/raid1/www/Hosts/bankrupt/TCREUR_Public/170116.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, January 16, 2017, Vol. 18, No. 11
Headlines
F I N L A N D
NOKIA CORP: S&P Affirms 'BB+' CCR, Outlook Stable
F R A N C E
CGG: S&P Lowers CCR to 'CCC-', Outlook Negative
I R E L A N D
AURIUM CLO II: S&P Affirms 'B-' Rating on Class F Notes
AVOLON HOLDINGS: S&P Assigns 'BB+' CCR, Outlook Stable
H&A ADVERTISING: Obtains New Investment, To Exit Examinership
N E T H E R L A N D S
STORM 2017-I: Fitch Assigns 'B(EXP)' Rating to Class D Notes
WOOD STREET CLO I: S&P Lowers Rating on Class E Notes to B-
N O R W A Y
PETROLEUM GEO-SERVICES: S&P Raises CCR to 'CCC+', Outlook Stable
U K R A I N E
PRIVATBANK: S&P Revises Counterparty Credit Ratings to 'SD'
U N I T E D K I N G D O M
AMIGO LOANS: S&P Assigns 'B+' Counterparty Credit Rating
BOSHERS LTD: Halts Trading, Goes Into Administration
DAVIS HAULAGE: Buffaload Logistics Acquires Business
KING & WOOD: China Arm Finalizes Deal to Keep Some Lawyers
LANDMARK MORTGAGE: S&P Raises Rating on Class D Notes to 'B+'
PREMIER OIL: Lenders Agree Terms of Financial Restructuring
RANGERS FOOTBALL: Worthington Group Faces Liquidation
TALKTALK TELECOM: S&P Assigns 'BB-' CCR, Outlook Positive
X X X X X X X X
* BOND PRICING: For the Week January 9 to January 13, 2017
*********
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F I N L A N D
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NOKIA CORP: S&P Affirms 'BB+' CCR, Outlook Stable
-------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+/A-3' long- and
short-term corporate credit ratings on Finnish technology company
Nokia Corp. S&P also affirmed its 'BB+/A-3' long- and short-term
corporate credit ratings on Alcatel-Lucent S.A. and S&P's 'BB+'
long-term corporate credit rating on Alcatel-Lucent USA Inc.,
both core Nokia subsidiaries. The outlook is stable.
At the same time, S&P affirmed the 'BB+' issue rating on the debt
issued by Nokia and Alcatel-Lucent USA Inc. The recovery rating
is '3', indicating S&P's expectation of meaningful recovery in
the higher half of the 50%-70% range in the event of a payment
default.
The outlook revision primarily reflects Nokia's weaker-than-
expected revenue prospects in 2016-2017 due to the severe decline
in market demand for mobile telecom equipment, and higher-than-
expected restructuring charges and related cash outflows in
2016-2018. As a result, S&P has lowered its revenue, EBITDA
margin, and FOCF expectations for the group in 2016-2018 compared
with S&P's last forecast in May 2016. S&P now thinks that, in
2017, Nokia's profitability won't improve materially and its S&P
Global Ratings-adjusted EBITDA margin will remain below 10%.
The rating affirmation primarily reflects Nokia's maintenance of
a very strong balance sheet and S&P's view that Nokia is on track
in integrating Alcatel-Lucent and reaching an adjusted EBITDA
margin of 10% or more on a sustainable basis in 2018. The
affirmation also takes into account S&P's view that near-term
margins are constrained by the weak industry demand and fierce
competition.
The acquisition of Alcatel-Lucent in January 2016 has
strengthened S&P's assessment of Nokia's business risk. Nokia's
addressable market has almost doubled and its product portfolio
is now more diversified, including both mobile networks and fixed
networks equipment and related software and services. In
addition, the inclusion of Alcatel-Lucent strengthened Nokia's
position in the key U.S. market and S&P thinks the overall
customer overlap, especially outside the U.S., is limited.
According to market research group Dell'Oro, Nokia is now No. 3
in the overall mobile network equipment market, after China's
Huawei and Sweden's Ericsson; No. 2 in the fixed broadband market
after Huawei; and No. 2 in routers for service providers after
U.S.-based Cisco Systems.
Nokia has improved its margins over the past few years, while
Alcatel-Lucent successfully completed its Shift Plan
restructuring program in 2015. Combined, the companies reported
a non-IFRS (International Financial Reporting Standards) EBIT
margin of 10.9% in 2015, but due to the decline in revenues and
the ongoing integration process, S&P assumes materially lower
profitability in 2016 and 2017. However, S&P thinks that Nokia's
profitability will benefit from sizable cost synergies in 2018.
The group aims to achieve EUR1.2 billion annual net cost savings
in 2018 compared with its combined non-IFRS operating costs in
2015, excluding Nokia Technologies.
These strengths are partially mitigated by the volatile demand
and severe price pressure in the mobile network equipment and
services segment (which generated 59% of the combined revenues in
2015), as well as strong competition. Demand for mobile telecom
equipment declined notably in 2016 and S&P thinks that the market
will remain weak until at least the second half of 2017. This is
due to the peak in fourth-generation (4G) wireless rollouts in
2015 and the weak macroeconomic situation in some emerging
markets. The first nine months of 2016 saw an 11% year-on-year
revenue decline in Nokia's Networks segment (which generated 93%
of the combined revenues in 2015, including fixed network
equipment and services).
S&P also views Nokia's profitability as volatile, and note that
there are still execution risks relating to the Alcatel-Lucent
integration, particularly in case of a longer-than-expected
industry downturn. S&P views Alcatel-Lucent's track record of
cash generative operations as short. In addition, S&P had
previously assumed about EUR1.3 billion restructuring costs in
2016-2017, but S&P now understands that the restructuring and
network equipment swap cash outflows will total approximately
EUR2.6 billion in 2016-2018.
S&P's assessment of Nokia's financial risk reflects the group's
very strong balance sheet, including significant cash balances
well in excess of reported gross debt. Nokia reported a net cash
position of EUR5.5 billion as of Sept. 30, 2016. Nokia targets
to maintain gross cash balance at approximately 30% of its annual
revenues over time. S&P views the group's cash flow generation
during the industry cycle volatile, though. In addition, S&P
expects significant negative discretionary cash flow (DCF) for
Nokia in 2016 and 2017 due to high dividend distributions, in
accordance with Nokia's capital structure optimization program,
and restructuring cash outflows.
S&P adjusts Nokia's reported gross debt by adding these key
items:
-- S&P's estimate of about EUR2 billion receivables factoring
outstanding;
-- Present value of operating lease liabilities of about
EUR0.8 billion; and
-- Net unfunded pension liabilities of about EUR2 billion.
S&P also deducts from Nokia's debt the surplus cash that S&P
assumes would be readily available for debt repayment. S&P
thinks about EUR1.0 billion-EUR1.3 billion of Nokia's cash
balances and short-term investments do not qualify as surplus
cash currently.
S&P's base case assumes:
-- Total revenues declining by 10%-12% in 2016, compared with
pro forma revenues in 2015, primarily reflecting S&P's
expectation of a mid-teens percentage decline in the mobile
network equipment demand in 2016. In addition, S&P assumes
a high-single-digit revenue decline in the Nokia
Technologies segment -- which previously benefitted from
nonrecurring items in 2015 -- primarily due to the
arbitration award related to the licensing agreement with
Samsung. Low-single-digit decline in total revenues in
2017, primarily due to S&P's expectation of a further
decline in mobile network equipment demand in the first
half of the year and lack of patent license revenues from
Apple. S&P forecasts improving revenues toward the end of
2017 and into 2018 due to better sales synergies from the
Alcatel-Lucent acquisition and some stabilization in
overall market demand.
In addition, full-year consolidation of small acquisitions
made in 2016 will limit the revenue decline in 2017.
-- S&P's assumption of total annual restructuring and
integration costs, including network equipment swaps, of
about EUR1.2 billion-EUR1.3 billion in 2016 and 2017, and
about a half of that in 2018. S&P includes these costs in
its EBITDA calculation.
-- Annual capital expenditures (capex) of EUR500 million-
EUR600 million in 2016-2018.
-- Acquisition of the remaining outstanding Alcatel-Lucent
securities for EUR630 million in the fourth quarter of
2016.
-- Some bolt-on acquisitions but no material divestments.
-- Dividend payment of EUR1.0 billion in 2017, modestly
increasing thereafter. Purchase of shares of about
EUR1.0 billion mainly in 2017.
Based on these assumptions, S&P arrives at these credit measures
in 2016-2018:
-- Adjusted EBITDA margin of about 8% in 2016, 8%-9% in 2017,
and 12%-14% in 2018.
-- Negative reported FOCF of EUR1.5 billion-EUR1.8 billion in
2016. In addition to restructuring cash outflows, this
reflects the EUR1.6 billion nonrecurring items booked in
the first quarter, consisting of a EUR1 billion reduction
in the sale of receivables, EUR350 million related to the
harmonization of working capital processes and practices,
and EUR280 million paid to Qualcomm due to the termination
of Alcatel-Lucent's license agreement. S&P expects
positive FOCF of EUR0.2 billion-EUR0.6 billion in 2017 and
at least EUR1 billion in 2018.
-- Reported net cash of about EUR4.8 billion-EUR5 billion at
the end of 2016 and EUR3 billion-EUR4 billion in 2017 and
2018.
-- Adjusted debt to EBITDA of about 0.5x in 2016, 1.1x-1.5x in
2017, and 0.7x-1.1x in 2018, and funds from operations
(FFO) to debt above 60% in 2016 and 2018.
The stable outlook reflects S&P's expectation that Nokia will
continue to successfully integrate Alcatel-Lucent and execute its
cost-cutting plans, but that industry demand will continue to
decline at least during the first half of 2017. S&P expects a
small improvement in Nokia's margins in 2017 but forecast the
group's DCF to be negative 2017. In addition, S&P expects Nokia
will maintain a very conservative balance sheet, with reported
net cash of at least EUR3 billion.
S&P could raise the ratings if Nokia's revenues are likely to
stabilize and its adjusted EBITDA margin is set to sustainably
improve to about 10% or more, coupled with prospects of at least
break-even DCF generation. Prospects for an upgrade would be
supported by an adjusted debt-to-EBITDA ratio of below 1.5x and
FFO to debt above 60%.
Although S&P do not currently anticipate doing so, it could lower
the ratings if S&P thinks Nokia could report adjusted EBITDA
margins of about 5% or below due to strong price competition,
market share losses, or higher-than-expected restructuring costs.
In addition, continued significant negative DCF generation or a
meaningful deterioration of the group's reported net cash
position below EUR3 billion could lead S&P to lower the rating.
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F R A N C E
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CGG: S&P Lowers CCR to 'CCC-', Outlook Negative
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S&P Global Ratings said it has lowered to 'CCC-' from 'CCC+' its
long-term corporate credit rating on France-based geoscience
company CGG. The outlook is negative.
At the same time, S&P lowered its issue rating on CGG's senior
secured credit facilities to 'CCC' from 'B-'. The recovery
rating on this debt is unchanged at '2', reflecting S&P's
expectation of substantial recovery in the higher half of its
70%-90% range in a default scenario.
S&P also lowered the issue rating on CGG's unsecured notes to 'C'
from 'CCC'. The recovery rating on this debt was revised down to
'6', reflecting S&P's expectations of negligible recovery.
The downgrade reflects CGG's announcement on Jan. 5, 2016 that it
intends to commence discussions with various stakeholders --
including creditors and shareholders -- to achieve a financial
restructuring with the objective to reduce the group's debt
levels.
S&P do not know yet whether this will happen and, if it does, the
terms and timing are not certain. However, S&P would likely
consider such a restructuring transaction as a default or
distressed exchange. This reflects S&P's view of the company's
current capital structure as unsustainable -- particularly in the
context of persistently weak geoscience market conditions -- and
its less than adequate liquidity. S&P anticipates adjusted debt
to EBITDA (excluding cash) of more than 10x in 2016-2017.
S&P thinks challenging market conditions; characterized by
persistent low oil prices, weak pricing for new contracts, and an
unfavorable supply-demand balance, will continue to negatively
affect the seismic industry in the next few quarters.
The negative outlook reflects the risk that S&P could lower the
ratings to 'CC' or 'SD' (selective default) in the next few
months depending on the progress with or completion of
restructuring discussions with lenders and noteholders.
S&P could lower the rating to 'CC' if a distressed exchange offer
is announced in the coming weeks or months. If a debt payment is
not paid as originally scheduled or the restructuring is fully
completed, S&P could lower the corporate credit rating to 'SD' or
'D'.
S&P could raise the rating after a restructuring has been
concluded to recognize any benefits garnered after the
restructuring has completed.
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I R E L A N D
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AURIUM CLO II: S&P Affirms 'B-' Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Aurium CLO II
DAC's class A, B, C, D, E, and F notes following the
transaction's effective date.
Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral.
On the closing date, the collateral manager typically covenants
to purchase the remaining collateral within the guidelines
specified in the transaction documents to reach the target level
of portfolio collateral. Typically, the CLO transaction
documents specify a date by which the targeted level of portfolio
collateral must be reached. The effective date reports provide a
summary of certain information that S&P used in its analysis and
the results of its review based on the information presented to
S&P.
S&P's affirmation on the ratings reflects its opinion that the
portfolio collateral purchased by the issuer, as reported to S&P
by the trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that S&P assigned on the transaction's
closing date.
The "effective date" for a CLO transaction is usually the earlier
of the date on which the transaction acquires the target level of
portfolio collateral, or the date defined in the transaction
documents. S&P believes the transaction may see some benefit
from allowing a window of time after the closing date for the
collateral manager to acquire the remaining assets for a CLO
transaction. This window of time is typically referred to as a
"ramp-up period." Because some CLO transactions may acquire most
of their assets from the new-issue leveraged loan market, the
ramp-up period may give collateral managers the flexibility to
acquire a more diverse portfolio of assets.
For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines. This is because not all
assets in the portfolio have been purchased.
"As part of our review we have performed quantitative and
qualitative analysis of the transaction in accordance with our
criteria to assess whether the initial ratings remain consistent
with the credit enhancement based on the effective date
collateral portfolio. Our analysis relies on the use of CDO
Evaluator to estimate a scenario default rate at each rating
level, cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P said.
"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation. In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated European cash flow CLO," S&P
noted.
Aurium CLO II is a European cash flow CLO securitization of a
revolving pool, comprising primarily euro- and sterling-
denominated senior secured loans and bonds granted to broadly
syndicated corporate borrowers.
RATINGS LIST
Aurium CLO II Designated Activity Company
EUR359.70 Million Senior Secured Floating-Rate Notes (Including
EUR35.00 Million Subordinated Notes)
Ratings Affirmed
Class Rating
A AAA (sf)
B AA (sf)
C A (sf)
D BBB (sf)
E BB (sf)
F B- (sf)
AVOLON HOLDINGS: S&P Assigns 'BB+' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'BB+' corporate credit rating to
Dublin-based aircraft lessor Avolon Holdings Ltd., which is a
wholly owned subsidiary of China-based Bohai Financial Investment
Holding Co. Ltd. The outlook is stable.
At the same time, S&P assigned its 'BBB-' issue-level rating and
'2' recovery rating to Avolon's proposed $5.5 billion secured
term loan.
Additionally, S&P assigned its 'BB-' issue-level rating and '6'
recovery rating to its subsidiary Park Aerospace Holdings Ltd.'s
proposed $3 billion unsecured note issuance. S&P expects that
the company will use the proceeds from the secured term loan and
the unsecured notes to fund its approximately $10 billion
acquisition of C2.
The 'BB+' corporate credit rating on Avolon reflects both S&P's
'bb+' stand-alone credit profile (SACP) on the company and S&P's
assessment that it is an insulated subsidiary of Bohai Capital
Holding Co. Ltd., whose controlling shareholder is China-based
HNA Group. Our SACP on Bohai is 'bb' and our SACP on HNA Group is
'b+'.
Avolon is a wholly owned subsidiary of Bohai, which is part of
the HNA Group. The HNA group is a Chinese conglomerate and
Bohai's largest stockholder (the balance of its shares are
publicly traded). However, Avolon operates as a stand-alone
subsidiary of Bohai and Bohai operates as a stand-alone
subsidiary of HNA, although both are consolidated under the HNA
Group. In S&P's view, the group benefits from the company's
scale and the diversification of its operations. However, S&P
views the group's financial policy as aggressive in terms of its
acquisition strategy and its high debt leverage.
The stable outlook reflects S&P's expectation that Avolon's
earnings and cash flow will benefit from its proposed acquisition
of C2, offsetting the incremental debt the company took on to
fund the transaction. Specifically, S&P expects that the
company's EBIT interest coverage will decline to around 2x, from
around 3x in 2016, and its FFO-to-debt ratio will remain in the
high single digit percent area through 2018.
H&A ADVERTISING: Obtains New Investment, To Exit Examinership
-------------------------------------------------------------
Samantha McCaughren at the Sunday Independent reports that
Cork-based company H&A Advertising, one of the country's largest
ad agencies outside Dublin, will exit examinership shortly after
securing new investment.
According to the Sunday Independent, the scheme of arrangement
revealed that unsecured creditors were owed EUR1.2 million and
will receive 3.5c in the euro.
Director Brian Healy told the Sunday Independent that funding had
been secured and said that 96pc of creditors had voted in favor
of the examinership proposals. He said that he hoped to reach
the final stages of the process in the next week to 10 days, the
Sunday Independent relays.
Mr. Healy, as cited by the Sunday Independent, said that it has
been a difficult decision to enter the process but that while
revenues had stabilized, debt levels had remained an issue at the
company.
H&A Advertising provides a wide range of services in the area of
marketing and communications, such as PR, design and internal
communications.
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N E T H E R L A N D S
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STORM 2017-I: Fitch Assigns 'B(EXP)' Rating to Class D Notes
------------------------------------------------------------
Fitch Ratings has assigned STORM 2017-I B.V.'s notes expected
ratings as:
Class A floating-rate notes: 'AAA(EXP)sf'; Outlook Stable
Class B floating-rate notes: 'A+(EXP)sf'; Outlook Stable
Class C floating-rate notes: 'BBB(EXP)sf'; Outlook Stable
Class D floating-rate notes: 'B(EXP)sf'; Outlook Stable
Class E floating-rate notes: not rated
This transaction is a true sale securitisation of prime Dutch
residential mortgage loans originated and sold by Obvion N.V., an
established mortgage lender and issuer of securitisations in the
Netherlands. Since May 2012, Obvion has been 100%-owned by
Cooperatieve Rabobank U.A. (Rabobank). This is the 36th
transaction issued under the STORM series since 2003, and the
first such transaction with a revolving feature.
The expected ratings address timely payment of interest on the
class A and B notes, including the step-up margin accruing from
the payment date falling in January 2022, and full repayment of
principal by legal final maturity in accordance with the
transaction documents. The final ratings are contingent upon the
receipt of final documents and legal opinions conforming to the
information already received.
Credit enhancement (CE) for the class A notes will be 8% at
closing, provided by the subordination of the junior notes and a
non-amortising cash reserve (1%), fully funded at closing through
the class E notes.
KEY RATING DRIVERS
Market Average Portfolio
This is an 81-month seasoned portfolio consisting of prime
residential mortgage loans, with a weighted average (WA) original
loan-to-market-value (OLTMV) of 88.3% and a WA debt-to-income
ratio (DTI) of 27.54%, both of which are typical for Fitch-rated
Dutch RMBS transactions and in line with previous STORM
transactions.
Revolving Transaction
A five-year revolving period will allow new assets to be added to
the portfolio. In Fitch's view, the additional purchase criteria
adequately mitigate the significant risk of migration due to
future loan additions. Fitch considered a stressed portfolio
composition, based on the additional purchase criteria, rather
than the actual portfolio characteristics.
Interest Rate Hedge
At close, a swap agreement will be entered into with Obvion to
hedge any mismatches between the fixed and floating interest on
the loans and the floating interest on the notes. In addition,
the swap agreement guarantees a minimum level of excess spread
for the transaction, equal to 50bp per annum of the outstanding
class A through D notes' balance, less principal deficiency
ledgers (PDLs). The remedial triggers are linked to the parent's
ratings (Rabobank).
Rabobank Main Counterparty
This transaction relies strongly on the creditworthiness of
Rabobank, which fulfills a number of roles. Fitch analyzed the
structural features in place, including those mitigating
construction deposit set-off and commingling risk and concluded
that counterparty risk is adequately addressed.
Robust Performance
Past performance of transactions in the STORM series, as well as
data received on Obvion's loan book, indicate healthy historical
performance in terms of low arrears and small losses.
RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce losses larger than Fitch's
base case expectations, which in turn may result in negative
rating actions on the notes. Fitch's analysis revealed that a
15% increase in the WA foreclosure frequency, along with a 15%
decrease in the WA recovery rate, would result in a model-
implied-downgrade of the class A notes to 'A+(EXP)sf', class B
notes to 'BBB+(EXP)sf', class C notes to 'BB-(EXP)sf' and the
class D and E notes to below 'B(EXP)sf'.
WOOD STREET CLO I: S&P Lowers Rating on Class E Notes to B-
-----------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Wood Street CLO
I B.V.'s class B and C notes. At the same time, S&P has lowered
its ratings on the class D1, D2, and E notes.
S&P performed a credit and cash flow analysis and assessed the
support that each participant provides to the transaction by
applying S&P's current counterparty criteria. In S&P's analysis,
it used data from the latest available trustee report.
S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at each rating level. In S&P's analysis, it used the
reported portfolio balance that it considered to be performing
(EUR106.9 million), the weighted-average spread, and the
weighted-average recovery rates for the performing portfolio.
S&P applied various cash flow stress scenarios, using its
standard default patterns in conjunction with different interest
stress scenarios for each liability rating category.
Non-euro-denominated assets comprise 3.4% of the aggregate
collateral balance, which are hedged by a cross-currency swap
agreement. In S&P's opinion, the documentation for the cross-
currency swap agreement does not fully reflect its current
counterparty criteria. In S&P's cash flow analysis, for ratings
above the issuer credit rating plus one notch on the swap
counterparty, S&P considered scenarios where the counterparty
does not perform, and where the transaction is therefore exposed
to changes in currency rates.
S&P's review of the transaction highlights that the class A notes
have fully amortized since its November 2015 review. This has
increased the available credit enhancement for all of the rated
classes of notes.
As the transaction has paid down, concentration risk has
increased, with the portfolio now comprising 22 assets from 31 at
our previous review. Since S&P's previous review, the
transaction has seen one additional asset default, Truvo N.V.,
and S&P gave no benefit to one position, an "obligations
remboursables en actions" (ORA) due to the position's terms of
conversion. Along with the transaction's reduced time to
maturity, these factors also contributed to the results of
supplemental tests, as outlined below.
S&P's credit and cash flow analysis, together with the
application of its structured finance ratings above the sovereign
criteria and current counterparty criteria, indicates that the
available credit enhancement for the class B notes is
commensurate with the currently assigned rating. Therefore, S&P
has affirmed its
'AAA (sf)' rating on the class B notes and 'A+ (sf)' rating on
the class C notes.
S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class D1, D2, and E notes is
commensurate with higher ratings. However, the application of
S&P's supplemental test constrains its ratings on these classes
of notes.
S&P's corporate collateralized debt obligation (CDO) criteria
incorporate supplemental tests intended to address both event
risk and model risk that may be present in rated transactions.
These consist of (1) the "largest obligor default test," which
assesses whether a collateralized loan obligation (CLO) tranche
has sufficient credit enhancement to withstand specified
combinations of underlying asset defaults based on the ratings on
the underlying assets, and (2) the "largest industry test," which
assesses whether or not it can withstand the default of all the
obligors in the largest industry category.
The criteria allow these loss amounts to be run through S&P's
cash flow model to take into account excess spread and to ensure
that the tranche subject to the test receives timely interest and
ultimate principal in our analysis. In this case, due to the
increased concentration in the transaction and the reduced time
to maturity on the transaction highlighted above, the available
excess spread is not sufficient to cure the losses indicated by
the supplemental test.
The application of the supplemental tests, indicate that the
class D-1, D-2, and E notes can no longer maintain their
currently assigned ratings. However, taking into account the
increased credit enhancement and the results of our cash flow
modeling, S&P has made a one-notch positive adjustment to the
result of its supplemental tests for all three classes of notes.
S&P has therefore lowered to 'BB- (sf)' from 'BB+ (sf)' its
ratings on the class D1 and D2 notes. S&P has also lowered to
'B- (sf)' from
'B+ (sf)' its rating on the class E notes.
Wood Street CLO I is a cash flow CLO transaction that securitizes
loans granted to primarily European speculative-grade corporate
firms. Alcentra Ltd. manages the transaction. The transaction
closed in September 2005 and entered its amortization period in
November 2011.
RATINGS LIST
Class Rating
To From
Wood Street CLO I B.V.
EUR460.65 Million Senior Secured Floating-Rate Notes
Ratings Affirmed
B AAA (sf)
C A+ (sf)
Ratings Lowered
D1 BB- (sf) BB+ (sf)
D2 BB- (sf) BB+ (sf)
E B- (sf) B+ (sf)
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N O R W A Y
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PETROLEUM GEO-SERVICES: S&P Raises CCR to 'CCC+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on Norwegian seismic group Petroleum Geo-Services
(PGS) to 'CCC+' from 'SD' (selective default). The outlook is
stable.
At the same time, S&P withdrew its 'D' issue rating on the
US$450 million unsecured notes following completion of the
distressed exchange offer.
The upgrade follows PGS' completion of the exchange of 94% of its
$450 million senior unsecured notes for $201 million new notes
due 2020 (50%) and $212 million in cash. As part of the
transaction, PGS completed a private placement raising $260
million in equity (including the recent offering) and an
extension of its revolving credit facility (RCF) to September
2020 from September 2018.
Following the transaction, PGS' gross debt was about $1.2 billion
on a pro forma basis as of Oct. 1, 2016, consisting of
$160 million drawn under the RCF, $390 million under the term
loan, about $400 million under export credit financing, and
$238 million senior unsecured notes ($26 million notes due 2018
and $212 million due 2020). The company's S&P Global Ratings-
adjusted debt will be about $1.7 billion, including sizable
operating lease obligations of $400 million. There are no
material maturities in the coming years and PGS will be subject
to more relaxed financial covenants under its RCF.
Despite the size of the equity injection, S&P considers PGS'
immediate capital structure post the transaction as unsustainable
in the context of the current very difficult industry
environment. S&P projects adjusted debt to EBITDA (excluding
cash) at above 8x in 2017 (pro forma adjusted debt to EBITDA in
2016 is about 9.5x). PGS could improve credit metrics over the
longer term by higher profitability and no further increase in
debt, assuming some recovery in the seismic market toward the
second half of 2017 and in 2018.
Under S&P's base-case scenario, it projects that PGS' adjusted
EBITDA will be $180 million-$210 million in the 2017 and $250
million-$300 million in 2018, compared with our estimation of
$170 million-$180 million in 2016. These assumptions underpin
these estimates:
-- A Brent oil price of $50 per barrel (/bbl) in 2017 and
2018, leading to further low capital expenditure (capex)
programs and rationalization of operating expenditures at
exploration and production companies. Flat revenues in
2017, compared to 2016, with some upside in 2018 as oil
prices recover. Reported EBITDA margins of about 45% in
2017, compared to 40%-43% in 2016, reflecting the benefits
of the cost-cutting measures the company took in 2016 (as
part of our adjustments to the EBITDA S&P deducts the
capitalized MultiClient investments -- about $230 million
in 2017 -- bringing the adjusted EBITDA margin to about
15%). The company will continue to benefit from pre-
funding covering its investment in new seismic data (pre-
funding has fully covered the ongoing investment over the
last four years).
-- Capex of about $150 million-$200 million in 2017, including
the completion of the new vessels. S&P expects that capex
will come down to $100 million-$150 million starting 2018,
under the current oil price environment.
Based on these assumptions, S&P expects the company to generate
negative free operating cash flow (FOCF) of $100 million-
$120 million in 2017, turning slightly positive in 2018.
S&P's assessment of PGS' business risk profile as weak accounts
for the intensely competitive and capital-intensive nature of the
seismic industry, which S&P views as highly cyclical. This is
especially true for the volatile marine segment in which PGS'
operations are concentrated, stemming from its exposure to the
volatile capital spending and profits of oil exploration and
production companies. In addition, S&P considers revenue-
generation visibility to be relatively low and typically very
limited after six months. Another key constraint stems from PGS'
lack of operational diversity. Those are partially mitigated by
the company's important market position as one of three leading
global providers of oil and gas seismic data acquisition
services.
The stable outlook reflects the improvement in the company's
liquidity post the completion of the capital restructuring. In
S&P's view, the company will have sufficient sources to cover
potential negative FOCF over the short term. S&P expects some
recovery in the market that will translate into at least
breakeven FOCF starting 2018.
In addition, the company has no short-term maturities reducing
the risk of an additional distressed exchange offer over the
coming 12 months.
S&P could lower the rating if it believes that a recovery in the
industry will take more time than S&P currently factors into its
base case. If this happened, the company is likely to burn more
cash or breach its financial covenants.
An upgrade would require improvement in market conditions,
translated into an adjusted debt-to-EBITDA ratio below 6x and at
least moderately positive FOCF. In S&P's view, this scenario
will rely on oil prices remaining between $50/bbl and $60/bbl
over the coming 6-12 months, incentivizing exploration and
production companies to spend more on explorations.
=============
U K R A I N E
=============
PRIVATBANK: S&P Revises Counterparty Credit Ratings to 'SD'
-----------------------------------------------------------
S&P Global Ratings revised its counterparty credit ratings on
Ukraine-based PrivatBank to 'SD' (selective default) from 'R'.
The rating action follows the Deposit Guarantee Fund's
announcement that PrivatBank's three outstanding loan
participation notes have been bailed in following the placing of
the bank under temporary administration in late December 2016.
The loan participation notes were issued by a special-purpose
vehicle in the U.K., which had on-lent the proceeds to
Privatbank. The bailed-in notes are:
-- US$175 million 10.875% senior unsecured loan participation
notes due February 2018;
-- US$200 million 10.25% senior unsecured loan participation
notes due January 2018; and
-- US$220 million 11% subordinated loan participation notes
due 2021.
S&P regards the bail-in as a selective default under its
criteria. This is based on S&P's understanding that the
noteholders will not be repaid as a result of the bail-in. S&P
considers this as a selective default -- as opposed to a general
default -- since no other debt obligations are currently in
default.
S&P do not rate any debt issued by PrivatBank.
S&P expects to remove the ratings from 'SD' when it has enough
information to assess the bank's creditworthiness following its
recapitalization.
===========================
U N I T E D K I N G D O M
===========================
AMIGO LOANS: S&P Assigns 'B+' Counterparty Credit Rating
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term counterparty
credit rating to Amigo Loans Ltd. The outlook is stable.
In addition, S&P has assigned its 'B+' issue rating and '3'
recovery rating to the proposed senior secured notes to be issued
by Amigo Luxembourg S.A. and guaranteed by Amigo. The '3'
recovery rating indicates S&P's expectation of meaningful
recovery (in the lower half of the 50%-70% range) in the event of
a default.
S&P views Amigo as the clear leader in the U.K. guarantor lending
market, which is a relatively new niche sector for the
nonstandard lending market. The rating reflects S&P's assessment
of the business risk profile as weak, as defined by S&P Global
Ratings, as a result of regulatory and legislative risks. It
also reflects a highly leveraged financial risk profile,
mitigated by S&P's view of Amigo's business profile as more
stable than peers'.
When borrowers apply for loans from Amigo, they nominate a
guarantor and, if both borrower and guarantor meet Amigo's
underwriting criteria, the loan is granted and the funds are paid
to the guarantor for transmission to the borrower. As such,
Amigo has recourse to the guarantor if the borrower is unable to
repay. Typically, guarantors are a parent or a relative who is
willing to back the borrower, but would like the borrower to
manage the loan directly. Founded in 2005, the company has grown
quickly, and since 2012, when the Amigo brand was adopted, the
company has seen compound annual credit growth of nearly 16%.
While operational challenges could materialize as Amigo continues
to expand, S&P understands the company intends to maintain a
disciplined approach in growing its lending book.
As of Sept. 30, 2016, Amigo's net loan book was GBP324 million.
The company provides loans that range from GBP500 to GBP7,500,
though the reported average gross loan size is around GBP3,500.
Also, while the average loan term is around 43 months, the
maturities on the loans vary from one to five years. Amigo's
market share within the U.K. guarantor market is around 85%.
As a nonstandard lender, Amigo is authorized by the U.K.
Financial Conduct Authority (FCA). The FCA has been particularly
active in regulating the nonstandard lending sector, in order to
ensure fair treatment of customers. Unlike many competitors, S&P
notes that Amigo has already received its FCA authorization and
S&P understand it proactively adapts to ongoing changes in
regulation to ensure its business model remains viable.
Nevertheless, in S&P's opinion, it sees potential regulatory and
legislative risks as the greatest risk for the company and S&P
therefore assess Amigo's business risk profile as weak.
Amigo has relatively strong EBITDA margins of about 55%, thanks
in part to the dominant position of its brand in its niche
market. S&P thinks that EBITDA margins are likely to remain
stable and that a potential increase in competition in the
guarantor lending sector will not meaningfully affect margins.
Incorporated in S&P's view of Amigo's financial risk are nearly
GBP220 million of deferrable shareholder loan notes that are held
by Amigo Holdings. Although the notes have some equity-like
features, S&P considers them as debt, since it understands that
Amigo intends to gradually pay them down, which reduces the
notes' loss-absorbing capacity in S&P's view. Given Amigo's aim
to pay down these notes and S&P's estimate of EBITDA growth of
nearly 30% per year, the company's leverage profile should
improve. Generally, S&P anticipates that Amigo's cash-flow
generative business model will lead to a gradual decrease in
leverage over the next few years.
The stable outlook reflects S&P's expectation that Amigo will
post a consistent reduction in leverage over our one-year outlook
time horizon. S&P assumes that Amigo will maintain strong EBITDA
margins, which should enable sustained growth in revenues. S&P
anticipates that the company will continue to swiftly expand its
loan book.
S&P could lower the ratings if its credit metrics didn't indicate
a reduction in leverage, either if EBITDA growth stagnated or if
we saw additional debt taken on to finance future growth. Such
developments would likely affect S&P's assessment of Amigo's
financial risk profile. S&P could also lower the ratings if it
saw a marked increase in impairments, or a rise in operational
risks, which could materially affect Amigo's cash flow
generation. Finally, S&P could also take a negative rating action
if the U.K. FCA implemented regulatory changes that limited
Amigo's ability to grow with its current business model.
While S&P do not believe an upgrade is likely over the one-year
rating horizon, given the pace of credit growth and Amigo's
leverage, in addition to S&P's peer comparisons, a positive
rating action would likely be the result of a marked improvement
in Amigo's underlying financial metrics beyond S&P's base-case
assumptions.
BOSHERS LTD: Halts Trading, Goes Into Administration
----------------------------------------------------
Andrew Duncan -- andrew.duncan@leonardcurtis.co.uk -- and
Neil Bennett -- neil.bennett@leonardcurtis.co.uk -- Directors at
Leonard Curtis Business Solutions Group, were appointed joint
administrators to long-established building and heritage
restoration company Boshers (Cholsey) Limited on January 13,
2017.
Oxfordshire-based Boshers specialized in high-end building
projects, from the restoration and refurbishment of listed and
historic properties to the construction of new, contemporary
buildings with cutting edge designs. The company has now ceased
trading and the majority of the staff have been made redundant,
with the exception of a small number of employees who have been
kept on to assist the joint administrators to close down
operations.
While Boshers was incorporated in 1972, the business had been
trading for over 180 years and is still owned and operated by
descendants of the founding family. The company has won numerous
industry awards and has featured in trade and national lifestyle
publications, such as Country Homes & Interiors.
The Oxfordshire business is one in a long line of established
building companies that have had to close recently. Boshers
operated in a competitive market and had lost several major
tenders over the last 18 months. Its business model, which
retained tradesmen as employees rather than subcontracting to
third parties, made the company less competitive when quoting for
new work as well as less able to adapt to fluctuating levels of
turnover.
Adding to this, the loss of zero-rated VAT status, which
previously applied to renovation and repair work on listed
buildings, and came into effect in September 2015 had a major
impact on workflow. Historically, Boshers had carried out
significant amounts of work on listed buildings which due to its
specialist nature was less competitive but generated a higher
margin than new build work.
Mr. Duncan says: "It is sad to see the demise of a historic
Oxfordshire family business, such as Boshers. A fall in turnover
caused by difficult market conditions and a high fixed cost base
meant that the business model was no longer viable and the firm
was unfortunately forced into administration."
Dan Bosher, Owner and Director at Boshers (Cholsey) Limited,
says: "We have worked extremely hard to save the business and are
disappointed that it has come to this. We would like to thank
all of our valued employees together with a number of
subcontractors for their loyalty, hard work and commitment over
so many years. Together they have contributed to our tradition of
high quality work and excellent service. We would also wish to
thank our many clients for their support, which has always been
greatly appreciated."
DAVIS HAULAGE: Buffaload Logistics Acquires Business
----------------------------------------------------
Logistics Manager reports that Buffaload Logistics, the
Huntingdon-based temperature controlled operator, has bought the
on-going business of Davis Haulage which entered a company
voluntary arrangement in April last year.
According to Logistics Manager, Buffaload concluded negotiations
to secure the on-going business, employee contracts and assets of
Davis Haulage just before Christmas.
Davis, which is based in Crewe, specializes in chilled and
ambient logistics.
KING & WOOD: China Arm Finalizes Deal to Keep Some Lawyers
----------------------------------------------------------
Rose Walker at LegalWeek reports that King & Wood Mallesons'
(KWM) China arm has finalized a deal to keep on 30-40 lawyers
from the firm's European arm, ahead of its expected move into
administration.
According to LegalWeek, the deal will enable the firm to retain a
limited European presence, despite the collapse and breakup of
the legacy SJ Berwin business, with which KWM merged in 2013.
London lawyers who have held talks to stay on with the firm
include banking partner Vanessa Docherty, corporate partners
Joseph Newitt, Greg Stonefield and Wang Lianghau, international
arbitration partner Andrei Yakovlev and dispute resolution
partners Dorothy Murray and Darren Roiser, as well as a team of
eight litigation associates, LegalWeek discloses.
However, the exact breakdown of partners, associates and support
staff staying on at the firm is as yet unknown, while the
countries in which KWM will maintain a presence has not yet been
confirmed, LegalWeek notes.
The future of many KWM partners across Europe remains unresolved,
LegalWeek states.
KWM first filed an intention of notice to appoint administrators
on Dec. 22, with AlixPartners named as the proposed
administrator, LegalWeek recounts. On Jan. 10, the firm filed a
second intention of notice to appoint administrators, giving it
more time to negotiate a deal to assemble a European business,
LegalWeek relates.
About King & Wood Mallesons
King & Wood Mallesons is a multinational law firm headquartered
in Hong Kong. With more than 2,200 lawyers and $1 billion in
revenue, King & Wood Mallesons is a product of two large scale
mergers: in 2012, China's King & Wood PRC Lawyers merged with
Mallesons Stephen Jaques of Australia, and then what became King
& Wood Mallesons merged with SJ Berwin of the United Kingdom in
2013.
KWM is the first and only global law firm based in Asia and is
the largest law firm headquartered outside of the United States
or European Union. It is the 6th largest firm in the world by
number of lawyers and one of the top thirty by revenue.
The firm's Chinese, Australian and UK divisions each maintain
separate finance units but operate under a single brand name.
European Arm's Woes
KWM's European and Middle East (EUME) operation as of November
2016 had 130 partners and more than 500 lawyers altogether. Its
offices in Europe and the Middle East are London, Cambridge,
Madrid, Brussels, Luxembourg, Milan, Paris, Frankfurt, Munich,
Dubai and Riyadh. In 2015, the division accounted for 27 percent
of the firm's global revenue.
The Australian, Chinese, Hong Kong portions of KWM are
financially separate and have different management from the
European operations.
KWM Europe faced cash flow issues because of a slowdown in
business and partner defections. In 2016, it was unable to make
timely payments to partners.
The firm subsequently announced a plan to inject $18 million of
capital by raising it from partners. But the recapitalization
plan failed due to a number of partner departures. Among those
who jumped ship are managing partner Rob Day and its head of
investments practices Michael Halford, left.
On Nov. 10, 2016, the firm announced that KWM global managing
partner Stuart Fuller would step down and that a process was
underway to select a new leader.
On Nov. 16, 2016, KWM announced a proposed bail-out, under which
the Chinese division agreed to infuse GBP14 million of additional
capital to KWM Europe, provided that 60% of partners agree to a
12 month "lock-in" and provide some additional capital. However,
insufficient partners committed to the deal.
By the end of November 2016, KWM announced that it was
considering a range of strategic options, including a merger of
the European division.
In early December 2016, reports say that KWM Europe was in
negotiations to enter pre-packaged administration proceedings in
the UK.
KWM Europe announced on Dec. 9, 2016, that it has received "a
number of indicative purchase offers."
LANDMARK MORTGAGE: S&P Raises Rating on Class D Notes to 'B+'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Landmark Mortgage
Securities No.3 PLC's (LMS 3) class B, C, and D notes. At the
same time, S&P has affirmed its rating on the class A notes.
The rating actions follow the application of S&P's relevant
criteria and its credit and cash flow analysis of the
transaction.
LMS 3 is currently paying principal sequentially because the
class A notes have not yet amortized sufficiently in line with
the documented trigger. However, S&P expects this trigger to be
satisfied in the coming months, and the transaction will
subsequently begin to amortize on a pro rata basis.
In terms of collateral performance, decreasing arrears levels
coupled with an increased seasoning benefit have resulted in a
decrease in S&P's weighted-average foreclosure frequency (WAFF)
assumptions compared with its previous full review of the
transaction. At the same time, S&P's weighted-average loss
severity (WALS) assumptions have deteriorated at the 'AAA' rating
level, but have improved at the rating levels of 'AA' and below.
LMS 3 has benefitted from the decrease in the weighted-average
current loan-to-value (LTV) ratios. However, this has been
offset by the increase in S&P's repossession market value decline
assumptions, which S&P has increased at the 'AAA' rating level.
The transaction account has a documented replacement trigger that
was breached following S&P's June 9, 2015, downgrade of Barclays
Bank PLC. The transaction also has a liquidity facility and a
swap, to hedge basis risk, provided by Royal Bank of Scotland
(RBS; BBB+/Stable/A-2)). As with the transaction account, the
swap documentation is not fully in line with S&P's current
counterparty criteria. The liquidity facility is also in breach
of the documented replacement framework. However, the class A
notes do not require the benefit of the liquidity facility to
pass S&P's stresses in its cash flow analysis. As a result,
under S&P's current counterparty criteria, the maximum achievable
rating on the class B, C, and D notes is 'BBB+ (sf)', S&P's long-
term issuer credit rating (ICR) on RBS, and for the class A notes
the maximum achievable rating is 'A- (sf)', its long-term ICR on
Barclays Bank.
Since the most recent full review, despite available credit
enhancement for each class of notes increasing and the generally
improved collateral performance, S&P's rating on the class A
notes remain capped at the long-term ICR on Barclays Bank for
counterparty reasons. S&P has therefore affirmed its 'A- (sf)'
rating on the class A notes.
S&P's analysis also indicates that the class B, C, and D notes
can pass its cash flow stresses at higher rating levels than
those currently assigned. S&P has therefore raised to 'BBB+
(sf)' from 'BBB (sf)', to 'BB+ (sf)' from 'B+ (sf)', and to 'B+
(sf)' from 'B- (sf)' its ratings on the class B, C, and D notes,
respectively.
S&P's credit stability analysis indicates that the maximum
projected ratings deterioration that it would expect at each
rating level for the one- and three-year horizons, under moderate
stress conditions, is in line with S&P's credit stability
criteria.
LMS 3 is a U.K. nonconforming residential mortgage-backed
securities (RMBS) transaction, which originally closed in
September 2007. S&P assigned ratings to the transaction in
August 2014.
RATINGS LIST
Class Rating
To From
Landmark Mortgages Securities No.3 PLC
GBP364.045 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
B BBB+ (sf) BBB (sf)
C BB+ (sf) B+ (sf)
D B+ (sf) B- (sf)
Rating Affirmed
A A- (sf)
PREMIER OIL: Lenders Agree Terms of Financial Restructuring
-----------------------------------------------------------
Jillian Ambrose at The Telegraph reports that Premier Oil's major
lenders are poised to hit the reset button on the debt-hit UK oil
explorer within weeks after agreeing the commercial terms to one
of the most complex financial restructuring deals in the North
Sea's history.
According to The Telegraph, after nine months of talks over
Premier's US$2.8 billion (GBP2.28 billion) debt pile the oil
company announced that lenders had agreed the terms of its
refinancing and will receive the long-form term sheet for
approval by early next month.
The lender group comprises 40 banks and teams of advisers making
up around 80% of Premier's investors, The Telegraph discloses.
Its approval will offer a new lease of life for the explorer
after a two-year downturn in the oil market, The Telegraph
states.
Premier's chief executive Tony Durrant said he would be
"astonished" if any further changes were required to the proposed
restructuring plan at this stage, The Telegraph relates.
"The terms really haven't moved much in the last few months.
We're now into the rather painful process of paperwork but by
mid-February we should have entered into lock-up with our private
lenders," The Telegraph quotes Mr. Durrant as saying.
Premier revealed in its market update on Jan. 12 that the lenders
will be offered equity warrants -- which they could use to buy
further shares from the company at a better-than-market rate --
in order to sweeten the deal.
Premier Oil is a London-based oil and gas explorer.
RANGERS FOOTBALL: Worthington Group Faces Liquidation
-----------------------------------------------------
Martin Williams at Herald Scotland reports that Worthington Group
PLC, the company behind a claim over Rangers and the liquidated
club plc's GBP16 million cash pot, is itself being wound up.
Worthington was accused of stymying the process of reimbursing
businesses that were owed money by the former Rangers company --
which ranged from giants such as Coca-Cola to a picture framer in
Bearsden -- by launching a legal claim for entire GBP16 million
cash pot that had been made available to pay back creditors,
Herald Scotland relates.
It is not yet known what impact the possible demise of
Worthington Group, which is now the subject of a winding up order
from trustees of its pension protection fund, will have on its
possible claim against Rangers or creditors or the former Rangers
plc aiming to be repaid from the GBP16 million pile, Herald
Scotland notes.
Three years ago, Worthington announced to the Stock Exchange that
it was also staking a legal claim to ownership of the business
and assets of Rangers which has not yet been pursued, Herald
Scotland recounts.
It also had a legal demand on all the cash from the liquidation
of RFC 2012 plc, dubbed Rangers oldco, which led to continued
delays in payouts to thousands of unsecured creditors including
more than 6000 fans who bought GBP7.7 million worth of debenture
seats at Ibrox, Herald Scotland discloses.
In the latest update from liquidators BDO, which is overseeing
the liquidation of Rangers oldco, the firm said it is still
considering how the Worthington Group claim impacts on its
ability to pay those who lost money.
The liquidator had previously indicated it would reimburse
creditors by the end of this year, Herald Scotland notes.
According to Herald Scotland, official documents confirm that
liquidators have been appointed for Worthington after an
application was made to the High Court in London.
Irvin Cohen -- irvin.cohen@begbies-traynor.com -- and Mark Fry --
mark.fry@begbies-traynor.com -- of Begbies Traynor were appointed
joint liquidators of the investment firm, Herald Scotland relays.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
TALKTALK TELECOM: S&P Assigns 'BB-' CCR, Outlook Positive
---------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' long-term
corporate credit rating to U.K.-based fixed-line carrier and
mobile services provider TalkTalk Telecom Group PLC. The outlook
is positive.
In addition, S&P assigned its 'BB-' issue rating to TalkTalk's
proposed senior notes. The recovery rating on these notes is
'3', indicating S&P's expectation of average (50%-70%) recovery
prospects in the event of a payment default.
The rating follows TalkTalk's plans to issue GBP300 million of
senior unsecured notes. S&P expects TalkTalk to use the proceeds
from the new notes to partially repay some of its outstanding
senior debt, including part of a GBP100 million term loan and
drawdowns on its revolving credit facilities (RCFs).
The rating on TalkTalk balances the group's established position
as a value-for-money telecom services provider in the very
competitive U.K. telecoms market with the group's only moderately
conservative financial policy, corresponding to S&P Global
Ratings-adjusted debt to EBITDA of less than 3x from fiscal 2017
and continued negative discretionary cash flow generation.
TalkTalk has national network coverage (covering about 96% of
U.K. households), enabling it to compete in areas that are not
covered by Virgin and Sky. It is also able to offer its
customers a basic quad-play offer of fixed voice, broadband, pay-
TV, and mobile telecom services (as a mobile virtual network
operator).
In S&P's view, TalkTalk also benefits from its position as a
value-for-money carrier, which means it has relatively limited
competition from premium content suppliers like Sky, as it caters
to the more price-sensitive segment of the market, but it can
still make use of a distribution agreement for the Sky and BT
channels. It is the fourth-largest player in the U.K. fixed-line
market, with a consumer market share of about 16%.
Further supporting TalkTalk's business risk profile are its
operations in the scalable and wealthy U.K. market, where S&P has
seen relatively rational competition despite the relatively large
number of players. Finally, S&P sees TalkTalk's ability to
compete in the corporate and wholesale segment as a strength,
with further room to grow in the small and midsize enterprise
space.
The business risk profile is constrained, however, by competition
with significantly larger and financially stronger players BT and
Sky. Additionally, S&P sees TalkTalk's reliance on BT and other
providers for last-mile connections from the exchanges and
backhaul as a key weakness compared with competitors like Virgin
Media. In S&P's view, this is a key factor for TalkTalk's cost
structure due to the increasing demand for faster (fiber)
broadband, which remains an expensive cost component to be paid
to BT's Openreach on top of unbundling fees. To an extent, this
is mitigated by the highly regulated pricing of the U.K. market.
Reliance on mobile network operators for mobile roaming, which is
linked to usage, could further burden TalkTalk's margins,
although over the medium term this may somewhat ease due to the
new contract terms with Telefonica UK. TalkTalk's competitive
advantage may also be constrained to some extent by the
reputational effect of the October 2015 cyber-attack, which could
affect its ability to attract new subscribers.
TalkTalk has relatively moderate leverage compared with many of
its peers. S&P currently forecasts that TalkTalk's adjusted
leverage will fall to less than 3x in financial 2017 (ending
March) from a peak of more than 4x in financial 2016, mainly as
result of exceptionally high nonrecurring costs linked to the
cyber-attack in October 2015, as well as high exceptional costs
linked to TalkTalk's transformation program. The financial risk
profile further benefits from TalkTalk's commitment to reduce its
net debt to EBITDA to 2.0x and relatively low cost of debt
resulting in relatively strong adjusted interest coverage ratios
of about 7x-8x.
These supporting factors are somewhat offset by meaningfully
weaker cash flow metrics, including adjusted free operating cash
flow (FOCF) to debt that S&P expects to remain well below 15% due
to relatively elevated levels of capital expenditure (capex)
linked to growing its bandwidth capacity, and fiber to the
premises (FTTP) in York. Additionally, S&P views TalkTalk's
discretionary cash flow generation as a weakness because S&P
expects this to remain negative over the foreseeable future.
This is due to TalkTalk's relatively shareholder-friendly
dividend policy, resulting in ongoing partially debt-funded
distributions.
Due to the company's track record of meaningful subscriber
acquisition and exceptional costs, pressures on free cash flows,
and some weakness in revenues over the last 12 months, S&P
currently sees its overall credit quality as somewhat weaker than
peers in the 'BB' category, but S&P sees potential for
improvement in its base case.
S&P's base case assumes:
-- Revenue declines of about 2% in financial 2017, driven by
the decline in TalkTalk's customer base, only partially
offset by price increases and growth in fiber and mobile
revenue-generating units (RGUs).
-- Return to revenue growth of about 3% in financial 2018 as
S&P assumes the subscriber base will stabilize, as well as
continued growth in RGUs as well as growth from the
company's TV app, resulting in higher average revenue per
user and continued market share gains of TalkTalk's
business segment.
-- Reported EBITDA margin expansion to 16%-17% by financial
2018 due to lower subscriber acquisition costs (SAC) and
marketing expenses following the use of more online
channels, lower amounts of set-top boxes, and reduction in
exceptional costs.
-- Total annual capex of 7%-8% of revenues.
-- Dividends of GBP150 million.
Based on these assumptions, S&P arrives at these credit measures
in financial 2017-2018:
-- Adjusted debt to EBITDA of about 2.9x from about 4.2x in z
fiscal 2016;
-- Funds from operations to debt of 29%-30%;
-- FOCF to debt of 11%-13%; and
-- Negative discretionary cash flows.
The positive outlook reflects the possibility that could S&P
raises the rating by one notch over the next 6-12 months if it
sees revenues return to growth, with stabilization in TalkTalk's
customer base and continued reduction in customer churn, as well
as material improvement in EBITDA and free cash generation
following a significant decline in exceptional costs and lower
subscriber acquisition costs, in line with S&P's base case.
S&P could raise the rating if TalkTalk's revenues stabilize and
the adjusted EBITDA margin rises to more than 15% after
exceptional costs, which should in turn support improvement in
credit metrics and free cash flow generation, notably adjusted
debt to EBITDA falling to sustainably less than 3x and FOCF to
debt of 10%-15%.
S&P could revise the outlook to stable if it continues to see
subdued EBITDA margins on the back of higher-than-anticipated
subscriber acquisition or connection costs, very high demand for
lower-margin fiber offers, and continued high exceptional costs
to turn around performance on the back of net subscriber losses.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 9 to January 13, 2017
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Banca Monte dei Paschi di S 5.00 4/21/2020 EUR 45.17
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 13.82
Banca Monte dei Paschi di S 2.29 5/15/2018 EUR 45.25
Bank of New York Mellon Lux 3.94 12/30/2099 EUR 2.96
Banca Monte dei Paschi di S 5.60 9/9/2020 EUR 46.25
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 32.00
Banca Monte dei Paschi di S 0.69 11/30/2017 EUR 45.19
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 10.13
Ensco PLC 5.75 10/1/2044 USD 72.24
Bank of New York Mellon Lux 4.19 12/15/2050 EUR 45.25
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 11.75
Portugal Telecom Internatio 4.63 5/8/2020 EUR 30.01
CGG SA 5.88 5/15/2020 EUR 45.65
CSN Resources SA 6.50 7/21/2020 USD 73.44
Intelsat Luxembourg SA 7.75 6/1/2021 USD 32.75
Air Berlin PLC 6.75 5/9/2019 EUR 75.00
Offshore Drilling Holding S 8.38 9/20/2020 USD 43.00
Veneto Banca SpA 9.50 12/1/2025 EUR 38.83
Portugal Telecom Internatio 5.00 11/4/2019 EUR 29.51
Banca Popolare di Vicenza 2.84 12/20/2017 EUR 52.00
Aegon NV 0.26 EUR 62.04
Portugal Telecom Internatio 4.38 3/24/2017 EUR 29.98
Petrobras Global Finance BV 5.63 5/20/2043 USD 74.47
PagesJaunes Finance & Co SC 8.88 6/1/2018 EUR 62.02
Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 21.50
Abengoa SA 8.50 3/31/2016 EUR 3.78
CGG SA 1.75 1/1/2020 EUR 2.28
Banque Federative du Credit 0.90 EUR 61.21
Air Berlin PLC 5.63 5/9/2019 CHF 64.87
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 39.05
Casino Guichard Perrachon S 1.43 EUR 58.88
CHC Helicopter SA 9.25 10/15/2020 USD 45.00
Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 72.00
Rickmers Holding AG 8.88 6/11/2018 EUR 18.13
Aegon NV 1.68 USD 71.32
Frigoglass Finance BV 8.25 5/15/2018 EUR 63.52
Portugal Telecom Internatio 4.50 6/16/2025 EUR 30.43
Ajecorp BV 6.50 5/14/2022 USD 51.46
Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 71.66
Portugal Telecom Internatio 6.25 7/26/2016 EUR 29.73
Abengoa Finance SA 8.88 2/5/2018 EUR 4.02
Portugal Telecom Internatio 5.88 4/17/2018 EUR 29.50
AXA SA 0.82 EUR 70.28
Fuerstenberg Capital II Gmb 5.63 EUR 65.34
AXA SA 0.54 EUR 66.37
QGOG Constellation SA 6.25 11/9/2019 USD 65.93
AXA SA 0.95 EUR 72.32
Abengoa Finance SA 6.00 3/31/2021 EUR 3.86
Fred Olsen Energy ASA 4.13 2/28/2019 NOK 57.88
Veneto Banca SpA 0.74 6/21/2017 EUR 44.06
CGG SA 6.50 6/1/2021 USD 46.10
CGG SA 1.25 1/1/2019 EUR 17.43
Far East Capital Ltd SA 8.00 5/2/2018 USD 56.00
Nordea Bank AB 0.44 EUR 67.39
Bluewater Holding BV 10.00 12/10/2019 USD 64.50
Avanti Communications Group 10.00 10/1/2019 USD 76.00
OAS Investments GmbH 8.25 10/19/2019 USD 5.00
Santander International Pre 2.00 USD 46.00
Banca Monte dei Paschi di S 7.00 3/4/2019 EUR 46.13
Brunswick Rail Finance Desi 6.50 11/1/2017 USD 58.50
BPCE SA 2.81 USD 71.52
Intelsat Jackson Holdings S 5.50 8/1/2023 USD 67.66
Neopost SA 3.38 EUR 50.76
CNP Assurances 0.88 EUR 59.08
Etablissements Maurel et Pr 1.63 7/1/2019 EUR 16.50
Abengoa Finance SA 7.00 4/15/2020 EUR 3.80
HSBC Bank PLC 1.63 USD 70.87
Sapinda Invest SARL 5.00 6/30/2019 EUR 54.00
ING Groep NV 0.84 EUR 67.38
AXA SA 1.43 USD 74.15
Banca Monte dei Paschi di S 0.69 1/15/2018 EUR 46.95
Ageasfinlux SA 1.04 EUR 47.67
BNP Paribas Fortis SA 1.68 EUR 65.31
ING Groep NV 0.44 EUR 62.35
Rothschilds Continuation Fi 0.81 EUR 54.93
Holdikks SAS 6.75 7/15/2021 EUR 70.51
Capital Funding GmbH 2.09 EUR 71.27
Credit Agricole SA 0.68 EUR 62.62
Landes-Hypothekenbank Steie 0.07 3/20/2043 EUR 73.33
Intelsat Luxembourg SA 8.13 6/1/2023 USD 31.75
Immigon Portfolioabbau AG 10.00 EUR 6.63
HSH Nordbank AG/Luxembourg 2.10 EUR 13.85
AXA SA 2.10 USD 74.81
Credit Mutuel Arkea SA 0.44 EUR 53.71
ADLER Real Estate AG 2.50 7/19/2021 EUR 14.99
Gol LuxCo SA 8.88 1/24/2022 USD 67.50
Scholz Holding Gmbh 8.50 3/8/2017 EUR 37.38
Indo Energy Finance II BV 6.38 1/24/2023 USD 80.01
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.88
Banque Federative du Credit 0.65 EUR 59.70
Aldesa Financial Services S 7.25 4/1/2021 EUR 67.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 68.88
Avanti Communications Group 10.00 10/1/2019 USD 60.25
Banca Monte dei Paschi di S 2.79 10/31/2018 EUR 46.00
Pacific Drilling SA 5.38 6/1/2020 USD 35.68
Algeco Scotsman Global Fina 10.75 10/15/2019 USD 71.25
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.88
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32
Havila Shipping ASA 8.60 3/30/2017 NOK 50.88
Santander Finance Preferred 0.31 EUR 59.04
Caixa Terrassa Societat de 0.41 EUR 54.63
KTG Energie AG 7.25 9/28/2018 EUR 6.75
KTG Agrar SE 7.13 6/6/2017 EUR 2.07
CGG SA 6.88 1/15/2022 USD 46.26
Solarworld AG 9.68 2/24/2019 EUR 57.10
Air France-KLM 2.03 2/15/2023 EUR 10.41
SOITEC 6.75 9/18/2018 EUR 2.79
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Jyske Bank A/S 0.49 EUR 51.13
Yuksel Insaat AS 9.50 11/10/2015 USD 25.88
Abengoa Finance SA 8.88 11/1/2017 USD 3.42
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.35
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 65.88
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 60.50
Banca Carige SpA 2.78 6/19/2018 EUR 70.00
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.95
WPE International Cooperati 10.38 9/30/2020 USD 15.00
Alno AG 8.50 5/14/2018 EUR 42.75
UkrLandFarming PLC 10.88 3/26/2018 USD 26.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 40.47
Societe Alsacienne et Lorra 1.63 1/1/2022 EUR 57.62
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.75
Econocom Group SA/NV 1.50 1/15/2019 EUR 14.07
Takko Luxembourg 2 SCA 6.69 4/15/2019 EUR 73.00
ATF Capital BV 8.58 USD 62.13
CEVA Group PLC 9.00 9/1/2021 USD 65.00
European Directories BondCo 7.00 12/9/2018 EUR 66.25
HSBC Bank PLC 1.50 USD 72.13
Ichor Coal NV 8.00 6/7/2017 EUR 53.44
Banco Espirito Santo SA 2.63 5/8/2017 EUR 27.88
Banco Bilbao Vizcaya Argent 0.99 EUR 72.26
Banca Carige SpA 8.34 EUR 34.50
Afren PLC 6.63 12/9/2020 USD 0.06
HSBC Bank PLC 1.48 USD 70.67
Far East Capital Ltd SA 8.75 5/2/2020 USD 57.50
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.88
Bilt Paper BV 9.64 USD 49.19
BPCE SA 0.42 EUR 56.50
Novo Banco SA 5.00 4/4/2019 EUR 67.92
Sequa Petroleum NV 5.00 4/29/2020 USD 69.00
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 8.10
Nexity SA 0.13 1/1/2023 EUR 63.95
CHC Helicopter SA 9.38 6/1/2021 USD 34.00
Lambay Capital Securities P 6.25 GBP 0.58
Cofinoga Funding Two LP 1.68 EUR 62.25
Aegon NV 5.19 NLG 65.46
Rothschilds Continuation Fi 1.50 USD 48.75
Eramet 4.00 EUR 57.22
Fuerstenberg Capital Erste 1.45 EUR 56.63
Paragon Offshore PLC 6.75 7/15/2022 USD 18.25
BIM SAS 2.50 11/13/2020 EUR 27.07
Novo Banco SA 3.50 1/2/2043 EUR 50.88
Rem Offshore ASA 5.00 12/8/2024 NOK 32.30
NIBC Bank NV 0.66 EUR 51.00
Etablissements Maurel et Pr 2.75 7/1/2021 EUR 11.01
Bremer Landesbank Kreditans 8.50 EUR 61.84
Espirito Santo Financial Gr 6.88 10/21/2019 EUR 0.31
Sydbank A/S 0.85 EUR 56.50
GNB - Cia de Seguros de Vid 3.18 EUR 50.00
Caisse Federale du Credit M 0.89 EUR 54.05
IGas Energy PLC 10.00 3/22/2018 USD 73.75
Banca Popolare di Vicenza 5.00 6/4/2024 EUR 67.44
Ekosem-Agrar GmbH 8.50 12/7/2022 EUR 66.75
UniCredit Bank Austria AG 0.18 10/31/2031 EUR 68.59
Norske Skog Holding AS 8.00 2/24/2021 EUR 48.88
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.97
GNB - Cia de Seguros de Vid 1.88 12/19/2022 EUR 55.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 29.63
Waste Italia SpA 10.50 11/15/2019 EUR 24.88
Deutsche Bank AG/London 2.98 6/30/2034 USD 60.25
OSX 3 Leasing BV 13.00 3/20/2015 USD 25.00
Banco Santander SA 0.61 EUR 58.20
Societe Generale SA 1.38 USD 62.25
Mitchells & Butlers Finance 0.97 12/15/2033 GBP 72.67
BNP Paribas SA 1.15 EUR 56.00
Pescanova SA 5.13 4/20/2017 EUR 2.05
German Pellets GmbH 7.25 7/9/2018 EUR 0.75
Beate Uhse AG 7.75 7/9/2019 EUR 22.50
Rudolf Woehrl AG 6.50 2/12/2018 EUR 11.26
Danske Bank Oyj 0.63 EUR 56.55
Abengoa Finance SA 7.75 2/1/2020 USD 3.23
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 15.00
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 40.25
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 33.50
Popular Capital SA 0.81 EUR 48.00
Solarworld AG 9.68 2/24/2019 EUR 50.87
Nordea Bank Norge ASA 1.50 USD 63.03
Jyske Bank A/S 0.53 EUR 57.75
Banca Monte dei Paschi di S 4.40 3/14/2024 EUR 32.13
Tatfondbank PJSC 12.50 12/11/2024 RUB 29.32
Co-Operative Bank PLC/Unite 8.50 7/1/2025 GBP 69.68
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.67
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 13.00
Santander Finance Capital S 2.00 USD 43.00
Allied Irish Banks PLC 12.50 6/25/2035 GBP 73.50
Novo Banco SA 5.00 5/14/2019 EUR 68.08
Deutsche Bank AG/London 3.20 10/31/2034 USD 71.50
Tatfondbank PJSC 13.50 5/28/2025 RUB 29.85
Ekosem-Agrar GmbH 8.75 3/23/2021 EUR 72.25
Ideal Standard Internationa 11.75 5/1/2018 EUR 11.88
Matalan Finance PLC 8.88 6/1/2020 GBP 68.25
Banco Espirito Santo SA 2.35 EUR 0.15
Paragon Offshore PLC 7.25 8/15/2024 USD 17.75
Volksbank NV 6.25 10/26/2020 EUR 3.23
KTG Agrar SE 7.25 10/15/2019 EUR 2.09
Volksbank NV 11.25 EUR 1.69
Standard Chartered PLC 1.65 USD 66.56
World Wide Supply AS 7.75 5/26/2017 USD 14.00
Greene King Finance PLC 2.45 3/15/2036 GBP 69.89
E Forland AS 7.89 9/4/2018 NOK 67.00
Ausy 3.25 1/1/2021 EUR 63.25
ESFIL-Espirito Santo Financ 5.25 6/12/2015 EUR 0.25
German Pellets GmbH 7.25 11/27/2019 EUR 0.75
Pacific Drilling SA 5.38 6/1/2020 USD 35.00
Pescanova SA 8.75 2/17/2019 EUR 2.05
Barclays Bank PLC 1.62 1/27/2031 USD 69.97
Aegon NV 1.51 NLG 57.27
Minicentrales Dos SA 6.45 4/14/2028 EUR 63.50
Scandinavian Airlines Syste 0.63 CHF 24.88
Offshore Drilling Holding S 8.38 9/20/2020 USD 41.00
Aralco Finance SA 10.13 5/7/2020 USD 2.00
Alpine Holding GmbH 6.00 5/22/2017 EUR 1.69
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.38
Candyking Holding AB 5.00 1/29/2018 SEK 36.63
Manchester Building Society 6.75 GBP 13.88
Barclays Bank PLC 0.84 3/21/2033 USD 54.75
Farstad Shipping ASA 4.52 5/29/2018 NOK 28.50
Oceanteam ASA 12.13 10/24/2017 USD 20.00
Mobylife Holding A/S 7.25 5/23/2018 SEK 64.88
Olympic Ship AS 6.15 6/18/2019 NOK 19.75
Elematic Oy Ab 10.00 5/30/2018 EUR 53.00
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.38
Iona Energy Co UK PLC 12.50 9/27/2018 USD 3.27
Abengoa SA 6.25 1/17/2019 EUR 2.64
Praktiker AG 5.88 2/10/2016 EUR 0.13
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 70.38
3W Power SA 5.50 11/11/2020 EUR 64.51
Elli Investments Ltd 12.25 6/15/2020 GBP 45.13
Barclays Bank PLC 1.48 7/28/2031 USD 67.56
Tonon Luxembourg SA 7.25 1/24/2020 USD 11.13
Avanti Communications Group 10.00 10/1/2019 USD 60.00
Afren PLC 11.50 2/1/2016 USD 0.09
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.67
Novo Banco SA 5.00 5/21/2019 EUR 68.08
Barclays Bank PLC 1.88 11/1/2031 USD 65.10
Barclays Bank PLC 5.40 9/13/2028 USD 74.85
IGas Energy PLC 10.00 12/11/2018 USD 21.88
IKB Deutsche Industriebank 5.63 3/31/2017 EUR 27.00
Centrics Oil & Gas Finance 6.00 3/4/2017 EUR 70.00
Lloyds Bank PLC 3.25 11/27/2033 USD 66.50
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
Royal Bank of Scotland Grou 1.16 USD 70.75
Abengoa Finance SA 8.88 11/1/2017 USD 3.42
Barclays Bank PLC 2.62 12/23/2033 USD 68.53
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 68.63
Deutsche Bank AG/London 1.09 3/15/2033 USD 54.25
Vneshprombank Ltd via VPB F 9.00 11/14/2016 USD 0.00
NIBC Bank NV 1.84 USD 59.50
Neue ZWL Zahnradwerk Leipzi 7.50 2/17/2021 EUR 62.63
Banca Carige SpA 1.68 12/29/2018 EUR 47.88
BNP Paribas SA 1.31 USD 63.00
Barclays Bank PLC 2.72 3/28/2034 USD 61.22
Mitchells & Butlers Finance 2.50 6/15/2036 GBP 73.53
Novo Banco SA 5.00 5/23/2019 EUR 67.74
Vseukrainsky Aktsinerny Ban 10.90 6/14/2019 USD 1.83
Barclays Bank PLC 3.55 7/31/2034 USD 68.48
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 0.56
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
SeniVita Sozial gemeinnuetz 7.00 EUR 70.00
Farstad Shipping ASA 5.27 2/15/2017 NOK 28.50
Spirit Issuer PLC 0.92 12/28/2028 GBP 71.96
Touax SA 6.00 7/10/2020 EUR 16.85
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 64.41
Espirito Santo Financial Gr 3.13 12/2/2018 EUR 0.23
Steilmann SE 7.00 3/9/2017 EUR 2.42
Tatfondbank PJSC 13.00 9/7/2021 RUB 26.83
Barclays Bank PLC 1.50 USD 69.35
Travel24.com AG 7.50 9/17/2017 EUR 60.00
Corporate Commercial Bank A 8.25 8/8/2014 USD 0.54
Havila Shipping ASA 9.67 8/30/2017 NOK 14.75
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 0.75
National Westminster Bank P 1.50 USD 70.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 56.50
Avanti Communications Group 10.00 10/1/2019 USD 62.38
TradeDoubler AB 6.75 12/20/2018 SEK 47.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 3.29
Afren PLC 6.63 12/9/2020 USD 0.06
OP Corporate Bank plc 0.61 EUR 56.03
Lehman Brothers UK Capital 5.75 EUR 0.02
Rena GmbH 7.00 12/15/2015 EUR 8.63
Banca delle Marche SpA 0.64 6/1/2017 EUR 1.00
Novo Banco SA 5.00 2/24/2022 EUR 68.25
LBI HF 6.10 8/25/2011 USD 11.13
Barclays Bank PLC 0.69 2/25/2031 USD 67.81
Orient Express Bank PJSC vi 12.00 5/29/2019 USD 51.88
Lloyds Bank PLC 0.66 4/26/2033 USD 54.38
Avanti Communications Group 10.00 10/1/2019 USD 59.88
Capital Raising GmbH 7.50 EUR 18.50
Olympic Ship AS 7.29 9/21/2017 NOK 21.25
Lehman Brothers UK Capital 5.13 EUR 0.20
Credit Lyonnais SACA 0.80 EUR
Barclays Bank PLC 0.53 5/31/2033 USD 54.57
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 24.75
Volstad Subsea AS 7.65 7/5/2017 NOK 69.88
Banco Espirito Santo SA 6.88 7/15/2016 EUR 26.88
Stroika Finance Ltd Via Eme 7.70 6/25/2019 RUB 12.00
Lloyds Bank PLC 1.56 USD 70.20
Barclays Bank PLC 0.96 9/30/2031 USD 67.82
Dexia Credit Local SA 1.42 EUR 3.60
Steilmann SE 7.00 9/23/2018 EUR 2.42
Novo Banco SA 3.00 6/21/2022 USD 65.01
National Westminster Bank P 1.38 USD 70.75
Sazka AS 9.00 7/12/2021 EUR 2.73
Alcatel-Lucent SA 0.13 1/30/2020 EUR 4.11
Royal Bank of Scotland PLC/ 2.65 8/26/2031 USD 62.92
International Industrial Ba 11.00 2/19/2013 USD 0.49
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.88
Veneto Banca SpA 6.95 2/25/2025 EUR 43.50
National Westminster Bank P 1.19 USD 70.88
Abengoa SA 4.50 2/3/2017 EUR 4.30
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.75
Deutsche Bank AG/London 2.65 8/28/2034 USD 58.00
Electromagnetic Geoservices 7.18 6/27/2019 NOK 45.63
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Solor Bioenergi Holding AB 6.30 11/2/2017 NOK 57.50
Orco Property Group SA 7.00 11/7/2019 EUR 70.50
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.88
syncreon Group BV / syncreo 8.63 11/1/2021 USD 73.50
Breeze Finance SA 6.71 4/19/2027 EUR 28.00
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 15.00
Novo Banco SA 5.00 3/15/2022 EUR 68.25
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Neue ZWL Zahnradwerk Leipzi 7.50 3/4/2019 EUR 73.63
Novo Banco SA 3.50 2/19/2043 EUR 51.70
Espirito Santo Financial Gr 9.75 12/19/2025 EUR 0.52
Brunswick Rail Finance Desi 6.50 11/1/2017 USD 58.38
Paragon Offshore PLC 7.25 8/15/2024 USD 17.75
Royal Bank of Scotland PLC/ 2.54 11/16/2030 USD 64.45
Lloyds Bank PLC 1.33 USD 70.25
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 9.25
Societe Generale SA 0.81 EUR 52.14
Norske Skogindustrier ASA 7.13 10/15/2033 USD 34.69
PA Resources AB 13.50 3/3/2016 SEK 0.11
getgoods.de AG 7.75 10/2/2017 EUR 0.03
Barclays Bank PLC 0.66 3/28/2033 USD 54.66
Abanka Vipa DD Via Afinance 1.59 EUR 0.91
Lloyds Bank PLC 0.83 1/31/2033 USD 57.93
Sydbank A/S 0.79 EUR 69.25
Steilmann SE 6.75 6/27/2017 EUR 4.44
BOA Offshore AS 7.90 12/18/2018 NOK 23.50
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.00
Barclays Bank PLC 1.56 USD 71.34
Island Drilling Co ASA 9.50 4/3/2018 USD 2.87
Dexia SA 1.47 EUR 5.13
Commerzbank Holdings UK Ltd 1.69 USD 67.53
Deutsche Bank AG 0.50 6/28/2033 USD 56.13
SiC Processing GmbH 7.13 3/1/2016 EUR 1.26
Smart Solutions GmbH 8.00 12/3/2018 EUR 29.38
Portugal Telecom Internatio 5.24 11/6/2017 EUR 30.88
IKB Deutsche Industriebank 4.70 3/31/2017 EUR 27.00
Azubu Investments SA 5.00 8/25/2018 EUR 50.00
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.25
Veneto Banca SpA 6.94 5/15/2025 EUR 29.88
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 9.25
Barclays Bank PLC 4.65 11/28/2029 USD 74.75
Alno AG 8.00 3/21/2019 EUR 38.00
CNP Assurances 2.00 EUR 62.00
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.19
Barclays Bank PLC 3.23 8/28/2029 USD 74.56
Barclays Bank PLC 1.46 6/17/2033 USD 58.92
Sairgroup Finance BV 4.38 6/8/2006 EUR 18.50
Societe Generale SA 8.88 6/1/2017 USD 29.75
Petrol AD 8.38 1/26/2017 EUR 14.50
SeaBird Exploration Finance 6.00 3/3/2018 USD 10.00
Deutsche Bank AG/London 3.33 3/27/2035 USD 73.95
Wild Bunch AG 8.00 3/23/2019 EUR 60.00
More & More AG 8.13 6/11/2018 EUR 31.75
UniCredit Bank Austria AG 0.16 12/27/2031 EUR 65.75
IT Holding Finance SA 9.88 11/15/2012 EUR 0.11
Action SA 3.19 7/4/2017 PLN 37.49
Strenesse AG 9.00 3/15/2017 EUR 16.50
Hybrid Raising GmbH 6.63 EUR 17.50
Novo Banco SA 3.50 1/23/2043 EUR 50.88
CBo Territoria 6.00 1/1/2020 EUR 4.20
Norske Skog Holding AS 8.00 2/24/2023 USD 43.25
KPNQwest NV 10.00 3/15/2012 EUR 0.06
Barclays Bank PLC 3.38 9/29/2034 USD 69.92
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 61.62
Espirito Santo Financial Po 5.13 5/30/2016 EUR 0.64
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Standard Chartered PLC 1.13 USD 66.19
Lloyds Bank PLC 0.75 2/22/2033 USD 54.75
Far Eastern Shipping Co PLC 13.00 11/28/2017 RUB 52.06
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 9.63
Abengoa Finance SA 7.75 2/1/2020 USD 3.23
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 10.24
Barclays Bank PLC 0.60 4/9/2028 USD 65.10
Karlie Group GmbH 5.00 6/25/2021 EUR 2.61
Norske Skog Holding AS 8.00 2/24/2023 USD 43.25
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.49
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Deutsche Bank AG/London 3.62 9/30/2029 USD 70.50
Artea 6.00 8/4/2019 EUR 15.66
Norske Skog Holding AS 8.00 2/24/2021 EUR 48.88
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.00
Cirio Del Monte NV 7.75 3/14/2005 EUR 0.78
Belfius Bank SA/NV 1.66 FRF 69.13
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
DNB Bank ASA 1.38 USD 60.35
Koninklijke Luchtvaart Maat 0.75 CHF 36.55
Barclays Bank PLC 1.25 USD 71.11
Svensk Exportkredit AB 0.50 6/20/2029 AUD 67.84
Banco Pinto & Sotto Mayor 0.68 EUR 18.90
de Volksbank NV 6.26 EUR 0.01
DNB Bank ASA 1.19 USD 60.33
Laurel GmbH 7.13 11/16/2017 EUR 8.75
German Pellets GmbH 7.25 4/1/2016 EUR 0.75
Eidesvik Offshore ASA 5.60 5/22/2018 NOK 68.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Eniro AB 6.00 4/14/2020 SEK 14.34
Del Monte Finance Luxembour 6.63 5/24/2006 EUR 4.98
Assystem 4.50 EUR 30.69
Barclays Bank PLC 2.57 12/27/2028 USD 72.85
Royal Bank of Scotland PLC/ 2.62 12/30/2030 USD 67.59
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.28
Manchester Building Society 8.00 GBP 24.25
Portigon AG 7.46 12/31/2019 EUR 21.50
Golden Gate AG 6.50 10/11/2014 EUR 47.75
Dexia Kommunalbank Deutschl 4.88 12/31/2016 EUR 37.00
Tatfondbank PJSC 13.50 3/21/2025 RUB 25.65
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 21.88
Standard Chartered PLC 1.56 USD 66.25
Barclays Bank PLC 4.27 5/14/2029 USD 70.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 29.26
Danske Bank Oyj 1.28 EUR 43.38
CGG SA 5.88 5/15/2020 EUR 45.88
Mox Telecom AG 7.25 11/2/2017 EUR 2.70
Kommunekredit 0.50 7/30/2027 TRY 29.51
Region of Abruzzo Italy 0.17 11/7/2036 EUR 62.83
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.00
Volstad Shipping AS 7.14 4/15/2019 NOK 25.00
Sairgroup Finance BV 6.63 10/6/2010 EUR 20.00
CRC Breeze Finance SA 6.11 5/8/2026 EUR 52.38
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Barclays Bank PLC 2.62 12/30/2030 USD 67.41
Barclays Bank PLC 1.14 3/21/2031 USD 68.90
Tatfondbank PJSC 14.50 2/3/2026 RUB 27.16
Alpine Holding GmbH 5.25 6/10/2016 EUR 1.65
Pescanova SA 6.75 3/5/2015 EUR 3.03
CEVA Group PLC 9.00 9/1/2021 USD 64.00
Rena GmbH 8.25 7/11/2018 EUR 8.63
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Frey 6.00 11/15/2022 EUR 22.80
Barclays Bank PLC 0.96 9/30/2031 USD 67.87
MS Deutschland Beteiligungs 6.88 12/18/2017 EUR 9.32
PA Resources AB 3.00 12/27/2017 NOK 0.11
Barclays Bank PLC 2.62 12/30/2030 USD 67.46
BNP Paribas SA 0.78 4/30/2033 USD 50.09
APP International Finance C 11.75 10/1/2005 USD 0.56
Dexia Kommunalbank Deutschl 5.63 12/31/2017 EUR 13.13
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Deutsche Bank AG/London 3.65 11/26/2034 USD 65.80
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.06
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 10.33
Paragon Offshore PLC 6.75 7/15/2022 USD 18.75
Lloyds Bank PLC 1.13 USD 70.37
Far Eastern Shipping Co PLC 15.00 2/27/2018 RUB 51.75
Barclays Bank PLC 0.07 12/28/2040 EUR 67.03
Lloyds Bank PLC 1.84 7/29/2033 USD 70.00
Arpeni Pratama Ocean Line I 2.00 6/30/2021 USD 0.01
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.00
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Barclays Bank PLC 2.41 11/29/2030 USD 67.83
UniCredit Bank Austria AG 0.21 8/20/2033 EUR 66.78
AMATHEON AGRI 8.50 4/4/2018 EUR 72.75
CSN Resources SA 6.50 7/21/2020 USD 73.36
Activa Resources AG 8.00 11/15/2017 EUR 25.00
CHC Helicopter SA 9.25 10/15/2020 USD 47.25
IKS 5 Finance OOO 9.45 9/11/2031 RUB 60.51
Gunther Zamek Produktions-U 7.75 5/15/2017 EUR 1.55
Barclays Bank PLC 1.45 4/25/2034 USD 62.11
Dannemora Mineral AB 11.75 3/22/2016 USD 0.90
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Bashneft PJSC 9.50 12/10/2026 RUB 60.00
SAG Solarstrom AG 6.25 12/14/2015 EUR 28.50
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.50
Uppfinnaren 1 AB 10.00 SEK 66.13
Kamaz PJSC 11.24 7/18/2030 RUB 60.01
EFG International AG 0.63 EUR 65.00
Abengoa Finance SA 8.88 2/5/2018 EUR 4.02
Nationwide Building Society 0.90 GBP 70.00
Hellenic Republic Governmen 2.09 7/25/2057 EUR 30.00
Northland Resources AB 4.00 10/15/2020 USD 0.07
Volksbank NV 2.44 EUR 1.69
Barclays Bank PLC 2.75 2/28/2034 USD 67.16
IM Skaugen SE 10.14 4/11/2017 NOK 29.75
Santander Finance Capital S 2.00 EUR 24.38
Banco Pastor SAU 2.08 EUR 57.26
Santander Finance Capital S 2.00 EUR 24.13
Autonomous Community of Cat 2.97 9/8/2039 JPY 64.41
Region of Molise Italy 0.18 12/15/2033 EUR 65.88
QGOG Constellation SA 6.25 11/9/2019 USD 65.86
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 37.29
Novo Banco SA 3.50 3/18/2043 EUR 50.95
Bashneft PJSC 9.50 12/12/2024 RUB 60.00
DNB Bank ASA 1.38 USD 60.33
Northland Resources AB 15.00 7/15/2019 USD 0.44
International Finance Facil 0.50 6/24/2024 ZAR 48.62
Afren PLC 10.25 4/8/2019 USD 0.06
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 37.25
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 32.00
Geotech Seismic Services PJ 13.00 10/16/2019 RUB 71.21
Alpine Holding GmbH 5.25 7/1/2015 EUR 1.65
Kommunekredit 0.50 2/20/2020 BRL 73.44
CGG SA 6.88 1/15/2022 USD 45.88
Svensk Exportkredit AB 0.50 4/24/2029 AUD 59.21
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 9.63
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 65.50
Afren PLC 11.50 2/1/2016 USD 0.09
SAG Solarstrom AG 7.50 7/10/2017 EUR 28.50
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 9.25
Western Bulk Chartering AS 7.86 4/19/2019 NOK 71.00
HSBC France SA 1.03 EUR 48.00
PNE Wind AG 3.75 10/10/2019 EUR 3.05
AKB Peresvet ZAO 13.00 10/7/2017 RUB 35.00
Golden Energy Offshore Serv 5.00 12/31/2017 NOK 28.00
Bashneft PJSC 9.50 12/14/2023 RUB 60.00
UniCredit Bank Austria AG 0.18 12/31/2031 EUR 68.49
BLT Finance BV 12.00 2/10/2015 USD 10.50
Espirito Santo Financial Po 5.63 7/28/2017 EUR 0.37
Waste Italia SpA 10.50 11/15/2019 EUR 24.88
Gol LuxCo SA 8.88 1/24/2022 USD 67.43
Standard Chartered PLC 0.69 GBP 65.12
Ajecorp BV 6.50 5/14/2022 USD 51.37
Governo Portugues Consolida 3.00 EUR 73.10
Bank of Scotland PLC 1.56 USD 70.28
Municipality Finance PLC 0.50 7/30/2029 AUD 66.57
Oceanic Champion AS 8.00 2/20/2020 USD 68.44
Indo Energy Finance II BV 6.38 1/24/2023 USD 76.74
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.50
Municipality Finance PLC 0.50 5/8/2029 AUD 62.78
Volksbank NV 6.63 5/14/2018 EUR 3.23
Banco Espirito Santo SA 6.90 6/28/2024 EUR 24.38
Bremer Landesbank Kreditans 9.50 EUR 67.55
Agroton Public Ltd 6.00 7/14/2019 USD 14.00
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 59.87
Assystem 4.00 1/1/2017 EUR 25.46
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.88
Societe Generale SA 1.60 1/9/2020 GBP 1.08
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 9.25
HPI AG 3.50 EUR 5.00
Anglian Water Services Fina 0.94 1/26/2057 GBP 74.98
Immigon Portfolioabbau AG 6.00 3/30/2017 EUR 59.00
DOF ASA 8.17 9/12/2019 NOK 40.00
Transcapitalbank JSC 13.00 6/6/2018 RUB 70.00
syncreon Group BV / syncreo 8.63 11/1/2021 USD 73.38
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.41
Municipality Finance PLC 0.50 4/26/2022 ZAR 60.62
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 22.32
Abengoa Finance SA 6.00 3/31/2021 EUR 3.86
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 6.57
Deutsche Bank AG/London 0.58 1/31/2033 USD 54.00
Barclays Bank PLC 3.49 3/27/2029 USD 60.77
Gazprom PJSC 6.40 10/21/2043 RUB 60.06
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.13
City of Alba Iulia Romania 1.50 4/15/2025 RON 72.10
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.38
Russian Post FGUP 9.35 9/10/2026 RUB 70.00
Republic of Italy Governmen 0.19 7/31/2045 EUR 72.42
Sparebanken Din 2.39 NOK 67.46
German Pellets GmbH 8.00 EUR 0.10
Barclays Bank PLC 0.75 4/19/2033 USD 55.15
Nuova Banca Popolare dell'E 1.68 9/28/2017 EUR 0.81
Barclays Bank PLC 6.64 3/27/2029 USD 69.43
HSBC Bank PLC 0.50 4/27/2027 NZD 60.54
AgroGeneration 8.00 4/1/2019 EUR 69.30
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.15
LBI HF 2.25 2/14/2011 CHF 6.63
Takko Luxembourg 2 SCA 6.69 4/15/2019 EUR 73.00
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 6.57
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 9.25
Northland Resources AB 4.00 10/15/2020 NOK 0.07
Orient Express Bank PJSC 13.60 8/9/2018 RUB 63.75
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.20
Aralco Finance SA 10.13 5/7/2020 USD 1.26
Solon SE 1.38 12/6/2012 EUR 0.33
Finmek International SA 7.00 12/3/2004 EUR 0.13
Algeco Scotsman Global Fina 10.75 10/15/2019 USD 70.38
Barclays Bank PLC 1.52 7/28/2034 USD 62.82
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 9.63
Vnesheconombank 11.60 2/17/2025 RUB 60.01
Deutsche ETP GmbH & Co Immo 3.00 11/30/2028 EUR
Moscow United Electric Grid 11.00 9/12/2024 RUB 61.22
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Penell GmbH Elektrogroshand 7.75 6/10/2019 EUR 4.50
State Transport Leasing Co 9.00 11/24/2031 RUB 60.31
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 60.25
UmweltBank AG 2.85 EUR 50.62
Far East Capital Ltd SA 8.75 5/2/2020 USD 56.25
Governo Portugues Consolida 2.75 EUR 65.50
Barclays Bank PLC 2.84 10/30/2034 USD 68.72
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 9.25
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 9.25
Pongs & Zahn AG 8.50 EUR 0.34
IVG Immobilien AG 5.54 EUR 0.48
Heliocentris Energy Solutio 4.00 1/16/2019 EUR 58.09
Depfa Funding IV LP 5.03 EUR 56.88
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 9.25
Kaupthing ehf 9.00 USD 0.13
KPNQwest NV 8.13 6/1/2009 USD 0.06
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 62.05
AKB Peresvet ZAO 13.25 6/22/2017 RUB 37.06
Frigoglass Finance BV 8.25 5/15/2018 EUR 63.75
Blaker Sparebank 4.83 NOK 41.54
NIBC Bank NV 3.01 USD 72.93
Standard Chartered PLC 1.21 USD 66.33
AKB Peresvet ZAO 12.50 9/6/2017 RUB 33.04
Barclays Bank PLC 0.55 8/31/2031 USD 68.20
AKB Peresvet ZAO 13.25 4/25/2018 RUB 35.00
OAS Investments GmbH 8.25 10/19/2019 USD 4.10
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 1.21
SG Option Europe SA 7.00 5/5/2017 EUR 66.75
Lloyds Bank PLC 2.45 10/25/2033 USD 73.00
Russian Post FGUP 9.35 10/18/2019 RUB 62.00
Bashneft PJSC 9.30 10/15/2026 RUB 60.00
Heta Asset Resolution AG 0.27 12/31/2023 EUR 39.25
Royal Bank of Scotland PLC/ 2.65 2/25/2031 USD 66.00
Barclays Bank PLC 3.41 5/30/2034 USD 67.32
VEB-Leasing OAO 12.50 2/20/2025 RUB 61.16
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 26.25
Santander Finance Capital S 2.00 USD 43.00
Matalan Finance PLC 8.88 6/1/2020 GBP 69.88
Veneto Banca SpA 1.69 5/15/2019 EUR 70.50
Depfa Funding II LP 6.50 EUR 56.00
Credit Suisse AG/London 10.00 6/28/2017 USD 54.50
AKB Peresvet ZAO 13.25 11/6/2020 RUB 22.02
SpareBank 1 Nordvest 3.94 3/11/2099 NOK 69.04
Mifa Mitteldeutsche Fahrrad 7.50 8/12/2018 EUR 2.67
Credit Suisse AG/London 8.00 5/21/2025 USD 9.09
Montepio Holding SGPS SA 5.00 EUR 50.10
DEIKON GmbH 1.00 7/1/2016 EUR 29.57
SAir Group 6.25 10/27/2002 CHF 12.53
Abengoa SA 5.13 3/5/2017 USD 3.21
BLT Finance BV 7.50 5/15/2014 USD 2.20
WPE International Cooperati 10.38 9/30/2020 USD 14.88
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 37.36
Vnesheconombank 9.75 8/16/2029 RUB 60.00
EFG International Finance G 2.10 3/23/2018 EUR 10.16
Landes-Hypothekenbank Steie 0.02 9/26/2043 EUR 71.99
Bank Intesa AO 9.75 10/10/2019 RUB 60.00
Novo Banco SA 3.00 12/16/2021 EUR 53.88
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 1.21
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 60.50
Abengoa SA 5.13 3/5/2017 USD 3.21
Immigon Portfolioabbau AG 7.00 3/6/2021 EUR 33.50
Hypo Tirol Bank AG 0.17 7/23/2026 EUR 66.87
Petromena ASA 10.85 11/19/2014 USD 0.55
Landesbank Hessen-Thueringe 0.12 5/3/2041 EUR 62.67
Hamburgische Landesbank-Gir 0.07 1/22/2041 EUR 61.83
World of Building Technolog 7.70 6/25/2019 RUB 1.45
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 9.25
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 1.21
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 1.21
CHC Helicopter SA 9.25 10/15/2020 USD 47.25
PagesJaunes Finance & Co SC 8.88 6/1/2018 EUR 62.00
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 1.21
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.38
Heta Asset Resolution AG 0.45 12/31/2023 EUR 39.25
SAir Group 6.25 4/12/2005 CHF 12.50
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.00
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 9.25
Marine Subsea AS 9.00 12/16/2019 USD 0.50
UkrLandFarming PLC 10.88 3/26/2018 USD 29.88
SpareBank 1 SR-Bank ASA 4.00 12/21/2030 EUR 74.70
Republic of Italy Governmen 0.30 7/31/2035 EUR 74.57
Mechel PJSC 8.00 2/9/2021 RUB 70.01
Marfin Investment Group Hol 7.00 7/29/2019 EUR 1.00
MT-Energie GmbH & Co KG 8.25 4/4/2017 EUR 8.41
State of Carinthia 0.77 7/20/2017 CHF 0.20
International Finance Facil 0.50 6/29/2027 ZAR 35.04
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 9.25
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 9.25
MegaFon PJSC 9.90 5/29/2026 RUB 62.00
Oberoesterreichische Landes 0.30 4/25/2042 EUR 52.88
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 9.25
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.21
UBS AG/London 14.50 5/26/2017 CHF 67.50
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 1.21
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.21
AKB Peresvet ZAO 9.80 9/2/2020 RUB 25.35
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 62.69
Barclays Bank PLC 0.50 2/6/2024 AUD 73.80
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
NIBC Bank NV 3.01 USD 72.93
Societe Generale SA 0.53 6/28/2033 USD 72.10
State Transport Leasing Co 9.20 9/5/2031 RUB 60.10
Far East Capital Ltd SA 8.00 5/2/2018 USD 55.54
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 9.25
Abengoa SA 6.25 1/17/2019 EUR 2.64
Landesbank Hessen-Thueringe 0.13 4/23/2041 EUR 65.56
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 9.25
AKB Peresvet ZAO 12.75 7/24/2018 RUB 33.10
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Svensk Exportkredit AB 0.50 6/29/2029 AUD 58.94
Minaya Capital AG 7.00 8/1/2018 EUR 66.00
SG Issuer SA 5.05 4/10/2025 EUR 55.56
Raiffeisen Centrobank AG 6.70 3/13/2017 EUR 59.86
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.21
Raiffeisen Versicherung AG 5.08 EUR 26.31
Aldesa Financial Services S 7.25 4/1/2021 EUR 67.75
Marfin Investment Group Hol 6.30 7/29/2020 EUR 0.85
Finans-Avia OOO 0.01 7/31/2027 RUB 18.90
Province of Milan Italy 0.07 12/22/2033 EUR 68.66
Kommunalbanken AS 0.50 5/27/2022 ZAR 61.99
LBI HF 6.10 8/25/2011 USD 11.13
UniCredit Bank Austria AG 0.04 1/25/2031 EUR 68.52
UniCredit Bank AO 9.00 8/6/2019 RUB 60.00
Atari SA 7.50 2/17/2020 EUR 0.33
Gazprombank JSC 10.90 2/19/2021 RUB 60.00
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.21
Hamburgische Landesbank-Gir 0.07 10/30/2040 EUR 64.16
SAir Group 0.13 7/7/2005 CHF 12.50
BNP Paribas SA 0.50 9/29/2029 AUD 54.78
Societe Generale SA 1.00 12/22/2017 GBP 1.00
Mechel PJSC 8.00 2/9/2021 RUB 60.01
Muehl Product & Service AG 6.75 3/10/2005 DEM 2.41
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.21
Banca Nazionale del Lavoro 1.68 6/15/2037 EUR 74.76
wige MEDIA AG 6.00 3/17/2019 EUR 2.33
Banco Comercial Portugues S 5.00 EUR 50.00
Salvator Grundbesitz-AG 9.50 EUR 21.00
HSBC Bank PLC 0.50 10/30/2026 NZD 62.13
Finans-Avia OOO 8.25 7/31/2022 RUB 65.39
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.21
Svensk Exportkredit AB 0.50 12/17/2027 USD 74.22
Lloyds Bank PLC 3.00 7/26/2033 USD 69.65
Western High-Speed Diameter 9.15 2/6/2032 RUB 60.01
Metalloinvest Holding Co OA 0.01 3/10/2022 RUB 60.00
BNP Paribas SA 0.50 5/6/2021 MXN 70.90
Russian Post FGUP 2.75 12/6/2023 RUB 67.03
Landes-Hypothekenbank Steie 0.10 3/7/2043 EUR 72.99
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 1.21
SAir Group 4.25 2/2/2007 CHF 12.50
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.21
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 1.21
Bayerische Landesbank 2.60 3/29/2018 EUR 70.28
SAir Group 2.13 11/4/2004 CHF 12.50
Svensk Exportkredit AB 0.50 8/29/2029 AUD 58.39
Russian Railways JSC 6.40 6/8/2028 RUB 60.00
Nuova Banca Popolare dell'E 3.50 6/28/2018 EUR 0.78
Banco Espirito Santo SA 1.24 5/27/2018 EUR 0.49
Barclays Bank PLC 9.00 6/16/2017 USD
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
OOO SPV Structural Investme 0.01 9/1/2023 RUB 65.00
International Finance Facil 0.50 6/29/2020 ZAR 72.91
Atari SA 0.10 4/1/2020 EUR 3.88
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.75
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.21
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 66.63
Credit Agricole Corporate & 0.50 3/6/2023 RUB 62.13
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Western High-Speed Diameter 9.15 2/6/2032 RUB 60.01
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 1.21
UBS AG/London 3.50 3/24/2017 EUR 74.23
Norddeutsche Landesbank Gir 3.00 7/16/2018 EUR 70.63
Ideal Standard Internationa 11.75 5/1/2018 EUR 11.88
Raiffeisenbank AO 0.01 10/29/2018 RUB 72.01
WGF Westfaelische Grundbesi 6.35 8/1/2017 EUR 3.63
Gazprom PJSC 6.40 10/21/2043 RUB 60.06
Brighthouse Group PLC 7.88 5/15/2018 GBP 68.88
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 1.21
Barclays Bank PLC 2.24 8/15/2033 USD 62.08
Agrokompleks OOO 0.10 12/8/2022 RUB 1.00
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.00
Abengoa Finance SA 7.00 4/15/2020 EUR 3.80
Western High-Speed Diameter 9.15 2/6/2032 RUB 57.02
Barclays Bank PLC 2.50 3/7/2017 EUR 49.71
Kamaz PJSC 10.39 12/5/2030 RUB 60.01
Eiendomskreditt 4.48 NOK 58.60
Holdikks SAS 6.75 7/15/2021 EUR 71.38
Mechel PJSC 12.50 7/15/2021 RUB 72.00
Astana Finance BV 9.00 11/16/2011 USD 16.88
HSBC Bank PLC 0.50 12/29/2026 AUD 62.09
Societe Generale SA 10.00 7/31/2018 USD 74.98
Argon Capital PLC for Royal 2.70 GBP 70.25
Immigon Portfolioabbau AG 3.51 4/12/2022 EUR 15.00
RGS Nedvizhimost OOO 12.50 6/21/2021 RUB 60.03
AKB Peresvet ZAO 13.50 6/23/2021 RUB 27.02
Lloyds Bank PLC 0.50 7/26/2021 BRL 62.22
HSBC Bank PLC 0.50 12/22/2025 BRL 45.20
Steiermaerkische Bank und S 1.25 EUR 51.05
DekaBank Deutsche Girozentr 0.01 6/29/2046 EUR 55.17
Barclays Bank PLC 0.50 3/26/2021 MXN 67.84
Dolomite Capital Ltd 13.26 12/20/2019 ZAR 64.80
Vegarshei Sparebank 5.10 NOK 61.86
Oberoesterreichische Landes 0.32 11/6/2030 EUR 67.88
BNP Paribas SA 0.50 2/13/2024 NZD 72.04
Zapsibcombank PAO 14.85 12/12/2019 RUB 50.00
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 1.21
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 1.21
Svensk Exportkredit AB 0.50 8/28/2020 TRY 65.29
Tonon Luxembourg SA 7.25 1/24/2020 USD 11.13
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 1.21
Russian Railways JSC 7.10 11/29/2028 RUB 60.00
Nuova Banca delle Marche Sp 7.75 6/30/2018 EUR 1.24
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 70.38
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 1.21
Province of Brescia Italy 0.11 12/22/2036 EUR 63.31
Rosbank PJSC 0.01 2/26/2024 RUB 70.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 3.29
Russian Bank for Small and 14.00 3/17/2022 RUB 61.02
Russian Railways JSC 13.90 5/30/2040 RUB 65.00
Deutsche Bank AG/London 1.52 9/2/2036 JPY 68.15
Deutsche Bank AG/London 0.50 10/5/2021 IDR 60.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 63.37
Afren PLC 10.25 4/8/2019 USD 0.07
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 60.01
RGS Nedvizhimost OOO 13.50 1/19/2021 RUB 60.03
UniCredit Bank AO 12.00 11/20/2019 RUB 60.11
City of Siret Romania 2.24 3/1/2028 RON 51.00
Podkarpacki Bank Spoldzielc 5.81 7/2/2020 PLN 57.90
Nuova Banca Popolare dell'E 5.00 10/30/2023 EUR 0.78
Pierer Industrie AG 5.75 EUR 52.50
Cerruti Finance SA 6.50 7/26/2004 EUR 1.29
Evrofinansy-Nedvizhimost OO 11.00 10/23/2020 RUB 60.13
Bank Julius Baer & Co Ltd/G 23.00 8/4/2017 USD 74.20
Immigon Portfolioabbau AG 8.69 7/26/2025 EUR 15.00
Credit Europe Bank Ltd 11.00 4/6/2018 RUB 60.11
Bilt Paper BV 9.64 USD 49.38
Orient Express Bank PJSC 11.70 7/17/2018 RUB 70.01
Alpha Bank AE 2.50 6/20/2022 EUR 67.83
Alpha Bank AE 2.50 6/20/2022 EUR 67.85
LBI HF 7.43 USD 0.00
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
UBS AG 11.75 12/22/2017 EUR 44.59
Delta-Finance OOO 10.00 1/19/2021 RUB
Lillestroem Sparebank 4.63 NOK 52.19
Societe Generale SA 0.50 5/30/2023 MXN 57.56
HSBC Bank PLC 0.50 6/10/2021 BRL 66.99
Immigon Portfolioabbau AG 8.69 7/26/2020 EUR 15.00
Pravourmiyskoe OOO 9.00 12/26/2019 RUB 60.01
Barclays Bank PLC 0.50 3/13/2023 RUB 62.14
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.21
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.21
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Realwerte GmBh & Co KG 1.20 EUR 42.86
UniCredit Bank AO 9.00 5/17/2019 RUB 60.03
Mriya Agro Holding PLC 10.95 3/30/2016 USD 4.95
Dresdner Bank AG 0.38 11/19/2029 EUR 65.38
SG Issuer SA 0.78 6/15/2020 SEK 70.92
Northland Resources AB 12.25 3/26/2016 USD 0.44
Russian Railways JSC 7.10 4/29/2043 RUB 60.00
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.21
BAWAG PSK Versicherungs AG 1.06 EUR 46.49
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 1.21
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.21
BLT Finance BV 7.50 5/15/2014 USD 2.20
Credit Suisse AG/London 9.50 11/15/2019 USD 5.23
Stroytemp CJSC 9.00 11/13/2019 RUB 0.01
Russian Railways JSC 7.40 9/20/2039 RUB 60.00
Mortgage Agent AHML 10-1 9.00 11/20/2042 RUB 60.01
Province of Rovigo Italy 0.06 12/28/2035 EUR 65.05
Province of Brescia Italy 0.14 6/30/2036 EUR 64.27
Indre Sogn Sparebank 5.98 NOK 62.02
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.00
SAir Group 5.13 3/1/2003 CHF 13.00
Podkarpacki Bank Spoldzielc 4.99 10/6/2021 PLN 54.00
Elli Investments Ltd 12.25 6/15/2020 GBP 45.13
Bank Julius Baer & Co Ltd/G 14.40 11/2/2017 CHF 66.95
Union Technologies Informat 0.10 1/1/2020 EUR
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.21
Gold-Zack AG 7.00 12/14/2005 EUR 12.56
UniCredit Bank AG 4.00 3/21/2017 EUR 65.17
Notenstein Finance Guernsey 1.00 9/17/2019 CHF 62.98
Promnefteservis OOO 10.50 11/21/2019 RUB 1.05
Bayerische Landesbank 2.40 7/20/2018 EUR 72.05
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 1.21
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 1.21
Russian Railways JSC 8.20 8/18/2033 RUB 60.00
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.21
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 9.63
UniCredit Bank Austria AG 0.20 1/22/2031 EUR 70.19
City of Hunedoara Romania 1.43 8/15/2026 RON 70.10
Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.21
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 1.21
UBS AG 4.75 12/22/2017 EUR 57.75
Biomed-Lublin Wytwornia Sur 7.29 8/14/2018 PLN 75.00
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.21
Svensk Exportkredit AB 0.10 11/20/2019 TRY 70.54
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 0.06
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 1.21
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
Municipiul Timisoara 0.64 5/15/2026 RON 64.20
SAir Group 5.50 7/23/2003 CHF 12.50
ECA 2.50 1/1/2018 EUR 11.21
Agrokompleks OOO 0.10 7/29/2019 RUB 2.71
Drangedal Sparebank 2.36 NOK 65.99
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.21
International Industrial Ba 9.00 7/6/2011 EUR 0.49
Cattles Ltd 7.13 7/5/2017 GBP 1.05
SAir Group 2.75 7/30/2004 CHF 12.50
Norddeutsche Landesbank Gir 3.00 10/30/2018 EUR 67.06
Credit Suisse AG/London 0.50 1/8/2026 BRL 40.23
Bayerische Landesbank 2.70 7/13/2018 EUR 71.64
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.21
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 9.63
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.21
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Credit Suisse AG 0.50 12/16/2025 BRL 41.39
Societe Generale SA 0.50 7/31/2020 MXN 74.66
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 1.21
Leonteq Securities AG 16.40 2/6/2017 CHF 36.56
Raiffeisen Centrobank AG 9.50 7/13/2017 EUR 66.11
UBS AG/London 5.75 6/6/2017 CHF 74.70
Russian Railways JSC 6.80 5/20/2044 RUB 65.00
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.21
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 9.25
Hypocredit AD 7.50 12/18/2017 EUR 40.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.61
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 1.21
Barclays Bank PLC 0.50 1/28/2033 MXN 20.50
HSBC Bank PLC 0.50 5/29/2020 IDR 73.16
Reserve Trust Co CJSC 11.00 1/4/2027 RUB 0.01
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 65.00
Strommen Sparebank 2.36 NOK 37.91
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.21
Astana Finance BV 7.88 6/8/2010 EUR 16.88
DekaBank Deutsche Girozentr 3.00 5/4/2018 EUR 66.43
Landesbank Baden-Wuerttembe 4.20 6/23/2017 EUR 59.84
SAir Group 2.75 7/30/2004 CHF 12.50
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.03
Vontobel Financial Products 5.00 2/13/2017 EUR 62.19
Vnesheconombank 2.00 6/18/2021 RUB 72.35
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.21
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 1.21
Main Road OJSC 5.40 11/22/2028 RUB 63.23
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 61.33
Windreich GmbH 6.25 3/1/2015 EUR 10.88
UBS AG/London 8.00 7/10/2017 CHF 72.65
Vnesheconombank 11.50 8/20/2020 RUB 60.51
Municipality Finance PLC 0.50 6/19/2024 ZAR 50.16
Russian Railways JSC 6.40 2/28/2040 RUB 65.00
Bayerische Landesbank 2.70 7/6/2018 EUR 68.16
UBS AG/London 12.50 1/3/2017 CHF 36.15
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 9.25
Municipiul Timisoara 0.64 5/12/2026 RON 75.00
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 9.25
Landesbank Hessen-Thueringe 5.00 10/17/2017 EUR 67.07
Credit Suisse AG/London 8.95 6/6/2017 USD 71.08
Bayerische Landesbank 2.70 7/20/2018 EUR 71.86
UBS AG/London 7.00 7/3/2017 CHF 67.95
LZMO SA 8.50 6/30/2017 PLN 25.00
Leonteq Securities AG/Guern 29.61 10/26/2017 EUR 22.00
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.21
HSH Nordbank AG 7.25 USD 23.02
Immigon Portfolioabbau AG 1.31 7/29/2018 EUR 2.00
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 1.21
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 1.21
OT-Optima Telekom DD 5.25 5/30/2022 HRK 65.00
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 1.21
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 1.21
Zapsibcombank PAO 5.00 9/4/2017 RUB 60.00
Novo Banco SA 5.00 4/23/2019 EUR 68.09
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Windreich GmbH 6.75 3/1/2015 EUR 10.88
BANIF - Banco Internacional 4.50 1/30/2025 EUR 65.25
Bayerische Landesbank 2.70 7/6/2018 EUR 67.31
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 73.51
Emova Group 4.30 5/2/2022 EUR 4.72
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.21
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.21
COFIDUR SA 0.10 12/31/2024 EUR 19.00
Bank Julius Baer & Co Ltd/G 10.90 7/26/2017 CHF 62.80
EFG International Finance G 6.48 5/29/2018 EUR 10.35
HSBC Bank PLC 0.50 7/21/2021 BRL 66.11
Bank Julius Baer & Co Ltd/G 9.40 2/9/2017 CHF 29.05
DekaBank Deutsche Girozentr 0.12 6/23/2034 EUR 72.55
Bayerische Landesbank 3.20 7/27/2018 EUR 69.15
Bayerische Landesbank 2.70 7/27/2018 EUR 72.65
Bayerische Landesbank 2.90 6/22/2018 EUR 71.09
Bayerische Landesbank 2.70 6/22/2018 EUR 73.06
Societe Generale SA 0.50 7/6/2021 BRL 63.85
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 1.21
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.21
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 1.21
Nuova Banca delle Marche Sp 8.00 6/30/2018 EUR 1.24
Russian Railways JSC 6.40 9/19/2033 RUB 60.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Credit Suisse AG/London 7.80 7/16/2025 USD 9.22
Bayerische Landesbank 2.60 8/24/2018 EUR 69.86
Bayerische Landesbank 3.00 10/5/2018 EUR 75.00
Leonteq Securities AG/Guern 4.40 8/28/2017 CHF 60.92
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 1.21
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 1.21
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 1.21
Kaupthing ehf 7.63 2/28/2015 USD 17.63
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 1.21
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.21
BNP Paribas Emissions- und 27.00 3/23/2017 EUR 73.51
Immigon Portfolioabbau AG 5.05 8/5/2030 EUR 72.38
Kommunekredit 0.50 12/14/2020 ZAR 71.17
Oravita City Council 1.97 6/15/2027 RON 75.00
Russian Railways JSC 7.40 10/11/2038 RUB 60.00
Societe Generale SA 0.50 6/12/2023 RUB 60.75
Municipiul Timisoara 0.64 5/15/2026 RON 60.87
BNP Paribas SA 0.50 7/20/2021 BRL 62.78
Societe Generale SA 0.50 5/22/2024 MXN 52.04
AKB Derzhava OJSC 11.50 7/10/2023 RUB 60.01
HSBC Bank PLC 0.50 4/11/2023 MXN 58.35
Societe Generale SA 0.50 4/3/2023 RUB 61.89
UBS AG/London 11.00 2/24/2017 CHF 47.35
Exane Finance 5.00 12/20/2019 SEK 64.40
Credit Suisse AG/Nassau 7.90 2/27/2017 CHF 70.82
Bank Julius Baer & Co Ltd/G 6.50 3/6/2017 CHF 72.95
Commerzbank AG 8.00 7/14/2021 USD
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 1.21
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 1.21
LBI HF 7.43 USD 0.00
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.21
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.21
LBI HF 8.65 5/1/2011 ISK 6.63
Nuova Banca Popolare dell'E 2.19 5/21/2018 EUR 0.81
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 1.21
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.21
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.21
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 9.63
UBS AG 5.25 12/22/2017 EUR 64.29
Credit Suisse AG/London 8.20 10/22/2025 USD 9.32
EFG International Finance G 7.00 11/27/2019 EUR 29.14
Bank Julius Baer & Co Ltd/G 12.15 11/8/2017 CHF 67.95
Lehman Brothers Treasury Co 3.40 3/19/2018 JPY 1.21
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 68.29
Raiffeisen-Landesbank Tirol 2.50 9/2/2024 EUR 72.55
Nuova Banca delle Marche Sp 7.20 6/30/2018 EUR 1.24
Kreditanstalt fuer Wiederau 0.25 10/6/2036 CAD 40.65
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.21
Kaupthing ehf 7.50 2/1/2045 USD 0.00
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 1.21
HSBC Bank PLC 0.50 11/25/2025 BRL 45.49
Kommunalbanken AS 0.50 12/16/2020 TRY 68.86
Barclays Bank PLC 0.79 5/10/2028 USD 65.32
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 1.21
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.00
Northland Resources AB 15.00 7/15/2019 USD 0.44
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 31.52
UBS AG/London 15.50 11/30/2017 CHF 72.25
Leonteq Securities AG 11.00 1/9/2017 EUR 64.85
HSBC Bank PLC 0.50 12/8/2026 AUD 67.01
Credit Suisse AG/London 7.80 7/31/2020 USD 9.33
BNP Paribas SA 0.50 11/16/2032 MXN 28.92
Russian Railways JSC 13.90 2/28/2040 RUB 65.00
Leonteq Securities AG 3.50 4/10/2018 EUR 57.85
Rosselkhozbank JSC 12.87 12/21/2021 RUB 65.00
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
UniCredit Bank Austria AG 0.08 1/24/2031 EUR 68.96
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 10.00
SG Issuer SA 6.65 10/10/2021 EUR 63.80
Leonteq Securities AG 10.00 2/6/2017 CHF 63.16
UBS AG/London 11.00 1/27/2017 CHF 29.40
Landesbank Baden-Wuerttembe 3.90 9/22/2017 EUR 40.48
Zurcher Kantonalbank Financ 13.04 4/13/2017 CHF 52.60
Mortgage Agent First St Pet 8.50 7/15/2041 RUB 59.30
Municipality Finance PLC 0.50 11/25/2020 ZAR 69.59
Main Road OJSC 5.40 10/30/2028 RUB 56.01
Bank Julius Baer & Co Ltd/G 10.25 5/17/2017 CHF 54.90
Landeskreditbank Baden-Wuer 0.50 5/10/2027 CAD 74.98
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 9.25
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.21
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 9.63
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Center-Invest Commercial Ba 8.70 11/13/2018 RUB 60.01
Bank Julius Baer & Co Ltd/G 11.30 6/7/2017 CHF 59.25
EFG International Finance G 6.00 11/30/2017 EUR 8.99
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 37.24
Zurcher Kantonalbank Financ 12.10 9/6/2017 CHF 66.93
Barclays Bank PLC 1.61 7/24/2028 USD 73.21
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 34.85
Vnesheconombank 8.35 11/24/2020 RUB 60.01
Barclays Bank PLC 0.50 4/24/2023 MXN 53.58
Barclays Bank PLC 0.50 3/19/2021 MXN 67.87
HSBC Bank PLC 5.05 5/15/2025 MXN 74.18
Deutsche Bank AG/London 1.20 8/22/2031 JPY 73.04
HSBC Bank PLC 0.50 1/29/2027 NZD 61.12
HSBC Bank PLC 0.50 2/24/2027 NZD 61.16
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 62.02
UBS AG/London 9.50 9/4/2017 CHF 21.25
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 71.34
Bank Julius Baer & Co Ltd/G 11.60 1/5/2017 CHF 23.50
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.21
Landesbank Hessen-Thueringe 4.50 11/28/2017 EUR 67.26
UBS AG 11.75 12/22/2017 EUR 48.16
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.12
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 74.24
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 53.27
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 72.91
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 64.95
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 67.59
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 65.58
Societe Generale Effekten G 9.62 6/23/2017 EUR 55.95
UBS AG/London 7.50 2/10/2017 EUR 73.34
HSBC Trinkaus & Burkhardt A 7.10 3/24/2017 EUR 64.12
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 36.01
Center-Invest Commercial Ba 10.00 5/22/2019 RUB 60.11
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 1.21
Totens Sparebank 2.75 NOK 69.84
City of Alba Iulia Romania 1.50 4/15/2025 RON 68.30
City of Hunedoara Romania 1.43 8/15/2026 RON 70.30
UBS AG/London 8.40 8/11/2017 EUR 75.00
HSBC Trinkaus & Burkhardt A 5.50 1/31/2017 EUR 69.57
Commerzbank AG 8.75 6/22/2017 EUR 73.09
Commerzbank AG 12.25 6/22/2017 EUR 68.26
Commerzbank AG 16.00 6/22/2017 EUR 64.32
Commerzbank AG 13.75 2/23/2017 EUR 74.03
UBS AG/London 9.50 12/22/2017 EUR 62.87
UBS AG/London 5.75 12/22/2017 EUR 72.17
UBS AG/London 5.00 12/22/2017 EUR 62.68
UBS AG/London 6.25 12/22/2017 EUR 70.55
UniCredit Bank AG 4.25 9/12/2017 EUR 59.14
Notenstein La Roche Private 5.00 8/29/2018 CHF 65.12
Notenstein La Roche Private 5.00 9/5/2018 CHF 67.62
DZ Bank AG Deutsche Zentral 5.60 3/30/2017 EUR 37.58
DekaBank Deutsche Girozentr 3.05 2/25/2019 EUR 73.82
Vontobel Financial Products 5.35 3/3/2017 EUR 59.66
Vontobel Financial Products 5.40 3/3/2017 EUR 69.72
EFG International Finance G 8.99 9/4/2017 EUR 15.85
Landesbank Hessen-Thueringe 4.00 4/8/2019 EUR 65.03
Leonteq Securities AG 5.25 3/19/2018 CHF 72.96
Notenstein La Roche Private 6.50 3/13/2017 EUR 51.92
UniCredit Bank AG 4.60 7/2/2018 EUR 62.29
Raiffeisen Centrobank AG 6.88 3/30/2017 EUR 61.61
Notenstein La Roche Private 5.00 3/20/2017 CHF 74.83
Leonteq Securities AG 7.00 9/20/2017 CHF 65.50
Commerzbank AG 7.20 3/9/2017 EUR 74.62
Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 73.15
DekaBank Deutsche Girozentr 3.75 3/10/2017 EUR 48.42
UBS AG/London 5.00 3/20/2017 CHF 74.90
DekaBank Deutsche Girozentr 3.15 2/3/2017 EUR 58.14
Bayerische Landesbank 2.60 10/19/2018 EUR 65.83
Notenstein La Roche Private 4.50 3/27/2018 EUR 58.59
Notenstein La Roche Private 5.50 3/27/2017 CHF 74.72
Notenstein La Roche Private 5.00 3/27/2019 CHF 73.35
Landesbank Hessen-Thueringe 5.00 4/24/2019 EUR 62.04
Landesbank Hessen-Thueringe 6.20 7/24/2020 EUR 73.41
DekaBank Deutsche Girozentr 2.70 3/16/2018 EUR 69.69
UBS AG/London 5.50 3/27/2017 CHF 74.15
Landesbank Hessen-Thueringe 4.00 4/30/2019 EUR 71.38
Leonteq Securities AG 3.00 10/2/2017 CHF 74.23
Notenstein La Roche Private 4.80 10/24/2018 CHF 74.97
Notenstein La Roche Private 4.20 4/10/2018 EUR 61.36
Notenstein Finance Guernsey 9.00 4/1/2019 EUR 35.91
DekaBank Deutsche Girozentr 2.50 3/31/2017 EUR 68.69
Notenstein La Roche Private 5.70 4/20/2017 CHF 73.49
Notenstein La Roche Private 4.80 4/20/2017 CHF 72.12
Zurcher Kantonalbank Financ 6.50 4/10/2018 CHF 63.10
UBS AG/London 6.25 4/18/2017 CHF 73.00
Leonteq Securities AG 5.60 4/24/2017 CHF 73.29
Leonteq Securities AG 7.20 4/24/2017 EUR 59.99
Notenstein La Roche Private 6.50 7/2/2018 USD 60.91
UBS AG 9.00 7/3/2017 CHF 66.90
EFG International Finance G 5.00 8/15/2017 CHF 66.64
Leonteq Securities AG 20.00 10/25/2017 CHF 67.38
Leonteq Securities AG 17.00 8/17/2017 CHF 72.83
HSBC Trinkaus & Burkhardt A 4.00 6/16/2017 EUR 65.52
Vontobel Financial Products 4.00 11/9/2017 EUR 67.67
HSBC Trinkaus & Burkhardt A 9.20 6/23/2017 EUR 72.48
HSBC Trinkaus & Burkhardt A 10.40 1/27/2017 EUR 69.68
HSBC Trinkaus & Burkhardt A 17.00 1/27/2017 EUR 41.55
Goldman Sachs & Co Wertpapi 15.00 1/25/2017 EUR 71.63
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 67.17
Goldman Sachs & Co Wertpapi 17.00 1/25/2017 EUR 74.72
Goldman Sachs & Co Wertpapi 15.00 1/25/2017 EUR 66.99
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 61.74
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 74.54
Goldman Sachs & Co Wertpapi 12.00 12/20/2017 EUR 71.75
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 71.88
Goldman Sachs & Co Wertpapi 10.00 1/25/2017 EUR 72.48
Goldman Sachs & Co Wertpapi 14.00 1/25/2017 EUR 64.74
Goldman Sachs & Co Wertpapi 18.00 1/25/2017 EUR 60.59
Goldman Sachs & Co Wertpapi 8.00 12/20/2017 EUR 74.53
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 72.33
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 69.48
Leonteq Securities AG 8.80 6/21/2017 CHF 72.47
Natixis Structured Issuance 11.70 12/8/2023 EUR 70.00
Notenstein La Roche Private 9.68 6/15/2017 CHF 70.10
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 68.52
UBS AG/London 9.75 3/24/2017 EUR 56.86
UBS AG/London 7.00 3/24/2017 EUR 62.27
Goldman Sachs & Co Wertpapi 18.00 3/22/2017 EUR 69.89
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 67.51
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 74.67
Goldman Sachs & Co Wertpapi 17.00 3/22/2017 EUR 69.95
Goldman Sachs & Co Wertpapi 15.00 6/21/2017 EUR 72.97
Goldman Sachs & Co Wertpapi 13.00 9/20/2017 EUR 74.63
Goldman Sachs & Co Wertpapi 22.00 1/25/2017 EUR 73.88
Notenstein La Roche Private 6.00 7/11/2017 CHF 71.55
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 68.98
Vontobel Financial Products 12.50 3/24/2017 EUR 74.20
DZ Bank AG Deutsche Zentral 5.00 1/27/2017 EUR 71.62
DZ Bank AG Deutsche Zentral 9.50 1/27/2017 EUR 71.59
DZ Bank AG Deutsche Zentral 7.50 6/23/2017 EUR 73.98
UBS AG/London 11.70 4/18/2017 EUR 63.42
Bank Julius Baer & Co Ltd/G 9.00 1/19/2017 CHF 73.75
HSBC Trinkaus & Burkhardt A 20.50 3/24/2017 EUR 74.76
Goldman Sachs & Co Wertpapi 17.00 1/25/2017 EUR 73.64
Goldman Sachs & Co Wertpapi 22.00 1/25/2017 EUR 67.42
Goldman Sachs & Co Wertpapi 20.00 2/22/2017 EUR 68.85
Goldman Sachs & Co Wertpapi 17.00 6/21/2017 EUR 73.60
Goldman Sachs & Co Wertpapi 15.00 2/22/2017 EUR 73.85
Goldman Sachs & Co Wertpapi 19.00 2/22/2017 EUR 68.94
Goldman Sachs & Co Wertpapi 21.00 1/25/2017 EUR 69.72
Goldman Sachs & Co Wertpapi 16.00 6/21/2017 EUR 74.82
Goldman Sachs & Co Wertpapi 20.00 2/22/2017 EUR 71.21
Commerzbank AG 4.00 7/19/2017 EUR 59.13
UBS AG/London 7.00 12/22/2017 EUR 73.65
UBS AG/London 7.00 12/22/2017 EUR 67.40
UBS AG/London 4.00 12/22/2017 EUR 66.12
UBS AG/London 9.00 12/22/2017 EUR 62.29
UBS AG/London 7.75 12/22/2017 EUR 41.99
Notenstein La Roche Private 5.04 8/28/2017 CHF 67.87
Leonteq Securities AG/Guern 4.68 8/29/2017 CHF 69.45
Leonteq Securities AG/Guern 5.99 9/11/2017 EUR 44.79
UniCredit Bank AG 4.00 10/14/2019 EUR 52.96
DekaBank Deutsche Girozentr 3.00 6/12/2018 EUR 68.05
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 1.21
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 1.21
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.21
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 1.21
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.21
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.21
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.21
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 1.21
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.21
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.21
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 1.21
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.21
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 1.21
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.21
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.21
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.21
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.21
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.21
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.21
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.21
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.21
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.21
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.21
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 9.25
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.21
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.21
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.21
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.21
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.21
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.21
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.21
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 1.21
LBI HF 5.08 3/1/2013 ISK 6.63
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 1.21
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 1.21
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.21
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.21
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 1.21
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 1.21
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.21
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.21
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.21
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 1.21
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.21
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 1.21
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.21
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.21
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.21
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 1.21
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.21
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 1.21
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.21
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.21
Immigon Portfolioabbau AG 7.00 7/24/2022 EUR 35.00
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.21
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.21
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 9.25
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.21
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.21
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.21
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 1.21
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.21
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 1.21
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.21
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.21
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.21
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.21
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.21
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 1.21
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.21
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.21
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.21
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.21
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.21
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.21
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.21
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.21
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.21
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 1.21
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.21
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.21
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 1.21
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.21
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.21
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.21
Royal Bank of Scotland PLC/ 6.20 9/7/2018 GBP 1.07
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.21
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.21
Royal Bank of Scotland PLC/ 1.33 10/26/2018 GBP 1.06
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.21
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.21
HSBC Trinkaus & Burkhardt A 15.20 6/23/2017 EUR 61.89
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 1.21
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 1.21
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.21
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 1.21
DZ Bank AG Deutsche Zentral 8.00 3/24/2017 EUR 66.91
UBS AG 7.00 12/22/2017 EUR 66.55
UBS AG 7.75 12/22/2017 EUR 67.92
UBS AG 10.25 12/22/2017 EUR 47.83
UBS AG 8.50 12/22/2017 EUR 51.37
UBS AG 4.75 12/22/2017 EUR 74.65
UBS AG 6.75 12/22/2017 EUR 57.96
UBS AG 8.25 12/22/2017 EUR 53.15
UBS AG 6.25 12/22/2017 EUR 57.26
DekaBank Deutsche Girozentr 3.40 3/5/2018 EUR 72.79
UniCredit Bank AG 4.30 12/22/2017 EUR 68.12
DekaBank Deutsche Girozentr 3.30 2/26/2018 EUR 56.30
UniCredit Bank AG 4.30 10/29/2018 EUR 67.02
Landesbank Baden-Wuerttembe 3.90 6/23/2017 EUR 72.82
UBS AG 10.25 12/22/2017 EUR 58.50
UBS AG 13.00 12/22/2017 EUR 74.19
UBS AG 7.75 12/22/2017 EUR 46.56
UBS AG 8.25 12/22/2017 EUR 41.42
UBS AG 10.50 12/22/2017 EUR 49.60
UBS AG 9.50 12/22/2017 EUR 50.99
UBS AG 6.50 12/22/2017 EUR 57.46
Landesbank Baden-Wuerttembe 3.30 6/22/2018 EUR 68.04
DekaBank Deutsche Girozentr 3.10 2/26/2018 EUR 73.93
Landesbank Baden-Wuerttembe 3.00 5/25/2018 EUR 70.63
DekaBank Deutsche Girozentr 3.45 6/1/2018 EUR 60.53
UniCredit Bank AG 4.40 9/19/2018 EUR 70.66
UBS AG 9.50 12/22/2017 EUR 55.53
UBS AG 5.50 12/22/2017 EUR 74.83
UBS AG 8.00 12/22/2017 EUR 60.07
UBS AG 5.50 12/22/2017 EUR 70.10
UBS AG 7.50 12/22/2017 EUR 54.74
UBS AG 5.75 12/22/2017 EUR 61.44
UBS AG 5.00 12/22/2017 EUR 69.48
UBS AG 4.50 12/22/2017 EUR 68.22
UBS AG 5.00 12/22/2017 EUR 64.04
UBS AG 6.50 12/22/2017 EUR 65.78
Leonteq Securities AG/Guern 5.75 3/17/2017 CHF 61.10
UniCredit Bank AG 4.30 10/17/2018 EUR 69.92
Barclays Bank PLC 4.17 1/5/2017 EUR 16.92
Landesbank Baden-Wuerttembe 3.55 6/23/2017 EUR 68.48
Landesbank Baden-Wuerttembe 3.15 6/22/2018 EUR 66.58
UBS AG 5.00 12/22/2017 EUR 74.03
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 62.87
Landesbank Baden-Wuerttembe 3.05 6/22/2018 EUR 72.10
UBS AG 4.50 12/22/2017 EUR 60.11
UniCredit Bank AG 4.10 9/28/2018 EUR 63.90
DekaBank Deutsche Girozentr 3.10 5/5/2017 EUR 71.24
DekaBank Deutsche Girozentr 3.40 4/9/2018 EUR 60.25
Landesbank Baden-Wuerttembe 3.60 6/23/2017 EUR 73.29
DekaBank Deutsche Girozentr 3.15 5/18/2018 EUR 47.35
UBS AG 5.00 12/22/2017 EUR 67.65
UBS AG 4.75 12/22/2017 EUR 57.29
UBS AG/London 5.00 8/14/2017 CHF 55.40
Landesbank Baden-Wuerttembe 3.00 2/23/2018 EUR 65.21
Leonteq Securities AG/Guern 10.58 2/3/2017 USD 22.68
UBS AG/London 14.50 7/20/2017 USD 58.00
Goldman Sachs & Co Wertpapi 24.00 4/26/2017 EUR 73.26
Goldman Sachs & Co Wertpapi 24.00 6/21/2017 EUR 72.64
Goldman Sachs & Co Wertpapi 22.00 7/26/2017 EUR 73.92
Goldman Sachs & Co Wertpapi 21.00 8/23/2017 EUR 74.98
Landesbank Baden-Wuerttembe 3.00 8/24/2018 EUR 62.70
Landesbank Baden-Wuerttembe 3.40 6/22/2018 EUR 55.10
Landesbank Baden-Wuerttembe 2.70 7/27/2018 EUR 70.91
Landesbank Baden-Wuerttembe 4.20 6/23/2017 EUR 67.67
Landesbank Baden-Wuerttembe 3.40 8/24/2018 EUR 67.10
Landesbank Baden-Wuerttembe 3.00 10/27/2017 EUR 71.44
Landesbank Baden-Wuerttembe 5.00 10/27/2017 EUR 67.59
Landesbank Baden-Wuerttembe 5.00 10/27/2017 EUR 63.99
Landesbank Baden-Wuerttembe 4.00 10/27/2017 EUR 67.75
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 56.64
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 74.15
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 67.91
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 54.01
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 69.20
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 62.87
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 74.44
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 74.81
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 65.43
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 71.92
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 58.82
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 70.28
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 70.78
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 62.08
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 55.31
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 66.94
Landesbank Baden-Wuerttembe 4.00 2/24/2017 EUR 73.59
Landesbank Baden-Wuerttembe 5.00 2/24/2017 EUR 74.18
Landesbank Baden-Wuerttembe 5.00 2/24/2017 EUR 70.27
Landesbank Baden-Wuerttembe 6.00 2/24/2017 EUR 70.17
Landesbank Baden-Wuerttembe 3.60 9/22/2017 EUR 71.56
Landesbank Baden-Wuerttembe 3.90 7/28/2017 EUR 48.39
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 74.07
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 72.65
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 70.16
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 66.10
Landesbank Baden-Wuerttembe 6.00 3/24/2017 EUR 62.61
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 64.69
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 60.88
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 57.73
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 68.78
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 64.62
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 61.93
Landesbank Baden-Wuerttembe 2.50 3/24/2017 EUR 55.77
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 52.17
Landesbank Baden-Wuerttembe 4.50 3/24/2017 EUR 71.21
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 67.10
Landesbank Baden-Wuerttembe 6.00 9/22/2017 EUR 74.01
Landesbank Baden-Wuerttembe 3.00 9/22/2017 EUR 62.91
Leonteq Securities AG 6.00 10/12/2017 CHF 65.99
UniCredit Bank AG 4.50 9/19/2017 EUR 62.67
UniCredit Bank AG 5.40 6/30/2017 EUR 59.66
UBS AG 8.25 12/22/2017 EUR 60.08
UBS AG 7.00 12/22/2017 EUR 62.72
UBS AG 5.00 12/22/2017 EUR 67.81
UBS AG 8.75 12/22/2017 EUR 57.61
UBS AG 4.00 12/22/2017 EUR 73.13
UBS AG 10.25 12/22/2017 EUR 53.72
UBS AG 11.75 12/22/2017 EUR 50.93
UBS AG 9.50 12/22/2017 EUR 54.88
UBS AG 10.50 12/22/2017 EUR 50.94
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 74.44
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 69.23
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 74.38
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 68.38
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 70.46
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 73.88
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 72.69
BNP Paribas Emissions- und 26.00 6/22/2017 EUR 66.80
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 67.25
BNP Paribas Emissions- und 29.00 3/23/2017 EUR 70.18
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 74.75
BNP Paribas Emissions- und 12.00 3/23/2017 EUR 74.62
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 64.89
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 61.40
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 74.55
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 72.26
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 61.71
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 74.13
BNP Paribas Emissions- und 27.00 3/23/2017 EUR 72.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.43
BNP Paribas Emissions- und 18.00 6/22/2017 EUR 62.31
BNP Paribas Emissions- und 21.00 6/22/2017 EUR 58.60
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 58.10
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 62.55
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 73.73
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 65.85
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 64.35
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 66.51
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 49.19
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 54.04
Vontobel Financial Products 8.00 3/24/2017 EUR 73.75
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 71.20
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.63
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 68.68
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.74
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 73.94
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.32
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 70.98
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 65.98
BNP Paribas Emissions- und 29.00 3/23/2017 EUR 59.87
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.37
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 68.12
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 73.06
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 65.66
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.63
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 55.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.87
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.68
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.82
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 74.28
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 68.68
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 73.97
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.80
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 63.81
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 69.17
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 64.04
BNP Paribas Emissions- und 17.00 12/21/2017 EUR 74.36
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 68.22
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 74.52
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 69.43
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 53.30
BNP Paribas Emissions- und 13.00 3/23/2017 EUR 65.14
BNP Paribas Emissions- und 16.00 3/23/2017 EUR 58.89
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 54.00
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 50.12
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 47.00
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 44.46
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 63.63
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 58.03
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 55.37
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 74.19
Vontobel Financial Products 12.25 3/10/2017 EUR 68.21
Vontobel Financial Products 11.75 6/9/2017 EUR 70.69
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 62.95
Leonteq Securities AG 11.20 1/26/2017 CHF 73.73
Leonteq Securities AG 10.20 1/26/2017 CHF 63.46
Deutsche Bank AG 5.20 3/21/2017 EUR 72.70
Deutsche Bank AG 5.20 3/21/2017 EUR 69.90
Deutsche Bank AG 7.20 3/21/2017 EUR 73.10
Deutsche Bank AG 7.20 3/21/2017 EUR 70.30
DekaBank Deutsche Girozentr 2.60 10/12/2018 EUR 74.98
Goldman Sachs & Co Wertpapi 16.00 6/21/2017 EUR 67.94
Societe Generale Effekten G 8.47 6/23/2017 EUR 73.14
Societe Generale Effekten G 8.81 6/23/2017 EUR 57.32
Societe Generale Effekten G 11.68 6/23/2017 EUR 53.14
UBS AG/London 3.81 10/28/2017 USD 65.75
Notenstein La Roche Private 7.70 5/9/2017 CHF 62.39
Landesbank Baden-Wuerttembe 4.00 4/28/2017 EUR 73.18
Landesbank Baden-Wuerttembe 5.00 4/28/2017 EUR 70.24
Landesbank Baden-Wuerttembe 3.00 4/28/2017 EUR 72.44
Landesbank Baden-Wuerttembe 4.00 4/28/2017 EUR 69.87
Vontobel Financial Products 8.25 3/10/2017 EUR 73.73
Vontobel Financial Products 8.65 3/10/2017 EUR 62.85
UBS AG/London 10.20 2/10/2017 EUR 74.01
UBS AG/London 4.70 2/10/2017 EUR 69.08
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 65.21
UBS AG/London 20.36 6/6/2017 USD 6.88
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 69.23
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 69.70
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 65.67
Notenstein La Roche Private 4.80 11/14/2018 CHF 72.01
Goldman Sachs International 1.00 12/5/2017 SEK 13.58
Notenstein La Roche Private 5.30 11/14/2018 CHF 74.73
Notenstein La Roche Private 3.00 9/22/2020 CHF 68.21
Credit Suisse AG/London 7.00 11/15/2019 USD 8.40
UniCredit Bank AG 3.50 1/29/2020 EUR 74.51
Credit Suisse AG/London 8.00 11/29/2019 USD 8.50
Notenstein La Roche Private 5.50 12/28/2018 CHF 71.79
Notenstein La Roche Private 5.00 1/14/2019 CHF 68.71
Notenstein La Roche Private 8.50 1/16/2017 EUR 52.97
Notenstein La Roche Private 5.50 1/14/2019 CHF 73.53
Leonteq Securities AG 8.20 1/16/2017 CHF 73.72
Notenstein La Roche Private 4.50 10/31/2018 CHF 66.67
Leonteq Securities AG 3.00 9/19/2019 CHF 57.48
DekaBank Deutsche Girozentr 7.15 10/27/2017 EUR 47.63
Notenstein La Roche Private 5.00 10/31/2018 CHF 69.32
Landesbank Baden-Wuerttembe 3.25 12/22/2017 EUR 69.65
UniCredit Bank AG 4.00 6/26/2018 EUR 64.79
UniCredit Bank AG 4.60 6/30/2017 EUR 56.84
Landesbank Baden-Wuerttembe 3.25 1/26/2018 EUR 65.36
Landesbank Hessen-Thueringe 4.00 1/16/2018 EUR 64.83
Barclays Bank PLC 4.17 1/5/2017 EUR 22.20
Landesbank Baden-Wuerttembe 3.25 6/23/2017 EUR 73.62
Leonteq Securities AG/Guern 5.00 12/27/2019 EUR 70.47
Leonteq Securities AG 6.00 2/20/2017 CHF 50.76
Bayerische Landesbank 3.00 3/9/2018 EUR 60.92
Leonteq Securities AG 7.20 3/6/2017 CHF 64.94
Leonteq Securities AG 7.80 2/27/2017 EUR 60.94
DekaBank Deutsche Girozentr 2.40 2/17/2017 EUR 63.04
UniCredit Bank AG 5.00 6/25/2019 EUR 64.02
Landesbank Hessen-Thueringe 5.00 3/27/2019 EUR 66.99
EFG International Finance G 7.20 2/25/2019 EUR 29.35
Leonteq Securities AG 5.20 3/6/2017 CHF 73.70
UniCredit Bank AG 3.75 10/2/2020 EUR 68.73
DekaBank Deutsche Girozentr 2.50 2/24/2017 EUR 73.87
DekaBank Deutsche Girozentr 3.00 12/17/2018 EUR 48.23
DZ Bank AG Deutsche Zentral 5.00 2/6/2018 EUR 70.65
DekaBank Deutsche Girozentr 3.20 1/14/2019 EUR 61.21
Leonteq Securities AG 6.00 1/30/2017 CHF 69.45
UniCredit Bank AG 3.75 9/7/2020 EUR 71.06
DekaBank Deutsche Girozentr 2.75 7/17/2019 EUR 73.58
Vontobel Financial Products 6.20 2/4/2019 EUR 72.27
Notenstein La Roche Private 8.00 2/6/2017 EUR 71.00
DekaBank Deutsche Girozentr 2.75 2/2/2018 EUR 72.58
Commerzbank AG 5.24 2/16/2017 EUR 63.67
Notenstein La Roche Private 5.00 2/27/2019 CHF 68.84
Notenstein La Roche Private 5.70 2/27/2019 CHF 67.55
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 72.94
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 62.66
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 69.35
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 63.54
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 68.13
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 63.40
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 59.42
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 71.14
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 60.39
BNP Paribas Emissions- und 19.00 6/22/2017 EUR 54.23
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 54.37
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 59.77
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 72.46
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 66.19
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 62.60
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 60.18
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 58.26
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 66.88
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 64.38
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 62.99
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.40
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 72.32
BNP Paribas Emissions- und 26.00 3/23/2017 EUR 68.00
DZ Bank AG Deutsche Zentral 15.75 2/24/2017 EUR 67.38
Communaute Francaise de Bel 0.50 6/27/2046 EUR 68.32
DZ Bank AG Deutsche Zentral 9.25 7/28/2017 EUR 64.73
UBS AG/London 4.40 6/25/2018 USD 49.75
UBS AG/London 4.47 6/25/2018 USD 61.03
UBS AG/London 4.98 12/26/2017 USD 41.97
HSBC Trinkaus & Burkhardt A 8.20 9/22/2017 EUR 64.82
Credit Suisse AG/London 8.55 1/30/2026 USD 10.03
Societe Generale Effekten G 14.99 3/24/2017 EUR 72.10
Societe Generale Effekten G 15.64 6/23/2017 EUR 74.74
HSBC Trinkaus & Burkhardt A 11.80 3/24/2017 EUR 74.66
Zurcher Kantonalbank Financ 14.30 10/11/2017 CHF 72.31
Bank Julius Baer & Co Ltd/G 11.60 10/11/2017 CHF 64.00
UBS AG/London 15.00 10/5/2017 CHF 67.70
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Podkarpacki Bank Spoldzielc 5.80 10/24/2024 PLN 61.80
Transgazservice LLP 10.50 11/8/2019 RUB 1.10
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 68.19
Goldman Sachs & Co Wertpapi 12.00 3/22/2017 EUR 64.50
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 65.70
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 69.25
HSBC Trinkaus & Burkhardt A 6.30 3/24/2017 EUR 74.24
HSBC Trinkaus & Burkhardt A 6.70 3/24/2017 EUR 60.35
HSBC Trinkaus & Burkhardt A 6.50 3/24/2017 EUR 68.44
HSBC Trinkaus & Burkhardt A 7.40 3/24/2017 EUR 62.08
HSBC Trinkaus & Burkhardt A 6.70 3/24/2017 EUR 67.83
Landesbank Baden-Wuerttembe 2.60 2/24/2017 EUR 67.25
UBS AG/London 6.25 7/24/2017 CHF 70.70
Landesbank Baden-Wuerttembe 2.60 8/23/2019 EUR 68.70
Zurcher Kantonalbank Financ 5.00 7/27/2017 CHF 74.86
Vontobel Financial Products 6.80 1/27/2017 EUR 72.52
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 74.45
Zurcher Kantonalbank Financ 5.50 1/30/2017 CHF 65.80
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 50.77
Goldman Sachs & Co Wertpapi 9.00 6/21/2017 EUR 58.18
Goldman Sachs & Co Wertpapi 12.00 6/21/2017 EUR 53.64
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 74.54
Landesbank Baden-Wuerttembe 3.50 8/25/2017 EUR 74.46
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 70.97
Landesbank Baden-Wuerttembe 2.50 8/25/2017 EUR 74.80
Landesbank Baden-Wuerttembe 3.50 8/25/2017 EUR 70.74
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 67.52
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 71.61
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 68.36
Landesbank Baden-Wuerttembe 5.00 8/25/2017 EUR 65.87
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 67.68
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 64.17
Landesbank Baden-Wuerttembe 5.00 8/25/2017 EUR 61.44
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 72.17
EFG International Finance G 7.20 7/29/2020 EUR 51.37
Notenstein La Roche Private 4.00 1/31/2017 EUR 71.71
Zurcher Kantonalbank Financ 4.00 8/24/2018 CHF 74.55
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 72.69
Bank Julius Baer & Co Ltd/G 4.75 2/13/2017 CHF 72.90
Bank Julius Baer & Co Ltd/G 9.05 2/13/2017 EUR 70.05
Zurcher Kantonalbank Financ 5.75 2/6/2017 EUR 74.60
DekaBank Deutsche Girozentr 2.60 6/23/2017 EUR 66.54
Notenstein La Roche Private 7.00 8/14/2017 CHF 71.55
Leonteq Securities AG 5.20 8/14/2018 CHF 67.39
Goldman Sachs & Co Wertpapi 9.00 6/21/2017 EUR 67.28
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 60.19
Credit Suisse AG/London 7.70 8/20/2025 USD 8.64
Notenstein La Roche Private 6.30 2/14/2017 CHF 56.16
Landesbank Baden-Wuerttembe 3.00 6/23/2017 EUR 70.66
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 66.93
Landesbank Baden-Wuerttembe 5.00 6/23/2017 EUR 63.80
Landesbank Baden-Wuerttembe 6.00 6/23/2017 EUR 61.36
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 62.94
Vontobel Financial Products 5.00 1/10/2017 EUR 60.50
Landesbank Baden-Wuerttembe 2.75 7/26/2019 EUR 72.83
UniCredit Bank AG 3.80 7/23/2020 EUR 69.40
Leonteq Securities AG 3.00 7/8/2019 CHF 74.58
Notenstein La Roche Private 3.00 7/3/2019 CHF 73.86
UniCredit Bank AG 4.40 7/13/2018 EUR 67.79
Notenstein La Roche Private 6.50 6/26/2017 EUR 65.86
Raiffeisen Centrobank AG 6.24 3/22/2017 EUR 72.96
Raiffeisen Centrobank AG 9.07 3/22/2017 EUR 73.43
Raiffeisen Centrobank AG 7.37 3/22/2017 EUR 73.71
Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 74.98
EFG International Finance G 5.30 6/24/2019 EUR 72.37
Goldman Sachs & Co Wertpapi 6.00 3/22/2017 EUR 73.69
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 67.74
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 62.74
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 54.99
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 74.38
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 69.42
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 65.15
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 58.09
Goldman Sachs & Co Wertpapi 5.00 3/22/2017 EUR 72.73
Goldman Sachs & Co Wertpapi 6.00 3/22/2017 EUR 70.17
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.79
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 63.33
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 59.68
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 53.80
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 71.19
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 73.73
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 69.24
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 65.23
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 62.19
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 56.92
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.27
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 64.04
Goldman Sachs & Co Wertpapi 9.00 3/22/2017 EUR 61.15
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 54.30
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 71.40
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 68.16
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 65.27
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 63.16
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 56.98
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 68.36
UBS AG/London 9.25 6/26/2017 CHF 63.50
UBS AG/London 7.00 6/26/2017 EUR 66.10
Landesbank Baden-Wuerttembe 3.70 7/27/2018 EUR 72.04
UBS AG/London 9.40 6/30/2017 EUR 45.90
EFG International Finance G 7.20 6/26/2017 GBP 23.72
Vontobel Financial Products 3.10 1/2/2017 EUR 63.20
Zurcher Kantonalbank Financ 8.50 7/17/2017 CHF 63.43
Zurcher Kantonalbank Financ 9.00 7/17/2017 EUR 74.43
UBS AG/London 7.50 7/3/2017 EUR 61.85
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 61.74
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 61.77
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 58.22
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 55.26
Landesbank Baden-Wuerttembe 6.00 3/24/2017 EUR 52.65
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 66.51
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 62.51
Landesbank Baden-Wuerttembe 5.50 3/24/2017 EUR 57.93
Landesbank Baden-Wuerttembe 4.80 6/23/2017 EUR 67.23
Landesbank Baden-Wuerttembe 3.25 7/28/2017 EUR 70.10
Landesbank Baden-Wuerttembe 3.00 6/23/2017 EUR 72.24
Landesbank Baden-Wuerttembe 4.40 8/25/2017 EUR 74.49
Landesbank Baden-Wuerttembe 3.70 8/25/2017 EUR 74.56
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 68.77
Landesbank Baden-Wuerttembe 3.55 8/25/2017 EUR 42.52
Landesbank Baden-Wuerttembe 3.70 9/22/2017 EUR 69.35
Landesbank Baden-Wuerttembe 3.75 9/22/2017 EUR 41.39
Landesbank Baden-Wuerttembe 3.20 9/22/2017 EUR 64.47
Landesbank Baden-Wuerttembe 3.00 6/22/2018 EUR 56.69
Landesbank Baden-Wuerttembe 3.50 11/24/2017 EUR 56.51
Landesbank Baden-Wuerttembe 3.40 6/23/2017 EUR 51.99
Landesbank Baden-Wuerttembe 3.85 10/27/2017 EUR 45.25
Landesbank Baden-Wuerttembe 3.00 11/24/2017 EUR 53.66
Landesbank Baden-Wuerttembe 3.40 11/24/2017 EUR 43.62
Landesbank Baden-Wuerttembe 3.50 1/26/2018 EUR 74.24
Landesbank Baden-Wuerttembe 3.45 3/22/2019 EUR 62.34
Landesbank Baden-Wuerttembe 4.50 3/23/2018 EUR 53.98
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 66.83
Landesbank Baden-Wuerttembe 2.50 6/28/2019 EUR 68.42
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 71.25
Landesbank Baden-Wuerttembe 3.50 6/22/2018 EUR 65.21
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 41.09
Landesbank Baden-Wuerttembe 3.00 9/28/2018 EUR 48.15
Landesbank Baden-Wuerttembe 3.75 10/27/2017 EUR 45.80
Landesbank Baden-Wuerttembe 3.00 1/4/2019 EUR 53.78
Notenstein La Roche Private 5.40 4/21/2017 CHF 74.04
UBS AG/London 5.00 4/22/2017 CHF 72.95
Leonteq Securities AG 5.00 5/7/2019 CHF 69.42
Leonteq Securities AG 6.00 5/5/2017 CHF 74.62
Notenstein La Roche Private 5.60 5/4/2017 CHF 74.53
Landesbank Baden-Wuerttembe 3.25 8/25/2017 EUR 67.60
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 72.03
Commerzbank AG 7.24 4/27/2017 EUR 56.86
Commerzbank AG 6.24 4/27/2017 EUR 74.18
Leonteq Securities AG 8.00 4/24/2017 USD 59.26
DekaBank Deutsche Girozentr 3.25 4/20/2018 EUR 60.17
DekaBank Deutsche Girozentr 2.60 4/21/2017 EUR 57.43
Landesbank Hessen-Thueringe 4.00 6/5/2019 EUR 74.09
Leonteq Securities AG 6.00 5/4/2017 CHF 74.21
Bank Julius Baer & Co Ltd/G 6.00 5/2/2017 CHF 72.40
Notenstein La Roche Private 4.00 5/8/2018 CHF 61.88
DekaBank Deutsche Girozentr 2.75 10/29/2018 EUR 59.86
EFG International Finance G 7.19 5/6/2019 EUR 25.47
Notenstein Finance Guernsey 7.19 5/6/2019 EUR 74.82
Bank J Safra Sarasin AG/Gue 8.00 5/4/2017 CHF 65.07
DekaBank Deutsche Girozentr 3.00 4/30/2019 EUR 69.52
UniCredit Bank AG 5.00 7/30/2018 EUR 71.46
Landesbank Baden-Wuerttembe 4.00 6/22/2018 EUR 68.30
Landesbank Baden-Wuerttembe 3.60 6/22/2018 EUR 65.86
UBS AG 7.40 5/17/2021 CHF 73.52
Societe Generale SA 9.50 5/21/2018 USD 48.32
Notenstein La Roche Private 4.20 5/22/2019 CHF 66.85
Notenstein La Roche Private 4.50 5/22/2018 CHF 67.39
Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 72.45
Credit Suisse AG/London 4.00 5/22/2017 CHF 74.69
DekaBank Deutsche Girozentr 3.00 5/12/2017 EUR 61.52
DekaBank Deutsche Girozentr 2.80 5/13/2019 EUR 64.55
Notenstein La Roche Private 4.10 6/5/2019 CHF 74.16
Notenstein La Roche Private 4.00 5/29/2017 CHF 73.50
Zurcher Kantonalbank Financ 3.80 5/22/2017 EUR 63.09
UBS AG/London 7.00 5/22/2017 CHF 61.45
UBS AG/London 8.00 5/26/2017 EUR 60.55
Leonteq Securities AG 9.92 5/29/2017 EUR 63.27
Notenstein La Roche Private 4.30 6/5/2019 CHF 72.40
Notenstein La Roche Private 5.80 6/5/2018 CHF 72.63
Commerzbank AG 6.76 6/22/2017 EUR 61.59
BNP Paribas Emissions- und 3.25 11/24/2017 EUR 71.91
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 68.25
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 64.83
Landesbank Baden-Wuerttembe 3.40 7/27/2018 EUR 68.61
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 69.23
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 64.52
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 69.10
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 64.50
Landesbank Baden-Wuerttembe 2.50 6/23/2017 EUR 70.07
Landesbank Baden-Wuerttembe 3.50 6/23/2017 EUR 66.05
Landesbank Baden-Wuerttembe 4.50 6/23/2017 EUR 63.02
Landesbank Baden-Wuerttembe 2.50 6/23/2017 EUR 66.93
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 61.04
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 56.86
Credit Suisse AG/London 8.95 10/17/2019 USD 9.35
RGS Nedvizhimost OOO 12.50 12/11/2017 RUB 60.03
URALSIB Leasing Co OOO 11.50 12/21/2017 RUB 0.01
Vontobel Financial Products 3.00 6/13/2017 EUR 54.87
EFG International Finance G 12.86 10/30/2017 EUR 7.76
Landesbank Baden-Wuerttembe 3.85 8/25/2017 EUR 67.29
UBS AG/London 10.00 3/16/2017 CHF 22.85
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 1.21
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 1.21
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.21
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 1.21
Fargo Finance OOO 9.00 2/6/2019 RUB 0.01
HSBC Bank PLC 0.50 12/8/2020 BRL 70.58
Societe Generale SA 0.50 4/4/2024 MXN 52.76
Barclays Bank PLC 1.99 12/1/2040 USD 69.68
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.21
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 9.25
Societe Generale SA 0.50 8/4/2021 BRL 63.38
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 55.00
Zurcher Kantonalbank Financ 11.25 4/26/2017 CHF 46.22
Vontobel Financial Products 3.00 5/26/2017 CHF 73.71
HSBC Trinkaus & Burkhardt A 4.00 6/16/2017 EUR 70.54
Kommunekredit 0.50 5/11/2029 CAD 69.76
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 1.21
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 1.21
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.21
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.21
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.21
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.28
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 1.21
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.21
Municipality Finance PLC 0.25 6/28/2040 CAD 30.43
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.21
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.21
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 1.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.21
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.21
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.21
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.21
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.21
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.21
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 1.21
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 1.21
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 1.21
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.21
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.21
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.21
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.21
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.21
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.21
Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.21
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.21
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.21
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.21
Immigon Portfolioabbau AG 0.69 5/20/2025 EUR 59.88
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 1.21
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.21
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 9.25
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.21
Immigon Portfolioabbau AG 0.98 3/1/2022 EUR 73.63
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.21
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.21
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.21
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.21
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.21
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.21
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.21
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.21
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.21
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.21
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.21
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.21
Immigon Portfolioabbau AG 4.78 6/7/2030 EUR 70.63
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.21
SpareBank 1 Noetteroey - To 8.25 NOK 53.12
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 1.21
Petromena ASA 9.75 5/24/2016 NOK 0.57
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.21
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.21
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.21
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.21
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 1.21
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.21
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.21
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.21
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.21
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 1.21
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.21
HSBC Trinkaus & Burkhardt A 11.10 3/24/2017 EUR 68.26
HSBC Trinkaus & Burkhardt A 7.00 6/23/2017 EUR 73.41
HSBC Trinkaus & Burkhardt A 8.20 3/24/2017 EUR 56.58
Municipality Finance PLC 0.50 12/15/2020 BRL 69.59
First Collection Bureau OJS 15.00 10/15/2021 RUB 60.03
DZ Bank AG Deutsche Zentral 7.50 3/24/2017 EUR 72.09
DZ Bank AG Deutsche Zentral 4.00 3/24/2017 EUR 70.24
DZ Bank AG Deutsche Zentral 6.25 3/24/2017 EUR 73.53
UBS AG 10.83 5/15/2017 USD 23.56
HSBC Trinkaus & Burkhardt A 7.90 6/23/2017 EUR 74.94
HSBC Trinkaus & Burkhardt A 8.60 1/27/2017 EUR 73.04
HSBC Trinkaus & Burkhardt A 7.90 1/27/2017 EUR 71.69
HSBC Trinkaus & Burkhardt A 16.10 3/24/2017 EUR 43.62
Credit Suisse AG/London 3.00 11/15/2025 ZAR 61.19
DZ Bank AG Deutsche Zentral 7.00 3/24/2017 EUR 52.75
DZ Bank AG Deutsche Zentral 6.00 3/24/2017 EUR 70.68
DekaBank Deutsche Girozentr 3.50 10/28/2019 EUR 66.97
Bank Julius Baer & Co Ltd/G 5.50 11/6/2017 CHF 61.80
Deutsche Bank AG 7.20 3/21/2017 EUR 70.50
Deutsche Bank AG 9.20 3/21/2017 EUR 71.00
Deutsche Bank AG 9.20 3/21/2017 EUR 68.30
Deutsche Bank AG 5.50 3/21/2017 EUR 74.20
Credit Suisse AG/London 7.00 5/16/2017 CHF 70.49
DZ Bank AG Deutsche Zentral 5.25 3/24/2017 EUR 71.73
Deutsche Bank AG 5.20 3/21/2017 EUR 70.10
UBS AG/London 10.50 11/13/2017 CHF 74.70
Deutsche Bank AG 7.20 6/20/2017 EUR 74.60
Deutsche Bank AG 7.20 6/20/2017 EUR 71.60
DZ Bank AG Deutsche Zentral 7.70 3/24/2017 EUR 74.04
UniCredit Bank AG 5.00 6/22/2017 EUR 72.37
UniCredit Bank AG 5.00 6/22/2017 EUR 73.70
Deutsche Bank AG 7.20 7/26/2017 EUR 73.50
Zurcher Kantonalbank Financ 12.00 11/1/2017 CHF 74.09
Deutsche Bank AG 5.20 6/20/2017 EUR 73.70
Deutsche Bank AG 5.20 6/20/2017 EUR 70.70
Deutsche Bank AG 7.20 6/20/2017 EUR 71.60
Deutsche Bank AG 7.20 6/20/2017 EUR 74.10
Deutsche Bank AG 5.20 6/20/2017 EUR 73.20
Deutsche Bank AG 5.20 6/20/2017 EUR 70.60
UniCredit Bank AG 4.80 6/22/2017 EUR 74.27
UniCredit Bank AG 5.00 6/22/2017 EUR 73.02
UniCredit Bank AG 4.80 6/22/2017 EUR 74.93
Deutsche Bank AG 5.20 7/26/2017 EUR 72.30
Deutsche Bank AG 9.20 7/26/2017 EUR 74.60
Leonteq Securities AG 7.40 11/20/2017 EUR 70.42
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 66.72
Deutsche Bank AG 6.50 6/20/2017 EUR 75.00
UBS AG/London 4.22 7/30/2018 USD 14.26
UBS AG/London 6.06 1/30/2018 USD 52.84
UBS AG/London 9.30 3/10/2017 EUR 70.47
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.21
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 9.25
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 1.21
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 1.21
DekaBank Deutsche Girozentr 2.60 6/15/2018 EUR 71.26
Synergy PJSC 12.90 4/29/2020 RUB 63.00
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 68.69
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 63.12
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 55.14
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.97
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 67.60
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 65.63
Vontobel Financial Products 8.35 5/26/2017 USD 72.96
DZ Bank AG Deutsche Zentral 11.50 6/23/2017 EUR 62.74
BNP Paribas Emissions- und 16.00 3/23/2017 EUR 65.65
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 56.99
BNP Paribas Emissions- und 18.00 12/21/2017 EUR 66.51
HSBC Trinkaus & Burkhardt A 5.00 4/28/2017 EUR 65.07
Zurcher Kantonalbank Financ 14.75 5/11/2017 CHF 71.13
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
Commerzbank AG 23.00 4/27/2017 EUR 74.74
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.21
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 1.21
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 9.25
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.21
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.21
Melhus Sparebank 2.73 9/16/2024 NOK 72.08
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 66.78
Commerzbank AG 20.00 5/28/2018 SEK 65.49
Societe Generale Effekten G 4.00 6/26/2017 EUR 49.64
HSBC Trinkaus & Burkhardt A 7.70 3/24/2017 EUR 73.60
HSBC Trinkaus & Burkhardt A 1.75 8/25/2017 EUR 61.17
Commerzbank AG 4.00 9/8/2017 EUR 66.96
HSBC Trinkaus & Burkhardt A 9.20 6/23/2017 EUR 64.13
HSBC Trinkaus & Burkhardt A 7.20 9/22/2017 EUR 66.72
HSBC Trinkaus & Burkhardt A 4.40 9/22/2017 EUR 70.41
Eiendomskreditt 5.43 NOK 69.75
Lloyds Bank PLC 0.50 7/26/2028 MXN 40.99
Podkarpacki Bank Spoldzielc 5.11 5/28/2023 PLN 51.85
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.21
Immigon Portfolioabbau AG 4.21 1/25/2033 EUR 61.88
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.21
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 1.21
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.21
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.21
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.21
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.21
IT Holding Finance SA 9.88 11/15/2012 EUR 0.11
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.21
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 1.21
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.21
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.21
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.21
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.21
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
URALSIB Leasing Co OOO 10.25 3/21/2019 RUB 0.01
Societe Generale SA 0.50 4/30/2023 RUB 61.33
HSBC Bank PLC 0.50 6/9/2023 MXN 57.41
Credit Agricole Corporate & 2.00 7/9/2020 BRL 72.42
Immigon Portfolioabbau AG 4.20 2/22/2033 EUR 61.88
SG Issuer SA 5.50 4/10/2021 EUR 67.20
Podkarpacki Bank Spoldzielc 5.79 3/31/2025 PLN 55.29
Landesbank Hessen-Thueringe 4.00 5/16/2018 EUR 69.68
Syntagma OOO 16.50 5/10/2022 RUB 0.01
Goldman Sachs & Co Wertpapi 23.00 5/24/2017 EUR 73.81
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Notenstein La Roche Private 15.00 12/27/2017 CHF 71.93
Exane Finance 3.00 9/18/2018 USD 72.53
Vontobel Financial Products 18.40 9/11/2017 EUR 69.11
Bank Julius Baer & Co Ltd/G 12.80 9/20/2017 CHF 61.95
Bank Julius Baer & Co Ltd/G 13.85 9/20/2017 CHF 65.70
UBS AG 8.29 9/21/2017 USD 30.40
Leonteq Securities AG 5.20 8/14/2017 CHF 74.76
UBS AG/London 11.00 8/7/2017 USD 72.45
Notenstein La Roche Private 7.20 2/7/2017 CHF 70.25
DekaBank Deutsche Girozentr 4.75 1/20/2017 EUR 66.20
Bank Julius Baer & Co Ltd/G 5.00 8/21/2017 CHF 74.60
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.21
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.21
JP Morgan Structured Produc 3.60 7/17/2017 USD 72.92
Landesbank Baden-Wuerttembe 2.90 7/27/2018 EUR 69.19
Landesbank Baden-Wuerttembe 2.70 7/26/2019 EUR 74.01
Goldman Sachs & Co Wertpapi 5.00 3/22/2017 EUR 73.47
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.52
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 68.95
Goldman Sachs & Co Wertpapi 5.00 6/21/2017 EUR 73.26
Notenstein La Roche Private 4.20 7/17/2019 CHF 70.98
Vontobel Financial Products 4.65 7/24/2017 EUR 68.00
BNP Paribas Emissions- und 4.00 7/27/2017 EUR 69.90
Bank Julius Baer & Co Ltd/G 6.00 7/24/2017 CHF 69.25
UBS AG/London 7.00 7/17/2017 CHF 56.75
Notenstein La Roche Private 4.00 7/24/2019 CHF 70.36
Notenstein La Roche Private 6.70 7/24/2017 EUR 71.32
Notenstein La Roche Private 7.00 1/24/2017 CHF 67.48
Exane Finance 6.25 12/20/2019 SEK 70.35
Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 74.64
Notenstein La Roche Private 8.99 7/22/2019 EUR 43.98
DZ Bank AG Deutsche Zentral 6.00 3/24/2017 EUR 72.62
DZ Bank AG Deutsche Zentral 7.00 3/24/2017 EUR 72.12
Leonteq Securities AG 5.80 8/24/2017 CHF 74.66
Leonteq Securities AG 5.00 9/4/2018 CHF 58.84
UniCredit Bank AG 3.95 10/7/2019 EUR 68.04
Credit Suisse AG/Nassau 7.25 3/8/2017 CHF 60.76
Goldman Sachs & Co Wertpapi 15.00 3/22/2017 EUR 69.00
Goldman Sachs & Co Wertpapi 14.00 6/21/2017 EUR 71.43
Bank Julius Baer & Co Ltd/G 11.85 8/30/2017 CHF 56.70
Zurcher Kantonalbank Financ 10.00 8/18/2017 CHF 63.65
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 61.79
Leonteq Securities AG 6.77 8/17/2017 CHF 56.82
Deutsche Bank AG 5.20 3/21/2017 EUR 73.40
Deutsche Bank AG 7.20 3/21/2017 EUR 67.80
Deutsche Bank AG 7.20 3/21/2017 EUR 63.10
Deutsche Bank AG 5.20 3/21/2017 EUR 60.50
Deutsche Bank AG 5.20 3/21/2017 EUR 70.50
Deutsche Bank AG 7.20 3/21/2017 EUR 71.00
Deutsche Bank AG 7.20 3/21/2017 EUR 67.20
Deutsche Bank AG 7.20 3/21/2017 EUR 63.70
Leonteq Securities AG 5.40 8/28/2017 CHF 59.04
UBS AG/London 8.25 8/7/2017 EUR 73.40
Landesbank Baden-Wuerttembe 3.40 9/28/2018 EUR 72.04
Notenstein La Roche Private 7.00 8/11/2017 CHF 72.22
Notenstein La Roche Private 8.02 8/11/2017 EUR 73.12
Credit Suisse AG/London 7.00 2/20/2017 CHF 69.34
DZ Bank AG Deutsche Zentral 3.45 8/25/2017 EUR 72.00
DekaBank Deutsche Girozentr 2.80 7/22/2019 EUR 72.41
Goldman Sachs & Co Wertpapi 3.00 3/22/2017 EUR 70.94
Credit Suisse AG/London 1.64 6/1/2042 USD 48.21
Deutsche Bank AG 7.20 3/21/2017 EUR 73.80
Deutsche Bank AG 5.20 3/21/2017 EUR 67.00
Deutsche Bank AG 5.20 3/21/2017 EUR 67.40
Deutsche Bank AG 7.20 3/21/2017 EUR 65.30
Deutsche Bank AG 7.20 3/21/2017 EUR 61.00
Deutsche Bank AG 7.20 3/21/2017 EUR 59.00
Deutsche Bank AG 7.20 3/21/2017 EUR 67.50
Deutsche Bank AG 5.20 3/21/2017 EUR 64.90
Deutsche Bank AG 5.20 3/21/2017 EUR 62.60
Deutsche Bank AG 5.20 3/21/2017 EUR 58.50
Deutsche Bank AG 7.20 3/21/2017 EUR 74.60
Deutsche Bank AG 5.20 3/21/2017 EUR 68.10
Deutsche Bank AG 5.20 3/21/2017 EUR 66.70
Deutsche Bank AG 5.20 3/21/2017 EUR 63.30
Notenstein La Roche Private 5.02 2/20/2017 CHF 74.98
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 73.59
HSBC Trinkaus & Burkhardt A 10.20 3/24/2017 EUR 71.13
HSBC Trinkaus & Burkhardt A 9.40 3/24/2017 EUR 67.69
HSBC Trinkaus & Burkhardt A 7.30 3/24/2017 EUR 72.58
HSBC Trinkaus & Burkhardt A 14.60 3/24/2017 EUR 46.18
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 57.39
DekaBank Deutsche Girozentr 3.10 8/4/2017 EUR 55.80
Deutsche Bank AG 3.20 11/22/2017 EUR 72.20
Deutsche Bank AG 3.20 11/22/2017 EUR 71.60
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 72.38
HSBC Trinkaus & Burkhardt A 7.50 3/24/2017 EUR 69.83
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 69.55
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 60.11
DekaBank Deutsche Girozentr 2.75 6/28/2019 EUR 67.35
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 74.55
Goldman Sachs & Co Wertpapi 14.00 9/20/2017 EUR 70.43
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 73.38
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 68.44
Goldman Sachs & Co Wertpapi 12.00 9/20/2017 EUR 67.75
Goldman Sachs & Co Wertpapi 14.00 9/20/2017 EUR 73.30
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 9.63
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 59.49
Goldman Sachs & Co Wertpapi 9.00 9/20/2017 EUR 71.47
Credit Suisse AG/Nassau 7.00 3/22/2017 CHF 58.98
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 68.82
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 64.03
Goldman Sachs & Co Wertpapi 15.00 6/21/2017 EUR 67.48
Goldman Sachs & Co Wertpapi 15.00 3/22/2017 EUR 60.76
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 74.66
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 70.64
Goldman Sachs & Co Wertpapi 14.00 6/21/2017 EUR 64.05
Goldman Sachs & Co Wertpapi 10.00 9/20/2017 EUR 70.33
Goldman Sachs & Co Wertpapi 12.00 9/20/2017 EUR 65.90
Goldman Sachs & Co Wertpapi 17.00 3/22/2017 EUR 68.28
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 66.23
Barclays Bank PLC 1.64 6/3/2041 USD 72.23
Leonteq Securities AG 5.60 9/11/2017 CHF 59.65
HSBC Trinkaus & Burkhardt A 7.80 3/24/2017 EUR 73.89
HSBC Trinkaus & Burkhardt A 10.50 3/24/2017 EUR 65.55
HSBC Trinkaus & Burkhardt A 8.20 6/23/2017 EUR 71.22
HSBC Trinkaus & Burkhardt A 7.30 3/24/2017 EUR 61.82
DekaBank Deutsche Girozentr 2.75 6/24/2019 EUR 69.60
Polski Bank Spoldzielczy w 5.29 9/14/2027 PLN 42.50
Municipality Finance PLC 0.50 5/31/2022 ZAR 60.25
Rosbank PJSC 0.01 2/26/2025 RUB 70.00
URALSIB Leasing Co OOO 11.50 2/6/2018 RUB 0.01
Uginvestgerion OOO 12.10 4/1/2020 RUB 0.01
*********
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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.
Copyright 2017. 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 * * *