/raid1/www/Hosts/bankrupt/TCREUR

/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 ********* ============= C R O A T I A ============= 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. =========== F R A N C E =========== 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 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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 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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 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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 * * *