/raid1/www/Hosts/bankrupt/TCREUR_Public/170227.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, February 27, 2017, Vol. 18, No. 041
Headlines
F I N L A N D
METSA BOARD: S&P Affirms 'BB+/B' CCRs Despite Operational Issues
F R A N C E
SEQUANA SA: Files For Creditor Protection
G E R M A N Y
APCOA PARKING: S&P Assigns 'B+' CCR, Outlook Negative
G R E E C E
GREECE: Needs World Bank's Help, Ex-Finance Minister Says
I T A L Y
TAURUS 2015-1: DBRS Puts BB Rating on Class D Notes Under Review
L A T V I A
KVV LIEPAJAS: Owner Sues Latvia in Int'l Arbitration Court
M A L T A
ENEMALTA PLC: S&P Affirms 'BB-' CCR on Financial Performance
N E T H E R L A N D S
DECO 14 - PAN EUROPE 5: S&P Affirms 'D' Ratings on 4 Note Classes
P O R T U G A L
BANCO COMERCIAL: S&P Raises Counterparty Credit Rating to 'BB-'
R O M A N I A
ROMCAB SA: Files for Insolvency Following Payment Delays
R U S S I A
PERESVET JSCB: DIA to Oversee Provisional Administration
T U R K E Y
TURKEY: DBRS Confirms BB(high) Foreign Currency Issuer Rating
U N I T E D K I N G D O M
BHS GROUP: RAL to Sue Sir Philip Green Over Sale of Headquarters
CO-OP BANK: Failure to Find Buyer May Spur Investors Coup
FOOD RETAILER: Budgens in Totnes Town May Close
FOOD RETAILER: Union Asks Camelot Not to Withdraw Lottery Sales
VAUXHALL: Needs to Take New Direction for Long-Term Survival
WEALE & HITCHEN: Goes Into Administration Over Turnover Slowdown
THE WOODFORD: Closes After Going Into Administration
X X X X X X X X
* BOND PRICING: For the Week February 20 to February 24, 2017
*********
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F I N L A N D
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METSA BOARD: S&P Affirms 'BB+/B' CCRs Despite Operational Issues
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S&P Global Ratings affirmed its 'BB+/B' long- and short-term
corporate credit rating on Finland-based paperboard producer Metsa
Board Corp. The outlook remains positive.
S&P also affirmed its issue rating on Metsa Board's senior
unsecured debt at 'BB+'. The recovery rating is unchanged at '3',
indicating S&P's expectation of 65% recovery in the event of a
payment default.
The affirmation follows Metsa Board's weaker-than-expected
performance in 2016, which was materially affected by a
problematic ramp-up of the group's new folding boxboard line at
its Husum mill in Sweden. The ensuing shortfall in earnings
resulted in funds from operations (FFO) to debt falling to about
36% in 2016, compared with S&P's expectations for a higher rating
of over 45%. Despite the setbacks last year, S&P has maintained
the positive outlook, since it still forecasts improvements in
credit metrics in 2017 that S&P believes can be sustained going
forward. S&P believes that the group has left its operational
issues behind them, and that the new machine should now be
producing higher quality folding boxboard at an increased capacity
and improved price point, resulting in a rebound in profitability
for this year.
In addition, the group has now fully exited the weak-performing
paper segment and has completed the bulk of its expansionary
capital expenditure (capex), which should further boost cash flow
generation going forward, leading S&P to believe that the likely
improvement in credit metrics will be sustainable.
Furthermore, S&P anticipates that the credit quality of Metsa
Board's parent, Metsa Group, could also improve in the coming
year. S&P expects Metsa Group's earnings will improve in line
with those of Metsa Board, which accounts for about 40% of group
sales (or a 25% direct contribution when considering eliminations
from other group companies), while the group's sizeable Aanekoski
pulp mill project (in which Metsa Board has a 25% share) is on
track and expected to contribute to both Metsa Board's and the
group's earnings later in the year. Metsa Group's credit metrics
were somewhat stronger than Metsa Board's at year-end 2016, with
adjusted FFO to debt at around 44%, and S&P expects this figure
will climb to over 50% in 2018 following the completion of the
bulk of the group's planned expansionary capex. S&P sees further
potential improvements, in absence of any significant mergers and
acquisitions (M&A) activity, or large one-off dividend
distributions. As a result, S&P thinks that both the Metsa Board
and Metsa Group will be able to maintain strong credit metrics in
the coming three years, with FFO to debt of above 50% and debt to
EBITDA well below 1.5x, which S&P views as consistent with the
modest financial risk profile.
S&P's business risk assessment still takes into account Metsa
Board's relatively small size and narrow product and geographic
scope, compared with larger forest and paper groups, such as Mondi
Group, Stora Enso, and UPM-Kymmene. Although growth prospects for
paperboard appear favorable, S&P thinks that this focus makes
Metsa Board particularly exposed to adverse market developments,
such as overcapacity and potential changes in customer
preferences. S&P thinks that Metsa Board's satisfactory
profitability in its paperboard operations, the positive demand
trends for paperboard, its strong market share in Europe, and its
strong backward integration into key raw materials are supporting
factors for the business risk. S&P also assess management and
governance favorably on account of management's successful
implementation of strategy over the past few years to increase
profitability.
S&P assesses Metsa Group's credit profile as 'bb+'. This is
supported by moderate consolidated leverage, favorable growth
prospects among its paperboard and pulp segments, and strong
product diversification. However, S&P thinks that these strengths
are offset by exposure to cyclical and volatile pulp and sawn
timber segments, tissue operations with below-average
profitability, and the fact that there are large minority
shareholders across the Metsa Group structure, which somewhat
distorts consolidated financials. It is further constrained by
project and execution risks relating to subsidiary Metsa Fibre's
EUR1.2 billion pulp mill project in Aanekoski, expected to come
online in the second half of 2017. S&P could revise upward its
assessment of the group credit profile (GCP) if S&P thinks it is
likely that the Aanekoski mill will come online on budget and on
time and that consolidated leverage will not deteriorate from
current levels.
The positive outlook indicates that there is at least a one-in-
three likelihood that S&P could raise the rating on Metsa Board by
one notch in the coming 12 months.
S&P could upgrade Metsa Board if S&P was to see a recovery in
Metsa Board's credit metrics following weaker-than-expected
performance in 2016 and believe the improved earnings profile were
sustainable. S&P would expect the company to maintain a ratio of
FFO to debt of sustainably above 45% for a higher rating. For an
upgrade, Metsa Board would also need to maintain a financial
policy commensurate with an investment-grade rating and limited
event risk relating to acquisitions and extraordinary dividends.
An upgrade of Metsa Board would also be contingent on S&P revising
upward its assessment of Metsa Group's GCP to 'bbb-'. This could
result from the large pulp project within Metsa Fibre coming in on
time and on budget and S&P's view that there would be only a low
risk of leverage increasing from current levels, for example
through extraordinary dividend payments, or major new investments.
S&P would view a ratio of FFO to debt of at least 50% as
commensurate with a GCP of 'bbb-', assuming S&P's current
assessment of the business risk profile remains unchanged.
S&P could revise the outlook to stable if Metsa Board's
operational performance does not rebound, for example due to
significantly decreasing prices for paperboard or further
operational issues linked to the ramp-up of its new capacity. S&P
could also revise the outlook to stable if it no longer believed
that Metsa Group's improving credit metrics could be maintained,
or if S&P felt that Metsa Board's financial policy became less
stringent, although S&P regards such a scenario as unlikely.
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F R A N C E
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SEQUANA SA: Files For Creditor Protection
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Sequana SA, in a move to protect its interests, sought the
protection of the Commercial Court under a preventive procedure
(Sauvegarde) that affects only the holding company, and announced
a plan that should enable it to exit from this procedure within 2
to 3 months, which includes among other:
* Exclusive talks initiated by Arjowiggins Security with
Oberthur Fiduciaire on the disposal of its VHP plant
and the launch by Arjowiggins of a structured disposal
of the Security division.
* Proposed IPO on Antalis
In addition, Sequana published encouraging preliminary unaudited
operating results for FY 2016, with results in line with 2015 for
Antalis and a growth for Arjowiggins.
Further to the judgment handed down by the High Court of Justice
on Feb. 10, 2017, Sequana confirmed that it intends to appeal the
Court decision regarding the application of section 423 of the
Insolvency Act to the dividend distributed in May 2009 by its
former subsidiary Windward Prospects Ltd, and the partial
reimbursement of legal costs to British America Tobacco (BAT)
Industries.
Sequana considers that it has solid legal arguments to raise on
appeal, in particular as to whether a dividend is capable of being
a transaction under section 423 of the Insolvency Act and as to
the possible inconsistencies with respect to creditors' protection
between the Insolvency Act and the Companies Act. In its first
instance judgment, the High Court ruled for the first time that a
dividend qualifies as a transaction pursuant to section 423 of the
Insolvency Act. In its findings, the High Court states that the
legal grounds on which Sequana's appeal would be based may well
consider to be valid by the Court of Appeal. The High Court
concluded that if Sequana were to obtain a ruling in its favor on
appeal based on these grounds, its liability under Article 423 of
the Insolvency Act would be discharged.
Sequana reminded that the judgment ordering Sequana to pay to BAT
an amount of $138.4 million in principal pursuant to Article 423
of the Insolvency Act, also grants a stay of execution.
Furthermore, the decision of the High Court of Justice only
affects Sequana and does not create any direct liabilities for
its subsidiaries Arjowiggins and Antalis.
The litigation however constitutes an important risk for the
Group. Sequana has therefore deemed necessary to seek the
protection of the Commercial Court (Tribunal de Commerce) in order
to carry out the operations that will enable the Group to secure
the means to fulfill its obligations and to pursue the
implementation of its strategic plan.
In the scope of this process, Sequana plans to:
* Implement the strategic plan defined for the Security
Division of Arjowiggins.
* Float Antalis on the stock exchange in order to foster
its growth and expansion, in particular in the buoyant
sectors of packaging and visual communication.
To ensure the success of this operation, and subject
to the approval of its shareholders, Sequana contemplates
distributing a minority stake of the Antalis International
shares to its shareholders in the form of dividends.
Subject to the AMF's approval, this will result in Antalis
International's shares being listed at the Paris stock
exchange.
* The listing of Antalis will thus allow Sequana to benefit
from the additional financial resources needed to run its
operations and face its obligations.
Accordingly, Sequana will submit a preventive (Sauvegarde) plan to
the Commercial Court, and under the control of the Commercial
Court, and intends to complete the above-mentioned transactions in
the first half-year 2017. This plan would enable Sequana as well
as Arjowiggins and Antalis to pursue their operations under the
best conditions, while benefitting from the necessary financial
resources and from the trust of their partners, customers and
suppliers. Sequana considers it should be in a position to exit
from the preventive procedure by early May 2017.
About Sequana SA
Sequana SA, formerly known as Sequana Capital, is a France-based
holding company. The Company's main business activity is paper
manufacturing and distribution of paper and packaging products.
Sequana SA has two principal wholly owned subsidiaries:
Arjowiggins, which manufactures technical papers for image
enhancement and protection, and Antalis, which distributes paper
for printing, office use, as well as both packaging and visual
communications sector. The Company has operations in France, the
United Kingdom, Finland, Poland, Ireland, Belgium, Denmark,
Hungary, Argentina, Brazil, Australia, China and Botswana, among
others.
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G E R M A N Y
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APCOA PARKING: S&P Assigns 'B+' CCR, Outlook Negative
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S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to German car park operator APCOA Parking Holdings GmbH.
The outlook is negative.
At the same time, S&P assigned its 'B+' issue ratings to Apcoa's
proposed EUR325 million senior secured term loan due 2024 and a
proposed EUR35 million revolving credit facility (RCF) due 2023.
The recovery rating on the issue is '3', indicating S&P's
expectation of meaningful (55%) recovery prospects for debtholders
in the event of a payment default.
The rating on Apcoa reflects S&P's view of the company's position
as the leading car park operator in Europe, given that Apcoa is
the No. 1 or No. 2 player in approximately 85% of its markets of
operations, including Germany, Italy, the U.K., and across
Scandinavia. S&P also takes into account Apcoa's prime asset
locations -- the majority of the company's contracts are placed in
city centers, airports, or shopping centers, among other
high-traffic areas. In addition, S&P acknowledges Apcoa's
long-term customer relationships and, in S&P's view, its above-
average profitability for a real estate service provider (which
S&P classifies as facility service provider within the wider
business service sector), with adjusted EBITDA margins sustainably
above 25%. Furthermore, S&P views positively the company's highly
diversified contract portfolio, in terms of geography, market
sector, and revenue type, with the company trying to further drive
ancillary service offerings (such as taxi management at airports
and loyalty programs). The average remaining contract life is
about eight to nine years, and the company's historically high
customer retention rates (averaging about 96% with limited
variation) should support forward visibility, in S&P's view.
These strengths are partially offset by Apcoa's relatively low
reported EBITDA margin of only around 9% over 2017-2018. Reported
EBITDA is depressed by the significant rent payments that the
company needs to cover, resulting in relatively high operating
leverage. S&P also views negatively Apcoa's volatile
profitability over the past couple of years. S&P observed a
declining trend from 2012 to 2015, burdened by material expenses
related to cost-reduction programs and losses related to a number
of contracts, which S&P includes in its calculation of EBITDA,
since S&P considers those expenses part of the company's operating
activities. S&P notes that Apcoa suffered for some time from
reputational losses when it entered into a financial restructuring
in 2013, which consequently hurt its operational performance.
In 2015, Apcoa's revenues reached about EUR666 million, with a
reported EBITDA of approximately EUR50 million (after provisions
from onerous contracts and other restructuring costs that S&P
treats as operating costs). Management contracts -- a low-margin
activity with limited risks since the company is being paid a
fixed fee and Apcoa faces no volume risk -- represent about one-
quarter of Apcoa's profit (as measured by contract contribution, a
measure before the allocation of indirect costs). The majority of
profits, however, come from lease contracts under which the
company will be paid by the user, and bears costs related to the
premises as a mix of fixed and variable rent payments to the
landlord.
Apcoa's highly leveraged financial risk profile reflects its high
debt burden, with S&P Global Ratings' adjusted debt to EBITDA of
about 7.0x and EBITDA interest coverage of 2.0x-2.5x for 2016 (due
to sizeable restructuring expenses). The company's ownership by a
private equity firm, which causes S&P to assess its financial
policy as financial sponsor-6, leads S&P to expect its leverage
will remain elevated. In S&P's base-case scenario, it anticipates
deleveraging, coming from improved EBITDA generation.
S&P forecasts earnings will climb in 2017, leading to stronger
leverage ratios, with debt to EBITDA of about 6x. For 2017, S&P
anticipates that debt will be largely in line with 2016 levels, at
about EUR1.16 billion, with about EUR830 million related to
operating lease obligations.
The company has a shareholder loan of EUR450 million in place at
the holding level, which S&P views as equity. The equity
treatment reflects the existence of stapling, the deep structural
subordination against any senior debt, and the noncash paying
nature of the instrument and overall absence of meaningful
creditor rights. S&P notes that the instrument's documentation
has an event of default in place. However, this event of default
only relates to the shareholder loan itself, with no cross-default
or acceleration to the company's debt. As such, the shareholder
loan justifies equity treatment.
The negative outlook reflects that S&P could lower the rating on
Apcoa to 'B' in the next year if it doesn't decrease its adjusted
financial leverage. Failure to show increased EBITDA generation,
enabling Apcoa to deleverage to about 6.0x in 2017, coupled with
positive FOCF and maintaining adequate liquidity, could put
downward pressure on the rating.
S&P might lower the rating if Apcoa's debt to EBITDA does not
improve to about 6.0x by the end of 2017, which could occur if the
adjusted EBITDA margin remains under pressure and below 9%, which
we do not anticipate. S&P considers that such a scenario could
result from unexpected additional losses under large contracts, or
ongoing cost restructuring leading to lower and more volatile
profitability than S&P currently anticipates.
S&P could also consider lowering the rating if it expected that
the company's FOCF to remain negative in 2017, or if liquidity
declined unexpectedly, such that the ratio of liquidity sources to
uses dropped to below 1x. If pressure on liquidity were to arise
from other sources currently not included in S&P's base case --
such as large cash outflows for acquisitions or shareholder
returns -- S&P might also consider a downgrade.
In S&P's opinion, the possibility of an upgrade is limited in the
near term, given Apcoa's high adjusted debt, constrained capacity
to substantially deleverage, and S&P's assessment of the company's
aggressive financial policy stemming from its private-equity
ownership. However, S&P could consider an upgrade if the company
improves its credit measures, including sustaining adjusted debt
to EBITDA below 5.0x, supported by the private equity owners'
committing to a financial policy commensurate with these metrics.
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G R E E C E
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GREECE: Needs World Bank's Help, Ex-Finance Minister Says
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Tim Wallace at The Telegraph reports that Greece's financial
crisis is so severe that it should turn to the World Bank for help
rather than the International Monetary Fund, its former finance
minister has claimed.
George Papaconstantinou, who was finance minister from 2009 to
2011, said Greece's finances were so weak and its institutions so
immature that it needed support of the type that the World Bank
offers to the least developed countries, The Telegraph relates.
As well as receiving bail-outs, Greece has been under orders to
reform its economy and improve its tax collection system, but it
simply lacks the ability, Mr. Papaconstantinou, as cited by The
Telegraph, said: "I know it is not politically correct to say so
but Greece was more of a World Bank case than an IMF case. It
needed serious support for institutional reform. Not just the
task force that came to help us, not just the very good technical
assistance from the IMF, but much more long-term, deep
institutional reform to be able to implement this."
"It took the Troika [the European Commission, the ECB and the IMF]
a very long time to realise the lack of implementation capacity in
a country like Greece," The Telegraph quotes
Mr. Papaconstantinou as saying.
According to The Telegraph, he said Greece urgently needs
"institution building which extends from the judiciary to public
administration, transparency, to civil participation. We have
extremely weak institutions and therefore a very low level of
trust between the state and its citizens".
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I T A L Y
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TAURUS 2015-1: DBRS Puts BB Rating on Class D Notes Under Review
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DBRS Ratings Limited confirmed the rating of, and changed the
trend to Negative from Stable on, the Class A Commercial Mortgage-
Backed Floating-Rate Notes Due February 2027 issued by Taurus
2015-1 IT S.r.l.:
-- Class A at A (high) (sf)
Additionally, DBRS has placed Classes B, C and D Under Review with
Negative Implications as follows:
-- Class B at A (sf), Under Review with Negative Implications
-- Class C at BBB (low) (sf), Under Review with Negative
Implications
-- Class D at BB (low) (sf), Under Review with Negative
Implications
The Under Review with Negative Implications designations and the
trend changes are a result of the potential significant decline in
net operating income (NOI) for the Globe and the Calvino loans,
which are discussed in greater detail below. DBRS is awaiting
further information from the servicer to fully assess the impact
on the transaction.
Taurus 2015-1 IT is a securitisation of three floating-rate
commercial real estate loans granted by Bank of America, N.A.
Milan Branch to the borrowers. The three loans -- Calvino loan,
Globe loan and Fashion District loan -- had an aggregate balance
of EUR 301.5 million at issuance and are hedged with borrower-
level interest rate caps. As of the latest investor report from
November 2016, the current outstanding whole loan balance is EUR
275.5 million, and the securitised balance is EUR 261.7 million,
which represents a collateral reduction of 8.6% since issuance.
This collateral reduction is due to the disposal of two properties
associated with the Calvino loan, which were sold in Q1 2015 and
Q3 2016. The proceeds from these sales were used to pay down the
outstanding debt.
At origination, the three loans were secured by 14 properties
located in Italy that were occupied by 442 tenants, with the top
ten tenant exposures across all properties accounting for 37.1% of
the portfolio's in-place base rental income. Approximately 38.1%
of the allocated loan amount is secured by shopping centres
anchored by hypermarkets, 28.2% is secured by retail centres,
25.1% is secured by office properties and 8.6% is secured by
telephone exchange facilities.
The largest loan by market value, the Globe Loan, is secured by
three shopping centres anchored by the regional hypermarket
Unicomm SRL. The loan is sponsored by Orion Capital Managers. As
of the investor report from November 2016, the portfolio's most
recent physical vacancy rate is 8.8%, which represents an increase
from 2.3% at the last review (Nov 2015 IPD) and 1.7% at issuance.
The increase in vacancy has primarily been driven by development
works that have been carried out at the largest property,
Vizencia-Palladio, which led to the temporary closure of some
retail units. Additionally, the anchor tenant Unicomm SRL reduced
its space. The loan benefits from a five-year rental vendor
guarantee with Unicomm S.R.L, an un-rated entity. The guarantee
states that if the annual NOI is lower than EUR 13.7 million, the
vendor will pay the difference directly to the Borrower. DBRS did
not give credit to this vendor guarantee in its analysis.
Excluding the vendor guarantee payments, the most recent trailing-
12-month (T-12) NOI as of November 2016 was EUR 11.5 million. This
differs from the servicer's projected NOI for the next 12 months
of EUR 8.7 million. If such deterioration of the cash flows arises
and is continuing, the performance of the Globe Loan and the
transaction may be affected. In December 2015, Jones Lang LaSalle
revalued the Globe Loan's portfolio and estimated a market value
of EUR 213.4 million, a 7.4% increase since issuance. The November
2016 interest coverage ratio (ICR) and loan-to-value (LTV) were
5.04 times (x) and 53.9%, respectively. The maturity date of the
loan is in February 2020.
The Calvino Loan has a current outstanding securitised loan
balance of EUR 71.7 million following the sale and release of two
office properties. The loan is sponsored by Cerberus and Cordea
Savills. Following the release, the loan collateral consists of a
portfolio containing four office buildings and three telecom
switching stations located in Northern Italy and Rome. Prysmian
S.p.A. (Milano) and Wolters Kluwer Italia S.r.l (Assago), which
are two of the largest tenants and represent EUR 3.8 million of
annual contracted rent, have both confirmed they will be vacating
the properties upon their respective lease expiry dates in April
2017 and July 2017. Together, these tenants comprise 36.6% of the
in-place rent. As mentioned in DBRS's rating confirmation
published in January 2016, Prysmian S.p.A., the single-tenant
occupying the property in Viale Sacra (Milan), communicated its
intention to leave the property in Q4 2015. According to the most
recent investor report, the borrower is actively marketing the
vacant and soon-to-be vacant units, and DBRS will monitor any
updates. Further information from the servicer is still pending to
assess the sponsor's plan following the lease expiries. In DBRS's
view, the departure of these tenants represents a significant
risk; if such space is not effectively leased or the income loss
partially mitigated, the loan carries an increased risk of a
covenant and/or payment default, also considering current rent-
free periods of other tenants, irrecoverable expense and capex
requirements for vacant units. Colliers valued the portfolio at
EUR 117.3 million in Q3 2016, which is in line with the issuance
value, excluding the disposed assets. The ICR and LTV as of the
November 2016 IPD, were 1.83x and 64.1%, respectively. The
original loan term was five years with a maturity date of August
2018; however, the Borrower has the option, providing certain
conditions are met, to extend the loan's maturity by one year to
August 2019.
The Fashion District Loan was originated in November 2014 to
provided financing for the acquisition of two fashion outlet
villages to the Blackstone Group through a real estate fund, MOMA.
The two fashion-outlet villages include Mantova, which is located
in Northern Italy, and Molfetta, which is located in South-Eastern
Italy. Since issuance, the portfolio's vacancy rate has increased
to 21.6% from 17.9%. While the vacancy rate at the Mantova
property has remained stable since issuance, the vacancy rate at
the Molfetta property has risen from 26.0% at the first IPD to
31.5% as of the latest investor report in November 2016. This can
primarily be attributed to capital expenditure projects. The
sponsor concentrated all vacancies in a specific area, which was
closed to the public for refurbishment works and was expected to
be completed in December 2016. DBRS expects the Molfetta vacancy
rate to stabilise after refurbishments works are finished. Mantova
generates approximately 57.0% of total annual rent, while Molfetta
accounts for 43.0% of the total annual rent. According to the
latest investor report from November 2016, the most recent T-12
NOI was EUR 8.1 million, which represents a decrease since
issuance caused by the higher vacancy at Molfetta, but is still in
line with the DBRS stabilized cash flow of EUR 8.7 million at
issuance. At issuance, the estimated market value of the portfolio
was EUR 130.9 million, as reported by Cushman & Wakefield (C&W),
who valued the properties in September 2014. During Q4 2016,
Savills revalued the portfolio and estimated a market value of EUR
144.4 million, which represents an increase of 9.4% over the
initial C&W valuation. The ICR and LTV as of November 2016 were
3.8x and 58.9%, respectively.
The final legal maturity of the Notes is in February 2027, seven
years beyond the latest date of the loans maturing, including loan
extensions. 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 to BBB (high),
and consequently, an additional stress was applied to the sizing
hurdles in this transaction.
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L A T V I A
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KVV LIEPAJAS: Owner Sues Latvia in Int'l Arbitration Court
----------------------------------------------------------
The Baltic Course, citing LETA, reports that Yevgeny Kazmin, a co-
owner of Ukraine's KVV Group, which owns Latvia's insolvent steel
company KVV Liepajas Metalurgs, has filed a lawsuit against Latvia
with the International Centre for Settlement of Investment
Disputes (ICSID).
According to the report, Ukraine's KVV Group already warned last
year that it is going to complain about Latvia to the European
Commission's anti-monopoly and corruption prevention committees,
which could result in a fine of EUR 150-300 million for Latvia.
KVV Group also said it might seek justice in an international
court over the Latvian steelmaker's insolvency, the report says.
Now, Kazmin is suing Latvia in the ICSID, according to the Baltic
Course. His application has been registered on February 3, with
the Legal Department of the Latvian State Chancellery named as the
defendant in the case.
The Baltic Course says Lita Juberte-Krumina, a spokeswoman for the
State Chancellery, confirmed that the metallurgical company's
application has been registered with ICSID and that the State
Chancellery as the institution in charge of handling the case is
taking the necessary steps to defend Latvia's interests.
The government in May last year rejected the debt restructuring
proposals by KVV Group, the Ukrainian owners of KVV Liepajas
Metalurgs, saying that the proposals envisaged significant
participation of the Latvian state in the metallurgical company
without handing over control over the company, tax discounts and
other measures that might be interpreted as unlawful state aid,
the Baltic Course recalls.
The report says the government also authorized the Latvian
Privatization Agency (LPA) to establish a company, FeLM, to which
the State Treasury will assign its claim against KVV Liepajas
Metalurgs. The steel plant owes EUR65 million to the Latvian
state.
About KVV Liepajas Metalurgs
AS KVV Liepajas Metalurgs manufactures, markets, and exports steel
products in Latvia and internationally. The Company was founded in
1882 and is based in Liepaja, Latvia. As of October 31, 2014, AS
KVV Liepajas Metalurgs operates as a subsidiary of KVV Group.
As of September 16, 2016, AS KVV Liepajas Metalurgs is in
reorganization, with proceedings in the Liepaja Court. Guntars
Koris serves as insolvency administrator for the Company.
The insolvency case against KVV Liepajas Metalurgs started as two
companies -- JSC G4S Latvia and TKB Lizings -- filed complaints to
the court over the company's debts. Both cases have been combined
into a single civil process.
=========
M A L T A
=========
ENEMALTA PLC: S&P Affirms 'BB-' CCR on Financial Performance
------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' long-term
corporate credit rating on Maltese utility Enemalta PLC. The
outlook is stable.
The affirmation reflects S&P's view that Enemalta will showcase a
stable operating and financial performance over 2016-2018. Thanks
to the restructuring efforts implemented following Enemalta's sale
of a 33.3% stake to Shanghai Electric Power (SEP) in 2014, S&P
views the company's repositioning as a distributor of power for
Malta (from a generator of oil fired electricity) as being well on
track. Through the business repositioning, S&P believes that the
predictability of Enemalta's performance has greatly improved and
that the swing to profitability is now consolidated.
One of the main steps in Enemalta's repositioning strategy --
namely the development of the new Delimara 4 gas fired generation
unit -- is complete, with the plant now being commissioned. The
entire local power demand will be met by the production at
Delimara 3, which is being converted to natural gas from heavy
fuel oil; the new Delimara 4 plant; the power imported via the
interconnector linking Malta to Sicily; and distributed renewable
energy sources. This will allow Enemalta to focus on improving the
efficiency of the distribution grid.
Rising demand for power in Malta is outperforming the long-term
supply growth rate of 2%, potentially creating incentives to
expand capacity in the next two-to-three years. S&P do not expect
Enemalta to engage actively in the construction of new capacity,
however. Increasing demand for power is likely to be linked to
the regulator's decision to trim electricity tariffs in 2014 and
2015 to boost local economic growth. The rise in electricity
demand is also attributed to the country's economic growth in
2014-2016. The significant impact of the tariff decision on the
demand for power means that the government could be tempted to
make additional tariff reductions in the future, and S&P believes
this remains the main risk to which Enemalta is exposed.
"This risk drives our view of Enemalta's weak business risk
profile, which we see as being hindered by the low predictability
of its regulatory environment and by the absence of cost-
reflective tariffs in the past. We note, however, that the
presence of a private minority shareholder who holds capital in
Enemalta, the island's main utility, will reduce the risk of
political interference on the tariff-setting mechanism in the
future. In our opinion, the next elections in Malta, scheduled
for 2018, will test Enemalta's resilience to its exposure to
potentially adverse energy policy decisions," S&P said.
S&P anticipates that, with the exception of 2017, Enemalta will
post positive cash flow after capital expenditure (capex) (no
dividend payouts expected) over the next two years. On a
cumulated basis, S&P expects free cash flow to be positive over
2016-2018.
In S&P's view, Enemalta's financial risk profile remains highly
leveraged (benchmarked against our standard volatility table).
Over the rating horizon, S&P expects adjusted funds from
operations (FFO) to debt will be 10%-13% and that adjusted debt to
EBITDA will remain at 5x-7x.
S&P continues to assess the group's stand-alone credit profile
(SACP) at 'b-'.
S&P has revised its management and governance assessment to
satisfactory from fair. Although this improvement leaves S&P's
assessment of the company on its stand-alone basis unchanged, S&P
believes that over the past three years, management delivered
consistently against the targeted business repositioning and
deleveraging.
S&P incorporates three notches of uplift from the SACP in its
ratings on Enemalta for government support, as S&P considers that
the likelihood of timely and sufficient extraordinary support from
the government of Malta, if needed, is high. At the current 'b-'
SACP, an upgrade of Malta would now have no impact on S&P's rating
on Enemalta.
S&P bases its view on the group's:
-- Important role as the operator of Malta's power
distribution grid, which was connected to Europe in spring
2015 through a cable linking the island to Sicily.
-- Very strong link with the Maltese government. The
government's recent sale of a minority stake in the group
does not affect S&P's assessment. Although S&P observes
that Malta continues to provide timely and full support to
Enemalta if needed, S&P thinks the government aims to
gradually reduce guarantees extended to Enemalta on most of
its debt. The debt includes both long-term bank loans,
short-term bank overdrafts, and some reduced guarantees on
company's payables, and would reduce the government's
exposure to contingent liabilities.
In S&P's base case, it assumes that:
-- Enemalta will cease to be a power producer by 2017.
-- The island's power demand will be partly sourced from the
200 megawatt interconnector with Sicily at prices linked to
the Sicilian zonal price.
-- The remainder will be acquired from a consortium-owned gas
fired unit (Delimara 4) and from another gas fired unit
(Delimara 3) owned by Enemalta's shareholder, SEP.
Enemalta will keep some generation assets on stand-by to
ensure security of supply and absorb potential mismatches
from the interconnector.
-- Revenues will increase by 4% in 2017 and 3% in 2018 thanks
to increasing electricity demand.
-- No cash taxes for the rating forecast horizon. Increased
investments in 2017 for improving the network at around
EUR40 million reducing to around EUR20 million in 2018.
No dividends.
Based on these assumptions, S&P arrives at these credit measures:
-- Debt to EBITDA of 5x-7x.
-- Slightly negative free operating cash flow (FOCF) in 2017
turning positive in 2018.
The stable outlook reflects S&P's expectation that Enemalta's debt
to EBITDA will range between 5.0x and 7.0x over the rating
horizon.
S&P could upgrade Enemalta if S&P observed an improving trend in
its credit metrics. An upgrade would be contingent on Enemalta's
capacity to sustainably achieve debt to EBITDA below 5x, coupled
with positive FOCF to debt of at least 3%. A potential positive
boost will derive from S&P's assessment of a positive and sound
track-record on management's decisions translating in sustainable
and positive results for the company. An upgrade of Malta would
have no impact on our rating on Enemalta, all else being equal.
S&P could downgrade Enemalta if S&P observed any renewed tension
on its liquidity position, for example if set power price tariffs
did not enable the group to recover its costs, which S&P views as
unlikely at this stage. Negative pressure could also rise if S&P
anticipated credit metrics deteriorating, with debt to EBITDA
trending toward 8x.
=====================
N E T H E R L A N D S
=====================
DECO 14 - PAN EUROPE 5: S&P Affirms 'D' Ratings on 4 Note Classes
-----------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on all classes of
notes in DECO 14 - Pan Europe 5 B.V.
The affirmations follow S&P's review of the credit quality of the
four remaining loans under our European commercial mortgage-backed
securities (CMBS) criteria. S&P's review follows principal
payments on the notes, including the full repayment of the Sofia
Business Park and Armilla Clarisse 2 loans and repayment with a
loss of the DD Karstadt Hilden loan, and the sale of all the
properties securing the Mansford Nord Bayern loan.
All four remaining loans are in special servicing.
ARCADIA LOAN (34.39% OF THE POOL)
The Arcadia loan is non-performing and was transferred into
special servicing in March 2010, due to a payment and interest
coverage ratio (ICR) covenant default. The loan failed to repay
at maturity in January 2014 and has a current securitized loan
balance of EUR62.6 million.
The loan is secured by three retail warehouse properties (down
from 28 at closing) located throughout Germany. The assets are
located in the small- and medium-size towns of LĂ…neburg, Redwitz,
and Saarburg.
S&P has assumed losses on the loan in its expected-case scenario.
CGG - TAMBELLE REDO 3 LOAN (36.45% OF LOAN POOL)
The CGG loan transferred into special servicing in July 2013
following a loan-to-value (LTV) ratio covenant breach. The loan
matured in January 2014 and has a current securitized balance of
EUR66.35 million.
The loan is currently secured by seven properties comprising a mix
of retail and offices, and there are sales and purchase agreements
signed for five of the remaining assets.
S&P has assumed losses on the loan in its expected-case scenario.
OTHER LOANS (32.44% OF POOL)
The remaining two loans are the Mansford Nord Bayern loan and the
Cottbus Shopping Centre loan.
The Mansford Nord Bayern loan properties have been sold and all
the proceeds have been applied to the loan. The remaining
securitized balance of the loan is EUR13.5 million. S&P has
assumed a total loss on the remaining balance in its expected-base
scenario.
The Cottbus Shopping Centre loan is secured by a secondary retail
shopping center asset in Cottbus, Germany. The loan failed to
repay at maturity in January 2015 and has a current securitized
loan balance of EUR39.5 million. S&P has assumed losses on the
loans in its expected-case scenario.
RATING ACTIONS
S&P's ratings in the transaction address the timely payment of
interest and the ultimate payment of principal no later than the
October 2020 legal final maturity date of the notes.
In S&P's view, the repayment of the class C notes faces at least a
one-in-two likelihood of interest payment default. S&P considers
that class C notes remain vulnerable to cash flow disruptions.
Therefore and in line with S&P's criteria for assigning 'CCC'
category ratings, it has affirmed its 'CCC- (sf)' rating on the
class C notes.
S&P has also affirmed its 'D (sf)' ratings on the class D, E, F,
and G notes as they continue to experience interest shortfalls and
are highly vulnerable to principal losses.
DECO 14 - Pan Europe 5 is a European CMBS transaction that closed
in March 2007. It is currently secured on four European
commercial real estate loans, all currently in special servicing.
RATINGS LIST
Class Rating
DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
C CCC-(sf)
D D (sf)
E D (sf)
F D (sf)
G D (sf)
===============
P O R T U G A L
===============
BANCO COMERCIAL: S&P Raises Counterparty Credit Rating to 'BB-'
---------------------------------------------------------------
S&P Global Ratings said that it raised to 'BB-' from 'B+' the
long-term counterparty credit rating on Portugal-based Banco
Comercial Portugues S.A. (Millennium bcp). S&P removed the rating
from CreditWatch with positive implications, where it placed it on
Jan. 16, 2017. S&P also affirmed its 'B' short-term rating. The
outlook is stable.
S&P also raised its issue ratings on Millennium bcp's senior
unsecured debt by one notch to 'BB-' from 'B+', and its
subordinated debt by two notches to 'B-' from 'CCC', removing them
from CreditWatch positive.
The issue ratings on Millennium bcp's preference shares remain at
'D'.
The upgrade follows Millennium bcp's completion of a sizable
EUR1.33 billion capital increase, which the bank used to
strengthen its capital position and to repay the remaining EUR700
million contingent convertible securities (cocos) subscribed by
the government back in 2012.
Thanks to this capital initiative, Millennium bcp will achieve a
fully loaded common equity Tier 1 (CET1) ratio higher than 11%
almost two years ahead of its target timeframe. This leaves it
better placed to restore investors' confidence. Millennium bcp
estimated that following the capital increase, its September 2016,
pro forma fully loaded CET1 ratio would stand at 11.4% (up from
9.6%). S&P also expects its risk-adjusted capital measure for the
bank to strengthen, hovering around 7% at end-2017.
The repayment of the cocos, in turn, will grant additional
financial flexibility to the bank. It will now be able to resume
dividend and coupon distributions to holders of share capital and
hybrid instruments, making both more attractive to investors.
S&P's view of the bank's stronger creditworthiness reflects the
combination of an expected gradual strengthening of investor
confidence, which should facilitate the bank's access to other
funding sources and gradually reduce European Central Bank
funding, with the benefits of the significant rebalancing of
Millennium bcp's funding profile over the past few years and
strengthening of its liquidity position.
Through the capital increase, Chinese investor Fosun International
Ltd. reinforced its position as the bank's largest shareholder,
increasing its stake to 24% from 16.7%. This widened the gap
between Fosun and the second-largest shareholder, Angola-based
Sonangol, which holds a 15.24% stake. S&P do not anticipate this
change in ownership to lead to meaningful changes on the bank's
strategic direction and goals over this year and next. Instead,
S&P expects that the bank will remain focused on turning around
its profitability and managing its stock of problem assets.
Additionally, S&P do not contemplate at this point the possibility
of its ratings on the bank benefiting from uplift for parental
support. That is because, despite Fosun being a relevant
shareholder with the capacity to influence the bank's strategy, it
will not have direct operational control of the bank. Its
investment in Millennium bcp is small in proportion to its total
investment portfolio, and its high debt leverage would also limit
any potential ratings uplift.
S&P's ratings on Millennium bcp continue to reflect the bank's
solid retail banking franchise in Portugal, the diversification
benefits of its profitable operations in Poland, and the progress
the bank has achieved so far in its restructuring. S&P also takes
into account the bank's higher-risk profile than peers, high
single-name concentration, and the challenges of strengthening its
domestic profitability and reducing its high stock of problem
assets.
S&P raised the issue ratings on the bank's nondeferrable
subordinated debt by two notches, to 'B-' from 'CCC', reflecting
both the bank's stronger creditworthiness and a lower risk of
coupon nonpayment following the repayment of the state aid
received in 2012. S&P therefore now rates Millennium bcp's
nondeferrable subordinated debt three notches below the bank's
'bb-' stand-alone credit profile (SACP), instead of four
previously.
Following the full repayment of the cocos the bank will be able to
resume coupon payments on preference shares, but S&P will only
raise the 'D' rating on the preference shares once coupon payments
have been effectively resumed.
"The stable outlook on Millennium bcp reflects our view that the
key factors supporting our ratings are unlikely to change in the
next 12 months. We expect the bank to make further progress
towards the delivery of its strategic goals, emphasizing the
return to profits and the workout of the accumulated high stock of
problem assets. While we think it is likely that the bank will
post positive results this year, we believe that achieving returns
in line with the cost of capital this year and next will be
challenging. Similarly, we think that managing down the stock of
problem assets will take several years, although we expect credit
costs to trend down already this year. We expect the bank's
currently reinforced capital position to be preserved, as growth
will be limited. Finally, although it is possible that the
ownership structure could change further, as the two largest
shareholders have been authorized to increase their stakes to 30%,
we do not anticipate that any further increases would lead to
material strategic or management changes," S&P noted.
Although S&P's base-case scenario is for the ratings to remain
unchanged, it could consider raising the long-term rating on the
bank if its banking business proves to be sustainably profitable,
generating earnings above its cost of capital, or S&P sees a
material reduction of credit risk.
Conversely, S&P could lower the long-term rating if the bank's
risk appetite increases, its strategy becomes more aggressive, or
if the bank's capital position weakens materially.
=============
R O M A N I A
=============
ROMCAB SA: Files for Insolvency Following Payment Delays
--------------------------------------------------------
SeeNews reports that Romcab SA has filed for insolvency in order
to come up with a plan for recovery.
"After exhausting other options to weather the difficult times in
which we find ourselves, we inform you of our intention to
initiate proceedings for judicial reorganization as the solution
we have identified for the recovery of Romcab's business in an
efficient and effective manner," SeeNews quotes Romcab as saying
in a statement filed to the Bucharest Stock Exchange, BVB.
The company related that it filed for insolvency with the court in
Mures county, central Romania, with the intention of overhauling
its business, SeeNews relays.
SeeNews notes that in the last three months, Romcab failed to make
agreed payments 79 times -- something which had not happened in
the previous seven years. The total amount of delayed payment was
RON18.1 million (US$4.2 million/EUR4.02 million), SeeNews
discloses citing Romanian brokerage house Tradeville.
SeeNews adds that at the beginning of January, Romcab said it
would seek financing of up to EUR200 million (US$208.1 million)
through a bond issue or a loan.
The bonds will have a term of between minimum 3 years and maximum
10 years, and an annual interest rate of maximum 9.99%, the
company said at the time in a filing to the BVB, the report adds.
In December, Romcab signed a EUR5 million loan deal with Piraeus
Bank Romania to finance current operations and investment
projects.
Romcab posted a RON39.5 million profit in the first nine months of
2016, double compared to the profit recorded in the like period of
2015, the report discloses.
About Romcab SA
Romcab SA manufactures cables and electric conductors. Romcab is
majority owned by its founder, businessman Zoltan Prosszer through
his company Sadalbari, which holds a 69.03% stake. The remainder
is on free float on the BVB.
===========
R U S S I A
===========
PERESVET JSCB: DIA to Oversee Provisional Administration
--------------------------------------------------------
The Bank of Russia, as of February 20, 2017, has entrusted the
Deposit Insurance Agency with the functions of the provisional
administration of JSCB PERESVET (JSC). Thus, the activity of the
provisional administration of JSCB PERESVET (JSC) appointed by
Bank of Russia Order No. OD-3628 (amended), dated October 21,
2016, is terminated.
===========
T U R K E Y
===========
TURKEY: DBRS Confirms BB(high) Foreign Currency Issuer Rating
-------------------------------------------------------------
DBRS, Inc. has confirmed the Republic of Turkey's long-term
foreign currency issuer rating at BB (high) and the long-term
local currency issuer rating at BBB (low). DBRS has also confirmed
the short-term foreign currency issuer rating at R-3 and the
short-term local currency issuer rating at R-2 (middle). The trend
on all ratings is Negative.
The Negative trend reflects downside credit risk associated with
the deterioration in the rule of law and elevated geopolitical
tensions, all in the context of Turkey's large external financing
needs. Reduced external funding poses clear risks to the
macroeconomic outlook. The fallout of the July 2016 failed coup
attempt and the upcoming constitutional referendum has led to an
increase in political uncertainty. This could divert political
attention from the much-needed structural reform agenda, which is
important to boost national savings and reduce external
imbalances. In addition to domestic political uncertainty,
geopolitical risks stemming from events in neighboring countries
also weigh on the ratings.
Turkey's large external financing is a key source of
vulnerability. Growth has been primarily driven by domestic
demand, and despite the recent revision in Turkey's national
account statistics (savings are now estimated at 27% of GDP v/s
14.5% as per the old series), growth has come at the expense of
high current account deficits. Moreover, structural energy
imbalances and dimming prospects for tourism are likely to keep
the current account deficit elevated. Increasing external
indebtedness of non-financial corporates has added to the buildup
of imbalances. Gross external debt rose to US$416 billion (49% of
GDP) in the third quarter of 2016. Consequently, taking into
account Turkey's current account deficit and maturing liabilities
of the public and private sector, Turkey faces a high annual
external financing requirement of 25% of GDP. Although banks and
corporates have demonstrated resilience since 2011, given the
relatively low level of net foreign exchange reserves, sudden
stops or a reversal in net capital inflows could have negative
effects on the economy.
The government response to the failed coup attempt in July 2016
has increased political uncertainty. The widespread suspension or
removal of judges, academics, journalists, civil servants
including one-third of the staff of the banking and supervisory
agency, in addition to military suspects, raises concerns about
the rule of law. In addition, the erosion of institutional checks
and balances could weaken policy predictability and investor
sentiment. The upcoming referendum on a new Constitution replacing
the existing parliamentary system of government with an executive
presidency adds to the political uncertainty.
Policy space to respond to a shock has also narrowed. Monetary
policy action is constrained by above-target inflationary
expectations and the pass-through effects from exchange rate
depreciation. On the fiscal side, there is some room for easing as
the government has been maintaining primary surpluses. However,
non-interest spending has increased at a strong pace indicating
the need for a medium term fiscal consolidation strategy.
Moreover, the international environment is characterized by rising
geopolitical risks, a fragile recovery in Europe, and expectations
of higher interest rates in the United States.
In recent years, policymakers have acknowledged the need to
rebalance the economy, increase domestic savings, and remove
structural bottlenecks to boost productivity. The government's
Action Plan based on the Priority Transformation Programs of the
National Development Plan (2014-18) aims to boost savings in the
pension system, increase labor market flexibility, and pursue
education and taxation reform. While some measures have been
passed, such as the automatic enrollment in private pension
schemes, attention to the reform agenda could be diverted by
domestic political developments.
Despite the vulnerabilities, Turkey's ratings are supported by
several credit strengths, including the economy's size and
diversity. Turkey is an upper-middle income country with nominal
GDP of US$874 billion and a population of 78 million. Real GDP
growth has averaged 5.9% since 2003, supported by favorable
demographics and capital accumulation. The population of Turkey is
the youngest in Europe and the number of working-age persons is
projected to grow more than 20% from 2012 to 2030.
Turkey has also made significant progress in the area of public
finances. Consistent primary surpluses have strengthened the
public sector balance sheet. The general government debt-to-GDP
ratio has declined by more than one-half, from 74.3% of GDP in
2001 to 30% in 2016. Turkey has improved its debt profile in terms
of composition and maturity, reducing the sensitivity of the debt
stock to liquidity, interest rate and exchange rate risks. Of the
central government debt, two-thirds is denominated in local
currency and the average time to maturity has been extended to 6.3
years. However, Turkey remains exposed to lower investor risk
appetite, as 17.3% of government debt is held by non-residents.
Turkey's banking system remains well-capitalized despite bouts of
market volatility over the last three years. The capital adequacy
ratio for the sector is 16%, the quality of the capital is strong,
and non-performing loans account for 3.4% of total loans. Although
banks' external obligations have increased substantially, they
have a neutral net foreign exchange position. However, banks are
indirectly exposed to exchange rate risk through the corporate
sector, which had a $212 billion net foreign exchange exposure in
October 2016. In an adverse scenario characterized by higher
interest rates, currency depreciation and slower economic growth,
bank profitability and asset quality could deteriorate.
RATING DRIVERS
DBRS is concerned about the possibility of a further deterioration
in Turkey's governance indicators and the weakening of the macro-
policy framework, as that could lead to less predictability in
policy making and undermine Turkey's resilience to shocks. The
ratings could be lowered further if (1) our assessment of Turkey's
institutional quality continues to weaken, or (2) if economic and
financial sector fundamentals deteriorate further, and result in a
sharp reduction in capital inflows. On the other hand, the trend
could change to Stable, if institutional quality concerns subside,
and policy actions are taken to facilitate a smooth macroeconomic
rebalancing.
===========================
U N I T E D K I N G D O M
===========================
BHS GROUP: RAL to Sue Sir Philip Green Over Sale of Headquarters
----------------------------------------------------------------
Ashley Armstrong at Press Association reports that Retail
Acquisitions (RAL), the company owned by former bankrupt Dominic
Chappell, is planning to sue Sir Philip Green and his Arcadia
Group for GBP14 million in relation to the sale of BHS Group's
headquarters.
Mr. Chappell, who bought BHS for GBP1 in 2015, has been fighting a
winding-up order against Retail Acquisitions in the courts, Press
Association relates.
Last year, he told MPs that he was planning legal action against
Sir Philip, but this is the first time details have emerged, Press
Association relays.
BHS administrators Duff & Phelps have argued that there is
"overwhelming evidence" that RAL is insolvent and said a winding
up order would help it to investigate the transfer of money from
BHS to Mr. Chappell's company, Press Association discloses.
Retail Acquisitions took a GBP8.4 million loan from BHS and a
GBP3.5 million loan from Arcadia ahead of its purchase of the
88-year-old retail chain, Press Association relays.
However, Mr. Chappell is suing Sir Philip Green after claiming
that the Topshop tycoon reneged on an earlier agreement to share
the proceeds of the GBP35 million sale of BHS' headquarters, known
as Marylebone House, which would have boosted the retail chain's
balance sheet by GBP8.5 million, Press Association notes.
Retail Acquisitions is understood to be suing for the loss of
proceeds on the Marylebone House, despite it emerging during last
year's select committee that Sir Philip had provided GBP10 million
in compensation two months after Mr. Chappell bought BHS, Press
Association states.
According to Press Association, people close to Sir Philip Green
have highlighted that there had never been a contract between the
retail billionaire and Mr. Chappell in relation to the Marylebone
House, therefore there was not a breach of contract.
A spokesperson for Duff & Phelp, as cited by Press Association,
said: "The administrators issued a winding up petition against RAL
because it owes a substantial amount of money to BHS Group, which
we believe RAL has no way of repaying as it is massively
insolvent.
"The petition was adjourned to allow RAL to file further evidence
of its financial position but we remain confident that it is
insolvent and ought to be wound up. This will then enable a full
investigation into the conduct of its directors and the
substantial monies paid to it by BHS."
About BHS
BHS Group was a high street retailer offering fashion for the
whole family, furniture and home accessories.
BHS was put into administration in April 2016 in one of the
U.K.'s largest ever corporate failures, according to The Am Law
Daily. More than 11,000 jobs were lost and 20,000 pensions (the
U.K. equivalent of a 401k) put at risk after it emerged that the
company, which had more than 160 stores across the U.K., had a
pension deficit of GBP571 million (US$703 million), The Am Law
Daily disclosed.
Sir Philip Green, a retail magnate with a net worth of more than
US$5 billion, has been heavily criticized for his role in the
collapse of BHS, The Am Law Daily said. Mr. Green and other
shareholders had taken around GBP580 million (US$714 million) out
of the business before selling it for just GBP1 (US$1.23), The Am
Law Daily noted.
Linklaters acted for Green's Arcadia Group on the sale of the
company to Retail Acquisitions, which was advised by London-based
technology, media and telecoms specialist Olswang, The Am Law
Daily added.
Weil Gotshal & Manges and DLA then took the lead roles on the
administration, acting for the company and administrators Duff &
Phelps, respectively, while Jones Day was appointed by the
administrators to investigate the actions of the company's former
directors, The Am Law Daily related.
CO-OP BANK: Failure to Find Buyer May Spur Investors Coup
---------------------------------------------------------
Ben Martin at The Telegraph reports that The Co-operative Bank plc
could face a coup by hedge funds if the troubled bank fails to
find a buyer and tries to raise more capital instead.
According to The Telegraph, it is understood that investors will
consider demanding a change of management if the bank turns to
them for a rescue.
Co-op Bank, which was bailed out by a group of US hedge funds in
2013, put itself up for sale earlier this month amid mounting
fears about its deteriorating capital position, The Telegraph
recounts.
It appointed Bank of America Merrill Lynch and UBS to hunt for a
buyer and also examine ways of raising fresh equity capital from
existing and new investors, The Telegraph relates.
The Bank of England could be forced to step in if the firm fails
to shore-up its finances, in what would mark the first rescue of a
lender since Dunfermline Building Society was bailed out in 2009,
The Telegraph states. A collapse could wipe out funds that own
the bank's bonds and equity, The Telegraph notes.
Insiders believe some of Co-op Bank's assets, such as its mortgage
book, might attract bidders, The Telegraph discloses. However,
banking industry veterans are skeptical that the lender will find
a suitor for its entire business, ramping up the pressure on the
bank to tap investors for capital, The Telegraph relays.
About Co-operative Bank
The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.
In 2013-2014, the Bank was the subject of a rescue plan to address
a capital shortfall of about GBP1.9 billion. The Bank mostly
raised equity to cover the shortfall from hedge funds.
In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting offers."
The Troubled Company Reporter-Europe reported on February 17, 2017
that Moody's Investors Service has downgraded Co-operative Bank
plc's standalone baseline credit assessment (BCA) to ca from caa2.
The downgrade of the bank's BCA to ca reflects Moody's view that
the bank's standalone creditworthiness is increasingly challenged
and that the bank will not be able to restore its declining
capital position without external assistance.
TCR-Europe also reported on February 23, 2017 that Fitch Ratings
has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long-
Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it on
Rating Watch Evolving (RWE). The Viability Rating (VR) was
downgraded to 'cc' from 'b'. The downgrade of the VR reflects
Fitch's view that a failure of the bank appears probable as it
likely needs to obtain new equity capital to restore viability.
Fitch believes there is a very high risk that this will include a
restructuring of its subordinated debt that Fitch is likely to
consider a distressed debt exchange, which would result in a
failure according to Fitch definitions.
FOOD RETAILER: Budgens in Totnes Town May Close
-----------------------------------------------
Express and Echo reports despite only opening last July, the
future of the Budgens store in Totnes in Devon, England, is in
doubt after its owner went into administration.
The Food Retailer Operations Limited (FROL), which bought the food
store chain from the Co-operative Group last year, is now looking
for buyers for some or all of its stores, according to Express and
Echo.
The report notes there are 36 shops at risk, including the outlet
in the Brutus Centre, off Fore Street, which was changed from a
Co-op shop into a Budgens after the takeover.
But the Co-op has offered to find jobs for the affected staff that
used to be under its ownership if a buyer can't be found, the
report relays.
When the store opened in July 23, 2016 after being sold by the Co-
Op, it employed 27 members of staff.
About Food Retailer Operations
The Food Retailer Operations Limited operates 34 convenience
stores across the UK, which trade under the Budgens brand and
employs 872 people. It also holds the leasehold interests in a
further 36 non-trading stores, two non-trading properties and the
head office of the former Somerfield business.
Since FROL's acquisition of the Budgens stores from the Co-
operative Group in July 2016, the Company has experienced
difficult trading conditions.
The Company launched a Company Voluntary Arrangement (CVA)
proposal, but it was voted down by creditors. This has resulted in
the Company being placed into administration on February 10, 2017,
and there will be a sale process to find a purchaser for all or
some of the stores.
Michael Denny, Robert Moran and Matthew Hammond of
PricewaterhouseCoopers (PwC) were appointed as Joint
Administrators of Food Retailer Operations Limited on February 10,
2017.
The Troubled Company Reporter-Europe reported on Jan. 23, 2017,
citing TalkingRetail, that the Budgens stores facing closure are
in Gillingham (Kent), Greenwich (south-east London), Blackburn
(Lancashire), Willenhall (West Midlands), Buckley (Flintshire),
Wisbech (Cambridgeshire), Paisley (Renfrewshire), Aberystwyth
(Ceredigion), Helston (Cornwall), Monmouth (South Wales), Totnes
(Devon) and Ludlow (Shropshire).
FOOD RETAILER: Union Asks Camelot Not to Withdraw Lottery Sales
---------------------------------------------------------------
Talking Retail reports the USDAW shop workers' union is urging
Camelot Group, operators of the UK National Lottery, not to
withdraw lottery sales from the 30-plus Budgens stores that have
gone into administration.
The Food Retailer Operations Limited, which operates 34 c-stores
under the Budgens fascia across England, Wales and Scotland, went
into administration earlier in February, according to Talking
Retail. The stores are continuing to trade under administrator
PricewaterhouseCoopers, the report notes.
The Union of Shop, Distributive and Allied Workers (USDAW) is
concerned that Camelot could withdraw lottery tickets sales from
stores, but it welcomed the administrator's reassurances that
staff would be paid, the report notes.
The report relays that USDAW National Officer John Gorle said:
"The livelihoods of hundreds of shop workers are on the line and
it is crucial that we do everything possible to help keep the
stores trading and save jobs by finding a buyer.
"Ending the sale of lottery tickets in the outlets could
jeopardise finding a buyer. It is important at this early stage of
the administration that stores are shown to be viable and the
lottery does encourage footfall," he said.
"So, I am urgently contacting Camelot to ask them to hold off any
decision to withdraw, given the administrator's assurances, so we
have a decent chance to save jobs and keep stores open."
The report relays a Camelot spokesperson said: "We are in ongoing
discussions with the administrator to resolve this to everyone's
satisfaction, bearing in mind that Camelot's primary duty as
operator of The National Lottery is to protect the flow of revenue
to 'good causes' and ensure the payment of prizes to players."
About Food Retailer Operations
The Food Retailer Operations Limited operates 34 convenience
stores across the UK, which trade under the Budgens brand and
employs 872 people. It also holds the leasehold interests in a
further 36 non-trading stores, two non-trading properties and the
head office of the former Somerfield business.
Since FROL's acquisition of the Budgens stores from the Co-
operative Group in July 2016, the Company has experienced
difficult trading conditions.
The Company launched a Company Voluntary Arrangement (CVA)
proposal, but it was voted down by creditors. This has resulted in
the Company being placed into administration on February 10, 2017,
and there will be a sale process to find a purchaser for all or
some of the stores.
Michael Denny, Robert Moran and Matthew Hammond of
PricewaterhouseCoopers (PwC) were appointed as Joint
Administrators of Food Retailer Operations Limited on February 10,
2017.
The Troubled Company Reporter-Europe reported on Jan. 23, 2017,
citing TalkingRetail, that the Budgens stores facing closure are
in Gillingham (Kent), Greenwich (south-east London), Blackburn
(Lancashire), Willenhall (West Midlands), Buckley (Flintshire),
Wisbech (Cambridgeshire), Paisley (Renfrewshire), Aberystwyth
(Ceredigion), Helston (Cornwall), Monmouth (South Wales), Totnes
(Devon) and Ludlow (Shropshire).
VAUXHALL: Needs to Take New Direction for Long-Term Survival
------------------------------------------------------------
Peter Campbell at The Financial Times reports that Vauxhall's UK
plants need to take a "new direction" to ensure their long term
survival.
According to the FT, Carlos Tavares, the chief executive of French
car maker PSA that is in talks to buy the sites, has promised to
honor existing work agreements and keep the British plants open
for the time being if he is successful in buying Vauxhall's loss-
making parent company Opel from General Motors.
But Mr. Tavares stressed the need for the plants to become
competitive to guarantee "long term success for Vauxhall", the FT
notes.
After a meeting between Mr. Tavares and union boss Len McCluskey
in London on Feb. 24, a statement on behalf of Mr. Tavares, as
cited by the FT, said: "He explained that performance is paramount
for the longevity of a company in a very challenging environment."
The 'heart of the discussion' was about 'the possibility for a new
direction that could transform its current difficult situation and
bring long-term success for Vauxhall,' the report relays.
Opel has recorded losses every year since 1999, and GM is selling
it after failed attempts to turn it around, the FT discloses.
According to the FT, PSA has committed to honor Opel's existing
job protection agreements, as well as current production plans
that include manufacturing the Astra hatchback at Ellesmere Port
until the end of the decade.
WEALE & HITCHEN: Goes Into Administration Over Turnover Slowdown
----------------------------------------------------------------
Craig Archer at Bolton News reports the boss of real estate agency
Weale & Hitchen, which went into administration, has explained why
he and two business partners were forced to take the action they
did.
Bryn Weale said they had to put Weale & Hitchen into the hands of
administrators because of slowdown in turnover and profitability,
according to Bolton News.
Mr. Weale said there has also been changes in the way members of
the public were now buying and selling homes, the report notes.
The firm which had employed up to 25 staff in five branches in
Bolton, Bury, and Rawtenstall, entered administration on January
26, 2017, the report relays.
The report notes the agency's Bolton office on Lea Gate, Harwood,
has since been closed and three members of staff made redundant.
The report discloses that in early February, joint administrator
Andrew Poxon -- andrew.poxon@leonardcurtis.co.uk -- of Leonard
Curtis Business Rescue and Recovery sold the business and assets
of Weale and Hitchen Ltd relating to the Bury, Holcombe Brook and
Ramsbottom offices to new firm Weale and Hitchen Online, which was
set up by Mr. Weale.
The report relays that Mr. Weale said: "Over the winter of 2016,
it was clear that the established business model was not working,
as increasingly we are seeing major changes in the way people are
choosing to both market and purchase their homes. The digital age
is upon us.
"This combined with the milestones reached in the business, we
arrived at the point where we instructed specialist business
advisors to help.
"It is with great regret that I had to make some difficult
decisions when looking at the business on offer. I was unable to
fund the loss making office based on Lea Gate, Harwood, Bolton,
with the loss of a full time member and two part time members of
staff.
"I felt, given the opportunity and with the support of the
remaining staff, I could pick up some of the pieces and continue."
The report notes that Mr. Weale added: "There are obviously
repercussions with many elements of the process entered into but
in taking sound professional advice, our customers have been
unaffected by any changes, and going forward I am looking forward
to engaging in the changes to the way estate agency operates and
embracing the challenge, by enhancing the good reputation of Weale
& Hitchen now and for the future."
THE WOODFORD: Closes After Going Into Administration
----------------------------------------------------
Matthew Clemenson at Ilfold Recorder reports that The Woodford, a
popular high-end restaurant in Woodford, London, that won numerous
awards last year, has closed suddenly after it announced it had
gone into administration on Valentine's Day.
The Woodford, in South Woodford High Street, is run by M&Co
services, who filed a public notice of insolvency on February 14,
according to Ilfold Recorder.
On Feb. 15, according to eyewitness reports, the restaurant closed
suddenly at lunch time and has not reopened since, the report
notes.
According to Ilford Recorder, a meeting of creditors still owed
money by the business will now take place on February 28 at
Hainault Business Park in Roebuck Road.
The report relays the restaurant is owned by R and I properties,
whose directors also own the Kosho bar in Romford and CTZN
nightclub in Chelmsford.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 20 to February 24, 2017
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
CGG SA 5.88 5/15/2020 EUR 44.08
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38
Co-Operative Bank PLC/U 11.00 12/20/2023 GBP 62.67
Casino Guichard Perrach 1.69 EUR 66.15
Bank of New York Mellon 4.19 12/15/2050 EUR 49.43
AXA SA 0.54 EUR 71.01
Air Berlin PLC 6.75 5/9/2019 EUR 73.63
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 32.75
Aegon NV 0.52 EUR 67.91
QGOG Constellation SA 6.25 11/9/2019 USD 74.21
Banque Federative du Cr 0.90 EUR 67.32
Ajecorp BV 6.50 5/14/2022 USD 69.04
Nordea Bank AB 0.44 EUR 74.19
CGG SA 6.50 6/1/2021 USD 43.38
Offshore Drilling Holdi 8.38 9/20/2020 USD 46.00
Abengoa SA 8.50 3/31/2016 EUR 2.56
AXA SA 0.82 EUR 74.18
Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 72.38
Intelsat Luxembourg SA 7.75 6/1/2021 USD 35.00
Pacific Drilling SA 5.38 6/1/2020 USD 51.50
Mitsubishi UFJ Investor 3.92 12/30/2099 EUR 5.48
CHC Helicopter SA 9.25 10/15/2020 USD 52.00
Portugal Telecom Intern 4.63 5/8/2020 EUR 33.99
CNP Assurances 0.88 EUR 67.63
Fuerstenberg Capital II 5.63 EUR 70.19
CGG SA 1.75 1/1/2020 EUR 2.48
Banca Popolare di Vicen 2.84 12/20/2017 EUR 40.31
Rickmers Holding AG 8.88 6/11/2018 EUR 17.75
Credit Agricole SA 0.86 EUR 69.89
Brunswick Rail Finance 6.50 11/1/2017 USD 62.50
Co-Operative Bank PLC/U 8.50 7/1/2025 GBP 59.76
Banca Popolare di Vicen 9.50 9/29/2025 EUR 39.95
Rothschilds Continuatio 1.46 EUR 65.05
Immigon Portfolioabbau 10.00 EUR 11.87
Intelsat Jackson Holdin 5.50 8/1/2023 USD 70.42
Portugal Telecom Intern 5.00 11/4/2019 EUR 34.04
Portugal Telecom Intern 4.38 3/24/2017 EUR 34.38
Veneto Banca SpA 0.74 6/21/2017 EUR 53.88
Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 72.17
ING Groep NV 0.44 EUR 69.08
BNP Paribas SA 1.31 USD 67.09
CGG SA 6.88 1/15/2022 USD 45.00
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Privatbank CJSC Via UK 10.88 2/28/2018 USD 11.75
HSH Nordbank AG 7.25 USD 28.38
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 35.11
Banca Monte dei Paschi 5.00 4/21/2020 EUR 51.53
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.51
Ageasfinlux SA 1.02 EUR 51.92
ING Groep NV 0.84 EUR 72.92
Air Berlin PLC 5.63 5/9/2019 CHF 64.68
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.52
Privatbank CJSC Via UK 11.00 2/9/2021 USD 14.63
Caisse Federale du Cred 0.89 EUR 64.13
BNP Paribas Fortis SA 1.68 EUR 70.85
Portugal Telecom Intern 6.25 7/26/2016 EUR 34.23
Santander Finance Prefe 0.31 EUR 66.42
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
Intelsat Luxembourg SA 8.13 6/1/2023 USD 33.50
Paragon Offshore PLC 6.75 7/15/2022 USD 18.00
BNP Paribas SA 1.15 EUR 57.60
Nordea Bank AB 1.50 USD 66.49
BPCE SA 2.81 USD 73.50
Banque Federative du Cr 0.65 EUR 66.94
Cofinoga Funding Two LP 2.12 EUR 69.67
Aldesa Financial Servic 7.25 4/1/2021 EUR 67.39
Santander International 2.00 USD 49.00
Portugal Telecom Intern 5.88 4/17/2018 EUR 34.01
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.63
Banca Monte dei Paschi 0.69 11/30/2017 EUR 52.21
CEVA Group PLC 9.00 9/1/2021 USD 67.25
Portugal Telecom Intern 4.50 6/16/2025 EUR 34.25
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
ADLER Real Estate AG 2.50 7/19/2021 EUR 14.73
Caixa Terrassa Societat 0.41 EUR 59.63
CGG SA 1.25 1/1/2019 EUR 12.79
Econocom Group SA/NV 1.50 1/15/2019 EUR 14.16
Air France-KLM 2.03 2/15/2023 EUR 10.44
Banca Monte dei Paschi 2.29 5/15/2018 EUR 45.51
OAS Investments GmbH 8.25 10/19/2019 USD 3.50
Matalan Finance PLC 8.88 6/1/2020 GBP 72.62
Jyske Bank A/S 0.84 EUR 58.50
Sapinda Invest SARL 5.00 6/30/2019 EUR 40.00
Neopost SA 3.38 EUR 52.73
Bluewater Holding BV 10.00 12/10/2019 USD 70.00
Banca Monte dei Paschi 5.60 9/9/2020 EUR 51.91
Mriya Agro Holding PLC 9.45 4/19/2018 USD 7.00
Solarworld AG 9.67 2/24/2019 EUR 65.33
Banco Espirito Santo SA 2.63 5/8/2017 EUR 27.63
UkrLandFarming PLC 10.88 3/26/2018 USD 26.50
Centrics Oil & Gas Fina 6.00 3/4/2017 EUR 70.00
Alno AG 8.50 5/14/2018 EUR 41.00
Novo Banco SA 3.50 1/2/2043 EUR 53.03
Etablissements Maurel e 1.63 7/1/2019 EUR 16.81
Fred Olsen Energy ASA 4.13 2/28/2019 NOK 55.00
Rothschilds Continuatio 1.50 USD 55.68
Credit Mutuel Arkea SA 0.79 EUR 62.18
WPE International Coope 10.38 9/30/2020 USD 15.75
SOITEC 6.75 9/18/2018 EUR 2.64
Banco Santander SA 0.61 EUR 66.50
Scholz Holding Gmbh 8.50 3/8/2017 EUR 37.38
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.09
IPF Investments Polska 6.06 6/3/2020 PLN 73.39
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.50
Sequa Petroleum NV 5.00 4/29/2020 USD 69.75
Societe Generale SA 1.38 USD 66.00
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
KTG Agrar SE 7.13 6/6/2017 EUR 2.30
BIM SAS 2.50 11/13/2020 EUR 26.66
Paragon Offshore PLC 7.25 8/15/2024 USD 17.50
Danske Bank Oyj 0.63 EUR 97.17
Far East Capital Ltd SA 8.75 5/2/2020 USD 58.50
Societe Generale SA 0.81 EUR 58.01
KTG Energie AG 7.25 9/28/2018 EUR 3.15
Aegon NV 1.51 NLG 60.98
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.00
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Bilt Paper BV 9.64 USD 48.27
CHC Helicopter SA 9.38 6/1/2021 USD 34.00
Veneto Banca SpA 6.41 EUR
Scandinavian Airlines S 0.63 CHF 24.46
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
European Directories Bo 7.00 12/9/2018 EUR 71.63
ATF Capital BV 8.58 USD 64.00
Pastor Participaciones 1.84 EUR 75.00
Yuksel Insaat AS 9.50 11/10/2015 USD 25.88
National Westminster Ba 1.50 USD 75.38
Kazkommertsbank JSC via 7.08 USD 65.34
NIBC Bank NV 1.84 USD 67.17
Fuerstenberg Capital Er 1.45 EUR 60.38
Ausy 3.25 1/1/2021 EUR 54.60
Solarworld AG 9.67 2/24/2019 EUR 62.00
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 44.75
NIBC Bank NV 0.66 EUR 59.00
DNB Bank ASA 1.19 USD 64.85
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.01
Popular Capital SA 0.81 EUR 49.94
Norske Skogindustrier A 2.00 12/30/2115 EUR 10.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IKB Deutsche Industrieb 5.63 3/31/2017 EUR 30.50
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 3.81
Banco Espirito Santo SA 2.33 EUR 0.46
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Eramet 4.00 EUR 56.97
Jyske Bank A/S 0.53 EUR 62.83
Nexity SA 0.13 1/1/2023 EUR 63.77
Pacific Drilling SA 5.38 6/1/2020 USD 48.50
de Volksbank NV 11.25 EUR 1.14
Virgolino de Oliveira F 10.50 1/28/2018 USD 8.10
OP Corporate Bank plc 0.61 EUR 62.01
Greene King Finance PLC 2.45 3/15/2036 GBP 70.80
Neue ZWL Zahnradwerk Le 7.50 2/17/2021 EUR 71.63
Barclays Bank PLC 3.21 7/31/2034 USD 72.80
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.13
Abengoa SA 6.25 1/17/2019 EUR 1.53
Farstad Shipping ASA 5.27 2/15/2017 NOK 22.50
Iona Energy Co UK PLC 12.50 9/27/2018 USD 2.37
IGas Energy PLC 10.00 3/22/2018 USD 73.50
Mobylife Holding A/S 7.25 5/23/2018 SEK 51.50
E Forland AS 7.89 9/4/2018 NOK 71.50
Etablissements Maurel e 2.75 7/1/2021 EUR 10.85
Solor Bioenergi Holding 6.32 11/2/2017 NOK 58.75
Oceanteam ASA 12.29 10/24/2017 USD 21.38
Lambay Capital Securiti 6.25 GBP 0.56
Havila Shipping ASA 8.60 3/30/2017 NOK 66.13
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
MS Deutschland Beteilig 6.88 12/18/2017 EUR 6.00
BNP Paribas SA 0.58 4/30/2033 USD 52.00
Banca Monte dei Paschi 7.00 3/4/2019 EUR 50.08
Banca Popolare di Vicen 4.60 12/15/2017 EUR 63.00
Banca Carige SpA 2.78 6/19/2018 EUR 65.00
Pescanova SA 5.13 4/20/2017 EUR 2.34
Sydbank A/S 0.85 EUR 57.70
de Volksbank NV 6.25 10/26/2020 EUR 3.31
Banca Carige SpA 8.34 EUR 34.63
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Pescanova SA 8.75 2/17/2019 EUR 2.25
Royal Bank of Scotland 1.63 USD 71.50
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Banca Monte dei Paschi 0.67 1/15/2018 EUR 51.85
Avanti Communications G 10.00 10/1/2019 USD 60.63
Gebr Sanders GmbH & Co 8.75 10/22/2018 EUR 21.00
National Westminster Ba 1.19 USD 76.25
Intelsat Connect Financ 12.50 4/1/2022 USD 64.28
Novo Banco SA 3.50 2/19/2043 EUR 53.06
Afren PLC 11.50 2/1/2016 USD 0.10
Lloyds Bank PLC 3.25 11/27/2033 USD 67.30
IKB Deutsche Industrieb 4.70 3/31/2017 EUR 31.60
DNB Bank ASA 1.38 USD 64.69
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Novo Banco SA 5.00 3/15/2022 EUR 71.36
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
BOA OCV AS 6.75 10/7/2019 NOK 50.10
Dexia Credit Local SA 1.42 EUR 4.63
Barclays Bank PLC 0.53 5/31/2033 USD 54.57
Barclays Bank PLC 0.84 3/21/2033 USD 58.50
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Petrol AD 5.50 1/26/2022 EUR 16.00
DNB Bank ASA 1.38 USD 64.55
Novo Banco SA 5.00 2/24/2022 EUR 71.33
World Wide Supply AS 7.75 5/26/2017 USD 13.50
Lehman Brothers UK Capi 5.13 EUR 0.17
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Touax SA 6.00 7/10/2020 EUR 16.67
Ichor Coal NV 8.00 6/7/2017 EUR 61.41
Rudolf Woehrl AG 6.50 2/12/2018 EUR 12.55
Banca Monte dei Paschi 2.79 10/31/2018 EUR 51.60
Farstad Shipping ASA 4.52 5/29/2018 NOK 22.38
Espirito Santo Financia 6.88 10/21/2019 EUR 0.05
Novo Banco SA 3.50 1/23/2043 EUR 53.15
Orco Property Group SA 7.00 11/7/2019 EUR 65.25
Alpine Holding GmbH 6.00 5/22/2017 EUR 2.50
Talvivaara Mining Co PL 4.00 12/16/2015 EUR 0.37
LBI HF 6.10 8/25/2011 USD 8.00
Candyking Holding AB 5.00 1/29/2018 SEK 38.00
Offshore Drilling Holdi 8.38 9/20/2020 USD 41.00
IM Skaugen SE 10.13 4/11/2017 NOK 54.50
Espirito Santo Financia 3.13 12/2/2018 EUR 0.50
KTG Agrar SE 7.25 10/15/2019 EUR 2.21
Praktiker AG 5.88 2/10/2016 EUR 0.12
Volstad Shipping AS 7.14 4/15/2019 NOK 25.00
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.75
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.25
Royal Bank of Scotland 2.62 12/30/2030 USD 65.90
Cirio Holding Luxembour 6.25 2/16/2004 EUR 0.38
GEWA 5 to 1 GmbH & Co K 6.50 3/24/2018 EUR 31.38
3W Power SA 8.00 8/29/2019 EUR 40.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 35.50
Manchester Building Soc 6.75 GBP 13.75
Banco Pinto & Sotto May 0.68 EUR 19.00
Dexia SA 1.45 EUR 5.00
German Pellets GmbH 7.25 7/9/2018 EUR 1.48
Uppfinnaren 1 AB 10.00 SEK 64.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
Lehman Brothers Treasur 6.00 11/2/2035 EUR 8.63
GNB - Cia de Seguros de 1.88 12/19/2022 EUR 60.00
Bank Nadra via NDR Fina 8.25 7/31/2018 USD 0.44
Action SA 3.21 7/4/2017 PLN 38.50
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Novo Banco SA 3.00 6/21/2022 USD 68.52
Azubu Investments SA 5.00 8/25/2018 EUR 79.00
Societe Alsacienne et L 1.63 1/1/2022 EUR 60.46
GNB - Cia de Seguros de 3.18 EUR 42.50
Banca delle Marche SpA 0.64 6/1/2017 EUR 1.00
Paragon Offshore PLC 7.25 8/15/2024 USD 15.50
Cooperatieve Rabobank U 0.50 11/26/2021 ZAR 65.57
National Westminster Ba 1.03 USD 75.38
Western Bulk Chartering 7.80 4/19/2019 NOK 74.75
Norske Skog Holding AS 8.00 2/24/2023 USD 45.38
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
International Industria 11.00 2/19/2013 USD 0.28
Norske Skogindustrier A 7.13 10/15/2033 USD 30.25
Banca Popolare di Vicen 8.50 12/28/2018 EUR 65.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.69 2/25/2031 USD 67.81
Novo Banco SA 3.50 3/18/2043 EUR 53.06
Credit Lyonnais SACA 0.44 EUR 53.51
Assystem 4.50 EUR 30.11
Barclays Bank PLC 0.66 3/28/2033 USD 58.00
Corporate Commercial Ba 8.25 8/8/2014 USD 0.50
RWE AG 3.80 4/5/2033 USD 74.05
Beate Uhse AG 7.75 7/9/2019 EUR 22.00
Travel24.com AG 7.50 9/17/2017 EUR 68.00
BNP Paribas SA 0.50 9/29/2029 AUD 53.58
Portugal Telecom Intern 5.24 11/6/2017 EUR 33.50
Barclays Bank PLC 0.96 9/30/2031 USD 67.82
Sazka AS 9.00 7/12/2021 EUR 0.06
Barclays Bank PLC 3.72 10/30/2034 USD 71.50
CBo Territoria 6.00 1/1/2020 EUR 4.15
Lloyds Bank PLC 1.33 USD 75.14
Barclays Bank PLC 2.62 12/30/2030 USD 67.41
Banca Carige SpA 1.68 12/29/2018 EUR 61.25
Barclays Bank PLC 0.75 4/19/2033 USD 59.00
Belfius Bank SA/NV 1.66 FRF 69.25
Veneto Banca SpA 6.95 2/25/2025 EUR 34.63
Island Drilling Co ASA 9.50 4/3/2018 USD 3.14
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
SRH NV 6.26 EUR 0.01
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Vneshprombank Ltd via V 9.00 11/14/2016 USD 0.06
Barclays Bank PLC 2.72 3/28/2034 USD 61.22
CGG SA 6.88 1/15/2022 USD 44.38
Lloyds Bank PLC 0.66 4/26/2033 USD 56.75
Gol LuxCo SA 8.88 1/24/2022 USD 72.50
Barclays Bank PLC 1.63 USD 75.50
Alno AG 8.00 3/21/2019 EUR 37.00
Barclays Bank PLC 4.61 1/31/2029 USD 72.00
Sydbank A/S 0.77 EUR 69.88
Abanka Vipa DD Via Afin 1.57 EUR 1.53
Hellenic Republic Gover 2.09 7/25/2057 EUR 36.63
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
ESFIL-Espirito Santo Fi 5.25 6/12/2015 EUR 0.45
Barclays Bank PLC 2.41 11/29/2030 USD 67.83
Smart Solutions GmbH 8.00 12/3/2018 EUR 33.38
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Vseukrainsky Aktsinerny 10.90 6/14/2019 USD 1.89
Finance and Credit Bank 9.25 1/25/2019 USD 0.00
Barclays Bank PLC 2.72 7/28/2031 USD 67.56
UniCredit Bank Austria 0.21 8/20/2033 EUR 70.05
Orient Express Bank PJS 12.00 5/29/2019 USD 49.00
Autonomous Community of 2.97 9/8/2039 JPY 63.89
Koninklijke Luchtvaart 0.75 CHF 36.75
Far Eastern Shipping Co 13.00 11/28/2017 RUB 50.10
Ajecorp BV 6.50 5/14/2022 USD 69.04
Barclays Bank PLC 3.41 5/30/2034 USD 73.75
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.17
Privatbank CJSC Via UK 10.88 2/28/2018 USD 28.50
Lehman Brothers UK Capi 5.75 EUR 0.02
wige MEDIA AG 6.00 3/17/2019 EUR 2.10
Danske Bank Oyj 1.28 EUR 65.00
Standard Chartered PLC 1.44 USD 70.00
Brunswick Rail Finance 6.50 11/1/2017 USD 63.79
Cirio Finance Luxembour 7.50 11/3/2002 EUR 4.45
Bremer Landesbank Kredi 9.50 EUR 71.63
Capital Raising GmbH 7.50 EUR 17.65
Barclays Bank PLC 3.38 9/29/2034 USD 69.92
Paragon Offshore PLC 6.75 7/15/2022 USD 15.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 26.83
Cooperatieve Rabobank U 0.50 7/30/2043 MXN 11.48
Eniro AB 6.00 4/14/2020 SEK 17.47
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Golden Gate AG 6.50 10/11/2014 EUR 48.50
Laurel GmbH 7.13 11/16/2017 EUR 8.25
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Manchester Building Soc 8.00 GBP 24.25
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Oceanic Champion AS 8.00 2/20/2020 USD 65.78
More & More AG 8.13 6/11/2018 EUR 40.50
Commerzbank Holdings UK 1.69 USD 69.58
Deutsche Bank AG/London 2.98 6/30/2034 USD 52.00
La Mutuelle Generale 6.81 EUR 70.02
Accentro Real Estate AG 6.25 3/27/2019 EUR 8.81
CNP Assurances 2.00 EUR 61.24
Electromagnetic Geoserv 7.18 6/27/2019 NOK 54.88
3W Power SA 5.50 11/11/2020 EUR 45.00
Barclays Bank PLC 0.55 8/31/2031 USD 68.20
Landes-Hypothekenbank S 0.07 3/20/2043 EUR 78.78
Cirio Del Monte NV 7.75 3/14/2005 EUR 0.94
Standard Chartered PLC 1.56 USD 69.91
Steilmann SE 6.75 6/27/2017 EUR 4.44
Espirito Santo Financia 9.75 12/19/2025 EUR 0.57
Santander Issuances SAU 4.35 12/1/2026 EUR 70.95
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.88
getgoods.de AG 7.75 10/2/2017 EUR 0.03
German Pellets GmbH 7.25 4/1/2016 EUR 1.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Barclays Bank PLC 2.62 12/30/2030 USD 66.10
Barclays Bank PLC 2.85 1/27/2031 USD 69.97
SAG Solarstrom AG 6.25 12/14/2015 EUR 28.50
KPNQwest NV 10.00 3/15/2012 EUR 0.18
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
Havila Shipping ASA 9.50 8/30/2017 NOK 15.00
Del Monte Finance Luxem 6.63 5/24/2006 EUR 5.00
Royal Bank of Scotland 2.54 11/16/2030 USD 61.96
Norske Skogindustrier A 7.13 10/15/2033 USD 34.69
Tatfondbank PJSC 13.50 5/28/2025 RUB 26.56
Deutsche Bank AG/London 4.06 10/31/2034 USD 69.75
BOA Offshore AS 7.90 12/18/2018 NOK 23.38
Standard Chartered PLC 1.65 USD 69.88
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.75
Deutsche Bank AG/London 3.65 11/26/2034 USD 65.25
Hybrid Raising GmbH 6.63 EUR 17.50
Standard Chartered PLC 1.53 USD 69.91
de Volksbank NV 2.42 EUR 1.14
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Santander Finance Capit 2.00 EUR 26.25
Barclays Bank PLC 2.75 2/28/2034 USD 67.16
Alpine Holding GmbH 5.25 7/1/2015 EUR 2.47
Deutsche Bank AG 0.50 6/28/2033 USD 54.25
Lehman Brothers Treasur 6.00 2/15/2035 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
Far Eastern Shipping Co 15.00 2/27/2018 RUB 55.55
AKB Peresvet ZAO 13.50 10/16/2020 RUB 30.10
Golden Energy Offshore 5.00 12/31/2017 NOK 29.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
Strenesse AG 9.00 3/15/2017 EUR 20.00
SiC Processing GmbH 7.13 3/1/2016 EUR 1.26
Teksid Aluminum Luxembo 11.38 7/15/2011 EUR 0.19
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.97
CEVA Group PLC 9.00 9/1/2021 USD 67.00
Rena GmbH 8.25 7/11/2018 EUR 8.63
Barclays Bank PLC 1.46 6/17/2033 USD 58.92
HSBC France SA 1.03 EUR 50.01
CGG SA 5.88 5/15/2020 EUR 44.38
Lloyds Bank PLC 0.65 1/31/2033 USD 61.07
Alpine Holding GmbH 5.25 6/10/2016 EUR 2.47
IGas Energy PLC 10.00 12/11/2018 USD 24.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.63
Frey 6.00 11/15/2022 EUR 22.60
Lehman Brothers Treasur 7.25 10/5/2035 EUR 9.63
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 19.05
Olympic Ship AS 6.15 6/18/2019 NOK 20.38
Depfa Funding II LP 6.50 EUR 56.75
Bank of Scotland PLC 1.56 USD 74.87
Portigon AG 7.46 12/31/2019 EUR 27.75
Barclays Bank PLC 5.40 9/13/2028 USD 74.85
Pescanova SA 6.75 3/5/2015 EUR 3.64
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Cooperatieve Rabobank U 0.50 10/30/2043 MXN 11.31
PNE Wind AG 3.75 10/10/2019 EUR 3.12
Standard Chartered PLC 0.69 GBP 69.25
Mox Telecom AG 7.25 11/2/2017 EUR 2.85
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Landesbank Hessen-Thuer 0.12 5/3/2041 EUR 62.76
Norske Skog Holding AS 8.00 2/24/2023 USD 44.94
EFG International AG 0.63 EUR 65.75
Espirito Santo Financia 5.13 5/30/2016 EUR 0.85
DOF ASA 8.00 9/12/2019 NOK 39.88
Mifa Mitteldeutsche Fah 7.50 8/12/2018 EUR 3.02
Forthnet SA 1.00 10/11/2025 EUR 0.15
Barclays Bank PLC 1.88 11/1/2031 USD 66.20
Nationwide Building Soc 0.85 GBP 70.00
Intelsat Connect Financ 12.50 4/1/2022 USD 64.25
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Marfin Investment Group 7.00 7/29/2019 EUR 1.00
Steilmann SE 7.00 9/23/2018 EUR 2.90
Atari SA 7.50 2/17/2020 EUR 0.35
SAG Solarstrom AG 7.50 7/10/2017 EUR 28.50
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Geotech Seismic Service 13.00 10/16/2019 RUB 69.90
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Karlie Group GmbH 5.00 6/25/2021 EUR 3.00
Lloyds Bank PLC 0.75 2/22/2033 USD 56.50
Windreich GmbH 6.50 3/1/2015 EUR 10.88
SeaBird Exploration Fin 6.00 3/3/2018 USD 13.75
Societe Generale SA 0.14 2/28/2033 USD 65.00
Lehman Brothers Treasur 8.25 3/16/2035 EUR 8.63
Deutsche Bank AG/London 3.62 9/30/2029 USD 70.50
Santander Finance Capit 2.00 EUR 25.88
Talvivaara Mining Co PL 9.75 4/4/2017 EUR 0.78
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IVG Immobilien AG 5.54 EUR 0.55
de Volksbank NV 6.63 5/14/2018 EUR 3.31
Steilmann SE 7.00 3/9/2017 EUR 2.90
Deutsche Bank AG/London 1.09 3/15/2033 USD 58.63
PA Resources AB 13.50 3/3/2016 SEK 0.11
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 2.34 4/25/2034 USD 62.11
Gunther Zamek Produktio 7.75 5/15/2017 EUR 1.55
Barclays Bank PLC 2.47 7/24/2028 USD 72.10
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Eidesvik Offshore ASA 5.60 5/22/2018 NOK 68.88
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Dannemora Mineral AB 11.75 3/22/2016 USD 0.90
TradeDoubler AB 6.75 12/20/2018 SEK 47.63
Heta Asset Resolution A 0.43 12/31/2023 EUR 39.25
Banca Monte dei Paschi 4.40 3/14/2024 EUR 8.25
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Barclays Bank PLC 0.96 9/30/2031 USD 67.87
Kommunekredit 0.50 7/30/2027 TRY 30.16
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.25
Alpha Bank AE 2.50 6/20/2022 EUR 67.51
Deutsche Bank AG/London 2.65 8/28/2034 USD 58.00
Afren PLC 11.50 2/1/2016 USD 0.10
Kazkommertsbank JSC via 7.08 USD 68.38
INVEST-DEVELOPMENT PJSC 15.00 4/2/2026 RUB 100.00
Depfa Funding IV LP 5.03 EUR 57.00
Region of Abruzzo Italy 0.17 11/7/2036 EUR 61.04
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
LBI HF 2.25 2/14/2011 CHF 5.88
Finmek International SA 7.00 12/3/2004 EUR 0.13
BLT Finance BV 12.00 2/10/2015 USD 10.50
Autonomous Community of 1.10 9/8/2024 EUR 72.66
Northland Resources AB 15.00 7/15/2019 USD 0.44
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.03
Lehman Brothers Treasur 4.00 2/16/2017 EUR 8.63
Northland Resources AB 4.00 10/15/2020 USD 0.07
UniCredit Bank Austria 0.16 12/27/2031 EUR 68.23
Novo Banco SA 3.00 12/16/2021 EUR 61.13
Kaupthing ehf 5.75 10/4/2011 USD 17.63
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.00
Espirito Santo Financia 5.05 11/15/2025 EUR 0.10
Vnesheconombank 10.90 5/3/2019 RUB 85.00
Lehman Brothers Treasur 5.00 9/22/2014 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Deutsche Bank AG/London 0.40 1/31/2033 USD 58.50
Olympic Ship AS 7.29 9/21/2017 NOK 20.75
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Santander Finance Capit 2.00 USD 45.38
AKB Peresvet ZAO 13.25 4/25/2018 RUB 40.42
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
APP International Finan 11.75 10/1/2005 USD 0.56
UniCredit Bank Austria 0.18 12/31/2031 EUR 71.00
Russian Post FGUP 9.35 9/10/2026 RUB 100.00
KPNQwest NV 8.13 6/1/2009 USD 0.18
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.15
Muehl Product & Service 6.75 3/10/2005 DEM 2.35
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.24
Matalan Finance PLC 8.88 6/1/2020 GBP 72.88
Deutsche Bank AG/London 3.33 3/27/2035 USD 73.95
Agroton Public Ltd 6.00 7/14/2019 USD 14.13
Barclays Bank PLC 2.72 7/28/2034 USD 62.82
Lehman Brothers Treasur 2.88 3/14/2013 CHF 8.63
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
Artea 6.00 8/4/2019 EUR 14.32
Aldesa Financial Servic 7.25 4/1/2021 EUR 68.13
Lehman Brothers Treasur 5.00 2/16/2015 EUR 8.63
Podkarpacki Bank Spoldz 5.81 7/2/2020 PLN 57.00
Heliocentris Energy Sol 4.00 1/16/2019 EUR 45.66
Cattles Ltd 7.13 7/5/2017 GBP 0.20
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.07 12/28/2040 EUR 67.42
Barclays Bank PLC 1.14 3/21/2031 USD 68.90
AKB Peresvet ZAO 13.25 6/22/2017 RUB 45.00
Nuova Banca Popolare de 1.68 9/28/2017 EUR 0.81
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.38
Cooperatieve Rabobank U 0.50 10/29/2027 MXN 38.56
Russian Bank for Small 14.00 3/17/2022 RUB 100.52
Banca Popolare di Vicen 9.50 10/2/2025 EUR 37.63
Deutsche Bank AG 1.73 1/16/2045 EUR 72.82
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 36.14
UkrLandFarming PLC 10.88 3/26/2018 USD 30.00
Lehman Brothers Treasur 5.10 5/8/2017 HKD 9.63
Lloyds Bank PLC 2.73 7/26/2033 USD 69.00
Alpha Bank AE 2.50 6/20/2022 EUR 67.53
Credit Suisse AG/London 8.00 11/29/2019 USD 8.69
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Republic of Italy Gover 0.18 7/31/2045 EUR 71.69
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Montepio Holding SGPS S 5.00 EUR 50.10
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
Aralco Finance SA 10.13 5/7/2020 USD 2.47
Transcapitalbank JSC 13.00 6/6/2018 RUB 70.00
Landesbank Hessen-Thuer 0.13 4/23/2041 EUR 65.43
UniCredit Bank Austria 0.16 10/31/2031 EUR 66.81
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.25
Svensk Exportkredit AB 0.50 4/24/2029 AUD 59.52
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.06
Societe Generale SA 1.60 1/9/2020 GBP 1.08
Virgolino de Oliveira F 10.50 1/28/2018 USD 7.19
Dexia Kommunalbank Deut 5.63 12/31/2017 EUR 13.13
BLT Finance BV 7.50 5/15/2014 USD 1.92
Orient Express Bank PJS 13.60 8/9/2018 RUB 65.50
Tatfondbank PJSC 13.00 9/7/2021 RUB 27.60
Solon SE 1.38 12/6/2012 EUR 0.33
Lehman Brothers Treasur 7.00 5/17/2035 EUR 8.63
German Pellets GmbH 8.00 EUR 0.16
Immigon Portfolioabbau 3.51 4/12/2022 EUR
Municipality Finance PL 0.50 4/26/2022 ZAR 62.11
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.40
Hamburgische Landesbank 0.05 1/22/2041 EUR 61.91
Immigon Portfolioabbau 6.00 3/30/2017 EUR
Transcapitalbank JSC Vi 10.00 9/18/2020 USD 72.50
HSBC Bank PLC 0.50 10/30/2026 NZD 62.34
PA Resources AB 3.00 12/27/2017 NOK 0.11
UniCredit Bank AG 0.41 11/19/2029 EUR 61.63
Cooperatieve Rabobank U 0.50 1/31/2033 MXN 23.25
International Industria 9.00 7/6/2011 EUR 0.32
Activa Resources AG 8.00 11/15/2017 EUR 10.50
SAir Group 0.13 7/7/2005 CHF 13.00
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Tatfondbank PJSC 12.50 12/11/2024 RUB 28.60
Rusfinans Bank OOO 12.10 9/29/2020 RUB 60.46
Banco Comercial Portugu 5.00 EUR 50.00
Finans-Avia OOO 8.25 7/31/2022 RUB 71.87
HPI AG 3.50 EUR 5.01
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
AKB Peresvet ZAO 13.00 10/7/2017 RUB 41.00
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 67.07
Bank Nederlandse Gemeen 0.50 7/12/2022 ZAR 61.30
HSBC Bank PLC 0.50 6/10/2021 BRL 66.91
Kaupthing ehf 9.00 USD 0.13
Lloyds Bank PLC 2.30 7/5/2033 USD 71.00
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 61.00
Anglian Water Services 0.87 1/26/2057 GBP 74.76
Veneto Banca SpA 6.94 5/15/2025 EUR 8.75
WPE International Coope 10.38 9/30/2020 USD 14.75
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Gazprombank JSC 10.90 2/19/2021 RUB 60.06
AKB Peresvet ZAO 13.50 6/23/2021 RUB 29.35
Bank Nederlandse Gemeen 0.50 8/9/2022 MXN 64.24
FPK OAO 9.95 6/4/2026 RUB 61.00
Rena GmbH 7.00 12/15/2015 EUR 8.63
Abengoa SA 6.25 1/17/2019 EUR 2.50
Cooperatieve Rabobank U 0.50 11/30/2027 MXN 38.40
Svensk Exportkredit AB 0.50 6/29/2029 AUD 59.21
Mechel PJSC 8.00 2/9/2021 RUB 60.06
Governo Portugues Conso 2.75 EUR 65.10
LBI HF 7.43 USD 0.00
Petromena ASA 10.85 11/19/2014 USD 0.59
Banco Pastor SAU 2.08 EUR 57.26
Barclays Bank PLC 2.62 12/23/2033 USD 68.53
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.15
Espirito Santo Financia 5.63 7/28/2017 EUR 0.42
Kaupthing ehf 7.50 2/1/2045 USD 0.00
Lehman Brothers Treasur 7.00 11/26/2013 EUR 8.63
Republic of Italy Gover 0.19 7/31/2045 EUR 69.81
UniCredit Bank Austria 0.02 1/25/2031 EUR 68.69
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.75
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.55
Transneft PJSC 9.65 6/30/2023 RUB 100.03
Kommunalbanken AS 0.50 5/27/2022 ZAR 63.05
Northland Resources AB 4.00 10/15/2020 NOK 0.07
Region of Molise Italy 0.18 12/15/2033 EUR 66.28
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
Agentstvo po Ipotechnom 8.05 11/15/2018 RUB 85.00
Sberbank of Russia PJSC 12.27 1/2/2026 RUB 85.00
SAir Group 6.25 4/12/2005 CHF 12.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 64.59
Far East Capital Ltd SA 8.75 5/2/2020 USD 57.10
Bilt Paper BV 9.64 USD 48.75
Rosneft Oil Co PJSC 10.10 1/18/2021 RUB 60.00
WGF Westfaelische Grund 6.35 8/1/2017 EUR 3.63
Barclays Bank PLC 0.50 1/28/2033 MXN 20.02
BNP Paribas SA 0.50 5/6/2021 MXN 71.54
Abengoa SA 5.13 3/5/2017 USD 3.04
Kommunalkredit Austria 0.87 2/24/2026 EUR 74.94
Lloyds Bank PLC 2.72 7/29/2033 USD 67.10
State Transport Leasing 14.30 12/10/2024 RUB 60.00
Russian Railways JSC 9.25 7/11/2028 RUB 98.25
Bank Nederlandse Gemeen 0.50 9/20/2022 MXN 63.62
SNCF Reseau 1.48 3/30/2065 EUR 73.26
RESO-Garantia Insurance 12.00 9/13/2022 RUB 60.08
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.19
Stroika Finance Ltd Via 7.70 6/25/2019 RUB 12.00
Tatfondbank PJSC 13.50 3/21/2025 RUB 26.65
Lehman Brothers Treasur 6.00 3/14/2011 EUR 8.63
NIBC Bank NV 25.98 5/7/2029 EUR 70.47
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Marfin Investment Group 6.30 7/29/2020 EUR 0.30
KTM Industries AG 5.00 EUR 72.38
Immigon Portfolioabbau 1.26 7/29/2018 EUR
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Svensk Exportkredit AB 0.50 8/29/2029 AUD 57.84
Lehman Brothers Treasur 3.03 1/31/2015 EUR 0.65
Lehman Brothers Treasur 6.00 10/30/2012 EUR 0.65
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Salvator Grundbesitz-AG 9.50 EUR 19.60
Rusfinans Bank OOO 10.00 7/31/2026 RUB 100.55
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Lehman Brothers Treasur 5.25 5/26/2026 EUR 0.65
LBI HF 6.10 8/25/2011 USD 8.00
Metalloinvest Holding C 0.01 3/10/2022 RUB 70.00
Russian Post FGUP 9.45 10/18/2019 RUB 61.06
Mechel PJSC 12.75 7/15/2021 RUB 82.01
Lehman Brothers Treasur 8.25 12/3/2015 EUR 8.63
Lehman Brothers Treasur 5.00 3/18/2015 EUR 8.63
Vnesheconombank 11.50 8/20/2020 RUB 85.00
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
Santander Finance Capit 2.00 USD 44.38
Vnesheconombank 2.00 6/18/2021 RUB 73.06
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.15
Finans-Avia OOO 0.01 7/31/2027 RUB 19.90
BLT Finance BV 7.50 5/15/2014 USD 1.92
Lehman Brothers Treasur 4.00 12/2/2012 EUR 0.65
Mechel PJSC 8.00 2/9/2021 RUB 70.00
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.38
Lehman Brothers Treasur 4.00 10/24/2012 EUR 0.65
Lehman Brothers Treasur 4.50 5/2/2017 EUR 8.63
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Barclays Bank PLC 2.24 8/15/2033 USD 62.08
Republic of Italy Gover 0.30 7/31/2035 EUR 71.85
HSBC Bank PLC 0.50 7/21/2021 BRL 66.26
Lehman Brothers Treasur 5.00 2/27/2014 EUR 8.63
Penell GmbH Elektrogros 7.75 6/10/2019 EUR 5.97
Barclays Bank PLC 3.49 3/27/2029 USD 66.63
Lehman Brothers Treasur 1.00 5/9/2012 EUR 0.65
Banco BPI SA 1.78 EUR 58.02
Realwerte GmBh & Co KG 1.20 EUR 43.16
Lehman Brothers Treasur 7.00 6/6/2017 EUR 0.65
Communaute Francaise de 0.50 6/27/2046 EUR 65.54
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.88
Lehman Brothers Treasur 14.90 9/15/2008 EUR 0.65
Lehman Brothers Treasur 6.00 3/18/2015 USD 8.63
Lehman Brothers Treasur 5.55 3/12/2015 EUR 0.65
UniCredit Bank AG 4.00 3/21/2017 EUR 67.40
Cie de Financement Fonc 0.98 8/11/2046 EUR 74.86
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Heta Asset Resolution A 0.27 12/31/2023 EUR 39.25
Abengoa SA 5.13 3/5/2017 USD 3.04
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
EFG International Finan 2.10 3/23/2018 EUR 6.06
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Bank Nederlandse Gemeen 0.50 8/15/2022 ZAR 61.30
Pongs & Zahn AG 8.50 EUR 0.30
Renaissance Credit Comm 11.15 7/30/2018 RUB 87.00
Agentstvo po Ipotechnom 11.50 9/25/2018 RUB 60.00
Rosneft Oil Co PJSC 12.90 12/3/2020 RUB 62.00
OT-Optima Telekom DD 5.25 5/30/2022 HRK 65.00
Promsvyazbank PJSC 11.00 4/19/2021 RUB 90.01
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
SG Option Europe SA 7.00 5/5/2017 EUR 63.82
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 70.16
Barclays Bank PLC 0.50 3/19/2021 MXN 68.07
UniCredit Bank AO 12.35 9/16/2020 RUB 62.62
Hamburgische Landesbank 0.05 10/30/2040 EUR 64.35
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 85.00
City of Siret Romania 2.24 3/1/2028 RON 51.00
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
EFG International Finan 8.99 9/4/2017 EUR 7.27
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Lehman Brothers Treasur 5.00 5/2/2022 EUR 0.65
Metalloinvest Holding C 0.01 3/7/2022 RUB 60.02
MT-Energie GmbH & Co KG 8.25 4/4/2017 EUR 8.15
Lehman Brothers Treasur 1.46 2/19/2012 JPY 8.63
AKB Peresvet ZAO 9.80 9/2/2020 RUB 27.80
Lehman Brothers Treasur 4.00 4/13/2011 CHF 0.65
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
HSBC Bank PLC 0.50 11/25/2025 BRL 43.75
Barclays Bank PLC 4.65 11/28/2029 USD 74.75
AKB Peresvet ZAO 12.75 7/24/2018 RUB 27.93
Bank Nederlandse Gemeen 0.50 6/7/2022 ZAR 62.14
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 63.16
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.25
Lloyds Bank PLC 3.34 10/25/2033 USD 71.50
EFG International Finan 6.00 11/30/2017 EUR 1.90
Bank Julius Baer & Co L 6.70 6/2/2017 USD 67.25
COFIDUR SA 0.10 12/31/2024 EUR 19.01
AKB Peresvet ZAO 13.25 11/6/2020 RUB 27.01
UniCredit Bank Austria 0.06 1/24/2031 EUR 71.23
Tatfondbank PJSC 14.50 2/3/2026 RUB 27.02
Rosneft Oil Co PJSC 8.90 2/6/2024 RUB 60.00
URALSIB Leasing Co OOO 11.50 12/21/2017 RUB 100.00
Barclays Bank PLC 0.50 4/24/2023 MXN 53.53
Astana Finance BV 9.00 11/16/2011 USD 16.88
Barclays Bank PLC 2.57 12/27/2028 USD 74.63
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Treasur 6.00 9/20/2011 EUR 0.65
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Vnesheconombank 9.65 7/10/2018 RUB 85.00
SG Issuer SA 0.78 6/15/2020 SEK 71.57
Araratbank OJSC 7.00 6/18/2019 USD 26.35
Rusfinans Bank OOO 10.10 11/24/2020 RUB 62.02
Fonciere Volta SA 4.50 7/30/2020 EUR 2.60
Kamaz PJSC 10.39 12/5/2030 RUB 73.53
Lehman Brothers Treasur 5.00 5/12/2011 CHF 0.65
Podkarpacki Bank Spoldz 4.99 10/6/2021 PLN 55.11
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
Lehman Brothers Treasur 13.50 6/2/2009 USD 0.65
City of Predeal Romania 1.50 5/15/2026 RON 60.00
ECA 2.50 1/1/2018 EUR 12.44
MegaFon PJSC 9.90 5/29/2026 RUB 62.06
Vnesheconombank 9.75 8/16/2029 RUB 60.00
SAir Group 5.50 7/23/2003 CHF 12.63
Landes-Hypothekenbank S 0.02 9/26/2043 EUR 77.23
Province of Brescia Ita 0.14 6/30/2036 EUR 60.35
Rossiysky Capital OJSC 10.50 1/20/2020 RUB 60.67
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.00
Veneto Banca SpA 1.69 5/15/2019 EUR 39.25
Evrofinansy-Nedvizhimos 11.00 10/23/2020 RUB 100.00
Lehman Brothers Treasur 6.65 8/24/2011 AUD 9.63
Banco Espirito Santo SA 1.24 5/27/2018 EUR 0.40
Russian Post FGUP 2.75 12/6/2023 RUB 67.55
Agentstvo po Ipotechnom 8.90 11/1/2032 RUB 100.05
DekaBank Deutsche Giroz 0.01 6/29/2046 EUR 51.69
Lehman Brothers Treasur 10.00 6/11/2038 JPY 0.65
Notenstein Finance Guer 1.00 9/17/2019 CHF 64.91
Metalloinvest Holding C 0.01 3/7/2022 RUB 100.00
Province of Rovigo Ital 0.06 12/28/2035 EUR 61.08
Oberoesterreichische La 0.32 11/6/2030 EUR 71.75
Municipality Finance PL 0.50 7/30/2029 AUD 66.45
Credit Suisse AG/London 8.00 5/21/2025 USD 9.10
Bank Julius Baer & Co L 7.85 7/28/2017 USD 50.50
JP Morgan Structured Pr 4.05 8/29/2017 EUR 33.02
UBS AG/London 6.25 4/18/2017 CHF 47.30
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Bank Nederlandse Gemeen 0.50 6/22/2021 ZAR 67.65
UniCredit Bank Austria 0.15 1/22/2031 EUR 72.38
Biomed-Lublin Wytwornia 7.29 8/14/2018 PLN 72.00
Araratbank OJSC 7.25 6/27/2018 USD 26.03
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Raiffeisenbank AO 11.35 6/11/2018 RUB 86.00
Lehman Brothers Treasur 0.50 7/2/2020 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 70.90
Araratbank OJSC 8.00 6/10/2018 USD 26.35
Agrokompleks OOO 0.10 12/8/2022 RUB 1.36
BNP Paribas SA 0.50 11/16/2032 MXN 28.91
Center-Invest Commercia 10.00 5/22/2019 RUB 60.01
Moscow United Electric 11.00 9/12/2024 RUB 62.00
Aegon NV 5.19 NLG 72.65
Royal Bank of Scotland 2.65 2/25/2031 USD 66.00
Municipiul Timisoara 0.64 5/15/2026 RON 77.50
EFG International Finan 12.86 10/30/2017 EUR 1.16
Raiffeisen Centrobank A 6.70 3/13/2017 EUR 64.65
Zapsibcombank PAO 14.85 12/12/2019 RUB 90.00
Russian Railways JSC 13.90 5/30/2040 RUB 60.00
SAir Group 4.25 2/2/2007 CHF 13.00
Nuova Banca delle March 7.20 6/30/2018 EUR 1.24
Dresdner Bank AG 0.38 11/19/2029 EUR 64.88
BAWAG PSK Versicherungs 1.06 EUR 44.89
Deutsche Bank AG/London 0.50 10/5/2021 IDR 63.42
Svensk Exportkredit AB 0.50 8/28/2020 TRY 65.16
Lehman Brothers Treasur 4.00 7/20/2012 EUR 0.65
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasur 8.00 3/19/2012 USD 0.65
Svensk Exportkredit AB 0.50 3/28/2029 AUD 68.64
Lehman Brothers Treasur 1.28 11/6/2010 JPY 8.63
Espirito Santo Financia 5.05 11/15/2025 EUR 0.40
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Araratbank OJSC 7.00 12/2/2017 USD 25.78
World of Building Techn 7.70 6/25/2019 RUB 1.16
Podkarpacki Bank Spoldz 5.11 5/28/2023 PLN 53.01
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.03
Kommunalbanken AS 0.50 12/16/2020 TRY 68.68
Deutsche ETP GmbH & Co 3.00 11/30/2028 EUR
Royal Bank of Scotland 2.65 8/26/2031 USD 62.92
Kreditanstalt fuer Wied 0.25 10/6/2036 CAD 40.74
HSBC Bank PLC 0.50 12/29/2026 AUD 61.53
Societe Generale SA 0.50 5/30/2023 MXN 57.68
Svensk Exportkredit AB 0.50 6/20/2029 AUD 67.48
Societe Generale SA 0.53 6/28/2033 USD 71.55
Northland Resources AB 15.00 7/15/2019 USD 0.44
Pierer Industrie AG 5.75 EUR 57.13
Lehman Brothers Treasur 3.86 9/21/2011 SGD 9.63
Gold-Zack AG 7.00 12/14/2005 EUR 12.57
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
Lehman Brothers Treasur 6.30 12/21/2018 USD 0.65
Lehman Brothers Treasur 13.00 2/16/2009 CHF 0.65
Barclays Bank PLC 0.42 4/9/2028 USD 65.10
Lehman Brothers Treasur 2.00 6/28/2011 EUR 0.65
Lehman Brothers Treasur 7.50 10/24/2008 USD 0.65
Societe Generale SA 10.00 7/31/2018 USD 74.98
Nuova Banca delle March 7.75 6/30/2018 EUR 1.24
Leonteq Securities AG 7.00 10/19/2017 CHF 66.10
SAir Group 2.75 7/30/2004 CHF 12.75
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Credit Agricole Corpora 2.00 7/9/2020 BRL 75.05
Lehman Brothers Treasur 5.00 2/28/2032 EUR 0.65
EFG International Finan 7.20 7/29/2020 EUR 42.92
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 62.84
Svensk Exportkredit AB 0.10 11/20/2019 TRY 70.43
OOO SPV Structural Inve 0.01 9/1/2023 RUB 65.75
Lehman Brothers Treasur 8.25 2/3/2016 EUR 0.65
Bank Spoldzielczy w Lim 5.00 5/13/2021 PLN 75.00
Russian Post FGUP 9.50 10/18/2019 RUB 98.89
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
HSBC Bank PLC 0.50 1/29/2027 NZD 61.28
BNP Paribas SA 0.50 7/20/2021 BRL 63.90
Oberoesterreichische La 0.30 4/25/2042 EUR 42.75
Nuova Banca Popolare de 3.50 6/28/2018 EUR 0.78
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.00
Ladya-Finans LLC 12.00 10/29/2021 RUB 60.00
Municipality Finance PL 0.50 5/8/2029 AUD 62.96
Vnesheconombank 8.35 11/24/2020 RUB 85.00
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Lehman Brothers Treasur 12.00 7/13/2037 JPY 0.65
Lehman Brothers Treasur 4.60 7/6/2016 EUR 0.65
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 60.12
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Raiffeisen Versicherung 2.02 EUR 26.82
Steiermaerkische Bank u 1.25 EUR 51.02
HSBC Bank PLC 0.50 12/8/2020 BRL 70.81
Cooperatieve Rabobank U 0.50 12/29/2027 MXN 38.52
Barclays Bank PLC 0.50 3/26/2021 MXN 68.03
BANIF - Banco Internaci 4.50 1/30/2025 EUR 65.50
Cooperatieve Rabobank U 0.50 8/21/2028 MXN 36.24
Torgovyi Dom Spartak-Ka 14.00 5/2/2017 RUB 68.02
UBS AG/London 3.50 3/24/2017 EUR 73.17
Lehman Brothers Treasur 4.35 8/8/2016 SGD 9.63
Bank VTB 24 JSC 9.00 9/15/2044 RUB 60.00
Barclays Bank PLC 4.27 5/14/2029 USD 70.00
Delta Credit Bank JSC 10.29 11/24/2021 RUB 60.06
Credit Agricole Corpora 0.50 3/6/2023 RUB 60.98
Province of Milan Italy 0.03 12/22/2033 EUR 69.18
Rusfinans Bank OOO 11.00 10/2/2019 RUB 64.02
BNP Paribas SA 0.50 2/13/2024 NZD 72.60
Podkarpacki Bank Spoldz 5.79 3/31/2025 PLN 45.00
SAir Group 2.13 11/4/2004 CHF 13.00
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Lehman Brothers Treasur 3.50 9/29/2017 EUR 0.65
Redvans 12.50 12/17/2021 RUB 99.90
Credit Suisse AG/London 10.00 6/28/2017 USD 54.50
URALSIB Leasing Co OOO 11.50 2/6/2018 RUB 0.01
Stroytemp CJSC 9.00 11/13/2019 RUB 92.70
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.00
Indre Sogn Sparebank 5.95 NOK 47.23
Lehman Brothers Treasur 5.50 6/15/2009 CHF 0.65
RGS Nedvizhimost OOO 12.50 6/2/2017 RUB 98.26
Center-Invest Commercia 8.70 11/13/2018 RUB
Vegarshei Sparebank 5.08 NOK 67.60
Lehman Brothers Treasur 5.00 8/1/2025 EUR 0.65
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 0.05
UniCredit Bank AG 4.25 3/27/2020 EUR 68.41
Lehman Brothers Treasur 7.38 9/20/2008 EUR 0.65
Nuova Banca Popolare de 5.00 10/30/2023 EUR 0.78
Transgazservice LLP 10.50 11/8/2019 RUB 1.00
Russian Railways JSC 6.80 5/20/2044 RUB 70.00
HSBC Bank PLC 0.50 4/27/2027 NZD 60.67
Municipality Finance PL 0.50 6/19/2024 ZAR 51.07
HSBC Bank PLC 0.50 6/9/2023 MXN 56.95
City of Alba Iulia Roma 1.50 4/15/2025 RON 68.50
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasur 4.00 7/27/2011 EUR 0.65
Lehman Brothers Treasur 8.00 2/16/2016 EUR 0.65
Absolut Bank PAO 14.50 10/22/2021 RUB 92.68
Absolut Bank PAO 8.55 4/29/2020 RUB 92.83
Lehman Brothers Treasur 0.50 6/2/2020 EUR 0.65
Lehman Brothers Treasur 11.00 7/4/2011 CHF 0.65
Atari SA 0.10 4/1/2020 EUR 3.90
UBS AG/London 6.02 8/15/2017 USD 50.05
LZMO SA 8.50 6/30/2017 PLN 25.00
Lehman Brothers Treasur 8.50 7/6/2009 CHF 0.65
Lehman Brothers Treasur 7.00 4/14/2009 EUR 0.65
Bank Nederlandse Gemeen 0.50 9/20/2022 ZAR 60.70
Societe Generale SA 0.50 4/3/2023 RUB 60.76
Lehman Brothers Treasur 5.00 4/24/2017 EUR 0.65
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Lehman Brothers Treasur 8.28 3/26/2009 USD 0.65
SAir Group 6.25 10/27/2002 CHF 12.58
Raiffeisen-Landesbank T 2.50 9/2/2024 EUR 68.68
Lehman Brothers Treasur 3.40 3/19/2018 JPY 0.65
Lehman Brothers Treasur 7.60 5/21/2013 USD 0.65
LBI HF 8.65 5/1/2011 ISK 5.88
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Bank Julius Baer & Co L 12.15 11/8/2017 CHF 69.25
Lehman Brothers Treasur 5.75 6/15/2009 CHF 0.65
Notenstein La Roche Pri 8.99 7/22/2019 EUR 38.81
UBS AG/London 14.50 5/26/2017 CHF 74.15
SAir Group 5.13 3/1/2003 CHF 13.00
Deutsche Bank AG 5.20 3/21/2017 EUR 75.90
Province of Brescia Ita 0.11 12/22/2036 EUR 59.53
Lehman Brothers Treasur 4.00 11/24/2016 EUR 0.65
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
URALSIB Leasing Co OOO 10.25 3/21/2019 RUB 100.00
Agrokompleks OOO 0.10 7/29/2019 RUB 4.22
Societe Generale SA 0.50 4/4/2024 MXN 52.88
Credit Suisse AG/London 3.00 11/15/2025 ZAR 62.40
Veneto Banca SpA 9.50 12/1/2025 EUR 38.69
Lehman Brothers Treasur 5.00 11/22/2012 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 62.00
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 2.00 11/16/2009 EUR 0.65
LBI HF 5.08 3/1/2013 ISK 5.88
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Credit Suisse AG/Nassau 7.00 3/22/2017 CHF 60.08
First Collection Bureau 15.00 10/15/2021 RUB 99.51
Lehman Brothers Treasur 9.00 6/13/2009 USD 0.65
Lehman Brothers Treasur 6.00 10/24/2008 EUR 0.65
Promnefteservis OOO 10.50 11/21/2019 RUB 1.12
Lehman Brothers Treasur 5.25 11/21/2009 USD 0.65
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Drangedal Sparebank 2.36 NOK 74.47
Municipality Finance PL 0.50 11/25/2020 ZAR 70.68
Lillestroem Sparebank 4.62 NOK 51.51
Deutsche Bank AG/London 1.52 9/2/2036 JPY 65.15
Barclays Bank PLC 0.79 5/10/2028 USD 65.32
Lehman Brothers Treasur 4.69 2/19/2017 EUR 0.65
Nutritek International 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasur 3.00 12/3/2012 EUR 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
UBS AG 8.29 9/21/2017 USD 30.05
Lehman Brothers Treasur 4.20 12/3/2008 HKD 9.63
Blaker Sparebank 4.83 NOK 45.22
Lehman Brothers Treasur 10.00 10/23/2008 USD 0.65
Petromena ASA 9.75 5/24/2016 NOK 0.59
DekaBank Deutsche Giroz 3.40 3/5/2018 EUR 71.37
Bank Julius Baer & Co L 11.85 8/30/2017 CHF 63.55
Leonteq Securities AG/G 29.61 10/26/2017 EUR 28.32
Podkarpacki Bank Spoldz 5.79 2/23/2025 PLN 50.00
Bank Julius Baer & Co L 7.10 3/29/2017 CHF 73.70
Bayerische Landesbank 2.60 10/19/2018 EUR 70.36
Leonteq Securities AG 3.00 10/2/2017 CHF 74.08
Societe Generale SA 1.00 12/22/2017 GBP 1.00
UBS AG/London 20.36 6/6/2017 USD 6.88
Cerruti Finance SA 6.50 7/26/2004 EUR 1.35
Lehman Brothers Treasur 13.50 11/28/2008 USD 0.65
Lehman Brothers Treasur 0.25 10/19/2012 CHF 0.65
Societe Generale SA 8.88 6/1/2017 USD 29.75
Fargo Finance OOO 9.00 2/6/2019 RUB 99.00
Credit Suisse AG/Nassau 5.00 2/20/2017 CHF 73.98
Barclays Bank PLC 0.50 3/13/2023 RUB 61.02
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 6.50 5/16/2015 EUR 0.65
Lehman Brothers Treasur 3.00 8/8/2017 EUR 0.65
Lehman Brothers Treasur 3.00 6/23/2009 EUR 8.63
Lehman Brothers Treasur 2.75 10/28/2009 EUR 0.65
Lehman Brothers Treasur 4.50 3/7/2015 EUR 0.65
Podkarpacki Bank Spoldz 5.80 10/24/2024 PLN 50.00
Redvans 12.50 12/17/2021 RUB 99.90
DekaBank Deutsche Giroz 3.20 1/14/2019 EUR 63.31
DekaBank Deutsche Giroz 2.60 4/21/2017 EUR 62.45
UBS AG/London 11.00 2/24/2017 CHF 53.85
Credit Suisse AG/London 7.00 11/15/2019 USD 8.40
Lehman Brothers Treasur 4.50 3/6/2013 CHF 0.65
BNP Paribas Emissions- 4.00 7/27/2017 EUR 75.38
Natixis Structured Issu 11.70 12/8/2023 EUR 63.01
Nuova Banca delle March 8.00 6/30/2018 EUR 1.24
Royal Bank of Scotland 1.33 10/26/2018 GBP 1.06
Bank J Safra Sarasin AG 5.00 7/27/2017 CHF 82.67
Notenstein La Roche Pri 4.50 10/31/2018 CHF 69.92
SAir Group 2.75 7/30/2004 CHF 12.63
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Landes-Hypothekenbank S 0.10 3/7/2043 EUR 78.12
Hellenic Republic Gover 5.20 7/17/2034 EUR 65.13
BPCE SA 0.71 EUR 62.00
Western High-Speed Diam 10.44 5/13/2031 RUB 85.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Vontobel Financial Prod 4.00 11/9/2017 EUR 69.10
Lehman Brothers Treasur 1.50 10/25/2011 EUR 0.65
Lehman Brothers Treasur 7.59 11/22/2009 MXN 8.63
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treasur 6.00 2/14/2012 EUR 0.65
Lehman Brothers Treasur 6.60 2/22/2012 EUR 0.65
Lehman Brothers Treasur 7.39 5/4/2017 USD 0.65
Lehman Brothers Treasur 2.50 8/23/2012 GBP 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasur 5.38 2/4/2014 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2010 CHF 0.65
City of Alba Iulia Roma 1.50 4/15/2025 RON 72.10
Lehman Brothers Treasur 4.00 3/10/2011 EUR 0.65
Lehman Brothers Treasur 4.60 10/11/2017 ILS 8.63
Lehman Brothers Treasur 2.50 11/9/2011 CHF 0.65
Lehman Brothers Treasur 6.00 10/30/2012 USD 0.65
UBS AG/London 5.75 6/6/2017 CHF 73.15
Zurcher Kantonalbank Fi 5.00 7/27/2017 CHF 71.53
Bank Julius Baer & Co L 4.75 2/13/2017 CHF 71.90
RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00
Municipality Finance PL 0.50 12/15/2020 BRL 71.21
Credit Suisse AG 0.50 12/16/2025 BRL 45.10
HSH Nordbank AG/Luxembo 2.10 EUR 19.53
Intelsat Connect Financ 12.50 4/1/2022 USD 64.29
Polski Bank Spoldzielcz 4.81 6/18/2020 PLN 50.00
Lehman Brothers Treasur 16.00 10/28/2008 USD 0.65
City of Hunedoara Roman 1.43 8/15/2026 RON 78.00
Lehman Brothers Treasur 4.50 12/30/2010 USD 0.65
Lehman Brothers Treasur 7.50 8/1/2035 EUR 0.65
Lehman Brothers Treasur 4.25 3/13/2021 EUR 0.65
Lehman Brothers Treasur 3.70 6/6/2009 EUR 0.65
Lehman Brothers Treasur 5.22 3/1/2024 EUR 0.65
Lehman Brothers Treasur 5.00 12/6/2011 EUR 0.65
UBS AG/London 5.00 8/14/2017 CHF 56.45
EFG International Finan 5.00 8/15/2017 CHF 72.20
Credit Suisse AG/London 7.00 2/20/2017 CHF 71.35
Leonteq Securities AG 3.50 4/10/2018 EUR 62.81
Bayerische Landesbank 3.00 3/9/2018 EUR 63.12
DekaBank Deutsche Giroz 0.12 6/23/2034 EUR 70.25
Exane Finance SA 6.25 12/20/2019 SEK 70.35
Exane Finance SA 5.00 12/20/2019 SEK 64.40
Northland Resources AB 12.25 3/26/2016 USD 0.44
Polski Bank Spoldzielcz 4.81 6/22/2021 PLN 55.00
Societe Generale Effekt 8.81 6/23/2017 EUR 55.55
Societe Generale Effekt 9.62 6/23/2017 EUR 54.33
Societe Generale Effekt 11.68 6/23/2017 EUR 51.08
Credit Suisse AG/London 7.00 5/16/2017 CHF 72.46
Municipality Finance PL 0.50 5/31/2022 ZAR 61.39
Sparebanken Din 2.39 NOK 72.81
HSBC Bank PLC 0.50 12/8/2026 AUD 67.91
HSBC Bank PLC 0.50 2/24/2027 NZD 61.30
Strommen Sparebank 2.36 NOK 41.63
SpareBank 1 Nordvest 3.94 3/11/2099 NOK 72.34
Privatbank CJSC Via UK 10.25 1/23/2018 USD 27.76
Lloyds Bank PLC 0.50 7/26/2028 MXN 41.48
Deutsche Bank AG/London 1.20 8/22/2031 JPY 70.75
HSBC Bank PLC 5.05 5/15/2025 MXN 71.91
Lehman Brothers Treasur 1.75 2/7/2010 EUR 0.65
Lehman Brothers Treasur 7.50 5/2/2017 EUR 0.65
Lehman Brothers Treasur 10.00 8/2/2037 JPY 0.65
Lehman Brothers Treasur 7.50 6/15/2017 USD 0.65
Lehman Brothers Treasur 5.00 8/16/2017 EUR 8.63
SG Issuer SA 5.50 4/10/2021 EUR 68.86
Credit Suisse AG/London 4.00 5/22/2017 CHF 73.29
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.03
Societe Generale SA 0.50 5/22/2024 MXN 52.17
Lehman Brothers Treasur 6.45 2/20/2010 AUD 0.65
Lehman Brothers Treasur 15.00 6/4/2009 CHF 0.65
Lehman Brothers Treasur 0.50 2/16/2009 EUR 0.65
Bank Julius Baer & Co L 6.40 8/23/2017 CHF 78.50
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 70.01
Landesbank Baden-Wuertt 3.40 6/23/2017 EUR 53.61
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 73.93
Union Technologies Info 0.10 1/1/2020 EUR 5.30
BNP Paribas Emissions- 26.00 12/21/2017 EUR 65.11
Barclays Bank PLC 1.64 6/3/2041 USD 71.31
Societe Generale SA 0.50 4/30/2023 RUB 60.17
Lehman Brothers Treasur 15.00 3/30/2011 EUR 0.65
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 67.37
Rem Offshore ASA 5.00 12/8/2024 NOK 25.00
Lehman Brothers Treasur 8.60 7/31/2013 GBP 0.65
Lehman Brothers Treasur 8.28 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.50 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.32 7/31/2013 GBP 0.65
Commerzbank AG 12.00 5/24/2017 EUR 73.91
Lehman Brothers Treasur 9.25 6/20/2012 USD 0.65
Lehman Brothers Treasur 3.00 9/13/2010 JPY 8.63
Lehman Brothers Treasur 7.50 2/14/2010 AUD 0.65
Lehman Brothers Treasur 7.60 1/31/2013 AUD 0.65
Lehman Brothers Treasur 5.50 6/22/2010 USD 8.63
Lehman Brothers Treasur 10.00 10/22/2008 USD 0.65
Lehman Brothers Treasur 6.60 5/23/2012 AUD 0.65
Lehman Brothers Treasur 3.45 5/23/2013 USD 0.65
Lehman Brothers Treasur 5.50 4/23/2014 EUR 0.65
Lehman Brothers Treasur 5.00 2/15/2018 EUR 0.65
Lehman Brothers Treasur 9.00 5/6/2011 CHF 0.65
Lehman Brothers Treasur 16.20 5/14/2009 USD 0.65
Lehman Brothers Treasur 10.60 4/22/2014 MXN 0.65
Lehman Brothers Treasur 16.00 11/9/2008 USD 0.65
Lehman Brothers Treasur 9.75 6/22/2018 USD 0.65
Lehman Brothers Treasur 10.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.60 8/1/2013 EUR 0.65
Lehman Brothers Treasur 10.44 11/22/2008 CHF 0.65
Lehman Brothers Treasur 7.60 3/4/2010 NZD 0.65
Nuova Banca Popolare de 2.19 5/21/2018 EUR 0.81
Lehman Brothers Treasur 17.00 6/2/2009 USD 0.65
Lehman Brothers Treasur 23.30 9/16/2008 USD 0.65
Lehman Brothers Treasur 3.00 6/3/2010 EUR 0.65
Lehman Brothers Treasur 12.40 6/12/2009 USD 0.65
Lehman Brothers Treasur 10.00 6/17/2009 USD 0.65
Lehman Brothers Treasur 11.00 7/4/2011 USD 0.65
Lehman Brothers Treasur 12.00 7/4/2011 EUR 0.65
Lehman Brothers Treasur 5.50 7/8/2013 EUR 0.65
Lehman Brothers Treasur 16.00 12/26/2008 USD 0.65
Lehman Brothers Treasur 13.43 1/8/2009 ILS 0.65
Lehman Brothers Treasur 7.75 1/3/2012 AUD 0.65
Lehman Brothers Treasur 3.10 6/4/2010 USD 0.65
Lehman Brothers Treasur 2.50 8/15/2012 CHF 0.65
Lehman Brothers Treasur 13.15 10/30/2008 USD 0.65
Lehman Brothers Treasur 0.50 8/1/2020 EUR 0.65
Lehman Brothers Treasur 6.00 8/7/2013 EUR 0.65
Lehman Brothers Treasur 6.25 9/5/2011 EUR 0.65
Lehman Brothers Treasur 16.80 8/21/2009 USD 0.65
Lehman Brothers Treasur 14.10 11/12/2008 USD 0.65
Lehman Brothers Treasur 5.25 7/8/2014 EUR 0.65
Lehman Brothers Treasur 4.00 8/11/2010 USD 8.63
Lehman Brothers Treasur 2.30 6/6/2013 USD 0.65
Lehman Brothers Treasur 7.50 5/30/2010 AUD 0.65
Lehman Brothers Treasur 11.00 5/9/2020 USD 0.65
Lehman Brothers Treasur 4.30 6/4/2012 USD 0.65
Lehman Brothers Treasur 4.00 6/5/2011 USD 0.65
Lehman Brothers Treasur 6.70 4/21/2011 USD 0.65
Lehman Brothers Treasur 3.00 9/12/2036 JPY 8.63
Lehman Brothers Treasur 4.68 12/12/2045 EUR 0.65
Lehman Brothers Treasur 13.00 12/14/2012 USD 0.65
Lehman Brothers Treasur 4.82 12/18/2036 EUR 0.65
Lehman Brothers Treasur 5.25 4/1/2023 EUR 0.65
Lehman Brothers Treasur 7.25 6/20/2010 USD 0.65
Lehman Brothers Treasur 7.00 9/20/2011 USD 0.65
Oravita City Council 1.97 6/15/2027 RON 70.90
Lehman Brothers Treasur 4.10 8/23/2010 USD 0.65
Lehman Brothers Treasur 5.12 4/30/2027 EUR 0.65
Lehman Brothers Treasur 7.75 2/21/2016 EUR 0.65
Lehman Brothers Treasur 8.00 12/27/2032 JPY 0.65
Lehman Brothers Treasur 1.50 2/8/2012 CHF 0.65
Lehman Brothers Treasur 0.01 9/20/2011 USD 0.65
Lehman Brothers Treasur 7.00 7/11/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 4.90 7/28/2020 EUR 0.65
Lehman Brothers Treasur 4.15 8/25/2020 EUR 0.65
Lehman Brothers Treasur 6.00 12/6/2016 USD 0.65
Lehman Brothers Treasur 5.00 9/1/2011 EUR 0.65
Lehman Brothers Treasur 3.00 8/15/2017 EUR 0.65
Lehman Brothers Treasur 3.50 9/19/2017 EUR 0.65
Lehman Brothers Treasur 10.00 1/4/2010 USD 0.65
Lehman Brothers Treasur 6.00 3/17/2011 EUR 0.65
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 8.00 4/20/2009 EUR 0.65
Lehman Brothers Treasur 2.30 4/28/2014 JPY 0.65
Lehman Brothers Treasur 4.00 2/28/2010 EUR 0.65
Lehman Brothers Treasur 4.10 5/20/2009 USD 0.65
Lehman Brothers Treasur 2.00 5/17/2010 EUR 0.65
Lehman Brothers Treasur 3.82 10/20/2009 USD 0.65
Lehman Brothers Treasur 3.63 3/2/2012 EUR 0.65
Lehman Brothers Treasur 0.75 3/29/2012 EUR 0.65
Lehman Brothers Treasur 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Lehman Brothers Treasur 5.00 3/13/2009 EUR 0.65
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasur 2.30 6/27/2013 USD 0.65
Lehman Brothers Treasur 2.37 7/15/2013 USD 0.65
Lehman Brothers Treasur 4.87 10/8/2013 USD 0.65
Lehman Brothers Treasur 1.95 11/4/2013 EUR 0.65
Leonteq Securities AG 20.00 10/25/2017 CHF 72.12
Bank Julius Baer & Co L 10.90 7/26/2017 CHF 70.60
Commerzbank AG 4.00 7/19/2017 EUR 65.23
UBS AG/London 14.50 7/20/2017 USD 65.95
Goldman Sachs & Co Wert 24.00 4/26/2017 EUR 72.91
Goldman Sachs & Co Wert 24.00 6/21/2017 EUR 72.34
Goldman Sachs & Co Wert 22.00 7/26/2017 EUR 73.76
Goldman Sachs & Co Wert 21.00 8/23/2017 EUR 74.89
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 68.33
Vontobel Financial Prod 16.60 3/10/2017 EUR 70.87
Vontobel Financial Prod 14.90 6/9/2017 EUR 71.67
DekaBank Deutsche Giroz 3.40 4/9/2018 EUR 66.77
Landesbank Baden-Wuertt 3.60 6/23/2017 EUR 72.32
DekaBank Deutsche Giroz 3.15 5/18/2018 EUR 49.04
DekaBank Deutsche Giroz 3.65 5/18/2018 EUR 74.21
Notenstein La Roche Pri 6.50 7/2/2018 USD 61.06
UBS AG 9.00 7/3/2017 CHF 75.47
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.59
HSBC Trinkaus & Burkhar 16.10 3/24/2017 EUR 49.47
HSBC Trinkaus & Burkhar 8.20 3/24/2017 EUR 65.76
DZ Bank AG Deutsche Zen 7.00 3/24/2017 EUR 60.78
DZ Bank AG Deutsche Zen 7.50 3/24/2017 EUR 65.34
UBS AG 9.50 12/22/2017 EUR 56.25
UBS AG 7.00 12/22/2017 EUR 73.39
UBS AG 5.25 12/22/2017 EUR 69.71
UBS AG 8.25 12/22/2017 EUR 65.68
UBS AG 11.75 12/22/2017 EUR 51.74
UBS AG 7.75 12/22/2017 EUR 72.42
UBS AG 7.00 12/22/2017 EUR 64.01
UBS AG 10.25 12/22/2017 EUR 61.80
UBS AG 10.25 12/22/2017 EUR 50.43
UBS AG 5.00 12/22/2017 EUR 73.61
UBS AG 8.50 12/22/2017 EUR 54.67
UBS AG 11.75 12/22/2017 EUR 46.57
UBS AG 8.00 12/22/2017 EUR 61.15
UBS AG 8.75 12/22/2017 EUR 58.51
UBS AG 5.50 12/22/2017 EUR 71.80
UBS AG 10.25 12/22/2017 EUR 54.31
UBS AG 11.75 12/22/2017 EUR 51.20
UBS AG 7.50 12/22/2017 EUR 58.66
UBS AG 13.00 12/22/2017 EUR 73.89
UBS AG 6.75 12/22/2017 EUR 62.31
UBS AG 9.50 12/22/2017 EUR 59.82
UBS AG 5.75 12/22/2017 EUR 66.42
UBS AG 7.75 12/22/2017 EUR 47.36
UBS AG 8.25 12/22/2017 EUR 56.78
UBS AG 10.50 12/22/2017 EUR 55.13
UBS AG 4.75 12/22/2017 EUR 59.45
UBS AG 5.00 12/22/2017 EUR 71.27
UBS AG 6.25 12/22/2017 EUR 61.71
UBS AG 8.25 12/22/2017 EUR 41.95
UBS AG 4.50 12/22/2017 EUR 74.00
UBS AG 10.50 12/22/2017 EUR 49.99
UBS AG 9.50 12/22/2017 EUR 55.36
UBS AG 6.50 12/22/2017 EUR 72.67
UBS AG 6.50 12/22/2017 EUR 61.91
Leonteq Securities AG/G 5.75 3/17/2017 CHF 66.46
UniCredit Bank AG 4.30 10/17/2018 EUR 76.16
Landesbank Baden-Wuertt 3.30 6/22/2018 EUR 73.88
UniCredit Bank AG 4.30 12/22/2017 EUR 76.13
DekaBank Deutsche Giroz 3.30 2/26/2018 EUR 62.46
DekaBank Deutsche Giroz 3.10 2/26/2018 EUR 72.66
UniCredit Bank AG 4.30 10/29/2018 EUR 68.28
DekaBank Deutsche Giroz 3.45 6/1/2018 EUR 62.91
UBS AG 4.50 12/22/2017 EUR 65.12
UBS AG 5.00 12/22/2017 EUR 73.38
UBS AG 4.75 12/22/2017 EUR 58.99
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 67.77
UniCredit Bank AG 4.10 9/28/2018 EUR 65.37
Commerzbank AG 13.75 2/23/2017 EUR 74.12
Commerzbank AG 17.25 2/23/2017 EUR 71.72
Zurcher Kantonalbank Fi 6.00 5/17/2017 CHF 71.17
DZ Bank AG Deutsche Zen 8.00 9/22/2017 EUR 74.25
UBS AG/London 6.50 1/25/2018 CHF 68.38
Redvans 12.50 12/17/2021 RUB 99.95
Zurcher Kantonalbank Fi 7.75 3/17/2017 CHF 66.94
Leonteq Securities AG 11.00 3/14/2017 CHF 75.42
Bank Julius Baer & Co L 7.60 3/8/2017 CHF 67.75
UBS AG/London 10.00 3/16/2017 CHF 20.40
Landesbank Baden-Wuertt 3.85 8/25/2017 EUR 73.33
Barclays Bank PLC 2.50 3/7/2017 EUR 54.77
Commerzbank AG 20.00 5/28/2018 SEK 61.96
Societe Generale Effekt 4.00 6/26/2017 EUR 49.92
UniCredit Bank AG 4.00 6/26/2018 EUR 71.40
UniCredit Bank AG 4.60 6/30/2017 EUR 62.83
UBS AG/London 7.00 12/22/2017 EUR 72.64
UBS AG/London 4.00 12/22/2017 EUR 67.90
UBS AG/London 9.50 12/22/2017 EUR 68.82
UBS AG/London 9.00 12/22/2017 EUR 66.68
UBS AG/London 5.00 12/22/2017 EUR 64.24
UBS AG/London 6.25 12/22/2017 EUR 76.33
UBS AG/London 7.75 12/22/2017 EUR 42.61
UBS AG/London 14.50 12/22/2017 EUR 74.40
UniCredit Bank AG 4.25 9/12/2017 EUR 61.47
Notenstein La Roche Pri 5.00 8/29/2018 CHF 70.31
Leonteq Securities AG/G 4.40 8/28/2017 CHF 67.67
Notenstein La Roche Pri 5.04 8/28/2017 CHF 75.42
Notenstein La Roche Pri 5.00 9/5/2018 CHF 73.09
Leonteq Securities AG/G 5.99 9/11/2017 EUR 46.72
DZ Bank AG Deutsche Zen 5.60 3/30/2017 EUR 38.57
Bank Julius Baer & Co L 5.20 9/25/2017 EUR 74.30
UniCredit Bank AG 4.00 10/14/2019 EUR 54.22
Deutsche Bank AG 5.20 6/20/2017 EUR 76.70
Goldman Sachs & Co Wert 18.00 3/22/2017 EUR 72.01
Deutsche Bank AG 5.20 7/26/2017 EUR 74.00
Zurcher Kantonalbank Fi 4.75 12/11/2017 CHF 62.17
Goldman Sachs & Co Wert 23.00 5/24/2017 EUR 73.59
Barclays Bank PLC 7.50 4/17/2017 USD
Landesbank Baden-Wuertt 3.25 1/26/2018 EUR 71.54
Landesbank Hessen-Thuer 4.00 1/16/2018 EUR 68.91
EFG International Finan 6.48 5/29/2018 EUR 9.26
Leonteq Securities AG/G 5.00 12/27/2019 EUR 70.30
Landesbank Baden-Wuertt 3.00 2/23/2018 EUR 71.35
Landesbank Baden-Wuertt 3.55 6/23/2017 EUR 70.73
Landesbank Baden-Wuertt 3.15 6/22/2018 EUR 72.39
Erste Group Bank AG 9.25 6/29/2017 EUR 56.75
Credit Suisse AG/London 8.95 6/6/2017 USD 66.61
Vontobel Financial Prod 3.00 6/13/2017 EUR 59.75
Kerdos Group SA 8.00 12/15/2017 PLN
Uginvestgerion OOO 12.10 4/1/2020 RUB 100.00
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Syntagma OOO 16.50 5/10/2022 RUB 0.01
Lehman Brothers Treasur 6.00 6/21/2011 EUR 0.65
Lehman Brothers Treasur 2.00 6/21/2011 EUR 0.65
Bank Julius Baer & Co L 5.00 8/21/2017 CHF 73.45
Notenstein La Roche Pri 6.40 8/14/2017 CHF 75.57
Zurcher Kantonalbank Fi 8.00 3/3/2017 CHF 62.20
Notenstein La Roche Pri 5.30 8/21/2017 CHF 75.61
UBS AG/London 5.00 8/13/2018 CHF 74.95
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.11
Leonteq Securities AG 6.77 8/17/2017 CHF 58.41
Deutsche Bank AG 7.20 3/21/2017 EUR 75.10
Deutsche Bank AG 5.20 3/21/2017 EUR 74.90
Deutsche Bank AG 5.20 3/21/2017 EUR 73.10
Deutsche Bank AG 7.20 3/21/2017 EUR 73.30
Deutsche Bank AG 5.20 3/21/2017 EUR 70.40
Deutsche Bank AG 7.20 3/21/2017 EUR 70.70
Deutsche Bank AG 7.20 3/21/2017 EUR 68.20
Deutsche Bank AG 5.20 3/21/2017 EUR 67.90
Deutsche Bank AG 7.20 3/21/2017 EUR 65.90
Deutsche Bank AG 5.20 3/21/2017 EUR 65.60
Deutsche Bank AG 5.20 3/21/2017 EUR 63.40
Deutsche Bank AG 7.20 3/21/2017 EUR 63.70
Deutsche Bank AG 5.20 3/21/2017 EUR 69.70
Deutsche Bank AG 5.20 3/21/2017 EUR 72.30
Deutsche Bank AG 7.20 3/21/2017 EUR 72.50
Deutsche Bank AG 7.20 3/21/2017 EUR 68.60
Deutsche Bank AG 5.20 3/21/2017 EUR 68.30
Deutsche Bank AG 5.20 3/21/2017 EUR 64.70
Deutsche Bank AG 7.20 3/21/2017 EUR 65.00
Notenstein La Roche Pri 5.02 2/20/2017 CHF 73.40
Leonteq Securities AG 5.40 8/28/2017 CHF 60.77
Leonteq Securities AG 5.80 8/24/2017 CHF 73.63
Credit Suisse AG/Nassau 7.90 2/27/2017 CHF 72.51
Leonteq Securities AG 5.00 9/4/2018 CHF 60.89
Leonteq Securities AG 5.60 9/4/2017 CHF 62.16
Banque Cantonale Vaudoi 5.36 8/25/2017 CHF 74.26
UniCredit Bank AG 3.95 10/7/2019 EUR 62.09
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 69.54
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.12
Banque Cantonale Vaudoi 3.90 2/5/2018 CHF 0.80
DZ Bank AG Deutsche Zen 8.50 2/24/2017 EUR 75.70
HSBC Trinkaus & Burkhar 13.30 3/24/2017 EUR 72.05
HSBC Trinkaus & Burkhar 11.80 3/24/2017 EUR 71.27
Bank Julius Baer & Co L 10.25 5/17/2017 CHF 55.90
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 60.63
Deutsche Bank AG 3.20 11/22/2017 EUR 73.40
DekaBank Deutsche Giroz 3.10 8/4/2017 EUR 61.78
HSBC Trinkaus & Burkhar 10.50 3/24/2017 EUR 71.01
HSBC Trinkaus & Burkhar 9.40 3/24/2017 EUR 73.51
HSBC Trinkaus & Burkhar 14.60 3/24/2017 EUR 52.70
HSBC Trinkaus & Burkhar 7.30 3/24/2017 EUR 72.00
DekaBank Deutsche Giroz 2.75 6/24/2019 EUR 74.64
UBS AG/London 6.50 3/23/2017 CHF 74.95
Credit Suisse AG/Nassau 7.25 3/8/2017 CHF 61.90
Leonteq Securities AG 5.60 9/11/2017 CHF 61.49
HSBC Trinkaus & Burkhar 7.50 3/24/2017 EUR 76.20
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 74.62
UBS AG/London 9.50 9/4/2017 CHF 20.50
DekaBank Deutsche Giroz 2.75 6/28/2019 EUR 69.56
Goldman Sachs & Co Wert 9.00 9/20/2017 EUR 76.72
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 69.98
Goldman Sachs & Co Wert 15.00 6/21/2017 EUR 73.50
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 73.44
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 64.42
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 75.79
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 67.89
Goldman Sachs & Co Wert 10.00 9/20/2017 EUR 75.27
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 72.07
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 69.11
Goldman Sachs & Co Wert 14.00 9/20/2017 EUR 74.20
BNP Paribas Emissions- 3.00 10/12/2018 EUR 75.27
Bank Julius Baer & Co L 7.45 3/28/2017 CHF 54.00
DZ Bank AG Deutsche Zen 15.75 2/24/2017 EUR 60.96
Zurcher Kantonalbank Fi 7.50 11/27/2017 CHF 77.29
Goldman Sachs & Co Wert 22.00 2/22/2017 EUR 72.92
Bank Julius Baer & Co L 9.40 2/9/2017 CHF 29.05
Societe Generale Effekt 12.00 3/24/2017 EUR 73.47
Societe Generale Effekt 14.99 3/24/2017 EUR 68.48
Societe Generale Effekt 15.64 6/23/2017 EUR 71.54
Societe Generale SA 7.00 10/20/2020 USD 10.70
Vontobel Financial Prod 8.50 3/24/2017 EUR 73.40
Commerzbank AG 5.00 6/21/2017 EUR 75.57
HSBC Trinkaus & Burkhar 7.70 3/24/2017 EUR 74.72
Goldman Sachs & Co Wert 21.00 6/21/2017 EUR 73.67
Zurcher Kantonalbank Fi 13.04 4/13/2017 CHF 53.83
DekaBank Deutsche Giroz 3.05 2/25/2019 EUR 75.14
Vontobel Financial Prod 5.35 3/3/2017 EUR 64.82
Vontobel Financial Prod 5.40 3/3/2017 EUR 73.46
Landesbank Hessen-Thuer 4.00 4/8/2019 EUR 70.65
Leonteq Securities AG 5.25 3/19/2018 CHF 74.43
Notenstein La Roche Pri 6.50 3/13/2017 EUR 52.51
Notenstein La Roche Pri 5.80 3/13/2017 CHF 73.89
Leonteq Securities AG 7.00 3/13/2017 CHF 75.02
UniCredit Bank AG 4.60 7/2/2018 EUR 67.96
Leonteq Securities AG 2.75 3/20/2018 CHF 74.71
Raiffeisen Centrobank A 6.88 3/30/2017 EUR 63.46
Notenstein La Roche Pri 5.20 3/20/2017 CHF 75.15
Notenstein La Roche Pri 5.00 3/20/2017 CHF 73.19
Leonteq Securities AG 7.00 9/20/2017 CHF 67.53
Commerzbank AG 5.80 10/8/2017 EUR 72.03
DZ Bank AG Deutsche Zen 5.60 9/8/2017 EUR 73.41
Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 71.41
DekaBank Deutsche Giroz 3.75 3/10/2017 EUR 50.08
UBS AG/London 5.00 3/20/2017 CHF 73.10
Notenstein La Roche Pri 4.50 3/27/2018 EUR 62.60
Notenstein La Roche Pri 5.50 3/27/2017 CHF 73.46
Landesbank Hessen-Thuer 5.00 4/24/2019 EUR 65.91
Bank Julius Baer & Co L 4.90 4/3/2017 CHF 73.95
UBS AG/London 5.50 3/27/2017 CHF 72.25
Vontobel Financial Prod 3.50 4/6/2017 EUR 71.36
DekaBank Deutsche Giroz 3.25 5/18/2018 EUR 74.24
Notenstein La Roche Pri 4.20 4/10/2018 EUR 64.79
Notenstein Finance Guer 9.00 4/1/2019 EUR 30.81
Notenstein Finance Guer 2.95 4/7/2017 CHF 74.71
Bayerische Landesbank 2.70 7/6/2018 EUR 72.82
Bayerische Landesbank 2.70 7/6/2018 EUR 72.86
Notenstein La Roche Pri 5.70 4/20/2017 CHF 72.32
Notenstein La Roche Pri 4.80 4/20/2017 CHF 70.52
Zurcher Kantonalbank Fi 6.50 4/10/2018 CHF 67.33
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 72.03
Notenstein La Roche Pri 5.80 4/27/2017 CHF 75.34
Leonteq Securities AG 7.20 4/24/2017 EUR 63.05
Notenstein La Roche Pri 5.00 1/14/2019 CHF 74.46
DekaBank Deutsche Giroz 3.00 12/17/2018 EUR 50.04
Vontobel Financial Prod 5.00 2/13/2017 EUR 67.28
UniCredit Bank AG 3.75 9/7/2020 EUR 74.86
Vontobel Financial Prod 6.20 2/4/2019 EUR 73.98
Leonteq Securities AG 6.00 2/20/2017 CHF 51.72
Commerzbank AG 5.24 2/16/2017 EUR 69.22
Leonteq Securities AG 7.20 3/6/2017 CHF 66.18
Leonteq Securities AG 6.40 3/6/2017 CHF 74.78
Leonteq Securities AG 7.80 2/27/2017 EUR 65.96
Notenstein La Roche Pri 5.00 2/27/2019 CHF 72.53
Notenstein La Roche Pri 5.70 2/27/2019 CHF 70.89
DekaBank Deutsche Giroz 2.40 2/17/2017 EUR 67.84
UniCredit Bank AG 5.00 6/25/2019 EUR 68.13
Bayerische Landesbank 2.60 3/29/2018 EUR 76.29
EFG International Finan 7.20 2/25/2019 EUR 22.61
Notenstein La Roche Pri 5.00 3/6/2017 CHF 75.30
UniCredit Bank AG 3.75 10/2/2020 EUR 72.42
Landesbank Baden-Wuertt 3.00 8/24/2018 EUR 64.92
Landesbank Baden-Wuertt 3.40 6/22/2018 EUR 56.85
Landesbank Baden-Wuertt 2.70 7/27/2018 EUR 72.96
Landesbank Baden-Wuertt 3.40 8/24/2018 EUR 69.49
Landesbank Baden-Wuertt 4.20 6/23/2017 EUR 64.18
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 73.72
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 68.89
Landesbank Baden-Wuertt 4.00 10/27/2017 EUR 73.09
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 57.45
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 70.17
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 54.67
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 71.45
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 64.88
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 67.41
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 60.54
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 63.85
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 56.83
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 72.45
Landesbank Baden-Wuertt 5.00 2/24/2017 EUR 71.89
Landesbank Baden-Wuertt 4.60 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 3.25 7/28/2017 EUR 74.52
Landesbank Baden-Wuertt 3.90 7/28/2017 EUR 49.80
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 74.31
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 70.18
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 69.49
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 65.25
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 61.72
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.03
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 66.64
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 63.72
Landesbank Baden-Wuertt 2.50 3/24/2017 EUR 56.55
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 52.68
Landesbank Baden-Wuertt 4.50 3/24/2017 EUR 72.82
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.31
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 63.76
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 59.96
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 56.80
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 53.97
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 72.19
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 67.70
Landesbank Baden-Wuertt 5.50 3/24/2017 EUR 62.55
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 43.74
Landesbank Baden-Wuertt 3.75 9/22/2017 EUR 42.49
Landesbank Baden-Wuertt 3.90 9/22/2017 EUR 41.53
Landesbank Baden-Wuertt 3.20 9/22/2017 EUR 69.51
Landesbank Baden-Wuertt 3.00 6/22/2018 EUR 58.59
Landesbank Baden-Wuertt 3.50 11/24/2017 EUR 58.29
Landesbank Baden-Wuertt 3.85 10/27/2017 EUR 46.43
Landesbank Baden-Wuertt 3.00 11/24/2017 EUR 55.37
Landesbank Baden-Wuertt 3.40 11/24/2017 EUR 44.87
Landesbank Baden-Wuertt 3.45 3/22/2019 EUR 64.56
Landesbank Baden-Wuertt 4.50 3/23/2018 EUR 55.47
Landesbank Baden-Wuertt 3.00 6/28/2019 EUR 71.75
Landesbank Baden-Wuertt 2.50 6/28/2019 EUR 73.47
Landesbank Baden-Wuertt 3.50 6/22/2018 EUR 71.34
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 42.18
Landesbank Baden-Wuertt 3.00 9/28/2018 EUR 49.68
Landesbank Baden-Wuertt 3.75 10/27/2017 EUR 47.03
Landesbank Baden-Wuertt 3.00 1/4/2019 EUR 55.83
Notenstein La Roche Pri 5.40 4/21/2017 CHF 71.56
UBS AG/London 5.00 4/22/2017 CHF 71.50
Leonteq Securities AG 5.00 5/7/2019 CHF 68.88
Leonteq Securities AG 6.00 5/5/2017 CHF 72.01
Notenstein La Roche Pri 5.60 5/4/2017 CHF 73.37
Banque Cantonale Vaudoi 5.35 4/24/2017 CHF 75.38
Landesbank Baden-Wuertt 3.25 8/25/2017 EUR 74.07
Bayerische Landesbank 3.20 7/27/2018 EUR 74.65
Leonteq Securities AG 7.80 5/5/2017 CHF 72.38
Commerzbank AG 7.24 4/27/2017 EUR 60.24
Leonteq Securities AG 8.00 4/24/2017 USD 61.33
DekaBank Deutsche Giroz 3.25 4/20/2018 EUR 66.47
Leonteq Securities AG 6.00 5/4/2017 CHF 71.67
Bank Julius Baer & Co L 6.00 5/2/2017 CHF 70.55
Notenstein La Roche Pri 4.00 5/8/2018 CHF 65.79
Notenstein La Roche Pri 5.50 5/8/2017 CHF 75.60
Zurcher Kantonalbank Fi 7.00 11/3/2017 CHF 71.75
Loan Portfolio Securiti 8.50 12/14/2018 USD 32.21
UBS AG/London 15.50 11/30/2017 CHF 74.25
Leonteq Securities AG 10.20 10/24/2018 EUR 72.19
Bank Julius Baer & Co L 5.40 12/20/2017 CHF 69.50
Notenstein La Roche Pri 4.80 11/14/2018 CHF 74.95
Notenstein La Roche Pri 3.00 9/22/2020 CHF 70.39
Credit Suisse AG/London 9.50 11/15/2019 USD 5.23
EFG International Finan 7.00 11/27/2019 EUR 22.62
Goldman Sachs Internati 1.00 12/5/2017 SEK 14.29
Leonteq Securities AG 3.00 9/19/2019 CHF 59.40
DekaBank Deutsche Giroz 7.15 10/27/2017 EUR 49.18
Lehman Brothers Treasur 7.50 9/13/2009 CHF 0.65
Lehman Brothers Treasur 5.10 6/22/2046 EUR 0.65
Lehman Brothers Treasur 6.50 7/24/2026 EUR 0.65
Lehman Brothers Treasur 4.50 8/2/2009 USD 0.65
Lehman Brothers Treasur 4.00 4/24/2009 USD 0.65
Lehman Brothers Treasur 9.00 3/17/2009 GBP 0.65
Lehman Brothers Treasur 7.00 11/28/2008 CHF 0.65
Lehman Brothers Treasur 3.85 4/24/2009 USD 0.65
Lehman Brothers Treasur 7.25 10/6/2008 EUR 0.65
Lehman Brothers Treasur 10.50 8/9/2010 EUR 0.65
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.50 7/24/2014 EUR 0.65
Lehman Brothers Treasur 10.00 3/27/2009 USD 0.65
Lehman Brothers Treasur 5.00 10/24/2008 CHF 0.65
Lehman Brothers Treasur 7.75 1/30/2009 EUR 0.65
Commerzbank AG 8.00 7/14/2021 USD
Polski Bank Spoldzielcz 5.29 9/14/2027 PLN 44.00
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 73.81
Vontobel Financial Prod 3.00 5/26/2017 CHF 72.69
Credit Suisse AG/London 7.80 7/16/2025 USD 9.23
Landesbank Baden-Wuertt 2.90 7/27/2018 EUR 75.13
Landesbank Hessen-Thuer 4.00 5/16/2018 EUR 76.65
DZ Bank AG Deutsche Zen 6.00 3/24/2017 EUR 71.78
Notenstein La Roche Pri 4.80 1/24/2018 CHF 73.94
Credit Suisse AG/London 7.80 7/31/2020 USD 9.33
Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 72.60
Bayerische Landesbank 2.60 8/24/2018 EUR 72.46
Leonteq Securities AG 7.00 7/31/2017 CHF 74.52
Bank Julius Baer & Co L 6.00 7/24/2017 CHF 69.10
UBS AG/London 7.00 7/17/2017 CHF 59.05
Notenstein La Roche Pri 4.00 7/24/2019 CHF 69.39
Notenstein La Roche Pri 6.70 7/24/2017 EUR 72.65
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 75.08
Notenstein La Roche Pri 4.20 7/17/2019 CHF 73.12
Vontobel Financial Prod 4.65 7/24/2017 EUR 72.60
Notenstein La Roche Pri 6.00 7/17/2017 CHF 75.13
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.24
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 71.60
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 67.02
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.39
DekaBank Deutsche Giroz 2.60 6/15/2018 EUR 73.99
Bank Julius Baer & Co L 11.30 6/7/2017 CHF 60.40
DZ Bank AG Deutsche Zen 11.50 6/23/2017 EUR 57.20
Notenstein La Roche Pri 9.68 6/15/2017 CHF 72.39
UBS AG/London 9.75 3/24/2017 EUR 53.04
UBS AG/London 7.50 3/24/2017 EUR 75.02
UBS AG/London 9.50 3/24/2017 EUR 76.18
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 76.00
Leonteq Securities AG 8.80 6/21/2017 CHF 74.89
SG Issuer SA 5.05 4/10/2025 EUR 55.56
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 66.70
Leonteq Securities AG/G 16.20 11/30/2017 USD 72.17
Zurcher Kantonalbank Fi 10.00 8/18/2017 CHF 70.53
BNP Paribas Emissions- 22.00 6/22/2017 EUR 73.24
BNP Paribas Emissions- 16.00 6/22/2017 EUR 74.15
BNP Paribas Emissions- 19.00 3/23/2017 EUR 71.57
Lehman Brothers Treasur 8.05 12/20/2010 HKD 0.65
Lehman Brothers Treasur 6.72 12/29/2008 EUR 0.65
Lehman Brothers Treasur 7.63 7/22/2011 HKD 0.65
Lehman Brothers Treasur 6.60 2/9/2009 EUR 0.65
Lehman Brothers Treasur 7.06 12/29/2008 EUR 0.65
Royal Bank of Scotland 6.20 9/7/2018 GBP
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.87
Deutsche Bank AG 7.20 3/21/2017 EUR 76.20
Vontobel Financial Prod 8.65 3/10/2017 EUR 67.91
Norddeutsche Landesbank 3.00 10/30/2018 EUR 71.56
UBS AG/London 3.81 10/28/2017 USD 69.30
Notenstein La Roche Pri 7.70 5/9/2017 CHF 45.58
Landesbank Baden-Wuertt 4.00 4/28/2017 EUR 70.81
Leonteq Securities AG 7.00 11/6/2017 CHF 47.21
Leonteq Securities AG 16.40 2/6/2017 CHF 42.96
Landesbank Baden-Wuertt 3.00 4/28/2017 EUR 73.53
Leonteq Securities AG 10.00 2/6/2017 CHF 65.90
SG Issuer SA 6.65 10/10/2021 EUR 64.31
Vontobel Financial Prod 11.75 6/9/2017 EUR 76.05
DZ Bank AG Deutsche Zen 9.25 7/28/2017 EUR 59.60
Commerzbank AG 12.25 6/22/2017 EUR 77.61
Commerzbank AG 16.00 6/22/2017 EUR 72.27
HSBC Trinkaus & Burkhar 15.20 6/23/2017 EUR 69.52
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 74.27
SG Issuer SA 0.80 11/30/2020 SEK 70.24
Notenstein La Roche Pri 6.50 7/11/2017 CHF 60.64
Notenstein La Roche Pri 6.00 7/11/2017 CHF 70.39
EFG International Finan 7.35 12/28/2017 CHF 65.19
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 70.73
Vontobel Financial Prod 12.50 3/24/2017 EUR 70.86
DZ Bank AG Deutsche Zen 8.00 3/24/2017 EUR 63.91
BNP Paribas Emissions- 28.00 3/23/2017 EUR 68.43
BNP Paribas Emissions- 27.00 12/21/2017 EUR 69.03
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 75.09
Goldman Sachs & Co Wert 19.00 2/22/2017 EUR 73.13
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 71.83
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 68.76
BNP Paribas Emissions- 27.00 12/21/2017 EUR 74.25
BNP Paribas Emissions- 26.00 12/21/2017 EUR 71.76
BNP Paribas Emissions- 26.00 12/21/2017 EUR 73.53
BNP Paribas Emissions- 29.00 6/22/2017 EUR 68.56
BNP Paribas Emissions- 23.00 12/21/2017 EUR 74.67
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.22
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 70.02
BNP Paribas Emissions- 28.00 6/22/2017 EUR 69.24
BNP Paribas Emissions- 26.00 12/21/2017 EUR 70.45
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.52
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.34
BNP Paribas Emissions- 28.00 12/21/2017 EUR 66.67
BNP Paribas Emissions- 25.00 3/23/2017 EUR 68.25
BNP Paribas Emissions- 25.00 12/21/2017 EUR 72.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 68.84
BNP Paribas Emissions- 22.00 3/23/2017 EUR 69.83
BNP Paribas Emissions- 29.00 3/23/2017 EUR 62.27
BNP Paribas Emissions- 26.00 12/21/2017 EUR 72.67
BNP Paribas Emissions- 29.00 12/21/2017 EUR 69.20
BNP Paribas Emissions- 25.00 3/23/2017 EUR 72.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.21
BNP Paribas Emissions- 18.00 6/22/2017 EUR 72.62
BNP Paribas Emissions- 26.00 6/22/2017 EUR 63.62
BNP Paribas Emissions- 22.00 12/21/2017 EUR 68.68
BNP Paribas Emissions- 23.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 29.00 12/21/2017 EUR 62.41
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.77
BNP Paribas Emissions- 29.00 3/23/2017 EUR 69.81
BNP Paribas Emissions- 27.00 12/21/2017 EUR 70.85
BNP Paribas Emissions- 18.00 3/23/2017 EUR 64.44
BNP Paribas Emissions- 22.00 3/23/2017 EUR 60.47
BNP Paribas Emissions- 28.00 3/23/2017 EUR 53.96
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.54
BNP Paribas Emissions- 27.00 12/21/2017 EUR 59.03
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.98
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.80
BNP Paribas Emissions- 15.00 3/23/2017 EUR 67.19
BNP Paribas Emissions- 16.00 6/22/2017 EUR 65.21
BNP Paribas Emissions- 28.00 6/22/2017 EUR 54.82
BNP Paribas Emissions- 10.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 15.00 12/21/2017 EUR 67.60
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.36
BNP Paribas Emissions- 27.00 3/23/2017 EUR 71.68
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.61
BNP Paribas Emissions- 28.00 6/22/2017 EUR 73.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 71.29
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 29.00 12/21/2017 EUR 68.70
BNP Paribas Emissions- 27.00 3/23/2017 EUR 74.52
BNP Paribas Emissions- 27.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.29
BNP Paribas Emissions- 19.00 12/21/2017 EUR 73.41
BNP Paribas Emissions- 27.00 3/23/2017 EUR 68.41
BNP Paribas Emissions- 28.00 3/23/2017 EUR 62.28
BNP Paribas Emissions- 22.00 3/23/2017 EUR 72.03
BNP Paribas Emissions- 28.00 3/23/2017 EUR 65.81
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.32
BNP Paribas Emissions- 26.00 3/23/2017 EUR 74.28
BNP Paribas Emissions- 9.00 6/22/2017 EUR 72.99
BNP Paribas Emissions- 18.00 6/22/2017 EUR 58.51
BNP Paribas Emissions- 21.00 6/22/2017 EUR 54.71
BNP Paribas Emissions- 10.00 12/21/2017 EUR 72.32
BNP Paribas Emissions- 13.00 12/21/2017 EUR 66.78
BNP Paribas Emissions- 25.00 12/21/2017 EUR 54.54
BNP Paribas Emissions- 18.00 3/23/2017 EUR 58.83
BNP Paribas Emissions- 28.00 3/23/2017 EUR 48.68
BNP Paribas Emissions- 15.00 12/21/2017 EUR 64.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 72.85
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.10
BNP Paribas Emissions- 22.00 3/23/2017 EUR 68.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 66.03
BNP Paribas Emissions- 27.00 12/21/2017 EUR 64.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 72.09
BNP Paribas Emissions- 27.00 12/21/2017 EUR 72.73
BNP Paribas Emissions- 13.00 3/23/2017 EUR 60.04
BNP Paribas Emissions- 16.00 3/23/2017 EUR 53.91
BNP Paribas Emissions- 19.00 3/23/2017 EUR 49.07
BNP Paribas Emissions- 22.00 3/23/2017 EUR 45.18
BNP Paribas Emissions- 25.00 3/23/2017 EUR 41.99
BNP Paribas Emissions- 28.00 3/23/2017 EUR 39.35
BNP Paribas Emissions- 13.00 6/22/2017 EUR 61.96
BNP Paribas Emissions- 25.00 6/22/2017 EUR 44.42
BNP Paribas Emissions- 15.00 12/21/2017 EUR 59.76
BNP Paribas Emissions- 19.00 12/21/2017 EUR 53.92
BNP Paribas Emissions- 22.00 12/21/2017 EUR 51.19
BNP Paribas Emissions- 25.00 12/21/2017 EUR 49.80
BNP Paribas Emissions- 27.00 12/21/2017 EUR 48.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 69.43
BNP Paribas Emissions- 27.00 6/22/2017 EUR 67.00
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 25.00 6/22/2017 EUR 62.09
BNP Paribas Emissions- 19.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 28.00 12/21/2017 EUR 62.14
BNP Paribas Emissions- 19.00 3/23/2017 EUR 68.26
BNP Paribas Emissions- 24.00 3/23/2017 EUR 62.86
BNP Paribas Emissions- 28.00 3/23/2017 EUR 58.34
BNP Paribas Emissions- 16.00 6/22/2017 EUR 71.95
BNP Paribas Emissions- 5.00 3/23/2017 EUR 73.35
BNP Paribas Emissions- 5.00 6/22/2017 EUR 73.71
BNP Paribas Emissions- 13.00 6/22/2017 EUR 55.92
BNP Paribas Emissions- 19.00 6/22/2017 EUR 49.64
BNP Paribas Emissions- 5.00 12/21/2017 EUR 73.61
BNP Paribas Emissions- 28.00 12/21/2017 EUR 49.92
BNP Paribas Emissions- 24.00 3/23/2017 EUR 60.02
BNP Paribas Emissions- 12.00 12/21/2017 EUR 74.13
BNP Paribas Emissions- 18.00 3/23/2017 EUR 62.85
BNP Paribas Emissions- 22.00 3/23/2017 EUR 58.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 56.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 54.48
BNP Paribas Emissions- 19.00 12/21/2017 EUR 63.79
BNP Paribas Emissions- 22.00 12/21/2017 EUR 61.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 59.57
BNP Paribas Emissions- 27.00 12/21/2017 EUR 57.88
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.13
BNP Paribas Emissions- 26.00 3/23/2017 EUR 72.36
UBS AG/London 11.70 4/18/2017 EUR 60.36
Raiffeisen Centrobank A 7.20 9/20/2017 EUR 73.25
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.52
Leonteq Securities AG 7.40 11/20/2017 EUR 71.76
Bank Julius Baer & Co L 5.50 11/6/2017 CHF 62.85
Deutsche Bank AG 9.20 3/21/2017 EUR 73.60
UBS AG/London 10.20 2/10/2017 EUR 72.23
DekaBank Deutsche Giroz 3.50 10/28/2019 EUR 71.86
Vontobel Financial Prod 12.25 3/10/2017 EUR 73.40
Notenstein La Roche Pri 5.00 10/31/2018 CHF 72.65
Zurcher Kantonalbank Fi 11.25 4/26/2017 CHF 47.29
HSBC Trinkaus & Burkhar 5.00 4/28/2017 EUR 64.15
Bank Julius Baer & Co L 14.40 11/2/2017 CHF 67.80
Landesbank Baden-Wuertt 3.00 9/22/2017 EUR 63.78
Leonteq Securities AG 6.00 10/12/2017 CHF 66.54
UniCredit Bank AG 4.50 9/19/2017 EUR 70.89
Landesbank Hessen-Thuer 5.00 10/17/2017 EUR 76.20
Landesbank Hessen-Thuer 4.50 11/28/2017 EUR 75.66
UniCredit Bank AG 5.40 6/30/2017 EUR 61.33
Eiendomskreditt 5.43 NOK 67.00
Kommunekredit 0.50 5/11/2029 CAD 70.26
Municipality Finance PL 0.25 6/28/2040 CAD 30.52
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Societe Generale SA 0.50 7/6/2021 BRL 66.56
Societe Generale SA 0.50 8/4/2021 BRL 66.13
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 67.74
Bank Nederlandse Gemeen 0.50 5/12/2021 ZAR 69.33
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 1.99 12/1/2040 USD 69.88
Kommunekredit 0.50 12/14/2020 ZAR 71.51
Societe Generale SA 0.50 6/12/2023 RUB 59.55
HSBC Bank PLC 0.50 4/11/2023 MXN 57.90
Eiendomskreditt 4.48 NOK 56.29
Lehman Brothers Treasur 4.25 5/15/2010 EUR 0.65
Lehman Brothers Treasur 10.00 1/3/2012 BRL 0.65
Lehman Brothers Treasur 6.00 5/23/2018 CZK 0.65
HSBC Trinkaus & Burkhar 9.20 6/23/2017 EUR 72.81
HSBC Trinkaus & Burkhar 7.20 9/22/2017 EUR 74.96
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 66.91
HSBC Trinkaus & Burkhar 1.75 8/25/2017 EUR 60.70
Zurcher Kantonalbank Fi 12.10 9/6/2017 CHF 72.04
Vontobel Financial Prod 8.35 5/26/2017 USD 72.17
BNP Paribas Emissions- 15.00 3/23/2017 EUR 63.21
BNP Paribas Emissions- 16.00 3/23/2017 EUR 60.26
BNP Paribas Emissions- 18.00 3/23/2017 EUR 57.71
BNP Paribas Emissions- 24.00 3/23/2017 EUR 51.45
BNP Paribas Emissions- 25.00 3/23/2017 EUR 49.62
BNP Paribas Emissions- 15.00 12/21/2017 EUR 66.38
BNP Paribas Emissions- 16.00 12/21/2017 EUR 63.72
BNP Paribas Emissions- 18.00 12/21/2017 EUR 62.35
BNP Paribas Emissions- 19.00 12/21/2017 EUR 61.36
BNP Paribas Emissions- 12.00 3/23/2017 EUR 73.03
BNP Paribas Emissions- 12.00 6/22/2017 EUR 73.14
Exane Finance SA 3.00 9/18/2018 USD 72.53
Lehman Brothers Treasur 0.25 7/21/2014 EUR 0.65
Lehman Brothers Treasur 4.95 10/25/2036 EUR 0.65
Lehman Brothers Treasur 11.00 6/29/2009 EUR 0.65
Lehman Brothers Treasur 8.00 8/3/2009 USD 0.65
Lehman Brothers Treasur 2.50 12/15/2011 GBP 0.65
Lehman Brothers Treasur 11.00 12/19/2011 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2012 EUR 0.65
Lehman Brothers Treasur 6.00 5/12/2017 EUR 0.65
Lehman Brothers Treasur 4.10 2/19/2010 EUR 0.65
Lehman Brothers Treasur 3.50 10/31/2011 USD 0.65
Lehman Brothers Treasur 3.50 10/24/2011 USD 0.65
Lehman Brothers Treasur 1.68 3/5/2015 EUR 0.65
Lehman Brothers Treasur 9.00 5/15/2022 USD 0.65
Lehman Brothers Treasur 6.75 4/5/2012 EUR 0.65
Lehman Brothers Treasur 3.35 10/13/2016 EUR 0.65
Lehman Brothers Treasur 0.80 12/30/2016 EUR 0.65
Lehman Brothers Treasur 4.00 5/30/2010 USD 0.65
Lehman Brothers Treasur 4.00 5/17/2010 USD 0.65
Lehman Brothers Treasur 2.48 5/12/2009 USD 0.65
Lehman Brothers Treasur 2.25 5/12/2009 USD 0.65
Lehman Brothers Treasur 4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasur 13.00 7/25/2012 EUR 0.65
Lehman Brothers Treasur 3.00 8/13/2011 EUR 0.65
Lehman Brothers Treasur 6.00 12/30/2017 EUR 0.65
Lehman Brothers Treasur 8.80 12/27/2009 EUR 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 4.00 1/4/2011 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 9.30 12/21/2010 EUR 0.65
Lehman Brothers Treasur 8.00 12/31/2010 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 11.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 10.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 6.25 11/30/2012 EUR 0.65
Lehman Brothers Treasur 6.00 2/19/2023 USD 0.65
Lehman Brothers Treasur 1.00 2/26/2010 USD 0.65
Lehman Brothers Treasur 8.00 3/21/2018 USD 0.65
Lehman Brothers Treasur 11.75 3/1/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/17/2014 EUR 0.65
Lehman Brothers Treasur 7.05 4/8/2015 USD 0.65
Lehman Brothers Treasur 7.80 3/31/2018 USD 0.65
Lehman Brothers Treasur 9.50 4/1/2018 USD 0.65
Lehman Brothers Treasur 6.00 3/4/2015 USD 0.65
Lehman Brothers Treasur 7.15 3/21/2013 USD 0.65
Lehman Brothers Treasur 3.50 6/20/2011 EUR 0.65
Bank Julius Baer & Co L 12.80 9/20/2017 CHF 62.90
Bank Julius Baer & Co L 13.85 9/20/2017 CHF 72.55
Lehman Brothers Treasur 18.25 10/2/2008 USD 0.65
Lehman Brothers Treasur 1.50 10/12/2010 EUR 0.65
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
LBI HF 7.43 USD 0.00
Lehman Brothers Treasur 12.22 11/21/2017 USD 0.65
Lehman Brothers Treasur 5.50 11/30/2012 CZK 0.65
Lehman Brothers Treasur 14.90 11/16/2010 EUR 0.65
Lehman Brothers Treasur 16.00 10/8/2008 CHF 0.65
Lehman Brothers Treasur 3.40 9/21/2009 HKD 0.65
Lehman Brothers Treasur 4.00 10/12/2010 USD 0.65
Lehman Brothers Treasur 7.00 10/22/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/23/2008 USD 0.65
Lehman Brothers Treasur 4.60 11/9/2011 EUR 8.63
Lehman Brothers Treasur 4.80 11/16/2012 HKD 0.65
Lehman Brothers Treasur 3.50 12/20/2027 USD 0.65
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Zurcher Kantonalbank Fi 6.51 10/5/2018 CHF 74.19
Bank Julius Baer & Co L 11.60 10/11/2017 CHF 65.20
DZ Bank AG Deutsche Zen 16.00 2/24/2017 EUR 70.47
Vontobel Financial Prod 17.50 3/24/2017 EUR 71.62
DekaBank Deutsche Giroz 2.75 10/29/2018 EUR 65.56
EFG International Finan 7.19 5/6/2019 EUR 19.29
Bank J Safra Sarasin AG 8.00 5/4/2017 CHF 67.31
DekaBank Deutsche Giroz 3.00 4/30/2019 EUR 74.10
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 74.42
Landesbank Baden-Wuertt 4.00 6/22/2018 EUR 74.78
Landesbank Baden-Wuertt 3.60 6/22/2018 EUR 72.02
UBS AG 7.40 5/17/2021 CHF 71.86
Notenstein La Roche Pri 4.20 5/22/2019 CHF 69.10
Notenstein La Roche Pri 4.50 5/22/2018 CHF 69.30
DekaBank Deutsche Giroz 3.00 5/12/2017 EUR 68.75
DekaBank Deutsche Giroz 2.80 5/13/2019 EUR 69.59
Notenstein La Roche Pri 5.70 5/29/2017 CHF 74.59
Notenstein La Roche Pri 4.00 5/29/2017 CHF 72.98
Zurcher Kantonalbank Fi 3.80 5/22/2017 EUR 68.64
UBS AG/London 7.00 5/22/2017 CHF 66.00
UBS AG/London 8.00 5/26/2017 EUR 65.00
Leonteq Securities AG 9.92 5/29/2017 EUR 67.61
Notenstein La Roche Pri 5.80 6/5/2018 CHF 73.51
Notenstein La Roche Pri 5.50 6/8/2017 CHF 74.85
Commerzbank AG 6.76 6/22/2017 EUR 63.83
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 74.72
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 67.33
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 75.63
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 69.12
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 72.50
Landesbank Baden-Wuertt 3.50 6/23/2017 EUR 68.22
Landesbank Baden-Wuertt 4.50 6/23/2017 EUR 64.95
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 69.32
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 62.97
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 58.41
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 72.47
Landesbank Baden-Wuertt 5.00 6/23/2017 EUR 68.92
Landesbank Baden-Wuertt 6.00 6/23/2017 EUR 66.11
Notenstein Finance Guer 5.40 6/12/2017 CHF 74.12
UniCredit Bank AG 3.80 7/23/2020 EUR 73.20
Raiffeisen Centrobank A 9.50 7/13/2017 EUR 67.80
Leonteq Securities AG 3.00 7/8/2019 CHF 75.76
UniCredit Bank AG 4.40 7/13/2018 EUR 73.94
Bayerische Landesbank 2.70 7/20/2018 EUR 74.45
Notenstein La Roche Pri 6.50 6/26/2017 EUR 70.91
HSBC Trinkaus & Burkhar 8.20 9/22/2017 EUR 72.85
UBS AG/London 6.00 10/5/2017 CHF 58.95
Lehman Brothers Treasur 6.85 12/22/2008 EUR 0.65
Lehman Brothers Treasur 7.60 3/26/2009 EUR 0.65
Lehman Brothers Treasur 7.55 12/29/2008 USD 0.65
Raiffeisen Centrobank A 6.24 3/22/2017 EUR 75.05
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.86
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 75.20
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 69.27
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 60.03
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.66
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 63.24
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 71.96
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 72.05
Goldman Sachs & Co Wert 6.00 3/22/2017 EUR 75.84
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.09
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 68.06
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.83
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 56.94
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 77.00
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 74.68
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 70.09
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 66.42
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.20
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 68.60
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 65.14
Goldman Sachs & Co Wert 9.00 3/22/2017 EUR 61.89
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 54.39
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 73.03
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 69.54
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 66.46
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 64.04
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 57.12
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.32
UBS AG/London 9.25 6/26/2017 CHF 64.30
UBS AG/London 7.00 6/26/2017 EUR 70.35
UBS AG/London 9.40 6/30/2017 EUR 44.60
EFG International Finan 7.20 6/26/2017 GBP 13.86
Zurcher Kantonalbank Fi 8.50 7/17/2017 CHF 60.99
UBS AG/London 7.50 7/3/2017 EUR 66.65
Banque Cantonale Vaudoi 7.25 7/3/2017 CHF 59.17
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 70.13
Goldman Sachs & Co Wert 12.00 3/22/2017 EUR 66.06
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.40
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.25
HSBC Trinkaus & Burkhar 7.10 3/24/2017 EUR 71.80
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 65.71
HSBC Trinkaus & Burkhar 6.50 3/24/2017 EUR 70.02
HSBC Trinkaus & Burkhar 7.40 3/24/2017 EUR 63.67
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 73.21
Landesbank Baden-Wuertt 2.60 2/24/2017 EUR 72.33
UBS AG/London 6.25 7/24/2017 CHF 71.45
Landesbank Baden-Wuertt 2.60 8/23/2019 EUR 73.77
Banque Cantonale Vaudoi 5.35 7/24/2017 CHF 73.31
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 72.34
Notenstein La Roche Pri 5.80 8/7/2017 CHF 73.04
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 53.75
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 62.16
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 56.76
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 73.13
Landesbank Baden-Wuertt 3.50 8/25/2017 EUR 73.17
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 69.61
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 73.67
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.18
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 70.13
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 66.92
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.68
Notenstein La Roche Pri 5.60 7/31/2017 CHF 74.21
Zurcher Kantonalbank Fi 4.00 8/24/2018 CHF 74.23
Bank Julius Baer & Co L 9.05 2/13/2017 EUR 74.85
DekaBank Deutsche Giroz 2.60 6/23/2017 EUR 74.05
Notenstein La Roche Pri 7.00 8/14/2017 CHF 72.99
Leonteq Securities AG 5.20 8/14/2018 CHF 70.12
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 68.81
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.96
Credit Suisse AG/London 7.70 8/20/2025 USD 8.64
Notenstein La Roche Pri 6.30 2/14/2017 CHF 57.83
Notenstein La Roche Pri 5.30 8/14/2017 CHF 75.62
Leonteq Securities AG 5.20 8/14/2017 CHF 73.80
UBS AG/London 5.00 8/6/2018 CHF 74.80
Lehman Brothers Treasur 2.40 6/20/2011 JPY 0.65
Lehman Brothers Treasur 1.60 6/21/2010 JPY 0.65
Bank VTB 24 JSC 9.00 9/1/2044 RUB 60.00
Commerzbank AG 4.00 9/8/2017 EUR 68.76
Lehman Brothers Treasur 5.20 3/19/2018 EUR 0.65
Credit Suisse AG/Nassau 7.25 2/20/2017 EUR 74.35
Credit Suisse AG/London 8.95 10/17/2019 USD 9.35
Lloyds Bank PLC 0.50 7/26/2021 BRL 65.29
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.06
Praim Finans OOO 12.50 11/10/2025 RUB 100.00
HSBC Bank PLC 0.50 12/22/2025 BRL 43.44
Soyuz AKB OAO 11.00 10/11/2018 RUB 60.06
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Synergy PJSC 14.50 5/28/2020 RUB 61.01
IDGC of the North Cauca 13.00 4/22/2021 RUB 60.00
*********
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 * * *