/raid1/www/Hosts/bankrupt/TCREUR_Public/170417.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, April 17, 2017, Vol. 18, No. 75
Headlines
C R O A T I A
AGROKOR DD: Rejects Sberbank's Request for Preferred Status
AGROKOR DD: Zagreb Court Appoints Temporary Board of Creditors
AGROKOR DD: Moody's Lowers CFR to Caa2 on Restructuring
F R A N C E
HOLDIKKS SAS: S&P Lowers CCR to 'CCC+' on Weak Performance
LABEYRIE FINE: S&P Affirms 'B' CCR, Outlook Stable
PHOTONIS TECHNOLOGIES: S&P Lowers CCR to 'B-' on Weak Performance
SPCM SA: S&P Affirms 'BB+' CCR, Outlook Stable
G R E E C E
GREECE: Creditors to Resume Bailout Program Talks After April 23
I R E L A N D
BUS EIREANN: Services Back to Normal After 3-Week Strike
CARLYLE EURO 2017-1: S&P Assigns Prelim. B- Rating to Cl. E Notes
ENDO INTERNATIONAL: S&P Rates Proposed $300MM Notes 'BB'
HARVEST CLO VII: S&P Assigns 'B-' Rating to Class F-R Notes
IRISH BANK: Irish Nationwide Tracker Customers Among Creditors
PALMERSTON PARK: Moody's Assigns B2(sf) Rating to Cl. E Sr. Notes
I T A L Y
BANCO BPM: Moody's Rates Sub. Debt Under EMTN Programme (P)B2
K A Z A K H S T A N
KAZMUNAYGAS NC: S&P Assigns 'BB' Rating to Proposed Bonds
SAMRUK-ENERGY: S&P Cuts CCR to 'B+' on Increased Liquidity Risk
N E T H E R L A N D S
INVESCO MEZZANO: Moody's Affirms Ba3(sf) Rating on Cl. E Notes
R U S S I A
PERESVET BANK: Big Creditors Approve Debt-to-Equity Swap
ROSENERGOBANK: Moody's Cuts Long-Term Deposit Ratings to C
S P A I N
GRIFOLS SA: S&P Assigns 'B+' Rating to Proposed EUR1BB Sr. Notes
IMAGINARIUM SA: To Increase Capital by EUR5MM to Avoid Insolvency
U N I T E D K I N G D O M
ARRAN AROMATICS: Trump Turnberry Among Creditors, Documents Show
COUTURE LIMITED: Nicholas Oakwell Closes Label, Uniforms Firms
OLIVER ADAMS: Closes All Outlets, 100 Jobs Axed
* UK: 24.1% of East Midlands Restaurants at Risk of Insolvency
X X X X X X X X
* BOND PRICING: For the Week April 10 to April 14, 2017
*********
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C R O A T I A
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AGROKOR DD: Rejects Sberbank's Request for Preferred Status
-----------------------------------------------------------
Jasmina Kuzmanovic and Marton Eder at Bloomberg News report that
Agrokor d.d. may seek financing from new creditors after the
ailing Croatian conglomerate agreed to borrow EUR80 million
(US$85 million) from local banks and rejected a request
from Sberbank PJSC for more favorable conditions on a recent loan
from the Russian lender in return for further funding.
"There are other banks willing to give us financing now that they
are guaranteed super senior status regarding debt
repayment," Bloomberg quotes Ante Ramljak, Agrokor's government-
appointed commissioner, as saying on April 12 in the capital,
Zagreb. "We are fine with liquidity for a while. We will start
talks with a number of institutions for new financing."
Agrokor rejected a request from Sberbank, its largest creditor,
to give preferred status to the company's existing debt owed to
the Russian lender in return for additional financing, Bloomberg
discloses. Sberbank First Deputy Chief Operating Officer Maxim
Poletaev on April 11 said the bank's future lending to the
Balkans' largest retail chain will be "insignificant" if a loan
it provided this year doesn't get "most senior" repayment status,
Bloomberg relates.
The largest Croatian company, which has about US$7 billion in
annual revenue and employs 60,000 people, is fighting to avoid a
collapse that would threaten to pull down economies and suppliers
across the former Yugoslavia, Bloomberg notes. The government in
Zagreb crafted a new law that allowed it to take effective
control of Agrokor through the appointment of Ramljak as
commissioner, Bloomberg recounts.
Agrokor was in line to receive a 150 million-euro loan under an
earlier plan with six creditors, including Sberbank, Bloomberg
states. Mr. Ramljak, a financial consultant and former Economy
Ministry official, was appointed last week to salvage the company
and work with creditors on restructuring during a 15-month
moratorium on debt payments, Bloomberg relays.
Sberbank, Russia's biggest bank, provided a EUR100 million loan
earlier this year as Agrokor needed money to pay suppliers and
taxes, Bloomberg relates. The bank said it was ready to continue
lending to Agrokor under the new law, in a joint statement
with VTB Bank, Erste Group Bank AG, Raiffeisen Bank International
AG, UniCredit SpA and Intesa Sanpaolo SpA, Bloomberg notes.
The new loan from "major" local banks will mature in 15 months
and will have a "significantly lower interest rate than what
Agrokor was borrowing at before, which was 9.5%," Mr. Ramljak, as
cited by Bloomberg, said.
Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7billion).
* * *
The Troubled Company Reporter-Europe reported on April 10, 2017,
that S&P Global Ratings said it lowered its long- and short-term
corporate credit ratings on Croatian retailer Agrokor d.d. to
'CC/C' from 'B-/B'. The outlook is negative. At the same time,
S&P lowered the issue rating on the senior unsecured notes to
'CC' from 'B-'.
On April 2, 2017, a spokesperson for the Agrokor group said that
the company reached an agreement with its bank creditors to
freeze debt payments. The creditor group includes Sberbank, VTB,
and Erste Bank, which together account for most of the EUR2.5
billion loan debt for the Agrokor group, as of Sept. 30, 2016.
The TCR-Europe on March 31, 2017, reported that Moody's Investors
Service downgraded the Croatian retailer and food manufacturer
Agrokor D.D.'s corporate family rating (CFR) to Caa1 from B3 and
its probability of default rating (PDR) to Caa1-PD from B3-PD.
Moody's has also downgraded the senior unsecured rating assigned
to the notes issued by Agrokor and due in 2019 and 2020 to Caa1
from B3. The outlook on the company's ratings remains negative.
"Our downgrade of Agrokor's rating reflects Moody's views that
the company is no longer able to sustain its high level of trade
payables, which may constrain its liquidity position," says
Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's.
"This comes at a time when the company has limited means to raise
additional sources of liquidity owing to its restricted access to
credit markets and its reliance on a limited number of banks."
AGROKOR DD: Zagreb Court Appoints Temporary Board of Creditors
--------------------------------------------------------------
SeeNews reports that the commercial court in Zagreb said on
April 13 it appointed a five-member temporary board of creditors
at troubled food and retail concern Agrokor.
The board is made up of representatives of the suppliers, bond
holders, secured and unsecured creditors of Agrokor, SeeNews
relays, citing a notice posted on the website of the Zagreb
bourse.
The owner of a cattle-breeding farm in Gudovac, Toni Raic, will
represent the small suppliers, while confectionery producer Kras
will represent the large suppliers, SeeNews discloses.
New York-based Knighthead Capital Management LLC will represent
bond holders, Russia's Sberbank will pick a representative to sit
on the board on behalf of unsecured creditors, while Zagrebacka
Banka's chosen representative will speak for secured creditors,
SeeNews states.
According to SeeNews, the temporary board of creditors will
participate in the drafting of settlements during the emergency
receivership period and will be kept informed on the latest
developments in Agrokor.
Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7billion).
* * *
The Troubled Company Reporter-Europe reported on April 10, 2017,
that S&P Global Ratings said it lowered its long- and short-term
corporate credit ratings on Croatian retailer Agrokor d.d. to
'CC/C' from 'B-/B'. The outlook is negative. At the same time,
S&P lowered the issue rating on the senior unsecured notes to
'CC' from 'B-'.
On April 2, 2017, a spokesperson for the Agrokor group said that
the company reached an agreement with its bank creditors to
freeze debt payments. The creditor group includes Sberbank, VTB,
and Erste Bank, which together account for most of the EUR2.5
billion loan debt for the Agrokor group, as of Sept. 30, 2016.
The TCR-Europe on March 31, 2017, reported that Moody's Investors
Service downgraded the Croatian retailer and food manufacturer
Agrokor D.D.'s corporate family rating (CFR) to Caa1 from B3 and
its probability of default rating (PDR) to Caa1-PD from B3-PD.
Moody's has also downgraded the senior unsecured rating assigned
to the notes issued by Agrokor and due in 2019 and 2020 to Caa1
from B3. The outlook on the company's ratings remains negative.
"Our downgrade of Agrokor's rating reflects Moody's views that
the company is no longer able to sustain its high level of trade
payables, which may constrain its liquidity position," says
Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's.
"This comes at a time when the company has limited means to raise
additional sources of liquidity owing to its restricted access to
credit markets and its reliance on a limited number of banks."
AGROKOR DD: Moody's Lowers CFR to Caa2 on Restructuring
-------------------------------------------------------
Moody's Investors Service has downgraded Croatian retailer and
food manufacturer Agrokor D.D.'s corporate family rating (CFR) to
Caa2 from Caa1 and its probability of default rating (PDR) to Ca-
PD from Caa1-PD. The outlook on the company's ratings remains
negative.
"Our decision to downgrade Agrokor's rating reflects its filing
for restructuring under Croatian law, which in Moody's views
makes a default highly likely," says Vincent Gusdorf, a Vice
President -- Senior Analyst at Moody's. "It also takes into
account uncertainties around the restructuring process, as
creditors' ability to get their money back hinges on numerous
factors that will become apparent over time."
Moody's has also downgraded the senior unsecured rating assigned
to the notes issued by Agrokor due in 2019 and 2020 to Caa2 from
Caa1.
RATINGS RATIONALE
The downgrade reflects Agrokor's decision to file for
restructuring on April 7, 2017 in accordance with the Croatian
Law on Extraordinary Management Proceedings in Companies of
Systemic Significance. In Moody's view, this course of action
implies a high likelihood of default that could have negative
effects for existing creditors, although the details of the
process are not yet known. The company has also changed its CEO
as well as part of the management board.
These decisions follow a deterioration of Agrokor's relationships
with suppliers which has significantly impaired its liquidity.
The HRK2,286 million (EUR307 million) of cash and cash
equivalents reported at the end of September are not sufficient
to finance even a portion of payables, which amounted then to
HRK16,197 million (EUR2,175 million) at that time.
To address these liquidity issues, Agrokor is seeking additional
loans from banks. The company is currently negotiating with its
lenders to obtain secured financing, which would create
subordination for existing unsecured debt holders.
Recovery prospects on Agrokor's existing debt will depend on a
variety of factors. Strained relationships with suppliers could
affect the company's market shares and earnings generation.
Moody's will also monitor upcoming changes in the capital
structure. The CFR could be downgraded further if future
developments in the restructuring process lead to lower recovery
prospects for creditors.
Although Agrokor has no debt maturity before September 2018, when
EUR150 million of bank debt will become due, it must service the
interest of its debt. This includes the coupons of its bonds,
which are scheduled on 1 May for the EUR300 million notes
maturing in 2019 and on 1 August for the EUR325 million and $300
million notes due in 2020. A missed interest payment would
represent a default under Moody's definition.
WHAT COULD CHANGE THE RATINGS UP/DOWN
The negative outlook reflects the high risk of default arising
from the company's decision to restructure its debt. It also
factors in the uncertainties around the form that the
restructuring would take, its timing, and its impact on Agrokor's
earnings. This creates significant downside risk for the recovery
prospects of creditors, although its magnitude will become
apparent over time.
Further downward pressure could materialize if Agrokor fails to
service the interest on its debt or if Moody's believes that
there will be a greater loss for creditors than is currently
assumed.
Upside potential is unlikely at this time. In the longer term,
Moody's could upgrade Agrokor's rating if it is able to restore
an adequate liquidity profile and improve its financial structure
by reducing its debt.
The principal methodology used in these ratings was Retail
Industry published in October 2015.
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F R A N C E
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HOLDIKKS SAS: S&P Lowers CCR to 'CCC+' on Weak Performance
----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on HoldIKKS SAS, the parent company of French premium fashion
retailer IKKS Group SAS (collectively, IKKS), to 'CCC+' from
'B-'. The outlook is negative.
In addition, S&P lowered its long-term issue rating on IKKS'
EUR33 million super senior revolving credit facility (RCF) to 'B'
from 'BB-'. The recovery rating is '1', reflecting S&P's
expectation of very high recovery, in the event of a payment
default.
S&P also lowered its issue ratings on the group's senior secured
notes to 'CCC+' from 'B-'. The recovery rating remains '4',
reflecting S&P's expectation of average (30%-50%; rounded
estimate: 35%) recovery in the event of default.
The downgrade reflects that IKKS' 2016 results are lower than S&P
previously anticipated, with EBITDA down 33.6% year on year at
EUR48.1 million, and S&P's expectation that its profitability
will not improve in 2017, despite some positive signs of trading
in March, putting pressure on the group's liquidity and covenant
headroom.
Although S&P expects IKKS will be able to honor its commitments
over the next six months, S&P believes that, without a marked
improvement in operating performance, the group's capital
structure is no longer sustainable.
S&P believes the group's operating model is somewhat more
vulnerable than S&P anticipated in July 2016, with greater
exposure to fashion risk than S&P initially thought. This is
underpinned by S&P's view of the sensitivity of IKKS' operating
model to changes in market conditions. In S&P's opinion, IKKS'
cost structure is less flexible than S&P previously anticipated,
resulting in weak revenue growth and higher stress on
profitability and cash flow generation than S&P believed was the
case historically. This has culminated in material
underperformance in 2016.
S&P also views its low earnings visibility as a sign of weakened
operating efficiency. Likewise, S&P considers that there is a
material risk of further deterioration in IKKS' operating margin
as newly opened stores weigh on fixed costs in a trading
environment that remains weak.
S&P's assessment of business risk primarily incorporates its view
of the retailer's exposure to the apparel industry--which S&P
assess as cyclical and competitive, with limited barriers to
entry--and to fashion risk. S&P believes weak operating trends
in the apparel retailers segment are the result of more than just
cyclical headwinds, namely also a symptom of secular change in
consumer spending habits.
It further reflects the group's relatively limited size and
geographic exposure to France, where it generates about 80% of
its revenues. Additionally, S&P sees some execution risks in
both IKKS' domestic and international expansion strategy,
although S&P understands that part of this expansion will be in
countries where IKKS is already present.
These weaknesses are partially offset by IKKS' diversification in
terms of distribution channels, brands, and target customers.
The group's retail strategy is partially based on an affiliate
business model. S&P views this favorably, since it reduces
operating leverage by transferring some fixed costs, such as
staff and rent, to partners.
S&P anticipates that 2017 earnings and free operating cash flow
(FOCF) generation will improve only slightly, because S&P
believes that store traffic will remain low, despite a gradual
pick-up.
Based on S&P's revised forecast, it continues to assess IKKS as
having highly leveraged financial risk. S&P anticipates that S&P
Global Ratings' adjusted debt will be EUR560 million in 2017,
comprised of EUR170 million of payment-in-kind (PIK) debt-like
instruments, EUR320 million of senior secured notes and other
short-term liabilities, and EUR75 million in operating leases
(present value). S&P expects that debt to EBITDA will reach 8.2x
on an S&P Global Ratings' adjusted basis (5.8x excluding PIK debt
instruments), and that the group's adjusted EBITDA coverage ratio
will tighten to below 2.2x, notably because S&P treats
capitalized creation costs as operating expenditures. S&P
expects that IKKS' weaker financial performance and lower cash
generation will put pressure on liquidity, which S&P considers
weak.
The negative outlook reflects the possibility that S&P could
lower the rating if operating performance was to continue to
deteriorate over the next two quarters, resulting in the group
failing to restore its adjusted EBITDA to interest coverage to
above 2.2x and gradually improve its FOCF. S&P also anticipates
that the weak performance will weigh significantly on the group's
weak liquidity and leave limited headroom under the current
covenant schedule.
S&P could lower the rating if IKKS is unable to restore earnings
growth and material FOCF generation in the next two quarters, in
the context of its high financial leverage. A downgrade could
also be precipitated by further deterioration in the group's
liquidity position or covenant headroom.
S&P could revise the outlook to stable if it anticipated a return
to sustainably positive like-for-like revenue growth, widening
EBITDA margins, a sustainable trend of deleveraging, material
FOCF generation, and adequate liquidity, including covenant
headroom of at least 15%.
LABEYRIE FINE: S&P Affirms 'B' CCR, Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on France-based Labeyrie Fine Foods SAS. The outlook is
stable.
S&P also affirmed its 'B' issue rating on Labeyrie's senior
secured notes. The recovery ratings remain unchanged at '4',
indicating S&P's expectation of average (30%-50%; rounded
estimate: 40%) recovery prospects in the event of a payment
default.
At the same time, S&P assigned its 'B' issue rating to Labeyrie's
proposed term loan and a recovery rating of '4', indicating S&P's
expectation of average (30%-50%; rounded estimate: 40%) recovery
prospects in the event of a payment default.
The new senior secured facilities consist of a revolving credit
facility (RCF) of EUR65 million maturing 2023 and a EUR500
million term loan B facility also maturing 2023.
The rating actions follows Labeyrie's plans to raise
EUR500 million in senior secured debt to pay back the group's
senior secured notes maturing in 2021, and to partially reimburse
the group's payment-in-kind (PIK) notes along with other
financing instruments (convertible bonds and preference shares).
The affirmation reflects that S&P continues to view Labeyrie as
having a highly leveraged capital structure, despite the
decreasing amount of PIK debt post refinancing.
S&P's assessment of Labeyrie's business risk continues to reflect
the group's potential difficulties in passing on price increases
to customers in a timely fashion, owing to the price negotiation
cycle with large retailers. This exposes the group to decreased
profitability during periods of price volatility, such as 2016.
Moreover, S&P continues to view the group's low geographic
diversification and a product mix skewed toward private label as
constraining S&P's current assessment.
Positively, S&P considers that the group has shown good
resilience over the past few years by efficiently expanding its
product offerings, mainly through small acquisitions, but also by
developing innovative products.
S&P's business assessment also incorporates that the group
operates mainly in mature markets, and therefore growth prospects
are subject to consumer sentiments and might be dampened by price
increases.
S&P's highly leveraged assessment of the group's financial risk
profile reflects our calculation that its adjusted debt-to-EBITDA
ratio will likely remain above 7x, on a three-year weighted
average (2017-2019) basis with the consolidation of the remaining
PIK debt instruments and preference shares even after the
refinancing.
Following the refinancing, the group's overall portion of fast-
accruing PIK interest will be significantly lower given its plan
to repay its convertible bonds and to partially redeem its PIK
notes.
The group's interest burden will be lowered given that the margin
on the new term loan is expected to be lower than the group's
current cost of debt, however, its cash portion of debt service
could slightly increase owing to the cash-paying component of the
group's overall debt increasing to EUR500 million from EUR355
million, as well as higher anticipated usages under the new
revolving credit facility in a context of rising interest rate if
the company's debt is not properly hedged.
Despite the proposed issuance, S&P's assessment of the group's
capital structure is in line with our last assessment in June
2016 and S&P continues to view its financial risk as highly
leveraged.
S&P's 'B' rating on the group continues to be underpinned by its
strong cash flow coverage metrics, with funds from operations
(FFO) cash interest coverage of more than 3.5x on a weighted
average basis, and adequate liquidity, in S&P's view, upon
completion of the proposed transaction.
The stable outlook reflects S&P's anticipation that Labeyrie will
report resilient profits in 2017, despite an anticipated decrease
profitability following adverse conditions for raw materials
prices stemming from the salmon production crisis in Chile and
another year of the Avian flu in France. Mitigating factors of
this potential profitability shortfall are the ability to pass on
part of the price increases to its customers with pass-through
agreement mechanisms and the group's proven track record of cost-
control initiatives. S&P believes that the company will maintain
an FFO cash interest coverage ratio above 3.0x.
S&P could lower the rating if the group's profitability were to
shrink below anticipated levels, due to a higher impact of the
Avian flux crisis than S&P expects and the group's inability to
successfully pass on price increases to retailers on a timely
basis for its salmon division. S&P could also lower the rating
if the challenging retail environment resulted in lower sales
volumes driving down operating performance and negative free cash
flow generation. S&P would likely consider a negative rating
action if the ratio of FFO to cash interest fell below 2.5x on a
weighted average basis.
S&P considers rating upside as very limited, owing to Labeyrie's
limited diversification in term of both products and geography,
with a relatively modest scale of operation in spite of the
group's recent acquisitions. Moreover, S&P views that the
upcoming operating margin shrinkage will not allow any sizable
debt reduction below the 5.0x threshold for the group's debt to
EBITDA ratio that could pave the way to a higher rating.
PHOTONIS TECHNOLOGIES: S&P Lowers CCR to 'B-' on Weak Performance
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on France-based night vision sensors company Photonis
Technologies SAS to 'B-' from 'B'. The outlook is negative.
S&P also lowered its issue rating on Photonis' EUR250 million-
equivalent senior secured term loan to 'B-' from 'B'. The
recovery rating remains unchanged at '3', indicating meaningful
(50%-70%; rounded estimate: 50%) recovery prospects in the event
of a default.
The downgrade reflects Photonis' setbacks in operating
performance due to further contract postponements and a lack of
orders from customers in the Middle East in 2016. As a result,
the company has been unable to restore its funds from operations
(FFO) cash interest coverage ratio to above 2x. Sales have
decreased by a high-single-digit percentage across all of the
company's segments except for the power tubes business, which has
remained resilient, given that it is related to maintenance
activities. Sales from maintenance contracts are more stable by
nature than sales derived from new orders, but they account for
less than one-third of the company's total sales.
As a manufacturer of electro-optic components operating in niche
segments with high barriers to entry, Photonis has a track record
of maintaining a solid EBITDA margin. In the last three years,
even though there has been a downward trend in the company's
profitability, its EBITDA margin has remained above 20%. On top
of the impact from lower sales, its EBITDA margin has also
decreased due to higher production costs to respond to clients'
needs for specialized and customized products.
Photonis' financial risk profile remains constrained by the
company's high level of indebtedness and associated high annual
interest burden of EUR24 million-EUR25 million.
In 2017, S&P expects that Photonis will reduce its capital
expenditures (capex) to closer to historical levels of
EUR5 million-EUR6 million
The negative outlook reflects the risks of a one-notch downgrade
if Photonis suffers from further contract deferrals or
cancellations translating into an FFO interest coverage ratio
below 1.5x.
S&P could lower the rating further if the company were unable to
improve its operating profitability following contract deferrals
or fall in production yield. Other factors could include an FFO
cash interest coverage ratio at around 1.5x and a reduced
likelihood of successful refinancing of its term loan maturing in
September 2019. A weakening of the liquidity position, which
could stem from large swings in working capital, could also
trigger a downgrade, as could a more aggressive financial policy
that included significant debt-funded dividend distributions or
acquisitions.
S&P could consider a positive rating action if Photonis
demonstrated a positive revenue trend, stable or increasing
market shares and improved EBITDA margin, with its FFO cash
interest coverage ratio sustainably improving to about 2.0x.
SPCM SA: S&P Affirms 'BB+' CCR, Outlook Stable
----------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on France-headquartered chemicals producer SPCM S.A. The
outlook is stable.
S&P also affirmed its 'BB+' issue rating on SPCM's $250 million
senior unsecured notes due 2022 (2022 notes) and its EUR550
million senior unsecured notes due 2023 (2023 notes).
At the same time, S&P assigned its 'BB+' issue rating and '3'
recovery rating to the group's proposed $450 million senior
unsecured notes due 2025 (2025 notes). The recovery rating on
both the existing and proposed senior unsecured notes is '3',
indicating S&P's expectations of meaningful recovery prospects
(50%-70%; rounded estimate: 55%).
S&P understands SPCM will use the proceeds of the proposed
issuance to repay the outstanding amount under the 2022 notes.
Once it has repaid the 2022 notes, S&P will withdraw its issue
and recovery ratings on the notes.
The affirmation reflects S&P's view that SPCM will continue its
strong operating performance and cash flow generation, following
increased stability in raw material pricing, stronger sales in
the U.S. and China oil and gas markets, and single-digit growth
in its end-markets.
The affirmation also reflects SPCM's plans to issue $450 million
senior unsecured notes due 2025, and use the proceeds to repay
the existing 2022 notes, as well as the outstanding amounts under
its EUR350 million revolving credit facility (RCF; approximately
EUR100 million at close of transaction). S&P understands that
the proposed notes will rank pari-passu with SPCM's existing
senior unsecured notes.
S&P forecasts that the increase in gross debt will push adjusted
debt to EBITDA to approximately 3.0x at year-end 2017, before
improving toward 2.5x over 2018 and 2019. Similarly, S&P
forecasts weakening in funds from operations (FFO) to debt in
2017 to 20%-25%, before strengthening toward 25%-27% in 2018 and
2019. The improved credit metrics will stem from SPCM's strong
cash flow generation and its planned amortization payments.
However, partially offsetting these positives are working capital
outflows that S&P forecasts at EUR35 million-EUR45 million per
year and projected capital expenditures (capex) of approximately
EUR250 million in financial 2017. S&P do not forecast any
material acquisitions or dividend payments.
SPCM's business risk profile is supported by the group's market
leadership in polyacrylamide polymers used to treat municipal and
industrial water and to alter the viscosity of water injected
into tight oil and gas developments. SPCM is the world's
producer of polyacrylamides, reporting a 45% share of global
production capacity at year-end 2016. SPCM's resilience to GDP
cyclicality is primarily supported by its exposure to municipal
and industrial water treatment end-markets, and more
fundamentally by the increasing scarcity of clean water and
natural resources.
Some constraints affecting SPCM's business risk profile include
its limited product diversity in what S&P views as a niche
market, ongoing sizable expansionary capex, and the presence of
several competitors, notably in China.
S&P's assessment of the group's financial risk profile reflects
its continued focus on growth and subsequent funding needs for
capex and working capital, along with its highly cash generative
nature, with maintenance capital requirements of only 1.5%-2.0%
of revenues. Furthermore, S&P recognizes the highly flexible and
modular nature of SPCM's capex and its track record of prompt
capex curtailment if needed.
The stable outlook reflects S&P's view that SPCM's operating
performance will remain resilient in 2017, with an adjusted FFO-
to-debt ratio at about 25%, which S&P views as commensurate with
its 'BB+' rating on the group. S&P understands that SPCM plans
to reinvest all cash flows into business growth. However, S&P
recognizes the modular nature of capex and management's
willingness and ability to cut investments in the event of
unsupportive business conditions.
S&P could lower its ratings if S&P observed that SPCM's FFO-to-
debt ratio had weakened to below 25% without clear prospects of
recovery. This could occur, for example, as a result of
declining EBITDA after lower sales from the oil and gas industry,
higher-than-anticipated capex, or unforeseen acquisitions.
S&P is unlikely to raise its ratings on SPCM at this stage,
reflecting S&P's forecast of neutral to negative free operating
cash flow in 2017-2018 as SPCM reinvests a significant proportion
of its FFO into expansionary capex.
===========
G R E E C E
===========
GREECE: Creditors to Resume Bailout Program Talks After April 23
----------------------------------------------------------------
Philip Chrysopoulos at Greek Reporter, citing Real.gr, reports
that creditors' teams will return to Athens to resume talks on
the bailout program review after April 23.
According to Greek Reporter, a Real.gr report cites an anonymous
government source who said that the quartet of international
creditors will return after the International Monetary Fund
Spring Meeting that takes place April 21 - 23 April in
Washington.
In the spring meeting, the IMF will decide on the sustainability
of the Greek debt, Greek Reporter discloses. The source said in
the meantime, the Greek government is required to legislate the
measures it has agreed on, Greek Reporter notes.
The issue of Greece will be discussed in the ECB board meeting
that will take place on June 22, Greek Reporter relays.
The Greek administration is rushing to complete the evaluation as
it has loan repayments close to EUR7 billion due in July, Greek
Reporter states.
=============
I R E L A N D
=============
BUS EIREANN: Services Back to Normal After 3-Week Strike
--------------------------------------------------------
BBC News reports that Bus Eireann services have returned to
normal following three weeks of strike action over pay and
conditions.
According to the report, unions lifted pickets on April 13
following a recommendation from the Labour Court aimed at
resolving the dispute over cost-cutting plans. Members will
study the proposals and then vote. The result will be known in a
number of weeks, BBC says.
BBC notes that Bus Eireann staff had been on strike since March
24 in a dispute over cuts to pay and working conditions.
BBC relates that management has said the changes are essential to
avert the prospect of insolvency at the loss-making company.
The Labour Court has been considering the issues in the dispute
after talks broke down at the Workplace Relations Commission
earlier last week, the report says.
According to BBC, a court recommendation issued on April 13
stated that Bus Eireann told the Labour Court it was currently
insolvent.
Labour Court chairman Kevin Foley described that assertion as
being of the "gravest significance" for those who worked at the
company and said the court had to give such a contention the most
serious consideration, the report relays.
BBC says the recommendation acknowledged it must also give the
most serious consideration to the effect of the proposed changes
on Bus Eireann employees.
It noted there was little point in making a recommendation that
would ensure that the company went out of business, or that did
not give staff an opportunity to maintain sustainable employment
on fair and reasonable terms into the future, says BBC.
Mr. Foley made a number of recommendations including some pay
cuts, voluntary redundancies, work practice reforms and depot
closures in a bid to restore the financial viability of Bus
Eireann, BBC adds.
Bus Eireann is a bus and coach operator providing services
throughout the Ireland with the exception of Dublin City.
It was formed in 1987 as a subsidiary of Coras Iompair Eireann.
CARLYLE EURO 2017-1: S&P Assigns Prelim. B- Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Carlyle Euro CLO 2017-1 DAC's class A-1, A-2, B, C, D, and E
notes. At closing, the issuer will also issue unrated
subordinated notes.
Carlyle Euro CLO 2017-1 is a European cash flow collateralized
loan obligation (CLO), securitizing a portfolio of primarily
senior secured leveraged loans and bonds. The transaction will
be managed by CELF Advisors LLP, a wholly owned subsidiary of
Carlyle Investment Management LLC, which is a Delaware limited
liability company, indirectly owned by The Carlyle Group L.P.
The preliminary ratings assigned to the notes reflect S&P's
assessment of:
-- The diversified collateral pool, which consists primarily
of broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination
of cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is expected to be
bankruptcy remote.
Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment. The portfolio's reinvestment period will end
approximately four years after closing.
S&P's preliminary ratings reflect its assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted average 'B' rating. S&P considers that the portfolio at
the effective date will be well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans
and senior secured bonds. Therefore, S&P has conducted its
credit and cash flow analysis by applying its criteria for
corporate cash flow collateralized debt obligations.
In S&P's cash flow analysis, it used the EUR400 million target
par amount, the covenanted weighted-average spread (3.65%), the
covenanted weighted-average coupon (6.00%), the covenanted
weighted-average recovery rate at the 'AAA' rating level, and the
target weighted-average recovery rates at each rating level below
'AAA' as provided by the manager. S&P applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category.
Elavon Financial Services DAC, U.K. Branch is the bank account
provider and custodian. At closing, S&P anticipates that the
documented downgrade remedies will be in line with its current
counterparty criteria.
Under S&P's structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is
sufficiently mitigated at the assigned preliminary rating levels.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its preliminary
ratings are commensurate with the available credit enhancement
for each class of notes.
RATINGS LIST
Carlyle Euro CLO 2017-1 DAC
EUR413 mil senior secured floating-rate notes
Prelim Amount
Class Prelim Rating (mil, EUR)
A-1 AAA (sf) 230
A-2 AA (sf) 62
B A (sf) 26
C BBB (sf) 19
D BB (sf) 21
E B- (sf) 12
Sub NR 43
NR--Not rated
ENDO INTERNATIONAL: S&P Rates Proposed $300MM Notes 'BB'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to
Dublin, Ireland-based specialty branded and generic drug
manufacturer Endo International PLC's proposed $300 million
senior secured notes due 2024. The notes are issued by Endo
Designated Activity Co., Endo Finance LLC, and Endo Finco Inc.
The recovery rating is '1', indicating S&P's expectations for
very high (90%-100%; rounded estimate: 90%) recovery in the event
of a payment default.
S&P expects the company will use proceeds from this
transaction -- together with its recently announced senior
secured term loan B facility -- to repay its existing term loan A
due 2019, the existing term loan B due 2022, and for general
corporate purposes. S&P expects the transaction to be leverage-
neutral.
S&P's 'B+' corporate credit rating and negative outlook on Endo
International continue to reflect S&P's expectations for limited
deleveraging in the near term as a result of weakening of its
generic franchise, competitive pressures in its branded business,
and potential increased litigation costs.
RATINGS LIST
Endo International Plc
Corporate Credit Rating B+/Negative/--
New Rating
Endo Finance LLC
Endo Designated Activity Co.
Endo Finco Inc.
Senior Secured
US$300 mil 5.875% nts due 10/15/2024 BB
Recovery Rating 1(90%)
HARVEST CLO VII: S&P Assigns 'B-' Rating to Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO VII
DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. An
unrated subordinated class of notes initially issued in 2013 was
not redeemed and remains outstanding with an extended maturity to
match the newly issued notes.
The proceeds from the issuance of these notes were used to redeem
the existing class A, B, C, D, and E notes. In addition to the
redemption of the existing notes, the issuer uses the remaining
funds to purchase additional collateral and to cover fees and
expenses incurred during the reset period. The target par
remains at EUR300 million. Concurrent with the new note
issuance, the issuer also reset key transactional features, such
as the weighted-average life and the reinvestment period.
The ratings assigned to Harvest CLO VII notes reflect S&P's
assessment of:
-- The diversified collateral pool, which consists primarily
of broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination
of cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
S&P considers that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under S&P's current counterparty
criteria.
Following the application of S&P's structured finance ratings
above the sovereign criteria, S&P considers the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in S&P's criteria.
At closing, S&P considers that the transaction's legal structure
is bankruptcy remote, in line with its European legal criteria.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes that its ratings are
commensurate with the available credit enhancement for each class
of notes.
Harvest CLO VII is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. Investcorp Credit
Management EU Ltd. is the collateral manager.
RATINGS LIST
Harvest CLO VII DAC
EUR321.70 Million Fixed- And Floating-Rate Notes
Class Rating Amount
(mil. EUR)
X-R AAA (sf) 2.00
A-R AAA (sf) 174.90
B-R AA (sf) 39.20
C-R A (sf) 21.00
D-R BBB (sf) 14.60
E-R BB (sf) 18.60
F-R B- (sf) 9.40
Subordinated NR 42.00
NR--Not rated.
IRISH BANK: Irish Nationwide Tracker Customers Among Creditors
--------------------------------------------------------------
RTE reports that customers of Irish Nationwide who were
overcharged as part of the industry-wide tracker mortgage scandal
are unlikely to be repaid in full.
According to RTE, the special liquidators appointed to Irish Bank
Resolution Corporation have advised the Minister for Finance
Michael Noonan that tracker customers eligible for refunds and
compensation will join the back of the creditors' queue.
In a written response to a parliamentary question from Sinn Fein
finance spokesperson Pearse Doherty Mr. Noonan said those who
were overcharged and eligible for redress "will be treated as
unsecured creditors of IBRC in respect of any such amounts which
are found to be due to them for the period beginning February
2007 up until the date of liquidation", RTE relates.
The special liquidators to IBRC, which includes Irish Nationwide,
were appointed in February 2013, RTE recounts. The Minister, as
cited by RTE, said amounts due to the affected customers after
that date will be treated as a cost of the liquidation and will
be "paid in full". "At this stage, it is estimated that less
than 100 customers will be impacted and require redress."
Thousands of tracker mortgage customers were impacted by the
overcharging scandal which may involve up to 15 financial
institutions in Ireland, RTE discloses.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.
Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.
PALMERSTON PARK: Moody's Assigns B2(sf) Rating to Cl. E Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Palmerston Park
CLO Designated Activity Company:
-- EUR233,000,000 Class A-1A Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aaa (sf)
-- EUR10,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)
-- EUR26,000,000 Class A-2A Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aa2 (sf)
-- EUR20,000,000 Class A-2B Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aa2 (sf)
-- EUR14,000,000 Class B-1 Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned A2 (sf)
-- EUR10,000,000 Class B-2 Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned A2 (sf)
-- EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)
-- EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)
-- EUR11,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2030. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Blackstone / GSO
Debt Funds Management Europe Limited, has sufficient experience
and operational capacity and is capable of managing this CLO.
Palmerston Park CLO Designated Activity Company is a managed cash
flow CLO. At least 90% of the portfolio must consist of secured
senior obligations and up to 10% of the portfolio may consist of
unsecured senior loans, second lien loans, mezzanine obligations,
high yield bonds and/or first lien last out loans. The portfolio
is 55% ramped up as of the closing date and comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. This initial portfolio will be acquired by way of
participations which are required to be elevated as soon as
reasonably practicable. The remainder of the portfolio will be
acquired during the five month ramp-up period in compliance with
the portfolio guidelines.
Blackstone / GSO Debt Funds Management Europe Limited will manage
the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit impaired
obligations, and are subject to certain restrictions.
In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR45,000,000 of subordinated notes. Moody's
will not assign a rating to this class of notes.
The transaction incorporates interest and par coverage tests
which, if triggered, will divert interest and principal proceeds
to pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Blackstone / GSO Debt Funds
Management Europe Limited's investment decisions and management
of the transaction will also affect the notes' performance.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR 400,000,000
Diversity Score: 36
Weighted Average Rating Factor (WARF): 2715
Weighted Average Spread (WAS): 3.7%
Weighted Average Coupon (WAC): 5.0%
Weighted Average Recovery Rate (WARR): 41.5%
Weighted Average Life (WAL): 8 years
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.
Percentage Change in WARF: WARF + 15% (to 3122 from 2715)
Ratings Impact in Rating Notches:
Class A-1A Senior Secured Floating Rate Notes: 0
Class A-1B Senior Secured Fixed Rate Notes: 0
Class A-2A Senior Secured Floating Rate Notes: -1
Class A-2B Senior Secured Floating Rate Notes: -1
Class B-1 Senior Secured Deferrable Floating Rate Notes: -2
Class B-2 Senior Secured Deferrable Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3530 from 2715)
Ratings Impact in Rating Notches:
Class A-1A Senior Secured Floating Rate Notes: -1
Class A-1B Senior Secured Fixed Rate Notes: -1
Class A-2A Senior Secured Floating Rate Notes: -3
Class A-2B Senior Secured Floating Rate Notes: -3
Class B-1 Senior Secured Deferrable Floating Rate Notes: -4
Class B-2 Senior Secured Deferrable Floating Rate Notes: -4
Class C Senior Secured Deferrable Floating Rate Notes: -3
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Further details regarding Moody's analysis of this transaction
may be found in the published pre-sale report, available on
Moodys.com.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
=========
I T A L Y
=========
BANCO BPM: Moody's Rates Sub. Debt Under EMTN Programme (P)B2
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to Banco BPM
S.p.A.'s EMTN programme, based on the draft prospectus dated
March 2, 2017, which allows issuance up to EUR25 billion. The
provisional rating on senior unsecured debt to be issued under
the EMTN programme is (P)Ba2, while the provisional rating on
subordinated debt to be issued under the programme is (P)B2.
RATINGS RATIONALE
The ratings take into account Banco BPM's b1 standalone baseline
credit assessment (BCA), loss-given-failure assumptions under
Moody's Loss Given Failure (LGF) analysis, and the rating
agency's assessment of a low probability of government support.
Moody's said that Banco BPM's b1 BCA reflects the bank's very
weak asset risk and weak profitability, mitigated by sound
capitalisation as well as a good funding and liquidity profile.
The provisional (P)Ba2 senior unsecured rating currently benefits
from very low loss-given-failure, which results in two notches of
uplift from the bank's b1 BCA. The provisional (P)B2 subordinated
rating, one notch below the BCA, results from Moody's view that
loss-given-failure would be high for this debt class in case of
resolution.
RATING OUTLOOK
Subordinate ratings, and provisional senior unsecured ratings on
programmes do not carry outlooks.
Banco BPM's issuer rating has a negative outlook, reflecting
Moody's expectation that the stock of bail-in-able senior debt is
likely to reduce over the next 12-18 months, given the bank's
funding plans and the maturities of retail bonds in particular.
This would result in a higher loss-given-failure for this class
of debt.
FACTORS THAT COULD LEAD TO AN UPGRADE
The standalone BCA of Banco BPM could be upgraded if the group
were to meet the financial targets set out in its integration
plan, which assumes an improving trend in asset risk metrics
(mostly through problem loan disposals) while preserving profit
generation capacity and capital.
An upgrade in the BCA would likely result in upgrades of all
ratings.
FACTORS THAT COULD LEAD TO A DOWNGRADE
A downgrade in the BCA would drive a downgrade in all ratings.
This could be triggered by the group's failure to meet the
group's targeted cost savings and synergies, or if there were a
deterioration in the asset risk or capital.
The issuer rating and provisional senior debt rating would likely
be downgraded following a reduction in the volume of senior debt
outstanding.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
===================
K A Z A K H S T A N
===================
KAZMUNAYGAS NC: S&P Assigns 'BB' Rating to Proposed Bonds
---------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB' long-term issue
rating to proposed bonds to be issued by Kazakhstan-government-
controlled vertically integrated oil company KazMunayGas NC JSC
(global scale BB/Negative/--;
Kazakhstan national scale kzA/--/--).
KazMunayGas plans to issue the proposed bonds directly within the
framework of its $10.5 billion notes program. The issue rating
on this debt mirrors S&P's long-term corporate credit rating on
KazMunayGas. S&P estimates that the group's structurally and
contractually priority debt (that is, secured debt and debt at
cash-generating subsidiaries) is below 15% of the group's net
assets, as most of the debt is currently unsecured and at the
parent level.
S&P understands that the group intends to use the proceeds for
general corporate purposes, including the refinancing of existing
debt.
SAMRUK-ENERGY: S&P Cuts CCR to 'B+' on Increased Liquidity Risk
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its global scale
long-term corporate credit ratings on Kazakhstan-based
electricity group Samruk-Energy to 'B+' from 'BB-', along with
the national scale long-term rating to 'kzBBB-' from 'kzBBB+'.
S&P also lowered its issue rating on Samruk-Energy's $500 million
senior unsecured notes due December 2017 to 'B+' from 'BB-'.
All these ratings remain on CreditWatch with negative
implications, where S&P placed them on Dec. 21, 2016.
At the same time, S&P affirmed the 'B' global scale short-term
corporate credit rating on Samruk-Energy.
The downgrade reflects S&P's view of increasing liquidity risk,
given the upcoming maturity of $500 million Eurobonds in December
2017.
S&P understands that currently available cash and equivalents and
committed lines cover only about one-half of the annual liquidity
needed for 2017 (or about $680 million-$685 million). This has
led S&P to revise its assessment of the company's liquidity to
weak from less than adequate and S&P's assessment of its stand-
alone credit profile to 'ccc+' from 'b'.
The company has moved forward with its refinancing plans. Of the
four assets put up for sale, the disposals of three noncore
subsidiaries are close to finalization and the auctions' winners
have been announced. The auction of the fourth noncore
subsidiary, Tengiz Munai, is scheduled for the second quarter of
2017. S&P expects all four subsidiaries to be sold for at least
a total of $120 million. The company is also negotiating new
committed lines with local banks of about $250 million, and has
already reduced its large capital expenditure (capex) program to
about Kazakhstani tenge (KZT) 45 billion (about $135 million)
from the historical level of KZT80 billion-KZT100 billion. S&P
understands that if the company completes the asset sales and
obtains committed lines as planned, it will have sufficient
liquidity to cover the upcoming Eurobond. S&P will monitor the
company's progress executing its plan, as well as any
developments concerning government support in the coming months.
The continuing CreditWatch reflects potential pressures on
liquidity and credit quality if the company fails to obtain
funding sufficient to cover the Eurobond, or doesn't receive
timely and sufficient financial support for this from the Kazakh
government or from its parent Samruk-Kazyna, which would reflect
a weakening link with the government.
However, at this stage, S&P continues to believe there is a high
likelihood that Samruk-Energy would receive timely and sufficient
extraordinary support from the government (likely via Samruk-
Kazyna), but this assessment could change depending on the
government's strategy with regard to any support for Samruk-
Energy's upcoming Eurobond maturity, including the timing of any
decision to provide support. S&P understands Samruk-Kazyna
currently has available resources to cover the liquidity gap at
Samruk-Energy if needed.
In S&P's base case, it expects Samruk-Energy's leverage at 5x
debt to EBITDA at the end of 2017, despite the higher tariffs
already approved by the regulator, growing electricity demand, an
increase of export sales, and asset disposals.
S&P's short-term rating is 'B', which factors in its expectation
of government support, possibly via Samruk-Kazyna.
S&P currently assess Samruk-Energy's stand-alone liquidity as
weak. S&P believes that Samruk-Energy has adequate access to
financing from local banks, and may enjoy ongoing parental
support in its negotiations with the banks. Still, S&P views the
Kazakh banking system as relatively weak. Moreover, similar to
other midsized emerging market issuers, access to international
capital markets for Samruk-Energy may fluctuate in the future, in
S&P's view.
S&P estimates the group's liquidity sources will cover its uses
for the next 12 months by about 0.6x, as of Dec. 31, 2016.
The group is subject to a 4.5x debt-to-EBITDA financial covenant
stipulated by the loan agreement with EBRD. As S&P understands
from Samruk-Energy's management, the bank already provided a
waiver for a breach in 2016.
The continuing CreditWatch reflects further pressure on the
ratings if, by the end of the second quarter of 2017, Samruk-
Energy is unable to ensure liquidity sufficient to cover the
Eurobond's redemption in December 2017, or if the government
(likely via Samruk-Kazyna) doesn't provide timely and sufficient
extraordinary financial support, such as a shareholder loan or
equity injections, to meet the maturity. The lack of timely
decision on any government or parental support to cover the
liquidity gap at Samruk-Energy could also result in S&P's
reassessment of the likelihood of extraordinary state support.
S&P aims to resolve its CreditWatch in about three months. S&P
could affirm the ratings if Samruk-Energy's liquidity and
leverage stabilizes. The CreditWatch resolution will also
involve the analysis of extraordinary government support.
=====================
N E T H E R L A N D S
=====================
INVESCO MEZZANO: Moody's Affirms Ba3(sf) Rating on Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Invesco Mezzano B.V.:
-- EUR 19,250,000 Class C Deferrable Interest Floating Rate
Notes due 2024, Upgraded to Aa2 (sf); previously on Sep 28,
2016 Upgraded to A2 (sf)
-- EUR 10,000,000 Class D Deferrable Interest Floating Rate
Notes due 2024, Upgraded to Baa1 (sf); previously on Sep 28,
2016 Affirmed Ba1 (sf)
Moody's has also affirmed the ratings on the following notes:
-- EUR 254,500,000 (current outstanding balance of EUR56.1M)
Class A Senior Floating Rate Notes due 2024, Affirmed Aaa
(sf); previously on Sep 28, 2016 Affirmed Aaa (sf)
-- EUR 10,500,000 Class B Deferrable Interest Floating Rate
Notes due 2024, Affirmed Aaa (sf); previously on Sep 28, 2016
Upgraded to Aaa (sf)
-- EUR 16,750,000 (current outstanding balance of EUR13.1M)
Class E Deferrable Interest Floating Rate Notes due 2024,
Affirmed Ba3 (sf); previously on Sep 28, 2016 Affirmed
Ba3 (sf)
Invesco Mezzano B.V., issued in October 2007, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Invesco Asset Management Limited. The transaction's reinvestment
period ended in November 2013.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
deleveraging of the Class A Notes following amortization of the
underlying portfolio since the last rating action in September
2016.
The Class A Notes have paid down by approximately EUR26.56
million (10% of closing balance) since the last rating action in
September 2016 and EUR198.38 million (78% of closing balance)
since closing. As a result of the deleveraging, over-
collateralisation (OC) has increased. According to the trustee
report dated February 2017 the Class A, Class B, Class C, Class D
and Class E OC ratios are reported at 205.86%, 173.41%, 134.54%,
120.50% and 106.06% compared to August 2015 levels of 172.12%,
152.73%, 126.58%, 116.24% and 105.03%, respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR93.06 million and principal proceeds balance
of EUR27.99 million, defaulted par of EUR0.45 million, a weighted
average default probability of 23.45% (consistent with a WARF of
3442 and a WAL of 3.92 years), a weighted average recovery rate
upon default of 46.27% for a Aaa liability target rating, a
diversity score of 19 and a weighted average spread of 3.66%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
Factors that would lead to an upgrade or downgrade of the
ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that
were within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
* Around 13.44% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions", published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===========
R U S S I A
===========
PERESVET BANK: Big Creditors Approve Debt-to-Equity Swap
--------------------------------------------------------
According to Bloomberg News' Jake Rudnitsky, Kommersant, citing
unidentified people familiar with negotiations, all Peresvet's
biggest creditors agreed on a deal to convert debt into capital
in the bank.
Creditors that approved the bail-in include Rosselkhozbank,
Sovcombank, Otkritie, Sviaz Bank, B&N Bank, Zenit, Inter RAO and
RusHydro, Bloomberg discloses.
* * *
As reported by the Troubled Company Reporter-Europe on April 3,
2017, S&P Global Ratings affirmed its 'D/D' long- and short-term
counterparty credit ratings and its 'D' Russia national scale
rating on JSCB Peresvet Bank. At the same time, S&P affirmed its
'D' ratings on the bank's senior unsecured debt. S&P
subsequently withdrew all ratings at the bank's request.
At the time of the withdrawal, S&P's ratings on Peresvet Bank
reflected the bank's inability to honor its obligations on time
and in full.
On Oct. 21, 2016, the Central Bank of Russia announced the
appointment of a temporary administration of Peresvet Bank and
imposed a payment moratorium, citing the bank's failure to meet
creditors' claims for more than seven days. S&P subsequently
lowered the ratings on Peresvet Bank to 'D' on Oct. 24, 2016.
ROSENERGOBANK: Moody's Cuts Long-Term Deposit Ratings to C
----------------------------------------------------------
Moody's Investors Service has downgraded Rosenergobank's long-
term global, local and foreign-currency deposit ratings to C from
Caa2. The C ratings do not carry outlooks. At the same time,
Moody's downgraded the bank's baseline credit assessment (BCA)
and adjusted BCA to c from caa2. The rating agency also affirmed
the bank's Not-Prime short-term local and foreign currency
deposit ratings.
Moody's also downgraded the bank's long-term Counterparty Risk
Assessment (CR Assessment) to C(cr) from Caa1(cr) and affirmed
the bank's short-term CR Assessment of Not Prime(cr).
Moody's will withdraw all the bank's ratings following the recent
withdrawal of its banking license by the Central Bank of Russia
(CBR).
RATINGS RATIONALE
The downgrade and Moody's subsequent ratings withdrawal follow
the Central Bank of Russia's announcement on 10 April 2017 that
it had revoked Rosenergobank's banking license as a result of
Rosenergobank's failure to honour its liabilities to creditors,
violation of the Bank of Russia's instruction and recording
unreliable information, use of high-risk business model, low
quality of management and assets.
The downgrade of Rosenergobank's ratings reflects Moody's
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given the bank's poor asset
quality and historical recovery data for similar cases in Russia,
when banks' licenses have been revoked.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
Headquartered in Moscow, Russia, Rosenergobank reported total
assets of RUB53.9 billion under unaudited local GAAP on 1 March
2017.
=========
S P A I N
=========
GRIFOLS SA: S&P Assigns 'B+' Rating to Proposed EUR1BB Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating and '6'
recovery rating to the proposed EUR1 billion senior unsecured
notes to be issued by Spain-based global specialty
biopharmaceutical company Grifols S.A. (BB/Stable/--). The '6'
recovery rating indicates S&P's expectation of negligible (0%-
10%) recovery in the event of a payment default. This reflects
the notes' subordination to the senior secured loans in the
company's capital structure and their unsecured nature.
S&P's 'BB' issue rating and '3' recovery rating on the existing
$6.3 billion senior secured loans issued by Grifols S.A., Grifols
WorldWide Operations Ltd., and Grifols WorldWide Operations USA
Inc. remain unchanged. The '3' recovery rating continues to
indicate S&P's expectations of meaningful recovery (50%-70%
range; rounded estimate: 65%), and is supported by the
instrument's comprehensive security package.
The draft documentation for the proposed senior unsecured loan is
in line with the existing offering memorandum.
S&P understands that Grifols intends to use the proceeds of its
proposed senior unsecured instrument with an eight-year tenor to
refinance its existing $1 billion senior unsecured notes,
originally maturing in 2022.
In S&P's opinion, recovery prospects are subject to Grifols'
post-default exposure to both the Spanish and U.S. insolvency
regimes. Although the group is headquartered in Spain and the
debt is guaranteed by the Spain-based parent, Grifols has
substantial operations and assets in the U.S., where most of the
debt is located. S&P believes that an insolvency filing, if
required, could occur in the U.S. rather than in Spain. S&P
views the insolvency regimes in both Spain and the U.S. as
favorable for creditors.
Grifols refinanced its outstanding senior secured facilities in
January 2017, for $1.7 billion to partly finance the $1.85
million acquisition of Hologic Inc.'s share of nucleic acid
testing ("NAT") blood screening business.
S&P's 'BB' corporate credit rating on Grifols S.A. is based on
S&P's assessment of the parent company's satisfactory business
risk profile and aggressive financial risk profile. The outlook
is stable.
RECOVERY ANALYSIS
SIMULATED DEFAULT ASSUMPTIONS
-- Year of default: 2022
-- Jurisdiction: U.S. and Spain
-- Implied enterprise value multiple: 6.5x
-- EBITDA at emergence: EUR636 million
-- Capital expenditures representing 4% of three-year annual
pro-forma average of sales, in line with historical results
and future expectations.
-- Cyclicality adjustment is 0%, in line with the specific
industry sub-segment
-- Operational adjustment is 0%
SIMPLIFIED WATERFALL
-- Gross recovery value: EUR4,136 billion
-- Net enterprise value available to creditors after
administrative expenses (5%): EUR3,929.4 billion
-- Estimated priority claims: EUR409 million*
-- Remaining recovery value: EUR3,520 billion
-- Estimated first-lien debt claim: EUR5,219.3 billion*
-- Recovery rating: 3 (50%-70% range; rounded estimate:
65%)
-- Estimated senior unsecured notes claim: EUR2,715 million*
-- Value available for unsecured claim: EUR0 million
-- Recovery rating: 6 (0%-10%)
*All debt amounts include six months of pre-petition interests.
IMAGINARIUM SA: To Increase Capital by EUR5MM to Avoid Insolvency
-----------------------------------------------------------------
Reuters reports that Imaginarium SA said on March 31 that it
proposes to increase capital by EUR5 million.
The company said it will issue 166 million new shares at EUR0.03
per share with preferred subscription rights for current
shareholders and with an option for an incomplete subscription,
Reuter relays.
According to the report, the company said that if the capital
increase is not approved by shareholders, Imaginarium will begin
its dissolution process and appoint a liquidator.
Reuters says the capital increase is carried out to cover an
equity imbalance that was discovered during preparation of FY
financial statements.
Currently net equity stands at negative EUR2.3 million and may
change due to possible deterioration of commercial debt in Italy
by up to EUR7.6 million, Reuters adds.
Imaginarium SA -- http://www.imaginarium.es-- is a Spain-based
company, which primarily provides toys and juvenile products. The
Company distributes and sells toys, recreational electronic
devices, hygiene and childcare products, decoration and
furniture, as well as outdoor products, such as swimming pools,
bicycles, garden playhouses and climbing frames. It operates
worldwide through a network of own stores and franchises under
the brands Imaginarium and ItsImagical in Spain, Portugal, Italy,
Ireland, Germany, Russia, Turkey, Israel, Mexico, Colombia, and
Hong Kong, among others. Furthermore, the Company controls a
range of subsidiaries, such as ItsImagical HK Ltd, Imag
Operations GmbH, Imagijodos Lda, Imaginarium Travel Lines SL and
Imagination Hellas SA.
===========================
U N I T E D K I N G D O M
===========================
ARRAN AROMATICS: Trump Turnberry Among Creditors, Documents Show
----------------------------------------------------------------
Jody Harrison at The Herald reports that luxury soapmaker Arran
Aromatics went into administration with debts of GBP1.8 million
while being owed money by a string of high-profile hotels and
shops including President Donald Trump's golf course Trump
Turnberry.
The high-end scented handwash and candlemaker was waiting on
payments from prominent customers, among them John Lewis, House
of Fraser, the Caledonian Sleeper and the Royal Troon Golf Club
when the business failed, The Herald discloses.
However, the amount or money it was waiting on would not have
stopped the firm from sliding into financial difficulties, with
administrators saying the decision to go into administration was
down to a trading issue, The Herald notes.
Arran Aromatics, which also made candles, gifts and bespoke
products for several hotel groups including The Auchrannie Hotel
& Spa on Arran, Cameron House and Cromlix, called in
administrators early last month after being hit by the shopping
downturn on the high street, The Herald recounts.
Almost immediately it was bought out by private equity investor
Endless which announced it would retain more than 100 jobs and
keep all shops open, including a new showroom recently opened on
George Street in Edinburgh and an outlet in Glasgow's Buchanan
Galleries, while rebranding the firm as "Arran, Sense of
Scotland", The Herald relays.
Details of the firm's financial health were revealed in documents
filed with companies house by administrators KPMG, The Herald
notes.
They reveal that the total owed to the company by firms scattered
across Scotland was GBP182,436, The Herald discloses.
The statement of affairs also discloses a list of creditors, who
include the local Arran Dairies, ferry company Caledonian
MacBrayne, the Forestry Commission and both Edinburgh and
Dumfries and Galloway Councils, The Herald states.
According to The Herald, a host of suppliers from packaging firms
to fragrance specialists and even Arran Aromatics public
relations consultants are also owed money, and will now most
likely have to settle for some form of reduced payment, depending
on the terms of the administration.
COUTURE LIMITED: Nicholas Oakwell Closes Label, Uniforms Firms
--------------------------------------------------------------
WWD.com reports that British couturier Nicholas Oakwell -- who
has dressed celebrities including Helen Mirren, Karlie Kloss,
Jourdan Dunn, Karolina Kurkova, Paloma Faith and Suki Waterhouse
-- has shut his London-based businesses, and they are now in the
hands of insolvency advisers.
WWD.com, citing paperwork filed with Companies House, the
official registry of U.K. businesses, says Couture Limited and No
Uniforms Limited have been dissolved. The company is working with
LB Insolvency, WWD.com relates.
Oakwell launched the couture label in 2011 and showed his
collections in London at Claridge's. He also had an appointment-
only shop within Claridge's at 49 Brook Street in Mayfair,
WWD.com discloses. He was known for his use of playful
embellishments such as beads, feathers, fringes and sequins for
his glamorous, showy evening and daywear, WWD.com notes.
WWD.com says each dress was made-to-order, and his focus was
celebrity red-carpet dressing. His atelier is based in
Clerkenwell. Last year, he was involved with the Great Britain
campaign, which promotes British products and brands abroad. He
created an opulent red gown worn by Erin O'Connor for the
project.
He launched No Uniform, a uniform design business, supplying
staff members at hotels including Claridge's, The Connaught, The
London Edition Hotel and the Four Seasons. According to British
media reports, the designer owed large sums of money to a number
of creditors as well as to staff, craftsmen and interns, WWD.com
relays.
Mr. Oakwell studied millinery at Epsom University and designed
hats for Jasper Conran, Katharine Hamnett and John Lewis. He was
an in-house designer for Harvey Nichols, working on the
retailer's in-house label, WWD.com reports.
OLIVER ADAMS: Closes All Outlets, 100 Jobs Axed
-----------------------------------------------
Northamptonshire Telegraph reports that baking ovens have fired
for the last time at all of the Oliver Adams, an official has
confirmed. This means all 100-plus employees have been made
redundant and all its outlets have now closed, the report says.
Ian Cooke of Northampton insolvency experts BRI, which has been
working to keep the company afloat over the past 12 months, has
confirmed the efforts "have failed," Northamptonshire Telegraph
says.
According to the report, Mr. Cooke met more than 100 staff at the
firm's Northampton headquarters on March 31 to talk the staff
through the redundancy procedure alongside a member of the
Jobcentre Plus.
Northamptonshire Telegraph recalls that a Compulsory Voluntary
Agreement (CVA) had been signed on June 1 last year, which aimed
to help pay off the company's GBP1.7 million of debts. But it
has not been successful, meaning signals the end of the company's
century-old links to the county.
"We were trying to work with the directors and management to
provide a softer landing for the company and its employees. This
couldn't be achieved. As supervisors of the CVA, we have certain
obligations. When it fails, we have to petition the courts for a
compulsory liquidation," the report quotes Mr. Cooke as saying.
"That remained the intention when I left the office on March 30.
This morning [March 31], the director has instructed another non-
local firm of insolvency practitioners to take the required steps
to put the company into voluntary liquidation."
Those who attended the meeting said director of the company Mark
Jarvis was not present, the report relays.
He and his business partner Martin Deness took over the firm just
over two years ago, taking over from Thomas Adams, a direct
descendant of the company's founder, Northamptonshire Telegraph
says.
Mr. Jarvis has yet to make an official statement, the report
notes.
The bakery business, which is based at Gladstone Road in
Northampton, was established in the 1860s.
* UK: 24.1% of East Midlands Restaurants at Risk of Insolvency
--------------------------------------------------------------
TheBusinessDesk.com reports that nearly one in four East Midlands
restaurants is in danger of slipping into insolvency, according
to new figures from an industry body.
TheBusinessDesk.com relates that R3 said almost one-in-four
(24.1%) local operators has an above average risk of insolvency -
the highest percentage of any region in the UK.
According to TheBusinessDesk.com, the finding is part of
insolvency and restructuring body R3's monthly sector tracking
report - compiled using Bureau Van Dijk's Fame database - which
also reveals an uncertain outlook for some East Midlands
transport and haulage businesses.
Over one-in-three (36.5%) of these companies in the East Midlands
currently has a higher than normal risk of insolvency, which is
one of the highest ratios in the UK, the report relays. Only the
West Midlands has a greater proportion of transport and haulage
businesses with an increased risk of insolvency.
TheBusinessDesk.com says R3 pointed out that there is positive
news for the region, however, as the research reveals that the
East Midlands agriculture sector is the UK's top regional
performer, with only around one-in-seven (14.5%) businesses
operating with an above average risk of insolvency.
TheBusinessDesk.com relates that the region's construction sector
is among the top three most financially secure in the UK --
outperformed only by the West Midlands and Northern Ireland --
with fewer than one-in-five (23.6%) at higher than average risk
of insolvency.
"These statistics paint a mixed commercial picture for the
region. The situation won't necessarily be helped by predictions
of economic growth by leading forecasters, as businesses are now
facing the effects of rising inflation hitting households and the
uncertainty surrounding Brexit," the report quotes R3 Midlands
Chairman chris Radford, a partner at the Nottingham office of
Gateley plc, as saying.
"R3 advises that the monitoring of finances should remain a
priority for business owners as they seek to weather all
eventualities. If cash flow becomes a major challenge, it is
imperative to seek professional advice sooner rather than later.
Never be tempted to stick your head in the sand."
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 10 to April 14, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Agrokor dd 9.88 5/1/2019 EUR 36.48
Agrokor dd 8.88 2/1/2020 USD 36.63
QGOG Constellation SA 6.25 11/9/2019 USD 70.55
Rickmers Holding AG 8.88 6/11/2018 EUR 4.64
Co-Operative Bank PLC/Uni 11.00 12/20/2023 GBP 38.00
Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 34.00
Aegon NV 0.60 EUR 67.12
Offshore Drilling Holding 8.38 9/20/2020 USD 41.63
Intelsat Luxembourg SA 7.75 6/1/2021 USD 58.85
Banque Federative du Cred 0.90 EUR 68.37
Co-Operative Bank PLC/Uni 8.50 7/1/2025 GBP 29.81
ING Groep NV 1.10 EUR 73.99
Agrokor dd Via Aquarius + 4.92 8/8/2017 EUR 30.63
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.00
Ensco PLC 5.75 10/1/2044 USD 73.42
ING Groep NV 0.70 EUR 71.18
Casino Guichard Perrachon 1.69 EUR 67.18
Portugal Telecom Internat 4.63 5/8/2020 EUR 32.02
Banca Popolare di Vicenza 2.82 12/20/2017 EUR 12.33
Alitalia-Societa' Aerea I 5.25 7/30/2020 EUR 45.50
Immigon Portfolioabbau AG 10.00 EUR 17.63
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 15.50
Neopost SA 3.38 EUR 58.13
Intelsat Luxembourg SA 8.13 6/1/2023 USD 58.86
Mitsubishi UFJ Investor S 4.17 12/15/2050 EUR 49.92
CGG SA 5.88 5/15/2020 EUR 46.63
Privatbank CJSC Via UK SP 10.25 1/23/2018 USD 24.04
Santander International P 2.00 USD 67.00
Veneto Banca SpA 9.50 12/1/2025 EUR 15.00
AXA SA 0.54 EUR 70.42
Veneto Banca SpA 0.72 6/21/2017 EUR 30.00
Portugal Telecom Internat 5.88 4/17/2018 EUR 32.88
Portugal Telecom Internat 5.00 11/4/2019 EUR 33.23
HSH Nordbank AG 7.25 USD 27.04
CNP Assurances 1.27 EUR 70.45
BPCE SA 0.72 EUR 74.21
Ageasfinlux SA 1.02 EUR 56.25
Far East Capital Ltd SA 8.00 5/2/2018 USD 68.75
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.76
Rothschilds Continuation 1.46 EUR 71.46
Pacific Drilling SA 5.38 6/1/2020 USD 51.25
HSH Nordbank AG/Luxembour 2.10 EUR 19.71
Agrokor dd 8.88 2/1/2020 USD 36.68
Banco Espirito Santo SA 2.63 5/8/2017 EUR 29.53
Novo Banco SA 3.50 1/2/2043 EUR 59.09
Air France-KLM 2.03 2/15/2023 EUR 11.34
UkrLandFarming PLC 10.88 3/26/2018 USD 32.40
Banca Carige SpA 8.34 EUR 24.63
OAS Investments GmbH 8.25 10/19/2019 USD 5.10
Oi Brasil Holdings Cooper 5.63 6/22/2021 EUR 33.56
CGG SA 6.50 6/1/2021 USD 48.50
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.20
AXA SA 0.88 EUR 74.71
CGG SA 1.75 1/1/2020 EUR 2.53
Scholz Holding Gmbh 8.50 12/31/2019 EUR 10.38
Portugal Telecom Internat 4.50 6/16/2025 EUR 32.95
Caisse Federale du Credit 0.89 EUR 71.14
WPE International Coopera 10.38 9/30/2020 USD 18.50
Mitsubishi UFJ Investor S 3.92 12/30/2099 EUR 4.25
Brunswick Rail Finance De 6.50 11/1/2017 USD 72.50
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.50
Bilt Paper BV 9.64 USD 33.50
Portugal Telecom Internat 6.25 7/26/2016 EUR 32.58
Solarworld AG 9.67 2/24/2019 EUR 55.33
BNP Paribas SA 1.49 USD 70.94
BNP Paribas SA 1.15 EUR 66.04
Credit Mutuel Arkea SA 0.79 EUR 70.73
Waste Italia SpA 10.50 11/15/2019 EUR 17.13
CGG SA 1.25 1/1/2019 EUR 24.12
Agrokor dd 9.88 5/1/2019 EUR 37.31
Banca Carige SpA 7.32 12/20/2020 EUR 53.07
Econocom Group SA/NV 1.50 1/15/2019 EUR 13.81
Sapinda Invest SARL 5.00 6/30/2019 EUR 30.00
Aegon NV 1.51 NLG 67.65
Banca Monte dei Paschi di 0.67 11/30/2017 EUR 37.40
Nordea Bank AB 1.50 USD 73.47
Banca Monte dei Paschi di 2.29 5/15/2018 EUR 35.60
Banca Monte dei Paschi di 5.00 4/21/2020 EUR 35.68
Jyske Bank A/S 0.84 EUR 71.81
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Bibby Offshore Services P 7.50 6/15/2021 GBP 60.13
Eramet 4.00 EUR 43.42
Fuerstenberg Capital Erst 1.45 EUR 65.67
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.20
Yuksel Insaat AS 9.50 11/10/2015 USD 20.63
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38
Rothschilds Continuation 1.69 USD 62.60
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.38
SOITEC 6.75 9/18/2018 EUR 2.93
Novo Banco SA 3.00 6/21/2022 USD 73.97
Privatbank CJSC Via UK SP 11.00 2/9/2021 USD 12.88
CEVA Group PLC 9.00 9/1/2021 USD 71.63
CGG SA 6.88 1/15/2022 USD 46.50
Agrokor dd 9.13 2/1/2020 EUR 36.87
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Societe Generale SA 1.38 USD 71.75
ATF Capital BV 8.58 USD 69.44
Rudolf Woehrl AG 6.50 2/12/2018 EUR 14.50
Jyske Bank A/S 1.05 EUR 72.35
BIM SAS 2.50 11/13/2020 EUR 26.82
Havila Shipping ASA 5.43 11/7/2020 NOK 66.00
NIBC Bank NV 2.46 USD 73.58
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 60.38
Popular Capital SA 0.93 EUR 58.13
Sydbank A/S 0.85 EUR 71.00
syncreon Group BV / syncr 8.63 11/1/2021 USD 72.25
Far East Capital Ltd SA 8.75 5/2/2020 USD 64.51
Nexity SA 0.13 1/1/2023 EUR 64.78
Alno AG 8.50 5/14/2018 EUR 44.63
Norske Skog Holding AS 8.00 2/24/2021 EUR 52.12
Sydbank A/S 0.77 EUR 74.38
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.93
Virgolino de Oliveira Fin 10.50 1/28/2018 USD 7.51
3W Power SA 8.00 8/29/2019 EUR 39.75
Allied Irish Banks PLC 12.50 6/25/2035 GBP 71.50
Paragon Offshore PLC 6.75 7/15/2022 USD 18.75
KTG Agrar SE 7.13 6/6/2017 EUR 2.15
Novo Banco SA 3.50 1/23/2043 EUR 59.21
Matalan Finance PLC 8.88 6/1/2020 GBP 67.38
Solarworld AG 9.67 2/24/2019 EUR 50.10
Novo Banco SA 3.50 2/19/2043 EUR 59.21
IKB Deutsche Industrieban 5.63 8/1/2017 EUR 37.00
Sequa Petroleum NV 5.00 4/29/2020 USD 69.00
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 43.63
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 22.63
Beate Uhse AG 7.75 7/9/2019 EUR 18.25
Candyking Holding AB 5.00 1/29/2018 SEK 46.88
SeniVita Sozial gemeinnue 7.00 EUR 66.50
NIBC Bank NV 0.91 EUR 68.31
Privatbank CJSC Via UK SP 10.88 2/28/2018 USD 22.01
Lambay Capital Securities 6.25 GBP 1.23
QGOG Constellation SA 6.25 11/9/2019 USD 70.50
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50
Electromagnetic Geoservic 6.96 6/27/2019 NOK 67.63
German Pellets GmbH 7.25 11/27/2019 EUR 0.63
DNB Bank ASA 1.53 USD 70.69
Orient Express Bank PJSC 12.00 5/29/2019 USD 55.00
European Directories Bond 7.00 12/9/2018 EUR 66.00
Banca Carige SpA 2.77 6/19/2018 EUR 55.50
Novo Banco SA 3.50 3/18/2043 EUR 59.27
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 67.07
Banca Carige SpA 1.67 12/29/2018 EUR 36.63
Scandinavian Airlines Sys 0.63 CHF 24.55
Pescanova SA 5.13 4/20/2017 EUR 2.75
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
EFG International AG 0.63 EUR 65.38
Lehman Brothers UK Capita 5.13 EUR 0.14
Banca Popolare di Vicenza 4.00 8/27/2019 EUR 72.75
Afren PLC 11.50 2/1/2016 USD 0.15
Elli Investments Ltd 12.25 6/15/2020 GBP 60.00
Alno AG 8.00 3/21/2019 EUR 37.00
Hellenic Republic Governm 5.20 7/17/2034 EUR 71.25
Banca Popolare di Vicenza 4.60 12/15/2017 EUR 31.21
Eniro AB 6.00 4/14/2020 SEK 14.71
Tikehau Capital SCA 1.63 1/1/2022 EUR 61.50
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.25
Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 32.38
Aralco Finance SA 10.13 5/7/2020 USD 2.28
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
Paragon Offshore PLC 7.25 8/15/2024 USD 18.75
Manchester Building Socie 6.75 GBP 15.84
CGG SA 6.50 6/1/2021 USD 48.05
Dexia Credit Local SA 1.40 EUR 6.49
Air Berlin Finance BV 1.50 4/11/2027 EUR 2.70
Pescanova SA 8.75 2/17/2019 EUR 2.75
Veneto Banca SpA 6.95 2/25/2025 EUR 15.88
Bank Nadra via NDR Financ 8.25 7/31/2018 USD 0.25
Innogy SE 3.80 4/5/2033 USD 74.24
Fred Olsen Energy ASA 4.05 2/28/2019 NOK 52.38
Lloyds Bank PLC 2.78 12/27/2028 USD 74.25
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Avatera Medical Investmen 5.00 8/7/2018 EUR 70.00
Touax SA 6.00 7/10/2020 EUR 16.04
Santander Finance Capital 2.00 EUR 56.13
Hybrid Raising GmbH 6.63 EUR 24.01
City of Kiev Ukraine Via 8.00 11/6/2015 USD 65.38
Praktiker AG 5.88 2/10/2016 EUR 0.21
Banco Espirito Santo SA 2.32 EUR 0.43
Iona Energy Co UK Ltd 12.50 9/27/2018 USD 0.68
Banca delle Marche SpA 0.62 6/1/2017 EUR 0.70
Offshore Drilling Holding 8.38 9/20/2020 USD 40.50
Societe Generale SA 0.81 EUR 59.50
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.36
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48
Etablissements Maurel et 1.63 7/1/2019 EUR 17.13
Oceanic Champion AS 8.00 2/20/2020 USD 71.55
Stichting Afwikkeling Ond 11.25 EUR 0.52
Laurel GmbH 7.13 11/16/2017 EUR 8.75
Stichting Afwikkeling Ond 6.25 10/26/2020 EUR 4.75
Sazka AS 9.00 7/12/2021 EUR 0.34
Banca Nuova SpA 6.06 5/23/2028 EUR 68.00
Republic of Italy Governm 0.30 7/31/2035 EUR 74.20
Deutsche Bank AG/London 2.28 8/28/2034 USD 58.38
Virgolino de Oliveira Fin 11.75 2/9/2022 USD 7.00
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.25
Norske Skog Holding AS 8.00 2/24/2023 USD 42.25
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.63
GNB - Cia de Seguros de V 3.17 EUR 48.00
Cirio Holding Luxembourg 6.25 2/16/2004 EUR 1.34
Pacific Drilling SA 5.38 6/1/2020 USD 46.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 35.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 30.13
DNB Bank ASA 1.31 USD 70.81
More & More AG 8.13 6/11/2018 EUR 37.00
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.13
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
Capital Raising GmbH 7.50 EUR 23.29
Sairgroup Finance BV 4.38 6/8/2006 EUR 13.88
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.92
Credit Lyonnais SACA 0.44 EUR 63.71
Lehman Brothers Treasury 6.00 2/15/2035 EUR 10.00
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 30.13
Corporate Commercial Bank 8.25 8/8/2014 USD 0.50
LBI HF 6.10 8/25/2011 USD 10.13
Ideal Standard Internatio 11.75 5/1/2018 EUR 5.00
Vseukrainsky Aktsinerny B 10.90 6/14/2019 USD 2.12
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 1.43
Island Drilling Co ASA 9.50 4/3/2018 USD 1.50
Banca Monte dei Paschi di 2.79 10/31/2018 EUR 37.43
Smart Solutions GmbH 8.00 12/3/2018 EUR 35.88
IGas Energy PLC 10.00 2/4/2020 USD 49.88
OP Corporate Bank plc 0.84 EUR 68.20
GNB - Cia de Seguros de V 1.87 12/19/2022 EUR 60.38
Action SA 3.21 7/4/2017 PLN 54.07
Dexia SA 1.45 EUR 5.13
Oceanteam ASA 12.29 10/24/2017 USD 21.63
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.20
Petrol AD 5.50 1/26/2022 EUR 29.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59
Vneshprombank Ltd via VPB 9.00 11/14/2016 USD 0.03
Banca Popolare di Vicenza 5.00 5/30/2021 EUR 66.25
Banca Popolare di Vicenza 8.50 12/28/2018 EUR 28.00
GPB Aerofinans OOO 9.67 3/15/2030 RUB 60.38
Barclays Bank PLC 0.66 3/21/2033 USD 57.50
getgoods.de AG 7.75 10/2/2017 EUR 0.03
Teksid Aluminum Luxembour 11.38 7/15/2011 EUR 0.19
Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.10
Santander Finance Capital 2.00 USD 56.20
DNB Bank ASA 1.50 USD 70.69
Barclays Bank PLC 2.85 1/27/2031 USD 63.88
Banco Pinto & Sotto Mayor 0.68 EUR 25.31
Orco Property Group SA 7.00 11/7/2019 EUR 67.75
Etablissements Maurel et 2.75 7/1/2021 EUR 10.66
Havila Shipping ASA 5.01 11/7/2020 NOK 42.25
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Novo Banco SA 3.00 12/16/2021 EUR 68.63
Steilmann SE 7.00 9/23/2018 EUR 2.89
PNE Wind AG 3.75 10/10/2019 EUR 3.30
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 15.75
BOA Offshore AS 7.69 12/18/2018 NOK 25.00
KTG Energie AG 7.25 9/28/2018 EUR 2.28
Mobile TeleSystems PJSC 8.85 3/25/2021 RUB 100.40
Barclays Bank PLC 0.53 5/31/2033 USD 57.50
SeaBird Exploration Finan 6.00 3/3/2018 USD 15.25
Deutsche Bank AG/London 3.42 11/26/2034 USD 67.25
Del Monte Finance Luxembo 6.63 5/24/2006 EUR 4.61
Lehman Brothers UK Capita 6.90 USD 0.77
Lehman Brothers Treasury 6.00 11/2/2035 EUR 10.00
Koninklijke Luchtvaart Ma 0.75 CHF 36.50
Deutsche Bank AG/London 2.46 6/30/2034 USD 51.13
Windreich GmbH 6.50 7/15/2016 EUR 10.00
German Pellets GmbH 7.25 7/9/2018 EUR 1.42
Manchester Building Socie 8.00 GBP 25.00
Barclays Bank PLC 3.21 7/31/2034 USD 70.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.01
Autonomous Community of C 2.97 9/8/2039 JPY 64.22
Tatfondbank OAO via TFB F 8.50 11/12/2019 USD 1.16
Barclays Bank PLC 1.94 9/30/2031 USD 66.70
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 42.96
Hellas Telecommunications 8.50 10/15/2013 EUR 0.50
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Lloyds Bank PLC 3.02 11/27/2033 USD 69.05
TradeDoubler AB 6.75 12/20/2018 SEK 49.25
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.13
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Frey 6.00 11/15/2022 EUR 22.50
Lloyds Bank PLC 0.65 1/31/2033 USD 58.70
Farstad Shipping ASA 4.45 5/29/2018 NOK 26.63
Banco Pastor SAU 2.07 EUR 57.17
Portigon AG 7.46 12/31/2019 EUR 26.50
Lehman Brothers Treasury 5.00 2/16/2015 EUR 10.00
Deutsche Bank AG/London 0.36 3/15/2033 USD 55.00
Deutsche Bank AG/London 4.06 10/31/2034 USD 70.25
Nationwide Building Socie 0.85 GBP 70.00
Deutsche Bank AG 0.35 6/28/2033 USD 57.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.37
Lehman Brothers Treasury 7.25 10/5/2035 EUR 9.63
Paragon Offshore PLC 7.25 8/15/2024 USD 19.63
UkrLandFarming PLC 10.88 3/26/2018 USD 30.50
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00
Waste Italia SpA 10.50 11/15/2019 EUR 17.13
World Wide Supply AS 7.75 5/26/2017 USD 13.88
Royal Bank of Scotland PL 1.94 12/30/2030 USD 60.88
Hellenic Republic Governm 2.09 7/25/2057 EUR 37.25
Belfius Bank SA/NV 1.66 FRF 70.13
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.35
Far Eastern Shipping Co P 13.00 11/28/2017 RUB 59.11
Golden Energy Offshore Se 5.00 12/31/2017 NOK 40.75
Cirio Finance Luxembourg 7.50 11/3/2002 EUR 4.46
Steilmann SE 6.75 6/27/2017 EUR 5.00
International Industrial 11.00 2/19/2013 USD 0.28
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Assystem 4.50 EUR 31.28
KPNQwest NV 10.00 3/15/2012 EUR 0.76
Barclays Bank PLC 2.12 3/28/2034 USD 62.10
Depfa Funding IV LP 1.54 EUR 56.34
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Royal Bank of Scotland PL 2.42 12/13/2028 USD 72.04
Kommunalbanken AS 0.50 5/27/2022 ZAR 64.34
Barclays Bank PLC 2.42 2/25/2031 USD 65.60
Royal Bank of Scotland PL 2.46 11/16/2030 USD 67.71
Farstad Shipping ASA 5.22 7/30/2017 NOK 27.00
Santander Finance Capital 2.00 EUR 56.13
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.50
OAS Investments GmbH 8.25 10/19/2019 USD 4.67
Lloyds Bank PLC 3.34 10/25/2033 USD 73.50
Barclays Bank PLC 2.41 11/29/2030 USD 65.50
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.41
Holdikks SAS 6.75 7/15/2021 EUR 60.50
Windreich GmbH 6.50 3/1/2015 EUR 10.00
Finance and Credit Bank J 9.25 1/25/2019 USD 0.47
Veneto Banca SpA 6.94 5/15/2025 EUR 15.75
Abanka Vipa DD Via Afinan 1.57 EUR 1.37
Lloyds Bank PLC 0.54 2/22/2033 USD 59.25
Barclays Bank PLC 2.57 3/21/2031 USD 66.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 35.00
Lehman Brothers Treasury 8.25 3/16/2035 EUR 10.00
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.17
Lehman Brothers Treasury 5.00 9/22/2014 EUR 10.00
Dexia Kommunalbank Deutsc 4.88 6/1/2017 EUR 39.05
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 64.48
Portugal Telecom Internat 5.24 11/6/2017 EUR 32.88
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.14
3W Power SA 5.50 11/11/2020 EUR 45.00
Stroika Finance Ltd Via E 9.90 6/25/2019 RUB 12.00
Banca Carige SpA 5.70 6/30/2017 EUR 70.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 13.00
Bank Nederlandse Gemeente 0.50 6/7/2022 ZAR 63.14
Northland Resources AB 4.00 10/15/2020 USD 0.01
PA Resources AB 13.50 3/3/2016 SEK 0.09
Orient Express Bank PJSC 8.17 6/27/2017 USD 50.00
Rena GmbH 8.25 7/11/2018 EUR 3.60
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.00
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Commerzbank Holdings UK L 1.69 USD 73.88
Afren PLC 6.63 12/9/2020 USD 0.42
RN Bank JSC 10.40 7/9/2021 RUB 100.70
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 11.71
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
SiC Processing GmbH 7.13 3/1/2016 EUR 2.67
Privatbank CJSC Via UK SP 10.88 2/28/2018 USD 22.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 30.13
Volstad Shipping AS 7.05 4/15/2019 NOK 25.00
Steilmann SE 7.00 3/9/2017 EUR 2.90
Barclays Bank PLC 2.96 9/29/2034 USD 69.30
Barclays Bank PLC 2.62 12/30/2030 USD 63.65
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Norske Skog Holding AS 8.00 2/24/2023 USD 47.00
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Barclays Bank PLC 0.55 3/28/2033 USD 60.00
Dannemora Mineral AB 11.75 3/22/2016 USD 0.63
KTG Agrar SE 7.25 10/15/2019 EUR 2.14
Barclays Bank PLC 1.23 6/17/2033 USD 61.75
Bibby Offshore Services P 7.50 6/15/2021 GBP 60.13
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.75
German Pellets GmbH 7.25 4/1/2016 EUR 1.04
APP International Finance 11.75 10/1/2005 USD 0.56
Landesbank Hessen-Thuerin 0.12 5/3/2041 EUR 74.06
BNP Paribas SA 0.58 4/30/2033 USD 52.75
Stichting Afwikkeling Ond 2.42 EUR 0.52
Norske Skog Holding AS 8.00 2/24/2021 EUR 54.00
Northland Resources AB 15.00 7/15/2019 USD 0.44
Lehman Brothers Treasury 7.00 5/17/2035 EUR 10.00
Golden Gate AG 6.50 10/11/2014 EUR 41.50
Gazprom Capital OOO 8.90 2/3/2027 RUB 60.12
Barclays Bank PLC 2.72 7/28/2031 USD 68.88
Societe Generale SA 1.92 10/31/2033 USD 74.82
AKB Peresvet ZAO 13.00 10/7/2017 RUB 22.50
SAir Group 5.13 3/1/2003 CHF 14.00
HSBC France SA 1.03 EUR 61.10
Mox Telecom AG 7.25 11/2/2017 EUR 3.35
CNP Assurances 2.00 EUR 74.75
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 70.30
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
PA Resources AB 3.00 12/27/2017 NOK 0.09
UniCredit Bank Austria AG 0.19 8/20/2033 EUR 67.61
Rem Offshore ASA 5.00 12/8/2024 NOK 30.13
KPNQwest NV 8.88 2/1/2008 EUR 1.00
Finmek International SA 7.00 12/3/2004 EUR 4.89
Gunther Zamek Produktions 7.75 5/15/2017 EUR 1.26
Pescanova SA 6.75 3/5/2015 EUR 3.09
CEVA Group PLC 9.00 9/1/2021 USD 70.81
Lehman Brothers Treasury 6.00 3/18/2015 USD 10.00
Barclays Bank PLC 4.63 9/13/2028 USD 65.00
Nuova Banca Popolare dell 1.67 9/28/2017 EUR 0.81
Far Eastern Shipping Co P 15.00 2/27/2018 RUB 57.03
Banca Popolare di Vicenza 5.00 11/22/2020 EUR 69.50
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.50
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.20
Acron PJSC 9.55 9/24/2026 RUB 61.56
Banco Comercial Portugues 5.00 EUR 55.00
MS Deutschland Beteiligun 6.88 12/18/2017 EUR 5.73
Barclays Bank PLC 0.06 12/28/2040 EUR 70.62
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Hamburgische Landesbank-G 0.05 1/22/2041 EUR 62.14
Lehman Brothers Treasury 2.88 3/14/2013 CHF 10.00
Afren PLC 10.25 4/8/2019 USD 0.00
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 11.53
Northland Resources AB 4.00 10/15/2020 NOK 0.06
Lehman Brothers Treasury 5.10 5/8/2017 HKD 9.63
Deutsche Bank AG/London 2.94 9/30/2029 USD 67.00
CRC Breeze Finance SA 6.11 5/8/2026 EUR 55.50
Governo Portugues Consoli 3.00 EUR 70.00
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
KPNQwest NV 7.13 6/1/2009 EUR 1.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.17
Accentro Real Estate AG 6.25 3/27/2019 EUR 10.00
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 66.87
Virgolino de Oliveira Fin 10.88 1/13/2020 USD 26.75
Afren PLC 11.50 2/1/2016 USD 0.20
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.75
Veneto Banca SpA 1.67 5/15/2019 EUR 30.00
CGG SA 5.88 5/15/2020 EUR 46.38
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Lloyds Bank PLC 2.73 7/26/2033 USD 67.75
AKB Peresvet ZAO 13.25 6/22/2017 RUB 22.63
Orient Express Bank PJSC 13.60 8/9/2018 RUB 69.00
Barclays Bank PLC 2.72 7/28/2034 USD 66.35
CGG SA 6.88 1/15/2022 USD 46.38
BLT Finance BV 12.00 2/10/2015 USD 10.50
Geotech Seismic Services 13.00 10/16/2019 RUB 70.57
Sairgroup Finance BV 6.63 10/6/2010 EUR 13.88
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
CBo Territoria 6.00 1/1/2020 EUR 4.10
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 63.00
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.25
Republic of Italy Governm 0.18 7/31/2045 EUR 72.50
Banca Carige SpA 5.70 9/17/2020 EUR 50.38
SAir Group 0.13 7/7/2005 CHF 13.00
Lloyds Bank PLC 2.39 7/5/2033 USD 69.70
Far East Capital Ltd SA 8.00 5/2/2018 USD 65.13
Transneft PJSC 9.30 8/25/2026 RUB 61.30
Banco Espirito Santo SA 1.22 5/27/2018 EUR 0.20
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.01
Marfin Investment Group H 7.00 7/29/2019 EUR 1.00
Bank Nederlandse Gemeente 0.50 7/12/2022 ZAR 62.81
Dexia Kommunalbank Deutsc 5.63 12/31/2017 EUR 13.13
AgroGeneration 8.00 4/1/2019 EUR 72.80
Russian Railways JSC 8.65 2/4/2032 RUB 60.06
Barclays Bank PLC 2.34 4/25/2034 USD 58.44
Barclays Bank PLC 3.28 5/30/2034 USD 72.88
Banca Popolare di Vicenza 5.00 3/31/2021 EUR 67.38
wige MEDIA AG 6.00 3/17/2019 EUR 2.60
DOF ASA 8.00 9/12/2019 NOK 40.00
Autonomous Community of C 1.06 9/8/2024 EUR 73.41
Afren PLC 10.25 4/8/2019 USD 0.00
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 26.30
Bilt Paper BV 9.64 USD 33.50
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.40
Vnesheconombank 2.00 6/18/2021 RUB 74.60
Vnesheconombank 9.65 7/10/2018 RUB 62.02
Elli Investments Ltd 12.25 6/15/2020 GBP 60.00
Muehl Product & Service A 6.75 3/10/2005 DEM 2.37
Depfa Funding II LP 6.50 EUR 57.75
BAWAG PSK Versicherungs A 1.06 EUR 47.34
Deutsche Bank AG/London 0.40 1/31/2033 USD 59.70
Banca Popolare di Vicenza 5.00 6/30/2021 EUR 65.63
Svensk Exportkredit AB 0.50 4/24/2029 AUD 61.77
Finans-Avia OOO 8.25 7/31/2022 RUB 75.27
Societe Generale SA 1.60 1/9/2020 GBP 1.10
Brunswick Rail Finance De 6.50 11/1/2017 USD 71.39
Barclays Bank PLC 4.13 10/10/2029 USD 74.31
Alpha Bank AE 2.50 6/20/2022 EUR 63.70
Lloyds Bank PLC 2.72 7/29/2033 USD 63.10
Lehman Brothers Treasury 5.00 2/27/2014 EUR 10.00
Petromena ASA 10.85 11/19/2014 USD 0.59
Svensk Exportkredit AB 0.50 8/29/2029 AUD 61.07
Virgolino de Oliveira Fin 10.50 1/28/2018 USD 7.00
Barclays Bank PLC 1.88 11/1/2031 USD 64.50
Lehman Brothers Treasury 4.60 11/9/2011 EUR 10.00
Hamburgische Landesbank-G 0.05 10/30/2040 EUR 64.35
BNP Paribas SA 0.50 9/29/2029 AUD 60.04
Immigon Portfolioabbau AG 3.72 4/12/2022 EUR 74.70
Municipality Finance PLC 0.50 5/8/2029 AUD 65.98
syncreon Group BV / syncr 8.63 11/1/2021 USD 71.88
Absolut Bank PAO 11.00 5/28/2018 RUB 60.09
IVG Immobilien AG 5.54 EUR 0.56
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.63
Alpha Bank AE 2.50 6/20/2022 EUR 63.69
KPNQwest NV 8.13 6/1/2009 USD 0.92
Lehman Brothers Treasury 6.65 8/24/2011 AUD 9.63
Svensk Exportkredit AB 0.50 6/29/2029 AUD 61.42
Opin PJSC 13.00 3/17/2022 RUB 60.06
Espirito Santo Financial 5.05 11/15/2025 EUR 0.33
Oi Brasil Holdings Cooper 5.63 6/22/2021 EUR 33.99
Banca Popolare di Vicenza 1.60 3/20/2020 EUR 67.38
Marfin Investment Group H 6.30 7/29/2020 EUR 0.90
Governo Portugues Consoli 2.75 EUR 63.00
Rena GmbH 7.00 12/15/2015 EUR 3.60
Uppfinnaren 1 AB 10.00 SEK 63.38
SAir Group 6.25 4/12/2005 CHF 13.00
Agentstvo po Ipotechnomu 10.90 11/1/2022 RUB 60.72
SG Option Europe SA 7.00 5/5/2017 EUR 58.40
Societe Generale SA 0.57 2/28/2033 USD 63.40
Vimpel-Communications PJS 11.90 10/3/2025 RUB 62.00
Atari SA 7.50 2/17/2020 EUR 0.35
Stichting Afwikkeling Ond 6.63 5/14/2018 EUR 3.34
Societe Generale SA 0.12 5/31/2033 USD 61.86
Barclays Bank PLC 0.50 3/26/2021 MXN 70.55
Kaupthing ehf 9.00 USD 0.13
Lehman Brothers Treasury 4.00 2/16/2017 EUR 10.00
Podkarpacki Bank Spoldzie 5.81 7/2/2020 PLN 70.00
MegaFon PJSC 9.90 5/29/2026 RUB 62.00
Rosneft Oil Co PJSC 11.15 12/3/2020 RUB 62.00
Sistema PJSC FC 10.90 10/31/2025 RUB 63.01
Solon SE 1.38 12/6/2012 EUR 0.33
Mifa Mitteldeutsche Fahrr 7.50 8/12/2018 EUR 2.92
Rusfinans Bank OOO 8.75 9/29/2020 RUB 100.10
Espirito Santo Financial 5.13 5/30/2016 EUR 0.78
Banca Popolare di Vicenza 5.00 3/25/2021 EUR 67.50
Lehman Brothers Treasury 6.00 3/14/2011 EUR 10.00
Barclays Bank PLC 3.87 4/16/2029 USD 73.30
Barclays Bank PLC 2.36 12/23/2033 USD 66.20
Virgolino de Oliveira Fin 11.75 2/9/2022 USD 7.00
Landesbank Hessen-Thuerin 0.13 4/23/2041 EUR 70.82
Artea 6.00 8/4/2019 EUR 14.62
Sberbank of Russia PJSC 12.27 1/2/2026 RUB 60.06
Agentstvo po Ipotechnomu 9.50 11/15/2024 RUB 61.00
Santander Finance Capital 2.00 USD 56.20
Bank Julius Baer & Co Ltd 6.70 6/2/2017 USD 62.20
UniCredit Bank Austria AG 0.16 10/31/2031 EUR 66.97
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 60.00
Transneft PJSC 11.00 10/1/2019 RUB 100.39
Credit Suisse AG/London 9.75 5/23/2017 USD 53.62
Lehman Brothers Treasury 5.25 5/26/2026 EUR 0.65
Samaratransneft-Terminal 12.00 3/30/2022 RUB 60.22
Municipality Finance PLC 0.50 6/19/2024 ZAR 52.44
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 61.03
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 62.71
Kommunekredit 0.50 7/30/2027 TRY 32.16
Agentstvo po Ipotechnomu 10.83 2/1/2034 RUB 100.00
Region of Abruzzo Italy 0.17 11/7/2036 EUR 61.39
KTM Industries AG 5.00 EUR 72.00
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Afren PLC 6.63 12/9/2020 USD 0.42
Heta Asset Resolution AG 0.43 12/31/2023 EUR 39.25
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.63
Matalan Finance PLC 8.88 6/1/2020 GBP 68.13
Transneft PJSC 9.65 6/30/2023 RUB 60.11
Banca Monte dei Paschi di 4.36 3/14/2024 EUR 40.88
Gazprom PJSC 5.30 10/21/2043 RUB
Rusfinans Bank OOO 10.00 7/31/2026 RUB 60.51
Mechel PJSC 8.00 2/9/2021 RUB 71.00
Transcapitalbank JSC Via 10.00 9/18/2020 USD 72.00
Argon Capital PLC for Roy 2.67 GBP 75.00
Societe Generale SA 8.88 6/1/2017 USD 34.01
AKB Peresvet ZAO 13.25 4/25/2018 RUB 23.49
Municipality Finance PLC 0.50 4/26/2022 ZAR 63.39
International Industrial 9.00 7/6/2011 EUR 0.50
BLT Finance BV 7.50 5/15/2014 USD 2.29
Lehman Brothers Treasury 4.50 5/2/2017 EUR 10.00
Lehman Brothers Treasury 7.00 6/6/2017 EUR 0.65
Montepio Holding SGPS SA 5.00 EUR 50.05
Banca Popolare di Vicenza 1.60 1/9/2020 EUR 68.38
Societe Generale SA 0.53 6/28/2033 USD 69.25
Republic of Italy Governm 0.19 7/31/2045 EUR 70.79
Lehman Brothers Treasury 7.00 11/26/2013 EUR 10.00
Rosbank PJSC 9.80 12/20/2026 RUB 100.00
SUEK Finance 12.50 8/19/2025 RUB 100.00
Lehman Brothers Treasury 4.00 7/27/2011 EUR 0.65
Lehman Brothers Treasury 8.25 12/3/2015 EUR 10.00
Banca Meridiana 1.29 11/12/2017 EUR 21.00
Region of Molise Italy 0.18 12/15/2033 EUR 66.28
Paragon Offshore PLC 6.75 7/15/2022 USD 19.25
Veneto Banca SpA 2.40 4/7/2020 EUR 68.25
Vnesheconombank 11.60 2/17/2025 RUB 60.00
Lloyds Bank PLC 3.34 4/25/2034 USD 69.00
Veneto Banca SpA 5.41 5/25/2023 EUR 57.63
Lehman Brothers Treasury 1.00 5/9/2012 EUR 0.65
Vnesheconombank 9.76 12/17/2021 RUB 60.06
Western High-Speed Diamet 9.84 2/6/2032 RUB 65.03
Veneto Banca SpA 4.65 1/11/2020 EUR 75.00
Minaya Capital AG 7.00 8/1/2018 EUR 65.32
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Province of Brescia Italy 0.11 12/22/2036 EUR 58.30
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.25
Russian Railways JSC 9.85 4/26/2041 RUB 106.84
Cattles Ltd 7.13 7/5/2017 GBP 0.20
Banca Popolare di Vicenza 2.53 11/22/2019 EUR 71.54
WPE International Coopera 10.38 9/30/2020 USD 18.38
BNP Paribas SA 0.50 7/20/2021 BRL 64.60
Barclays Bank PLC 2.62 12/30/2030 USD 62.88
Lehman Brothers Treasury 3.03 1/31/2015 EUR 0.65
Vnesheconombank 9.20 8/20/2020 RUB 60.37
Lehman Brothers Treasury 5.55 3/12/2015 EUR 0.65
Lehman Brothers Treasury 4.00 10/24/2012 EUR 0.65
Lehman Brothers Treasury 6.00 10/30/2012 EUR 0.65
Lehman Brothers Treasury 5.00 12/6/2011 EUR 0.65
Lehman Brothers Treasury 4.00 12/2/2012 EUR 0.65
Russian Railways JSC 9.25 7/11/2028 RUB 99.35
Russian Bank for Small an 9.25 3/17/2022 RUB 60.31
Karlie Group GmbH 5.00 6/25/2021 EUR 4.30
Royal Bank of Scotland PL 2.42 2/25/2031 USD 63.60
Tatfondbank PJSC 13.00 9/7/2021 RUB 2.98
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Agentstvo po Ipotechnomu 9.50 1/15/2029 RUB 100.00
AKB Peresvet ZAO 13.50 6/23/2021 RUB 12.49
Banca Popolare di Vicenza 5.20 3/28/2024 EUR 54.00
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.63
Veneto Banca SpA 5.15 1/25/2023 EUR 58.13
Activa Resources AG 8.00 11/15/2017 EUR 16.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 66.13
Tatfondbank PJSC 12.50 12/11/2024 RUB 2.12
Podkarpacki Bank Spoldzie 5.81 3/31/2025 PLN 65.51
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Banca Popolare di Vicenza 2.50 7/11/2019 EUR 74.88
Delta Credit Bank JSC 10.29 11/24/2021 RUB 60.06
Rossiysky Capital OJSC 13.00 11/22/2019 RUB 99.89
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury 7.59 11/22/2009 MXN 10.00
Gazprombank JSC 9.00 4/27/2048 RUB 98.80
Lloyds Bank PLC 0.66 4/26/2033 USD 59.25
AKB Peresvet ZAO 12.50 9/6/2017 RUB 21.55
Agroton Public Ltd 6.00 7/14/2019 USD 12.88
Deutsche Bank AG/London 0.50 10/5/2021 IDR 66.43
HSBC Bank PLC 0.50 6/10/2021 BRL 69.07
Lehman Brothers Treasury 5.00 3/18/2015 EUR 10.00
Municipality Finance PLC 0.50 7/30/2029 AUD 68.98
Barclays Bank PLC 0.50 1/28/2033 MXN 23.59
Western High-Speed Diamet 9.84 2/6/2032 RUB 60.00
EFG International Finance 6.00 11/30/2017 EUR 8.50
Nuova Banca Popolare dell 5.00 10/30/2023 EUR 0.78
Russian Railways JSC 11.20 10/16/2025 RUB 105.75
Banco BPI SA 1.78 EUR 58.02
Ideal Standard Internatio 11.75 5/1/2018 EUR 5.00
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
Far East Capital Ltd SA 8.75 5/2/2020 USD 64.83
OT-Optima Telekom DD 5.25 5/30/2022 HRK 70.10
Lehman Brothers Treasury 1.46 2/19/2012 JPY 10.00
LBI HF 7.43 USD 0.00
Espirito Santo Financial 5.05 11/15/2025 EUR 0.33
SAir Group 5.50 7/23/2003 CHF 13.02
Nutritek International Co 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasury 5.50 6/22/2010 USD 10.00
Banca Popolare di Vicenza 2.00 11/7/2019 EUR 70.88
ECM Real Estate Investmen 5.00 10/9/2011 EUR 10.38
Leonteq Securities AG 6.80 7/10/2018 USD
EFG International Finance 2.10 3/23/2018 EUR 15.48
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
German Pellets GmbH 8.00 EUR 0.10
Kardan NV 6.78 2/2/2020 ILS 73.27
DOMO OJSC 14.00 5/8/2026 RUB 50.00
Barclays Bank PLC 0.61 4/9/2028 USD 64.53
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 42.11
Barclays Bank PLC 2.70 2/28/2034 USD 72.89
HPI AG 3.50 EUR 5.01
Atomenergoprom JSC 11.10 12/12/2025 RUB 63.00
Municipiul Timisoara 0.72 5/15/2026 RON 65.01
Veneto Banca SpA 2.40 3/31/2020 EUR 68.50
Banca Popolare di Vicenza 1.60 2/20/2020 EUR 67.88
Bank Intesa AO 9.75 10/10/2019 RUB 100.00
Lehman Brothers Treasury 5.00 8/16/2017 EUR 10.00
Lehman Brothers Treasury 5.00 5/2/2022 EUR 0.65
Banca Popolare di Vicenza 1.60 1/16/2020 EUR 68.63
Municipiul Timisoara 0.72 5/15/2026 RON 65.40
Virgolino de Oliveira Fin 10.88 1/13/2020 USD 26.75
World of Building Technol 9.90 6/25/2019 RUB 1.52
HSBC Bank PLC 0.50 12/8/2020 BRL 71.72
Kommunalbanken AS 0.50 12/16/2020 TRY 69.13
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Lehman Brothers Treasury 7.00 9/20/2011 USD 0.65
Barclays Bank PLC 7.12 10/4/2017 USD 40.45
Russkiy Mezhdunarodnyi Ba 10.50 11/14/2021 RUB 60.04
SAir Group 6.25 10/27/2002 CHF 13.03
Rusfinans Bank OOO 9.95 8/22/2019 RUB 101.00
LBI HF 6.10 8/25/2011 USD 10.13
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 9.95
Atari SA 0.10 4/1/2020 EUR 3.90
Lehman Brothers Treasury 1.28 11/6/2010 JPY 10.00
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.01
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 22.63
Lehman Brothers Treasury 3.86 9/21/2011 SGD 9.63
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Banca Popolare di Vicenza 1.60 5/29/2020 EUR 65.88
Windreich GmbH 6.25 3/1/2015 EUR 10.00
Vnesheconombank 8.35 11/24/2020 RUB 60.01
Banque Federative du Cred 0.84 EUR 68.75
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 64.54
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.38
HSBC Bank PLC 0.50 12/29/2026 AUD 65.61
Norddeutsche Landesbank G 4.00 3/29/2019 EUR 48.38
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.85
Lehman Brothers Treasury 4.00 7/20/2012 EUR 0.65
Banca Popolare di Vicenza 2.25 8/22/2019 EUR 73.25
Heta Asset Resolution AG 0.27 12/31/2023 EUR 39.25
Svensk Exportkredit AB 0.50 8/28/2020 TRY 66.92
KPNQwest NV 7.13 6/1/2009 EUR 1.00
Araratbank OJSC 7.25 6/27/2018 USD 25.81
Anglian Water Services Fi 0.87 1/26/2057 GBP 74.66
Immigon Portfolioabbau AG 1.26 7/29/2018 EUR 25.00
Araratbank OJSC 7.00 12/2/2017 USD 25.57
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Aralco Finance SA 10.13 5/7/2020 USD 2.28
WGF Westfaelische Grundbe 6.35 8/1/2017 EUR 3.63
City of Kiev Ukraine Via 8.00 11/6/2015 USD 65.38
Rosselkhozbank JSC 14.50 RUB 70.01
Veneto Banca SpA 2.40 4/1/2020 EUR 68.38
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
BANIF - Banco Internacion 4.50 1/30/2025 EUR 63.13
Orient Express Bank PJSC 11.70 7/17/2018 RUB 65.01
Atomenergoprom JSC 11.90 6/25/2025 RUB 60.00
KIT Finance Capital OOO 10.50 3/21/2022 RUB 60.06
Agentstvo po Ipotechnomu 11.50 9/25/2018 RUB 70.00
Astana Finance BV 9.00 11/16/2011 USD 16.88
Podkarpacki Bank Spoldzie 5.11 5/28/2023 PLN 62.50
Salvator Grundbesitz-AG 9.50 EUR 19.20
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Vnesheconombank 9.75 8/16/2029 RUB 60.00
Rosneft Oil Co PJSC 11.90 11/28/2024 RUB 101.65
Metalloinvest Holding Co 0.01 3/10/2022 RUB 60.01
Bank Nederlandse Gemeente 0.50 5/12/2021 ZAR 69.70
Lehman Brothers Treasury 4.90 7/28/2020 EUR 0.65
Lehman Brothers Treasury 3.00 6/23/2009 EUR 10.00
Penell GmbH Elektrogrosha 7.75 6/10/2019 EUR 5.51
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.38
Avangard-Agro OOO 11.50 10/10/2017 RUB 100.00
Russian Post FGUP 9.50 10/18/2019 RUB 100.00
Lehman Brothers Treasury 7.60 1/31/2013 AUD 0.65
COFIDUR SA 0.10 12/31/2024 EUR 20.00
Societe Generale SA 8.00 2/14/2022 USD 9.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.92
UniCredit Bank AO 9.20 11/20/2018 RUB 60.11
Atomenergoprom JSC 11.10 12/12/2025 RUB 63.55
Freight One JSC 12.00 10/15/2025 RUB 104.80
Russian Railways JSC 9.70 5/22/2046 RUB 60.06
State Transport Leasing C 14.30 12/10/2024 RUB 60.00
Russian Railways JSC 11.65 5/3/2030 RUB 100.00
OBRAZOVANIE AKIB AO 11.00 5/31/2018 RUB 52.21
TPGK-Finance ZAO 12.01 9/30/2021 RUB 100.00
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 69.19
Lehman Brothers Treasury 4.87 10/8/2013 USD 0.65
ECA 2.50 1/1/2018 EUR 12.44
Veneto Banca SpA 2.40 4/2/2020 EUR 68.38
Finans-Avia OOO 0.01 7/31/2027 RUB 20.25
Barclays Bank PLC 2.37 12/27/2028 USD 74.10
Mortgage Agent First St P 8.50 7/15/2041 RUB 59.23
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Windreich GmbH 6.75 3/1/2015 EUR 10.00
Western High-Speed Diamet 9.84 2/6/2032 RUB 91.61
Pongs & Zahn AG 8.50 EUR 0.20
HSBC Bank PLC 0.50 7/21/2021 BRL 68.41
Bank Nederlandse Gemeente 0.50 9/20/2022 ZAR 61.23
Russian Post FGUP 2.75 12/6/2023 RUB 68.66
Metalloinvest Holding Co 0.01 3/7/2022 RUB 100.00
Rusfinans Bank OOO 11.00 10/2/2019 RUB 61.01
Rusfinans Bank OOO 10.10 11/24/2020 RUB 60.51
Lehman Brothers Treasury 14.90 9/15/2008 EUR 0.65
Kaupthing ehf 7.50 2/1/2045 USD 0.22
Bank Julius Baer & Co Ltd 6.00 7/24/2017 CHF 69.30
Barclays Bank PLC 0.50 4/24/2023 MXN 57.90
Heliocentris Energy Solut 4.00 1/16/2019 EUR 28.46
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Agentstvo po Ipotechnomu 9.20 4/18/2018 RUB 70.00
Bank Nederlandse Gemeente 0.50 6/22/2021 ZAR 68.94
Lehman Brothers Treasury 5.00 5/12/2011 CHF 0.65
BNP Paribas SA 0.50 5/6/2021 MXN 70.40
Lillestroem Sparebank 4.44 NOK 60.99
Mcib Bank LLC 14.50 9/1/2023 RUB 99.00
Immigon Portfolioabbau AG 4.81 7/29/2025 EUR 61.00
MIK OAO 15.00 2/19/2020 RUB 3.00
Freight One JSC 11.80 10/23/2025 RUB 106.00
Metalloinvest Holding Co 0.01 3/7/2022 RUB 60.02
Lehman Brothers Treasury 4.00 4/13/2011 CHF 0.65
Northland Resources AB 15.00 7/15/2019 USD 0.44
SAir Group 2.13 11/4/2004 CHF 13.00
VEB-Leasing OAO 12.50 9/1/2025 RUB 60.06
Rosneft Oil Co PJSC 11.15 12/3/2020 RUB 62.00
Barclays Bank PLC 4.45 5/14/2029 USD 70.00
Bank Nederlandse Gemeente 0.50 8/9/2022 MXN 67.09
Nuova Banca Popolare dell 2.17 5/21/2018 EUR 0.81
Lehman Brothers Treasury 7.60 5/21/2013 USD 0.65
Lehman Brothers Treasury 5.10 6/22/2046 EUR 0.65
SAir Group 4.25 2/2/2007 CHF 13.00
UBS AG/London 5.00 4/22/2017 CHF 72.90
Gazprombank JSC 3.00 4/27/2048 RUB 60.06
EFG International Finance 12.86 10/30/2017 EUR 1.41
Atomenergoprom JSC 9.33 12/3/2026 RUB 60.00
Sankt-Peterburg Telecom O 10.70 1/31/2022 RUB 60.07
ROSSETI PJSC 11.25 11/14/2025 RUB 104.30
BLT Finance BV 7.50 5/15/2014 USD 2.29
Tatfondbank PJSC 13.50 5/28/2025 RUB 1.62
AKB Metallinvestbank PAO 11.00 5/21/2020 RUB 60.00
HSBC Bank PLC 0.50 1/29/2027 NZD 67.18
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasury 4.15 8/25/2020 EUR 0.65
Nauka-Svyaz OAO 13.50 5/10/2018 RUB 100.00
Western High-Speed Diamet 10.44 5/13/2031 RUB 93.99
Svensk Exportkredit AB 0.50 6/20/2029 AUD 68.78
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.16
Koncessii Teplosnabzheniy 12.50 4/6/2032 RUB 60.03
Lehman Brothers Treasury 8.00 3/19/2012 USD 0.65
Lehman Brothers Treasury 3.00 9/12/2036 JPY 10.00
Bank Julius Baer & Co Ltd 10.25 5/17/2017 CHF 59.35
EFG International Finance 8.99 9/4/2017 EUR 3.34
Immigon Portfolioabbau AG 5.45 8/2/2019 EUR 72.70
Tatfondbank PJSC 6.67 2/3/2026 RUB 1.83
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
Societe Generale SA 0.50 7/6/2021 BRL 68.16
Nuova Banca delle Marche 7.20 6/30/2018 EUR 1.24
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
TGC-1 PJSC 14.40 12/14/2021 RUB 60.01
Lehman Brothers Treasury 8.25 2/3/2016 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Credit Suisse AG/London 3.00 11/15/2025 ZAR 63.13
UBS AG/London 8.00 5/19/2021 USD 10.00
EFG International Finance 7.20 7/29/2020 EUR 34.34
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Leonteq Securities AG/Gue 29.61 10/26/2017 EUR 30.12
Banca delle Marche SpA 6.00 5/8/2018 EUR 0.70
RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 100.00
Center-Invest Commercial 8.70 11/13/2018 RUB 60.10
Atomenergoprom JSC 9.33 11/2/2026 RUB 60.00
Lehman Brothers Treasury 7.50 5/2/2017 EUR 0.65
Lehman Brothers Treasury 11.00 6/29/2009 EUR 0.65
Lehman Brothers Treasury 13.15 10/30/2008 USD 0.65
Lehman Brothers Treasury 4.60 7/6/2016 EUR 0.65
Lehman Brothers Treasury 8.00 2/16/2016 EUR 0.65
Main Road OJSC 4.30 11/22/2028 RUB 59.01
Municipality Finance PLC 0.50 5/31/2022 ZAR 62.42
Bank Nederlandse Gemeente 0.50 8/15/2022 ZAR 61.89
Kommunekredit 0.50 12/14/2020 ZAR 72.20
Lenenergo PJSC 9.80 7/9/2025 RUB 60.00
Univer Capital LLC 12.00 3/6/2019 RUB 59.00
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 64.23
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
DekaBank Deutsche Girozen 0.12 6/23/2034 EUR 72.42
LBI HF 2.25 2/14/2011 CHF 5.88
Lehman Brothers Treasury 4.25 3/13/2021 EUR 0.65
Lehman Brothers Treasury 4.05 9/16/2008 EUR 0.65
Ashinskiy metallurgical w 5.80 6/17/2024 RUB 70.01
Rosselkhozbank JSC 11.35 7/14/2025 RUB 62.00
Vegarshei Sparebank 4.99 NOK 73.62
EFG International Finance 7.20 2/25/2019 EUR 15.51
Banca Monte dei Paschi di 7.00 3/4/2019 EUR 37.21
Credit Suisse AG/London 7.70 8/20/2025 USD 9.89
IFK Soyuz OAO 14.00 7/18/2028 RUB 100.00
Nuova Banca delle Marche 7.75 6/30/2018 EUR 1.24
Lehman Brothers Treasury 4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasury 1.75 2/7/2010 EUR 0.65
Lehman Brothers Treasury 10.44 11/22/2008 CHF 0.65
Province of Brescia Italy 0.14 6/30/2036 EUR 59.07
Bank Nederlandse Gemeente 0.50 9/20/2022 MXN 66.50
LBI HF 7.43 USD 0.00
Lehman Brothers Treasury 6.00 2/19/2023 USD 0.65
Credit Suisse AG/London 0.50 1/8/2026 BRL 45.97
Region of Bihor 1.45 12/15/2027 RON 67.00
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 39.64
DekaBank Deutsche Girozen 0.01 6/29/2046 EUR 55.42
Exane Finance SA 5.00 12/20/2019 SEK 64.40
Societe Generale Effekten 4.00 6/26/2017 EUR 50.59
Commerzbank AG 1.00 2/19/2020 USD 19.92
Natixis Structured Issuan 11.70 12/8/2023 EUR 47.60
Voss Veksel OG Landmands 8.15 NOK 73.50
KPNQwest NV 8.88 2/1/2008 EUR 1.00
OOO SPV Structural Invest 0.01 9/1/2023 RUB 65.38
Cerruti Finance SA 6.50 7/26/2004 EUR 1.21
Banca delle Marche SpA 6.00 6/12/2018 EUR 0.70
KPNQwest NV 8.88 2/1/2008 EUR 1.00
SUEK Finance 12.50 8/19/2025 RUB 100.00
Synergy PJSC 14.50 5/28/2020 RUB 61.01
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
UBS AG/London 14.50 5/26/2017 CHF 63.55
Transgazservice LLP 10.50 11/8/2019 RUB 0.01
Credit Suisse AG/London 7.86 10/31/2019 USD 10.00
Rinol AG 5.50 10/15/2006 DEM 0.00
UniCredit Bank Austria AG 0.15 1/22/2031 EUR 72.51
Loan Portfolio Securitiza 8.50 12/14/2018 USD 22.45
Eiendomskreditt 4.26 NOK 54.58
Northland Resources AB 12.25 3/26/2016 USD 0.44
Municipality Finance PLC 0.50 11/25/2020 ZAR 72.33
Europlan PJSC 12.50 3/26/2019 RUB 85.01
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 67.50
Lehman Brothers Treasury 7.50 6/15/2017 USD 0.65
SG Issuer SA 6.65 10/10/2021 EUR 70.57
Raiffeisen Versicherung A 2.02 EUR 28.83
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasury 13.50 6/2/2009 USD 0.65
Lehman Brothers Treasury 2.00 6/28/2011 EUR 0.65
Lehman Brothers Treasury 4.00 11/24/2016 EUR 0.65
Banca Monte dei Paschi di 0.67 1/15/2018 EUR 37.34
Lehman Brothers Treasury 14.90 11/16/2010 EUR 0.65
Araratbank OJSC 7.00 6/18/2019 USD 26.17
UniCredit Bank AG 5.40 6/30/2017 EUR 64.71
Province of Milan Italy 0.03 12/22/2033 EUR 69.06
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Zurcher Kantonalbank Fina 3.80 5/22/2017 EUR 61.99
Bayerische Landesbank 2.40 7/20/2018 EUR 72.69
City of Siret Romania 2.24 3/1/2028 RON 50.00
Communaute Francaise de B 0.50 6/27/2046 EUR 65.53
Agrokompleks OOO 0.10 7/29/2019 RUB 4.51
Leonteq Securities AG/Gue 5.00 1/20/2020 CHF 73.30
Fonciere Volta SA 4.50 7/30/2020 EUR 2.55
Lehman Brothers Treasury 3.60 3/19/2018 JPY 0.65
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 65.37
RESO-Garantia Insurance P 12.00 9/13/2022 RUB 60.08
Torgovyi Dom Spartak-Kaza 14.00 5/2/2017 RUB 30.03
Absolut Bank PAO 8.55 4/29/2020 RUB 100.00
Espirito Santo Financial 6.88 10/21/2019 EUR 0.05
Svensk Exportkredit AB 0.10 11/20/2019 TRY 72.13
BKZ Finance OAO 17.00 12/20/2019 RUB 99.90
Municipality Finance PLC 0.50 11/17/2020 BRL 74.16
Polski Bank Spoldzielczy 4.81 6/22/2021 PLN
Lehman Brothers Treasury 15.00 3/30/2011 EUR 0.65
Lehman Brothers Treasury 4.69 2/19/2017 EUR 0.65
Lehman Brothers Treasury 5.00 2/28/2032 EUR 0.65
Lehman Brothers Treasury 9.75 6/22/2018 USD 0.65
Lehman Brothers Treasury 12.40 6/12/2009 USD 0.65
Lehman Brothers Treasury 5.00 10/24/2008 CHF 0.65
Lehman Brothers Treasury 7.00 4/14/2009 EUR 0.65
Lehman Brothers Treasury 5.00 11/22/2012 EUR 0.65
Lehman Brothers Treasury 6.00 8/7/2013 EUR 0.65
Petromena ASA 9.75 5/24/2016 NOK 0.59
Province of Rovigo Italy 0.06 12/28/2035 EUR 60.06
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Municipality Finance PLC 0.25 6/28/2040 CAD 30.44
Lehman Brothers Treasury 1.50 10/12/2010 EUR 0.65
HSBC Bank PLC 0.50 12/22/2025 BRL 44.78
SAir Group 2.75 7/30/2004 CHF 13.00
Credit Suisse AG 0.50 12/16/2025 BRL 46.99
First Collection Bureau O 15.00 10/15/2021 RUB 91.10
UniCredit Bank AG 0.41 11/19/2029 EUR 61.88
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Vesta ZAO 12.50 12/4/2026 RUB 99.40
Barclays Bank PLC 2.28 8/31/2031 USD 62.89
Lehman Brothers Treasury 3.00 8/13/2011 EUR 0.65
Lehman Brothers Treasury 4.00 3/10/2011 EUR 0.65
Lehman Brothers Treasury 0.50 7/2/2020 EUR 0.65
Lehman Brothers Treasury 0.50 8/1/2020 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury 7.00 10/22/2010 EUR 0.65
Lehman Brothers Treasury 4.60 10/11/2017 ILS 10.00
Eiendomskreditt 5.21 NOK 65.13
Nuova Banca Popolare dell 3.50 6/28/2018 EUR 0.78
Indre Sogn Sparebank 5.95 NOK 54.21
NIBC Bank NV 25.98 5/7/2029 EUR 73.45
Portugal Telecom Internat 4.38 3/24/2017 EUR 32.63
Holdikks SAS 6.75 7/15/2021 EUR 56.16
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 59.89
EFG International Finance 7.19 5/6/2019 EUR 17.15
Notenstein La Roche Priva 6.50 7/2/2018 USD 59.73
Polski Bank Spoldzielczy 5.31 9/14/2027 PLN 56.00
Kubanenergo PJSC 10.44 11/21/2025 RUB 60.00
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 57.62
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.11
Zapsibcombank PAO 5.00 9/4/2017 RUB 60.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.37
TransFin-M PAO 13.00 9/3/2025 RUB 100.02
Kubanenergo PJSC 12.63 11/11/2025 RUB 60.00
TGC-1 PJSC 5.80 2/14/2022 RUB 60.01
Societe Generale SA 0.50 8/4/2021 BRL 67.72
Lehman Brothers Treasury 3.40 9/21/2009 HKD 0.65
Lehman Brothers Treasury 6.60 2/22/2012 EUR 0.65
Lehman Brothers Treasury 7.60 3/4/2010 NZD 0.65
Lehman Brothers Treasury 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treasury 6.25 9/5/2011 EUR 0.65
Lehman Brothers Treasury 14.10 11/12/2008 USD 0.65
Bank Julius Baer & Co Ltd 11.30 6/7/2017 CHF 64.35
Lehman Brothers Treasury 16.00 10/8/2008 CHF 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
SAir Group 2.75 7/30/2004 CHF 13.00
Espirito Santo Financial 5.63 7/28/2017 EUR 0.78
Societe Generale SA 0.50 5/30/2023 MXN 61.29
Lehman Brothers Treasury 2.30 4/28/2014 JPY 0.65
LBI HF 5.08 3/1/2013 ISK 5.88
Lehman Brothers Treasury 4.05 9/16/2008 EUR 0.65
Credit Suisse AG/London 8.95 6/6/2017 USD 61.71
Vontobel Financial Produc 3.00 6/13/2017 EUR 52.54
Kommunekredit 0.50 5/11/2029 CAD 71.71
AKB Peresvet ZAO 12.75 7/24/2018 RUB 19.74
Agrokompleks OOO 0.10 12/8/2022 RUB 1.55
AKB Peresvet ZAO 2.41 9/2/2020 RUB 11.34
Zurcher Kantonalbank Fina 8.50 10/16/2017 CHF 70.81
Bayerische Landesbank 2.60 3/29/2018 EUR 70.10
Bayerische Landesbank 3.20 7/27/2018 EUR 68.69
DekaBank Deutsche Girozen 3.00 4/30/2019 EUR 68.11
Bayerische Landesbank 2.90 6/22/2018 EUR 71.05
Bayerische Landesbank 2.70 7/6/2018 EUR 66.75
Bank J Safra Sarasin AG/G 8.00 5/4/2017 CHF 71.82
Notenstein La Roche Priva 4.50 10/31/2018 CHF 74.59
Credit Suisse AG/London 8.00 11/29/2019 USD 7.50
DekaBank Deutsche Girozen 3.45 6/1/2018 EUR 67.03
DekaBank Deutsche Girozen 3.40 4/9/2018 EUR 58.99
BNP Paribas SA 0.50 11/16/2032 MXN 28.94
Agrokor dd 9.13 2/1/2020 EUR 36.15
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 38.64
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 60.82
Lehman Brothers Treasury 8.60 7/31/2013 GBP 0.65
Banca Monte dei Paschi di 5.60 9/9/2020 EUR 36.02
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 66.00
Espirito Santo Financial 9.75 12/19/2025 EUR 0.52
Credit Agricole Corporate 0.50 3/6/2023 RUB 61.94
ESFIL-Espirito Santo Fina 5.25 6/12/2015 EUR 1.42
Espirito Santo Financial 3.13 12/2/2018 EUR 0.24
UniCredit Bank AO 12.00 11/20/2019 RUB 60.16
Barclays Bank PLC 0.50 3/13/2023 RUB 61.98
Hellas Telecommunications 8.50 10/15/2013 EUR 0.50
HSBC Bank PLC 0.50 2/24/2027 NZD 67.21
Nuova Banca delle Marche 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury 10.00 1/3/2012 BRL 0.65
Lehman Brothers Treasury 6.00 12/30/2017 EUR 0.65
Lehman Brothers Treasury 5.20 3/19/2018 EUR 0.65
Lehman Brothers Treasury 6.45 2/20/2010 AUD 0.65
Lehman Brothers Treasury 6.00 10/24/2008 EUR 0.65
Lehman Brothers Treasury 4.95 10/25/2036 EUR 0.65
Lehman Brothers Treasury 6.50 7/24/2026 EUR 0.65
Cassa di Risparmio di San 2.00 6/15/2025 EUR 74.75
SG Issuer SA 5.50 4/10/2021 EUR 66.42
Lehman Brothers Treasury 8.00 4/20/2009 EUR 0.65
Kreditanstalt fuer Wieder 0.25 10/6/2036 CAD 40.85
Lehman Brothers Treasury 3.00 8/15/2017 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 6.50 5/16/2015 EUR 0.65
Lehman Brothers Treasury 3.50 9/29/2017 EUR 0.65
Lehman Brothers Treasury 3.00 8/8/2017 EUR 0.65
Lehman Brothers Treasury 3.50 9/19/2017 EUR 0.65
Lehman Brothers Treasury 4.50 3/7/2015 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 6.30 12/21/2018 USD 0.65
Lehman Brothers Treasury 7.00 2/15/2010 CHF 0.65
State of Saxony-Anhalt 0.30 7/3/2028 EUR 52.00
Gold-Zack AG 7.00 12/14/2005 EUR 12.80
Lehman Brothers Treasury 2.30 6/27/2013 USD 0.65
Lehman Brothers Treasury 2.37 7/15/2013 USD 0.65
Lehman Brothers Treasury 1.95 11/4/2013 EUR 0.65
Lehman Brothers Treasury 4.00 2/28/2010 EUR 0.65
Lehman Brothers Treasury 7.06 12/29/2008 EUR 0.65
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury 6.72 12/29/2008 EUR 0.65
Lehman Brothers Treasury 6.60 2/9/2009 EUR 0.65
Lehman Brothers Treasury 0.75 3/29/2012 EUR 0.65
Lloyds Bank PLC 0.50 7/26/2021 BRL 66.99
Russian Railways JSC 13.90 5/30/2040 RUB
Pierer Industrie AG 5.75 EUR 58.63
Landesbank Baden-Wuerttem 4.20 6/23/2017 EUR 74.38
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 60.11
HSBC Bank PLC 0.50 4/27/2027 NZD 66.63
Lehman Brothers Treasury 7.50 7/31/2013 GBP 0.65
Soyuz AKB OAO 10.50 6/11/2020 RUB 60.00
Transcapitalbank JSC 11.25 5/30/2023 RUB 60.01
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Lehman Brothers Treasury 0.50 2/16/2009 EUR 0.65
Rusfinans Bank OOO 12.23 10/23/2019 RUB 60.06
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Lehman Brothers Treasury 6.00 5/23/2018 CZK 0.65
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury 0.25 10/19/2012 CHF 0.65
Lehman Brothers Treasury 13.50 11/28/2008 USD 0.65
Lehman Brothers Treasury 12.00 7/4/2011 EUR 0.65
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Russian Railways JSC 6.80 5/20/2044 RUB
BNP Paribas Emissions- un 3.00 10/12/2018 EUR 69.93
DekaBank Deutsche Girozen 3.00 5/12/2017 EUR 58.72
EFG International Finance 6.40 4/9/2020 EUR 70.25
State Transport Leasing C 9.03 9/5/2031 RUB 100.00
Societe Generale SA 7.00 10/20/2020 USD 10.70
Notenstein La Roche Priva 8.99 7/22/2019 EUR 34.82
Reso-Leasing OOO 10.50 9/21/2023 RUB 60.01
LizinGarant OOO 12.00 12/11/2017 RUB 100.00
Barclays Bank PLC 1.64 6/3/2041 USD 72.69
HSBC Bank PLC 0.50 10/30/2026 NZD 68.09
Lehman Brothers Treasury 5.25 11/21/2009 USD 0.65
Bank Julius Baer & Co Ltd 11.60 10/11/2017 CHF 69.30
Lehman Brothers Treasury 9.25 6/20/2012 USD 0.65
Lehman Brothers Treasury 3.00 9/13/2010 JPY 10.00
Leonteq Securities AG 7.00 10/19/2017 CHF 73.29
Norddeutsche Landesbank G 3.00 10/30/2018 EUR 61.68
Lehman Brothers Treasury 7.39 5/4/2017 USD 0.65
Lehman Brothers Treasury 4.25 5/15/2010 EUR 0.65
Lehman Brothers Treasury 3.35 10/13/2016 EUR 0.65
Lehman Brothers Treasury 0.80 12/30/2016 EUR 0.65
Lehman Brothers Treasury 4.00 5/30/2010 USD 0.65
Lehman Brothers Treasury 4.00 5/17/2010 USD 0.65
Lehman Brothers Treasury 2.48 5/12/2009 USD 0.65
Lehman Brothers Treasury 2.25 5/12/2009 USD 0.65
Lehman Brothers Treasury 13.00 7/25/2012 EUR 0.65
Lehman Brothers Treasury 10.00 8/2/2037 JPY 0.65
Lehman Brothers Treasury 2.50 8/23/2012 GBP 0.65
Lehman Brothers Treasury 6.00 9/20/2011 EUR 0.65
Lehman Brothers Treasury 18.25 10/2/2008 USD 0.65
Lehman Brothers Treasury 4.00 10/12/2010 USD 0.65
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 71.85
DekaBank Deutsche Girozen 3.50 10/28/2019 EUR 67.58
Bank Julius Baer & Co Ltd 5.50 11/6/2017 CHF 58.75
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 69.63
Societe Generale Effekten 8.47 6/23/2017 EUR 70.70
Societe Generale Effekten 8.81 6/23/2017 EUR 58.03
Societe Generale Effekten 9.62 6/23/2017 EUR 51.17
Societe Generale Effekten 11.68 6/23/2017 EUR 48.20
UBS AG/London 3.81 10/28/2017 USD 59.50
Notenstein La Roche Priva 7.70 5/9/2017 CHF 42.89
Landesbank Baden-Wuerttem 4.00 4/28/2017 EUR 71.79
Landesbank Baden-Wuerttem 5.00 4/28/2017 EUR 68.34
Leonteq Securities AG 7.00 11/6/2017 CHF 44.36
Zurcher Kantonalbank Fina 10.00 5/17/2017 CHF 72.53
DZ Bank AG Deutsche Zentr 8.30 9/22/2017 EUR 59.74
HSBC Trinkaus & Burkhardt 1.75 8/25/2017 EUR 73.05
Zurcher Kantonalbank Fina 12.10 9/6/2017 CHF 69.08
UBS AG/London 6.30 12/29/2017 EUR 66.18
UBS AG/London 16.90 6/30/2017 EUR 73.85
Commerzbank AG 4.00 9/8/2017 EUR 71.88
Lehman Brothers Treasury 6.00 2/14/2012 EUR 0.65
Lehman Brothers Treasury 7.00 2/15/2012 EUR 0.65
Lehman Brothers Treasury 6.00 5/12/2017 EUR 0.65
Lehman Brothers Treasury 4.10 2/19/2010 EUR 0.65
Lehman Brothers Treasury 3.50 10/31/2011 USD 0.65
Lehman Brothers Treasury 3.50 10/24/2011 USD 0.65
Lehman Brothers Treasury 1.68 3/5/2015 EUR 0.65
Lehman Brothers Treasury 9.00 5/15/2022 USD 0.65
Lehman Brothers Treasury 6.75 4/5/2012 EUR 0.65
Lehman Brothers Treasury 5.00 4/24/2017 EUR 0.65
HSBC Bank PLC 0.50 12/8/2026 AUD 70.99
Lehman Brothers Treasury 7.05 4/8/2015 USD 0.65
Lehman Brothers Treasury 7.80 3/31/2018 USD 0.65
Lehman Brothers Treasury 9.50 4/1/2018 USD 0.65
Lehman Brothers Treasury 6.00 3/4/2015 USD 0.65
Lehman Brothers Treasury 3.50 6/20/2011 EUR 0.65
Lehman Brothers Treasury 10.00 10/23/2008 USD 0.65
Lehman Brothers Treasury 6.60 5/23/2012 AUD 0.65
Lehman Brothers Treasury 16.00 10/28/2008 USD 0.65
Upravlenie Otkhodami ZAO 16.90 6/1/2025 RUB 98.84
Lehman Brothers Treasury 5.50 4/23/2014 EUR 0.65
Lehman Brothers Treasury 5.00 2/15/2018 EUR 0.65
Lehman Brothers Treasury 9.00 5/6/2011 CHF 0.65
Lehman Brothers Treasury 16.20 5/14/2009 USD 0.65
Lehman Brothers Treasury 10.60 4/22/2014 MXN 0.65
Lehman Brothers Treasury 16.00 11/9/2008 USD 0.65
Lehman Brothers Treasury 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 17.00 6/2/2009 USD 0.65
Lehman Brothers Treasury 7.15 3/21/2013 USD 0.65
Lehman Brothers Treasury 7.50 2/14/2010 AUD 0.65
Lehman Brothers Treasury 10.00 10/22/2008 USD 0.65
Lehman Brothers Treasury 3.45 5/23/2013 USD 0.65
Lehman Brothers Treasury 10.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 4.60 8/1/2013 EUR 0.65
Lehman Brothers Treasury 15.00 6/4/2009 CHF 0.65
Lehman Brothers Treasury 23.30 9/16/2008 USD 0.65
Lehman Brothers Treasury 3.00 6/3/2010 EUR 0.65
Lehman Brothers Treasury 4.50 3/6/2013 CHF 0.65
Lehman Brothers Treasury 4.00 4/24/2009 USD 0.65
Lehman Brothers Treasury 9.00 6/13/2009 USD 0.65
Lehman Brothers Treasury 9.00 3/17/2009 GBP 0.65
Lehman Brothers Treasury 7.00 11/28/2008 CHF 0.65
Lehman Brothers Treasury 7.38 9/20/2008 EUR 0.65
Lehman Brothers Treasury 3.85 4/24/2009 USD 0.65
Lehman Brothers Treasury 7.25 10/6/2008 EUR 0.65
Lehman Brothers Treasury 10.50 8/9/2010 EUR 0.65
Lehman Brothers Treasury 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 4.50 7/24/2014 EUR 0.65
Lehman Brothers Treasury 5.75 6/15/2009 CHF 0.65
Lehman Brothers Treasury 7.50 10/24/2008 USD 0.65
Lehman Brothers Treasury 10.00 3/27/2009 USD 0.65
Lehman Brothers Treasury 7.75 1/30/2009 EUR 0.65
Lehman Brothers Treasury 0.25 7/21/2014 EUR 0.65
Lehman Brothers Treasury 8.00 8/3/2009 USD 0.65
Lehman Brothers Treasury 5.50 6/15/2009 CHF 0.65
Lehman Brothers Treasury 1.50 10/25/2011 EUR 0.65
Lehman Brothers Treasury 2.50 12/15/2011 GBP 0.65
Lehman Brothers Treasury 11.00 12/19/2011 USD 0.65
Lehman Brothers Treasury 0.50 6/2/2020 EUR 0.65
Lehman Brothers Treasury 11.00 7/4/2011 CHF 0.65
Lehman Brothers Treasury 16.00 12/26/2008 USD 0.65
Lehman Brothers Treasury 13.43 1/8/2009 ILS 0.65
Lehman Brothers Treasury 7.75 1/3/2012 AUD 0.65
Lehman Brothers Treasury 3.10 6/4/2010 USD 0.65
Lehman Brothers Treasury 5.25 7/8/2014 EUR 0.65
Lehman Brothers Treasury 2.30 6/6/2013 USD 0.65
Lehman Brothers Treasury 11.00 5/9/2020 USD 0.65
Lehman Brothers Treasury 4.30 6/4/2012 USD 0.65
Lehman Brothers Treasury 4.00 6/5/2011 USD 0.65
Lehman Brothers Treasury 10.00 6/17/2009 USD 0.65
Lehman Brothers Treasury 11.00 7/4/2011 USD 0.65
Lehman Brothers Treasury 5.50 7/8/2013 EUR 0.65
Lehman Brothers Treasury 2.50 8/15/2012 CHF 0.65
Lehman Brothers Treasury 16.80 8/21/2009 USD 0.65
Lehman Brothers Treasury 4.00 8/11/2010 USD 10.00
Lehman Brothers Treasury 7.50 5/30/2010 AUD 0.65
Lehman Brothers Treasury 6.70 4/21/2011 USD 0.65
Lehman Brothers Treasury 8.00 12/27/2032 JPY 0.65
Lehman Brothers Treasury 1.50 2/8/2012 CHF 0.65
Lehman Brothers Treasury 2.00 11/16/2009 EUR 0.65
Lehman Brothers Treasury 3.70 6/6/2009 EUR 0.65
Lehman Brothers Treasury 8.50 7/6/2009 CHF 0.65
Lehman Brothers Treasury 7.50 9/13/2009 CHF 0.65
Lehman Brothers Treasury 4.50 8/2/2009 USD 0.65
DZ Bank AG Deutsche Zentr 11.50 6/23/2017 EUR 54.61
Commerzbank AG 10.25 5/25/2017 EUR 66.58
Commerzbank AG 13.25 5/25/2017 EUR 59.61
Commerzbank AG 17.00 5/25/2017 EUR 54.17
HSBC Trinkaus & Burkhardt 7.90 9/22/2017 EUR 65.17
HSBC Trinkaus & Burkhardt 5.40 9/22/2017 EUR 70.45
BNP Paribas Emissions- un 5.00 10/26/2017 EUR 71.06
BNP Paribas Emissions- un 5.00 12/21/2017 EUR 71.21
BNP Paribas Emissions- un 6.00 12/21/2017 EUR 68.74
BNP Paribas Emissions- un 9.00 12/21/2017 EUR 65.16
HSBC Trinkaus & Burkhardt 9.20 6/23/2017 EUR 72.28
BNP Paribas Emissions- un 16.00 9/21/2017 EUR 56.83
BNP Paribas Emissions- un 6.00 10/26/2017 EUR 67.98
BNP Paribas Emissions- un 9.00 10/26/2017 EUR 64.06
BNP Paribas Emissions- un 13.00 10/26/2017 EUR 58.87
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 58.97
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 55.29
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 53.49
BNP Paribas Emissions- un 6.00 9/21/2017 EUR 67.37
BNP Paribas Emissions- un 9.00 9/21/2017 EUR 62.88
BNP Paribas Emissions- un 13.00 9/21/2017 EUR 57.77
BNP Paribas Emissions- un 22.00 6/22/2017 EUR 70.74
BNP Paribas Emissions- un 19.00 9/21/2017 EUR 73.83
BNP Paribas Emissions- un 8.00 6/22/2017 EUR 66.63
BNP Paribas Emissions- un 5.00 9/21/2017 EUR 70.20
Bank Julius Baer & Co Ltd 11.85 8/30/2017 CHF 70.20
Lehman Brothers Treasury 6.00 3/17/2011 EUR 0.65
Lehman Brothers Treasury 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasury 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasury 7.75 2/21/2016 EUR 0.65
Lehman Brothers Treasury 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasury 6.00 12/6/2016 USD 0.65
Lehman Brothers Treasury 7.25 6/20/2010 USD 0.65
Lehman Brothers Treasury 10.00 1/4/2010 USD 0.65
Lehman Brothers Treasury 4.10 8/23/2010 USD 0.65
Lehman Brothers Treasury 5.12 4/30/2027 EUR 0.65
Lehman Brothers Treasury 5.50 11/30/2012 CZK 0.65
Lehman Brothers Treasury 2.50 11/9/2011 CHF 0.65
Lehman Brothers Treasury 8.80 12/27/2009 EUR 0.65
Lehman Brothers Treasury 4.00 1/4/2011 USD 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 9.30 12/21/2010 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
HSBC Trinkaus & Burkhardt 8.40 9/22/2017 EUR 60.05
Lehman Brothers Treasury 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasury 7.50 8/1/2035 EUR 0.65
Lehman Brothers Treasury 5.00 9/1/2011 EUR 0.65
Lehman Brothers Treasury 4.68 12/12/2045 EUR 0.65
Lehman Brothers Treasury 13.00 12/14/2012 USD 0.65
Lehman Brothers Treasury 4.82 12/18/2036 EUR 0.65
Lehman Brothers Treasury 4.50 12/30/2010 USD 0.65
Lehman Brothers Treasury 7.00 7/11/2010 EUR 0.65
Lehman Brothers Treasury 4.80 11/16/2012 HKD 0.65
Lehman Brothers Treasury 5.25 4/1/2023 EUR 0.65
Lehman Brothers Treasury 5.00 8/1/2025 EUR 0.65
Lehman Brothers Treasury 6.00 10/30/2012 USD 0.65
Lehman Brothers Treasury 3.00 12/3/2012 EUR 0.65
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasury 8.00 12/31/2010 USD 0.65
UBS AG/London 6.00 10/5/2017 CHF 51.00
Commerzbank AG 12.50 4/26/2017 EUR 48.55
Araratbank OJSC 8.00 6/10/2018 USD 26.09
ECM Real Estate Investmen 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury 8.00 10/23/2008 USD 0.65
Lehman Brothers Treasury 12.22 11/21/2017 USD 0.65
Lehman Brothers Treasury 3.50 12/20/2027 USD 0.65
Lehman Brothers Treasury 5.38 2/4/2014 USD 0.65
Lehman Brothers Treasury 10.00 2/16/2009 CHF 0.65
Lehman Brothers Treasury 13.00 2/16/2009 CHF 0.65
City of Targu-Mures Roman 0.75 8/15/2027 RON 67.00
Promnefteservis OOO 10.50 11/21/2019 RUB 0.80
Lehman Brothers Treasury 8.00 3/21/2018 USD 0.65
Lehman Brothers Treasury 8.00 10/17/2014 EUR 0.65
Lehman Brothers Treasury 11.00 2/16/2009 CHF 0.65
Lehman Brothers Treasury 6.25 11/30/2012 EUR 0.65
Lehman Brothers Treasury 1.00 2/26/2010 USD 0.65
Lehman Brothers Treasury 11.75 3/1/2010 EUR 0.65
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 53.66
HSBC Trinkaus & Burkhardt 2.50 9/22/2017 EUR 70.98
Leonteq Securities AG 10.20 10/24/2018 EUR 67.57
UniCredit Bank AG 5.00 6/22/2017 EUR 71.21
UniCredit Bank AG 4.80 6/22/2017 EUR 73.42
DZ Bank AG Deutsche Zentr 9.20 6/23/2017 EUR 72.19
Bank Julius Baer & Co Ltd 8.15 5/17/2017 CHF 71.15
Vontobel Financial Produc 3.00 5/26/2017 CHF 74.86
HSBC Trinkaus & Burkhardt 11.70 6/23/2017 EUR 61.34
HSBC Trinkaus & Burkhardt 8.70 6/23/2017 EUR 68.38
UniCredit Bank AG 4.80 6/22/2017 EUR 72.64
HSBC Trinkaus & Burkhardt 6.50 1/29/2018 EUR 66.97
Vontobel Financial Produc 11.00 6/9/2017 EUR 74.13
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 63.49
Deutsche Bank AG 5.20 7/26/2017 EUR 73.20
Deutsche Bank AG 5.20 7/26/2017 EUR 68.80
Zurcher Kantonalbank Fina 4.75 12/11/2017 CHF 70.73
Deutsche Bank AG 7.20 7/26/2017 EUR 73.80
Deutsche Bank AG 9.20 7/26/2017 EUR 74.40
Deutsche Bank AG 7.20 7/26/2017 EUR 69.40
Deutsche Bank AG 9.20 7/26/2017 EUR 69.90
UniCredit Bank AG 5.00 6/22/2017 EUR 70.45
UniCredit Bank AG 4.60 6/22/2017 EUR 74.97
UniCredit Bank AG 5.00 6/22/2017 EUR 71.92
UniCredit Bank AG 4.80 6/22/2017 EUR 74.23
HSBC Trinkaus & Burkhardt 13.40 9/22/2017 EUR 72.19
HSBC Trinkaus & Burkhardt 11.00 8/25/2017 EUR 73.95
Vontobel Financial Produc 14.00 12/22/2017 EUR 74.32
Commerzbank AG 11.50 7/26/2017 EUR 56.55
UBS AG/London 6.40 12/8/2017 EUR 63.22
UBS AG/London 9.60 12/8/2017 EUR 58.41
Landesbank Hessen-Thuerin 5.00 10/17/2017 EUR 65.65
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 66.98
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 67.15
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 71.32
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 71.50
Landesbank Baden-Wuerttem 6.00 9/22/2017 EUR 72.69
Landesbank Baden-Wuerttem 3.00 9/22/2017 EUR 74.76
Leonteq Securities AG 6.00 10/12/2017 CHF 61.87
UniCredit Bank AG 4.50 9/19/2017 EUR 59.08
Landesbank Hessen-Thuerin 4.50 11/28/2017 EUR 66.62
Lloyds Bank PLC 0.50 7/26/2028 MXN 43.74
AKB Derzhava OJSC 11.25 7/10/2023 RUB 90.00
HSBC Bank PLC 0.50 6/9/2023 MXN 61.16
Credit Suisse AG/London 8.00 11/2/2018 USD 10.03
Bank Julius Baer & Co Ltd 12.15 11/8/2017 CHF 71.90
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 69.13
Goldman Sachs & Co Wertpa 15.00 9/20/2017 EUR 72.86
HSBC Bank PLC 0.50 11/25/2025 BRL 42.85
HSBC Trinkaus & Burkhardt 7.00 6/23/2017 EUR 70.94
Municipality Finance PLC 0.50 12/15/2020 BRL 73.70
Zurcher Kantonalbank Fina 10.00 6/8/2017 CHF 73.06
Deutsche Bank AG 5.20 6/20/2017 EUR 73.60
Deutsche Bank AG 7.20 6/20/2017 EUR 74.00
Deutsche Bank AG 7.20 6/20/2017 EUR 68.20
HSBC Trinkaus & Burkhardt 2.80 9/22/2017 EUR 74.84
DZ Bank AG Deutsche Zentr 5.60 9/8/2017 EUR 71.15
Bayerische Landesbank 2.60 10/19/2018 EUR 63.60
Union Technologies Inform 0.10 1/1/2020 EUR 5.30
Lehman Brothers Treasury 8.05 12/20/2010 HKD 0.65
Goldman Sachs & Co Wertpa 14.00 6/21/2017 EUR 68.79
Goldman Sachs & Co Wertpa 8.00 6/21/2017 EUR 74.25
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 68.59
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 59.59
Goldman Sachs & Co Wertpa 12.00 6/21/2017 EUR 71.16
Goldman Sachs & Co Wertpa 6.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 7.00 6/21/2017 EUR 65.24
Goldman Sachs & Co Wertpa 8.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 57.24
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 51.24
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 70.66
Goldman Sachs & Co Wertpa 5.00 6/21/2017 EUR 72.46
UBS AG/London 9.25 6/26/2017 CHF 68.80
UBS AG/London 7.00 6/26/2017 EUR 62.15
Landesbank Baden-Wuerttem 3.70 7/27/2018 EUR 69.96
UBS AG/London 9.40 6/30/2017 EUR 41.60
EFG International Finance 7.20 6/26/2017 GBP 6.03
Zurcher Kantonalbank Fina 8.50 7/17/2017 CHF 57.81
Zurcher Kantonalbank Fina 9.00 7/17/2017 EUR 68.86
UBS AG/London 7.50 7/3/2017 EUR 59.60
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 54.21
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 67.16
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 71.33
DekaBank Deutsche Girozen 2.50 7/14/2017 EUR 74.42
UBS AG/London 6.25 7/24/2017 CHF 73.05
Landesbank Baden-Wuerttem 2.60 8/23/2019 EUR 68.69
Zurcher Kantonalbank Fina 5.00 7/27/2017 CHF 74.32
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury 5.22 3/1/2024 EUR 0.65
Oberoesterreichische Land 0.30 4/25/2042 EUR 36.88
Lehman Brothers Treasury 8.88 1/28/2011 HKD 9.63
LBI HF 8.65 5/1/2011 ISK 5.88
Lehman Brothers Treasury 5.00 3/13/2009 EUR 0.65
Lehman Brothers Treasury 7.63 7/22/2011 HKD 0.65
Erste Group Bank AG 9.25 6/29/2017 EUR 51.85
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 56.03
Commerzbank AG 12.00 5/24/2017 EUR 48.16
HSBC Trinkaus & Burkhardt 4.30 6/23/2017 EUR 69.35
Landesbank Hessen-Thuerin 4.00 4/8/2019 EUR 60.83
UniCredit Bank AG 4.60 7/2/2018 EUR 60.04
Leonteq Securities AG 7.00 9/20/2017 CHF 71.40
Commerzbank AG 5.80 10/8/2017 EUR 69.39
Notenstein La Roche Priva 4.50 3/27/2018 EUR 56.09
Leonteq Securities AG 3.50 4/10/2018 EUR 55.14
DekaBank Deutsche Girozen 2.70 3/16/2018 EUR 70.57
Lehman Brothers Treasury 4.10 5/20/2009 USD 0.65
Lehman Brothers Treasury 2.00 5/17/2010 EUR 0.65
Lehman Brothers Treasury 3.82 10/20/2009 USD 0.65
Lehman Brothers Treasury 2.75 10/28/2009 EUR 0.65
Lehman Brothers Treasury 3.63 3/2/2012 EUR 0.65
UBS AG/London 17.90 6/30/2017 EUR 72.29
UBS AG/London 14.30 9/29/2017 EUR 74.99
HSBC Trinkaus & Burkhardt 4.80 9/22/2017 EUR 66.88
HSBC Trinkaus & Burkhardt 3.00 9/22/2017 EUR 73.02
HSBC Trinkaus & Burkhardt 8.20 9/22/2017 EUR 72.95
Raiffeisen Switzerland BV 3.50 8/25/2017 CHF 72.57
Vontobel Financial Produc 11.75 6/9/2017 EUR 65.75
Commerzbank AG 15.50 9/20/2017 EUR 72.77
Commerzbank AG 13.50 12/20/2017 EUR 74.67
Commerzbank AG 8.00 7/14/2021 USD
Landesbank Baden-Wuerttem 2.90 7/27/2018 EUR 69.25
Zurcher Kantonalbank Fina 11.25 4/26/2017 CHF 51.22
National Developing Co PA 16.00 4/15/2021 RUB 100.05
Goldman Sachs & Co Wertpa 7.00 6/21/2017 EUR 74.08
Vontobel Financial Produc 4.65 7/24/2017 EUR 65.30
BNP Paribas Emissions- un 3.50 7/27/2017 EUR 74.85
UBS AG/London 7.00 7/17/2017 CHF 54.10
Notenstein La Roche Priva 4.00 7/24/2019 CHF 73.99
Notenstein La Roche Priva 6.70 7/24/2017 EUR 67.44
Raiffeisen-Landesbank Tir 2.50 9/2/2024 EUR 71.69
Credit Suisse AG/London 10.50 7/25/2017 USD 62.10
Leonteq Securities AG 20.00 10/25/2017 CHF 74.49
Credit Suisse AG/London 10.50 7/25/2017 USD 74.20
Landesbank Baden-Wuerttem 3.40 9/28/2018 EUR 72.62
Notenstein La Roche Priva 7.00 8/11/2017 CHF 71.99
DZ Bank AG Deutsche Zentr 3.45 8/25/2017 EUR 70.75
DekaBank Deutsche Girozen 2.80 7/22/2019 EUR 71.34
Goldman Sachs & Co Wertpa 15.00 6/21/2017 EUR 69.46
Goldman Sachs & Co Wertpa 14.00 9/20/2017 EUR 72.75
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 65.76
Goldman Sachs & Co Wertpa 14.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 10.00 9/20/2017 EUR
Goldman Sachs & Co Wertpa 12.00 9/20/2017 EUR 62.59
Goldman Sachs & Co Wertpa 12.00 9/20/2017 EUR 60.67
Goldman Sachs & Co Wertpa 14.00 9/20/2017 EUR 74.13
Deutsche Bank AG 4.20 11/22/2017 EUR 74.50
Deutsche Bank AG 3.20 11/22/2017 EUR 71.10
Deutsche Bank AG 3.20 11/22/2017 EUR 73.30
Deutsche Bank AG 3.20 11/22/2017 EUR 69.00
DekaBank Deutsche Girozen 3.10 8/4/2017 EUR 53.31
Bayerische Landesbank 2.50 8/31/2018 EUR 74.33
Goldman Sachs & Co Wertpa 9.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 12.00 6/21/2017 EUR 48.35
Landesbank Baden-Wuerttem 4.50 8/25/2017 EUR 72.22
Landesbank Baden-Wuerttem 5.00 8/25/2017 EUR 71.93
Landesbank Baden-Wuerttem 3.00 8/25/2017 EUR 73.68
Barclays Bank PLC 0.50 3/19/2021 MXN 71.11
Leonteq Securities AG 5.00 9/4/2018 CHF 57.59
Leonteq Securities AG 5.60 9/4/2017 CHF 69.31
Leonteq Securities AG 6.77 8/17/2017 CHF 55.71
Leonteq Securities AG 5.40 8/28/2017 CHF 56.49
Zurcher Kantonalbank Fina 5.80 8/21/2017 CHF 73.70
Banque Cantonale Vaudoise 5.36 8/25/2017 CHF 74.27
Leonteq Securities AG 5.60 9/11/2017 CHF 57.04
LZMO SA 8.50 6/30/2017 PLN 30.00
UBS AG/London 9.50 9/4/2017 CHF 20.35
DekaBank Deutsche Girozen 2.75 6/28/2019 EUR 74.52
Goldman Sachs & Co Wertpa 9.00 9/20/2017 EUR 67.70
HSBC Trinkaus & Burkhardt 9.50 6/23/2017 EUR 58.37
HSBC Trinkaus & Burkhardt 3.00 6/23/2017 EUR 74.94
Commerzbank AG 4.00 7/19/2017 EUR 54.55
Bank Julius Baer & Co Ltd 7.85 7/28/2017 USD 46.85
UBS AG/London 14.50 7/20/2017 USD 64.30
Bank Julius Baer & Co Ltd 23.00 8/4/2017 USD 47.35
Commerzbank AG 7.00 7/27/2017 EUR 65.27
Commerzbank AG 10.25 7/27/2017 EUR 59.18
Commerzbank AG 14.25 7/27/2017 EUR 54.68
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 74.79
Landesbank Baden-Wuerttem 3.00 8/25/2017 EUR 66.43
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 62.31
Landesbank Baden-Wuerttem 5.00 8/25/2017 EUR 59.14
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 71.65
Vontobel Financial Produc 8.35 5/26/2017 USD 65.90
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 64.33
BNP Paribas Emissions- un 16.00 12/21/2017 EUR 61.41
BNP Paribas Emissions- un 18.00 12/21/2017 EUR 59.80
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 58.58
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 70.30
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 57.47
BNP Paribas Emissions- un 12.00 12/21/2017 EUR 67.18
BNP Paribas Emissions- un 9.00 9/21/2017 EUR 72.23
BNP Paribas Emissions- un 10.00 9/21/2017 EUR 69.35
BNP Paribas Emissions- un 12.00 9/21/2017 EUR 64.40
BNP Paribas Emissions- un 16.00 9/21/2017 EUR 58.83
BNP Paribas Emissions- un 9.00 12/21/2017 EUR 73.90
BNP Paribas Emissions- un 10.00 12/21/2017 EUR 71.43
Bank Julius Baer & Co Ltd 14.40 11/2/2017 CHF 71.50
UBS AG/London 7.00 9/22/2017 EUR 68.13
HSBC Bank PLC 0.50 4/11/2023 MXN 62.03
UBS AG/London 11.60 12/29/2017 EUR 60.41
UBS AG/London 13.00 9/27/2017 EUR 58.14
UBS AG/London 5.30 12/29/2017 EUR 68.39
HSBC Trinkaus & Burkhardt 5.50 6/23/2017 EUR 66.14
Landesbank Baden-Wuerttem 3.25 1/26/2018 EUR 64.70
Landesbank Hessen-Thuerin 4.00 1/16/2018 EUR 60.56
EFG International Finance 6.48 5/29/2018 EUR 7.57
Leonteq Securities AG/Gue 5.00 12/27/2019 EUR 69.93
Landesbank Baden-Wuerttem 3.00 2/23/2018 EUR 64.70
Landesbank Baden-Wuerttem 3.55 6/23/2017 EUR 74.48
UniCredit Bank AG 5.00 6/25/2019 EUR 61.66
Landesbank Hessen-Thuerin 5.00 3/27/2019 EUR 65.73
Leonteq Securities AG 5.00 5/7/2019 CHF 72.65
Landesbank Baden-Wuerttem 3.25 8/25/2017 EUR 66.27
Bayerische Landesbank 2.70 7/27/2018 EUR 70.58
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 70.61
Commerzbank AG 7.24 4/27/2017 EUR 54.13
Commerzbank AG 4.40 4/29/2019 EUR 73.84
DekaBank Deutsche Girozen 2.60 4/21/2017 EUR 56.27
Landesbank Hessen-Thuerin 4.00 6/5/2019 EUR 72.15
DekaBank Deutsche Girozen 2.75 10/29/2018 EUR 58.84
Credit Suisse AG/London 8.00 5/21/2025 USD
Landesbank Baden-Wuerttem 4.00 6/22/2018 EUR 67.53
Landesbank Baden-Wuerttem 3.60 6/22/2018 EUR 63.12
UBS AG 7.40 5/17/2021 CHF 67.69
Notenstein La Roche Priva 4.20 5/22/2019 CHF 74.14
Notenstein La Roche Priva 4.50 5/22/2018 CHF 73.33
Landesbank Baden-Wuerttem 3.00 7/26/2019 EUR 72.83
DekaBank Deutsche Girozen 2.80 5/13/2019 EUR 62.84
Bayerische Landesbank 2.70 6/22/2018 EUR 70.98
Royal Bank of Scotland PL 6.20 9/7/2018 GBP 1.07
Royal Bank of Scotland PL 1.33 10/26/2018 GBP 1.06
Landesbank Hessen-Thuerin 4.00 4/30/2019 EUR 72.10
Notenstein La Roche Priva 4.80 4/20/2017 CHF 72.55
Leonteq Securities AG 7.20 4/24/2017 EUR 57.33
Landesbank Baden-Wuerttem 3.00 10/27/2017 EUR 69.59
Landesbank Baden-Wuerttem 5.00 10/27/2017 EUR 65.96
Landesbank Baden-Wuerttem 3.00 7/28/2017 EUR 74.84
Landesbank Baden-Wuerttem 3.25 7/28/2017 EUR 68.04
Landesbank Baden-Wuerttem 3.00 6/23/2017 EUR 70.95
Landesbank Baden-Wuerttem 3.70 8/25/2017 EUR 74.15
Landesbank Baden-Wuerttem 3.55 8/25/2017 EUR 56.15
Landesbank Baden-Wuerttem 3.75 9/22/2017 EUR 54.77
Landesbank Baden-Wuerttem 3.90 9/22/2017 EUR 53.35
Landesbank Baden-Wuerttem 3.20 9/22/2017 EUR 63.14
Landesbank Baden-Wuerttem 3.50 11/24/2017 EUR 74.20
Landesbank Baden-Wuerttem 3.40 11/24/2017 EUR 57.38
Landesbank Baden-Wuerttem 4.50 3/23/2018 EUR 73.16
Landesbank Baden-Wuerttem 2.50 6/28/2019 EUR 66.98
Landesbank Baden-Wuerttem 3.50 6/22/2018 EUR 62.47
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 54.22
Landesbank Baden-Wuerttem 3.00 1/4/2019 EUR 69.09
Notenstein La Roche Priva 4.20 4/10/2018 EUR 57.13
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 23.80
Bayerische Landesbank 2.70 7/6/2018 EUR 65.83
Zurcher Kantonalbank Fina 6.50 4/10/2018 CHF 59.05
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 74.03
UBS AG/London 6.25 4/18/2017 CHF 53.25
Landesbank Baden-Wuerttem 3.40 6/22/2018 EUR 70.74
Landesbank Baden-Wuerttem 4.20 6/23/2017 EUR 57.57
Landesbank Baden-Wuerttem 5.00 10/27/2017 EUR 61.43
Landesbank Baden-Wuerttem 4.00 10/27/2017 EUR 65.50
Landesbank Baden-Wuerttem 3.60 9/22/2017 EUR 70.80
Landesbank Baden-Wuerttem 4.60 6/23/2017 EUR 72.82
Landesbank Baden-Wuerttem 3.90 7/28/2017 EUR 64.04
Landesbank Baden-Wuerttem 3.70 9/22/2017 EUR 67.75
Landesbank Baden-Wuerttem 3.00 6/22/2018 EUR 72.91
Landesbank Baden-Wuerttem 3.40 6/23/2017 EUR 69.23
Landesbank Baden-Wuerttem 3.85 10/27/2017 EUR 60.48
Landesbank Baden-Wuerttem 3.00 11/24/2017 EUR 70.85
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 66.48
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 69.77
Landesbank Baden-Wuerttem 3.00 9/28/2018 EUR 62.07
Landesbank Baden-Wuerttem 3.75 10/27/2017 EUR 62.09
UBS AG/London 7.00 5/22/2017 CHF 58.45
UBS AG/London 8.00 5/26/2017 EUR 56.55
Leonteq Securities AG 9.92 5/29/2017 EUR 58.16
BNP Paribas Emissions- un 3.25 11/24/2017 EUR 69.94
Landesbank Baden-Wuerttem 3.50 7/27/2018 EUR 67.81
Landesbank Baden-Wuerttem 3.40 7/27/2018 EUR 66.28
UBS AG/London 5.75 6/6/2017 CHF 74.70
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 70.17
Landesbank Baden-Wuerttem 2.50 6/23/2017 EUR 74.77
Landesbank Baden-Wuerttem 4.00 6/23/2017 EUR 67.15
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 61.87
Landesbank Baden-Wuerttem 3.50 6/23/2017 EUR 71.80
Landesbank Baden-Wuerttem 4.50 6/23/2017 EUR 68.08
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 74.83
Landesbank Baden-Wuerttem 3.00 6/23/2017 EUR 68.55
Landesbank Baden-Wuerttem 4.00 6/23/2017 EUR 64.52
Landesbank Baden-Wuerttem 5.00 6/23/2017 EUR 61.13
Landesbank Baden-Wuerttem 6.00 6/23/2017 EUR 58.44
Bayerische Landesbank 2.70 7/13/2018 EUR 69.49
UniCredit Bank AG 3.80 7/23/2020 EUR 67.26
Leonteq Securities AG 3.00 7/8/2019 CHF 74.29
UniCredit Bank AG 4.40 7/13/2018 EUR 66.78
Notenstein La Roche Priva 6.50 6/26/2017 EUR 64.34
Norddeutsche Landesbank G 3.00 7/16/2018 EUR 69.27
Landesbank Baden-Wuerttem 3.00 7/26/2019 EUR 73.84
Leonteq Securities AG 8.00 4/24/2017 USD 69.57
DekaBank Deutsche Girozen 3.25 4/20/2018 EUR 59.12
Leonteq Securities AG 6.00 5/4/2017 CHF 74.90
Bank Julius Baer & Co Ltd 6.00 5/2/2017 CHF 72.70
Notenstein La Roche Priva 4.00 5/8/2018 CHF 61.80
UniCredit Bank AG 5.00 7/30/2018 EUR 70.82
UniCredit Bank AG 4.00 6/26/2018 EUR 63.51
UniCredit Bank AG 4.60 6/30/2017 EUR 52.10
Leonteq Securities AG 3.00 9/19/2019 CHF 51.55
DekaBank Deutsche Girozen 7.15 10/27/2017 EUR 61.46
Notenstein La Roche Priva 3.00 9/22/2020 CHF 64.88
UniCredit Bank AG 3.50 1/29/2020 EUR 74.85
EFG International Finance 7.00 11/27/2019 EUR 18.85
Goldman Sachs Internation 1.00 12/5/2017 SEK 18.10
Commerzbank AG 20.00 5/28/2018 SEK 61.25
Landesbank Baden-Wuerttem 3.25 12/22/2017 EUR 69.49
Landesbank Baden-Wuerttem 3.85 8/25/2017 EUR 65.39
Landesbank Baden-Wuerttem 3.15 6/22/2018 EUR 66.25
UniCredit Bank AG 4.40 9/19/2018 EUR 70.85
UBS AG 9.50 12/22/2017 EUR 57.42
UBS AG 7.00 12/22/2017 EUR 71.52
UBS AG 5.25 12/22/2017 EUR 62.00
UBS AG 8.25 12/22/2017 EUR 63.23
UBS AG 11.75 12/22/2017 EUR 48.63
UBS AG 7.75 12/22/2017 EUR 64.24
UBS AG 7.00 12/22/2017 EUR 66.37
UBS AG 10.25 12/22/2017 EUR 54.30
UBS AG 10.25 12/22/2017 EUR 43.82
UBS AG 5.00 12/22/2017 EUR 65.90
UBS AG 8.50 12/22/2017 EUR 47.77
UBS AG 11.75 12/22/2017 EUR 40.25
UBS AG 8.00 12/22/2017 EUR 63.05
UBS AG 8.75 12/22/2017 EUR 60.03
UBS AG 4.00 12/22/2017 EUR 72.20
UBS AG 10.25 12/22/2017 EUR 55.16
UBS AG 11.75 12/22/2017 EUR 51.46
UBS AG 7.50 12/22/2017 EUR 51.45
UBS AG 13.00 12/22/2017 EUR 72.40
UBS AG 6.75 12/22/2017 EUR 54.84
UBS AG 9.50 12/22/2017 EUR 57.04
UBS AG 5.75 12/22/2017 EUR 58.78
UBS AG 7.75 12/22/2017 EUR 58.26
UBS AG 8.25 12/22/2017 EUR 49.68
UBS AG 10.50 12/22/2017 EUR 52.20
UBS AG 4.75 12/22/2017 EUR 74.82
UBS AG 6.25 12/22/2017 EUR 54.36
UBS AG 11.25 12/22/2017 EUR 74.26
UBS AG 8.25 12/22/2017 EUR 50.98
UBS AG 4.50 12/22/2017 EUR 66.45
UBS AG 10.50 12/22/2017 EUR 50.49
UBS AG 9.50 12/22/2017 EUR 52.62
UBS AG 6.50 12/22/2017 EUR 70.91
UBS AG 6.50 12/22/2017 EUR 54.53
UniCredit Bank AG 4.30 10/17/2018 EUR 69.95
Landesbank Baden-Wuerttem 3.30 6/22/2018 EUR 67.79
UniCredit Bank AG 4.30 12/22/2017 EUR 67.82
DekaBank Deutsche Girozen 3.30 2/26/2018 EUR 54.38
UniCredit Bank AG 4.30 10/29/2018 EUR 72.94
Landesbank Baden-Wuerttem 3.00 5/25/2018 EUR 71.18
UBS AG 4.50 12/22/2017 EUR 57.75
UBS AG 5.00 12/22/2017 EUR 65.70
UBS AG 4.75 12/22/2017 EUR 74.29
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 71.74
UniCredit Bank AG 4.10 9/28/2018 EUR 69.27
Landesbank Baden-Wuerttem 3.05 6/22/2018 EUR 72.61
DekaBank Deutsche Girozen 3.10 5/5/2017 EUR 70.39
DekaBank Deutsche Girozen 3.00 4/16/2018 EUR 74.49
UBS AG/London 5.00 8/14/2017 CHF 52.30
Vontobel Financial Produc 16.00 12/22/2017 EUR 70.17
DZ Bank AG Deutsche Zentr 9.00 6/23/2017 EUR 59.15
DZ Bank AG Deutsche Zentr 8.70 12/22/2017 EUR 63.19
DZ Bank AG Deutsche Zentr 10.10 12/22/2017 EUR 60.33
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 72.24
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 69.53
BNP Paribas Emissions- un 19.00 9/21/2017 EUR 72.74
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 72.99
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 69.82
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 69.40
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 74.53
UBS AG 9.00 7/3/2017 CHF 71.48
UniCredit Bank AG 4.00 10/14/2019 EUR 65.49
Notenstein Finance Guerns 1.00 9/17/2019 CHF 57.97
UBS AG/London 7.00 12/22/2017 EUR 64.54
UBS AG/London 4.00 12/22/2017 EUR 71.34
UBS AG/London 9.50 12/22/2017 EUR 66.17
UBS AG/London 9.00 12/22/2017 EUR 58.58
UBS AG/London 5.75 12/22/2017 EUR 70.38
UBS AG/London 5.00 12/22/2017 EUR 67.15
UBS AG/London 6.25 12/22/2017 EUR 68.42
UBS AG/London 7.75 12/22/2017 EUR 52.07
UBS AG/London 14.50 12/22/2017 EUR 73.22
UniCredit Bank AG 4.25 9/12/2017 EUR 65.07
Notenstein La Roche Priva 5.00 8/29/2018 CHF 73.28
Leonteq Securities AG/Gue 4.40 8/28/2017 CHF 66.08
Notenstein La Roche Priva 5.04 8/28/2017 CHF 73.02
Leonteq Securities AG/Gue 4.68 8/29/2017 CHF 74.73
Leonteq Securities AG/Gue 5.99 9/11/2017 EUR 64.72
DekaBank Deutsche Girozen 3.15 5/18/2018 EUR 64.42
Commerzbank AG 19.00 5/24/2017 EUR 69.72
Commerzbank AG 15.50 8/23/2017 EUR 72.86
Lehman Brothers Treasury 0.01 9/20/2011 USD 0.65
Lehman Brothers Treasury 12.00 7/13/2037 JPY 0.65
Lehman Brothers Treasury 10.00 6/11/2038 JPY 0.65
HSBC Trinkaus & Burkhardt 15.20 6/23/2017 EUR 66.99
HSBC Trinkaus & Burkhardt 17.10 6/23/2017 EUR 53.20
HSBC Trinkaus & Burkhardt 12.70 9/22/2017 EUR 59.55
HSBC Trinkaus & Burkhardt 10.30 9/22/2017 EUR 63.42
HSBC Trinkaus & Burkhardt 7.50 9/22/2017 EUR 69.66
UBS AG/London 5.54 12/26/2017 USD 44.26
UBS AG/London 10.00 6/23/2017 EUR 59.77
DZ Bank AG Deutsche Zentr 9.25 7/28/2017 EUR 57.44
UBS AG/London 13.50 6/23/2017 EUR 54.70
UBS AG/London 9.50 9/22/2017 EUR 62.14
UBS AG/London 12.50 9/22/2017 EUR 57.75
Commerzbank AG 15.50 6/22/2017 EUR 55.09
Commerzbank AG 16.00 6/22/2017 EUR 69.90
Commerzbank AG 8.25 6/22/2017 EUR 66.83
Commerzbank AG 11.50 6/22/2017 EUR 60.16
HSBC Trinkaus & Burkhardt 19.00 6/23/2017 EUR 73.81
Vontobel Financial Produc 4.80 5/14/2018 EUR 71.74
Vontobel Financial Produc 16.00 12/22/2017 EUR 74.20
Landesbank Hessen-Thuerin 4.00 5/16/2018 EUR 69.80
Societe Generale SA 0.50 4/4/2024 MXN 56.90
Societe Generale SA 0.50 5/22/2024 MXN 56.22
SG Issuer SA 0.82 8/2/2021 SEK 72.21
DekaBank Deutsche Girozen 3.00 12/17/2018 EUR 64.50
DZ Bank AG Deutsche Zentr 5.00 2/6/2018 EUR 68.05
UniCredit Bank AG 3.75 9/7/2020 EUR 70.20
DekaBank Deutsche Girozen 2.75 2/2/2018 EUR 70.81
Notenstein La Roche Priva 5.00 2/27/2019 CHF 74.85
Notenstein La Roche Priva 5.70 2/27/2019 CHF 74.65
UniCredit Bank AG 3.75 10/2/2020 EUR 66.32
Vontobel Financial Produc 18.40 9/11/2017 EUR 66.92
Commerzbank AG 7.20 4/18/2017 EUR 62.72
Credit Suisse AG/London 8.50 9/18/2017 USD 73.41
Bank Julius Baer & Co Ltd 12.80 9/20/2017 CHF 66.60
Notenstein La Roche Priva 15.00 12/27/2017 CHF 69.57
Commerzbank AG 12.30 4/18/2017 EUR 55.94
HSBC Trinkaus & Burkhardt 18.60 6/23/2017 EUR 69.83
HSBC Trinkaus & Burkhardt 13.40 12/22/2017 EUR 74.96
UBS AG/London 9.90 9/22/2017 EUR 72.76
Redvans 12.50 12/17/2021 RUB 60.00
HSBC Trinkaus & Burkhardt 18.40 6/23/2017 EUR 65.34
HSBC Trinkaus & Burkhardt 13.80 12/22/2017 EUR 70.78
HSBC Trinkaus & Burkhardt 11.90 12/22/2017 EUR 72.41
HSBC Trinkaus & Burkhardt 10.70 8/25/2017 EUR 72.05
HSBC Trinkaus & Burkhardt 10.20 11/24/2017 EUR 73.84
Vontobel Financial Produc 13.50 9/22/2017 EUR 74.16
Vontobel Financial Produc 16.05 9/22/2017 EUR 71.94
Vontobel Financial Produc 12.00 12/22/2017 EUR 73.10
Vontobel Financial Produc 20.00 12/22/2017 EUR 65.91
Zurcher Kantonalbank Fina 11.00 6/29/2017 CHF 73.96
Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 64.92
Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 66.92
Leonteq Securities AG 8.80 6/21/2017 CHF 69.01
Lehman Brothers Treasury 1.60 6/21/2010 JPY 0.65
Lehman Brothers Treasury 2.40 6/20/2011 JPY 0.65
Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.63
Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.73
Goldman Sachs & Co Wertpa 10.00 12/20/2017 EUR 68.38
Leonteq Securities AG/Gue 16.20 11/30/2017 USD 53.36
Lehman Brothers Treasury 4.20 12/3/2008 HKD 9.63
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 57.43
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 66.59
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 70.87
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 67.49
BNP Paribas Emissions- un 29.00 6/22/2017 EUR 64.68
BNP Paribas Emissions- un 23.00 12/21/2017 EUR 71.89
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 60.95
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 69.45
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 72.60
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 60.29
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 66.20
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 69.86
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 65.98
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 71.25
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.99
BNP Paribas Emissions- un 24.00 12/21/2017 EUR 71.47
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 68.57
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 64.38
BNP Paribas Emissions- un 26.00 6/22/2017 EUR 71.70
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 70.25
BNP Paribas Emissions- un 23.00 12/21/2017 EUR 59.40
BNP Paribas Emissions- un 29.00 6/22/2017 EUR 69.82
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 65.68
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 66.46
BNP Paribas Emissions- un 24.00 12/21/2017 EUR 73.26
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 68.59
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 62.40
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 57.12
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 66.51
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 73.19
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 57.65
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 74.97
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 66.21
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 71.33
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 74.03
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 73.02
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 69.92
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 70.29
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 64.74
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 71.97
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 72.30
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 74.47
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.42
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 72.09
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 71.25
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 71.15
BNP Paribas Emissions- un 6.00 6/22/2017 EUR 55.55
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 48.29
BNP Paribas Emissions- un 18.00 6/22/2017 EUR 37.55
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 34.79
BNP Paribas Emissions- un 6.00 12/21/2017 EUR 58.37
BNP Paribas Emissions- un 10.00 12/21/2017 EUR 50.31
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 46.12
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 67.24
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.57
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 68.42
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 66.20
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 62.12
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 63.48
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 62.99
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 73.79
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 71.08
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 74.91
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 74.20
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 71.37
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 74.77
BNP Paribas Emissions- un 13.00 6/22/2017 EUR 60.66
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 40.47
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 57.56
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 50.97
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 47.57
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 45.52
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 44.07
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 73.19
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 69.92
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 55.77
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 73.21
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 64.27
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 55.62
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 67.08
BNP Paribas Emissions- un 13.00 6/22/2017 EUR 53.76
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 46.22
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 44.59
BNP Paribas Emissions- un 12.00 12/21/2017 EUR 74.69
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 55.24
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 52.59
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 63.78
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 60.13
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 55.26
Raiffeisen Centrobank AG 7.20 9/20/2017 EUR 74.20
Lehman Brothers Treasury 6.00 6/21/2011 EUR 0.65
Lehman Brothers Treasury 2.00 6/21/2011 EUR 0.65
Lehman Brothers Treasury 8.28 7/31/2013 GBP 0.65
Lehman Brothers Treasury 7.32 7/31/2013 GBP 0.65
Barclays Bank PLC 1.99 12/1/2040 USD 72.72
Lehman Brothers Treasury 8.28 3/26/2009 USD 0.65
Lehman Brothers Treasury 6.85 12/22/2008 EUR 0.65
Lehman Brothers Treasury 7.60 3/26/2009 EUR 0.65
Lehman Brothers Treasury 7.55 12/29/2008 USD 0.65
UBS AG/London 11.70 4/18/2017 EUR 39.22
EFG International Finance 6.89 12/28/2017 CHF 71.01
Goldman Sachs & Co Wertpa 15.00 6/21/2017 EUR
SG Issuer SA 0.80 11/30/2020 SEK 66.27
Notenstein La Roche Priva 6.50 7/11/2017 CHF 68.41
Notenstein La Roche Priva 6.00 7/11/2017 CHF 68.24
EFG International Finance 7.35 12/28/2017 CHF 71.98
Notenstein La Roche Priva 9.68 6/15/2017 CHF 68.75
HSBC Trinkaus & Burkhardt 8.20 6/23/2017 EUR 68.15
DekaBank Deutsche Girozen 2.75 6/24/2019 EUR 68.16
HSBC Trinkaus & Burkhardt 4.00 6/16/2017 EUR 62.10
Vontobel Financial Produc 4.00 11/9/2017 EUR 64.35
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 70.31
DekaBank Deutsche Girozen 2.60 6/23/2017 EUR 62.38
Leonteq Securities AG 5.20 8/14/2018 CHF 70.85
Goldman Sachs & Co Wertpa 9.00 6/21/2017 EUR 69.72
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 60.69
Notenstein La Roche Priva 7.00 8/14/2017 CHF 64.65
UBS AG/London 8.25 8/7/2017 EUR 68.85
Notenstein La Roche Priva 8.02 8/11/2017 EUR 72.30
Zurcher Kantonalbank Fina 14.75 5/11/2017 CHF 74.34
Commerzbank AG 10.25 4/27/2017 EUR 69.39
Commerzbank AG 13.50 4/27/2017 EUR 61.78
Commerzbank AG 17.25 4/27/2017 EUR 55.74
Commerzbank AG 7.25 10/26/2017 EUR 72.52
Commerzbank AG 10.50 10/26/2017 EUR 67.21
Commerzbank AG 14.25 10/26/2017 EUR 63.11
Societe Generale SA 0.50 4/3/2023 RUB 61.73
National Capital JSC 9.50 7/25/2018 RUB 100.00
RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00
National Capital JSC 9.25 4/22/2019 RUB 100.00
IDGC of the North Caucasu 13.00 4/22/2021 RUB 60.00
Societe Generale SA 0.50 6/12/2023 RUB 60.53
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 69.88
KPNQwest NV 7.13 6/1/2009 EUR 1.00
IS-Broker OOO 13.00 6/21/2017 RUB 100.00
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59
National Capital JSC 9.25 4/22/2019 RUB 99.98
Societe Generale SA 0.50 4/30/2023 RUB 61.15
National Capital JSC 10.50 9/15/2020 RUB 100.00
TransFin-M PAO 13.00 12/31/2024 RUB 100.00
Bashneft PJSC 12.00 5/19/2025 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 * * *