/raid1/www/Hosts/bankrupt/TCREUR_Public/170327.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 27, 2017, Vol. 18, No. 61
Headlines
B E L G I U M
* Belgian RMBS 90+ Day Delinquencies Stable, Moody's Says
B U L G A R I A
RAIFFEISENBANK BULGARIA: Moody's Hikes LT Deposit Ratings to Ba2
F R A N C E
SILLIA VL: Placed in Receivership by Court of Lyon
I R E L A N D
SPENCER DOCK: Receivers Record EUR40 Million in Sales
I T A L Y
CREDITO VALTELLINESE: Fitch Puts 'BB' IDR on Rating Watch Neg.
N E T H E R L A N D S
LOWLAND MORTGAGE 2: Fitch Affirms 'BBsf' Rating on Cl. D Notes
METINVEST BV: Moody's Raises CFR to Caa2, Outlook Stable
P O L A N D
JSW: Bondholders to Oppose Krupinski Mine Transfer Date Change
R O M A N I A
VULCAN SA: Inks $10 Million Contract with Kuwait Oil Company
RAIFFEISEN BANK: Moody's Raises Deposit Ratings from Ba1
S P A I N
CAIXABANK RMBS: DBRS Assigns B Provisional Ratings to Cl. B Debt
* Spanish RMBS 90+ Day Delinquencies Continue to Improve
U K R A I N E
NAFTOGAZ OF UKRAINE: Gazprom Gas Case Loss May Prompt Bankruptcy
U N I T E D K I N G D O M
ANGLO AMERICAN: Fitch Affirms BB+ IDR, Revises Outlook to Pos.
BHS: Green's Knighthood Still Under Threat Despite GBP360M Payout
BLUE INC: Northern Ireland Stores Face Closure Following CVA
BRANTANO UK: Shoe Zone Bids for Ailing Footwear Chain
CO-OP BANK: Credible Suitors Mull Bids, Rules Out Offer Deadline
DIAMOND SHORTBREAK: Goes Bust; 16,000 Passengers Affected
SLIC TRAINING: Leaves 900 Learners Uncertain About Their Futures
STORE TWENTY: In Talks with Lenders After Rent Payment Default
* UK: Scottish Pubs, Restaurants Least Likely to Enter Insolvency
* 15% of Care Firms at Risk of Insolvency on Funding Shortage
X X X X X X X X
* BOND PRICING: For the Week March 20 to March 24, 2017
*********
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B E L G I U M
=============
* Belgian RMBS 90+ Day Delinquencies Stable, Moody's Says
---------------------------------------------------------
The performance of the Belgian residential mortgage-backed
securities (RMBS) market remained stable in the six-month period
ended January 2017, according to the latest indices published by
Moody's Investors Service.
The 90+ day delinquency trend of the outstanding portfolio
slightly increased to 0.78% in January 2017 from 0.76% in July
2016. In the same period cumulative defaults increased marginally
to 0.52% from 0.49% as a percentage of the original portfolio
balance. Likewise, cumulative losses increased to 0.10% from
0.08% of the original balance but remain negligible.
As of January 2017, the 11 Moody's-rated Belgian RMBS
transactions had an outstanding pool balance of EUR46.7 billion,
which constitutes a year-on-year decrease of 0.9%.
Moody's publishes its indices mid-month to www.moodys.com in the
Structured Finance sub-directory.
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF449581
In addition, Moody's publishes a weekly summary of structured
finance credit, ratings and methodologies, available to all
registered users of Moody's website, at
www.moodys.com/SFQuickCheck
===============
B U L G A R I A
===============
RAIFFEISENBANK BULGARIA: Moody's Hikes LT Deposit Ratings to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded Raiffeisenbank (Bulgaria)
EAD (RBB's) long-term local and foreign-currency deposit ratings
to Ba2 from Ba3 and changed the outlook to stable from positive.
The bank's adjusted Baseline Credit Assessment (BCA) was also
upgraded to ba2 from ba3 and its Counterparty Risk Assessment to
Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). Concurrently, the bank's
Not-Prime short-term local and foreign-currency deposit ratings
were affirmed.
The rating action follows the upgrade of RBB's parent, Raiffeisen
Bank International AG (RBI's) deposits and debt ratings to Baa1
with stable outlook and BCA to ba2 from ba3. RBI owns 100% of
RBB.
RATINGS RATIONALE
The upgrade of RBB's ratings reflect the improved capacity of RBI
to support its Bulgarian subsidiary in case of need, indicated by
the upgrade of RBI's BCA to ba2 from ba3 on 21 March 2017.
Raiffeisenbank (Bulgaria) EAD continues to be well integrated
within the RBI group, which provides the bank with operational
and funding support if needed. These considerations, together
with Moody's view of RBI's commitment to the Bulgarian market,
underpin the rating agency's assumptions of a high probability of
parental support for RBB, which results in an one-notch rating
uplift for the Ba2 long-term deposit ratings from the bank's ba3
standalone BCA.
THE STABLE OUTLOOK
The stable outlook on RBB's ratings balances its improving
financial metrics -- specifically asset quality and
profitability-- against the parent bank's limited capacity to
provide support beyond current levels.
Moody's notes it expects further improvement in RBB's financial
fundamentals, supported by the improving economic environment in
Bulgaria, which could put upward pressure on its ba3 BCA. RBB's
ratio of non-performing loans (NPLs) to gross loans declined to
7.1% as of December 2016 from a high 18.7% as of year-end 2013,
while coverage of NPLs grew to 85% as of December 2016 from 53%
as of December 2013. In addition RBB's shareholder's equity to
total assets ratio remained high at 14.5% as of December 2016.
Nevertheless, the rating agency's decision to change to stable
from positive the outlook for RBB's Ba2 long-term deposit ratings
reflects the stable outlook on RBI's ratings which limits further
uplift of RBB's deposit ratings.
-- WHAT COULD MOVE THE RATINGS UP/DOWN
An improvement in the operating environment and the Weak + macro
profile for Bulgaria and/or an upgrade of RBI's BCA could lead to
an upgrade of RBB's deposit ratings. Further reduction in RBB's
problem loans, while maintaining strong capital ratios and
improving its core profitability, would put upward pressure on
RBB's BCA.
Although not likely, a lower assumption of affiliate support
would likely result to a downgrade of the bank's ratings. In
addition a weakening of the macroeconomic environment or a
worsening in the bank's financial metrics could lead to a
downgrade of its ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
LIST OF AFFECTED RATINGS
Upgrades:
-- LT Bank Deposits (Foreign Currency and Local Currency),
Upgraded to Ba2 Stable from Ba3 Positive
-- Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3
-- Counterparty Risk Assessment, Upgraded to Baa2(cr) from
Baa3(cr)
-- Counterparty Risk Assessment, Upgraded to P-2(cr) from
P-3(cr)
Affirmations:
-- ST Bank Deposits (Foreign Currency and Local Currency),
Affirmed NP
Outlook Actions:
-- Outlook, Changed To Stable From Positive
===========
F R A N C E
===========
SILLIA VL: Placed in Receivership by Court of Lyon
--------------------------------------------------
Renewables Now reports that the commercial court of Lyon has
placed French photovoltaic (PV) modules maker Sillia VL in
receivership and candidate buyers have until the end of March to
file their takeover bids.
The court scheduled a hearing to review the offers that will be
submitted by potential candidates for April 12, according to
Renewables Now.
Sillia VL has a manufacturing capacity of 200 MWp. It employs a
total of 176, of which 130 in the commune of Venissieux, eastern
France, and 47 people in the commune of Lannion, northwestern
France.
Montpellier-based solar power developer Urbasolar is rumoured to
be considering taking over the production facility in Lannion,
the report relays.
The report discloses that the French PV market is expected to
revive with the clear visibility offered by the regular tender
calendar but price competition in the solar panel manufacturing
is fierce.
=============
I R E L A N D
=============
SPENCER DOCK: Receivers Record EUR40 Million in Sales
-----------------------------------------------------
Gordon Deegan at Independent reports the buoyant property market
in Dublin resulted in the value of the sale of properties
associated with the receivership of Treasury Holdings' main
Spencer Dock firm soaring to EUR40 million over a six-month
period.
That is according to the latest receivers' extract lodged with
the Companies Office, which show that the receivers obtained
EUR36.37 million arising from the sale of the Spencer Place
development to Johnny Ronan's RGRE last October, Independent
discloses.
In a deal backed by Colony Capital, RGRE plans to build two new
hotels and a student accommodation campus as part of a new one-
million-square-foot development in Dublin's docklands, according
to Independent.
The report notes that RGRE expects to create 1,000 jobs on site
during the EUR300 million development of the project.
Along with the Ronan sale, the extract shows that the thriving
property market in Dublin resulted in the sale of nine separate
properties, with prices ranging from EUR565,000 to EUR310,000 in
the period between July to January, the report relays.
The costs of the receivership remain high, says the report. The
total amount paid out in professional, management and receiver
fees concerning the five-year long receivership of Treasury
Holdings' main Spencer Dock firm now totals EUR14.69 million, the
report notes.
This follows professional, management and receiver fees totaling
EUR2.29 million in the latest six-month period of the
receivership, from July to January of this year, the report
relates.
David Hughes and Luke Charleton of EY were appointed as receivers
to various retail units, undeveloped sites and part-developed
sites owned by Spencer Dock Development Co Ltd on January 25,
2012 by Nama.
The report relays the documentation shows that Nama received
EUR27.43 million from the receivership in the July to January
period, principally from the Mr. Ronan deal. The total amount
paid out to EY in receivership fees now totals EUR978,009
following EUR174,121 paid out in the latest six months, the
report discloses.
The report notes apart from the Mr. Ronan deal an additional
EUR3.67 million was realized from the sale of nine properties in
six months.
=========
I T A L Y
=========
CREDITO VALTELLINESE: Fitch Puts 'BB' IDR on Rating Watch Neg.
--------------------------------------------------------------
Fitch Ratings has placed Credito Valtellinese's 'BB' Long-Term
Issuer Default Rating (IDR) and 'bb' Viability Rating (VR) on
Rating Watch Negative (RWN). The bank's other ratings are
unaffected by this rating action.
The rating action reflects Fitch's view that some sensitivities
Fitch identified as possible negative rating drivers are likely
to have been triggered. These include Fitch preliminary
assessment of the bank's operating performance, which the bank's
latest full-year financial results show has deteriorated
considerably over the last 12 months, potentially putting
pressure on the bank's capitalisation.
KEY RATING DRIVERS
IDR, VR AND SENIOR DEBT
The RWN primarily reflects the pressure Fitch has observed on
Creval's capitalisation following the sale of impaired loans
during 2016. The bank has been more active than other mid-sized
banks in Italy in disposing portfolios of impaired loans (about
EUR580m sold in 2016), but the prices achieved show that there is
still a material gap between these prices and current impairment
coverage ratios. The bank still has a large outstanding amount of
impaired loans on its balance sheet (26.5% of gross loans at end-
2016), which it intends to reduce in the medium term.
Creval plans to sell additional impaired loans in 2017/2018.
Fitch believes that the impact of future sales is potentially
negative for the bank's capital if the transactions occur at
current market prices, generating losses in addition to those
reported in 2016. In Fitch's opinion, the bank's internal capital
generation is weak as the underlying profitability from its
traditional commercial business, which is sensitive to the
negative operating environment in Italy and the low interest rate
environment, remains under pressure.
The bank is undertaking a simplification programme, which aims to
improve its currently weak operating efficiency.
RATING SENSITIVITIES
IDR, VR AND SENIOR DEBT
Fitch expects to resolve the RWN in the next three months once
Fitch assess the impact of the bank's strategy and how it plans
to address the impact of this strategy on its capital base.
Fitch expects to downgrade its VR, Long-Term IDR and debt ratings
if capitalisation is materially reduced from current levels as a
result of additional sales but no tangible plan is made on how to
build up capital again relatively speedily. Fitch also expects
that the ratings would be downgraded if the planned reduction in
impaired loans does not materialise or if underlying
profitability does not stabilise.
Fitch would affirm the ratings and remove them from RWN if the
bank makes positive progress on capitalisation, profitability and
asset quality. A steady reduction in the proportion of impaired
loans net of reserves to Fitch Core Capital would be evidence
that this is taking place.
The rating actions are:
Long-Term IDR: 'BB' placed on RWN
Short-Term IDR: 'B' unaffected
Viability Rating: 'bb' placed on RWN
Support Rating: '5' unaffected
Support Rating Floor: 'No Floor' unaffected
Senior unsecured notes and EMTN Long-Term Rating: 'BB' placed on
RWN
Senior unsecured notes and EMTN Short-Term Rating
=====================
N E T H E R L A N D S
=====================
LOWLAND MORTGAGE 2: Fitch Affirms 'BBsf' Rating on Cl. D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Lowland Mortgage Backed Securities 2
B.V. (LL2) and Lowland Mortgage Backed Securities 3 B.V. (LL3).
The agency has revised the Outlook on both capital structures to
Negative. The rating actions are as follows:
Lowland Mortgage Backed Securities 2 B.V. (LL2)
Class A1 (XS0887366135) affirmed at 'AAAsf'; Outlook revised to
Negative from Stable;
Class A2 (XS0887366481) affirmed at 'AAAsf'; Outlook revised to
Negative from Stable;
Class B (XS0887378064) affirmed at 'AAsf'; Outlook revised to
Negative from Stable;
Class C (XS0887378577) affirmed at 'Asf'; Outlook revised to
Negative from Stable;
Class D (XS0887378908) affirmed at 'BBsf'; Outlook revised to
Negative from Stable
Lowland Mortgage Backed Securities 3 B.V. (LL3)
Class A1 (XS0988484878) affirmed at 'AAAsf'; Outlook revised to
Negative from Stable
Class A2 (XS0988486493) affirmed at 'AAAsf'; Outlook revised to
Negative from Stable
Class B (XS0988487202) affirmed at 'Asf'; Outlook revised to
Negative from Stable
Class C (XS0988487970) affirmed at 'BBB+sf'; Outlook revised to
Negative from Stable
Class D (XS0988488606) affirmed at 'BBB-sf'; Outlook revised to
Negative from Stable
The mortgages in the transactions were originated and serviced by
de Volksbank N.V. (BBB+/Positive/F2).
KEY RATING DRIVERS
Unhedged Transactions
The interest rate risk in the two structures is not hedged with a
swap agreement. Instead, the proportions of fixed- and floating-
rate notes issued are similar to the proportions of fixed- and
floating-rate loans in the pool. As at 31 December 2016, the
proportion of floating rate loans in the LL2 portfolio was 12.8%,
which corresponds to the proportion of floating rate notes (12.8%
of the total note balance) in the capital structure. Similarly,
floating rate loans in LL3 comprised 8.3% of the portfolio, while
floating-rate note issuance accounted for 8.2% of the total note
balance.
This type of structure is sensitive to borrower switches between
interest rate types and future interest reset rates. The agency
received historical information on borrower switches at the point
of their interest rate resets during 2015 and 2016. The data
suggests that on average, up to 95% of borrowers who were on
fixed rates reset to a new fixed rate and that up to 3% switched
from floating to fixed rates. The agency conducted rating
sensitivity analysis to assess the effects of margin compressions
arising from a combination of interest rate type switches and
interest resets to lower rates.
The sensitivity analysis showed that the structures would not be
able to meet their obligations in certain combinations of
interest and prepayment scenarios. This is mainly driven by the
high cost of the fixed rate coupon paid on the class A2 notes of
the two deals. As a result the agency has revised the Outlook to
Negative on the full capital structures of the two transactions.
Stabilising Arrears
According to the investor reports for December 2016, over the
past 12 months, loans with more than three monthly payments
overdue decreased to 34bp from 70bp (LL2) and to 44bp from 65bp
(LL3) of the current portfolio balance. Fitch notes that this
trend is in line with Fitch's Dutch All Deals Index which
declined to 27bp from 58bp.
Net realised losses marginally increased to 10bp from 6bp (LL2)
and to 14bp from 7bp (LL3) of the original portfolio balance, but
remain well below Fitch's Dutch All Deals Index (21bp).
Increasing Credit Enhancement (CE)
Both transaction show increasing CE. The structures of the
transactions do not include reserve funds and CE is solely
provided by the assets.
Lender Adjustment
Fitch's base default probabilities assume that origination,
underwriting and servicing practices and procedures are in line
with those of a standard traditional Dutch lender, with market
expertise and relevant management experience.
A recent operational review of the originator conducted by Fitch
for the rating assessment of Lowland Mortgage Backed Securities
4, led to a decision to apply a lender adjustment of 20%. As per
Fitch criterias, Fitch has also applied this adjustment in the
analysis of LL2 and LL3.
NHG-Guaranteed Mortgage Loans
Loans granted under the NHG-guarantee scheme, provided by
Stichting Waarborgfonds Eigen Woningen (WEW; AAA/Stable/F1+) make
up 1.5% (LL2) and 1.1% (LL3) of the current portfolio. WEW
provided Fitch with a list of claims that de Volksbank has made
under the NHG scheme during 2007 and 2016. The bank's compliance
ratio has remained relatively stable over time and is in line
with the observed market average.
The agency used this historical information to determine the
compliance ratio for de Volksbank, which it used in the analysis.
Interest Only Maturity concentration in LL2 and LL3
The transactions comprise 75.6% and 75.2% of interest-only loans
with 34.4% and 60.1% maturing in a three-year period in LL2 and
LL3, respectively. Application of Fitch's stressed foreclosure
frequencies on these interest-only concentrations did not result
in weighted average foreclosure frequencies (WAFF) higher than
those derived using standard assumptions. For this reason, in its
analysis, Fitch applied the WAFF derived using standard
assumptions.
Commingling Reserve and Payment Interruption Risk
For both transactions de Volksbank has deposited funds to
mitigate commingling risk in case it defaults. The dynamic
commingling reserves are 1.5x the average portfolio collections
over the past 12 months.
According to the investor reports for December 2016, commingling
reserves were EUR21m (LL2) and EUR31m (LL3). Fitch considers this
sufficient to mitigate commingling risk. Standby liquidity
facility drawdowns provide liquidity support and were at 1.4%
(LL2) and 1.3% (LL3) of the notes balance. These funds
sufficiently mitigate payment interruption risk for at least
three payment dates.
Both commingling reserves and standby liquidity drawdowns are
posted at Rabobank Group (AA-/Stable/F1+). In 2015, the issuer
entered into a repo agreement with de Volksbank to invest these
funds into eligible securities, held in a custodian account with
ING Bank (A+/Stable/F1).
Deposit and Insurance Set-off risk
de Volksbank is a deposit-taking institution. A borrower could
potentially set-off their savings deposit against the outstanding
mortgage balance in case of the insolvency of the seller. After
accounting for the deposit guarantee scheme, which protects
saving deposits up to EUR100,000, the set-off exposure has been
sized at 0.87% and 0.65% in LL2 and LL3, respectively.
Insurance Set-off Risk
Upon insolvency of the insurance provider there is a risk that
the borrowers may try to set-off their insurance claims against
the lender. Fitch accounts for this risk by assuming a capital
build-up over 30 years and then analysing the effect of a
combined default of the insurance providers, factoring in the
affiliation of the insurance provider to the original lender.
At closing and in the current reporting period, de Volksbank was
not able to identify individual loans with life insurance payment
vehicles attached but could provide aggregate book data. Fitch
sized for 10% (LL2) and 11% (LL3) to take this risk into account.
RATING SENSITIVITIES
Deterioration in asset performance may result from economic
factors, in particular the increasing effect of unemployment. A
corresponding increase in new foreclosures and associated
pressure on excess spread levels, beyond Fitch's assumptions,
could result in negative rating action, particularly for the
junior tranches.
The unhedged nature of the transactions exposes the structures to
margin compression, as the majority of notes are fixed rate. With
an increasing number of borrowers expected to reset over the
coming years, the rate at which they reset will have an effect on
the overall revenue generated by the pool and the structures'
ability to meet the senior fees and interest on the notes. A
significant reduction in the interest rates from current levels
paid by the borrowers, over an extended time period, could lead
to a reduction in revenue available to meet senior costs and
interest on the class A notes. This poses downward risk to the
notes' rating.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring
Prior to the transactions closing, Fitch reviewed the results of
a third party assessment conducted on the asset portfolio
information, which indicated errors related to the original
property foreclosure values information. These findings were
considered in this analysis by assuming a decrease of 0.6% (LL2)
and 2.0%. (LL3) of the original property values used.
Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of de Volksbank's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.
Overall and together with the assumptions referred to above,
Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
METINVEST BV: Moody's Raises CFR to Caa2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has upgraded Ukraine's largest steel
and iron ore producer Metinvest B.V.'s corporate family rating
(CFR) to Caa2 from Caa3 and its probability of default rating
(PDR) to Caa2-PD/LD from D-PD. Moody's has also upgraded
Metinvest's national scale rating (NSR) to B1.ua from Caa3.ua.
The outlook on the ratings is stable.
Concurrently, Moody's has withdrawn the Caa3 senior unsecured
ratings assigned to Metinvest's 10.25% notes due 2016 and 8.75%
notes due 2018, and the (P)Caa3 senior unsecured rating assigned
to Metinvest's MTN programme.
RATINGS RATIONALE
-- UPGRADE TO Caa2 RATING --
The upgrade of Metinvest's CFR and PDR follows the completion of
its debt restructuring, as announced on 22 March 2017, as a
result of which the company is no longer in default on its debt
obligations. Concurrently, Moody's has appended the PDR with the
limited default (/LD) designation, which reflects Moody's view
that the completed debt restructuring constitutes a distressed
exchange under Moody's definition of default. Moody's will remove
the /LD designation from the PDR in three business days.
The completed debt restructuring includes (1) the replacement of
Metinvest's three Eurobond issues with a total outstanding amount
of $1,197 million due in 2016-18, which were in default, with a
single Eurobond issue of the same aggregated principal, due in
2021; and (2) the replacement of Metinvest's four pre-export
facilities (PXF) of total outstanding $1,109 million due in 2015-
18, which were in default, with a single PXF of the same
aggregated principal, due in 2021.
Metinvest's Caa2 CFR is constrained by Ukraine's Caa2 country
ceiling for foreign-currency debt. Despite Metinvest's high
volume of exports, the company remains directly exposed to
Ukraine's political, legal, fiscal, regulatory and operating
environment, given that most of the company's upstream and steel-
making production facilities are located within Ukraine, although
it generates only 25% of revenues from domestic sales.
Metinvest's rating also takes into account (1) the loss of
control over the company's assets in the unstable regions in the
east of Ukraine, which will reduce the company's scale of
operations, primarily in the steel segment; (2) Moody's view that
Ukraine's steel market has limited growth potential because of
the continuing macroeconomic challenges and elevated event risks;
and (3) volatile prices for steel and feedstock.
More positively, Metinvest's rating reflects (1) the modest
contribution of assets located in the unstable regions in the
east of Ukraine to Metinvest's consolidated EBITDA (estimated by
the company at less than 3% for 2017); (2) the company's
integrated business model, with more than 300% self-sufficiency
in iron ore, around 100% in coke and 40% in coking coal; (3)
proximity to main export markets and geographic diversification
of assets and sales, as around 30% of Metinvest's operating
assets are located outside of Ukraine and the company derives
around 75% of revenues from sales in international markets; (4)
the company's healthy liquidity and long-term debt maturity
profile following its completed debt restructuring; (5) Moody's
estimation that the company's leverage declined below 3.5x
Moody's-adjusted debt/EBITDA at year-end 2016 from 8.9x a year
earlier, owing to EBITDA growth as a result of the increase in
finished steel products output, recovery in steel and iron ore
prices, rise in coking coal prices, hryvna depreciation and cost
reduction; (6) moderate foreign-currency risk, as all of the
company's debt and 75% of its revenues is denominated in foreign
currency; and (7) the rating agency's expectation that the
company will pursue a conservative financial policy, generate a
positive free cash flow and maintain robust financial metrics on
a sustainable basis, assuming no major event-driven operational
disruptions.
-- UPGRADE TO B1.ua RATING --
The upgrade of Metinvest's NSR follows the upgrade of the
company's global scale CFR. The B1.ua NSR reflects Metinvest's
strong positioning at the Caa2 CFR level.
-- WITHDRAWAL OF SENIOR UNSECURED RATINGS --
Moody's has withdrawn (1) the Caa3 senior unsecured ratings
assigned to Metinvest's notes because the obligations are no
longer outstanding; and (2) the (P)Caa3 senior unsecured rating
assigned to Metinvest's MTN programme because the programme is no
longer in existence. Please refer to the Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its website, www.moodys.com.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook on Metinvest's ratings is in line with the
stable outlook for Ukraine's sovereign rating. It also reflects
Moody's expectation that the company will sustain adequate
operating and financial performance and maintain adequate
liquidity despite high event risks.
WHAT COULD CHANGE RATINGS UP/DOWN
Moody's could upgrade the ratings if it were to upgrade Ukraine's
sovereign rating and raise the foreign-currency bond country
ceiling, provided there is no material deterioration in the
company-specific factors, including its operating and financial
performance, market position and liquidity.
Moody's could downgrade the ratings if it were to downgrade
Ukraine's sovereign rating and/or lower the foreign-currency bond
country ceiling, or the company's operating and financial
performance, market position or liquidity were to deteriorate
materially.
List of affected ratings:
Upgrades:
Issuer: Metinvest B.V.
-- Corporate Family Rating, Upgraded to Caa2 from Caa3
-- Probability of Default Rating, Upgraded to Caa2-PD /LD from
D-PD
-- NSR Corporate Family Rating, Upgraded to B1.ua from Caa3.ua
Withdrawals:
Issuer: Metinvest B.V.
-- Senior Unsecured Medium-Term Note Program, Withdrawn,
previously rated (P)Caa3
-- Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated Caa3
-- Backed Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated Caa3
Outlook Actions:
Issuer: Metinvest B.V.
-- Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Steel
Industry published in October 2012.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.
For further information on Moody's approach to national scale
credit ratings, please refer to Moody's Credit rating Methodology
published in May 2016 entitled "Mapping National Scale Ratings
from Global Scale Ratings". While NSRs have no inherent absolute
meaning in terms of default risk or expected loss, a historical
probability of default consistent with a given NSR can be
inferred from the GSR to which it maps back at that particular
point in time. For information on the historical default rates
associated with different global scale rating categories over
different investment horizons.
Metinvest B.V., registered in the Netherlands, is the holding
company of a vertically integrated group, Metinvest, which is one
of the largest steelmakers and iron ore producers in the
Commonwealth of Independent States (CIS). The company produces
finished flat and long steel products, semi-finished steel
products (slabs and billets), pig iron and coke products, iron
ore and coking coal concentrate and iron ore pellets. In the
first nine months of 2016, Metinvest reported revenue of $4.6
billion (2015: $5.4 billion) and EBITDA of $989 million (2015:
$816 million). Metinvest's major shareholders are System Capital
Management (SCM; 71.24% share in Metinvest) and SMART group
(23.76%).
===========
P O L A N D
===========
JSW: Bondholders to Oppose Krupinski Mine Transfer Date Change
--------------------------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa reports that coking
coal group JSW's bond holders would oppose a potential change of
date of Krupinski mine transfer to mining restructuring vehicle
SRK currently planned by April 3.
According to PAP, bondholders wrote in an opinion presented by
JSW management that "withholding the process would result in
additional costs, on top of the operating loss generated by the
mine."
"Such steps should be viewed as counterproductive for the entire
restructuring process."
In December 2016, JSW shareholders approved the transfer of the
Krupinski mine to SRK as part of its restructuring scheme and
agreement with creditors, PAP relates. All 2,200 of Krupinski
staff were offered an option to work in other mines of the group
or else accept severance packages, PAP discloses.
The move has been opposed by the unions, PAP notes.
=============
R O M A N I A
=============
VULCAN SA: Inks $10 Million Contract with Kuwait Oil Company
------------------------------------------------------------
SeeNews reports that insolvent Romanian energy and oil industry
equipment producer Vulcan SA signed a $10 million (EUR9.4
million) contract with state owned Kuwait Oil Company (KOC), the
company's court-appointed administrator Euro Insol said on March
16. This is the biggest contract signed in the 113-year history
of Vulcan, Euro Insol said, the report relates.
Under the contract, signed on March 12, Vulcan will provide 270
pumping units to KOC until December 31, 2017, according to
SeeNews.
If Vulcan fulfils the contract in due time, KOC said will order
other 700 pumping units, which will cover Vulcan's production
capacity for 2018-2018, Euro Insol, as cited by SeeNews, said.
The Kuwait Oil Company was founded in 1934 and is a subsidiary of
the Kuwait Petroleum Corporation, a government-owned holding
company.
Vulcan SA is a Romanian manufacturer of power plant boilers,
industrial equipment and pumping units, founded in 1904. At the
end of 2002 it became a privately-owned company, owned by plants
division Grup Energetic Tender, part of Romanian private group
Tender. The group owns geophysical services provider
Prospectiuni, which is also insolvent since April 2016, SeeNews
notes.
Vulcan became insolvent in 2013, as at the time its outstanding
liabilities amounted to EUR37 million, SeeNews discloses. The
same year it was delisted temporarily from the secondary trading
segment of the Bucharest Stock Exchange, BVB, where it had a
market capitalisation of RON5.94 billion.
In the first half of 2016, Vulcan posted a RON1.49 million
profit, recovering from a loss of RON9.49 million in the same
period of 2015, SeeNews adds citing latest data submitted to the
BVB. In 2015, Vulcan posted a loss of RON12.15 million, almost
half compared to the previous year, on a RON20 million turnover,
SeeNews reports.
RAIFFEISEN BANK: Moody's Raises Deposit Ratings from Ba1
--------------------------------------------------------
Moody's Investors Service has upgraded Raiffeisen Bank SA's long-
term and short-term local and foreign-currency deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime. Concurrently, the rating agency
has upgraded the bank's adjusted baseline credit assessment to
ba2 from ba3 and its long-term and short-term Counterparty Risk
Assessment (CRA) to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-
3(cr). The outlook on Raiffeisen Bank and its long-term deposit
ratings has been changed to stable from positive.
This rating action reflects the upgrade of Raiffeisen Bank SA's
parent Raiffeisen Bank International AG's (RBI; Baa1 stable/Baa1
stable; ba2) BCA to ba2 from ba3. For further details, please
refer to the press release "Moody's upgrades Raiffeisen Bank
International's long-term ratings and withdraws ratings of
Raiffeisen Zentralbank Oesterreich", published on 21 Mar 2017
(https://www.moodys.com/research/--PR_363682).
Raiffeisen Bank SA's standalone ba3 baseline credit assessment
(BCA) is unaffected by today's rating action.
RATINGS RATIONALE
The upgrade by one notch of the bank's deposit ratings, the
adjusted BCA and the CRA reflects RBI's BCA upgrade to ba2 from
ba3, which leads to a one-notch of parental support uplift for
Raiffeisen Bank SA. Previously the two banks' BCAs were
positioned at the same level of ba3, hence Raiffeisen Bank SA's
ratings did not benefit from parental support uplift. Moody's
considers the Romanian operation as an important part of RBI and
expects high level of parental support in case of need.
Raiffeisen Bank SA's ba3 BCA, which is not affected by the
action, is supported by the bank's good financial performance,
capitalisation and liquidity, which it has maintained in recent
years.
The bank's Baa3 deposit ratings incorporate the results from
Moody's Advanced Loss Given Failure (LGF) analysis, which
provides two notches of uplift from the bank's adjusted BCA of
ba2. Raiffeisen Bank SA benefits from a large volume of deposits
and limited senior and subordinated debt, resulting in very low
loss given failure for its deposits.
The outlook on Raiffeisen Bank SA's deposit ratings has been
changed to stable from positive, in line with the outlook on the
parent bank's ratings.
-- WHAT COULD MOVE THE RATINGS UP/DOWN
Upward pressure on Raiffeisen Bank SA's ratings could develop (1)
from a material improvement in the operating environment, and (2)
if the bank achieves stronger loan book quality while maintaining
good capital adequacy and profitability. Alterations in the
bank's liability structure may change the amount of uplift
provided by Moody's Advanced LGF analysis and lead to a higher
notching from the bank's adjusted BCA, thereby positively
affecting deposit ratings.
The bank's ratings could experience downward pressure as a result
of substantial weakening in its profitability, erosion of its
capital base and/or increase in asset risk. Furthermore,
alterations in Raiffeisen Bank SA's liability structure may
change the amount of uplift provided by Moody's Advanced LGF
analysis and lead to a lower notching from the bank's adjusted
BCA, thereby negatively affecting deposit ratings and CRA.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
=========
S P A I N
=========
CAIXABANK RMBS: DBRS Assigns B Provisional Ratings to Cl. B Debt
-----------------------------------------------------------------
DBRS Ratings Limited on March 20 assigned provisional ratings to
the notes issued by Caixabank RMBS 2 Fondo de Titulizacion (the
Issuer) as follows:
-- Class A Notes rated A (sf)
-- Class B Notes rated B (sf)
The rating on the Class A Notes addresses timely payment of
interest and ultimate payment of principal. The rating on the
Class B Notes addresses ultimate payment of interest and ultimate
payment of principal. Credit enhancement is provided in the form
of subordination and an amortising reserve fund. In addition, the
reserve fund provides liquidity support.
Proceeds from the issuance of the Class A and Class B Notes will
be used to purchase a portfolio of first-lien residential
mortgage loans and first-lien multi-credito mortgage loans,
secured over properties located in Spain. The mortgage loans were
originated by Caixabank, S.A. (Caixabank). Caixabank will also be
the servicer of the portfolio. In addition, Caixabank will
provide a separate subordinated loan to fund the reserve fund.
The securitisation will take place in the form of a fund, in
accordance with Spanish Securitisation Law.
The ratings are based on DBRS's review of the following
analytical considerations:
-- The transaction's capital structure and the form and
sufficiency of available credit enhancement. The Class A
Notes benefit from EUR 272 million (10.0%) subordination of
the Class B Notes and the EUR 129.2 million (4.75%) reserve
fund, which is available to cover senior fees as well as
interest and principal of the Class A Notes until paid in
full. The reserve fund will amortise with a target equal to
6.0% of the current balance of the rated notes, subject to a
floor equal to the lower of (1) 6.0% of the outstanding
balance of the Class A and Class B Notes and (2) 4.75% of
the initial balance of the Class A and Class B Notes. The
reserve fund will not amortise if certain performance
triggers are breached. The Class A Notes will benefit from
full sequential amortisation, where principal on the Class B
Notes will not be paid until the Class A Notes have been
redeemed in full. Additionally, the Class A Notes principal
will be senior to the Class B Notes interest payments in the
priority of payments.
-- DBRS was provided with the provisional portfolio with a
balance of EUR 2,742 million as of 24 February 2017. At
closing, the portfolio balance will be equal to the balance
of the notes (EUR 2,720 million). 35.1% of the portfolio is
Credito Abierto drawdowns where the borrower has the ability
to withdraw further advances, subject to borrower
performance and eligibility criteria. Further draws will not
be funded by the Issuer; however, further draws will rank
pari passu with the securitized loans. The main
characteristics of the total portfolio include: (1) 79.9%
weighted-average current loan-to-value (WACLTV) and 94.9%
indexed WA CLTV (Q4 2015); (2)(20.5%), Catalonia (17.9%) and
Madrid (14.2%); (3) 7.4% of the borrowers are non-nationals
and 2.5% are non-residents; (4) WA loan seasoning of 4.2
years; and (5) the WA remaining term of the portfolio is
25.1 years.
-- 63.3% of the portfolio comprises floating-rate mortgages, \
primarily linked to 12-month Euribor (60.4%) and IRPH (2.9%)
and the remaining 36.7% of the portfolio consists of fixed-
rate mortgages (including 3.2% of loans that pays a VPO
rate, which DBRS assumed to be fixed in its cash flow
analysis). The notes are floating-rate liabilities indexed
to three-month Euribor. The interest rate risk and basis
risk is unhedged. DBRS notes that the unhedged position
exposes the transaction to interest risk, which could
negatively affect the rating in case of interest rate rises
and/or an increase of the fixed-rate loan portion in the
portfolio after permitted loan modifications. Reserve fund
amounts are available to cover the interest rate and basis
risk for the rated notes. Additionally, the Class A Notes
benefit from the senior position in the priority of payments
to the Class B Notes. DBRS stressed the interest rates as
described in the DBRS "Unified Interest Rate Model for
European Securitisations" methodology. DBRS will continue to
monitor the interest rate structure of the transaction.
-- The credit quality of the mortgages backing the notes and
the servicer's ability to perform its servicing
responsibilities. DBRS was provided with Caixabank's
historical mortgage performance data separated between
first-lien mortgages and Credito Abierto drawdowns as well
as with loan-level data for the mortgage portfolio. Details
of the portfolio default rate (PDR), loss given default
(LGD) and expected losses (EL) resulting from DBRS's credit
analysis of the mortgage portfolio at A (sf) and B (sf)
stress scenarios are detailed below. In accordance with the
transaction documentation, the servicer is able to grant
loan modifications without the management company's consent
within the range of permitted variations. According to the
documentation, permitted variations are allowed and include
(1) the possibility of floating-rate loans to be converted to
fixed-rate loans, (2) an extension of the maturity up until
June 2057 for up to 5% of the initial portfolio and (3) a
reduction of the interest rate on the loans as long as the
WA interest rate of the portfolio never falls below three-
month Euribor (floor of 0%) + 1%. DBRS stressed the margin
of the portfolio to 1.0% in its cash flow analysis and
extended the maturity for 5% of the mortgage loans up to
June 2057 in its cash flow analysis. The servicer can modify
the interest rate type of loans from floating- to fixed-rate
loans. The transaction documents allow the proportion of
fixed-rate mortgage loans to be 38.0% as of the Initial
Balance.
-- The transaction's account bank agreement and respective
replacement trigger require Caixabank acting as the treasury
account bank to find (1) a replacement account bank or (2) an
account bank guarantor upon loss of a BBB (low) rating. The
DBRS Critical Obligations Rating of Caixabank is A (high)
while the DBRS rating for Caixabank to act as account bank is
"A."
-- The credit quality of the mortgage loan portfolio and the
servicer's ability to perform collection activities. DBRS
calculated PDR, LGD and EL outputs on the mortgage loan
portfolio. The portfolio was grouped into two sub-portfolios
based on product type. The first sub-portfolio includes the
Credito Abierto drawdowns and was assigned a Spanish
Underwriting Score of 2. The second sub-portfolio includes
the standard mortgages and was assigned a Spanish
Underwriting Score of 3. DBRS expects the future performance
of the Credito Abierto product to be better than credit-line
products observed in programs, such as Hipocat Fondo de
Titulizaci¢n, given the past performance of these products
and the underwriting criteria applied by Caixabank. As a
consequence, DBRS's European Insight Model assigned a score
to these loans that is lower than the typical credit-line
product.
-- The transaction's ability to withstand stressed cash flow
assumptions and to repay the Class A and the Class B Notes
according to the terms of the transaction documents. The
transaction cash flows were modelled using PDR and LGD
outputs provided by the European RMBS Insight Model in Intex.
DBRS considered cash flow stresses as outlined in its Spanish
Addenda, Cash Flow Analysis. The Class A Notes did not pass
the 0% conditional prepayment rate (CPR) stress in the up
interest rate front- and back-loaded default scenario whereas
the Class B Notes did not pass the 0% CPR stress in the up
interest rate back-loaded default scenario. Past CPR rates in
RMBS transactions originated by Caixabank have been
consistently at and above 2%. DBRS also tested a CPR scenario
of 2% where there was a small principal shortfall for the
Class A Notes in the up interest rate and back-loaded default
scenario. DBRS will continue to monitor prepayment rates as
part of its surveillance process.
-- The sovereign rating of the Kingdom of Spain rated A (low)
with a Stable trend and R-1 (low) with a Stable trend (as of
the date of this PR).
-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Issuer and the
consistency with DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.
* Spanish RMBS 90+ Day Delinquencies Continue to Improve
--------------------------------------------------------
The 90+ day delinquencies in the Spanish residential mortgage-
backed securities (RMBS) market decreased to 0.87% of the current
pool balance in January 2017 from 0.91% in October 2016,
according to the latest indices published by Moody's Investors
Service. During the same period, the 60+ day delinquencies
decreased to 1.36% of the current portfolio balance from 1.45%.
The cumulative defaults represented 4.59% of the original balance
in January 2017, decreasing from 4.70% in October 2016.
The annualised constant prepayment rate decreased to 3.31% in
January 2017 from 4.06% in January 2016.
Reserve funds were partially below their target levels in 44
transactions and remained fully drawn in 23 Spanish RMBS in
January 2017.
As of January 2017, Moody's rated 168 transactions in the Spanish
RMBS market, with a total outstanding pool balance of EUR96.80
billion, a 0.13% decrease from EUR96,93 billion in October 2016.
For the latest publications, please refer to Related Research tab
of the index report: Spanish RMBS Indices -- January 2017.
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF449613)
Moody's publishes its indices mid-month to www.moodys.com in the
Structured Finance sub-directory.
In addition, Moody's publishes a weekly summary of structured
finance credit, ratings and methodologies, available to all
registered users of Moody's website, at
www.moodys.com/SFQuickCheck
=============
U K R A I N E
=============
NAFTOGAZ OF UKRAINE: Gazprom Gas Case Loss May Prompt Bankruptcy
----------------------------------------------------------------
Ukrainian News Agency reports that the Naftogaz of Ukraine
national joint stock company admits its bankruptcy in case of
losing the case to Russia's Gazprom gas monopoly at the
Arbitration Institute of the Stockholm Chamber of Commerce
(Sweden) regarding the contract between them on purchase and sale
of natural gas.
According to Ukrainian News, Yurii Vitrenko, the chief commercial
director of Naftogaz of Ukraine, said "The State won't be
responsible for the debts of the company . . . The total value of
all our assets is lower than the compensation claimed by Gazprom
(USD50 billion). Moreover, we have other creditors who will want
to get their assets in case of bankruptcy. For this reason there
will be certain problems for Gazprom to receive finance even in
case of winning the case against Naftogaz."
Mr. Vitrenko says the gas transportation system of Ukraine does
not fall under the risk of alienation, as the State, not the
company, owns it, Ukrainian News notes. The same concerns
special licenses for production of gas and oil, Ukrainian News
states.
Mr. Vitrenko, as cited by Ukrainian News, said the total claims
of Gazprom make USD80 billion, including USD50 billion of
compensation on the norm of the contract "take or pay."
Gazprom can potentially lose another USD30 billion by the end of
the contract of the Arbitration Institute of the Stockholm
Chamber of Commerce confirms the current wording of the contract,
Ukrainian News discloses.
The total claims of Naftogaz make USD50 billion: USD30 billion of
monetary compensation for overpaid gas cost and revenues short
received from gas transit and USD15 billion from potential
benefit, Ukrainian News relays.
At that Vitrenko considers that Naftogaz of Ukraine has high
chances to receive the compensation if it wins Gazprom, Ukrainian
News states.
He said that the decision on the purchase and sale agreement is
expected in April, and transit in June, the report relays.
Naftogaz of Ukraine is the national oil and gas company of
Ukraine. It is a state-owned company subordinated to the
Government of Ukraine.
===========================
U N I T E D K I N G D O M
===========================
ANGLO AMERICAN: Fitch Affirms BB+ IDR, Revises Outlook to Pos.
--------------------------------------------------------------
Fitch Ratings has affirmed Anglo American Plc's (AA) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'.
Fitch has also revised the Outlook on the IDR to Positive from
Negative. The Short-Term IDR has been affirmed at 'B'. A full
list of rating actions is included at the bottom of this release.
The Positive Outlook reflects AA's stronger-than-expected 2016
performance, which has led to a significant reduction in its
gross debt. AA's reported EBITDA of USD6.1bn and its free cash
flow (FCF) of around USD2.3bn in 2016 were materially higher than
Fitch expectations. Fitch had expected neutral FCF for 2016. The
strong performance was driven by an improvement in commodity
prices, specifically iron ore and coal, and the restructuring
measures AA has implemented. Fitch do not now expects AA to carry
out any material disposals, as the material debt reduction in
2016 resulted in an improvement in the company's credit profile.
This removes the uncertainty over the success of its large
restructuring plan announced 12 months ago.
KEY RATING DRIVERS
Significant Improvement in Leverage
AA's funds from operations (FFO) adjusted gross leverage fell to
3.0x in 2016 from 5.4x in 2015. AA was able to reduce gross debt
by USD5.3bn, as FCF and the proceeds from divestments (mainly the
sale of the niobium and phosphates assets for USD1.5bn) were used
to pay down debt. Fitch expects leverage to decrease to 2.4x in
2017 and 2.7x in 2018, as the company continues to use FCF to pay
down debt, albeit more slowly. Fitch projections include a
gradual increase in capex after 2017 and a reinstatement of
dividends during 2017. Despite this, Fitch expects AA to be FCF
positive to neutral for the rating horizon.
We project leverage to be below 3x for the forecast period, which
is strong for the current rating level. For an upgrade, Fitch
would like to see evidence confirming that AA's leverage will
remain below 3x and that the company will be consistently FCF
positive (after dividends); hence Fitch need to gain more
certainty around its capex programme and dividend policy.
Strong Performance to Continue
AA's better-than-expected performance in 2016 was mainly driven
by cost-cutting initiatives and better coal and iron ore prices.
This led to FCF of around USD2.3bn compared to Fitch expectations
of neutral FCF at the beginning of 2016. Fitch expects the strong
performance to continue in 2017 as prices remain stronger and the
company continues to target cost improvements, which Fitch
believes are achievable given the strong track record (targeted
USD1.bn cost and volume improvement in 2017). For 2017, Fitch
forecast AA to generate positive FCF of around USD1.5bn, which
Fitch expects to be used for debt reduction.
Fitch projects that FCF will decrease over 2018 and 2019 and
become almost neutral as Fitch expects capex to increase to
USD3bn pa and the company to reinstate dividends in 2017.
Business Profile
At the beginning of 2016, AA announced a restructuring programme
to repair its balance sheet, which included a leaner structure
focused on three commodities: diamonds, platinum and copper. As
indicated at its 2016 annual results, the bulk commodities
division (iron ore and manganese, coal and nickel) will remain
part of its portfolio. Fitch now believes the risks associated
with its divestment plan are no longer material as AA has been
able to repair its balance sheet and reduce gross debt by
USD5.3bn in 2016. As a result, Fitch views AA as a well-
diversified miner with a business profile in line with the 'BBB'
category. However, AA remains considerably smaller and less
diversified than key peers such as Rio Tinto Plc/Ltd (A-/Stable)
and BHP Billiton Plc/Limited (A+/Negative).
DERIVATION SUMMARY
AA is one of the world's largest diversified mining companies.
The group has significant commodity and geographical
diversification. AA is highly exposed to South Africa, which
Fitch considers a relatively unfavourable country for mining
companies to operate in, given the context of an active,
unionised workforce and comparatively high wage and electricity
cost inflation.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Price assumptions for selected commodities: iron ore (USD55/t
in 2017, USD45/t thereafter), copper (USD5,500/t in 2017,
USD6,000/t in 2018, USD6,200/t in 2019 and USD6,500/t
thereafter), price recovery in De Beers after 2017.
- Capex assumptions: USD2.5bn in 2017, rising to USD3.5bn in
2019
- Reinstated dividends during 2017
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- FFO adjusted gross leverage below 3.0x on a sustained basis
- EBITDA margin above 25%
- Continued positive FCF
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO adjusted gross debt leverage increasing above 3.5x on a
sustainable basis
- EBITDA margin below 22%
- Continuous negative FCF
LIQUIDITY
AA's liquidity remains strong with USD4.5bn of cash (USD1.5bn
classified as restricted/not readily available) and USD9.7bn of
undrawn committed facilities at end-2016, while short-term
borrowings amounted to around USD1.9bn. Cumulative repayments for
2017-2018 amount to USD4.4bn. Fitch views the recently announced
tender offer and new issue as positive as they improve the
group's maturity profile.
FULL LIST OF RATING ACTIONS
Anglo American Plc:
Long-Term IDR: affirmed at 'BB+'; Outlook revised to Positive
from Negative
Short-Term IDR: affirmed at 'B'
Anglo American Capital Plc:
Senior unsecured debt guaranteed by Anglo American Plc: affirmed
at 'BB+'
BHS: Green's Knighthood Still Under Threat Despite GBP360M Payout
-----------------------------------------------------------------
City A.M. reports that Sir Philip Green's knighthood is still
under threat despite his unprecedented GBP363 million cash
contribution to the BHS pension scheme.
In a symbolic move, MPs voted to strip Green of his knighthood in
October 2016, the report recalls. Earlier in the year one MP
called him the "unacceptable face of capitalism" for his part in
the collapse of BHS. However, it is the honors forfeiture
committee that will make the ultimate decision on whether he
keeps the knighthood, City A.M. relates.
City A.M. says Green has now made a substantial payout to the BHS
pension scheme, which was left with a GBP571 million deficit when
he sold the high street retailer to serial bankrupt Dominic
Chappell for GBP1. But the Cabinet Office has said it is still
considering the case for the removal of Green's honor, according
to City A.M.
City A.M. notes that the government is taking the circumstances
of BHS' collapse "very seriously" and the honors forfeiture
committee is still waiting for the outcome of the Insolvency
Service's investigation into the BHS' failure before making a
decision.
Responding to a Freedom of Information request, the Cabinet
Office told City A.M.: "The government is taking the
circumstances surrounding the collapse of BHS very seriously,
including investigations by the Insolvency Service and the
Independent Pensions Regulator. It is important to ensure any
consideration of Sir Philip's case by the Forfeiture Committee
should have the benefit of the findings of the independent
inquiries into BHS by the relevant regulators."
According to the report, the Insolvency Service's investigation
into BHS, which is also investigating former directors of the
company, has been fast-tracked due to the sensitive nature of the
case. However, the watchdog has warned that the work may stretch
into 2019; officials will be reviewing 1.4m electronic documents.
The committee is also waiting on conclusions from the Pensions
Regulator. Ultimately, any decision made by the committee must
also be rubber-stamped by the Queen, City A.M. says.
BLUE INC: Northern Ireland Stores Face Closure Following CVA
------------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that local branches
of menswear retailer Blue Inc. could close after creditors voted
through a restructuring deal likely to lead to a number of
shutdowns.
According to Belfast Telegraph, the firm instructed Begbies
Traynor to undertake a company voluntary arrangement (CVA), a
process that allows it to have its rents reduced and to jettison
underperforming stores.
Blue Inc. has around 10 branches here, including in the
Abbeycentre in Newtownabbey, Ballymena, the CastleCourt, Kennedy
and Connswater shopping centres in Belfast and Foyleside Shopping
Centre in Derry, Belfast Telegraph discloses.
Begbies did not disclose how many stores would close as part of
the CVA, or how many jobs would be lost, but it is thought that
more than 30 shops -- a quarter of its estate -- are earmarked
for the axe, Belfast Telegraph notes.
Blue Inc., which has 127 outlets, is struggling under losses and
is required to make debt repayments, as well as fork out for a
hefty rent bill, Belfast Telegraph relays.
The CVA proposal put forward by the chain's owners received
support from more than 80% of creditors, including Blue Inc.'s
landlords and lenders, Belfast Telegraph states.
BRANTANO UK: Shoe Zone Bids for Ailing Footwear Chain
-----------------------------------------------------
Mark Kleinman at SkyNews reports that listed footwear retailer
Shoe Zone has tabled a bid to buy Brantano, a privately owned
rival whose owner has signalled the prospect of imminent
administration.
Sky News understands that Shoe Zone, which has a market value of
GBP88m, is vying with Edinburgh Woollen Mill, the retail
investment group, to buy Brantano in the coming days.
A deal would represent a bold move for Shoe Zone, which announced
in January that full-year revenue had fallen because of costs
associated with the closure of loss-making stores, says Sky News.
Brantano's owners, Alteri, has filed a notice of intention to
appoint administrators, a day after sister brand Jones Bootmaker
was made the subject of an identical move, Sky News discloses.
In total, more than 2,000 jobs are at risk from the collapse of
both chains, which have been hit by weak trading on an
increasingly nervous UK high street, says Sky News.
Sky News notes that Alteri is, however, said to be confident of
securing buyers for both Brantano and Jones -- albeit through
insolvency processes which could yet result in substantial job
losses.
Endless, an investment firm which specializes in corporate
turnarounds, and Pavers, a privately owned footwear chain, are
the leading contenders to buy Jones, the report adds.
KPMG is running the Jones sale, while PricewaterhouseCoopers is
overseeing the auction of Brantano, SkyNews discloses.
CO-OP BANK: Credible Suitors Mull Bids, Rules Out Offer Deadline
----------------------------------------------------------------
Ben Martin at The Telegraph reports that Co-operative Bank has
insisted that it has several "credible" suitors and dismissed
speculation that bidders face a looming deadline to make initial
offers for the troubled lender.
The loss-making bank put itself up for sale last month amid
mounting concern about its deteriorating capital position, The
Telegraph recounts.
According to The Telegraph, there are growing fears, however,
that there are few bidders for the lender after a host of
potential buyers, including TSB's Spanish owner Sabadell, Secure
Trust and Metro Bank, all publicly ruled themselves out in recent
days.
If it cannot secure a rescue, the Bank of England will be forced
to step in and wind the business up, marking the first
intervention at a financial institution since the failure of
Dunfermline Building Society in 2009, The Telegraph notes. The
Bank is already closely watching the lender in case a rescue is
not forthcoming, The Telegraph states.
According to The Telegraph, in an effort to assuage concerns a
sale had stalled, Co-op Bank said on March 24 that since inviting
bids, "a number of credible strategic and financial parties have
expressed interest in the sale process and are currently
evaluating information on the bank".
It is understood that the "strategic" suitors include trade
bidders CYBG, the owner of the Clydesdale and Yorkshire banking
brands, and Virgin Money, while the "financial" groups include
private equity firms, The Telegraph discloses.
Once proposals are in, Co-op Bank, as cited by The Telegraph,
said it would hold a second bidding round "where selected parties
will be provided with additional information in order to continue
their due diligence with a view to making an offer for all of the
issued ordinary share capital of the bank".
It warned, however, that "there can be no certainty" an offer
will be made, The Telegraph relays. Many industry insiders
believe that while there might be bidders for parts of the
lender, it will struggle to find a suitor willing to buy it in
its entirety, according to The Telegraph.
Rumors had circulated that potential buyers faced a deadline of
April 4 to submit initial offers for the lender, The Telegraph
states.
But Co-op Bank on March 24 sought to play down suggestions that
there was a hard deadline looming, instead saying that it "has
requested that preliminary expressions of interest should be
submitted in the first half of April", The Telegraph relays.
As well as seeking a buyer, the beleaguered bank is working on an
alternative plan to raise GBP750 million by forcing its
bondholders into a painful debt-for-equity swap and tapping
investors for GBP300 million in fresh equity, The Telegraph
discloses.
Given its continuing woes, there is skepticism that it will be
able to find investors willing to pump more money into the
business through new equity, The Telegraph notes.
Nevertheless, Co-op Bank said that it "will continue to have
discussions with existing equity and debt security holders as
well as new potential investors on a capital raise", The
Telegraph relates.
Last month, Co-op Bank revealed it slumped to a GBP477 million
loss for 2016, its fifth consecutive year in the red, The
Telegraph recounts. Its problems stem from its disastrous
takeover of the building society Britannia in 2009, which saddled
it with bad loans, The Telegraph relays.
The Co-operative Bank is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester. The bank has around four million customers and 105
branches.
DIAMOND SHORTBREAK: Goes Bust; 16,000 Passengers Affected
---------------------------------------------------------
Daily Star reports that Diamond Shortbreak Holidays Ltd has
ceased trading on March 17, travel trade organisation ABTA said.
Around 16,000 people have had their holidays cancelled as a
result of the firm going bust, the report says.
All future bookings have been cancelled, Daily Star relates.
According to Daily Star, a statement has been issued on its
website, saying: "It is with deep regret that we announce that
Diamond Shortbreak Holidays Ltd which includes The River Cruise
Line has ceased trading.
"Anyone that has booked a holiday with us will be contacted in
due course as sadly your holiday booking will not go ahead."
Holidaymakers with packages that included flights are advised to
contact the CAA directly to claim a refund, the report states.
Customers will be able to get refunds as the operator was an ABTA
members, says Daily Star.
"This is clearly going to be very worrying for the thousands of
holidaymakers who have booked with the company. . . although
unfortunately we have to confirm that their holidays are
cancelled, the company's non-flight based package holidays, such
as coach or rail trips, are fully protected through ABTA," the
report quotes a spokesperson from ABTA as saying. "These kind of
trips formed the majority of the company's business, and
customers with one of these bookings are advised to go to
abta.com where they can start the process of claiming a refund."
There are 7,000 holiday bookings on the firm's system, affecting
approximately 16,000 passengers in total, Daily Star discloses.
Diamond Shortbreak Holidays has been offering holidays in the UK
and Europe for 19 years. The company employed 52 staff in the UK
and another 26 overseas.
SLIC TRAINING: Leaves 900 Learners Uncertain About Their Futures
----------------------------------------------------------------
Billy Camden at Fe Week reports that a national training provider
has called in administrators -- leaving up to 900 learners
uncertain about their futures and 54 staff out of work.
Slic Training, which has a head office in Chesterfield but
delivers training as a subcontractor nationally to seven main
providers, went into administration on March 10, according to
Feweek.
The report notes that the provider has subcontracts worth a total
of GBP3.6 million and had delivered land based provision, mainly
horticulture apprenticeships, as well as pre-employment training
to between 800 and 900 learners.
Chief Executive Ian Benison told FE Week the problems with Slic
Training resulted from an "unfortunate set of circumstances" that
ended in them being unable to pay staff wages on the last day of
February.
Mr. Benison said he tried to find a buyer to save the firm but
was unsuccessful, the report relays. As a result, he was forced
to put the provider into administration and make all staff
redundant with immediate effect on March 10.
The report relays that Mr. Benison added: "I don't want to go
blaming certain organisations or people for what has happened,
but all I'm happy to say is that this is the result of an
unfortunate set of circumstances which were avoidable.
"We had fantastic staff and potential but this unfortunate set of
circumstances impacted on our cash flow. We didn't get supported
by the bank who withdraw their support for us and that was the
final piece of the jigsaw, they let us down badly.
"I feel really sorry for the employers and learners who we are
letting down as a result."
The report notes that Slic Training had been on the Skills
Funding Agency's Register of Training Organisations, but not on
its new Register of Apprenticeship Training Providers published.
Mr. Benison said he is "led to believe" that the seven main
providers who Slic subcontracted for are putting a plan of action
together, that may include "offering jobs to some of the SLIC
staff to continue training the learners and make minimal
disruption for them," the report notes.
The report relays that South Essex College was one of the main
providers and had 308 apprentices and a contract worth
GBP1,446,752 with Slic.
Anthony McGarel, deputy principal of South Essex College, said:
"Yes we are aware of the situation and SLIC are fully cooperating
with us. We're putting a plan in place with the other providers
so that none of these students will be left high and dry, every
single one will complete their course," the report discloses.
The report relays that Skills Training UK had 17 learners with
Slic Training, with a subcontract worth GBP79,529.
The report further discloses that the main provider's development
director Graham Clarke said: "When SLIC Training emailed to alert
us to cash flow problems we decided (as a precaution) to start
making alternative arrangements for the 17 learners they were
managing on our behalf.
"On Monday, March 13, we were emailed to say they had gone into
liquidation the previous Friday.
"We then escalated our efforts to complete the new arrangements
and are pleased to say that 14 of the 17 learners have already
been placed with other Skills Training UK partners in the Black
Country. Some are already continuing their programmes with the
new providers."
The report relays that the five other main providers for Slic
were Calderdale College, with a GBP563,465 contract, Prevista Ltd
with a GBP891,000 contract, Qube Qualifications and Development
Ltd with a contract worth GBP273,894, RNN Group with a GBP373,927
contract, and Sheffield City Council with a GBP1,773 contract.
All five were unable to comment ahead of publication.
The SFA has been approached for comment, but was unable to do so.
The same was the case with administrators Begbies Traynor.
STORE TWENTY: In Talks with Lenders After Rent Payment Default
--------------------------------------------------------------
Ashley Armstrong and Rhiannon Bury at The Telegraph report that
thousand jobs are at risk at the discount fashion retailer Store
Twenty One, formerly known as Quality Seconds, which is in talks
with its lenders after defaulting on rent payments.
The company struck a rescue deal with creditors last year through
a controversial company voluntary arrangement (CVA), but is still
struggling as more pain sweeps the high street, The Telegraph
recounts.
According to The Telegraph, it is believed Store Twenty One is
talking to its lender, State Bank of India, to try to prop up the
business as tough trading conditions exacerbate its balance sheet
woes. It has apparently not yet broken the terms of its CVA, but
a quarterly rent date at the end of March could tip it into a
precarious position, The Telegraph says. Landlords outside the
arrangement have complained that the store is struggling to meet
payments, The Telegraph notes.
The CVA deal last year allowed the retailer to shut 77 shops and
persuaded landlords for 17 of its 202 stores to take a 25% rent
cut, Telegraph recounts. Landlords for more than 80 other stores
were asked to accept monthly rents rather than quarterly
payments, Telegraph states.
At the time, the business owed more than GBP2.6 million in tax to
HMRC and was being pursued by local authorities over unpaid
business rates, Telegraph discloses. Other suppliers were due to
receive just 10p in the pound.
The company, which can trace its roots to 1932, was listed on the
stock market until 2002 before collapsing into administration in
2006, The Telegraph relays. It was bought out of administration
in 2007 by Grabal Alok, an Indian textile manufacturer, which
rebranded QS as Store Twenty One, The Telegraph discloses. But
the financial crisis meant the State Bank of India had to provide
financing, The Telegraph states. It hired AlixPartners last year
to restructure its business and if the CVA fails, it is likely
the firm will be appointed as administrator, according to The
Telegraph.
Store Twenty One's financial documents reveal it has not made a
profit since Grabal Alok took over, The Telegraph notes.
* UK: Scottish Pubs, Restaurants Least Likely to Enter Insolvency
-----------------------------------------------------------------
Martin Flanagan at The Scotsman reports that the robust
performance of Scotland's pubs and restaurants has kept up the
pace since the start of the year despite growing fears of a
squeeze on consumer spending amid rising inflation.
According to The Scotsman, the study from UK insolvency and
restructuring trade body R3 said that, just as in January, latest
figures in March show that public houses in Scotland were rated
"as being the least likely" of any UK region to enter insolvency.
R3 said the latest figures showed that 17% of pubs north of the
Border were judged as being at higher than normal risk of
insolvency against a UK average of 21.1%, The Scotsman relates.
Scottish restaurants, meanwhile, kept their second-lowest ranking
in the UK of higher than normal risk of insolvency, registering
21%, The Scotsman notes.
That was just above 20.9% in the north-west of England, but 1.5
percentage points lower than the UK average of 22.5%, The
Scotsman states.
It was also a more positive position for Scotland taking all
business sectors into account, with 19.9% of all Scottish firms
deemed at higher than normal risk of not being able to pay their
debts, compared to 24.9% in the UK as a whole.
Tim Cooper, chairman of R3 in Scotland and a partner at HBJ
Gateley in Edinburgh, said: "An issue to watch out for is the
incoming business rates changes, which will have a particular
impact on pubs and restaurants.
"It remains to be seen whether the Scottish Government's relief
measures will do enough to cushion the impact of the rise.
Businesses in the sector to need to avoid complacency and should
seek advice sooner rather than later if a rates rise is causing
problems."
The figures in R3's latest insolvency risk tracker are partly
based on companies' balance sheets and director track records to
assess their likelihood of survival over the next 12 months, The
Scotsman discloses.
The pubs and restaurants industry was seen as particularly
vulnerable to the commercial knock-on effects when the smoking
ban was introduced in Scotland in 2006 and England and Wales a
year later, The Scotsman recounts.
* 15% of Care Firms at Risk of Insolvency on Funding Shortage
-------------------------------------------------------------
The Guardian reports that 95 UK councils have had home care
contracts cancelled by private companies struggling to deliver
services on the funding offered, an investigation has found.
As a result, a quarter of the UK's 2,500 home care providers were
at risk of insolvency, and almost 70 had closed down in the past
three months, The Guardian relates citing BBC's Panorama
programme.
The Guardian relates that the agencies -- which provide help for
people living independently at home -- also struggled to recruit
and retain staff, Panorama reported.
One home care company -- Cymorth Llaw in Bangor, Wales -- was
forced to hand back its contract with Conwy council because it
felt unable to provide adequate care with the council's funding
offer of GBP15 an hour, The Guardian says. Ken Hogg, its co-
director, told the programme: "We didn't think we could do it for
the money -- it was as simple as that."
He said the company had always paid employees above the national
minimum and living wage but with pension contributions, national
insurance and training -- among other costs such as mileage and
travel time -- the amount the council was paying "doesn't leave a
great deal," The Guardian relays.
Panorama also found a similar issue at home care company Mears,
which cancelled a contract with Liverpool city council in July,
saying GBP13.10 an hour was not enough to cover the costs, and at
least GBP15 an hour was needed, according to The Guardian.
The Guardian relates that Alan Long, an executive director at
Mears, told the programme: "That was a terrible thing to do for
both service users and for care staff. We absolutely did not take
that lightly, but frankly what choice did we have?
"We just cannot do the two most basic things that you need to do
in home care - one, pay staff the absolutely minimum of a living
wage and, two, be able to recruit people, enough people to
deliver the service that Liverpool council actually expected from
us."
The Local Government Association warned in January that the
number of people who had "unmet basic needs", such as getting
washed, dressed or being helped out of bed, could rise because of
"continued underfunding" of social care, the Guardian recalls. It
said those who received care could face shorter visits from
carers.
The Guardian notes that problems arranging social care in the
community have also led to an all-time high in the number of
delayed discharges from NHS hospitals, with patients who are
medically fit to leave unable to do so.
According to the Guardian, there have been repeated calls for
more money for social care, with charities, local councils and
thinktanks saying the gap in funding was between GBP1.3 billion
to GBP2 billion.
In this month's budget, the chancellor, Philip Hammond, announced
GBP2 billion of extra funding for social care over the next three
years, and said the system was "clearly under pressure," the
Guardian relays.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 20 to March 24, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
CGG SA 5.88 5/15/2020 EUR 44.08
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38
Co-Operative Bank PLC/U 11.00 12/20/2023 GBP 62.67
Casino Guichard Perrach 1.69 EUR 66.15
Bank of New York Mellon 4.19 12/15/2050 EUR 49.43
AXA SA 0.54 EUR 71.01
Air Berlin PLC 6.75 5/9/2019 EUR 73.63
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 32.75
Aegon NV 0.52 EUR 67.91
QGOG Constellation SA 6.25 11/9/2019 USD 74.21
Banque Federative du Cr 0.90 EUR 67.32
Ajecorp BV 6.50 5/14/2022 USD 69.04
Nordea Bank AB 0.44 EUR 74.19
CGG SA 6.50 6/1/2021 USD 43.38
Offshore Drilling Holdi 8.38 9/20/2020 USD 46.00
Abengoa SA 8.50 3/31/2016 EUR 2.56
AXA SA 0.82 EUR 74.18
Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 72.38
Intelsat Luxembourg SA 7.75 6/1/2021 USD 35.00
Pacific Drilling SA 5.38 6/1/2020 USD 51.50
Mitsubishi UFJ Investor 3.92 12/30/2099 EUR 5.48
CHC Helicopter SA 9.25 10/15/2020 USD 52.00
Portugal Telecom Intern 4.63 5/8/2020 EUR 33.99
CNP Assurances 0.88 EUR 67.63
Fuerstenberg Capital II 5.63 EUR 70.19
CGG SA 1.75 1/1/2020 EUR 2.48
Banca Popolare di Vicen 2.84 12/20/2017 EUR 40.31
Rickmers Holding AG 8.88 6/11/2018 EUR 17.75
Credit Agricole SA 0.86 EUR 69.89
Brunswick Rail Finance 6.50 11/1/2017 USD 62.50
Co-Operative Bank PLC/U 8.50 7/1/2025 GBP 59.76
Banca Popolare di Vicen 9.50 9/29/2025 EUR 39.95
Rothschilds Continuatio 1.46 EUR 65.05
Immigon Portfolioabbau 10.00 EUR 11.87
Intelsat Jackson Holdin 5.50 8/1/2023 USD 70.42
Portugal Telecom Intern 5.00 11/4/2019 EUR 34.04
Portugal Telecom Intern 4.38 3/24/2017 EUR 34.38
Veneto Banca SpA 0.74 6/21/2017 EUR 53.88
Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 72.17
ING Groep NV 0.44 EUR 69.08
BNP Paribas SA 1.31 USD 67.09
CGG SA 6.88 1/15/2022 USD 45.00
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Privatbank CJSC Via UK 10.88 2/28/2018 USD 11.75
HSH Nordbank AG 7.25 USD 28.38
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 35.11
Banca Monte dei Paschi 5.00 4/21/2020 EUR 51.53
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.51
Ageasfinlux SA 1.02 EUR 51.92
ING Groep NV 0.84 EUR 72.92
Air Berlin PLC 5.63 5/9/2019 CHF 64.68
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.52
Privatbank CJSC Via UK 11.00 2/9/2021 USD 14.63
Caisse Federale du Cred 0.89 EUR 64.13
BNP Paribas Fortis SA 1.68 EUR 70.85
Portugal Telecom Intern 6.25 7/26/2016 EUR 34.23
Santander Finance Prefe 0.31 EUR 66.42
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
Intelsat Luxembourg SA 8.13 6/1/2023 USD 33.50
Paragon Offshore PLC 6.75 7/15/2022 USD 18.00
BNP Paribas SA 1.15 EUR 57.60
Nordea Bank AB 1.50 USD 66.49
BPCE SA 2.81 USD 73.50
Banque Federative du Cr 0.65 EUR 66.94
Cofinoga Funding Two LP 2.12 EUR 69.67
Aldesa Financial Servic 7.25 4/1/2021 EUR 67.39
Santander International 2.00 USD 49.00
Portugal Telecom Intern 5.88 4/17/2018 EUR 34.01
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.63
Banca Monte dei Paschi 0.69 11/30/2017 EUR 52.21
CEVA Group PLC 9.00 9/1/2021 USD 67.25
Portugal Telecom Intern 4.50 6/16/2025 EUR 34.25
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
ADLER Real Estate AG 2.50 7/19/2021 EUR 14.73
Caixa Terrassa Societat 0.41 EUR 59.63
CGG SA 1.25 1/1/2019 EUR 12.79
Econocom Group SA/NV 1.50 1/15/2019 EUR 14.16
Air France-KLM 2.03 2/15/2023 EUR 10.44
Banca Monte dei Paschi 2.29 5/15/2018 EUR 45.51
OAS Investments GmbH 8.25 10/19/2019 USD 3.50
Matalan Finance PLC 8.88 6/1/2020 GBP 72.62
Jyske Bank A/S 0.84 EUR 58.50
Sapinda Invest SARL 5.00 6/30/2019 EUR 40.00
Neopost SA 3.38 EUR 52.73
Bluewater Holding BV 10.00 12/10/2019 USD 70.00
Banca Monte dei Paschi 5.60 9/9/2020 EUR 51.91
Mriya Agro Holding PLC 9.45 4/19/2018 USD 7.00
Solarworld AG 9.67 2/24/2019 EUR 65.33
Banco Espirito Santo SA 2.63 5/8/2017 EUR 27.63
UkrLandFarming PLC 10.88 3/26/2018 USD 26.50
Centrics Oil & Gas Fina 6.00 3/4/2017 EUR 70.00
Alno AG 8.50 5/14/2018 EUR 41.00
Novo Banco SA 3.50 1/2/2043 EUR 53.03
Etablissements Maurel e 1.63 7/1/2019 EUR 16.81
Fred Olsen Energy ASA 4.13 2/28/2019 NOK 55.00
Rothschilds Continuatio 1.50 USD 55.68
Credit Mutuel Arkea SA 0.79 EUR 62.18
WPE International Coope 10.38 9/30/2020 USD 15.75
SOITEC 6.75 9/18/2018 EUR 2.64
Banco Santander SA 0.61 EUR 66.50
Scholz Holding Gmbh 8.50 3/8/2017 EUR 37.38
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.09
IPF Investments Polska 6.06 6/3/2020 PLN 73.39
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.50
Sequa Petroleum NV 5.00 4/29/2020 USD 69.75
Societe Generale SA 1.38 USD 66.00
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
KTG Agrar SE 7.13 6/6/2017 EUR 2.30
BIM SAS 2.50 11/13/2020 EUR 26.66
Paragon Offshore PLC 7.25 8/15/2024 USD 17.50
Danske Bank Oyj 0.63 EUR 97.17
Far East Capital Ltd SA 8.75 5/2/2020 USD 58.50
Societe Generale SA 0.81 EUR 58.01
KTG Energie AG 7.25 9/28/2018 EUR 3.15
Aegon NV 1.51 NLG 60.98
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.00
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Bilt Paper BV 9.64 USD 48.27
CHC Helicopter SA 9.38 6/1/2021 USD 34.00
Veneto Banca SpA 6.41 EUR
Scandinavian Airlines S 0.63 CHF 24.46
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
European Directories Bo 7.00 12/9/2018 EUR 71.63
ATF Capital BV 8.58 USD 64.00
Pastor Participaciones 1.84 EUR 75.00
Yuksel Insaat AS 9.50 11/10/2015 USD 25.88
National Westminster Ba 1.50 USD 75.38
Kazkommertsbank JSC via 7.08 USD 65.34
NIBC Bank NV 1.84 USD 67.17
Fuerstenberg Capital Er 1.45 EUR 60.38
Ausy 3.25 1/1/2021 EUR 54.60
Solarworld AG 9.67 2/24/2019 EUR 62.00
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 44.75
NIBC Bank NV 0.66 EUR 59.00
DNB Bank ASA 1.19 USD 64.85
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.01
Popular Capital SA 0.81 EUR 49.94
Norske Skogindustrier A 2.00 12/30/2115 EUR 10.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IKB Deutsche Industrieb 5.63 3/31/2017 EUR 30.50
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 3.81
Banco Espirito Santo SA 2.33 EUR 0.46
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Eramet 4.00 EUR 56.97
Jyske Bank A/S 0.53 EUR 62.83
Nexity SA 0.13 1/1/2023 EUR 63.77
Pacific Drilling SA 5.38 6/1/2020 USD 48.50
de Volksbank NV 11.25 EUR 1.14
Virgolino de Oliveira F 10.50 1/28/2018 USD 8.10
OP Corporate Bank plc 0.61 EUR 62.01
Greene King Finance PLC 2.45 3/15/2036 GBP 70.80
Neue ZWL Zahnradwerk Le 7.50 2/17/2021 EUR 71.63
Barclays Bank PLC 3.21 7/31/2034 USD 72.80
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.13
Abengoa SA 6.25 1/17/2019 EUR 1.53
Farstad Shipping ASA 5.27 2/15/2017 NOK 22.50
Iona Energy Co UK PLC 12.50 9/27/2018 USD 2.37
IGas Energy PLC 10.00 3/22/2018 USD 73.50
Mobylife Holding A/S 7.25 5/23/2018 SEK 51.50
E Forland AS 7.89 9/4/2018 NOK 71.50
Etablissements Maurel e 2.75 7/1/2021 EUR 10.85
Solor Bioenergi Holding 6.32 11/2/2017 NOK 58.75
Oceanteam ASA 12.29 10/24/2017 USD 21.38
Lambay Capital Securiti 6.25 GBP 0.56
Havila Shipping ASA 8.60 3/30/2017 NOK 66.13
Abengoa Finance SA 8.88 11/1/2017 USD 3.05
MS Deutschland Beteilig 6.88 12/18/2017 EUR 6.00
BNP Paribas SA 0.58 4/30/2033 USD 52.00
Banca Monte dei Paschi 7.00 3/4/2019 EUR 50.08
Banca Popolare di Vicen 4.60 12/15/2017 EUR 63.00
Banca Carige SpA 2.78 6/19/2018 EUR 65.00
Pescanova SA 5.13 4/20/2017 EUR 2.34
Sydbank A/S 0.85 EUR 57.70
de Volksbank NV 6.25 10/26/2020 EUR 3.31
Banca Carige SpA 8.34 EUR 34.63
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Pescanova SA 8.75 2/17/2019 EUR 2.25
Royal Bank of Scotland 1.63 USD 71.50
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Banca Monte dei Paschi 0.67 1/15/2018 EUR 51.85
Avanti Communications G 10.00 10/1/2019 USD 60.63
Gebr Sanders GmbH & Co 8.75 10/22/2018 EUR 21.00
National Westminster Ba 1.19 USD 76.25
Intelsat Connect Financ 12.50 4/1/2022 USD 64.28
Novo Banco SA 3.50 2/19/2043 EUR 53.06
Afren PLC 11.50 2/1/2016 USD 0.10
Lloyds Bank PLC 3.25 11/27/2033 USD 67.30
IKB Deutsche Industrieb 4.70 3/31/2017 EUR 31.60
DNB Bank ASA 1.38 USD 64.69
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Novo Banco SA 5.00 3/15/2022 EUR 71.36
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
BOA OCV AS 6.75 10/7/2019 NOK 50.10
Dexia Credit Local SA 1.42 EUR 4.63
Barclays Bank PLC 0.53 5/31/2033 USD 54.57
Barclays Bank PLC 0.84 3/21/2033 USD 58.50
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Petrol AD 5.50 1/26/2022 EUR 16.00
DNB Bank ASA 1.38 USD 64.55
Novo Banco SA 5.00 2/24/2022 EUR 71.33
World Wide Supply AS 7.75 5/26/2017 USD 13.50
Lehman Brothers UK Capi 5.13 EUR 0.17
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Touax SA 6.00 7/10/2020 EUR 16.67
Ichor Coal NV 8.00 6/7/2017 EUR 61.41
Rudolf Woehrl AG 6.50 2/12/2018 EUR 12.55
Banca Monte dei Paschi 2.79 10/31/2018 EUR 51.60
Farstad Shipping ASA 4.52 5/29/2018 NOK 22.38
Espirito Santo Financia 6.88 10/21/2019 EUR 0.05
Novo Banco SA 3.50 1/23/2043 EUR 53.15
Orco Property Group SA 7.00 11/7/2019 EUR 65.25
Alpine Holding GmbH 6.00 5/22/2017 EUR 2.50
Talvivaara Mining Co PL 4.00 12/16/2015 EUR 0.37
LBI HF 6.10 8/25/2011 USD 8.00
Candyking Holding AB 5.00 1/29/2018 SEK 38.00
Offshore Drilling Holdi 8.38 9/20/2020 USD 41.00
IM Skaugen SE 10.13 4/11/2017 NOK 54.50
Espirito Santo Financia 3.13 12/2/2018 EUR 0.50
KTG Agrar SE 7.25 10/15/2019 EUR 2.21
Praktiker AG 5.88 2/10/2016 EUR 0.12
Volstad Shipping AS 7.14 4/15/2019 NOK 25.00
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.75
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.25
Royal Bank of Scotland 2.62 12/30/2030 USD 65.90
Cirio Holding Luxembour 6.25 2/16/2004 EUR 0.38
GEWA 5 to 1 GmbH & Co K 6.50 3/24/2018 EUR 31.38
3W Power SA 8.00 8/29/2019 EUR 40.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Oi Brasil Holdings Coop 5.75 2/10/2022 USD 35.50
Manchester Building Soc 6.75 GBP 13.75
Banco Pinto & Sotto May 0.68 EUR 19.00
Dexia SA 1.45 EUR 5.00
German Pellets GmbH 7.25 7/9/2018 EUR 1.48
Uppfinnaren 1 AB 10.00 SEK 64.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
Lehman Brothers Treasur 6.00 11/2/2035 EUR 8.63
GNB - Cia de Seguros de 1.88 12/19/2022 EUR 60.00
Bank Nadra via NDR Fina 8.25 7/31/2018 USD 0.44
Action SA 3.21 7/4/2017 PLN 38.50
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Novo Banco SA 3.00 6/21/2022 USD 68.52
Azubu Investments SA 5.00 8/25/2018 EUR 79.00
Societe Alsacienne et L 1.63 1/1/2022 EUR 60.46
GNB - Cia de Seguros de 3.18 EUR 42.50
Banca delle Marche SpA 0.64 6/1/2017 EUR 1.00
Paragon Offshore PLC 7.25 8/15/2024 USD 15.50
Cooperatieve Rabobank U 0.50 11/26/2021 ZAR 65.57
National Westminster Ba 1.03 USD 75.38
Western Bulk Chartering 7.80 4/19/2019 NOK 74.75
Norske Skog Holding AS 8.00 2/24/2023 USD 45.38
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
International Industria 11.00 2/19/2013 USD 0.28
Norske Skogindustrier A 7.13 10/15/2033 USD 30.25
Banca Popolare di Vicen 8.50 12/28/2018 EUR 65.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.69 2/25/2031 USD 67.81
Novo Banco SA 3.50 3/18/2043 EUR 53.06
Credit Lyonnais SACA 0.44 EUR 53.51
Assystem 4.50 EUR 30.11
Barclays Bank PLC 0.66 3/28/2033 USD 58.00
Corporate Commercial Ba 8.25 8/8/2014 USD 0.50
RWE AG 3.80 4/5/2033 USD 74.05
Beate Uhse AG 7.75 7/9/2019 EUR 22.00
Travel24.com AG 7.50 9/17/2017 EUR 68.00
BNP Paribas SA 0.50 9/29/2029 AUD 53.58
Portugal Telecom Intern 5.24 11/6/2017 EUR 33.50
Barclays Bank PLC 0.96 9/30/2031 USD 67.82
Sazka AS 9.00 7/12/2021 EUR 0.06
Barclays Bank PLC 3.72 10/30/2034 USD 71.50
CBo Territoria 6.00 1/1/2020 EUR 4.15
Lloyds Bank PLC 1.33 USD 75.14
Barclays Bank PLC 2.62 12/30/2030 USD 67.41
Banca Carige SpA 1.68 12/29/2018 EUR 61.25
Barclays Bank PLC 0.75 4/19/2033 USD 59.00
Belfius Bank SA/NV 1.66 FRF 69.25
Veneto Banca SpA 6.95 2/25/2025 EUR 34.63
Island Drilling Co ASA 9.50 4/3/2018 USD 3.14
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
SRH NV 6.26 EUR 0.01
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.87
Vneshprombank Ltd via V 9.00 11/14/2016 USD 0.06
Barclays Bank PLC 2.72 3/28/2034 USD 61.22
CGG SA 6.88 1/15/2022 USD 44.38
Lloyds Bank PLC 0.66 4/26/2033 USD 56.75
Gol LuxCo SA 8.88 1/24/2022 USD 72.50
Barclays Bank PLC 1.63 USD 75.50
Alno AG 8.00 3/21/2019 EUR 37.00
Barclays Bank PLC 4.61 1/31/2029 USD 72.00
Sydbank A/S 0.77 EUR 69.88
Abanka Vipa DD Via Afin 1.57 EUR 1.53
Hellenic Republic Gover 2.09 7/25/2057 EUR 36.63
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
ESFIL-Espirito Santo Fi 5.25 6/12/2015 EUR 0.45
Barclays Bank PLC 2.41 11/29/2030 USD 67.83
Smart Solutions GmbH 8.00 12/3/2018 EUR 33.38
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Vseukrainsky Aktsinerny 10.90 6/14/2019 USD 1.89
Finance and Credit Bank 9.25 1/25/2019 USD 0.00
Barclays Bank PLC 2.72 7/28/2031 USD 67.56
UniCredit Bank Austria 0.21 8/20/2033 EUR 70.05
Orient Express Bank PJS 12.00 5/29/2019 USD 49.00
Autonomous Community of 2.97 9/8/2039 JPY 63.89
Koninklijke Luchtvaart 0.75 CHF 36.75
Far Eastern Shipping Co 13.00 11/28/2017 RUB 50.10
Ajecorp BV 6.50 5/14/2022 USD 69.04
Barclays Bank PLC 3.41 5/30/2034 USD 73.75
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.17
Privatbank CJSC Via UK 10.88 2/28/2018 USD 28.50
Lehman Brothers UK Capi 5.75 EUR 0.02
wige MEDIA AG 6.00 3/17/2019 EUR 2.10
Danske Bank Oyj 1.28 EUR 65.00
Standard Chartered PLC 1.44 USD 70.00
Brunswick Rail Finance 6.50 11/1/2017 USD 63.79
Cirio Finance Luxembour 7.50 11/3/2002 EUR 4.45
Bremer Landesbank Kredi 9.50 EUR 71.63
Capital Raising GmbH 7.50 EUR 17.65
Barclays Bank PLC 3.38 9/29/2034 USD 69.92
Paragon Offshore PLC 6.75 7/15/2022 USD 15.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 26.83
Cooperatieve Rabobank U 0.50 7/30/2043 MXN 11.48
Eniro AB 6.00 4/14/2020 SEK 17.47
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Golden Gate AG 6.50 10/11/2014 EUR 48.50
Laurel GmbH 7.13 11/16/2017 EUR 8.25
Abengoa Finance SA 7.75 2/1/2020 USD 3.09
Manchester Building Soc 8.00 GBP 24.25
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Oceanic Champion AS 8.00 2/20/2020 USD 65.78
More & More AG 8.13 6/11/2018 EUR 40.50
Commerzbank Holdings UK 1.69 USD 69.58
Deutsche Bank AG/London 2.98 6/30/2034 USD 52.00
La Mutuelle Generale 6.81 EUR 70.02
Accentro Real Estate AG 6.25 3/27/2019 EUR 8.81
CNP Assurances 2.00 EUR 61.24
Electromagnetic Geoserv 7.18 6/27/2019 NOK 54.88
3W Power SA 5.50 11/11/2020 EUR 45.00
Barclays Bank PLC 0.55 8/31/2031 USD 68.20
Landes-Hypothekenbank S 0.07 3/20/2043 EUR 78.78
Cirio Del Monte NV 7.75 3/14/2005 EUR 0.94
Standard Chartered PLC 1.56 USD 69.91
Steilmann SE 6.75 6/27/2017 EUR 4.44
Espirito Santo Financia 9.75 12/19/2025 EUR 0.57
Santander Issuances SAU 4.35 12/1/2026 EUR 70.95
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.88
getgoods.de AG 7.75 10/2/2017 EUR 0.03
German Pellets GmbH 7.25 4/1/2016 EUR 1.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 56.50
Barclays Bank PLC 2.62 12/30/2030 USD 66.10
Barclays Bank PLC 2.85 1/27/2031 USD 69.97
SAG Solarstrom AG 6.25 12/14/2015 EUR 28.50
KPNQwest NV 10.00 3/15/2012 EUR 0.18
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
Havila Shipping ASA 9.50 8/30/2017 NOK 15.00
Del Monte Finance Luxem 6.63 5/24/2006 EUR 5.00
Royal Bank of Scotland 2.54 11/16/2030 USD 61.96
Norske Skogindustrier A 7.13 10/15/2033 USD 34.69
Tatfondbank PJSC 13.50 5/28/2025 RUB 26.56
Deutsche Bank AG/London 4.06 10/31/2034 USD 69.75
BOA Offshore AS 7.90 12/18/2018 NOK 23.38
Standard Chartered PLC 1.65 USD 69.88
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.75
Deutsche Bank AG/London 3.65 11/26/2034 USD 65.25
Hybrid Raising GmbH 6.63 EUR 17.50
Standard Chartered PLC 1.53 USD 69.91
de Volksbank NV 2.42 EUR 1.14
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Santander Finance Capit 2.00 EUR 26.25
Barclays Bank PLC 2.75 2/28/2034 USD 67.16
Alpine Holding GmbH 5.25 7/1/2015 EUR 2.47
Deutsche Bank AG 0.50 6/28/2033 USD 54.25
Lehman Brothers Treasur 6.00 2/15/2035 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
Far Eastern Shipping Co 15.00 2/27/2018 RUB 55.55
AKB Peresvet ZAO 13.50 10/16/2020 RUB 30.10
Golden Energy Offshore 5.00 12/31/2017 NOK 29.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
Strenesse AG 9.00 3/15/2017 EUR 20.00
SiC Processing GmbH 7.13 3/1/2016 EUR 1.26
Teksid Aluminum Luxembo 11.38 7/15/2011 EUR 0.19
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.97
CEVA Group PLC 9.00 9/1/2021 USD 67.00
Rena GmbH 8.25 7/11/2018 EUR 8.63
Barclays Bank PLC 1.46 6/17/2033 USD 58.92
HSBC France SA 1.03 EUR 50.01
CGG SA 5.88 5/15/2020 EUR 44.38
Lloyds Bank PLC 0.65 1/31/2033 USD 61.07
Alpine Holding GmbH 5.25 6/10/2016 EUR 2.47
IGas Energy PLC 10.00 12/11/2018 USD 24.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.63
Frey 6.00 11/15/2022 EUR 22.60
Lehman Brothers Treasur 7.25 10/5/2035 EUR 9.63
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 19.05
Olympic Ship AS 6.15 6/18/2019 NOK 20.38
Depfa Funding II LP 6.50 EUR 56.75
Bank of Scotland PLC 1.56 USD 74.87
Portigon AG 7.46 12/31/2019 EUR 27.75
Barclays Bank PLC 5.40 9/13/2028 USD 74.85
Pescanova SA 6.75 3/5/2015 EUR 3.64
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Cooperatieve Rabobank U 0.50 10/30/2043 MXN 11.31
PNE Wind AG 3.75 10/10/2019 EUR 3.12
Standard Chartered PLC 0.69 GBP 69.25
Mox Telecom AG 7.25 11/2/2017 EUR 2.85
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Landesbank Hessen-Thuer 0.12 5/3/2041 EUR 62.76
Norske Skog Holding AS 8.00 2/24/2023 USD 44.94
EFG International AG 0.63 EUR 65.75
Espirito Santo Financia 5.13 5/30/2016 EUR 0.85
DOF ASA 8.00 9/12/2019 NOK 39.88
Mifa Mitteldeutsche Fah 7.50 8/12/2018 EUR 3.02
Forthnet SA 1.00 10/11/2025 EUR 0.15
Barclays Bank PLC 1.88 11/1/2031 USD 66.20
Nationwide Building Soc 0.85 GBP 70.00
Intelsat Connect Financ 12.50 4/1/2022 USD 64.25
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Marfin Investment Group 7.00 7/29/2019 EUR 1.00
Steilmann SE 7.00 9/23/2018 EUR 2.90
Atari SA 7.50 2/17/2020 EUR 0.35
SAG Solarstrom AG 7.50 7/10/2017 EUR 28.50
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Geotech Seismic Service 13.00 10/16/2019 RUB 69.90
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Karlie Group GmbH 5.00 6/25/2021 EUR 3.00
Lloyds Bank PLC 0.75 2/22/2033 USD 56.50
Windreich GmbH 6.50 3/1/2015 EUR 10.88
SeaBird Exploration Fin 6.00 3/3/2018 USD 13.75
Societe Generale SA 0.14 2/28/2033 USD 65.00
Lehman Brothers Treasur 8.25 3/16/2035 EUR 8.63
Deutsche Bank AG/London 3.62 9/30/2029 USD 70.50
Santander Finance Capit 2.00 EUR 25.88
Talvivaara Mining Co PL 9.75 4/4/2017 EUR 0.78
Intelsat Luxembourg SA 12.50 11/15/2024 USD 62.42
IVG Immobilien AG 5.54 EUR 0.55
de Volksbank NV 6.63 5/14/2018 EUR 3.31
Steilmann SE 7.00 3/9/2017 EUR 2.90
Deutsche Bank AG/London 1.09 3/15/2033 USD 58.63
PA Resources AB 13.50 3/3/2016 SEK 0.11
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 2.34 4/25/2034 USD 62.11
Gunther Zamek Produktio 7.75 5/15/2017 EUR 1.55
Barclays Bank PLC 2.47 7/24/2028 USD 72.10
VistaJet Malta Finance 7.75 6/1/2020 USD 71.00
Eidesvik Offshore ASA 5.60 5/22/2018 NOK 68.88
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Dannemora Mineral AB 11.75 3/22/2016 USD 0.90
TradeDoubler AB 6.75 12/20/2018 SEK 47.63
Heta Asset Resolution A 0.43 12/31/2023 EUR 39.25
Banca Monte dei Paschi 4.40 3/14/2024 EUR 8.25
Abengoa Finance SA 6.00 3/31/2021 EUR 3.57
Barclays Bank PLC 0.96 9/30/2031 USD 67.87
Kommunekredit 0.50 7/30/2027 TRY 30.16
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.25
Alpha Bank AE 2.50 6/20/2022 EUR 67.51
Deutsche Bank AG/London 2.65 8/28/2034 USD 58.00
Afren PLC 11.50 2/1/2016 USD 0.10
Kazkommertsbank JSC via 7.08 USD 68.38
INVEST-DEVELOPMENT PJSC 15.00 4/2/2026 RUB 100.00
Depfa Funding IV LP 5.03 EUR 57.00
Region of Abruzzo Italy 0.17 11/7/2036 EUR 61.04
Bibby Offshore Services 7.50 6/15/2021 GBP 60.50
LBI HF 2.25 2/14/2011 CHF 5.88
Finmek International SA 7.00 12/3/2004 EUR 0.13
BLT Finance BV 12.00 2/10/2015 USD 10.50
Autonomous Community of 1.10 9/8/2024 EUR 72.66
Northland Resources AB 15.00 7/15/2019 USD 0.44
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.03
Lehman Brothers Treasur 4.00 2/16/2017 EUR 8.63
Northland Resources AB 4.00 10/15/2020 USD 0.07
UniCredit Bank Austria 0.16 12/27/2031 EUR 68.23
Novo Banco SA 3.00 12/16/2021 EUR 61.13
Kaupthing ehf 5.75 10/4/2011 USD 17.63
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Afren PLC 10.25 4/8/2019 USD 0.00
Espirito Santo Financia 5.05 11/15/2025 EUR 0.10
Vnesheconombank 10.90 5/3/2019 RUB 85.00
Lehman Brothers Treasur 5.00 9/22/2014 EUR 8.63
Afren PLC 6.63 12/9/2020 USD 0.08
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Deutsche Bank AG/London 0.40 1/31/2033 USD 58.50
Olympic Ship AS 7.29 9/21/2017 NOK 20.75
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.93
Santander Finance Capit 2.00 USD 45.38
AKB Peresvet ZAO 13.25 4/25/2018 RUB 40.42
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
APP International Finan 11.75 10/1/2005 USD 0.56
UniCredit Bank Austria 0.18 12/31/2031 EUR 71.00
Russian Post FGUP 9.35 9/10/2026 RUB 100.00
KPNQwest NV 8.13 6/1/2009 USD 0.18
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.15
Muehl Product & Service 6.75 3/10/2005 DEM 2.35
Far East Capital Ltd SA 8.00 5/2/2018 USD 57.24
Matalan Finance PLC 8.88 6/1/2020 GBP 72.88
Deutsche Bank AG/London 3.33 3/27/2035 USD 73.95
Agroton Public Ltd 6.00 7/14/2019 USD 14.13
Barclays Bank PLC 2.72 7/28/2034 USD 62.82
Lehman Brothers Treasur 2.88 3/14/2013 CHF 8.63
Waste Italia SpA 10.50 11/15/2019 EUR 25.38
Artea 6.00 8/4/2019 EUR 14.32
Aldesa Financial Servic 7.25 4/1/2021 EUR 68.13
Lehman Brothers Treasur 5.00 2/16/2015 EUR 8.63
Podkarpacki Bank Spoldz 5.81 7/2/2020 PLN 57.00
Heliocentris Energy Sol 4.00 1/16/2019 EUR 45.66
Cattles Ltd 7.13 7/5/2017 GBP 0.20
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Barclays Bank PLC 0.07 12/28/2040 EUR 67.42
Barclays Bank PLC 1.14 3/21/2031 USD 68.90
AKB Peresvet ZAO 13.25 6/22/2017 RUB 45.00
Nuova Banca Popolare de 1.68 9/28/2017 EUR 0.81
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.38
Cooperatieve Rabobank U 0.50 10/29/2027 MXN 38.56
Russian Bank for Small 14.00 3/17/2022 RUB 100.52
Banca Popolare di Vicen 9.50 10/2/2025 EUR 37.63
Deutsche Bank AG 1.73 1/16/2045 EUR 72.82
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Oi Brasil Holdings Coop 5.63 6/22/2021 EUR 36.14
UkrLandFarming PLC 10.88 3/26/2018 USD 30.00
Lehman Brothers Treasur 5.10 5/8/2017 HKD 9.63
Lloyds Bank PLC 2.73 7/26/2033 USD 69.00
Alpha Bank AE 2.50 6/20/2022 EUR 67.53
Credit Suisse AG/London 8.00 11/29/2019 USD 8.69
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Republic of Italy Gover 0.18 7/31/2045 EUR 71.69
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Montepio Holding SGPS S 5.00 EUR 50.10
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
Aralco Finance SA 10.13 5/7/2020 USD 2.47
Transcapitalbank JSC 13.00 6/6/2018 RUB 70.00
Landesbank Hessen-Thuer 0.13 4/23/2041 EUR 65.43
UniCredit Bank Austria 0.16 10/31/2031 EUR 66.81
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.25
Svensk Exportkredit AB 0.50 4/24/2029 AUD 59.52
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.06
Societe Generale SA 1.60 1/9/2020 GBP 1.08
Virgolino de Oliveira F 10.50 1/28/2018 USD 7.19
Dexia Kommunalbank Deut 5.63 12/31/2017 EUR 13.13
BLT Finance BV 7.50 5/15/2014 USD 1.92
Orient Express Bank PJS 13.60 8/9/2018 RUB 65.50
Tatfondbank PJSC 13.00 9/7/2021 RUB 27.60
Solon SE 1.38 12/6/2012 EUR 0.33
Lehman Brothers Treasur 7.00 5/17/2035 EUR 8.63
German Pellets GmbH 8.00 EUR 0.16
Immigon Portfolioabbau 3.51 4/12/2022 EUR
Municipality Finance PL 0.50 4/26/2022 ZAR 62.11
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.40
Hamburgische Landesbank 0.05 1/22/2041 EUR 61.91
Immigon Portfolioabbau 6.00 3/30/2017 EUR
Transcapitalbank JSC Vi 10.00 9/18/2020 USD 72.50
HSBC Bank PLC 0.50 10/30/2026 NZD 62.34
PA Resources AB 3.00 12/27/2017 NOK 0.11
UniCredit Bank AG 0.41 11/19/2029 EUR 61.63
Cooperatieve Rabobank U 0.50 1/31/2033 MXN 23.25
International Industria 9.00 7/6/2011 EUR 0.32
Activa Resources AG 8.00 11/15/2017 EUR 10.50
SAir Group 0.13 7/7/2005 CHF 13.00
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Tatfondbank PJSC 12.50 12/11/2024 RUB 28.60
Rusfinans Bank OOO 12.10 9/29/2020 RUB 60.46
Banco Comercial Portugu 5.00 EUR 50.00
Finans-Avia OOO 8.25 7/31/2022 RUB 71.87
HPI AG 3.50 EUR 5.01
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.88
AKB Peresvet ZAO 13.00 10/7/2017 RUB 41.00
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 67.07
Bank Nederlandse Gemeen 0.50 7/12/2022 ZAR 61.30
HSBC Bank PLC 0.50 6/10/2021 BRL 66.91
Kaupthing ehf 9.00 USD 0.13
Lloyds Bank PLC 2.30 7/5/2033 USD 71.00
syncreon Group BV / syn 8.63 11/1/2021 USD 73.63
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 61.00
Anglian Water Services 0.87 1/26/2057 GBP 74.76
Veneto Banca SpA 6.94 5/15/2025 EUR 8.75
WPE International Coope 10.38 9/30/2020 USD 14.75
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Gazprombank JSC 10.90 2/19/2021 RUB 60.06
AKB Peresvet ZAO 13.50 6/23/2021 RUB 29.35
Bank Nederlandse Gemeen 0.50 8/9/2022 MXN 64.24
FPK OAO 9.95 6/4/2026 RUB 61.00
Rena GmbH 7.00 12/15/2015 EUR 8.63
Abengoa SA 6.25 1/17/2019 EUR 2.50
Cooperatieve Rabobank U 0.50 11/30/2027 MXN 38.40
Svensk Exportkredit AB 0.50 6/29/2029 AUD 59.21
Mechel PJSC 8.00 2/9/2021 RUB 60.06
Governo Portugues Conso 2.75 EUR 65.10
LBI HF 7.43 USD 0.00
Petromena ASA 10.85 11/19/2014 USD 0.59
Banco Pastor SAU 2.08 EUR 57.26
Barclays Bank PLC 2.62 12/23/2033 USD 68.53
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.15
Espirito Santo Financia 5.63 7/28/2017 EUR 0.42
Kaupthing ehf 7.50 2/1/2045 USD 0.00
Lehman Brothers Treasur 7.00 11/26/2013 EUR 8.63
Republic of Italy Gover 0.19 7/31/2045 EUR 69.81
UniCredit Bank Austria 0.02 1/25/2031 EUR 68.69
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.75
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.55
Transneft PJSC 9.65 6/30/2023 RUB 100.03
Kommunalbanken AS 0.50 5/27/2022 ZAR 63.05
Northland Resources AB 4.00 10/15/2020 NOK 0.07
Region of Molise Italy 0.18 12/15/2033 EUR 66.28
Virgolino de Oliveira F 10.88 1/13/2020 USD 25.83
Agentstvo po Ipotechnom 8.05 11/15/2018 RUB 85.00
Sberbank of Russia PJSC 12.27 1/2/2026 RUB 85.00
SAir Group 6.25 4/12/2005 CHF 12.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 64.59
Far East Capital Ltd SA 8.75 5/2/2020 USD 57.10
Bilt Paper BV 9.64 USD 48.75
Rosneft Oil Co PJSC 10.10 1/18/2021 RUB 60.00
WGF Westfaelische Grund 6.35 8/1/2017 EUR 3.63
Barclays Bank PLC 0.50 1/28/2033 MXN 20.02
BNP Paribas SA 0.50 5/6/2021 MXN 71.54
Abengoa SA 5.13 3/5/2017 USD 3.04
Kommunalkredit Austria 0.87 2/24/2026 EUR 74.94
Lloyds Bank PLC 2.72 7/29/2033 USD 67.10
State Transport Leasing 14.30 12/10/2024 RUB 60.00
Russian Railways JSC 9.25 7/11/2028 RUB 98.25
Bank Nederlandse Gemeen 0.50 9/20/2022 MXN 63.62
SNCF Reseau 1.48 3/30/2065 EUR 73.26
RESO-Garantia Insurance 12.00 9/13/2022 RUB 60.08
Virgolino de Oliveira F 11.75 2/9/2022 USD 7.19
Stroika Finance Ltd Via 7.70 6/25/2019 RUB 12.00
Tatfondbank PJSC 13.50 3/21/2025 RUB 26.65
Lehman Brothers Treasur 6.00 3/14/2011 EUR 8.63
NIBC Bank NV 25.98 5/7/2029 EUR 70.47
Elli Investments Ltd 12.25 6/15/2020 GBP 45.00
Marfin Investment Group 6.30 7/29/2020 EUR 0.30
KTM Industries AG 5.00 EUR 72.38
Immigon Portfolioabbau 1.26 7/29/2018 EUR
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Svensk Exportkredit AB 0.50 8/29/2029 AUD 57.84
Lehman Brothers Treasur 3.03 1/31/2015 EUR 0.65
Lehman Brothers Treasur 6.00 10/30/2012 EUR 0.65
CHC Helicopter SA 9.25 10/15/2020 USD 63.63
Salvator Grundbesitz-AG 9.50 EUR 19.60
Rusfinans Bank OOO 10.00 7/31/2026 RUB 100.55
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Lehman Brothers Treasur 5.25 5/26/2026 EUR 0.65
LBI HF 6.10 8/25/2011 USD 8.00
Metalloinvest Holding C 0.01 3/10/2022 RUB 70.00
Russian Post FGUP 9.45 10/18/2019 RUB 61.06
Mechel PJSC 12.75 7/15/2021 RUB 82.01
Lehman Brothers Treasur 8.25 12/3/2015 EUR 8.63
Lehman Brothers Treasur 5.00 3/18/2015 EUR 8.63
Vnesheconombank 11.50 8/20/2020 RUB 85.00
Gazprom PJSC 6.40 10/21/2043 RUB 70.00
Santander Finance Capit 2.00 USD 44.38
Vnesheconombank 2.00 6/18/2021 RUB 73.06
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.15
Finans-Avia OOO 0.01 7/31/2027 RUB 19.90
BLT Finance BV 7.50 5/15/2014 USD 1.92
Lehman Brothers Treasur 4.00 12/2/2012 EUR 0.65
Mechel PJSC 8.00 2/9/2021 RUB 70.00
PagesJaunes Finance & C 8.88 6/1/2018 EUR 63.38
Lehman Brothers Treasur 4.00 10/24/2012 EUR 0.65
Lehman Brothers Treasur 4.50 5/2/2017 EUR 8.63
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Barclays Bank PLC 2.24 8/15/2033 USD 62.08
Republic of Italy Gover 0.30 7/31/2035 EUR 71.85
HSBC Bank PLC 0.50 7/21/2021 BRL 66.26
Lehman Brothers Treasur 5.00 2/27/2014 EUR 8.63
Penell GmbH Elektrogros 7.75 6/10/2019 EUR 5.97
Barclays Bank PLC 3.49 3/27/2029 USD 66.63
Lehman Brothers Treasur 1.00 5/9/2012 EUR 0.65
Banco BPI SA 1.78 EUR 58.02
Realwerte GmBh & Co KG 1.20 EUR 43.16
Lehman Brothers Treasur 7.00 6/6/2017 EUR 0.65
Communaute Francaise de 0.50 6/27/2046 EUR 65.54
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.88
Lehman Brothers Treasur 14.90 9/15/2008 EUR 0.65
Lehman Brothers Treasur 6.00 3/18/2015 USD 8.63
Lehman Brothers Treasur 5.55 3/12/2015 EUR 0.65
UniCredit Bank AG 4.00 3/21/2017 EUR 67.40
Cie de Financement Fonc 0.98 8/11/2046 EUR 74.86
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Heta Asset Resolution A 0.27 12/31/2023 EUR 39.25
Abengoa SA 5.13 3/5/2017 USD 3.04
Abengoa Finance SA 7.00 4/15/2020 EUR 3.78
EFG International Finan 2.10 3/23/2018 EUR 6.06
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Ideal Standard Internat 11.75 5/1/2018 EUR 4.43
Bank Nederlandse Gemeen 0.50 8/15/2022 ZAR 61.30
Pongs & Zahn AG 8.50 EUR 0.30
Renaissance Credit Comm 11.15 7/30/2018 RUB 87.00
Agentstvo po Ipotechnom 11.50 9/25/2018 RUB 60.00
Rosneft Oil Co PJSC 12.90 12/3/2020 RUB 62.00
OT-Optima Telekom DD 5.25 5/30/2022 HRK 65.00
Promsvyazbank PJSC 11.00 4/19/2021 RUB 90.01
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
SG Option Europe SA 7.00 5/5/2017 EUR 63.82
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 70.16
Barclays Bank PLC 0.50 3/19/2021 MXN 68.07
UniCredit Bank AO 12.35 9/16/2020 RUB 62.62
Hamburgische Landesbank 0.05 10/30/2040 EUR 64.35
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 85.00
City of Siret Romania 2.24 3/1/2028 RON 51.00
City of Kiev Ukraine Vi 8.00 11/6/2015 USD 70.00
EFG International Finan 8.99 9/4/2017 EUR 7.27
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Lehman Brothers Treasur 5.00 5/2/2022 EUR 0.65
Metalloinvest Holding C 0.01 3/7/2022 RUB 60.02
MT-Energie GmbH & Co KG 8.25 4/4/2017 EUR 8.15
Lehman Brothers Treasur 1.46 2/19/2012 JPY 8.63
AKB Peresvet ZAO 9.80 9/2/2020 RUB 27.80
Lehman Brothers Treasur 4.00 4/13/2011 CHF 0.65
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
HSBC Bank PLC 0.50 11/25/2025 BRL 43.75
Barclays Bank PLC 4.65 11/28/2029 USD 74.75
AKB Peresvet ZAO 12.75 7/24/2018 RUB 27.93
Bank Nederlandse Gemeen 0.50 6/7/2022 ZAR 62.14
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 63.16
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.25
Lloyds Bank PLC 3.34 10/25/2033 USD 71.50
EFG International Finan 6.00 11/30/2017 EUR 1.90
Bank Julius Baer & Co L 6.70 6/2/2017 USD 67.25
COFIDUR SA 0.10 12/31/2024 EUR 19.01
AKB Peresvet ZAO 13.25 11/6/2020 RUB 27.01
UniCredit Bank Austria 0.06 1/24/2031 EUR 71.23
Tatfondbank PJSC 14.50 2/3/2026 RUB 27.02
Rosneft Oil Co PJSC 8.90 2/6/2024 RUB 60.00
URALSIB Leasing Co OOO 11.50 12/21/2017 RUB 100.00
Barclays Bank PLC 0.50 4/24/2023 MXN 53.53
Astana Finance BV 9.00 11/16/2011 USD 16.88
Barclays Bank PLC 2.57 12/27/2028 USD 74.63
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Treasur 6.00 9/20/2011 EUR 0.65
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Vnesheconombank 9.65 7/10/2018 RUB 85.00
SG Issuer SA 0.78 6/15/2020 SEK 71.57
Araratbank OJSC 7.00 6/18/2019 USD 26.35
Rusfinans Bank OOO 10.10 11/24/2020 RUB 62.02
Fonciere Volta SA 4.50 7/30/2020 EUR 2.60
Kamaz PJSC 10.39 12/5/2030 RUB 73.53
Lehman Brothers Treasur 5.00 5/12/2011 CHF 0.65
Podkarpacki Bank Spoldz 4.99 10/6/2021 PLN 55.11
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.11
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
Lehman Brothers Treasur 13.50 6/2/2009 USD 0.65
City of Predeal Romania 1.50 5/15/2026 RON 60.00
ECA 2.50 1/1/2018 EUR 12.44
MegaFon PJSC 9.90 5/29/2026 RUB 62.06
Vnesheconombank 9.75 8/16/2029 RUB 60.00
SAir Group 5.50 7/23/2003 CHF 12.63
Landes-Hypothekenbank S 0.02 9/26/2043 EUR 77.23
Province of Brescia Ita 0.14 6/30/2036 EUR 60.35
Rossiysky Capital OJSC 10.50 1/20/2020 RUB 60.67
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.00
Veneto Banca SpA 1.69 5/15/2019 EUR 39.25
Evrofinansy-Nedvizhimos 11.00 10/23/2020 RUB 100.00
Lehman Brothers Treasur 6.65 8/24/2011 AUD 9.63
Banco Espirito Santo SA 1.24 5/27/2018 EUR 0.40
Russian Post FGUP 2.75 12/6/2023 RUB 67.55
Agentstvo po Ipotechnom 8.90 11/1/2032 RUB 100.05
DekaBank Deutsche Giroz 0.01 6/29/2046 EUR 51.69
Lehman Brothers Treasur 10.00 6/11/2038 JPY 0.65
Notenstein Finance Guer 1.00 9/17/2019 CHF 64.91
Metalloinvest Holding C 0.01 3/7/2022 RUB 100.00
Province of Rovigo Ital 0.06 12/28/2035 EUR 61.08
Oberoesterreichische La 0.32 11/6/2030 EUR 71.75
Municipality Finance PL 0.50 7/30/2029 AUD 66.45
Credit Suisse AG/London 8.00 5/21/2025 USD 9.10
Bank Julius Baer & Co L 7.85 7/28/2017 USD 50.50
JP Morgan Structured Pr 4.05 8/29/2017 EUR 33.02
UBS AG/London 6.25 4/18/2017 CHF 47.30
Sidetur Finance BV 10.00 4/20/2016 USD 4.95
Bank Nederlandse Gemeen 0.50 6/22/2021 ZAR 67.65
UniCredit Bank Austria 0.15 1/22/2031 EUR 72.38
Biomed-Lublin Wytwornia 7.29 8/14/2018 PLN 72.00
Araratbank OJSC 7.25 6/27/2018 USD 26.03
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.50
Raiffeisenbank AO 11.35 6/11/2018 RUB 86.00
Lehman Brothers Treasur 0.50 7/2/2020 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 70.90
Araratbank OJSC 8.00 6/10/2018 USD 26.35
Agrokompleks OOO 0.10 12/8/2022 RUB 1.36
BNP Paribas SA 0.50 11/16/2032 MXN 28.91
Center-Invest Commercia 10.00 5/22/2019 RUB 60.01
Moscow United Electric 11.00 9/12/2024 RUB 62.00
Aegon NV 5.19 NLG 72.65
Royal Bank of Scotland 2.65 2/25/2031 USD 66.00
Municipiul Timisoara 0.64 5/15/2026 RON 77.50
EFG International Finan 12.86 10/30/2017 EUR 1.16
Raiffeisen Centrobank A 6.70 3/13/2017 EUR 64.65
Zapsibcombank PAO 14.85 12/12/2019 RUB 90.00
Russian Railways JSC 13.90 5/30/2040 RUB 60.00
SAir Group 4.25 2/2/2007 CHF 13.00
Nuova Banca delle March 7.20 6/30/2018 EUR 1.24
Dresdner Bank AG 0.38 11/19/2029 EUR 64.88
BAWAG PSK Versicherungs 1.06 EUR 44.89
Deutsche Bank AG/London 0.50 10/5/2021 IDR 63.42
Svensk Exportkredit AB 0.50 8/28/2020 TRY 65.16
Lehman Brothers Treasur 4.00 7/20/2012 EUR 0.65
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasur 8.00 3/19/2012 USD 0.65
Svensk Exportkredit AB 0.50 3/28/2029 AUD 68.64
Lehman Brothers Treasur 1.28 11/6/2010 JPY 8.63
Espirito Santo Financia 5.05 11/15/2025 EUR 0.40
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Araratbank OJSC 7.00 12/2/2017 USD 25.78
World of Building Techn 7.70 6/25/2019 RUB 1.16
Podkarpacki Bank Spoldz 5.11 5/28/2023 PLN 53.01
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.03
Kommunalbanken AS 0.50 12/16/2020 TRY 68.68
Deutsche ETP GmbH & Co 3.00 11/30/2028 EUR
Royal Bank of Scotland 2.65 8/26/2031 USD 62.92
Kreditanstalt fuer Wied 0.25 10/6/2036 CAD 40.74
HSBC Bank PLC 0.50 12/29/2026 AUD 61.53
Societe Generale SA 0.50 5/30/2023 MXN 57.68
Svensk Exportkredit AB 0.50 6/20/2029 AUD 67.48
Societe Generale SA 0.53 6/28/2033 USD 71.55
Northland Resources AB 15.00 7/15/2019 USD 0.44
Pierer Industrie AG 5.75 EUR 57.13
Lehman Brothers Treasur 3.86 9/21/2011 SGD 9.63
Gold-Zack AG 7.00 12/14/2005 EUR 12.57
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Bulgaria Steel Finance 12.00 5/4/2013 EUR 2.46
Lehman Brothers Treasur 6.30 12/21/2018 USD 0.65
Lehman Brothers Treasur 13.00 2/16/2009 CHF 0.65
Barclays Bank PLC 0.42 4/9/2028 USD 65.10
Lehman Brothers Treasur 2.00 6/28/2011 EUR 0.65
Lehman Brothers Treasur 7.50 10/24/2008 USD 0.65
Societe Generale SA 10.00 7/31/2018 USD 74.98
Nuova Banca delle March 7.75 6/30/2018 EUR 1.24
Leonteq Securities AG 7.00 10/19/2017 CHF 66.10
SAir Group 2.75 7/30/2004 CHF 12.75
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Credit Agricole Corpora 2.00 7/9/2020 BRL 75.05
Lehman Brothers Treasur 5.00 2/28/2032 EUR 0.65
EFG International Finan 7.20 7/29/2020 EUR 42.92
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 62.84
Svensk Exportkredit AB 0.10 11/20/2019 TRY 70.43
OOO SPV Structural Inve 0.01 9/1/2023 RUB 65.75
Lehman Brothers Treasur 8.25 2/3/2016 EUR 0.65
Bank Spoldzielczy w Lim 5.00 5/13/2021 PLN 75.00
Russian Post FGUP 9.50 10/18/2019 RUB 98.89
Hellas Telecommunicatio 8.50 10/15/2013 EUR 0.43
HSBC Bank PLC 0.50 1/29/2027 NZD 61.28
BNP Paribas SA 0.50 7/20/2021 BRL 63.90
Oberoesterreichische La 0.30 4/25/2042 EUR 42.75
Nuova Banca Popolare de 3.50 6/28/2018 EUR 0.78
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.00
Ladya-Finans LLC 12.00 10/29/2021 RUB 60.00
Municipality Finance PL 0.50 5/8/2029 AUD 62.96
Vnesheconombank 8.35 11/24/2020 RUB 85.00
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Lehman Brothers Treasur 12.00 7/13/2037 JPY 0.65
Lehman Brothers Treasur 4.60 7/6/2016 EUR 0.65
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 60.12
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Raiffeisen Versicherung 2.02 EUR 26.82
Steiermaerkische Bank u 1.25 EUR 51.02
HSBC Bank PLC 0.50 12/8/2020 BRL 70.81
Cooperatieve Rabobank U 0.50 12/29/2027 MXN 38.52
Barclays Bank PLC 0.50 3/26/2021 MXN 68.03
BANIF - Banco Internaci 4.50 1/30/2025 EUR 65.50
Cooperatieve Rabobank U 0.50 8/21/2028 MXN 36.24
Torgovyi Dom Spartak-Ka 14.00 5/2/2017 RUB 68.02
UBS AG/London 3.50 3/24/2017 EUR 73.17
Lehman Brothers Treasur 4.35 8/8/2016 SGD 9.63
Bank VTB 24 JSC 9.00 9/15/2044 RUB 60.00
Barclays Bank PLC 4.27 5/14/2029 USD 70.00
Delta Credit Bank JSC 10.29 11/24/2021 RUB 60.06
Credit Agricole Corpora 0.50 3/6/2023 RUB 60.98
Province of Milan Italy 0.03 12/22/2033 EUR 69.18
Rusfinans Bank OOO 11.00 10/2/2019 RUB 64.02
BNP Paribas SA 0.50 2/13/2024 NZD 72.60
Podkarpacki Bank Spoldz 5.79 3/31/2025 PLN 45.00
SAir Group 2.13 11/4/2004 CHF 13.00
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Lehman Brothers Treasur 3.50 9/29/2017 EUR 0.65
Redvans 12.50 12/17/2021 RUB 99.90
Credit Suisse AG/London 10.00 6/28/2017 USD 54.50
URALSIB Leasing Co OOO 11.50 2/6/2018 RUB 0.01
Stroytemp CJSC 9.00 11/13/2019 RUB 92.70
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.00
Indre Sogn Sparebank 5.95 NOK 47.23
Lehman Brothers Treasur 5.50 6/15/2009 CHF 0.65
RGS Nedvizhimost OOO 12.50 6/2/2017 RUB 98.26
Center-Invest Commercia 8.70 11/13/2018 RUB
Vegarshei Sparebank 5.08 NOK 67.60
Lehman Brothers Treasur 5.00 8/1/2025 EUR 0.65
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 0.05
UniCredit Bank AG 4.25 3/27/2020 EUR 68.41
Lehman Brothers Treasur 7.38 9/20/2008 EUR 0.65
Nuova Banca Popolare de 5.00 10/30/2023 EUR 0.78
Transgazservice LLP 10.50 11/8/2019 RUB 1.00
Russian Railways JSC 6.80 5/20/2044 RUB 70.00
HSBC Bank PLC 0.50 4/27/2027 NZD 60.67
Municipality Finance PL 0.50 6/19/2024 ZAR 51.07
HSBC Bank PLC 0.50 6/9/2023 MXN 56.95
City of Alba Iulia Roma 1.50 4/15/2025 RON 68.50
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasur 4.00 7/27/2011 EUR 0.65
Lehman Brothers Treasur 8.00 2/16/2016 EUR 0.65
Absolut Bank PAO 14.50 10/22/2021 RUB 92.68
Absolut Bank PAO 8.55 4/29/2020 RUB 92.83
Lehman Brothers Treasur 0.50 6/2/2020 EUR 0.65
Lehman Brothers Treasur 11.00 7/4/2011 CHF 0.65
Atari SA 0.10 4/1/2020 EUR 3.90
UBS AG/London 6.02 8/15/2017 USD 50.05
LZMO SA 8.50 6/30/2017 PLN 25.00
Lehman Brothers Treasur 8.50 7/6/2009 CHF 0.65
Lehman Brothers Treasur 7.00 4/14/2009 EUR 0.65
Bank Nederlandse Gemeen 0.50 9/20/2022 ZAR 60.70
Societe Generale SA 0.50 4/3/2023 RUB 60.76
Lehman Brothers Treasur 5.00 4/24/2017 EUR 0.65
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Lehman Brothers Treasur 8.28 3/26/2009 USD 0.65
SAir Group 6.25 10/27/2002 CHF 12.58
Raiffeisen-Landesbank T 2.50 9/2/2024 EUR 68.68
Lehman Brothers Treasur 3.40 3/19/2018 JPY 0.65
Lehman Brothers Treasur 7.60 5/21/2013 USD 0.65
LBI HF 8.65 5/1/2011 ISK 5.88
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Bank Julius Baer & Co L 12.15 11/8/2017 CHF 69.25
Lehman Brothers Treasur 5.75 6/15/2009 CHF 0.65
Notenstein La Roche Pri 8.99 7/22/2019 EUR 38.81
UBS AG/London 14.50 5/26/2017 CHF 74.15
SAir Group 5.13 3/1/2003 CHF 13.00
Deutsche Bank AG 5.20 3/21/2017 EUR 75.90
Province of Brescia Ita 0.11 12/22/2036 EUR 59.53
Lehman Brothers Treasur 4.00 11/24/2016 EUR 0.65
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
URALSIB Leasing Co OOO 10.25 3/21/2019 RUB 100.00
Agrokompleks OOO 0.10 7/29/2019 RUB 4.22
Societe Generale SA 0.50 4/4/2024 MXN 52.88
Credit Suisse AG/London 3.00 11/15/2025 ZAR 62.40
Veneto Banca SpA 9.50 12/1/2025 EUR 38.69
Lehman Brothers Treasur 5.00 11/22/2012 EUR 0.65
Municipiul Timisoara 0.64 5/15/2026 RON 62.00
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 2.00 11/16/2009 EUR 0.65
LBI HF 5.08 3/1/2013 ISK 5.88
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Credit Suisse AG/Nassau 7.00 3/22/2017 CHF 60.08
First Collection Bureau 15.00 10/15/2021 RUB 99.51
Lehman Brothers Treasur 9.00 6/13/2009 USD 0.65
Lehman Brothers Treasur 6.00 10/24/2008 EUR 0.65
Promnefteservis OOO 10.50 11/21/2019 RUB 1.12
Lehman Brothers Treasur 5.25 11/21/2009 USD 0.65
Western High-Speed Diam 9.15 2/6/2032 RUB 85.00
Drangedal Sparebank 2.36 NOK 74.47
Municipality Finance PL 0.50 11/25/2020 ZAR 70.68
Lillestroem Sparebank 4.62 NOK 51.51
Deutsche Bank AG/London 1.52 9/2/2036 JPY 65.15
Barclays Bank PLC 0.79 5/10/2028 USD 65.32
Lehman Brothers Treasur 4.69 2/19/2017 EUR 0.65
Nutritek International 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasur 3.00 12/3/2012 EUR 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
UBS AG 8.29 9/21/2017 USD 30.05
Lehman Brothers Treasur 4.20 12/3/2008 HKD 9.63
Blaker Sparebank 4.83 NOK 45.22
Lehman Brothers Treasur 10.00 10/23/2008 USD 0.65
Petromena ASA 9.75 5/24/2016 NOK 0.59
DekaBank Deutsche Giroz 3.40 3/5/2018 EUR 71.37
Bank Julius Baer & Co L 11.85 8/30/2017 CHF 63.55
Leonteq Securities AG/G 29.61 10/26/2017 EUR 28.32
Podkarpacki Bank Spoldz 5.79 2/23/2025 PLN 50.00
Bank Julius Baer & Co L 7.10 3/29/2017 CHF 73.70
Bayerische Landesbank 2.60 10/19/2018 EUR 70.36
Leonteq Securities AG 3.00 10/2/2017 CHF 74.08
Societe Generale SA 1.00 12/22/2017 GBP 1.00
UBS AG/London 20.36 6/6/2017 USD 6.88
Cerruti Finance SA 6.50 7/26/2004 EUR 1.35
Lehman Brothers Treasur 13.50 11/28/2008 USD 0.65
Lehman Brothers Treasur 0.25 10/19/2012 CHF 0.65
Societe Generale SA 8.88 6/1/2017 USD 29.75
Fargo Finance OOO 9.00 2/6/2019 RUB 99.00
Credit Suisse AG/Nassau 5.00 2/20/2017 CHF 73.98
Barclays Bank PLC 0.50 3/13/2023 RUB 61.02
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 6.50 5/16/2015 EUR 0.65
Lehman Brothers Treasur 3.00 8/8/2017 EUR 0.65
Lehman Brothers Treasur 3.00 6/23/2009 EUR 8.63
Lehman Brothers Treasur 2.75 10/28/2009 EUR 0.65
Lehman Brothers Treasur 4.50 3/7/2015 EUR 0.65
Podkarpacki Bank Spoldz 5.80 10/24/2024 PLN 50.00
Redvans 12.50 12/17/2021 RUB 99.90
DekaBank Deutsche Giroz 3.20 1/14/2019 EUR 63.31
DekaBank Deutsche Giroz 2.60 4/21/2017 EUR 62.45
UBS AG/London 11.00 2/24/2017 CHF 53.85
Credit Suisse AG/London 7.00 11/15/2019 USD 8.40
Lehman Brothers Treasur 4.50 3/6/2013 CHF 0.65
BNP Paribas Emissions- 4.00 7/27/2017 EUR 75.38
Natixis Structured Issu 11.70 12/8/2023 EUR 63.01
Nuova Banca delle March 8.00 6/30/2018 EUR 1.24
Royal Bank of Scotland 1.33 10/26/2018 GBP 1.06
Bank J Safra Sarasin AG 5.00 7/27/2017 CHF 82.67
Notenstein La Roche Pri 4.50 10/31/2018 CHF 69.92
SAir Group 2.75 7/30/2004 CHF 12.63
Abengoa Finance SA 8.88 2/5/2018 EUR 3.75
Landes-Hypothekenbank S 0.10 3/7/2043 EUR 78.12
Hellenic Republic Gover 5.20 7/17/2034 EUR 65.13
BPCE SA 0.71 EUR 62.00
Western High-Speed Diam 10.44 5/13/2031 RUB 85.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 65.75
Vontobel Financial Prod 4.00 11/9/2017 EUR 69.10
Lehman Brothers Treasur 1.50 10/25/2011 EUR 0.65
Lehman Brothers Treasur 7.59 11/22/2009 MXN 8.63
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treasur 6.00 2/14/2012 EUR 0.65
Lehman Brothers Treasur 6.60 2/22/2012 EUR 0.65
Lehman Brothers Treasur 7.39 5/4/2017 USD 0.65
Lehman Brothers Treasur 2.50 8/23/2012 GBP 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasur 5.38 2/4/2014 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2010 CHF 0.65
City of Alba Iulia Roma 1.50 4/15/2025 RON 72.10
Lehman Brothers Treasur 4.00 3/10/2011 EUR 0.65
Lehman Brothers Treasur 4.60 10/11/2017 ILS 8.63
Lehman Brothers Treasur 2.50 11/9/2011 CHF 0.65
Lehman Brothers Treasur 6.00 10/30/2012 USD 0.65
UBS AG/London 5.75 6/6/2017 CHF 73.15
Zurcher Kantonalbank Fi 5.00 7/27/2017 CHF 71.53
Bank Julius Baer & Co L 4.75 2/13/2017 CHF 71.90
RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00
Municipality Finance PL 0.50 12/15/2020 BRL 71.21
Credit Suisse AG 0.50 12/16/2025 BRL 45.10
HSH Nordbank AG/Luxembo 2.10 EUR 19.53
Intelsat Connect Financ 12.50 4/1/2022 USD 64.29
Polski Bank Spoldzielcz 4.81 6/18/2020 PLN 50.00
Lehman Brothers Treasur 16.00 10/28/2008 USD 0.65
City of Hunedoara Roman 1.43 8/15/2026 RON 78.00
Lehman Brothers Treasur 4.50 12/30/2010 USD 0.65
Lehman Brothers Treasur 7.50 8/1/2035 EUR 0.65
Lehman Brothers Treasur 4.25 3/13/2021 EUR 0.65
Lehman Brothers Treasur 3.70 6/6/2009 EUR 0.65
Lehman Brothers Treasur 5.22 3/1/2024 EUR 0.65
Lehman Brothers Treasur 5.00 12/6/2011 EUR 0.65
UBS AG/London 5.00 8/14/2017 CHF 56.45
EFG International Finan 5.00 8/15/2017 CHF 72.20
Credit Suisse AG/London 7.00 2/20/2017 CHF 71.35
Leonteq Securities AG 3.50 4/10/2018 EUR 62.81
Bayerische Landesbank 3.00 3/9/2018 EUR 63.12
DekaBank Deutsche Giroz 0.12 6/23/2034 EUR 70.25
Exane Finance SA 6.25 12/20/2019 SEK 70.35
Exane Finance SA 5.00 12/20/2019 SEK 64.40
Northland Resources AB 12.25 3/26/2016 USD 0.44
Polski Bank Spoldzielcz 4.81 6/22/2021 PLN 55.00
Societe Generale Effekt 8.81 6/23/2017 EUR 55.55
Societe Generale Effekt 9.62 6/23/2017 EUR 54.33
Societe Generale Effekt 11.68 6/23/2017 EUR 51.08
Credit Suisse AG/London 7.00 5/16/2017 CHF 72.46
Municipality Finance PL 0.50 5/31/2022 ZAR 61.39
Sparebanken Din 2.39 NOK 72.81
HSBC Bank PLC 0.50 12/8/2026 AUD 67.91
HSBC Bank PLC 0.50 2/24/2027 NZD 61.30
Strommen Sparebank 2.36 NOK 41.63
SpareBank 1 Nordvest 3.94 3/11/2099 NOK 72.34
Privatbank CJSC Via UK 10.25 1/23/2018 USD 27.76
Lloyds Bank PLC 0.50 7/26/2028 MXN 41.48
Deutsche Bank AG/London 1.20 8/22/2031 JPY 70.75
HSBC Bank PLC 5.05 5/15/2025 MXN 71.91
Lehman Brothers Treasur 1.75 2/7/2010 EUR 0.65
Lehman Brothers Treasur 7.50 5/2/2017 EUR 0.65
Lehman Brothers Treasur 10.00 8/2/2037 JPY 0.65
Lehman Brothers Treasur 7.50 6/15/2017 USD 0.65
Lehman Brothers Treasur 5.00 8/16/2017 EUR 8.63
SG Issuer SA 5.50 4/10/2021 EUR 68.86
Credit Suisse AG/London 4.00 5/22/2017 CHF 73.29
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.03
Societe Generale SA 0.50 5/22/2024 MXN 52.17
Lehman Brothers Treasur 6.45 2/20/2010 AUD 0.65
Lehman Brothers Treasur 15.00 6/4/2009 CHF 0.65
Lehman Brothers Treasur 0.50 2/16/2009 EUR 0.65
Bank Julius Baer & Co L 6.40 8/23/2017 CHF 78.50
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 70.01
Landesbank Baden-Wuertt 3.40 6/23/2017 EUR 53.61
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 73.93
Union Technologies Info 0.10 1/1/2020 EUR 5.30
BNP Paribas Emissions- 26.00 12/21/2017 EUR 65.11
Barclays Bank PLC 1.64 6/3/2041 USD 71.31
Societe Generale SA 0.50 4/30/2023 RUB 60.17
Lehman Brothers Treasur 15.00 3/30/2011 EUR 0.65
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 67.37
Rem Offshore ASA 5.00 12/8/2024 NOK 25.00
Lehman Brothers Treasur 8.60 7/31/2013 GBP 0.65
Lehman Brothers Treasur 8.28 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.50 7/31/2013 GBP 0.65
Lehman Brothers Treasur 7.32 7/31/2013 GBP 0.65
Commerzbank AG 12.00 5/24/2017 EUR 73.91
Lehman Brothers Treasur 9.25 6/20/2012 USD 0.65
Lehman Brothers Treasur 3.00 9/13/2010 JPY 8.63
Lehman Brothers Treasur 7.50 2/14/2010 AUD 0.65
Lehman Brothers Treasur 7.60 1/31/2013 AUD 0.65
Lehman Brothers Treasur 5.50 6/22/2010 USD 8.63
Lehman Brothers Treasur 10.00 10/22/2008 USD 0.65
Lehman Brothers Treasur 6.60 5/23/2012 AUD 0.65
Lehman Brothers Treasur 3.45 5/23/2013 USD 0.65
Lehman Brothers Treasur 5.50 4/23/2014 EUR 0.65
Lehman Brothers Treasur 5.00 2/15/2018 EUR 0.65
Lehman Brothers Treasur 9.00 5/6/2011 CHF 0.65
Lehman Brothers Treasur 16.20 5/14/2009 USD 0.65
Lehman Brothers Treasur 10.60 4/22/2014 MXN 0.65
Lehman Brothers Treasur 16.00 11/9/2008 USD 0.65
Lehman Brothers Treasur 9.75 6/22/2018 USD 0.65
Lehman Brothers Treasur 10.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.60 8/1/2013 EUR 0.65
Lehman Brothers Treasur 10.44 11/22/2008 CHF 0.65
Lehman Brothers Treasur 7.60 3/4/2010 NZD 0.65
Nuova Banca Popolare de 2.19 5/21/2018 EUR 0.81
Lehman Brothers Treasur 17.00 6/2/2009 USD 0.65
Lehman Brothers Treasur 23.30 9/16/2008 USD 0.65
Lehman Brothers Treasur 3.00 6/3/2010 EUR 0.65
Lehman Brothers Treasur 12.40 6/12/2009 USD 0.65
Lehman Brothers Treasur 10.00 6/17/2009 USD 0.65
Lehman Brothers Treasur 11.00 7/4/2011 USD 0.65
Lehman Brothers Treasur 12.00 7/4/2011 EUR 0.65
Lehman Brothers Treasur 5.50 7/8/2013 EUR 0.65
Lehman Brothers Treasur 16.00 12/26/2008 USD 0.65
Lehman Brothers Treasur 13.43 1/8/2009 ILS 0.65
Lehman Brothers Treasur 7.75 1/3/2012 AUD 0.65
Lehman Brothers Treasur 3.10 6/4/2010 USD 0.65
Lehman Brothers Treasur 2.50 8/15/2012 CHF 0.65
Lehman Brothers Treasur 13.15 10/30/2008 USD 0.65
Lehman Brothers Treasur 0.50 8/1/2020 EUR 0.65
Lehman Brothers Treasur 6.00 8/7/2013 EUR 0.65
Lehman Brothers Treasur 6.25 9/5/2011 EUR 0.65
Lehman Brothers Treasur 16.80 8/21/2009 USD 0.65
Lehman Brothers Treasur 14.10 11/12/2008 USD 0.65
Lehman Brothers Treasur 5.25 7/8/2014 EUR 0.65
Lehman Brothers Treasur 4.00 8/11/2010 USD 8.63
Lehman Brothers Treasur 2.30 6/6/2013 USD 0.65
Lehman Brothers Treasur 7.50 5/30/2010 AUD 0.65
Lehman Brothers Treasur 11.00 5/9/2020 USD 0.65
Lehman Brothers Treasur 4.30 6/4/2012 USD 0.65
Lehman Brothers Treasur 4.00 6/5/2011 USD 0.65
Lehman Brothers Treasur 6.70 4/21/2011 USD 0.65
Lehman Brothers Treasur 3.00 9/12/2036 JPY 8.63
Lehman Brothers Treasur 4.68 12/12/2045 EUR 0.65
Lehman Brothers Treasur 13.00 12/14/2012 USD 0.65
Lehman Brothers Treasur 4.82 12/18/2036 EUR 0.65
Lehman Brothers Treasur 5.25 4/1/2023 EUR 0.65
Lehman Brothers Treasur 7.25 6/20/2010 USD 0.65
Lehman Brothers Treasur 7.00 9/20/2011 USD 0.65
Oravita City Council 1.97 6/15/2027 RON 70.90
Lehman Brothers Treasur 4.10 8/23/2010 USD 0.65
Lehman Brothers Treasur 5.12 4/30/2027 EUR 0.65
Lehman Brothers Treasur 7.75 2/21/2016 EUR 0.65
Lehman Brothers Treasur 8.00 12/27/2032 JPY 0.65
Lehman Brothers Treasur 1.50 2/8/2012 CHF 0.65
Lehman Brothers Treasur 0.01 9/20/2011 USD 0.65
Lehman Brothers Treasur 7.00 7/11/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasur 4.90 7/28/2020 EUR 0.65
Lehman Brothers Treasur 4.15 8/25/2020 EUR 0.65
Lehman Brothers Treasur 6.00 12/6/2016 USD 0.65
Lehman Brothers Treasur 5.00 9/1/2011 EUR 0.65
Lehman Brothers Treasur 3.00 8/15/2017 EUR 0.65
Lehman Brothers Treasur 3.50 9/19/2017 EUR 0.65
Lehman Brothers Treasur 10.00 1/4/2010 USD 0.65
Lehman Brothers Treasur 6.00 3/17/2011 EUR 0.65
Lehman Brothers Treasur 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasur 8.00 4/20/2009 EUR 0.65
Lehman Brothers Treasur 2.30 4/28/2014 JPY 0.65
Lehman Brothers Treasur 4.00 2/28/2010 EUR 0.65
Lehman Brothers Treasur 4.10 5/20/2009 USD 0.65
Lehman Brothers Treasur 2.00 5/17/2010 EUR 0.65
Lehman Brothers Treasur 3.82 10/20/2009 USD 0.65
Lehman Brothers Treasur 3.63 3/2/2012 EUR 0.65
Lehman Brothers Treasur 0.75 3/29/2012 EUR 0.65
Lehman Brothers Treasur 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasur 4.05 9/16/2008 EUR 0.65
Lehman Brothers Treasur 5.00 3/13/2009 EUR 0.65
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasur 2.30 6/27/2013 USD 0.65
Lehman Brothers Treasur 2.37 7/15/2013 USD 0.65
Lehman Brothers Treasur 4.87 10/8/2013 USD 0.65
Lehman Brothers Treasur 1.95 11/4/2013 EUR 0.65
Leonteq Securities AG 20.00 10/25/2017 CHF 72.12
Bank Julius Baer & Co L 10.90 7/26/2017 CHF 70.60
Commerzbank AG 4.00 7/19/2017 EUR 65.23
UBS AG/London 14.50 7/20/2017 USD 65.95
Goldman Sachs & Co Wert 24.00 4/26/2017 EUR 72.91
Goldman Sachs & Co Wert 24.00 6/21/2017 EUR 72.34
Goldman Sachs & Co Wert 22.00 7/26/2017 EUR 73.76
Goldman Sachs & Co Wert 21.00 8/23/2017 EUR 74.89
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 68.33
Vontobel Financial Prod 16.60 3/10/2017 EUR 70.87
Vontobel Financial Prod 14.90 6/9/2017 EUR 71.67
DekaBank Deutsche Giroz 3.40 4/9/2018 EUR 66.77
Landesbank Baden-Wuertt 3.60 6/23/2017 EUR 72.32
DekaBank Deutsche Giroz 3.15 5/18/2018 EUR 49.04
DekaBank Deutsche Giroz 3.65 5/18/2018 EUR 74.21
Notenstein La Roche Pri 6.50 7/2/2018 USD 61.06
UBS AG 9.00 7/3/2017 CHF 75.47
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.59
HSBC Trinkaus & Burkhar 16.10 3/24/2017 EUR 49.47
HSBC Trinkaus & Burkhar 8.20 3/24/2017 EUR 65.76
DZ Bank AG Deutsche Zen 7.00 3/24/2017 EUR 60.78
DZ Bank AG Deutsche Zen 7.50 3/24/2017 EUR 65.34
UBS AG 9.50 12/22/2017 EUR 56.25
UBS AG 7.00 12/22/2017 EUR 73.39
UBS AG 5.25 12/22/2017 EUR 69.71
UBS AG 8.25 12/22/2017 EUR 65.68
UBS AG 11.75 12/22/2017 EUR 51.74
UBS AG 7.75 12/22/2017 EUR 72.42
UBS AG 7.00 12/22/2017 EUR 64.01
UBS AG 10.25 12/22/2017 EUR 61.80
UBS AG 10.25 12/22/2017 EUR 50.43
UBS AG 5.00 12/22/2017 EUR 73.61
UBS AG 8.50 12/22/2017 EUR 54.67
UBS AG 11.75 12/22/2017 EUR 46.57
UBS AG 8.00 12/22/2017 EUR 61.15
UBS AG 8.75 12/22/2017 EUR 58.51
UBS AG 5.50 12/22/2017 EUR 71.80
UBS AG 10.25 12/22/2017 EUR 54.31
UBS AG 11.75 12/22/2017 EUR 51.20
UBS AG 7.50 12/22/2017 EUR 58.66
UBS AG 13.00 12/22/2017 EUR 73.89
UBS AG 6.75 12/22/2017 EUR 62.31
UBS AG 9.50 12/22/2017 EUR 59.82
UBS AG 5.75 12/22/2017 EUR 66.42
UBS AG 7.75 12/22/2017 EUR 47.36
UBS AG 8.25 12/22/2017 EUR 56.78
UBS AG 10.50 12/22/2017 EUR 55.13
UBS AG 4.75 12/22/2017 EUR 59.45
UBS AG 5.00 12/22/2017 EUR 71.27
UBS AG 6.25 12/22/2017 EUR 61.71
UBS AG 8.25 12/22/2017 EUR 41.95
UBS AG 4.50 12/22/2017 EUR 74.00
UBS AG 10.50 12/22/2017 EUR 49.99
UBS AG 9.50 12/22/2017 EUR 55.36
UBS AG 6.50 12/22/2017 EUR 72.67
UBS AG 6.50 12/22/2017 EUR 61.91
Leonteq Securities AG/G 5.75 3/17/2017 CHF 66.46
UniCredit Bank AG 4.30 10/17/2018 EUR 76.16
Landesbank Baden-Wuertt 3.30 6/22/2018 EUR 73.88
UniCredit Bank AG 4.30 12/22/2017 EUR 76.13
DekaBank Deutsche Giroz 3.30 2/26/2018 EUR 62.46
DekaBank Deutsche Giroz 3.10 2/26/2018 EUR 72.66
UniCredit Bank AG 4.30 10/29/2018 EUR 68.28
DekaBank Deutsche Giroz 3.45 6/1/2018 EUR 62.91
UBS AG 4.50 12/22/2017 EUR 65.12
UBS AG 5.00 12/22/2017 EUR 73.38
UBS AG 4.75 12/22/2017 EUR 58.99
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 67.77
UniCredit Bank AG 4.10 9/28/2018 EUR 65.37
Commerzbank AG 13.75 2/23/2017 EUR 74.12
Commerzbank AG 17.25 2/23/2017 EUR 71.72
Zurcher Kantonalbank Fi 6.00 5/17/2017 CHF 71.17
DZ Bank AG Deutsche Zen 8.00 9/22/2017 EUR 74.25
UBS AG/London 6.50 1/25/2018 CHF 68.38
Redvans 12.50 12/17/2021 RUB 99.95
Zurcher Kantonalbank Fi 7.75 3/17/2017 CHF 66.94
Leonteq Securities AG 11.00 3/14/2017 CHF 75.42
Bank Julius Baer & Co L 7.60 3/8/2017 CHF 67.75
UBS AG/London 10.00 3/16/2017 CHF 20.40
Landesbank Baden-Wuertt 3.85 8/25/2017 EUR 73.33
Barclays Bank PLC 2.50 3/7/2017 EUR 54.77
Commerzbank AG 20.00 5/28/2018 SEK 61.96
Societe Generale Effekt 4.00 6/26/2017 EUR 49.92
UniCredit Bank AG 4.00 6/26/2018 EUR 71.40
UniCredit Bank AG 4.60 6/30/2017 EUR 62.83
UBS AG/London 7.00 12/22/2017 EUR 72.64
UBS AG/London 4.00 12/22/2017 EUR 67.90
UBS AG/London 9.50 12/22/2017 EUR 68.82
UBS AG/London 9.00 12/22/2017 EUR 66.68
UBS AG/London 5.00 12/22/2017 EUR 64.24
UBS AG/London 6.25 12/22/2017 EUR 76.33
UBS AG/London 7.75 12/22/2017 EUR 42.61
UBS AG/London 14.50 12/22/2017 EUR 74.40
UniCredit Bank AG 4.25 9/12/2017 EUR 61.47
Notenstein La Roche Pri 5.00 8/29/2018 CHF 70.31
Leonteq Securities AG/G 4.40 8/28/2017 CHF 67.67
Notenstein La Roche Pri 5.04 8/28/2017 CHF 75.42
Notenstein La Roche Pri 5.00 9/5/2018 CHF 73.09
Leonteq Securities AG/G 5.99 9/11/2017 EUR 46.72
DZ Bank AG Deutsche Zen 5.60 3/30/2017 EUR 38.57
Bank Julius Baer & Co L 5.20 9/25/2017 EUR 74.30
UniCredit Bank AG 4.00 10/14/2019 EUR 54.22
Deutsche Bank AG 5.20 6/20/2017 EUR 76.70
Goldman Sachs & Co Wert 18.00 3/22/2017 EUR 72.01
Deutsche Bank AG 5.20 7/26/2017 EUR 74.00
Zurcher Kantonalbank Fi 4.75 12/11/2017 CHF 62.17
Goldman Sachs & Co Wert 23.00 5/24/2017 EUR 73.59
Barclays Bank PLC 7.50 4/17/2017 USD
Landesbank Baden-Wuertt 3.25 1/26/2018 EUR 71.54
Landesbank Hessen-Thuer 4.00 1/16/2018 EUR 68.91
EFG International Finan 6.48 5/29/2018 EUR 9.26
Leonteq Securities AG/G 5.00 12/27/2019 EUR 70.30
Landesbank Baden-Wuertt 3.00 2/23/2018 EUR 71.35
Landesbank Baden-Wuertt 3.55 6/23/2017 EUR 70.73
Landesbank Baden-Wuertt 3.15 6/22/2018 EUR 72.39
Erste Group Bank AG 9.25 6/29/2017 EUR 56.75
Credit Suisse AG/London 8.95 6/6/2017 USD 66.61
Vontobel Financial Prod 3.00 6/13/2017 EUR 59.75
Kerdos Group SA 8.00 12/15/2017 PLN
Uginvestgerion OOO 12.10 4/1/2020 RUB 100.00
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Syntagma OOO 16.50 5/10/2022 RUB 0.01
Lehman Brothers Treasur 6.00 6/21/2011 EUR 0.65
Lehman Brothers Treasur 2.00 6/21/2011 EUR 0.65
Bank Julius Baer & Co L 5.00 8/21/2017 CHF 73.45
Notenstein La Roche Pri 6.40 8/14/2017 CHF 75.57
Zurcher Kantonalbank Fi 8.00 3/3/2017 CHF 62.20
Notenstein La Roche Pri 5.30 8/21/2017 CHF 75.61
UBS AG/London 5.00 8/13/2018 CHF 74.95
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.11
Leonteq Securities AG 6.77 8/17/2017 CHF 58.41
Deutsche Bank AG 7.20 3/21/2017 EUR 75.10
Deutsche Bank AG 5.20 3/21/2017 EUR 74.90
Deutsche Bank AG 5.20 3/21/2017 EUR 73.10
Deutsche Bank AG 7.20 3/21/2017 EUR 73.30
Deutsche Bank AG 5.20 3/21/2017 EUR 70.40
Deutsche Bank AG 7.20 3/21/2017 EUR 70.70
Deutsche Bank AG 7.20 3/21/2017 EUR 68.20
Deutsche Bank AG 5.20 3/21/2017 EUR 67.90
Deutsche Bank AG 7.20 3/21/2017 EUR 65.90
Deutsche Bank AG 5.20 3/21/2017 EUR 65.60
Deutsche Bank AG 5.20 3/21/2017 EUR 63.40
Deutsche Bank AG 7.20 3/21/2017 EUR 63.70
Deutsche Bank AG 5.20 3/21/2017 EUR 69.70
Deutsche Bank AG 5.20 3/21/2017 EUR 72.30
Deutsche Bank AG 7.20 3/21/2017 EUR 72.50
Deutsche Bank AG 7.20 3/21/2017 EUR 68.60
Deutsche Bank AG 5.20 3/21/2017 EUR 68.30
Deutsche Bank AG 5.20 3/21/2017 EUR 64.70
Deutsche Bank AG 7.20 3/21/2017 EUR 65.00
Notenstein La Roche Pri 5.02 2/20/2017 CHF 73.40
Leonteq Securities AG 5.40 8/28/2017 CHF 60.77
Leonteq Securities AG 5.80 8/24/2017 CHF 73.63
Credit Suisse AG/Nassau 7.90 2/27/2017 CHF 72.51
Leonteq Securities AG 5.00 9/4/2018 CHF 60.89
Leonteq Securities AG 5.60 9/4/2017 CHF 62.16
Banque Cantonale Vaudoi 5.36 8/25/2017 CHF 74.26
UniCredit Bank AG 3.95 10/7/2019 EUR 62.09
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 69.54
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.12
Banque Cantonale Vaudoi 3.90 2/5/2018 CHF 0.80
DZ Bank AG Deutsche Zen 8.50 2/24/2017 EUR 75.70
HSBC Trinkaus & Burkhar 13.30 3/24/2017 EUR 72.05
HSBC Trinkaus & Burkhar 11.80 3/24/2017 EUR 71.27
Bank Julius Baer & Co L 10.25 5/17/2017 CHF 55.90
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 60.63
Deutsche Bank AG 3.20 11/22/2017 EUR 73.40
DekaBank Deutsche Giroz 3.10 8/4/2017 EUR 61.78
HSBC Trinkaus & Burkhar 10.50 3/24/2017 EUR 71.01
HSBC Trinkaus & Burkhar 9.40 3/24/2017 EUR 73.51
HSBC Trinkaus & Burkhar 14.60 3/24/2017 EUR 52.70
HSBC Trinkaus & Burkhar 7.30 3/24/2017 EUR 72.00
DekaBank Deutsche Giroz 2.75 6/24/2019 EUR 74.64
UBS AG/London 6.50 3/23/2017 CHF 74.95
Credit Suisse AG/Nassau 7.25 3/8/2017 CHF 61.90
Leonteq Securities AG 5.60 9/11/2017 CHF 61.49
HSBC Trinkaus & Burkhar 7.50 3/24/2017 EUR 76.20
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 74.62
UBS AG/London 9.50 9/4/2017 CHF 20.50
DekaBank Deutsche Giroz 2.75 6/28/2019 EUR 69.56
Goldman Sachs & Co Wert 9.00 9/20/2017 EUR 76.72
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 69.98
Goldman Sachs & Co Wert 15.00 6/21/2017 EUR 73.50
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 73.44
Goldman Sachs & Co Wert 15.00 3/22/2017 EUR 64.42
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 75.79
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 67.89
Goldman Sachs & Co Wert 10.00 9/20/2017 EUR 75.27
Goldman Sachs & Co Wert 12.00 9/20/2017 EUR 72.07
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 69.11
Goldman Sachs & Co Wert 14.00 9/20/2017 EUR 74.20
BNP Paribas Emissions- 3.00 10/12/2018 EUR 75.27
Bank Julius Baer & Co L 7.45 3/28/2017 CHF 54.00
DZ Bank AG Deutsche Zen 15.75 2/24/2017 EUR 60.96
Zurcher Kantonalbank Fi 7.50 11/27/2017 CHF 77.29
Goldman Sachs & Co Wert 22.00 2/22/2017 EUR 72.92
Bank Julius Baer & Co L 9.40 2/9/2017 CHF 29.05
Societe Generale Effekt 12.00 3/24/2017 EUR 73.47
Societe Generale Effekt 14.99 3/24/2017 EUR 68.48
Societe Generale Effekt 15.64 6/23/2017 EUR 71.54
Societe Generale SA 7.00 10/20/2020 USD 10.70
Vontobel Financial Prod 8.50 3/24/2017 EUR 73.40
Commerzbank AG 5.00 6/21/2017 EUR 75.57
HSBC Trinkaus & Burkhar 7.70 3/24/2017 EUR 74.72
Goldman Sachs & Co Wert 21.00 6/21/2017 EUR 73.67
Zurcher Kantonalbank Fi 13.04 4/13/2017 CHF 53.83
DekaBank Deutsche Giroz 3.05 2/25/2019 EUR 75.14
Vontobel Financial Prod 5.35 3/3/2017 EUR 64.82
Vontobel Financial Prod 5.40 3/3/2017 EUR 73.46
Landesbank Hessen-Thuer 4.00 4/8/2019 EUR 70.65
Leonteq Securities AG 5.25 3/19/2018 CHF 74.43
Notenstein La Roche Pri 6.50 3/13/2017 EUR 52.51
Notenstein La Roche Pri 5.80 3/13/2017 CHF 73.89
Leonteq Securities AG 7.00 3/13/2017 CHF 75.02
UniCredit Bank AG 4.60 7/2/2018 EUR 67.96
Leonteq Securities AG 2.75 3/20/2018 CHF 74.71
Raiffeisen Centrobank A 6.88 3/30/2017 EUR 63.46
Notenstein La Roche Pri 5.20 3/20/2017 CHF 75.15
Notenstein La Roche Pri 5.00 3/20/2017 CHF 73.19
Leonteq Securities AG 7.00 9/20/2017 CHF 67.53
Commerzbank AG 5.80 10/8/2017 EUR 72.03
DZ Bank AG Deutsche Zen 5.60 9/8/2017 EUR 73.41
Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 71.41
DekaBank Deutsche Giroz 3.75 3/10/2017 EUR 50.08
UBS AG/London 5.00 3/20/2017 CHF 73.10
Notenstein La Roche Pri 4.50 3/27/2018 EUR 62.60
Notenstein La Roche Pri 5.50 3/27/2017 CHF 73.46
Landesbank Hessen-Thuer 5.00 4/24/2019 EUR 65.91
Bank Julius Baer & Co L 4.90 4/3/2017 CHF 73.95
UBS AG/London 5.50 3/27/2017 CHF 72.25
Vontobel Financial Prod 3.50 4/6/2017 EUR 71.36
DekaBank Deutsche Giroz 3.25 5/18/2018 EUR 74.24
Notenstein La Roche Pri 4.20 4/10/2018 EUR 64.79
Notenstein Finance Guer 9.00 4/1/2019 EUR 30.81
Notenstein Finance Guer 2.95 4/7/2017 CHF 74.71
Bayerische Landesbank 2.70 7/6/2018 EUR 72.82
Bayerische Landesbank 2.70 7/6/2018 EUR 72.86
Notenstein La Roche Pri 5.70 4/20/2017 CHF 72.32
Notenstein La Roche Pri 4.80 4/20/2017 CHF 70.52
Zurcher Kantonalbank Fi 6.50 4/10/2018 CHF 67.33
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 72.03
Notenstein La Roche Pri 5.80 4/27/2017 CHF 75.34
Leonteq Securities AG 7.20 4/24/2017 EUR 63.05
Notenstein La Roche Pri 5.00 1/14/2019 CHF 74.46
DekaBank Deutsche Giroz 3.00 12/17/2018 EUR 50.04
Vontobel Financial Prod 5.00 2/13/2017 EUR 67.28
UniCredit Bank AG 3.75 9/7/2020 EUR 74.86
Vontobel Financial Prod 6.20 2/4/2019 EUR 73.98
Leonteq Securities AG 6.00 2/20/2017 CHF 51.72
Commerzbank AG 5.24 2/16/2017 EUR 69.22
Leonteq Securities AG 7.20 3/6/2017 CHF 66.18
Leonteq Securities AG 6.40 3/6/2017 CHF 74.78
Leonteq Securities AG 7.80 2/27/2017 EUR 65.96
Notenstein La Roche Pri 5.00 2/27/2019 CHF 72.53
Notenstein La Roche Pri 5.70 2/27/2019 CHF 70.89
DekaBank Deutsche Giroz 2.40 2/17/2017 EUR 67.84
UniCredit Bank AG 5.00 6/25/2019 EUR 68.13
Bayerische Landesbank 2.60 3/29/2018 EUR 76.29
EFG International Finan 7.20 2/25/2019 EUR 22.61
Notenstein La Roche Pri 5.00 3/6/2017 CHF 75.30
UniCredit Bank AG 3.75 10/2/2020 EUR 72.42
Landesbank Baden-Wuertt 3.00 8/24/2018 EUR 64.92
Landesbank Baden-Wuertt 3.40 6/22/2018 EUR 56.85
Landesbank Baden-Wuertt 2.70 7/27/2018 EUR 72.96
Landesbank Baden-Wuertt 3.40 8/24/2018 EUR 69.49
Landesbank Baden-Wuertt 4.20 6/23/2017 EUR 64.18
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 73.72
Landesbank Baden-Wuertt 5.00 10/27/2017 EUR 68.89
Landesbank Baden-Wuertt 4.00 10/27/2017 EUR 73.09
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 57.45
Landesbank Baden-Wuertt 2.50 2/24/2017 EUR 70.17
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 54.67
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 71.45
Landesbank Baden-Wuertt 3.50 2/24/2017 EUR 64.88
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 67.41
Landesbank Baden-Wuertt 4.50 2/24/2017 EUR 60.54
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 63.85
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 56.83
Landesbank Baden-Wuertt 5.50 2/24/2017 EUR 72.45
Landesbank Baden-Wuertt 5.00 2/24/2017 EUR 71.89
Landesbank Baden-Wuertt 4.60 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 3.25 7/28/2017 EUR 74.52
Landesbank Baden-Wuertt 3.90 7/28/2017 EUR 49.80
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 74.31
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 70.18
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 69.49
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 65.25
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 61.72
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.03
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 66.64
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 63.72
Landesbank Baden-Wuertt 2.50 3/24/2017 EUR 56.55
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 52.68
Landesbank Baden-Wuertt 4.50 3/24/2017 EUR 72.82
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 71.31
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 63.76
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 59.96
Landesbank Baden-Wuertt 5.00 3/24/2017 EUR 56.80
Landesbank Baden-Wuertt 6.00 3/24/2017 EUR 53.97
Landesbank Baden-Wuertt 3.00 3/24/2017 EUR 72.19
Landesbank Baden-Wuertt 4.00 3/24/2017 EUR 67.70
Landesbank Baden-Wuertt 5.50 3/24/2017 EUR 62.55
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 43.74
Landesbank Baden-Wuertt 3.75 9/22/2017 EUR 42.49
Landesbank Baden-Wuertt 3.90 9/22/2017 EUR 41.53
Landesbank Baden-Wuertt 3.20 9/22/2017 EUR 69.51
Landesbank Baden-Wuertt 3.00 6/22/2018 EUR 58.59
Landesbank Baden-Wuertt 3.50 11/24/2017 EUR 58.29
Landesbank Baden-Wuertt 3.85 10/27/2017 EUR 46.43
Landesbank Baden-Wuertt 3.00 11/24/2017 EUR 55.37
Landesbank Baden-Wuertt 3.40 11/24/2017 EUR 44.87
Landesbank Baden-Wuertt 3.45 3/22/2019 EUR 64.56
Landesbank Baden-Wuertt 4.50 3/23/2018 EUR 55.47
Landesbank Baden-Wuertt 3.00 6/28/2019 EUR 71.75
Landesbank Baden-Wuertt 2.50 6/28/2019 EUR 73.47
Landesbank Baden-Wuertt 3.50 6/22/2018 EUR 71.34
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 42.18
Landesbank Baden-Wuertt 3.00 9/28/2018 EUR 49.68
Landesbank Baden-Wuertt 3.75 10/27/2017 EUR 47.03
Landesbank Baden-Wuertt 3.00 1/4/2019 EUR 55.83
Notenstein La Roche Pri 5.40 4/21/2017 CHF 71.56
UBS AG/London 5.00 4/22/2017 CHF 71.50
Leonteq Securities AG 5.00 5/7/2019 CHF 68.88
Leonteq Securities AG 6.00 5/5/2017 CHF 72.01
Notenstein La Roche Pri 5.60 5/4/2017 CHF 73.37
Banque Cantonale Vaudoi 5.35 4/24/2017 CHF 75.38
Landesbank Baden-Wuertt 3.25 8/25/2017 EUR 74.07
Bayerische Landesbank 3.20 7/27/2018 EUR 74.65
Leonteq Securities AG 7.80 5/5/2017 CHF 72.38
Commerzbank AG 7.24 4/27/2017 EUR 60.24
Leonteq Securities AG 8.00 4/24/2017 USD 61.33
DekaBank Deutsche Giroz 3.25 4/20/2018 EUR 66.47
Leonteq Securities AG 6.00 5/4/2017 CHF 71.67
Bank Julius Baer & Co L 6.00 5/2/2017 CHF 70.55
Notenstein La Roche Pri 4.00 5/8/2018 CHF 65.79
Notenstein La Roche Pri 5.50 5/8/2017 CHF 75.60
Zurcher Kantonalbank Fi 7.00 11/3/2017 CHF 71.75
Loan Portfolio Securiti 8.50 12/14/2018 USD 32.21
UBS AG/London 15.50 11/30/2017 CHF 74.25
Leonteq Securities AG 10.20 10/24/2018 EUR 72.19
Bank Julius Baer & Co L 5.40 12/20/2017 CHF 69.50
Notenstein La Roche Pri 4.80 11/14/2018 CHF 74.95
Notenstein La Roche Pri 3.00 9/22/2020 CHF 70.39
Credit Suisse AG/London 9.50 11/15/2019 USD 5.23
EFG International Finan 7.00 11/27/2019 EUR 22.62
Goldman Sachs Internati 1.00 12/5/2017 SEK 14.29
Leonteq Securities AG 3.00 9/19/2019 CHF 59.40
DekaBank Deutsche Giroz 7.15 10/27/2017 EUR 49.18
Lehman Brothers Treasur 7.50 9/13/2009 CHF 0.65
Lehman Brothers Treasur 5.10 6/22/2046 EUR 0.65
Lehman Brothers Treasur 6.50 7/24/2026 EUR 0.65
Lehman Brothers Treasur 4.50 8/2/2009 USD 0.65
Lehman Brothers Treasur 4.00 4/24/2009 USD 0.65
Lehman Brothers Treasur 9.00 3/17/2009 GBP 0.65
Lehman Brothers Treasur 7.00 11/28/2008 CHF 0.65
Lehman Brothers Treasur 3.85 4/24/2009 USD 0.65
Lehman Brothers Treasur 7.25 10/6/2008 EUR 0.65
Lehman Brothers Treasur 10.50 8/9/2010 EUR 0.65
Lehman Brothers Treasur 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasur 4.50 7/24/2014 EUR 0.65
Lehman Brothers Treasur 10.00 3/27/2009 USD 0.65
Lehman Brothers Treasur 5.00 10/24/2008 CHF 0.65
Lehman Brothers Treasur 7.75 1/30/2009 EUR 0.65
Commerzbank AG 8.00 7/14/2021 USD
Polski Bank Spoldzielcz 5.29 9/14/2027 PLN 44.00
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 73.81
Vontobel Financial Prod 3.00 5/26/2017 CHF 72.69
Credit Suisse AG/London 7.80 7/16/2025 USD 9.23
Landesbank Baden-Wuertt 2.90 7/27/2018 EUR 75.13
Landesbank Hessen-Thuer 4.00 5/16/2018 EUR 76.65
DZ Bank AG Deutsche Zen 6.00 3/24/2017 EUR 71.78
Notenstein La Roche Pri 4.80 1/24/2018 CHF 73.94
Credit Suisse AG/London 7.80 7/31/2020 USD 9.33
Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 72.60
Bayerische Landesbank 2.60 8/24/2018 EUR 72.46
Leonteq Securities AG 7.00 7/31/2017 CHF 74.52
Bank Julius Baer & Co L 6.00 7/24/2017 CHF 69.10
UBS AG/London 7.00 7/17/2017 CHF 59.05
Notenstein La Roche Pri 4.00 7/24/2019 CHF 69.39
Notenstein La Roche Pri 6.70 7/24/2017 EUR 72.65
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 75.08
Notenstein La Roche Pri 4.20 7/17/2019 CHF 73.12
Vontobel Financial Prod 4.65 7/24/2017 EUR 72.60
Notenstein La Roche Pri 6.00 7/17/2017 CHF 75.13
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.24
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 71.60
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 67.02
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.39
DekaBank Deutsche Giroz 2.60 6/15/2018 EUR 73.99
Bank Julius Baer & Co L 11.30 6/7/2017 CHF 60.40
DZ Bank AG Deutsche Zen 11.50 6/23/2017 EUR 57.20
Notenstein La Roche Pri 9.68 6/15/2017 CHF 72.39
UBS AG/London 9.75 3/24/2017 EUR 53.04
UBS AG/London 7.50 3/24/2017 EUR 75.02
UBS AG/London 9.50 3/24/2017 EUR 76.18
Goldman Sachs & Co Wert 11.00 12/20/2017 EUR 76.00
Leonteq Securities AG 8.80 6/21/2017 CHF 74.89
SG Issuer SA 5.05 4/10/2025 EUR 55.56
Goldman Sachs & Co Wert 16.00 3/22/2017 EUR 66.70
Leonteq Securities AG/G 16.20 11/30/2017 USD 72.17
Zurcher Kantonalbank Fi 10.00 8/18/2017 CHF 70.53
BNP Paribas Emissions- 22.00 6/22/2017 EUR 73.24
BNP Paribas Emissions- 16.00 6/22/2017 EUR 74.15
BNP Paribas Emissions- 19.00 3/23/2017 EUR 71.57
Lehman Brothers Treasur 8.05 12/20/2010 HKD 0.65
Lehman Brothers Treasur 6.72 12/29/2008 EUR 0.65
Lehman Brothers Treasur 7.63 7/22/2011 HKD 0.65
Lehman Brothers Treasur 6.60 2/9/2009 EUR 0.65
Lehman Brothers Treasur 7.06 12/29/2008 EUR 0.65
Royal Bank of Scotland 6.20 9/7/2018 GBP
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.87
Deutsche Bank AG 7.20 3/21/2017 EUR 76.20
Vontobel Financial Prod 8.65 3/10/2017 EUR 67.91
Norddeutsche Landesbank 3.00 10/30/2018 EUR 71.56
UBS AG/London 3.81 10/28/2017 USD 69.30
Notenstein La Roche Pri 7.70 5/9/2017 CHF 45.58
Landesbank Baden-Wuertt 4.00 4/28/2017 EUR 70.81
Leonteq Securities AG 7.00 11/6/2017 CHF 47.21
Leonteq Securities AG 16.40 2/6/2017 CHF 42.96
Landesbank Baden-Wuertt 3.00 4/28/2017 EUR 73.53
Leonteq Securities AG 10.00 2/6/2017 CHF 65.90
SG Issuer SA 6.65 10/10/2021 EUR 64.31
Vontobel Financial Prod 11.75 6/9/2017 EUR 76.05
DZ Bank AG Deutsche Zen 9.25 7/28/2017 EUR 59.60
Commerzbank AG 12.25 6/22/2017 EUR 77.61
Commerzbank AG 16.00 6/22/2017 EUR 72.27
HSBC Trinkaus & Burkhar 15.20 6/23/2017 EUR 69.52
Goldman Sachs & Co Wert 17.00 3/22/2017 EUR 74.27
SG Issuer SA 0.80 11/30/2020 SEK 70.24
Notenstein La Roche Pri 6.50 7/11/2017 CHF 60.64
Notenstein La Roche Pri 6.00 7/11/2017 CHF 70.39
EFG International Finan 7.35 12/28/2017 CHF 65.19
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 70.73
Vontobel Financial Prod 12.50 3/24/2017 EUR 70.86
DZ Bank AG Deutsche Zen 8.00 3/24/2017 EUR 63.91
BNP Paribas Emissions- 28.00 3/23/2017 EUR 68.43
BNP Paribas Emissions- 27.00 12/21/2017 EUR 69.03
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 75.09
Goldman Sachs & Co Wert 19.00 2/22/2017 EUR 73.13
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 71.83
Goldman Sachs & Co Wert 20.00 2/22/2017 EUR 68.76
BNP Paribas Emissions- 27.00 12/21/2017 EUR 74.25
BNP Paribas Emissions- 26.00 12/21/2017 EUR 71.76
BNP Paribas Emissions- 26.00 12/21/2017 EUR 73.53
BNP Paribas Emissions- 29.00 6/22/2017 EUR 68.56
BNP Paribas Emissions- 23.00 12/21/2017 EUR 74.67
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.22
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 70.02
BNP Paribas Emissions- 28.00 6/22/2017 EUR 69.24
BNP Paribas Emissions- 26.00 12/21/2017 EUR 70.45
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.52
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.34
BNP Paribas Emissions- 28.00 12/21/2017 EUR 66.67
BNP Paribas Emissions- 25.00 3/23/2017 EUR 68.25
BNP Paribas Emissions- 25.00 12/21/2017 EUR 72.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 68.84
BNP Paribas Emissions- 22.00 3/23/2017 EUR 69.83
BNP Paribas Emissions- 29.00 3/23/2017 EUR 62.27
BNP Paribas Emissions- 26.00 12/21/2017 EUR 72.67
BNP Paribas Emissions- 29.00 12/21/2017 EUR 69.20
BNP Paribas Emissions- 25.00 3/23/2017 EUR 72.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.21
BNP Paribas Emissions- 18.00 6/22/2017 EUR 72.62
BNP Paribas Emissions- 26.00 6/22/2017 EUR 63.62
BNP Paribas Emissions- 22.00 12/21/2017 EUR 68.68
BNP Paribas Emissions- 23.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 29.00 12/21/2017 EUR 62.41
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.77
BNP Paribas Emissions- 29.00 3/23/2017 EUR 69.81
BNP Paribas Emissions- 27.00 12/21/2017 EUR 70.85
BNP Paribas Emissions- 18.00 3/23/2017 EUR 64.44
BNP Paribas Emissions- 22.00 3/23/2017 EUR 60.47
BNP Paribas Emissions- 28.00 3/23/2017 EUR 53.96
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.54
BNP Paribas Emissions- 27.00 12/21/2017 EUR 59.03
BNP Paribas Emissions- 28.00 12/21/2017 EUR 69.98
BNP Paribas Emissions- 27.00 12/21/2017 EUR 71.80
BNP Paribas Emissions- 15.00 3/23/2017 EUR 67.19
BNP Paribas Emissions- 16.00 6/22/2017 EUR 65.21
BNP Paribas Emissions- 28.00 6/22/2017 EUR 54.82
BNP Paribas Emissions- 10.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 15.00 12/21/2017 EUR 67.60
BNP Paribas Emissions- 22.00 12/21/2017 EUR 62.36
BNP Paribas Emissions- 27.00 3/23/2017 EUR 71.68
BNP Paribas Emissions- 25.00 6/22/2017 EUR 73.61
BNP Paribas Emissions- 28.00 6/22/2017 EUR 73.02
BNP Paribas Emissions- 28.00 12/21/2017 EUR 71.29
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 29.00 12/21/2017 EUR 68.70
BNP Paribas Emissions- 27.00 3/23/2017 EUR 74.52
BNP Paribas Emissions- 27.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.29
BNP Paribas Emissions- 19.00 12/21/2017 EUR 73.41
BNP Paribas Emissions- 27.00 3/23/2017 EUR 68.41
BNP Paribas Emissions- 28.00 3/23/2017 EUR 62.28
BNP Paribas Emissions- 22.00 3/23/2017 EUR 72.03
BNP Paribas Emissions- 28.00 3/23/2017 EUR 65.81
BNP Paribas Emissions- 25.00 12/21/2017 EUR 69.32
BNP Paribas Emissions- 26.00 3/23/2017 EUR 74.28
BNP Paribas Emissions- 9.00 6/22/2017 EUR 72.99
BNP Paribas Emissions- 18.00 6/22/2017 EUR 58.51
BNP Paribas Emissions- 21.00 6/22/2017 EUR 54.71
BNP Paribas Emissions- 10.00 12/21/2017 EUR 72.32
BNP Paribas Emissions- 13.00 12/21/2017 EUR 66.78
BNP Paribas Emissions- 25.00 12/21/2017 EUR 54.54
BNP Paribas Emissions- 18.00 3/23/2017 EUR 58.83
BNP Paribas Emissions- 28.00 3/23/2017 EUR 48.68
BNP Paribas Emissions- 15.00 12/21/2017 EUR 64.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 72.85
BNP Paribas Emissions- 25.00 12/21/2017 EUR 73.10
BNP Paribas Emissions- 22.00 3/23/2017 EUR 68.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 66.03
BNP Paribas Emissions- 27.00 12/21/2017 EUR 64.40
BNP Paribas Emissions- 28.00 12/21/2017 EUR 74.72
BNP Paribas Emissions- 28.00 3/23/2017 EUR 72.09
BNP Paribas Emissions- 27.00 12/21/2017 EUR 72.73
BNP Paribas Emissions- 13.00 3/23/2017 EUR 60.04
BNP Paribas Emissions- 16.00 3/23/2017 EUR 53.91
BNP Paribas Emissions- 19.00 3/23/2017 EUR 49.07
BNP Paribas Emissions- 22.00 3/23/2017 EUR 45.18
BNP Paribas Emissions- 25.00 3/23/2017 EUR 41.99
BNP Paribas Emissions- 28.00 3/23/2017 EUR 39.35
BNP Paribas Emissions- 13.00 6/22/2017 EUR 61.96
BNP Paribas Emissions- 25.00 6/22/2017 EUR 44.42
BNP Paribas Emissions- 15.00 12/21/2017 EUR 59.76
BNP Paribas Emissions- 19.00 12/21/2017 EUR 53.92
BNP Paribas Emissions- 22.00 12/21/2017 EUR 51.19
BNP Paribas Emissions- 25.00 12/21/2017 EUR 49.80
BNP Paribas Emissions- 27.00 12/21/2017 EUR 48.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 69.43
BNP Paribas Emissions- 27.00 6/22/2017 EUR 67.00
BNP Paribas Emissions- 22.00 12/21/2017 EUR 73.33
BNP Paribas Emissions- 25.00 6/22/2017 EUR 62.09
BNP Paribas Emissions- 19.00 12/21/2017 EUR 69.37
BNP Paribas Emissions- 28.00 12/21/2017 EUR 62.14
BNP Paribas Emissions- 19.00 3/23/2017 EUR 68.26
BNP Paribas Emissions- 24.00 3/23/2017 EUR 62.86
BNP Paribas Emissions- 28.00 3/23/2017 EUR 58.34
BNP Paribas Emissions- 16.00 6/22/2017 EUR 71.95
BNP Paribas Emissions- 5.00 3/23/2017 EUR 73.35
BNP Paribas Emissions- 5.00 6/22/2017 EUR 73.71
BNP Paribas Emissions- 13.00 6/22/2017 EUR 55.92
BNP Paribas Emissions- 19.00 6/22/2017 EUR 49.64
BNP Paribas Emissions- 5.00 12/21/2017 EUR 73.61
BNP Paribas Emissions- 28.00 12/21/2017 EUR 49.92
BNP Paribas Emissions- 24.00 3/23/2017 EUR 60.02
BNP Paribas Emissions- 12.00 12/21/2017 EUR 74.13
BNP Paribas Emissions- 18.00 3/23/2017 EUR 62.85
BNP Paribas Emissions- 22.00 3/23/2017 EUR 58.99
BNP Paribas Emissions- 25.00 6/22/2017 EUR 56.52
BNP Paribas Emissions- 27.00 6/22/2017 EUR 54.48
BNP Paribas Emissions- 19.00 12/21/2017 EUR 63.79
BNP Paribas Emissions- 22.00 12/21/2017 EUR 61.16
BNP Paribas Emissions- 25.00 12/21/2017 EUR 59.57
BNP Paribas Emissions- 27.00 12/21/2017 EUR 57.88
BNP Paribas Emissions- 28.00 3/23/2017 EUR 69.13
BNP Paribas Emissions- 26.00 3/23/2017 EUR 72.36
UBS AG/London 11.70 4/18/2017 EUR 60.36
Raiffeisen Centrobank A 7.20 9/20/2017 EUR 73.25
Goldman Sachs & Co Wert 16.00 6/21/2017 EUR 73.52
Leonteq Securities AG 7.40 11/20/2017 EUR 71.76
Bank Julius Baer & Co L 5.50 11/6/2017 CHF 62.85
Deutsche Bank AG 9.20 3/21/2017 EUR 73.60
UBS AG/London 10.20 2/10/2017 EUR 72.23
DekaBank Deutsche Giroz 3.50 10/28/2019 EUR 71.86
Vontobel Financial Prod 12.25 3/10/2017 EUR 73.40
Notenstein La Roche Pri 5.00 10/31/2018 CHF 72.65
Zurcher Kantonalbank Fi 11.25 4/26/2017 CHF 47.29
HSBC Trinkaus & Burkhar 5.00 4/28/2017 EUR 64.15
Bank Julius Baer & Co L 14.40 11/2/2017 CHF 67.80
Landesbank Baden-Wuertt 3.00 9/22/2017 EUR 63.78
Leonteq Securities AG 6.00 10/12/2017 CHF 66.54
UniCredit Bank AG 4.50 9/19/2017 EUR 70.89
Landesbank Hessen-Thuer 5.00 10/17/2017 EUR 76.20
Landesbank Hessen-Thuer 4.50 11/28/2017 EUR 75.66
UniCredit Bank AG 5.40 6/30/2017 EUR 61.33
Eiendomskreditt 5.43 NOK 67.00
Kommunekredit 0.50 5/11/2029 CAD 70.26
Municipality Finance PL 0.25 6/28/2040 CAD 30.52
KPNQwest NV 7.13 6/1/2009 EUR 0.18
Societe Generale SA 0.50 7/6/2021 BRL 66.56
Societe Generale SA 0.50 8/4/2021 BRL 66.13
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 67.74
Bank Nederlandse Gemeen 0.50 5/12/2021 ZAR 69.33
KPNQwest NV 8.88 2/1/2008 EUR 0.18
Barclays Bank PLC 1.99 12/1/2040 USD 69.88
Kommunekredit 0.50 12/14/2020 ZAR 71.51
Societe Generale SA 0.50 6/12/2023 RUB 59.55
HSBC Bank PLC 0.50 4/11/2023 MXN 57.90
Eiendomskreditt 4.48 NOK 56.29
Lehman Brothers Treasur 4.25 5/15/2010 EUR 0.65
Lehman Brothers Treasur 10.00 1/3/2012 BRL 0.65
Lehman Brothers Treasur 6.00 5/23/2018 CZK 0.65
HSBC Trinkaus & Burkhar 9.20 6/23/2017 EUR 72.81
HSBC Trinkaus & Burkhar 7.20 9/22/2017 EUR 74.96
HSBC Trinkaus & Burkhar 4.00 6/16/2017 EUR 66.91
HSBC Trinkaus & Burkhar 1.75 8/25/2017 EUR 60.70
Zurcher Kantonalbank Fi 12.10 9/6/2017 CHF 72.04
Vontobel Financial Prod 8.35 5/26/2017 USD 72.17
BNP Paribas Emissions- 15.00 3/23/2017 EUR 63.21
BNP Paribas Emissions- 16.00 3/23/2017 EUR 60.26
BNP Paribas Emissions- 18.00 3/23/2017 EUR 57.71
BNP Paribas Emissions- 24.00 3/23/2017 EUR 51.45
BNP Paribas Emissions- 25.00 3/23/2017 EUR 49.62
BNP Paribas Emissions- 15.00 12/21/2017 EUR 66.38
BNP Paribas Emissions- 16.00 12/21/2017 EUR 63.72
BNP Paribas Emissions- 18.00 12/21/2017 EUR 62.35
BNP Paribas Emissions- 19.00 12/21/2017 EUR 61.36
BNP Paribas Emissions- 12.00 3/23/2017 EUR 73.03
BNP Paribas Emissions- 12.00 6/22/2017 EUR 73.14
Exane Finance SA 3.00 9/18/2018 USD 72.53
Lehman Brothers Treasur 0.25 7/21/2014 EUR 0.65
Lehman Brothers Treasur 4.95 10/25/2036 EUR 0.65
Lehman Brothers Treasur 11.00 6/29/2009 EUR 0.65
Lehman Brothers Treasur 8.00 8/3/2009 USD 0.65
Lehman Brothers Treasur 2.50 12/15/2011 GBP 0.65
Lehman Brothers Treasur 11.00 12/19/2011 USD 0.65
Lehman Brothers Treasur 7.00 2/15/2012 EUR 0.65
Lehman Brothers Treasur 6.00 5/12/2017 EUR 0.65
Lehman Brothers Treasur 4.10 2/19/2010 EUR 0.65
Lehman Brothers Treasur 3.50 10/31/2011 USD 0.65
Lehman Brothers Treasur 3.50 10/24/2011 USD 0.65
Lehman Brothers Treasur 1.68 3/5/2015 EUR 0.65
Lehman Brothers Treasur 9.00 5/15/2022 USD 0.65
Lehman Brothers Treasur 6.75 4/5/2012 EUR 0.65
Lehman Brothers Treasur 3.35 10/13/2016 EUR 0.65
Lehman Brothers Treasur 0.80 12/30/2016 EUR 0.65
Lehman Brothers Treasur 4.00 5/30/2010 USD 0.65
Lehman Brothers Treasur 4.00 5/17/2010 USD 0.65
Lehman Brothers Treasur 2.48 5/12/2009 USD 0.65
Lehman Brothers Treasur 2.25 5/12/2009 USD 0.65
Lehman Brothers Treasur 4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasur 13.00 7/25/2012 EUR 0.65
Lehman Brothers Treasur 3.00 8/13/2011 EUR 0.65
Lehman Brothers Treasur 6.00 12/30/2017 EUR 0.65
Lehman Brothers Treasur 8.80 12/27/2009 EUR 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasur 4.00 1/4/2011 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasur 9.30 12/21/2010 EUR 0.65
Lehman Brothers Treasur 8.00 12/31/2010 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasur 11.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 10.00 2/16/2009 CHF 0.65
Lehman Brothers Treasur 6.25 11/30/2012 EUR 0.65
Lehman Brothers Treasur 6.00 2/19/2023 USD 0.65
Lehman Brothers Treasur 1.00 2/26/2010 USD 0.65
Lehman Brothers Treasur 8.00 3/21/2018 USD 0.65
Lehman Brothers Treasur 11.75 3/1/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/17/2014 EUR 0.65
Lehman Brothers Treasur 7.05 4/8/2015 USD 0.65
Lehman Brothers Treasur 7.80 3/31/2018 USD 0.65
Lehman Brothers Treasur 9.50 4/1/2018 USD 0.65
Lehman Brothers Treasur 6.00 3/4/2015 USD 0.65
Lehman Brothers Treasur 7.15 3/21/2013 USD 0.65
Lehman Brothers Treasur 3.50 6/20/2011 EUR 0.65
Bank Julius Baer & Co L 12.80 9/20/2017 CHF 62.90
Bank Julius Baer & Co L 13.85 9/20/2017 CHF 72.55
Lehman Brothers Treasur 18.25 10/2/2008 USD 0.65
Lehman Brothers Treasur 1.50 10/12/2010 EUR 0.65
ECM Real Estate Investm 5.00 10/9/2011 EUR 10.38
LBI HF 7.43 USD 0.00
Lehman Brothers Treasur 12.22 11/21/2017 USD 0.65
Lehman Brothers Treasur 5.50 11/30/2012 CZK 0.65
Lehman Brothers Treasur 14.90 11/16/2010 EUR 0.65
Lehman Brothers Treasur 16.00 10/8/2008 CHF 0.65
Lehman Brothers Treasur 3.40 9/21/2009 HKD 0.65
Lehman Brothers Treasur 4.00 10/12/2010 USD 0.65
Lehman Brothers Treasur 7.00 10/22/2010 EUR 0.65
Lehman Brothers Treasur 8.00 10/23/2008 USD 0.65
Lehman Brothers Treasur 4.60 11/9/2011 EUR 8.63
Lehman Brothers Treasur 4.80 11/16/2012 HKD 0.65
Lehman Brothers Treasur 3.50 12/20/2027 USD 0.65
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Zurcher Kantonalbank Fi 6.51 10/5/2018 CHF 74.19
Bank Julius Baer & Co L 11.60 10/11/2017 CHF 65.20
DZ Bank AG Deutsche Zen 16.00 2/24/2017 EUR 70.47
Vontobel Financial Prod 17.50 3/24/2017 EUR 71.62
DekaBank Deutsche Giroz 2.75 10/29/2018 EUR 65.56
EFG International Finan 7.19 5/6/2019 EUR 19.29
Bank J Safra Sarasin AG 8.00 5/4/2017 CHF 67.31
DekaBank Deutsche Giroz 3.00 4/30/2019 EUR 74.10
Landesbank Baden-Wuertt 3.55 8/25/2017 EUR 74.42
Landesbank Baden-Wuertt 4.00 6/22/2018 EUR 74.78
Landesbank Baden-Wuertt 3.60 6/22/2018 EUR 72.02
UBS AG 7.40 5/17/2021 CHF 71.86
Notenstein La Roche Pri 4.20 5/22/2019 CHF 69.10
Notenstein La Roche Pri 4.50 5/22/2018 CHF 69.30
DekaBank Deutsche Giroz 3.00 5/12/2017 EUR 68.75
DekaBank Deutsche Giroz 2.80 5/13/2019 EUR 69.59
Notenstein La Roche Pri 5.70 5/29/2017 CHF 74.59
Notenstein La Roche Pri 4.00 5/29/2017 CHF 72.98
Zurcher Kantonalbank Fi 3.80 5/22/2017 EUR 68.64
UBS AG/London 7.00 5/22/2017 CHF 66.00
UBS AG/London 8.00 5/26/2017 EUR 65.00
Leonteq Securities AG 9.92 5/29/2017 EUR 67.61
Notenstein La Roche Pri 5.80 6/5/2018 CHF 73.51
Notenstein La Roche Pri 5.50 6/8/2017 CHF 74.85
Commerzbank AG 6.76 6/22/2017 EUR 63.83
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 74.72
Landesbank Baden-Wuertt 3.50 7/27/2018 EUR 67.33
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 72.35
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 75.63
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 69.12
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 72.50
Landesbank Baden-Wuertt 3.50 6/23/2017 EUR 68.22
Landesbank Baden-Wuertt 4.50 6/23/2017 EUR 64.95
Landesbank Baden-Wuertt 2.50 6/23/2017 EUR 69.32
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 62.97
Landesbank Baden-Wuertt 5.50 6/23/2017 EUR 58.41
Landesbank Baden-Wuertt 4.00 6/23/2017 EUR 72.47
Landesbank Baden-Wuertt 5.00 6/23/2017 EUR 68.92
Landesbank Baden-Wuertt 6.00 6/23/2017 EUR 66.11
Notenstein Finance Guer 5.40 6/12/2017 CHF 74.12
UniCredit Bank AG 3.80 7/23/2020 EUR 73.20
Raiffeisen Centrobank A 9.50 7/13/2017 EUR 67.80
Leonteq Securities AG 3.00 7/8/2019 CHF 75.76
UniCredit Bank AG 4.40 7/13/2018 EUR 73.94
Bayerische Landesbank 2.70 7/20/2018 EUR 74.45
Notenstein La Roche Pri 6.50 6/26/2017 EUR 70.91
HSBC Trinkaus & Burkhar 8.20 9/22/2017 EUR 72.85
UBS AG/London 6.00 10/5/2017 CHF 58.95
Lehman Brothers Treasur 6.85 12/22/2008 EUR 0.65
Lehman Brothers Treasur 7.60 3/26/2009 EUR 0.65
Lehman Brothers Treasur 7.55 12/29/2008 USD 0.65
Raiffeisen Centrobank A 6.24 3/22/2017 EUR 75.05
Goldman Sachs & Co Wert 14.00 6/21/2017 EUR 72.86
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 75.20
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 69.27
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 60.03
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.66
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 63.24
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 71.96
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 72.05
Goldman Sachs & Co Wert 6.00 3/22/2017 EUR 75.84
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.09
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 68.06
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 63.83
Goldman Sachs & Co Wert 14.00 3/22/2017 EUR 56.94
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 77.00
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 74.68
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 70.09
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 66.42
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.20
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 68.60
Goldman Sachs & Co Wert 8.00 3/22/2017 EUR 65.14
Goldman Sachs & Co Wert 9.00 3/22/2017 EUR 61.89
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 54.39
Goldman Sachs & Co Wert 6.00 6/21/2017 EUR 73.03
Goldman Sachs & Co Wert 7.00 6/21/2017 EUR 69.54
Goldman Sachs & Co Wert 8.00 6/21/2017 EUR 66.46
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 64.04
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 57.12
Goldman Sachs & Co Wert 7.00 3/22/2017 EUR 73.32
UBS AG/London 9.25 6/26/2017 CHF 64.30
UBS AG/London 7.00 6/26/2017 EUR 70.35
UBS AG/London 9.40 6/30/2017 EUR 44.60
EFG International Finan 7.20 6/26/2017 GBP 13.86
Zurcher Kantonalbank Fi 8.50 7/17/2017 CHF 60.99
UBS AG/London 7.50 7/3/2017 EUR 66.65
Banque Cantonale Vaudoi 7.25 7/3/2017 CHF 59.17
Goldman Sachs & Co Wert 10.00 3/22/2017 EUR 70.13
Goldman Sachs & Co Wert 12.00 3/22/2017 EUR 66.06
Goldman Sachs & Co Wert 11.00 6/21/2017 EUR 67.40
Goldman Sachs & Co Wert 10.00 6/21/2017 EUR 71.25
HSBC Trinkaus & Burkhar 7.10 3/24/2017 EUR 71.80
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 65.71
HSBC Trinkaus & Burkhar 6.50 3/24/2017 EUR 70.02
HSBC Trinkaus & Burkhar 7.40 3/24/2017 EUR 63.67
HSBC Trinkaus & Burkhar 6.70 3/24/2017 EUR 73.21
Landesbank Baden-Wuertt 2.60 2/24/2017 EUR 72.33
UBS AG/London 6.25 7/24/2017 CHF 71.45
Landesbank Baden-Wuertt 2.60 8/23/2019 EUR 73.77
Banque Cantonale Vaudoi 5.35 7/24/2017 CHF 73.31
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 72.34
Notenstein La Roche Pri 5.80 8/7/2017 CHF 73.04
Goldman Sachs & Co Wert 13.00 3/22/2017 EUR 53.75
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 62.16
Goldman Sachs & Co Wert 12.00 6/21/2017 EUR 56.76
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 73.13
Landesbank Baden-Wuertt 3.50 8/25/2017 EUR 73.17
Landesbank Baden-Wuertt 4.50 8/25/2017 EUR 69.61
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 73.67
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.18
Landesbank Baden-Wuertt 4.00 8/25/2017 EUR 70.13
Landesbank Baden-Wuertt 5.00 8/25/2017 EUR 66.92
Landesbank Baden-Wuertt 3.00 8/25/2017 EUR 74.68
Notenstein La Roche Pri 5.60 7/31/2017 CHF 74.21
Zurcher Kantonalbank Fi 4.00 8/24/2018 CHF 74.23
Bank Julius Baer & Co L 9.05 2/13/2017 EUR 74.85
DekaBank Deutsche Giroz 2.60 6/23/2017 EUR 74.05
Notenstein La Roche Pri 7.00 8/14/2017 CHF 72.99
Leonteq Securities AG 5.20 8/14/2018 CHF 70.12
Goldman Sachs & Co Wert 9.00 6/21/2017 EUR 68.81
Goldman Sachs & Co Wert 13.00 6/21/2017 EUR 60.96
Credit Suisse AG/London 7.70 8/20/2025 USD 8.64
Notenstein La Roche Pri 6.30 2/14/2017 CHF 57.83
Notenstein La Roche Pri 5.30 8/14/2017 CHF 75.62
Leonteq Securities AG 5.20 8/14/2017 CHF 73.80
UBS AG/London 5.00 8/6/2018 CHF 74.80
Lehman Brothers Treasur 2.40 6/20/2011 JPY 0.65
Lehman Brothers Treasur 1.60 6/21/2010 JPY 0.65
Bank VTB 24 JSC 9.00 9/1/2044 RUB 60.00
Commerzbank AG 4.00 9/8/2017 EUR 68.76
Lehman Brothers Treasur 5.20 3/19/2018 EUR 0.65
Credit Suisse AG/Nassau 7.25 2/20/2017 EUR 74.35
Credit Suisse AG/London 8.95 10/17/2019 USD 9.35
Lloyds Bank PLC 0.50 7/26/2021 BRL 65.29
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.06
Praim Finans OOO 12.50 11/10/2025 RUB 100.00
HSBC Bank PLC 0.50 12/22/2025 BRL 43.44
Soyuz AKB OAO 11.00 10/11/2018 RUB 60.06
IT Holding Finance SA 9.88 11/15/2012 EUR 0.24
Synergy PJSC 14.50 5/28/2020 RUB 61.01
IDGC of the North Cauca 13.00 4/22/2021 RUB 60.00
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.
Copyright 2017. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *