/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/170130.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 30, 2017, Vol. 18, No. 21 Headlines A L B A N I A PROCREDIT BANK: Fitch Raises LT Foreign Currency IDR to 'B+' F R A N C E ODDO ET: Fitch Affirms Subordinated Debt Rating at 'BB+' TECHNICOLOR SA: S&P Affirms 'BB-' CCR, Outlook Stable G E R M A N Y FWT ENERGY: Files for Insolvency Proceedings I R E L A N D BUS EIREANN: To Ban Overtime in Bid to Save Company OAK HILL V: Moody's Assigns B1 Rating to Class F Notes TITAN EUROPE 2007-2: Moody's Lowers Rating on A2 Notes to B1 I T A L Y TIBET CMBS: DBRS Confirms Rating on Class D Debt at BB(low)(sf) L A T V I A KVV LIEPAJAS: Sale Process to Start in February N E T H E R L A N D S DRYDEN 48: Moody's Assigns B2 Rating to Class F Notes DUCHESS VII: S&P Raises Rating on Class E Notes to 'BB' HIGHLANDER EURO: S&P Reinstates 'B-' Rating on Cl. D (prim) Notes ST. PAUL CLO IV: Fitch Affirms 'B-sf' Rating on Class E Notes STORM 2017-I: Fitch Assigns 'Bsf' Rating to Class D Notes R U S S I A POLYUS GOLD: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes S P A I N BBVA FINANZIA: Moody's Raises Rating on Class C Notes to Caa3 U K R A I N E BANK PEOPLE'S: Ukraine Central Bank Declares Bank Insolvent FORTUNA-BANK PUBLIC: To Be Classified as Insolvent U N I T E D K I N G D O M BELLE VUE: In Liquidation Over Concerns on Fin'l. Management DECO 8 - UK: Moody's Lowers Rating on Class A2 Notes to Caa1 DIAMONDCORP PLC: Warns of Insolvency if Wage Deal Fails FERGUSSON GROUP: RBS Faces GBP30 Million Loss GOWER HOTEL: Unexpectedly Goes Into Liquidation HEWDEN STUART: Unsecured Creditors Unlikely to Get Payment LONDON & ST LAWRENCE: Proposed Plans for Members' Liquidation MIRUJI HEALTH: Went Into Liquidation NEWDAY PARTNERSHIP: Fitch Affirms 'B' Rating on 2014-1 F Notes X X X X X X X X * BOND PRICING: For the Week January 23 to January 27, 2017 ********* ============= A L B A N I A ============= PROCREDIT BANK: Fitch Raises LT Foreign Currency IDR to 'B+' ------------------------------------------------------------ Fitch Ratings has upgraded ProCredit Bank Sh.a.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B+' and 'BB-', respectively from 'B' and 'B+'. The Outlooks on both IDRs are Stable. All other ratings have been affirmed. Its Viability Rating is unaffected by this rating action. The upgrade is driven by Fitch's reassessment of Albania's country risks. KEY RATING DRIVERS IDRS AND SUPPORT RATING PCB Albania's IDRs and Support Rating are driven by the support Fitch expects the bank to receive from its parent ProCredit Holding (PCH, BBB/Stable). However, the extent to which this support can be factored into the ratings of the bank is constrained by Fitch's assessment of risks relating to the Albanian sovereign. Absent of these risk constraints, the support considerations would typically be reflected in a one-notch differential between the Long-Term IDR of the parent and that of PCB Albania. The support considerations include the 100% ownership, the strategic importance of south-eastern Europe to PCH, strong integration within the parent and a track record of capital and liquidity support. PCH's IDRs and Support Rating are driven by Fitch's view of the potential support the bank can expect to receive from its core international financial institution (IFI) shareholders (end-2016: combined stake of 39%). Fitch views Zeitinger Invest, ProCredit Invest, KfW, IFC and DOEN Foundation as core shareholders in PCH. They have strategic control over the group, through their status as general partner within the KGaA structure. Fitch's view of support is based on the long-term and strategic commitment of these shareholders, as highlighted by their role within PCH's structure, the alignment of their own missions of development finance with that of PCH, and a track record of debt and capital support to PCH and its subsidiary banks. The one-notch uplift of PCB Albania's Local Currency IDR above its Foreign Currency IDR reflects a lower probability of restrictions being placed on servicing of local currency obligations in case of systemic stress. The Outlooks on PCB Albania's Foreign and Local Currency IDRs are Stable and reflect Fitch's view of balanced upside and downside country risks. RATING SENSITIVITIES IDRS AND SUPPORT RATING Changes in Fitch's perception of risks relating to Albania in either direction could affect the PCB Albania's IDRs and Support Rating. PCB Albania's IDRs would also be sensitive to a multi-notch downgrade of PCH' Long-Term IDR as well as Fitch's view of any material weakening of the commitment of PCH to Albania, although this is currently not expected by the agency. The rating actions are: PCB Albania Long-Term Foreign Currency IDR: upgraded to 'B+' from 'B'; Outlook Stable Short-Term Foreign Currency IDR: affirmed at 'B' Long-Term Local Currency IDR: upgraded to 'BB-' from 'B+'; Outlook Stable Short-Term Local Currency IDR: affirmed at 'B' Support Rating: affirmed at '4' Viability Rating of 'b' unaffected =========== F R A N C E =========== ODDO ET: Fitch Affirms Subordinated Debt Rating at 'BB+' -------------------------------------------------------- Fitch Ratings has affirmed Oddo et Cie's (Oddo) and BHF-Bank AG's (BHF-Bank) Long-Term Issuer Default Ratings (IDRs) at 'BBB-' with Positive Outlooks. Both banks' Viability Ratings (VRs) have been affirmed at 'bbb-'. KEY RATING DRIVERS IDRs, VR, SENIOR DEBT AND DEPOSIT RATINGS ODDO Oddo's ratings reflect the group's small but established franchises in private banking, asset management and investment banking, which benefit from the presence of the group in two large European economies, France and Germany. The ratings also take into consideration the challenges to turn around the profitability of Oddo's large loss-making subsidiary, BHF-Bank, and Fitch's expectations that BHF-Bank will break even in 2017. Fitch will look for a demonstration of management's execution capacity while strengthening BHF-Bank's franchise. A modest risk appetite, combined with healthy asset quality, adequate capitalisation and ample liquid assets support the ratings. Management has delivered on restoring Oddo's capital ratios following the acquisition of BHF-Bank, with a 13.5% common equity Tier 1 ratio at end-June 2016. The leverage ratio declined sharply to 8% at end-June 2016 because of the acquisition, but the bank has strengthened its equity base. Fitch expects Oddo to maintain capitalisation at least at current levels and to improve it further once the German subsidiary starts to generate capital through improved earnings. Oddo undertook several restructuring measures in 2016 to improve BHF-Bank's cost efficiency, and 2017 is expected to be a turnaround year for the group. Oddo has been focusing on rapid integration of the German bank, having already been integrated its own management team with that of the subsidiary. Strengthened revenue generation at BHF-Bank would demonstrate improved sales dynamic and a revitalised franchise. Fitch expect wealth management to generate two-thirds of profits, providing the group with some earnings resilience. BHF-Bank accounts for around two-thirds of Oddo's on-balance sheet assets, but Fitch expect that management will improve earnings without increasing risks. While BHF-Bank has larger credit-related businesses, Fitch expect management to align BHF- Bank's risk profile to a large extent with that of Oddo. Oddo's conservative risk appetite is underpinned by the group's ownership, with a large number of employees holding company shares and Philippe Oddo as unlimited partner being liable for losses on liquidation. Oddo's businesses expose the group to operational and reputational risks. However, Oddo has a sound track record of managing these risks, with effective protection of its franchise. BHF-BANK BHF-Bank's IDRs are driven by the standalone strength of the bank, as expressed in its VR. The Positive Outlook reflects Fitch expectation that BHF-Bank's franchise, strategy and earnings will benefit from the subsidiary's integration into Oddo. That Oddo's main owner and Chief Executive is now also BHF-Bank's Chief Executive supports Fitch expectation of rapid integration. The ratings also reflect Fitch expectation that the combination with Oddo will help to improve BHF-Bank's weak profitability by exploiting its German franchise more effectively and by offering access to Oddo's French client base. In Fitch opinion, BHF-Bank's recently poor performance is mainly due to the bank's protracted restructuring under former owners and clients' uncertainty arising from management changes prior to the acquisition. Fitch expect BHF-Bank's performance to improve and stabilise in the next two to three years because its new owner is managing operating costs tightly, and Fitch expect the bank to benefit from group synergies. The decline of BHF-Bank's common equity Tier 1 ratio to 14.1% at end-2015 from 17.8% at end-2013 reflects the bank's weak capital generation and recent loan growth as well as the implementation of Basel III deductions. Capitalisation, however, remains adequate for its robust risk profile. BHF-Bank's asset quality strongly improved in recent years, which is reflected in the gradual decline of its non-performing loans (NPLs). Most NPLs are covered by export credit guarantees, significantly reducing credit risk. However, due to the small size of BHF-Bank, its asset base remains concentrated. Fitch believe that Oddo does not intend to pursue BHF-Bank's recent expansion in corporate lending. BHF-Bank has been assigned Deposit Ratings that are aligned with its IDRs because its deposit-driven funding mix results in a small qualifying debt buffer. Consequently, it is far from offering material incremental probability of default protection to depositors or providing comfort that recoveries in a default scenario would be above average. SUPPORT RATING AND SUPPORT RATING FLOOR ODDO AND BHF-BANK While sovereign or institutional support for Oddo and for BHF- Bank is possible, it cannot be relied upon, resulting in the '5' Support Ratings and 'No Floor' Support Rating Floors. This reflects the limited systemic importance of the banks in their respective countries. In addition, in Fitch's view, legislative, regulatory and policy initiatives (including the implementation of the Bank Resolution and Recovery Directive) have substantially reduced the likelihood of sovereign support for financial institutions in the EU. It is likely that senior creditors will be required to participate in losses, if necessary instead of or ahead of the bank receiving sovereign support. Hence sovereign support, although possible, cannot be relied upon. While possible, potential support for Oddo from the main shareholder, the Oddo family, cannot be relied upon in Fitch's opinion. In addition, Fitch believe that although Oddo has a high propensity to provide support to BHF-Bank, its ability to provide extraordinary support is limited. BHF-Bank accounts for more than 50% of the combined entity's total assets, which means that it would be difficult for Oddo to provide support to such a large subsidiary. SUBORDINATED DEBT ODDO The legacy lower Tier 2 subordinated debt of Oddo is notched down once from its VR in accordance with Fitch's criteria to reflect below-average recoveries for this type of debt. RATING SENSITIVITIES IDRS, VR, SENIOR DEBT AND DEPOSIT RATINGS ODDO Earnings improvement is the key driver of the Positive Outlook on Oddo's Long-Term IDR. While management has already taken material steps in terms of integration and cost reduction, Fitch expects to upgrade the bank once progress in turning around BHF-Bank's profit generation is visible. Inability to improve profitability of the combined entity, potentially arising from the bank not being able to capitalise on the expanded and more diversified franchise, would likely result in a revision of the Outlook to Stable. Expansion into higher- risk businesses, which is currently not expected, or weakening in capitalisation could result in a downgrade. BHF-BANK BHF-Bank's ratings are primarily sensitive to the progress of its integration with Oddo. The Positive Outlook reflects the expected benefits from the bank's new ownership, in particular in terms of franchise, strategic orientations and earnings generation. No improvement in recurring revenue generation and cost efficiency or a weakening of the bank's franchise, especially an outflow of assets under management, would result in negative rating pressure. Achieving cost efficiency could become particularly relevant if current market conditions dampen the bank's customer activity and transaction-driven revenues. BHF-Bank's Deposit Ratings are primarily sensitive to changes in the bank's IDRs. Larger subordinated and senior vanilla debt buffers could lead to an upgrade of the Long-Term Deposit Rating to one notch above the Long-Term IDR. SUPPORT RATING AND SUPPORT RATING FLOOR ODDO AND BHF-BANK An upgrade of Oddo's and BHF-Bank's Support Ratings and upward revision of the Support Rating Floors would be contingent on a positive change in the systemic importance of the banks and in the sovereigns' propensity to support their banks. This is highly unlikely, in Fitch's view. SUBORDINATED DEBT ODDO The rating is sensitive to changes in Oddo's VR and therefore to the same factors that would drive a change in the VR. The rating actions are as follows: Oddo et Cie Long-Term IDR: affirmed at 'BBB-'; Outlook Positive Short-Term IDR: affirmed at 'F3' Viability Rating: affirmed at 'bbb-' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior unsecured debt: affirmed at 'BBB-' Subordinated (legacy lower tier 2) debt (FR0010494419): affirmed at 'BB+' Commercial paper: affirmed at 'F3' BHF-Bank AG Long-Term IDR: affirmed at 'BBB-'; Outlook Positive Short-Term IDR: affirmed at 'F3' Viability Rating: affirmed at 'bbb-' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Deposit Ratings: affirmed at 'BBB-/F3' TECHNICOLOR SA: S&P Affirms 'BB-' CCR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term and 'B' short- term corporate credit ratings on France-based technology company Technicolor S.A. The outlook is stable. Also, S&P affirmed its 'BB-' long-term corporate credit rating on Technicolor's subsidiary, Thomson Licensing SAS. S&P subsequently withdrew the rating at Technicolor's request. The outlook was stable at the time of withdrawal. At the same time, S&P affirmed its 'BB-' issue rating on senior secured debt borrowed by Technicolor and Luxembourg-based special-purpose vehicle Tech Finance & Co S.C.A. The '3' recovery rating reflects S&P's expectation of recovery in the lower half of the 50%-70% range in the event of a default. The affirmation follows S&P's updated forecasts for 2016-2018 based on Technicolor's revision of its EBITDA guidance for 2016. Because of Technicolor's weaker-than-expected operating performances in 2016, S&P believes that Technicolor won't see recovery for another year. S&P projects that operations and credit metrics will bounce back from 2018. At the same time, S&P believes integration of Technicolor's acquired assets is progressing in line with S&P's expectations, free operating cash flow (FOCF) generation will remain sound, and liquidity management remains strong. S&P lowered its forecasts for both revenues and EBITDA from 2016, mainly because Technicolor's Connected Home segment will generate weaker operating performances. In 2016, this segment felt the weight of the acceleration of the depreciation of Latin American currencies versus the U.S. dollar, resulting in substantial capital expenditure (capex) reductions in the region, alongside lower revenue bookings due to the spending cuts of two large U.S.-based customers. As such, S&P believes that the group won't meet S&P's initial 2017 expectations. Also, S&P expects that the group, along with the rest of the industry, will feel constraints on its EBITDA margin from global pricing pressure on memory chips, which started in the fourth quarter of 2016. Furthermore, S&P expects that lower EBITDA generation, combined with a one-off EUR82 million cash payment related to the Cathode-Ray Tube final settlement and forecast higher capex to fund investments in immersive technologies, will reduce FOCF in 2017. As a consequence, S&P expects that adjusted debt to EBITDA will deteriorate to 2.8x in 2017, compared with 2.3x in S&P's previous forecast, and that reported FOCF will decline below EUR200 million. That said, S&P expects that the deterioration of the group's credit metrics and FOCF will be limited to 2017. S&P thinks that the group has the capabilities to recover from 2018, in its opinion, thanks to a comeback of the Connected Home segment. In 2016 the group saw a record amount of new contract wins, especially with U.S. customers (a market in which Technicolor increased the scale of its Connected Home business with the acquisition of Cisco Connected Device). S&P also believes that the Technology segment will start growing again in 2018, benefitting from the ramp-up in licensing agreements. Finally, S&P expects that a better product mix coming from higher contribution of blue ray and production services will improve the Entertainment Services segment's profitability. These factors lead S&P to project a strengthening of adjusted leverage to 2.0x- 2.5x in 2018 from 2.8x this year, and FOCF generation increasing to more than EUR200 million on a reported basis. Finally, despite lowering S&P's forecasts, it thinks that the group's liquidity will consistently remain strong. S&P withdrew its corporate credit rating on Thomson Licensing at the group's request, as there is no more outstanding debt at this subsidiary. The stable outlook reflects S&P's expectation that, despite its expectation of deterioration in operating performances in 2017, compared with S&P's previous base case, Technicolor will leverage on new contracts signed in Connected Home segment, a better product mix in Entertainment Services business unit, and a ramp- up of certain licensing agreements by the end of 2017 or beginning of 2018. S&P therefore expects that, after a one-time deterioration in 2017, management will maintain adjusted debt to EBITDA in the 2.5x-2.0x range and FOCF generation will remain strong at more than EUR200 million on a reported basis. The stable outlook also factors in continued strong liquidity management. S&P could lower the rating if Technicolor's financial risk profile weakened protractedly, with adjusted debt to EBITDA consistently above 3.0x or FOCF significantly below EUR200 million on a prolonged basis, combined with a weaker liquidity position. This could result from EBITDA deterioration explained by a combination of additional order cancelations in Connected Home segment and stronger pressure coming from more expensive memory chips, or unforeseen difficulties in the continued integration of acquired assets, achieving expected synergies, or containing restructuring costs. S&P could raise the rating once the integration of acquired assets is complete, assuming there is no negative deviation in synergies achieved or restructuring costs. Any positive rating action would also result from a rebound in operating performances from 2018 once contracts signed in 2016 in Connected Home segment start contributing to the top line. This could support stronger credit ratios, for instance adjusted debt to EBITDA falling sustainably below 2.0x. ============= G E R M A N Y ============= FWT ENERGY: Files for Insolvency Proceedings -------------------------------------------- Windtech International reports that FWT energy GmbH has submitted an application for opening insolvency proceedings regarding its assets on Jan. 21, 2017, at District Court of Montabaur. On Jan. 23, 2017, the court appointed Mr. Alexander Romer, partner in the GORG Insolvency Administration, as the preliminary insolvency administrator, the report says. According to the report, Mr. Romer is currently providing a comprehensive overview of the company's economic situation. During an employee meeting, the total 67 employees were informed by the Managing Director about the further steps. The business operations of FWT energy GmbH will be fully carried on for the moment. Wintech says management and provisional insolvency administrators work closely together and have the common goal to maintain the company's business permanently and lead the company into a secure future. In order to achieve this, constructive discussions with interested investors are currently being conducted, the report states. Headquartered in Waigandshain, Germany, FWT energy GmbH has been manufacturing and selling onshore wind turbines of the 2, 2.5 and 3MW class since 2013. It employs about 70 people. Wintech notes that the salaries are currently secured through the insolvency compensations. The service, running separately under the FWT Service DE GmbH, is not affected by this insolvency. ============= I R E L A N D ============= BUS EIREANN: To Ban Overtime in Bid to Save Company --------------------------------------------------- Martin Wall at The Irish Times reports that Bus Eireann is to introduce radical measures aimed at generating savings of up to EUR8 million within the next few weeks to allow it to continue in operation. According to the report, the State-owned firm will shortly announce it will be introducing a ban on all overtime for staff and will also eliminate the carry-over of all annual leave. There will also be a ban on recruitment and new prohibitions will be put in place on chartering buses from outside the company, the report says. These cost-saving measures will represent the first phase of an overall plan to put Bus Eireann on a firm financial footing in the face of mounting losses, the Irish Times adds. The Irish Times relates that the first cost cuts are likely to emerge following forthcoming negotiations with unions. The report says the company is understood to have told Minister for Transport Shane Ross of its serious financial difficulties at a meeting on Jan. 12, during which it warned again that it could run out of money within 18 months. The company had previously warned staff it lost an estimated EUR8 million in 2016 and the threat of insolvency was very real, adds the Irish Times. OAK HILL V: Moody's Assigns B1 Rating to Class F Notes ------------------------------------------------------ Moody's Investors Service announced that it has assigned the following definitive ratings to notes issued by Oak Hill European Credit Partners V Designated Activity Company. -- EUR260,800,000 Class A-1 Senior Secured Floating Rate Notes due 2030, Definitive Rating Assigned Aaa (sf) -- EUR10,600,000 Class A-2 Senior Secured Fixed Rate Notes due 2030, Definitive Rating Assigned Aaa (sf) -- EUR47,600,000 Class B-1 Senior Secured Floating Rate Notes due 2030, Definitive Rating Assigned Aa2 (sf) -- EUR12,200,000 Class B-2 Senior Secured Fixed Rate Notes due 2030, Definitive Rating Assigned Aa2 (sf) -- EUR25,900,000 Class C Senior Secured Deferrable Floating Rate Notes due 2030, Definitive Rating Assigned A2 (sf) -- EUR23,700,000 Class D Senior Secured Deferrable Floating Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf) -- EUR30,400,000 Class E Senior Secured Deferrable Floating Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf) -- EUR12,900,000 Class F Senior Secured Deferrable Floating Rate Notes due 2030, Definitive Rating Assigned B1 (sf) RATINGS RATIONALE Moody's definitive rating of the rated notes addresses the expected loss posed to noteholders by the legal final maturity of the notes in 2030. The definitive ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the Collateral Manager, Oak Hill Advisors (Europe), LLP ("Oak Hill"), has sufficient experience and operational capacity and is capable of managing this CLO. Oak Hill V is a managed cash flow CLO. At least 90% of the portfolio must consist of secured senior loans or senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. The portfolio is expected to be approximately 56% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the ramp-up period in compliance with the portfolio guidelines. Oak Hill will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk and credit improved obligations, and are subject to certain restrictions. In addition to the eight classes of notes rated by Moody's, the Issuer has issued EUR55.1m of subordinated notes, which will not be rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Oak Hill's investment decisions and management of the transaction will also affect the notes' performance. Loss and Cash Flow Analysis: Moody's modeled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in October 2016. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's encompasses the assessment of stressed scenarios. Moody's used the following base-case modeling assumptions: Par amount: EUR 460,000,000 Diversity Score: 35 Weighted Average Rating Factor (WARF): 2750 Weighted Average Spread (WAS): 4.10% Weighted Average Coupon (WAC): 5.00% Weighted Average Recovery Rate (WARR): 40% Weighted Average Life (WAL): 8 years As part of the base case, Moody's has addressed the potential exposure to obligors domiciled in countries with local currency country risk ceiling (LCC) of A1 or below. As per the portfolio constraints, exposures to countries with local currency country risk ceiling rating of between A1 to A3 cannot exceed 10%. Following the effective date, and given these portfolio constraints and the current sovereign ratings of eligible countries, the total exposure to countries with a LCC of A1 or below may not exceed 10% of the total portfolio. The remainder of the pool will be domiciled in countries which currently have a LCC of Aa3 and above. Given this portfolio composition, the model was run without the need to apply portfolio haircuts as further described in the methodology. Stress Scenarios: Together with the set of modelling assumptions above, Moody's conducted additional sensitivity analysis, which was an important component in determining the definitive rating assigned to the rated notes. This sensitivity analysis includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current model output, whereby a negative difference corresponds to higher expected losses), holding all other factors equal: Percentage Change in WARF: WARF + 15% (to 3163 from 2750) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: 0 Class A-2 Senior Secured Fixed Rate Notes: 0 Class B-1 Senior Secured Floating Rate Notes: -2 Class B-2 Senior Secured Fixed Rate Notes: -2 Class C Senior Secured Deferrable Floating Rate Notes: -2 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: 0 Percentage Change in WARF: WARF +30% (to 3575 from 2750) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: -1 Class A-2 Senior Secured Fixed Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -3 Class B-2 Senior Secured Fixed Rate Notes: -3 Class C Senior Secured Deferrable Floating Rate Notes: -4 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: -3 Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in October 2016. TITAN EUROPE 2007-2: Moody's Lowers Rating on A2 Notes to B1 ------------------------------------------------------------ Moody's Investors Service has downgraded the ratings of the Class A2 Notes and affirms the rating of the Class B, C and D Notes issued by Titan Europe 2007-2 Limited. Moody's rating action is as follows: -- EUR243M A2 Notes, Downgraded to B1 (sf); previously on May 16, 2016 Downgraded to Ba2 (sf) -- EUR164.6M B Notes, Affirmed Ca (sf); previously on May 16, 2016 Downgraded to Ca (sf) -- EUR122.9M C Notes, Affirmed C (sf); previously on May 16, 2016 Downgraded to C (sf) -- EUR91.8M D Notes, Affirmed C (sf); previously on May 16, 2016 Downgraded to C (sf) Moody's does not rate the Class E, Class F, Class G, Class V and the Class X Notes. RATINGS RATIONALE The downgrade of the Class A2 Notes reflects Moody's expectation that all outstanding note classes will not be repaid in full prior to the final legal maturity on 23rd April 2017. Non- repayment at legal final maturity of the transaction would be classified as a note event of default (NEoD), and any notes still outstanding would be categorised by Moody's as securities in default. Moody's expectation is that the Class A2 Noteholders will be paid out in full post legal final maturity. Classes B, C and D Notes were affirmed at Ca(sf) and C(sf) respectively. Although recoveries may eventually be higher than the current ratings imply (more than 65% for a Ca(sf) rating and 35% for a rating of C(sf)), there is additional uncertainty surrounding the workout process after a NEoD. An additional risk for lower ranked notes is that in the event of a NEoD the Class A2 will become the controlling class and may wish to expedite the recovery process in a way that could result in lower recoveries for more junior noteholders. Moody's downgrade reflects a base expected loss in the range of 70%-80% of the current pool balance, the same as at the last review. Moody's derives this loss expectation from the analysis of the default probability of the securitised loans (both during the term and at maturity) and its value assessment of the collateral. For a summary of Moody's key assumptions for the loans in the pool please refer to the section SUMMARY OF LOAN ASSUMPTIONS below. Methodology Underlying the Rating Action: The principal methodology used in these ratings was Moody's Approach to Rating EMEA CMBS Transactions published in November 2016. Other factors used in this rating are described in European CMBS: 2016-18 Central Scenarios published in April 2016. Factors that would lead to an upgrade or downgrade of the ratings: Main factors or circumstances that could lead to a downgrade of the ratings is a decline in the property values backing the underlying loans. Main factors or circumstances that could lead to an upgrade of the rating are an increase in the speed of property disposals and subsequent pay down of the loans and notes. MOODY'S PORTFOLIO ANALYSIS As of the October 2016 IPD, the transaction balance has declined by 74% to EUR434 million from EUR1,669 million at closing in 2007 due to the payoff of 15 loans originally in the pool and a partial prepayment of the remaining three loans. The Notes are currently secured by first-ranking legal mortgages over 52 commercial properties. Since the last review all the assets in the Cobalt loan have been sold. The pool has an above average concentration in terms of geographic location with 89% of the current pool balance secured by assets located in the Netherlands, and 11% in the Czech Republic. Moody's uses a variation of the Herfindahl Index, in which a higher number represents greater diversity, to measure the diversity of loan size. Large multi-borrower transactions typically have a Herf of less than 10 with an average of around 5. This pool has a Herf of 1.3, compared to 5.9 at closing. Moody's weighted average A loan loan-to-value (LTV) ratio for the pool is 501.6% compared to the reported level of 219.6%. All three outstanding loans are in special servicing. SUMMARY OF MOODY'S LOAN ASSUMPTIONS Below are Moody's key assumptions for the Top 2 loans (the Cobalt loan has a current outstanding balance of EUR 50.6 million. As all assets have been sold Moody's expects no further recoveries and has therefore allocated these amounts as losses. Moody's have not counted the outstanding Cobalt loan amount in the securitised loan pool balance percentages). Tasman (ex MPC) portfolio loan (78% of securitized loan pool) - LTV: 624% (Whole)/ 552% (A-Loan); Total Default Probability N/A - - in default; Expected Loss 80%-90%. The largest loan in the pool is secured by a portfolio of secondary Dutch office properties. The securitized loan represents a 55% pari passu portion of a larger senior loan facility (45% outside of the securitization). There is also additional subordinated junior and mezzanine loans outside of the securitization associated with the portfolio. The loan defaulted at its extended maturity date in January 2012 and subsequently transferred into Special Servicing. Since then, out of initially 93 assets, 42 have been sold and the securitized loan balance has reduced by approximately 25% through a combination of asset sales and cash sweep. The secondary nature of the assets, together with the difficult refinancing market in the Netherlands presents a challenge for a wind down of the portfolio by legal final maturity in April 2017, as such Moody's has severely stressed its valuation for the remaining properties. The previous special servicer (Hudson Advisors) has been replaced with Mount Street Solutions LLP. Skoduv Palace loan (22% of securitized loan pool) - LTV: 256% (Whole)/ 107% (A-Loan); Total Default Probability N/A -- in default; Expected Loss 30%-40%. The second largest loan is the senior portion of a larger facility which includes a subordinated junior loan outside of the securitization. The securitized loan balance has been reduced by approximately 21% since origination in 2007 via surplus cash sweep. It is secured over a single office property in the centre of Prague. The asset is occupied by the municipal government of the city. The loan was transferred into special servicing after failing to repay at maturity in October 2012. In the interim, the tenant has sought litigation against the landlord in respect of the appropriateness of rental levels. Due to the uncertainty of the cash flow profile of the asset and in view of the ongoing litigation (since 2013), a sale of the asset is expected to be challenging until the position with the tenant can be resolved. The ongoing issues pose a significant risk that the loan may not be worked out on time by the legal final maturity date. Therefore, Moody's has severely stressed its value but notes that a higher value is achievable once the litigations are settled. ========= I T A L Y ========= TIBET CMBS: DBRS Confirms Rating on Class D Debt at BB(low)(sf) --------------------------------------------------------------- DBRS Ratings Limited on January 20, 2016, confirmed its ratings on the following classes of Commercial Mortgage-Backed Floating- Rate Notes Due December 2026 issued by Tibet CMBS S.R.L.: -- Class A at AA (sf) -- Class B at A (high) (sf) -- Class C at A (low) (sf) -- Class D at BB (low) (sf) All trends are Stable. The rating confirmations reflect the continued stable performance of the transaction since issuance in January 2015. The transaction is a securitisation of a single floating-rate loan granted by Banca IMI S.p.A. to the borrower, Montenapoleone Retail S.R.L. At closing, the loan had a securitised balance of EUR203.0 million which, as of the November 2016 quarterly reporting, has been reduced to EUR197.0 million, reflecting a 2.9% collateral reduction since issuance. The repayment is in accordance with a Facility Agreement clause (cash sweep of excess rental income). The purpose of the loan was to refinance existing indebtedness, to partially pay closing costs for the loan and for general corporate purposes. The collateral securing this loan consists of a single retail property located on Via Monte Napoleone in central Milan, Italy. The property contains 5,738 square metres of leasable area situated across a lower ground level and five above-ground floors. According to the November 2016 Investor Report, the property continues to be 100% leased to the same five tenants (five luxury retailers) as at issuance. An adjacent luxury hotel, which is not part of the collateral of this transaction, leased the top two floors of the building to be used as luxury suites. The remaining weighted-average (WA) lease term to expiry is 10.4 years and there are no expiration dates earlier than January 2024. The WA lease term to break option is 3.5 years; the earliest break option is January 2018. At issuance, DBRS underwrote the portfolio using the in-place rents; however, as the tenants received significantly discounted rents in lieu of tenant improvement contributions when the leases were signed and, given the desirability of the location, DBRS gave credit to contractual rental uplifts over the term of the loan and used anticipated year 5 cash flows. Thus, the DBRS underwritten net cash flow (NCF) remains unchanged, which is 8.5% higher than the Issuer's initially underwritten cash flow of EUR11.7 million. As per the November 2016 Investor Report, the annual income for YE2016 is EUR13.7 million, which represents a 7.5% increase from the YE2015 figure of EUR12.7 million. The expiration of initial rental incentives and the rental uplifts led to this increase in annual income; however, the annual rent for 2016 is 3.1% below DBRS's expected cash flow at issuance for this period and 1.6% lower than DBRS's average cash flow over the term of the loan. This decrease is mainly a result of the lower- than-expected increase in rental uplifts. DBRS calculated an issuance stressed interest coverage ratio (ICR) for the loan to be 1.35 times (x). As of November 2016, the ICR for the loan was 1.60x. The loan has event of default covenants (actual and prospective ICR) of 1.30x since year 2 of the loan. DBRS believes that the property's cash flow will be sufficient for the loan to remain in compliance with the covenanted event of default ICR ratios during the remaining term. DTZ valued the property in July 2014 and, at that time, estimated the market value of the property at EUR314.7 million. To arrive at this valuation, DTZ applied a 5.5% discount rate to the property's rental cash flow. DBRS applied a capitalisation rate of 5.75% to its stabilised cash flow. According to the November 2016 Investor Report, DTZ revalued the property in July 2016 and estimated a current market value of EUR404.4 million, which represented a 28.5% increase since 2014. According to the valuer, this appreciation is caused by the increased interest and demand from international investors in Italian high-street retail, particularly in the prime/luxury segments. The DBRS value now represents a 44.6% haircut to DTZ's July 2016 valuation. The current loan-to-value (LTV) of the loan is 49.0%. The loan has an LTV event of default covenant test at 70.0% and there is currently a low risk of this covenant being breached during the remaining loan term. The final legal maturity of the Notes is in December 2026, seven years beyond loan maturity. If necessary, this is believed to be sufficient time, given the security structure and jurisdiction of the underlying loans, to enforce on the loan collateral and to repay bondholders. At issuance, DBRS took the sovereign stress into consideration by adjusting the sizing hurdles used in its ratings. Recently, on 13 January 2017, DBRS downgraded the Republic of Italy (Italy) to BBB (high) and, consequently, an additional stress was applied to the sizing hurdles in this transaction. For a more detailed discussion of Italy's rating downgrade, please refer to: http://dbrs.com/research/304610. The rating assigned to Class D materially deviates from the lower ratings implied by direct sizing hurdles which are a substantial component of DBRS European CMBS Rating and Surveillance methodology. DBRS considers a material deviation to be a rating differential of three or more notches between the assigned rating and the rating implied by a substantial component of a rating methodology; in this case, the assigned ratings reflect that the loan's performance remains in line with the initial expectations and the reported property value increase since issuance. These two factors offset the negative effect of Republic of Italy's sovereign rating being downgraded to BBB (high) on January 13, 2017. =========== L A T V I A =========== KVV LIEPAJAS: Sale Process to Start in February ----------------------------------------------- LETA reports that the sales procedure of the bankrupt Liepaja steelworks will start in February, and the insolvency administrator is to contract 'EY', formerly known as Ernst & Young to find the investor, Dzintars Hmielevskis, a representative of the administrator said. Guntars Koris, the administrator of the insolvent KVV Liepajas Metalurgs steel plant will complete the sale plan by the end of January, LETA relates. "By the end of January, evaluation of the company's property will be completed, and the sale plan will be ready. It has to be coordinated with the creditors, therefore the official sale procedure will start in February," the report quotes Hmielevskis as saying. LETA says the administrator is to sign an agreement with EY on finding potential investors in the coming days. According to the report, investors already now are showing interest in the company and some of potential investors have visited the company. "The world's metallurgy market is changing and Liepaja's company is becoming more interesting for the company," Hmielevskis said. Creditors have claims to the insolvent KVV Liepajas Metalurgs totaling more than EUR116.587 million, LETA discloses. Of these, claims by 19 legal entities for a total of EUR88.287 million were found to be substantiated but five legal entities claiming altogether EUR27.577 million have been asked to submit additional documentation, according to LETA. LETA adds that the insolvency administrator has also received claims from 395 employees of KVV Liepajas Metalurgs totaling around EUR722,800. The steelworks was a major source of jobs in Latvia's third-largest city Liepaja. The total amount of secured creditor claims is EUR86.935 million, and the claims by unsecured creditors add up to EUR29.652 million, the report discloses. The Baltic Course has reported Liepaja Court on Sept. 16, 2016, approved commencing of insolvency proceedings at metallurgical company KVV Liepajas Metalurgs. Guntars Koris has been appointed insolvency administrator for the company. The insolvency case against KVV Liepajas Metalurgs was opened following a complaint submitted by the joint-stock company G4S Latvia. One more insolvency claim was filed by TKB Lizings. Both cases have been combined into a single civil process, explained Kurpa. Based in the southwestern Latvian port city of Liepaja, Liepajas Metalurgs used to be Latvia's leading metallurgical company and a major provider of jobs in Liepaja. ===================== N E T H E R L A N D S ===================== DRYDEN 48: Moody's Assigns B2 Rating to Class F Notes ----------------------------------------------------- Moody's Investors Service announced that it has assigned the following definitive ratings to notes issued by Dryden 48 Euro CLO 2016 B.V.: -- EUR230,000,000 Class A-1 Senior Secured Floating Rate Notes due 2031, Definitive Rating Assigned Aaa (sf) -- EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031, Definitive Rating Assigned Aaa (sf) -- EUR45,500,000 Class B-1 Senior Secured Floating Rate Notes due 2031, Definitive Rating Assigned Aa2 (sf) -- EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2031, Definitive Rating Assigned Aa2 (sf) -- EUR25,500,000 Class C Mezzanine Secured Deferrable Floating Rate Notes due 2031, Definitive Rating Assigned A2 (sf) -- EUR20,000,000 Class D Mezzanine Secured Deferrable Floating Rate Notes due 2031, Definitive Rating Assigned Baa2 (sf) -- EUR22,000,000 Class E Mezzanine Secured Deferrable Floating Rate Notes due 2031, Definitive Rating Assigned Ba2 (sf) -- EUR11,000,000 Class F Mezzanine Secured Deferrable Floating Rate Notes due 2031, Definitive Rating Assigned B2 (sf) RATINGS RATIONALE Moody's definitive rating of the rated notes addresses the expected loss posed to noteholders by the legal final maturity of the notes in 2031. The definitive ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the collateral manager, PGIM Limited, has sufficient experience and operational capacity and is capable of managing this CLO. Dryden 48 Euro CLO 2016 B.V. is a managed cash flow CLO. At least 90% of the portfolio must consist of senior secured loans and senior secured bonds. The portfolio is expected to be 80% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe. PGIM Limited will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit improved and credit risk obligations, and are subject to certain restrictions. In addition to the eight classes of notes rated by Moody's, the Issuer has issued EUR43.0m of subordinated notes, which will not be rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. PGIM Limited's investment decisions and management of the transaction will also affect the notes' performance. Loss and Cash Flow Analysis: Moody's modeled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in October 2016. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's encompasses the assessment of stressed scenarios. Moody's used the following base-case modeling assumptions: Par amount: EUR 400,000,000 Diversity Score: 43 Weighted Average Rating Factor (WARF): 2800 Weighted Average Spread (WAS): 4.25% Weighted Average Coupon (WAC): 5.85% Weighted Average Recovery Rate (WARR): 41.5% Weighted Average Life (WAL): 8 years Moody's has analysed the potential impact associated with sovereign related risk of peripheral European countries. As part of the base case, Moody's has addressed the potential exposure to obligors domiciled in countries with local currency country risk ceiling of A1 or below. For countries which are not member of the European Union, the foreign currency country risk ceiling applies at the same levels under this transaction. Following the effective date, and given the portfolio constraints and the current sovereign ratings in Europe, such exposure may not exceed 15% of the total portfolio. As a result and in conjunction with the current foreign government bond ratings of the eligible countries, as a worst case scenario, a maximum 15% of the pool would be domiciled in countries with A3 local or foreign currency country ceiling. The remainder of the pool will be domiciled in countries which currently have a local or foreign currency country ceiling of Aaa or Aa1 to Aa3. Given this portfolio composition, the model was run with different target par amounts depending on the target rating of each class as further described in the methodology. The portfolio haircuts are a function of the exposure size to peripheral countries and the target ratings of the rated notes and amount to 2.00% for the Class A-1 and A-2 notes, 1.25% for the Class B-1 and B-2 notes, 0.50% for the Class C and 0% for Classes D, E, and F. Stress Scenarios: Together with the set of modelling assumptions above, Moody's conducted additional sensitivity analysis, which was an important component in determining the definitive rating assigned to the rated notes. This sensitivity analysis includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current model output, whereby a negative difference corresponds to higher expected losses), holding all other factors equal: Percentage Change in WARF: WARF + 15% (to 3220 from 2800) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: 0 Class A-2 Senior Secured Fixed Rate Notes: 0 Class B-1 Senior Secured Floating Rate Notes: -2 Class B-2 Senior Secured Fixed Rate Notes: -2 Class C Mezzanine Secured Deferrable Floating Rate Notes: -2 Class D Mezzanine Secured Deferrable Floating Rate Notes: -2 Class E Mezzanine Secured Deferrable Floating Rate Notes: 0 Class F Mezzanine Secured Deferrable Floating Rate Notes: 1 Percentage Change in WARF: WARF +30% (to 3640 from 2800) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: -1 Class A-2 Senior Secured Fixed Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -3 Class B-2 Senior Secured Fixed Rate Notes: -3 Class C Mezzanine Secured Deferrable Floating Rate Notes: -4 Class D Mezzanine Secured Deferrable Floating Rate Notes: -2 Class E Mezzanine Secured Deferrable Floating Rate Notes: -1 Class F Mezzanine Secured Deferrable Floating Rate Notes: 0 Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in October 2016. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form. Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_ 1056920. Moody's describes its loss and cash flow analysis in the section "Ratings Rationale" of this press release. Moody's describes the stress scenarios it has considered for this rating action in the section "Ratings Rationale" of this press release. For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. DUCHESS VII: S&P Raises Rating on Class E Notes to 'BB' ------------------------------------------------------- S&P Global Ratings raised its credit ratings on Duchess VII CLO B.V.'s class C and E notes. S&P also affirmed its ratings on all other classes of notes in the transaction. The rating actions follow S&P's assessment of the transaction's performance using 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 at each rating level. In S&P's analysis, it used the reported portfolio balance that it considers to be performing, the current weighted-average spread, and the weighted-average recovery rates that S&P considers to be appropriate. S&P incorporated various cash flow stress scenarios using alternative default patterns, and levels, in conjunction with different interest and currency stress scenarios. The transaction includes multicurrency revolving liabilities intended to match the non-euro-denominated assets and multicurrency revolving loans purchased by the issuer. American- style currency call options hedge any currency mismatches. In S&P's cash flow analysis, it considered scenarios where the hedging counterparty does not perform and where the transaction is therefore exposed to currency rate changes. Since S&P's previous review, the class A-1 notes and the VFN have continued to amortize, which has resulted in increased credit enhancement levels for all classes of notes. According to S&P's analysis, the class A-1 and VFN notes, on aggregate, have amortized by approximately a euro equivalent of EUR6 million since S&P's previous review. Taking into account the results of S&P's credit and cash flow analysis and the application of its current counterparty criteria, the available credit enhancement for the class C and E notes is now commensurate with higher ratings than those previously assigned. S&P has therefore raised its ratings on these classes of notes. While S&P's analysis also shows a general improvement in the credit quality of the underlying portfolio, S&P's ratings on the class B and D notes, in its view, remain commensurate with their current levels of credit enhancement. S&P has therefore affirmed its ratings on these classes of notes. Similarly, S&P's analysis indicates that its 'AAA (sf)' ratings on the class VFN and A-1 notes remain commensurate with their available credit enhancement. These classes of notes have benefited from the transaction's continuing deleveraging and the underlying portfolio's stable credit performance. S&P has therefore affirmed its 'AAA (sf)' ratings on these classes of notes. Duchess VII CLO is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. The transaction closed in December 2006 and is managed by Babson Capital Management (UK) Ltd. RATINGS LIST Class Rating To From Duchess VII CLO B.V. EUR517.5 Million Secured Notes Ratings Raised C AA+ (sf) AA (sf) E BB (sf) B+ (sf) Ratings Affirmed A-1 AAA (sf) VFN AAA (sf) B AA+ (sf) D BBB+ (sf) HIGHLANDER EURO: S&P Reinstates 'B-' Rating on Cl. D (prim) Notes ----------------------------------------------------------------- S&P Global Ratings reinstated its 'A+ (sf)' and 'B- (sf)' credit ratings on Highlander Euro CDO B.V.'s class C (prim) and class D (prim) notes, respectively. S&P withdrew its ratings on these classes of notes in error on Jan. 6, 2016. ST. PAUL CLO IV: Fitch Affirms 'B-sf' Rating on Class E Notes ------------------------------------------------------------- Fitch Ratings has assigned St. Paul's CLO IV Designated Activity Company's refinancing notes final ratings and affirmed the transaction's remaining notes as follows: EUR248.3m Class A-1: rated 'AAAsf'; Outlook Stable EUR55.8m Class A-2: rated 'AAsf'; Outlook Stable EUR23.5m Class B: rated 'Asf'; Outlook Stable EUR21m Class C: affirmed at 'BBBsf'; Outlook Stable EUR29m Class D: affirmed at 'BBsf'; Outlook Stable EUR14m Class E: affirmed at 'B-sf'; Outlook Stable St. Paul's CLO IV Designated Activity Company is a cash flow collateralised loan obligation securitising a portfolio of mainly European leveraged loans and bonds. The portfolio is managed by Intermediate Capital Managers Limited, a wholly owned subsidiary of Intermediate Capital Group PLC. KEY RATING DRIVERS Note Refinancing St. Paul's CLO IV has issued new notes to refinance part of the original capital structure. The refinanced notes have been redeemed in full as a consequence of the refinancing. The refinancing notes bear interest at a lower margin over EURIBOR than the corresponding refinanced notes. The remaining terms and conditions of the refinancing notes (including name and seniority) are the same as the refinanced notes. The final ratings assigned to the refinancing notes reflect Fitch's view that the credit risk of the refinancing notes is substantially similar to the refinanced notes. Stable Performance The transaction's performance has been stable over the last 12 months. Credit quality has remained little changed, with the reported weighted average rating factor standing at 32.54, marginally up from 32.49. Recovery prospects are similarly stable with a reported weighted average recovery rate (WARR) of 69.5%, marginally down from 70.4%. No defaults have been reported in the portfolio in the last 12 months. The transaction is passing all portfolio profile, collateral quality and par value tests. RATING SENSITIVITIES As the loss rates for the current portfolios are below those modelled for the respective stress portfolio, the sensitivities shown in the new issue reports for the two transactions still apply. DUE DILIGENCE USAGE Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that affected the rating analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION: The information below was used in the analysis. - Loan-by-loan data provided by the collateral administrator as at 30 November 2016 - Transaction reporting provided by the collateral administrator as at 30 November 2016 - Transaction documents dated 25 January 2017 REPRESENTATIONS AND WARRANTIES A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering documents for EMEA leveraged loan CLO transactions do not typically include RW&Es that are available to investors and that relate to the asset pool underlying the security. Therefore, Fitch credit reports for EMEA leveraged loan CLO transactions will not typically include descriptions of RW&Es. For further information, see Fitch's Special Report titled "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated 31 May 2016. STORM 2017-I: Fitch Assigns 'Bsf' Rating to Class D Notes --------------------------------------------------------- Fitch Ratings has assigned STORM 2017-I B.V.'s notes final ratings as follows: Class A floating-rate notes: 'AAAsf'; Outlook Stable Class B floating-rate notes: 'A+sf'; Outlook Stable Class C floating-rate notes: 'BBBsf'; Outlook Stable Class D floating-rate notes: 'Bsf'; 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 with a revolving feature. The ratings address timely payment of interest on the class A and B notes (and the most senior class at any time), including the step-up margins accruing from January 2022, and full repayment of principal by legal final maturity on any class, in accordance with the transaction documents. Credit enhancement (CE) for the class A notes was 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 83-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 of 27.2%, both of which are typical for Fitch-rated Dutch RMBS transactions and in line with previous STORM transactions. Migration Risk Addressed 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, the issuer entered into a swap agreement 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 year of the outstanding class A through D notes' balance, less principal deficiency ledgers. The remedial triggers are linked to the parent's ratings (Rabobank). Counterparty Risk Mitigated This transaction relies strongly on the creditworthiness of Rabobank, which fulfils a number of roles. Fitch analysed 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 The 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 action 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+sf', class B notes to 'BBB+sf', class C notes to 'BB-sf' and the class D and E notes to below 'Bsf'. More detail on key rating drivers and rating sensitivities are in the accompanying new issue report, which is available at www.fitchratings.com or by clicking the link above. USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small targeted sample of Obvion's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall and together with the assumptions referred to above, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION The information below was used in the analysis. - Loan-by-loan data provided by Obvion as at 18 January 2017 - Transaction reporting provided by Obvion as at end-October 2016 - Static vintage defaults, loss figures and dynamic performance data on Obvion's mortgage loan book between 2002 and 2016 - Investor reports for the existing STORM transactions - A portfolio of 3,730 foreclosed properties (after correcting for missing data), representing all loans foreclosed since 2002, provided by Obvion =========== R U S S I A =========== POLYUS GOLD: Fitch Assigns 'BB-(EXP)' Rating to Sr. Unsec. Notes ---------------------------------------------------------------- Fitch Ratings has assigned Polyus Gold International's (PGIL) planned notes an expected senior unsecured rating of 'BB-(EXP)'. The rating is in line with PGIL's Long-Term Issuer Default Rating (IDR) of 'BB-'/Positive. The assignment of a final rating to the notes is conditional on the receipt of final documentation in line with the draft received. The notes will be guaranteed by the Russian public holding company PJSC Polyus and JSC Gold Mining Company Polyus, a key operating subsidiary and a holding company for all company's key subsidiaries accounting for 100% of 2016 EBITDA and 100% of fixed assets at end-2016. The proceeds from the offering are expected to be used to rebalance the debt portfolio structure toward fixed interest rates, via repayment of a portion of the company's variable rate debt. The notes will rank pari passu with PGIL's existing and future unsecured and unsubordinated obligations. The guarantee will also rank pari passu with all existing and future unsecured and unsubordinated obligations of the guarantor. KEY RATING DRIVERS Corporate Governance Changes The previously strong corporate governance structures at PGIL were dismantled following the change in shareholding structure in late 2015. The company has since implemented a new framework at the PJSC Polyus level, including independent director representation. At present, Fitch regard the group's corporate governance as slightly below average compared with its peer group of major Russian corporates and Fitch notch its rating down by two notches compared with international peers. This factors in Fitch view of the higher than average systemic risks associated with the Russian business and jurisdictional environment as well as Fitch assessment of the company's specific corporate governance practices. Leverage Reduction Postponed to 2019 The USD3.4bn share buyback completed in 1H16 was funded using USD2.5bn of new debt and USD0.9bn of balance sheet cash. This resulted in a material increase in leverage, driving FFO adjusted gross leverage to 4.2x in 2016 under Fitch base case compared with 2.7x in FY15. Fitch expects net debt/EBITDA to exceed 2.3x in 2016-2018, compared with historical levels below 1.0x. Fitch also expect absolute debt levels to remain elevated at least until 2019 when expected production increases from the company's new Natalka mine, as well as increased volumes from some existing mines, will start to have a positive impact on metrics. Compared with Fitch October 2016 forecasts, Fitch now do not expect significant debt reduction to occur by 2018 but forecast only a moderate decrease by 2019, mainly due to revised production forecasts for Natalka. Fitch expect FFO gross leverage to remain stable around 4.0x-4.5x for 2016-2018 and to decrease to around 3x by 2019. FFO net leverage is forecasted to remain around 1x below the FFO gross leverage throughout the period. This compares unfavourably with Fitch October forecasts, when Fitch expected FFO gross leverage to decline to around 3x by 2018, which was the main driver behind the revision of the Outlook to Positive. However, Fitch still believe that PGIL could take additional non-operational measures such as a secondary public offering, which could potentially support positive rating action. Competitive Cost Position Operationally PGIL remains a strong group with good quality gold reserves and large efficient open pit assets, which place it in the first quartile of the global cost curve (total cash costs; TCC). In 9M16, TCC declined to USD387/oz - an 8% decline year-on year. This was driven by local currency (RUB) devaluation as well as operational improvements, which resulted in higher processing volumes and better recovery rates. Strong Production Prospects The group reported production growth of 12% in FY16 to 1,968k/oz of metal versus 1,731k/oz in FY15. This is in line with the positive trend over the past two years. Most of the increase came from the Olimpiada, Blagodatnoe and Kuranakh mines, which delivered higher processing volumes and better recoveries. In terms of growth, the group intends to concentrate on streamlining and improving capacity on its key producing mines. In addition, Fitch expects the group's key development mine - the Natalka mine - to be launched in late 2017 and gradually ramp up throughout 2018, resulting in an approximate 15%-20% year-on year increase in the group gold production. Fitch expects production to reach 2,100k/oz in 2017, 2,400k/oz in 2018 and 2,900k/oz in 2019 mainly driven by Natalka (+740k/oz in total for 2018-2019). DERIVATION SUMMARY Polyus Gold International is the largest gold producer in Russia and one of the top 10 gold miners globally by ounces produced (2.0 million ounces of gold production in 2016). Comparable peers to PGIL rated by Fitch include Goldcorp (BBB/Stable), Kinross Gold Corporation (BBB-/Stable) and NordGold (BB-/Stable). Polyus's standalone rating of 'BB+' (BB-/Positive after notching down for the operating environment) reflects a comparable operating profile in most respects (eg. market position and reserves size), but typically higher leverage metrics offset by lower than average PGIL's cost position. PGIL's Russian peer NordGold (BB-/Stable) has a smaller reserve base and scale production. KEY ASSUMPTIONS - No cash upstreaming over the rating horizon by way of share buybacks - Dividends in line with new dividend policy of 30% of EBITDA if net debt/EBITDA is less than 2.5x - Average gold price of USD1,141/oz in 2017, USD1,120/oz in 2018 and USD1,100/oz afterwards (realised prices adjusted to reflect gold price hedging entered into by the company) - USD/RUB exchange rate of 65 in 2017, 60 in 2018 and 57 thereafter - Natalka project to be launched in late 2017 and gradually ramp up throughout 2018 - Operating efficiencies at the existing mines as per management's expectations RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: - Expectation of FFO gross leverage below 3.0x by end-2018 - Sustained positive FCF generation Negative: Future developments that could lead to negative rating action include: - Higher than expected dividend payments or other shareholder distributions over 2016-2019 leading to weaker liquidity and sustaining high leverage metrics - FFO gross leverage expected to be sustained above 4.0x by end-2018 - Sustained negative FCF generation LIQUIDITY Polyus Gold's liquidity position is strong, with estimated cash position of USD1.9bn and USD0.7bn of undrawn committed bank facilities as of Dec-16. This compares very favourably with the current maturities, which were virtually removed with the October 2016 notes issue and loans refinancing, and now only amount to USD52m over the next 24 months. ========= S P A I N ========= BBVA FINANZIA: Moody's Raises Rating on Class C Notes to Caa3 ------------------------------------------------------------- Moody's Investors Service has upgraded the rating of Class C notes in BBVA Finanzia Autos 1, FTA. The rating action reflects the better than expected recoveries. Issuer: BBVA Finanzia Autos 1, FTA -- EUR29.2M Class C Notes, Upgraded to Caa3(sf); previously on Oct. 23, 2009 Downgraded to Ca(sf) RATINGS RATIONALE Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed its recovery rate assumptions for the portfolio reflecting the collateral performance to date. The performance of the transaction has improved in 2016. PDL has decreased from EUR2 million in Jan 2016 to EUR0.73 million in Oct 2016. This is due to very low increasing defaults from 7.16% to 7.18% of cumulative defaults and also to EUR0.85 million of recoveries received over the last two IPD. We expect recoveries as a percentage of Class C notes' EUR4 million current balance to range between 70% and 80%. The principal methodology used in this rating was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in October 2016. Factors that would lead to an upgrade or downgrade of the rating: Factors or circumstances that could lead to an upgrade of the rating include (1) performance of the underlying collateral that is better than Moody's expected. Factors or circumstances that could lead to a downgrade of the rating include (1) performance of the underlying collateral that is worse than Moody's expected. ============= U K R A I N E ============= BANK PEOPLE'S: Ukraine Central Bank Declares Bank Insolvent ----------------------------------------------------------- The Board of the National Bank of Ukraine on Jan. 19, 2017, issued Decision No.34-D/BS on declaring Bank People's Capital PJSC insolvent. In July 2016, Bank People's Capital PJSC was classified as problematic due to the non-compliance of the bank's ownership structure with transparency requirements. During the period since being identified as problematic, the bank failed to bring its operations into compliance with regulatory requirements. However, the NBU has urged the bank and its shareholders to address this problem since December 2014. As of Jan. 19, over 85% of the bank's shares are held by some individuals, with none of them being qualifying shareholders. The sole qualifying shareholder in the bank is Mr Valerii Makarenko (14.24%), who acquired a qualifying holding in breach of the law without getting approval from the NBU, which led him being stripped of the voting rights. During 2016, several packages of documents were submitted to the NBU by the bank's shareholders and third parties seeking approval for the acquisition of a qualifying holding in this bank. The NBU rejected these documents and adopted a decision banning the acquisition of a qualifying holding due to the poor financial standing of applicants and their inability to prove the source of funds. According to information available to the NBU, on 16 January 2017, the bank adopted a decision on voluntary liquidation and submitted documents to the NBU seeking the latter's approval for liquidation. Pursuant to Article 78 of the Law of Ukraine On Banks and Banking, such approval can be granted only if there are no signs based on which the NBU can declare a bank problematic or insolvent. This being said, as mentioned above, BANK PEOPLE'S CAPITAL PJSC had already been declared problematic by the time documents were submitted to the NBU. Therefore, the NBU cannot accept an application filed by the bank. Funds of 99% of depositors will be reimbursed by the Deposit Guarantee Fund (hereinafter - the DGF) in full. The DGF will pay out a total of about UAH 11 million in compensation to eligible depositors. FORTUNA-BANK PUBLIC: To Be Classified as Insolvent -------------------------------------------------- According to the requirements of Article 76 of the Law of Ukraine On Banks and Banking, on Jan. 26, 2017, the NBU Board adopted the Decision No. 55-D/BS on declaring Fortuna-Bank Public Joint-Stock Company insolvent. Based on the results of a diagnostic study of Fortuna-Bank JSC conducted in H1 2016, the NBU approved the required recapitalization volume in July 2016. Following diagnostic studies, all banks in the twenty second-largest banks by asset size that needed recapitalization were to secure a positive value for their regulatory capital by Jan. 1, 2017. Fortuna-Bank JSC submitted to the NBU a restructuring plan that contained a series of recapitalization measures. In 2016, the bank's management and owner of a qualifying holding undertook measures to implement the requirements of the recapitalization program. Specifically, this implied the repayment of related- party loans and crediting of subordinated debt to the bank's authorized capital. However, the recapitalization measures on additional capitalization undertaken by the management of Fortuna-Bank JSC and the owner of a qualifying share of this bank were insufficient to secure a positive value for the regulatory capital as of Jan. 1, 2017. In view of the above, the NBU Board adopted a decision on declaring Fortuna-Bank JSC insolvent. The NBU underlines that 91% (2,167 individuals) of all the depositors of Fortuna-Bank JSC will be paid out in full, as their accounts do not exceed the amounts covered by the Deposit Guarantee Fund. Customers with larger deposits will be reimbursed up to the compensation limit guaranteed by the DGF. The DGF will pay out a total of about UAH96 million in compensation to eligible depositors. =========================== U N I T E D K I N G D O M =========================== BELLE VUE: In Liquidation Over Concerns on Fin'l. Management ------------------------------------------------------------ Business Desk reports that Manchester-based speedway club Belle Vue Speedway, which formally owned and managed the Belle Vue Aces, has gone into liquidation. Liquidator Nick Hancock of UHY Hacker Young confirmed the news following concerns over the company's financial management, according to Business Desk. The report notes that the club was originally taken over by Chris Morton and David Gordon in 2006, and traded out of the Belle Vue Greyhound Stadium until it moved to the National Speedway Stadium in 2016. The club is presently held by the British Speedway Promoter's Association (BSPA) and negotiations are continuing to agree a franchise for Manchester. In a further announcement, a decision was taken to liquidate the company set up to run and promote the new National Speedway Stadium in Belle Vue Manchester, B V Arena Ltd (BV), the report relays. The report notes that the GBP8 million arena in Gorton was completed in April 2016, following 10 years of strategic planning with Manchester City Council. Although there were initial problems with the track which delayed several of the opening meetings, there is no doubt that the project produced an iconic arena and the best speedway facility in the UK, the report relays. The report says the arena went on to host the International Speedway Cup and several other high profile races. The report discloses that after failing to meet important requirements put in place by the National Speedway Stadium whilst simultaneously accruing significant debt, the council took the decision not to renew BV's licence to occupy the stadium at the same time as the BSPA revoked Belle Vue Aces speedway licence resulting in the inevitable liquidation of the companies. The council was reviewing the future of the stadium and has confirmed it is "committed" to maintaining a speedway team in the city. The report notes Mr. Hancock said: "Chris and David's mission was to secure the longevity of speedway in the Belle Vue region, so it's a shame to see their speedway licence revoked. "Both the arena and the club are iconic to Manchester, and the construction of a world class stadium was part of an important regeneration project for East Manchester. "It was a sad day for speedway fans when the club closed, but it is heartening to know that speedway will remain at the national speedway stadium." DECO 8 - UK: Moody's Lowers Rating on Class A2 Notes to Caa1 ------------------------------------------------------------ Moody's Investors Service has taken the following rating actions following a performance review of Deco 8 - UK Conduit 2 plc. Moody's rating action is as follows: Issuer: Deco 8 - UK Conduit 2 plc -- GBP64.92815M Swap Reference 1475920L - Fairhold Loan Notes, Downgraded to B3 (sf); previously on May 5, 2016 Downgraded to B1 (sf) -- GBP256.6M Class A2 Notes, Downgraded to Caa1 (sf); previously on May 5, 2016 Downgraded to B3 (sf) -- GBP32.4M Class B Notes, Affirmed C (sf); previously on May 5, 2016 Downgraded to C (sf) -- GBP34M Class C Notes, Affirmed C (sf); previously on May 5, 2016 Affirmed C (sf) Moody's does not rate the Class F, Class G and the Class X Notes. RATINGS RATIONALE The downgrade of the Class A2 notes reflects Moody's reduced recovery expectations on the remaining loans, primarily the Mapeley II and Rowan UK Commercial Property loans since last review. The updated assessment reflects a marginal decline in rental income following a review of the latest tenancy schedules. The ratings of Class B and C Notes are affirmed as their ratings reflect Moody's continued high loss expectations for these Notes. The counterparty instrument rating (CIR) relating to the interest rate swap on the Fairhold Loan has been downgraded due to the increased risk of a note event of default of the Class A2 Notes on the legal final maturity date in April 2018 and due to uncertainties with respect to the workout strategy of the loan. In the event of a note event of default, payments under the swap agreement rank pari passu with the note principal in 2018. Therefore in such a scenario the rating of the swap would be the same as the rating of the Class A2 Notes. The current rating above the Class A2 Notes reflects the probability of the Class A2 Notes or the Fairhold Loan being repaid prior to April 2018. Counterparty Instrument Ratings measure the risk posed to a counterparty on an expected loss basis arising from a special purpose vehicle's (SPV) inability to honour its obligations under the referenced financial contract by the maturity date of that contract. The ratings do not address potential losses in relation to any market risk associated with the transaction. Any subordinated payments other than "core" obligations are not addressed by CIRs. For this purpose, core obligations include scheduled and termination payments under swaps. Moody's rating actions on the notes reflect a base expected loss in the range of 20%-30% of the outstanding balance. Although the same range as at the last review, the base outcome has shifted towards the higher end of the range. Moody's derives this loss expectation from the analysis of the default probability of the securitised loans (both during the term and at maturity) and its recovery expectation for the collateral. For a summary of Moody's key assumptions for the loans in the pool please refer to the section SUMMARY OF MOODY'S LOAN ASSUMPTIONS below. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating EMEA CMBS Transactions" published in November 2016. For the Counterparty Instrument Rating (CIR), Moody's also took into account factors detailed in Moody's Approach to Counterparty Instrument Ratings, published in June 2015. Other factors used in these ratings are described in European CMBS: 2016-18 Central Scenarios published in April 2016. Factors that would lead to an upgrade or downgrade of the ratings: Main factors or circumstances that could lead to an upgrade of the note ratings are (i) higher than expected recoveries from the disposal of the underlying Mapeley II and Fairhold assets and (ii) a decrease in the swap mark-to-market with respect to the Fairhold Loan which currently ranks senior to the Class A2 Notes. Factors that could lead to an upgrade of the Swap CIR are an accelerated and successful workout of the remaining loans ahead of the legal final maturity date that results in the full repayment of the Class A2 Notes. Main factors or circumstances that could lead to a downgrade of the note ratings are (i) a decline in the property values backing the underlying loans, specifically for either the Mapeley II or Fairhold loans, or (ii) a further increase in the swap mark-to- market with respect to the Fairhold Loan which currently ranks senior to the Class A2 Notes. Factors that could lead to a downgrade of the Swap CIR are a delay in workout and lower recovery values for the Mapeley and Fairhold loans, resulting in a note event of default of the Class A2 Notes at the legal final maturity date in April 2018. MOODY'S PORTFOLIO ANALYSIS As of the October 2016 IPD, the transaction balance has declined by 57% to GPB270 million from GPB630 million at closing in April 2006 due to the pay off of 16 loans originally in the pool and some amortization from the Fairhold loan. The notes are currently secured by six first-ranking legal mortgages over 24 commercial properties and a portfolio of ground rents ranging in size from 0.2% to 70% of the current pool balance. The pool has an above average concentration in terms of geographic location (100% UK based on UW market value) and property type (68% office). Moody's uses a variation of the Herfindahl Index, in which a higher number represents greater diversity, to measure the diversity of loan size. Large multi-borrower transactions typically have a Herf of less than 10 with an average of around 5. This pool has a Herf of 2, the same as at Moody's prior review. All loans are currently in special servicing either due to trigger breaches or failure to refinance. SUMMARY OF MOODY'S LOAN ASSUMPTIONS Below are Moody's key assumptions for the Top 5 loans. Mapeley II (70% of pool) - LTV: 111.5% (Whole)/ 111.5% (A-Loan); Total Default Probability: N/A - Defaulted; Expected Loss: 20% - 30% Fairhold Portfolio (21.1% of pool) - LTV: 111.8% (Whole)/ 74.6% (A-Loan); Total Default Probability: N/A - Defaulted; Expected Loss: 20% - 30% Rowan UK Commercial Property (5.6% of pool) - LTV: 315.8% (Whole)/ 315.8% (A-Loan); Total Default Probability: N/A - Defaulted; Expected Loss: 70% - 80% Elbank Limited (1.7% of pool) - LTV: 232.7% (Whole)/ 232.7% (A- Loan); Total Default Probability: N/A - Defaulted; Expected Loss: 60% - 70% MPH (UK) (1.4% of pool) - LTV: 221.5% (Whole)/ 221.5% (A-Loan); Total Default Probability: N/A - Defaulted; Expected Loss: 50% - 60% DIAMONDCORP PLC: Warns of Insolvency if Wage Deal Fails ------------------------------------------------------- Rapaport's Diamonds.net reports that DiamondCorp Plc warned it will likely enter insolvency proceedings unless an agreement is reached over retrenchment and payment of outstanding wages in relation to its Lace Mine in South Africa. Diamonds.net says the company therefore announced a share sale to fund the care and maintenance of the Lace Mine, after operations were suspended because of severe flooding in November. According to the report, the company said it plans to raise $1.2 million (GBP1 million) through a sale of shares priced at or about $0.05 (GBP0.04). Proceeds will mainly pay for maintenance of the mine until early- to mid-April 2017 as well as direct costs associated with its proposed revival, DiamondCorp said. Diamonds.net relates that the company said completion of the fundraising is conditional on negotiations between DiamondCorp's business-rescue practitioner, Deloitte & Touche, and the Association of Mineworkers and Construction Union over retrenchments and outstanding wages. DiamondCorp plc (LON:DCP) -- http://www.diamondcorp.plc.uk/-- is a United Kingdom-based diamond producer. The Company is operating the Lace Diamond Mine. The Company's Lace diamond mine is located approximately 200 kilometers southwest of Johannesburg in the Free State Province of South Africa. The Company's segments include Lace Diamond Mines (Pty) Ltd and All other segments. FERGUSSON GROUP: RBS Faces GBP30 Million Loss --------------------------------------------- Greig Cameron at The Times reports that Royal Bank of Scotland may have to write off up to GBP30 million after the collapse of Fergusson Group. The Times says the latest update from the company's administrator KMPG warned that creditors were unlikely to receive anything from the insolvency. RBS was the secured creditor, which normally means it would receive payment before others, The Times relates citing document lodged at Companies House. When it collapsed, Fergusson had loans of almost GBP9.5 million from RBS under one credit facility and GBP19.6 million through an asset-based lending agreement provided by RBS Invoice Finance, The Times discloses. KPMG was appointed as administrator in November after Fergusson failed to find fresh investment, the report notes. Fergusson Group, founded by Thomas Henry Fergusson in 1926, was one of the UK's largest providers of coal to consumers, retailers and other coal merchants. GOWER HOTEL: Unexpectedly Goes Into Liquidation ----------------------------------------------- South Wales Evening Post reports that a SWANSEA hotel which shut unexpectedly leaving plans for 28 weddings in tatters has gone into liquidation. The Gower Hotel in Bishopston, which employed 23 people, closed without warning on New Year's Eve, according to South Wales Evening Post. The report notes insolvency specialist Begbies Traynor hosted a meeting of creditors to place the company in voluntary liquidation at its Cardiff office on January 25. The venue had bookings for 32 events up until September 2018, including 28 weddings, relates the South Wales Evening Post. The report says the couples involved will be unsecured creditors, and will therefore be at the end of the line when it comes to paying out for the insolvency of the firm. The report discloses the owners blamed the sudden closure on ill- health. The report relays other venues have stepped in to try and help out with new plans for any affected couples. According to the South Wales Evening Post, the owners said earlier this month: "It is with immense sadness and regret that due to deteriorating health the decision has been made to cease trading The Gower Hotel immediately. "As a direct result of these current circumstances, it has been necessary to place the hotel into voluntary liquidation to bring the business to a close in the shortest possible time frame. "There was a fantastic core management and staff team at the hotel and their efforts over the course of the past three years in the successful running of the hotel is hugely appreciated." HEWDEN STUART: Unsecured Creditors Unlikely to Get Payment ---------------------------------------------------------- Vertikal.net reports that the administrators Ernst & Young of Hewden Stuart Limited has confirmed that unsecured creditors are unlikely to receive anything from the administration. Net assets are said to be in the region of GBP100 million, but secured bank creditors are owned GBP150 million and will be first in line for pay outs, Vertikal.net says. According to the report, the pre-pack deal with A-Plant for the powered access, generating and Interlift lifting gear business raised GBP29 million, while depot sales to Morris Leslie, Ashbrook, GAP and Nixon Hire has raised a further GBP29 million. Vertikal.net relates that EY hopes that the sale of the 137 cranes and residual equipment through Euro Auctions will raise a further GBP50 million. Unsecured creditors include intercompany loans, the Inland Revenue and a GBP46 million shortfall in the company's pension fund, Vertikal.net discloses. There are a total of GBP22.5 million regular trade creditors, with Tadano at the top being owed GBP7.4 million, while telehandler suppliers Gunn JCB and Finning are each owed around GBP500,000, adds Vertikal.net. Manchester-based Hewden Stuart rents machinery such as cranes, excavators and power generation tools to construction sites across the UK. On Nov. 22, 2016, Sam Woodward and Colin Dempster of Ernst & Young's Restructuring team were appointed Joint Administrators of Hewden Stuart Limited, Hewden Properties Limited, Interlift Limited and The Rigging House Limited. Three divisions of the Group have been sold to Ashtead Plant Hire Company Limited -- the Access and Power generation assets, the On-site plant business and the business and assets of Interlift Limited. A total of 133 employees will transfer across with the businesses. On appointment of the Administrators, a total of 251 employees were made redundant across the Company's depot and on-site locations. LONDON & ST LAWRENCE: Proposed Plans for Members' Liquidation ------------------------------------------------------------- Hannah Boland at London South East reports that London & St Lawrence Investment Co PLC on January 19 proposed a scheme of reconstruction and members' voluntary liquidation of the group. The report notes that the investment company said it was proposing the scheme after having consulted with its largest shareholders as part of a strategic review into its operations. According to the report, London & St Lawrence said under the reconstruction, shareholders would have two options. They could chose to roll over their investment into new units in Practical Investment Fund, which is a trust managed by one of London & St Lawrence's subsidiaries, Consistent Unit Trust Management Co Ltd. The other option for shareholders would be for them to realise all or part of their shareholding for cash at terminal asset value under the liquidation, the report relays. The report says Given its holdings, the terminal asset value is "not expected to be less than 2.5% discount to the net asset value", London & St Lawrence said. The report discloses Any shareholders with more than 5.0% of the voting rights in the company will also have the option to elect for an 'in specie' distribution of London & St Lawrence's underlying investments, the group said. London & St Lawrence noted that certain members of the Ashfield family, including its chairman and a director, as well as "certain directors" of the board, have indicated their interest in buying the London & Lawrence subsidiary Consistent Unit Trust, at a "fair market price" to be agreed, the report notes. The report relates that this will need to be approved by shareholder, and a notice of meetings will be sent out in due course, London & St Lawrence said. The reconstruction is subject to regulatory approvals and approval from UK HM Revenue & Customs. MIRUJI HEALTH: Went Into Liquidation ------------------------------------ Shropshire Star reports Miruji Health Spa Limited in Shrewsbury, which offered alternative therapies that it claimed could cure anxiety and depression and aid weight loss, went in to liquidation on January 9. Liquidators Griffin & King are now organising meetings with shareholders and creditors in order for the company to be formally be placed into liquidation, according to Shropshire Star. According to a note pinned to the door of the spa in Roushill in the town centre, the closure has been caused by a severe downturn in trade, the report relays. Anyone who is owed money should contact their bank or credit card holder for reimbursement, the report says. But those who paid by cash should contact the receivers who will issue forms which should be completed and returned, the report notes. According to the report Mark Shaw, senior corporate manager for proposed liquidator and licensed insolvency practitioner Timothy Corfield, said: "Based on the little information we have so far it is unlikely that sufficient monies will be recovered. "The appointed liquidator has to undertake enquiries in relation to the failure of the company and report his finding to the Department for Business Innovation and Skills (formerly the DTI). They will then consider that report and may take action against the director if they feel that his conduct warrants such action." NEWDAY PARTNERSHIP: Fitch Affirms 'B' Rating on 2014-1 F Notes -------------------------------------------------------------- Fitch Ratings has affirmed NewDay Partnership Funding's (NPF) 2015-1, 2014-1 and 2014-VFN notes, as follows: GBP185.25m Series 2015-1 A: 'AAAsf'; Outlook Stable GBP22.5m Series 2015-1 B: 'AAsf'; Outlook Stable GBP14m Series 2015-1 C: 'A-sf'; Outlook Stable GBP10.125m Series 2015-1 D: 'BBBsf'; Outlook Stable GBP6.875m Series 2015-1 E: 'BBsf'; Outlook Stable GBP5.5m Series 2015-1 F: 'Bsf'; Outlook Stable GBP222.3m Series 2014-1 A: 'AAAsf'; Outlook Stable GBP27m Series 2014-1 B: 'AAsf'; Outlook Stable GBP16.8m Series 2014-1 C: 'A-sf'; Outlook Stable GBP12.6m Series 2014-1 D: 'BBBsf'; Outlook Stable GBP7.8m Series 2014-1 E: 'BBsf'; Outlook Stable GBP6.6m Series 2014-1 F: 'Bsf'; Outlook Stable GBP128.5m Series 2014-VFN: 'BBBsf; Outlook Stable The notes issued by NPF are collateralised by a pool of UK co- branded credit card, store card and instalment credit receivables originated by NewDay Ltd and beneficially held by NewDay Partnership Receivables Trustee Ltd. NewDay acquired the portfolio in 2013 from Santander UK plc, from which it also took ownership of the related origination and servicing platform. KEY RATING DRIVERS The affirmation reflects unchanged credit enhancement (CE) for all aforementioned classes of notes and Fitch's steady state expectation of the trust's performance. Delinquency levels were stable in 2016, with total 30+ day delinquencies at 1.7% as of end-December 2016 for NPF while 90-180 day delinquencies were at just over 0.8%. Given the recent macro-economic environment, the portfolio has outperformed Fitch's expectations, with charge-offs below 4%, compared with the agency's 8% base case assumption. The gross yield averaged 25% in 2016, marking a steep increase over the average of 23.2% in 2015. This is stemming from the repricing executed throughout 2H16. Also, the monthly payment rate (MPR) reported by the trust had increased throughout 2016, mainly due to a reduced instalment credit balance in the portfolio. MPR had been generally above 24% in 2016 - above Fitch expectation of 19%. In October 2016, it was announced that Cinven and CVC Capital Partners have agreed to acquire NewDay Ltd. To date, there has been no indication that the expected change in ownership will lead to a change in the current underwriting and collection procedures or a shift in business strategy of the originator. As such, Fitch does not expect a material change in the asset performance of the transaction over the short term. RATING SENSITIVITIES In Fitch's view, the main rating drivers for credit card transactions are charge-offs, the MPR and the portfolio yield. Based on the latest reports on the performance of the trust, the notes could withstand additional shocks with limited rating impact; only a combined deterioration of the rating drivers is expected to put the ratings under pressure. Key Rating Drivers and Rating Sensitivities are further described in the NewDay Partnership Funding's 2015-1 new issue report published on 10 March 2015, and remain unchanged at the time of this review. USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Prior to the latest closings, Fitch reviewed the results of a third party assessment conducted on the asset portfolio information for the transaction. The assessment indicated no adverse findings material to the rating analysis. Overall Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION The information below was used in the analysis. - Monthly investor reports provided by NewDay Ltd, up to 20 January 2017 =============== X X X X X X X X =============== * BOND PRICING: For the Week January 23 to January 27, 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 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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 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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 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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 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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 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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 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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 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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 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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 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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 * * *