/raid1/www/Hosts/bankrupt/TCREUR_Public/170306.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, March 6, 2017, Vol. 18, No. 046
Headlines
A R M E N I A
ARMENIA: No-Growth Economy Going to Collapse, Experts Say
A Z E R B A I J A N
AZERBAIJAN MORTGAGE: Fitch Affirms BB+ IDR, Outlook Negative
G E R M A N Y
ADAM OPEL: PSA Set to Unveil Acquisition Agreement Today
DEUTSCHE RASTSTATTEN: S&P Affirms Then Withdraws 'BB-' CCR
G R E E C E
DANAOS CORP: Breaches Debt Covenants Due to Hanjin Bankruptcy
OPAP SA: S&P Assigns 'B' Corporate Credit Rating, Outlook Stable
I T A L Y
ILVA SPA: Deadline for Bids Pushed Back Until Today
L U X E M B O U R G
EVRAZ GROUP: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
FLINT HOLDCO: S&P Affirms 'B' CCR on Planned Debt Issuance
INTELSAT SA: S&P Cuts Rating on Notes to 'CC' on Planned Merger
N E T H E R L A N D S
ARES EURO CLO I: Moody's Hikes Rating on Class F Notes to B2
BRIGHT BIDCO: S&P Assigns Preliminary 'B+' CCR, Outlook Stable
FAXTOR ABS 2005-1: S&P Affirms 'BB+' Rating to Class A-3 Notes
JUBILEE CLO 2013-X: S&P Assigns 'BB' Rating to Cl. E-R Dfrd Notes
JUBILEE CLO 2015-XV: S&P Affirms 'B-' Rating on Class F Notes
NEPTUNO CLO II: S&P Lowers Rating on Class E Notes to 'CCC'
NORTH WESTERLY CLO III: Moody's Affirms B3 Rating on Cl. E Notes
JUBILEE CLO 2013-X: Fitch Assigns B Rating to CL. F-R Notes
R U S S I A
TATFONDBANK PJSC: S&P Affirms Then Withdraws 'D/D' Ratings
S E R B I A
VRSACKI VINOGRADI: Swisslion Takovo Buys Winemaker for $4.93MM
T U R K E Y
DOGUS HOLDING: S&P Puts 'BB-' CCR on CreditWatch Negative
U N I T E D K I N G D O M
ANGLO AMERICAN: Moody's Hikes Corporate Family Rating to Ba1
BRITISH HOME: Sir Philip Green Puts GBP363MM Into Pension Fund
CORDELL GROUP: In Administration, Cuts 100 Jobs
DIRECT ENTRY: Bought Out of Administration Under Pre-pack Deal
DOWDING & PLUMMER: CVR Global Appointed as Liquidators
EUROSAIL 2006-1: S&P Raises Ratings on 2 Note Classes to 'BB+'
EUROSAIL 2006-2BL: S&P Raises Ratings on 2 Note Classes to 'BB+'
FOOD RETAILER: Crewkerne Budgens Store Continues to Trade
FOOD RETAILER: Monmouth Store Faces Closure, 21 Jobs Affected
HANDMADE LIMITED: Investors Lose Millions, Judge Says
HARLEQUIN PROPERTY: Gets Closer to Liquidation After Ruling
HEALTHCARE SUPPORT: S&P Raises Rating on Sr. Sec. Debt to 'BB+'
INTERIOR SUPPLY: Creditors Face GBP669,000 Shortfall
NTT FUNDRAISING: Inks Voluntary Arrangement with Creditors
PREMIER OIL: Bondholder Dissatisfied with Debt Refinancing Terms
TOGETHER FINANCIAL: Fitch Affirms BB- IDR, Outlook Stable
WORLD FUTURE: Carbon Credit Company Directors Banned
X X X X X X X X
* Moody's: EURO CMBS Default Events Limited Impact on Noteholders
* EMEA SME Deleveraging Drives Multiple Upgrades, Fitch Says
* BOND PRICING: For the Week February 27 to March 3, 2017
*********
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A R M E N I A
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ARMENIA: No-Growth Economy Going to Collapse, Experts Say
---------------------------------------------------------
AzerNews reports that Armenians have already been warned that this
year will be quite tough for them as the government has failed to
prevent social, economic and financial declines.
As the economical situation in the country worsens each day, the
number of low-income and poor people, who make up the majority of
the Armenian population, increases as well, the report relates.
AzerNews says local experts noted that the country's no-growth
economy is going to collapse.
According to AzerNews, Armenia's national debt is close to $6
billion -- over 54 percent of the GDP. In 2017, it is expected to
hit $6.277 billion. The public debt ratio to GDP will increase
from 54.1% in 2016 to 55.1% in 2017.
Back in 2007, only 2 percent of the GDP was directed to service
the national debt in 2007, now the number is 7-8 percent, and this
figure will reach 30 percent in three years, according to experts,
AzerNews recalls.
Moreover, Armenia has huge problems in paying off the taken debts,
which is mainly linked with a state-level corruption in the
country, says AzerNews. The report says a much-touted anti-
corruption drive in Armenia was launched in 2015 and the Anti-
Corruption Council established, but the campaign was doomed to
failure from its early state as leading government members of the
committee -- including its chair, the prime minister, were accused
of corruption.
AzerNews relates that experts said Armenia should achieve some
7-8 percent of GDP growth every year to avoid a possible default.
Currently, Armenia's GDP is about $10 billion, while the national
debt rises daily. If Armenia continues to take loans, the country
can approach the critical level of the debt/GDP ratio, and thus
become an insolvent country, AzerNews notes.
Thus, if the Armenian authorities do not change their politics,
the country's economy will collapse, further worsening the living
conditions of people living in poverty, adds AzerNews.
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A Z E R B A I J A N
===================
AZERBAIJAN MORTGAGE: Fitch Affirms BB+ IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed OJSC Azerbaijan Mortgage Fund's (AMF)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB+' with Negative Outlooks.
AMF's ratings are equalised with Azerbaijan's sovereign ratings
(BB+/Negative), reflecting the entity's strong legal linkage with
the republic, strategically important role to the state's housing
finance policy and the state's tight state control over AMF's
activities. The ratings are also supported by a buy-back guarantee
for AMF's bonds provided by the central bank. Fitch views AMF as a
credit-linked entity under its "Rating of Public-Sector Entities
Criteria".
KEY RATING DRIVERS
Legal Status Assessed as Stronger
Fitch deems AMF's legal links with the state as strong. AMF was
established under the presidential decree in 2005. Since mid-2016
its legal status was changed to an open joint stock company, 100%-
owned by the state, from a non-commercial entity operating under
the central bank. Any potential AMF's reorganisation and
liquidation as a state financial institution are subject to a
special presidential decree.
Strategic Importance Assessed as Stronger
Fitch views AMF's role as strategically important to the state's
housing policy as provision of affordable housing is a high
priority for Azerbaijan. Demand for housing is fuelled by a
growing population and the continued urbanisation of the country
amid aging housing stock. The state makes steady contributions to
AMF to support housing affordability in the republic.
AMF acts as a government's agent in promoting subsidised long-term
mortgage loans as a means to providing Azerbaijanis with
affordable housing. AMF's role is also to channel state funding to
national financial institutions, as market-based mortgage
securitisation is under-developed in Azerbaijan. AMF's mandate is
to issue mortgage bonds, thus providing low-cost funding to local
banks, while collateralised loans have to meet AMF's strict
standards, reducing credit risk and ensuring the quality of the
portfolio.
Control Assessed as Stronger
AMF operates under strong control and oversight from the state.
President of Azerbaijan and the government set the fund's
strategic objectives, define lending and funding policies and
appoint members of AMF's board of directors and supervisory board.
The latter has five members, including Deputy Ministers of
Economy, Finance and Labour, and also Deputy Head of The State
Housing Construction Agency, and Deputy Chairman of Azerbaijan's
central bank.
The supervisory board approves AMF's development strategy, annual
budget and investment programmes. It monitors the entity's
operations, use of budgetary funds, debt levels and liquidity
position. AMF's cash account is held in the central bank. AMF's
IFRS financial statements are audited by an independent external
auditor for no more than three years.
Integration Assessed as Stronger
Fitch views AMF's integration into the general government sector
as strong. While AMF's accounts are not consolidated in the
central government's budget, AMF benefits from steady equity
injections from the state budget and the central bank's buy-back
guarantee for its bonds. Since end-2016, AMF is empowered with a
right to issue sovereign-guaranteed bonds, which also supports
Fitch assessments of AMF's integration with the state as strong.
AMF has been receiving annual state contributions since its
establishment. As of end-2016 the cumulative contributions
totalled AZN316m and the government has approved an additional
AZN50m equity injection in 2017. The central bank's buy-back
guarantee provides sound liquidity support to AMF's bonds on the
secondary market, which is evident from the central bank's holding
of most of AMF's AZN335m outstanding bonds at end-2016.
For 2017, Financial Stability Board, which is governed by
Azerbaijan's Prime Minister, has approved a new AZN200m guaranteed
bond issue by AMF. Fitch expects that AMF will continue to benefit
from state support over the medium term, unless the government
changes its social housing funding policy.
Profitability Supported by Low-Cost Funding
Fitch projects AMF to remain profitable over the medium term, in
line with its historical trend, which is supported by low-cost
funding and the adequate quality of mortgage portfolio. However,
Fitch estimates that the return on equity (net income/equity and
reserves) ratio could moderately decline to 1.65% from an average
1.97% in 2014-2016 since AMF became an income taxpayer from end-
2016.
AMF's operating activities have recovered since end-2016 after
almost a full year of sluggish operations brought on by the
entity's reorganisation. Fitch projects AMF's mortgage portfolio
could grow 30%-40% in 2017 after a slight decline in 2016
(unaudited 2016: AZN539 million), supported by an AZN50m equity
injection and upcoming AZN200 million bond issue.
Distressed Macroeconomic Environment
AMF was negatively affected by the continued recession and subdued
economic activities in the country in 2016. This was due to lower
oil prices and subsequent manat devaluation, amid continued
rebalancing of sovereign finances and a weak banking sector. The
government's policy response to the challenging macro environment
is still under development, which could impact AMF in the medium
term. AMF continues to operate with a narrow planning horizon as a
result of a single-year sovereign budgetary framework.
RATING SENSITIVITIES
A rating change would be triggered by changes to the ratings of
the sovereign.
A weakening of linkages with the government through changes to the
legal status of AMF leading to a dilution of control, or reduced
state support due to weaker integration with the sovereign could
result in the ratings being notched down from the sovereign
ratings.
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G E R M A N Y
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ADAM OPEL: PSA Set to Unveil Acquisition Agreement Today
--------------------------------------------------------
Michael Stothard and Peter Campbell at The Financial Times report
that PSA Group is planning to announce an agreement to buy General
Motors' lossmaking Opel division today, March 6, in a move that
will make the Peugeot and Citroen owner the second-largest
carmaker in Europe.
The board of the carmaker backed the proposed deal on March 3,
according to two people, and the agreement will be publicly
unveiled in Paris today, March 6, the FT relates.
According to the FT, three sources said labor unions in France,
Germany and the UK were briefed on the arrangements on March 3.
The deal sees GM retreat from Europe, where it has racked up
losses since 1999, while giving PSA a third mainstream brand to
push into new international markets, the FT notes.
Negotiations were running up to the wire, with questions over
Opel's pension deficit, licensing of electric car technology, and
clauses to prevent PSA competing with GM in certain markets all
threatening to delay or derail the talks, the FT relays.
It remains unclear whether Opel's US$7 billion pension deficit has
been resolved, or if today's agreement will contain a clause that
makes the deal contingent on this being agreed, the FT says.
Whether this passes, in part or in full, from General Motors to
PSA was the largest point of contention during the talks, said one
person who was party to the negotiations, the FT notes.
Vauxhall, the UK arm of Opel, has a separate pension deficit of
GBP1 billion, according to the FT.
The sale, which will only take place after a period of intensive
due diligence, will see the future of Opel's 38,000 workforce and
its plants put into the hands of the PSA chief, who is renowned as
a cost-cutter, the FT discloses.
PSA Group is a French manufacturer of Citroen and Peugeot cars.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano). Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact. Opel is GM's largest subsidiary outside North
America.
DEUTSCHE RASTSTATTEN: S&P Affirms Then Withdraws 'BB-' CCR
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term corporate credit
rating on Deutsche Raststatten Gruppe IV GmbH (Tank & Rast), the
parent of the leading concession holder for German motorway
services areas, Autobahn Tank & Rast GmbH and Ostdeutsche
Autobahntankstellengesellschaft mbH. S&P subsequently withdrew
the rating at the company's request. At the time of withdrawal,
the outlook was stable.
At the same time, S&P affirmed its 'BB' issue ratings on the
company's senior secured term loan and the revolving credit
facility. The '2' recovery rating on both facilities indicates
S&P's expectation of substantial (70%) recovery prospects in the
event of a payment default. S&P then withdrew the ratings at Tank
& Rast's request.
S&P also withdrew its issue and recovery ratings on the company's
senior unsecured second-lien notes after their repayment and
refinancing with shareholder funds.
The rating actions followed Tank & Rast's refinancing of its
second-lien notes and the payment-in-kind (PIK) notes with
shareholder funds. S&P understands that about 80% of the funds
are in the form of a shareholder loan that S&P treats as debt and
20% as equity, resulting in an S&P Global Ratings' adjusted debt-
to-EBITDA ratio of about 14x in 2016 and 2017. Therefore, at the
time of withdrawal, S&P continued to assess the company's
financial risk profile as highly leveraged. S&P also acknowledges
that Tank & Rast's credit metrics will benefit somewhat from lower
interest payments after the refinancing.
S&P's unchanged assessment of the company's business risk profile
as strong reflected its leading market position in the German
motorway service areas (MSAs), with an approximately 90% market
share and high regulatory barriers to enter the market for new
competitors, which results in a fundamental competitive advantage
for the company. At the same time, S&P viewed its business risk
profile at the lower end of the category due to the company's
limited growth potential, since the German market for MSAs is
mostly saturated. Hence, S&P continued to subtract one notch from
the ratings for its negative assessment of its comparable ratings
analysis.
At the time of withdrawal, the stable outlook reflected S&P's view
that the company will maintain stable EBITDA margins in 2017
thanks to its strong business model. S&P also believed that
positive free operating cash flows should enable Tank & Rast to
moderately reduce adjusted debt to EBITDA.
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G R E E C E
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DANAOS CORP: Breaches Debt Covenants Due to Hanjin Bankruptcy
-------------------------------------------------------------
Danaos Corporation, one of the world's largest independent owners
of containerships, on Feb. 21, 2017, reported unaudited results
for the fourth quarter and the year ended December 31, 2016.
Highlights for the Fourth Quarter and Year Ended December 31,
2016:
* Adjusted net income1 of $23.2 million, or $0.21 per share,
for the three months ended December 31, 2016 compared to
$47.2 million, or $0.43 per share, for the three months
ended December 31, 2015, a decrease of 50.8%. Adjusted net
income1 of $140.9 million, or $1.28 per share, for the year
ended December 31, 2016 compared to $159.5 million, or
$1.45 per share, for the year ended December 31, 2015, a
decrease of 11.7%.
* Operating revenues of $112.1 million for the three months
ended December 31, 2016 compared to $143.3 million for the
three months ended December 31, 2015, a decrease of 21.8%.
Operating revenues of $498.3 million for the year ended
December 31, 2016 compared to $567.9 million for the year
ended December 31, 2015, a decrease of 12.3%.
* Adjusted EBITDA1 of $75.9 million for the three months ended
December 31, 2016 compared to $105.7 million for the three
months ended December 31, 2015, a decrease of 28.2%. Adjusted
EBITDA1 of $350.6 million for the year ended December 31,
2016 compared to $418.3 million for the year ended December
31, 2015, a decrease of 16.2%.
* On September 1, 2016, Hanjin Shipping, formerly the charterer
of eight of the company's vessels, filed for receivership
with the Seoul Central District Court, which had a negative
impact on Danaos' current operating results, contracted
operating revenue and the company'sdebt.
* The company recognized an impairment loss of $415.1 million
for its vessels and $29.4 million impairment loss on
securities.
* Total contracted operating revenues were $2.1 billion as of
December 31, 2016, with charters extending through 2028 and
remaining average contracted charter duration of 6.6 years,
weighted by aggregate contracted charter hire.
* Charter coverage of 92% for the next 12 months based on
current operating revenues and 74% in terms of contracted
operating days.
Danaos' CEO Dr. John Coustas commented:
"Danaos' results for the fourth quarter of 2016 reflect the impact
of the bankruptcy of Hanjin Shipping, which previously chartered
eight of our vessels on long term charter party agreements
representing approximately 20% of our fixed contracted revenue.
These charter party agreements were terminated, and each of the
chartered vessels were returned to us, as we have previously
announced. The $24.0 million decrease in our adjusted net income
is primarily the result of a $23.3 million decrease in operating
revenues resulting from the Hanjin bankruptcy. During the fourth
quarter, our fleet utilization decreased to 90.4% after the Hanjin
charter cancellations. We have re-chartered five 3,400 TEU vessels
on short term charters at market rates that reflect the prevailing
weak chartering environment and managed to secure employment of up
to 12 months starting from April 2017 for the remaining three
10,100 TEU vessels. Excluding the effect of these cancellations,
our fleet utilization increased to 99.5% compared to 98.3% in the
fourth quarter of 2015.
"As a result of the decrease in our operating income and charter
attached values, primarily caused by the Hanjin bankruptcy, as of
December 31, 2016 we were in breach of certain financial covenants
for which we have obtained waivers until April 1, 2017 and
continue to engage in discussions with our lenders to address the
matter. Because the waivers are for a period of less than 12
months after the balance sheet date, all of the debt has been
classified as current on the December 31, 2016 financial
statements. Otherwise the Company is currently in a position to
fully service all of its operational and contractual financial
obligations.
"During 2016, we continued de-leveraging our balance sheet and
reduced indebtedness by $251 million, although we expect the rate
at which we reduce our leverage to decrease as a result of the
cancellation of our Hanjin charters. Additionally, in the context
of prudently evaluating the assets on our balance sheet we have
also recorded an impairment loss of $415.1 million in relation to
the market value of certain of our vessels, primarily in relation
to the Hanjin vessels as a result of the loss of their charter and
the impairment of the Panamax asset class.
"Idle containership capacity currently sits at approximately 7% of
the global fleet. The charter rate environment has stabilized,
albeit at levels at or below daily operating expenses. Also, very
few long term charters have been achieved in the market. The
orderbook remains large at approximately 15% of the global fleet,
and supply continues to exceed demand. The orderbook is
predominantly comprised of larger vessels, which, upon delivery
will put further pressure on the market for smaller, less
economical vessels. As such, we do not expect rates to
meaningfully improve for another 18-24 months absent a significant
increase in demand combined with increased scrapping activity.
Following the Hanjin bankruptcy, our near term exposure to the
weak spot market has increased, with 92% of charter cover in terms
of current operating revenues and 74% in terms of contracted
operating days for the next 12 months versus 88% for the same
period in the prior year.
"During this extended period of market weakness which has
presented many challenges, we remain focused on taking necessary
actions to preserve the value of our company by managing our fleet
efficiently and taking prudent measures to manage and ultimately
deleverage our balance sheet."
Three months ended December 31, 2016 compared to the three months
ended December 31, 2015
During the three months ended December 31, 2016, Danaos had an
average of 55 containerships compared to 56 containerships for the
three months ended December 31, 2015. Danaos' fleet utilization
for the fourth quarter of 2016 was 90.4%, while fleet utilization
for the vessels under employment, excluding the off charter days
of the vessels that were previously chartered to Hanjin, increased
to 99.5% in the three months ended December 31, 2016 compared to
98.3% in the three months ended December 31, 2015.
The company's adjusted net income amounted to $23.2 million, or
$0.21 per share, for the three months ended December 31, 2016
compared to $47.2 million, or $0.43 per share, for the three
months ended December 31, 2015. The company has adjusted its net
income/(loss) in the three months ended December 31, 2016 for (i)
an impairment loss on vessels of $415.1 million accompanied by
accelerated amortization of accumulated other comprehensive loss
of $7.7 million, (ii) an impairment loss on the company's equity
in Zim and debt securities of $29.4 million, (iii) an impairment
loss related to the company's 49% equity participation in Gemini
Shipholdings Corporation of $14.6 million, (iv) unrealized gains
on derivatives of $0.9 million and (v) a non-cash amortization
charge of $3.8 million for fees related to the company's
comprehensive financing plan (comprised of non-cash, amortizing
and accrued finance fees).
The decrease of $24.0 million in adjusted net income for the three
months ended December 31, 2016 compared to the three months ended
December 31, 2015 is mainly attributable to a $23.3 million
decrease in operating revenues as a result of the Hanjin
bankruptcy. A further decline in revenues of $7.9 million as a
result of weaker charter market conditions was partially offset by
a $5.2 million decrease in net finance costs mainly due to lower
debt balances and interest rate swap expirations, a $1.1 million
decrease in total operating expenses and a $0.9 million
improvement in the operating performance of the company's equity
investment in Gemini Shipholdings Corporation.
On a non-adjusted basis, the company incurred a loss of $446.6
million, or $4.07 loss per share, for the three months ended
December 31, 2016 compared to net income of $6.5 million, or $0.06
earnings per share, for the three months ended December 31, 2015.
Operating Revenues
Operating revenues decreased by 21.8%, or $31.2 million, to $112.1
million in the three months ended December 31, 2016 from $143.3
million in the three months ended December 31, 2015.
Operating revenues for the three months ended December 31, 2016
reflect:
* $23.3 million decrease in revenues in the three months ended
December 31, 2016 compared to the three months ended
December 31, 2015 due to loss of revenue from cancelled
charters with Hanjin for eight of the company's vessels, for
which ceased recognizing revenue effective as of July 1,
2016.
* $0.5 million decrease in revenues in the three months ended
December 31, 2016 compared to the three months ended
December 31, 2015 due to the sale of the Federal on
January 8, 2016.
* $7.4 million decrease in revenues in the three months ended
December 31, 2016 compared to the three months ended
December 31, 2015 due to the re-chartering of certain of the
company's vessels at lower rates.
Vessel Operating Expenses
Vessel operating expenses decreased by 6.5%, or $1.8 million, to
$25.9 million in the three months ended December 31, 2016 from
$27.7 million in the three months ended December 31, 2015. The
decrease was attributable to a 4.8% decrease in the average daily
operating cost per vessel while the average number of vessels in
the company's fleet during the three months ended December 31,
2016 decreased by 1.8% compared to the three months ended
December 31, 2015.
The average daily operating cost per vessel decreased to $5,303
per day for the three months ended December 31, 2016 from $5,571
per day for the three months ended December 31, 2015. Management
believes that the company's daily operating cost ranks as one of
the most competitive in the industry.
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization
of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense decreased by 2.1%, or $0.7 million, to $32.5
million in the three months ended December 31, 2016 from $33.2
million in the three months ended December 31, 2015, mainly due to
decreased depreciation expense for twelve vessels for which the
company recorded an impairment charge on December 31, 2015 and
due to the decreased average number of vessels in the company's
fleet in the three months ended December 31, 2016 following the
sale of the Federal on January 8, 2016.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs
increased by $0.7 million, to $1.6 million in the three months
ended December 31, 2016 from $0.9 million in the three months
ended December 31, 2015. The increase was mainly due to the
increased payments for dry-docking and special survey costs
related to certain vessels over the last year.
General and Administrative Expenses
General and administrative expenses increased by $0.3 million to
$6.0 million in the three months ended December 31, 2016 from $5.7
million in the three months ended December 31, 2015.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses.
Voyage Expenses
Voyage expenses increased by $0.8 million, to $3.9 million in the
three months ended December 31, 2016 from $3.1 million in the
three months ended December 31, 2015. The increase was mainly due
to increased bunkering expenses.
Impairment Loss
The company has recognized an impairment loss of $415.1 million in
relation to 25 of the company's vessels as of December 31, 2016
compared to an impairment loss of $41.1 million in relation to 13
of the company's vessels as of December 31, 2015. The impairment
loss as of December 31, 2016 was (i) due to the impairment loss of
$205.2 million recognized for five 3,400 TEU vessels formerly
chartered to Hanjin, and (ii) the impairment loss of $209.9
million recognized for 18 of the company's vessels less than 4,300
TEU and for two 6,400 TEU vessels as a result of the continued
weakness of containership market and the other than temporary
nature of the decline in these vessels' values.
Interest Expense and Interest Income
Interest expense increased by 4.4%, or $0.9 million, to $21.2
million in the three months ended December 31, 2016 from $20.3
million in the three months ended December 31, 2015 including the
amortization of deferred finance costs reclassified from other
finance expenses to interest expense of $3.0 million and $3.4
million, respectively. The increase in interest expense was mainly
due to the increase in average cost of debt due to the increase in
US$ Libor, which was partially offset by a decrease in the
company'saverage debt by $248.7 million, to $2,553.1 million in
the three months ended December 31, 2016, from $2,801.8 million in
the three months ended December 31, 2015 and a $0.4 million
decrease in the amortization of deferred finance costs.
The Company is deleveraging its balance sheet. As of December 31,
2016, the debt outstanding gross of deferred finance costs was
$2,527.3 million compared to $2,775.4 million as of December 31,
2015. As a result principally of the cancellation of eight
charters with Hanjin, the company expect the rate at which the
company reduce its leverage to decline.
Interest income increased by $0.6 million to $1.5 million in the
three months ended December 31, 2016 compared to $0.9 million in
the three months ended December 31, 2015. The increase was mainly
attributed to the interest income recognized on Hyundai Merchant
Marine ("HMM") notes receivable.
Other finance expenses
Other finance expenses increased by $0.5 million, to $1.6 million
in the three months ended December 31, 2016 from $1.1 million in
the three months ended December 31, 2015, following the
reclassification of the amortization of deferred finance costs
from other finance expenses to interest expense of $3.0 million
and $3.4 million, respectively.
Equity loss on investments
Equity loss on investments increased by $13.7 million, to $14.6
million in the three months ended December 31, 2016 compared to a
loss of $0.9 million in the three months ended December 31, 2015
and relates to the investment in Gemini Shipholdings Corporation
("Gemini"), in which the Company has a 49% shareholding interest.
This loss increase was mainly attributed to the company's share of
impairment loss for Gemini vessels amounting to $14.6 million in
the three months ended December 31, 2016.
Unrealized gain/(loss) on derivatives
Unrealized loss on interest rate swaps amounted to $6.8 million in
the three months ended December 31, 2016 compared to unrealized
gains of $4.7 million in the three months ended December 31, 2015.
The accelerated amortization of accumulated other comprehensive
loss of $7.7 million was partially offset by the unrealized gains
of $0.9 million attributable to mark to market valuation of the
company'sswaps in the three months ended December 31, 2016.
Realized loss on derivatives
Realized loss on interest rate swaps decreased by $6.4 million, to
$1.9 million in the three months ended December 31, 2016 from $8.3
million in the three months ended December 31, 2015. This decrease
was mainly attributable to lower interest swap rates combined with
a $65.5 million decrease in the average notional amount of swaps
during the three months ended December 31, 2016 compared to the
three months ended December 31, 2015 as a result of swap
expirations.
Other income/(expenses), net
Other income/(expenses), net increased to $29.2 million expenses
in the three months ended December 31, 2016 from nil in the three
months ended December 31, 2015 mainly due to a $29.4 million
impairment loss on Zim equity and debt securities.
Adjusted EBITDA
Adjusted EBITDA decreased by 28.2%, or $29.8 million, to $75.9
million in the three months ended December 31, 2016 from $105.7
million in the three months ended December 31, 2015. As outlined
earlier, this decrease was mainly attributed to a $31.2 million
decrease in operating revenues, which was partially offset by a
$0.5 million decrease in total expenses and a $0.9 million
operating performance improvement on equity investments before
impairment loss. Adjusted EBITDA for the three months ended
December 31, 2016 is adjusted mainly for impairment loss on
vessels of $415.1 million accompanied by accelerated amortization
of accumulated other comprehensive loss of $7.7 million,
impairment loss on Zim equity and debt securities of $29.4 million
and impairment loss component of equity loss on investments of
$14.6 million. Tables reconciling Adjusted EBITDA to Net
income/(loss) can be found at the end of this earnings release.
Year ended December 31, 2016 compared to the year ended
December 31, 2015
During the year ended December 31, 2016, Danaos had an average of
55 containerships compared to 56 containerships for the year ended
December 31, 2015. The Company's fleet utilization for 2016 was
94.6%, while the effective fleet utilization for the fleet under
employment, excluding the off charter days of the ex-Hanjin
vessels, decreased to 97.3% in the year ended December 31, 2016
compared to 99.0% in the year ended December 31, 2015.
The company's adjusted net income amounted to $140.9 million, or
$1.28 per share, for the year ended December 31, 2016 compared to
$159.5 million, or $1.45 per share, for the year ended December
31, 2015. The company has adjusted its net income in the year
ended December 31, 2016 for (i) an impairment loss on vessels of
$415.1 million accompanied by accelerated amortization of
accumulated other comprehensive loss of $7.7 million, (ii) an
impairment loss on Zim equity and debt securities of $29.4
million, (iii) an impairment loss related to the company's49%
equity participation in Gemini Shipholdings Corporation of $14.6
million, (iv) a bad debt expense of $15.8 million related to
Hanjin, (v) a loss on sale of HMM securities of $12.9 million,
(vi) unrealized gain on derivatives of $4.6 million and (vii) a
non-cash amortization charge of $16.1 million for fees related to
the company'scomprehensive financing plan (comprised of non-cash,
amortizing and accrued finance fees). Please refer to the Adjusted
Net Income reconciliation table, which appears later in this
earnings release.
The decrease of $18.6 million in adjusted net income for the year
ended December 31, 2016 compared to the year ended December 31,
2015 is mainly attributable to a $48.1 million decrease in
operating revenues as a result of the Hanjin bankruptcy. A further
decline in revenues of $21.5 million mainly as a result of weaker
charter market conditions and lower fleet utilization was more
than offset by a reduction of $47.6 million in net finance costs
mainly due to interest rate swap expirations and lower debt
balances, a $3.1 million decrease in total operating expenses and
a $0.3 million improvement in the operating performance of the
company'sequity investment in Gemini Shipholdings Corporation.
On a non-adjusted basis, the company's net loss amounted to $366.2
million, or $3.34 loss per share, for the year ended December 31,
2016 compared to net income of $117.0 million, or $1.07 earnings
per share, for the year ended December 31, 2015.
Operating Revenues
Operating revenues decreased by 12.3%, or $69.6 million, to $498.3
million in the year ended December 31, 2016 from $567.9 million in
the year ended December 31, 2015.
Operating revenues for the year ended December 31, 2016 reflect:
* $48.1 million decrease in revenues in the year ended
December 31, 2016 compared to the year ended December 31,
2015 due to loss of revenue from cancelled charters with
Hanjin for eight of the company's vessels, for which
Danaos ceased recognizing revenue effective as of July 1,
2016.
* $2.8 million decrease in revenues in the year ended
December 31, 2016 compared to the year ended December 31,
2015 due to the sale of the Federal on January 8, 2016.
* $14.5 million decrease in revenues in the year ended
December 31, 2016 compared to the year ended December 31,
2015 due to the re-chartering of certain of the company's
vessels at lower rates.
* $4.2 million decrease in revenues due to lower fleet
utilization in the year ended December 31, 2016 compared to
the year ended December 31, 2015.
Vessel Operating Expenses
Vessel operating expenses decreased by 2.9%, or $3.3 million, to
$109.4 million in the year ended December 31, 2016, from $112.7
million in the year ended December 31, 2015. The decrease was due
to a decrease in average number of vessels in the company's fleet
by 1.8% and due to a 1.5% decrease in the average daily operating
cost per vessel during the year ended December 31, 2016 compared
to the year ended December 31, 2015.
The average daily operating cost per vessel decreased to $5,637
per day for the year ended December 31, 2016 from $5,720 per day
for the year ended December 31, 2015. Management believes that the
company's daily operating cost ranks as one of the most
competitive in the industry.
Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization
of Deferred Dry-docking and Special Survey Costs.
Depreciation
Depreciation expense decreased by 2.1%, or $2.8 million, to $129.0
million in the year ended December 31, 2016 from $131.8 million in
the year ended December 31, 2015, mainly due to decreased
depreciation expense for twelve vessels for which the company
recorded an impairment charge on December 31, 2015 and due to the
decreased average number of vessels in the company's fleet in the
year ended December 31, 2016 following the sale of the Federal on
January 8, 2016.
Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs
increased by $1.7 million, to $5.5 million in the year ended
December 31, 2016 from $3.8 million in the year ended December 31,
2015. The increase was mainly due to the increased payments for
dry-docking and special survey costs related to certain vessels
over the last year.
General and Administrative Expenses
General and administrative expenses increased by $0.3 million to
$22.1 million in the year ended December 31, 2016 from $21.8
million in the year ended December 31, 2015.
Other Operating Expenses
Other Operating Expenses include Voyage Expenses and Bad Debt
Expense.
Voyage Expenses
Voyage expenses increased by $1.6 million, to $13.9 million in the
year ended December 31, 2016 from $12.3 million in the year ended
December 31, 2015. The increase was mainly due to increased
bunkering expenses.
Bad Debt Expense
Bad debt expense of $15.8 million in the year ended December 31,
2016 compared to nil in the year ended December 31, 2015 relates
to receivables from Hanjin, which were written-off.
Impairment Loss
The company has recognized an impairment loss of $415.1 million in
relation to 25 of the company's vessels as of December 31, 2016
compared to an impairment loss of $41.1 million in relation to 13
of the company's vessels as of December 31, 2015. The impairment
loss as of December 31, 2016 was (i) due to the impairment loss of
$205.2 million recognized for five 3,400 TEU vessels formerly
chartered to Hanjin, and (ii) the impairment loss of $209.9
million recognized for 18 of the company's vessels less than 4,300
TEU and for two 6,400 TEU vessels as a result of the continued
weakness of containership market and the other than temporary
nature of the decline in these vessels' values.
Interest Expense and Interest Income
Interest expense decreased by 1.7%, or $1.4 million, to $83.0
million in the year ended December 31, 2016 from $84.4 million in
the year ended December 31, 2015. This included the amortization
of deferred finance costs reclassified from other finance expenses
to interest expense of $12.7 million and $14.0 million,
respectively. The change in interest expense was mainly due to a
$1.3 million decrease in the amortization of deferred finance
costs and due to a decrease in the company's average debt by
$242.5 million, to $2,652.2 million in the year ended December 31,
2016, from $2,894.7 million in the year ended December 31, 2015,
which were partially offset by an increase in average cost of debt
due to the increase in US$ Libor.
The Company is deleveraging its balance sheet. As of December 31,
2016, the debt outstanding gross of deferred finance costs was
$2,527.3 million compared to $2,775.4 million as of December 31,
2015. The company expects the rate at which it reduce its
leverage to decline, primarily as a result of the cancellation of
eight charters with Hanjin.
Interest income increased by $1.3 million to $4.7 million in the
year ended December 31, 2016 compared to $3.4 million in the year
ended December 31, 2015. The increase was mainly attributed to the
interest income recognized on HMM notes receivable.
Other finance expenses
Other finance expenses increased by $0.2 million, to $4.9 million
in the year ended December 31, 2016 from $4.7 million in the year
ended December 31, 2015, following the reclassification of the
amortization of deferred finance costs from other finance expenses
to interest expense of $12.7 million and $14.0 million,
respectively.
Equity loss on investments
Equity loss on investments increased by $14.3 million, to $16.2
million in the year ended December 31, 2016 compared to a loss of
$1.9 million in the year ended December 31, 2015 and relates to
the investment in Gemini Shipholdings Corporation ("Gemini"), in
which the Company has a 49% shareholding interest. This loss
increase was mainly attributed to the company's share of
impairment loss for Gemini vessels amounting to $14.6 million in
the year ended December 31, 2016.
Unrealized gain/(loss) on derivatives
Unrealized loss on interest rate swaps amounted to $3.1 million in
the year ended December 31, 2016 compared to unrealized gains of
$16.3 million in the year ended December 31, 2015. The accelerated
amortization of accumulated other comprehensive loss of $7.7
million was partially offset by the unrealized gains of $4.6
million attributable to mark to market valuation of the company's
swaps in the year ended December 31, 2016.
Realized loss on derivatives
Realized loss on interest rate swaps decreased by $46.7 million,
to $9.4 million in the year ended December 31, 2016 from $56.1
million in the year ended December 31, 2015. This decrease was
attributable to lower interest swap rates combined with a $522.0
million decrease in the average notional amount of swaps during
the year ended December 31, 2016 compared to the year ended
December 31, 2015 as a result of swap expirations.
Other income/(expenses), net
Other income/(expenses), net increased to $41.6 million expenses
in the year ended December 31, 2016 from $0.1 million income in
the year ended December 31, 2015 mainly due to a $29.4 million
impairment loss in Zim equity and debt securities and a $12.9
million recognized loss on sale of HMM equity securities, which
were acquired by Danaos in July 2016 as part of the charter
restructuring agreement with HMM, for cash proceeds of $38.1
million.
Adjusted EBITDA
Adjusted EBITDA decreased by 16.2%, or $67.7 million, to $350.6
million in the year ended December 31, 2016 from $418.3 million in
the year ended December 31, 2015. As outlined earlier, this
decrease was mainly attributed to a $69.6 million decrease in
operating revenues, which was partially offset by a $2.1 million
decrease in total expenses and a $0.3 million operating
performance improvement on equity investments before impairment
loss. Adjusted EBITDA for the year ended December 31, 2016 is
adjusted mainly for impairment loss on vessels of $415.1 million
accompanied by accelerated amortization of accumulated other
comprehensive loss of $7.7 million, impairment loss on the
company's equity in Zim and debt securities of $29.4 million,
impairment loss component of equity loss on investments of $14.6
million, bad debt expenses of $15.8 million, loss on sale of HMM
securities of $12.9 million, unrealized gain on derivatives of
$4.6 million and realized loss on derivatives of $5.4 million.
Tables reconciling Adjusted EBITDA to Net income/(loss) can be
found at the end of this earnings release.
Hanjin Update
On September 1, 2016, Hanjin, a charterer of eight of the
company's vessels under long term, fixed rate charter party
agreements, referred to the Bankruptcy Court of Seoul in South
Korea, which issued an order to commence the rehabilitation
proceedings of Hanjin. Hanjin has cancelled all eight of its
charter party agreements with us, which represented approximately
$560 million of $2.8 billion of contracted revenue as of June 30,
2016, and returned each of the vessels to the company. Danaos has
rechartered all eight vessels on short-term charters at market
rates. As a result of these events, the company ceased recognizing
revenue from Hanjin effective from July 1, 2016 onwards and
recognized a bad debt expense of $15.8 million relating to unpaid
charter hire recorded as accounts receivable as of June 30, 2016
in the company's condensed consolidated statements of operations
in the year ended December 31, 2016. The company has an unsecured
claim for unpaid charter hire, charges, expenses and loss of
profit against Hanjin totaling $597.9 million submitted to the
Bankruptcy Court of Seoul.
"As a result of a decrease in our operating income and charter-
attached market value of certain of our vessels caused mainly by
the cancellation of our eight charters with Hanjin, we were in
breach of the minimum security cover, consolidated net leverage
and consolidated net worth financial covenants contained in our
Bank Agreement and our other credit facilities as of December 31,
2016. We have obtained waivers of the breaches of these financial
covenants until April 1, 2017, and we are in discussions with our
lenders regarding this matter. As these waivers were obtained for
a period of less than the next 12 months after the balance sheet
date, and in accordance with the guidance related to the
classification of obligations that are callable by the lenders, we
have classified our long-term debt, net of deferred finance costs
as current," Danaos said in a statement. Otherwise, the Company
is currently in a position to fully service all of its operational
and contractual obligations.
About Danaos Corporation
Danaos Corporation -- http://www.danaos.com/home/default.aspx--
is one of the largest independent owners of modern, large-size
containerships. Our current fleet of 59 containerships aggregating
353,586 TEUs, including four vessels owned by Gemini Shipholdings
Corporation, a joint venture, ranks Danaos among the largest
containership charter owners in the world based on total TEU
capacity. Our fleet is chartered to many of the world's largest
liner companies on fixed-rate charters. Our long track record of
success is predicated on our efficient and rigorous operational
standards and environmental controls. Danaos Corporation's shares
trade on the New York Stock Exchange under the symbol "DAC".
OPAP SA: S&P Assigns 'B' Corporate Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term
corporate credit rating to Greece-based gaming company OPAP S.A.
The outlook is stable.
S&P's assessment of OPAP's business risk profile as vulnerable
largely reflects OPAP's very high country risk in Greece, where
the company generates about 95% of its revenues. S&P believes
that the company's operating margins and free cash flow generation
would likely be affected if the economic situation in Greece were
to deteriorate again. In particular, S&P sees regulatory risk as
high, because OPAP could be targeted as a source of cash for a
cash-strapped government -- as happened in 2016, when the
government increased the gross gaming revenue (GGR) tax to 35%
from 30%. S&P believes that further regulatory changes could
follow that would directly affect OPAP's profitability.
On the other hand, S&P acknowledges the company's strong brand,
its exclusive licenses to distribute its gaming products, the
positive impact we expect from the implementation of the new video
lottery terminals (VLTs), and the company's track record of high
profit margins.
S&P's assessment of OPAP's modest financial risk profile reflects
S&P's base-case forecast that S&P Global Ratings-adjusted debt to
EBITDA should remain between 1.5x-2.0x and adjusted funds from
operations (FFO) to debt will remain between 45%-60%. S&P
anticipates that the free operating cash flow (FOCF) to debt ratio
will stay a bit weaker, at close to 20%, for at least the next 12
months. These ratios are stronger than most of OPAP's peers given
the company's relatively low reported debt and minimal operating
lease and pension liabilities. S&P also understands that OPAP
does not plan to acquire additional gaming licenses over the
medium term, and S&P therefore expects the company to generate
healthy FOCF.
Given OPAP's vulnerable business risk profile, and ongoing capital
controls in Greece, S&P do not include OPAP's surplus cash in
S&P's adjusted debt calculation. However, S&P understands that
OPAP is able to use cash held in Greece for payments related to
any business transactions, including debt service payments and
dividends, without needing the approval of Greek authorities. In
fact, S&P expects dividend payments (at in between EUR180 million
to EUR250 million per year) to exceed FOCF for the foreseeable
future, thereby leading to some releveraging of the company,
though with financial metrics staying within the ranges S&P
outlines.
On Jan. 22, 2016, S&P raised the sovereign rating on Greece to
'B-' from 'CCC+' due to the country's progress on reforms,
including the recapitalization of the country's systemic banks and
the implementation of budgetary consolidation measures. As a
result of these factors, S&P thinks the probability of Greece
leaving the eurozone has receded somewhat. At the same time, S&P
notes that Greece is currently undergoing negotiations with the
IMF and the EU on the next package of the Greek bailout, which
adds uncertainty to the Greek economic stability.
"We continue to expect that OPAP's credit metrics, liquidity, and
free cash flow generation would likely be impaired by a scenario
in which Greece faces renewed financial stress, defaults, or
leaves the EU (Grexit). We believe that OPAP's moderately
leveraged balance sheet and free cash flow generation should allow
the company to stem some of these pressures to some degree. On
the other hand, OPAP's currently outstanding debt with Greek banks
is governed by Greek law, and could be, in case of Grexit, exposed
to currency denomination risk. For all these reasons, we see the
corporate credit rating on OPAP, at a notch above the sovereign
rating, as appropriately reflecting the company's current risks
and strengths," S&P said.
S&P's base case assumes:
-- An increase in revenues in 2017, mainly from the deployment
of 10,000 VLTs that are expected to be fully operational by
the end of 2017, and a further 25,500 VLTs operational by
May 2018.
-- Adjusted EBITDA margin of 21%-23% in 2016-2018.
-- Capital expenditure (capex) of EUR37 million in 2016, about
EUR70 million in 2017, and about EUR40 million in 2018.
Dividends of EUR180 million for 2016 and around EUR250
million for 2017 and 2018. S&P assumes debt to increase by
EUR200 million in 2017.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted debt to EBITDA of 1.2x in 2016, 1.8x in 2017, and
1.5x in 2018. Adjusted FOCF to debt of 21% in 2016 and
2017, increasing to 34% in 2018.
The stable outlook reflects S&P's expectation that OPAP will stem
and reverse the current pressure on its EBITDA and operating
margins, mainly due to the new VLTs. S&P also anticipates that
OPAP should have sufficient headroom at the current rating level
to absorb any potential moderately severe negative regulatory
intervention or margin erosion over the next 12 months. S&P's
base case foresees that OPAP will maintain an adjusted debt-to-
EBITDA ratio of between 1.5x-2.0x and that its liquidity will
remain at least adequate.
S&P could raise the rating on OPAP by one notch if the very high
country risk in Greece moderated, including the lifting of capital
controls and improved economic prospects, leading S&P to raise the
sovereign rating.
S&P could lower the rating on OPAP by one notch to 'B-' if the
likelihood of a Grexit increased again to above one-in-three or if
S&P lowered the sovereign rating. S&P could also consider a
downgrade if materially weaker economic conditions in Greece
significantly impaired OPAP's liquidity, operating margins, or
cash flow generation.
=========
I T A L Y
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ILVA SPA: Deadline for Bids Pushed Back Until Today
---------------------------------------------------
Michael Pooler and James Politi at The Financial Times report that
the deadline for bids on the troubled Italian steelmaker Ilva, the
owner of Europe's largest steelworks, has been pushed back until
this week.
According to the FT, final offers to acquire the company, which
has been at the center of a saga involving environmental disaster,
insolvency and temporary nationalization, was due Friday, March 3.
But a spokesperson for Ilva confirmed to the FT that the cut-off
would be delayed to Monday, March 6.
Rome took control of the business, based at the giant Taranto
facility in southern Italy, in 2015 after a court sequestered
sections of it on the grounds that it had failed to contain toxic
emissions, the FT recounts.
In contention for the century-old industrial concern are two
consortia with differing visions on how to turn it around, the FT
discloses.
Along with a financial offer, prospective buyers must present an
environmental plan and industrial blueprint, the FT states.
Ilva is an Italian steel maker.
===================
L U X E M B O U R G
===================
EVRAZ GROUP: S&P Revises Outlook to Stable & Affirms 'BB-' CCR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Luxembourg-domiciled
integrated steel producer Evraz Group S.A. to stable from
negative. At the same time, S&P affirmed its 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings on
Evraz, as well as S&P's 'BB-' long-term corporate credit rating on
Evraz's financial subsidiary EvrazHolding Finance LLC.
S&P also affirmed its 'B+' issue ratings on the senior unsecured
notes issued by Evraz and EvrazHolding Finance LLC.
The outlook revision reflects Evraz's resilient operating
performance and cash flow generation in 2016, despite the
challenging market conditions in Russia, the main steel market for
Evraz and where the group's major assets are located. It also
reflects S&P's expectations of further improvement in Evraz's
credit metrics in 2017 on the back of continued deleveraging
efforts and an overall stronger pricing environment this year
compared with 2016.
Industry conditions remained under pressure in 2016 because of
sluggish demand and a challenging pricing environment.
Construction steel, one of Evraz's main segments, suffered from
economy slowdown in Russia, resulting in 10% lower volumes shipped
in 2016 than in 2015. However, steel prices have recovered since
April 2016, following the global trend. Moreover, Evraz's low
cost position was underpinned by the weakened ruble, which
supported the group's cash flow generation, notably in the second
half of 2016. S&P also notes that Evraz is a significant coking
coal producer (15.6 million tons mined in 2016), and benefited
from the coking coal price hike at the end of 2016.
S&P thinks that the steel industry will continue to display
downside risks (including fluctuations of demand and prices) this
year, but S&P generally expects conditions to be on a normalizing,
upward trend from the low point of the cycle early last year.
This, in combination with the focus on deleveraging that Evraz has
articulated and demonstrated, will under S&P's base case lead to
stronger credit metrics in 2017 than it previously had assumed.
S&P continues to assess Evraz's business risk as fair, based on
the combination of the moderately high risk S&P sees in the
volatile and cyclical steel industry and its view of high country
risk in Russia, where Evraz's key operations are concentrated.
The stable outlook on Evraz reflects S&P's view that the group
will maintain adequate credit metrics for the rating in the next
two years, with funds from operations (FFO) to debt of above 20%
and free operating cash flow generation exceeding $400 million per
year. This view is supported by management's demonstrated
commitment to deleveraging and the group's solid positions in the
production of rails, construction steel, and coking coal, which
are underpinned by very low production costs, benefits of vertical
integration, and flexibility in sales markets. S&P also expects
that Evraz will continue managing its refinancing risks in a
proactive manner.
S&P would consider a downgrade if Evraz' profits and credit
metrics deteriorated in 2017, without short-term prospects of
recovery, with FFO to debt falling below 20% under normal market
conditions, or below 12% if those conditions degrade to a cyclical
low point, with pressured demand and weaker domestic steel
margins.
S&P might consider a positive rating action if the group's credit
metrics improve significantly as a result of deleveraging,
supported by industry and price improvement, such that FFO to debt
is sustainably above 30%.
FLINT HOLDCO: S&P Affirms 'B' CCR on Planned Debt Issuance
----------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term
corporate credit rating on Luxembourg-headquartered ink and print
consumables provider Flint Group (Flint Holdco Sarl). The outlook
is stable.
S&P also affirmed its 'B' issue rating on Flint's senior secured
debt, which includes its existing first-lien debt and revolving
credit facility (RCF) and the new incremental first-lien loans of
up to EUR100 million, equivalent, as announced on Feb. 23, 2017.
The senior secured debt is issued by a group of six co-borrowers
but guaranteed by Flint Holdco. The recovery rating remains at
'3', indicating S&P's expectation of meaningful recovery prospects
of around 55%.
At the same time, S&P has affirmed its 'CCC+' issue rating on the
second-lien senior secured debt. The recovery rating is '6',
indicating S&P's expectation of negligible recovery (0%-10%) in a
default scenario, reflecting its contractual subordination in the
debt structure.
The affirmation reflects that the issuance of EUR100 million
senior secured first-lien debt will be executed under the existing
first-lien debt documentation, dated Sept. 5, 2014. As such, the
additional debt will be fungible with the existing facilities,
maturing 2021, and drawn in both euros and U.S. dollars.
Flint intends to use the proceeds to repay its existing second-
lien debt, which is due 2022. As part of the transaction, S&P
understands Flint is seeking lenders' consent to waive a junior
debt prepayment basket to permit the repayment of the second-lien
loans from the proceeds raised by the first-lien incremental
facility. They are also seeking lenders' consent to permit the
incurrence of the incremental term loan, and retain the current
first-lien incremental basket capacity.
The issue and recovery ratings on the first-lien senior secured
debt are 'B' and '3', respectively. The senior secured debt
consists of a EUR150 million RCF, euro-denominated term loan of
EUR906 million, U.S. dollar-denominated term loan of EUR707
million equivalent (figures as of September 2016, adjusted for
EUR100 million incremental first-lien facility raised in early
February 2017), and the proposed EUR100 million equivalent add-on
split by euros/U.S. dollars. The recovery rating is supported by
its priority status in the capital structure but constrained by
the significant amount of first-lien senior secured debt. The
recovery rating of '3' implies S&P's expectation for meaningful
recovery prospects of around 55%.
The issue and recovery ratings on the second-lien senior secured
debt are '6' and 'CCC+', respectively, reflecting its contractual
subordination in the debt structure.
The senior facilities agreement includes a first-lien net leverage
covenant that is triggered quarterly only when outstanding amounts
under the RCF are above 35% of the total revolving facility size.
S&P's hypothetical default scenario envisages increased
competition, and an inability to pass on rising raw material costs
to customers.
S&P values Flint as a going concern given its leading market
position as a supplier of specialty chemicals to the printing and
packaging industry worldwide.
The stable outlook reflects S&P's expectation of continued
gradually strengthening EBITDA, supported by organic growth and
the full-year contribution of last year's acquisitions, as well as
future bolt-on acquisitions. This, combined with solid free
operating cash flow generation, should allow the company to keep
debt to EBITDA at 6x or slightly below, during 2017 and 2018.
S&P could lower the rating if sizable debt-financed acquisitions
pushed Flint's leverage well above 6x without near-term prospects
of recovery, or if the company's liquidity deteriorated. Although
less likely in S&P's view, it could also take a negative rating
action if the company's growth strategy became less successful,
leading to declining EBITDA.
S&P sees upside as currently unlikely, given the company's
ambitious growth strategy, which could require further bolt-on
acquisitions and therefore prevent consistent deleveraging.
Should leverage fall sustainably below 5.5x and the company's
financial policy appeared supportive, this could unlock upside
potential for the rating.
INTELSAT SA: S&P Cuts Rating on Notes to 'CC' on Planned Merger
---------------------------------------------------------------
S&P Global Ratings said that it lowered its issue-level ratings on
Luxembourg-based fixed satellite service provider Intelsat S.A.
subsidiary Intelsat Jackson Holdings S.A.'s senior notes to 'CC'
from 'CCC'. The rating action follows Intelsat's announcement
that it will launch a series of exchange offers to repurchase
existing notes at a material discount to par using a combination
of new notes, common shares, and cash.
The exchange offers include:
-- Intelsat Jackson Holdings S.A.'s 7.25% senior notes due in
2020, 7.25% senior notes due in 2019, 7.5% senior notes due
in 2021, and 5.5% senior notes due in 2023. S&P lowered
the issue-level ratings on these notes to 'CC' from 'CCC'.
-- Intelsat Connect Finance's 12.5% senior notes due in 2022.
The issue-level rating on these notes remains 'CC'.
-- Intelsat (Luxembourg) S.A.'s 7.75% senior notes due in 2021
and 8.125% senior notes due in 2023. The issue-level
ratings on these notes remain 'D'. S&P previously lowered
the ratings on these notes in December 2016 following the
company's previous exchange offer.
S&P expects to lower the ratings on Intelsat Jackson Holdings S.A.
and Intelsat Connect Finance S.A.'s senior notes to 'D' if and
when the exchange of this debt is completed.
At the same time, S&P raised the issue-level rating on Intelsat
(Luxembourg) S.A.'s 6.75% senior notes due in 2018 to 'CC' from
'D' since these notes are not part of the announced exchange
offer.
The exchange offers follow Intelsat's announcement that it plans
to merge with OneWeb in an all-stock transaction. Softbank Group
Corp., which previously invested $1.2 billion in OneWeb, will
invest $1.7 billion in Intelsat to support the exchange offers
and, as a result, help reduce the company's debt burden. The
merger is contingent on the completion of the exchange offers.
The corporate credit rating on Intelsat S.A. remains 'SD'. S&P
plans to raise that rating when the transaction closes in the
third quarter of 2017, but could provide interim guidance as
additional information
becomes available. At that time, S&P will raise the corporate
credit to a level that reflects the business prospects, leverage
profile, and financial policy of the combined company.
RATINGS LIST
Intelsat S.A.
Corporate Credit Rating D/--/--
Issue Level Ratings Lowered; Recovery Rating Unchanged
To From
Intelsat Jackson Holdings S.A.
Senior Unsecured CC CCC
Recovery Rating 4 (45%) 4 (45%)
Issue Level Ratings Raised; Recovery Rating Unchanged
To From
Intelsat (Luxembourg) S.A.
Senior Unsecured
$500 mil 6.75% sr nts due 2018 CC D
Recovery Rating 6 (0%) 6 (0%)
Ratings Unchanged
Intelsat Connect Finance S.A.
Senior Unsecured CC
Recovery Rating 6 (0%)
Intelsat (Luxembourg) S.A.
Senior Unsecured
$2 bil 7.75% nts due 2021 D
Recovery Rating 6 (0%)
$1 bil 8.125% sr nts due 2023 D
Recovery Rating 6 (0%)
Intelsat Jackson Holdings S.A.
Senior Secured B-
Recovery Rating 1 (95%)
=====================
N E T H E R L A N D S
=====================
ARES EURO CLO I: Moody's Hikes Rating on Class F Notes to B2
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Ares Euro CLO I B.V.:
-- EUR26M Class D Senior Secured Deferrable Floating Rate Notes
due 2024, Upgraded to Aa3 (sf); previously on Aug 30, 2016
Upgraded to A2 (sf)
-- EUR13.5M Class E Senior Secured Deferrable Floating Rate
Notes due 2024, Upgraded to Ba1 (sf); previously on Aug 30,
2016 Affirmed Ba2 (sf)
-- EUR6M Class F Senior Secured Deferrable Floating Rate Notes
due 2024, Upgraded to B2 (sf); previously on Aug 30, 2016
Affirmed B3 (sf)
Moody's has also affirmed the ratings on the following notes:
-- EUR37.8M (current outstanding balance of EUR26.7M) Class A-2
Senior Secured Floating Rate Notes due 2024, Affirmed Aaa
(sf); previously on Aug 30, 2016 Affirmed Aaa (sf)
-- EUR52M (current outstanding balance of EUR7.4M) Class A-3
Senior Secured Floating Rate Notes due 2024, Affirmed Aaa
(sf); previously on Aug 30, 2016 Affirmed Aaa (sf)
-- EUR8M Class B-1 Senior Secured Deferrable Floating Rate Notes
due 2024, Affirmed Aaa (sf); previously on Aug 30, 2016
Affirmed Aaa (sf)
-- EUR13M Class B-2 Senior Secured Deferrable Fixed Rate Notes
due 2024, Affirmed Aaa (sf); previously on Aug 30, 2016
Affirmed Aaa (sf)
-- EUR19M Class C Senior Secured Deferrable Floating Rate Notes
due 2024, Affirmed Aaa (sf); previously on Aug 30, 2016
Affirmed Aaa (sf)
-- EUR8M Class Q Combination Notes due 2024, Affirmed Aa1 (sf);
previously on Aug 30, 2016 Upgraded to Aa1 (sf)
Ares Euro CLO I B.V., issued in April 2007, is a collateralised
loan obligation (CLO) backed by a portfolio of high-yield European
loans. The portfolio is managed by Ares Management Limited. The
transaction's reinvestment period ended in May 2014.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
deleveraging of the senior notes following amortisation of the
underlying portfolio since the last rating action in August 2016.
The Classes A-1, A-2 and A-3 notes have paid down by approximately
EUR31.67 million (9.70% of the original amount) since the last
rating action in August 2016 and EUR206.91 million (63.37% of the
original amount) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the
trustee report dated 31 January 2017 the Class A, Class B, Class
C, Class D, Class E and Class F OC ratios are reported at 375.84%,
232.57%, 172.93%, 128.01%, 112.79% and 107.14% compared to 29 July
2016 levels of 250.90%, 190.17%, 156.00%, 125.22%, 113.58% and
109.08%, respectively.
The rating on the combination notes addresses the repayment of the
rated balance on or before the legal final maturity. For the Class
Q notes, the 'rated balance' at any time is equal to the principal
amount of the combination note on the issue date minus the sum of
all payments made from the issue date to such date, of either
interest or principal. The rated balance will not necessarily
correspond to the outstanding notional amount reported by the
trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR104.81 million and principal proceeds balance
of EUR23.30 million, no defaulted par, a weighted average default
probability of 17.54% over a weighted average life of 4.32 years
(consistent with a WARF of 2557), a weighted average recovery rate
upon default of 46.91% for a Aaa liability target rating, a
diversity score of 22, a weighted average spread of 3.50% and a
weighted average coupon of 5.19%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. Moody's generally applies recovery rates for CLO
securities as published in "Moody's Approach to Rating SF CDOs".
In each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics of
the collateral pool into its cash flow model analysis, subjecting
them to stresses as a function of the target rating of each CLO
liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
Factors that would lead to an upgrade or downgrade of the ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that were
within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
* Around 3.03% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions" published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
* Long-dated assets: The presence of assets that mature beyond the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity lags
that of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
BRIGHT BIDCO: S&P Assigns Preliminary 'B+' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term
corporate credit rating to Netherlands-based lighting solutions
provider Bright Bidco B.V. (Lumileds). The outlook is stable.
At the same time, S&P assigned a preliminary 'B+' issue rating
with a preliminary '3' recovery rating to Lumileds' proposed
$1,150 million senior secured cov-lite term loan B and
$200 million RCF. The recovery rating reflects S&P's expectation
of meaningful (50%-70%; rounded estimate: 60%) recovery in the
event of a payment default.
The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or revise its ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
security, and ranking.
S&P's rating on Lumileds is constrained by the company's exposure
to the auto and consumer electronics end markets which can be
subject to large swings in demand. S&P also judges that Lumileds
has a degree of customer concentration by end market, with
potential for pricing pressure.
It also reflects S&P's expectation that the company's leverage
ratio will not materially improve from its level at the closing of
the transaction, due to the company's ownership by Apollo, a
private equity fund, combined with the flexible terms of the
proposed documentation, allowing the raising of more debt.
These elements are partly mitigated by Lumileds' solid market
positions in the conventional and LED automotive lighting markets;
its focus on differentiated lighting solutions exhibiting high
operating margins; and its adequate liquidity position.
At closing of the transaction, S&P understands that Apollo will
hold about 80% of Lumileds' shares, while Koninklijke Philips N.V.
will retain the remainder. Apollo has shown an appetite for debt-
financed special dividends to shareholders in other transactions
such as Horizon Holdings I (Verallia; B/Stable/--), or McGraw-Hill
Education Inc. (B/Stable/--). In addition, the proposed $1,150
million term loan B will have no financial maintenance covenants
and documentation allows for an incremental facility equivalent to
the last 12 months of EBITDA (around $420 million as per the
company's definition), plus additional amounts subject to leverage
ratios.
S&P has not included any incremental facility in its base-case
scenario.
In 2016, about 60% of Lumileds' sales stemmed from the auto end
market, while about 20% came from its specialty business where
Lumileds provides smartphone manufacturers with flash lights for
cameras. Although S&P recognizes that Lumileds holds leading
positions in these end markets, alongside Osram and Cree, S&P
believes that its revenues are subject to swings in demand for end
products or destocking effects from customers, as observed in 2015
and in the first half of 2016.
S&P views Lumileds as well positioned to weather the ongoing
gradual shift from conventional lamps to LED in the auto segment,
thanks to its good brand recognition in the aftermarket and its
technological expertise for LEDs. Nevertheless, S&P notes that
R&D and capital expenditure are higher in the LED segment than in
the conventional division, which could weigh on the company's free
cash flow generation if revenues from the conventional business
declined more quickly than expected.
Lumileds has been operating as a stand-alone entity since
April 1, 2015. The final steps for the separation from Philips
will necessitate some additional restructuring costs, which will
constrain the EBITDA margin in 2017 and 2018. However, S&P
expects that Lumileds will continue to post a solid EBITDA margin
for the industry of above 15%.
The stable outlook reflects S&P's expectation that Lumileds will
post an adjusted EBITDA margin (post restructuring costs) of at
least 15% in 2017 and that private equity owner Apollo will
refrain from increasing the company's indebtedness such that the
debt-to-EBITDA ratio remains below 5x.
A negative rating action could occur if the company's FFO to debt
deteriorated to below 12% or if its debt to EBITDA increased to
above 5x. This could result from repeated operational issues or
weaker demand in Lumileds' auto and smartphone end markets. A
large debt-financed acquisition, a dividend recapitalization, or a
weakening of the liquidity position could also result in a
downgrade.
An upgrade is unlikely in the short term. S&P could consider a
positive rating action if Lumileds maintained FFO to debt close to
20% and debt to EBITDA close to 4x on a sustained basis. Any
rating upside would hinge on a commitment to maintain stronger
metrics and refrain from dividend recapitalization or large debt-
funded M&A.
FAXTOR ABS 2005-1: S&P Affirms 'BB+' Rating to Class A-3 Notes
--------------------------------------------------------------
S&P Global Ratings raised to 'A+ (sf)' from 'A- (sf)' its credit
ratings on FAXTOR ABS 2005-1 B.V.'s class A-2E and A-2F notes. At
the same time, S&P has affirmed its 'BB+ (sf)' rating on the class
A-3 notes.
The rating actions follow S&P's analysis of the transaction using
data from the latest trustee report and the application of its
relevant criteria.
The class A-1 notes have fully repaid since S&P's March 17, 2016,
review. Additionally, the class A-2E and A-2F notes have repaid
EUR13.28 million in aggregate, which represents an approximately
67% reduction in the principal amount outstanding for these
classes of notes. The principal repayment of these notes has
resulted in an increase in available credit enhancement for all
rated classes of notes.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still fully repay interest and principal to the
noteholders. S&P gave credit to an aggregate collateral amount
that it considered to be performing, the current weighted-average
spread, and the weighted-average recovery rates calculated in
accordance with S&P's 2012 criteria for collateralized debt
obligations (CDOs) of pooled structured finance assets. S&P
applied various cash flow stresses using its standard default
patterns and timings for each rating category assumed for each
class of notes.
According to S&P's analysis, the portion of performing assets not
rated by S&P Global Ratings is about 13%. In this case, S&P
applies its third-party mapping criteria to map notched ratings
from another ratings agency and to infer S&P's rating input for
the purpose of inclusion in CDO Evaluator. In performing this
mapping, S&P generally applies a three-notch downward adjustment
for structured finance assets that are rated by one rating agency
and a two-notch downward adjustment if the asset is rated by two
rating agencies.
S&P's analysis also indicates that the available credit
enhancement for the class A-2E and A-2F notes is now commensurate
with higher ratings than those being assigned. However, in
accordance with S&P's current counterparty criteria, the rating on
these classes of notes are constrained at 'A+ (sf)' by the rating
requirements for the bank account provider and custodian under the
transaction documents. S&P has therefore raised to 'A+ (sf)' from
'A- (sf)' its ratings on the class A-2E and A-2F notes.
S&P's credit and cash flow analysis indicates that the class A-3
notes are sensitive to potential interest shortfalls and liquidity
risk in certain stressed scenarios. This is particularly
prevalent where there are no principal proceeds being received
from the underlying portfolio under S&P's stress scenarios. As a
result, S&P believes that the speculative-grade rating on the
class A-3 notes is commensurate with the available credit
enhancement. S&P has therefore affirmed its 'BB+ (sf)' rating on
this class of notes.
FAXTOR ABS 2005-1 is a cash flow mezzanine structured finance
corporate debt obligation (CDO) of a portfolio that consists
predominantly of residential mortgage-backed securities and, to a
lesser extent, CDOs of corporates, CDOs of asset-backed securities
(ABS), and commercial mortgage-backed securities.
RATINGS LIST
Class Rating
To From
FAXTOR ABS 2005-1 B.V.
EUR308.4 Million Asset-Backed Floating And Fixed-Rate Notes
Ratings Raised
A-2E A+ (sf) A- (sf)
A-2F A+ (sf) A- (sf)
Rating Affirmed
A-3 BB+ (sf)
JUBILEE CLO 2013-X: S&P Assigns 'BB' Rating to Cl. E-R Dfrd Notes
-----------------------------------------------------------------
S&P Global ratings assigned its credit ratings to Jubilee CLO
2013-X B.V.'s class X, A-R, B-1R, B-2R, C-1R, C-2R, D-R, E-R, and
F notes.
Jubilee CLO 2013-X is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds issued
mainly by European borrowers. Alcentra Ltd. is the collateral
manager.
The proceeds from the issuance of the new notes were used to
redeem the existing notes at closing. In addition to the
redemption of the existing notes, the issuer used the remaining
funds to purchase additional collateral. Concurrent with the new
note issuance, the issuer also reset key transactional features,
such as the weighted-average life and the reinvestment period.
The ratings assigned to Jubilee CLO 2013-X's class X, A-R, B-1R,
B-2R, C-1R, C-2R, D-R, E-R, and F notes reflect S&P's assessment
of:
-- The diversified collateral pool, which consists primarily
of broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination
of cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
Under the transaction documents, the rated notes pay interest
quarterly unless there is a frequency switch event. Following
such an event, the notes switch to semiannual payments. The
transaction has a four-year reinvestment period.
At closing, the portfolio represented a well-diversified pool of
corporate credits. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash
flow collateralized debt obligations.
S&P's ratings reflect its assessment of the collateral portfolio's
credit quality and the available credit enhancement for the rated
notes through the subordination of payable cash flows. In S&P's
cash flow analysis, it used the EUR391 million target par amount,
the covenanted weighted-average spread (4.0%), the covenanted
weighted-average coupon (5.5%), and the covenanted weighted-
average recovery rates at each rating level. S&P applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category.
The Bank of New York Mellon is the bank account provider and
custodian. The portfolio can comprise a maximum of 30% non-euro-
denominated obligations, subject to an asset swap provided by a
hedge counterparty. The participants' downgrade remedies are in
line with S&P's current counterparty criteria.
The transaction's legal structure is bankruptcy remote, in line
with S&P's European legal criteria.
Following the application of S&P's structured finance ratings
above the sovereign criteria, S&P considers the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in S&P's criteria.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.
Jubilee CLO 2013-X is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds issued
mainly by European borrowers. Alcentra Ltd. is the collateral
manager.
RATINGS LIST
Jubilee CLO 2013-X B.V.
EUR415.50 Million Floating-Rate Notes (Including EUR54.8 Million
Unrated Subordinated Notes)
Class Rating Amount
(mil. EUR)
A-R AAA (sf) 231.20
X AAA (sf) 2.00
B-1R AA (sf) 42.40
B-2R AA (sf) 7.30
C-1R Dfrd A (sf) 15.50
C-2R Dfrd A (sf) 7.90
D-R Dfrd BBB (sf) 20.70
E-R Dfrd BB (sf) 24.10
F Dfrd B- (sf) 11.60
Subordinated NR 54.80
Dfrd--Deferrable.
NR--Not rated.
JUBILEE CLO 2015-XV: S&P Affirms 'B-' Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Jubilee CLO
2015-XV B.V.'s class A to F notes.
The affirmations follow S&P's assessment of the transaction's
performance using data from the Dec. 31, 2016 trustee report
available and the application of its relevant criteria.
S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
at each rating level. The BDR represents S&P's estimate of the
maximum level of gross defaults, based on its stress assumptions,
that a tranche can withstand and still fully repay the
noteholders. In S&P's analysis, it used the portfolio balance
that it considers to be performing, the current weighted-average
spread, and the weighted-average recovery rates calculated in line
with S&P's corporate collateralized debt obligation (CDO)
criteria. S&P applied various cash flow stresses, using its
standard default patterns, in conjunction with different interest
rate stress scenarios.
Since closing on June 4, 2015, the notes have remained fully
outstanding as the transaction remains in its reinvestment period
and the collateral manager reinvests cash funds received.
Currently the issuer's par balance is EUR439.3 million, indicating
EUR1.5 million of additional collateral that has been built above
the par amount at closing of EUR437.8 million. As a result, the
available credit enhancement for the rated notes has increased
marginally since closing. The asset portfolio remains well
diversified, with 89 distinct obligors spread over 20 distinct
industries and 16 distinct countries.
Over the same period, the weighted-average spread has increased
slightly to 4.65% from 4.54%, and remains well above the covenant
of 4.20%. The portfolio's weighted-average life has decreased as
the transaction matures, falling to 5.69 years from 5.80 years at
closing.
S&P incorporated various cash flow stress scenarios, using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress
scenarios. To help assess the collateral pool's credit risk, S&P
used CDO Evaluator 7.2 to generate scenario default rates (SDRs;
the modeled level of gross defaults that CDO Evaluator estimates
for every CDO liability rating) at each rating level. S&P then
compared these SDRs with their respective BDRs.
While the transaction remains in its reinvestment period, the
collateral manager can alter the asset portfolio through sales and
purchases. Negative selection in new assets is mitigated by S&P's
CDO Monitor test, which ensures that any amended portfolio is of
sufficient quality to maintain the ratings on the notes assigned
at closing. As a result, in S&P's analysis, it recognizes that
during the reinvestment period the portfolio is subject to further
change, which may constrain the ratings on the notes to the
original ratings assigned.
Taking into account the results of S&P's credit and cash flow
analysis, it considers that the available credit enhancement for
all classes of notes is commensurate with the currently assigned
ratings. S&P has therefore affirmed its ratings on all classes of
notes.
Jubilee 2015 is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in June 2015, and its
reinvestment period ends in July 2019.
RATINGS LIST
Class Rating
Jubilee CLO 2015-XV B.V.
EUR450.75 Million Senior Secured And Deferrable Floating-Rate
Notes
Ratings Affirmed
A AAA (sf)
B AA (sf)
C A (sf)
D BBB (sf)
E BB (sf)
F B- (sf)
NEPTUNO CLO II: S&P Lowers Rating on Class E Notes to 'CCC'
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Neptuno CLO II
B.V.'s class B notes. At the same time, S&P has lowered its
ratings on the class C, D, and E notes.
The rating actions follow S&P's review of the transaction's
performance. S&P performed a credit and cash flow analysis using
data from the latest available trustee and note valuation report,
dated Jan. 3, 2017.
Neptuno CLO II is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans granted to primarily European
speculative-grade corporate firms, managed by Halcyon Neptuno II
Management LLC. The transaction closed in December 2007 and
entered its amortization period in January 2013. Since S&P's
previous review on March 2, 2016, the transaction has continued to
deleverage. The class A notes have been fully repaid and the
class B notes have amortized by nearly EUR10 million. As a result
of this deleveraging, S&P's analysis shows an increase in credit
enhancement levels for the class B notes, which is the main factor
supporting S&P's upgrade of these notes to 'AAA (sf)'.
That said, asset amortization and defaults in the portfolio have
caused the portfolio's aggregate collateral balance to decrease
further. The portfolio has become more concentrated than it was
at S&P's previous review and losses in the transaction have
increased. S&P's analysis indicates that these losses have
contributed to a reduction in credit enhancement levels for the
lower classes of notes. From the transaction's trustee reports,
S&P notes that headroom for the class D and E par value tests has
fallen since S&P's last review.
S&P has subjected the capital structure to a cash flow analysis to
determine the break-even default rates for each rated class of
notes at each rating level. In S&P's analysis, it used the
reported portfolio balance that it considered to be performing;
the current weighted-average spread as stated in the trustee
report; and the weighted-average recovery rates, calculated in
line with S&P's corporate collateralized debt obligation (CDO)
criteria. S&P applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate and currency stress scenarios.
S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class B notes is commensurate with a
higher rating than previously assigned, and so S&P has raised to
'AAA (sf)' from 'AA+ (sf)' its rating on this class of notes.
For the class C and D notes, S&P's credit and cash flow analysis
indicates that the notes may achieve higher ratings, but applying
S&P's largest obligor default test constrains its ratings on these
notes. In S&P's view, the increase in the pool concentration and
losses in the overall portfolio have affected the results of the
latter test. As a result, S&P has lowered to 'A- (sf)' from
'A+ (sf)' its rating on the class C notes and to 'B- (sf)' from
'BB+ (sf)' its rating on the class D notes. Both the results from
the supplemental test and S&P's credit and cash flow analysis for
the class E notes (the most junior in the capital structure) imply
a lower rating than currently assigned. As a result, S&P has
lowered to 'CCC (sf)' from 'CCC+ (sf)' its rating on the class
E notes.
RATINGS LIST
Neptuno CLO II B.V.
EUR450 Million Senior Secured Floating-Rate Notes
Class Rating
To From
Rating Raised
B AAA (sf) AA+ (sf)
Ratings Lowered
C A- (sf) A+ (sf)
D B- (sf) BB+ (sf)
E CCC (sf) CCC+ (sf)
NORTH WESTERLY CLO III: Moody's Affirms B3 Rating on Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by North Westerly
CLO III B.V.:
-- EUR32M (current outstanding balance of EUR14.57M) Class B
Deferrable Interest Floating Rate Notes due 2022, Affirmed
Aaa (sf); previously on Jul 28, 2016 Affirmed Aaa (sf)
-- EUR17M Class C Deferrable Interest Floating Rate Notes due
2022, Upgraded to Aaa (sf); previously on Jul 28, 2016
Upgraded to Aa1 (sf)
-- EUR15.5M Class D Deferrable Interest Floating Rate Notes due
2022, Upgraded to Baa1 (sf); previously on Jul 28, 2016
Upgraded to Ba1 (sf)
-- EUR14.5M (current outstanding balance of EUR7.90M) Class E
Deferrable Interest Floating Rate Notes due 2022, Affirmed
B3 (sf); previously on Jul 28, 2016 Upgraded to B3 (sf)
-- EUR6M (current rated balance of EUR3.11M) Class R Combination
Notes due 2022, Upgraded to Aaa (sf); previously on Jul 28,
2016 Upgraded to Aa2 (sf)
North Westerly CLO III B.V., issued in August 2006, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by NIBC
Bank N.V.. The transaction's reinvestment period ended in October
2012.
RATINGS RATIONALE
According to Moody's, the rating actions taken on the Classes C
and D notes are primarily a result of the deleveraging of the
transaction through paydown of the Class B notes, following
repayments of the underlying portfolio since the last rating
action in July 2016. The Class A notes in the transaction have
been fully redeemed. Further deleveraging of the transaction is
expected; the 30 December 2016 trustee report listed a principal
balance of EUR 11.71 million for distribution to the Class B
noteholders in April 2017.
On the October 2016 payment date the Class B notes paid down by
EUR 15.88 million and as a result the over-collateralisation (OC)
ratios of the senior classes of rated notes have increased
significantly. As per the trustee report dated 30 December 2016,
Class B, Class C, Class D, and Class E OC ratios are reported at
400.17%, 184.68%, 123.87%, and 106.06% compared to May 2016 levels
of 247.09%, 158.56%, 119.52%, and 106.19%, respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds of EUR55.62 million,
defaulted par of EUR6.20 million, a weighted average default
probability of 26.17% (consistent with a WARF of 3977 over a
weighted average life of 3.67 years), a weighted average recovery
rate upon default of 48.46% for a Aaa liability target rating, a
diversity score of 6 and a weighted average spread of 4.69%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
The rating of the combination notes addresses the repayment of the
rated balance on or before the legal final maturity. For Class R,
the 'rated balance' is equal at any time to the principal amount
of the combination note on the issue date increased by the rated
coupon of 0.25% per annum, accrued on the rated balance on the
preceding payment date minus the aggregate of all payments made
from the issue date to such date, either through interest or
principal payments. The rated balance may not necessarily
correspond to the outstanding notional amount reported by the
trustee.
Moody's notes that shortly after its initial analysis based on
December 2016 data was completed, the January 2017 trustee report
was issued. There is no material change in key portfolio metrics
such as WARF, diversity score, and weighted average spread as well
as OC ratios for Classes B, C, D, and E from their December 2016
levels.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
Factors that would lead to an upgrade or downgrade of the ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Classes B and C, and within two notches of
the base-case results for Classes D and E.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
2) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.
3) Around 22% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions," published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
4) Liquidation value of long-dated assets: Approximately 5.5% of
the portfolio is comprised of assets that mature after the
maturity date of the transaction ("long dated assets"). For these
long dated assets, Moody's assumed a weighted average liquidation
value of 90% in its analysis. Any volatility between the assumed
liquidation value and the actual liquidation value may create
additional performance uncertainties.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
JUBILEE CLO 2013-X: Fitch Assigns B Rating to CL. F-R Notes
-----------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2013-X B.V. refinancing
notes final ratings:
EUR2 million Class X: 'AAAsf'; Outlook Stable
EUR231.2 million Class A-R: 'AAAsf'; Outlook Stable
EUR42.4 million Class B-1-R: 'AAsf'; Outlook Stable
EUR7.3 million Class B-2-R: 'AAsf'; Outlook Stable
EUR15.5 million Class C-1-R: 'Asf'; Outlook Stable
EUR7.9 million Class C-2-R: 'Asf'; Outlook Stable
EUR20.7 million Class D-R: 'BBBsf'; Outlook Stable
EUR24.1 million Class E-R: 'BBsf'; Outlook Stable
EUR11.6 million Class F-R: 'B-sf'; Outlook Stable
Jubilee CLO 2013-X B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes are
being used to refinance the current outstanding notes. The
portfolio of assets is managed by Alcentra Limited.
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions or public ratings on all
assets in the identified portfolio. The weighted average rating
factor (WARF) of the identified portfolio is 31.9 while the
indicative covenanted maximum Fitch WARF for assigning final
ratings is 34.
High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all the assets in
the identified portfolio. The weighted average recovery rating
(WARR) of the identified portfolio is 65% while the indicative
covenanted minimum Fitch WARR for assigning final ratings is 66%.
Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can reset to a
semi-annual basis. The transaction has an interest smoothing
account, but no liquidity facility. Potential liquidity stress for
the non-deferrable class A and B refinancing notes - stemming from
a large proportion of assets resetting to a semi-annual basis in
any one quarterly period - is addressed by switching the payment
frequency on the notes to semi-annual in such a scenario.
Limited Interest Rate Exposure
Between 0% and 5% of the portfolio can be invested in fixed-rate
assets, while all the liabilities are floating rate notes. Fitch
modelled both a 0% and a 5% fixed-rate bucket and the rated notes
can withstand the interest rate mismatch associated with each
scenario.
Documentation Amendments
The transaction documents may be amended, subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If, in the agency's opinion, the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.
TRANSACTION SUMMARY
The issuer amended the capital structure and changed the payment
frequency of the notes to quarterly, although a frequency switch
mechanism was introduced. The reinvestment period has been
extended to April 2021 and the maturity of the notes to April
2031.
In addition EUR2 million class X notes ranking pari-passu to the
class A refinancing notes have been added. The principal amount is
scheduled to amortise in four equal instalments starting on the
payment date failing in July 2017, using interest proceeds only,
unless there is an over-collateralisation (OC) test breach. Class
X notional is excluded from the OC tests calculation but a breach
of this test will divert interest and principal proceeds to the
pro-rata repayment of the class X notes with the class A
refinancing notes. Non-payment of scheduled principal on the class
X notes on the specific dates will not represent an event of
default according to the transaction documents and unpaid
principal will be due at the next payment date.
The class B-2 and C-2 refinancing notes are not subjected to 0%
Euribor floor during the non-call period, which ends in April
2019, and the spreads on the notes will be 0.21% higher compared
to the spreads on class B-1 and C-1 refinancing notes. After the
non-call period, the class B-2 and C-2 refinancing notes will have
a 0% Euribor floor and the spreads will step down to the same
level as class B-1 and C-1 refinancing notes, respectively.
RATING SENSITIVITIES
A 25% increase in the obligor default probability could lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates could lead to a downgrade of
up to two notches for the rated notes.
===========
R U S S I A
===========
TATFONDBANK PJSC: S&P Affirms Then Withdraws 'D/D' Ratings
----------------------------------------------------------
S&P Global Ratings affirmed its 'D/D' long- and short-term
counterparty credit ratings and its 'D' Russia national scale
rating on PJSC Tatfondbank. At the same time, S&P affirmed its 'D'
ratings on the bank's senior unsecured debt. S&P subsequently
withdrew all ratings at the bank's request.
At the time of the withdrawal, S&P's ratings on Tatfondbank
reflected the bank's inability to honor its obligations timely and
fully.
On Dec. 15, 2016, the Central Bank of Russia announced a temporary
administration and imposed a payment moratorium on Tatfondbank,
citing the bank's failure to meet creditors' claims for more than
seven days. S&P subsequently lowered the ratings on Tatfondbank to
'D' on Dec. 16, 2016.
===========
S E R B I A
===========
VRSACKI VINOGRADI: Swisslion Takovo Buys Winemaker for $4.93MM
--------------------------------------------------------------
SeeNews reports that Serbian confectionary group Swisslion Takovo
said it signed an agreement to acquire insolvent winemaker Vrsacki
Vinogradi for RSD575 million ($4.93 million).
SeeNews relates that Swisslion Takovo will start a three-year plan
for the recovery of Vrsacki Vinogradi, Swisslion Takovo said in a
statement on Feb. 17.
The programme will involve investments in the purchase of
processing equipment, the owner of Swisslion Takovo, Rodoljub
Draskovic, told Serbian public broadcaster Radio Televizija Srbije
(RTS), according to SeeNews.
Moreover, Swisslion Takovo plans to start exports of Vrsacki
Vinogradi wines to China, Russia, America and entire Europe,
Mr. Draskovic, as cited by SeeNews, said.
Vrsacki Vinogradi, which entered insolvency proceedings in 2015,
owns 1,700 hectares of plantation vineyards in the area of Vrsac,
in northern Serbia, SeeNews discloses. The assortment consists
mostly of white wine varieties, with Italian Riesling covering
more than 50% of the plantation. The total cellar capacity of
Vrsacki Vinogradi amounts to 34.2 million litres.
===========
T U R K E Y
===========
DOGUS HOLDING: S&P Puts 'BB-' CCR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings said that it placed its 'BB-' long term
corporate rating and the 'trA/trA-1' long- and short-term Turkey
national scale ratings on Turkey-based Dogus Holding A.S. on
CreditWatch with negative implications.
The CreditWatch placement follows Dogus' announced agreement to
sell almost its entire 9.95% stake in Turkiye Garanti Bankasi A.S.
(Garanti) to Banco Bilbao Vizcaya Argentaria S.A. for 3.32 billion
Turkish lira (around $915 million). S&P understands the
transaction is expected to close in about two months, depending on
regulatory approvals. S&P believes this may weaken Dogus'
business risk profile, as almost the entire portfolio will consist
of unlisted assets.
"Furthermore, in our view, the sale of the shares implies that the
average asset credit quality of Dogus' investees may further
weaken, given that Garanti's creditworthiness is stronger than the
rest of the portfolio and that its reduced size in Dogus'
portfolio of companies will likely not be offset by any new
investment with similar credit quality. We currently assess
Dogus' business risk profile as being in the lower end of our weak
category. We understand management intends to use most of the
proceeds for debt reduction, which to some extent can offset the
weakening business risk profile. We therefore believe that the
loan-to-value ratio will be well below 20% after the transaction,
but the ultimate outcome will depend on the level of
deleveraging," S&P said.
Dogus' business risk profile continues to be hampered by its
relatively high exposure to Turkish markets. Political turmoil,
policy constraints, rising inflation, and exchange rate and
domestic tensions may very well impact growth and the price of
assets, especially unlisted ones, over the medium term. However,
recent investments abroad contribute to geographical
diversification going forward.
When S&P resolves the CreditWatch status, it will evaluate whether
to apply its criteria for rating investment holding companies
going forward. This is because Dogus' portfolio will consist
largely of unlisted assets and S&P expects this to remain the case
at least over the medium term.
S&P will review the CreditWatch placement within the next three
months, when the sale has materialized and S&P has been able to
fully assess its impact on Dogus' business risk profile. S&P
believes that it could lower the corporate credit rating by one or
more notches if that the potential reduction in the company's
financial leverage does not offset the weakening of its investment
portfolio.
===========================
U N I T E D K I N G D O M
===========================
ANGLO AMERICAN: Moody's Hikes Corporate Family Rating to Ba1
------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
and probability of default rating of Anglo American plc to Ba1 /
Ba1-PD from Ba2 / Ba2-PD. Concurrently, the rating agency upgraded
the rated senior unsecured guaranteed debt instruments at Anglo
American Capital Plc to Ba1 from Ba2, and Anglo American SA
Finance Limited's national scale ratings to A1.za/P-1.za from
A3.za/P-2.za. The outlook on all ratings remains positive.
"We have upgraded Anglo American's ratings to Ba1 with positive
outlook to reflect its improving credit profile following
accelerated debt reduction in 2016 and improving operating cash
flows", said Elena Nadtotchi, Vice President Senior Credit Officer
and the lead analyst for Anglo. "Anglo's ability to affirm its
financial policies, including the dividend policy, will play a key
part in sustaining the improved financial profile and higher
ratings".
RATINGS RATIONALE
Moody's upgraded Anglo's corporate family rating and probability
of default rating by one notch to Ba1 / Ba1-PD to reflect the
company's strengthened leverage profile, reduced level of debt, as
well as stronger and more resilient level of earnings and
operating cash flow generation. The upgrade of the ratings also
reflects Moody's view that Anglo has taken effective measures to
adapt to the new environment of highly volatile commodity prices,
as it cut costs and improved operating resilience of the iron ore
division. The iron ore division was the largest source of earnings
volatility and capital write-offs in 2015, with the flagship
Minas-Rio facility written down by $11.3 billion.
The recent recovery in commodity prices lifted Anglo's EBITDA to
$6.1 billion in 2016, compared to $4.9 billion it reported in
2015. On Moody's current price assumptions that include higher
iron ore price of $60/t and metallurgical coal price of $175/t for
2017, Moody's expects Anglo to deliver higher EBITDA in 2017 of
around $7 billion. The upgrade is not driven by current spot
prices -- currently even higher for iron ore at around $90/t and
$175/t for metallurgical coal which are likely transitional;
Moody's expects bulk commodity prices to stabilise at lower
levels, closer to Moody's price assumptions. For 2018, Moody's
factors iron ore price assumption of $50/t and metallurgical coal
price assumption at $120/t. Moody's expects Anglo's EBITDA to
stabilise at around $5.5 billion level in 2018.
In line with other mining peers, Anglo turned FCF positive in 2016
and generated $2.3 billion FCF, after it reduced costs, cut capex,
cancelled dividends and benefitted from a release of working
capital principally by the company's diamond operations. Higher
EBITDA will translate into improved operating cash flows in
2017/2018, while sustained positive FCF generation should support
the company's plan to reinstate dividends. The company said that
it is likely to make dividend payments variable, thus increasing
the resilience of its financial profile amid high commodity price
volatility.
In 2016, Anglo used proceeds from the $1.8 billion cash
divestments, $2.3 billion in FCF and some of its cash balances to
reduce its gross adjusted debt obligations by about $5.8 billion
to $16.3 billion. At the end of 2016, Anglo's adjusted leverage
stood at 1.7x net debt/EBITDA and 2.7x debt/EBITDA level, compared
to 3.2x and 4.7x, respectively, at the end of 2015. Factoring in
Moody's price assumptions, Anglo's adjusted leverage metrics could
improve in 2017 to around 2.2x debt/EBITDA and 1.4x net
debt/EBITDA, and stabilise at around 2.5x debt/EBITDA and 1.4x net
debt/EBITDA in 2018 when Moody's expects commodity prices to
normalise. Anglo's cash flow coverage of debt has also improved in
2016, helped by rising operating cash flows, lower debt and
cancelation of the dividend, with (CFO-dividend) / debt metric at
29%, compared to 9% in 2015.
In February 2017, Anglo announced a strategic shift from the
divestment-led portfolio strategy announced at the end of 2015 to
managing existing assets. Amid higher commodity prices, the
company confirmed its decision not to sell its key bulk commodity
assets, including iron ore and coal assets that contributed around
52% of Anglo's 2016 EBITDA. Having reduced debt last year, Anglo's
sustainable credit profile no longer depends on making
transformational divestments to deleverage. The shift in the
portfolio policy lifts the uncertainty about the near term
business profile of Anglo, the expected valuation of the bulk
commodity assets and deleveraging effect of any such divestments,
that negatively weighed on the Anglo's credit ratings in 2016.
The upgrade of the ratings to Ba1 and the positive outlook are
underpinned by Anglo's success in materially improving the
financial resilience of its iron ore business. The completion of
the construction of Minas-Rio iron ore project in Brazil and
ramping up of production allowed Anglo to reduce breakeven price
for the project to around $44/t in 2016. Anglo's South African
iron ore operation has also improved its cost position and
reported a break-even iron ore price of below $30/t compared to
$49/t in 2015. Factoring reduced capex, lower operating costs and
other operating measures across the iron ore portfolio, Moody's
now expects Anglo's iron ore division to remain FCF generative
under Moody's stress case iron ore price scenario of $40/t.
Moody's also positively note the company's confirmation that it
does not expect further write down in value of future cash flows
of the Brazilian operation.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook on the ratings reflects Moody's expectations
that Anglo's rating may be upgraded to the investment grade level.
In the coming months, Moody's are looking for the company to
maintain a strong operational performance and reaffirm financial
policies, including dividend policy, that will allow it to sustain
the improved financial metrics and maintain a strong financial
position.
Anglo's strong liquidity position, backed by c.$6 billion in cash
balances reported at the end of 2016, $9.7 billion in committed
unused facilities and positive FCF generation, should continue to
support Anglo's credit profile. The company faces limited near
term maturities of $1.9 billion in 2017 and $2.5 billion in 2018.
WHAT COULD CHANGE THE RATING UP / DOWN
An upgrade would require Anglo to sustain an improved leverage
profile, with debt/EBITDA at or below 2.5x and (CFO-Dividend) /
debt in high-20s percentage level. Anglo would also need to
maintain its strong liquidity backed by positive FCF generation.
Moody's will also look for the company to reaffirm financial
policies, including dividend policy, that will allow it to sustain
the improved financial metrics and maintain strong financial
position amid a range of commodity price scenarios.
While unlikely in the short term, a reversal of the deleveraging
trend, resulting in Anglo sustaining higher leverage with
debt/EBITDA sustainably higher than 3.5x, would put negative
pressure on the Ba1 ratings.
LIST OF AFFECTED RATINGS
Upgrades:
Issuer: Anglo American plc
-- LT Corporate Family Rating, Upgraded to Ba1 from Ba2
-- Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
-- Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba1
from (P)Ba2
Issuer: Anglo American Capital Plc
-- Backed Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba1 from (P)Ba2
-- Backed Senior Unsecured Regular Bond/Debenture, Upgraded to
Ba1 from Ba2
-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from
Ba2
Issuer: Anglo American SA Finance Limited
-- NSR Backed Senior Unsecured Medium-Term Note Program,
Upgraded to A1.za from A3.za
-- Backed Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba1 from (P)Ba2
-- NSR Backed Senior Unsecured Medium-Term Note Program,
Upgraded to P-1.za from P-2.za
-- Backed Senior Unsecured Regular Bond/Debenture, Upgraded to
Ba1 from Ba2
-- NSR Backed Senior Unsecured Regular Bond/Debenture, Upgraded
to A1.za from A3.za
Affirmations:
Issuer: Anglo American plc
-- Senior Unsecured Medium-Term Note Program, Affirmed (P)NP
Issuer: Anglo American Capital Plc
-- Backed Commercial Paper, Affirmed NP
-- Backed Senior Unsecured Medium-Term Note Program, Affirmed
(P)NP
Issuer: Anglo American SA Finance Limited
-- Backed Senior Unsecured Medium-Term Note Program, Affirmed
(P)NP
Outlook Actions:
Issuer: Anglo American plc
-- Outlook, Remains Positive
Issuer: Anglo American Capital Plc
-- Outlook, Remains Positive
Issuer: Anglo American SA Finance Limited
-- Outlook, Remains Positive
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Headquartered in the UK and listed on the London and Johannesburg
stock exchanges, Anglo American plc (AAL) is a global diversified
mining company. In 2016, the group reported sales of $21.4 billion
(excluding associates). Its mining portfolio comprises precious
metals (platinum, diamonds), bulk commodities (coal, iron ore and
manganese) and base metals (copper, nickel).
BRITISH HOME: Sir Philip Green Puts GBP363MM Into Pension Fund
--------------------------------------------------------------
Sophie Baker at Pionline reports that the Pensions Regulator has
reached a GBP363 million (US$450 million) cash settlement with the
former owner of retailer British Home Stores (BHS), an arrangement
that will provide funding for a new independent pension fund.
According to Pionline, TPR said in a statement on its website that
it had reached arrangement with Sir Philip Green, and has the
support of the trustees of BHS' two existing pension funds, both
based in London: the GBP421 million BHS Pension Scheme and the
GBP95.1 million BHS Senior Management Pension Scheme. The funds
had a total GBP571 million deficit when the sponsoring employer
went into administration last year, the report notes.
The report relates the new pension fund will give participants the
same starting pension provision as they were originally promised
by BHS, and higher benefits than they would have received under
the U.K.'s lifeboat fund for insolvent company pension funds, the
Pension Protection Fund, London.
The deal closes TPR's enforcement action against Mr. Green and
brings certainty to 19,000 participants of the existing pension
funds, the report relays.
The report discloses that the new pension fund will have a board
made up of three professional, independent trustees. Current
participants will have three potential options, including
transferring to the new pension fund, which will be a fully
independent trust overseen by independent trustees, the report
relays. It will be required to pay the PPF levy, as other defined
benefit funds in the U.K. that might need to call on the lifeboat
for help in the future, the report says.
The report discloses another option is to take a lump-sum payment,
available to those participants with smaller accounts of up to
GBP18,000 in total value. The third potential option is to remain
in the current pension fund and receive benefits from the PPF.
The report relays the GBP363 million is being held in segregated
bank accounts, TPR's statement said, the report notes. Of the
total, GBP343 million has been put into an escrow account to fund
the new pension fund, the report relates. The remaining up to
GBP20 million is held in other accounts to cover expenses and the
cost of implementing the participant options, and of the new
pension fund, the report notes. TPR said in a separate document
that setting up the new pension fund is expected to take a number
of months, the report discloses.
"The agreement we have reached with Sir Philip Green represents a
strong outcome for the members of the BHS pension schemes," said
Lesley Titcomb, CEO at TPR, in the statement obtained by the news
agency. "It takes account of the interests of both pensioners and
the PPF, and brings a welcome level of certainty to present and
future pensioners," the statement added.
According to the report participant communication will be a
priority, with TPR continuing to monitor the existing pension
funds to ensure participants are kept up-to-date on progress.
The report says the agreement follows the issuance of warning
notices in November, outlining its TPR's plans to instigate
regulatory action as a result of its anti-avoidance investigation
regarding the BHS pension funds. The pension funds entered the PPF
assessment period in March, and sponsoring employer BHS went into
administration in April. TPR launched its anti-avoidance
investigation in March 2015.
CORDELL GROUP: In Administration, Cuts 100 Jobs
-----------------------------------------------
Jamie Hardesty at Bdaily reports Stockton-on-Tees-based Cordell
Group Limited, and its subsidiary Cordell Southern Technical
Services (CSTS) Limited, has entered administration resulting in
the total loss of over 100 jobs.
The engineering design, fabrication and construction contractor
made 50 redundancies on February 3 prior to the commencement of
the administration, and a further 57 redundancies were made upon
it entering administration, according to Bdaily.
The report notes all 10 staff at CSTS, which provides electrical
engineering services for building management systems, have also
been made redundant.
Formed in 2000, Cordell Group has felt the pinch from the decline
in the oil and gas sectors in recent years and lost significant
contracts leading to financial difficulties, the report relates.
Administrators Lee Lockwood -- lee.lockwood@begbies-traynor.com
-- and Bob Maxwell -- bob.maxwell@begbies-traynor.com -- of
Begbies Traynor, were appointed as joint administrators on
February 23.
The report discloses the administrators are currently continuing
to trade with the group's major customers to complete a number of
existing projects while they consider the options for the business
and the remaining 170 staff.
Joint administrator Lee Lockwood said: "Unfortunately, the group
has suffered from the decline in the oil and gas sector over the
past couple of years, and whilst seeking to diversify into other
sectors, it suffered losses on two contracts from which its
financial problems arose.
"Significant interest in the group has been expressed by potential
buyers or investors, but no sale or investment has been concluded
to date," he added.
DIRECT ENTRY: Bought Out of Administration Under Pre-pack Deal
--------------------------------------------------------------
Insider Media reports that Direct Entry Solutions has been
acquired out of administration saving all 25 jobs.
Direct Entry Solutions is a postal service company based near
Heathrow, with facilities capable of handling 30 tonnes of post a
day.
Kelly Burton and Lisa Hogg of insolvency and business turnaround
specialist Wilson Field were appointed as joint administrators of
Direct Entry Solutions on Jan. 25, 2017, Insider Media discloses.
Insider Media says the 13-year-old business, which initially
traded as a consultancy service supplying postal services to UK-
based wholesale mail companies, has been acquired by associated
company Direct Entry Solutions Worldwide Ltd and will be operated
by the existing management team.
According to the report, the administrators said the company had
experienced a difficult trading period after diversifying from its
core offering to incorporate the physical sorting of post along
with returned mail management and various other mail processing
services.
This resulted in possible enforcement action by creditors
including HM Revenue & Customs and Austrian postal company
Osterreichische Post, the report says.
The value of the pre-pack deal is unknown, but it includes the
business and assets of the company based on Stockley Close in West
Drayton, according to Insider Media.
"The consequences of switching from a consultancy to processing
mail involved significant investment and consequential increased
ongoing costs," the report quotes Kelly Burton, director and
insolvency practitioner at Wilson Field in Leeds, as saying.
"The company required a large boost in the staffing levels, a
bigger premises in a more suitable location, relevant machinery
and equipment for the warehouse operatives, in addition to large
injections of cash.
"A number of onerous contracts also caused a pressure on cash flow
and a build-up of historical debt.
"Our actions have secured all 25 jobs and brought about a better
return to creditors. As the jobs were transferred to Direct Entry
Solutions Worldwide, this alone saved over GBP27,000 in redundancy
and wages.
"From what was a difficult situation has emerged a better result
for creditors and staff."
DOWDING & PLUMMER: CVR Global Appointed as Liquidators
------------------------------------------------------
Emma Smith at AccountancyAge reports that partners at CVR Global
have been appointed liquidators of Dowding & Plummer Ltd.
Partners at the insolvency firm Craig Povey -- cpovey@cvr.global
-- and Kevin Murphy -- kmurphy@cvr.global -- were appointed
liquidators on February 2, and all members of staff at the company
were made redundant, according to AccountancyAge.
AccountancyAge says Dowding & Plummer had suffered a period of
loss making, and its Birmingham premises had been sold in January
this year.
CVR Global has sold the company's remaining assets to Barnborough
Ltd, the report notes.
"At its peak, Dowding & Plummer had a turnover of around GBP11
million and employed 130 people . . . unfortunately, the business
experienced loss making over a number of years and subsequently
faced severe financial difficulties in recent years,"
AccountancyAge quotes Mr. Povey as saying.
"Despite reducing employee numbers the business had suffered a
large sales downturn from 2015 and subsequently resulted in us
being called in.
"The sale of its property in Stockfield Road was concluded in the
best interest of creditors earlier this year, but despite the sale
the company was unable to move forward as a going concern and the
company was formally wound up and all staff made redundant."
Birmingham-based Dowding & Plummer Ltd manufactures industrial
flooring cleaning machines.
EUROSAIL 2006-1: S&P Raises Ratings on 2 Note Classes to 'BB+'
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail 2006-1
PLC's class C1a and C1c notes. At the same time, S&P affirmed its
ratings on the class A2c, B1a, B1c, D1a, D1c, and E notes.
The rating actions follow S&P's credit and cash flow analysis
using loan-level information and investor report as of December
2016, and the application of S&P's relevant criteria.
Since Q4 2011, amounts outstanding have been increasing. Based on
the December 2016 investor report, the transaction's pool factor
is 17.3%. Acenden Ltd., the servicer, references the level of
amounts outstanding to determine the 90+ day arrears trigger. The
level of 90+ day amounts outstanding (including repossessions) has
increased to 38.4% since S&P's previous review.
Delinquencies in this transaction are above S&P's U.K. residential
mortgage-backed securities (RMBS) index. Additionally, 90+ day
delinquencies in the wider market have decreased to 9.7% from
14.06% at S&P's previous review. Severe delinquencies have
stabilized at 16.5%, following a sharp decline from 21.9% at S&P's
previous review. As a result, and combined with the prospect of
future interest rate rises and a deteriorating economic
environment in the medium term, S&P projected additional
delinquencies of 1.1% in its analysis.
The notes are currently amortizing sequentially, as the
transaction's pro rata arrears triggers were breached in June
2012, when 90+ day amounts outstanding exceeded 22.5%. S&P
considers that the transaction will continue to pay principal
sequentially, and S&P has incorporated this assumption in its cash
flow analysis. The sequential amortization, combined with a
nonamortizing reserve fund, has increased the transaction's
available credit enhancement since S&P's previous review.
S&P's weighted-average foreclosure frequency (WAFF) assumptions
have decreased since its previous review thanks to greater
seasoning and lower arrears level. Over the same period, S&P's
weighted-average loss severity (WALS) assumptions have increased
because S&P expects potential losses to be higher, given the
servicer's method of allocating payments of other amounts owed.
Overall, S&P's expected credit loss for this transaction has
decreased since its previous review.
Rating level WAFF (%) WALS (%) Expected credit
loss (%)
AAA 35.87 51.54 18.49
AA 31.25 43.31 13.54
A 26.49 32.02 8.48
BBB 22.26 25.84 5.75
BB 18.05 21.72 3.92
B 16.12 19.09 3.08
Following the 2015 downgrade of Barclays Bank PLC, which acts as
bank account provider in this transaction, and the lack of
subsequent remedial actions to address the breach of the downgrade
triggers, the issuer credit rating (ICR) on Barclays Bank can now
support a rating on the notes of up to 'A- (sf)', i.e., the long-
term ICR on Barclays Bank as the bank account provider.
S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class C1a and C1c notes is now
commensurate with higher ratings than those currently assigned.
S&P has therefore raised to 'BB+ (sf)' from 'B+ (sf)' its ratings
on the class C1a and C1c notes.
S&P's analysis also indicates that the available credit
enhancement for the class A2c, B1a, B1c, D1a, D1c, and E notes is
commensurate with the currently assigned ratings. Based on this
and taking into account the counterparty cap, S&P has affirmed its
ratings on these classes of notes.
S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
over one and three-year periods, under moderate stress conditions,
is in line with S&P's credit stability criteria.
Eurosail 2006-1 is a U.K. nonconforming RMBS transaction, which
Southern Pacific Mortgage Ltd. and Southern Pacific Personal Loans
Ltd. originated.
RATINGS LIST
Eurosail 2006-1 PLC
EUR60.7 Million, GBP474.003 Million, US$437.5 Million Mortgage-
Backed Floating-Rate Notes
Class Rating
To From
Ratings Raised
C1a BB+ (sf) B+ (sf)
C1c BB+ (sf) B+ (sf)
Ratings Affirmed
A2c A- (sf)
B1a A- (sf)
B1c A- (sf)
D1a B (sf)
D1c B (sf)
E B- (sf)
EUROSAIL 2006-2BL: S&P Raises Ratings on 2 Note Classes to 'BB+'
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail 2006-2BL
PLC's class D1a and D1c notes. At the same time, S&P has affirmed
its ratings on the class A2c, B1a, B1b, C1a, C1c, E1c, and F1c
notes.
The rating actions follow S&P's credit and cash flow analysis
using the December 2016 loan-level information and investor
report, and the application of S&P's relevant criteria.
Based on the December 2016 investor report, the level of 90+ days
amounts outstanding (including repossessions) has continued to
rise, increasing to 40.9% from 38.8% at S&P's previous review.
The notes are amortizing sequentially, as the pro rata arrears
trigger has been breached. Give the extent of the breach of the
90+ days amounts outstanding, S&P considers that the transaction
will continue to pay principal sequentially, and S&P has
incorporated this assumption in its cash flow analysis. This
transaction benefits from increased credit enhancement since S&P's
previous review due to the combination of a nonamortizing reserve
fund and sequential amortization.
S&P's weighted-average foreclosure frequency (WAFF) assumptions
have decreased for this transaction since S&P's previous review,
while those related to the weighted-average loss severity (WALS)
have risen. S&P's WAFF assumptions have decreased primarily due
to the lower arrears and greater seasoning. S&P's WALS
assumptions have increased because it expects potential losses to
be higher, given the servicer's method of allocating payments to
other amounts owed for the transaction.
WAFF (%) WALS (%) Expected credit loss (%)
AAA 38.18 58.30 22.24
AA 33.09 48.70 16.11
A 27.85 35.56 9.90
BBB 23.76 28.03 6.66
BB 19.29 22.90 4.42
B 17.14 20.09 3.44
Following the 2015 downgrade of Barclays Bank PLC, which acts as
bank account provider in this transaction, and the lack of
subsequent remedial actions to address the breach of the downgrade
triggers, the issuer credit rating (ICR) on Barclays Bank can now
support a rating on the notes of up to 'A- (sf)', i.e., the long-
term ICR on Barclays Bank as the bank account provider.
While S&P's credit and cash flow analysis indicates that the class
A2c to C1c notes could withstand the stresses that it applies at
higher ratings than those currently assigned, S&P's current
counterparty criteria cap its ratings on these classes of notes at
'A- (sf)'. S&P has therefore affirmed its 'A- (sf)' ratings on
the class A2c, B1a, B1b, C1a, and C1c notes.
The results of S&P's cash flow analysis show that the level of
available credit enhancement for the class D1a and D1c notes is
now commensurate with higher ratings than those currently
assigned. Consequently, S&P has raised to 'BB+ (sf)' from
'B (sf)' its ratings on the class D1a and D1c notes.
S&P's analysis also indicates that the available credit
enhancement for the class E1c and F1c notes is commensurate with
the currently assigned ratings. S&P has therefore affirmed its
'B- (sf)' rating on these classes of notes.
S&P's credit stability analysis for this transaction indicates
that the maximum projected deterioration that it would expect at
each rating level over one and three-year periods, under moderate
stress conditions, is in line with S&P's credit stability
criteria.
Eurosail 2006-2BL is a U.K. nonconforming residential mortgage-
backed securities (RMBS) transaction originated by Preferred
Mortgages Ltd.
RATINGS LIST
Eurosail 2006-2BL PLC
EUR60.8 Million, GBP406.278 Million, US$318 Million Mortgage-
Backed Floating-Rate Notes
Class Rating
To From
Ratings Raised
D1a BB+ (sf) B (sf)
D1c BB+ (sf) B (sf)
Ratings Affirmed
A2c A- (sf)
B1a A- (sf)
B1b A- (sf)
C1a A- (sf)
C1c A- (sf)
E1c B- (sf)
F1c B- (sf)
FOOD RETAILER: Crewkerne Budgens Store Continues to Trade
---------------------------------------------------------
Josh Fordham at Somerset Live reports the Crewkerne Budgens store
will keep trading for the immediate future while a buyer is sought
by administrators.
The Crewkerne store's future has been uncertain as its operator,
Food Retailer Operations Limited (FROL), went into administration.
Nine stores were shut over the February 25 and 26 weekend because
it was "no longer commercially viable to continue trading them,"
Somerset Live relays.
Joint administrators Michael Denny, Robert Moran, and Matthew
Hammond refused to confirm when the Crewkerne store will close,
Somerset Live relates.
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: Monmouth Store Faces Closure, 21 Jobs Affected
-------------------------------------------------------------
Mark Elson at Forest of Dean and Wye Valley Review reports that 21
store staff are set to lose their jobs after the closure of the
Budgens supermarket in Monmouth town centre was confirmed.
Staff at the Food Retailer Operations Ltd (FROL)-owned outlet have
been told it will close its doors later this month after the
company entered administration on Feb. 10, Forest of Dean and Wye
Valley Review relates.
Signs have now been posted at the Oldway Centre premises
announcing the closing down sale of discounted stock, Forest of
Dean and Wye Valley Review, Forest of Dean and Wye Valley Review
discloses.
The Monmouth outlet was one of 12 stores out of 34 earmarked for
closure at the end of January when FROL tried to enter into a
company voluntary arrangement with creditors to keep some stores
trading, Forest of Dean and Wye Valley Review notes.
But with no deal forthcoming, the company went into
administration, with the store's closure then finally confirmed,
Forest of Dean and Wye Valley Review states.
According to Forest of Dean and Wye Valley Review, Mike Denny,
joint administrator with Price Waterhouse Coopers, said: "FROL has
faced significant headwinds in the form of pricing pressures,
intense competition and structural change across the food retail
sector.
"We are continuing to trade all 34 stores, whilst engaging with
interested parties for the sites and the other leasehold interests
of the company. We will work closely with the employees over the
coming weeks."
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).
HANDMADE LIMITED: Investors Lose Millions, Judge Says
-----------------------------------------------------
Investors in the firm company Handmade Limited lost millions after
being seriously misled by what a judge called "a lack of candour"
by the directors, a press release at the Gov.UK website noted.
The press release went on to relay that:
Three directors of Handmade Limited, a film company have been
disqualified for a combined 22 and a half years.
Patrick Anthony Meehan has been disqualified from acting as a
director for 13 years, David Bernard Ravden has been disqualified
from acting as a director for five and a half years, and Peter
William Parkinson has been disqualified from acting as a director
for four years, following an investigation by the Insolvency
Service.
Messrs Meehan, Ravden and Parkinson were directors of Handmade
Limited which entered administration on July 11, 2012, and
liquidation on April 24, 2013. Handmade Limited (Handmade -
formerly Handmade Plc, encompassing Handmade Films International
and Handmade Film Productions) was an international rights and
film production company.
Mr. Meehan was the principle director and shareholder and, with
Mr. Ravden and Mr. Parkinson, formed an inner circle that
controlled information and the affairs of Handmade. A court found
Mr. Meehan instigated, while Mr. Ravden and Mr. Parkinson accepted
that they failed to take sufficient steps to stop, the following:
* Handmade obtaining $5m to fund a film project that had
already been cancelled and using some of the moneys to
pay off relatives of one of the directors
* Handmade disclosing all its debts in an Alternative
Investment Market (AIM) prospectus to raise $17 million,
and then expended the moneys raised thereafter on matters
undisclosed to advisers, shareholder or potential investors
Abandoned film project funding
In 2008, Mr. Meehan suggested to an investor company that they
make an investment in a Handmade film production. The investor
company subsequently invested $5 million into a special purpose
vehicle (SPV) through which investments for the film production
were channeled. The funds were placed in an account in the name of
Handmade plc and the SPV.
The proposed star of the film, had been injured in car accident
and, on Sept. 4, 2008, production was abandoned.
On Sept. 8, 2008, the investment company transferred $5 million
into the named Handmade/SPV account. They were not informed that
the production had already been abandoned.
Subsequently the funds held in the Handmade/SPV account were
transferred to Handmade and used for other purposes without the
investment company's knowledge or permission. No monetary
repayment was made by Handmade to the investment company, which
lost all of its $5 million.
Moneys raised through AIM
In October 2008, Handmade approached a nominated adviser and
broker (NOMAD) and asked it to assist in relation to a fundraising
via the AIM sub-market of the London Stock Exchange to fund the
acquisitions of a New York based animation company, and enter into
a joint venture with an America based television brand.
A major accountancy firm was retained by the NOMAD and Handmade to
carry out an independent review of financial projections prepared
by Handmade to prepare a Working Capital Report (WCR).
Copies of investor presentations and a legally required circular
to shareholders and placing announcement described the purposes
for which Handmade intended to use the moneys raised. The AIM
funding was completed on Nov. 17, 2009, resulting in $17 million
being available to Handmade.
In December 2009, a new Chief Executive and Operating Officer
(CEOO) of Handmade took office and when the CEOO saw Handmade's
financial information, it was clear that significant payments had
been made that had not formed part of the Placing Announcement.
The concerns raised by the new CEOO resulted in Handmade's shares
being suspended and insolvency advice was taken in January 2010.
In February 2010, the accountants who prepared the WCR issued a
report which set out multiple matters that had not been reflected
in the projections provided to them by Handmade either during the
preparation of the WCR or at any time prior to the AIM placing.
Commenting on the disqualifications, Joanne Covell, Chief
Investigator at the Insolvency Service, said:
"Directors have a duty to ensure that the procedures they
construct and oversee comply with the law. Directors who do not
comply with this basic obligation can expect to be investigated by
the Insolvency Service and enforcement action taken to remove them
from the market place.
"The activity uncovered pertains to personal and corporate probity
in permitting the obtaining of significant funds ($22 million) on
the basis of a false prospectus (the AIM placing) and false
statements (film production) and then using those moneys in ways
other than described. The facts were known to the three
disqualified directors and they chose to make mis-statements
and/or omit relevant facts when it suited them.
"Taking action against the these three directors is a warning to
all directors to seriously consider, and ensure they perform,
their duties and obligations and not hide behind the corporate
veil or claim ignorance of facts. Taking undue risks with the
money of others has consequences."
Handmade Ltd was incorporated on Oct. 23, 1996. Its registered
office prior to insolvency was Old School House Leckhampton Road
Cheltenham Gloucestershire GL53 0AX and it traded as an
international rights and film production company from June 2006.
Handmade Limited went into administration on July 11, 2012, and
Kevin Ashley Goldfarb of Griffins Tavistock House, Tavistock
Square, London WC1H 9LG and Mark Reynolds of Valentine & Co 3rd
Floor, Shakespeare Road, London, N3 1XE were appointed Joint
Administrators. On April 24, 2013, Handmade went into liquidation
and Mr Goldfarb and Mr Reynolds were appointed Joint Liquidators.
The Secretary of State accepted an undertaking from Peter William
Parkinson on Dec. 2, 2014. The disqualification commenced on
Feb. 23, 2014. Mr Parkinson's last known address was 2 Thames Walk
Apartments, 2 Hester Road, London, SW11 8BG.
A Disqualification Order was made against Patrick Anthony Meehan,
in his absence, on 20 May 2015. The disqualification commenced on
June 11, 2015, Mr Meehan's last known addresses were Batchelor's
Farm, Troy Lane, Edenbridge, Kent, TN8 6QN.
The Secretary of State accepted an undertaking from David Bernard
Ravden on Jan. 19, 2017. The disqualification commences on Feb. 9,
2017. Mr Ravden's last publicly known address is 57 Queens Grove,
London, NW8 6EN.
HARLEQUIN PROPERTY: Gets Closer to Liquidation After Ruling
-----------------------------------------------------------
Laura Miller at FTA Adviser reports that Harlequin Property SVG,
the troubled overseas investment group, has edged closer to
liquidation after a court ruled against giving it more time to
right itself.
Six thousand mainly British pension investors ploughed around
GBP400 million into the unregulated overseas property scheme via
UK financial advisers, hoping for 'guaranteed returns' of 10 per
cent a year from luxury villas, which never came, according to FTA
Adviser.
The report notes that the company entered formal insolvency
proceedings in October 2016, giving it a maximum of six months to
"work with a professional trustee to assist it to sort out its
business affairs", according to a Harlequin spokesperson.
However the court in Saint Vincent and the Grenadines, where
Harlequin is based, on February 24 refused a third application by
Harlequin chairman David Ames to give him more time to come up
with a viable alternative to liquidation, the report relays.
The report says a Harlequin spokesperson said the company will be
appealing the decision, and claimed it has been "advised by
Counsel in the Caribbean that it has a strong prospect of
success."
In the court's decision to refuse the extension, Justice Sir St.
Clare Roberts stated it was on the grounds that he was "not
satisfied that the insolvent person [Mr. Ames] has acted or is
acting with due diligence," the report relays.
The report discloses that on the viability of Mr. Ames' draft
proposal for Harlequin, the judge said: "There is still the lack
of financial data which is necessary for the proposal."
"The whole proposal in many aspects is based on opaque
projections," he continued.
As an example, the judge referred to the financing of Mr. Ames'
plans to pull Harlequin out of insolvency proceedings, based on
obtaining funds of around GBP10 million from Mr. Ames' successful
suing of Harlequin's former accountant Wilkins Kennedy, the report
relays.
However how much of the money Harlequin won in the High Court case
in December will actually be available to either save the business
or return to investors is in dispute, the report notes.
KPMG's Brian Glasgow, trustee for Harlequin, estimates 40 per cent
-- GBP4.2 million -- of the award will go to pay Harlequin's
lawyers, with a further GBP4.8 million going to cover other
aspects of the litigation funding, the report says.
Justice Sir St. Clare Roberts said of Mr. Ames' plans to finance
Harlequin's rescue with this money: "There is no real substantive
basis for this, what is really a hope, that there will be
sufficient funds to finance the proposal."
On the second key plank of the rescue proposals, the transfer of
ownership of Harlequin to investors in a debt for equity swap, the
judge said the majority of creditors have rejected that, the
report notes.
"[It] seems to me that there will be a question as to the value of
the equity of the proposed shares," he said.
He added: "I do think that the recent happenings involving the
main shareholder Mr. David Ames will tarnish the value of those
shares that are intended to be swapped for the debt," which is
understood to refer to the announcement on February 17 that Mr.
Ames has been charged with fraud by the Serious Fraud Office,
following an investigation since 2013.
The report discloses that the judge's concerns about the value to
Harlequin investors of a debt for equity swap echoed that of KPMG
in its report on the draft proposals.
"[Harlequin] has not presented a valuation of the company's
shares, nor is it clear whether there exists a viable market for
those shares", the KPMG report stated.
Mr. Ames, in his proposal, said Harlequin doesn't have the cash to
pay for a valuation, the report relays.
Insolvency practioner Mr. Glasgow's role was to try to reach a
financial solution that would satisfy Harlequin SVG's creditors,
largely made up of investors and the Financial Services
Compensation Scheme, the report notes.
However if, as is the case, a proposal put forward by Harlequin is
not viable or is rejected — and no appeal by Mr. Ames is
successful -- then Harlequin will enter into formal liquidation,
the report relays.
If that happens, Harlequin's land and hotel assets -- including
its flagship Buccament Bay resort -- are likely to be sold off for
the proceeds to be distributed among creditors, after insolvency
costs, the report notes.
The report relays this is likely to mean serious losses to all
Harlequin investors.
The FSCS joins investors as a creditor because it has paid out
around GBP100 million in relation to claims against advisers who
sold Harlequin and then, unable to pay compensation for
complaints, were forced to shut up shop, the report notes.
Once the FSCS has paid out a claim it takes over the investors'
rights, including the right to pursue Harlequin to clawback some
of the compensation it has paid, the report notes.
A Harlequin spokesperson told FTAdviser: "Harlequin Property (SVG)
Limited ("HP SVG") filed its proposal for creditors with KPMG on
Friday 24th February before the court reached its decision for the
company to enter bankruptcy.
"Sadly, the court's decision took away the opportunity for
Harlequin Property SVG investors/creditors to vote on the proposal
and may result in liquidation, which was exactly what 95 per cent
of those who recently voted in a survey wanted to avoid.
"Harlequin believes a grave injustice has been done and many HP
SVG investors will be alarmed by what has taken place."
HEALTHCARE SUPPORT: S&P Raises Rating on Sr. Sec. Debt to 'BB+'
---------------------------------------------------------------
S&P Global Ratings raised its rating on the senior secured debt
issued by U.K.-based special-purpose vehicle Healthcare Support
(Newcastle) Finance PLC to 'BB+' from 'BB-' and removed the rating
from CreditWatch positive. The outlook is positive.
The debt comprises a GBP115 million senior secured European
Investment Bank loan due March 2038, and GBP197.82 million of
senior secured bonds due September 2041, which were issued in 2006
and used to fund the design and construction of two new facilities
at the Freeman Hospital and Royal Victoria Infirmary (RVI), for
the Newcastle-Upon-Tyne Hospitals National Health Service (NHS)
Foundation Trust (the Trust).
Both debt tranches benefit from an unconditional and irrevocable
payment guarantee of scheduled interest and principal provided by
Syncora Guarantee U.K. Ltd. According to S&P's criteria, the
issue rating on debt guaranteed by a monoline insurer is the
higher of the rating on the insurer and the Standard & Poor's
underlying rating (SPUR). Because S&P do not rate Syncora, the
rating on the issues reflect the SPUR.
The recovery rating on the debt remains at '2', indicating S&P's
expectation of substantial (70%-90%; rounded estimate: 80%)
recovery of principal if there is a payment default that is not
covered by the financial guarantee.
The upgrade reflects S&P's view of the project's reduced risk
profile following the successful conclusion in August 2016 of the
Settlement Agreement that resolved the long-running construction
dispute between Healthcare Support (Newcastle) Ltd. (ProjectCo),
the Newcastle-Upon-Tyne Hospitals NHS Foundation Trust (the
Trust), the project's construction contractor, Laing O'Rourke
Construction Ltd. (LOR), and the project's facilities management
(FM) service provider, Interserve FM. This binding agreement,
which included the carve-out from the project of the Royal
Victoria Infirmary's new clinical office block, along with a
financial settlement for all outstanding penalty points,
contractually marked the end of the project's construction phase
and the transition to the operations phase. Hence, the rating
reflects S&P's assessment of the project's operational phase risk.
LOR is progressing with the remedial works outlined by the
Settlement Agreement's deeds of amendment, although these could
take up to three years to complete. The works address all
identified construction defects associated with the project's
retained facilities (Phases 1 to 7), including issues relating to
fire-stopping, chilled water pipework, and other less critical
building defects. None of the defects prevent full availability
of the project's facilities, although certain areas will
periodically be taken temporarily out of service for the works to
be implemented. Service performance points will not be levied
against these defects, provided that the works are completed
within the timeframe outlined by the Settlement Agreement's deed
of amendment. S&P views the scope of works to be within LOR's
capability and expect LOR to bear the majority of the
rectification costs, supported by a parent company guarantee.
However, ProjectCo could be required to make a contribution of up
to GBP0.5 million if remedial works costs associated with chilled
water pipework exceed certain defined levels. S&P assigns a
negative one-notch rating adjustment to reflect the project's risk
exposure to certain elements of the remedial works and the
potential that works schedule slippage could once again lead to
increased performance penalties and other issues.
S&P's assessment of the project's operational risk continues to
incorporate the negative impact of the long-running construction
dispute on relationships. Although S&P is seeing positive signs
that the relationship between the Trust and the project parties is
healing, S&P expects it to take time for the parties to establish
a stable working partnership that minimizes the risk of future
conflicts and material penalty deductions. That said, the level
of dialogue and cooperation between all parties has improved.
This is evidenced by a decline in the level of service performance
points during 2016, to well below the threshold levels defined in
the FM service contract. Interserve FM has been operating the
retained facilities since their completion in 2012.
The rating reflects S&P's assessment of the project's financial
health post-implementation of the Settlement Agreement, which
reflects the 2.18% reduction in the unitary charge in light of the
reduced project scope. The capital element of the unitary charge
has not been reduced, however, given that ProjectCo continues to
hold and service the project debt that was put in place at
financial close, when the initial project and financing agreements
were signed. Hence, the financial impact of the Settlement
Agreement on ProjectCo is limited. Under S&P's base case, it
expects the project's annual debt service coverage ratio (ADSCR)
to be 1.14x minimum in September 2017, rising to 1.20x or above by
September 2020. S&P forecasts the average ADSCR over the
remaining 26.5 years of the concession at 1.23x. The rating is
strengthened by two notches to reflect the project's strong
performance under S&P's downside stress scenario.
The positive outlook reflects that S&P expects the construction
contractor, LOR, to complete all construction defects in line with
the defined remedial works' schedule and at its own cost.
S&P will likely raise the rating by at least one notch once the
remedial works have further progressed in line with the
construction schedule and if S&P views there to be minimal risk of
ProjectCo itself incurring any of the remedial works costs. The
extent of the upgrade will depend on S&P's assessment of the
financial health and operational performance of the project at
that time and the extent to which S&P sees evidence of a robust,
stable relationship between the Trust and the project parties,
minimizing the risk of future conflicts and material penalty
deductions.
S&P could revise the outlook to stable or lower the rating if
LOR's progress in completing the remedial works associated with
the Settlement Agreement slips materially behind schedule or if
there is a strong likelihood that ProjectCo will have to pay
remedial works costs in excess of the potential GBP0.5 million
already identified.
INTERIOR SUPPLY: Creditors Face GBP669,000 Shortfall
----------------------------------------------------
Cabinet Maker reports that the liquidator of interior design firm
Interior Supply Limited has reported that creditors face a
shortfall of more than GBP669,000.
Keith Stevens -- keith.stevens@wilkinskennedy.com -- and
Louise Brittain -- louise.brittain@wilkinskennedy.com -- of
Wilkins Kennedy LLP were appointed as joint liquidators on
Dec. 13, 2016, of Surrey-based Interior Supply, according to the
report.
Cabinet Maker, citing a report filed on Companies House, discloses
that Interior Supply Limited owed creditors GBP777,146 including
GBP55,846 to the HMRC, as well as GBP57,324 worth of employee
claims.
Trade creditors, which are owed GBP631,563 collectively, feature a
number of furniture suppliers, with the highest value owed to
Italian firms Club House Italia, owed GBP159,439, and Poltrona
Frau Group, owed GBP62,662, with the latter occupying a London
showroom, the report relays.
Cabinet Maker adds that within the statement, Interior Supply
Limited's assets were expected to generate GBP121,370 for
creditors from its book value of GBP627,499, with stock worth
GBP338,700 only estimated to raise GBP37,000.
Taking the potential amount realised from company assets, Interior
Supply creditors face a shortfall of GBP669,217, Cabinet Maker
adds.
NTT FUNDRAISING: Inks Voluntary Arrangement with Creditors
----------------------------------------------------------
Hugh Radojev at Civil Society News reports that the directors of
NTT Fundraising have said that they have signed a voluntary
arrangement with their creditors and made some redundancies as
part of "restructuring" the company following a "challenging"
2016.
The directors of NTT Fundraising told Civil Society News that the
company had agreed a company voluntary arrangement regarding
repayment of debts with a number of its creditors as part of a
"restructuring of the business following a very challenging year
in 2016".
David Clark, managing director and Natalie Bailey, client services
director at NTT, said that the voluntary arrangement, the notice
of which was published on Companies House, did not mean that the
company was going into liquidation, and said they were still
"optimistic" about the future, Civil Society News relates.
According Civil Society News, its most recent set of small company
accounts made up to December 31, 2015 shows, NTT had fixed assets
of GBP175,199 and amounts falling due to creditors within one year
of GBP969,051.
NTT Fundraising is a telephone fundraising agency.
PREMIER OIL: Bondholder Dissatisfied with Debt Refinancing Terms
----------------------------------------------------------------
Nathalie Thomas at The Financial Times reports that the management
of Premier Oil, the UK independent oil producer, may have breathed
a sigh of relief last month when it finally announced the terms of
a long-awaited debt refinancing, but it seems that not everyone is
happy.
One of the bigger holders of Premier's US$245 million convertible
bonds on March 1 spoke out against the terms of the refinancing
and accused the company and its advisers of a "lack of
transparency and poor communication" during the process, the FT
relates.
According to the FT, Hong Kong-based Pyrrho Investments, which
owns 10% of Premier Oil's convertible bonds, expressed its "deep
dissatisfaction" with the terms offered.
At the start of last month, Premier Oil announced key terms that
had been agreed with "certain significant" convertible
bondholders, as well as with advisers to an ad hoc committee set
up specially to represent bondholders, the FT recounts. The
company said at the time that it would distribute full details of
those terms to the other holders of its convertible bonds, the FT
notes.
In an update issued on March 1, before Pyrrho's comments, Premier,
as cited by the FT, said terms had been agreed with all seven
members of that ad hoc committee, which between them account for
47% of the convertible bonds. Other bondholders outside the
committee were encouraged to contact the company's advisers, the
FT discloses.
Premier needs 50% of convertible bondholders to lock up to the
revised terms in order to call a special meeting at which
bondholders will vote on an extraordinary resolution, the FT
states. The resolution will need 75% of votes to pass, the FT
says.
Pyrrho said later on March 1 that it tried to contact Premier's
advisers at the start of last month, and no attempt was made to
invite it to join the ad hoc committee despite its significant
holding of the company's convertible bonds, the FT relays.
Premier Oil is a London-based oil and gas explorer.
TOGETHER FINANCIAL: Fitch Affirms BB- IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Together Financial Services Limited's
(Together; formerly Jerrold Holdings Limited) Long-Term Issuer
Default Rating at 'BB-', and the rating of the senior secured
notes issued by subsidiary Jerrold FinCo Plc (FinCo) also at
'BB-'.
At the same time, the agency has affirmed the Long-Term IDR of
Together's indirect holding company Bracken MidCo1 Plc (MidCo1) at
'B+', and the rating of the senior PIK toggle notes issued by
MidCo1 at 'B-'/'RR6'.
The Outlook on both Long-Term IDRs is Stable.
KEY RATING DRIVERS
TOGETHER - IDRS AND SENIOR DEBT
The ratings reflect Together's concentration of activities within
UK specialist mortgage lending, with associated higher arrears
relative to mainstream lenders. They also factor in the
institution's moderate leverage by mainstream lender standards,
taking into consideration the increase following the buyout of
minority shareholders in 2016. The ratings also take account of
the ongoing strong profitability of Together, and recent steps to
spread its funding maturities and sources, within wholesale market
boundaries.
The additional debt taken on to fund the minority shareholder
buyout, in the form of the senior PIK toggle notes issued by
MidCo1, does not sit on Together's own reported balance sheet.
However, Fitch views it as implicitly an additional obligation of
Together, as MidCo1 has no separate financial resources of its own
with which to service it, and failure to do so would have
considerable negative implications for Together's own
creditworthiness. Fitch therefore consolidates the senior PIK
toggle notes when assessing Together's leverage, while also
recognising within equity the GBP43 million subordinated
shareholder notes maturing in 2036 provided by ultimate parent
Redhill Famco Limited.
Together's owner has not historically drawn dividends from the
business, but the introduction of the senior PIK toggle notes will
require the upstreaming, if available, of GBP23.1 million per year
from Together to MidCo1 to service their coupon. Fitch expects
implied interest coverage to remain fairly comfortable, noting the
coupon would have been 3.1x covered by Together's net income for
the financial year to June 2016. However, the resultant lower
earnings retention will still slow the group's rate of internal
capital generation, which could entail increasing leverage if
Together is to continue to grow its loan portfolio at the same
pace as recently (10.4% over the six months to 31 December 2016,
following 26.5% in the year to 30 June 2016).
Together's funding is wholesale market-focused, but is more
diversified by both provider and maturity following the launch of
a third securitisation programme (of GBP90 million) in January
2017, and FinCo's February 2017 issuance of GBP200 million of
6.125% seven-year senior secured notes, supplementing the GBP375
million 6.25% five-year senior secured notes issued in October
2016.
Together continues to perform soundly, reporting a pre-tax profit
of GBP34.4 million for the six months to 31 December 2016, after
recognition of GBP14.8 million of charges in relation to the early
refinancing of its previous senior secured notes in October, and
GBP8.6 million of costs relating to the buyout of the minority
shareholders. Earnings are underpinned by the group's franchise
within the UK specialist mortgage lending market, and the group's
associated pricing power, and without the two exceptional items
would have continued recent years' upward trend.
The Stable Outlook on Together's Long-Term IDR reflects Fitch's
view that Together should continue to report adequate
profitability without substantially increasing leverage further.
MIDCO1 - IDR AND SENIOR PIK TOGGLE NOTES
MidCo1's Long-Term IDR is notched down once from Together's Long-
Term IDR, reflecting the former's structural subordination. Fitch
limits the rating differential between the two companies to one
notch, primarily because of the present sizeable headroom within
Together's restricted payment basket under the terms of FinCo's
senior secured notes.
The notching between MidCo1's IDR and the rating of the senior PIK
toggle notes themselves reflects Fitch's view of the likely
recoveries in the event of MidCo1 defaulting. While sensitive to a
number of assumptions, this scenario would only be likely to occur
in a situation where Together is also in much weakened financial
condition, as otherwise its upstreaming of dividends for MidCo1
debt service would have been maintained. The subordinated rank of
the senior PIK toggle notes would then place their holders in a
weaker position than Together's senior secured creditors for
available recoveries from the group's assets.
RATING SENSITIVITIES
TOGETHER - IDRS AND SENIOR DEBT
A significant further increase in leverage, or declining
profitability, for example due to a deteriorating operating
environment adversely affecting asset quality, could prompt a
downgrade. A sustained reduction in leverage, or a further
diversification in funding beyond the wholesale market, could lead
to an upgrade.
MIDCO1 - IDR AND SENIOR PIK TOGGLE NOTES
MidCo1's Long-Term IDR is primarily sensitive to changes to
Together's Long-Term IDR. Equalisation of the IDRs is unlikely in
view of MidCo1's structural subordination. A weakening of implied
interest coverage within MidCo1, for instance as a result of
diminishing net income at Together or any other restrictions on
Together's dividend upstream capacity, could widen their notching
and so be negative for MidCo1's Long-Term IDR.
The rating of the senior PIK toggle notes is sensitive primarily
to changes to MidCo1's IDR, from which it is notched, as well as
to Fitch's assumptions regarding recoveries in a default scenario.
Lower asset encumbrance by senior secured creditors could lead to
higher recovery assumptions and therefore narrower notching from
MidCo1's IDR.
The rating actions are:
Bracken MidCo1 plc
Long-Term IDR affirmed at 'B+'; Outlook Stable
Senior PIK toggle notes rating affirmed at 'B-'/Recovery Rating
'RR6'
Together Financial Services Ltd
Long-Term IDR affirmed at 'BB-'; Outlook Stable
Short-Term IDR affirmed at 'B'
Jerrold FinCo Plc
Senior secured debt rating affirmed at 'BB-'
WORLD FUTURE: Carbon Credit Company Directors Banned
----------------------------------------------------
The four directors of World Future Limited have been banned as
company directors for a total of 42 and a half years, according to
a press release at the Gov.UK website.
World Future sold voluntary emission reduction carbon credits
(VERs) at highly inflated prices to members of the public as an
investment. The credits had no investment potential.
In January, Edward George Lee became the last of the four to agree
to a disqualification with the Secretary of State for Business,
Energy and Industrial Strategy. Mr Lee, 71, of Woodford Green,
Essex accepted a four year, six month disqualification which
commenced on Feb. 6, 2017.
In 2015 and 2016, his fellow directors, James Laurence Ward, 31,
of London E18; Hollie Emily Chapman, 31, of Loughton, Essex and
Julie Margaret Sellers, 55, of Croydon, had earlier accepted
disqualifications of between 12 and 14 years.
The disqualifications follow an investigation by the Official
Receiver, whose involvement commenced with the winding up of the
company in the public interest. The winding up order was initiated
following a Company Investigations probe into the affairs of the
company.
The Official Receiver's investigation uncovered that between
June 2011 and March 2012 World Future sold VERs to members of the
public as an investment and netted at least GBP2,484,500.
VERs are fundamentally different from the licences to pollute
(such as CERs) that can be readily traded in the compliance carbon
market established under the Kyoto protocol. VERs are intended to
be retired by businesses or individuals to offset their carbon
footprints. Unlike with CERs, there is no readily accessible
market where customers can sell on their VERs in the hope of being
able to make a profit.
Ward acted as a director of World Future throughout its trading
life without being formally appointed and caused it to trade with
a lack of commercial probity by selling VERs as investments that
had no potential to show a return to investors. He was only
formally appointed as a director after the trading had ceased.
Chapman, Sellers and Lee were appointed at various times to be
directors, but took no part in the day to day trading of World
Future. Their inaction facilitated Ward and another individual to
control World Future and cause it to trade with a lack of
commercial probity while concealing their involvement. The other
individual is already subject to a 14 year disqualification for
action as a director in another company.
Commenting on this case Anthony Hannon, Official Receiver in the
Public Interest Unit, said:
"This company held itself out as having extensive expertise in the
carbon credit market and made bold claims about the potential
returns available when investing in carbon credits.
"The directors and salespeople had no such trading experience and
were only able to make sales on the basis of systematic
misrepresentations about the VERs they sold. The truth is that the
VERs were impossible to resell, making them worthless as
investments. The company was run entirely for the benefit of those
running it, at substantial cost to the investors who had been
misled.
"The lengthy periods of disqualification in this case show that
this kind of behavior will not be tolerated by the Insolvency
Service."
World Future Ltd was incorporated on June 8, 2011. The trading
address shown on its literature was Level 37, 1 Canada Square,
Canary wharf, London E14 5AA, but this was an accommodation
address where the company had no physical presence. The company's
actual trading address was at Docklands Business Centre, 10 - 16
Tiller Road, London E14 8PX.
The petition to wind up the company was presented in the public
interest by the Secretary of State for Business, Innovation and
Skills following an investigation conducted by Company
Investigations (Live), another specialist unit within the
Insolvency Service which uses powers under the Companies Act 1985
(as amended) to conduct confidential enquiries into the activities
of live limited companies in the UK on behalf of the Secretary of
State.
The winding up order against World Future Ltd was made on March 6,
2013.
The company had previously entered creditors voluntary liquidation
on June 7, 2012.
On May 14, 2015, the Secretary of State accepted a
disqualification undertaking from James Laurence Ward for a period
of 14 years. The period of disqualification commenced on June 4,
2015.
On Nov. 13, 2015, the Secretary of State accepted a
disqualification undertaking from Julie Margaret Sellers for a
period of 12 years. The period of disqualification commenced on
Dec. 4, 2015.
On March 8, 2016, the Secretary of State accepted a
disqualification undertaking from Hollie Emily Chapman for a
period of 12 years. The period of disqualification commenced on
March 29, 2016.
On Jan. 16, 2017, the Secretary of State accepted a
disqualification undertaking from Edward George Lee for a period
of 4 years and 6 months. The period of disqualification will
commence on Feb. 6, 2017.
===============
X X X X X X X X
===============
* Moody's: EURO CMBS Default Events Limited Impact on Noteholders
-----------------------------------------------------------------
Note event of defaults (EOD) among European commercial mortgage-
backed securities (CMBS) have frequently occurred but there were
very few instances in which enforcement actions have been
triggered, says Moody's Investors Service.
"Investors prefer to avoid market value risk that materializes as
soon as the underlying loans of a transaction have to be sold in
an enforcement scenario. This is in contrast to a more controlled
and longer term approach in a special servicing scenario, where
multiple strategies can be applied and recovery rates are expected
to be higher," says Frank Cerveny, a Vice President and Senior
Research Analyst at Moody's.
Moody's report is entitled "CMBS -- Europe: Note Event of Defaults
Have Limited Effect on Noteholders."
Moody's analysis reveals that only three out of 32 EODs ultimately
resulted in triggering an enforcement action. This covered 32 CMBS
1.0 Moody's rated transactions with 2005-2007 vintages, with 22
note EODs alone over the last two years. In comparison, 152
Moody's rated transactions were issued between 2005-2007,
therefore the share of transactions with EODs amounts to 21% of
overall new issuance.
Going forward, the frequency of transaction liquidations will
remain low, given that there has not been significant change in
the EOD definition and mechanism between CMBS 1.0 and CMBS 2.0. In
addition, Moody's does not consider that noteholders' general
disinclination to initiate post EOD enforcement actions will
change.
In 2017, Moody's expects another peak in note EODs among CMBS 1.0
deals because many pre-crisis transactions have reached final
maturity and residual pool quality close to the end of the workout
period is on average weak. Five rated transactions with a legal
final maturity in 2017 will not repay in full, generating average
losses of 68% of the outstanding note balance, which is in total
over EUR1.5 billion.
With regards to CMBS 2.0 transactions, the number of note EODs
will remain low and well below CMBS 1.0 levels. Transaction
structures have become more robust than their pre-crisis peers, in
particular due to longer tail periods which will help to avoid the
occurrence of note EODs at note legal final maturity.
* EMEA SME Deleveraging Drives Multiple Upgrades, Fitch Says
------------------------------------------------------------
Fitch Ratings upgraded two SME CLO transactions in February across
three individual tranches as continued amortisation of the rated
notes led to significant improvements in credit enhancement.
On February 10 Fitch upgraded IM Cajamar Empresas 5, FTA's class B
notes to 'BB+sf' from 'BBsf' and affirmed both senior notes, class
A1 and class A2, at 'A+sf'. The deleveraging of the transaction
had led to a significant increase in credit enhancement (CE) for
all rated notes. However, the class B notes' rating is capped at
'BB+' as in Fitch base case scenario interest can be deferred for
an extended period of time. The Positive Outlook reflects Fitch
expectations that if prepayment continues at the current pace the
class A notes will be paid in full within 18 months, which would
result in the class B notes becoming the most senior tranche with
no interest deferrals. The ratings for the senior notes are capped
at 'A+sf' due to the treasury account bank rating triggers
embedded in the documentation.
On February 22, Fitch upgraded Multi Lease AS S.r.l.'s class A
notes to 'AA+sf' from 'A-sf'; Outlook Negative. The deleveraging
of the transaction has significantly increased CE to 50.2%
currently, up from 39% at closing in February 2016. The class A
notes are now at the highest achievable rating for structured
finance transactions in Italy of 'AA+sf', with the Negative
Outlook driven by sovereign dependency.
On February 28, Fitch upgraded FTPYME TDA CAM 2, FTA's class 2SA
notes to 'AA+sf' from 'A+sf' and upgraded the class 3SA notes to
'BB+sf' from 'Bsf'. The senior class 2SA notes have been paid down
by EUR6.8 million over the last 12 months, in turn raising CE to
74.97%. CE for the junior class 3SA notes has increased to 28.87%
from 13.7%, most of which is provided by a EUR4.8 million reserve
fund. Fitch views the current reserve fund balance as adequately
mitigating payment interruption risk, which was previously a
constraint on the class 2SA rating. The class 2SA notes are now at
the highest achievable rating for structured finance transactions
in Spain whereas the upgrade to the junior class 3SA notes was
limited to 'BB+' due to high obligor concentration risk. As the
pool continues to amortise the share of obligors representing over
50bp of the pool has increased to 62.65% from 48.8% over the past
12 months.
On February 8, Fitch affirmed the class C notes of BBVA-5 FTPYME,
FTA at 'AAAsf'.
On February 14, Fitch downgraded AyT Colaterales Global Empresas,
Serie Caja Granada I's class D notes to 'A-sf' from 'Asf' and
affirmed both senior notes, class B and class C, at 'AA+sf'. CE
for the class D notes is solely driven by the reserve fund, which
decreased to EUR15.7 million from EUR16.1 million over the last 12
months. This dependence results in excessive counterparty risk on
the account bank and the rating of the notes has been capped to
the account bank's rating. The downgrade of the class D notes is
due to the replacement of the account bank to Banco Santander,
S.A. (A-/Stable/F2) from Barclays Bank plc (A/Stable/F1). The
affirmations on the class B and C notes reflect the stable
performance of the portfolio and increased CE following the notes'
amortisation.
On February 16, the remaining rated balance of 2014 Popolare Bari
SME S.r.l was repaid in full, with the redemption of the junior
class B notes. This follows the full repayment of the senior A2a
and A2b notes in January.
On February 17, Fitch updated it's Structured Finance and Covered
Bonds Interest Rate Stresses Rating Criteria. The changes to the
criteria concern the parameters applicable to Euribor, UK pound
Libor, US dollar Libor, and to short-term reference rates in
Canada, Switzerland, Sweden, Norway, Denmark, Poland, South
Africa, Taiwan, Korea, Australia and New Zealand, but core
principles of the criteria remain unchanged. In particular, the
equilibrium rate assumptions for the aforementioned rates have
been lowered to reflect Fitch's view on long-term economic growth
potential and target inflation in the respective countries. The
agency has also reduced absolute floor rates and downwards
(positive) long-term stresses at 'AAA' levels in countries where
negative interest rate stresses are applied. 'AAA' long-term
upwards stresses are unchanged.
SME portfolio performance remained stable during February with a
small improvement in 90+day arrears. Italian 90+day arrears fell
marginally to 2.13% from 2.2% in December while the Spanish
equivalent fell to 1.2% from 1.8%. Across all the deals rated by
Fitch, 90+day arrears have been broadly flat since September at
0.8%.
* BOND PRICING: For the Week February 27 to March 3, 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.
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