/raid1/www/Hosts/bankrupt/TCREUR_Public/170320.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 20, 2017, Vol. 18, No. 56
Headlines
A Z E R B A I J A N
SOUTHERN GAS: Fitch Affirms BB+ FC Rating on Sr. Unsec. Eurobonds
F R A N C E
VIVARTE: Puts Up Several Brands for Sale Under Restructuring
G E R M A N Y
* GERMANY: Company Insolvencies Hit Record Low in 2016
I R E L A N D
ADAGIO II: Moody's Hikes Rating on Cl. E Senior Notes to Ba2(sf)
ANTHRACITE EURO 2006-1: Moody's Affirms C Rating on Class E Debt
PHOENIX PARK: Moody's Affirms B2(sf) Rating on Class E Notes
I T A L Y
CORDUSIO RMBS 4: Fitch Affirms CCCsf Rating on Class E Debt
P O R T U G A L
BANCO BPI: Fitch Affirms BB+ Rating on Lower Tier 2 Sub. Debt
CAIXA GERAL: To Meet Investors Today Ahead of AT1 Bond Sale
CAIXA GERAL: Fitch Rates Planned AT1 Capital Notes at 'B-(EXP)'
R U S S I A
ECONOMIC UNION: Put on Provisional Administration
NEFTYANOY ALLIANCE: Put on Provisional Administration
TRADE CITY: Put on Provisional Administration, License Revoked
S P A I N
IM CAJA LABORAL 2: Fitch Affirms B-sf Rating on Class C Notes
TDA PASTOR 1: Moody's Withdraws Ca(sf) Rating on Class C Notes
T U R K E Y
TURKIYE SINAI: Fitch Rates Basel III-Compliant Notes 'BB-(EXP)'
TURKLAND BANK: Fitch Cuts Long-Term IDR to BB-, Outlook Negative
U K R A I N E
METINVEST: Seizure of Assets by Rebels Won't Impact Restructuring
U N I T E D K I N G D O M
CO-OP BANK: PRA Draws Up Contingency Plans Amid Capital Woes
KEYSTONE MIDCO: Moody's Puts B2 CFR Under Review Uncertain
LASER ABS 2017: Fitch Assigns BB+ Rating to GBP17.1MM Cl. D Notes
LASER ABS 2017: Moody's Assigns Ba3 Rating to Class D Notes
TULLOW OIL: To Issue GBP607MM Shares at Discount to Help Cut Debt
X X X X X X X X
* BOND PRICING: For the Week March 13 to March 17, 2017
*********
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A Z E R B A I J A N
===================
SOUTHERN GAS: Fitch Affirms BB+ FC Rating on Sr. Unsec. Eurobonds
-----------------------------------------------------------------
Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC)
senior unsecured Eurobonds' Long-Term foreign currency rating at
'BB+'.
The affirmation reflects Fitch's unchanged view on SGC's USD2
billion Eurobonds maturing in 2026 fully guaranteed by the
Republic of Azerbaijan (BB+/Negative).
KEY RATING DRIVERS
The rating reflects the unconditional, unsubordinated and
irrevocable guarantee of full and timely repayment provided to
noteholders by the Azerbaijan government. As a result, Fitch
views the notes as equalised with the sovereign Foreign Currency
IDR.
According to the deed of guarantee, Azerbaijan guarantees the
noteholders the due and punctual payment of all sums payable by
SGC under the notes. Noteholders can enforce their claims
directly against Azerbaijan without being required to institute
legal actions or proceedings against SGC first. The guarantee is
governed by English law and would rank pari passu with all other
unsecured external sovereign debt. The reserves for the guarantee
coverage have been taken into account in Azerbaijan government's
budget for 2017.
According to management's forecast, SGC's net financial needs for
operations and capex will be close to USD5.4 billion in 2017-2019
taking into account proceeds from the operation of Shah Deniz
Stage 1 and South Caucasus Pipeline. Fitch expects SGC to raise
loans from development institutions and tap debt capital markets
for funding in the medium term, while bonds and loans could be
supplemented by state capital injections should offered market
terms be unacceptable.
SGC's funding stems from a combination of debt and equity
originated from the state; USD2.5 billion bonds issued in favour
of State Oil Fund of the Republic of Azerbaijan at below market
rates (LIBOR + 1%) and regular capital injections, which totalled
USD2.4 billion as of end-February 2017. In addition, SGC placed
initial guaranteed bonds of USD1 billion in March 2016.
In March 2017 SGC placed a tap issue of USD1 billion (Further
Notes), which are to be consolidated and form a single series
with the initial USD1 billion 6.875% Guaranteed Notes due 2026
issued on 24 March 2016 (ISIN: XS1319820897). The Further Notes
enjoy the same level of credit enhancement from the sovereign
guarantee as the initial Eurobonds. Due to a better market
environment, the Further Notes were placed at a premium price of
107.469%.
SGC acts as a financial vehicle and asset holding agent in gas
export sector of Azerbaijan with stakes in Shah Deniz gas-
condensate field and gas pipelines stretching to southern Europe
via Georgia and Turkey. The entity is tightly controlled by
Azerbaijan, i.e. it ultimately owns 100% in SGC via 51% stake
held by the Ministry of Economy and 49% stake held by the State
Oil Company of Azerbaijan Republic (SOCAR, BB+/Negative). The
supervisory board is composed of high ranking government
officials and regularly approves SGC's major financial and
operational decisions.
In Fitch's view, projects under SGC's development carry strategic
importance for Azerbaijan's long-term macroeconomic stability as
it is highly dependent on hydrocarbons, which accounted for 61%
of current account receipts in 2016. According to Fitch
estimates, Azerbaijan will gradually shift its reliance on oil to
gas as aging oilfields from the Soviet period push the government
to develop new revenue sources. In 2016 oil production declined
by 1% due to the natural depletion. Future growth is likely to be
driven by stage 2 of Shah Deniz, which the BP-led consortium
expects to become operational in 2018 and produce up to an
additional 16 bcma of natural gas and 105 thousand barrels of
condensate per day.
The strategic importance of SGC is further strengthened by the
cross-border nature of its projects, involved intra-governmental
commitments and political support from transit states, the EU and
consumers. Most of the gas is already contracted up to 2045 by
buyers from the EU and Turkey. In early 2017 SGC also secured
direct financing of its stakes in the projects from the following
international financial institutions: USD0.4 billion IBRD (part
of World Bank group) and USD0.6 billion from Asian Infrastructure
and Investment Bank, both of which were fully guaranteed by the
Republic of Azerbaijan. In late 2016, Asian Development Bank and
Multilateral Investment Guarantee Agency (part of World Bank
group) approved financing of USD1 billion and USD0.75 billion,
respectively.
RATING SENSITIVITIES
The rating of the senior unsecured notes is equalised with that
of the Republic of Azerbaijan. Accordingly, any changes in the
sovereign rating will be reflected in the notes' rating.
Furthermore, any sign of the Republic of Azerbaijan's intention
to non-honour or revoke the guarantee would be rating negative.
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F R A N C E
===========
VIVARTE: Puts Up Several Brands for Sale Under Restructuring
------------------------------------------------------------
Dominique Vidalon at Reuters reports that chairman and chief
executive Patrick Puy told French newspaper Les Echos private-
equity backed French clothing retailer Vivarte, in talks to
restructure more than EUR1.3 billion (US$1.4 billion) of debt,
has sealed a deal with its lenders.
According to Reuters, Mr. Puy said Vivarte, which has put up
several of its brands for sale under the restructuring, could
announce the sale of its Pataugas shoe brand to a private
investor within two weeks.
The debt restructuring plan, which was agreed by all of the
retailer's 172 creditors, calls for the conversion of EUR846
million of debt into equity, Reuters discloses.
This leaves Vivarte with EUR572 million of debt, whose maturity
has been extended to 2021, and which creditors have agreed to
waive if this became necessary, Reuters notes.
"The matter of Vivarte's debt is definitively settled," Mr. Puy,
as cited by Reuters, said in the interview with Les Echos.
The company, whose profits and sales have fallen amid competition
from larger clothing retail chains such as H&M, Kiabi and
Primark, has been trying to restructure its business for several
years, Reuters relays.
It is currently seeking to sell Kookai, Chevignon, Pataugas,
Andre, Naf Naf and Spanish shoe brand Merkal, Reuters states.
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G E R M A N Y
=============
* GERMANY: Company Insolvencies Hit Record Low in 2016
------------------------------------------------------
Michael Nienaber at Reuters reports that data showed on March 14
the number of German companies filing for insolvency fell last
year to the lowest level on record thanks to a prolonged upswing
in Europe's biggest economy although the amount of creditor
claims rose nearly 60%.
According to Reuters, the Federal Statistics Office said in a
statement just 21,518 companies registered for insolvency in
2016, down 7% in the seventh consecutive annual drop in numbers
and the fewest since insolvency rules changed in 1999.
However, it said total probable claims by creditors rose to some
EUR27.4 billion (US$29.2 billion) from about EUR17.3 billion as
courts dealt with more cases from big companies, Reuters relates.
The number of consumer bankruptcies also fell, edging down 3.6%
to 77,238, its sixth yearly decline, Reuters discloses.
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I R E L A N D
=============
ADAGIO II: Moody's Hikes Rating on Cl. E Senior Notes to Ba2(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Adagio II CLO Plc:
EUR14.59M Class C-1 Senior Subordinated Deferrable Floating
Rate Notes due 2021, Upgraded to Aa1 (sf); previously on Dec 9,
2015 Upgraded to A1 (sf)
EUR8.16M Class C-2 Senior Subordinated Deferrable Fixed Rate
Notes due 2021, Upgraded to Aa1 (sf); previously on Dec 9, 2015
Upgraded to A1 (sf)
EUR3.93M Class D-1 Senior Subordinated Deferrable Floating
Rate Notes due 2021, Upgraded to A3 (sf); previously on Dec 9,
2015 Upgraded to Baa2 (sf)
EUR9.20M Class D-2 Senior Subordinated Deferrable Fixed Rate
Notes due 2021, Upgraded to A3 (sf); previously on Dec 9, 2015
Upgraded to Baa2 (sf)
EUR10.50M Class E Senior Subordinated Deferrable Floating
Rate Notes due 2021, Upgraded to Ba2 (sf); previously on Dec 9,
2015 Affirmed Ba3 (sf)
Moody's has also affirmed the ratings on the following notes
issued by Adagio II CLO Plc:
EUR158.30M (Current Outstanding Balance: EUR22.47M) Class A-1
Senior Floating Rate Notes due 2021, Affirmed Aaa (sf);
previously on Dec 9, 2015 Affirmed Aaa (sf)
EUR70.00M (Current Outstanding Balance: EUR17.68M) Class A-2A
Senior Floating Rate Notes due 2021, Affirmed Aaa (sf);
previously on Dec 9, 2015 Affirmed Aaa (sf)
EUR8.00M Class A-2B Senior Floating Rate Notes due 2021,
Affirmed Aaa (sf); previously on Dec 9, 2015 Affirmed Aaa (sf)
EUR35.90M Class B Senior Floating Rate Notes due 2021,
Affirmed Aaa (sf); previously on Dec 9, 2015 Affirmed Aaa (sf)
Adagio II CLO Plc, issued in December 2005, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by AXA
Investment Managers. The transaction's reinvestment period ended
in January 2013.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
significant deleveraging of the Classes A-1 and A-2A notes
following amortisation of the underlying portfolio since the last
rating action in December 2015.
The Classes A-1 and A-2A notes have paid down by approximately
EUR66.8 million (21% of the original amount) since the last
rating action in December 2015 and EUR318.5 million (59.1%) since
closing. As a result of the deleveraging, over-collateralisation
(OC) has increased. According to the trustee report as of 31
January 2017 the Class A/B, Class C, Class D and Class E OC
ratios are reported at 173.74%, 136.72%, 121.76% and 111.95%
compared to 5 January 2016 levels of 142.05%, 123.44%, 114.76%
and 108.65%, 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 of EUR109.4 million and GBP5 million, principal
proceeds balance of EUR29.1 million, no defaulted par, a weighted
average default probability of 14.31% (consistent with a WARF of
2482 and a WAL of 3.26 years), a weighted average recovery rate
upon default of 45.84% for a Aaa liability target rating, a
diversity score of 16, a weighted average spread of 3.40% and a
weighted average coupon of 5.63%. The GBP-denominated assets are
fully hedged with a macro swap, which Moody's also modelled.
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. 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
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and 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 7.3% 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.
ANTHRACITE EURO 2006-1: Moody's Affirms C Rating on Class E Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by Anthracite Euro CRE CDO 2006-1 plc:
Cl. B Senior Floating Rate Notes due 2042, Affirmed Ca (sf);
previously on May 12, 2016 Affirmed Ca (sf)
Cl. C Deferrable Interest Floating Rate Notes due 2042, Affirmed
C (sf); previously on May 12, 2016 Affirmed C (sf)
Cl. D Deferrable Interest Floating Rate Notes due 2042, Affirmed
C (sf); previously on May 12, 2016 Affirmed C (sf)
Cl. E Deferrable Interest Floating Rate Notes due 2042, Affirmed
C (sf); previously on May 12, 2016 Affirmed C (sf)
RATINGS RATIONALE
Moody's has affirmed the ratings on the transaction because its
key transaction metrics are commensurate with existing ratings.
The affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO
CLO) transactions.
Anthracite EURO CRE CDO 2006-1 plc. is currently a static cash
transaction, the reinvestment period ended in February 2012,
backed by a portfolio of : (i) commercial mortgage backed
securities (CMBS) (56.3%); (ii) b-note debt (29.5% of the
collateral balance); and (iii) mezzanine interests (14.2%). As of
the trustee's February 3, 2017 report, the aggregate note balance
of the transaction, including preferred shares, is EUR206.2
million, from EUR342.5 million at issuance. The paydowns were
directed to the senior most outstanding class of notes as a
result of a combination of regular amortization, resolution and
sale of defaulted collateral, and the failing of certain par
value tests.
The pool contains 10 securities as of the trustee's February 3,
2017 report; all of which are deemed defaulted assets. Six of
these assets (52.1% of the defaulted balance) are CMBS
certificates, three assets are B-notes (47.9%), and one asset is
a mezzanine interest (0.1%). While there have been significant
realized losses on the underlying collateral to date, Moody's
does expect high losses to continue to occur on the defaulted
securities once realized.
Moody's has identified the following as key indicators of the
expected loss in CRE CDO CLO transactions: the weighted average
rating factor (WARF), the weighted average life (WAL), the
weighted average recovery rate (WARR), and Moody's asset
correlation (MAC). Moody's typically models these as actual
parameters for static deals and as covenants for managed deals.
WARF is a primary measure of the credit quality of a CRE CLO
pool. Moody's has updated its assessments for the collateral it
does not rate. The rating agency modeled a bottom-dollar WARF of
9191, compared to 9427 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Baa1-Baa3 and 1.2% compared to 0.9% at
last review; Ba1-Ba3 and 7.7% compared to 5.3% at last review;
and Caa1-Ca/C and 91.1%, compared to 93.7% at last review.
Moody's modeled a WAL of 2.2 years, compared to 3.0 years at last
review. The WAL is based on assumptions about extensions on the
underlying loan collateral and look-through underlying CMBS loan
collateral.
Moody's modeled a fixed WARR of 0.9%, compared to 0.6% at last
review.
Moody's modeled a MAC of 100%, the same as last review.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in October 2016.
Factors that would lead to an upgrade or downgrade of the
ratings:
The performance of the notes is subject to uncertainty, because
it is sensitive to the performance of the underlying portfolio,
which in turn depends on economic and credit conditions that are
subject to change. The servicing decisions of the master and
special servicer and surveillance by the operating advisor with
respect to the collateral interests and oversight of the
transaction will also affect the performance of the rated notes.
Moody's Parameter Sensitivities: Changes to any one or more of
the key parameters could have rating implications for some of the
rated notes, although a change in one key parameter assumption
could be offset by a change in one or more of the other key
parameter assumptions. The rated notes are particularly sensitive
to changes in the ratings recovery rates of the underlying
collateral and credit assessments. Reducing the recovery rates of
100% of the collateral pool by -5% would result in an average
modeled rating movement on the rated notes of zero to one notch
(e.g., one notch down implies a ratings movement of Baa3 to Ba1).
Increasing the recovery rate of 100% of the collateral pool by
+5% would result in an average modeled rating movement on the
rated notes of zero to one notch (e.g., one notch up implies a
ratings movement of Baa3 to Baa2).
The primary sources of uncertainty in Moody's assumptions are the
extent of growth in the current macroeconomic environment given
the weak recovery and certain commercial real estate property
markets. Commercial real estate property values continue to
improve modestly, along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction and moderate job growth have aided this improvement.
However, sustained growth will not be possible until investment
increases steadily for a significant period, non-performing
properties are cleared from the pipeline and fears of a euro area
recession abate.
PHOENIX PARK: Moody's Affirms B2(sf) Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service has taken various actions on the
ratings of the following classes of notes issued by Phoenix Park
CLO Designated Activity Company:
EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Baa1 (sf); previously on Jul 24, 2014
Definitive Rating Assigned Baa2 (sf)
EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Affirmed Ba2 (sf); previously on Jul 24, 2014
Definitive Rating Assigned Ba2 (sf)
EUR14,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Affirmed B2 (sf); previously on Jul 24, 2014
Definitive Rating Assigned B2 (sf)
Phoenix Park CLO Designated Activity Company, issued in July
2014, is a collateralised loan obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Blackstone/GSO Debt Funds Management Europe Ltd. The
transaction's reinvestment period ends in July 2018.
RATINGS RATIONALE
The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of Original Notes: Class
A-1 Notes, Class A-2 Notes, Class B Notes due 29 July 2027 (the
"Original Notes"), previously issued on 24 July 2014 (the
"Original Closing Date"). On the refinancing date, the Issuer has
used the proceeds from the issuance of the Refinancing Notes to
redeem in full its respective Original Notes. On the Original
Closing Date, the Issuer also issued the Class C Notes, the Class
D Notes and the Class E Notes as well as one class of
subordinated notes, which remain outstanding.
The rating upgrade on Class C is primarily a result of the
increase in the excess spread available to the transaction
resulting from the refinancing of Classes A and Class B.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the
ratings:
The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the notes.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.
The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
The key model inputs Moody's used 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. For modelling
purposes, Moody's used the following base-case assumptions:
Performing par and principal proceeds balance: EUR400,000,000
Defaulted par: EUR0
Diversity Score: 43
Weighted Average Rating Factor (WARF): 3459
Weighted Average Spread (WAS): 4.7%
Weighted Average Coupon (WAC): 4.5%
Weighted Average Recovery Rate (WARR): 45.8%
Weighted Average Life (WAL): 5.5 years
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case.
Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), assuming that all other factors are
held equal.
Percentage Change in WARF -- increase of 15% (from 3459 to 3978)
Rating Impact in Rating Notches:
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF -- increase of 30% (from 3459 to 4497)
Rating Impact in Rating Notches:
Class C Senior Secured Deferrable Floating Rate Notes: -3
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Methodology Underlying the Rating Actions:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
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I T A L Y
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CORDUSIO RMBS 4: Fitch Affirms CCCsf Rating on Class E Debt
-----------------------------------------------------------
Fitch Ratings has affirmed Capital Mortgage 2007-1 and 12
tranches of the Cordusio RMBS series and upgraded one.
The transactions were originated and serviced by Unicredit S.p.A.
(BBB+/Negative/F2).
KEY RATING DRIVERS
Stable Asset Performance
Over the last 12 months, asset performance has stabilised across
the Cordusio series and in Capital Mortgage. The proportions of
late stage arrears (loans with three or more instalments overdue)
has dropped slightly by around 20bp and now stands at 0.9% in
Capital Mortgage, 1.2% in Cordusio 2 and 1.8% in Cordusio 4. The
drop is more pronounced in Cordusio 3, where the advanced
delinquency pipeline is 2.0% compared with 2.4% one year ago. In
addition to the stable performance, the replenishment of the
partially drawn cash reserve to 71% of the target balance up from
64% 12 months ago, combined with adequate credit enhancement, led
to the upgrade of Cordusio 3's class D notes.
The Cordusio series is broadly in line with the Italian 90+ days
arrears index while Capital Mortgage is well below. This is
driven by the conservative default definition of six unpaid
monthly instalments in Capital Mortgage, and arrears rolling into
default more quickly.
The accumulation of new defaults across all four transactions has
slowed down over the last 12 months compared with the previous
year. In the Cordusio series, the gross cumulative defaults,
defined as loans with 12 unpaid monthly instalments, increased by
a maximum of 35bp in the last 12 months compared with up to 50bp
in the previous year. They are currently reported between 2.2%
(Cordusio 2) and 5.5% (Cordusio 3) of the initial pool. In
Capital Mortgage, the volume of gross defaults increased by 50bp
to 11.5% of the initial pool compared with an increase of 70bp
previously.
Fitch notes that Cordusio 2 is the best performer in the series,
both by defaults and late stage arrears, whereas Capital Mortgage
is the worst performer by defaults.
Fitch believes that the asset performance will remain stable,
mainly due to the high portfolio seasoning of between 132
(Capital Mortgage) and 158 months (Cordusio 3).
Payment Interruption Risk
Cordusio 4 and Capital Mortgage retain unmitigated exposure to
payment interruption risk. According to Fitch's counterparty
criteria, their notes cannot achieve ratings more than five
notches higher than the servicer's rating and, in any case, not
higher than the 'Asf' category. The fully depleted cash reserve
and unmitigated payment interruption risk constrains the ratings
of Cordusio 4's class A2, A3 and B notes . The ratings of the
Capital Mortgage tranches are far below this cap.
Fitch found that exposure to payment interruption risk is
adequately mitigated through the available cash reserve floor in
Cordusio 2 and the cash reserve in Cordusio 3 although it is not
at its target, as well as the availability to cover interest
shortfalls with principal funds.
PDL Clearing
The uncleared balances of the principal deficiency ledger (PDL)
in both Capital Mortgage and Cordusio 4 have decreased by 9% and
77% over the last 12 months, respectively, and are now reported
at EUR55.6m and EUR1.5m. Under-collateralisation in Capital
Mortgages is EUR50.2m, slightly lower than the uncleared PDL,
implying that some loans classified as defaulted have then cured
mainly due to the short default definition. Similarly, Cordusio 4
benefits from EUR0.7m over-collateralisation, despite an
uncleared PDL.
Lengthy Recovery Timeframe
The low ratio between cumulative recoveries and gross cumulative
defaults, ranging between 16% (Capital Mortgage) and 25%
(Cordusio 3), highlights a long recovery lag, with the exception
of Cordusio 2 where the ratio is 41%. As a result, in its
analysis, Fitch applied a recovery timing for new defaults of 14
years for Capital Mortgage, Cordusio 3 and Cordusio 4 based on
the slow pace of annualised period recoveries recorded on
outstanding net defaults, which have averaged between 5% and 7%
over the last 12 months, based on Fitch's calculations. The
recovery timing for Cordusio 2 was set at nine years based on the
quicker pace of recoveries (11% average annualised period
recovery rate).
Fitch also used transaction-specific recovery rates, ranging from
60% (Capital Mortgage) to 95% (Cordusio 2) of new defaults, based
on loan-by-loan recovery data provided by the servicer. Fitch
applied different assumptions for outstanding defaults (ranging
from 50% in Capital Mortgage to 90% in Cordusio 2), which were
derived from assumptions for new defaults after taking into
account recoveries cashed in so far in each deal.
A high proportion of the remaining pools consists of defaulted
loans, particularly in Capital Mortgage, Cordusio 3 and Cordusio
4 (between 13% in Cordusio 4 and 34% in Capital Mortgage, based
on Fitch's calculations). Consequently assumptions on the
recovery amount and the recovery timing, especially on
outstanding defaults, are a key driver of Fitch ratings analysis,
as recoveries may boost gross excess spread and help clear the
PDL or replenish the drawn cash reserve.
Having observed the pace of recoveries so far and the limited
numbers of fully resolved defaulted positions, the agency
believes that the income from recovery activity will remain
subdued in the short to medium term. This is especially the case
in Capital Mortgage and Cordusio 4 where the proportion of
positions under payment plans or with no legal procedure started
is very high (around 78% as of data received in 2014) and the
share of closed positions low (around 6.5% in Capital Mortgage
and around 9% in Cordusio 4).
Adequate Credit Support
Credit enhancement available to the rated notes has continued to
build up due to the smooth amortisation of the underlying pools.
In its analysis, Fitch found the credit enhancement sufficient to
support the ratings and associated stresses and to upgrade
Cordusio 3's class D notes.
Maturity Extensions
Fitch has not received updated amounts of loans with extended
maturities so Fitch applied amounts provided previously. These
amounts account for between 1.3% (Capital Mortgage) and 5.9%
(Cordusio 2) of the current portfolios. Since maturity extensions
are usually granted to borrowers in financial distress or to
generally weaker clients, Fitch has associated a higher
probability of default with these loans. The adjustment had no
effect on the ratings.
RATING SENSITIVITIES
Changes to Italy's Long-Term Issuer Default Rating
(BBB+/Negative) and the rating cap for Italian structured finance
transactions, currently 'AA+sf', could trigger rating changes on
the notes rated 'AA+sf'.
A material increase in the number of fully resolved defaulted
positions with higher recovery rates or shorter foreclosure
timings than Fitch's assumptions could trigger positive rating
action, especially in Capital Mortgage and the mezzanine tranches
of Cordusio 4, due to the high amount of outstanding defaults.
The rating actions are:
Cordusio RMBS 2 S.r.l. (Cordusio 2):
Class A2 (ISIN IT0004087174): affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0004087182): affirmed at 'AA+sf'; Outlook
Negative
Class C (ISIN IT0004087190): affirmed at 'BBB+sf'; Outlook Stable
Cordusio RMBS 3 - UBCasa 1 S.r.l. (Cordusio 3)
Class A2 (ISIN IT0004144892): affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0004144900): affirmed at 'AAsf'; Outlook Stable
Class C (ISIN IT0004144934): affirmed at 'A+sf'; Outlook Stable
Class D (ISIN IT0004144959): upgraded to 'BBBsf' from 'BBB-sf';
Outlook Stable
Cordusio RMBS Securitisation S.r.l. - Series 2007 (Cordusio 4):
Class A2 (IT0004231236): affirmed at 'A+sf'; Outlook Stable
Class A3 (IT0004231244): affirmed at 'A+sf'; Outlook Stable
Class B (IT0004231285): affirmed at 'A+sf'; Outlook Stable
Class C (IT0004231293): affirmed at 'Asf'; Outlook Stable
Class D (IT0004231301): affirmed at 'Bsf'; Outlook Stable
Class E (IT0004231319): affirmed at 'CCCsf'; Recovery Estimate
75%
Capital Mortgage Series 2007-1 (Capital Mortgage):
Class A1 (ISIN IT0004222532): affirmed at 'B+sf'; Outlook Stable
Class A2 (ISIN IT0004222540): affirmed at 'B+sf'; Outlook Stable
Class B (ISIN IT0004222557): affirmed at 'CCCsf'; Recovery
Estimate 45%
Class C (ISIN IT0004222565): affirmed at 'CCsf'; Recovery
Estimate 0%
===============
P O R T U G A L
===============
BANCO BPI: Fitch Affirms BB+ Rating on Lower Tier 2 Sub. Debt
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDR) of: Banco BPI S.A. at 'BBB-'; Caixa Geral de Depositos,
S.A. (CGD) and Banco Comercial Portugues, S.A. (Millenium bcp) at
'BB-'; and Caixa Economica Montepio Geral (Montepio) at 'B'. The
Outlooks on the Long-Term IDRs for all banks are Stable.
The rating actions are part of a periodic review of Portuguese
banks rated by Fitch. The weak operating environment in Portugal
led to a deterioration in the banks' asset quality metrics and
persistently low interest rates have squeezed margins. All four
banks are actively restructuring their businesses to improve
efficiency and enhance weak internal capital generation. Fitch
believe that meaningful improvement in these banks' credit
profiles will only be achieved in the medium term.
KEY RATING DRIVERS
IDRS, SENIOR DEBT AND SUPPORT RATING - BANCO BPI
Banco BPI's IDRs, senior debt ratings and Support Rating reflect
a high probability of support from its ultimate parent, Caixabank
(BBB/Positive), in case of need. Fitch believes Portugal is a
strategically important market for Caixabank as demonstrated by
the longstanding investment in Banco BPI and its willingness to
take control of the bank despite the related capital consumption
and the difficulties inherent in a cross-border acquisition.
Banco BPI's Long-Term IDR is capped one notch above that of
Portugal; hence, it is on a Stable Outlook. Fitch believes
Caixabank's propensity to support Banco BPI is linked to
Portugal's operating environment, since this affects the
attractiveness of Banco BPI to the group and Banco BPI's impact
on Caixabank's overall risk and returns profile.
VR - BANCO BPI
Banco BPI's Viability Rating reflects stronger asset quality and
funding profile than domestic peers but also just acceptable
capitalisation and weak earnings generation capacity.
Capitalisation is acceptable for the Portuguese operating
environment, and the bank maintains moderate buffers over
regulatory common equity Tier 1 (CET1) capital requirements.
Considering Caixabank's track record in implementing synergies in
acquired institutions Fitch expects Banco BPI will achieve its
strategic objectives, which are mainly related to improving
operating efficiency. The bank's earnings profile has been highly
variable. Despite some improvements in core domestic revenues
Banco BPI's cost/income ratio remains high, reducing internal
capital generation capacity.
Banco BPI's asset quality is better than domestic peers' but
remains vulnerable to changes in the tough Portuguese operating
environment. The Non-performing Loan (NPL) ratio under the
European Banking Authority's (EBA) definition was 8.2% at end-
June 2016 and Fitch believe the ratio has remained broadly stable
at year end. Banco BPI's NPL ratio compares well with domestic
peers' but is still higher than international peers'.
Banco BPI has a generally stable funding profile and acceptable
liquidity position. At end-2016 the bank's domestic operations
had a loans/deposits ratio of 106% and large liquidity buffers
relative to upcoming wholesale debt maturities. Fitch believe the
ownership by Caixabank is positive for the bank's funding and
liquidity profile.
IDRS, VR AND SENIOR DEBT - CGD
CGD's ratings reflect the bank's weak asset quality and poor core
profitability which together put pressure on its capitalisation.
The ratings also take into account the agreement to increase
capital by EUR2.5 billion by end-March, the bank's leading retail
franchise in Portugal and its acceptable funding profile and
liquidity position.
CGD's asset quality remains weak by international comparison,
suffering from the tough operating environment in Portugal. The
bank reported a high NPL ratio (as per EBA's definition) of 17%
and a NPL reserve coverage of just 44% at end-June 2016. CGD's
asset quality has remained broadly stable in the second half of
2016. In addition the bank is exposed to valuation risk on its
repossessed properties portfolio and corporate restructuring fund
holdings.
In March 2017 CGD announced its 2017-2020 strategic plan, which
includes a capital increase of EUR2.5 billion and the issuance of
EUR0.5 billion of additional Tier 1 debt. The positive impacts of
the capital increase are already taken into account in CGD's
ratings. This will allow CGD to restore its capital buffers,
which have been dented by large loan impairment charges in 2016,
by increasing the fully loaded CET1 ratio to 11.8% on pro-forma
basis at end-2016. However capital encumbrance from unreserved
problem assets remain high, making the bank's vulnerable to
delays in problem asset reductions, in particular in a context of
weak economic growth in Portugal.
CGD's ratings also factored in the bank's weak core
profitability, suffering from a high cost base and large loan
impairment charges. Under its new strategic plan the bank aims to
improve efficiency by enhancing revenues and cutting domestic
operating costs by 20% by 2020. International activities will be
downsized and some non-core operations sold. New top management
has been recently appointed, but the still tough domestic
operating environment might challenge the execution of the
strategic plan.
CGD's funding profile is based on a large retail customer deposit
base that has been stable. The liquidity position of the bank is
acceptable but sensitive to confidence shocks in Portugal.
Fitch is withdrawing the senior unsecured certificate of deposit
Long-Term rating of CGD as the programme is only able to issue
short-term certificates with maturity below one year.
IDRS, VR AND SENIOR DEBT - MILLENIUM BCP
Millenium bcp's ratings reflect its weak asset quality, which
puts pressure on its operating profitability and internal capital
generation, as well as on capitalisation. The ratings also
reflect the bank's sound domestic franchise and improved funding
and liquidity.
The bank has made progress in reducing its large volume of NPLs
(as per EBA definition), but these represented a still high 18%
of loans at end-2016. This compares unfavourably with many peers.
The reserve coverage of NPLs also improved but remained low at
about 40% at end-2016, resulting in a high reliance on collateral
valuation and realisation and guarantees. In addition, Millennium
bcp is also highly exposed to valuation risk through its holdings
of foreclosed assets and investments in corporate restructuring
funds.
The bank issued EUR1.33 billion equity in 1Q17 to repay the
outstanding EUR700 million state contingent convertible bonds and
enhance its solvency position. The pro-forma fully loaded CET1
ratio stood at 11.1% at end-2016. However, unreserved NPLs and
foreclosed assets represented a still high 167% of pro-forma
fully loaded CET1 at end-2016 reflecting that capitalisation
remains highly vulnerable to additional asset quality shocks.
The weak asset quality is also a drag on Millennium bcp's
profitability. The restructuring plan implemented since 2012
resulted in improved efficiency to well above peers'; however,
bottom-line earnings are still dented by large impairment charges
and weak compared to peers. Fitch believe that core earnings are
improving and becoming more sustainable, due to lower funding
costs and declining overheads.
The bank's funding and liquidity is generally stable, and lending
is mostly funded through customer deposits. The bank also has
wholesale funding in the form of senior and covered bonds and ECB
funding. The liquidity position is adequate but sensitive to
investor sentiment in Portugal.
IDRS, VR AND SENIOR DEBT - MONTEPIO
Montepio's ratings reflect the bank's weak capitalisation and
small buffers over minimum regulatory capital requirements,
combined with poor asset quality metrics, which compare
unfavourably with international peers. The bank's profitability
is weak and heavily affected by the high level of problem assets
and the challenging operating environment in Portugal.
Montepio's NPL ratio (as per EBA's definition) stood at a high
20% at end-June 2016 and Fitch expects it to have remained
broadly stable by year-end as loan deleveraging will offset lower
NPL inflows. At this date the reserve coverage was low,
indicating the bank's reliance on collateral is high. In addition
the bank's exposure to valuation risk is high, due to its
relatively large holdings of foreclosed assets and investments in
property.
At end-September 2016 the bank reported a relatively low fully
loaded CET1 ratio of 8.2%. In addition, unreserved NPLs and
foreclosed assets represented over 2x the fully loaded CET1 at
end-June 2016, indicating that the bank's solvency is highly at
risk from additional asset quality shocks.
The bank's core profitability is weak and highly variable through
the business and interest rate cycle. The bank has been loss
making since 2013 due to shrinking revenues, a large cost base
and high impairment charges.
Montepio's funding profile is less stable than at domestic peers
as deposits remains more price sensitive. The gross
loans/deposits ratio was acceptable at 122% at end-September 2016
but the bank's liquidity position is sensitive to confidence
shocks in Portugal.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF) - CGD,
MILLENIUM BCP AND MONTEPIO
CGD's '4' SR and 'B' SRF reflect Fitch's opinion that there
remains a limited probability of extraordinary support being
provided to CGD by the Portuguese state without the bail-in of
senior creditors. This potential support is based on full and
willing state ownership and CGD's market leading position in the
Portuguese market. An upgrade of the SR and upward revision of
the SRF would be contingent on a positive change in the
sovereign's propensity to support it. While not impossible, this
is highly unlikely, in Fitch's view.
The SR of '5' and SRF of 'No Floor' for Millennium bcp and
Montepio reflect Fitch's belief that senior creditors of the bank
cannot rely on receiving full extraordinary support from the
sovereign in the event that the banks become non-viable. The EU's
Bank Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) for eurozone banks provide a framework
for resolving banks that is likely to require senior creditors to
participate in losses, if necessary, instead of - or ahead of - a
bank receiving sovereign support.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by CGD and
Millennium bcp are notched down from their VRs, in accordance
with Fitch's assessment of each instrument's respective non-
performance and relative loss severity risk profiles, which vary
considerably. CGD's lower Tier 2 is notched down once from the
bank's VR for loss severity.
CGD's preference shares have been downgraded to 'CCC' because
Fitch believes economic losses are likely to be moderate before
coupon payment resumes. Fitch estimates this will occur at the
next coupon date after the recapitalisation and approval of 2016
accounts.
The ratings of Banco BPI's subordinated debt and other hybrid
capital reflect potential support from Caixabank. Subordinated
debt is notched down once from Banco BPI's IDR for loss severity.
Banco BPI's preference shares are capped at the level assigned to
equivalent securities issued by the parent.
SUBSIDIARY AND AFFILIATED COMPANY
The ratings of CGD's subsidiary Caixa Banco de Investimento
(Caixa - BI) are equalised with those of its parent, driven by
the full ownership, the integration of Caixa - BI within the
parent bank and the offering of core investment banking products.
Fitch does not assign a VR to the institution as Fitch do not
views it as an independent entity.
The ratings of Banco Portugues de Investimento (BPI) are
equalised with those of its 100% parent, Banco BPI. As well as
its 100% ownership by Banco BPI, BPI's integration with and role
within its parent bank mean there is a high probability of it
being supported. Fitch believe support from Caixabank would be
allowed to flow through to BPI. Fitch does not assign a VR to
this institution as the agency does not view it as an independent
entity.
RATING SENSITIVITIES
IDRS, SENIOR DEBT AND SUPPORT RATING - BANCO BPI
Banco BPI's IDRs and senior debt ratings and Support Rating would
likely be downgraded if Portugal is downgraded, or if Fitch has
reason to believe that Banco BPI has become less strategically
important to Caixabank. Banco BPI's Long-Term IDR and senior debt
ratings could be upgraded if the Long-Term IDRs of both Portugal
and Caixabank are upgraded.
VR - BANCO BPI
The bank's VR is sensitive to developments in profitability,
asset quality and capital. The VR could be upgraded if the bank
improves its operating efficiency while improving or maintaining
its asset quality metrics. This would result in a better internal
capital generation capacity that would strengthen the bank's
capital buffers over the regulatory minimum requirements.
Conversely the VR could be downgraded if the bank's asset quality
or core earnings metrics deteriorate sharply, weakening solvency.
IDRS, VR AND SENIOR DEBT - CGD, MILLENIUM BCP AND MONTEPIO
CGD's and Millenium bcp's ratings are primarily sensitive to
developments in asset quality and profitability. Upward rating
potential could arise from a material reduction in the exposure
to problem assets, which combined with improved operating
profitability, should help internal capital generation and reduce
the vulnerability of capital to unexpected asset quality shocks.
Conversely, downward rating pressure would primarily come from a
further weakening of asset quality or profitability, which would
put pressure on capital.
Montepio's ratings could be downgraded if there is any setback in
the bank's plan to improve asset quality and turn around
profitability. The bank's capitalisation is tight and the
exposure to problem assets high. Upside rating potential is
currently limited but, in the medium term, could arise if there
is a material improvement in the risk profile and profitability
of the bank.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF) - CGD,
MILLENIUM BCP AND MONTEPIO
An upgrade of the banks' Support Ratings and upward revision of
the Support Rating Floors would be contingent on a positive
change in the sovereign's propensity to support the banks. While
not impossible, this is highly unlikely, in Fitch's view.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by CGD, and
Millennium bcp are primarily sensitive to any change in their
VRs. The ratings of their preference shares are also sensitive to
Fitch changing its assessment of the probability of the notes
returning to performing status. Banco BPI's subordinated and
hybrid instruments are ultimately sensitive to a change in
Caixabank's IDR.
SUBSIDIARY AND AFFILIATED COMPANIES
The ratings of BPI and Caixa-BI are sensitive to rating actions
on Banco BPI's and CGD's IDRs respectively.
The rating actions are:
Banco BPI:
Long-Term IDR: affirmed at 'BBB-', Outlook Stable
Short-Term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB-'
Senior unsecured debt short-term rating: affirmed at 'F3'
Lower Tier 2 subordinated debt: affirmed at 'BB+'
Preference shares: affirmed at 'B+'
Banco Portugues de Investimento:
Long-Term IDR: affirmed at 'BBB-', Outlook Stable
Short-Term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
CGD:
Long-Term IDR: affirmed at 'BB-', Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B'
Senior unsecured debt Long-Term rating affirmed at 'BB-'
Senior unsecured debt Short-Term rating affirmed at 'B'
Senior unsecured certificate of deposit Long-Term rating
withdrawn at 'BB-'
Senior unsecured certificate of deposit Short-Term rating
affirmed at 'B'
Commercial paper programme affirmed at 'B'
Lower Tier 2 subordinated debt affirmed at 'B+'
Preference shares downgraded to 'CCC' from 'B-'
Caixa - BI:
Long-Term IDR: affirmed at 'BB-', Outlook Stable
Short-Term IDR: affirmed at 'B'
Support Rating: affirmed at '3'
Millenium bcp
Long-Term IDR affirmed at 'BB-'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt long-term rating affirmed at 'BB-'
Senior unsecured debt short-term rating affirmed at 'B'
Preference shares affirmed at 'CCC'
Montepio:
Long-Term IDR: affirmed at 'B'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt Long-Term rating affirmed at 'B'/'RR4'
Senior unsecured debt Short-Term rating affirmed at 'B'
CAIXA GERAL: To Meet Investors Today Ahead of AT1 Bond Sale
-----------------------------------------------------------
Alice Gledhill at IFR reports that Portugal's Caixa Geral de
Depositos will meet investors today, March 20, ahead of a planned
Additional Tier 1 transaction, part of a package designed to
nurse the state-rescued lender back to health.
Caixa Geral de Depositos confirmed to IFR last month that it had
mandated banks for a deal, also the first AT1 trade out of
Portugal.
On March 16 it announced investor meetings starting today via
Barclays, Caixa -- Banco de Investimento, Citigroup, Deutsche
Bank and JP Morgan ahead of a EUR500 million no-grow perpetual
non-call five, IFR relates.
The trade will gauge the extent to which investors are willing to
stomach debt from a low rated peripheral issuer after a period
when much stronger credits, such as Intesa, Credit Suisse and
Barclays, have dominated AT1 supply, IFR states.
The bond is part of a recapitalization plan agreed in August last
year after months of negotiations with Brussels, IFR discloses.
The bank plans to issue EUR1 billion in subordinated debt in
total, IFR says.
Portugal's finance minister, as cited by IFR, said in November
that the government planned to inject up to EUR2.7 billion at the
time of the first EUR500 million of subordinated debt issuance,
with the remaining EUR500 million to be launched up to 18 months
later.
Caixa Geral de Depositos is a Portuguese state-owned banking
corporation, and the second largest bank in Portugal. CGD is
Portugal's largest public sector banking corporation, established
in Lisbon in 1876.
CAIXA GERAL: Fitch Rates Planned AT1 Capital Notes at 'B-(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Caixa Geral de Depositos, S.A.'s
planned additional Tier 1 (AT1) capital notes an expected rating
of 'B-(EXP)'.
The assignment of the final rating is contingent upon final
documents conforming to the information already received.
KEY RATING DRIVERS
The notes are CRD IV-compliant perpetual, deeply subordinated,
fixed-rate reset AT1 debt securities. The notes have fully
discretionary interest payments and are subject to partial write-
down if the consolidated or unconsolidated common equity Tier 1
(CET1) ratio of CGD falls below 5.125%.
The rating assigned to the securities is three notches below
CGD's 'bb-' Viability Rating (VR), in accordance with Fitch's
criteria for assigning ratings to hybrid instruments. The
notching reflects higher expected loss severity relative to
senior unsecured creditors and higher non-performance risk.
Non-performance risk reflects the full discretionary coupon
payment. CGD has estimated its distributable reserves at EUR1.9
billion after the share capital reduction of 4 January 2017.
Fitch expects the non-payment of interest on this instrument will
occur before it breaches the notes' 5.125% CET1 trigger level,
when CGD's capital ratio approaches its Supervisory Review and
Evaluation Process requirement set at 8.25% for 2017. CGD's pro-
forma (including the expected EUR2.5 billion capital increase to
be completed by end-March) phase-in CET1 ratio was 12% on a
consolidated and 13.7% on an unconsolidated basis, which provide
it with a buffer from the equity conversion trigger level.
The principal write-down can be reinstated and written up at full
discretion of the issuer if a positive net income (unconsolidated
or consolidated) is recorded.
RATING SENSITIVITIES
The AT1 notes' expected rating is primarily sensitive to changes
in CGD's VR. The rating is also sensitive to changes in their
notching from CGD's VR, which could arise if Fitch changes its
assessment of the probability of their non-performance relative
to the risk captured in the VR. This may reflect a change in
capital management in the group or an unexpected shift in
regulatory buffer requirements, for example.
Under Fitch's criteria, a one-notch upgrade of the AT1 instrument
would be conditional upon a two-notch upgrade of CGD's VR.
===========
R U S S I A
===========
ECONOMIC UNION: Put on Provisional Administration
-------------------------------------------------
The Bank of Russia, by its Order No. OD-628, dated March 13,
2017, revoked the banking license of Moscow-based credit
institution Economic Union Bank (Joint-stock Company), Economic
Union Bank JSC from March 13, 2017, according to the press
service of the Central Bank of Russia.
The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, inability to satisfy its creditors' claims on
monetary liabilities, and taking into account the repeated
application within a year of measures envisaged by the Federal
Law "On the Central Bank of the Russian Federation (Bank of
Russia)".
Economic Union Bank JSC failed to adequately assess the risks
assumed as the quality of assets was bad. Due to the low quality
of assets, the credit institution failed to timely honor its
obligations to creditors. Besides, the bank was involved in
payable-through operations, and also dubious operations,
connected with the withdrawing of assets abroad.
The management and owners of the bank have not taken measures
required to normalize its activities. Under these circumstances,
the Bank of Russia performed its duty on the revocation of the
banking license of the credit institution in accordance with
Article 20 of the Federal Law "On Banks and Banking Activities".
The Bank of Russia, by its Order No. OD-629, dated March 13,
2017, appointed a provisional administration to Economic Union
Bank JSC for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities". In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.
Economic Union Bank JSC is a member of the deposit insurance
system. The revocation of the banking license is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law. The said
Federal Law provides for the payment of insurance benefits to the
bank's depositors, including individual entrepreneurs, in the
amount of 100% of the balance of funds but no more than 1.4
million rubles per one depositor.
According to the financial statements, as of February 1, 2017,
Economic Union Bank JSC ranked 367th by assets in the Russian
banking system.
NEFTYANOY ALLIANCE: Put on Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-640, dated March 14,
2017, revoked the banking license of Moscow-based credit
institution Public Joint-stock Commercial Bank NEFTYANOY
ALLIANCE, PJSC N.A.B. from March 14, 2017, according to the press
service of the Central Bank of Russia.
The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within one year of the
requirements stipulated by Article 7 (excluding Clause 3 Article
7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", and the requirements of Bank of Russia regulations
issued in compliance with the indicated Federal Law, because the
capital adequacy ratio of this credit institution was below 2%
and its equity capital dropped below the minimum authorized
capital value established by the Bank of Russia as of the date of
the state registration of the credit institution, due to the
bank's inability to meet monetary obligations to creditors, and
taking into account repeated applications within one year of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".
PJSC N.A.B. placed funds into low-quality assets and did not
create adequate provisions commensurate with risks assumed. Due
to the unsatisfactory quality of assets and subsequent
insufficient cash flows, the credit institution failed to timely
honor its obligations to creditors. An adequate assessment of
the credit risk revealed a full loss of capital by the bank.
Besides, PJSC N.A.B. did not comply with the requirements of
legislation and Bank of Russia regulations on anti-money
laundering and combating the financing of terrorism in respect of
submitting to the authorized body reliable data on a timely
basis.
The management and owners of the bank did not take measures
required to normalize its activities. Under these circumstances,
the Bank of Russia performed its duty on the revocation of the
banking license of the credit institution in accordance with
Article 20 of the Federal Law "On Banks and Banking Activities'.
The Bank of Russia, by its Order No. OD-641, dated March 14,
2017, appointed a provisional administration to PJSC N.A.B. for
the period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities". In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.
PJSC N.A.B. is a member of the deposit insurance system. The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law. The said Federal
Law provides for the payment of insurance benefits to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than RUR1.4 million per
one depositor.
According to the financial statements, as of February 1, 2017,
PJSC N.A.B. ranked 217st by assets in the Russian banking system.
TRADE CITY: Put on Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by its Order No. OD-626, dated March 13,
2017, revoked the banking license of Moscow-based credit
institution Trade City Bank JSC from March 13, 2017, according to
the press service of the Central Bank of Russia.
The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within one year of the
requirements stipulated by Articles 6, 7 (excluding Clause 3
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", taking into account the repeated application within a
year of measures envisaged by the Federal Law "On the Central
Bank of the Russian Federation (Bank of Russia)", and considering
the existence of a serious threat to creditors' interests.
Trade City Bank JSC implemented high-risk lending policy
connected with the placement of funds into low-quality assets.
Adequate assessment of risks assumed created grounds for
initiating measures to prevent insolvency (bankruptcy). The
credit institution failed to timely honor its obligations to
creditors. The bank did not comply with the requirements of
legislation on anti-money laundering and combating the financing
of terrorism in respect of submitting to the authorized body data
on operations subject to obligatory control. The management and
owners of Trade City Bank JSC have not taken measures required to
normalize its activities. Under these circumstances, the Bank of
Russia decided to take out this credit institution from the
banking services market.
The Bank of Russia, by its Order No. OD-627, dated March 13,
2017, appointed a provisional administration to Trade City Bank
JSC for the period until the appointment of a receiver pursuant
to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities". In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.
Trade City Bank JSC is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law. The said Federal
Law provides for the payment of insurance benefits to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than 1.4 million rubles
per one depositor.
According to the financial statements, as of February 1, 2017,
Trade City Bank JSC ranked 231st by assets in the Russian banking
system.
=========
S P A I N
=========
IM CAJA LABORAL 2: Fitch Affirms B-sf Rating on Class C Notes
-------------------------------------------------------------
Fitch Ratings has upgraded IM Caja Laboral 2 class A notes and
affirmed the class B and C notes:
Class A notes (ISIN ES0347552004): upgraded to 'AAsf' from 'AA-
sf'; Outlook Stable
Class B notes (ISIN ES0347552012): affirmed at 'BBB+sf'; removed
from Rating Watch Negative (RWN); Outlook Stable
Class C notes (ISIN ES0347552020): affirmed at 'B-sf'; Outlook
Stable
The transaction is serviced by Caja Laboral Popular Cooperativa
de Credito (LPCC) (BBB+/Stable/F2)
KEY RATING DRIVERS
Stable Credit Enhancement
Credit enhancement (CE) has remained stable across all notes. The
structure is currently amortising sequentially, which supports
further CE build up. A switch to pro-rata amortisation is likely
in future. However, performance-based triggers are in place to
protect the available CE of the senior notes.
Stabilising Asset Performance
The deal has shown a further decline in three-months plus arrears
(excluding defaults and as a percentage of the current pool
balance) to 70 bps from 100bps. These numbers are comparable with
Fitch's prime index of 68 bps (data as of December 2016).
Reserve Fund Draws
The reserve fund is currently funded at 99.4% of its target.
Given the decreasing level of arrears, Fitch believes the reserve
fund may be replenished to its target level in the near future.
Payment Interruption Risk and Commingling Risk Mitigated
Fitch believes that payment interruption risk in the event of a
servicer default is sufficiently mitigated for at least two
interest payment dates by the reserve fund.
The transaction is also exposed to a commingling loss in the
event of default of the collection account bank. The agency has
captured this additional stress in its analysis and found the
current CE to be sufficient to mitigate the risk.
High Concentration in the Basque Country
The pool displays large regional concentration in the Basque
Country, with 43.64% of the loans originated in this region. The
agency increased the foreclosure frequency by 15% for these
loans.
Error Resolved
Fitch identified in its 16 December 2016 rating action erroneous
data entries in its models which affected the class B notes. The
rating action corrects these data entry inconsistencies and
resolves the RWN
RATING SENSITIVITIES
A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability.
The ratings are also sensitive to changes to Spain's Country
Ceiling (AA+) and, consequently, changes to the highest
achievable rating of Spanish structured finance notes (AA+sf).
TDA PASTOR 1: Moody's Withdraws Ca(sf) Rating on Class C Notes
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca (sf) rating on the
Class C Notes issued by TDA Pastor Consumo 1, FTA.
The complete rating action is:
Issuer: TDA Pastor Consumo 1, FTA
EUR10.6M Class C Notes, Withdrawn (sf); previously on May 06,
2013 Downgraded to Ca (sf)
RATINGS RATIONALE
Moody's has withdrawn the rating for its own business reasons.
===========
T U R K E Y
===========
TURKIYE SINAI: Fitch Rates Basel III-Compliant Notes 'BB-(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Turkiye Sinai Kalkinma Bankasi A.S.'s
(BB+/Stable) planned issue of Basel III-compliant Tier 2 capital
notes an expected rating of 'BB-(EXP)'. The final rating is
subject to the receipt of final documentation conforming to
information already received by Fitch.
The notes contain contractual loss absorption features which will
be triggered at the point of non-viability of the bank. According
to the draft terms, the notes are subject to permanent partial or
full write-down upon the occurrence of a non-viability event
(NVE). There are no equity conversion provisions in the terms.
An NVE is defined as occurring when the bank has incurred losses
and has become, or is likely to become, non-viable as determined
by the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable when it
reaches the point at which either the BRSA determines that its
operating licence is to be revoked and the bank liquidated in
accordance with the provisions of the Banking Law and Turkish
Commercial Code.
The notes have an expected 10-year maturity and a call option
after five years.
KEY RATING DRIVERS
Fitch assesses the risk of non-performance on the securities at
the 'BB' level. This is because in Fitch's view, TSKB's majority
shareholder, Turkiye Is Bankasi A.S. (Isbank; BB+/Stable), would
be likely to provide support to TSKB, if needed. The one-notch
difference between Isbank's rating and Fitch's view of non-
performance risk on the securities reflects moderate uncertainty
as to whether support from Isbank would be forthcoming to TSKB in
all cases, including to its subordinated creditors, given
Isbank's only 51% ownership, and TSKB's separate branding and
operational independence.
The 'BB-(EXP)' rating of the notes is one notch lower than the
'BB' assessment of non-performance risk to reflect potential loss
severity in case of default. The one notch for loss severity
reflects Fitch's view of below-average recovery prospects for the
notes in case of an NVE. Fitch has applied one notch, rather than
two, for loss severity, as partial, and not solely full, write-
down of the notes is possible. In Fitch's view, some uncertainty
exists over the extent of losses the notes would face in case of
an NVE, given that this would be dependent on the size of the
operating losses incurred by the bank and any measures taken by
the authorities to help restore the bank's viability.
TSKB's 'BB+' Long-Term Foreign Currency Issuer Default Rating
(IDR) and senior debt rating are based on sovereign support and
equalised with the ratings of Turkey, based on the bank's policy
role and the large proportion of Treasury-guaranteed funding.
However, Fitch has not factored state support into the
subordinated debt rating, as the agency believes sovereign
support cannot be relied upon to extend to banks' junior debt
obligations in Turkey.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
As the notes are notched down from Isbank's Long-Term IDR, their
rating is sensitive to a change in this rating. The rating is
also sensitive to Fitch's view of Isbank's ability and propensity
to support TSKB, including its subordinated obligations. The
notes' rating is also sensitive to a change in Fitch's assessment
of likely loss severity in case of non-performance.
TSKB's ratings are listed below:
Long-Term Foreign Currency IDR: 'BB+'; Outlook Stable
Long-Term Local Currency IDR: 'BBB-'; Outlook Stable
Short-Term Foreign Currency IDR: 'B'
Short-Term Local Currency IDR: 'F3'
Support Rating '3'
Support Rating Floor 'BB+'
National Long-term Rating 'AAA(tur)'; Outlook Stable
T2 capital notes: 'BB-(EXP)'
TURKLAND BANK: Fitch Cuts Long-Term IDR to BB-, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Turkland Bank A.S.'s Long-Term
Issuer Default Ratings (IDR) to 'BB-' from 'BB'. The Outlook is
Negative.
The rating action follows the downgrade of Arab Bank Plc's Long-
Term IDRs to 'BB+' from 'BBB-'.
KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SUPPORT RATING
T-Bank's IDRs, National Ratings and Support Rating are driven by
institutional support (50% owned by Arab Bank Group). The
downgrade reflects Arab Bank's reduced ability to provide support
to T-Bank, as reflected in the downgrade of its IDRs.
T-Bank's 'BB-' support-driven IDRs are notched twice from its
parent Arab Bank Plcand its Support Rating has been affirmed at
'3'. The Negative Outlook on the bank's Long-Term IDRs mirrors
that on its parent. Fitch's view of support is based on Arab Bank
Group's only 50% ownership, which could limit the probability of
support. It also reflects T-Bank's non-core jurisdiction relative
to its parent's other strategically important subsidiaries and
limited role within the group.
Nevertheless, the ratings also take into account T-Bank's small
size relative to its parent, and hence low cost of potential
support, as well as the record of timely capital and liquidity
support. T-Bank's other 50% owner, BankMed Sal Lebanon, is
unrated.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SUPPORT RATING
The Negative Outlook on T-Bank's ratings reflects that on Arab
Bank. Therefore, any negative rating action on Arab Bank's Long-
Term IDR would likely be mirrored by a corresponding action on
the subsidiary. Any other material change in Fitch's view of
support available to the bank from its owners would also likely
result in rating action.
The rating actions are:
Long-Term FC and LC IDRs downgraded to 'BB-' from 'BB'; Negative
Outlook
Short-Term FC and LC IDRs affirmed at 'B'
Viability Rating unaffected at 'b+'
Support Rating affirmed at '3'
National Long-Term Rating downgraded to 'A+(tur)' from 'AA-
(tur)'; Negative Outlook
=============
U K R A I N E
=============
METINVEST: Seizure of Assets by Rebels Won't Impact Restructuring
-----------------------------------------------------------------
Alessandra Prentice at Reuters reports that Ukraine's largest
steelmaker Metinvest said on March 16 steel and coke assets in
territory controlled by pro-Russian separatists had been seized
by rebels.
"Metinvest does not expect any such seizure to have a negative
effect on the implementation of its debt restructuring," Reuters
quotes the company as saying in a statement.
Metinvest's bond holders and banks agreed a restructuring last
month, Reuters recounts.
Metinvest said Yenakiieve Iron and Steel Works was among the
seized assets, Reuters relates.
About Metinvest B.V.
Svitlana Romanova, in her capacity as foreign representative of
Metinvest B.V., filed a Chapter 15 bankruptcy petition in the
U.S. Bankruptcy Court for the District of Delaware (Bankr. D.
Del. Case No. 16-10105) on Jan. 13, 2016, in the United States,
seeking recognition of a scheme of arrangement under part 26 of
the English Companies Act 2006 currently pending before the High
Court of Justice of England and Wales.
The Debtor and its subsidiaries claim to be the largest
vertically integrated mining and steel business in Ukraine.
Joseph M Barry, Esq., at Young Conaway Stargatt & Taylor, LLP,
counsel for the petitioner, said the Metinvest Group has
struggled in recent years in light of the ongoing political
turmoil in Ukraine since the end of 2013, which has negatively
impacted Ukraine's economy and the protracted slump in prices for
steel products, coal, and iron ore throughout much of 2014 and
2015.
The petitioner has engaged Young, Conaway, Stargatt & Taylor and
Allen & Overy LLP as her as counsel.
Judge Laurie Selber Silverstein has been assigned the case.
===========================
U N I T E D K I N G D O M
===========================
CO-OP BANK: PRA Draws Up Contingency Plans Amid Capital Woes
------------------------------------------------------------
Ben Marlow at The Telegraph reports that regulators at the Bank
of England are growing increasingly concerned about the future of
Co-operative Bank as the beleaguered lender struggles to find a
rescue buyer.
It is understood the Prudential Regulation Authority (PRA) has
begun drawing up contingency plans for the troubled bank, which
put itself up for sale last month amid mounting concerns about
its capital position, The Telegraph relates.
According to The Telegraph, if Co-op Bank is not bought, it will
be forced to attempt a costly restructuring that would result in
bondholders owning the lender in return for its debts being wiped
out. If a rescue is not forthcoming, the PRA would step in and
force the bank into resolution, which would result in it being
wound up, The Telegraph states.
It is understood that the PRA has been working with external
advisers to help map out a rescue plan, The Telegraph notes.
Co-op Bank posted a loss of GBP477 million for 2016, its fifth
consecutive year in the red, The Telegraph discloses.
The losses have eroded the lender's capital buffer and in January
it warned that it was "unlikely" to meet its so-called individual
capital guidance -- which is set by the PRA -- between now and
2020, sparking fears for its future, The Telegraph relays.
Co-op Bank's woes are the legacy of its disastrous takeover of
the building society Britannia eight years ago, which saddled its
balance sheet with bad loans, The Telegraph says.
The Co-operative Bank is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.
KEYSTONE MIDCO: Moody's Puts B2 CFR Under Review Uncertain
----------------------------------------------------------
Moody's Investors Service has placed under review with direction
uncertain the B2 corporate family rating (CFR) and B2-PD
probability of default rating (PDR) of Keystone Midco Limited.
Concurrently, Moody's has also placed the B3 instrument rating
for the GBP263 million senior secured notes, issued at subsidiary
Keystone Financing Plc, under review with direction uncertain.
The action follows Keepmoat's announcement on 2 March 2017 that
it has disposed of its Regeneration division. The transaction is
expected to close in the second quarter of 2017.
RATINGS RATIONALE
The action reflects the materially changed business risk of the
remaining Keepmoat business, given that the Regeneration division
accounted for 71% of FY2016 revenues and 59% of FY2016 company-
adjusted EBITDA. The remaining business, formerly the Homes
division, is focused on residential home-building in partnership
with local authorities and registered providers. Moody's
considers this business to be more cyclical, capital-intensive
and exposed to market factors such as interest rates or the
availability of mortgage financing. However, these risks are also
partly balanced by the company's partnership business model and
an ongoing favorable market environment that has led to strong
revenue and EBITDA growth over the last 2 years.
The action also reflects the uncertainty regarding the company's
future capital structure. The proceeds, expected at GBP310
million net of related fees and costs, exceed the company's
current gross financial debt of GBP275 million as of December
2016. While the company is likely to use some proceeds towards
reducing debt, also considering the limitations regarding
proceeds from asset sales under the bond documentation, the
future capital structure remains currently unclear.
Accordingly, there is substantial negative pressure on the
ratings from higher business risk, also considering the
materially smaller size of the remaining business. Moreover,
Moody's-adjusted gross debt/EBITDA would be very high for the
current rating, estimated at around 6.6x for FY2017, pro-forma
for the disposal and given the company's current capital
structure. However, Moody's would also expect the company to use
a significant part of the proceeds to repay debt, and given the
materiality of the disposal proceeds and uncertainty regarding
the future capital structure, cannot exclude that the review
process might conclude with a positive rating action although
Moody's considers this to be a less likely scenario. Moody's may
also consider changing the industry methodology to homebuilding.
The company has indicated that more information will be provided
around the full year results in June 2017.
What can change the rating up/down
Prior to the transaction, Moody's indicated that positive
pressure on the rating could occur if the company improves EBITDA
margins and deleverages visibly towards Moody's-adjusted
debt/EBITDA of 3.5x while maintaining solid free cash flow
generation and a good liquidity profile. Conversely, Moody's
indicated that negative pressure on the rating could occur if
macroeconomic prospects in the UK weaken or operating performance
otherwise comes under pressure. In any case, Moody's-adjusted
debt/EBITDA above 5x and/or (EBITDA-CAPEX)/interest falling below
2x would pressure the rating. Any concerns over the company's
liquidity profile, for example from further meaningful payments
to shareholders or negative free cash flow beyond Moody's current
expectations, could also lead to a downgrade.
The principal methodology used in these ratings was Construction
Industry published in November 2014.
Keystone Midco Limited, the owner of Keepmoat Limited (Keepmoat),
is a UK based provider of homebuilding predominantly for local
authorities, housing associations and for open market sale. The
company builds housing for first-time and lower income buyers,
typically with a standard design and 2-3 bedrooms. In the nine
months to December 2016, the company sold 1,742 new build homes,
of which 83% were sold to private individuals (open market) and
17% to registered social landlords. In terms of its geographic
reach, the business has been historically more focused on
Yorkshire, the Midlands and North England, with recent expansion
into the South of England and Scotland. Since the end of 2014
Keepmoat is owned by TDR Capital (85%) and Sun Capital (15%).
LASER ABS 2017: Fitch Assigns BB+ Rating to GBP17.1MM Cl. D Notes
-----------------------------------------------------------------
Fitch Ratings has assigned LaSer ABS 2017 plc final ratings:
GBP430.0m Class A: 'AAAsf'; Outlook Stable
GBP63.1m Class B: 'Asf'; Outlook Stable
GBP22.8m Class C: 'BBB+sf'; Outlook Stable
GBP17.1m Class D: 'BB+sf'; Outlook Stable
GBP37.0m Class E: Not rated
The final rating for the class C notes is a notch higher than the
expected rating due to revised note and swap margins since
expected ratings were assigned.
The transaction is a securitisation of a pool of unsecured
consumer loans originated by Creation Consumer Finance Limited
(CCFL) to borrowers in England and Wales. CCFL is a wholly-owned
subsidiary of Creation Financial Services Limited, which is in
turn 100% owned by BNP Paribas S.A. (A+/Stable/F1). The
transaction features an initial revolving period of one year,
after which the notes will amortise sequentially on a monthly
basis.
KEY RATING DRIVERS
Performance Differences Across Products
The portfolio consists of interest-free point-of-sale loans,
interest-bearing point-of-sale loans and personal loans, which
have shown distinct historical default performance. To reflect
these differences, Fitch has assigned a default base case of 2.5%
for interest-free point-of-sale loans, 7.5% for interest-bearing
point-of-sale loans and 12.0% for personal loans.
Revolving Period Migration
Fitch considers the stop-revolving triggers to adequately protect
the transaction against material performance deterioration during
the scheduled revolving period of 12 months. Fitch modelled some
migration of the initial pool towards more adverse risk
characteristics, assuming a shift towards the products with
higher default rates, as limited by the documented concentration
limits of 30% for personal loans and 7% for interest-bearing
point-of-sale loans.
Limited Excess Spread Available
Of the initial pool balance, 66% is made up of zero interest-rate
loans. Fitch has tested the ability of the remaining share of the
pool to generate sufficient interest to pay senior expenses and
interest on the notes, assuming the pool yields a weighted
average of 4.8% at the end of the revolving period, modelling a
shift towards the documented minimum for each interest-bearing
sub-pool.
Junior Interest Deferral
In high-stress scenarios, interest payments on junior notes will
be deferred, speeding up the amortisation of the senior notes.
While interest is being deferred on the class B or C notes, the
relevant class will also not benefit from liquidity reserve
coverage.
RATING SENSITIVITIES
Expected impact on the notes' rating of increased defaults (class
A/B/C/D):
Current ratings: 'AAAsf'/'Asf'/'BBB+sf'/'BB+sf'
Increase default base case by 10%: 'AA+sf'/'A-sf'/'BBBsf'/'BBsf'
Increase default base case by 25%: 'AAsf'/'BBB+sf'/'BBB-
sf'/'BBsf'
Increase default base case by 50%: 'A+sf'/'BBBsf'/'BBsf'/'Bsf'
Expected impact on the notes' rating of reduced recoveries (class
A/B/C/D):
Current ratings: 'AAAsf'/'Asf'/'BBB+sf'/'BB+sf'
Reduce recovery base case by 10%: 'AAAsf'/'Asf'/'BBB+sf'/'BB+sf'
Reduce recovery base case by 25%: 'AAAsf'/'Asf'/'BBBsf'/'BB+sf'
Reduce recovery base case by 50%: 'AA+sf'/'Asf'/'BBBsf'/'BBsf'
Expected impact on the notes' rating of increased defaults and
reduced recoveries (class A/B/C/ D):
Current ratings: 'AAAsf'/'Asf'/'BBB+sf'/'BB+sf'
Increase default base case by 10%; reduce recovery base case by
10%: 'AA+sf'/'A-sf'/'BBBsf'/'BBsf'
Increase default base case by 25%; reduce recovery base case by
25%: 'AAsf'/'BBB+sf'/'BB+sf'/'BB-sf'
Increase default base case by 50%; reduce recovery base case by
50%: 'A+sf'/'BBB-sf'/'BBsf'/NR
LASER ABS 2017: Moody's Assigns Ba3 Rating to Class D Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by LaSer ABS 2017 PLC:
GBP430.0M Class A Asset Backed Floating Rate Notes Due 2030,
Definitive Rating Assigned Aaa (sf)
GBP63.1M Class B Asset Backed Floating Rate Notes Due 2030,
Definitive Rating Assigned A1 (sf)
GBP22.8M Class C Asset Backed Floating Rate Notes Due 2030,
Definitive Rating Assigned Baa3 (sf)
GBP17.1M Class D Asset Backed Floating Rate Notes Due 2030,
Definitive Rating Assigned Ba3 (sf)
Moody's has not assigned a rating to the GBP37.0M Class E Asset
Backed Fixed Rate Notes Due 2030.
RATINGS RATIONALE
The transaction is a twelve month revolving cash securitisation
of consumer loans extended to individual borrowers located in the
England and Wales.
The loans were originated by Creation Consumer Finance Limited,
the "Originator". The Originator is not rated, and is ultimately
owned by BNP PARIBAS Personal Finance (A1/(Aa3(cr)). This is the
first public securitisation by the Originator. The Originator is
also acting as servicer in the transaction.
As of February 2017, the GBP 570.0 million portfolio backing the
notes consisted of 407,637 consumer loans with a weighted average
seasoning of 11.6 months. The portfolio consists of point of sale
loans ( "POS Loans") granted to finance purchases of mostly
furniture and electrical goods (70.0%) and general consumer loans
("Personal Loans") granted to finance debt consolidation, car
purchases, home improvements or other. The majority of POS Loans
do not pay interest while the Personal Loans have a weighted
average interest rate of 14.0% as of the closing date.
The transaction will be revolving for the first 12 months after
the closing date. During this period, the share of Personal Loans
cannot exceed 30% and minimum interest yield on the portfolio is
4%.
The transaction benefits from credit strengths such as the
granularity of the portfolio, stable historical performance of
POS loans over the 2008-2011 downturn in the UK, and strong
market position in point of sale financing and experience of the
Originator.
However, Moody's notes that the transaction features some credit
weaknesses. The level of excess spread may change substantially
over the life of the deals as c. 66.1% of the portfolio consists
of zero interest contracts. There is also a high reliance on the
Originator and BNP Group in its servicing and cash management
roles.
The transaction has a sequential amortisation structure once the
revolving period has ended after 12 months or if early
amortisation triggers are breached. The cash reserve will be
fully funded at closing. The cash reserve of 1.0% of the rated
notes will be amortising subject to a floor. Principal to pay
interest and the cash reserve will be the transaction's primary
source of liquidity.
Collateral performance assumption
Moody's determined the portfolio lifetime mean default rate of
6.0%, expected recoveries of 15% and Aaa portfolio credit
enhancement ("PCE") of 21.5%. The mean default rate and
recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of
a severe recession scenario. Mean loss and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in its ABSROM cash flow model to
rate consumer loans ABS.
The portfolio expected mean defaults level of 6.0% is slightly
worse than the EMEA consumer loans average and is based on
Moody's assessment of the lifetime expectation for the pool
taking into account (i) obligor defaults, and (ii) possible
deterioration of portfolio composition during the revolving
period.
The PCE of 21.5% is slightly higher than EMEA consumer loan peers
on average and is based on Moody's assessment of the pool. The
PCE of 21.5% results in an implied coefficient of variation
("CoV") of 36.6%.
METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.
Provisional ratings were assigned on 24 February 2017.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors that may cause an upgrade of the rating of the class B, C
& D notes include significantly better than expected performance
of the pool together with an increase in credit enhancement of
notes.
Factors that may cause a downgrade of the ratings of the notes
include a worsening in the overall performance of the pool, or a
meaningful deterioration of the credit profile of the servicer.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by legal final maturity. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on yield to investors.
LOSS AND CASH FLOW ANALYSIS:
Moody's used its cash-flow model Moody's ABSCORE as part of its
quantitative analysis of the transaction. Moody's ABSCORE model
enables users to model various features of a standard European
ABS transaction -- including the specifics of the default
distribution of the assets, their portfolio amortisation profile,
yield as well as the specific priority of payments, swaps and
reserve funds on the liability side of the ABS structure.
STRESS SCENARIOS:
In rating consumer loan ABS, default rate and recovery rate are
two key inputs that determine the transaction cash flows in the
cash flow model. Parameter sensitivities for this transaction
have been tested in the following manner: Moody's tested six
scenarios derived from a combination of mean default rate: 6.0%
(base case), 6.5% (base case + 0.5%), 7.0% (base case + 1.0%) and
recovery rate: 15.0% (base case), 10% (base case - 5%), 5% ( base
case - 5%).
The model output results for the class A notes under these
scenarios stay Aaa (base case) assuming the mean default rate is
6.5% and the recovery rate is 5%, all else being equal. Parameter
sensitivities provide a quantitative/model indicated calculation
of the number of notches that a Moody's rated structured finance
security may vary if certain input parameters used in the initial
rating process differed. The analysis assumes that the deal has
not aged. It is not intended to measure how the rating of the
security might migrate over time, but rather how the initial
model output for the class A notes might have differed if the two
parameters within a given sector that have the greatest impact
were varied. Model output results for the class B, C to D notes
are shown in the pre-sale report for this securitization.
TULLOW OIL: To Issue GBP607MM Shares at Discount to Help Cut Debt
-----------------------------------------------------------------
Jillian Ambrose at The Telegraph reports that Tullow Oil is
preparing to issue new shares in a bid to raise GBP607 million to
help tackle its US$4.8 billion (GBP3.9 billion) debts.
The London-based oil company will issue 466.9 million shares at
130p each, which is 45.2% lower than March 16 closing price, The
Telegraph discloses. The heavy discount triggered a market sell-
off that caused shares to plummet almost 15% to 202p, The
Telegraph relates.
The Africa-focused oil explorer racked up its debt pile after the
2014 oil price crash battered revenues while Tullow was investing
heavily in an oil project off Ghana, The Telegraph recounts.
Tullow Oil is an independent oil exploration and production
company founded in Tullow, Ireland with its headquarters in
London, United Kingdom. It is focused on finding and monetizing
oil in Africa and South America.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 13 to March 17, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
CGG SA 5.88 5/15/2020 EUR 44.08
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38
Co-Operative Bank PLC/U 11.00 12/20/2023 GBP 62.67
Casino Guichard Perrach 1.69 EUR 66.15
Bank of New York Mellon 4.19 12/15/2050 EUR 49.43
AXA SA 0.54 EUR 71.01
Air Berlin PLC 6.75 5/9/2019 EUR 73.63
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 32.75
Aegon NV 0.52 EUR 67.91
QGOG Constellation SA 6.25 11/9/2019 USD 74.21
Banque Federative du Cr 0.90 EUR 67.32
Ajecorp BV 6.50 5/14/2022 USD 69.04
Nordea Bank AB 0.44 EUR 74.19
CGG SA 6.50 6/1/2021 USD 43.38
Offshore Drilling Holdi 8.38 9/20/2020 USD 46.00
Abengoa SA 8.50 3/31/2016 EUR 2.56
AXA SA 0.82 EUR 74.18
Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 72.38
Intelsat Luxembourg SA 7.75 6/1/2021 USD 35.00
Pacific Drilling SA 5.38 6/1/2020 USD 51.50
Mitsubishi UFJ Investor 3.92 12/30/2099 EUR 5.48
CHC Helicopter SA 9.25 10/15/2020 USD 52.00
Portugal Telecom Intern 4.63 5/8/2020 EUR 33.99
CNP Assurances 0.88 EUR 67.63
Fuerstenberg Capital II 5.63 EUR 70.19
CGG SA 1.75 1/1/2020 EUR 2.48
Banca Popolare di Vicen 2.84 12/20/2017 EUR 40.31
Rickmers Holding AG 8.88 6/11/2018 EUR 17.75
Credit Agricole SA 0.86 EUR 69.89
Brunswick Rail Finance 6.50 11/1/2017 USD 62.50
Co-Operative Bank PLC/U 8.50 7/1/2025 GBP 59.76
Banca Popolare di Vicen 9.50 9/29/2025 EUR 39.95
Rothschilds Continuatio 1.46 EUR 65.05
Immigon Portfolioabbau 10.00 EUR 11.87
Intelsat Jackson Holdin 5.50 8/1/2023 USD 70.42
Portugal Telecom Intern 5.00 11/4/2019 EUR 34.04
Portugal Telecom Intern 4.38 3/24/2017 EUR 34.38
Veneto Banca SpA 0.74 6/21/2017 EUR 53.88
Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 72.17
ING Groep NV 0.44 EUR 69.08
BNP Paribas SA 1.31 USD 67.09
CGG SA 6.88 1/15/2022 USD 45.00
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Privatbank CJSC Via UK 10.88 2/28/2018 USD 11.75
HSH Nordbank AG 7.25 USD 28.38
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 35.11
Banca Monte dei Paschi 5.00 4/21/2020 EUR 51.53
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.51
Ageasfinlux SA 1.02 EUR 51.92
ING Groep NV 0.84 EUR 72.92
Air Berlin PLC 5.63 5/9/2019 CHF 64.68
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.52
Privatbank CJSC Via UK 11.00 2/9/2021 USD 14.63
Caisse Federale du Cred 0.89 EUR 64.13
BNP Paribas Fortis SA 1.68 EUR 70.85
Portugal Telecom Intern 6.25 7/26/2016 EUR 34.23
Santander Finance Prefe 0.31 EUR 66.42
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
Intelsat Luxembourg SA 8.13 6/1/2023 USD 33.50
Paragon Offshore PLC 6.75 7/15/2022 USD 18.00
BNP Paribas SA 1.15 EUR 57.60
Nordea Bank AB 1.50 USD 66.49
BPCE SA 2.81 USD 73.50
Banque Federative du Cr 0.65 EUR 66.94
Cofinoga Funding Two LP 2.12 EUR 69.67
Aldesa Financial Servic 7.25 4/1/2021 EUR 67.39
Santander International 2.00 USD 49.00
Portugal Telecom Intern 5.88 4/17/2018 EUR 34.01
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.63
Banca Monte dei Paschi 0.69 11/30/2017 EUR 52.21
CEVA Group PLC 9.00 9/1/2021 USD 67.25
Portugal Telecom Intern 4.50 6/16/2025 EUR 34.25
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
ADLER Real Estate AG 2.50 7/19/2021 EUR 14.73
Caixa Terrassa Societat 0.41 EUR 59.63
CGG SA 1.25 1/1/2019 EUR 12.79
Econocom Group SA/NV 1.50 1/15/2019 EUR 14.16
Air France-KLM 2.03 2/15/2023 EUR 10.44
Banca Monte dei Paschi 2.29 5/15/2018 EUR 45.51
OAS Investments GmbH 8.25 10/19/2019 USD 3.50
Matalan Finance PLC 8.88 6/1/2020 GBP 72.62
Jyske Bank A/S 0.84 EUR 58.50
Sapinda Invest SARL 5.00 6/30/2019 EUR 40.00
Neopost SA 3.38 EUR 52.73
Bluewater Holding BV 10.00 12/10/2019 USD 70.00
Banca Monte dei Paschi 5.60 9/9/2020 EUR 51.91
Mriya Agro Holding PLC 9.45 4/19/2018 USD 7.00
Solarworld AG 9.67 2/24/2019 EUR 65.33
Banco Espirito Santo SA 2.63 5/8/2017 EUR 27.63
UkrLandFarming PLC 10.88 3/26/2018 USD 26.50
Centrics Oil & Gas Fina 6.00 3/4/2017 EUR 70.00
Alno AG 8.50 5/14/2018 EUR 41.00
Novo Banco SA 3.50 1/2/2043 EUR 53.03
Etablissements Maurel e 1.63 7/1/2019 EUR 16.81
Fred Olsen Energy ASA 4.13 2/28/2019 NOK 55.00
Rothschilds Continuatio 1.50 USD 55.68
Credit Mutuel Arkea SA 0.79 EUR 62.18
WPE International Coope 10.38 9/30/2020 USD 15.75
SOITEC 6.75 9/18/2018 EUR 2.64
Banco Santander SA 0.61 EUR 66.50
Scholz Holding Gmbh 8.50 3/8/2017 EUR 37.38
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.09
IPF Investments Polska 6.06 6/3/2020 PLN 73.39
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.50
Sequa Petroleum NV 5.00 4/29/2020 USD 69.75
Societe Generale SA 1.38 USD 66.00
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
KTG Agrar SE 7.13 6/6/2017 EUR 2.30
BIM SAS 2.50 11/13/2020 EUR 26.66
Paragon Offshore PLC 7.25 8/15/2024 USD 17.50
Danske Bank Oyj 0.63 EUR 97.17
Far East Capital Ltd SA 8.75 5/2/2020 USD 58.50
Societe Generale SA 0.81 EUR 58.01
KTG Energie AG 7.25 9/28/2018 EUR 3.15
Aegon NV 1.51 NLG 60.98
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.00
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Bilt Paper BV 9.64 USD 48.27
CHC Helicopter SA 9.38 6/1/2021 USD 34.00
Veneto Banca SpA 6.41 EUR
Scandinavian Airlines S 0.63 CHF 24.46
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
European Directories Bo 7.00 12/9/2018 EUR 71.63
ATF Capital BV 8.58 USD 64.00
Pastor Participaciones 1.84 EUR 75.00
Yuksel Insaat AS 9.50 11/10/2015 USD 25.88
National Westminster Ba 1.50 USD 75.38
Kazkommertsbank JSC via 7.08 USD 65.34
NIBC Bank NV 1.84 USD 67.17
Fuerstenberg Capital Er 1.45 EUR 60.38
Ausy 3.25 1/1/2021 EUR 54.60
Solarworld AG 9.67 2/24/2019 EUR 62.00
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 44.75
NIBC Bank NV 0.66 EUR 59.00
DNB Bank ASA 1.19 USD 64.85
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.01
Popular Capital SA 0.81 EUR 49.94
Norske Skogindustrier A 2.00 12/30/2115 EUR 10.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IKB Deutsche Industrieb 5.63 3/31/2017 EUR 30.50
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 3.81
Banco Espirito Santo SA 2.33 EUR 0.46
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Eramet 4.00 EUR 56.97
Jyske Bank A/S 0.53 EUR 62.83
Nexity SA 0.13 1/1/2023 EUR 63.77
Pacific Drilling SA 5.38 6/1/2020 USD 48.50
de Volksbank NV 11.25 EUR 1.14
Virgolino de Oliveira F 10.50 1/28/2018 USD 8.10
OP Corporate Bank plc 0.61 EUR 62.01
Greene King Finance PLC 2.45 3/15/2036 GBP 70.80
Neue ZWL Zahnradwerk Le 7.50 2/17/2021 EUR 71.63
Barclays Bank PLC 3.21 7/31/2034 USD 72.80
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.13
Abengoa SA 6.25 1/17/2019 EUR 1.53
Farstad Shipping ASA 5.27 2/15/2017 NOK 22.50
Iona Energy Co UK PLC 12.50 9/27/2018 USD 2.37
IGas Energy PLC 10.00 3/22/2018 USD 73.50
Mobylife Holding A/S 7.25 5/23/2018 SEK 51.50
E Forland AS 7.89 9/4/2018 NOK 71.50
Etablissements Maurel e 2.75 7/1/2021 EUR 10.85
Solor Bioenergi Holding 6.32 11/2/2017 NOK 58.75
Oceanteam ASA 12.29 10/24/2017 USD 21.38
Lambay Capital Securiti 6.25 GBP 0.56
Havila Shipping ASA 8.60 3/30/2017 NOK 66.13
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
MS Deutschland Beteilig 6.88 12/18/2017 EUR 6.00
BNP Paribas SA 0.58 4/30/2033 USD 52.00
Banca Monte dei Paschi 7.00 3/4/2019 EUR 50.08
Banca Popolare di Vicen 4.60 12/15/2017 EUR 63.00
Banca Carige SpA 2.78 6/19/2018 EUR 65.00
Pescanova SA 5.13 4/20/2017 EUR 2.34
Sydbank A/S 0.85 EUR 57.70
de Volksbank NV 6.25 10/26/2020 EUR 3.31
Banca Carige SpA 8.34 EUR 34.63
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Pescanova SA 8.75 2/17/2019 EUR 2.25
Royal Bank of Scotland 1.63 USD 71.50
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Banca Monte dei Paschi 0.67 1/15/2018 EUR 51.85
Avanti Communications G 10.00 10/1/2019 USD 60.63
Gebr Sanders GmbH & Co 8.75 10/22/2018 EUR 21.00
National Westminster Ba 1.19 USD 76.25
Intelsat Connect Financ 12.50 4/1/2022 USD 64.28
Novo Banco SA 3.50 2/19/2043 EUR 53.06
Afren PLC 11.50 2/1/2016 USD 0.10
Lloyds Bank PLC 3.25 11/27/2033 USD 67.30
IKB Deutsche Industrieb 4.70 3/31/2017 EUR 31.60
DNB Bank ASA 1.38 USD 64.69
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Novo Banco SA 5.00 3/15/2022 EUR 71.36
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
BOA OCV AS 6.75 10/7/2019 NOK 50.10
Dexia Credit Local SA 1.42 EUR 4.63
Barclays Bank PLC 0.53 5/31/2033 USD 54.57
Barclays Bank PLC 0.84 3/21/2033 USD 58.50
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Petrol AD 5.50 1/26/2022 EUR 16.00
DNB Bank ASA 1.38 USD 64.55
Novo Banco SA 5.00 2/24/2022 EUR 71.33
World Wide Supply AS 7.75 5/26/2017 USD 13.50
Lehman Brothers UK Capi 5.13 EUR 0.17
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Touax SA 6.00 7/10/2020 EUR 16.67
Ichor Coal NV 8.00 6/7/2017 EUR 61.41
Rudolf Woehrl AG 6.50 2/12/2018 EUR 12.55
Banca Monte dei Paschi 2.79 10/31/2018 EUR 51.60
Farstad Shipping ASA 4.52 5/29/2018 NOK 22.38
Espirito Santo Financia 6.88 10/21/2019 EUR 0.05
Novo Banco SA 3.50 1/23/2043 EUR 53.15
Orco Property Group SA 7.00 11/7/2019 EUR 65.25
Alpine Holding GmbH 6.00 5/22/2017 EUR 2.50
Talvivaara Mining Co PL 4.00 12/16/2015 EUR 0.37
LBI HF 6.10 8/25/2011 USD 8.00
Candyking Holding AB 5.00 1/29/2018 SEK 38.00
Offshore Drilling Holdi 8.38 9/20/2020 USD 41.00
IM Skaugen SE 10.13 4/11/2017 NOK 54.50
Espirito Santo Financia 3.13 12/2/2018 EUR 0.50
KTG Agrar SE 7.25 10/15/2019 EUR 2.21
Praktiker AG 5.88 2/10/2016 EUR 0.12
Volstad Shipping AS 7.14 4/15/2019 NOK 25.00
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.75
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.25
Royal Bank of Scotland 2.62 12/30/2030 USD 65.90
Cirio Holding Luxembour 6.25 2/16/2004 EUR 0.38
GEWA 5 to 1 GmbH & Co K 6.50 3/24/2018 EUR 31.38
3W Power SA 8.00 8/29/2019 EUR 40.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 35.50
Manchester Building Soc 6.75 GBP 13.75
Banco Pinto & Sotto May 0.68 EUR 19.00
Dexia SA 1.45 EUR 5.00
German Pellets GmbH 7.25 7/9/2018 EUR 1.48
Uppfinnaren 1 AB 10.00 SEK 64.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
Lehman Brothers Treasur 6.00 11/2/2035 EUR 8.63
GNB - Cia de Seguros de 1.88 12/19/2022 EUR 60.00
Bank Nadra via NDR Fina 8.25 7/31/2018 USD 0.44
Action SA 3.21 7/4/2017 PLN 38.50
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Novo Banco SA 3.00 6/21/2022 USD 68.52
Azubu Investments SA 5.00 8/25/2018 EUR 79.00
Societe Alsacienne et L 1.63 1/1/2022 EUR 60.46
GNB - Cia de Seguros de 3.18 EUR 42.50
Banca delle Marche SpA 0.64 6/1/2017 EUR 1.00
Paragon Offshore PLC 7.25 8/15/2024 USD 15.50
Cooperatieve Rabobank U 0.50 11/26/2021 ZAR 65.57
National Westminster Ba 1.03 USD 75.38
Western Bulk Chartering 7.80 4/19/2019 NOK 74.75
Norske Skog Holding AS 8.00 2/24/2023 USD 45.38
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
International Industria 11.00 2/19/2013 USD 0.28
Norske Skogindustrier A 7.13 10/15/2033 USD 30.25
Banca Popolare di Vicen 8.50 12/28/2018 EUR 65.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.69 2/25/2031 USD 67.81
Novo Banco SA 3.50 3/18/2043 EUR 53.06
Credit Lyonnais SACA 0.44 EUR 53.51
Assystem 4.50 EUR 30.11
Barclays Bank PLC 0.66 3/28/2033 USD 58.00
Corporate Commercial Ba 8.25 8/8/2014 USD 0.50
RWE AG 3.80 4/5/2033 USD 74.05
Beate Uhse AG 7.75 7/9/2019 EUR 22.00
Travel24.com AG 7.50 9/17/2017 EUR 68.00
BNP Paribas SA 0.50 9/29/2029 AUD 53.58
Portugal Telecom Intern 5.24 11/6/2017 EUR 33.50
Barclays Bank PLC 0.96 9/30/2031 USD 67.82
Sazka AS 9.00 7/12/2021 EUR 0.06
Barclays Bank PLC 3.72 10/30/2034 USD 71.50
CBo Territoria 6.00 1/1/2020 EUR 4.15
Lloyds Bank PLC 1.33 USD 75.14
Barclays Bank PLC 2.62 12/30/2030 USD 67.41
Banca Carige SpA 1.68 12/29/2018 EUR 61.25
Barclays Bank PLC 0.75 4/19/2033 USD 59.00
Belfius Bank SA/NV 1.66 FRF 69.25
Veneto Banca SpA 6.95 2/25/2025 EUR 34.63
Island Drilling Co ASA 9.50 4/3/2018 USD 3.14
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
SRH NV 6.26 EUR 0.01
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Vneshprombank Ltd via V 9.00 11/14/2016 USD 0.06
Barclays Bank PLC 2.72 3/28/2034 USD 61.22
CGG SA 6.88 1/15/2022 USD 44.38
Lloyds Bank PLC 0.66 4/26/2033 USD 56.75
Gol LuxCo SA 8.88 1/24/2022 USD 72.50
Barclays Bank PLC 1.63 USD 75.50
Alno AG 8.00 3/21/2019 EUR 37.00
Barclays Bank PLC 4.61 1/31/2029 USD 72.00
Sydbank A/S 0.77 EUR 69.88
Abanka Vipa DD Via Afin 1.57 EUR 1.53
Hellenic Republic Gover 2.09 7/25/2057 EUR 36.63
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
ESFIL-Espirito Santo Fi 5.25 6/12/2015 EUR 0.45
Barclays Bank PLC 2.41 11/29/2030 USD 67.83
Smart Solutions GmbH 8.00 12/3/2018 EUR 33.38
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Vseukrainsky Aktsinerny 10.90 6/14/2019 USD 1.89
Finance and Credit Bank 9.25 1/25/2019 USD 0.00
Barclays Bank PLC 2.72 7/28/2031 USD 67.56
UniCredit Bank Austria 0.21 8/20/2033 EUR 70.05
Orient Express Bank PJS 12.00 5/29/2019 USD 49.00
Autonomous Community of 2.97 9/8/2039 JPY 63.89
Koninklijke Luchtvaart 0.75 CHF 36.75
Far Eastern Shipping Co 13.00 11/28/2017 RUB 50.10
Ajecorp BV 6.50 5/14/2022 USD 69.04
Barclays Bank PLC 3.41 5/30/2034 USD 73.75
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.17
Privatbank CJSC Via UK 10.88 2/28/2018 USD 28.50
Lehman Brothers UK Capi 5.75 EUR 0.02
wige MEDIA AG 6.00 3/17/2019 EUR 2.10
Danske Bank Oyj 1.28 EUR 65.00
Standard Chartered PLC 1.44 USD 70.00
Brunswick Rail Finance 6.50 11/1/2017 USD 63.79
Cirio Finance Luxembour 7.50 11/3/2002 EUR 4.45
Bremer Landesbank Kredi 9.50 EUR 71.63
Capital Raising GmbH 7.50 EUR 17.65
Barclays Bank PLC 3.38 9/29/2034 USD 69.92
Paragon Offshore PLC 6.75 7/15/2022 USD 15.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 26.83
Cooperatieve Rabobank U 0.50 7/30/2043 MXN 11.48
Eniro AB 6.00 4/14/2020 SEK 17.47
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Golden Gate AG 6.50 10/11/2014 EUR 48.50
Laurel GmbH 7.13 11/16/2017 EUR 8.25
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Manchester Building Soc 8.00 GBP 24.25
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Oceanic Champion AS 8.00 2/20/2020 USD 65.78
More & More AG 8.13 6/11/2018 EUR 40.50
Commerzbank Holdings UK 1.69 USD 69.58
Deutsche Bank AG/London 2.98 6/30/2034 USD 52.00
La Mutuelle Generale 6.81 EUR 70.02
Accentro Real Estate AG 6.25 3/27/2019 EUR 8.81
CNP Assurances 2.00 EUR 61.24
Electromagnetic Geoserv 7.18 6/27/2019 NOK 54.88
3W Power SA 5.50 11/11/2020 EUR 45.00
Barclays Bank PLC 0.55 8/31/2031 USD 68.20
Landes-Hypothekenbank S 0.07 3/20/2043 EUR 78.78
Cirio Del Monte NV 7.75 3/14/2005 EUR 0.94
Standard Chartered PLC 1.56 USD 69.91
Steilmann SE 6.75 6/27/2017 EUR 4.44
Espirito Santo Financia 9.75 12/19/2025 EUR 0.57
Santander Issuances SAU 4.35 12/1/2026 EUR 70.95
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.88
getgoods.de AG 7.75 10/2/2017 EUR 0.03
German Pellets GmbH 7.25 4/1/2016 EUR 1.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Barclays Bank PLC 2.62 12/30/2030 USD 66.10
Barclays Bank PLC 2.85 1/27/2031 USD 69.97
SAG Solarstrom AG 6.25 12/14/2015 EUR 28.50
KPNQwest NV 10.00 3/15/2012 EUR 0.18
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
Havila Shipping ASA 9.50 8/30/2017 NOK 15.00
Del Monte Finance Luxem 6.63 5/24/2006 EUR 5.00
Royal Bank of Scotland 2.54 11/16/2030 USD 61.96
Norske Skogindustrier A 7.13 10/15/2033 USD 34.69
Tatfondbank PJSC 13.50 5/28/2025 RUB 26.56
Deutsche Bank AG/London 4.06 10/31/2034 USD 69.75
BOA Offshore AS 7.90 12/18/2018 NOK 23.38
Standard Chartered PLC 1.65 USD 69.88
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.75
Deutsche Bank AG/London 3.65 11/26/2034 USD 65.25
Hybrid Raising GmbH 6.63 EUR 17.50
Standard Chartered PLC 1.53 USD 69.91
de Volksbank NV 2.42 EUR 1.14
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Santander Finance Capit 2.00 EUR 26.25
Barclays Bank PLC 2.75 2/28/2034 USD 67.16
Alpine Holding GmbH 5.25 7/1/2015 EUR 2.47
Deutsche Bank AG 0.50 6/28/2033 USD 54.25
Lehman Brothers Treasur 6.00 2/15/2035 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
Far Eastern Shipping Co 15.00 2/27/2018 RUB 55.55
AKB Peresvet ZAO 13.50 10/16/2020 RUB 30.10
Golden Energy Offshore 5.00 12/31/2017 NOK 29.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
Strenesse AG 9.00 3/15/2017 EUR 20.00
SiC Processing GmbH 7.13 3/1/2016 EUR 1.26
Teksid Aluminum Luxembo 11.38 7/15/2011 EUR 0.19
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.97
CEVA Group PLC 9.00 9/1/2021 USD 67.00
Rena GmbH 8.25 7/11/2018 EUR 8.63
Barclays Bank PLC 1.46 6/17/2033 USD 58.92
HSBC France SA 1.03 EUR 50.01
CGG SA 5.88 5/15/2020 EUR 44.38
Lloyds Bank PLC 0.65 1/31/2033 USD 61.07
Alpine Holding GmbH 5.25 6/10/2016 EUR 2.47
IGas Energy PLC 10.00 12/11/2018 USD 24.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.63
Frey 6.00 11/15/2022 EUR 22.60
Lehman Brothers Treasur 7.25 10/5/2035 EUR 9.63
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 19.05
Olympic Ship AS 6.15 6/18/2019 NOK 20.38
Depfa Funding II LP 6.50 EUR 56.75
Bank of Scotland PLC 1.56 USD 74.87
Portigon AG 7.46 12/31/2019 EUR 27.75
Barclays Bank PLC 5.40 9/13/2028 USD 74.85
Pescanova SA 6.75 3/5/2015 EUR 3.64
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Cooperatieve Rabobank U 0.50 10/30/2043 MXN 11.31
PNE Wind AG 3.75 10/10/2019 EUR 3.12
Standard Chartered PLC 0.69 GBP 69.25
Mox Telecom AG 7.25 11/2/2017 EUR 2.85
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Landesbank Hessen-Thuer 0.12 5/3/2041 EUR 62.76
Norske Skog Holding AS 8.00 2/24/2023 USD 44.94
EFG International AG 0.63 EUR 65.75
Espirito Santo Financia 5.13 5/30/2016 EUR 0.85
DOF ASA 8.00 9/12/2019 NOK 39.88
Mifa Mitteldeutsche Fah 7.50 8/12/2018 EUR 3.02
Forthnet SA 1.00 10/11/2025 EUR 0.15
Barclays Bank PLC 1.88 11/1/2031 USD 66.20
Nationwide Building Soc 0.85 GBP 70.00
Intelsat Connect Financ 12.50 4/1/2022 USD 64.25
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Marfin Investment Group 7.00 7/29/2019 EUR 1.00
Steilmann SE 7.00 9/23/2018 EUR 2.90
Atari SA 7.50 2/17/2020 EUR 0.35
SAG Solarstrom AG 7.50 7/10/2017 EUR 28.50
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Geotech Seismic Service 13.00 10/16/2019 RUB 69.90
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Karlie Group GmbH 5.00 6/25/2021 EUR 3.00
Lloyds Bank PLC 0.75 2/22/2033 USD 56.50
Windreich GmbH 6.50 3/1/2015 EUR 10.88
SeaBird Exploration Fin 6.00 3/3/2018 USD 13.75
Societe Generale SA 0.14 2/28/2033 USD 65.00
Lehman Brothers Treasur 8.25 3/16/2035 EUR 8.63
Deutsche Bank AG/London 3.62 9/30/2029 USD 70.50
Santander Finance Capit 2.00 EUR 25.88
Talvivaara Mining Co PL 9.75 4/4/2017 EUR 0.78
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IVG Immobilien AG 5.54 EUR 0.55
de Volksbank NV 6.63 5/14/2018 EUR 3.31
Steilmann SE 7.00 3/9/2017 EUR 2.90
Deutsche Bank AG/London 1.09 3/15/2033 USD 58.63
PA Resources AB 13.50 3/3/2016 SEK 0.11
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 2.34 4/25/2034 USD 62.11
Gunther Zamek Produktio 7.75 5/15/2017 EUR 1.55
Barclays Bank PLC 2.47 7/24/2028 USD 72.10
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Eidesvik Offshore ASA 5.60 5/22/2018 NOK 68.88
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Dannemora Mineral AB 11.75 3/22/2016 USD 0.90
TradeDoubler AB 6.75 12/20/2018 SEK 47.63
Heta Asset Resolution A 0.43 12/31/2023 EUR 39.25
Banca Monte dei Paschi 4.40 3/14/2024 EUR 8.25
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Barclays Bank PLC 0.96 9/30/2031 USD 67.87
Kommunekredit 0.50 7/30/2027 TRY 30.16
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.25
Alpha Bank AE 2.50 6/20/2022 EUR 67.51
Deutsche Bank AG/London 2.65 8/28/2034 USD 58.00
Afren PLC 11.50 2/1/2016 USD 0.10
Kazkommertsbank JSC via 7.08 USD 68.38
INVEST-DEVELOPMENT PJSC 15.00 4/2/2026 RUB 100.00
Depfa Funding IV LP 5.03 EUR 57.00
Region of Abruzzo Italy 0.17 11/7/2036 EUR 61.04
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
LBI HF 2.25 2/14/2011 CHF 5.88
Finmek International SA 7.00 12/3/2004 EUR 0.13
BLT Finance BV 12.00 2/10/2015 USD 10.50
Autonomous Community of 1.10 9/8/2024 EUR 72.66
Northland Resources AB 15.00 7/15/2019 USD 0.44
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.03
Lehman Brothers Treasur 4.00 2/16/2017 EUR 8.63
Northland Resources AB 4.00 10/15/2020 USD 0.07
UniCredit Bank Austria 0.16 12/27/2031 EUR 68.23
Novo Banco SA 3.00 12/16/2021 EUR 61.13
Kaupthing ehf 5.75 10/4/2011 USD 17.63
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.00
Espirito Santo Financia 5.05 11/15/2025 EUR 0.10
Vnesheconombank 10.90 5/3/2019 RUB 85.00
Lehman Brothers Treasur 5.00 9/22/2014 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Deutsche Bank AG/London 0.40 1/31/2033 USD 58.50
Olympic Ship AS 7.29 9/21/2017 NOK 20.75
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Santander Finance Capit 2.00 USD 45.38
AKB Peresvet ZAO 13.25 4/25/2018 RUB 40.42
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
APP International Finan 11.75 10/1/2005 USD 0.56
UniCredit Bank Austria 0.18 12/31/2031 EUR 71.00
Russian Post FGUP 9.35 9/10/2026 RUB 100.00
KPNQwest NV 8.13 6/1/2009 USD 0.18
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.15
Muehl Product & Service 6.75 3/10/2005 DEM 2.35
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.24
Matalan Finance PLC 8.88 6/1/2020 GBP 72.88
Deutsche Bank AG/London 3.33 3/27/2035 USD 73.95
Agroton Public Ltd 6.00 7/14/2019 USD 14.13
Barclays Bank PLC 2.72 7/28/2034 USD 62.82
Lehman Brothers Treasur 2.88 3/14/2013 CHF 8.63
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
Artea 6.00 8/4/2019 EUR 14.32
Aldesa Financial Servic 7.25 4/1/2021 EUR 68.13
Lehman Brothers Treasur 5.00 2/16/2015 EUR 8.63
Podkarpacki Bank Spoldz 5.81 7/2/2020 PLN 57.00
Heliocentris Energy Sol 4.00 1/16/2019 EUR 45.66
Cattles Ltd 7.13 7/5/2017 GBP 0.20
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.07 12/28/2040 EUR 67.42
Barclays Bank PLC 1.14 3/21/2031 USD 68.90
AKB Peresvet ZAO 13.25 6/22/2017 RUB 45.00
Nuova Banca Popolare de 1.68 9/28/2017 EUR 0.81
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.38
Cooperatieve Rabobank U 0.50 10/29/2027 MXN 38.56
Russian Bank for Small 14.00 3/17/2022 RUB 100.52
Banca Popolare di Vicen 9.50 10/2/2025 EUR 37.63
Deutsche Bank AG 1.73 1/16/2045 EUR 72.82
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 36.14
UkrLandFarming PLC 10.88 3/26/2018 USD 30.00
Lehman Brothers Treasur 5.10 5/8/2017 HKD 9.63
Lloyds Bank PLC 2.73 7/26/2033 USD 69.00
Alpha Bank AE 2.50 6/20/2022 EUR 67.53
Credit Suisse AG/London 8.00 11/29/2019 USD 8.69
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Republic of Italy Gover 0.18 7/31/2045 EUR 71.69
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Montepio Holding SGPS S 5.00 EUR 50.10
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
Aralco Finance SA 10.13 5/7/2020 USD 2.47
Transcapitalbank JSC 13.00 6/6/2018 RUB 70.00
Landesbank Hessen-Thuer 0.13 4/23/2041 EUR 65.43
UniCredit Bank Austria 0.16 10/31/2031 EUR 66.81
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.25
Svensk Exportkredit AB 0.50 4/24/2029 AUD 59.52
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.06
Societe Generale SA 1.60 1/9/2020 GBP 1.08
Virgolino de Oliveira F 10.50 1/28/2018 USD 7.19
Dexia Kommunalbank Deut 5.63 12/31/2017 EUR 13.13
BLT Finance BV 7.50 5/15/2014 USD 1.92
Orient Express Bank PJS 13.60 8/9/2018 RUB 65.50
Tatfondbank PJSC 13.00 9/7/2021 RUB 27.60
Solon SE 1.38 12/6/2012 EUR 0.33
Lehman Brothers Treasur 7.00 5/17/2035 EUR 8.63
German Pellets GmbH 8.00 EUR 0.16
Immigon Portfolioabbau 3.51 4/12/2022 EUR
Municipality Finance PL 0.50 4/26/2022 ZAR 62.11
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.40
Hamburgische Landesbank 0.05 1/22/2041 EUR 61.91
Immigon Portfolioabbau 6.00 3/30/2017 EUR
Transcapitalbank JSC Vi 10.00 9/18/2020 USD 72.50
HSBC Bank PLC 0.50 10/30/2026 NZD 62.34
PA Resources AB 3.00 12/27/2017 NOK 0.11
UniCredit Bank AG 0.41 11/19/2029 EUR 61.63
Cooperatieve Rabobank U 0.50 1/31/2033 MXN 23.25
International Industria 9.00 7/6/2011 EUR 0.32
Activa Resources AG 8.00 11/15/2017 EUR 10.50
SAir Group 0.13 7/7/2005 CHF 13.00
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Tatfondbank PJSC 12.50 12/11/2024 RUB 28.60
Rusfinans Bank OOO 12.10 9/29/2020 RUB 60.46
Banco Comercial Portugu 5.00 EUR 50.00
Finans-Avia OOO 8.25 7/31/2022 RUB 71.87
HPI AG 3.50 EUR 5.01
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
AKB Peresvet ZAO 13.00 10/7/2017 RUB 41.00
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 67.07
Bank Nederlandse Gemeen 0.50 7/12/2022 ZAR 61.30
HSBC Bank PLC 0.50 6/10/2021 BRL 66.91
Kaupthing ehf 9.00 USD 0.13
Lloyds Bank PLC 2.30 7/5/2033 USD 71.00
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 61.00
Anglian Water Services 0.87 1/26/2057 GBP 74.76
Veneto Banca SpA 6.94 5/15/2025 EUR 8.75
WPE International Coope 10.38 9/30/2020 USD 14.75
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Gazprombank JSC 10.90 2/19/2021 RUB 60.06
AKB Peresvet ZAO 13.50 6/23/2021 RUB 29.35
Bank Nederlandse Gemeen 0.50 8/9/2022 MXN 64.24
FPK OAO 9.95 6/4/2026 RUB 61.00
Rena GmbH 7.00 12/15/2015 EUR 8.63
Abengoa SA 6.25 1/17/2019 EUR 2.50
Cooperatieve Rabobank U 0.50 11/30/2027 MXN 38.40
Svensk Exportkredit AB 0.50 6/29/2029 AUD 59.21
Mechel PJSC 8.00 2/9/2021 RUB 60.06
Governo Portugues Conso 2.75 EUR 65.10
LBI HF 7.43 USD 0.00
Petromena ASA 10.85 11/19/2014 USD 0.59
Banco Pastor SAU 2.08 EUR 57.26
Barclays Bank PLC 2.62 12/23/2033 USD 68.53
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.15
Espirito Santo Financia 5.63 7/28/2017 EUR 0.42
Kaupthing ehf 7.50 2/1/2045 USD 0.00
Lehman Brothers Treasur 7.00 11/26/2013 EUR 8.63
Republic of Italy Gover 0.19 7/31/2045 EUR 69.81
UniCredit Bank Austria 0.02 1/25/2031 EUR 68.69
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.75
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.55
Transneft PJSC 9.65 6/30/2023 RUB 100.03
Kommunalbanken AS 0.50 5/27/2022 ZAR 63.05
Northland Resources AB 4.00 10/15/2020 NOK 0.07
Region of Molise Italy 0.18 12/15/2033 EUR 66.28
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
Agentstvo po Ipotechnom 8.05 11/15/2018 RUB 85.00
Sberbank of Russia PJSC 12.27 1/2/2026 RUB 85.00
SAir Group 6.25 4/12/2005 CHF 12.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 64.59
Far East Capital Ltd SA 8.75 5/2/2020 USD 57.10
Bilt Paper BV 9.64 USD 48.75
Rosneft Oil Co PJSC 10.10 1/18/2021 RUB 60.00
WGF Westfaelische Grund 6.35 8/1/2017 EUR 3.63
Barclays Bank PLC 0.50 1/28/2033 MXN 20.02
BNP Paribas SA 0.50 5/6/2021 MXN 71.54
Abengoa SA 5.13 3/5/2017 USD 3.04
Kommunalkredit Austria 0.87 2/24/2026 EUR 74.94
Lloyds Bank PLC 2.72 7/29/2033 USD 67.10
State Transport Leasing 14.30 12/10/2024 RUB 60.00
Russian Railways JSC 9.25 7/11/2028 RUB 98.25
Bank Nederlandse Gemeen 0.50 9/20/2022 MXN 63.62
SNCF Reseau 1.48 3/30/2065 EUR 73.26
RESO-Garantia Insurance 12.00 9/13/2022 RUB 60.08
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.19
Stroika Finance Ltd Via 7.70 6/25/2019 RUB 12.00
Tatfondbank PJSC 13.50 3/21/2025 RUB 26.65
Lehman Brothers Treasur 6.00 3/14/2011 EUR 8.63
NIBC Bank NV 25.98 5/7/2029 EUR 70.47
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Marfin Investment Group 6.30 7/29/2020 EUR 0.30
KTM Industries AG 5.00 EUR 72.38
Immigon Portfolioabbau 1.26 7/29/2018 EUR
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Svensk Exportkredit AB 0.50 8/29/2029 AUD 57.84
Lehman Brothers Treasur 3.03 1/31/2015 EUR 0.65
Lehman Brothers Treasur 6.00 10/30/2012 EUR 0.65
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Salvator Grundbesitz-AG 9.50 EUR 19.60
Rusfinans Bank OOO 10.00 7/31/2026 RUB 100.55
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Lehman Brothers Treasur 5.25 5/26/2026 EUR 0.65
LBI HF 6.10 8/25/2011 USD 8.00
Metalloinvest Holding C 0.01 3/10/2022 RUB 70.00
Russian Post FGUP 9.45 10/18/2019 RUB 61.06
Mechel PJSC 12.75 7/15/2021 RUB 82.01
Lehman Brothers Treasur 8.25 12/3/2015 EUR 8.63
Lehman Brothers Treasur 5.00 3/18/2015 EUR 8.63
Vnesheconombank 11.50 8/20/2020 RUB 85.00
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
Santander Finance Capit 2.00 USD 44.38
Vnesheconombank 2.00 6/18/2021 RUB 73.06
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.15
Finans-Avia OOO 0.01 7/31/2027 RUB 19.90
BLT Finance BV 7.50 5/15/2014 USD 1.92
Lehman Brothers Treasur 4.00 12/2/2012 EUR 0.65
Mechel PJSC 8.00 2/9/2021 RUB 70.00
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.38
Lehman Brothers Treasur 4.00 10/24/2012 EUR 0.65
Lehman Brothers Treasur 4.50 5/2/2017 EUR 8.63
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Barclays Bank PLC 2.24 8/15/2033 USD 62.08
Republic of Italy Gover 0.30 7/31/2035 EUR 71.85
HSBC Bank PLC 0.50 7/21/2021 BRL 66.26
Lehman Brothers Treasur 5.00 2/27/2014 EUR 8.63
Penell GmbH Elektrogros 7.75 6/10/2019 EUR 5.97
Barclays Bank PLC 3.49 3/27/2029 USD 66.63
Lehman Brothers Treasur 1.00 5/9/2012 EUR 0.65
Banco BPI SA 1.78 EUR 58.02
Realwerte GmBh & Co KG 1.20 EUR 43.16
Lehman Brothers Treasur 7.00 6/6/2017 EUR 0.65
Communaute Francaise de 0.50 6/27/2046 EUR 65.54
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.88
Lehman Brothers Treasur 14.90 9/15/2008 EUR 0.65
Lehman Brothers Treasur 6.00 3/18/2015 USD 8.63
Lehman Brothers Treasur 5.55 3/12/2015 EUR 0.65
UniCredit Bank AG 4.00 3/21/2017 EUR 67.40
Cie de Financement Fonc 0.98 8/11/2046 EUR 74.86
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Heta Asset Resolution A 0.27 12/31/2023 EUR 39.25
Abengoa SA 5.13 3/5/2017 USD 3.04
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
EFG International Finan 2.10 3/23/2018 EUR 6.06
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Bank Nederlandse Gemeen 0.50 8/15/2022 ZAR 61.30
Pongs & Zahn AG 8.50 EUR 0.30
Renaissance Credit Comm 11.15 7/30/2018 RUB 87.00
Agentstvo po Ipotechnom 11.50 9/25/2018 RUB 60.00
Rosneft Oil Co PJSC 12.90 12/3/2020 RUB 62.00
OT-Optima Telekom DD 5.25 5/30/2022 HRK 65.00
Promsvyazbank PJSC 11.00 4/19/2021 RUB 90.01
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
SG Option Europe SA 7.00 5/5/2017 EUR 63.82
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 70.16
Barclays Bank PLC 0.50 3/19/2021 MXN 68.07
UniCredit Bank AO 12.35 9/16/2020 RUB 62.62
Hamburgische Landesbank 0.05 10/30/2040 EUR 64.35
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 85.00
City of Siret Romania 2.24 3/1/2028 RON 51.00
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
EFG International Finan 8.99 9/4/2017 EUR 7.27
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Lehman Brothers Treasur 5.00 5/2/2022 EUR 0.65
Metalloinvest Holding C 0.01 3/7/2022 RUB 60.02
MT-Energie GmbH & Co KG 8.25 4/4/2017 EUR 8.15
Lehman Brothers Treasur 1.46 2/19/2012 JPY 8.63
AKB Peresvet ZAO 9.80 9/2/2020 RUB 27.80
Lehman Brothers Treasur 4.00 4/13/2011 CHF 0.65
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
HSBC Bank PLC 0.50 11/25/2025 BRL 43.75
Barclays Bank PLC 4.65 11/28/2029 USD 74.75
AKB Peresvet ZAO 12.75 7/24/2018 RUB 27.93
Bank Nederlandse Gemeen 0.50 6/7/2022 ZAR 62.14
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 63.16
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.25
Lloyds Bank PLC 3.34 10/25/2033 USD 71.50
EFG International Finan 6.00 11/30/2017 EUR 1.90
Bank Julius Baer & Co L 6.70 6/2/2017 USD 67.25
COFIDUR SA 0.10 12/31/2024 EUR 19.01
AKB Peresvet ZAO 13.25 11/6/2020 RUB 27.01
UniCredit Bank Austria 0.06 1/24/2031 EUR 71.23
Tatfondbank PJSC 14.50 2/3/2026 RUB 27.02
Rosneft Oil Co PJSC 8.90 2/6/2024 RUB 60.00
URALSIB Leasing Co OOO 11.50 12/21/2017 RUB 100.00
Barclays Bank PLC 0.50 4/24/2023 MXN 53.53
Astana Finance BV 9.00 11/16/2011 USD 16.88
Barclays Bank PLC 2.57 12/27/2028 USD 74.63
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Treasur 6.00 9/20/2011 EUR 0.65
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Vnesheconombank 9.65 7/10/2018 RUB 85.00
SG Issuer SA 0.78 6/15/2020 SEK 71.57
Araratbank OJSC 7.00 6/18/2019 USD 26.35
Rusfinans Bank OOO 10.10 11/24/2020 RUB 62.02
Fonciere Volta SA 4.50 7/30/2020 EUR 2.60
Kamaz PJSC 10.39 12/5/2030 RUB 73.53
Lehman Brothers Treasur 5.00 5/12/2011 CHF 0.65
Podkarpacki Bank Spoldz 4.99 10/6/2021 PLN 55.11
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
Lehman Brothers Treasur 13.50 6/2/2009 USD 0.65
City of Predeal Romania 1.50 5/15/2026 RON 60.00
ECA 2.50 1/1/2018 EUR 12.44
MegaFon PJSC 9.90 5/29/2026 RUB 62.06
Vnesheconombank 9.75 8/16/2029 RUB 60.00
SAir Group 5.50 7/23/2003 CHF 12.63
Landes-Hypothekenbank S 0.02 9/26/2043 EUR 77.23
Province of Brescia Ita 0.14 6/30/2036 EUR 60.35
Rossiysky Capital OJSC 10.50 1/20/2020 RUB 60.67
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.00
Veneto Banca SpA 1.69 5/15/2019 EUR 39.25
Evrofinansy-Nedvizhimos 11.00 10/23/2020 RUB 100.00
Lehman Brothers Treasur 6.65 8/24/2011 AUD 9.63
Banco Espirito Santo SA 1.24 5/27/2018 EUR 0.40
Russian Post FGUP 2.75 12/6/2023 RUB 67.55
Agentstvo po Ipotechnom 8.90 11/1/2032 RUB 100.05
DekaBank Deutsche Giroz 0.01 6/29/2046 EUR 51.69
Lehman Brothers Treasur 10.00 6/11/2038 JPY 0.65
Notenstein Finance Guer 1.00 9/17/2019 CHF 64.91
Metalloinvest Holding C 0.01 3/7/2022 RUB 100.00
Province of Rovigo Ital 0.06 12/28/2035 EUR 61.08
Oberoesterreichische La 0.32 11/6/2030 EUR 71.75
Municipality Finance PL 0.50 7/30/2029 AUD 66.45
Credit Suisse AG/London 8.00 5/21/2025 USD 9.10
Bank Julius Baer & Co L 7.85 7/28/2017 USD 50.50
JP Morgan Structured Pr 4.05 8/29/2017 EUR 33.02
UBS AG/London 6.25 4/18/2017 CHF 47.30
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Bank Nederlandse Gemeen 0.50 6/22/2021 ZAR 67.65
UniCredit Bank Austria 0.15 1/22/2031 EUR 72.38
Biomed-Lublin Wytwornia 7.29 8/14/2018 PLN 72.00
Araratbank OJSC 7.25 6/27/2018 USD 26.03
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Raiffeisenbank AO 11.35 6/11/2018 RUB 86.00
Lehman Brothers Treasur 0.50 7/2/2020 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 70.90
Araratbank OJSC 8.00 6/10/2018 USD 26.35
Agrokompleks OOO 0.10 12/8/2022 RUB 1.36
BNP Paribas SA 0.50 11/16/2032 MXN 28.91
Center-Invest Commercia 10.00 5/22/2019 RUB 60.01
Moscow United Electric 11.00 9/12/2024 RUB 62.00
Aegon NV 5.19 NLG 72.65
Royal Bank of Scotland 2.65 2/25/2031 USD 66.00
Municipiul Timisoara 0.64 5/15/2026 RON 77.50
EFG International Finan 12.86 10/30/2017 EUR 1.16
Raiffeisen Centrobank A 6.70 3/13/2017 EUR 64.65
Zapsibcombank PAO 14.85 12/12/2019 RUB 90.00
Russian Railways JSC 13.90 5/30/2040 RUB 60.00
SAir Group 4.25 2/2/2007 CHF 13.00
Nuova Banca delle March 7.20 6/30/2018 EUR 1.24
Dresdner Bank AG 0.38 11/19/2029 EUR 64.88
BAWAG PSK Versicherungs 1.06 EUR 44.89
Deutsche Bank AG/London 0.50 10/5/2021 IDR 63.42
Svensk Exportkredit AB 0.50 8/28/2020 TRY 65.16
Lehman Brothers Treasur 4.00 7/20/2012 EUR 0.65
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasur 8.00 3/19/2012 USD 0.65
Svensk Exportkredit AB 0.50 3/28/2029 AUD 68.64
Lehman Brothers Treasur 1.28 11/6/2010 JPY 8.63
Espirito Santo Financia 5.05 11/15/2025 EUR 0.40
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Araratbank OJSC 7.00 12/2/2017 USD 25.78
World of Building Techn 7.70 6/25/2019 RUB 1.16
Podkarpacki Bank Spoldz 5.11 5/28/2023 PLN 53.01
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.03
Kommunalbanken AS 0.50 12/16/2020 TRY 68.68
Deutsche ETP GmbH & Co 3.00 11/30/2028 EUR
Royal Bank of Scotland 2.65 8/26/2031 USD 62.92
Kreditanstalt fuer Wied 0.25 10/6/2036 CAD 40.74
HSBC Bank PLC 0.50 12/29/2026 AUD 61.53
Societe Generale SA 0.50 5/30/2023 MXN 57.68
Svensk Exportkredit AB 0.50 6/20/2029 AUD 67.48
Societe Generale SA 0.53 6/28/2033 USD 71.55
Northland Resources AB 15.00 7/15/2019 USD 0.44
Pierer Industrie AG 5.75 EUR 57.13
Lehman Brothers Treasur 3.86 9/21/2011 SGD 9.63
Gold-Zack AG 7.00 12/14/2005 EUR 12.57
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
Lehman Brothers Treasur 6.30 12/21/2018 USD 0.65
Lehman Brothers Treasur 13.00 2/16/2009 CHF 0.65
Barclays Bank PLC 0.42 4/9/2028 USD 65.10
Lehman Brothers Treasur 2.00 6/28/2011 EUR 0.65
Lehman Brothers Treasur 7.50 10/24/2008 USD 0.65
Societe Generale SA 10.00 7/31/2018 USD 74.98
Nuova Banca delle March 7.75 6/30/2018 EUR 1.24
Leonteq Securities AG 7.00 10/19/2017 CHF 66.10
SAir Group 2.75 7/30/2004 CHF 12.75
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Credit Agricole Corpora 2.00 7/9/2020 BRL 75.05
Lehman Brothers Treasur 5.00 2/28/2032 EUR 0.65
EFG International Finan 7.20 7/29/2020 EUR 42.92
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 62.84
Svensk Exportkredit AB 0.10 11/20/2019 TRY 70.43
OOO SPV Structural Inve 0.01 9/1/2023 RUB 65.75
Lehman Brothers Treasur 8.25 2/3/2016 EUR 0.65
Bank Spoldzielczy w Lim 5.00 5/13/2021 PLN 75.00
Russian Post FGUP 9.50 10/18/2019 RUB 98.89
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
HSBC Bank PLC 0.50 1/29/2027 NZD 61.28
BNP Paribas SA 0.50 7/20/2021 BRL 63.90
Oberoesterreichische La 0.30 4/25/2042 EUR 42.75
Nuova Banca Popolare de 3.50 6/28/2018 EUR 0.78
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.00
Ladya-Finans LLC 12.00 10/29/2021 RUB 60.00
Municipality Finance PL 0.50 5/8/2029 AUD 62.96
Vnesheconombank 8.35 11/24/2020 RUB 85.00
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Lehman Brothers Treasur 12.00 7/13/2037 JPY 0.65
Lehman Brothers Treasur 4.60 7/6/2016 EUR 0.65
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 60.12
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Raiffeisen Versicherung 2.02 EUR 26.82
Steiermaerkische Bank u 1.25 EUR 51.02
HSBC Bank PLC 0.50 12/8/2020 BRL 70.81
Cooperatieve Rabobank U 0.50 12/29/2027 MXN 38.52
Barclays Bank PLC 0.50 3/26/2021 MXN 68.03
BANIF - Banco Internaci 4.50 1/30/2025 EUR 65.50
Cooperatieve Rabobank U 0.50 8/21/2028 MXN 36.24
Torgovyi Dom Spartak-Ka 14.00 5/2/2017 RUB 68.02
UBS AG/London 3.50 3/24/2017 EUR 73.17
Lehman Brothers Treasur 4.35 8/8/2016 SGD 9.63
Bank VTB 24 JSC 9.00 9/15/2044 RUB 60.00
Barclays Bank PLC 4.27 5/14/2029 USD 70.00
Delta Credit Bank JSC 10.29 11/24/2021 RUB 60.06
Credit Agricole Corpora 0.50 3/6/2023 RUB 60.98
Province of Milan Italy 0.03 12/22/2033 EUR 69.18
Rusfinans Bank OOO 11.00 10/2/2019 RUB 64.02
BNP Paribas SA 0.50 2/13/2024 NZD 72.60
Podkarpacki Bank Spoldz 5.79 3/31/2025 PLN 45.00
SAir Group 2.13 11/4/2004 CHF 13.00
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Lehman Brothers Treasur 3.50 9/29/2017 EUR 0.65
Redvans 12.50 12/17/2021 RUB 99.90
Credit Suisse AG/London 10.00 6/28/2017 USD 54.50
URALSIB Leasing Co OOO 11.50 2/6/2018 RUB 0.01
Stroytemp CJSC 9.00 11/13/2019 RUB 92.70
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.00
Indre Sogn Sparebank 5.95 NOK 47.23
Lehman Brothers Treasur 5.50 6/15/2009 CHF 0.65
RGS Nedvizhimost OOO 12.50 6/2/2017 RUB 98.26
Center-Invest Commercia 8.70 11/13/2018 RUB
Vegarshei Sparebank 5.08 NOK 67.60
Lehman Brothers Treasur 5.00 8/1/2025 EUR 0.65
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 0.05
UniCredit Bank AG 4.25 3/27/2020 EUR 68.41
Lehman Brothers Treasur 7.38 9/20/2008 EUR 0.65
Nuova Banca Popolare de 5.00 10/30/2023 EUR 0.78
Transgazservice LLP 10.50 11/8/2019 RUB 1.00
Russian Railways JSC 6.80 5/20/2044 RUB 70.00
HSBC Bank PLC 0.50 4/27/2027 NZD 60.67
Municipality Finance PL 0.50 6/19/2024 ZAR 51.07
HSBC Bank PLC 0.50 6/9/2023 MXN 56.95
City of Alba Iulia Roma 1.50 4/15/2025 RON 68.50
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasur 4.00 7/27/2011 EUR 0.65
Lehman Brothers Treasur 8.00 2/16/2016 EUR 0.65
Absolut Bank PAO 14.50 10/22/2021 RUB 92.68
Absolut Bank PAO 8.55 4/29/2020 RUB 92.83
Lehman Brothers Treasur 0.50 6/2/2020 EUR 0.65
Lehman Brothers Treasur 11.00 7/4/2011 CHF 0.65
Atari SA 0.10 4/1/2020 EUR 3.90
UBS AG/London 6.02 8/15/2017 USD 50.05
LZMO SA 8.50 6/30/2017 PLN 25.00
Lehman Brothers Treasur 8.50 7/6/2009 CHF 0.65
Lehman Brothers Treasur 7.00 4/14/2009 EUR 0.65
Bank Nederlandse Gemeen 0.50 9/20/2022 ZAR 60.70
Societe Generale SA 0.50 4/3/2023 RUB 60.76
Lehman Brothers Treasur 5.00 4/24/2017 EUR 0.65
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Lehman Brothers Treasur 8.28 3/26/2009 USD 0.65
SAir Group 6.25 10/27/2002 CHF 12.58
Raiffeisen-Landesbank T 2.50 9/2/2024 EUR 68.68
Lehman Brothers Treasur 3.40 3/19/2018 JPY 0.65
Lehman Brothers Treasur 7.60 5/21/2013 USD 0.65
LBI HF 8.65 5/1/2011 ISK 5.88
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Bank Julius Baer & Co L 12.15 11/8/2017 CHF 69.25
Lehman Brothers Treasur 5.75 6/15/2009 CHF 0.65
Notenstein La Roche Pri 8.99 7/22/2019 EUR 38.81
UBS AG/London 14.50 5/26/2017 CHF 74.15
SAir Group 5.13 3/1/2003 CHF 13.00
Deutsche Bank AG 5.20 3/21/2017 EUR 75.90
Province of Brescia Ita 0.11 12/22/2036 EUR 59.53
Lehman Brothers Treasur 4.00 11/24/2016 EUR 0.65
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
URALSIB Leasing Co OOO 10.25 3/21/2019 RUB 100.00
Agrokompleks OOO 0.10 7/29/2019 RUB 4.22
Societe Generale SA 0.50 4/4/2024 MXN 52.88
Credit Suisse AG/London 3.00 11/15/2025 ZAR 62.40
Veneto Banca SpA 9.50 12/1/2025 EUR 38.69
Lehman Brothers Treasur 5.00 11/22/2012 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 62.00
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 2.00 11/16/2009 EUR 0.65
LBI HF 5.08 3/1/2013 ISK 5.88
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Credit Suisse AG/Nassau 7.00 3/22/2017 CHF 60.08
First Collection Bureau 15.00 10/15/2021 RUB 99.51
Lehman Brothers Treasur 9.00 6/13/2009 USD 0.65
Lehman Brothers Treasur 6.00 10/24/2008 EUR 0.65
Promnefteservis OOO 10.50 11/21/2019 RUB 1.12
Lehman Brothers Treasur 5.25 11/21/2009 USD 0.65
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Drangedal Sparebank 2.36 NOK 74.47
Municipality Finance PL 0.50 11/25/2020 ZAR 70.68
Lillestroem Sparebank 4.62 NOK 51.51
Deutsche Bank AG/London 1.52 9/2/2036 JPY 65.15
Barclays Bank PLC 0.79 5/10/2028 USD 65.32
Lehman Brothers Treasur 4.69 2/19/2017 EUR 0.65
Nutritek International 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasur 3.00 12/3/2012 EUR 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
UBS AG 8.29 9/21/2017 USD 30.05
Lehman Brothers Treasur 4.20 12/3/2008 HKD 9.63
Blaker Sparebank 4.83 NOK 45.22
Lehman Brothers Treasur 10.00 10/23/2008 USD 0.65
Petromena ASA 9.75 5/24/2016 NOK 0.59
DekaBank Deutsche Giroz 3.40 3/5/2018 EUR 71.37
Bank Julius Baer & Co L 11.85 8/30/2017 CHF 63.55
Leonteq Securities AG/G 29.61 10/26/2017 EUR 28.32
Podkarpacki Bank Spoldz 5.79 2/23/2025 PLN 50.00
Bank Julius Baer & Co L 7.10 3/29/2017 CHF 73.70
Bayerische Landesbank 2.60 10/19/2018 EUR 70.36
Leonteq Securities AG 3.00 10/2/2017 CHF 74.08
Societe Generale SA 1.00 12/22/2017 GBP 1.00
UBS AG/London 20.36 6/6/2017 USD 6.88
Cerruti Finance SA 6.50 7/26/2004 EUR 1.35
Lehman Brothers Treasur 13.50 11/28/2008 USD 0.65
Lehman Brothers Treasur 0.25 10/19/2012 CHF 0.65
Societe Generale SA 8.88 6/1/2017 USD 29.75
Fargo Finance OOO 9.00 2/6/2019 RUB 99.00
Credit Suisse AG/Nassau 5.00 2/20/2017 CHF 73.98
Barclays Bank PLC 0.50 3/13/2023 RUB 61.02
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 6.50 5/16/2015 EUR 0.65
Lehman Brothers Treasur 3.00 8/8/2017 EUR 0.65
Lehman Brothers Treasur 3.00 6/23/2009 EUR 8.63
Lehman Brothers Treasur 2.75 10/28/2009 EUR 0.65
Lehman Brothers Treasur 4.50 3/7/2015 EUR 0.65
Podkarpacki Bank Spoldz 5.80 10/24/2024 PLN 50.00
Redvans 12.50 12/17/2021 RUB 99.90
DekaBank Deutsche Giroz 3.20 1/14/2019 EUR 63.31
DekaBank Deutsche Giroz 2.60 4/21/2017 EUR 62.45
UBS AG/London 11.00 2/24/2017 CHF 53.85
Credit Suisse AG/London 7.00 11/15/2019 USD 8.40
Lehman Brothers Treasur 4.50 3/6/2013 CHF 0.65
BNP Paribas Emissions- 4.00 7/27/2017 EUR 75.38
Natixis Structured Issu 11.70 12/8/2023 EUR 63.01
Nuova Banca delle March 8.00 6/30/2018 EUR 1.24
Royal Bank of Scotland 1.33 10/26/2018 GBP 1.06
Bank J Safra Sarasin AG 5.00 7/27/2017 CHF 82.67
Notenstein La Roche Pri 4.50 10/31/2018 CHF 69.92
SAir Group 2.75 7/30/2004 CHF 12.63
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Landes-Hypothekenbank S 0.10 3/7/2043 EUR 78.12
Hellenic Republic Gover 5.20 7/17/2034 EUR 65.13
BPCE SA 0.71 EUR 62.00
Western High-Speed Diam 10.44 5/13/2031 RUB 85.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Vontobel Financial Prod 4.00 11/9/2017 EUR 69.10
Lehman Brothers Treasur 1.50 10/25/2011 EUR 0.65
Lehman Brothers Treasur 7.59 11/22/2009 MXN 8.63
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treasur 6.00 2/14/2012 EUR 0.65
Lehman Brothers Treasur 6.60 2/22/2012 EUR 0.65
Lehman Brothers Treasur 7.39 5/4/2017 USD 0.65
Lehman Brothers Treasur 2.50 8/23/2012 GBP 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasur 5.38 2/4/2014 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2010 CHF 0.65
City of Alba Iulia Roma 1.50 4/15/2025 RON 72.10
Lehman Brothers Treasur 4.00 3/10/2011 EUR 0.65
Lehman Brothers Treasur 4.60 10/11/2017 ILS 8.63
Lehman Brothers Treasur 2.50 11/9/2011 CHF 0.65
Lehman Brothers Treasur 6.00 10/30/2012 USD 0.65
UBS AG/London 5.75 6/6/2017 CHF 73.15
Zurcher Kantonalbank Fi 5.00 7/27/2017 CHF 71.53
Bank Julius Baer & Co L 4.75 2/13/2017 CHF 71.90
RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00
Municipality Finance PL 0.50 12/15/2020 BRL 71.21
Credit Suisse AG 0.50 12/16/2025 BRL 45.10
HSH Nordbank AG/Luxembo 2.10 EUR 19.53
Intelsat Connect Financ 12.50 4/1/2022 USD 64.29
Polski Bank Spoldzielcz 4.81 6/18/2020 PLN 50.00
Lehman Brothers Treasur 16.00 10/28/2008 USD 0.65
City of Hunedoara Roman 1.43 8/15/2026 RON 78.00
Lehman Brothers Treasur 4.50 12/30/2010 USD 0.65
Lehman Brothers Treasur 7.50 8/1/2035 EUR 0.65
Lehman Brothers Treasur 4.25 3/13/2021 EUR 0.65
Lehman Brothers Treasur 3.70 6/6/2009 EUR 0.65
Lehman Brothers Treasur 5.22 3/1/2024 EUR 0.65
Lehman Brothers Treasur 5.00 12/6/2011 EUR 0.65
UBS AG/London 5.00 8/14/2017 CHF 56.45
EFG International Finan 5.00 8/15/2017 CHF 72.20
Credit Suisse AG/London 7.00 2/20/2017 CHF 71.35
Leonteq Securities AG 3.50 4/10/2018 EUR 62.81
Bayerische Landesbank 3.00 3/9/2018 EUR 63.12
DekaBank Deutsche Giroz 0.12 6/23/2034 EUR 70.25
Exane Finance SA 6.25 12/20/2019 SEK 70.35
Exane Finance SA 5.00 12/20/2019 SEK 64.40
Northland Resources AB 12.25 3/26/2016 USD 0.44
Polski Bank Spoldzielcz 4.81 6/22/2021 PLN 55.00
Societe Generale Effekt 8.81 6/23/2017 EUR 55.55
Societe Generale Effekt 9.62 6/23/2017 EUR 54.33
Societe Generale Effekt 11.68 6/23/2017 EUR 51.08
Credit Suisse AG/London 7.00 5/16/2017 CHF 72.46
Municipality Finance PL 0.50 5/31/2022 ZAR 61.39
Sparebanken Din 2.39 NOK 72.81
HSBC Bank PLC 0.50 12/8/2026 AUD 67.91
HSBC Bank PLC 0.50 2/24/2027 NZD 61.30
Strommen Sparebank 2.36 NOK 41.63
SpareBank 1 Nordvest 3.94 3/11/2099 NOK 72.34
Privatbank CJSC Via UK 10.25 1/23/2018 USD 27.76
Lloyds Bank PLC 0.50 7/26/2028 MXN 41.48
Deutsche Bank AG/London 1.20 8/22/2031 JPY 70.75
HSBC Bank PLC 5.05 5/15/2025 MXN 71.91
Lehman Brothers Treasur 1.75 2/7/2010 EUR 0.65
Lehman Brothers Treasur 7.50 5/2/2017 EUR 0.65
Lehman Brothers Treasur 10.00 8/2/2037 JPY 0.65
Lehman Brothers Treasur 7.50 6/15/2017 USD 0.65
Lehman Brothers Treasur 5.00 8/16/2017 EUR 8.63
SG Issuer SA 5.50 4/10/2021 EUR 68.86
Credit Suisse AG/London 4.00 5/22/2017 CHF 73.29
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.03
Societe Generale SA 0.50 5/22/2024 MXN 52.17
Lehman Brothers Treasur 6.45 2/20/2010 AUD 0.65
Lehman Brothers Treasur 15.00 6/4/2009 CHF 0.65
Lehman Brothers Treasur 0.50 2/16/2009 EUR 0.65
Bank Julius Baer & Co L 6.40 8/23/2017 CHF 78.50
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 70.01
Landesbank Baden-Wuertt 3.40 6/23/2017 EUR 53.61
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 73.93
Union Technologies Info 0.10 1/1/2020 EUR 5.30
BNP Paribas Emissions- 26.00 12/21/2017 EUR 65.11
Barclays Bank PLC 1.64 6/3/2041 USD 71.31
Societe Generale SA 0.50 4/30/2023 RUB 60.17
Lehman Brothers Treasur 15.00 3/30/2011 EUR 0.65
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 67.37
Rem Offshore ASA 5.00 12/8/2024 NOK 25.00
Lehman Brothers Treasur 8.60 7/31/2013 GBP 0.65
Lehman Brothers Treasur 8.28 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.50 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.32 7/31/2013 GBP 0.65
Commerzbank AG 12.00 5/24/2017 EUR 73.91
Lehman Brothers Treasur 9.25 6/20/2012 USD 0.65
Lehman Brothers Treasur 3.00 9/13/2010 JPY 8.63
Lehman Brothers Treasur 7.50 2/14/2010 AUD 0.65
Lehman Brothers Treasur 7.60 1/31/2013 AUD 0.65
Lehman Brothers Treasur 5.50 6/22/2010 USD 8.63
Lehman Brothers Treasur 10.00 10/22/2008 USD 0.65
Lehman Brothers Treasur 6.60 5/23/2012 AUD 0.65
Lehman Brothers Treasur 3.45 5/23/2013 USD 0.65
Lehman Brothers Treasur 5.50 4/23/2014 EUR 0.65
Lehman Brothers Treasur 5.00 2/15/2018 EUR 0.65
Lehman Brothers Treasur 9.00 5/6/2011 CHF 0.65
Lehman Brothers Treasur 16.20 5/14/2009 USD 0.65
Lehman Brothers Treasur 10.60 4/22/2014 MXN 0.65
Lehman Brothers Treasur 16.00 11/9/2008 USD 0.65
Lehman Brothers Treasur 9.75 6/22/2018 USD 0.65
Lehman Brothers Treasur 10.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.60 8/1/2013 EUR 0.65
Lehman Brothers Treasur 10.44 11/22/2008 CHF 0.65
Lehman Brothers Treasur 7.60 3/4/2010 NZD 0.65
Nuova Banca Popolare de 2.19 5/21/2018 EUR 0.81
Lehman Brothers Treasur 17.00 6/2/2009 USD 0.65
Lehman Brothers Treasur 23.30 9/16/2008 USD 0.65
Lehman Brothers Treasur 3.00 6/3/2010 EUR 0.65
Lehman Brothers Treasur 12.40 6/12/2009 USD 0.65
Lehman Brothers Treasur 10.00 6/17/2009 USD 0.65
Lehman Brothers Treasur 11.00 7/4/2011 USD 0.65
Lehman Brothers Treasur 12.00 7/4/2011 EUR 0.65
Lehman Brothers Treasur 5.50 7/8/2013 EUR 0.65
Lehman Brothers Treasur 16.00 12/26/2008 USD 0.65
Lehman Brothers Treasur 13.43 1/8/2009 ILS 0.65
Lehman Brothers Treasur 7.75 1/3/2012 AUD 0.65
Lehman Brothers Treasur 3.10 6/4/2010 USD 0.65
Lehman Brothers Treasur 2.50 8/15/2012 CHF 0.65
Lehman Brothers Treasur 13.15 10/30/2008 USD 0.65
Lehman Brothers Treasur 0.50 8/1/2020 EUR 0.65
Lehman Brothers Treasur 6.00 8/7/2013 EUR 0.65
Lehman Brothers Treasur 6.25 9/5/2011 EUR 0.65
Lehman Brothers Treasur 16.80 8/21/2009 USD 0.65
Lehman Brothers Treasur 14.10 11/12/2008 USD 0.65
Lehman Brothers Treasur 5.25 7/8/2014 EUR 0.65
Lehman Brothers Treasur 4.00 8/11/2010 USD 8.63
Lehman Brothers Treasur 2.30 6/6/2013 USD 0.65
Lehman Brothers Treasur 7.50 5/30/2010 AUD 0.65
Lehman Brothers Treasur 11.00 5/9/2020 USD 0.65
Lehman Brothers Treasur 4.30 6/4/2012 USD 0.65
Lehman Brothers Treasur 4.00 6/5/2011 USD 0.65
Lehman Brothers Treasur 6.70 4/21/2011 USD 0.65
Lehman Brothers Treasur 3.00 9/12/2036 JPY 8.63
Lehman Brothers Treasur 4.68 12/12/2045 EUR 0.65
Lehman Brothers Treasur 13.00 12/14/2012 USD 0.65
Lehman Brothers Treasur 4.82 12/18/2036 EUR 0.65
Lehman Brothers Treasur 5.25 4/1/2023 EUR 0.65
Lehman Brothers Treasur 7.25 6/20/2010 USD 0.65
Lehman Brothers Treasur 7.00 9/20/2011 USD 0.65
Oravita City Council 1.97 6/15/2027 RON 70.90
Lehman Brothers Treasur 4.10 8/23/2010 USD 0.65
Lehman Brothers Treasur 5.12 4/30/2027 EUR 0.65
Lehman Brothers Treasur 7.75 2/21/2016 EUR 0.65
Lehman Brothers Treasur 8.00 12/27/2032 JPY 0.65
Lehman Brothers Treasur 1.50 2/8/2012 CHF 0.65
Lehman Brothers Treasur 0.01 9/20/2011 USD 0.65
Lehman Brothers Treasur 7.00 7/11/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 4.90 7/28/2020 EUR 0.65
Lehman Brothers Treasur 4.15 8/25/2020 EUR 0.65
Lehman Brothers Treasur 6.00 12/6/2016 USD 0.65
Lehman Brothers Treasur 5.00 9/1/2011 EUR 0.65
Lehman Brothers Treasur 3.00 8/15/2017 EUR 0.65
Lehman Brothers Treasur 3.50 9/19/2017 EUR 0.65
Lehman Brothers Treasur 10.00 1/4/2010 USD 0.65
Lehman Brothers Treasur 6.00 3/17/2011 EUR 0.65
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 8.00 4/20/2009 EUR 0.65
Lehman Brothers Treasur 2.30 4/28/2014 JPY 0.65
Lehman Brothers Treasur 4.00 2/28/2010 EUR 0.65
Lehman Brothers Treasur 4.10 5/20/2009 USD 0.65
Lehman Brothers Treasur 2.00 5/17/2010 EUR 0.65
Lehman Brothers Treasur 3.82 10/20/2009 USD 0.65
Lehman Brothers Treasur 3.63 3/2/2012 EUR 0.65
Lehman Brothers Treasur 0.75 3/29/2012 EUR 0.65
Lehman Brothers Treasur 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Lehman Brothers Treasur 5.00 3/13/2009 EUR 0.65
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasur 2.30 6/27/2013 USD 0.65
Lehman Brothers Treasur 2.37 7/15/2013 USD 0.65
Lehman Brothers Treasur 4.87 10/8/2013 USD 0.65
Lehman Brothers Treasur 1.95 11/4/2013 EUR 0.65
Leonteq Securities AG 20.00 10/25/2017 CHF 72.12
Bank Julius Baer & Co L 10.90 7/26/2017 CHF 70.60
Commerzbank AG 4.00 7/19/2017 EUR 65.23
UBS AG/London 14.50 7/20/2017 USD 65.95
Goldman Sachs & Co Wert 24.00 4/26/2017 EUR 72.91
Goldman Sachs & Co Wert 24.00 6/21/2017 EUR 72.34
Goldman Sachs & Co Wert 22.00 7/26/2017 EUR 73.76
Goldman Sachs & Co Wert 21.00 8/23/2017 EUR 74.89
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 68.33
Vontobel Financial Prod 16.60 3/10/2017 EUR 70.87
Vontobel Financial Prod 14.90 6/9/2017 EUR 71.67
DekaBank Deutsche Giroz 3.40 4/9/2018 EUR 66.77
Landesbank Baden-Wuertt 3.60 6/23/2017 EUR 72.32
DekaBank Deutsche Giroz 3.15 5/18/2018 EUR 49.04
DekaBank Deutsche Giroz 3.65 5/18/2018 EUR 74.21
Notenstein La Roche Pri 6.50 7/2/2018 USD 61.06
UBS AG 9.00 7/3/2017 CHF 75.47
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.59
HSBC Trinkaus & Burkhar 16.10 3/24/2017 EUR 49.47
HSBC Trinkaus & Burkhar 8.20 3/24/2017 EUR 65.76
DZ Bank AG Deutsche Zen 7.00 3/24/2017 EUR 60.78
DZ Bank AG Deutsche Zen 7.50 3/24/2017 EUR 65.34
UBS AG 9.50 12/22/2017 EUR 56.25
UBS AG 7.00 12/22/2017 EUR 73.39
UBS AG 5.25 12/22/2017 EUR 69.71
UBS AG 8.25 12/22/2017 EUR 65.68
UBS AG 11.75 12/22/2017 EUR 51.74
UBS AG 7.75 12/22/2017 EUR 72.42
UBS AG 7.00 12/22/2017 EUR 64.01
UBS AG 10.25 12/22/2017 EUR 61.80
UBS AG 10.25 12/22/2017 EUR 50.43
UBS AG 5.00 12/22/2017 EUR 73.61
UBS AG 8.50 12/22/2017 EUR 54.67
UBS AG 11.75 12/22/2017 EUR 46.57
UBS AG 8.00 12/22/2017 EUR 61.15
UBS AG 8.75 12/22/2017 EUR 58.51
UBS AG 5.50 12/22/2017 EUR 71.80
UBS AG 10.25 12/22/2017 EUR 54.31
UBS AG 11.75 12/22/2017 EUR 51.20
UBS AG 7.50 12/22/2017 EUR 58.66
UBS AG 13.00 12/22/2017 EUR 73.89
UBS AG 6.75 12/22/2017 EUR 62.31
UBS AG 9.50 12/22/2017 EUR 59.82
UBS AG 5.75 12/22/2017 EUR 66.42
UBS AG 7.75 12/22/2017 EUR 47.36
UBS AG 8.25 12/22/2017 EUR 56.78
UBS AG 10.50 12/22/2017 EUR 55.13
UBS AG 4.75 12/22/2017 EUR 59.45
UBS AG 5.00 12/22/2017 EUR 71.27
UBS AG 6.25 12/22/2017 EUR 61.71
UBS AG 8.25 12/22/2017 EUR 41.95
UBS AG 4.50 12/22/2017 EUR 74.00
UBS AG 10.50 12/22/2017 EUR 49.99
UBS AG 9.50 12/22/2017 EUR 55.36
UBS AG 6.50 12/22/2017 EUR 72.67
UBS AG 6.50 12/22/2017 EUR 61.91
Leonteq Securities AG/G 5.75 3/17/2017 CHF 66.46
UniCredit Bank AG 4.30 10/17/2018 EUR 76.16
Landesbank Baden-Wuertt 3.30 6/22/2018 EUR 73.88
UniCredit Bank AG 4.30 12/22/2017 EUR 76.13
DekaBank Deutsche Giroz 3.30 2/26/2018 EUR 62.46
DekaBank Deutsche Giroz 3.10 2/26/2018 EUR 72.66
UniCredit Bank AG 4.30 10/29/2018 EUR 68.28
DekaBank Deutsche Giroz 3.45 6/1/2018 EUR 62.91
UBS AG 4.50 12/22/2017 EUR 65.12
UBS AG 5.00 12/22/2017 EUR 73.38
UBS AG 4.75 12/22/2017 EUR 58.99
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 67.77
UniCredit Bank AG 4.10 9/28/2018 EUR 65.37
Commerzbank AG 13.75 2/23/2017 EUR 74.12
Commerzbank AG 17.25 2/23/2017 EUR 71.72
Zurcher Kantonalbank Fi 6.00 5/17/2017 CHF 71.17
DZ Bank AG Deutsche Zen 8.00 9/22/2017 EUR 74.25
UBS AG/London 6.50 1/25/2018 CHF 68.38
Redvans 12.50 12/17/2021 RUB 99.95
Zurcher Kantonalbank Fi 7.75 3/17/2017 CHF 66.94
Leonteq Securities AG 11.00 3/14/2017 CHF 75.42
Bank Julius Baer & Co L 7.60 3/8/2017 CHF 67.75
UBS AG/London 10.00 3/16/2017 CHF 20.40
Landesbank Baden-Wuertt 3.85 8/25/2017 EUR 73.33
Barclays Bank PLC 2.50 3/7/2017 EUR 54.77
Commerzbank AG 20.00 5/28/2018 SEK 61.96
Societe Generale Effekt 4.00 6/26/2017 EUR 49.92
UniCredit Bank AG 4.00 6/26/2018 EUR 71.40
UniCredit Bank AG 4.60 6/30/2017 EUR 62.83
UBS AG/London 7.00 12/22/2017 EUR 72.64
UBS AG/London 4.00 12/22/2017 EUR 67.90
UBS AG/London 9.50 12/22/2017 EUR 68.82
UBS AG/London 9.00 12/22/2017 EUR 66.68
UBS AG/London 5.00 12/22/2017 EUR 64.24
UBS AG/London 6.25 12/22/2017 EUR 76.33
UBS AG/London 7.75 12/22/2017 EUR 42.61
UBS AG/London 14.50 12/22/2017 EUR 74.40
UniCredit Bank AG 4.25 9/12/2017 EUR 61.47
Notenstein La Roche Pri 5.00 8/29/2018 CHF 70.31
Leonteq Securities AG/G 4.40 8/28/2017 CHF 67.67
Notenstein La Roche Pri 5.04 8/28/2017 CHF 75.42
Notenstein La Roche Pri 5.00 9/5/2018 CHF 73.09
Leonteq Securities AG/G 5.99 9/11/2017 EUR 46.72
DZ Bank AG Deutsche Zen 5.60 3/30/2017 EUR 38.57
Bank Julius Baer & Co L 5.20 9/25/2017 EUR 74.30
UniCredit Bank AG 4.00 10/14/2019 EUR 54.22
Deutsche Bank AG 5.20 6/20/2017 EUR 76.70
Goldman Sachs & Co Wert 18.00 3/22/2017 EUR 72.01
Deutsche Bank AG 5.20 7/26/2017 EUR 74.00
Zurcher Kantonalbank Fi 4.75 12/11/2017 CHF 62.17
Goldman Sachs & Co Wert 23.00 5/24/2017 EUR 73.59
Barclays Bank PLC 7.50 4/17/2017 USD
Landesbank Baden-Wuertt 3.25 1/26/2018 EUR 71.54
Landesbank Hessen-Thuer 4.00 1/16/2018 EUR 68.91
EFG International Finan 6.48 5/29/2018 EUR 9.26
Leonteq Securities AG/G 5.00 12/27/2019 EUR 70.30
Landesbank Baden-Wuertt 3.00 2/23/2018 EUR 71.35
Landesbank Baden-Wuertt 3.55 6/23/2017 EUR 70.73
Landesbank Baden-Wuertt 3.15 6/22/2018 EUR 72.39
Erste Group Bank AG 9.25 6/29/2017 EUR 56.75
Credit Suisse AG/London 8.95 6/6/2017 USD 66.61
Vontobel Financial Prod 3.00 6/13/2017 EUR 59.75
Kerdos Group SA 8.00 12/15/2017 PLN
Uginvestgerion OOO 12.10 4/1/2020 RUB 100.00
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Syntagma OOO 16.50 5/10/2022 RUB 0.01
Lehman Brothers Treasur 6.00 6/21/2011 EUR 0.65
Lehman Brothers Treasur 2.00 6/21/2011 EUR 0.65
Bank Julius Baer & Co L 5.00 8/21/2017 CHF 73.45
Notenstein La Roche Pri 6.40 8/14/2017 CHF 75.57
Zurcher Kantonalbank Fi 8.00 3/3/2017 CHF 62.20
Notenstein La Roche Pri 5.30 8/21/2017 CHF 75.61
UBS AG/London 5.00 8/13/2018 CHF 74.95
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.11
Leonteq Securities AG 6.77 8/17/2017 CHF 58.41
Deutsche Bank AG 7.20 3/21/2017 EUR 75.10
Deutsche Bank AG 5.20 3/21/2017 EUR 74.90
Deutsche Bank AG 5.20 3/21/2017 EUR 73.10
Deutsche Bank AG 7.20 3/21/2017 EUR 73.30
Deutsche Bank AG 5.20 3/21/2017 EUR 70.40
Deutsche Bank AG 7.20 3/21/2017 EUR 70.70
Deutsche Bank AG 7.20 3/21/2017 EUR 68.20
Deutsche Bank AG 5.20 3/21/2017 EUR 67.90
Deutsche Bank AG 7.20 3/21/2017 EUR 65.90
Deutsche Bank AG 5.20 3/21/2017 EUR 65.60
Deutsche Bank AG 5.20 3/21/2017 EUR 63.40
Deutsche Bank AG 7.20 3/21/2017 EUR 63.70
Deutsche Bank AG 5.20 3/21/2017 EUR 69.70
Deutsche Bank AG 5.20 3/21/2017 EUR 72.30
Deutsche Bank AG 7.20 3/21/2017 EUR 72.50
Deutsche Bank AG 7.20 3/21/2017 EUR 68.60
Deutsche Bank AG 5.20 3/21/2017 EUR 68.30
Deutsche Bank AG 5.20 3/21/2017 EUR 64.70
Deutsche Bank AG 7.20 3/21/2017 EUR 65.00
Notenstein La Roche Pri 5.02 2/20/2017 CHF 73.40
Leonteq Securities AG 5.40 8/28/2017 CHF 60.77
Leonteq Securities AG 5.80 8/24/2017 CHF 73.63
Credit Suisse AG/Nassau 7.90 2/27/2017 CHF 72.51
Leonteq Securities AG 5.00 9/4/2018 CHF 60.89
Leonteq Securities AG 5.60 9/4/2017 CHF 62.16
Banque Cantonale Vaudoi 5.36 8/25/2017 CHF 74.26
UniCredit Bank AG 3.95 10/7/2019 EUR 62.09
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 69.54
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.12
Banque Cantonale Vaudoi 3.90 2/5/2018 CHF 0.80
DZ Bank AG Deutsche Zen 8.50 2/24/2017 EUR 75.70
HSBC Trinkaus & Burkhar 13.30 3/24/2017 EUR 72.05
HSBC Trinkaus & Burkhar 11.80 3/24/2017 EUR 71.27
Bank Julius Baer & Co L 10.25 5/17/2017 CHF 55.90
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 60.63
Deutsche Bank AG 3.20 11/22/2017 EUR 73.40
DekaBank Deutsche Giroz 3.10 8/4/2017 EUR 61.78
HSBC Trinkaus & Burkhar 10.50 3/24/2017 EUR 71.01
HSBC Trinkaus & Burkhar 9.40 3/24/2017 EUR 73.51
HSBC Trinkaus & Burkhar 14.60 3/24/2017 EUR 52.70
HSBC Trinkaus & Burkhar 7.30 3/24/2017 EUR 72.00
DekaBank Deutsche Giroz 2.75 6/24/2019 EUR 74.64
UBS AG/London 6.50 3/23/2017 CHF 74.95
Credit Suisse AG/Nassau 7.25 3/8/2017 CHF 61.90
Leonteq Securities AG 5.60 9/11/2017 CHF 61.49
HSBC Trinkaus & Burkhar 7.50 3/24/2017 EUR 76.20
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 74.62
UBS AG/London 9.50 9/4/2017 CHF 20.50
DekaBank Deutsche Giroz 2.75 6/28/2019 EUR 69.56
Goldman Sachs & Co Wert 9.00 9/20/2017 EUR 76.72
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 69.98
Goldman Sachs & Co Wert 15.00 6/21/2017 EUR 73.50
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 73.44
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 64.42
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 75.79
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 67.89
Goldman Sachs & Co Wert 10.00 9/20/2017 EUR 75.27
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 72.07
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 69.11
Goldman Sachs & Co Wert 14.00 9/20/2017 EUR 74.20
BNP Paribas Emissions- 3.00 10/12/2018 EUR 75.27
Bank Julius Baer & Co L 7.45 3/28/2017 CHF 54.00
DZ Bank AG Deutsche Zen 15.75 2/24/2017 EUR 60.96
Zurcher Kantonalbank Fi 7.50 11/27/2017 CHF 77.29
Goldman Sachs & Co Wert 22.00 2/22/2017 EUR 72.92
Bank Julius Baer & Co L 9.40 2/9/2017 CHF 29.05
Societe Generale Effekt 12.00 3/24/2017 EUR 73.47
Societe Generale Effekt 14.99 3/24/2017 EUR 68.48
Societe Generale Effekt 15.64 6/23/2017 EUR 71.54
Societe Generale SA 7.00 10/20/2020 USD 10.70
Vontobel Financial Prod 8.50 3/24/2017 EUR 73.40
Commerzbank AG 5.00 6/21/2017 EUR 75.57
HSBC Trinkaus & Burkhar 7.70 3/24/2017 EUR 74.72
Goldman Sachs & Co Wert 21.00 6/21/2017 EUR 73.67
Zurcher Kantonalbank Fi 13.04 4/13/2017 CHF 53.83
DekaBank Deutsche Giroz 3.05 2/25/2019 EUR 75.14
Vontobel Financial Prod 5.35 3/3/2017 EUR 64.82
Vontobel Financial Prod 5.40 3/3/2017 EUR 73.46
Landesbank Hessen-Thuer 4.00 4/8/2019 EUR 70.65
Leonteq Securities AG 5.25 3/19/2018 CHF 74.43
Notenstein La Roche Pri 6.50 3/13/2017 EUR 52.51
Notenstein La Roche Pri 5.80 3/13/2017 CHF 73.89
Leonteq Securities AG 7.00 3/13/2017 CHF 75.02
UniCredit Bank AG 4.60 7/2/2018 EUR 67.96
Leonteq Securities AG 2.75 3/20/2018 CHF 74.71
Raiffeisen Centrobank A 6.88 3/30/2017 EUR 63.46
Notenstein La Roche Pri 5.20 3/20/2017 CHF 75.15
Notenstein La Roche Pri 5.00 3/20/2017 CHF 73.19
Leonteq Securities AG 7.00 9/20/2017 CHF 67.53
Commerzbank AG 5.80 10/8/2017 EUR 72.03
DZ Bank AG Deutsche Zen 5.60 9/8/2017 EUR 73.41
Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 71.41
DekaBank Deutsche Giroz 3.75 3/10/2017 EUR 50.08
UBS AG/London 5.00 3/20/2017 CHF 73.10
Notenstein La Roche Pri 4.50 3/27/2018 EUR 62.60
Notenstein La Roche Pri 5.50 3/27/2017 CHF 73.46
Landesbank Hessen-Thuer 5.00 4/24/2019 EUR 65.91
Bank Julius Baer & Co L 4.90 4/3/2017 CHF 73.95
UBS AG/London 5.50 3/27/2017 CHF 72.25
Vontobel Financial Prod 3.50 4/6/2017 EUR 71.36
DekaBank Deutsche Giroz 3.25 5/18/2018 EUR 74.24
Notenstein La Roche Pri 4.20 4/10/2018 EUR 64.79
Notenstein Finance Guer 9.00 4/1/2019 EUR 30.81
Notenstein Finance Guer 2.95 4/7/2017 CHF 74.71
Bayerische Landesbank 2.70 7/6/2018 EUR 72.82
Bayerische Landesbank 2.70 7/6/2018 EUR 72.86
Notenstein La Roche Pri 5.70 4/20/2017 CHF 72.32
Notenstein La Roche Pri 4.80 4/20/2017 CHF 70.52
Zurcher Kantonalbank Fi 6.50 4/10/2018 CHF 67.33
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 72.03
Notenstein La Roche Pri 5.80 4/27/2017 CHF 75.34
Leonteq Securities AG 7.20 4/24/2017 EUR 63.05
Notenstein La Roche Pri 5.00 1/14/2019 CHF 74.46
DekaBank Deutsche Giroz 3.00 12/17/2018 EUR 50.04
Vontobel Financial Prod 5.00 2/13/2017 EUR 67.28
UniCredit Bank AG 3.75 9/7/2020 EUR 74.86
Vontobel Financial Prod 6.20 2/4/2019 EUR 73.98
Leonteq Securities AG 6.00 2/20/2017 CHF 51.72
Commerzbank AG 5.24 2/16/2017 EUR 69.22
Leonteq Securities AG 7.20 3/6/2017 CHF 66.18
Leonteq Securities AG 6.40 3/6/2017 CHF 74.78
Leonteq Securities AG 7.80 2/27/2017 EUR 65.96
Notenstein La Roche Pri 5.00 2/27/2019 CHF 72.53
Notenstein La Roche Pri 5.70 2/27/2019 CHF 70.89
DekaBank Deutsche Giroz 2.40 2/17/2017 EUR 67.84
UniCredit Bank AG 5.00 6/25/2019 EUR 68.13
Bayerische Landesbank 2.60 3/29/2018 EUR 76.29
EFG International Finan 7.20 2/25/2019 EUR 22.61
Notenstein La Roche Pri 5.00 3/6/2017 CHF 75.30
UniCredit Bank AG 3.75 10/2/2020 EUR 72.42
Landesbank Baden-Wuertt 3.00 8/24/2018 EUR 64.92
Landesbank Baden-Wuertt 3.40 6/22/2018 EUR 56.85
Landesbank Baden-Wuertt 2.70 7/27/2018 EUR 72.96
Landesbank Baden-Wuertt 3.40 8/24/2018 EUR 69.49
Landesbank Baden-Wuertt 4.20 6/23/2017 EUR 64.18
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 73.72
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 68.89
Landesbank Baden-Wuertt 4.00 10/27/2017 EUR 73.09
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 57.45
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 70.17
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 54.67
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 71.45
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 64.88
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 67.41
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 60.54
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 63.85
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 56.83
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 72.45
Landesbank Baden-Wuertt 5.00 2/24/2017 EUR 71.89
Landesbank Baden-Wuertt 4.60 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 3.25 7/28/2017 EUR 74.52
Landesbank Baden-Wuertt 3.90 7/28/2017 EUR 49.80
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 74.31
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 70.18
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 69.49
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 65.25
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 61.72
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.03
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 66.64
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 63.72
Landesbank Baden-Wuertt 2.50 3/24/2017 EUR 56.55
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 52.68
Landesbank Baden-Wuertt 4.50 3/24/2017 EUR 72.82
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.31
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 63.76
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 59.96
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 56.80
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 53.97
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 72.19
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 67.70
Landesbank Baden-Wuertt 5.50 3/24/2017 EUR 62.55
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 43.74
Landesbank Baden-Wuertt 3.75 9/22/2017 EUR 42.49
Landesbank Baden-Wuertt 3.90 9/22/2017 EUR 41.53
Landesbank Baden-Wuertt 3.20 9/22/2017 EUR 69.51
Landesbank Baden-Wuertt 3.00 6/22/2018 EUR 58.59
Landesbank Baden-Wuertt 3.50 11/24/2017 EUR 58.29
Landesbank Baden-Wuertt 3.85 10/27/2017 EUR 46.43
Landesbank Baden-Wuertt 3.00 11/24/2017 EUR 55.37
Landesbank Baden-Wuertt 3.40 11/24/2017 EUR 44.87
Landesbank Baden-Wuertt 3.45 3/22/2019 EUR 64.56
Landesbank Baden-Wuertt 4.50 3/23/2018 EUR 55.47
Landesbank Baden-Wuertt 3.00 6/28/2019 EUR 71.75
Landesbank Baden-Wuertt 2.50 6/28/2019 EUR 73.47
Landesbank Baden-Wuertt 3.50 6/22/2018 EUR 71.34
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 42.18
Landesbank Baden-Wuertt 3.00 9/28/2018 EUR 49.68
Landesbank Baden-Wuertt 3.75 10/27/2017 EUR 47.03
Landesbank Baden-Wuertt 3.00 1/4/2019 EUR 55.83
Notenstein La Roche Pri 5.40 4/21/2017 CHF 71.56
UBS AG/London 5.00 4/22/2017 CHF 71.50
Leonteq Securities AG 5.00 5/7/2019 CHF 68.88
Leonteq Securities AG 6.00 5/5/2017 CHF 72.01
Notenstein La Roche Pri 5.60 5/4/2017 CHF 73.37
Banque Cantonale Vaudoi 5.35 4/24/2017 CHF 75.38
Landesbank Baden-Wuertt 3.25 8/25/2017 EUR 74.07
Bayerische Landesbank 3.20 7/27/2018 EUR 74.65
Leonteq Securities AG 7.80 5/5/2017 CHF 72.38
Commerzbank AG 7.24 4/27/2017 EUR 60.24
Leonteq Securities AG 8.00 4/24/2017 USD 61.33
DekaBank Deutsche Giroz 3.25 4/20/2018 EUR 66.47
Leonteq Securities AG 6.00 5/4/2017 CHF 71.67
Bank Julius Baer & Co L 6.00 5/2/2017 CHF 70.55
Notenstein La Roche Pri 4.00 5/8/2018 CHF 65.79
Notenstein La Roche Pri 5.50 5/8/2017 CHF 75.60
Zurcher Kantonalbank Fi 7.00 11/3/2017 CHF 71.75
Loan Portfolio Securiti 8.50 12/14/2018 USD 32.21
UBS AG/London 15.50 11/30/2017 CHF 74.25
Leonteq Securities AG 10.20 10/24/2018 EUR 72.19
Bank Julius Baer & Co L 5.40 12/20/2017 CHF 69.50
Notenstein La Roche Pri 4.80 11/14/2018 CHF 74.95
Notenstein La Roche Pri 3.00 9/22/2020 CHF 70.39
Credit Suisse AG/London 9.50 11/15/2019 USD 5.23
EFG International Finan 7.00 11/27/2019 EUR 22.62
Goldman Sachs Internati 1.00 12/5/2017 SEK 14.29
Leonteq Securities AG 3.00 9/19/2019 CHF 59.40
DekaBank Deutsche Giroz 7.15 10/27/2017 EUR 49.18
Lehman Brothers Treasur 7.50 9/13/2009 CHF 0.65
Lehman Brothers Treasur 5.10 6/22/2046 EUR 0.65
Lehman Brothers Treasur 6.50 7/24/2026 EUR 0.65
Lehman Brothers Treasur 4.50 8/2/2009 USD 0.65
Lehman Brothers Treasur 4.00 4/24/2009 USD 0.65
Lehman Brothers Treasur 9.00 3/17/2009 GBP 0.65
Lehman Brothers Treasur 7.00 11/28/2008 CHF 0.65
Lehman Brothers Treasur 3.85 4/24/2009 USD 0.65
Lehman Brothers Treasur 7.25 10/6/2008 EUR 0.65
Lehman Brothers Treasur 10.50 8/9/2010 EUR 0.65
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.50 7/24/2014 EUR 0.65
Lehman Brothers Treasur 10.00 3/27/2009 USD 0.65
Lehman Brothers Treasur 5.00 10/24/2008 CHF 0.65
Lehman Brothers Treasur 7.75 1/30/2009 EUR 0.65
Commerzbank AG 8.00 7/14/2021 USD
Polski Bank Spoldzielcz 5.29 9/14/2027 PLN 44.00
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 73.81
Vontobel Financial Prod 3.00 5/26/2017 CHF 72.69
Credit Suisse AG/London 7.80 7/16/2025 USD 9.23
Landesbank Baden-Wuertt 2.90 7/27/2018 EUR 75.13
Landesbank Hessen-Thuer 4.00 5/16/2018 EUR 76.65
DZ Bank AG Deutsche Zen 6.00 3/24/2017 EUR 71.78
Notenstein La Roche Pri 4.80 1/24/2018 CHF 73.94
Credit Suisse AG/London 7.80 7/31/2020 USD 9.33
Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 72.60
Bayerische Landesbank 2.60 8/24/2018 EUR 72.46
Leonteq Securities AG 7.00 7/31/2017 CHF 74.52
Bank Julius Baer & Co L 6.00 7/24/2017 CHF 69.10
UBS AG/London 7.00 7/17/2017 CHF 59.05
Notenstein La Roche Pri 4.00 7/24/2019 CHF 69.39
Notenstein La Roche Pri 6.70 7/24/2017 EUR 72.65
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 75.08
Notenstein La Roche Pri 4.20 7/17/2019 CHF 73.12
Vontobel Financial Prod 4.65 7/24/2017 EUR 72.60
Notenstein La Roche Pri 6.00 7/17/2017 CHF 75.13
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.24
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 71.60
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 67.02
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.39
DekaBank Deutsche Giroz 2.60 6/15/2018 EUR 73.99
Bank Julius Baer & Co L 11.30 6/7/2017 CHF 60.40
DZ Bank AG Deutsche Zen 11.50 6/23/2017 EUR 57.20
Notenstein La Roche Pri 9.68 6/15/2017 CHF 72.39
UBS AG/London 9.75 3/24/2017 EUR 53.04
UBS AG/London 7.50 3/24/2017 EUR 75.02
UBS AG/London 9.50 3/24/2017 EUR 76.18
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 76.00
Leonteq Securities AG 8.80 6/21/2017 CHF 74.89
SG Issuer SA 5.05 4/10/2025 EUR 55.56
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 66.70
Leonteq Securities AG/G 16.20 11/30/2017 USD 72.17
Zurcher Kantonalbank Fi 10.00 8/18/2017 CHF 70.53
BNP Paribas Emissions- 22.00 6/22/2017 EUR 73.24
BNP Paribas Emissions- 16.00 6/22/2017 EUR 74.15
BNP Paribas Emissions- 19.00 3/23/2017 EUR 71.57
Lehman Brothers Treasur 8.05 12/20/2010 HKD 0.65
Lehman Brothers Treasur 6.72 12/29/2008 EUR 0.65
Lehman Brothers Treasur 7.63 7/22/2011 HKD 0.65
Lehman Brothers Treasur 6.60 2/9/2009 EUR 0.65
Lehman Brothers Treasur 7.06 12/29/2008 EUR 0.65
Royal Bank of Scotland 6.20 9/7/2018 GBP
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.87
Deutsche Bank AG 7.20 3/21/2017 EUR 76.20
Vontobel Financial Prod 8.65 3/10/2017 EUR 67.91
Norddeutsche Landesbank 3.00 10/30/2018 EUR 71.56
UBS AG/London 3.81 10/28/2017 USD 69.30
Notenstein La Roche Pri 7.70 5/9/2017 CHF 45.58
Landesbank Baden-Wuertt 4.00 4/28/2017 EUR 70.81
Leonteq Securities AG 7.00 11/6/2017 CHF 47.21
Leonteq Securities AG 16.40 2/6/2017 CHF 42.96
Landesbank Baden-Wuertt 3.00 4/28/2017 EUR 73.53
Leonteq Securities AG 10.00 2/6/2017 CHF 65.90
SG Issuer SA 6.65 10/10/2021 EUR 64.31
Vontobel Financial Prod 11.75 6/9/2017 EUR 76.05
DZ Bank AG Deutsche Zen 9.25 7/28/2017 EUR 59.60
Commerzbank AG 12.25 6/22/2017 EUR 77.61
Commerzbank AG 16.00 6/22/2017 EUR 72.27
HSBC Trinkaus & Burkhar 15.20 6/23/2017 EUR 69.52
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 74.27
SG Issuer SA 0.80 11/30/2020 SEK 70.24
Notenstein La Roche Pri 6.50 7/11/2017 CHF 60.64
Notenstein La Roche Pri 6.00 7/11/2017 CHF 70.39
EFG International Finan 7.35 12/28/2017 CHF 65.19
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 70.73
Vontobel Financial Prod 12.50 3/24/2017 EUR 70.86
DZ Bank AG Deutsche Zen 8.00 3/24/2017 EUR 63.91
BNP Paribas Emissions- 28.00 3/23/2017 EUR 68.43
BNP Paribas Emissions- 27.00 12/21/2017 EUR 69.03
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 75.09
Goldman Sachs & Co Wert 19.00 2/22/2017 EUR 73.13
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 71.83
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 68.76
BNP Paribas Emissions- 27.00 12/21/2017 EUR 74.25
BNP Paribas Emissions- 26.00 12/21/2017 EUR 71.76
BNP Paribas Emissions- 26.00 12/21/2017 EUR 73.53
BNP Paribas Emissions- 29.00 6/22/2017 EUR 68.56
BNP Paribas Emissions- 23.00 12/21/2017 EUR 74.67
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.22
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 70.02
BNP Paribas Emissions- 28.00 6/22/2017 EUR 69.24
BNP Paribas Emissions- 26.00 12/21/2017 EUR 70.45
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.52
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.34
BNP Paribas Emissions- 28.00 12/21/2017 EUR 66.67
BNP Paribas Emissions- 25.00 3/23/2017 EUR 68.25
BNP Paribas Emissions- 25.00 12/21/2017 EUR 72.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 68.84
BNP Paribas Emissions- 22.00 3/23/2017 EUR 69.83
BNP Paribas Emissions- 29.00 3/23/2017 EUR 62.27
BNP Paribas Emissions- 26.00 12/21/2017 EUR 72.67
BNP Paribas Emissions- 29.00 12/21/2017 EUR 69.20
BNP Paribas Emissions- 25.00 3/23/2017 EUR 72.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.21
BNP Paribas Emissions- 18.00 6/22/2017 EUR 72.62
BNP Paribas Emissions- 26.00 6/22/2017 EUR 63.62
BNP Paribas Emissions- 22.00 12/21/2017 EUR 68.68
BNP Paribas Emissions- 23.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 29.00 12/21/2017 EUR 62.41
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.77
BNP Paribas Emissions- 29.00 3/23/2017 EUR 69.81
BNP Paribas Emissions- 27.00 12/21/2017 EUR 70.85
BNP Paribas Emissions- 18.00 3/23/2017 EUR 64.44
BNP Paribas Emissions- 22.00 3/23/2017 EUR 60.47
BNP Paribas Emissions- 28.00 3/23/2017 EUR 53.96
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.54
BNP Paribas Emissions- 27.00 12/21/2017 EUR 59.03
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.98
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.80
BNP Paribas Emissions- 15.00 3/23/2017 EUR 67.19
BNP Paribas Emissions- 16.00 6/22/2017 EUR 65.21
BNP Paribas Emissions- 28.00 6/22/2017 EUR 54.82
BNP Paribas Emissions- 10.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 15.00 12/21/2017 EUR 67.60
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.36
BNP Paribas Emissions- 27.00 3/23/2017 EUR 71.68
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.61
BNP Paribas Emissions- 28.00 6/22/2017 EUR 73.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 71.29
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 29.00 12/21/2017 EUR 68.70
BNP Paribas Emissions- 27.00 3/23/2017 EUR 74.52
BNP Paribas Emissions- 27.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.29
BNP Paribas Emissions- 19.00 12/21/2017 EUR 73.41
BNP Paribas Emissions- 27.00 3/23/2017 EUR 68.41
BNP Paribas Emissions- 28.00 3/23/2017 EUR 62.28
BNP Paribas Emissions- 22.00 3/23/2017 EUR 72.03
BNP Paribas Emissions- 28.00 3/23/2017 EUR 65.81
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.32
BNP Paribas Emissions- 26.00 3/23/2017 EUR 74.28
BNP Paribas Emissions- 9.00 6/22/2017 EUR 72.99
BNP Paribas Emissions- 18.00 6/22/2017 EUR 58.51
BNP Paribas Emissions- 21.00 6/22/2017 EUR 54.71
BNP Paribas Emissions- 10.00 12/21/2017 EUR 72.32
BNP Paribas Emissions- 13.00 12/21/2017 EUR 66.78
BNP Paribas Emissions- 25.00 12/21/2017 EUR 54.54
BNP Paribas Emissions- 18.00 3/23/2017 EUR 58.83
BNP Paribas Emissions- 28.00 3/23/2017 EUR 48.68
BNP Paribas Emissions- 15.00 12/21/2017 EUR 64.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 72.85
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.10
BNP Paribas Emissions- 22.00 3/23/2017 EUR 68.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 66.03
BNP Paribas Emissions- 27.00 12/21/2017 EUR 64.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 72.09
BNP Paribas Emissions- 27.00 12/21/2017 EUR 72.73
BNP Paribas Emissions- 13.00 3/23/2017 EUR 60.04
BNP Paribas Emissions- 16.00 3/23/2017 EUR 53.91
BNP Paribas Emissions- 19.00 3/23/2017 EUR 49.07
BNP Paribas Emissions- 22.00 3/23/2017 EUR 45.18
BNP Paribas Emissions- 25.00 3/23/2017 EUR 41.99
BNP Paribas Emissions- 28.00 3/23/2017 EUR 39.35
BNP Paribas Emissions- 13.00 6/22/2017 EUR 61.96
BNP Paribas Emissions- 25.00 6/22/2017 EUR 44.42
BNP Paribas Emissions- 15.00 12/21/2017 EUR 59.76
BNP Paribas Emissions- 19.00 12/21/2017 EUR 53.92
BNP Paribas Emissions- 22.00 12/21/2017 EUR 51.19
BNP Paribas Emissions- 25.00 12/21/2017 EUR 49.80
BNP Paribas Emissions- 27.00 12/21/2017 EUR 48.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 69.43
BNP Paribas Emissions- 27.00 6/22/2017 EUR 67.00
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 25.00 6/22/2017 EUR 62.09
BNP Paribas Emissions- 19.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 28.00 12/21/2017 EUR 62.14
BNP Paribas Emissions- 19.00 3/23/2017 EUR 68.26
BNP Paribas Emissions- 24.00 3/23/2017 EUR 62.86
BNP Paribas Emissions- 28.00 3/23/2017 EUR 58.34
BNP Paribas Emissions- 16.00 6/22/2017 EUR 71.95
BNP Paribas Emissions- 5.00 3/23/2017 EUR 73.35
BNP Paribas Emissions- 5.00 6/22/2017 EUR 73.71
BNP Paribas Emissions- 13.00 6/22/2017 EUR 55.92
BNP Paribas Emissions- 19.00 6/22/2017 EUR 49.64
BNP Paribas Emissions- 5.00 12/21/2017 EUR 73.61
BNP Paribas Emissions- 28.00 12/21/2017 EUR 49.92
BNP Paribas Emissions- 24.00 3/23/2017 EUR 60.02
BNP Paribas Emissions- 12.00 12/21/2017 EUR 74.13
BNP Paribas Emissions- 18.00 3/23/2017 EUR 62.85
BNP Paribas Emissions- 22.00 3/23/2017 EUR 58.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 56.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 54.48
BNP Paribas Emissions- 19.00 12/21/2017 EUR 63.79
BNP Paribas Emissions- 22.00 12/21/2017 EUR 61.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 59.57
BNP Paribas Emissions- 27.00 12/21/2017 EUR 57.88
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.13
BNP Paribas Emissions- 26.00 3/23/2017 EUR 72.36
UBS AG/London 11.70 4/18/2017 EUR 60.36
Raiffeisen Centrobank A 7.20 9/20/2017 EUR 73.25
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.52
Leonteq Securities AG 7.40 11/20/2017 EUR 71.76
Bank Julius Baer & Co L 5.50 11/6/2017 CHF 62.85
Deutsche Bank AG 9.20 3/21/2017 EUR 73.60
UBS AG/London 10.20 2/10/2017 EUR 72.23
DekaBank Deutsche Giroz 3.50 10/28/2019 EUR 71.86
Vontobel Financial Prod 12.25 3/10/2017 EUR 73.40
Notenstein La Roche Pri 5.00 10/31/2018 CHF 72.65
Zurcher Kantonalbank Fi 11.25 4/26/2017 CHF 47.29
HSBC Trinkaus & Burkhar 5.00 4/28/2017 EUR 64.15
Bank Julius Baer & Co L 14.40 11/2/2017 CHF 67.80
Landesbank Baden-Wuertt 3.00 9/22/2017 EUR 63.78
Leonteq Securities AG 6.00 10/12/2017 CHF 66.54
UniCredit Bank AG 4.50 9/19/2017 EUR 70.89
Landesbank Hessen-Thuer 5.00 10/17/2017 EUR 76.20
Landesbank Hessen-Thuer 4.50 11/28/2017 EUR 75.66
UniCredit Bank AG 5.40 6/30/2017 EUR 61.33
Eiendomskreditt 5.43 NOK 67.00
Kommunekredit 0.50 5/11/2029 CAD 70.26
Municipality Finance PL 0.25 6/28/2040 CAD 30.52
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Societe Generale SA 0.50 7/6/2021 BRL 66.56
Societe Generale SA 0.50 8/4/2021 BRL 66.13
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 67.74
Bank Nederlandse Gemeen 0.50 5/12/2021 ZAR 69.33
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 1.99 12/1/2040 USD 69.88
Kommunekredit 0.50 12/14/2020 ZAR 71.51
Societe Generale SA 0.50 6/12/2023 RUB 59.55
HSBC Bank PLC 0.50 4/11/2023 MXN 57.90
Eiendomskreditt 4.48 NOK 56.29
Lehman Brothers Treasur 4.25 5/15/2010 EUR 0.65
Lehman Brothers Treasur 10.00 1/3/2012 BRL 0.65
Lehman Brothers Treasur 6.00 5/23/2018 CZK 0.65
HSBC Trinkaus & Burkhar 9.20 6/23/2017 EUR 72.81
HSBC Trinkaus & Burkhar 7.20 9/22/2017 EUR 74.96
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 66.91
HSBC Trinkaus & Burkhar 1.75 8/25/2017 EUR 60.70
Zurcher Kantonalbank Fi 12.10 9/6/2017 CHF 72.04
Vontobel Financial Prod 8.35 5/26/2017 USD 72.17
BNP Paribas Emissions- 15.00 3/23/2017 EUR 63.21
BNP Paribas Emissions- 16.00 3/23/2017 EUR 60.26
BNP Paribas Emissions- 18.00 3/23/2017 EUR 57.71
BNP Paribas Emissions- 24.00 3/23/2017 EUR 51.45
BNP Paribas Emissions- 25.00 3/23/2017 EUR 49.62
BNP Paribas Emissions- 15.00 12/21/2017 EUR 66.38
BNP Paribas Emissions- 16.00 12/21/2017 EUR 63.72
BNP Paribas Emissions- 18.00 12/21/2017 EUR 62.35
BNP Paribas Emissions- 19.00 12/21/2017 EUR 61.36
BNP Paribas Emissions- 12.00 3/23/2017 EUR 73.03
BNP Paribas Emissions- 12.00 6/22/2017 EUR 73.14
Exane Finance SA 3.00 9/18/2018 USD 72.53
Lehman Brothers Treasur 0.25 7/21/2014 EUR 0.65
Lehman Brothers Treasur 4.95 10/25/2036 EUR 0.65
Lehman Brothers Treasur 11.00 6/29/2009 EUR 0.65
Lehman Brothers Treasur 8.00 8/3/2009 USD 0.65
Lehman Brothers Treasur 2.50 12/15/2011 GBP 0.65
Lehman Brothers Treasur 11.00 12/19/2011 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2012 EUR 0.65
Lehman Brothers Treasur 6.00 5/12/2017 EUR 0.65
Lehman Brothers Treasur 4.10 2/19/2010 EUR 0.65
Lehman Brothers Treasur 3.50 10/31/2011 USD 0.65
Lehman Brothers Treasur 3.50 10/24/2011 USD 0.65
Lehman Brothers Treasur 1.68 3/5/2015 EUR 0.65
Lehman Brothers Treasur 9.00 5/15/2022 USD 0.65
Lehman Brothers Treasur 6.75 4/5/2012 EUR 0.65
Lehman Brothers Treasur 3.35 10/13/2016 EUR 0.65
Lehman Brothers Treasur 0.80 12/30/2016 EUR 0.65
Lehman Brothers Treasur 4.00 5/30/2010 USD 0.65
Lehman Brothers Treasur 4.00 5/17/2010 USD 0.65
Lehman Brothers Treasur 2.48 5/12/2009 USD 0.65
Lehman Brothers Treasur 2.25 5/12/2009 USD 0.65
Lehman Brothers Treasur 4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasur 13.00 7/25/2012 EUR 0.65
Lehman Brothers Treasur 3.00 8/13/2011 EUR 0.65
Lehman Brothers Treasur 6.00 12/30/2017 EUR 0.65
Lehman Brothers Treasur 8.80 12/27/2009 EUR 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 4.00 1/4/2011 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 9.30 12/21/2010 EUR 0.65
Lehman Brothers Treasur 8.00 12/31/2010 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 11.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 10.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 6.25 11/30/2012 EUR 0.65
Lehman Brothers Treasur 6.00 2/19/2023 USD 0.65
Lehman Brothers Treasur 1.00 2/26/2010 USD 0.65
Lehman Brothers Treasur 8.00 3/21/2018 USD 0.65
Lehman Brothers Treasur 11.75 3/1/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/17/2014 EUR 0.65
Lehman Brothers Treasur 7.05 4/8/2015 USD 0.65
Lehman Brothers Treasur 7.80 3/31/2018 USD 0.65
Lehman Brothers Treasur 9.50 4/1/2018 USD 0.65
Lehman Brothers Treasur 6.00 3/4/2015 USD 0.65
Lehman Brothers Treasur 7.15 3/21/2013 USD 0.65
Lehman Brothers Treasur 3.50 6/20/2011 EUR 0.65
Bank Julius Baer & Co L 12.80 9/20/2017 CHF 62.90
Bank Julius Baer & Co L 13.85 9/20/2017 CHF 72.55
Lehman Brothers Treasur 18.25 10/2/2008 USD 0.65
Lehman Brothers Treasur 1.50 10/12/2010 EUR 0.65
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
LBI HF 7.43 USD 0.00
Lehman Brothers Treasur 12.22 11/21/2017 USD 0.65
Lehman Brothers Treasur 5.50 11/30/2012 CZK 0.65
Lehman Brothers Treasur 14.90 11/16/2010 EUR 0.65
Lehman Brothers Treasur 16.00 10/8/2008 CHF 0.65
Lehman Brothers Treasur 3.40 9/21/2009 HKD 0.65
Lehman Brothers Treasur 4.00 10/12/2010 USD 0.65
Lehman Brothers Treasur 7.00 10/22/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/23/2008 USD 0.65
Lehman Brothers Treasur 4.60 11/9/2011 EUR 8.63
Lehman Brothers Treasur 4.80 11/16/2012 HKD 0.65
Lehman Brothers Treasur 3.50 12/20/2027 USD 0.65
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Zurcher Kantonalbank Fi 6.51 10/5/2018 CHF 74.19
Bank Julius Baer & Co L 11.60 10/11/2017 CHF 65.20
DZ Bank AG Deutsche Zen 16.00 2/24/2017 EUR 70.47
Vontobel Financial Prod 17.50 3/24/2017 EUR 71.62
DekaBank Deutsche Giroz 2.75 10/29/2018 EUR 65.56
EFG International Finan 7.19 5/6/2019 EUR 19.29
Bank J Safra Sarasin AG 8.00 5/4/2017 CHF 67.31
DekaBank Deutsche Giroz 3.00 4/30/2019 EUR 74.10
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 74.42
Landesbank Baden-Wuertt 4.00 6/22/2018 EUR 74.78
Landesbank Baden-Wuertt 3.60 6/22/2018 EUR 72.02
UBS AG 7.40 5/17/2021 CHF 71.86
Notenstein La Roche Pri 4.20 5/22/2019 CHF 69.10
Notenstein La Roche Pri 4.50 5/22/2018 CHF 69.30
DekaBank Deutsche Giroz 3.00 5/12/2017 EUR 68.75
DekaBank Deutsche Giroz 2.80 5/13/2019 EUR 69.59
Notenstein La Roche Pri 5.70 5/29/2017 CHF 74.59
Notenstein La Roche Pri 4.00 5/29/2017 CHF 72.98
Zurcher Kantonalbank Fi 3.80 5/22/2017 EUR 68.64
UBS AG/London 7.00 5/22/2017 CHF 66.00
UBS AG/London 8.00 5/26/2017 EUR 65.00
Leonteq Securities AG 9.92 5/29/2017 EUR 67.61
Notenstein La Roche Pri 5.80 6/5/2018 CHF 73.51
Notenstein La Roche Pri 5.50 6/8/2017 CHF 74.85
Commerzbank AG 6.76 6/22/2017 EUR 63.83
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 74.72
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 67.33
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 75.63
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 69.12
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 72.50
Landesbank Baden-Wuertt 3.50 6/23/2017 EUR 68.22
Landesbank Baden-Wuertt 4.50 6/23/2017 EUR 64.95
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 69.32
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 62.97
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 58.41
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 72.47
Landesbank Baden-Wuertt 5.00 6/23/2017 EUR 68.92
Landesbank Baden-Wuertt 6.00 6/23/2017 EUR 66.11
Notenstein Finance Guer 5.40 6/12/2017 CHF 74.12
UniCredit Bank AG 3.80 7/23/2020 EUR 73.20
Raiffeisen Centrobank A 9.50 7/13/2017 EUR 67.80
Leonteq Securities AG 3.00 7/8/2019 CHF 75.76
UniCredit Bank AG 4.40 7/13/2018 EUR 73.94
Bayerische Landesbank 2.70 7/20/2018 EUR 74.45
Notenstein La Roche Pri 6.50 6/26/2017 EUR 70.91
HSBC Trinkaus & Burkhar 8.20 9/22/2017 EUR 72.85
UBS AG/London 6.00 10/5/2017 CHF 58.95
Lehman Brothers Treasur 6.85 12/22/2008 EUR 0.65
Lehman Brothers Treasur 7.60 3/26/2009 EUR 0.65
Lehman Brothers Treasur 7.55 12/29/2008 USD 0.65
Raiffeisen Centrobank A 6.24 3/22/2017 EUR 75.05
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.86
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 75.20
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 69.27
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 60.03
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.66
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 63.24
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 71.96
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 72.05
Goldman Sachs & Co Wert 6.00 3/22/2017 EUR 75.84
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.09
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 68.06
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.83
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 56.94
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 77.00
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 74.68
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 70.09
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 66.42
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.20
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 68.60
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 65.14
Goldman Sachs & Co Wert 9.00 3/22/2017 EUR 61.89
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 54.39
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 73.03
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 69.54
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 66.46
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 64.04
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 57.12
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.32
UBS AG/London 9.25 6/26/2017 CHF 64.30
UBS AG/London 7.00 6/26/2017 EUR 70.35
UBS AG/London 9.40 6/30/2017 EUR 44.60
EFG International Finan 7.20 6/26/2017 GBP 13.86
Zurcher Kantonalbank Fi 8.50 7/17/2017 CHF 60.99
UBS AG/London 7.50 7/3/2017 EUR 66.65
Banque Cantonale Vaudoi 7.25 7/3/2017 CHF 59.17
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 70.13
Goldman Sachs & Co Wert 12.00 3/22/2017 EUR 66.06
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.40
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.25
HSBC Trinkaus & Burkhar 7.10 3/24/2017 EUR 71.80
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 65.71
HSBC Trinkaus & Burkhar 6.50 3/24/2017 EUR 70.02
HSBC Trinkaus & Burkhar 7.40 3/24/2017 EUR 63.67
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 73.21
Landesbank Baden-Wuertt 2.60 2/24/2017 EUR 72.33
UBS AG/London 6.25 7/24/2017 CHF 71.45
Landesbank Baden-Wuertt 2.60 8/23/2019 EUR 73.77
Banque Cantonale Vaudoi 5.35 7/24/2017 CHF 73.31
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 72.34
Notenstein La Roche Pri 5.80 8/7/2017 CHF 73.04
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 53.75
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 62.16
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 56.76
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 73.13
Landesbank Baden-Wuertt 3.50 8/25/2017 EUR 73.17
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 69.61
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 73.67
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.18
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 70.13
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 66.92
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.68
Notenstein La Roche Pri 5.60 7/31/2017 CHF 74.21
Zurcher Kantonalbank Fi 4.00 8/24/2018 CHF 74.23
Bank Julius Baer & Co L 9.05 2/13/2017 EUR 74.85
DekaBank Deutsche Giroz 2.60 6/23/2017 EUR 74.05
Notenstein La Roche Pri 7.00 8/14/2017 CHF 72.99
Leonteq Securities AG 5.20 8/14/2018 CHF 70.12
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 68.81
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.96
Credit Suisse AG/London 7.70 8/20/2025 USD 8.64
Notenstein La Roche Pri 6.30 2/14/2017 CHF 57.83
Notenstein La Roche Pri 5.30 8/14/2017 CHF 75.62
Leonteq Securities AG 5.20 8/14/2017 CHF 73.80
UBS AG/London 5.00 8/6/2018 CHF 74.80
Lehman Brothers Treasur 2.40 6/20/2011 JPY 0.65
Lehman Brothers Treasur 1.60 6/21/2010 JPY 0.65
Bank VTB 24 JSC 9.00 9/1/2044 RUB 60.00
Commerzbank AG 4.00 9/8/2017 EUR 68.76
Lehman Brothers Treasur 5.20 3/19/2018 EUR 0.65
Credit Suisse AG/Nassau 7.25 2/20/2017 EUR 74.35
Credit Suisse AG/London 8.95 10/17/2019 USD 9.35
Lloyds Bank PLC 0.50 7/26/2021 BRL 65.29
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.06
Praim Finans OOO 12.50 11/10/2025 RUB 100.00
HSBC Bank PLC 0.50 12/22/2025 BRL 43.44
Soyuz AKB OAO 11.00 10/11/2018 RUB 60.06
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Synergy PJSC 14.50 5/28/2020 RUB 61.01
IDGC of the North Cauca 13.00 4/22/2021 RUB 60.00
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.
Copyright 2017. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *