution Public
Joint-Stock Company Gelendzhik-Bank from July 17, 2015.
The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations
and taking into account the application of measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".
With low quality assets, Gelendzhik-Bank failed to adequately
assess risks assumed. Besides, the Bank did not comply with
supervisor's restrictions on carrying some banking operations.
Gelendzhik-Bank was involved in dubious transit transactions in
significant amounts. Both management and owners of the credit
institution did not take any effective measures to bring its
activities back to normal amid conditions of a long corporate
conflict.
The Bank of Russia, by its Order No. OD-1698 dated July 17, 2015,
appointed a provisional administration to PJSC Gelendzhik-Bank
for the period until the appointment of a receiver pursuant to
the Federal Law "On the Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities". In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.
PJSC Gelendzhik-Bank is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.
As of July 1, 2015, PJSC Gelendzhik-Bank was ranked 516th by
assets in the Russian banking system.
METALLOINVEST JSC: Moody's Says New Facility Credit Neutral
-----------------------------------------------------------
Moody's Investors Service (Moody's) views as credit neutral for
JSC Holding Company METALLOINVEST (Metalloinvest, Ba2 stable),
the announcement that Metalloinvest has signed a US$750 million
five-to-seven year pre-export credit facility (PXF) agreement
with a syndicate of international banks, including ING Bank N.V.
(A1 stable), Deutsche Bank AG (A3 positive (multiple)), Societe
Generale (A2 stable), Bank of China Limited (A1 stable),
Industrial and Commercial Bank of China Limited (A1 stable). The
transaction will enable the company to improve its maturity
profile. This deal also illustrates the company's continued
access to funding from international financial institutions
during a period of geopolitical tensions between the US/EU and
Russia over Ukraine, including sanctions.
The PXF will be redeemed in equal monthly installments after a
grace period of two years (for US$600 million tranche) and five
years (for US$150 million tranche). The facility is secured by
the borrowers' export revenues in favor of Metalloinvest Trading
AG and is guaranteed by Holding Company Metalloinvest. The
proceeds will be used to refinance part of PXF (raised in March
2014) due in April-December 2016, as well as to secure additional
liquidity for the redemption of Eurobonds due in July 2016.
In early July, before this deal, the company extended maturity of
Rabobank loan for US$131 million (with new repayment scheduled
for 2017-18), which resulted in reduction of 2016 debt maturity.
Before that, in June, the company signed an export credit agency
(ECA) facility agreement with a club of international banks for
credit facilities of up to EUR267 million. The funds to be used
to finance the purchase of equipment for the construction of the
third hot briquetted iron plant (HBI-3) at Lebedinsky GOK. The
loans' repayment will be executed within ten years of the launch
of the HBI-3 equipment.
As a result of recent refinancing, the company's debt maturity in
2016 will fall to around US$0.7 billion from US$1.3 billion.
There are no significant debt repayments in 2017-19. Moody's
notes that Metalloinvest considers various options to further
improve its debt maturity profile.
At the same time, the rating agency notes that the fundamentals
for the steel and steel related commodities' sectors are
currently depressed. The growing oversupply in the iron ore
market globally is damaging for the sector and poses significant
downside risk. In light of expectations for slowing growth in
global steel production, particularly in China, the lack of
equilibrium will continue to weigh negatively on prices and the
operating performance of iron ore producers. Having averaged
roughly US$136/tonne in 2013, benchmark iron ore prices (CFR
China 62% Fe) fell precipitously in 2014, averaging about
US$97/tonne, and dipping to around $50/tonne in July 2015.
Although Moody's expects continued price volatility, the lower
iron ore prices are partially offset by decreasing cash costs in
both mining and steel segments of the company, owing to the 42%
rouble devaluation in 2014.
Metalloinvest is a Russian producer and the largest regional
supplier of high-quality iron ore and hot briquetted iron
(HBI) -- a direct substitute for ferrous scrap. Its principal
activities include the production and sale of iron ore products
and ferrous metals. In 2014, it produced 38.7 million tonnes of
iron ore (referring to iron ore concentrate and sintering ore),
22.7 million tonnes of pellets, 5.3 million tonnes of HBI/direct
reduced iron (DRI), 2.3 million tonnes of hot metal and 4.5
million tonnes of crude steel.
Metalloinvest has significant iron ore production facilities in
Russia in its mining and processing plants at Lebedinsky
(Lebedinsky GOK) and Mikhailovsky (Mikhailovsky GOK).
Furthermore, Metalloinvest has a diversified customer base in
Europe, the Middle East and Asia, with Russia and China.
The company's steel mills include the Oskol Elektrometallurgical
Plant (OEMK) and Ural Steel, and a ferrous scrap unit, Ural Scrap
Company.
At December 31, 2014, USM Metalloinvest LLC and USM Investments
Limited -- both 100%-owned direct or indirect subsidiaries of USM
Holdings Limited companies -- held 51% and 25% stakes in the
company respectively. In addition, OAO Lebedinskiy Mining and
Processing Works held a 15% stake and OAO Oskol
Electrometallurgical Plant 3%, while the remaining 6% was owned
by the company as treasury shares.
UTAIR: No Decision Yet on RUR19-Bil. State Aid Request
------------------------------------------------------
Cbonds reports that Russian First Deputy Prime Minister
Igor Shuvalov said the decision to grant state aid to the UTair
airline has not passed yet.
Earlier, Transport Minister Maxim Sokolov said that the airline
has requested state guarantees in amount of RUR19 billion
(US$334.9 million), Cbonds relates. Previously, TASS reported
that the airline does not exclude the possibility that the
requested amount will be reduced by more than half, to RUR9
billion (US$158.6 million), Cbonds notes.
At the end of 2014, UTair was faced with serious financial
problems, Cbonds recounts. The company net loss for 2014
amounted to RUR22.3 billion (US$406.5 million) under RAS against
a profit at the end of 2013, Cbonds discloses.
At the end of 2014 dozens of lawsuits against UTair and its
subsidiaries were filed to various courts, Cbonds relays. The
total amount of creditor claims is more than RUR9 billion
(US$143.76 million), Cbonds says. Several creditors filed claims
to recognize UTair Airlines as bankrupt, Cbonds notes. The court
dismissed the claims for bankruptcy, others are still being
processed, Cbonds states. Alfa Bank has also joined the
bankruptcy case, according to Cbonds.
On June 26, 2015, the company offered bond holders debt
restructuring, Cbonds recounts. Raiffeisenbank has been named
the restructuring consultant, Cbonds discloses.
In the last few months the company defaulted on bonds and faced
numerous lawsuits from its creditors, Cbonds relays.
According to Cbonds, debt portfolio, including leasing payments
amounts to almost RUR170 billion (US$2.75 billion). Lawsuits are
filed to the various courts of arbitration demanding total debt
repayment amounting to more than RUR9 billion (US$145.52
million), Cbonds notes.
UTair is the third largest air transportation company in Russia.
=========
S P A I N
=========
CIUDAD REAL: Receives One Bid for Central Airport
-------------------------------------------------
The Associated Press reports that Ciudad Real's Central airport
received just one bid in a bankruptcy auction after costing some
EUR1.1 billion (US$1.2 billion) to build.
According to the AP, the buyer's offer for the airport, one of
Spain's "ghost airports" -- expensive projects that were
virtually unused -- is EUR10,000.
The operator of the airport went bankrupt in 2012 after it failed
to draw enough traffic, the AP recounts.
Spanish news agency Europa Press said Chinese group Tzaneen
International tabled the bid in the July 18 auction, the AP
relates. The receiver had set a minimum price of EUR28 million,
the AP discloses. If no better bid is received by September, the
sale will go through, the AP states.
The airport is situated about 235 kilometers (150 miles) south of
Madrid.
TP FERRO: Files for Creditor Protection in Spain
------------------------------------------------
John Stonestreet at Reuters report that TP Ferro, the company
that runs a high-speed rail link between Spain and France, filed
for protection from creditors after failing to reach a debt
restructuring agreement.
According to Reuters, construction firm Eiffage, which owns an
equal share of the business with Spain's ACS, on July 17 said the
link would continue to operate as the shareholders sought a quick
solution to what it called an "unsustainable and precarious . . .
business model".
The filing went through a commercial court in Girona, Spain,
Reuters discloses.
TP Ferro is a Franco-Spanish rail operator.
=====================
S W I T Z E R L A N D
=====================
UBS AG: Moody's Confirms 'Ba3' Ratings on Euro Medium Term Notes
----------------------------------------------------------------
Moody's Investors Service has confirmed the rating on the
following credit linked notes issued by UBS AG:
Ser 174, EUR25 million FIX Credit-Linked Step-Up Euro Medium Term
Notes, Ba3 (sf), previously on December 31, 2014 Placed Under
Review for Possible Downgrade
Ser 857, EUR1.83 million, FIX Credit-Linked Zero Cpn Euro Medium
Term Notes, Ba3 (sf), previously on March 25, 2015 Placed Under
Review for Possible Downgrade
Moody's explained that the rating actions taken today are the
result of the confirmation of the senior unsecured rating of UBS
AG at A2 as well as the confirmation of the subordinated ratings
of Banco Bilbao Vizcaya Argentaria S.A. and UniCredit Bank
Austria AG at Baa3 and Ba2 respectively.
Ratings Rationale
The transactions are credit linked notes issued by UBS AG
referencing the subordinated debt of UniCredit Bank Austria AG
for series 174 and the subordinated debt of Banco Bilbao Vizcaya
Argentaria S.A, for series 857. In addition to the expected loss
calculation described below in "Loss and Cash Flow Analysis",
Moody's also applied stresses on the default probability and
severity of the referenced entities in order to take into account
the widely defined credit event definitions and deliverable
obligations.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.
Factors that would lead to an upgrade or downgrade of the
ratings:
Given the nature of the structure, noteholders are mainly exposed
to the credit risk of the issuer and the reference entity. A
downgrade or upgrade of either the issuer or the reference entity
could trigger a downgrade or upgrade on the Notes.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.
Loss and Cash Flow Analysis:
"Our quantitative analysis focuses on the risks relating to the
credit quality of the assets backing the repack and of the
counterparties. We generally determine the expected loss posed to
securities holders by adding together the severities for loss
scenarios arising from either Underlying Asset default, and if
applicable, the issuer, each weighted according to its respective
probability. We then translate the expected loss to a rating
using our idealized loss rates."
===========================
U N I T E D K I N G D O M
===========================
NEW LOOK: Fitch Affirms 'B-' Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed UK-based New Look Retail Group Ltd's
Long-term Issuer Default Rating at 'B-' with Stable Outlook. The
agency has also assigned New Look Secured Issuer PLC's GBP1
billion senior secured notes (both floating- and fixed-rate
notes) due 2022 and New Look Senior Issuer PLC's 8% GBP200
million senior notes due 2023 final ratings of 'B' with Recovery
Rating 'RR3' and 'CCC' with Recovery Rating 'RR6' respectively.
Following the completion of the acquisition of New Look Retail
Group Ltd by South African investment holding Brait S.E., the
proceeds from the new bond issuance were applied to refinance all
previous debt (incl. PIK instruments). Therefore the assigned
IDR and Stable Outlook reflect New Look's ability to establish a
long-term capital structure to support expected accelerated
growth of the business under new ownership and to optimize
financing mix and costs. The terms of the issued notes are
materially in line with Fitch's assumptions as detailed in the
agency's rating action commentary dated June 9, 2015.
KEY RATING DRIVERS FOR THE NOTES
Above-Average Recovery Expectations
The senior secured and senior instrument ratings reflect Fitch's
expectation that recoveries for creditors will be maximized in a
going-concern restructuring, rather than in liquidation, due to
the fairly asset-light nature of the business. As such, Fitch
has applied a 25% discount to FYE15 (year ended March 2015)
EBITDA and a distressed multiple of 5.0x, which results in above-
average expected recoveries ('RR3' or 51% recovery expectation at
the lower end of the 'RR3' range) for the senior secured note
holders but negligible recoveries ('RR6' or 0%) for the senior
notes.
Accordingly the instrument rating for the senior secured notes is
notched up by one to 'B' and the senior notes notched down by two
to 'CCC' from New Look's IDR.
Weak Protection; No Dividends Expected
The senior secured notes and senior notes are structured with
incurrence-based covenants only and allow for cash dividends,
which can be increased subject to financial covenant testing.
The IDR, however, assumes no cash dividend payments over the
four-year rating horizon, in line with management's view.
Comprehensive Security Package
The senior secured notes benefit from a security package
characterized by share pledges and a guarantor group capturing
83% and 95% of the consolidated revenue and adjusted EBITDA of
the restricted group respectively, and representing 80% of the
consolidated assets of the restricted group (as per 52 weeks
ended March 28, 2015). The security is shared with the senior
notes, albeit on a second-ranking basis, with seniority governed
by an inter-creditor agreement. The senior secured notes rank
behind the revolving credit facility, operating facilities and
certain permitted hedging obligations.
KEY RATING DRIVERS FOR THE IDR
Aggressive Financial Profile
Post recapitalization, Fitch considers New Look's IDR to remain
constrained by its high financial leverage (funds from operations
(FFO) gross leverage remains unchanged at around 7.0x) but is
mitigated by a structural improvement in the FFO fixed charge
cover ratio (to more than 1.5x) as New Look optimizes its debt
mix. Fitch views these debt protection ratios in line with a
'B-' rating compared with Fitch's speculative-grade European
general/non-food retailers.
Fitch recognizes top-line growth as key to future deleveraging.
The Stable Outlook reflects our expectation of limited
deleveraging prospects, driven by moderate execution risks of the
group's strategy from the recently announced change of ownership
as well as the limited track record of the business model across
the cycle.
Focus on Broadening Brand's Reach
Under its new ownership, Fitch does not expect near-term changes
to the group's underlying strategy, characterized by broadening
and diversifying the brand's appeal and reach. In its UK home
market we expect this would be achieved by differentiated price
points, diversifying into accessories as well as accelerating its
focus on menswear, aided by further multi-channel integration.
International Expansion Focus Narrowed
Fitch considers geographic diversification as rating-positive as
it reduces reliance on the UK consumer; however, the rating
agency highlights some execution risks in establishing the brand
abroad. New Look has increased their focus targeting investments
in four core markets: China, France Germany and Poland, following
the exit of its Russian and Ukrainian franchise.
Fitch views the near-term momentum for international growth
coming predominantly from investment in China (where the group
has now opened 30 stores since entering the market in February
2014). Operations in France would benefit from further
rebalancing following the disposal of its loss-making MIM brand
in FY15, while management are taking a cautious approach
expanding into Germany and Poland, both characterized by
mature/complex retail environments.
Online Focus
Online presence and multi-channel integration is becoming a key
differentiating and success factor in the fast-fashion business
model and a key growth driver for New Look's UK business. Online
brand positioning and social media presence are increasingly
underpinning the brand's reputation for fashion trends and
building customer loyalty.
Fitch expects these trends to translate into steady EBITDA
margins, although it conservatively factor in a mild decline over
the four-year rating horizon, as New Look continues to invest in
its online business, in integrating its in-store and online
experience as well as improving logistics.
Satisfactory Cash Generation & Liquidity
Fitch views New Look's liquidity position as adequate, comprising
a minimum GBP50 million of readily available cash balances in
addition to GBP100 million senior secured revolving credit
facility (increased from previously GBP75 million). In addition,
Fitch's projected positive free cash flow (FCF) margin remains
acceptable in the low- to mid-single digits of sales over the
four-year rating horizon. However, in FY16 Fitch estimates FCF
will be negatively impacted by assumed transaction and breakage
costs associated with the refinancing.
KEY ASSUMPTIONS
Fitch's expectations are based on the agency's internally
produced, conservative rating case forecasts. They do not
represent the forecasts of rated issuers individually or in
aggregate. Key Fitch forecast assumptions include:
-- Continued positive top-line momentum driven by positive
l-f-l growth as a result of developing a broader product
offering in the UK and supported by focused international
expansion, albeit from a low base.
-- Stable EBITDA margin over FY15-FY17 slightly eroding
thereafter due to continuing investments to sustain the
brand presence.
-- Cautious approach to investment and capital spending with
net capex estimated at 4.5% of sales.
-- No dividend pay-outs, acquisitions and/or material
disposals
-- Sensitivity to FX volatility to rise as international
exposure increases.
RATING SENSITIVITIES
Negative: Future developments that could lead to a negative
rating action include:
-- FFO fixed charge cover below 1.2x (FY15: 1.5x) as a result
of continued negative FCF generation (which Fitch defines
after dividends) eroding the group's liquidity position
-- FFO adjusted gross leverage (incl. senior unsecured debt)
above 8.0x (FY15: 7.1x)
-- EBITDA margin below 10% (FY15: 14.8%) as a result of market
share pressure in the core UK market amid intense
competitive pressures and unsuccessful diversification of
the brand.
Positive: At present the high financial leverage and evolving
business model, targeting improved diversification and scale,
make an upgrade in the near term unlikely. However, future
developments that could lead to a positive rating action include:
-- FFO adjusted gross leverage (including senior unsecured
debt) consistently below 6.5x
-- FFO fixed charge cover trending towards 2.0x
-- EBITDA margin at or above 15% driven by operational
leverage in the core UK business, as well as profitable
international diversification leading to FCF margin
sustainably above 3.5% of sales;
-- Improving business profile achieved by the successful
integration of e-commerce within the existing business, as
well as successful international expansion, increasing the
group's scale, and a proven track record of successful
strategy implementation over the medium term under
management.
NEWCASTLE BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer
Default Ratings (IDR) of Coventry Building Society (Coventry) at
'A'/'F1'; Leeds Building Society at 'A-'/'F1' and Newcastle
Building Society (Newcastle) at 'BB+'/'B'. The Outlooks on all
societies' Long-term IDRs are Stable.
The rating actions follow a periodic review of these three UK
building societies. Fitch concludes that although the UK
building society sector posted robust performance for 2014,
evidenced by high margins and strong balance sheet fundamentals
(including healthy asset quality, reinforced capital and sound
funding and liquidity), the societies' performance is likely to
peak in 2015, if not in 2014. Increasing competitive pressure on
mortgage rates, stabilizing funding costs and higher loan
impairment charges when base rates rise are expected to bring
increasing challenges from 2016.
KEY RATING DRIVERS - IDRs, VRs AND SENIOR DEBT
COVENTRY BUILDING SOCIETY
Coventry's ratings reflect Fitch's view of the society's low risk
appetite, focusing on low risk, low loan-to-value, prime
residential mortgage loans and buy-to-let mortgage loans. This
has resulted in healthy, strongly performing asset quality. Its
business model is based on maintaining consistent profitability
through a low margin, low cost, low impairment charges business
model. This low risk appetite has a high influence on the
society's IDRs and VR.
Coventry's loan book is performing strongly, with lower
impairment levels than its peers and low loan impairment charges
(LICs). Although the society has a small portfolio of legacy
commercial and specialist residential loans, which are the result
of an acquisition of a small building society, these are in wind-
down and are in our opinion not a material risk to asset quality.
Reserve coverage of impaired loans is low by sector standards but
reflects the low average LTV of its loan book, and write-offs
have been minimal.
Although the society operates in the most competitive part of the
mortgage sector, where mortgage yields are particularly tight,
profitability has remained resilient, supported by the society's
strong focus on cost efficiency and low LICs. Profitability
improved strongly in 2014 on the back of a strong widening of its
net interest margin (NIM), driven by a market-wide reduction in
funding costs. Nonetheless, profitability remains modest.
Revenues are undiversified as a result of Coventry's building
society business model, as well as recently introduced customer-
protecting restrictions on fee-generating advisory business.
Coventry reports strong regulatory capital ratios due to the low-
risk nature of its loan book and sound internal capital
generation. While low risk weights assigned to its loan book do
not, in our view, underestimate the risk profile of its loans, it
has resulted in high leverage, which has recently come under
tighter scrutiny from the regulators. Following the issue of
additional Tier 1 (AT1) notes in 2014, the society was able to
report an improved leverage ratio of 3.9% by year-end. While
Fitch believes that this level is likely to be just within future
regulatory minima the society should be able to meet medium-term
capital requirements through earnings retention.
Unreserved non-performing loans-to-Fitch Core Capital (FCC)
declined considerably and, at end-2014 was an adequate 16%.
Coventry's 'F1' Short-term IDR, the higher of the two that map to
an 'A-' Long-term IDR, reflects the society's strong liquidity
position and its ability to use residential mortgage loans to
access Bank of England liquidity facilities should the need
arise.
LEEDS BUILDING SOCIETY
Leeds' ratings reflect the society's sound profitability and
strong capacity for internal capital generation. The society's
strong profitability is derived from the composition of its loan
book, which includes an element of higher yielding niche
exposure, and from its high cost efficiency. Although costs rose
in 2014 due to investment in digital services and refreshing the
brand, the society delivered record profits in light of
exceptionally favorable funding conditions and strong loan
growth.
The society has a fairly large proportion of its loan book
extended to specialist sectors, particularly mortgages extended
on shared ownership properties, which represented 12% of its loan
book at end-2014. The society has also increased its exposure to
buy-to-let lending, which comprised 16% of the portfolio at end-
2014.
Exposure to legacy, closed books (2.4% of loans were extended in
Spain and Ireland, a further 3% consisted of loans backed by
commercial real estate) has resulted in a higher-than-average
impaired loans/gross loans ratio (2014: 2.36%; 2013: 3.22%),
although buy-to-let and shared ownership loans have performed
well in recent years.
A strong funding profile also has a high influence on Leeds'
ratings, with most funds obtained from a loyal customer base.
Although its loan-to-deposit ratio has been increasing, as a
result of a wish to diversify and extend the maturity profile of
its funding, it remained low at 112% at end-2014. The society
maintains an active profile in the wholesale markets, with
covered bonds, residential RMBS and senior unsecured debt
outstanding.
The society pre-funded a large covered bond maturing in 2015 with
new covered bonds and also issued senior unsecured bonds in 2015.
This had the result of increasing the society's liquidity
temporarily in 2015, although liquidity is generally very strong,
with a liquidity coverage ratio comfortably above end-point
regulatory requirements.
Capital is strong with a CET 1 ratio at end-2014, calculated
under the standardized basis, of 15.6% and a leverage ratio of
5.6%.
The society's 'F1' Short-term IDR, the higher of the two that map
to an 'A-' Long-term IDR, reflects its strong liquidity position
and its ability to use residential mortgage loans to access Bank
of England liquidity facilities should the need arise.
NEWCASTLE BUILDING SOCIETY
Newcastle's ratings reflect the gradual return to profitability
of the society's member business, reducing tail risk in its
legacy loans' asset quality, and a strongly performing prime
residential loan book. The ratings also reflect the society's
still weak internal capital generation and the resulting
vulnerability to unexpected losses.
Profitability has been weak since the financial crisis, driven by
high LICs related to the society's legacy commercial loans, and
by its large stock of low-risk but low yielding housing
association loans. As a result, the society's member business
(including housing association and commercial loans) remains
loss-making although operating losses have narrowed due to a
pick-up in gross mortgage lending, lower LICs and lower funding
costs. Fitch expects that the society's member business is now
well placed to return to profitability over the medium-term.
Fitch has revised its assessment of Newcastle's asset quality
upwards due to the ongoing reduction in its commercial loans,
which has accelerated over the past 12 months, and the strong
performance of its core prime residential book. Impaired prime
residential loans (defined as three months plus in arrears and
assets in possession) fell to a low 0.5% at end-2014 (2013:
0.7%), driven by a benign operating environment and sound
underwriting standards.
While the society retains a strong appetite for higher LTV
lending, where spreads are higher, Fitch considers this risk as
well managed as evidenced by low levels of impairments. Although
Fitch expects residential impairments to increase as base
rates begin to rise, the effect on asset quality is likely to be
mitigated by current low arrears and the likely gradual nature of
any rise.
Reserve coverage of impaired loans has increased in recent years
and is higher than generally seen at peers (end-2014: 37.5%). As
a result, tail risk from unreserved impaired loans has fallen to
more acceptable levels, and is an important development given the
society's still weak capital generation.
Despite the improvement in asset quality and earnings, current
metrics should be viewed in the context of the society's still
low profitability, small capital base in absolute terms and lumpy
commercial real estate portfolio which makes the society
vulnerable to a weakening of asset quality.
Newcastle's Strategic Solutions savings management business is
performing well and continues to add an element of
diversification to the core member business. Although revenues
were negatively affected in 2014 by lower demand for retail
funding due to the availability of the funding for lending
scheme, this is considered cyclical and revenues are expected to
pick up in 2015 due to a strong pipeline of new business.
Capitalization is adequate but weaker than most peers' given the
society's small absolute capital base and significant risks
inherent in its CRE portfolio. Capital ratios have been
maintained through strong deleveraging, with a CET 1 ratio of
12.7% at end-2014 and a CRD IV end point leverage ratio of 4.5%.
Fitch expects the society's capital flexibility to improve in the
medium-term, driven by a return to profitability in the core
member business and further disposals of legacy assets.
KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
ALL SOCIETIES
The SRs and SRFs of all three building societies have been
affirmed at '5' and 'No Floor', indicating that Fitch believes
senior creditors cannot rely on receiving full extraordinary
support from the UK in the event that these societies fail. In
Fitch's view, legislation and regulation in the UK are
sufficiently progressed to provide a framework for resolving
building societies without requiring extraordinary support from
the authorities. While such support is still possible, Fitch
does not rely upon it in its ratings.
KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES
ALL SOCIETIES
The ratings of Coventry's and Newcastle's subordinated debt are
notched once down from their respective VRs, reflecting Fitch's
assessment of loss severity. Fitch do not believe that these
suffer from incremental non-performance risk relative to their
VRs.
Coventry's and Leeds' permanent interest bearing securities
(PIBS) are rated four notches below these societies' respective
VRs, comprising two notches for their deep subordination and two
notches for incremental non-performance risk.
Coventry's AT1 securities are rated five notches below the
society's VR, comprising two notches for loss severity to reflect
the conversion into core capital deferred shares (CCDS) on breach
of a 7% CRD IV common equity Tier 1 (CET1) ratio, and three
notches for non-performance risk, reflecting the instruments'
fully discretionary interest payment.
RATING SENSITIVITIES- IDRs, VRs AND SENIOR DEBT
COVENTRY BUILDING SOCIETY
Coventry's ratings are primarily sensitive to an increase in its
risk appetite, which could give rise to higher LICs, or through
an increase in its cost base, either of which could challenge its
low profitability. The society's ratings could also come under
pressure if higher regulatory capital requirements, which could
include a higher minimum leverage ratio, put pressure on its low-
risk business model.
Fitch sees limited upside for Coventry's VR and IDRs given the
society's undiversified business model, the high indebtedness of
UK households and its fairly small franchise.
LEEDS BUILDING SOCIETY
Given the lack of diversity in the building society's business
model, the fairly small size of Leeds's franchise and the risks
inherent in its loan book, an upgrade of Leeds's ratings is
unlikely in the medium-term. The ratings could come under
pressure if profitability weakens, which could result from a
material increase in LICs on its higher yielding loan portfolio,
or a permanent reduction in cost efficiency, for example, from
higher costs of regulation or from higher funding costs. The
ratings are also sensitive to a material deterioration in the
funding profile. The short-term IDR is sensitive to a reduction
in the liquidity position.
NEWCASTLE BUILDING SOCIETY
The society's ratings could be upgraded should its member
business return to profitability. However, given the society's
limited franchise and its appetite for high LTV lending, the
extent of any upgrade is likely to be moderate. Ratings could
come under pressure if Newcastle increases its risk appetite to
achieve improved profitability or if capitalization weakens, for
example, due to a notable deterioration of asset quality.
SUPPORT RATING AND SUPPORT RATING FLOOR
ALL SOCIETIES
An upgrade to the building societies' SRs and upward revisions of
their SRF would be contingent on a positive change in the
sovereign's propensity to support its building societies. This
is highly unlikely in Fitch's view.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
ALL SOCIETIES
As the ratings are notched off the VR, they are sensitive to the
same considerations that might affect their VRs. In addition,
the rating of Coventry's AT1 securities is also sensitive to a
change in notching, which could be the result of changes in
capital management or financial flexibility or an unexpected
shift in regulatory buffers, for example.
The rating actions are:
Coventry Building Society:
Long-term IDR affirmed at 'A'; Outlook Stable
Short-term IDR affirmed at 'F1'
Viability Rating affirmed at 'a'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes
affirmed at 'A'/'F1'
Subordinated perpetual notes: affirmed at 'BBB-'
Additional tier 1 securities: affirmed at 'BB+'
Leeds Building Society:
Long-term IDR: affirmed at 'A-'; Outlook Stable
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes:
affirmed at 'A-'/ 'F1'
Subordinated perpetual notes: affirmed at 'BB+'
Newcastle Building Society:
Long-term IDR affirmed at 'BB+'; Outlook Stable
Short-term IDR affirmed at 'B'
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes
affirmed at 'BB+'/'B'
Subordinated notes: affirmed at 'BB'
V.GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on U.K.-based integrated
marine service provider V.Group. The outlook is stable.
S&P also assigned 'B' long-term corporate credit ratings to the
financing subsidiaries Vouvray Acquisition Ltd. UK and VOUVRAY
US FINANCE LLC, which are separate legal entities created for the
sole purpose of raising debt on behalf of the parent company
Vouvray Midco Ltd. UK.
Furthermore, S&P affirmed its 'B' issue ratings on V.Group's
US$35 million revolving credit facility (RCF) and on its first-
lien term loan, which the company plans to increase by US$90
million to US$363 million. S&P revised the recovery ratings on
both instruments to '4' from '3', reflecting its expectation of
only average recovery (30%-50%; higher half of the range) in the
event of a payment default.
S&P also affirmed its 'CCC+' issue ratings on V.Group's
US$110 million second-lien term loan, with a recovery rating of
'6' indicating S&P's expectation of negligible recovery (0%-10%)
in the event of a default.
The affirmations reflect S&P's view that V.Group's financial risk
profile will somewhat improve but stay in S&P's "highly
leveraged" category. This is based on S&P's expectation of
higher EBITDA over 2015-2016, as well as lower interest expense
if the refinancing is completed as proposed. S&P believes that
the stability of V.Group's diversified contract portfolio and
fee-based business model should help limit earnings volatility
and provide a cushion against cyclical pressures of the
underlying shipping industry.
S&P's assessment of V.Group's financial risk profile as "highly
leveraged" reflects the company's high adjusted debt and
aggressive financial policies under private-equity ownership.
S&P estimates that after the refinancing V.Group's Standard &
Poor's-adjusted debt will comprise about US$363 million in
financial debt, about US$280 million in shareholder loans that
accrue interest at 10% that is not paid in cash, and about US$20
million in operating lease obligations.
S&P forecasts a pro forma ratio of debt to EBITDA of about 10x
(5x-6x excluding the shareholder loan), which is consistent with
a "highly leveraged" financial risk profile, as defined by S&P's
criteria. This is counterbalanced by the company's ability to
generate predictable free cash flow and good funds from
operations (FFO) cash interest coverage ratios. S&P nevertheless
forecasts that the accruals on the shareholder loans will
constrain significant debt reduction in the near future.
S&P's assessment of V.Group's business risk profile as "fair"
reflects S&P's view of the company's satisfactory competitive
position. The company benefits from its leading market positions
in the niche sector of integrated marine services, its large
diversified portfolio of vessels under fixed-price service
contracts, and in S&P's view fairly stable profitability.
Furthermore, S&P believes that V.Group's historically high
customer retention rate, strong strategic relationships with
recruitment sources, broad service range, and sustained reliable
execution will continue to shield it against the cyclicality of
the shipping industry. However, S&P believes the annual
revolving nature of a significant portion of V.Group's contracts
exposes the company to contract renewal and volume risk.
In S&P's view, V.Group will be able to protect and gradually
expand its market share in the medium term, thanks to increasing
outsourcing of marine services and a gradually improving global
economy, which should stimulate world trade and therefore
seaborne transport volumes. Furthermore, low capital intensity
and the fairly good earnings predictability of the underlying
business model underpin the company's good free operating cash
flows.
S&P's business risk assessment is constrained by the company's
generally narrow business scope and scale, with the focus solely
on the cyclical shipping industry. By comparison, large global
players have broader activities in the business services industry
(such as general facility management or staffing services).
The stable outlook reflects S&P's base-case expectation that
V.Group's credit metrics will moderately improve but remain
commensurate with a "highly leveraged" financial risk profile
within S&P's 2015-2016 outlook horizon. S&P forecasts that,
notwithstanding the lower growth in the managed fleet, the
company's EBITDA margins will remain at least stable at about 13%
over the next 12-18 months, supported by V.Group's ability to
increase its fees yearly and a good grip on cost control.
S&P could consider a negative rating action if it believed that
V.Group's liquidity might decline unexpectedly, such that the
ratio of liquidity sources to uses drops to below 1x as defined
by S&P's criteria. S&P might also lower the ratings if it saw
signs of a weaker business risk profile, leading to FFO cash
interest coverage falling to less than 2x. Deterioration of the
business risk profile could be the result of significantly lower-
than-expected contract renewals, loss of key clients, or
reputation-damaging incidents, leading to lower and more volatile
profitability than S&P currently anticipates.
If pressure on liquidity were to arise from other sources
currently not included in S&P's base case -- such as large cash
outflows for acquisitions or shareholder returns -- S&P might
also consider lowering the rating.
In S&P's opinion, the possibility of an upgrade is low in the
near term. This is due to V.Group's high adjusted debt,
constrained capacity to significantly deleverage, and S&P's
assessment of the company's aggressive financial policy stemming
from its private-equity ownership.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 13, 2015 to July 17, 2015
-----------------------------------------------------------
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OAS Investments Gm 8.25 10/19/2019 USD 19.03
ERB Hellas PLC 4.25 6/26/2018 EUR 32.28
Russian Standard B 13.00 4/10/2020 USD 57.50
ING Groep NV 1.57 EUR 71.24
CGG SA 1.75 1/1/2020 EUR 10.28
Privatbank CJSC Vi 9.38 9/23/2015 USD 67.00
Nordea Bank AB 0.70 EUR 72.26
Heta Asset Resolut 2.75 5/31/2016 CHF 61.00
Far East Capital L 8.00 5/2/2018 USD 61.25
Alcatel-Lucent 4.25 7/1/2018 EUR 3.88
Ukraine Government 7.50 4/17/2023 USD 54.50
Banque Federative 1.40 EUR 64.87
CHC Helicopter SA 9.38 6/1/2021 USD 44.97
Athens Urban Trans 4.85 9/19/2016 EUR 58.00
Ukraine Government 6.88 9/23/2015 USD 54.00
HSH Nordbank AG 0.83 2/14/2017 EUR 72.55
Metinvest BV 10.50 11/28/2017 USD 60.73
Metinvest BV 8.75 2/14/2018 USD 59.50
Avangardco Investm 10.00 10/29/2015 USD 50.75
Brunswick Rail Fin 6.50 11/1/2017 USD 58.00
Peugeot SA 4.45 1/1/2016 EUR 30.07
Hellenic Railways 4.68 10/29/2015 EUR 69.13
Hellenic Republic 4.50 7/3/2017 JPY 61.88
HSH Nordbank AG/Lu 2.31 EUR 20.12
CGG SA 1.25 1/1/2019 EUR 26.10
Ukraine Government 4.95 10/13/2015 EUR 53.88
Banco Espirito San 7.13 11/28/2023 EUR 9.00
Banca delle Marche 0.94 6/1/2017 EUR 29.38
Bank of New York M 4.26 12/30/2099 EUR 25.65
ING Groep NV 1.17 EUR 70.77
Ukraine Railways v 9.50 5/21/2018 USD 66.50
Takko Luxembourg 2 9.88 4/15/2019 EUR 44.67
Neopost SA 3.38 EUR 55.89
Ukraine Government 7.75 9/23/2020 USD 53.25
Hema Bondco I BV 5.24 6/15/2019 EUR 65.16
CNP Assurances 1.25 EUR 66.57
Hellenic Republic 5.20 7/17/2034 EUR 44.13
Indo Energy Financ 6.38 1/24/2023 USD 64.00
Bank of New York M 4.49 12/15/2050 EUR 63.73
Paragon Offshore P 6.75 7/15/2022 USD 34.13
Ukraine Government 7.80 11/28/2022 USD 55.38
Paragon Offshore P 7.25 8/15/2024 USD 33.90
Hellenic Republic 6.14 4/14/2028 EUR 50.25
Hellenic Republic 2.09 7/25/2057 EUR 18.00
Commercial Bank Pr 5.80 2/9/2016 USD 59.50
Hellenic Republic 3.80 8/8/2017 JPY 55.00
OSX 3 Leasing BV 13.00 3/20/2015 USD 31.00
WPE International 10.38 9/30/2020 USD 9.50
HSH Nordbank AG 7.25 USD 25.11
EnQuest PLC 5.50 2/15/2022 GBP 75.00
Codere Finance Lux 8.25 6/15/2015 EUR 72.00
UKRLANDFARMING PLC 10.88 3/26/2018 USD 44.50
Oschadbank Via SSB 8.88 3/20/2018 USD 73.77
Mriya Agro Holding 9.45 4/19/2018 USD 16.00
DTEK Finance PLC 7.88 4/4/2018 USD 42.00
HSH Nordbank AG 0.79 2/14/2017 EUR 72.55
Ukraine Government 7.95 2/23/2021 USD 55.88
Oesterreichische V 10.00 EUR 0.61
Banque Federative 0.83 EUR 64.98
Afren PLC 6.63 12/9/2020 USD 45.00
Ukraine Government 6.25 6/17/2016 USD 53.38
Air France-KLM 2.03 2/15/2023 EUR 10.25
Heta Asset Resolut 0.06 5/31/2016 EUR 61.24
Piraeus Group Fina 1.85 7/20/2016 EUR 5.63
Hellenic Republic 5.80 7/14/2015 JPY 46.75
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.47
Russian Standard B 11.50 1/17/2024 USD 47.88
Privatbank CJSC Vi 10.88 2/28/2018 USD 66.00
Nexity SA 0.63 1/1/2020 EUR 48.93
Tonon Luxembourg S 10.50 5/14/2024 USD 60.00
Faurecia 3.25 1/1/2018 EUR 38.28
Eurobank Ergasias 1.59 6/8/2017 EUR 6.89
Aegon NV 1.51 NLG 57.26
Ukreximbank Via Cr 5.79 2/9/2016 USD 49.00
Ukraine Government 6.58 11/21/2016 USD 53.38
Ukraine Government 6.75 11/14/2017 USD 52.50
Hellenic Republic 5.25 2/1/2016 JPY 46.00
Credit Agricole SA 0.71 EUR 67.11
Yuksel Insaat AS 9.50 11/10/2015 USD 69.50
Alcatel-Lucent 0.13 1/30/2020 EUR 4.42
DTEK Finance PLC 10.38 3/28/2018 USD 49.78
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
City of Kiev Ukrai 8.00 11/6/2015 USD 51.00
Norwegian Energy C 6.50 3/6/2018 NOK 80.50
Oesterreichische V 0.84 11/28/2016 EUR 72.25
Financing of Infra 9.00 12/7/2017 USD 51.50
Rothschilds Contin 0.96 EUR 61.79
City of Kyiv Via K 9.38 7/11/2016 USD 48.50
Banca delle Marche 1.14 6/15/2016 EUR 29.85
Virgolino de Olive 10.50 1/28/2018 USD 2.00
Far East Capital L 8.75 5/2/2020 USD 64.00
Hellenic Republic 5.00 8/22/2016 JPY 55.88
HSBC Bank PLC 0.75 USD 63.04
Noreco Norway AS 6.50 3/6/2018 NOK 75.13
Etablissements Mau 2.75 7/1/2021 EUR 9.77
SOITEC 6.75 9/18/2018 EUR 1.57
Assystem 4.50 EUR 27.92
Espirito Santo Fin 6.88 10/21/2019 EUR 0.03
Santander Finance 0.62 EUR 67.96
Hellenic Railways 4.03 3/17/2017 EUR 69.13
Pescanova SA 5.13 4/20/2017 EUR 3.19
Lambay Capital Sec 6.25 GBP 1.15
ESFIL-Espirito San 5.25 6/12/2015 EUR 0.95
Novo Banco SA 3.50 1/2/2043 EUR 75.16
Econocom Group SA/ 1.50 1/15/2019 EUR 11.29
Afren PLC 11.50 2/1/2016 USD 44.39
First Ukrainian In 11.00 12/31/2018 USD 53.59
Etablissements Mau 1.63 7/1/2019 EUR 14.67
Hellenic Railways 4.50 12/6/2016 JPY 67.88
Orpea 1.75 1/1/2020 EUR 68.71
NIBC Bank NV 0.67 EUR 61.50
Singulus Technolog 7.75 3/23/2017 EUR 41.00
BPCE SA 1.07 EUR 66.13
Afren PLC 10.25 4/8/2019 USD 44.50
Talvivaara Mining 4.00 12/16/2015 EUR 1.00
Caixa Terrassa Soc 1.43 EUR 64.25
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Oesterreichische V 9.00 7/26/2018 EUR 57.25
Jyske Bank A/S 1.38 EUR 64.37
Ekotechnika GmbH 9.75 5/10/2018 EUR 9.25
Cooperatieve Centr 0.50 11/26/2021 ZAR 55.27
Hellenic Republic 4.50 11/8/2016 JPY 55.38
HSBC Bank PLC 0.75 USD 62.87
Phosphorus Holdco 10.00 4/1/2019 GBP 2.00
Virgolino de Olive 10.88 1/13/2020 USD 19.25
Hellenic Railways 5.01 12/27/2017 EUR 69.13
Banco Espirito San 2.64 EUR 10.88
Capital Raising Gm 7.50 EUR 11.11
Le Noble Age 4.88 1/3/2016 EUR 20.37
Caisse Federale du 1.17 EUR 63.28
Pohjola Bank Oyj 0.64 EUR 67.39
Hellenic Republic 5.25 2/1/2016 JPY 46.00
Ageasfinlux SA 1.34 EUR 65.35
Depfa Funding II L 6.50 EUR 57.00
Danske Bank Oyj 0.73 EUR 65.25
Santander Internat 2.00 USD 47.63
Mriya Agro Holding 10.95 3/30/2016 USD 13.50
Jasper Explorer PL 13.50 5/27/2016 USD 5.00
HSBC Bank PLC 0.60 USD 63.03
Candyking Holding 5.00 1/29/2018 SEK 71.00
Renaissance Credit 13.50 5/22/2019 USD 74.13
Norshore Atlantic 12.00 12/21/2018 USD 55.36
Heta Asset Resolut 0.09 5/31/2016 EUR 60.98
Aralco Finance SA 10.13 5/7/2020 USD 6.50
Praktiker AG 5.88 2/10/2016 EUR 0.09
Koninklijke Luchtv 0.75 CHF 35.05
APP International 11.75 10/1/2005 USD 5.24
BNP Paribas SA 0.48 USD 62.59
Paragon Offshore P 7.25 8/15/2024 USD 33.50
Credit Mutuel Arke 1.33 EUR 63.13
Scandinavian Airli 2.38 CHF 30.63
Ideal Standard Int 11.75 5/1/2018 EUR 38.50
Depfa Funding III 1.35 EUR 57.00
Norske Skogindustr 7.13 10/15/2033 USD 48.21
IKB Deutsche Indus 4.70 3/31/2017 EUR 22.01
NIBC Bank NV 2.13 USD 68.46
ATF Capital BV 10.00 USD 67.25
Finance and Credit 9.25 1/25/2019 USD 9.75
Bank Nadra via NDR 8.25 7/31/2018 USD 5.01
Pierre & Vacances 3.50 10/1/2019 EUR 38.35
Norske Skog Holdin 8.00 2/24/2023 USD 60.50
Piraeus Bank SA 0.93 2/9/2017 EUR 38.38
BOA Offshore AS 8.11 12/18/2018 NOK 65.00
Virgolino de Olive 11.75 2/9/2022 USD 2.00
IKB Deutsche Indus 5.63 3/31/2017 EUR 18.00
Dexia Credit Local 4.30 EUR 8.63
Atlantic Offshore 8.88 5/16/2018 NOK 72.52
Financing of Infra 7.40 4/20/2018 USD 50.63
Popular Capital SA 1.34 EUR 54.00
NTRP Via Interpipe 10.25 8/2/2017 USD 25.00
MS Deutschland Bet 6.88 12/18/2017 EUR 14.25
Hellenic Railways 0.25 5/24/2016 EUR 69.13
Petrol AD 8.38 1/26/2017 EUR 6.25
Societe Air France 2.75 4/1/2020 EUR 20.78
Portigon AG 7.46 12/31/2019 EUR 15.70
Corporate Commerci 8.25 8/8/2014 USD 2.44
Belfius Bank SA/NV 1.93 FRF 69.13
Alpha Credit Group 1.70 2/1/2017 EUR 4.52
Pescanova SA 8.75 2/17/2019 EUR 3.33
Espirito Santo Fin 3.13 12/2/2018 EUR 1.00
BDT Media Automati 8.13 10/9/2017 EUR 63.00
Global PVQ SE 6.75 10/21/2015 EUR 0.94
Hellas Telecommuni 8.50 10/15/2013 EUR 0.00
Afren PLC 6.63 12/9/2020 USD 45.50
Ukraine Government 5.00 12/20/2015 USD 53.38
Hellenic Republic 5.00 8/22/2016 JPY 54.88
Heta Asset Resolut 0.76 1/24/2017 EUR 12.75
BLT Finance BV 7.50 5/15/2014 USD 5.00
Island Drilling Co 9.50 4/3/2018 USD 59.13
Astana Finance BV 7.88 6/8/2010 EUR 16.63
TAG Immobilien AG 6.50 12/10/2015 EUR 11.13
Phones4u Finance P 9.50 4/1/2018 GBP 35.88
Hellenic Republic 2.27 2/7/2022 EUR 35.85
Hellenic Bank PCL 10.00 EUR 48.63
Alpine Holding Gmb 6.00 5/22/2017 EUR 0.00
Grupo Isolux Corsa 6.63 4/15/2021 EUR 70.50
Norske Skog Holdin 8.00 2/24/2021 EUR 67.07
Financing of Infra 8.38 11/3/2017 USD 51.13
Rothschilds Contin 0.69 USD 53.00
Hybrid Raising Gmb 6.63 EUR 11.00
Telecare Service H 7.03 5/23/2018 SEK 70.25
Minicentrales Dos 6.45 4/14/2028 EUR 72.88
Lloyds Bank PLC 0.69 USD 63.32
Barclays Bank PLC 1.56 GBP 72.92
Vseukrainsky Aktsi 9.00 6/14/2019 USD 1.89
Sydbank A/S 1.14 EUR 64.75
Air Berlin Finance 1.50 4/11/2027 EUR 50.00
International Indu 9.00 7/6/2011 EUR 0.48
SNS Bank NV 11.25 EUR 1.26
Laurel GmbH 7.13 11/16/2017 EUR 30.63
Takko Luxembourg 2 7.01 4/15/2019 EUR 44.50
Nexans SA 4.00 1/1/2016 EUR 55.00
Barclays Bank PLC 0.63 USD 64.00
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Hema Bondco I BV 6.25 6/15/2019 EUR 67.59
Alpha Credit Group 6.00 5/20/2017 EUR 39.50
Den Norske Creditb 0.56 USD 63.00
Codere Finance Lux 9.25 2/15/2019 USD 72.00
Societe Alsacienne 1.63 1/1/2022 EUR 59.44
Sazka AS 9.00 7/12/2021 EUR 4.60
Barclays Bank PLC 4.40 11/29/2030 USD 76.93
Brunswick Rail Fin 6.50 11/1/2017 USD 55.75
Barclays Bank PLC 0.38 12/28/2040 EUR 65.38
GNB - Cia de Segur 3.49 EUR 70.90
Novo Banco SA 3.50 2/19/2043 EUR 74.99
Barclays Bank PLC 0.69 USD 63.00
Standard Chartered 0.69 GBP 60.93
National Westminst 0.56 USD 64.00
Lehman Brothers Tr 6.00 11/2/2035 EUR 16.25
Cirio Holding Luxe 6.25 2/16/2004 EUR 1.82
Tonon Luxembourg S 10.50 5/14/2024 USD 59.25
Hema Bondco II BV 8.50 12/15/2019 EUR 31.17
Kaupthing Bank Hf 9.00 USD 0.13
Orco Property Grou 7.00 11/7/2019 EUR 75.75
Banco Espanol de C 0.61 EUR 67.96
PNE Wind AG 3.75 10/10/2019 EUR 2.81
Lehman Brothers UK 5.13 EUR 0.05
Heta Asset Resolut 1.91 9/29/2016 JPY 60.00
Ukraine Government 7.80 11/28/2022 USD 55.60
Heta Asset Resolut 4.35 11/3/2016 EUR 13.00
Codere Finance Lux 8.25 6/15/2015 EUR 71.63
Hypo Tirol Bank AG 0.50 7/23/2026 EUR 53.00
Banco Espirito San 0.16 EUR 14.63
Nationwide Buildin 1.07 GBP 70.00
Ajecorp BV 6.50 5/14/2022 USD 71.85
RENE LEZARD Mode G 7.25 11/25/2017 EUR 26.00
Heta Asset Resolut 4.25 5/31/2016 EUR 62.13
Kezizalog Zrt 7.75 10/1/2018 EUR 5.55
Jyske Bank A/S 0.74 EUR 66.25
Afren PLC 10.25 4/8/2019 USD 43.88
Travel24.com AG 7.50 9/17/2017 EUR 54.00
Saphir Finance PLC 6.85 GBP 3.08
SNS Bank NV 6.25 10/26/2020 EUR 2.46
Oesterreichische V 0.74 6/18/2018 EUR 65.63
JZ Capital Partner 6.00 7/30/2021 GBP 10.90
Barclays Bank PLC 0.63 USD 64.00
Commerzbank Holdin 0.81 USD 63.62
GNB - Cia de Segur 2.19 12/19/2022 EUR 74.95
Cirio Finanziaria 8.00 12/21/2005 EUR 1.55
LBI HF 6.25 EUR 0.00
PA Resources AB 12.25 4/5/2016 NOK 4.99
Agroton Public Ltd 6.00 7/14/2019 USD 28.75
Metinvest BV 10.50 11/28/2017 USD 63.00
National Westminst 0.69 USD 64.00
Dexia SA 4.89 EUR 15.25
Metinvest BV 8.75 2/14/2018 USD 55.69
SeaBird Exploratio 6.00 3/3/2018 USD N/A
Deutsche Bank AG/L 2.23 3/15/2033 USD 66.70
Cirio Del Monte NV 7.75 3/14/2005 EUR 2.81
IT Holding Finance 9.88 11/15/2012 EUR 0.22
Region of Abruzzo 0.44 11/7/2036 EUR 66.45
getgoods.de AG 7.75 10/2/2017 EUR 5.38
Espirito Santo Fin 9.75 12/19/2025 EUR 1.61
Sairgroup Finance 4.38 6/8/2006 EUR 16.50
Minicentrales Dos 4.81 11/29/2034 EUR 72.88
Mox Telecom AG 7.25 11/2/2017 EUR 2.76
Gunther Zamek Prod 7.75 5/15/2017 EUR 0.33
Pescanova SA 6.75 3/5/2015 EUR 3.49
PA Resources AB 13.50 3/3/2016 SEK 5.00
Metinvest BV 10.25 5/20/2049 USD 75.75
Talvivaara Mining 9.75 4/4/2017 EUR 0.09
Public Power Corp 5.50 5/1/2019 EUR 55.83
Lehman Brothers UK 5.75 EUR 0.00
Strenesse AG 9.00 3/15/2017 EUR 49.00
Lehman Brothers Tr 6.00 2/15/2035 EUR 19.13
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Royal Bank of Scot 0.69 USD 63.88
Breeze Finance SA 6.71 4/19/2027 EUR 44.00
Etablissements Mau 7.13 7/31/2015 EUR 13.42
Piraeus Bank SA 0.94 12/27/2016 EUR 41.42
Ukraine Railways v 9.50 5/21/2018 USD 67.00
Societe Generale S 0.50 USD 62.50
Lloyds Bank PLC 0.50 USD 63.42
Ukraine Government 9.25 7/24/2017 USD 52.57
Dexia Kommunalbank 4.88 12/31/2016 EUR 20.50
AgroGeneration 8.00 4/1/2019 EUR 67.50
OAS Investments Gm 8.25 10/19/2019 USD 18.88
Sidetur Finance BV 10.00 4/20/2016 USD 13.75
EDOB Abwicklungs A 7.50 4/1/2012 EUR 0.00
Societe Generale S 1.92 EUR 68.00
Heta Asset Resolut 5.92 2/22/2022 EUR 9.25
Standard Chartered 0.50 USD 60.44
Virgolino de Olive 10.88 1/13/2020 USD 17.88
Alpine Holding Gmb 5.25 7/1/2015 EUR 0.00
Norske Skogindustr 7.13 10/15/2033 USD 45.00
Dannemora Mineral 11.75 3/22/2016 USD 0.67
Nordea Bank Norge 0.56 USD 63.79
Karlie Group GmbH 6.75 6/25/2018 EUR 63.00
KPNQwest NV 10.00 3/15/2012 EUR 0.50
Mechel 8.40 5/27/2021 RUB 62.14
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.00
International Indu 11.00 2/19/2013 USD 0.40
KA Finanz AG 5.43 2/13/2024 EUR 53.50
Assystem 4.00 1/1/2017 EUR 22.24
Paragon Offshore P 6.75 7/15/2022 USD 42.50
Hellenic Railways 4.50 12/6/2016 JPY 69.13
Astana Finance BV 9.00 11/16/2011 USD 16.63
Bank Nederlandse G 0.50 7/12/2022 ZAR 52.79
Glitnir HF 6.69 6/15/2016 USD 0.02
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Cirio Finance Luxe 7.50 11/3/2002 EUR 8.00
Region of Puglia I 0.53 2/6/2023 EUR 74.70
Petromena ASA 9.75 5/24/2016 NOK 1.08
Codere Finance Lux 9.25 2/15/2019 USD 71.99
Lehman Brothers Tr 7.00 5/17/2035 EUR 19.13
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Espirito Santo Fin 5.13 5/30/2016 EUR 1.30
BNP Paribas SA 1.62 4/30/2033 USD 69.50
Svensk Exportkredi 0.50 2/22/2022 ZAR 53.56
Ukraine Government 7.50 4/17/2023 USD 55.17
National Westminst 0.63 USD 64.00
Lloyds Bank PLC 0.48 USD 63.58
Afren PLC 11.50 2/1/2016 USD 44.50
More & More AG 8.13 6/11/2018 EUR 42.75
Raiffeisen Bank In 4.50 9/28/2035 EUR 65.00
Kaupthing Bank Hf 7.63 2/28/2015 USD 14.25
Public Power Corp 4.75 5/1/2017 EUR 60.14
Rena GmbH 8.25 7/11/2018 EUR 8.63
Ukraine Government 7.75 9/23/2020 USD 53.67
Oesterreichische V 9.00 7/26/2020 EUR 52.25
Novo Banco SA 3.50 3/18/2043 EUR 74.94
Barclays Bank PLC 1.18 3/21/2033 USD 65.00
Northland Resource 4.00 10/15/2020 USD 0.14
SiC Processing Gmb 7.13 3/1/2016 EUR 3.28
Heta Asset Resolut 4.63 3/4/2018 EUR 61.00
Popular Capital SA 7.00 11/25/2015 EUR 27.15
Solarworld AG 6.13 1/21/2017 EUR 30.75
Heta Asset Resolut 7.50 5/27/2024 ATS 8.88
EXER D GmbH 5.70 2/1/2016 EUR 45.00
Banco Pinto & Sott 0.95 EUR 31.00
friedola Gebr Holz 7.25 4/11/2017 EUR 39.38
Lehman Brothers Tr 7.25 10/5/2035 EUR 19.13
Aralco Finance SA 10.13 5/7/2020 USD 4.50
Kaupthing Bank Hf 6.75 EUR 0.00
Alliance Oil Co OJ 8.85 6/4/2021 RUB 56.21
Heta Asset Resolut 0.95 5/31/2016 EUR 59.63
KA Finanz AG 4.90 6/23/2031 EUR 64.75
Banco Espirito San 2.82 EUR 15.67
Far East Capital L 8.00 5/2/2018 USD 64.00
Standard Chartered 0.69 USD 61.08
Teak Holz Internat 5.00 8/31/2015 EUR 30.00
IM Skaugen SE 9.75 6/30/2016 NOK 48.98
Heta Asset Resolut 0.54 11/29/2032 EUR 9.25
Cyprus Popular Ban 1.74 5/26/2016 EUR 2.82
Virgolino de Olive 11.75 2/9/2022 USD 1.62
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Heta Asset Resolut 0.45 12/18/2030 EUR 9.75
Svyaznoy Bank ZAO 12.00 8/6/2015 RUB 60.17
Dexia Kommunalbank 5.63 12/31/2017 EUR 12.00
Ukraine Government 6.88 9/23/2015 USD 54.43
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
NOS SGPS SA 2.56 11/9/2019 EUR 36.88
LBI HF 6.10 8/25/2011 USD 11.50
Ukraine Government 6.25 6/17/2016 USD 53.60
Northland Resource 15.00 7/15/2019 USD 1.05
Solar Millennium A 6.50 7/15/2015 EUR 15.20
LBI HF 4.65 EUR 0.00
DNB Bank ASA 0.56 USD 63.08
Standard Chartered 0.59 USD 61.13
Alpha Credit Group 1.64 3/8/2017 EUR 4.52
Credit Agricole SA 5.04 NZD 71.00
UKRLANDFARMING PLC 10.88 3/26/2018 USD 49.02
City of Kyiv Via K 9.38 7/11/2016 USD 48.50
Kaupthing Bank Hf 5.75 10/4/2011 USD 14.25
Deutsche Bank AG 2.50 6/28/2033 USD 71.58
Svensk Exportkredi 7.00 9/26/2022 RUB 78.65
Bank of Scotland P 0.63 USD 63.32
Golden Gate AG 6.50 10/11/2014 EUR 39.50
Depfa Funding IV L 5.03 EUR 56.75
Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.12
Den Norske Creditb 0.53 USD 63.06
OGX Austria GmbH 8.38 4/1/2022 USD 0.02
Frey 6.00 11/15/2022 EUR 20.01
ADLER Real Estate 6.00 6/30/2017 EUR 12.75
Abanka Vipa DD Via 1.90 EUR 0.16
Barclays Bank PLC 1.68 4/19/2033 USD 70.70
Virgolino de Olive 10.50 1/28/2018 USD 1.83
Region of Piemont 0.21 11/27/2036 EUR 62.58
Standard Chartered 0.59 USD 60.88
Alpine Holding Gmb 5.25 6/10/2016 EUR 0.00
BLT Finance BV 12.00 2/10/2015 USD 10.50
State of Carinthia 0.69 7/20/2017 CHF 0.20
SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00
La Veggia Finance 7.13 11/14/2004 EUR 0.00
Glitnir HF 6.00 3/5/2012 GBP 14.00
Heta Asset Resolut 5.73 12/10/2021 EUR 8.00
Norske Skog Holdin 8.00 2/24/2021 EUR 67.38
Acron JSC 13.60 5/18/2021 RUB 102.00
IM Skaugen SE 10.26 4/11/2017 NOK 46.50
UniCredit Bank Aus 0.51 8/20/2033 EUR 61.50
Penell GmbH Elektr 7.75 6/10/2019 EUR 16.00
Norske Skog Holdin 8.00 2/24/2023 USD 60.50
Bulgaria Steel Fin 12.00 5/4/2013 EUR 1.00
Kaupthing Bank Hf 5.75 10/4/2011 USD 14.25
Del Monte Finance 6.63 5/24/2006 EUR 8.10
A-TEC Industries A 8.75 10/27/2014 EUR 2.00
Equity Release Fun 1.97 4/26/2038 GBP 72.50
ADLER Real Estate 6.00 12/27/2018 EUR 12.75
Indo Energy Financ 6.38 1/24/2023 USD 66.05
Societe Centrale d 9.00 7/1/2016 EUR 7.15
Rena GmbH 7.00 12/15/2015 EUR 8.63
Heta Asset Resolut 0.31 9/26/2043 EUR 61.38
Banco Pastor SA 2.39 EUR 46.00
Financing of Infra 8.38 11/3/2017 USD 51.20
Global PVQ Netherl 1.38 4/30/2012 EUR 27.50
TradeDoubler AB 6.75 12/20/2018 SEK 72.63
Lloyds Bank PLC 1.45 4/26/2033 USD 67.50
Alpha Credit Group 2.00 4/27/2024 EUR 39.50
Global PVQ Netherl 5.75 5/26/2014 EUR 27.50
Accentro Real Esta 6.25 3/27/2019 EUR 2.51
VEB-Leasing OAO 13.09 6/23/2020 RUB 100.83
Heta Asset Resolut 1.59 6/30/2019 CHF 61.88
Kaupthing Bank Hf 3.00 2/12/2010 CHF 14.25
OL Groupe SA 7.00 12/28/2015 EUR 7.12
Credit Suisse AG/G 0.56 USD N/A
Mifa Mitteldeutsch 7.50 8/12/2018 EUR 3.17
CRC Breeze Finance 6.11 5/8/2016 EUR 54.38
Governo Portugues 2.75 EUR 60.00
Deutsche Bank AG/L 11.50 8/31/2015 USD 26.25
Lloyds Bank PLC 2.42 2/22/2033 USD 67.68
Ukraine Government 7.95 2/23/2021 USD 55.84
Kaupthing Bank Hf 6.25 EUR 0.00
Global PVQ Netherl 1.38 4/30/2012 EUR 24.00
Lehman Brothers Tr 5.00 3/18/2015 EUR 19.13
Lehman Brothers Tr 2.88 3/14/2013 CHF 16.25
Moscow United Elec 13.20 4/23/2025 RUB 61.01
UniCredit Bank Aus 0.47 12/27/2031 EUR 63.38
Club Mediterranee 6.11 11/1/2015 EUR 20.58
DEMIRE Real Estate 6.00 12/30/2018 EUR 4.55
Ukraine Government 5.00 12/20/2015 USD 53.38
Governo Portugues 3.00 EUR 73.00
Takko Luxembourg 2 9.88 4/15/2019 EUR 45.00
Region of Molise I 0.45 12/15/2033 EUR 67.20
Privatbank CJSC Vi 10.88 2/28/2018 USD 66.50
LBI HF 7.43 USD 0.00
GFI Informatique S 5.25 1/1/2017 EUR 6.11
LBI HF 3.00 12/7/2010 CHF 2.77
IVG Immobilien AG 5.80 EUR 0.00
Svensk Exportkredi 0.50 4/24/2029 AUD 53.16
Lehman Brothers Tr 8.25 3/16/2035 EUR 19.13
Kaupthing Bank Hf 9.75 9/10/2015 USD 14.25
Ukraine Government 4.95 10/13/2015 EUR 54.41
Lehman Brothers Tr 5.00 2/16/2015 EUR 19.13
UniCredit Bank Aus 0.49 12/31/2031 EUR 70.13
Solarworld AG 6.38 7/13/2016 EUR 30.75
Cooperatieve Centr 0.50 7/30/2043 MXN 16.89
Seabird Exploratio 6.00 12/18/2015 USD 27.00
Barclays Bank PLC 1.95 5/31/2033 USD 67.25
Breeze Finance SA 11.75 4/19/2027 EUR 3.00
Investkredit Bank 3.55 4/12/2022 EUR 74.70
Heta Asset Resolut 4.88 9/18/2017 EUR 8.75
Italy Government I 0.72 7/31/2045 EUR 73.56
Freshwater Finance 6.06 10/17/2036 GBP 70.88
Financing of Infra 7.40 4/20/2018 USD 51.10
Piraeus Group Fina 2.25 10/27/2034 EUR 5.63
Kommunalbanken AS 0.50 5/27/2022 ZAR 53.59
Region of Abruzzo 0.28 11/7/2031 EUR 71.14
Federal Grid Co Un 13.90 7/21/2027 RUB 102.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 14.25
Russian Standard B 13.00 4/10/2020 USD 59.00
Svensk Exportkredi 0.50 1/31/2022 ZAR 53.50
SMP Bank OAO 12.00 5/23/2017 RUB 60.12
Glitnir HF 3.00 6/30/2010 EUR 14.00
Heta Asset Resolut 5.27 4/7/2028 EUR 8.75
Rusfinans Bank OOO 12.00 6/30/2020 RUB 60.11
Finmek Internation 7.00 12/3/2004 EUR 0.13
CBo Territoria 6.00 1/1/2020 EUR 3.91
Barclays Bank PLC 1.44 3/28/2033 USD 70.45
Rosselkhozbank OJS 18.50 1/29/2020 RUB 64.00
Oesterreichische V 0.99 5/20/2025 EUR 18.50
Barclays Bank PLC 3.12 6/17/2033 USD 67.00
Heta Asset Resolut 0.32 8/12/2017 EUR 59.75
Solen AG 7.50 4/8/2016 EUR 1.32
Alpha Credit Group 1.50 12/18/2028 EUR 39.50
Banco Comercial Po 5.00 EUR 62.81
Northland Resource 4.00 10/15/2020 NOK 0.14
Absolut Bank OAO 10.25 7/27/2016 RUB 60.06
Danske Bank Oyj 1.59 EUR 72.63
Banco Espirito San 10.00 12/6/2021 EUR 9.00
Ukraine Government 6.75 11/14/2017 USD 53.55
Deutsche Morgan Gr 0.69 USD 60.17
Kaupthing Bank Hf 5.25 7/18/2017 BGN 14.25
Oesterreichische V 5.27 2/8/2027 EUR 62.75
Lehman Brothers Tr 5.00 9/22/2014 EUR 19.13
Heta Asset Resolut 3.42 11/7/2016 EUR 61.25
Bank MIA OAO 13.75 6/6/2017 RUB 61.01
Kaupthing Bank Hf 6.13 10/4/2016 USD 14.25
Barclays Bank PLC 2.79 4/9/2028 USD 71.82
DTEK Finance PLC 7.88 4/4/2018 USD 46.00
Ukraine Government 6.58 11/21/2016 USD 53.85
TGC-2 OJSC 12.00 10/10/2018 RUB 74.10
Petromena ASA 10.85 11/19/2014 USD 1.08
Centrosolar Group 7.00 2/15/2016 EUR 2.22
Kaupthing Bank Hf 5.90 EUR 0.13
Otkritie Holding 14.00 5/3/2018 RUB 100.30
KPNQwest NV 8.13 6/1/2009 USD 0.50
Lehman Brothers Tr 5.00 2/27/2014 EUR 19.13
Glitnir HF 1.63 3/11/2009 CHF 14.00
Oesterreichische V 6.00 3/30/2017 EUR 1.00
Lloyds Bank PLC 1.75 1/31/2033 USD 68.50
Magnit PJSC 12.10 5/11/2018 RUB 61.01
MirLand Developmen 5.50 9/30/2019 ILS 40.42
Codere Finance Lux 8.25 6/15/2015 EUR 72.00
Hamburgische Lande 0.38 1/22/2041 EUR 60.65
UniCredit Bank Aus 0.35 1/25/2031 EUR 68.38
Alpha Credit Group 0.49 2/21/2021 EUR 39.50
MirLand Developmen 3.09 12/31/2015 ILS 40.00
Bank Nederlandse G 0.50 8/9/2022 MXN 66.62
Cooperatieve Centr 0.50 10/29/2027 MXN 47.67
Raiffeisen-Holding 5.08 EUR 74.63
Cooperatieve Centr 0.50 1/31/2033 MXN 29.94
Investkredit Bank 7.00 7/24/2022 EUR 63.69
Espirito Santo Fin 5.05 11/15/2025 EUR 2.26
BLT Finance BV 7.50 5/15/2014 USD 5.00
Atari SA 7.50 2/17/2020 EUR 0.25
Kommunekredit 0.50 12/14/2020 ZAR 64.68
Raiffeisenlandesba 5.00 7/1/2026 EUR 68.88
Credit Agricole Co 0.50 2/28/2018 RUB 73.56
Cooperatieve Centr 0.50 10/30/2043 MXN 15.25
Cooperatieve Centr 0.50 11/30/2027 MXN 47.24
SNS Bank NV 2.75 EUR 1.26
Artea 6.00 8/4/2019 EUR 13.95
Glitnir HF 6.33 7/28/2011 USD 14.00
Mechel 8.40 6/1/2021 RUB 61.25
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.00
Far East Capital L 8.75 5/2/2020 USD 60.45
Sairgroup Finance 6.63 10/6/2010 EUR 17.88
Mechel 8.40 5/27/2021 RUB 63.00
DEIKON GmbH 1.00 7/1/2015 EUR 28.50
SNS Bank NV 6.63 5/14/2018 EUR 2.46
Kommunekredit 0.50 10/22/2019 BRL 63.02
LBI HF 2.25 2/14/2011 CHF 2.77
Europlan ZAO 12.50 10/31/2017 RUB 99.05
Russian Highways 12.40 4/22/2042 RUB 12.68
Solon SE 1.38 12/6/2012 EUR 0.33
LBI HF 3.20 5/10/2010 SKK 2.77
Municipality Finan 0.50 3/28/2018 BRL 72.86
Heta Asset Resolut 4.07 3/21/2017 EUR 61.38
Glitnir HF 3.25 8/15/2016 EUR 14.00
BKN biostrom AG 7.50 6/5/2016 EUR 1.52
Heta Asset Resolut 0.30 3/12/2043 EUR 59.50
Oesterreichische V 9.00 7/26/2019 EUR 52.38
Allied Irish Banks 5.25 3/10/2035 GBP 26.50
Svensk Exportkredi 0.50 8/28/2018 BRL 69.52
Center-Invest Comm 11.50 3/23/2016 RUB 60.04
AK BARS Bank OJSC 16.00 8/18/2016 RUB 62.00
DeltaCredit Bank 8.40 10/21/2023 RUB 58.01
Lehman Brothers Tr 7.00 11/26/2013 EUR 19.13
City of Kiev Ukrai 8.00 11/6/2015 USD 51.00
Kommunalbanken AS 0.50 3/2/2018 BRL 74.10
Hellenic Republic 3.38 7/17/2017 EUR 62.16
Credit Europe Bank 15.75 4/19/2016 RUB 61.01
Rosneft OAO 7.95 12/11/2023 RUB 90.00
Espirito Santo Fin 5.05 11/15/2025 EUR 1.30
Czerwona Torebka S 6.66 4/15/2016 PLN 69.20
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Ideal Standard Int 11.75 5/1/2018 EUR 38.50
Heta Asset Resolut 6.94 6/10/2017 EUR 59.63
Hellenic Bank PCL 11.00 EUR 48.63
Financing of Infra 9.00 12/7/2017 USD 51.41
Rossetti JSC 11.90 6/9/2025 RUB 60.01
Lehman Brothers Tr 6.65 8/24/2011 AUD 19.13
Alpha Credit Group 2.00 2/1/2017 EUR 39.50
Allied Irish Banks 0.75 10/24/2035 EUR 23.13
Mriya Agro Holding 9.45 4/19/2018 USD 16.00
Lehman Brothers Tr 11.00 12/20/2017 AUD 4.83
UniCredit Bank AO 6.75 9/1/2015 RUB 95.06
Kalvebod PLC 2.00 5/1/2016 DKK 60.00
Lehman Brothers Tr 5.10 5/8/2017 HKD 19.13
Accentro Real Esta 7.75 6/25/2017 EUR 3.05
Santander Finance 2.00 EUR 32.50
NOVIKOMBANK ZAO 15.75 4/8/2016 RUB 80.01
UniCredit Bank AO 8.60 2/11/2016 RUB 60.05
Banco Espirito San 1.54 5/27/2018 EUR 9.00
Lehman Brothers Tr 4.00 10/24/2012 EUR 4.83
Lehman Brothers Tr 3.03 1/31/2015 EUR 4.83
Lehman Brothers Tr 5.25 5/26/2026 EUR 4.83
Lehman Brothers Tr 4.50 5/2/2017 EUR 4.83
Rostelecom OJSC 8.55 11/2/2017 RUB 60.01
HSBC Bank PLC 0.50 2/24/2027 NZD 58.72
AK BARS Bank OJSC 15.00 3/16/2016 RUB 100.00
MT-Energie GmbH & 8.25 4/4/2017 EUR 10.56
Lehman Brothers Tr 8.25 12/3/2015 EUR 4.83
UniCredit Bank AO 8.10 11/20/2018 RUB 58.01
Glitnir HF 4.38 2/5/2010 EUR 14.00
UniCredit Bank Aus 0.49 10/31/2031 EUR 66.63
Lehman Brothers Tr 4.00 12/2/2012 EUR 4.83
Hellas Telecommuni 8.50 10/15/2013 EUR 0.00
Montepio Holding S 5.00 EUR 50.00
Lehman Brothers Tr 6.00 10/30/2012 EUR 4.83
Lehman Brothers Tr 1.00 5/9/2012 EUR 4.83
Province of Bresci 0.35 6/30/2036 EUR 68.20
Santander Finance 2.00 EUR 34.38
Bashneft AO 12.00 5/19/2025 RUB 60.01
Glitnir HF 4.75 10/15/2010 USD 14.00
Bank Nederlandse G 0.50 6/7/2022 ZAR 51.77
Absolut Bank OAO 12.00 5/28/2018 RUB 99.11
RESO-Garantia OCAO 14.00 9/13/2022 RUB 61.08
Heta Asset Resolut 0.05 1/24/2017 EUR 61.38
Bank Otkritie Fina 15.50 2/28/2017 RUB 101.59
DeltaCredit Bank 10.35 5/6/2024 RUB 100.00
DEIKON GmbH 1.00 11/16/2016 EUR 26.51
DekaBank Deutsche 0.12 6/23/2034 EUR 69.39
Atari SA 0.50 9/30/2015 EUR 1.29
Heta Asset Resolut 0.14 2/17/2017 EUR 61.25
Heta Asset Resolut 0.11 1/24/2017 EUR 62.50
Oesterreichische V 1.16 10/13/2020 EUR 44.25
Mechel 8.00 2/9/2021 RUB 51.51
WPE International 10.38 9/30/2020 USD 7.88
Sovcombank ICB JSC 17.50 2/7/2019 RUB 60.29
Rossiysky Capital 13.00 11/22/2019 RUB 60.01
Ingra DD 6.13 12/6/2016 HRK 12.99
Rena Lange Holding 8.00 12/12/2017 EUR 0.80
DeltaCredit Bank 11.10 10/1/2024 RUB 60.01
Eksportfinans ASA 0.50 5/9/2030 CAD 29.00
Alpha Credit Group 6.00 4/11/2018 EUR 39.50
Svensk Exportkredi 0.50 3/15/2022 ZAR 53.22
Heta Asset Resolut 0.25 3/29/2017 EUR 61.38
City of Baile Herc 2.50 12/16/2020 RON 75.00
SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 30.30
Raiffeisenbank ZAO 7.65 10/29/2018 RUB 60.01
Heta Asset Resolut 0.25 3/29/2017 EUR 61.38
Caisse Centrale du 7.00 9/10/2015 EUR 15.39
UniCredit Bank AO 10.15 10/23/2015 RUB 60.01
Svensk Exportkredi 0.50 8/25/2021 ZAR 60.21
TransFin-M OJSC 13.50 6/4/2025 RUB 63.04
Bank Otkritie Fina 15.25 10/28/2018 RUB 101.00
Ecureuil Vie Devel 0.94 EUR 19.75
Codere Finance Lux 8.25 6/15/2015 EUR 71.63
Russian Railways J 8.20 3/21/2028 RUB 88.30
Espirito Santo Fin 5.63 7/28/2017 EUR 2.10
Heta Asset Resolut 0.25 4/22/2018 EUR 61.38
SAir Group 6.25 4/12/2005 CHF 11.50
Lehman Brothers Tr 7.50 5/2/2017 EUR 4.83
A-TEC Industries A 2.75 5/10/2014 EUR 2.00
Municipality Finan 0.50 12/14/2018 TRY 70.67
KA Finanz AG 4.44 12/20/2030 EUR 57.63
Oesterreichische V 2.15 3/25/2019 EUR 61.00
SAir Group 0.13 7/7/2005 CHF 12.00
Province of Milan 0.30 12/22/2033 EUR 70.34
Bank Nederlandse G 0.50 5/12/2021 ZAR 60.96
DF Deutsche Forfai 7.88 5/27/2020 EUR 9.98
Sviaz Bank OAO 12.25 12/9/2021 RUB 100.00
MirLand Developmen 7.21 5/31/2020 ILS 40.21
Heta Asset Resolut 0.27 4/9/2018 EUR 61.38
Bank National Fact 12.30 10/17/2016 RUB 60.32
Mriya Agro Holding 10.95 3/30/2016 USD 13.38
Rostelecom OJSC 11.70 5/20/2025 RUB 60.01
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
Heta Asset Resolut 4.70 4/2/2018 EUR 59.50
Magnit PJSC 12.10 5/11/2018 RUB 61.01
Oesterreichische V 3.50 3/20/2018 EUR 72.75
Schneekoppe GmbH & 6.45 9/20/2015 EUR 5.12
Oesterreichische V 5.05 8/5/2030 EUR 20.75
Transcapitalbank J 15.00 3/15/2016 RUB 60.65
ffk environment Gm 7.25 6/1/2016 EUR 3.12
HSBC Bank PLC 0.50 9/28/2018 IDR 73.62
Alpha Credit Group 2.00 11/28/2032 EUR 39.50
Lehman Brothers Tr 1.75 2/7/2010 EUR 4.83
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Heta Asset Resolut 5.03 1/26/2017 EUR 8.00
Lehman Brothers Tr 6.00 3/14/2011 EUR 19.13
Municipality Finan 0.50 11/25/2020 ZAR 62.63
SAir Group 2.13 11/4/2004 CHF 11.50
Raiffeisenlandesba 4.40 4/17/2024 EUR 73.00
RSL Communications 12.00 11/1/2008 USD 1.25
UniCredit Bank Aus 0.39 1/24/2031 EUR 63.75
B&N Bank JSC 14.50 6/2/2021 RUB 100.00
A-TEC Industries A 5.75 11/2/2010 EUR 2.00
Lehman Brothers Tr 1.46 2/19/2012 JPY 19.13
CaixaBank SA 1.80 EUR 76.25
Alpha Credit Group 6.00 7/29/2020 EUR 39.50
Russlavbank AKB ZA 12.25 7/30/2018 RUB 70.21
DeltaCredit Bank 8.45 8/30/2018 RUB 58.01
Heta Asset Resolut 4.54 9/22/2017 EUR 61.38
Raiffeisenbank ZAO 11.35 6/11/2018 RUB 60.01
MirLand Developmen 6.50 7/31/2015 ILS 48.00
Russian Bank for S 14.00 3/17/2022 RUB 63.01
Comune di Verona 0.18 12/1/2026 EUR 63.39
Russian Railways J 16.80 5/29/2035 RUB 60.01
Salvator Grundbesi 9.50 12/31/2021 EUR 11.50
SG Option Europe S 7.00 5/5/2017 EUR 76.17
CARPEVIGO AG 8.25 6/30/2016 EUR 29.50
Oesterreichische V 3.88 3/15/2022 EUR 41.00
Municipality Finan 0.50 5/31/2022 ZAR 50.90
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Lehman Brothers Tr 5.00 5/2/2022 EUR 4.83
Lehman Brothers Tr 8.00 10/17/2014 EUR 4.83
LBI HF 6.10 8/25/2011 USD 11.13
Oesterreichische V 4.81 5/9/2035 EUR 17.00
Strommen Sparebank 2.52 NOK 46.47
DeltaCredit Bank 10.55 6/5/2024 RUB 60.01
Heta Asset Resolut 5.68 7/5/2017 EUR 61.38
B&N Bank JSC 14.50 6/2/2021 RUB 100.00
Novolipetsk Steel 10.00 9/5/2022 RUB 99.70
HSBC Bank PLC 0.50 5/31/2019 IDR 68.50
Federal Grid Co Un 8.00 1/7/2028 RUB 70.01
Credit Europe Bank 11.25 9/5/2016 RUB 99.50
Barclays Bank PLC 0.50 4/24/2023 MXN 60.69
Lehman Brothers Tr 11.75 3/1/2010 EUR 4.83
Lehman Brothers Tr 8.00 2/16/2016 EUR 4.83
Lehman Brothers Tr 4.87 10/8/2013 USD 4.83
Russian Railways J 11.65 5/3/2030 RUB 60.01
Barclays Bank PLC 0.50 3/13/2023 RUB 41.41
Rosselkhozbank OJS 10.90 10/11/2022 RUB 60.21
Svensk Exportkredi 0.50 6/26/2019 TRY 65.83
Heta Asset Resolut 0.29 3/10/2018 EUR 61.38
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Kristensen Germany 7.00 12/31/2015 DKK 2.00
wige MEDIA AG 6.00 3/17/2019 EUR 1.90
Bashneft AO 12.10 6/3/2025 RUB 60.01
Oesterreichische V 5.10 5/23/2022 EUR 44.00
Kommunekredit 0.50 7/30/2027 TRY 26.54
WGF Westfaelische 6.35 8/1/2017 EUR 2.06
Heta Asset Resolut 5.80 6/17/2017 EUR 61.38
Lehman Brothers Tr 8.50 7/5/2016 EUR 4.83
Glitnir HF 6.38 9/25/2012 USD 14.00
Oesterreichische V 4.00 12/14/2023 EUR 32.13
Bank J Safra Saras 11.02 12/30/2015 EUR 75.38
Heta Asset Resolut 0.05 5/31/2016 EUR 61.38
Municipality Finan 0.50 8/8/2029 NZD 56.37
Rosneft OAO 8.90 2/6/2024 RUB 94.00
Enemona AD-Kozlodu 10.00 4/28/2017 BGN 0.22
Bashneft AO 12.00 5/9/2025 RUB 60.01
Credit Suisse AG/L 1.64 6/1/2042 USD 50.57
Raiffeisen-Holding 5.10 EUR 64.88
Deutsche Bank AG/L 0.50 3/9/2018 BRL N/A
SAG Solarstrom AG 7.50 7/10/2017 EUR 45.00
Raiffeisen Centrob 7.25 9/26/2016 EUR 73.95
Heta Asset Resolut 0.09 3/15/2017 EUR 61.38
Heta Asset Resolut 0.30 2/10/2018 EUR 61.38
BRFkredit A/S 0.90 10/1/2044 DKK 53.97
Lehman Brothers Tr 7.60 1/31/2013 AUD 4.83
Raiffeisen Centrob 5.00 4/18/2016 EUR 74.32
Lehman Brothers Tr 6.00 3/18/2015 USD 4.83
Russian Railways J 12.40 2/28/2040 RUB 60.01
MORTGAGE AGENT AHM 8.50 9/9/2045 RUB 56.10
Bank UralSib OJSC 14.00 3/10/2017 RUB 103.30
hkw personalkonzep 8.25 11/15/2016 EUR 2.31
Heta Asset Resolut 3.90 1/24/2017 EUR 60.50
Gazprom OAO 16.30 10/21/2043 RUB 60.01
Kaupthing Bank Hf 1.80 10/20/2009 JPY 14.25
RSL Communications 10.13 3/1/2008 USD 1.25
Hypo Tirol Bank AG 0.14 3/28/2043 EUR 48.00
MirLand Developmen 8.50 8/31/2016 ILS 43.54
Svensk Exportkredi 0.50 6/20/2029 AUD 61.99
Konservenfabrik Za 8.00 4/1/2016 EUR 0.00
COFIDUR SA 0.10 12/31/2024 EUR 15.05
Gazprom Neft OAO 8.50 1/26/2021 RUB 60.39
Santander Finance 2.00 USD 18.50
HSBC Bank PLC 0.50 10/30/2026 NZD 59.91
Transcapitalbank J 13.00 5/30/2023 RUB 60.31
Landesbank Hessen- 3.50 7/10/2015 EUR 43.80
Heta Asset Resolut 0.14 8/11/2017 EUR 61.38
Russian Railways J 17.90 9/20/2039 RUB 7.93
UTair-Finans OOO 13.00 11/13/2015 RUB 40.00
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Raiffeisen Versich 5.08 EUR 50.50
Oesterreichische V 3.09 10/15/2020 EUR 48.75
Glitnir HF 5.44 12/22/2015 USD 14.00
Oesterreichische V 4.25 9/7/2020 EUR 70.35
Pongs & Zahn AG 8.50 EUR 0.32
Anglian Water Serv 1.02 1/26/2057 GBP 74.37
Rosselkhozbank OJS 12.50 11/27/2018 RUB 100.00
Bank Otkritie Fina 16.25 4/7/2020 RUB 101.35
Lehman Brothers Tr 7.00 6/6/2017 EUR 4.83
Glitnir HF 5.31 12/24/2012 USD 14.00
Vontobel Financial 5.40 3/3/2017 EUR 71.91
Heta Asset Resolut 0.23 5/10/2017 EUR 61.38
URALSIB Leasing Co 11.50 12/21/2017 RUB 85.00
Bank Otkritie Fina 16.00 4/7/2020 RUB 101.00
Heta Asset Resolut 0.83 5/28/2017 EUR 59.50
Investkredit Bank 0.52 3/14/2020 EUR 70.41
Province of Rovigo 0.30 12/28/2035 EUR 68.33
Municipality Finan 0.50 4/26/2022 ZAR 51.47
Municipality Finan 0.50 2/7/2018 BRL 74.24
Oesterreichische V 4.00 2/1/2021 EUR 49.25
Oesterreichische V 3.78 8/25/2033 EUR 14.13
Deutsche Bank AG/L 0.50 10/5/2021 IDR 68.97
Orient Express Ban 13.60 8/9/2018 RUB 47.00
Heta Asset Resolut 0.06 5/31/2016 EUR 61.38
Heta Asset Resolut 5.04 2/15/2023 EUR 61.38
Bank St Petersburg 15.00 9/8/2016 RUB 70.01
Oesterreichische V 4.21 1/25/2033 EUR 15.88
Societe Generale S 1.50 2/28/2033 USD 71.65
Lehman Brothers Tr 4.00 2/16/2017 EUR 16.25
Atari SA 0.10 4/1/2020 EUR 2.20
Sviaz Bank OAO 15.00 4/7/2022 RUB 100.10
RusHydro JSC 11.85 7/4/2018 RUB 60.01
Oesterreichische V 4.80 5/9/2025 EUR 30.00
Oesterreichische V 4.26 3/22/2024 EUR 32.00
Oesterreichische V 5.26 2/5/2025 EUR 32.13
HSBC Bank PLC 0.50 1/29/2027 NZD 58.92
DeltaCredit Bank 8.65 7/4/2018 RUB 59.01
Russian Post FGUP 8.70 10/18/2019 RUB 60.00
Heta Asset Resolut 0.14 2/9/2017 EUR 61.38
Heta Asset Resolut 4.40 6/20/2017 EUR 61.38
Heta Asset Resolut 0.20 7/1/2017 EUR 61.38
Oesterreichische V 1.80 5/24/2018 EUR 69.63
UBS AG/London 7.50 11/19/2015 CHF 75.36
Glitnir HF 10.00 6/28/2017 USD 14.00
Heta Asset Resolut 0.75 9/20/2017 EUR 8.88
Dolomite Capital L 12.03 12/20/2019 ZAR 54.42
Phones4u Finance P 9.50 4/1/2018 GBP 35.88
KFW 0.25 10/6/2036 CAD 37.40
MirLand Developmen 6.00 11/30/2017 ILS 42.10
Rosselkhozbank OJS 10.90 10/13/2022 RUB 100.00
SAir Group 4.25 2/2/2007 CHF 11.75
Svensk Exportkredi 0.50 4/25/2019 BRL 63.77
SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 29.00
Glitnir HF 3.00 10/31/2015 EUR 14.00
PCZ SA 9.40 11/30/2017 PLN 1.20
Emova Group 4.30 5/2/2022 EUR 5.35
HSBC Bank PLC 0.50 4/27/2027 NZD 58.07
HSBC Bank PLC 0.50 12/2/2022 AUD 72.69
Svensk Exportkredi 0.50 6/28/2022 ZAR 50.46
Glitnir HF 5.00 3/14/2012 EUR 14.00
URALSIB Leasing Co 10.25 3/21/2019 RUB 60.01
BNP Paribas SA 0.50 5/6/2021 MXN 69.75
PCZ SA 9.50 1/31/2017 PLN 2.10
Driver & Bengsch A 8.50 12/31/2027 EUR 0.01
Glitnir HF 5.25 5/2/2017 ISK 14.00
RSL Communications 10.50 11/15/2008 USD 1.25
Bulgaria Steel Fin 12.00 5/4/2013 EUR 1.00
Bank Julius Baer & 3.90 11/30/2015 CHF 60.35
JP Morgan Structur 12.00 11/24/2021 ZMW 67.55
UniCredit Bank Aus 0.53 1/22/2031 EUR 64.25
Cerruti Finance SA 6.50 7/26/2004 EUR 0.90
Rusfinans Bank OOO 11.60 11/10/2015 RUB 99.71
Societe Generale S 0.50 6/12/2023 RUB 40.09
Rusfinans Bank OOO 10.75 6/10/2019 RUB 96.48
UBS AG 14.75 12/29/2015 EUR 68.26
Republika Srpska 1.50 12/24/2025 BAM 71.02
Bosnia & Herzegovi 2.50 6/30/2023 BAM 72.10
DEIKON GmbH 1.00 7/1/2016 EUR 31.10
Lehman Brothers Tr 7.00 2/15/2012 EUR 4.83
Lehman Brothers Tr 15.00 3/30/2011 EUR 4.83
Otkritie Holding 12.50 7/26/2017 RUB 99.60
Heta Asset Resolut 0.12 7/18/2017 EUR 61.38
Heta Asset Resolut 0.30 8/21/2017 EUR 61.38
City of Predeal Ro 2.50 5/15/2026 RON 60.00
WGF Westfaelische 6.35 12/1/2016 EUR 10.50
Lehman Brothers Tr 5.00 12/6/2011 EUR 4.83
Lehman Brothers Tr 6.00 3/4/2015 USD 4.83
Lehman Brothers Tr 5.00 8/16/2017 EUR 19.13
Heta Asset Resolut 0.26 4/2/2018 EUR 52.00
DZ Bank AG Deutsch 16.00 3/29/2016 EUR 74.19
Russian Railways J 12.40 2/28/2040 RUB 60.01
Oesterreichische V 4.78 6/7/2030 EUR 20.00
Bank Nederlandse G 0.50 6/22/2021 ZAR 60.57
Landes-Hypothekenb 0.37 3/20/2043 EUR 55.82
Oesterreichische V 0.89 2/11/2019 EUR 56.88
Bank Nederlandse G 0.50 8/15/2022 ZAR 52.57
GlobexBank CJSC 12.25 12/25/2016 RUB 80.02
HSBC Bank PLC 0.50 2/5/2018 RUB 73.97
Lehman Brothers Tr 2.00 6/21/2011 EUR 4.83
Lehman Brothers Tr 8.25 2/3/2016 EUR 4.83
Lehman Brothers Tr 5.00 5/12/2011 CHF 4.83
RSL Communications 9.88 11/15/2009 USD 1.25
Lloyds Bank PLC 0.50 7/26/2028 MXN 43.95
Notenstein Privatb 8.80 7/24/2015 EUR 66.87
Vontobel Financial 5.84 9/9/2016 EUR 42.16
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Pervyi Obiedineonn 17.00 9/22/2015 RUB 61.01
Oesterreichische V 2.00 4/24/2020 EUR 49.63
Sidetur Finance BV 10.00 4/20/2016 USD 11.63
Lehman Brothers Tr 4.35 8/8/2016 SGD 19.13
Lehman Brothers Tr 4.00 4/13/2011 CHF 4.83
UWC Finance 16.00 9/10/2019 RUB 100.00
Union Technologies 0.10 1/1/2020 EUR 3.30
Hellenic Republic 0.76 8/10/2019 EUR 47.60
Lehman Brothers Tr 10.00 5/22/2009 USD 4.83
Lehman Brothers Tr 5.55 3/12/2015 EUR 4.83
HSBC Bank PLC 0.50 12/29/2022 AUD 72.93
Takko Luxembourg 2 7.01 4/15/2019 EUR 43.00
Oesterreichische V 3.78 7/21/2033 EUR 14.25
UTair-Finans OOO 9.50 7/21/2016 RUB 30.12
Exane Finance 1.75 4/28/2016 EUR 47.59
Heta Asset Resolut 0.05 5/31/2016 EUR 61.38
Heta Asset Resolut 0.29 7/28/2017 EUR 61.38
Municipality Finan 0.50 5/8/2029 AUD 52.36
Kommunekredit 0.50 2/20/2020 BRL 59.94
Tatfondbank OAO 14.50 5/28/2025 RUB 60.04
Kaupthing Bank Hf 5.00 1/4/2027 SKK 14.25
World of Building 7.70 6/25/2019 RUB 5.00
Leonteq Securities 6.11 1/7/2016 EUR 50.37
Lehman Brothers Tr 5.00 11/22/2012 EUR 4.83
Kaupthing Bank Hf 3.75 2/15/2024 ISK 14.25
Raiffeisen Centrob 2.80 11/14/2016 EUR 62.87
Province of Trevis 0.28 12/31/2034 EUR 69.23
Province of Trevis 0.05 12/31/2034 EUR 66.18
Barclays Bank PLC 0.50 3/26/2021 MXN 71.77
Synergy Classic Vi 2.00 8/2/2015 USD 52.64
Severo-Zapadnaya K 11.50 9/26/2031 RUB 58.00
Republic of Srpska 1.50 6/9/2025 BAM 73.01
Northland Resource 15.00 7/15/2019 USD 1.05
Northland Resource 12.25 3/26/2016 USD 1.05
Pharmacy Chain 36. 16.00 5/23/2018 RUB 100.00
SAir Group 5.50 7/23/2003 CHF 12.00
Heta Asset Resolut 0.28 8/28/2017 EUR 61.38
Heta Asset Resolut 0.18 5/17/2017 EUR 61.38
Glitnir HF 4.75 10/15/2010 USD 14.00
Lehman Brothers Tr 3.50 10/24/2011 USD 4.83
Municipiul Timisoa 1.29 5/12/2026 RON 73.00
UBS AG 14.75 12/29/2015 EUR 74.78
Oesterreichische V 1.24 3/1/2022 EUR 34.13
Russian Bank for S 9.20 8/11/2022 RUB 60.01
HSBC Bank PLC 0.50 4/3/2023 AUD 71.84
Santander Finance 2.00 USD 18.50
Oesterreichische V 3.50 5/23/2022 EUR 37.38
Oesterreichische V 0.99 7/3/2019 EUR 55.88
HSBC Bank PLC 0.50 7/30/2027 NZD 57.11
Cooperatieve Centr 0.50 12/29/2027 MXN 47.72
Oesterreichische V 4.20 2/22/2033 EUR 15.88
Credit Agricole Co 0.50 3/6/2023 RUB 41.81
Svensk Exportkredi 0.50 8/28/2020 TRY 58.60
Bank Julius Baer & 6.65 7/28/2015 USD 69.55
Credit Suisse AG/L 15.00 9/18/2015 USD 47.32
Lehman Brothers Tr 6.00 2/14/2012 EUR 4.83
Lehman Brothers Tr 16.80 8/21/2009 USD 4.83
Baltic Financial A 12.75 9/27/2016 RUB 99.01
HYPO NOE Gruppe Ba 2.50 3/10/2045 EUR 76.77
Southern Urals Co 10.00 2/23/2016 RUB 98.00
Glitnir HF 6.69 6/15/2016 USD 0.02
RSL Communications 9.13 3/1/2008 USD 1.25
LBI HF 3.45 12/18/2033 JPY 0.01
UTair-Finans OOO 13.00 11/13/2015 RUB 38.00
Lehman Brothers Tr 23.30 9/16/2008 USD 4.83
Lehman Brothers Tr 9.00 5/6/2011 CHF 4.83
Province of Milan 0.05 12/20/2042 EUR 53.62
SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 29.90
Leonteq Securities 8.64 8/25/2015 CHF 11.97
DeltaCredit Bank 11.75 11/2/2016 RUB 99.09
Lehman Brothers Tr 4.00 2/28/2010 EUR 4.83
Russian Highways 9.75 11/29/2016 RUB 60.10
Delta-Finance OOO 10.00 1/19/2021 RUB 100.00
Credit Europe Bank 15.00 3/22/2018 RUB 70.01
Hellenic Republic 4.75 4/17/2019 EUR 58.09
Barclays Bank PLC 0.50 1/28/2033 MXN 30.39
Lehman Brothers Tr 8.28 3/26/2009 USD 4.83
Oesterreichische V 4.90 8/18/2025 EUR 61.30
Glitnir HF 3.00 11/30/2009 EUR 14.00
Lehman Brothers Tr 3.00 8/8/2017 EUR 4.83
PCZ SA 9.50 9/30/2016 PLN 2.10
Lehman Brothers Tr 5.10 6/22/2046 EUR 4.83
EFG International 6.00 11/30/2017 EUR 45.04
Zaklady Miesne Mys 11.00 7/25/2015 PLN 10.00
Lehman Brothers Tr 4.00 7/20/2012 EUR 4.83
Vneshprombank Ltd 13.00 12/13/2017 RUB 103.00
KPNQwest NV 8.88 2/1/2008 EUR 0.50
JP Morgan Structur 13.00 11/25/2024 ZMW 65.36
Oravita City Counc 2.63 6/15/2027 RON 66.00
Leonteq Securities 9.68 7/29/2015 USD 68.87
Leonteq Securities 20.00 1/26/2016 CHF 37.62
VEB-Leasing OAO 8.60 4/2/2021 RUB 96.50
LBI HF 4.40 11/3/2009 CZK 2.77
Kommunekredit 0.50 9/19/2019 BRL 63.56
HSBC Bank PLC 0.50 12/8/2026 AUD 55.77
Province of Trevis 0.18 12/31/2034 EUR 67.61
HSBC Bank PLC 0.50 12/29/2026 AUD 61.20
Bank Nederlandse G 0.50 9/20/2022 MXN 66.16
Vontobel Financial 5.60 12/29/2015 EUR 70.87
EFG International 7.20 2/25/2019 EUR 74.29
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Glitnir HF 6.00 8/1/2015 ISK 14.00
Lehman Brothers Tr 7.50 8/1/2035 EUR 4.83
Kaupthing Bank Hf 7.63 2/28/2015 USD 14.25
Delta-Finance OOO 10.00 12/17/2020 RUB 60.00
Heta Asset Resolut 3.72 3/15/2017 EUR 61.38
Heta Asset Resolut 0.23 5/17/2017 EUR 61.38
SAir Group 2.75 7/30/2004 CHF 11.50
Muehl Product & Se 6.75 3/10/2005 DEM 1.73
Lehman Brothers Tr 3.86 9/21/2011 SGD 16.25
SAir Group 5.13 3/1/2003 CHF 11.00
Salvator Grundbesi 9.50 EUR 40.00
City of Hunedoara 2.43 8/15/2026 RON 70.00
Glitnir HF 2.25 2/15/2011 EUR 14.00
Barclays Bank PLC 3.50 2/5/2016 EUR 65.54
Central European E 7.80 7/14/2015 ILS 12.80
Kaupthing Bank Hf 7.70 10/2/2011 EUR 14.25
Federal Grid Co Un 16.30 6/30/2048 RUB 60.01
SpareBank 1 Sore S 2.64 NOK 74.35
Freshwater Finance 6.18 4/20/2035 GBP 73.38
Kommunekredit 0.50 5/11/2029 CAD 71.13
IT Holding Finance 9.88 11/15/2012 EUR 0.22
Municipality Finan 0.50 6/19/2024 ZAR 44.60
Svensk Exportkredi 0.50 12/17/2027 USD 72.07
UBS AG/London 5.00 8/6/2015 USD 52.19
UniCredit Bank AG 6.00 7/4/2016 EUR 68.13
Leonteq Securities 29.61 10/26/2017 EUR 52.20
RESO-Garantia OCAO 9.20 3/24/2023 RUB 96.91
Soyuz AKB OAO 14.50 6/11/2020 RUB 60.01
HSBC Bank PLC 0.50 10/30/2018 IDR 72.72
Svensk Exportkredi 0.50 3/28/2029 AUD 63.44
Glitnir HF 3.00 4/1/2010 CZK 14.00
Glitnir HF 3.00 10/4/2011 EUR 14.00
Kaupthing Bank Hf 7.90 2/1/2016 EUR 14.25
Kaupthing Bank Hf 0.80 2/15/2011 EUR 14.25
Lehman Brothers Tr 8.00 4/20/2009 EUR 4.83
PCZ SA 11.00 10/31/2015 PLN 1.11
JP Morgan Structur 1.55 11/6/2015 USD 67.86
Republika Srpska 1.50 5/31/2025 BAM 74.01
Lehman Brothers Tr 8.88 1/28/2011 HKD 19.13
Lehman Brothers Tr 4.10 6/10/2014 SGD 16.25
Lehman Brothers Tr 4.00 1/4/2011 USD 4.83
Zurcher Kantonalba 12.00 7/23/2015 CHF 40.98
Municipality Finan 0.50 11/21/2018 TRY 71.12
Province of Bresci 0.52 12/22/2036 EUR 67.89
Province of Teramo 0.15 12/30/2030 EUR 70.99
Dresdner Bank AG 0.65 11/19/2029 EUR 59.75
UniCredit Bank AO 10.15 10/27/2015 RUB 100.05
HSBC Bank PLC 0.50 6/28/2019 IDR 68.39
Credit Suisse AG/L 7.00 10/22/2015 CHF 68.96
EFG International 6.48 5/29/2018 EUR 59.83
Lehman Brothers Tr 0.50 12/20/2017 AUD 4.83
Barclays Bank PLC 3.50 12/7/2015 EUR 62.06
EFG International 9.10 3/23/2016 USD 69.94
Torgovyi Dom Spart 14.00 5/2/2017 RUB 100.00
Heta Asset Resolut 0.10 8/1/2017 EUR 61.38
Credit Europe Bank 11.36 6/5/2018 RUB 60.01
Interregional Dist 12.42 5/23/2025 RUB 60.01
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.01
Societe Generale S 0.50 12/21/2022 AUD 73.80
Barclays Bank PLC 0.50 3/19/2021 MXN 71.87
Municipality Finan 0.50 2/22/2019 IDR 70.76
Oesterreichische V 4.81 7/29/2025 EUR 61.00
Glitnir HF 6.31 7/28/2011 USD 14.00
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Tr 3.00 9/12/2036 JPY 19.13
Kaupthing Bank Hf 4.53 4/24/2012 EUR 14.25
Lehman Brothers Tr 4.05 9/16/2008 EUR 4.83
Nutritek Internati 8.75 12/11/2008 USD 2.00
LBI HF 3.00 10/22/2015 EUR 2.77
RusHydro JSC 11.85 7/4/2018 RUB 60.01
Oesterreichische V 0.99 3/1/2021 EUR 40.13
Hypo Tirol Bank AG 0.12 6/1/2033 EUR 58.50
Oesterreichische V 0.83 10/15/2019 EUR 52.00
Phosphorus Holdco 10.00 4/1/2019 GBP 2.00
Vontobel Financial 4.95 9/11/2015 EUR 64.13
Federal Grid Co Un 16.30 4/27/2048 RUB 60.01
Leonteq Securities 21.00 3/9/2016 USD 49.61
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.00
Glitnir HF 3.75 1/15/2010 EUR 14.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 4.83
Lehman Brothers Tr 5.00 4/24/2017 EUR 4.83
Lehman Brothers Tr 4.69 2/19/2017 EUR 4.83
Lehman Brothers Tr 2.00 6/28/2011 EUR 4.83
DOMO OJSC 15.00 5/11/2016 RUB 60.00
Lehman Brothers Tr 4.60 7/6/2016 EUR 4.85
UNGP-Finance OOO 10.00 4/20/2021 RUB 60.00
Metallurgical Comm 15.00 9/8/2016 RUB 99.50
Absolut Bank OAO 11.50 4/29/2020 RUB 100.00
Interregional Dist 12.42 5/23/2025 RUB 60.01
Lehman Brothers Tr 3.50 9/29/2017 EUR 4.83
Lehman Brothers Tr 3.50 9/19/2017 EUR 4.83
Lehman Brothers Tr 4.70 3/23/2016 EUR 4.83
Lehman Brothers Tr 7.59 11/22/2009 MXN 19.13
Zurcher Kantonalba 5.00 9/17/2015 CHF 49.35
Republika Srpska 9.00 9/26/2027 BAM 65.30
Lehman Brothers Tr 13.15 10/30/2008 USD 4.83
Kaupthing Bank Hf 4.95 5/6/2009 EUR 14.25
Lehman Brothers Tr 7.80 3/31/2018 USD 4.83
Lehman Brothers Tr 5.22 3/1/2024 EUR 4.83
Lehman Brothers Tr 16.00 10/8/2008 CHF 4.83
Lehman Brothers Tr 4.60 11/9/2011 EUR 4.83
City of Siret Roma 2.75 3/1/2028 RON 45.20
Lehman Brothers Tr 4.05 9/16/2008 EUR 4.83
Housing Financing 2.70 1/1/2020 ISK 69.37
Kvinesdal Spareban 2.79 NOK 75.17
EDOB Abwicklungs A 7.50 4/1/2012 EUR 0.00
Oesterreichische V 1.52 2/19/2018 EUR 72.25
Bank Nederlandse G 0.50 9/20/2022 ZAR 52.04
Societe Generale S 0.50 5/30/2023 MXN 63.16
Oesterreichische V 3.50 1/14/2019 EUR 67.38
Svensk Exportkredi 0.50 6/29/2029 AUD 63.75
BNP Paribas SA 0.50 11/16/2032 MXN 33.09
HSBC Bank PLC 0.50 4/11/2023 MXN 65.46
Atomenergoprom JSC 11.90 6/25/2025 RUB 60.01
Leonteq Securities 8.00 12/8/2015 CHF 55.41
Leonteq Securities 8.25 11/6/2015 EUR 73.53
Lehman Brothers Tr 10.44 11/22/2008 CHF 4.83
Lehman Brothers Tr 0.50 12/20/2017 AUD 4.83
Glitnir HF 6.33 7/28/2011 USD 14.00
Lehman Brothers Tr 0.50 6/2/2020 EUR 4.83
Avangard-Agro OOO 12.00 10/10/2017 RUB 60.00
Razgulyai-Finans O 11.30 10/3/2018 RUB 98.30
Svensk Exportkredi 0.50 8/29/2029 AUD 64.19
Mobile TeleSystems 5.00 6/29/2021 RUB 64.38
HSBC Bank PLC 0.50 5/29/2020 IDR 62.65
Societe Generale S 0.50 4/3/2023 RUB 41.25
Glitnir HF 3.30 8/22/2012 EUR 14.00
Kaupthing Bank Hf 4.50 1/17/2011 EUR 14.25
Barclays Bank PLC 2.50 3/7/2017 EUR 51.75
Bank Julius Baer & 9.75 11/13/2015 USD 60.65
Banque Cantonale V 17.75 11/17/2015 CHF 45.66
Republika Srpska 1.50 9/25/2026 BAM 68.51
Oesterreichische V 5.45 8/2/2019 EUR 72.70
Republika Srpska 1.50 12/15/2023 BAM 71.80
Republika Srpska 1.50 12/22/2023 BAM 72.54
Lehman Brothers Tr 10.00 1/3/2012 BRL 4.83
Lehman Brothers Tr 4.00 7/27/2011 EUR 4.83
Lehman Brothers Tr 2.75 10/28/2009 EUR 4.83
Western High-Speed 9.15 2/6/2032 RUB 58.01
Sviaz Bank OAO 11.40 4/13/2022 RUB 99.30
Societe Generale E 2.50 10/7/2016 EUR 59.27
LBI HF 6.00 6/6/2017 EUR 2.77
RusHydro JSC 11.85 7/4/2018 RUB 60.01
Drangedal Spareban 2.61 NOK 72.20
Gjerstad Sparebank 2.72 NOK 76.07
LBI HF 4.34 12/22/2025 EUR 2.77
LBI HF 2.75 3/16/2011 EUR 2.77
BNP Paribas SA 6.30 5/28/2021 RUB 74.44
Oesterreichische V 1.75 9/9/2020 EUR 45.50
Leasing-Experts SA 9.00 9/17/2016 PLN 70.00
Notenstein Finance 15.00 10/20/2015 USD 70.49
Credit Suisse AG/N 8.00 10/29/2015 CHF 70.10
Bank Julius Baer & 6.50 7/16/2015 CHF 71.25
PCZ SA 10.00 4/15/2016 PLN 2.10
Leonteq Securities 7.55 3/9/2016 USD 64.74
Ashinskiy metallur 16.80 6/17/2024 RUB 65.11
Powszechne Towarzy 6.66 11/8/2015 PLN 6.00
Leonteq Securities 11.80 2/17/2016 USD 66.68
DOMO OJSC 15.00 5/11/2016 RUB 60.15
Heta Asset Resolut 0.28 3/4/2018 EUR 61.38
Societe Generale S 0.50 4/30/2023 RUB 40.71
Lehman Brothers Tr 7.55 12/29/2008 USD 4.83
Glitnir HF 3.45 8/22/2010 CZK 14.00
Lehman Brothers Tr 4.50 12/30/2010 USD 4.83
Glitnir HF 4.01 7/6/2009 HKD 14.00
Kaupthing Bank Hf 6.40 12/15/2015 EUR 14.25
Glitnir HF 4.85 4/26/2012 EUR 14.00
Lehman Brothers Tr 3.00 8/15/2017 EUR 4.83
Lehman Brothers Tr 4.50 7/24/2014 EUR 4.83
Lehman Brothers Tr 5.00 10/24/2008 CHF 4.83
LBI HF 7.20 4/27/2026 EUR 0.01
Glitnir HF 5.86 7/28/2016 GBP 14.00
Lehman Brothers Tr 7.00 9/20/2011 USD 4.83
UBS AG/London 6.50 11/5/2015 USD 66.91
UBS AG 8.91 9/28/2015 USD 39.61
Lehman Brothers Tr 7.39 5/4/2017 USD 4.83
SV Patrimonia 4.00 4/19/2016 EUR 50.01
Kaupthing Bank Hf 4.90 5/29/2017 EUR 14.25
Lehman Brothers Tr 9.50 4/1/2018 USD 4.83
Lehman Brothers Tr 6.00 2/19/2023 USD 4.83
Lehman Brothers Tr 3.00 6/23/2009 EUR 19.13
Lehman Brothers Tr 2.50 11/9/2011 CHF 4.83
Glitnir HF 6.00 12/15/2012 GBP 14.00
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
Lehman Brothers Tr 7.60 5/21/2013 USD 4.83
JP Morgan Structur 14.00 11/23/2029 ZMW 64.99
Credit Suisse AG/L 8.00 6/11/2020 USD 9.75
Oberoesterreichisc 0.30 4/25/2042 EUR 52.75
LBI HF 8.65 5/1/2011 ISK 2.77
LBI HF 5.08 3/1/2013 ISK 2.77
Oesterreichische V 5.25 12/20/2022 EUR 41.38
LBI HF 4.38 10/20/2008 EUR 2.77
LBI HF 3.11 11/10/2008 EUR 2.77
LBI HF 2.22 10/15/2019 JPY 2.77
Nesset Sparebank 2.80 NOK 59.46
LBI HF 7.75 2/22/2016 USD 2.77
Oesterreichische V 1.55 5/18/2020 EUR 49.13
BNP Paribas SA 0.50 2/13/2024 NZD 67.99
Municipality Finan 0.50 7/30/2029 AUD 63.92
Bamble Sparebank 2.68 NOK 57.79
Oesterreichische V 5.50 8/26/2025 EUR 31.50
LBI HF 6.75 8/18/2015 EUR 2.77
Oesterreichische V 1.32 2/8/2019 EUR 60.75
BNP Paribas SA 6.64 4/26/2021 RUB 76.08
Waste Management N 18.30 6/15/2022 RUB 100.00
Landesbank Hessen- 4.80 8/21/2015 EUR 62.10
Lehman Brothers Tr 4.20 12/3/2008 HKD 4.83
Credit Suisse AG/N 7.00 10/29/2015 CHF 67.34
UBS AG 24.75 9/25/2015 EUR 54.66
Leonteq Securities 12.20 7/22/2015 EUR 72.05
Credit Suisse AG/N 8.13 7/15/2015 CHF 62.87
UBS AG/London 5.50 10/29/2015 USD 67.88
Bank Julius Baer & 10.50 10/9/2015 USD 68.85
Leonteq Securities 12.10 10/22/2015 USD 35.95
Credit Suisse AG/N 8.25 9/14/2015 CHF 65.83
Glitnir HF 6.00 12/10/2009 ISK 0.02
Lehman Brothers Tr 7.00 2/15/2010 CHF 4.83
Lehman Brothers Tr 0.50 12/20/2017 AUD 4.83
Lehman Brothers Tr 4.90 7/28/2020 EUR 4.83
Lehman Brothers Tr 13.50 11/28/2008 USD 4.83
National Capital J 11.50 3/18/2016 RUB 100.02
SAir Group 6.25 10/27/2002 CHF 12.25
TransFin-M OJSC 14.00 2/21/2017 RUB 100.00
Kommunalbanken AS 0.50 11/8/2018 BRL 69.34
Kommunalbanken AS 0.50 2/23/2018 BRL 73.78
Lehman Brothers Tr 4.50 3/7/2015 EUR 4.83
PCZ SA 9.40 6/30/2017 PLN 1.20
Lehman Brothers Tr 9.75 6/22/2018 USD 4.83
Deutsche Bank AG 5.20 6/21/2016 EUR 68.90
LBI HF 5.25 6/5/2023 EUR 2.77
Sparebanken Din 2.52 NOK 74.63
Ofoten Sparebank 2.50 NOK 72.02
Municipality Finan 0.25 6/28/2040 CAD 28.99
Barclays Bank PLC 2.33 1/2/2041 USD 73.58
Oesterreichische V 6.60 5/6/2023 EUR 44.13
e-Kancelaria Grupa 8.07 9/15/2016 PLN 1.00
UniCredit Bank AG 4.10 6/24/2016 EUR 77.57
Mortgage Agent AHM 9.00 11/20/2042 RUB 51.10
LBBW 3.60 6/23/2017 EUR 76.64
DZ Bank AG Deutsch 5.00 7/24/2015 EUR 43.40
Deutsche Bank AG 6.20 12/22/2015 EUR 55.50
Banque Cantonale V 9.03 7/23/2015 CAD 50.93
DZ Bank AG Deutsch 4.80 12/23/2015 EUR 63.42
UBS AG 12.25 12/29/2015 EUR 73.53
UBS AG 24.75 9/25/2015 EUR 71.80
UBS AG 23.25 9/25/2015 EUR 72.53
Glitnir HF 5.25 10/23/2011 ISK 14.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 16.25
Lehman Brothers Tr 4.10 5/20/2009 USD 4.83
Vnesheconombank 2.00 6/18/2021 RUB 57.25
BNP Paribas SA 0.50 9/29/2029 AUD 50.55
e-Kancelaria Grupa 8.00 10/17/2016 PLN 3.00
Lehman Brothers Tr 6.85 12/22/2008 EUR 4.83
Lehman Brothers Tr 7.60 3/26/2009 EUR 4.83
Lehman Brothers Tr 12.00 7/13/2037 JPY 4.83
Lehman Brothers Tr 10.00 6/11/2038 JPY 4.83
Glitnir HF 0.01 8/3/2009 JPY 14.00
Kaupthing Bank Hf 5.80 9/7/2012 EUR 14.25
Lehman Brothers Tr 6.00 12/6/2016 USD 4.83
Lehman Brothers Tr 7.00 7/11/2010 EUR 4.83
Lehman Brothers Tr 6.00 7/28/2010 EUR 4.83
Lehman Brothers Tr 6.00 7/28/2010 EUR 4.83
Lehman Brothers Tr 6.00 6/21/2011 EUR 4.83
Fonciere Volta SA 4.50 7/30/2020 EUR 2.45
Lehman Brothers Tr 4.15 8/25/2020 EUR 4.83
Glitnir HF 3.25 9/15/2015 EUR 14.00
Lehman Brothers Tr 5.00 8/1/2025 EUR 4.83
Lehman Brothers Tr 0.75 3/29/2012 EUR 4.83
Glitnir HF 3.30 6/10/2010 EUR 14.00
Glitnir HF 5.35 5/11/2010 USD 14.00
Kaupthing Bank Hf 0.95 10/20/2010 JPY 14.25
Glitnir HF 6.75 3/27/2013 EUR 14.00
Diversified Financ 2.18 7/27/2016 EUR 62.36
Lehman Brothers Tr 6.50 5/16/2015 EUR 4.83
Glitnir HF 2.75 3/31/2010 EUR 14.00
Lehman Brothers Tr 2.00 11/16/2009 EUR 4.83
Lehman Brothers Tr 10.00 1/4/2010 USD 4.83
Kaupthing Bank Hf 7.90 4/28/2016 EUR 14.25
Glitnir HF 2.57 12/31/2013 EUR 14.00
Lehman Brothers Tr 0.50 2/16/2009 EUR 4.83
Lehman Brothers Tr 4.25 3/13/2021 EUR 4.83
Glitnir HF 4.85 4/6/2012 EUR 14.00
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00
Glitnir HF 0.01 5/6/2009 JPY 14.00
Glitnir HF 4.50 1/9/2012 EUR 14.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 4.83
Glitnir HF 3.63 4/5/2009 EUR 14.00
Lehman Brothers Tr 3.70 6/6/2009 EUR 4.83
Lehman Brothers Tr 11.00 12/19/2011 USD 4.83
Lehman Brothers Tr 9.00 6/13/2009 USD 4.83
Lehman Brothers Tr 9.00 3/17/2009 GBP 4.83
Lehman Brothers Tr 7.00 11/28/2008 CHF 4.83
Lehman Brothers Tr 10.50 8/9/2010 EUR 4.83
Lehman Brothers Tr 8.00 5/22/2009 USD 4.83
Lehman Brothers Tr 2.50 12/15/2011 GBP 4.83
Lehman Brothers Tr 4.00 11/24/2016 EUR 4.83
Lehman Brothers Tr 10.00 3/27/2009 USD 4.83
Lehman Brothers Tr 7.00 4/14/2009 EUR 4.83
Lehman Brothers Tr 0.25 7/21/2014 EUR 4.83
Lehman Brothers Tr 4.95 10/25/2036 EUR 4.83
Lehman Brothers Tr 11.00 6/29/2009 EUR 4.83
Lehman Brothers Tr 8.00 8/3/2009 USD 4.83
Lehman Brothers Tr 5.50 6/15/2009 CHF 4.83
Lehman Brothers Tr 1.50 10/25/2011 EUR 4.83
Lehman Brothers Tr 8.50 7/6/2009 CHF 4.83
Lehman Brothers Tr 6.50 7/24/2026 EUR 4.83
Kaupthing Bank Hf 1.75 6/7/2016 EUR 14.25
Glitnir HF 5.86 7/28/2016 GBP 14.00
UralCapitalBank OO 14.50 11/24/2022 RUB 100.00
Lehman Brothers Tr 4.50 3/6/2013 CHF 4.83
Lehman Brothers Tr 4.00 4/24/2009 USD 4.83
Lehman Brothers Tr 7.38 9/20/2008 EUR 4.83
Lehman Brothers Tr 3.85 4/24/2009 USD 4.83
Lehman Brothers Tr 7.25 10/6/2008 EUR 4.83
Glitnir HF 6.31 7/28/2011 USD 14.00
Lehman Brothers Tr 7.50 9/13/2009 CHF 4.83
LBI HF 4.40 11/30/2035 EUR 0.01
Lehman Brothers Tr 4.50 8/2/2009 USD 4.83
Lehman Brothers Tr 5.75 6/15/2009 CHF 4.83
Lehman Brothers Tr 7.50 10/24/2008 USD 4.83
Lehman Brothers Tr 6.00 10/24/2008 EUR 4.83
Lehman Brothers Tr 7.75 1/30/2009 EUR 4.83
Glitnir HF 3.50 10/30/2012 EUR 14.00
Lehman Brothers Tr 14.90 9/15/2008 EUR 4.83
Lehman Brothers Tr 6.00 5/12/2017 EUR 4.83
Lehman Brothers Tr 6.60 2/22/2012 EUR 4.83
Lehman Brothers Tr 4.10 2/19/2010 EUR 4.83
Lehman Brothers Tr 5.20 3/19/2018 EUR 4.83
Lehman Brothers Tr 5.00 2/28/2032 EUR 4.83
Lehman Brothers Tr 6.75 4/5/2012 EUR 4.83
Lehman Brothers Tr 3.50 10/31/2011 USD 4.83
Lehman Brothers Tr 0.25 10/19/2012 CHF 4.83
Lehman Brothers Tr 9.00 5/15/2022 USD 4.83
DZ Bank AG Deutsch 7.00 6/24/2016 EUR 72.00
e-Kancelaria Grupa 10.00 11/6/2015 PLN 2.01
Bank Julius Baer & 13.70 5/13/2016 USD 66.20
Bank J Safra Saras 5.75 12/17/2015 CHF 68.35
DZ Bank AG Deutsch 7.75 7/24/2015 EUR 69.34
Goldman Sachs & Co 19.00 9/23/2015 EUR 75.11
Goldman Sachs & Co 24.00 9/23/2015 EUR 71.33
Goldman Sachs & Co 22.00 1/20/2016 EUR 74.02
DZ Bank AG Deutsch 5.25 3/29/2016 EUR 75.07
HSBC Trinkaus & Bu 8.00 3/25/2016 EUR 76.56
HSBC Trinkaus & Bu 11.40 7/24/2015 EUR 71.53
HSBC Trinkaus & Bu 17.50 12/28/2015 EUR 57.02
HSBC Trinkaus & Bu 10.00 12/28/2015 EUR 64.25
HSBC Trinkaus & Bu 13.90 8/28/2015 EUR 58.69
Goldman Sachs & Co 20.00 10/21/2015 EUR 74.40
Goldman Sachs & Co 22.00 10/21/2015 EUR 72.66
Goldman Sachs & Co 18.00 11/25/2015 EUR 75.60
Goldman Sachs & Co 19.00 12/23/2015 EUR 75.14
Goldman Sachs & Co 18.00 1/20/2016 EUR 76.07
Goldman Sachs & Co 19.00 3/23/2016 EUR 75.75
DZ Bank AG Deutsch 5.00 9/25/2015 EUR 74.88
DZ Bank AG Deutsch 5.00 12/28/2015 EUR 73.35
HSBC Trinkaus & Bu 14.70 12/28/2015 EUR 68.96
HSBC Trinkaus & Bu 9.20 11/27/2015 EUR 74.73
HSBC Trinkaus & Bu 6.60 9/25/2015 EUR 68.82
HSBC Trinkaus & Bu 13.70 12/28/2015 EUR 60.13
HSBC Trinkaus & Bu 6.60 12/28/2015 EUR 69.72
UniCredit Bank AG 4.60 3/24/2016 EUR 76.25
BNP Paribas Emissi 7.50 12/24/2015 EUR 74.43
BNP Paribas Emissi 9.00 12/24/2015 EUR 72.39
BNP Paribas Emissi 7.00 9/24/2015 EUR 70.12
BNP Paribas Emissi 14.00 9/24/2015 EUR 71.48
BNP Paribas Emissi 8.00 12/24/2015 EUR 72.28
Goldman Sachs & Co 25.00 8/26/2015 EUR 61.70
Goldman Sachs & Co 24.00 9/23/2015 EUR 63.50
Goldman Sachs & Co 18.00 10/21/2015 EUR 67.41
Goldman Sachs & Co 13.00 12/23/2015 EUR 72.48
Goldman Sachs & Co 20.00 11/25/2015 EUR 66.23
Commerzbank AG 7.00 10/22/2015 EUR 63.42
DZ Bank AG Deutsch 8.80 12/23/2015 EUR 68.25
Goldman Sachs & Co 19.00 9/23/2015 EUR 66.20
Goldman Sachs & Co 22.00 10/21/2015 EUR 64.82
Goldman Sachs & Co 19.00 12/23/2015 EUR 67.34
Goldman Sachs & Co 16.00 3/23/2016 EUR 70.03
Commerzbank AG 10.75 12/24/2015 EUR 66.28
Commerzbank AG 14.75 12/24/2015 EUR 62.08
Commerzbank AG 8.25 12/24/2015 EUR 66.39
Lehman Brothers Tr 7.25 6/20/2010 USD 4.83
Lehman Brothers Tr 5.12 4/30/2027 EUR 4.83
Lehman Brothers Tr 4.10 8/23/2010 USD 4.83
Lehman Brothers Tr 0.01 9/20/2011 USD 4.83
Goldman Sachs & Co 24.00 9/23/2015 EUR 76.56
Goldman Sachs & Co 18.00 1/20/2016 EUR 68.28
Goldman Sachs & Co 21.00 1/20/2016 EUR 66.58
Goldman Sachs & Co 10.00 6/22/2016 EUR 75.98
Deutsche Bank AG 3.20 6/22/2016 EUR 76.60
Deutsche Bank AG 6.20 11/25/2015 EUR 71.20
Deutsche Bank AG 7.20 11/25/2015 EUR 71.60
Deutsche Bank AG 7.20 3/22/2016 EUR 73.80
Deutsche Bank AG 5.20 6/22/2016 EUR 76.00
DZ Bank AG Deutsch 5.25 12/28/2015 EUR 73.79
DZ Bank AG Deutsch 8.75 12/28/2015 EUR 69.31
DZ Bank AG Deutsch 9.20 11/25/2015 EUR 68.43
UBS AG/London 13.25 12/29/2015 EUR 72.48
UBS AG/London 10.25 12/29/2015 EUR 71.08
UBS AG/London 14.50 12/29/2015 EUR 68.95
Vontobel Financial 9.00 11/27/2015 EUR 74.55
Goldman Sachs & Co 9.00 9/23/2015 EUR 75.72
Vontobel Financial 7.95 9/11/2015 EUR 75.76
UBS AG/London 12.35 11/3/2015 CHF 52.25
UBS AG/London 8.48 11/3/2015 CHF 51.20
Commerzbank AG 11.25 12/24/2015 EUR 70.41
Commerzbank AG 14.25 12/24/2015 EUR 67.04
Bank Julius Baer & 13.70 11/11/2015 CHF 55.55
Vontobel Financial 9.70 9/25/2015 EUR 75.78
Goldman Sachs & Co 9.00 8/26/2015 EUR 72.37
DZ Bank AG Deutsch 11.00 10/23/2015 EUR 59.14
Commerzbank AG 12.75 10/22/2015 EUR 71.85
UBS AG/London 11.25 9/25/2015 EUR 68.63
Commerzbank AG 7.00 9/24/2015 EUR 58.05
Lehman Brothers Tr 2.40 6/20/2011 JPY 4.83
Commerzbank AG 11.25 11/26/2015 EUR 66.45
UBS AG/London 11.50 11/26/2015 CHF 58.26
UBS AG/London 10.75 11/26/2015 CHF 57.96
Lehman Brothers Tr 1.60 6/21/2010 JPY 4.83
Commerzbank AG 14.25 11/26/2015 EUR 63.07
Commerzbank AG 7.50 11/26/2015 EUR 76.64
UniCredit Bank AG 4.30 12/24/2015 EUR 74.27
Leonteq Securities 11.00 12/4/2015 USD 66.11
Commerzbank AG 12.75 11/26/2015 EUR 75.99
Commerzbank AG 9.50 11/26/2015 EUR 73.77
Zurcher Kantonalba 5.25 12/4/2015 CHF 62.03
Bank Julius Baer & 6.50 12/4/2015 EUR 72.30
Commerzbank AG 8.50 11/26/2015 EUR 70.64
Goldman Sachs & Co 21.00 11/25/2015 EUR 70.26
Bank Julius Baer & 7.90 11/20/2015 USD 63.00
Notenstein Privatb 8.50 11/28/2016 CHF 67.21
Leonteq Securities 6.00 11/28/2016 CHF 59.85
UniCredit Bank AG 4.30 12/24/2015 EUR 75.67
Goldman Sachs & Co 25.00 8/26/2015 EUR 65.38
Credit Suisse AG/L 8.00 11/29/2019 USD 8.78
DZ Bank AG Deutsch 10.25 11/27/2015 EUR 75.82
Vontobel Financial 8.00 12/4/2015 EUR 70.95
Societe Generale S 17.60 11/17/2015 EUR 47.75
Commerzbank AG 7.75 10/22/2015 EUR 70.22
Commerzbank AG 9.50 10/22/2015 EUR 66.97
Commerzbank AG 11.50 10/22/2015 EUR 64.10
Commerzbank AG 13.75 10/22/2015 EUR 61.69
Commerzbank AG 15.75 10/22/2015 EUR 59.42
Notenstein Privatb 8.20 5/27/2016 CHF 58.78
UniCredit Bank AG 4.25 12/24/2015 EUR 76.98
UniCredit Bank AG 4.50 12/24/2015 EUR 71.99
UniCredit Bank AG 4.45 12/24/2015 EUR 73.19
UniCredit Bank AG 4.40 12/24/2015 EUR 74.42
HSBC Trinkaus & Bu 11.90 9/25/2015 EUR 73.77
Commerzbank AG 13.25 11/26/2015 EUR 64.45
Commerzbank AG 7.50 11/26/2015 EUR 72.34
Commerzbank AG 7.75 11/26/2015 EUR 75.06
HSBC Trinkaus & Bu 17.00 12/28/2015 EUR 52.73
HSBC Trinkaus & Bu 11.90 12/28/2015 EUR 56.78
HSBC Trinkaus & Bu 8.70 12/28/2015 EUR 60.62
Goldman Sachs & Co 20.00 9/23/2015 EUR 76.14
Goldman Sachs & Co 25.00 9/23/2015 EUR 73.11
Goldman Sachs & Co 23.00 10/21/2015 EUR 74.51
Goldman Sachs & Co 22.00 12/23/2015 EUR 65.40
Goldman Sachs & Co 10.00 1/20/2016 EUR 74.17
Goldman Sachs & Co 15.00 1/20/2016 EUR 70.39
Goldman Sachs & Co 15.00 6/22/2016 EUR 71.16
Goldman Sachs & Co 17.00 6/22/2016 EUR 69.90
Deutsche Bank AG 7.20 6/22/2016 EUR 73.30
Deutsche Bank AG 5.20 6/22/2016 EUR 73.70
Zurcher Kantonalba 9.00 12/16/2015 EUR 74.83
Commerzbank AG 10.00 11/26/2015 EUR 72.32
e-Kancelaria Grupa 10.00 6/27/2016 PLN 2.17
Commerzbank AG 10.25 11/26/2015 EUR 68.08
Commerzbank AG 8.25 11/26/2015 EUR 70.18
Powszechne Towarzy 8.01 8/1/2016 PLN 32.00
Royal Bank of Scot 1.69 11/14/2016 GBP 1.07
UBS AG/London 9.00 6/24/2016 EUR 73.35
DZ Bank AG Deutsch 8.25 12/28/2015 EUR 60.14
UBS AG 8.15 7/21/2015 USD 45.51
Vontobel Financial 8.00 11/27/2015 EUR 75.05
Vontobel Financial 8.55 12/28/2015 EUR 75.10
Vontobel Financial 10.25 9/25/2015 EUR 73.26
DZ Bank AG Deutsch 7.75 11/27/2015 EUR 72.62
DZ Bank AG Deutsch 9.75 11/27/2015 EUR 68.96
Commerzbank AG 10.00 10/22/2015 EUR 75.17
Deutsche Bank AG 6.20 6/21/2016 EUR 75.20
Deutsche Bank AG 6.20 9/22/2015 EUR 73.80
Deutsche Bank AG 7.20 6/21/2016 EUR 76.10
Deutsche Bank AG 7.20 12/22/2015 EUR 75.30
Deutsche Bank AG 7.20 9/22/2015 EUR 74.00
Deutsche Bank AG 6.20 12/22/2015 EUR 74.80
Zurcher Kantonalba 5.60 11/18/2015 USD 71.96
UniCredit Bank AG 4.10 12/24/2015 EUR 76.61
UniCredit Bank AG 4.20 12/24/2015 EUR 75.43
UniCredit Bank AG 4.40 12/24/2015 EUR 73.11
BNP Paribas Emissi 9.50 6/23/2016 EUR 75.53
UBS AG/London 9.25 3/29/2016 EUR 72.10
UBS AG/London 10.25 6/24/2016 EUR 71.33
DZ Bank AG Deutsch 14.50 8/28/2015 EUR 61.41
DZ Bank AG Deutsch 14.00 8/28/2015 EUR 73.76
DZ Bank AG Deutsch 13.00 8/28/2015 EUR 61.87
UniCredit Bank AG 4.80 3/24/2016 EUR 75.00
BNP Paribas Emissi 13.00 12/24/2015 EUR 59.31
BNP Paribas Emissi 11.00 12/24/2015 EUR 70.74
UniCredit Bank AG 5.00 3/24/2016 EUR 73.78
BNP Paribas Emissi 9.00 9/24/2015 EUR 70.51
BNP Paribas Emissi 7.00 12/24/2015 EUR 71.84
BNP Paribas Emissi 10.00 12/24/2015 EUR 73.17
BNP Paribas Emissi 9.00 1/21/2016 EUR 71.64
UBS AG/London 11.75 6/24/2016 EUR 69.77
UBS AG 10.67 7/20/2015 USD 45.65
Deutsche Bank AG 8.00 10/30/2015 USD 8.43
DZ Bank AG Deutsch 7.50 11/27/2015 EUR 65.79
Goldman Sachs & Co 23.00 12/23/2015 EUR 72.78
Leonteq Securities 9.40 11/17/2015 CHF 73.67
HSBC Trinkaus & Bu 12.40 11/27/2015 EUR 61.17
BNP Paribas Emissi 9.00 12/24/2015 EUR 75.35
BNP Paribas Emissi 11.00 12/24/2015 EUR 73.83
BNP Paribas Emissi 12.00 12/24/2015 EUR 72.00
UBS AG/London 13.00 3/29/2016 EUR 68.31
UBS AG/London 14.75 3/29/2016 EUR 66.69
UBS AG/London 11.00 3/29/2016 EUR 69.98
UBS AG/London 14.75 6/24/2016 EUR 67.31
UBS AG/London 11.75 11/12/2015 CHF 51.50
DZ Bank AG Deutsch 8.00 1/22/2016 EUR 67.83
Deutsche Bank AG 6.20 11/25/2015 EUR 76.20
Deutsche Bank AG 6.20 11/25/2015 EUR 73.60
Vontobel Financial 4.85 12/11/2015 EUR 72.86
Deutsche Bank AG 7.20 11/25/2015 EUR 76.60
Vontobel Financial 9.45 12/11/2015 EUR 75.02
Vontobel Financial 6.00 12/11/2015 EUR 71.02
Vontobel Financial 4.55 9/11/2015 EUR 69.36
Deutsche Bank AG 5.20 11/25/2015 EUR 73.30
Deutsche Bank AG 6.20 3/22/2016 EUR 76.20
Commerzbank AG 12.00 11/26/2015 EUR 60.16
Vontobel Financial 4.70 9/11/2015 EUR 72.02
Deutsche Bank AG 5.20 3/22/2016 EUR 75.50
Commerzbank AG 10.00 9/24/2015 EUR 73.44
Commerzbank AG 8.50 11/26/2015 EUR 74.51
Deutsche Bank AG 7.20 11/25/2015 EUR 74.00
Deutsche Bank AG 7.20 3/22/2016 EUR 76.90
ECA 2.50 1/1/2018 EUR 9.15
Vontobel Financial 4.85 12/11/2015 EUR 70.55
HSBC Trinkaus & Bu 10.90 8/28/2015 EUR 75.39
UniCredit Bank AG 4.25 6/24/2016 EUR 74.86
UBS AG/London 16.50 3/29/2016 EUR 65.31
DZ Bank AG Deutsch 6.00 11/27/2015 EUR 73.94
Zurcher Kantonalba 7.80 12/11/2015 CHF 63.52
Deutsche Bank AG 5.20 11/25/2015 EUR 75.80
Lehman Brothers Tr 4.82 12/18/2036 EUR 4.83
Lehman Brothers Tr 4.68 12/12/2045 EUR 4.83
Glitnir HF 3.00 12/15/2009 EUR 14.00
Glitnir HF 0.50 11/26/2009 EUR 14.00
Lehman Brothers Tr 6.70 4/21/2011 USD 4.83
Lehman Brothers Tr 13.00 12/14/2012 USD 4.83
Lehman Brothers Tr 3.82 10/20/2009 USD 4.83
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Leonteq Securities 6.25 11/13/2015 CHF 53.39
Lehman Brothers Tr 6.00 5/23/2018 CZK 4.83
Lehman Brothers Tr 0.80 12/30/2016 EUR 4.83
EFG International 12.86 10/30/2017 EUR 64.23
Lehman Brothers Tr 4.00 5/30/2010 USD 4.83
Lehman Brothers Tr 4.00 5/17/2010 USD 4.83
Lehman Brothers Tr 2.25 5/12/2009 USD 4.83
Lehman Brothers Tr 7.50 6/15/2017 USD 4.83
Leonteq Securities 6.00 1/7/2016 EUR 31.58
Lehman Brothers Tr 6.00 12/30/2017 EUR 4.83
Lehman Brothers Tr 3.50 6/20/2011 EUR 4.83
Lehman Brothers Tr 7.50 2/14/2010 AUD 4.83
Lehman Brothers Tr 5.50 6/22/2010 USD 4.83
LBI HF 5.44 9/3/2018 EUR 0.01
Lehman Brothers Tr 5.50 7/8/2013 EUR 4.83
Kaupthing Bank Hf 6.50 10/8/2010 ISK 14.25
Lehman Brothers Tr 3.10 6/4/2010 USD 4.83
Kaupthing Bank Hf 7.50 12/5/2014 ISK 14.25
Lehman Brothers Tr 2.30 6/27/2013 USD 4.83
Lehman Brothers Tr 2.37 7/15/2013 USD 4.83
Lehman Brothers Tr 16.00 12/26/2008 USD 4.83
Lehman Brothers Tr 13.43 1/8/2009 ILS 4.83
Lehman Brothers Tr 0.50 7/2/2020 EUR 4.83
Lehman Brothers Tr 7.75 1/3/2012 AUD 4.83
Lehman Brothers Tr 8.00 3/19/2012 USD 4.83
Lehman Brothers Tr 7.05 4/8/2015 USD 4.83
Lehman Brothers Tr 7.15 3/21/2013 USD 4.83
Leonteq Securities 6.20 7/15/2016 EUR 73.06
Lehman Brothers Tr 0.50 8/1/2020 EUR 4.83
Lehman Brothers Tr 6.25 11/30/2012 EUR 4.83
Leonteq Securities 5.25 2/26/2016 CHF 57.63
Lehman Brothers Tr 7.63 7/22/2011 HKD 4.83
Leonteq Securities 3.10 3/1/2016 EUR 46.88
Leonteq Securities 3.90 3/1/2016 EUR 51.99
UBS AG 10.00 12/29/2015 EUR 70.83
UBS AG 12.50 12/29/2015 EUR 55.40
Lehman Brothers Tr 6.72 12/29/2008 EUR 4.83
Lehman Brothers Tr 7.06 12/29/2008 EUR 4.83
Kaupthing Bank Hf 5.00 11/8/2013 EUR 14.25
Lehman Brothers Tr 2.50 8/23/2012 GBP 4.83
Lehman Brothers Tr 3.00 8/13/2011 EUR 4.83
Glitnir HF 5.25 5/2/2014 ISK 14.00
Lehman Brothers Tr 6.00 9/20/2011 EUR 4.83
Lehman Brothers Tr 11.00 5/9/2020 USD 4.83
Lehman Brothers Tr 4.00 6/5/2011 USD 4.83
Societe Generale E 4.00 6/26/2017 EUR 50.25
Lehman Brothers Tr 2.50 8/15/2012 CHF 4.83
Lehman Brothers Tr 6.25 9/5/2011 EUR 4.83
Lehman Brothers Tr 5.25 7/8/2014 EUR 4.83
Lehman Brothers Tr 2.30 6/6/2013 USD 4.83
Lehman Brothers Tr 7.50 5/30/2010 AUD 4.83
Lehman Brothers Tr 4.30 6/4/2012 USD 4.83
Lehman Brothers Tr 4.00 8/11/2010 USD 19.13
Lehman Brothers Tr 4.80 11/16/2012 HKD 4.83
Lehman Brothers Tr 3.50 12/20/2027 USD 4.83
Lehman Brothers Tr 5.50 11/30/2012 CZK 4.83
Lehman Brothers Tr 14.90 11/16/2010 EUR 4.83
Lehman Brothers Tr 6.00 10/30/2012 USD 4.83
Lehman Brothers Tr 6.60 2/9/2009 EUR 4.83
Lehman Brothers Tr 1.50 10/12/2010 EUR 4.83
Lehman Brothers Tr 7.00 10/22/2010 EUR 4.83
Lehman Brothers Tr 8.00 10/23/2008 USD 4.83
LBI HF 7.43 USD 0.00
Lehman Brothers Tr 18.25 10/2/2008 USD 4.83
Glitnir HF 6.38 9/25/2012 USD 14.00
Lehman Brothers Tr 3.40 9/21/2009 HKD 4.83
Lehman Brothers Tr 4.00 10/12/2010 USD 4.83
Leasing-Experts SA 9.00 6/5/2016 PLN 69.85
Lehman Brothers Tr 16.20 5/14/2009 USD 4.83
Lehman Brothers Tr 10.60 4/22/2014 MXN 4.83
Notenstein Privatb 6.00 5/24/2016 EUR 75.94
Lehman Brothers Tr 16.00 11/9/2008 USD 4.83
Kaupthing Bank Hf 7.50 4/2/2011 EUR 14.25
Kaupthing Bank Hf 7.50 10/2/2010 EUR 14.25
Lehman Brothers Tr 4.60 8/1/2013 EUR 4.83
Lehman Brothers Tr 8.00 5/22/2009 USD 4.83
Lehman Brothers Tr 15.00 6/4/2009 CHF 4.83
Lehman Brothers Tr 5.00 3/13/2009 EUR 4.83
UBS AG 12.75 12/29/2015 EUR 72.24
UBS AG 13.75 12/29/2015 EUR 68.56
Lehman Brothers Tr 17.00 6/2/2009 USD 4.83
Lehman Brothers Tr 10.00 10/22/2008 USD 4.83
Lehman Brothers Tr 6.60 5/23/2012 AUD 4.83
Lehman Brothers Tr 5.50 4/23/2014 EUR 4.83
UBS AG 11.50 12/29/2015 EUR 76.36
Lehman Brothers Tr 10.00 6/17/2009 USD 4.83
UBS AG 14.50 12/29/2015 EUR 66.40
UBS AG 14.25 12/29/2015 EUR 63.37
Lehman Brothers Tr 7.60 3/4/2010 NZD 4.83
Lehman Brothers Tr 13.50 6/2/2009 USD 4.83
Lehman Brothers Tr 6.45 2/20/2010 AUD 4.83
Lehman Brothers Tr 3.45 5/23/2013 USD 4.83
Lehman Brothers Tr 16.00 10/28/2008 USD 4.83
Lehman Brothers Tr 5.00 2/15/2018 EUR 4.83
Lehman Brothers Tr 8.00 3/21/2018 USD 4.83
Lehman Brothers Tr 4.00 3/10/2011 EUR 4.83
Kaupthing Bank Hf 0.69 5/21/2011 JPY 14.25
Leonteq Securities 5.60 11/20/2015 GBP 50.91
Leonteq Securities 7.60 11/20/2015 USD 34.32
Raiffeisen Centrob 2.40 12/19/2016 EUR 63.34
Gold-Zack AG 7.00 12/14/2005 EUR 12.01
Zurcher Kantonalba 3.67 1/25/2016 CHF 50.04
Lehman Brothers Tr 8.05 12/20/2010 HKD 4.83
Kaupthing Bank Hf 1.65 7/5/2010 JPY 14.25
Kaupthing Bank Hf 1.99 7/5/2012 JPY 14.25
Leonteq Securities 7.00 1/22/2016 CHF 46.31
Kaupthing Bank Hf 0.20 7/12/2009 JPY 14.25
Lehman Brothers Tr 13.00 7/25/2012 EUR 4.83
Lehman Brothers Tr 10.00 8/2/2037 JPY 4.83
Kaupthing Bank Hf 4.47 10/27/2010 EUR 14.25
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.00
Lehman Brothers Tr 12.22 11/21/2017 USD 4.83
Lehman Brothers Tr 4.60 10/11/2017 ILS 19.13
Lehman Brothers Tr 0.50 12/20/2017 USD 4.83
Lehman Brothers Tr 0.50 12/20/2017 USD 4.83
Lehman Brothers Tr 0.50 12/20/2017 USD 4.83
Lehman Brothers Tr 0.50 12/20/2017 USD 4.83
Lehman Brothers Tr 5.38 2/4/2014 USD 4.83
Lehman Brothers Tr 6.30 12/21/2018 USD 4.83
Lehman Brothers Tr 2.48 5/12/2009 USD 4.83
Lehman Brothers Tr 8.80 12/27/2009 EUR 4.83
Glitnir HF 7.32 12/19/2012 USD 14.00
Lehman Brothers Tr 11.00 12/20/2017 AUD 4.83
Lehman Brothers Tr 11.00 12/20/2017 AUD 4.83
Kaupthing Bank Hf 7.00 1/3/2011 EUR 14.25
Lehman Brothers Tr 1.95 11/4/2013 EUR 4.83
Lehman Brothers Tr 5.25 4/1/2023 EUR 4.83
BNP Paribas Emissi 3.50 10/22/2015 EUR 73.17
BNP Paribas Emissi 5.00 10/22/2015 EUR 70.76
BNP Paribas Emissi 7.50 10/22/2015 EUR 67.93
BNP Paribas Emissi 4.50 1/21/2016 EUR 73.76
BNP Paribas Emissi 6.00 1/21/2016 EUR 71.85
BNP Paribas Emissi 4.50 7/21/2016 EUR 74.30
BNP Paribas Emissi 6.00 7/21/2016 EUR 72.50
Notenstein Privatb 6.80 4/15/2016 CHF 72.56
Bank Julius Baer & 5.40 4/15/2016 CHF 71.90
DZ Bank AG Deutsch 5.00 3/29/2016 EUR 72.90
Deutsche Bank AG 7.20 3/22/2016 EUR 75.70
Deutsche Bank AG 6.20 9/20/2016 EUR 71.00
Deutsche Bank AG 7.20 9/20/2016 EUR 69.00
Deutsche Bank AG 6.20 3/22/2016 EUR 69.90
Deutsche Bank AG 5.20 3/22/2016 EUR 69.20
Deutsche Bank AG 6.20 6/21/2016 EUR 74.70
Deutsche Bank AG 6.20 6/21/2016 EUR 72.20
Deutsche Bank AG 7.20 6/21/2016 EUR 73.20
Deutsche Bank AG 6.20 9/20/2016 EUR 67.80
Deutsche Bank AG 7.20 9/20/2016 EUR 72.20
Deutsche Bank AG 6.20 3/22/2016 EUR 66.50
Deutsche Bank AG 5.20 9/20/2016 EUR 74.50
Deutsche Bank AG 5.20 9/20/2016 EUR 72.10
LBBW 5.50 12/29/2015 EUR 76.04
HSBC Trinkaus & Bu 12.40 6/24/2016 EUR 67.45
HSBC Trinkaus & Bu 12.40 6/24/2016 EUR 67.45
HSBC Trinkaus & Bu 8.20 6/24/2016 EUR 69.21
HSBC Trinkaus & Bu 10.60 1/22/2016 EUR 66.76
HSBC Trinkaus & Bu 9.20 4/22/2016 EUR 68.03
Commerzbank AG 10.25 3/24/2016 EUR 68.39
Commerzbank AG 12.00 3/24/2016 EUR 67.20
LBBW 2.50 9/25/2015 EUR 72.14
LBBW 3.00 9/25/2015 EUR 74.23
LBBW 4.00 9/25/2015 EUR 72.07
LBBW 3.00 9/23/2016 EUR 76.49
LBBW 4.50 9/23/2016 EUR 73.99
LBBW 3.50 9/23/2016 EUR 74.34
LBBW 4.50 9/23/2016 EUR 71.96
LBBW 4.00 8/25/2017 EUR 72.38
LBBW 3.00 9/28/2018 EUR 75.27
LBBW 5.00 3/24/2017 EUR 74.43
LBBW 4.00 4/22/2016 EUR 73.52
LBBW 3.00 12/29/2015 EUR 77.36
LBBW 4.50 12/29/2015 EUR 72.58
LBBW 4.00 12/23/2016 EUR 75.35
LBBW 2.50 8/28/2015 EUR 70.55
LBBW 4.00 8/28/2015 EUR 67.31
LBBW 5.00 3/29/2016 EUR 76.88
LBBW 2.50 6/24/2016 EUR 76.85
LBBW 4.00 6/24/2016 EUR 72.21
LBBW 2.00 7/24/2015 EUR 75.49
LBBW 3.50 7/24/2015 EUR 71.11
LBBW 5.00 7/24/2015 EUR 67.60
LBBW 2.50 7/24/2015 EUR 53.16
LBBW 3.55 8/25/2017 EUR 75.50
LBBW 3.75 9/22/2017 EUR 73.24
Commerzbank AG 6.75 4/21/2016 EUR 75.43
Commerzbank AG 9.25 4/21/2016 EUR 73.48
Bank Julius Baer & 4.90 5/6/2016 CHF 71.70
DZ Bank AG Deutsch 10.50 10/23/2015 EUR 68.43
DZ Bank AG Deutsch 15.00 10/23/2015 EUR 63.59
Przedsiebiorstwo P 9.01 3/31/2016 PLN 50.00
Lehman Brothers Tr 8.00 12/27/2032 JPY 4.83
Lehman Brothers Tr 1.50 2/8/2012 CHF 4.83
Lehman Brothers Tr 3.63 3/2/2012 EUR 4.83
Deutsche Bank AG 7.20 12/22/2015 EUR 74.30
Deutsche Bank AG 7.20 12/22/2015 EUR 69.10
Deutsche Bank AG 5.20 12/22/2015 EUR 73.40
Deutsche Bank AG 6.20 12/22/2015 EUR 73.90
Deutsche Bank AG 6.20 12/22/2015 EUR 68.60
Deutsche Bank AG 5.20 3/22/2016 EUR 74.30
Deutsche Bank AG 7.20 3/22/2016 EUR 73.10
Deutsche Bank AG 5.20 3/22/2016 EUR 71.70
Deutsche Bank AG 6.20 6/21/2016 EUR 66.60
Deutsche Bank AG 5.20 6/21/2016 EUR 65.60
Deutsche Bank AG 7.20 6/21/2016 EUR 67.50
Deutsche Bank AG 6.20 9/20/2016 EUR 73.30
Deutsche Bank AG 5.20 3/22/2016 EUR 65.80
Deutsche Bank AG 5.20 6/21/2016 EUR 73.80
Deutsche Bank AG 5.20 6/21/2016 EUR 71.30
Deutsche Bank AG 5.20 9/20/2016 EUR 69.80
Deutsche Bank AG 5.20 12/22/2015 EUR 68.20
Deutsche Bank AG 6.20 12/22/2015 EUR 65.10
Deutsche Bank AG 5.20 12/22/2015 EUR 64.60
Deutsche Bank AG 7.20 12/22/2015 EUR 65.50
Deutsche Bank AG 7.20 3/22/2016 EUR 67.20
Deutsche Bank AG 7.20 6/21/2016 EUR 70.80
Deutsche Bank AG 6.20 6/21/2016 EUR 69.90
Deutsche Bank AG 6.20 9/20/2016 EUR 75.70
Deutsche Bank AG 6.20 3/22/2016 EUR 75.00
Deutsche Bank AG 6.20 3/22/2016 EUR 72.40
Deutsche Bank AG 7.20 3/22/2016 EUR 70.60
Deutsche Bank AG 7.20 6/21/2016 EUR 75.70
Deutsche Bank AG 7.20 9/20/2016 EUR 74.50
Deutsche Bank AG 5.20 9/20/2016 EUR 66.60
Lehman Brothers Tr 7.75 2/21/2016 EUR 4.83
DZ Bank AG Deutsch 5.50 7/10/2015 EUR 71.08
Societe Generale S 5.50 7/27/2015 EUR 49.55
Vontobel Financial 6.80 9/11/2015 EUR 75.43
Vontobel Financial 7.95 9/11/2015 EUR 75.62
Vontobel Financial 6.05 12/11/2015 EUR 76.23
HSBC Trinkaus & Bu 11.00 9/23/2016 EUR 68.63
HSBC Trinkaus & Bu 7.60 9/23/2016 EUR 70.33
HSBC Trinkaus & Bu 9.90 2/26/2016 EUR 67.26
HSBC Trinkaus & Bu 10.00 5/27/2016 EUR 68.34
HSBC Trinkaus & Bu 10.00 11/27/2015 EUR 69.66
UniCredit Bank AG 5.00 3/24/2016 EUR 74.45
UniCredit Bank AG 4.80 3/24/2016 EUR 75.66
HSBC Trinkaus & Bu 21.60 9/25/2015 EUR 70.25
HSBC Trinkaus & Bu 16.90 12/28/2015 EUR 73.59
RegionEnergoInvest 8.50 5/30/2016 RUB 60.00
Medved-Finans OOO 12.50 8/22/2016 RUB 61.43
Agrokompleks OOO 10.00 7/29/2019 RUB 91.13
UBS AG/London 7.50 5/9/2016 CHF 72.54
Commerzbank AG 8.75 3/24/2016 EUR 75.00
Commerzbank AG 10.50 3/24/2016 EUR 73.52
Commerzbank AG 12.25 3/24/2016 EUR 72.19
Commerzbank AG 7.00 3/24/2016 EUR 72.01
Commerzbank AG 10.25 3/24/2016 EUR 69.39
UBS AG/London 4.00 3/29/2016 CHF 64.95
UniCredit Bank AG 4.60 3/24/2016 EUR 68.45
UniCredit Bank AG 5.00 3/24/2016 EUR 65.96
UniCredit Bank AG 4.80 3/24/2016 EUR 67.44
UniCredit Bank AG 4.50 3/24/2016 EUR 69.08
UniCredit Bank AG 4.00 6/24/2016 EUR 67.51
Leonteq Securities 9.00 2/16/2016 EUR 71.66
Bank Julius Baer & 12.80 1/29/2016 USD 61.75
HSBC Trinkaus & Bu 19.70 9/25/2015 EUR 70.34
HSBC Trinkaus & Bu 14.70 9/25/2015 EUR 73.48
HSBC Trinkaus & Bu 15.60 12/28/2015 EUR 73.44
HSBC Trinkaus & Bu 11.80 10/23/2015 EUR 76.02
HSBC Trinkaus & Bu 16.60 9/25/2015 EUR 71.98
HSBC Trinkaus & Bu 13.20 12/28/2015 EUR 74.45
HSBC Trinkaus & Bu 11.30 10/23/2015 EUR 76.01
DZ Bank AG Deutsch 12.50 8/28/2015 EUR 73.57
DZ Bank AG Deutsch 10.25 8/28/2015 EUR 58.35
Commerzbank AG 14.50 10/22/2015 EUR 70.76
Commerzbank AG 13.50 1/21/2016 EUR 72.76
LBBW 3.00 10/28/2016 EUR 72.30
Commerzbank AG 14.75 1/21/2016 EUR 74.04
Commerzbank AG 10.25 1/21/2016 EUR 65.30
Commerzbank AG 7.25 1/21/2016 EUR 68.49
DZ Bank AG Deutsch 10.50 9/23/2015 EUR 69.32
Commerzbank AG 2.00 2/3/2016 EUR 59.53
BNP Paribas Emissi 13.00 9/24/2015 EUR 73.90
BNP Paribas Emissi 16.00 9/24/2015 EUR 71.66
BNP Paribas Emissi 19.00 9/24/2015 EUR 69.63
BNP Paribas Emissi 11.00 12/24/2015 EUR 75.89
BNP Paribas Emissi 15.00 12/24/2015 EUR 72.42
BNP Paribas Emissi 10.00 6/23/2016 EUR 75.93
Vontobel Financial 14.20 9/25/2015 EUR 74.21
HSBC Trinkaus & Bu 10.70 2/26/2016 EUR 69.94
Deutsche Bank AG 5.50 12/22/2015 EUR 70.90
Deutsche Bank AG 5.50 12/22/2015 EUR 64.80
Deutsche Bank AG 5.50 3/22/2016 EUR 66.70
Deutsche Bank AG 5.50 6/21/2016 EUR 71.60
DZ Bank AG Deutsch 11.25 10/23/2015 EUR 67.23
UBS AG/London 6.75 12/28/2015 CHF 74.70
Deutsche Bank AG 5.50 3/22/2016 EUR 72.60
Deutsche Bank AG 5.50 6/21/2016 EUR 66.60
Deutsche Bank AG 5.50 12/22/2015 EUR 70.00
Deutsche Bank AG 5.50 12/22/2015 EUR 65.90
Deutsche Bank AG 5.50 3/22/2016 EUR 71.70
Deutsche Bank AG 5.50 3/22/2016 EUR 67.70
Deutsche Bank AG 5.50 6/21/2016 EUR 70.40
Deutsche Bank AG 5.50 6/21/2016 EUR 66.70
Oesterreichische V 5.03 6/11/2019 EUR 66.50
Oesterreichische V 5.20 4/1/2020 EUR 59.88
LBI HF 7.25 4/2/2011 EUR 2.77
LBI HF 7.00 4/2/2010 EUR 2.77
Oesterreichische V 5.23 12/5/2022 EUR 41.50
Oesterreichische V 5.21 12/6/2022 EUR 41.38
Oesterreichische V 5.00 12/12/2018 EUR 71.38
LBI HF 4.28 11/19/2010 EUR 2.77
LBI HF 4.53 4/24/2012 EUR 2.77
LBI HF 4.75 5/31/2013 EUR 2.77
Banca di Cividale 0.09 10/2/2036 EUR 62.04
Oesterreichische V 5.10 7/5/2022 EUR 43.50
NIBC Bank NV 25.98 5/7/2029 EUR 59.35
LBI HF 4.32 1/31/2010 EUR 2.77
LBI HF 2.14 2/3/2020 JPY 2.77
Municipality Finan 0.50 3/17/2025 CAD 72.06
LBI HF 4.08 3/16/2015 EUR 2.77
LBI HF 4.00 9/23/2015 EUR 2.77
Landeskreditbank B 0.50 5/10/2027 CAD 74.43
Eksportfinans ASA 0.25 7/14/2033 CAD 20.38
Oesterreichische V 1.93 7/20/2018 EUR 67.38
Oesterreichische V 1.29 3/1/2018 EUR 71.63
LBI HF 4.34 3/1/2011 EUR 2.77
Hypothekenbank Fra 0.26 6/30/2051 EUR 69.03
HSBC Bank PLC 0.50 11/9/2018 IDR 73.04
Arizk 3.00 12/20/2030 RUB 39.36
Barclays Bank PLC 1.99 12/1/2040 USD 71.78
HSBC Bank PLC 0.50 2/24/2023 AUD 71.67
Barclays Bank PLC 1.64 6/3/2041 USD 68.80
Klaebu Sparebank 2.57 NOK 69.58
Oesterreichische V 5.21 2/13/2026 EUR 29.00
Oesterreichische V 1.39 1/28/2019 EUR 61.13
Oesterreichische V 4.50 10/21/2020 EUR 53.38
Skue Sparebank 2.45 NOK 75.33
LBI HF 1.68 12/22/2014 JPY 2.77
Oesterreichische V 1.55 5/18/2020 EUR 49.13
Oesterreichische V 1.55 5/18/2020 EUR 48.63
HSBC Bank PLC 0.50 7/30/2019 IDR 67.43
LBI HF 3.34 5/11/2012 EUR 2.77
LBI HF 6.75 2/18/2015 EUR 2.77
Haltdalen Spareban 2.55 NOK 58.23
HSBC Bank PLC 0.50 12/20/2018 RUB 66.92
Societe Generale S 0.50 11/29/2022 AUD 74.30
HSBC Bank PLC 0.50 2/2/2023 AUD 69.93
HSBC Bank PLC 0.50 6/9/2023 MXN 64.69
Kommunalbanken AS 0.50 8/15/2018 BRL 71.41
Cooperatieve Centr 0.50 8/21/2028 MXN 45.65
Kommunalbanken AS 0.50 9/20/2018 BRL 70.14
Goldman Sachs & Co 7.00 1/20/2016 EUR 74.82
DZ Bank AG Deutsch 15.75 8/28/2015 EUR 74.51
HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 69.77
HSBC Trinkaus & Bu 7.50 8/28/2015 EUR 67.57
HSBC Trinkaus & Bu 8.00 8/28/2015 EUR 55.12
HSBC Trinkaus & Bu 6.00 9/25/2015 EUR 74.28
HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 68.14
Commerzbank AG 10.25 7/23/2015 EUR 69.45
Goldman Sachs & Co 9.00 8/26/2015 EUR 69.93
Goldman Sachs & Co 8.00 8/26/2015 EUR 67.49
Goldman Sachs & Co 10.00 8/26/2015 EUR 67.72
Goldman Sachs & Co 11.00 8/26/2015 EUR 67.84
Goldman Sachs & Co 11.00 8/26/2015 EUR 67.84
Goldman Sachs & Co 11.00 7/22/2015 EUR 66.81
Goldman Sachs & Co 11.00 7/22/2015 EUR 66.81
UniCredit Bank AG 4.25 8/14/2015 EUR 52.47
DZ Bank AG Deutsch 9.50 8/28/2015 EUR 69.61
Commerzbank AG 7.00 7/23/2015 EUR 74.98
Commerzbank AG 8.00 7/23/2015 EUR 73.03
Commerzbank AG 9.25 7/23/2015 EUR 71.21
Goldman Sachs & Co 6.00 7/22/2015 EUR 76.95
Goldman Sachs & Co 7.00 8/26/2015 EUR 74.79
Goldman Sachs & Co 14.00 8/26/2015 EUR 64.06
Goldman Sachs & Co 11.00 7/22/2015 EUR 66.81
Goldman Sachs & Co 5.00 8/26/2015 EUR 67.14
Goldman Sachs & Co 6.00 8/26/2015 EUR 67.25
DZ Bank AG Deutsch 10.75 8/28/2015 EUR 67.89
DZ Bank AG Deutsch 8.00 12/28/2015 EUR 71.40
Commerzbank AG 16.00 7/23/2015 EUR 52.43
Commerzbank AG 12.75 7/23/2015 EUR 74.12
HSBC Trinkaus & Bu 6.30 9/25/2015 EUR 73.10
HSBC Trinkaus & Bu 10.40 12/28/2015 EUR 67.78
HSBC Trinkaus & Bu 6.60 12/28/2015 EUR 73.70
HSBC Trinkaus & Bu 13.20 11/27/2015 EUR 64.75
HSBC Trinkaus & Bu 20.20 9/25/2015 EUR 75.43
Leonteq Securities 11.00 12/15/2015 USD 54.58
Commerzbank AG 7.50 12/24/2015 EUR 76.26
Commerzbank AG 9.50 12/24/2015 EUR 73.50
Goldman Sachs & Co 6.00 1/20/2016 EUR 71.92
Goldman Sachs & Co 6.00 1/20/2016 EUR 71.92
Goldman Sachs & Co 8.00 1/20/2016 EUR 72.96
Goldman Sachs & Co 10.00 1/20/2016 EUR 74.00
Goldman Sachs & Co 10.00 1/20/2016 EUR 74.00
Goldman Sachs & Co 10.00 1/20/2016 EUR 74.00
Goldman Sachs & Co 6.00 6/22/2016 EUR 71.86
Goldman Sachs & Co 8.00 6/22/2016 EUR 73.73
Goldman Sachs & Co 7.00 6/22/2016 EUR 72.80
Goldman Sachs & Co 10.00 6/22/2016 EUR 75.61
UniCredit Bank AG 4.50 12/24/2015 EUR 72.00
DZ Bank AG Deutsch 6.00 3/29/2016 EUR 69.29
LBBW 2.50 7/22/2016 EUR 59.99
LBBW 3.50 7/22/2016 EUR 58.02
LBBW 4.00 7/22/2016 EUR 73.59
LBBW 3.90 9/22/2017 EUR 71.94
LBBW 4.50 10/23/2015 EUR 75.86
LBBW 4.50 10/23/2015 EUR 75.75
Goldman Sachs Inte 1.00 12/5/2017 SEK 11.41
Commerzbank AG 3.00 12/3/2015 EUR 63.61
Atomenergoprom JSC 11.90 6/25/2025 RUB 130.00
Lehman Brothers Tr 1.28 11/6/2010 JPY 19.13
Lehman Brothers Tr 8.60 7/31/2013 GBP 4.83
Lehman Brothers Tr 8.28 7/31/2013 GBP 4.83
Lehman Brothers Tr 7.50 7/31/2013 GBP 4.83
Lehman Brothers Tr 7.32 7/31/2013 GBP 4.83
UBS AG/London 24.50 3/29/2016 EUR 72.70
UBS AG/London 22.25 6/24/2016 EUR 59.82
UBS AG/London 23.00 12/29/2015 EUR 75.05
UBS AG/London 7.75 12/22/2017 EUR 73.30
UBS AG/London 24.75 3/29/2016 EUR 57.60
UBS AG/London 18.50 12/29/2015 EUR 59.70
UBS AG/London 5.75 6/24/2016 EUR 76.09
UBS AG/London 9.00 12/29/2015 EUR 59.42
UBS AG/London 14.75 9/25/2015 EUR 59.44
Vontobel Financial 6.55 9/4/2015 EUR 78.90
HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 61.41
HSBC Trinkaus & Bu 9.00 9/25/2015 EUR 66.29
Raiffeisen Centrob 10.59 7/22/2015 EUR 77.54
Raiffeisen Centrob 6.95 1/20/2016 EUR 73.11
Commerzbank AG 7.25 6/23/2016 EUR 75.08
Commerzbank AG 8.00 6/23/2016 EUR 74.18
DZ Bank AG Deutsch 7.10 8/7/2015 EUR 66.74
DZ Bank AG Deutsch 9.10 8/7/2015 EUR 63.06
Leonteq Securities 13.00 9/2/2015 CHF 51.34
Notenstein Privatb 9.10 8/29/2016 CHF 59.80
Bank Julius Baer & 7.00 8/28/2015 USD 55.40
Commerzbank AG 9.00 7/23/2015 EUR 58.55
Vontobel Financial 8.00 8/28/2015 EUR 63.79
DZ Bank AG Deutsch 6.50 8/28/2015 EUR 64.21
DZ Bank AG Deutsch 5.00 8/28/2015 EUR 67.69
DZ Bank AG Deutsch 6.00 8/28/2015 EUR 64.56
Vontobel Financial 9.20 9/25/2015 EUR 73.05
Commerzbank AG 6.75 6/23/2016 EUR 76.29
UBS AG/London 7.50 8/13/2015 CHF 37.78
Commerzbank AG 7.00 8/13/2015 EUR 65.10
Vontobel Financial 5.00 9/23/2016 EUR 70.39
DZ Bank AG Deutsch 5.25 9/25/2015 EUR 68.10
DZ Bank AG Deutsch 5.25 12/28/2015 EUR 68.46
Leonteq Securities 15.20 12/2/2015 CHF 50.28
Leonteq Securities 20.00 12/8/2015 USD 35.77
BNP Paribas Emissi 5.00 9/24/2015 EUR 72.18
BNP Paribas Emissi 6.00 9/24/2015 EUR 68.16
BNP Paribas Emissi 6.00 12/24/2015 EUR 68.70
BNP Paribas Emissi 7.25 12/24/2015 EUR 65.71
BNP Paribas Emissi 8.50 12/24/2015 EUR 63.01
BNP Paribas Emissi 6.75 9/24/2015 EUR 75.35
Credit Suisse AG/N 10.25 8/28/2015 USD 50.02
HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 68.64
HSBC Trinkaus & Bu 6.50 12/28/2015 EUR 74.22
HSBC Trinkaus & Bu 7.00 8/28/2015 EUR 72.27
HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 61.19
DekaBank Deutsche 3.40 6/10/2016 EUR 64.97
Credit Suisse AG/L 7.00 8/27/2015 CHF 75.48
Credit Suisse AG/N 8.50 2/29/2016 USD 63.16
HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 64.89
Commerzbank AG 8.50 7/23/2015 EUR 67.71
BNP Paribas Emissi 7.50 9/24/2015 EUR 64.64
BNP Paribas Emissi 9.00 9/24/2015 EUR 61.50
BNP Paribas Emissi 5.00 12/24/2015 EUR 72.08
BNP Paribas Emissi 6.25 12/24/2015 EUR 76.69
Commerzbank AG 7.25 7/23/2015 EUR 65.35
Bank Julius Baer & 6.90 8/14/2015 EUR 70.50
Goldman Sachs & Co 7.00 8/26/2015 EUR 69.66
Notenstein Privatb 9.10 8/29/2016 CHF 42.79
Credit Suisse AG/L 11.00 8/28/2015 USD 40.72
Commerzbank AG 24.25 7/23/2015 EUR 51.28
Leonteq Securities 11.00 8/25/2015 USD 55.15
Lehman Brothers Tr 3.20 3/19/2018 JPY 4.83
HSBC Trinkaus & Bu 7.60 9/25/2015 EUR 70.30
HSBC Trinkaus & Bu 7.10 12/28/2015 EUR 71.92
HSBC Trinkaus & Bu 6.50 12/28/2015 EUR 71.64
HSBC Trinkaus & Bu 6.10 12/28/2015 EUR 71.46
HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 58.34
HSBC Trinkaus & Bu 6.90 9/25/2015 EUR 58.16
HSBC Trinkaus & Bu 8.10 12/28/2015 EUR 60.09
HSBC Trinkaus & Bu 6.10 12/28/2015 EUR 59.17
HSBC Trinkaus & Bu 8.40 9/25/2015 EUR 71.46
HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 71.34
HSBC Trinkaus & Bu 7.90 12/28/2015 EUR 72.79
HSBC Trinkaus & Bu 7.50 12/28/2015 EUR 72.61
HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 72.38
HSBC Trinkaus & Bu 5.90 12/28/2015 EUR 71.87
Leonteq Securities 4.68 8/29/2017 CHF 74.42
Deutsche Bank AG 7.20 8/26/2015 EUR 75.00
Deutsche Bank AG 5.20 8/26/2015 EUR 72.10
Deutsche Bank AG 7.20 8/26/2015 EUR 72.40
Deutsche Bank AG 5.20 10/21/2015 EUR 75.40
Deutsche Bank AG 7.20 10/21/2015 EUR 76.00
Deutsche Bank AG 6.20 10/21/2015 EUR 73.10
Deutsche Bank AG 5.20 10/21/2015 EUR 72.80
Commerzbank AG 6.50 8/27/2015 EUR 73.61
Commerzbank AG 7.50 8/27/2015 EUR 71.81
Commerzbank AG 8.50 8/27/2015 EUR 70.10
Commerzbank AG 9.75 8/27/2015 EUR 68.54
HSBC Trinkaus & Bu 8.70 7/24/2015 EUR 73.46
HSBC Trinkaus & Bu 11.50 9/25/2015 EUR 69.36
Vontobel Financial 6.45 9/11/2015 EUR 62.24
Vontobel Financial 8.05 9/11/2015 EUR 60.38
Vontobel Financial 5.10 9/11/2015 EUR 64.30
Vontobel Financial 5.10 9/11/2015 EUR 74.67
Vontobel Financial 7.00 12/11/2015 EUR 71.66
BNP Paribas Emissi 5.10 10/21/2015 EUR 69.99
Leonteq Securities 9.50 9/8/2016 USD 58.41
Leonteq Securities 8.64 9/8/2016 CHF 58.94
DZ Bank AG Deutsch 5.00 9/25/2015 EUR 75.05
DZ Bank AG Deutsch 8.50 9/25/2015 EUR 69.75
UBS AG/London 11.25 8/27/2015 CHF 38.30
Commerzbank AG 8.75 8/27/2015 EUR 57.81
Commerzbank AG 10.75 8/27/2015 EUR 55.21
Commerzbank AG 10.25 8/27/2015 EUR 71.81
Commerzbank AG 14.00 8/27/2015 EUR 69.61
Commerzbank AG 17.25 8/27/2015 EUR 61.56
Commerzbank AG 20.50 8/27/2015 EUR 55.20
Commerzbank AG 23.75 8/27/2015 EUR 49.89
Commerzbank AG 6.25 8/27/2015 EUR 63.79
Commerzbank AG 8.25 8/27/2015 EUR 60.79
Bank Julius Baer & 7.00 9/12/2016 CHF 75.75
UniCredit Bank AG 4.50 9/24/2015 EUR 62.68
UniCredit Bank AG 4.00 9/24/2015 EUR 64.49
UniCredit Bank AG 5.60 9/24/2015 EUR 60.23
UniCredit Bank AG 4.25 9/24/2015 EUR 67.85
UniCredit Bank AG 4.50 9/24/2015 EUR 66.64
UniCredit Bank AG 4.00 9/24/2015 EUR 69.16
UniCredit Bank AG 5.20 9/24/2015 EUR 64.33
UniCredit Bank AG 5.60 9/24/2015 EUR 63.28
UniCredit Bank AG 6.25 9/24/2015 EUR 61.22
Commerzbank AG 6.75 8/27/2015 EUR 60.72
Vontobel Financial 6.40 9/25/2015 EUR 72.50
DZ Bank AG Deutsch 5.70 9/7/2015 EUR 62.63
Notenstein Privatb 5.04 8/28/2017 CHF 74.28
Notenstein Privatb 10.00 9/5/2016 CHF 57.97
Commerzbank AG 6.50 8/27/2015 EUR 68.68
Goldman Sachs & Co 16.00 7/22/2015 EUR 62.78
Goldman Sachs & Co 8.00 8/26/2015 EUR 72.29
HSBC Trinkaus & Bu 6.70 9/25/2015 EUR 70.12
HSBC Trinkaus & Bu 6.00 9/25/2015 EUR 69.98
HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 58.47
HSBC Trinkaus & Bu 7.60 12/28/2015 EUR 59.86
HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 59.58
HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 71.20
Deutsche Bank AG 6.20 8/26/2015 EUR 72.20
Deutsche Bank AG 6.20 10/21/2015 EUR 75.70
Deutsche Bank AG 7.20 10/21/2015 EUR 73.40
Commerzbank AG 5.50 8/27/2015 EUR 75.52
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 65.11
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 71.45
Commerzbank AG 6.00 8/27/2015 EUR 76.13
Commerzbank AG 9.25 8/27/2015 EUR 72.64
Commerzbank AG 11.75 8/27/2015 EUR 69.40
Notenstein Privatb 7.20 9/3/2015 EUR 48.03
Credit Suisse AG/L 7.50 9/10/2015 CHF 75.28
Vontobel Financial 7.80 9/11/2015 EUR 70.01
DZ Bank AG Deutsch 7.75 9/25/2015 EUR 61.53
DZ Bank AG Deutsch 7.00 12/28/2015 EUR 63.34
Commerzbank AG 5.75 8/27/2015 EUR 67.12
Commerzbank AG 7.75 8/27/2015 EUR 63.86
Commerzbank AG 10.00 8/27/2015 EUR 60.99
Bank Julius Baer & 7.40 9/9/2015 CHF 39.30
UniCredit Bank AG 5.00 9/24/2015 EUR 65.50
UniCredit Bank AG 6.00 9/24/2015 EUR 62.25
UniCredit Bank AG 5.00 9/24/2015 EUR 61.85
UniCredit Bank AG 6.00 9/24/2015 EUR 59.45
UniCredit Bank AG 4.25 9/24/2015 EUR 63.58
Vontobel Financial 5.80 12/28/2015 EUR 73.85
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 77.32
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 58.06
HSBC Trinkaus & Bu 8.90 7/24/2015 EUR 69.20
HSBC Trinkaus & Bu 8.00 10/23/2015 EUR 71.13
HSBC Trinkaus & Bu 7.40 12/28/2015 EUR 72.22
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 40.69
Lehman Brothers Tr 3.00 9/13/2010 JPY 19.13
Lehman Brothers Tr 9.25 6/20/2012 USD 4.83
BNP Paribas Emissi 7.25 10/22/2015 EUR 64.91
BNP Paribas Emissi 7.00 1/21/2016 EUR 65.99
Goldman Sachs & Co 11.00 9/23/2015 EUR 64.58
Goldman Sachs & Co 11.00 9/23/2015 EUR 64.58
Goldman Sachs & Co 11.00 9/23/2015 EUR 64.58
Goldman Sachs & Co 11.00 10/21/2015 EUR 65.43
Goldman Sachs & Co 11.00 10/21/2015 EUR 65.43
Goldman Sachs & Co 9.00 3/23/2016 EUR 68.59
Goldman Sachs & Co 9.00 3/23/2016 EUR 68.59
Goldman Sachs & Co 9.00 3/23/2016 EUR 68.59
Notenstein Privatb 5.50 9/26/2016 CHF 60.21
Notenstein Privatb 5.00 9/26/2016 CHF 61.28
DZ Bank AG Deutsch 5.50 2/26/2016 EUR 66.39
UBS AG 21.75 12/29/2015 EUR 59.86
UBS AG 18.75 3/29/2016 EUR 70.19
Credit Suisse AG/L 7.00 11/2/2015 CHF 68.45
Credit Suisse AG/N 8.63 11/2/2015 CHF 75.55
UBS AG 11.50 6/24/2016 EUR 71.04
UBS AG 17.25 6/24/2016 EUR 72.94
Zurcher Kantonalba 14.00 7/29/2015 EUR 66.93
UBS AG 21.50 3/29/2016 EUR 73.74
UBS AG 23.75 12/29/2015 EUR 66.61
UBS AG 10.25 6/24/2016 EUR 73.74
UBS AG 16.25 6/24/2016 EUR 74.89
UBS AG 13.25 6/24/2016 EUR 73.74
Leonteq Securities 11.60 8/12/2015 USD 54.19
LBBW 6.00 10/23/2015 EUR 75.19
HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 75.12
UBS AG 13.25 12/29/2015 EUR 57.09
UBS AG 8.75 9/25/2015 EUR 69.61
Credit Suisse AG/N 7.50 11/16/2015 CHF 71.73
UBS AG 6.50 12/29/2015 EUR 75.24
Raiffeisen Centrob 10.78 7/22/2015 EUR 71.91
Raiffeisen Centrob 9.12 7/22/2015 EUR 69.66
Raiffeisen Centrob 8.24 1/20/2016 EUR 70.11
HSBC Trinkaus & Bu 6.00 12/6/2016 EUR 69.76
DZ Bank AG Deutsch 7.25 9/11/2015 EUR 68.46
DZ Bank AG Deutsch 7.75 9/11/2015 EUR 68.54
Credit Suisse AG/N 7.50 11/23/2015 CHF 72.25
Vontobel Financial 6.50 9/11/2015 EUR 72.26
Vontobel Financial 8.90 9/11/2015 EUR 67.89
Vontobel Financial 10.45 9/11/2015 EUR 62.75
Vontobel Financial 8.65 9/11/2015 EUR 65.69
Vontobel Financial 6.95 9/11/2015 EUR 69.00
Vontobel Financial 5.35 9/11/2015 EUR 72.74
Vontobel Financial 4.00 9/11/2015 EUR 76.99
Vontobel Financial 7.80 9/11/2015 EUR 64.59
Notenstein Privatb 6.60 5/19/2016 CHF 74.83
Vontobel Financial 4.55 9/11/2015 EUR 68.78
Zurcher Kantonalba 9.20 8/24/2015 CHF 72.15
Leonteq Securities 6.70 6/6/2016 USD 60.40
DZ Bank AG Deutsch 7.00 9/25/2015 EUR 68.87
HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 65.80
Raiffeisen Centrob 7.24 7/22/2015 EUR 73.02
Bank Julius Baer & 7.30 1/19/2016 CHF 65.25
Raiffeisen Centrob 9.87 7/22/2015 EUR 67.38
Deutsche Bank AG 7.20 9/22/2015 EUR 75.90
Deutsche Bank AG 5.20 9/22/2015 EUR 71.30
Goldman Sachs & Co 8.00 9/23/2015 EUR 69.47
Credit Suisse AG/L 7.60 10/15/2015 CHF 60.08
Raiffeisen Centrob 8.56 7/22/2015 EUR 67.13
Bank Julius Baer & 7.50 1/19/2016 USD 65.00
Raiffeisen Centrob 7.90 7/22/2015 EUR 74.02
Deutsche Bank AG 6.20 9/22/2015 EUR 75.70
DZ Bank AG Deutsch 6.00 7/10/2015 EUR 69.62
UBS AG 24.00 12/29/2015 EUR 57.05
UBS AG 19.25 3/29/2016 EUR 63.59
UBS AG 19.75 6/24/2016 EUR 63.99
UBS AG 18.00 6/24/2016 EUR 66.10
Goldman Sachs & Co 9.00 9/23/2015 EUR 73.59
Goldman Sachs & Co 12.00 9/23/2015 EUR 66.55
UBS AG 17.50 6/24/2016 EUR 62.54
UBS AG 21.75 3/29/2016 EUR 56.98
UBS AG 24.50 9/25/2015 EUR 69.32
UBS AG 24.50 12/29/2015 EUR 69.56
UBS AG 22.00 12/29/2015 EUR 64.26
UBS AG 19.75 3/29/2016 EUR 68.21
UBS AG 22.50 12/29/2015 EUR 69.80
UBS AG 23.75 12/29/2015 EUR 49.17
UBS AG 22.25 3/29/2016 EUR 66.99
UBS AG 20.00 12/29/2015 EUR 52.92
UBS AG 24.50 9/25/2015 EUR 74.78
UBS AG 22.75 9/25/2015 EUR 48.13
UBS AG 21.25 3/29/2016 EUR 64.33
UBS AG 25.00 12/29/2015 EUR 62.59
UBS AG 25.00 9/25/2015 EUR 59.01
UBS AG 23.00 12/29/2015 EUR 53.54
UBS AG 24.25 12/29/2015 EUR 69.52
UBS AG 16.50 6/24/2016 EUR 63.87
UBS AG 21.25 3/29/2016 EUR 61.17
Goldman Sachs & Co 5.00 7/22/2015 EUR 76.34
Goldman Sachs & Co 7.00 7/22/2015 EUR 71.88
Goldman Sachs & Co 8.00 7/22/2015 EUR 67.70
Goldman Sachs & Co 10.00 7/22/2015 EUR 64.17
Goldman Sachs & Co 12.00 7/22/2015 EUR 60.99
Goldman Sachs & Co 6.00 12/23/2015 EUR 74.46
Goldman Sachs & Co 8.00 12/23/2015 EUR 71.46
Goldman Sachs & Co 10.00 12/23/2015 EUR 65.60
Raiffeisen Centrob 5.60 6/15/2016 EUR 73.16
Goldman Sachs & Co 7.00 7/22/2015 EUR 74.14
Goldman Sachs & Co 8.00 7/22/2015 EUR 71.52
Goldman Sachs & Co 9.00 7/22/2015 EUR 69.09
DZ Bank AG Deutsch 8.00 9/11/2015 EUR 67.35
Goldman Sachs & Co 11.00 7/22/2015 EUR 66.83
DZ Bank AG Deutsch 6.75 9/11/2015 EUR 67.15
Goldman Sachs & Co 6.00 12/23/2015 EUR 76.61
Goldman Sachs & Co 7.00 12/23/2015 EUR 74.50
Goldman Sachs & Co 8.00 12/23/2015 EUR 72.54
Goldman Sachs & Co 9.00 12/23/2015 EUR 70.71
DZ Bank AG Deutsch 5.25 9/11/2015 EUR 68.10
DZ Bank AG Deutsch 4.20 9/11/2015 EUR 76.65
DZ Bank AG Deutsch 4.90 9/11/2015 EUR 74.31
DZ Bank AG Deutsch 5.80 9/11/2015 EUR 72.01
DZ Bank AG Deutsch 5.75 9/25/2015 EUR 68.95
Vontobel Financial 6.05 9/25/2015 EUR 64.27
Vontobel Financial 4.40 9/25/2015 EUR 68.60
Barclays Bank PLC 4.17 1/5/2017 EUR 69.00
Leonteq Securities 12.20 7/22/2015 USD 59.70
Vontobel Financial 5.00 5/6/2016 EUR 71.20
Goldman Sachs & Co 6.00 9/23/2015 EUR 70.06
Goldman Sachs & Co 5.00 9/23/2015 EUR 77.32
Goldman Sachs & Co 6.00 9/23/2015 EUR 73.07
Goldman Sachs & Co 7.00 9/23/2015 EUR 69.28
BNP Paribas Emissi 10.00 7/23/2015 EUR 57.24
BNP Paribas Emissi 8.00 7/23/2015 EUR 57.80
Leonteq Securities 6.89 12/30/2015 USD 64.05
Goldman Sachs & Co 10.00 9/23/2015 EUR 63.04
Goldman Sachs & Co 11.00 9/23/2015 EUR 60.32
UBS AG 8.50 6/24/2016 EUR 76.33
UBS AG 9.50 12/29/2015 EUR 60.01
UBS AG 14.75 3/29/2016 EUR 62.89
UBS AG 12.25 9/25/2015 EUR 73.49
UniCredit Bank AG 5.50 7/23/2015 EUR 41.31
UniCredit Bank AG 5.00 7/23/2015 EUR 42.84
UniCredit Bank AG 5.50 7/23/2015 EUR 66.44
UniCredit Bank AG 5.20 7/23/2015 EUR 68.27
UniCredit Bank AG 4.80 7/23/2015 EUR 70.20
UBS AG 8.50 12/29/2015 EUR 71.69
UniCredit Bank AG 5.50 7/23/2015 EUR 71.62
DekaBank Deutsche 3.20 5/20/2016 EUR 73.24
UBS AG 7.25 12/29/2015 EUR 71.24
UBS AG 10.75 12/29/2015 EUR 67.45
Goldman Sachs & Co 6.00 11/25/2015 EUR 71.07
Goldman Sachs & Co 7.00 11/25/2015 EUR 71.43
Goldman Sachs & Co 10.00 11/25/2015 EUR 72.53
Goldman Sachs & Co 12.00 11/25/2015 EUR 71.12
Leonteq Securities 12.40 4/27/2016 CHF 58.59
Leonteq Securities 10.40 4/27/2016 CHF 64.06
Bank Julius Baer & 11.00 10/14/2015 CHF 46.60
UBS AG/London 7.50 10/15/2015 CHF 47.69
Commerzbank AG 9.50 10/22/2015 EUR 76.22
Commerzbank AG 10.50 10/22/2015 EUR 74.65
Leonteq Securities 5.20 11/7/2016 CHF 58.55
UniCredit Bank AG 5.00 11/26/2015 EUR 74.38
UniCredit Bank AG 5.50 11/26/2015 EUR 72.05
UniCredit Bank AG 4.65 11/26/2015 EUR 76.87
UniCredit Bank AG 4.75 11/26/2015 EUR 76.23
Commerzbank AG 5.50 7/23/2015 EUR 57.57
Commerzbank AG 9.00 7/23/2015 EUR 53.06
HSBC Trinkaus & Bu 12.00 9/25/2015 EUR 68.63
Leonteq Securities 13.40 1/14/2016 CHF 75.52
Zurcher Kantonalba 7.02 10/9/2015 CHF 53.15
Zurcher Kantonalba 11.03 8/7/2015 CHF 48.20
Commerzbank AG 6.75 7/23/2015 EUR 58.83
Vontobel Financial 7.05 10/23/2015 EUR 68.45
Vontobel Financial 9.75 10/23/2015 EUR 65.02
Vontobel Financial 4.75 10/23/2015 EUR 72.54
Notenstein Privatb 4.00 2/1/2016 EUR 58.30
Leonteq Securities 13.60 1/6/2016 CHF 61.60
UBS AG/London 5.00 7/31/2015 CHF 63.06
Vontobel Financial 7.30 7/10/2015 EUR 71.82
Vontobel Financial 4.10 12/11/2015 EUR 75.45
Vontobel Financial 4.05 3/11/2016 EUR 76.28
Vontobel Financial 27.40 9/25/2015 EUR 76.51
Vontobel Financial 27.95 9/25/2015 EUR 70.00
Leonteq Securities 8.00 8/15/2016 CHF 71.62
Leonteq Securities 9.60 11/18/2015 CHF 58.97
Leonteq Securities 9.00 4/8/2016 USD 14.32
Deutsche Bank AG 3.20 9/22/2015 EUR 74.70
Deutsche Bank AG 3.20 9/22/2015 EUR 72.10
Deutsche Bank AG 3.20 9/22/2015 EUR 69.60
Deutsche Bank AG 3.20 12/22/2015 EUR 75.30
Deutsche Bank AG 3.20 12/22/2015 EUR 72.70
Deutsche Bank AG 3.20 12/22/2015 EUR 70.30
UBS AG/London 24.25 12/29/2015 EUR 72.39
UBS AG/London 9.00 9/25/2015 EUR 54.18
UBS AG/London 14.00 12/23/2016 EUR 69.75
UBS AG/London 23.75 6/24/2016 EUR 70.25
UBS AG/London 9.00 12/29/2015 EUR 75.73
UBS AG/London 13.25 6/24/2016 EUR 71.82
UniCredit Bank AG 6.00 9/24/2015 EUR 67.75
DZ Bank AG Deutsch 5.60 10/7/2015 EUR 53.31
UniCredit Bank AG 5.50 9/24/2015 EUR 69.96
UniCredit Bank AG 6.50 9/24/2015 EUR 65.71
UniCredit Bank AG 5.00 9/24/2015 EUR 72.29
Credit Suisse AG/N 8.38 10/15/2015 USD 69.26
UniCredit Bank AG 4.50 9/24/2015 EUR 74.81
DZ Bank AG Deutsch 7.50 9/25/2015 EUR 55.66
DZ Bank AG Deutsch 5.75 8/28/2015 EUR 68.75
DZ Bank AG Deutsch 10.00 8/28/2015 EUR 63.27
DZ Bank AG Deutsch 8.25 7/24/2015 EUR 53.17
DZ Bank AG Deutsch 7.25 9/25/2015 EUR 71.71
Vontobel Financial 9.70 9/11/2015 EUR 69.87
Vontobel Financial 7.25 12/11/2015 EUR 73.92
Vontobel Financial 8.65 12/11/2015 EUR 71.67
Vontobel Financial 5.50 8/14/2015 EUR 57.58
Commerzbank AG 5.00 9/24/2015 EUR 72.95
Vontobel Financial 7.25 12/28/2015 EUR 74.51
Vontobel Financial 7.00 10/30/2015 EUR 75.10
Commerzbank AG 5.75 9/24/2015 EUR 76.60
Commerzbank AG 6.75 9/24/2015 EUR 74.74
Commerzbank AG 7.75 9/24/2015 EUR 73.01
Commerzbank AG 7.75 9/24/2015 EUR 75.30
Commerzbank AG 9.50 9/24/2015 EUR 56.35
Commerzbank AG 11.50 9/24/2015 EUR 53.88
Commerzbank AG 13.75 9/24/2015 EUR 51.74
BNP Paribas Emissi 9.00 1/21/2016 EUR 58.18
Deutsche Bank AG 10.00 7/22/2015 EUR 62.80
Deutsche Bank AG 10.00 8/26/2015 EUR 63.80
Deutsche Bank AG 10.00 9/22/2015 EUR 64.50
Deutsche Bank AG 10.00 10/21/2015 EUR 65.30
Deutsche Bank AG 10.00 11/25/2015 EUR 66.20
Deutsche Bank AG 10.00 12/22/2015 EUR 67.00
UBS AG/London 10.25 9/25/2015 EUR 49.44
UBS AG/London 24.75 9/25/2015 EUR 65.90
Leonteq Securities 14.00 10/20/2015 CHF 68.47
Leonteq Securities 9.00 10/20/2015 CHF 53.97
HSBC Trinkaus & Bu 17.10 9/25/2015 EUR 43.51
HSBC Trinkaus & Bu 13.40 9/25/2015 EUR 45.97
HSBC Trinkaus & Bu 12.80 7/24/2015 EUR 45.52
HSBC Trinkaus & Bu 11.30 10/23/2015 EUR 48.06
Goldman Sachs & Co 15.00 7/22/2015 EUR 77.16
Goldman Sachs & Co 17.00 7/22/2015 EUR 74.36
Goldman Sachs & Co 16.00 8/26/2015 EUR 75.86
Goldman Sachs & Co 15.00 9/23/2015 EUR 76.96
Commerzbank AG 8.50 10/22/2015 EUR 75.71
DZ Bank AG Deutsch 10.00 9/25/2015 EUR 74.18
DZ Bank AG Deutsch 7.75 12/28/2015 EUR 75.43
DZ Bank AG Deutsch 7.75 11/27/2015 EUR 61.73
Leonteq Securities 9.07 5/3/2016 GBP 66.05
UBS AG/London 9.06 10/23/2015 CHF 52.00
UBS AG/London 12.88 10/23/2015 CHF 53.15
UBS AG/London 7.54 10/23/2015 CHF 61.65
Commerzbank AG 8.00 10/22/2015 EUR 74.76
HSBC Trinkaus & Bu 11.00 7/24/2015 EUR 74.36
HSBC Trinkaus & Bu 9.50 10/23/2015 EUR 76.60
HSBC Trinkaus & Bu 13.50 7/24/2015 EUR 51.97
HSBC Trinkaus & Bu 11.60 10/23/2015 EUR 54.69
Leonteq Securities 12.40 2/3/2016 CHF 62.82
Deutsche Bank AG 6.20 9/22/2015 EUR 74.20
Deutsche Bank AG 5.20 9/22/2015 EUR 70.90
Deutsche Bank AG 5.20 9/22/2015 EUR 57.90
Deutsche Bank AG 7.20 9/22/2015 EUR 58.30
Deutsche Bank AG 6.20 9/22/2015 EUR 58.10
Deutsche Bank AG 5.20 9/22/2015 EUR 55.10
Deutsche Bank AG 7.20 9/22/2015 EUR 52.90
Vontobel Financial 5.05 7/10/2015 EUR 54.91
Deutsche Bank AG 3.20 7/22/2015 EUR 77.00
Deutsche Bank AG 3.20 7/22/2015 EUR 74.20
Deutsche Bank AG 3.20 8/26/2015 EUR 77.30
Deutsche Bank AG 3.20 8/26/2015 EUR 74.50
Deutsche Bank AG 3.20 10/21/2015 EUR 74.90
Deutsche Bank AG 3.20 11/25/2015 EUR 75.10
UniCredit Bank AG 4.40 10/22/2015 EUR 70.06
DZ Bank AG Deutsch 8.75 10/23/2015 EUR 76.15
DZ Bank AG Deutsch 7.00 10/23/2015 EUR 58.23
Bank Julius Baer & 14.20 10/28/2015 CHF 51.45
Credit Suisse AG/N 5.00 6/6/2016 CHF 73.20
DZ Bank AG Deutsch 7.30 9/11/2015 EUR 70.05
UniCredit Bank AG 5.50 7/23/2015 EUR 53.80
UniCredit Bank AG 4.50 7/23/2015 EUR 58.37
UniCredit Bank AG 4.00 7/23/2015 EUR 60.07
Goldman Sachs & Co 6.00 7/22/2015 EUR 71.86
UniCredit Bank AG 5.50 7/23/2015 EUR 72.75
Goldman Sachs & Co 7.00 12/23/2015 EUR 71.01
UniCredit Bank AG 5.20 7/23/2015 EUR 75.48
Goldman Sachs & Co 11.00 12/23/2015 EUR 63.14
Goldman Sachs & Co 11.00 12/23/2015 EUR 67.46
Goldman Sachs & Co 4.00 7/22/2015 EUR 66.66
Goldman Sachs & Co 6.00 7/22/2015 EUR 66.70
Goldman Sachs & Co 7.00 7/22/2015 EUR 66.72
Goldman Sachs & Co 10.00 7/22/2015 EUR 66.79
Goldman Sachs & Co 10.00 7/22/2015 EUR 66.79
Goldman Sachs & Co 10.00 7/22/2015 EUR 66.79
Goldman Sachs & Co 5.00 12/23/2015 EUR 68.79
Goldman Sachs & Co 6.00 12/23/2015 EUR 69.23
Goldman Sachs & Co 7.00 12/23/2015 EUR 69.67
Goldman Sachs & Co 8.00 12/23/2015 EUR 70.11
Goldman Sachs & Co 8.00 12/23/2015 EUR 70.11
Goldman Sachs & Co 9.00 12/23/2015 EUR 70.56
Goldman Sachs & Co 9.00 12/23/2015 EUR 70.56
DZ Bank AG Deutsch 5.50 9/11/2015 EUR 76.25
Notenstein Privatb 6.10 12/30/2015 EUR 62.59
Credit Suisse AG/N 6.50 1/11/2016 CHF 72.23
Notenstein Privatb 6.50 7/2/2018 USD 73.65
DZ Bank AG Deutsch 7.25 7/24/2015 EUR 56.03
DZ Bank AG Deutsch 6.75 7/24/2015 EUR 71.95
DZ Bank AG Deutsch 16.00 7/24/2015 EUR 32.56
Vontobel Financial 5.50 7/24/2015 EUR 65.01
Credit Suisse AG/N 8.25 1/11/2016 CHF 42.38
Leonteq Securities 5.25 1/4/2016 CHF 71.57
Leonteq Securities 8.00 7/7/2016 USD 61.83
Vontobel Financial 7.60 9/11/2015 EUR 75.66
Vontobel Financial 9.35 9/11/2015 EUR 72.76
Vontobel Financial 5.85 9/25/2015 EUR 67.65
Notenstein Privatb 8.00 1/11/2016 EUR 68.53
Vontobel Financial 5.85 9/25/2015 EUR 72.39
UniCredit Bank AG 4.00 9/24/2015 EUR 80.00
UniCredit Bank AG 4.00 9/24/2015 EUR 38.00
UniCredit Bank AG 4.00 9/24/2015 EUR 72.11
UniCredit Bank AG 4.00 9/24/2015 EUR 38.87
Deutsche Bank AG 7.20 12/22/2015 EUR 71.40
Deutsche Bank AG 7.20 12/22/2015 EUR 67.90
Deutsche Bank AG 5.20 12/22/2015 EUR 67.00
Deutsche Bank AG 6.20 9/22/2015 EUR 65.90
Deutsche Bank AG 7.20 9/22/2015 EUR 69.70
Deutsche Bank AG 7.20 9/22/2015 EUR 62.90
Deutsche Bank AG 6.20 12/22/2015 EUR 71.00
Deutsche Bank AG 7.20 12/22/2015 EUR 64.70
Deutsche Bank AG 5.20 12/22/2015 EUR 70.50
Deutsche Bank AG 6.20 9/22/2015 EUR 62.70
Deutsche Bank AG 5.20 7/22/2015 EUR 72.50
Deutsche Bank AG 5.20 9/22/2015 EUR 62.50
Deutsche Bank AG 5.20 8/26/2015 EUR 77.50
Deutsche Bank AG 5.20 8/26/2015 EUR 68.90
Deutsche Bank AG 5.20 9/22/2015 EUR 69.30
Deutsche Bank AG 5.20 9/22/2015 EUR 65.70
Deutsche Bank AG 6.20 12/22/2015 EUR 67.50
Deutsche Bank AG 5.20 12/22/2015 EUR 63.80
Deutsche Bank AG 5.20 7/22/2015 EUR 77.00
Deutsche Bank AG 6.20 7/22/2015 EUR 77.00
Deutsche Bank AG 6.20 7/22/2015 EUR 72.50
Deutsche Bank AG 5.20 12/22/2015 EUR 68.90
Deutsche Bank AG 6.20 7/22/2015 EUR 68.50
Deutsche Bank AG 6.20 8/26/2015 EUR 73.10
Deutsche Bank AG 6.20 12/22/2015 EUR 64.20
Deutsche Bank AG 7.20 9/22/2015 EUR 66.10
Deutsche Bank AG 6.20 12/22/2015 EUR 69.40
Deutsche Bank AG 7.20 9/22/2015 EUR 70.40
Deutsche Bank AG 5.20 9/22/2015 EUR 67.70
Deutsche Bank AG 6.20 12/22/2015 EUR 71.70
Deutsche Bank AG 6.20 12/22/2015 EUR 76.60
Deutsche Bank AG 7.20 12/22/2015 EUR 69.80
Deutsche Bank AG 6.20 9/22/2015 EUR 67.90
Deutsche Bank AG 5.20 12/22/2015 EUR 76.20
Deutsche Bank AG 5.20 9/22/2015 EUR 70.00
Deutsche Bank AG 5.20 12/22/2015 EUR 71.20
Deutsche Bank AG 7.20 12/22/2015 EUR 74.50
Deutsche Bank AG 5.20 12/22/2015 EUR 73.60
Deutsche Bank AG 7.20 9/22/2015 EUR 68.10
Deutsche Bank AG 5.20 7/22/2015 EUR 68.40
Deutsche Bank AG 7.20 12/22/2015 EUR 77.10
Deutsche Bank AG 6.20 8/26/2015 EUR 77.60
Deutsche Bank AG 6.20 12/22/2015 EUR 74.10
Deutsche Bank AG 5.20 8/26/2015 EUR 72.90
Deutsche Bank AG 6.20 8/26/2015 EUR 69.10
Deutsche Bank AG 7.20 12/22/2015 EUR 72.10
Deutsche Bank AG 6.20 9/22/2015 EUR 70.20
Deutsche Bank AG 5.20 7/22/2015 EUR 74.20
Deutsche Bank AG 6.20 8/26/2015 EUR 74.90
Deutsche Bank AG 6.20 7/22/2015 EUR 74.30
Deutsche Bank AG 5.20 8/26/2015 EUR 74.70
Deutsche Bank AG 6.20 7/22/2015 EUR 77.10
Deutsche Bank AG 5.20 7/22/2015 EUR 77.10
Deutsche Bank AG 6.20 9/22/2015 EUR 69.50
Vontobel Financial 5.40 9/25/2015 EUR 75.70
Credit Suisse AG/N 8.50 7/20/2015 USD 54.39
Leonteq Securities 6.00 7/14/2015 USD 42.51
Deutsche Bank AG 5.20 9/22/2015 EUR 50.00
Deutsche Bank AG 5.20 12/22/2015 EUR 51.30
Deutsche Bank AG 6.20 9/22/2015 EUR 50.20
Deutsche Bank AG 7.20 9/22/2015 EUR 50.40
Deutsche Bank AG 7.20 12/22/2015 EUR 56.00
Deutsche Bank AG 7.20 12/22/2015 EUR 52.20
Deutsche Bank AG 6.20 9/22/2015 EUR 54.00
Deutsche Bank AG 5.20 9/22/2015 EUR 53.80
Deutsche Bank AG 7.20 9/22/2015 EUR 54.20
Deutsche Bank AG 5.20 12/22/2015 EUR 55.10
Bank Julius Baer & 6.00 7/17/2015 USD 74.85
Deutsche Bank AG 6.20 12/22/2015 EUR 51.80
Deutsche Bank AG 7.20 9/22/2015 EUR 55.50
Deutsche Bank AG 6.20 9/22/2015 EUR 55.30
BNP Paribas Emissi 7.00 10/22/2015 EUR 43.85
BNP Paribas Emissi 9.00 10/22/2015 EUR 58.95
Notenstein Privatb 7.50 6/23/2016 CHF 76.34
Raiffeisen Centrob 7.55 1/20/2016 EUR 64.06
Raiffeisen Centrob 5.98 1/20/2016 EUR 66.82
Raiffeisen Centrob 6.29 1/20/2016 EUR 61.80
Goldman Sachs & Co 8.00 7/22/2015 EUR 69.04
Goldman Sachs & Co 10.00 7/22/2015 EUR 76.45
Goldman Sachs & Co 13.00 7/22/2015 EUR 72.01
Goldman Sachs & Co 12.00 9/23/2015 EUR 74.23
Goldman Sachs & Co 11.00 12/23/2015 EUR 76.67
UniCredit Bank AG 5.25 9/24/2015 EUR 43.25
UniCredit Bank AG 4.25 9/24/2015 EUR 45.24
UniCredit Bank AG 5.40 9/24/2015 EUR 42.78
UniCredit Bank AG 6.75 9/24/2015 EUR 74.59
UniCredit Bank AG 5.20 9/24/2015 EUR 77.68
UniCredit Bank AG 4.00 9/24/2015 EUR 61.64
UniCredit Bank AG 4.50 9/24/2015 EUR 60.00
UniCredit Bank AG 6.50 9/24/2015 EUR 56.40
UniCredit Bank AG 5.50 9/24/2015 EUR 57.73
UniCredit Bank AG 5.75 9/24/2015 EUR 41.84
UniCredit Bank AG 7.50 9/24/2015 EUR 73.67
UniCredit Bank AG 6.00 9/24/2015 EUR 75.54
UniCredit Bank AG 4.80 9/24/2015 EUR 44.22
UniCredit Bank AG 5.00 9/24/2015 EUR 58.43
UniCredit Bank AG 5.50 9/24/2015 EUR 76.58
UniCredit Bank AG 4.90 9/24/2015 EUR 43.97
UniCredit Bank AG 4.75 9/24/2015 EUR 44.49
DZ Bank AG Deutsch 7.00 9/11/2015 EUR 76.88
DZ Bank AG Deutsch 6.25 9/11/2015 EUR 76.76
DZ Bank AG Deutsch 5.50 9/11/2015 EUR 76.64
Vontobel Financial 5.40 3/11/2016 EUR 70.09
Zurcher Kantonalba 8.80 1/14/2016 CHF 54.83
UBS AG 9.00 7/3/2017 CHF 63.67
UBS AG/London 3.80 12/23/2015 EUR 75.82
UBS AG/London 5.00 12/23/2015 EUR 72.31
Leonteq Securities 9.40 10/8/2015 USD 69.63
Banque Cantonale V 1.00 7/7/2016 CHF 26.09
Credit Suisse AG/L 4.00 1/4/2016 EUR 68.71
DZ Bank AG Deutsch 5.25 7/24/2015 EUR 68.18
DZ Bank AG Deutsch 9.25 7/24/2015 EUR 62.28
HSBC Trinkaus & Bu 10.50 9/25/2015 EUR 71.27
HSBC Trinkaus & Bu 12.00 9/25/2015 EUR 76.39
HSBC Trinkaus & Bu 11.00 9/25/2015 EUR 74.45
HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 58.05
HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 62.29
HSBC Trinkaus & Bu 6.50 7/24/2015 EUR 64.69
HSBC Trinkaus & Bu 15.00 9/25/2015 EUR 47.89
HSBC Trinkaus & Bu 12.00 9/25/2015 EUR 51.58
HSBC Trinkaus & Bu 7.50 9/25/2015 EUR 58.44
HSBC Trinkaus & Bu 9.00 7/24/2015 EUR 54.43
HSBC Trinkaus & Bu 9.00 9/25/2015 EUR 76.16
HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 70.51
HSBC Trinkaus & Bu 9.50 9/25/2015 EUR 75.68
HSBC Trinkaus & Bu 14.50 9/25/2015 EUR 69.30
HSBC Trinkaus & Bu 11.00 9/25/2015 EUR 75.00
HSBC Trinkaus & Bu 10.00 7/24/2015 EUR 75.54
HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 62.13
HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 66.39
HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 71.35
HSBC Trinkaus & Bu 8.50 7/24/2015 EUR 67.36
Credit Suisse AG/N 7.00 11/2/2015 CHF 67.90
UBS AG 16.75 6/24/2016 EUR 75.22
UBS AG 24.50 12/29/2015 EUR 52.75
UBS AG 13.50 6/24/2016 EUR 67.87
UBS AG 23.50 12/29/2015 EUR 48.40
UBS AG 14.75 6/24/2016 EUR 70.49
UBS AG 13.25 9/25/2015 EUR 55.02
Deutsche Bank AG 7.20 9/22/2015 EUR 71.70
Deutsche Bank AG 7.20 9/22/2015 EUR 67.90
Deutsche Bank AG 6.20 9/22/2015 EUR 71.50
Deutsche Bank AG 7.20 9/22/2015 EUR 75.50
Deutsche Bank AG 6.20 9/22/2015 EUR 75.30
Deutsche Bank AG 6.20 9/22/2015 EUR 72.70
Deutsche Bank AG 4.20 9/22/2015 EUR 77.60
Deutsche Bank AG 3.20 9/22/2015 EUR 77.40
Vontobel Financial 9.20 9/25/2015 EUR 62.92
Vontobel Financial 5.90 9/25/2015 EUR 69.07
Commerzbank AG 1.88 4/22/2016 EUR 73.18
UniCredit Bank AG 4.85 11/26/2015 EUR 75.60
UniCredit Bank AG 5.25 11/26/2015 EUR 73.20
Commerzbank AG 7.50 9/24/2015 EUR 69.58
Commerzbank AG 9.50 9/24/2015 EUR 66.51
Commerzbank AG 11.25 9/24/2015 EUR 73.86
Commerzbank AG 20.50 9/24/2015 EUR 74.68
Commerzbank AG 23.75 9/24/2015 EUR 68.78
Commerzbank AG 26.75 9/24/2015 EUR 63.18
Zurcher Kantonalba 5.75 11/6/2015 CHF 59.48
Goldman Sachs & Co 15.00 7/22/2015 EUR 77.14
DZ Bank AG Deutsch 5.50 3/29/2016 EUR 70.63
DZ Bank AG Deutsch 8.50 3/29/2016 EUR 70.37
HSBC Trinkaus & Bu 17.30 12/28/2015 EUR 67.06
HSBC Trinkaus & Bu 23.10 9/25/2015 EUR 63.83
HSBC Trinkaus & Bu 14.40 3/25/2016 EUR 69.00
HSBC Trinkaus & Bu 10.10 1/22/2016 EUR 70.85
HSBC Trinkaus & Bu 9.10 4/22/2016 EUR 72.26
Vontobel Financial 5.00 4/22/2016 EUR 66.44
BNP Paribas Emissi 8.00 1/21/2016 EUR 72.90
BNP Paribas Emissi 9.50 1/21/2016 EUR 71.15
BNP Paribas Emissi 6.50 1/21/2016 EUR 74.81
BNP Paribas Emissi 8.50 7/21/2016 EUR 73.60
Zurcher Kantonalba 6.28 9/23/2016 CHF 70.20
BNP Paribas Emissi 6.50 7/21/2016 EUR 75.46
BNP Paribas Emissi 11.00 7/23/2015 EUR 71.70
BNP Paribas Emissi 6.50 10/22/2015 EUR 73.99
BNP Paribas Emissi 9.00 10/22/2015 EUR 71.85
BNP Paribas Emissi 11.00 10/22/2015 EUR 68.88
BNP Paribas Emissi 7.00 7/21/2016 EUR 74.40
DZ Bank AG Deutsch 7.90 12/28/2015 EUR 72.54
DZ Bank AG Deutsch 6.90 3/29/2016 EUR 73.48
HSBC Trinkaus & Bu 9.00 2/26/2016 EUR 71.01
DZ Bank AG Deutsch 9.40 9/25/2015 EUR 70.78
DZ Bank AG Deutsch 9.30 9/25/2015 EUR 67.44
DZ Bank AG Deutsch 5.50 3/29/2016 EUR 69.09
UBS AG/London 10.50 7/16/2015 CHF 62.21
UBS AG/London 7.00 7/16/2015 CHF 39.20
HSBC Trinkaus & Bu 6.60 9/25/2015 EUR 70.25
HSBC Trinkaus & Bu 8.60 7/24/2015 EUR 66.90
HSBC Trinkaus & Bu 7.70 10/23/2015 EUR 68.76
Deutsche Bank AG 4.50 12/22/2015 EUR 66.12
Bank Julius Baer & 8.85 9/25/2015 CHF 43.00
Bank Julius Baer & 7.00 10/2/2015 USD 65.85
Credit Suisse AG/N 8.00 1/29/2016 CHF 41.58
DZ Bank AG Deutsch 5.25 9/25/2015 EUR 55.87
Banque Cantonale V 13.10 7/21/2015 CHF 72.74
Commerzbank AG 5.50 7/23/2015 EUR 72.04
Commerzbank AG 7.25 7/23/2015 EUR 68.31
Commerzbank AG 9.50 7/23/2015 EUR 64.96
Zurcher Kantonalba 6.60 7/29/2015 CHF 41.12
EFG International 7.30 7/22/2015 USD 68.69
Deutsche Bank AG 5.20 8/26/2015 EUR 69.60
Deutsche Bank AG 6.20 8/26/2015 EUR 67.50
Deutsche Bank AG 5.20 7/22/2015 EUR 69.10
Deutsche Bank AG 6.20 7/22/2015 EUR 69.20
Deutsche Bank AG 5.20 7/22/2015 EUR 66.80
Deutsche Bank AG 7.20 7/22/2015 EUR 66.90
DZ Bank AG Deutsch 16.00 8/28/2015 EUR 37.80
Deutsche Bank AG 6.20 10/21/2015 EUR 68.40
Deutsche Bank AG 5.20 10/21/2015 EUR 70.40
Zurcher Kantonalba 6.30 8/6/2015 EUR 66.22
Zurcher Kantonalba 7.50 8/6/2015 EUR 66.99
Bank Julius Baer & 5.40 8/5/2015 CHF 76.20
Bank Julius Baer & 8.25 10/9/2015 USD 51.00
UniCredit Bank AG 4.00 10/22/2015 EUR 72.39
UniCredit Bank AG 4.20 10/22/2015 EUR 71.21
UniCredit Bank AG 4.80 10/22/2015 EUR 66.80
HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 73.81
HSBC Trinkaus & Bu 6.50 7/24/2015 EUR 75.72
HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 59.63
HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 64.18
HSBC Trinkaus & Bu 14.00 9/25/2015 EUR 49.85
HSBC Trinkaus & Bu 10.50 9/25/2015 EUR 53.62
HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 60.10
HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 63.92
UniCredit Bank AG 5.00 10/22/2015 EUR 65.80
HSBC Trinkaus & Bu 14.50 9/25/2015 EUR 73.44
UniCredit Bank AG 4.60 10/22/2015 EUR 67.81
UniCredit Bank AG 4.50 10/22/2015 EUR 68.93
UniCredit Bank AG 5.20 10/22/2015 EUR 63.85
DZ Bank AG Deutsch 5.40 7/23/2015 EUR 74.29
DZ Bank AG Deutsch 4.10 7/23/2015 EUR 74.26
DZ Bank AG Deutsch 5.40 7/23/2015 EUR 67.54
DZ Bank AG Deutsch 5.40 10/23/2015 EUR 75.50
DZ Bank AG Deutsch 4.40 10/23/2015 EUR 75.22
DZ Bank AG Deutsch 5.60 10/23/2015 EUR 68.92
DZ Bank AG Deutsch 4.70 7/23/2015 EUR 52.52
DZ Bank AG Deutsch 3.90 10/23/2015 EUR 57.94
DZ Bank AG Deutsch 6.10 7/23/2015 EUR 64.09
DZ Bank AG Deutsch 7.60 7/22/2015 EUR 74.39
DZ Bank AG Deutsch 6.30 7/23/2015 EUR 53.16
DZ Bank AG Deutsch 4.90 7/23/2015 EUR 53.13
DZ Bank AG Deutsch 4.40 7/23/2015 EUR 48.28
DZ Bank AG Deutsch 5.90 10/23/2015 EUR 56.19
DZ Bank AG Deutsch 5.80 10/23/2015 EUR 53.57
DZ Bank AG Deutsch 3.10 7/22/2015 EUR 58.82
DZ Bank AG Deutsch 6.00 7/22/2015 EUR 54.78
DZ Bank AG Deutsch 5.60 10/22/2015 EUR 57.66
DZ Bank AG Deutsch 7.80 7/22/2015 EUR 69.94
Zurcher Kantonalba 8.60 7/23/2015 CHF 58.36
Leonteq Securities 4.05 7/23/2015 CHF 68.45
DZ Bank AG Deutsch 7.75 9/25/2015 EUR 73.73
DZ Bank AG Deutsch 7.75 12/28/2015 EUR 75.43
Vontobel Financial 3.70 9/25/2015 EUR 74.59
Deutsche Bank AG 4.20 12/22/2015 EUR 64.40
Deutsche Bank AG 5.20 12/22/2015 EUR 64.80
Deutsche Bank AG 4.20 9/22/2015 EUR 63.30
Deutsche Bank AG 4.20 9/22/2015 EUR 67.50
Deutsche Bank AG 5.20 9/22/2015 EUR 63.50
Deutsche Bank AG 4.20 12/22/2015 EUR 70.80
Leonteq Securities 4.20 7/23/2015 EUR 68.12
Vontobel Financial 7.50 9/25/2015 EUR 75.87
UniCredit Bank AG 4.10 9/24/2015 EUR 64.70
UniCredit Bank AG 4.00 9/24/2015 EUR 68.25
Deutsche Bank AG 5.20 3/22/2016 EUR 70.10
Deutsche Bank AG 6.20 3/22/2016 EUR 70.80
Deutsche Bank AG 5.20 6/21/2016 EUR 72.20
Deutsche Bank AG 6.20 6/21/2016 EUR 73.10
Deutsche Bank AG 5.20 6/21/2016 EUR 69.30
Bank Julius Baer & 13.30 7/31/2015 USD 59.75
Deutsche Bank AG 7.20 9/22/2015 EUR 70.00
Deutsche Bank AG 5.20 9/22/2015 EUR 69.60
Deutsche Bank AG 7.20 12/22/2015 EUR 71.60
Deutsche Bank AG 5.20 12/22/2015 EUR 70.70
UBS AG/London 15.00 7/23/2015 CHF 59.45
Deutsche Bank AG 6.20 12/22/2015 EUR 65.30
Commerzbank AG 5.00 9/24/2015 EUR 70.47
Commerzbank AG 9.25 9/24/2015 EUR 64.37
Leonteq Securities 11.52 10/28/2015 CHF 49.54
Notenstein Privatb 13.40 7/28/2015 USD 54.27
HSBC Trinkaus & Bu 5.65 2/22/2016 EUR 72.51
Commerzbank AG 7.50 9/24/2015 EUR 62.65
HSBC Trinkaus & Bu 4.90 7/10/2015 EUR 53.99
DZ Bank AG Deutsch 9.50 7/24/2015 EUR 62.02
DZ Bank AG Deutsch 10.00 7/24/2015 EUR 53.98
DZ Bank AG Deutsch 6.25 9/25/2015 EUR 58.68
DZ Bank AG Deutsch 5.75 9/25/2015 EUR 68.42
Vontobel Financial 6.90 6/10/2016 EUR 68.68
Vontobel Financial 4.75 6/10/2016 EUR 73.16
DZ Bank AG Deutsch 4.60 9/23/2015 EUR 53.27
DZ Bank AG Deutsch 5.10 12/23/2015 EUR 62.04
DZ Bank AG Deutsch 5.10 12/23/2015 EUR 59.23
DZ Bank AG Deutsch 5.80 9/23/2015 EUR 69.15
Commerzbank AG 8.75 8/27/2015 EUR 66.95
Commerzbank AG 10.75 8/27/2015 EUR 53.09
Commerzbank AG 10.00 8/27/2015 EUR 74.45
Commerzbank AG 8.50 8/27/2015 EUR 55.54
Zurcher Kantonalba 7.00 7/24/2015 CHF 56.10
Notenstein Privatb 11.00 1/25/2016 USD 62.85
Vontobel Financial 7.60 9/25/2015 EUR 64.42
Vontobel Financial 7.45 12/28/2015 EUR 74.32
Vontobel Financial 8.50 9/25/2015 EUR 72.92
Credit Suisse AG/N 6.00 1/29/2016 CHF 52.76
Leonteq Securities 11.20 12/29/2015 CHF 46.36
Leonteq Securities 8.20 12/29/2015 CHF 56.63
Deutsche Bank AG 7.20 8/26/2015 EUR 67.60
Deutsche Bank AG 7.20 7/22/2015 EUR 69.20
Deutsche Bank AG 6.20 7/22/2015 EUR 66.90
Deutsche Bank AG 5.20 8/26/2015 EUR 67.30
UniCredit Bank AG 4.00 12/28/2015 EUR 67.26
Deutsche Bank AG 6.20 8/26/2015 EUR 69.80
Deutsche Bank AG 7.20 8/26/2015 EUR 69.90
DZ Bank AG Deutsch 6.75 8/28/2015 EUR 58.29
DZ Bank AG Deutsch 5.25 8/28/2015 EUR 58.25
Deutsche Bank AG 7.20 10/21/2015 EUR 68.70
Deutsche Bank AG 5.20 10/21/2015 EUR 68.10
Notenstein Finance 8.68 4/1/2016 USD 56.74
Deutsche Bank AG 7.20 10/21/2015 EUR 71.00
Deutsche Bank AG 6.20 10/21/2015 EUR 70.70
Credit Suisse AG/N 8.00 2/8/2016 USD 61.02
UBS AG/London 7.20 1/20/2016 EUR 55.10
UniCredit Bank AG 5.00 10/22/2015 EUR 78.22
HSBC Trinkaus & Bu 6.50 12/28/2015 EUR 67.41
HSBC Trinkaus & Bu 9.00 7/24/2015 EUR 64.69
DZ Bank AG Deutsch 5.70 7/23/2015 EUR 50.30
DZ Bank AG Deutsch 4.90 10/23/2015 EUR 55.17
DZ Bank AG Deutsch 5.80 10/23/2015 EUR 53.13
DZ Bank AG Deutsch 7.10 7/23/2015 EUR 67.19
DZ Bank AG Deutsch 3.70 7/23/2015 EUR 55.46
DZ Bank AG Deutsch 4.20 7/23/2015 EUR 61.10
DZ Bank AG Deutsch 6.50 10/23/2015 EUR 72.41
DZ Bank AG Deutsch 6.00 10/23/2015 EUR 69.15
DZ Bank AG Deutsch 4.70 10/23/2015 EUR 65.77
DZ Bank AG Deutsch 4.70 10/23/2015 EUR 50.90
DZ Bank AG Deutsch 5.70 7/22/2015 EUR 73.56
DZ Bank AG Deutsch 6.60 10/22/2015 EUR 75.16
DZ Bank AG Deutsch 5.00 10/23/2015 EUR 69.42
DZ Bank AG Deutsch 8.75 10/23/2015 EUR 64.45
Bank Julius Baer & 8.75 7/31/2015 EUR 62.70
Deutsche Bank AG 4.20 12/22/2015 EUR 68.50
Deutsche Bank AG 4.20 9/22/2015 EUR 69.80
Deutsche Bank AG 5.20 3/22/2016 EUR 73.10
Deutsche Bank AG 6.20 3/22/2016 EUR 73.80
Deutsche Bank AG 6.20 6/21/2016 EUR 70.30
Bank Julius Baer & 6.50 7/31/2015 USD 56.20
Deutsche Bank AG 6.20 9/22/2015 EUR 69.80
Deutsche Bank AG 6.20 12/22/2015 EUR 71.20
Deutsche Bank AG 6.20 9/22/2015 EUR 63.70
Bank Julius Baer & 6.60 7/27/2015 EUR 63.55
Commerzbank AG 6.00 9/24/2015 EUR 68.80
Commerzbank AG 7.00 9/24/2015 EUR 67.21
Commerzbank AG 8.25 9/24/2015 EUR 65.77
Commerzbank AG 9.25 9/24/2015 EUR 59.80
Commerzbank AG 11.25 9/24/2015 EUR 57.31
Bank Julius Baer & 3.75 7/22/2015 CHF 71.45
Vontobel Financial 3.30 7/10/2015 EUR 57.74
Vontobel Financial 7.20 7/10/2015 EUR 52.52
Vontobel Financial 9.60 7/10/2015 EUR 50.25
DZ Bank AG Deutsch 10.25 9/25/2015 EUR 62.55
DZ Bank AG Deutsch 7.10 9/23/2015 EUR 75.81
DZ Bank AG Deutsch 2.10 9/23/2015 EUR 73.24
DZ Bank AG Deutsch 3.50 9/23/2015 EUR 69.82
DZ Bank AG Deutsch 5.40 9/23/2015 EUR 60.89
DZ Bank AG Deutsch 2.10 12/23/2015 EUR 74.95
DZ Bank AG Deutsch 3.30 12/23/2015 EUR 71.89
DZ Bank AG Deutsch 5.70 9/23/2015 EUR 58.77
DZ Bank AG Deutsch 5.70 9/23/2015 EUR 55.99
DZ Bank AG Deutsch 4.40 12/23/2015 EUR 56.29
DZ Bank AG Deutsch 3.90 9/23/2015 EUR 72.59
DZ Bank AG Deutsch 2.20 12/23/2015 EUR 70.02
DZ Bank AG Deutsch 3.50 12/23/2015 EUR 66.75
DZ Bank AG Deutsch 5.10 12/23/2015 EUR 71.48
DZ Bank AG Deutsch 2.60 9/23/2015 EUR 58.77
DZ Bank AG Deutsch 3.10 9/23/2015 EUR 56.21
DZ Bank AG Deutsch 4.80 9/23/2015 EUR 56.54
DZ Bank AG Deutsch 2.70 12/23/2015 EUR 60.89
DZ Bank AG Deutsch 4.60 12/23/2015 EUR 59.04
DZ Bank AG Deutsch 3.20 12/23/2015 EUR 58.42
DZ Bank AG Deutsch 7.60 9/23/2015 EUR 73.49
DZ Bank AG Deutsch 6.60 9/23/2015 EUR 74.84
DZ Bank AG Deutsch 6.00 9/23/2015 EUR 69.94
Commerzbank AG 6.50 8/27/2015 EUR 70.25
UniCredit Bank AG 6.00 7/23/2015 EUR 40.36
UniCredit Bank AG 4.50 7/23/2015 EUR 43.92
UniCredit Bank AG 4.00 7/23/2015 EUR 45.06
UniCredit Bank AG 4.40 7/23/2015 EUR 72.25
UniCredit Bank AG 4.00 7/23/2015 EUR 74.43
UniCredit Bank AG 5.20 7/23/2015 EUR 74.15
DZ Bank AG Deutsch 7.50 9/11/2015 EUR 68.85
UBS AG 14.75 9/25/2015 EUR 55.74
Deutsche Bank AG 5.20 9/22/2015 EUR 75.50
Deutsche Bank AG 5.20 9/22/2015 EUR 67.50
Leonteq Securities 11.80 7/21/2015 EUR 76.36
Deutsche Bank AG 6.20 9/22/2015 EUR 67.70
Deutsche Bank AG 5.20 9/22/2015 EUR 72.50
Deutsche Bank AG 7.20 9/22/2015 EUR 72.90
Deutsche Bank AG 5.20 9/22/2015 EUR 75.10
DZ Bank AG Deutsch 6.25 7/10/2015 EUR 63.28
DZ Bank AG Deutsch 6.75 7/10/2015 EUR 63.28
DZ Bank AG Deutsch 7.25 7/10/2015 EUR 63.29
Commerzbank AG 7.00 7/23/2015 EUR 55.21
Commerzbank AG 9.25 7/23/2015 EUR 64.12
Bank Julius Baer & 10.60 10/9/2015 USD 63.95
Commerzbank AG 7.00 7/23/2015 EUR 69.79
Commerzbank AG 10.00 7/23/2015 EUR 58.05
Commerzbank AG 13.00 7/23/2015 EUR 49.72
Commerzbank AG 16.25 7/23/2015 EUR 43.77
Commerzbank AG 19.75 7/23/2015 EUR 38.69
Commerzbank AG 23.25 7/23/2015 EUR 35.10
Commerzbank AG 7.00 7/23/2015 EUR 57.51
Commerzbank AG 10.00 7/23/2015 EUR 53.20
Goldman Sachs & Co 8.00 9/23/2015 EUR 64.00
Commerzbank AG 5.00 7/23/2015 EUR 62.04
Commerzbank AG 9.00 7/23/2015 EUR 55.94
Vontobel Financial 6.80 9/25/2015 EUR 64.93
DZ Bank AG Deutsch 10.25 9/25/2015 EUR 63.30
Goldman Sachs & Co 10.00 10/21/2015 EUR 69.40
Goldman Sachs & Co 8.00 3/23/2016 EUR 74.43
Goldman Sachs & Co 8.00 3/23/2016 EUR 72.21
Commerzbank AG 8.50 8/27/2015 EUR 68.52
Commerzbank AG 9.75 8/27/2015 EUR 66.55
Vontobel Financial 6.25 12/28/2015 EUR 68.71
Vontobel Financial 7.45 9/25/2015 EUR 67.41
Commerzbank AG 6.25 8/27/2015 EUR 71.85
Commerzbank AG 7.25 8/27/2015 EUR 70.06
Commerzbank AG 10.75 8/27/2015 EUR 65.30
Goldman Sachs & Co 8.00 10/21/2015 EUR 71.15
Goldman Sachs & Co 7.00 3/23/2016 EUR 73.76
Goldman Sachs & Co 8.00 10/21/2015 EUR 68.77
Goldman Sachs & Co 9.00 10/21/2015 EUR 69.04
Goldman Sachs & Co 7.00 3/23/2016 EUR 71.28
Goldman Sachs & Co 8.00 3/23/2016 EUR 71.97
Vontobel Financial 8.10 12/28/2015 EUR 66.09
Vontobel Financial 9.45 9/25/2015 EUR 64.20
Leonteq Securities 8.00 12/15/2015 CHF 55.04
Commerzbank AG 6.00 8/27/2015 EUR 66.82
Commerzbank AG 6.00 8/27/2015 EUR 74.28
Credit Suisse AG/N 8.00 3/16/2016 USD 65.32
Commerzbank AG 6.50 8/27/2015 EUR 59.70
Commerzbank AG 6.00 8/27/2015 EUR 67.47
Goldman Sachs & Co 6.00 10/21/2015 EUR 75.67
Goldman Sachs & Co 13.00 10/21/2015 EUR 66.04
Goldman Sachs & Co 10.00 3/23/2016 EUR 69.51
BNP Paribas Emissi 6.25 9/24/2015 EUR 69.09
BNP Paribas Emissi 6.00 12/24/2015 EUR 71.48
HSBC Trinkaus & Bu 10.20 10/23/2015 EUR 56.86
HSBC Trinkaus & Bu 13.80 9/25/2015 EUR 74.42
Vontobel Financial 6.95 12/28/2015 EUR 69.70
Commerzbank AG 5.50 8/27/2015 EUR 73.78
Commerzbank AG 8.50 8/27/2015 EUR 68.40
Commerzbank AG 9.50 8/27/2015 EUR 66.78
Goldman Sachs & Co 7.00 10/21/2015 EUR 73.33
Goldman Sachs & Co 5.00 10/21/2015 EUR 67.96
Goldman Sachs & Co 6.00 10/21/2015 EUR 68.23
Goldman Sachs & Co 7.00 10/21/2015 EUR 68.50
Goldman Sachs & Co 9.00 10/21/2015 EUR 69.04
Goldman Sachs & Co 9.00 10/21/2015 EUR 69.04
Goldman Sachs & Co 5.00 3/23/2016 EUR 69.90
Goldman Sachs & Co 6.00 3/23/2016 EUR 70.59
Goldman Sachs & Co 7.00 3/23/2016 EUR 71.28
Goldman Sachs & Co 8.00 3/23/2016 EUR 71.97
Goldman Sachs & Co 8.00 3/23/2016 EUR 71.97
Bank Julius Baer & 8.20 9/23/2015 CHF 41.80
HSBC Trinkaus & Bu 9.50 7/24/2015 EUR 57.29
HSBC Trinkaus & Bu 10.80 9/25/2015 EUR 56.25
HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 61.50
HSBC Trinkaus & Bu 8.80 10/23/2015 EUR 59.31
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 34.45
UniCredit Bank AG 5.20 9/24/2015 EUR 60.99
Bank Julius Baer & 11.50 3/4/2016 USD 64.10
HSBC Trinkaus & Bu 22.50 9/25/2015 EUR 61.74
HSBC Trinkaus & Bu 11.20 11/27/2015 EUR 67.60
Vontobel Financial 5.15 12/28/2015 EUR 67.12
Banque Cantonale V 4.25 8/28/2015 CHF 53.04
LBBW 4.25 8/28/2015 EUR 57.83
LBBW 5.25 8/28/2015 EUR 53.89
LBBW 6.50 8/28/2015 EUR 50.04
LBBW 3.50 8/28/2015 EUR 56.03
DZ Bank AG Deutsch 16.00 9/25/2015 EUR 68.33
Commerzbank AG 8.25 2/25/2016 EUR 76.33
Commerzbank AG 7.00 2/25/2016 EUR 65.07
BNP Paribas Emissi 9.50 6/23/2016 EUR 73.12
BNP Paribas Emissi 13.00 6/23/2016 EUR 70.13
BNP Paribas Emissi 8.50 9/22/2016 EUR 73.93
BNP Paribas Emissi 10.00 9/22/2016 EUR 72.53
BNP Paribas Emissi 6.50 9/22/2016 EUR 76.19
BNP Paribas Emissi 8.00 9/22/2016 EUR 75.60
BNP Paribas Emissi 13.00 12/24/2015 EUR 76.20
BNP Paribas Emissi 18.00 10/22/2015 EUR 71.33
BNP Paribas Emissi 12.00 6/23/2016 EUR 75.70
DZ Bank AG Deutsch 14.00 9/25/2015 EUR 57.83
DZ Bank AG Deutsch 15.50 9/25/2015 EUR 66.60
HSBC Trinkaus & Bu 15.60 9/25/2015 EUR 75.93
HSBC Trinkaus & Bu 15.80 9/25/2015 EUR 64.48
HSBC Trinkaus & Bu 16.90 12/28/2015 EUR 64.92
HSBC Trinkaus & Bu 12.60 12/28/2015 EUR 67.01
HSBC Trinkaus & Bu 14.20 3/25/2016 EUR 66.76
HSBC Trinkaus & Bu 10.90 3/25/2016 EUR 68.50
Leonteq Securities 15.00 3/9/2016 USD 64.90
UBS AG 20.50 6/24/2016 EUR 66.74
UniCredit Bank AG 4.80 3/24/2016 EUR 71.16
DZ Bank AG Deutsch 6.25 10/9/2015 EUR 69.80
Raiffeisen Centrob 7.33 8/21/2015 EUR 61.47
Commerzbank AG 7.00 2/26/2016 EUR 73.78
Credit Suisse AG/N 8.75 8/24/2015 CHF 64.70
Credit Suisse AG/N 10.25 8/14/2015 CHF 65.52
Notenstein Privatb 10.00 8/14/2015 CHF 70.08
Notenstein Privatb 11.00 8/14/2015 CHF 56.27
DZ Bank AG Deutsch 5.75 8/14/2015 EUR 75.24
UBS AG 14.25 9/25/2015 EUR 65.01
UBS AG 16.75 12/23/2016 EUR 73.54
Vontobel Financial 7.45 3/11/2016 EUR 73.11
Vontobel Financial 5.90 3/11/2016 EUR 74.72
Vontobel Financial 8.40 12/11/2015 EUR 71.85
UBS AG 24.75 9/25/2015 EUR 64.41
HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 67.74
UBS AG 23.25 9/25/2015 EUR 62.89
UBS AG 11.00 12/29/2015 EUR 76.86
UBS AG 20.75 12/29/2015 EUR 58.47
DekaBank Deutsche 3.10 2/26/2018 EUR 73.81
UBS AG 23.00 9/25/2015 EUR 56.24
UBS AG 22.75 12/29/2015 EUR 60.30
UBS AG 22.75 12/29/2015 EUR 76.50
UBS AG 9.75 9/25/2015 EUR 70.82
Credit Suisse AG/N 8.50 10/8/2015 USD 69.89
LBBW 5.00 3/29/2016 EUR 75.70
Credit Suisse AG/N 8.00 10/5/2015 CHF 69.86
DZ Bank AG Deutsch 8.00 9/11/2015 EUR 66.13
UBS AG 20.00 9/25/2015 EUR 68.41
UBS AG 24.75 9/25/2015 EUR 60.52
HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 72.79
UBS AG 18.50 12/29/2015 EUR 61.70
UBS AG 16.50 9/25/2015 EUR 64.38
UBS AG 13.50 9/25/2015 EUR 70.61
UBS AG 19.75 12/29/2015 EUR 65.57
UBS AG 20.50 12/29/2015 EUR 61.22
Goldman Sachs & Co 8.00 9/23/2015 EUR 70.45
UBS AG 19.75 12/29/2015 EUR 60.06
Goldman Sachs & Co 8.00 9/23/2015 EUR 75.58
UBS AG 13.50 12/29/2015 EUR 70.58
UBS AG 24.25 9/25/2015 EUR 75.07
UBS AG 18.00 9/25/2015 EUR 68.68
UBS AG 14.75 9/25/2015 EUR 58.02
Leonteq Securities 6.58 3/29/2016 EUR 67.90
DZ Bank AG Deutsch 7.25 8/14/2015 EUR 66.60
Vontobel Financial 10.45 3/29/2016 EUR 69.66
Vontobel Financial 12.80 12/28/2015 EUR 68.13
Vontobel Financial 17.00 9/25/2015 EUR 65.70
Vontobel Financial 9.30 9/25/2015 EUR 70.41
DekaBank Deutsche 3.40 3/5/2018 EUR 73.28
Goldman Sachs & Co 7.00 9/23/2015 EUR 70.27
Goldman Sachs & Co 7.00 9/23/2015 EUR 70.27
Goldman Sachs & Co 10.00 9/23/2015 EUR 70.86
Goldman Sachs & Co 11.00 9/23/2015 EUR 68.80
HSBC Trinkaus & Bu 7.50 9/25/2015 EUR 70.43
HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 69.48
UBS AG 7.25 12/29/2015 EUR 69.68
UBS AG 16.00 9/25/2015 EUR 47.91
UBS AG 23.75 9/25/2015 EUR 38.20
UBS AG 7.50 9/25/2015 EUR 68.40
UBS AG 21.75 9/25/2015 EUR 75.25
UBS AG 10.00 12/29/2015 EUR 61.04
UBS AG 8.25 12/29/2015 EUR 66.55
UBS AG 19.25 9/25/2015 EUR 66.04
UBS AG 11.50 9/25/2015 EUR 70.97
UBS AG 22.50 9/25/2015 EUR 53.43
UBS AG 23.75 9/25/2015 EUR 76.33
UBS AG 22.50 9/25/2015 EUR 72.50
UBS AG 19.50 12/29/2015 EUR 66.47
UBS AG 12.50 9/25/2015 EUR 73.15
UBS AG 16.50 9/25/2015 EUR 65.47
UBS AG 23.50 9/25/2015 EUR 51.98
UBS AG 6.25 12/29/2015 EUR 71.93
UBS AG 14.00 9/25/2015 EUR 72.98
UBS AG 24.50 9/25/2015 EUR 57.48
UBS AG 21.50 12/29/2015 EUR 75.31
UBS AG 23.25 12/29/2015 EUR 73.15
UBS AG 12.50 12/29/2015 EUR 72.58
UBS AG 9.50 12/29/2015 EUR 61.31
Goldman Sachs & Co 11.00 9/23/2015 EUR 71.03
UBS AG 22.75 9/25/2015 EUR 73.04
UBS AG 21.75 12/29/2015 EUR 62.71
Credit Suisse AG/L 7.25 10/9/2015 CHF 68.60
UBS AG 18.50 9/25/2015 EUR 74.42
UBS AG 24.00 12/29/2015 EUR 75.55
UBS AG 5.75 12/29/2015 EUR 74.69
DekaBank Deutsche 3.40 6/24/2016 EUR 72.00
UBS AG 17.50 9/25/2015 EUR 45.58
UBS AG 24.25 9/25/2015 EUR 69.42
UBS AG 23.00 12/29/2015 EUR 55.51
Goldman Sachs & Co 11.00 9/23/2015 EUR 71.03
UBS AG 11.25 12/29/2015 EUR 74.94
Societe Generale S 4.00 3/29/2016 EUR 58.91
Vontobel Financial 6.60 3/29/2016 EUR 72.84
Vontobel Financial 7.70 12/28/2015 EUR 71.88
Goldman Sachs & Co 10.00 9/23/2015 EUR 70.85
Goldman Sachs & Co 10.00 9/23/2015 EUR 70.90
UBS AG 6.50 12/29/2015 EUR 73.19
LBBW 4.25 4/22/2016 EUR 75.64
UBS AG 22.75 12/29/2015 EUR 42.04
UBS AG 24.50 9/25/2015 EUR 50.54
UBS AG 21.00 12/29/2015 EUR 76.44
Leonteq Securities 7.07 9/21/2015 CHF 40.76
UBS AG 20.25 9/25/2015 EUR 42.33
UBS AG 12.75 12/29/2015 EUR 54.71
UBS AG 6.50 9/25/2015 EUR 72.46
UBS AG 19.75 12/29/2015 EUR 44.89
UBS AG 20.50 12/29/2015 EUR 67.80
UBS AG 18.25 9/25/2015 EUR 71.67
Bank Julius Baer & 9.00 10/8/2015 CHF 38.70
DZ Bank AG Deutsch 5.25 3/29/2016 EUR 75.07
BNP Paribas Emissi 4.75 7/23/2015 EUR 76.77
UBS AG 23.25 9/25/2015 EUR 75.31
Notenstein Privatb 8.75 9/14/2015 EUR 69.69
UBS AG 14.50 9/25/2015 EUR 74.94
BNP Paribas Emissi 8.00 7/23/2015 EUR 41.60
BNP Paribas Emissi 6.75 7/23/2015 EUR 44.22
UBS AG 8.25 12/22/2017 EUR 72.89
UBS AG 11.25 6/24/2016 EUR 75.62
Credit Suisse AG/N 7.00 9/7/2015 CHF 64.34
DZ Bank AG Deutsch 5.00 8/14/2015 EUR 72.73
LBBW 4.30 9/23/2016 EUR 69.84
UBS AG 13.75 9/25/2015 EUR 62.37
UBS AG 7.75 6/24/2016 EUR 76.75
UniCredit Bank AG 4.60 3/24/2016 EUR 71.65
UBS AG 13.25 12/22/2017 EUR 70.54
UniCredit Bank AG 5.00 3/24/2016 EUR 70.66
Notenstein Privatb 11.00 8/28/2015 CHF 48.88
Leonteq Securities 25.00 3/16/2016 CHF 59.66
UniCredit Bank AG 4.50 3/24/2016 EUR 72.89
UBS AG 22.50 3/29/2016 EUR 63.48
Landesbank Berlin 6.00 11/27/2015 EUR 72.21
Credit Suisse AG/N 7.75 8/28/2015 CHF 64.90
Leonteq Securities 13.72 8/14/2015 AUD 60.48
Landesbank Hessen- 4.15 8/27/2015 EUR 76.20
e-Kancelaria Grupa 9.00 12/4/2015 PLN 1.11
DZ Bank AG Deutsch 7.00 2/26/2016 EUR 68.47
e-Kancelaria Grupa 9.00 12/23/2015 PLN 2.00
Commerzbank AG 10.00 2/25/2016 EUR 73.86
Commerzbank AG 12.25 2/25/2016 EUR 71.99
Commerzbank AG 10.00 2/25/2016 EUR 62.24
Vontobel Financial 7.25 12/28/2015 EUR 68.06
UBS AG 24.25 12/29/2015 EUR 60.68
UBS AG 16.00 12/23/2016 EUR 66.11
Notenstein Privatb 10.12 8/26/2015 USD 59.43
Notenstein Privatb 7.40 10/31/2016 CHF 40.72
Commerzbank AG 6.00 7/23/2015 EUR 71.75
Commerzbank AG 11.75 7/23/2015 EUR 63.20
Commerzbank AG 7.25 7/23/2015 EUR 66.21
Commerzbank AG 9.50 7/23/2015 EUR 62.97
Commerzbank AG 10.50 7/23/2015 EUR 78.04
Lehman Brothers Tr 5.25 11/21/2009 USD 4.83
Commerzbank AG 6.75 7/23/2015 EUR 68.90
Commerzbank AG 8.50 7/23/2015 EUR 65.67
Commerzbank AG 10.75 7/23/2015 EUR 62.74
Notenstein Privatb 10.00 8/14/2015 USD 38.04
Leonteq Securities 5.00 8/22/2016 CHF 56.91
Leonteq Securities 13.00 8/25/2015 CHF 32.92
DZ Bank AG Deutsch 5.00 9/25/2015 EUR 72.33
DZ Bank AG Deutsch 5.00 12/28/2015 EUR 71.70
TGK-1 OAO 12.90 2/14/2022 RUB 100.00
Intertekhelektro-N 8.50 4/21/2020 RUB 60.00
e-Kancelaria Grupa 9.00 8/19/2016 PLN 2.01
HSBC Trinkaus & Bu 19.60 9/25/2015 EUR 67.51
HSBC Trinkaus & Bu 15.20 12/28/2015 EUR 70.43
HSBC Trinkaus & Bu 12.80 3/25/2016 EUR 71.84
HSBC Trinkaus & Bu 11.20 3/25/2016 EUR 73.26
HSBC Trinkaus & Bu 13.60 3/25/2016 EUR 75.55
HSBC Trinkaus & Bu 19.00 9/25/2015 EUR 72.21
HSBC Trinkaus & Bu 14.80 12/28/2015 EUR 75.04
HSBC Trinkaus & Bu 11.50 11/27/2015 EUR 72.79
HSBC Trinkaus & Bu 9.90 2/26/2016 EUR 74.02
e-Kancelaria Grupa 9.00 10/25/2016 PLN 1.00
Veniti SA 9.70 3/28/2016 PLN 50.00
Zurcher Kantonalba 4.50 9/25/2015 CHF 56.96
Leonteq Securities 10.00 9/17/2015 USD 61.73
Bank Julius Baer & 8.10 9/25/2015 USD 68.75
Bank Julius Baer & 8.25 9/18/2015 CHF 39.20
Goldman Sachs & Co 11.00 3/23/2016 EUR 66.58
Leonteq Securities 12.00 12/15/2015 CHF 57.40
DZ Bank AG Deutsch 5.60 3/30/2017 EUR 69.56
Leonteq Securities 20.00 12/29/2015 CHF 44.17
Leonteq Securities 5.05 9/22/2015 CHF 54.23
Vontobel Financial 8.00 12/28/2015 EUR 67.08
e-Kancelaria Grupa 10.00 10/23/2015 PLN 1.00
Glitnir HF 6.20 12/20/2009 ISK 0.02
Glitnir HF 5.00 2/1/2011 ISK 14.00
Glitnir HF 5.00 2/1/2016 ISK 14.00
Glitnir HF 6.00 8/1/2010 ISK 14.00
Kaupthing Bank Hf 7.00 7/24/2009 ISK 14.25
Lehman Brothers Tr 10.00 10/23/2008 USD 4.83
Lehman Brothers Tr 3.00 12/3/2012 EUR 4.83
Lehman Brothers Tr 11.00 2/16/2009 CHF 4.83
Lehman Brothers Tr 10.00 2/16/2009 CHF 4.83
Lehman Brothers Tr 13.00 2/16/2009 CHF 4.83
Lehman Brothers Tr 9.30 12/21/2010 EUR 4.83
Lehman Brothers Tr 8.00 12/31/2010 USD 4.83
Glitnir HF 2.00 1/30/2009 CHF 14.00
Lehman Brothers Tr 5.00 9/1/2011 EUR 4.83
Glitnir HF 6.84 12/15/2015 EUR 0.02
Lehman Brothers Tr 6.00 3/17/2011 EUR 4.83
Leonteq Securities 4.50 4/4/2016 EUR 48.09
Lehman Brothers Tr 4.25 5/15/2010 EUR 4.83
Lehman Brothers Tr 1.68 3/5/2015 EUR 4.83
Lehman Brothers Tr 3.35 10/13/2016 EUR 4.83
Lehman Brothers Tr 3.00 6/3/2010 EUR 4.83
Lehman Brothers Tr 12.40 6/12/2009 USD 4.83
Lehman Brothers Tr 1.00 2/26/2010 USD 4.83
Leonteq Securities 5.00 5/23/2016 CHF 61.00
Lehman Brothers Tr 11.00 7/4/2011 USD 4.83
Lehman Brothers Tr 11.00 7/4/2011 CHF 4.83
Lehman Brothers Tr 12.00 7/4/2011 EUR 4.83
Lehman Brothers Tr 2.30 4/28/2014 JPY 4.83
Lehman Brothers Tr 6.00 8/7/2013 EUR 4.83
Glitnir HF 5.24 12/22/2010 USD 14.00
Lehman Brothers Tr 14.10 11/12/2008 USD 4.83
Lehman Brothers Tr 2.00 5/17/2010 EUR 4.83
Leonteq Securities 20.00 2/23/2016 USD 36.54
BNP Paribas Emissi 7.50 10/22/2015 EUR 73.31
BNP Paribas Emissi 10.00 10/22/2015 EUR 71.20
BNP Paribas Emissi 11.00 10/22/2015 EUR 68.88
BNP Paribas Emissi 16.00 10/22/2015 EUR 66.68
BNP Paribas Emissi 19.00 10/22/2015 EUR 64.28
BNP Paribas Emissi 22.00 10/22/2015 EUR 63.14
BNP Paribas Emissi 6.50 12/24/2015 EUR 73.89
BNP Paribas Emissi 17.00 12/24/2015 EUR 66.63
BNP Paribas Emissi 7.50 6/23/2016 EUR 76.05
BNP Paribas Emissi 8.00 6/23/2016 EUR 74.05
BNP Paribas Emissi 14.00 12/24/2015 EUR 68.47
BNP Paribas Emissi 6.50 3/24/2016 EUR 75.14
BNP Paribas Emissi 8.00 3/24/2016 EUR 73.59
BNP Paribas Emissi 9.50 3/24/2016 EUR 72.17
BNP Paribas Emissi 16.00 3/24/2016 EUR 68.24
UBS AG 24.25 9/25/2015 EUR 38.06
UBS AG 23.25 9/25/2015 EUR 72.74
UBS AG 24.75 9/25/2015 EUR 51.64
Deutsche Bank AG 9.00 9/11/2015 EUR 50.37
Credit Suisse AG/N 7.50 9/25/2015 CHF 67.89
UBS AG 7.00 12/29/2015 EUR 69.48
UBS AG 9.75 9/25/2015 EUR 59.16
UBS AG 22.25 12/29/2015 EUR 67.78
UBS AG 21.25 12/29/2015 EUR 74.51
UBS AG 12.00 12/29/2015 EUR 55.35
UBS AG 22.25 12/29/2015 EUR 73.55
UBS AG 23.50 9/25/2015 EUR 58.91
UBS AG 9.20 7/22/2015 EUR 70.54
Commerzbank AG 5.60 9/29/2015 EUR 64.75
Leonteq Securities 10.00 1/22/2016 USD 55.01
Credit Suisse AG/N 8.25 7/31/2015 USD 55.28
Credit Suisse AG/L 2.75 1/29/2019 SEK 65.60
Deutsche Bank AG 6.20 9/22/2015 EUR 52.70
Deutsche Bank AG 5.20 9/22/2015 EUR 52.50
Deutsche Bank AG 7.20 9/22/2015 EUR 50.60
Deutsche Bank AG 6.20 9/22/2015 EUR 50.40
Deutsche Bank AG 5.20 9/22/2015 EUR 50.20
Credit Suisse AG/N 6.00 1/22/2016 CHF 73.99
Raiffeisen Centrob 9.41 1/20/2016 EUR 72.36
Vontobel Financial 3.95 3/11/2016 EUR 73.81
Vontobel Financial 4.05 12/11/2015 EUR 72.89
Vontobel Financial 5.80 12/11/2015 EUR 68.89
Vontobel Financial 7.05 3/11/2016 EUR 67.09
Vontobel Financial 7.70 12/11/2015 EUR 65.53
Vontobel Financial 8.50 9/11/2015 EUR 63.67
Vontobel Financial 10.75 7/10/2015 EUR 73.63
Vontobel Financial 12.30 7/10/2015 EUR 68.56
JP Morgan Structur 12.20 9/30/2015 USD 63.37
Leonteq Securities 10.00 11/10/2015 CHF 69.10
Commerzbank AG 10.50 10/22/2015 EUR 75.61
Commerzbank AG 9.25 10/22/2015 EUR 76.13
Commerzbank AG 10.25 10/22/2015 EUR 74.60
Commerzbank AG 11.50 10/22/2015 EUR 73.15
Commerzbank AG 12.50 10/22/2015 EUR 71.71
Vontobel Financial 11.65 9/25/2015 EUR 70.87
Vontobel Financial 8.55 12/28/2015 EUR 72.32
DZ Bank AG Deutsch 9.50 9/25/2015 EUR 74.08
DZ Bank AG Deutsch 7.25 12/28/2015 EUR 75.20
Notenstein Finance 7.00 10/23/2015 USD 53.24
Leonteq Securities 3.00 9/19/2019 CHF 77.98
Vontobel Financial 7.95 12/28/2015 EUR 66.67
Efesk Group 13.25 6/14/2016 RUB 60.01
TransFin-M OJSC 10.50 11/11/2024 RUB 60.01
MORTGAGE AGENT AHM 9.00 9/9/2045 RUB 69.63
Reso-Leasing OOO 10.40 9/21/2023 RUB 60.01
Totens Sparebank 3.01 NOK 58.01
SAir Group 2.75 7/30/2004 CHF 11.88
HSBC Bank PLC 0.50 3/1/2018 RUB 73.31
BNP Paribas SA 0.50 1/31/2018 RUB 74.16
Societe Generale S 0.50 5/22/2024 MXN 58.53
Societe Generale S 0.50 4/4/2024 MXN 59.15
Kommunalbanken AS 0.50 2/2/2018 BRL 74.18
*********
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 * * *