/raid1/www/Hosts/bankrupt/TCREUR_Public/170515.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, May 15, 2017, Vol. 18, No. 095
Headlines
G E O R G I A
BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)'
BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable
I R E L A N D
HARVEST CLO XVII: S&P Assigns B Rating to Class F Notes
OCP EURO CLO 2017-1: S&P Assigns B- Rating to Class F Notes
I T A L Y
ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy
BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR
INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes
K A Z A K H S T A N
KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative
N E T H E R L A N D S
HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating
LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC
STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes
P O L A N D
SKOK: Financial Markets Regulator Suspends Operations
R O M A N I A
ROMCAB SA: Has EUR222 Million Accumulated Debt
* ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency
R U S S I A
ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating
BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable
S L O V E N I A
TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating
S P A I N
IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3
T U R K E Y
TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes
U K R A I N E
UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion
U N I T E D K I N G D O M
CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans
DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating
KIDS COMPANY: Trustees to Fight Any Banning Action
TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks
VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week May 8 to May 12, 2017
*********
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G E O R G I A
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BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Bank of Georgia's (BoG) upcoming issue
of GEL-denominated senior unsecured notes an expected Long-term
rating of 'BB-(EXP)'. The total amount and final maturity of the
issue are yet to be determined.
BoG has a Long-Term Issuer Default Rating (IDR) of 'BB-' with a
Stable Outlook, Short-term IDR of 'B', Viability Rating of 'bb-',
Support Rating of '4' and Support Rating Floor of 'B'.
The final rating is contingent upon the receipt of final documents
conforming to information already received.
KEY RATING DRIVERS
The issue's rating corresponds to BoG's 'BB-' Long-Term Local-
Currency IDR, which considers the bank's adequate asset quality,
reasonable capitalisation, sound profitability metrics and stable
funding profile. The ratings also capture the high lending
dollarisation level and significant borrower concentrations.
The Stable Outlook on the bank's ratings reflects Fitch's view
that BoG's pre-impairment profitability should absorb potential
asset quality impairment without losses eroding capitalisation.
RATING SENSITIVITIES
Changes to BoG's Long-Term Local-Currency IDR would impact the
issue's rating. Upside potential for BoG's ratings is limited, as
they are already at the same level as the sovereign. A downgrade
may result from rapid growth or a marked deterioration of asset
quality, leading to a substantial weakening of BoG's
capitalisation.
BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of JSC BGEO Group (BGEO) at 'BB-' with a Stable Outlook.
KEY RATING DRIVERS
BGEO's ratings reflect Fitch's view that the default risk of the
holding company (holdco) is highly correlated with that of its
main operating entity, Bank of Georgia (BoG, BB-/Stable/bb-). This
view is based on BGEO's reliance on loan repayments and dividends
from BoG as the main source of cash flows to service the holdco's
debt.
The equalisation of BGEO's and BoG's ratings takes into account
the absence of double leverage at the holdco level (defined as the
equity investments in subsidiaries divided by holdco equity), as
investments in subsidiaries are currently financed with the
holdco's equity. Fitch's expectation is that double leverage, even
if it appears in the future, will not exceed the 120% threshold,
at which the agency would usually consider introducing a notch
difference between with the ratings of a bank holdco and its main
operating subsidiary.
The equalisation of the ratings also reflects Fitch's view that
consolidated non-banking subsidiaries have limited impact on
BGEO's creditworthiness due to them being small (15% of BGEO's
assets and 25% of revenues in 2016) and profitable.
The fact that BGEO and BoG are domiciled in the same jurisdiction
also supports the equalisation of the ratings. However, in a
stress scenario Fitch believes that lack of consolidated group
oversight (National Bank of Georgia regulates only BoG) could
moderately impair the fungibility of liquidity and capital within
the group, resulting in better protection of creditors' rights at
BoG than at BGEO.
The senior unsecured debt rating of BGEO is aligned with its IDR.
BGEO's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that sovereign support for BGEO cannot
be relied upon given that it is not a regulated entity.
RATING SENSITIVITIES
BGEO's ratings are sensitive to changes in BoG's ratings. In
addition, BGEO's ratings could be downgraded if any debt issuance
results in a marked increase in double leverage or if this results
in significantly increased liquidity risks at the BGEO level.
Greater risks relating to BGEO's non-banking subsidiaries -
because of a marked increase in their size, a deterioration in
their credit profiles or greater reliance on their cash flows for
servicing of holdco debt - could also be negative for BGEO's
ratings.
The rating actions are as follows:
BGEO
Long-Term IDR: affirmed at 'BB-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
Senior unsecured debt: affirmed at 'BB-'
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I R E L A N D
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HARVEST CLO XVII: S&P Assigns B Rating to Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO XVII
DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.
The ratings assigned to Harvest CLO XVII's 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 its 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.
The transaction's legal structure is bankruptcy remote, in line
with S&P's 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 XVII is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a revolving
pool, comprising primarily euro-denominated senior secured loans
and bonds issued mainly by European borrowers. Investcorp Credit
Management EU Ltd. is the collateral manager.
RATINGS LIST
Ratings Assigned
Harvest CLO XVII DAC
EUR413.65 Million Fixed- And Floating-Rate Notes (Including
EUR42.9 Million Subordinated Notes)
Class Rating Amount
(mil. EUR)
A AAA (sf) 242.00
B-1 AA (sf) 43.50
B-2 AA (sf) 10.00
C A (sf) 21.50
D BBB (sf) 20.00
E BB (sf) 24.00
F B (sf) 9.75
Sub. NR 42.90
NR--Not rated.
Sub.--Subordinated.
OCP EURO CLO 2017-1: S&P Assigns B- Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to OCP EURO CLO
2017-1 DAC's class A, B, C, D, E, and F notes.
The ratings assigned to OCP EURO CLO 2017-1's 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 and
portfolio profile 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.
Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers that the transaction's
exposure to country risk is sufficiently mitigated at the assigned
rating levels.
The issuer is bankruptcy remote according to S&P's European legal
criteria.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.
OCP EURO CLO 2017-1 is a European cash flow collateralized loan
obligation securitization of a portfolio primarily comprising
senior secured euro-denominated leveraged loans and bonds issued
by European borrowers. Onex Credit Partners LLC is the portfolio
manager.
RATINGS LIST
Ratings Assigned
OCP EURO CLO 2017-1 DAC
EUR360.75 Million Senior Secured Floating-Rate Notes (Including
EUR38.25 Million Unrated Notes)
Class Rating Amount
(mil. EUR)
A AAA (sf) 202.25
B AA (sf) 49.75
C A (sf) 21.00
D BBB (sf) 17.50
E BB (sf) 22.75
F B- (sf) 9.25
Subordinated notes NR 38.25
NR--Not rated.
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I T A L Y
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ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy
-----------------------------------------------------------
Reuters reports that the naming of a new boss at Etihad Airways
presents the Gulf carrier with an opportunity to rethink its
aggressive expansion strategy after the failure of minority-owned
Alitalia underlined the big barriers to global growth.
Ray Gammell was appointed interim CEO last week, days after
Alitalia sought bankruptcy protection with US$3.3 billion (GBP2.5
billion) of debt, Reuters relates. He replaces veteran boss James
Hogan, Reuters discloses.
According to Reuters, Mr. Hogan's strategy was to buy up minority
stakes in myriad airlines but the struggles of that strategy, most
recently with Alitalia, are emblematic of a quandary peculiar to
the industry.
Since 2011, Abu Dhabi state-owned Etihad has spent billions of
dollars buying minority stakes from Europe to Australia as it
races to catch up with regional rivals Emirates and Qatar Airways,
Reuters relays.
Alitalia was Etihad's eighth and most high-profile bet, Reuters
notes. But the EUR560 million (GBP472.8 million) investment lies
in tatters, placing Hogan's wider strategy under the microscope,
after staff overwhelmingly rejected its latest restructuring
plans, Reuters states.
About Alitalia
Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring. After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009. Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania. Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM. An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.
* * *
Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017. However, increased
competition on routes operated by U.K.-based carriers and
significantly higher labor costs led to the ultimate failure of
Etihad Airways' profitability goals for Alitalia. During late
April 2017, labor unions representing Alitalia workers rejected a
plan that called for job reductions and pay cuts for workers.
Following the failure of these negotiations, Etihad Airways
signaled an unwillingness to invest additional capital into the
company and shareholders ultimately agreed to file for
extraordinary administration proceedings on May 2, 2017.
BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Banca Popolare dell'Emilia Romagna's
(BPER) Long-Term Issuer Default Rating (IDR) at 'BB' and Viability
Rating (VR) at 'bb'. The Outlook is Stable.
KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT
The bank's Long- and Short-Term IDRs are driven by the bank's
standalone profile, as captured by the VR. The ratings primarily
reflect the bank's weak asset quality and the impact this has on
its capitalisation. Regulatory capital ratios comfortably meet
minimum requirements, but in Fitch views capitalisation is not in
line with the bank's risk profile, given the high proportion of
its unreserved impaired loans.
With a gross impaired loan ratio of nearly 22% at end-2016, asset
quality weighs heavily on the bank's balance sheet and has a
negative impact in Fitch overall assessment of the bank's profile
and risk appetite. BPER's loan book is fairly diversified by
borrower and industry and the pace of new impaired loans has
consistently slowed down for a number of quarters. However, Fitch
does not expects to see large scale reductions in the stock of
impaired loans, at least in the short to medium term, given
management's intention to work out problem loans gradually rather
than dispose of them.
BPER's profitability is vulnerable to the economic and interest
rate cycles. During 2016 profitability slumped due to lower
operating revenues, mainly driven by tighter lending spreads and
halved net gains from securities. LICs remained high, although
they decreased from 2015. Over the medium term, the bank expects a
stabilisation in operating profitability as business volumes pick
up, costs remain under control and LICs decrease further. Fitch
believes there is a risk that LICs might remain high if, depending
on the feedback from the regulators on its impaired loan reduction
plan, the bank decides to accelerate the pace of disposals.
Fitch considers the bank's risk appetite overall to have improved,
particularly in the form of risk controls and Fitch expects that
newly underwritten loans are of better quality than legacy assets.
Furthermore, the bank continues to benefit from a strong franchise
in a number of regions. As a result, its funding profile is
adequate, benefiting from stable and loyal customers. Since late
2015 the bank has benefited from flight to quality customer
deposit inflows.
Wholesale channels are sufficiently diversified for a second-tier
bank through the utilisation of covered bonds, securitisation and
ECB funding. Liquidity is acceptable, with liquidity coverage and
net stable funding ratios above 100%. Contingent access to ECB
facilities underpins Fitch assessments of the bank's funding and
liquidity. ECB funding rose to 14% of total assets in March 2017,
following participation in the last TLTRO 2 auction.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)
The SR and SRF reflect Fitch's view that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes nonviable. The EU's
Bank Recovery and Resolution Directive and the Single Resolution
Mechanism for eurozone banks provide a framework for resolving
banks that require senior creditors participating in losses, if
necessary, instead of or ahead of a bank receiving sovereign
support.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
BPER's subordinated debt is rated one notch below the VR to
reflect the higher loss severity compared with senior debt. Its
affirmation reflects that of BPER's VR.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The bank's IDRs, VR and senior debt ratings would be downgraded if
Fitch see continued pressure from weak asset quality, with the
stock of non-performing loans remaining substantial, as well as
weakening capital and profitability. Should a reduction in
impaired loans cause material capital erosion without any
simultaneous capital strengthening, ratings would also likely be
downgraded.
Conversely, the ratings could benefit from an acceleration in the
reduction of gross impaired loans and in the level of unreserved
impaired loans relative to core capital, but to the extent that
capital ratios are maintained with moderate buffers above
regulatory requirements.
SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)
An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support the banks. In Fitch's view this is highly unlikely,
although not impossible.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt ratings are broadly sensitive to changes in the
VR, from which they are notched. The ratings are also sensitive to
a change in the notes' notching, which could arise if Fitch
changed its assessment of their expected loss severity.
The rating actions are as follows:
BPER
Long-Term IDR: affirmed at 'BB'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
EMTN programme Long- and Short-Term ratings: affirmed at
'BB'/'B'
Subordinated debt: affirmed at 'BB-'
INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to the
EUR750 million perpetual additional Tier 1 (AT1) capital notes
issued by Intesa Sanpaolo (BBB-/Stable/A-3).
S&P understands from the terms and conditions that the AT1 notes
will comply with the EU's latest capital requirement directive
(CRD IV), which is the EU implementation of Basel III. S&P also
understands that the notes will rank senior to ordinary shares,
but will be subordinated to more senior debt, including Intesa
Sanpaolo's Tier 2 debt.
In accordance with S&P's methodology on hybrid capital, S&P is
assigning the AT1 notes a 'B+' rating, four notches below the
issuer credit rating (ICR) on Intesa Sanpaolo. S&P usually
derives the hybrid rating for banks based in Italy by notching
down from the bank's stand-alone credit profile (SACP). In this
case, S&P notch down from the ICR on Intesa Sanpaolo because it is
currently lower than its SACP, given the lower creditworthiness of
the Republic of Italy (unsolicited, BBB-/Stable/A-3).
As such, S&P calculates this four-notch difference as:
-- One notch to reflect subordination risk.
-- Two additional notches to take into account the risk of
non-payment at the full discretion of the issuer and the
hybrid's likely inclusion in Tier 1 regulatory capital.
-- One further notch because the instruments allow for full or
partial temporary write-down.
S&P does not apply any additional notching because it do not
consider the 5.125% mandatory conversion trigger as a going-
concern trigger.
Compliance with the minimum regulatory capital requirements is
necessary to avoid the risk of potential restrictions in the
payment of coupons on AT1 notes. The minimum regulatory capital
requirement (the aggregate of capital conservation buffers, Pillar
1 and Pillar 2) in terms of Common Equity Tier 1 (CET1) for 2017
that the European Central Bank set for Intesa Sanpaolo in the 2016
Supervisory Review and Evaluation Process (SREP) was 7.25% (9.25%
on a fully loaded basis). S&P views the risk of this restriction
being applied to Intesa Sanpaolo as limited at this stage. This
is because the bank's CET1 ratio is well above the SREP level. As
of March 31, 2017, the CET1 ratio was 12.5% (12.9% on a fully
loaded basis), clearing above the SREP requirement. In addition,
the nonpayment risk for Intesa Sanpaolo is mitigated by S&P's
expectation that the bank will maintain resilient profitability
over the next two years. This will likely allow its
capitalization to remain in line with the current level, despite
the high dividend distribution (in the 80%-90% range).
S&P intends to assign intermediate equity content to the notes,
once the regulator approves them, for inclusion in the bank's
regulatory Tier 1 capital. The instruments meet the conditions
for intermediate equity content under S&P's criteria as they are
perpetual, with a call date expected to be five or more years from
issuance. In addition, they do not contain a coupon step-up and
have loss-absorption features on a going-concern basis due to the
bank's flexibility to suspend the coupon at any time.
===================
K A Z A K H S T A N
===================
KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings said that it had placed its 'B-/B' long- and
short-term counterparty credit ratings and 'kzB+' Kazakhstan
national scale ratings on Kazkommertsbank JSC on CreditWatch with
negative implications.
The CreditWatch placement reflects S&P's view that KKB could need
a capital injection to address its underprovisioning even though
the Kazakh authorities have committed to provide substantial bad
asset and liquidity support to KKB. S&P does not see KKB's
current financial position as sustainable in the long term. While
S&P's base case remains that the bank will receive solvency
support to restore its capital to regulatory adequate levels after
additional provisioning, S&P currently has doubts about the source
and timing of such support.
S&P anticipates that KKB's total equity, which was Kazakhstani
tenge (KZT) 381 billion ($1.1 billion) as of year-end 2016, could
be substantially reduced following the creation of additional
provisions. Following its inspection in November 2015-February
2016, KKB received a prescriptive order from the National Bank of
Kazakhstan (NBK) to create KZT125 billion additional provisions on
loans unrelated to BTA, a failed Kazakh bank that was merged with
KKB in 2014. The deadline for this remains unclear. The NBK also
noted its view of significant underprovisioning on KKB's KZT2.4
trillion ($7.3 billion) loan to BTA. Following the public
statements of the Deputy Governor of the NBK Oleg Smolyakov in
mid-March 2017, S&P expects full repayment of this loan in the
next few months, aided by extraordinary support from the Fund of
Problem Loans. Most recently, KKB's auditor, Deloitte, gave a
qualified opinion on the bank's 2016 financial statements under
International Financial Reporting Standards (IFRS) regarding the
adequacy of provisions on KZT302 billion of non-BTA loans.
S&P currently sees KKB as subject to regulatory forbearance. S&P
believes KKB would be in breach of regulatory minimum requirements
if it had reported losses in accordance with International
Financial Reporting Standards. Therefore, S&P has revised its
capital and earnings assessment on KKB to very weak from weak.
S&P's view of KKB's weak risk position is unchanged because S&P
anticipates the BTA loan repayment. The assessment also reflects
the bank's still high exposure to the construction and real estate
sectors and the apparent low provisioning of these loans.
S&P continues to assess KKB's liquidity as adequate, despite a low
liquidity cushion of about 5% of total assets as of end-April 2017
and its apparent inability to issue in the wholesale market.
KKB's otherwise weak liquidity position is substantially mitigated
by the track record of NBK's support in providing KKB a liquidity
line. This enabled KKB to repay its EUR397 million senior
unsecured bond in February 2017 and a large client deposit
withdrawal in December 2016. S&P expects that KKB will repay its
$211 million subordinated callable notes due in June 2017 with a
further draw on this liquidity line, but also that its deposit
base will be stable.
In view of the above, and even including the extraordinary bad
loan and liquidity support, S&P sees KKB's intrinsic
creditworthiness as having deteriorated. S&P consequently revised
down its assessment of KKB's stand-alone credit profile (SACP) to
'ccc' from 'ccc+'. This assessment reflects S&P's view that KKB
could default in the next 12 months if it does not receive further
extraordinary support.
S&P's issuer credit rating incorporates a two-notch uplift for
government support beyond the SACP. This reflects S&P's view that
KKB has high systemic importance in Kazakhstan, and that the
government is supportive of the domestic banking sector. KKB
retains a strong market share of 19% in total assets and 16% in
retail deposits as of Sept. 30, 2016. KKB is also one of the
largest recipients of funding under government support programs.
The government's track record of support for KKB and the bank's
continued systemic importance suggest that the government could
provide solvency support that would help to adequately
recapitalize KKB.
S&P notes that on March 2, 2017, Halyk Bank, along with the
government of the Republic of Kazakhstan, the NKB, KKB, JSC BTA
Bank, and Kenes Rakishev signed a nonbinding memorandum of
understanding with respect to a potential acquisition by Halyk
Bank of a controlling interest in KKB. Although S&P understands
that discussions have progressed since then, it remains uncertain
that the parties will agree a deal and, even if a deal is agreed,
what it would entail. Therefore, while a takeover by the much
stronger institution Halyk could be supportive for KKB, S&P do not
factor it into its assessments on either institution at this time.
S&P expects that any deal would be subject to regulatory approval.
S&P expects to resolve the CreditWatch placement within the next
90 days. Specifically, S&P is looking for clarity on how KKB's
apparent capital shortfall will be addressed.
S&P would expect to remove the ratings from CreditWatch and affirm
them if S&P sees evidence of a firm commitment to recapitalize KKB
to regulatory adequate levels (after allowing for further
provisioning), thereby ensuring its continued viability and debt-
servicing capacity.
In contrast, S&P will remove the ratings from CreditWatch and
lower them if, in the same timeframe, S&P sees no plan to
sufficiently recapitalize the bank. A delay would undermine S&P's
existing base case that the bank will receive necessary support,
implying an associated increased possibility of default on some or
all of its debt. S&P could also lower the ratings if, contrary to
its current view, S&P sees any increased prospect of a selective
default, for example through a restructuring of the bank's foreign
debt as part of a solvency support package.
=====================
N E T H E R L A N D S
=====================
HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Halcyon Structured Asset Management
European CLO 2006-II B.V.:
-- EUR34,300,000 Class B Senior Secured Floating Rate Notes due
2023, Upgraded to Aaa (sf); previously on Jul 20, 2016
Affirmed Aa1 (sf)
-- EUR27,100,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2023, Upgraded to Aaa (sf); previously on Jul
20, 2016 Upgraded to Aa3 (sf)
-- EUR21,800,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2023, Upgraded to Baa2 (sf); previously on Jul
20, 2016 Affirmed Ba1 (sf)
Moody's also affirmed the ratings on the following notes:
-- EUR80,000,000 (Current outstanding balance of EUR3M) Class
A-1R Senior Secured Revolving Floating Rate Notes due 2023,
Affirmed Aaa (sf); previously on Jul 20, 2016 Affirmed Aaa
(sf)
-- EUR12,500,000 (Current outstanding balance of EUR12.1M) Class
E Senior Secured Deferrable Floating Rate Notes due 2023,
Affirmed B1 (sf); previously on Jul 20, 2016 Affirmed B1 (sf)
Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
and US loans. The portfolio is managed by Halcyon Structured Asset
Management L.P. The transaction's reinvestment period ended in
January 2013.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
deleveraging of the Class A Notes, following amortisation of the
underlying portfolio since the last rating action in July 2016.
The Class A Notes have paid down by approximately EUR37.6 million
over the last two payment dates in July 2016 and January 2017. As
a result, the over-collateralisation (OC) ratios have increased.
According to the trustee report dated March 2017, the Class A/B,
Class C, Class D and Class E OC ratios are reported at 288.8%,
167.3%, 125.0% and 109.6% respectively, compared to 194.2%,
143.5%, 118.6% and 108.2%, as per the May 2016 report.
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 approximately EUR76.3 million and a principal
proceeds balance of approximately EUR22.9 million, a weighted
average default probability of 24.8% (consistent with a WARF of
3824 and a weighted average life of 3.6 years), a weighted average
recovery rate upon default of 48.5% for a Aaa liability target
rating, a diversity score of 13 and a weighted average spread of
4.46%. The GBP-denominated liabilities are naturally hedged by the
GBP assets.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. Moody's generally applies recovery rates for CLO
securities as published in "Moody's Approach to Rating SF CDOs".
In each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics of
the collateral pool into its cash flow model analysis, subjecting
them to stresses as a function of the target rating of each CLO
liability it is analysing.
Methodology Underlying the Rating Actions:
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 were
unchanged for Classes A, B and C and within 2 notches of the base-
case results for Classes D and E.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* 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 34% 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.
* Long-dated assets: The presence of assets that mature beyond the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity lags
that of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.
* Foreign currency exposure: The deal has a small exposure to non-
EUR denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated
tranches.
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.
LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC
--------------------------------------------------------
S&P Global Ratings raised its credit ratings on Leopard CLO V
B.V.'s class C-1, C-2, D, E-1, E-2, and F notes. At the same
time, S&P has affirmed its rating on the class R Combo notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction, using data from the trustee report dated
March 31, 2017, and the application of our relevant criteria.
Upon publishing S&P's updated recovery rate criteria for
speculative-grade corporate issuers and our updated criteria for
analyzing foreign exchange risk in global structured finance
transactions, S&P placed those ratings that could potentially be
affected under criteria observation. Following S&P's review of
this transaction, its ratings that could potentially be affected
by the criteria change are no longer under criteria observation.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes. The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on its stress assumptions, that a tranche can withstand and
still fully repay the noteholders. S&P used the portfolio balance
that it considers to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that S&P
considered to be appropriate. S&P applied various cash flow
stress scenarios using its standard default patterns and timings
for each rating category, combined with different interest stress
scenarios as outlined in our criteria.
Since S&P's previous review, the class VFN, A, and B notes have
fully repaid and the class C notes have amortized to a note factor
(the current notional amount divided by the notional amount at
closing) of approximately 74.3%. The transaction has also been
deleveraging because the class E and F notes' par value tests were
failing, though they are now passing. In addition, the issuer
received a cash inflow of EUR8.6 million through the sale of an
equity security, which S&P had previously given no credit to in
its analysis. This has resulted in higher available credit
enhancement for all classes of notes since our previous review.
The weighted-average spread earned on the portfolio has decreased
to 3.46% from 3.62% at S&P's previous review, and the
transaction's weighted-average life has fallen to 4.51 years from
4.79 years over the same period. The proportion of 'CCC' rated
assets (debt obligations of obligors rated 'CCC+', 'CCC', and
'CCC-') has decreased, while there is now one defaulted asset in
the portfolio.
Due to the class VFN, A, B, and C notes' amortization, S&P
considers the increased credit enhancement for the class C-1, C-2,
D, E-1, E-2, and F notes to be commensurate with higher ratings
than those currently assigned. S&P has therefore raised its
ratings on these classes of notes. S&P notes that the upgrades of
the class E-1 and E-2 notes are constrained by the application of
our largest obligor supplemental test, which is highly sensitive
to the obligor concentration present in the portfolio.
The class R Combo notes comprise class C-2 (initially 70%) and E-2
(initially 30%) components. Their rated balance has decreased to
EUR3.88 million from EUR6.15 million at S&P's previous review
through interest distributions from their components. The results
of S&P's cash flow analysis indicate that the class R Combo notes
can sustain the stresses that S&P applies at a 'AAA' rating level.
S&P has therefore affirmed its 'AAA (sf)' rating on this class of
notes.
Leopard CLO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.
RATINGS LIST
Leopard CLO V B.V.
EUR430 Million Floating- And Fixed-Rate Notes
Class Rating
To From
Ratings Raised
C-1 AAA (sf) AA+ (sf)
C-2 AAA (sf) AA+ (sf)
D AA+ (sf) BBB+ (sf)
E-1 B- (sf) CCC+ (sf)
E-2 B- (sf) CCC+ (sf)
F CCC (sf) CCC- (sf)
Rating Affirmed
R combo AAA (sf)
STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings has upgraded three tranches of Storm 2014-I B.V.,
Storm 2014-II B.V. and Storm 2014-III B.V. and affirmed 13, as
follows:
2014-I
Class A (ISIN: XS1022033135) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1022034372) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS1022034455) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1022034539) affirmed at 'BBsf'; Outlook Stable
2014-II
Class A1 (ISIN: XS1071274531) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN: XS1071275181) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1071275850) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS1071276403) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1071277120) affirmed at 'BBsf'; Outlook Stable
Class E (ISIN: XS1071277476) affirmed at 'BBsf'; Outlook Stable
2014-III
Class A1 (ISIN: XS1112010134) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN: XS1112010217) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1112010308) affirmed at 'AA+sf'; Outlook Stable
Class C (ISIN: XS1112010480) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1112011967) affirmed at 'BB+sf'; Outlook Stable
Class E (ISIN: XS1112012346) affirmed at 'BB+sf'; Outlook Stable
KEY RATING DRIVERS
Stable Performance
The Storm transactions issued in 2014 have generally outperformed
the market, with late-stage arrears (loans in arrears by more than
three months) at 16bp (Storm 2014-I), 29bp (Storm 2014-II) and 8bp
(Storm 2014-III) of the current portfolio balance compared with
Fitch's index of 29bp. It is only as market conditions have
recently improved that the deals have become more in line with the
index.
Foreclosures as a proportion of the original portfolio balance
remain low, at 62bp in Storm 2014-I, 29bp in Storm 2014-II and
44bp in Storm 2014-III, which is below the 120bp of the market
index.
No NHG Foreclosure Frequency Credit
The portfolios include portions of NHG loans (31.77% in 2014-I,
32.58% in 2014-II and 34.23% in 2014-III). Based on historical NHG
loan performance information made available to Fitch, loans
originated between 2007 and 2010 show higher levels of NHG loan
defaults than non-NHG loan defaults. Therefore, in this analysis
Fitch has not given credit to NHG loans in the derivation of the
foreclosure frequency of the portfolios.
Data on recoveries received from WEW has resulted in Fitch
applying a compliance ratio of 85% across all rating scenarios, in
line with criteria.
Interest-only (IO) Concentration
All three transactions contain significant portions of IO loans
(between 57.1% and 62.4% of the current portfolio balance), with
32.2% (Storm 2014-I), 28.7% (Storm 2014-II) and 32.9% (Storm 2014-
III) maturing between 2035 and 2037.
To assess the risk of more than 20% of the IO loans maturing over
a three year period, Fitch applied stressed weighted average
foreclosure frequencies (WAFF) to the IO concentration as
described in its criteria. For Storm 2014-I the model implied
ratings using these stressed WAFFs were more than three notches
lower than the WAFFs derived using standard assumptions.
Therefore, the ratings on notes issued in these deals were derived
using stressed WAFFs.
Front-loaded Default Curve For Performance Adjustment Factor
Fitch has received historical data on foreclosure data for
Obvion's total book. The data suggests that most of the defaults
occur in the first three to seven years since loan origination,
which is in line with Fitch's front-loaded default curve. As a
result, in its calculation of the performance adjustment factor,
Fitch used the front-loaded default curve.
Guaranteed Excess Spread
The transactions feature swap agreements with Obvion that
effectively guarantee 50bp excess spread. Given the low levels of
arrears and defaults, this has led to the rapid pay-down of the
uncollateralised notes across the transactions.
Insurance Set-Off Risk
Loans with life insurance payment vehicles attached make up 7.6%
of 2014-I's portfolio, 6.1% of 2014-II and 6.2% of 2014-III. Upon
insolvency of the insurance provider there is a risk that the
borrowers may try to set-off their insurance claim against the
lender. Fitch accounts for this risk by assuming a capital build-
up over 30 years and then analysing the effect of a combined
default of the insurance providers, factoring in the affiliation
of the insurance provider to the original lender.
The most stressful scenarios were assessed and the maximum
exposure resulting from this calculation is then applied against
the net loss rate for the various rating levels in Fitch's
surveillance model. The insurance set-off exposure was found to
have a minimal effect on the rating outcome.
Credit Enhancement Build-up
All three transactions are fully sequential. With average
prepayments at 10% across the three transactions, the portfolios
currently stand at between 79.6% and 82.4% of their original
balance. This has led to a build-up in the credit enhancement
available to the rated tranches, which combined with the sound
performance of the deals led to the upgrade of the class C notes
in all three transactions.
RATING SENSITIVITIES
Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode credit enhancement leading to negative rating action.
High prepayments may lead to changes in the volume of IO loans and
concentrations of such loans maturing within a three year period.
This will have an effect on the WAFF derived for these pools,
which may ultimately lead to rating changes.
Fitch rates to legal final maturity. At the call option date, as
per transaction documentation, the class B to D notes can be
called net of PDL. Material principal shortfalls in Fitch's cash
flow analysis over the life of the transactions may trigger rating
action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to closing, Fitch reviewed the results of a third-party
assessment conducted on the asset portfolio information, which
indicated no adverse findings material to the rating analysis.
Prior to the transactions' closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.
Overall and together with the assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
===========
P O L A N D
===========
SKOK: Financial Markets Regulator Suspends Operations
-----------------------------------------------------
Marta Waldoch at Bloomberg News reports that the Polish financial
markets regulator KNF said in an e-mailed statement it suspended
the operations of Kedzierzyn-Kozle-based credit union Twoja SKOK
as its assets don't match liabilities.
Twoja SKOK had PLN170.3 million in deposits at end-March,
Bloomberg discloses.
According to Bloomberg, the regulator's decision allows the Bank
Guarantee Fund to start payouts of guaranteed deposits to the
union's clients.
=============
R O M A N I A
=============
ROMCAB SA: Has EUR222 Million Accumulated Debt
----------------------------------------------
Romania-Insider.com, citing Economica.net, reports that Romcab SA
has accumulated debts of about RON1 billion (over EUR222 million).
The biggest creditor is the state-owned bank Eximbank, which is
the Romanian state's guarantee institution, the report says.
Romcab's debt to Eximbank amounts to EUR41 million, accounting for
18.4% of its total debts.
Romania-Insider.com relates that the second largest creditor is
Banca Transilvania, the second largest lender in Romania, which
has to recover some EUR24.8 million. Moscow-based regional lender
International Investment Bank comes third and has to recover over
EUR15 million.
Other large creditors include Piraeus Bank, CEC Bank, Banca
Comerciala Feroviara, BCR, Intesa Sao Paolo Bank Romania, and
Unicredit Leasing Corporation, Romania-Insider.com discloses.
The insurer with the most exposure is EXIM Romania (CARE Romania),
which has to recover about EUR7.6 million, according to the
report.
Targu Mures-based Romcab SA manufactures cables and electric
conductors. Romcab is majority owned by its founder, businessman
Zoltan Prosszer through his company Sadalbari, which holds a
69.03% stake. The remainder is on free float on the BVB. Romcab
filed for insolvency in February 2017.
* ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency
----------------------------------------------------------------
Romania-Insider.com reports that around 45% of the accommodation
units in Constanta county, at the Romanian seaside, have a high
risk of entering insolvency, according to data compiled by
commercial risk management company Creditinfo Romania, quoted by
Capital.ro
At a national level, out of the 2,748 companies that operate
accommodation units, 1,508 or 55% have a high risk of entering
insolvency, Romania-Insider.com relates. Bucharest is top of the
list, with 64% of companies owning hotels or other accommodation
units being at risk of entering insolvency. Among tourist
developed counties, hospitality companies in Brasov (62%), Bihor
(59%), Cluj (55%), Mures (54%), Prahova (53%), and Timis (51%)
also see high risks, the report says.
Romania-Insider.com relates that the Creditinfo Romania study
found a correlation between the year the company owning
accommodation units was established and the risk of entering
insolvency. As such, the most exposed to risk are companies
established between 2006 and 2010, with 54% of these companies
having an insolvency risk. By comparison, companies established
between 1991 and 1995 are the most solid, with only 31% of them
being at risk of entering insolvency.
There were 6,946 hotels, motels, pensions, hostels, cabins and
other tourist accommodation units in the country, in 2016. Most of
them were located in Brasov county (881 units), Constanta (761),
and Harghita (371), Romania-Insider.com says.
Overall, 8.46 million tourists checked in local accommodation
units in 2015.
According to Romania-Insider.com, the most developed and sought
after tourist areas of Romania were: Bucharest (1.7 million
tourist arrivals), especially for corporate and cultural tourism;
Constanta (1.02 million arrivals) for summer tourism; Brasov
(997,601) and Prahova (467,158) for mountain tourism; Mures
(495,481) for spa, culture and mountain tourism; Cluj (428,812)
for corporate, spa and cultural tourism; Bihor (344,059) for spa
and mountain tourism; Timis (338,238) for corporate tourism; and
Suceava (310,458). These counties attract 80% of the total
tourists, according to the same study.
Bucharest hotels and accommodation units generated a turnover of
RON1.29 billion (EUR288.4 million) in 2015, the highest in the
country, Romania-Insider.com discloses. Constanta was second with
RON447 million (EUR99.3 million). It was followed by Timis with
RON184 million (EUR40.8 million), Brasov with RON171 million
(EUR38 million), Prahova with RON166 million (EUR36.8 million),
Cluj with RON160 million (EUR35.5 million), Bihor with RON141
million (EUR31.3 million), and Mures with RON139 million (EUR30.8
million).
===========
R U S S I A
===========
ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has published ACBA-Credit Agricole Bank CJSC's
(ACBA) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook and Viability Rating at 'b+'.
KEY RATING DRIVERS - ALL RATINGS
The bank's IDRs are driven by its intrinsic strength, as captured
by its 'b+' Viability Rating (VR). The VR balances the bank's
strong capitalisation with asset quality that is weaker than that
of other Fitch-rated Armenian banks, and high loan dollarisation.
The VR also considers ACBA's solid domestic franchise, in
particular in agricultural lending (market share of 50%) and
comfortable liquidity cushion.
ACBA's recent credit growth has been limited, with the bank
focusing on asset quality management in the challenging operating
environment. Asset quality pressures decreased in 2016, in line
with sector trends, driven by the recovering economy and relative
currency stability: ACBA's NPL origination ratio (calculated as
the net change in loans over 90 days overdue plus write-offs
divided by average performing loans in the period) decreased to
2.7% in 2016 from 8.6% in 2015. NPLs were a still significant
10.3% at end-2016, notwithstanding sizeable write-offs equal to 3%
and 2% of average gross loans in 2016 and 2015, respectively, but
had strong reserve coverage of almost 90%. Restructured loans were
minor at 0.2% of loans.
ACBA's loan concentrations are moderate for a CIS bank: at end-
2016, the 25 largest borrowers accounted for 20% of loans or 70%
of Fitch Core Capital. Foreign currency loans were a high 50% of
the portfolio, albeit below the sector average of 63%.
Pre-impairment profit has remained healthy, at 5% of average loans
in 2015-2016, offering significant loss absorption capacity. Loan
impairment charges were sizeable at 71% of pre-impairment profit
in 2016 (2015: 90%), constraining ROAE at 3% (2015: 0%).
ACBA's solid regulatory capital buffer (regulatory capital ratio
of 19% at end-2016) could allow the bank to absorb up to 7.5% of
additional credit losses without breaching the regulatory minimum
capital ratio of 12%. The FCC ratio was a more solid 24% at end-
2016, reflecting lower risk weights for FX-exposures compared to
regulatory rules.
The share of non-deposit funding is high, as reflected in the
loan-to-deposit ratio of 157% at end-2016. This is mainly due to
longer-term external funding raised from international financial
institutions (28% and 16% of end-2016 liabilities came from
commercial and development institutions, respectively) used to
finance the agricultural, micro- and SME segments. Wholesale-
funding refinancing needs appear manageable, while customer
funding, which is highly dollarised (70% of the total), has proven
to be sticky. ACBA's cushion of liquid assets, net of upcoming
wholesale maturities within the next 12 months, was equivalent to
30% of customer deposits at end-2M17.
ACBA's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that the Armenian authorities have
limited financial flexibility to provide extraordinary support to
banks, if necessary, given the banking sector's large foreign
currency liabilities relative to the country's international
reserves.
Fitch believes that extraordinary support from ACBA's 28%-
shareholder, Credit Agricole (CA, A/Positive), cannot be relied
upon and therefore factored into the bank's ratings. This view
considers (i) the minority ownership; and (ii) CA's limited
presence in emerging markets, and Fitch's belief that the Armenian
market is not of strategic importance for CA. There have been no
prior cases of extraordinary capital and/or liquidity support
being required by ACBA, and so support from CA has not been fully
tested.
RATING SENSITIVITIES
The Stable Outlook on ACBA is driven by Fitch's view of prospects
for its standalone credit profile and hence the VR. ACBA's credit
metrics are sensitive to the performance of the economy and
stability of the local currency. Deterioration in capital adequacy
ratios as a result of a marked weakening of the bank's asset
quality metrics, without sufficient support being provided by the
shareholders, may result in a downgrade.
Improvements in the economy and the bank's financial metrics would
be positive for the bank's credit profile, although an upgrade is
unlikely without an upgrade of the sovereign, given that ACBA is
already rated at the sovereign level.
The rating actions are as follows:
Long-Term IDR published at 'B+'; Outlook Stable
Short-Term IDR published at 'B'
Support Rating published at '5'
Support Rating Floor published at 'No Floor'
Viability Rating published at 'b+'
BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded PJSOC Bashneft's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'
and removed them from Rating Watch Evolving (RWE). The Outlook is
Stable.
The rating actions follow Fitch assessments of the consequences of
Rosneft Oil Company's acquisition of Bashneft, which was completed
in October 2016. The rating now takes into account Bashneft's
standalone profile, its strong operational and strategic ties with
Rosneft and Fitch view of Rosneft's credit quality.
Bashneft is a medium-scale integrated oil company with core assets
in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable).
Over the past several years the company's growth outpaced Russia's
average as its greenfield projects came on stream and it boosted
production in Timan-Pechora and Western Siberia. Rosneft, Russia's
largest oil company, has a 69% stake in Bashneft; 25% is
controlled by Bashkiria. Bashneft is ultimately controlled by
Russia (BBB-/Stable).
KEY RATING DRIVERS
Bashneft's Standalone Profile: Fitch assessments of Bashneft's
standalone credit profile takes into account its recently
increased upstream production, high reserve life, diversification
into downstream operations and conservative leverage. At the same
time, like other Russian oil producers, Bashneft is subject to
Russia-specific risks, such as unexpected tax hikes in the oil and
gas industry. Fitch also note that the company's assets in
Bashkiria are highly depleted; maintaining stable upstream
production in the republic may be a challenge in the long term.
Peer Comparisons: In 2016, Bashneft's hydrocarbon production
averaged 428 thousand barrels of oil equivalent per day (mboepd),
close to that of PJSC Tatneft (574mboepd; BBB-/Stable), Apache
Corporation (522mboepd; BBB/Stable) and Hess Corporation
(311oembpd; BBB-/Stable). At the moment Bashneft's leverage of
1.5x remains conservative and much lower than that of its
international peers, supported by the weak rouble and
predominantly rouble-denominated debt portfolio.
Acquisition by Rosneft: The company's rating also takes into
account Bashneft's strong operational and strategic ties with
Rosneft, its new parent, as well as Fitch assessments of Rosneft's
credit quality. While Bashneft retains some autonomy, it is now
closely integrated into Rosneft. This is evidenced by Bashneft's
less detailed post-acquisition disclosures, change of the
management team and intra-group operations with Rosneft, which
Fitch believes lead to significantly reduced cash on the balance
sheet at end-2016 and March 31, 2017. Rosneft does not guarantee
Bashneft's debt, although it is subject to cross-default provision
under Rosneft's Eurobonds terms and conditions.
Sector Outlook Stable: In 2017, Russian oil and gas producers
should be able to broadly balance their cash inflows and outflows
without resorting to disposals and additional borrowings on a
large scale, supporting the industry's stable outlook. This is
mainly due to the weaker rouble, which has helped to reduce costs,
capex and dividends in US dollar terms. The leverage of most
Fitch-rated oil and gas producers should remain in check. Taxation
is also less of an issue now as oil prices recovered from the low
levels seen in 2016. However, a major tax hike still cannot be
ruled out if oil prices retreat below USD40-45/bbl again.
DERIVATION SUMMARY
Bashneft is a medium-scale integrated oil company with core assets
in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable).
Its 'BBB-' rating takes into accounts the company's standalone
credit profile, its links with the main shareholder, Rosneft; and
Fitch assessments of Rosneft's credit position.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- Fitch's oil price deck: Brent USD52.5/bbl in 2017; USD55/bbl
in 2018; USD60/bbl in 2019 and USD65/bbl in the long term;
- RUB/USD: 61 in 2017; 60 in 2018; 58 in 2019; 57 in 2020 and 58
in 2021;
- marginally rising oil production in the medium term;
- dividends averaging 28bn p.a. in 2017-21.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A positive rating action on Russia, coupled with a stronger
credit position of Rosneft, Bashneft's key shareholder.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- A negative rating action on Russia. Fitch cap ratings of
Russian oil and gas companies by that of the sovereign due to
the influence the state exerts on their profitability through
taxation and other measures.
- Evidence of weaker links between Bashneft and Rosneft, and/or
Rosneft and Russia.
- Weaker credit position of Rosneft, Bashneft's key shareholder.
LIQUIDITY
Standalone Liquidity Not Representative: Bashneft's standalone
liquidity position has worsened after its acquisition by Rosneft.
The company's cash balances significantly decreased on the back of
intra-group operations with the parent. However, this situation is
not representative of Bashneft's credit quality as the company is
now effectively a part of Rosneft. At March 31, 2017, Bashneft's
cash amounted to RUB4 billion, compared to the short-term debt of
RUB32 billion, including long-term oil prepayments.
Constrained Access to Western Funding: Bashneft's access to
foreign capital is constrained in view of the western financial
sanctions targeted at Rosneft. However, the company has access to
domestic banks and domestic bond market.
FULL LIST OF RATING ACTIONS
Long-Term Foreign-Currency Issuer Default Rating: upgraded to
'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable
Long-Term Local-Currency Issuer Default Rating: upgraded to
'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable
Short-Term Foreign -Currency Issuer Default Rating: upgraded to
'F3' from 'B'; off Rating Watch Evolving
Short-Term Local-Currency Issuer Default Rating: upgraded to
'F3' from 'B'; off Rating Watch Evolving
Senior unsecured debt: upgraded to 'BBB-' from 'BB'+'; off
Rating Watch Evolving (this rating action applies to all debt
issued prior to October 12, 2016)
===============
S L O V E N I A
===============
TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Telekom
Slovenije d.d., including the company's Ba2 corporate family
rating (CFR) and Ba2-PD probability of default rating (PDR).
Moody's has withdrawn the ratings for its own business reasons.
Headquartered in Ljubljana, Slovenia, Telekom Slovenije d.d. is an
integrated telecommunications provider in Slovenia and the
controlling company for the Telekom Slovenije Group, with a
presence in Kosovo, Macedonia, Bosnia and Herzegovina, Croatia,
Serbia and Montenegro. Telekom Slovenije Group reported operating
revenues of EUR 702 million and EBITDA of EUR 199 million in 2016.
As of the end of 2016, the Republic of Slovenia (Baa3 positive)
directly and indirectly owns 74.15% of the company.
=========
S P A I N
=========
IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on 10 Spanish
banking groups, prompted by the rating agency's change of the
banking Macro Profile of Spain (Baa2 stable) to "Strong-" from
"Moderate+", as well as the continued improvement in the banks'
credit fundamentals, notably asset risk.
"The main driver for the rating actions is the banking system's
improved credit conditions following the deleveraging of the
private sector. This positive development has been reflected in an
improvement in Moody's Macro Profile for Spain" says Maria
Cabanyes, a Senior Vice President at Moody's. "The rating actions
also incorporate Moody's expectation of a sustained improvement in
the banks' asset risk metrics against a backdrop of solid economic
growth in Spain and the progressive recovery of the country's real
estate market".
Among the actions taken by Moody's on the affected banks are the
following:
- CaixaBank, S.A. (CaixaBank): long-term deposit ratings affirmed
at Baa2 with a positive outlook and long-term senior debt ratings
affirmed at Baa2 with a stable outlook. Baseline Credit Assessment
(BCA) and adjusted BCA affirmed at ba1.
- Banco Sabadell, S.A. (Banco Sabadell): long-term deposit
ratings affirmed at Baa2 with a stable outlook and long-term
senior debt ratings affirmed at Baa3 with a positive outlook. BCA
and adjusted BCA affirmed at ba2.
- Bankia S.A. (Bankia): long-term deposit ratings upgraded to
Baa3 from Ba2 and long-term senior debt ratings to Ba1 from Ba3,
both with a stable outlook. BCA and adjusted BCA upgraded to ba2
from b1.
- Unicaja Banco S.A. (Unicaja): long-term deposit ratings
affirmed at Ba3 with a positive outlook. BCA and adjusted BCA
affirmed at b1.
- Ibercaja Banco S.A. (Ibercaja): long-term deposit ratings
upgraded to Ba3 from B1 with a stable outlook. BCA and adjusted
BCA upgraded to ba3 from b1.
- Kutxabank, S.A. (Kutxabank): long-term deposit ratings upgraded
to Baa3 from Ba1 with a positive outlook and senior debt program
to (P)Baa3 from (P)Ba1. BCA and adjusted BCA upgraded to baa3 from
ba1.
- ABANCA Corporacion Bancaria, S.A. (ABANCA): long-term deposit
ratings upgraded to Ba3 from B2 with a stable outlook. BCA and
adjusted BCA upgraded to ba3 from b2.
- Banco Cooperativo Espanol, S.A. (Banco Cooperativo): long-term
deposit ratings upgraded to Baa3 from Ba1 with a stable outlook.
BCA upgraded to ba1 from ba2 and adjusted BCA to baa3 from ba1.
- Banca March S.A. (Banca March): long-term deposit ratings
upgraded to A3 from Baa1 with a stable outlook. BCA and adjusted
BCA upgraded to baa2 from baa3.
- Caja Rural de Navarra: long-term deposit ratings affirmed at
Baa2 with a stable outlook. BCA and adjusted BCA affirmed at baa2
(BCA constrained at the level of the Spanish sovereign rating -
Baa2 stable).
The ratings and outlooks of other Moody's rated Spanish banks are
unaffected by the country's higher Macro Profile.
RATINGS RATIONALE
Moody's rating methodology for banks includes an assessment of
each individual country's operating environment, expressed as a
Macro Profile, which is designed to capture system-wide factors
that are predictive of the propensity of banks to fail. The Macro
Profile assigned to each bank informs the financial factors, which
are key inputs into the determination of each bank's BCA.
(1) CHANGE IN THE MACRO PROFILE TO 'STRONG-' FROM 'MODERATE+'
REFLECTS IMPROVING OPERATING ENVIRONMENT IN SPAIN AND EXERTS
UPWARD PRESSURE ON BANKS' RATINGS
Moody's has changed Spain's Macro Profile to 'Strong-' from
'Moderate+' to reflect the improvements in the banks' credit
conditions that have been driven by the deleveraging of the
private sector.
In improving Spain's Macro Profile, Moody's has taken into account
the significant reduction in the debt burden of the domestic
private sector, after it materially increased in the years prior
to the financial crisis. Starting from leverage levels materially
above the euro area average, the private debt outstanding to gross
domestic product ratio fell to 166% as of the end of 2016, which
is now in line with the euro area average after declining by
almost 30 percentage points over the last three years.
Consequently, Moody's assessment of more favorable operating
conditions for banks in Spain, in combination with ongoing
improvements in other credit fundamentals, notably asset quality
and capital, has resulted in rating upgrades by one to two notches
or rating affirmations for the banks affected by rating actions.
(2) SPECIFIC ANALYTICAL FACTORS FOR THE AFFECTED BANKS
-- CAIXABANK
Moody's has affirmed CaixaBank's senior debt and deposit ratings
of Baa2. The outlook on the long-term deposit ratings has been
changed to positive from stable while the outlook for the long-
term senior debt remains stable.
The affirmation of the ratings reflects: (1) the affirmation of
the bank's ba1 BCA; (2) the rating uplift from Moody's Advanced
Loss Given Failure (LGF) analysis (two notches for junior deposits
and one notch for senior debt); and (3) the one-notch uplift on
the bank's senior debt rating from Moody's assumption of moderate
government support.
CaixaBank's BCA of ba1 reflects its stable revenue-generation
capacity, underpinned by its leading retail franchise in Spain,
strong liquidity and funding profile. The group's high level of
problematic exposures is a key constraint on the ba1 BCA.
The change in outlook of CaixaBank's long-term deposit rating
reflects Moody's expectation that the bank's credit profile will
continue to improve over the next 12 to 18 months. More
specifically, a higher BCA will be underpinned by: (1) a reduction
in the high stock of problematic assets, namely non-performing
loans and real-estate assets which, despite ongoing progress,
remain at very high levels; (2) stronger Tangible Common Equity
(TCE) levels; and (3) a sustained recovery of recurrent
profitability levels while the bank's funding and liquidity
profile remain at sound levels.
The stable outlook on the bank's long-term senior debt ratings
reflects Moody's consideration that any upward pressure on the
bank's standalone BCA will not translate into an improvement of
the bank's Baa2 senior debt ratings. At this level, CaixaBank will
continue to benefit from one-notch uplift resulting from the
rating agency's LGF analysis but no uplift from the moderate
government support assumptions as the bank's senior debt rating
would be aligned with Spain's Baa2 sovereign rating.
-- BANCO SABADELL
As part of rating action, Moody's has affirmed Banco Sabadell's
Baa2 long-term deposit ratings and its Baa3 long-term senior debt
rating. The outlook on the bank's long-term deposit ratings is
stable and the outlook on the bank's long-term senior debt rating
has been changed to positive from stable.
The affirmation of Banco Sabadell's long-term Baa2 deposit rating
and its Baa3 long-term senior debt rating, reflects: (1) the
affirmation of the bank's ba2 BCA; (2) the uplift from Moody's
Advanced LGF analysis; and (3) one notch of uplift for the deposit
and senior debt ratings from the rating agency's assumptions of
moderate government support.
Banco Sabadell's ba2 standalone BCA reflects the bank's improved
credit fundamentals, notably in terms of asset risk, with a
sustained decline in the stock of problematic assets. Moody's
expects this trend to continue in 2017, underpinned by the sound
growth prospects of the Spanish economy. The rating agency
considers that any pressure that could arise on the credit profile
of Banco Sabadell's UK subsidiary TSB Bank plc (TSB; deposits Baa2
negative; BCA baa2), which has a very low credit risk profile but
limited track record and is following a rapid expansion, would be
offset by the positive trends in the Spanish operations, which
represent close to 80% of the group's assets.
The change in the outlook of Banco Sabadell's long-term senior
debt rating reflects Moody's expectation that the bank's credit
profile will continue to improve over the next 12 to 18 months.
The rating agency expects Banco Sabadell to continue reducing the
stock of problematic assets and gradually improve its
profitability metrics as the domestic operations continue to
recover.
The stable outlook on Banco Sabadell's long-term deposit ratings
reflects Moody's consideration that any upward pressure on the
bank's standalone BCA will not translate into an improvement of
the bank's Baa2 deposit ratings. At this level, Banco Sabadell's
deposit rating will benefit from the uplift of the rating agency's
LGF analysis but no uplift from the moderate government support
assumptions as the bank's deposit rating is currently aligned with
Spain's Baa2 sovereign rating.
-- BANKIA
Moody's has upgraded Bankia's deposit ratings to Baa3/Prime-3 from
Ba2/Not Prime and its long-term senior debt rating to Ba1 from Ba3
and has changed the outlook on the long-term ratings to stable
from positive.
The upgrade of the ratings reflects: (1) the two notch upgrade of
the bank's BCA to ba2 from b1; (2) Moody's Advanced LGF analysis
that provides one-notch uplift for deposits and no uplift for
senior debt from the bank's ba2 adjusted BCA; and (3) Moody's
assumption of moderate government support from Spain, which
results in a one notch uplift for both the deposit and senior debt
ratings.
Bankia's ba2 BCA reflects the bank's improving credit
fundamentals, notably in terms of asset risk, capital and funding
structure. The bank's BCA remains constrained by: (1) the still
high volume of problematic exposures - measured as non-performing
loans (NPLs) + real estate assets + performing refinanced loans -
which accounted for 15.5% of the bank's loan book and real estate
assets and 87.9% of its shareholder equity and loss reserves as of
end-2016; and (2) the pressures on the bank's recurrent
profitability stemming mainly from the very low interest rates
environment - that affects not only the re-pricing of the loan
book but also the bank's large bond portfolio - and subdued
business growth
The outlook on Bankia's long-term deposit and debt ratings is
stable reflecting Moody's view that the current ratings already
capture expected performance of the bank's financial fundamentals.
-- UNICAJA
Moody's has affirmed Unicaja's Ba3 long-term deposit rating and
changed the outlook to positive from stable.
Unicaja's long-term deposit ratings of Ba3 reflect: (1) the
affirmation of its b1 BCA; and (2) the Advanced LGF analysis that
provides one notch of uplift from the bank's adjusted BCA of b1
for the deposit ratings. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.
Unicaja's standalone b1 BCA reflects the bank's: (1) sound
liquidity profile underpinned by sizeable liquid assets; (2)
improving asset risk trend although the level of problematic
assets is still high; (3) modest recurrent profitability, which
remains challenged by the low interest rate environment and
persisting subdued business volumes; and (4) weak capitalization
which is constrained by a large amount of deferred tax assets
(DTAs).
The positive outlook on Unicaja's Ba3 long-term deposit ratings
reflects Moody's view that the bank's credit profile will be
bolstered if it succeeds to conclude the planned capital increase
for a nominal value of EUR625 million. On April 26, 2017,
Unicaja's shareholders meeting approved the bank's IPO and capital
increase.
-- IBERCAJA
Moody's has upgraded Ibercaja's long-term deposit ratings to Ba3
from B1. The outlook on the long-term deposit ratings is stable.
The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA and adjusted BCA to ba3 from b1; and (2)
Moody's Advanced LGF analysis that provides no uplift from the
bank's adjusted BCA. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.
Ibercaja's BCA of ba3 reflects the bank's sound franchise in its
home region of Aragon, Spain, and its favourable liquidity
position, with modest refinancing requirements and sizable liquid
assets. However, the BCA also reflects Ibercaja's challenges and
constrained financial flexibility following its acquisition of
Caja 3 in 2013, namely in terms of asset risk and capital
adequacy. These indicators have nevertheless shown some
improvement since the sharp deterioration observed in 2013, on the
back of the more favourable economic environment in Spain.
The outlook on Ibercaja's long-term deposit ratings is stable,
reflecting Moody's view that all currently foreseen risks are
captured within the current credit rating.
-- KUTXABANK
Moody's has upgraded Kutxabank's deposit ratings to Baa3/Prime-3
from Ba1/Not Prime and the long-term senior debt ratings of its
supported entity Caja Vital Finance B.V. to Baa3 from Ba1. The
outlook on the long-term deposit and senior debt ratings is
positive.
The upgrade of the deposit and senior debt ratings reflects: (1)
the upgrade of the bank's BCA and adjusted BCA to baa3 from ba1;
and (2) Moody's Advanced LGF analysis that provides no uplift from
the bank's adjusted BCA of baa3. There is no government support
uplift for these ratings, given Moody's assumption that the
probability of such support is low.
Kutxabank's standalone baa3 BCA is underpinned by the bank's
improving asset risk trends, as well as its strong capital buffers
and sound liquidity position. The bank's BCA is constrained by its
still relatively high level of problematic exposures when compared
to other European banks at the same BCA level and modest
profitability metrics with ongoing pressures on top line revenues.
The positive outlook on Kutxabank's long-term deposit and senior
debt ratings primarily reflects Moody's expectation that Kutxabank
will be able to maintain current positive trends on its financial
fundamentals. The rating agency expects a further improvement of
the bank's asset risk and capital over the outlook period of 12-18
months, which combined with resilient profit generation capacity
could result in upward pressure on Kutxabank's ratings.
In particular, a stronger assessment of Kutxabank's credit profile
could materialize if: (1) the NPL ratio declines below 6% over the
outlook period while the stock of foreclosed real estate assets
continues to gradually decline; (2) Moody's key capital metric --
TCE to risk-weighted assets ratio -- stands at around 13% (from
12.2% at end-December 2016); and (3) profitability remains
resilient and bottom line profits continue to grow at the current
pace.
-- ABANCA
Moody's has upgraded ABANCA's long-term deposit ratings to Ba3
from B2. The outlook on the long-term deposit ratings has been
changed to stable from positive.
The upgrade of the bank's deposit ratings reflects: (1) the
upgrade by two notches of the bank's BCA and adjusted BCA to ba3
from b2; (2) Moody's Advanced LGF analysis that provides no uplift
from the bank's adjusted BCA. There is no government support
uplift for these ratings, given Moody's assumption that the
probability of such support is low.
ABANCA's BCA of ba3 reflects the bank's sound franchise in its
home region of Galicia, Spain, and its improved asset risk
indicators, with a decline in the NPL ratio of around 200 basis
points throughout 2016. The BCA also reflects the bank's sound
funding profile, with customer deposits covering the majority of
its funding needs. However, the BCA also takes into account the
bank's weak capital position constrained by a large amount of
DTAs, as well as its weak recurrent profitability, with a high
proportion of total profits stemming from non-recurrent financial
operations.
The outlook on ABANCA's long-term deposit ratings is stable,
reflecting Moody's view that the bank's financial fundamentals
will continue to show some improvement in 2017, but will remain
consistent with the BCA of ba3.
-- BANCO COOPERATIVO
Moody's has upgraded Banco Cooperativo's deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime. The outlook on the long-term
deposit ratings is stable.
The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA to ba1 from ba2 and of the adjusted BCA
to baa3 from ba1; and (2) Moody's Advanced LGF analysis that
provides no uplift from the bank's adjusted BCA of baa3. There is
no government support uplift for these ratings, given Moody's
assumption that the probability of such support is low.
Banco Cooperativo's BCA of ba1 reflects: (1) the bank's moderate
risk profile, although its exposure to Spanish sovereign debt
remains high, encompassing concentration and some market risk; and
(2) its adequate liquidity profile. The bank's BCA is constrained
by Banco Cooperativo's very high leverage because of its role as a
service provider and its modest but stable profitability levels.
Banco Cooperativo is owned by the 38 rural co-operatives
amalgamated under the Asociacion Espanola de Cajas Rurales (AECR;
unrated) and by Germany-based DZ Bank AG (deposits Aa1
stable/senior unsecured Aa3 positive, BCA baa2/Adjusted BCA a2).
Banco Cooperativo's purpose is to provide these rural co-
operatives with a cost-effective comprehensive range of financial
services. Moody's believes there is a high probability of support
from these rural co-operatives associated under the AECR, given
Banco Cooperativo's role as central treasury provider for this
group of entities. As a result of this affiliate support
assessment, Banco Cooperativo's adjusted BCA is baa3, one notch
above the bank's BCA.
The stable outlook on Banco Cooperativo's long-term deposit
ratings reflects Moody's expectation that the improving operating
environment will support the stabilisation of the bank's financial
fundamentals, as well as the gradual improvement of those of the
rural cooperatives sector.
-- BANCA MARCH
Moody's has upgraded Banca March's long-term deposit ratings to A3
from Baa1. The short-term deposit ratings have been affirmed at
Prime-2. The outlook on the long-term deposit ratings is stable.
The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA and adjusted BCA to baa2 from baa3; and
(2) Moody's Advanced LGF analysis that provides a two-notch uplift
from the bank's adjusted BCA. The bank's ratings do not benefit
from uplift from government support.
Banca March's BCA of baa2 reflects the bank's sound credit
profile, especially in terms of capital adequacy which, with a TCE
over risk-weighted assets (RWA) ratio of 21.3% at the end of 2016,
ranks among the strongest in the Spanish banking sector. The BCA
also reflects the bank's strong asset quality, with an exposure to
problematic assets (i.e. problem loans and repossessed real estate
assets) materially below the system average, and the bank's sound
funding profile, supported by a large and stable deposit base that
covers around 90% of the bank's funding needs. As factors
constraining the BCA, Moody's notes the bank's modest recurrent
profitability as well as its exposure to equity risk through its
investment vehicle, Corporacion Financiera Alba (unrated).
The outlook on Banca March's long-term deposit ratings is stable.
Moody's notes that the current baa2 BCA and A3 deposit ratings are
placed at and two notches above the Spanish sovereign rating
respectively, and are constrained at that levels under Moody's
methodology. Therefore, any upward pressure on Banca March's BCA
and deposit ratings would require an upgrade of Spanish sovereign
rating.
-- CAJA RURAL DE NAVARRA
Moody's has affirmed Caja Rural de Navarra's Baa2/Prime-2 deposit
ratings. The outlook on the long-term deposit ratings is stable.
Caja Rural de Navarra's long-term deposit ratings of Baa2 reflect:
(1) the affirmation of the bank's baa2 BCA and adjusted BCA; and
(2) Moody's Advanced LGF analysis that provides no uplift from the
bank's adjusted BCA. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.
Caja Rural de Navarra's BCA of baa2 reflects the bank's sound
financial fundamentals, namely: (1) its stronger asset-quality
performance compared with that of the wider Spanish banking
system; (2) its sound capitalization levels; and (3) its stable
retail deposit base and low reliance on wholesale funding. The
bank's BCA also reflects Caja Rural de Navarra's modest, albeit
stable, profitability levels.
Caja Rural de Navarra's BCA is constrained at the level of the
Spanish sovereign rating. Under Moody's methodology, a bank's BCA
will not typically exceed the sovereign rating absent any factor
that reduces the dependency between the creditworthiness of that
bank and the sovereign. Therefore, any upward pressure on Caja
Rural de Navarra's ratings is dependent on an upgrade of the
government of Spain's ratings, thereby lifting the current
constraint on the bank's BCA. The outlook on Caja Rural de
Navarra's long-term deposit ratings is also aligned with that of
the Spanish sovereign.
FACTORS THAT COULD LEAD TO AN UPGRADE
Banks' standalone BCAs could be upgraded as a consequence of a
sustained recovery of recurrent profitability levels, while
maintaining current improving trends of asset risk indicators,
with an ongoing reduction in the stock of problematic assets. The
banks' BCAs could also be upgraded on the back of stronger TCE
levels.
As the banks' debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.
The bank's deposit and senior debt ratings could also experience
upward pressure from movements in the loss-given-failure faced by
these securities.
FACTORS THAT COULD LEAD TO A DOWNGRADE
Downward pressure on the banks' BCAs could develop as a result of:
(1) The reversal in current asset risk trends with an increase in
the stock of NPLs and/or other problematic exposures; (2) a
weakening of banks' internal capital-generation and risk-
absorption capacity as a result of subdued profitability levels;
and/or (3) a deterioration in the banks' liquidity position.
As the banks' debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.
The bank's deposit and senior debt ratings could also experience
downward pressure from movements in the loss-given-failure faced
by these securities.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
===========
T U R K E Y
===========
TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn Turkiye Halk Bankasi A.S.'s (Halk,
BB+/Stable/bb+) proposed Basel III-compliant Tier 2 capital notes'
'BB(EXP)' expected rating. The expected rating was assigned on
March 24, 2017.
KEY RATING DRIVERS
The rating has been withdrawn because Halk does not expect to
proceed with the Tier 2 notes issue within the previously
envisaged timeline. Halk's other ratings are unaffected by the
withdrawal.
RATING SENSITVITIES
Not applicable.
=============
U K R A I N E
=============
UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion
-------------------------------------------------------------
UNIAN reports that the National Bank of Ukraine has revised its
report on the performance of the banking system for 2016 toward
the increase of losses of operating and insolvent banks by 22.2%,
or by UAH35.516 billion, to UAH195.658 billion, which is a record
figure for Ukraine's banking system.
===========================
U N I T E D K I N G D O M
===========================
CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans
--------------------------------------------------------
Emma Dunkley and Martin Arnold at The Financial Times report that
The Co-operative Bank is poised to reveal in the coming days that
it is a step closer to bolstering its balance sheet to meet the
Bank of England's capital requirements ahead of a looming
deadline.
According to the FT, the lossmaking bank is preparing to announce
that it is in advanced talks with existing hedge fund investors
about injecting more capital, after stating in January that it
will fall short of the regulatory threshold during the next few
years.
But the bank, which is 80% owned by the hedge funds, is still
talking about a potential sale as an alternative option, after
receiving a number of "non-binding proposals" in April, the FT
notes.
One banker close to the Co-op Bank said that it has to have a plan
in place to boost its capital buffers by September, the same month
in which GBP400 million of senior bonds are due to be repaid, the
FT relates.
The Bank of England put the Co-op Bank under "intensive
supervision" in March, while its contingency plans are well under
way to ensure an "orderly failure" if the lender does not agree a
sale or fresh capital injection, the FT discloses.
The bank warned last month that bondholders would take a hit from
its rescue plans, which would involve a restructuring, or
liability management exercise, leaving investors with losses in
return for equity stakes, the FT recounts.
The bank said earlier this year that it requires nearly GBP750
million of capital, the bulk of which would likely come from
exchanging some debt for equity, the FT relays.
About Co-operative Bank
The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.
In 2013-2014, the Bank was the subject of a rescue plan to address
a capital shortfall of about GBP1.9 billion. The Bank mostly
raised equity to cover the shortfall from hedge funds.
In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting offers."
The Troubled Company Reporter-Europe reported on February 17, 2017
that Moody's Investors Service downgraded Co-operative Bank plc's
standalone baseline credit assessment (BCA) to ca from caa2. The
downgrade of the bank's BCA to ca reflects Moody's view that the
bank's standalone creditworthiness is increasingly challenged and
that the bank will not be able to restore its declining capital
position without external assistance.
TCR-Europe also reported on February 23, 2017 that Fitch Ratings
has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long-
Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it on
Rating Watch Evolving (RWE). The Viability Rating (VR) was
downgraded to 'cc' from 'b'. The downgrade of the VR reflects
Fitch's view that a failure of the bank appears probable as it
likely needs to obtain new equity capital to restore viability.
Fitch believes there is a very high risk that this will include a
restructuring of its subordinated debt that Fitch is likely to
consider a distressed debt exchange, which would result in a
failure according to Fitch definitions.
DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' final Long-Term Issuer Default
Rating (IDR) to Drax Group Holdings Ltd. The Outlook on the IDR is
Stable. Fitch also assigned a final 'BB+' rating to Drax Finco
Plc's GBP550 million senior secured notes due 2022 and a 'BBB-'
rating to Drax Corporate Ltd.'s GBP350 million super senior
secured revolving credit facility (RCF).
The debt issuance will be used by Drax to refinance its existing
debt, which includes around GBP200 million drawn from its
acquisition bridge facility and around GBP300 million of loans and
private placements. The senior secured notes are contractually
subordinated to its super senior secured RCF and GBP35 million
loan. The debt issuance benefits from security over the assets and
shares of Drax Group Holdings Ltd and its material subsidiaries.
KEY RATING DRIVERS
Regulatory Support: Drax benefits from regulatory support for
biomass power generation, through the Renewables Obligation and
contracts for difference (CfD). This support accounts for around
55% of EBITDA. The schemes give Drax earnings stability and
predictability until 2027, when both support mechanisms end.
However, the government's current energy policy excludes biomass
from bidding at capacity market auctions and from CfD auctions in
2017.
Increasingly Volatile Coal-fired Generation: Fitch views Drax's
coal generation as significantly more volatile in volume and
spread than baseload energy production. Drax's coal generation
provides power on an increasingly intermittent basis supporting
periods of peak power demand. Coal capacity also allows grid
support service contracts with National Grid as an additional
revenue stream. However, under current government policy all coal
generation must shut down by 2025.
The capping of the increase in the carbon price floor supports the
competitiveness of coal capacity, but this was offset by the
removal of the exemption from the climate change levy for
renewables, lowering full-year EBITDA by GBP60 million in 2015.
Capacity market and ancillary services contribute up to 15% to
group EBITDA.
Hedging Limits Power Price Exposure: Fitch estimates that around
30% of 2017 generation revenues are exposed to wholesale commodity
price risk, potentially leading to price volatility with a
significant impact on cash flows. Drax hedges forward biomass
output up to 18 months ahead, but coal is largely unhedged and
EBITDA should benefit from the recent recovery in UK power prices.
However, Fitch expects low power prices, as Fitch believes UK
baseloads continue to be affected by a structurally oversupplied
gas market.
Acquisitions to Increase Security of Supply: At 16% of renewables
output in the UK, Drax's biomass conversion of 1.8GW capacity is a
ground-breaking achievement in a relatively new market. There is
no meaningful spot market for sustainable compressed wood pellets
and uninterrupted availability of high-quality fuel supplies is
key to maintaining generation output and cash flow. Procurement is
on a long-term fixed cost basis, with the longest-dated contracts
expiring in 2027.
Plans to increase self-supply from around 10% to at least 30% by
organic and external growth will reduce risk in Drax's supply
chain. Most biomass is sourced in the US. This entails hedging
shipping and bunker-fuel costs and above all currency to protect
margins. Drax has limited ability to pass through cost increases
in biomass fuel costs.
Supply Offers Diversification, Cash-Flow Benefits: The acquisition
of SME power supplier Opus in February 2017 partly diversifies
earnings away from generation and enables the company to improve
its working-capital position by more quickly using Renewable
Obligation Certificates (ROCs) internally against its group
obligations. Fitch expects supply to contribute 10%-15% of EBITDA
in the longer term. Fitch expects UK supply margins to be under
pressure from the increasingly competitive environment.
Manageable Execution Risk: Execution risk arises from integrating
the acquisition of Opus Energy, but the risk is spread across
various IT billing systems partners and over a relatively long
time. The acquisition of open-cycle gas turbine (OCGT) development
projects for the capacity market may also further diversify
generation away from coal, but its development is contingent upon
being awarded capacity market contracts and is not included in
Fitch ratings case.
Dividend Policy Under Review: Drax is reviewing its dividend
payout, currently 50% of underlying earnings, following the recent
approval of the CfD on one of its biomass units. Fitch
understanding is that the company will probably retain a certain
level of cash to fund future growth opportunities, with a net
debt/EBITDA target for end-2017 of 2x. Fitch believes there may be
potential political obstacles to an aggressive dividend policy.
Fitch expects FFO-adjusted net leverage to be around 2.6x in 2017.
Declining Capex: Fitch expects FFO adjusted net leverage to fall
from 2.6x in 2017 on steady free cash flow generation to possibly
well below 1.5x by 2020, notwithstanding acquisitions of GBP432
million and a peak in capex (including acquisitions accounted as
capex) of GBP185 million in 2017, although falling thereafter to
around GBP65 million a year. However, this excludes any further
acquisitions, growth capex (OCGT) and any change in dividend
policy.
DERIVATION SUMMARY
Fitch views Drax's business profile as comparable to that of peers
like Melton Renewable Energy UK PLC (BB/Stable) and Viesgo
Generacion (BB/Stable), which reflects its focus on generation
activity. Biomass generation has regulatory support until 2027.
Drax's growth in retail offers some diversification, but supply in
the UK remains competitive, putting pressure on margins. Fitch
expects Drax's FFO-adjusted net leverage to be between 2x and 3x
during 2017 and 2018, and later below the negative rating
sensitivity at 2.5x, potentially to a significant extent. Fitch
considers that the group's capital expenditure requirements are
minimal and expect Drax to generate significant free cash flows.
However, potential changes to dividend policy or leverage targets
may limit deleveraging below the level Fitch expects for the next
two years.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- power prices of GBP40-45/MWh during 2017-2020;
- ROC recycle price to remain around GBP2/MWh;
- UK RPI to remain slightly above 3%;
- cost of new debt around 4.25%;
- coal generation volumes to decline, based on the challenging
outlook for dark green spreads;
- EBITDA margins improving to around 9% by 2019 based on a
positive price effect from the CfD, integration of the Opus
acquisition and further growth of the supply business;
- unchanged dividend policy (payout ratio 50% of underlying
earnings);
- maintenance capex kept at around GBP65 million per year;
- Drax will reduce its use of its factoring programmes over the
forecast period to around GBP90 million in 2019;
- no allowance for OCGT capex or EBITDA contribution.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to positive rating action:
- Increased wholesale electricity prices or output above Fitch's
expectations leading to FFO net adjusted leverage sustainably
below 1.5x, against 1.9x in the financial year to December
2016, supported by a strong commitment to strengthened capital
structure, along with no adverse regulatory change
Future developments that may, individually or collectively, lead
to negative rating action:
- Lower wholesale electricity prices or output below Fitch's
expectations leading to FFO adjusted net leverage sustainably
above 2.5x and FFO fixed charge cover below 5x
- Changes to the regulatory framework with a material negative
impact on profitability and cash flow
LIQUIDITY
Adequate Liquidity: Drax will refinance its existing debt with
GBP550 million of senior secured notes and a new GBP350 million
super senior RCF, of which GBP35 million is a drawn term loan. The
senior secured debt is secured against the assets of and shares in
Drax Group Holdings Limited and its material subsidiaries, and
guaranteed by subsidiaries in the group making up at least 85% of
group EBITDA and assets.
Revolving Credit Facility Limit: The RCF has a limit of GBP200
million for drawings not used to cash collateralise letters of
credit and other hedging transactions. Therefore Fitch only use
GBP200 million in liquidity calculations as this represents the
amount available for repaying debt and interest. The group also
has access to a GBP35 million RCF at Opus Energy, which matures in
December 2017, and an uncommitted USD25 million credit facility at
Drax Biomass Inc.
The senior secured bonds and super senior RCF and term loan are
party to a new intercreditor agreement and covenant package. The
events of default for the senior secured notes include pro forma
fixed-charge cover of 2x and for the super senior RCF a springing
covenant with EBITDA requirement above GBP170 million if the
GBP200 million cash line of RCF is drawn down by more than GBP87.5
million. Annual dividend payments are also restricted to the lower
of GBP75 million or 2% of total assets, and cannot be paid if
debt/EBITDA is above 2.25x.
FULL LIST OF RATING ACTIONS
Drax Group Holdings Limited
-- Final Long-Term IDR assigned at 'BB+', Stable Outlook
-- Final super senior secured rating assigned at 'BBB-'
-- Final senior secured rating assigned at 'BB+'
Drax Corporate Limited
-- Final super senior secured revolving credit facility rating
assigned at 'BBB-'
Drax Finco Plc
-- Final Senior secured notes rating assigned at 'BB+'
KIDS COMPANY: Trustees to Fight Any Banning Action
--------------------------------------------------
Kirsty Weakley at Civil Society reports that the former trustees
of Kids Company have said that they would "vigorously defend" any
attempt to disqualify them from acting as company directors in the
future, following media reports that the Insolvency Service was
considering action.
Civil Society relates that Sky News said on April 24 it had
learned that lawyers for the government's Insolvency Service had
written to former trustees, including Alan Yentob, to warn them it
is minded to pursue disqualification proceedings against them.
Kids Company chief executive Camila Batmanghelidjh has also
reportedly been included in this action, the report says.
The Insolvency Service was appointed to wind up the charity after
it collapsed in the summer of 2015. It has the power to seek bans
on directorships for individuals of up to 15 years.
"Our investigation into the circumstances surrounding the collapse
of Keeping Kids Company and the conduct of the directors is
ongoing. It is not appropriate to comment further at this time,"
Civil Society quotes a spokesman for the Insolvency Service as
saying.
According to the report, the trustees on April 25 issued a joint
response to say that they would defend themselves and warn of
wider implications for the charity sector.
Civil Society relates that the trustees said in a statement: "As
former trustees of Kids Company, we are jointly responding to
unconfirmed reports that the Insolvency Service may or may not
recommend that proceedings are taken to disqualify us as company
directors.
"As non-executive trustees we were responsible for overseeing the
charity. At all times we had the interests of the children and
young people in our care as our primary concern. We freely gave
significant amounts of our personal time and money to that end. We
took professional advice on legal and financial matters. In order
to satisfy our funders, it was necessary to undergo regular,
stringent scrutiny and validation by external independent parties,
including auditors.
"It is deeply regrettable that the charity was forced to close
following the instigation of a Metropolitan Police investigation
of allegations that subsequently were found to be unfounded.
"There is no suggestion that we acted dishonestly or in bad faith.
As far as we are aware, there has never been a case where trustees
of a charity have been disqualified by a court in circumstances
such as these.
"We acted diligently throughout, and if any proceedings are
brought will defend ourselves vigorously. What happens to us could
have serious implications for the thousands of other trustees who
want to do charitable work in this country."
The Charity Commission is also investigating Kids Company's
collapse and is expected to publish the findings from its
statutory inquiry at some point this year, the report says.
Two parliamentary select committees have already published their
findings into the charity, with both criticising trustees'
actions, adds Civil Society.
TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks
---------------------------------------------------------
Sky News reports that Transline Group paid more than GBP1 million
last year to directors in the form of dividends, loans and a
transfer of shares -- even as it was facing a funding squeeze
after suffering a seven-figure annual loss.
Transline, which was fiercely criticised over working practices at
facilities used by Asos and Mike Ashley's Sports Direct, lost
GBP1.2 million in 2016, according to a document seen by Sky News.
According to the report, the company last month said it was
preparing to appoint insolvency practitioners by filing a formal
notice that sources said was due to expire on May 4. It said just
hours before that deadline, however, that it would extend that
period for a further 10 days.
Sky News says the identity of the new backer was unclear, although
sources said a number of specialist turnaround investors had been
approached in recent weeks.
The latest development does not mean that Transline is certain to
avoid insolvency, but gives the directors additional breathing
space to negotiate a deal, the report says.
News of the temporary reprieve comes after the online fashion
retailer Asos terminated its relationship with Transline earlier
this month, according to Sky News.
Transline manages a temporary workforce estimated by people close
to the company at approximately 11,000, Sky News discloses.
The report says the group has blamed "tighter margins" for its
financial difficulties and has told prospective investors that it
required new funding of just over GBP6 million.
In a document sent to potential backers, Transline said GBP750,000
had been paid to Colin Beasley, who now holds 10% of the company,
"in respect of his shareholding", while there were GBP308,000 in
dividends paid and increases in directors' loan accounts.
A filing at Companies House shows that Mr. Beasley, father of
co-founder Paul Beasley, resigned as a director last month.
A further GBP624,000 was paid to HM Revenue and Customs in
relation to National Minimum Wage fines and Accelerated Payment
Notices, according to the document cited by Sky News.
VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Virgin Media Inc.'s (VMED) Long-Term
Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Its
Short-Term IDR is affirmed at 'B'. All associated instrument
ratings have been affirmed at the existing levels.
Virgin Media's (VMED) ratings are supported by its consistent
financial performance, well-developed and stable operating
profile, and a competitive, advanced but rational UK
broadband/fixed line market - particularly within its most
important consumer segment. TV content cost pressures are being
managed, helped by the company's access to the widest available
range of content in the UK and agnostic approach to content
access. The technological advantage of cable and the company's
broadband-led business strategy further support the ratings.
VMED's strong physical metrics and underlying cash flow support
leverage which in Fitch's view is likely to remain close to its
ratings threshold, with the business expected to continue to make
sizeable shareholder payments to support Liberty Global's (LG)
share buyback programme.
KEY RATING DRIVERS
Solid Physicals, Visible Financials: VMED consistently delivers
improvements in physical metrics eg net customer additions,
services per customer (revenue generating units per customer) and
average revenue per user (ARPU). This is in spite of the maturity
of the UK market. Triple-play penetration of the customer base is
advanced - 62% at end-2016- but Fitch believes scope remains to
improve this metric. Convergence trends in the UK offer further
support, although quad-play is most important from a churn
management perspective.
Fitch views VMED as having one of the most visible revenue and
underlying cash flows in the European telecoms portfolio, which is
supportive of a relatively high financial leverage.
Well Positioned in a Competitive Market: The UK, VMED's most
important market, is competitive but rational. This is
particularly the case in fixed, by far the most important area for
the cable operator. Fixed telephony has proven far more defensive
than mobile, with the market consistently pushing through price
rises. Consumer revenues in the incumbent's fixed operations are
growing strongly, while Sky continues to post mid-single-digit
growth helped by its telecoms offer, echoing the performance at
VMED. VMED is well positioned: Fitch estimates it is the in-
franchise broadband market leader while based on Ofcom data its
end-2016 national share of broadband lines was 19.5%.
Lightning to Ramp over 2017/2018: VMED's plan to connect an
additional 4 million UK homes to its two-way network by 2019-20
has so far (ie at end-2016) added 567,000 homes; a number that was
restated following initial year end reporting. Other physicals -
penetration, ARPUs and build costs are reported to be within
management's targets. It is possible the build profile will take
longer than initially thought given the complexity of such a
project. The broad parameters remain intact and in Fitch's view,
incremental revenue and cash-flow targets seem reasonable.
Investment will compress near term free cash flow; longer term
benefits are clear and investment likely to be flexible.
Cable's Technological Advantage: Cable is likely to retain its
broadband speed advantage. VMED is currently offering commercial
download speeds of up to 300 Mbps, while the incumbent's most
widely available commercial offer provides speeds of up to 76
Mbps. The incumbent's technology roadmap is closing the gap.
G.fast technology is expected to enable broadband speeds of up to
500 Mbps, its targets including covering 10 million homes by 2020.
BT Group is also targeting 2 million homes with fibre to the
premise. DOCSIS 3.1 cable technology nonetheless is capable of
delivering 1 Gbit speeds, is deliverable and likely to be rolled
out across all of LG's European cable assets.
Leverage, Shareholder Distributions: FFO net leverage has been
managed around 5.0x in recent years (5.1x in 2016), and in Fitch's
forecasts likely to remain around these levels over the medium
term given the cash-flow pressures of Project Lightning and the
sizeable shareholder payments VMED makes to parent company LG.
This is likely to provide little headroom to Fitch ratings
threshold of 5.2x. The importance of VMED's cash flow to the LG
group is evident in the GBP1.5 billion shareholder payment in
2016. The overall contribution VMED makes to the LG consolidation
provides a certain amount of leverage discipline given's LG's
upper net debt /EBITDA threshold of 5.0x.
DERIVATION SUMMARY
VMED's ratings are underpinned by its strong operating profile, a
developed but rational UK convergent market, technological
advantage and broadband-led business strategy. The company's
closest peers include fellow Liberty Global owned cable operators,
Telenet N.V, UPC and VodafoneZiggo (each rated BB-/Stable) -- with
Telenet arguably its closest peer given the developed stage of
their respective business strategies and strong competitive
position in their markets. Talktalk is also rated 'BB-'/Stable,
but its weaker competitive position in the UK telecoms market
means that leverage thresholds are much tighter. The deleveraging
capacity provided by VMED's underlying free cash flow and strong
operating profile would allow for a higher rating if leverage was
lower on a sustainable basis. No Country Ceiling,
parent/subsidiary or operating environment aspects impacts the
rating
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- revenue growth of around 6%-7% overs over the next few years
driven by Project Lightning and some price increases;
- modest EBITDA margin expansion from 45% in 2016 to 48% in 2020
due to benefits of economies of scale as Project Lightning is
completed;
- capital intensity (property & equipment additions including
those funded through vendor finance as a percentage of revenue) to
remain elevated at around 28-33% over 2017-2019 before reducing as
Project Lighting completes;
- FFO net leverage to be maintained at the higher end of range
of 4.5x-5.0x through cash repatriation / repayment of parent
company loans.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A firm commitment by Virgin Media that the company is
adopting a more conservative financial policy (for example, FFO
adjusted net leverage of 4.5x) could lead to positive rating
action
- Continued sound operational performance, as evidenced by key
performance indicator (KPI) trends and progress in both investment
and consumer take-up with respect to Project Lightning
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO adjusted net leverage that was expected to remain above
5.2x on a sustained basis
- FFO fixed charge cover that was expected to remain below 2.5x
on a sustained basis
- Material decline in operational metrics, such as customer
penetration, revenue generating units per subscriber and ARPU.
Evidence that investment in Project Lightning is being scaled to
proven demand will be an important driver
LIQUIDITY
Sufficient Liquidity Profile: Fitch considers liquidity sufficient
with unrestricted cash and cash equivalents of GBP22 million
forecast positive FCF and full availability under its GBP675
million revolving credit facility as at FYE16. LG manages
liquidity across its credit pools on a flexible basis and would be
expected to provide support/reduce shareholder payments from VMED
if necessary.
FULL LIST OF RATING ACTIONS
Virgin Media Inc.
-- Long-Term IDR: Affirmed at 'BB-'; Outlook Stable
-- Short-Term IDR: affirmed at 'B'
Virgin Media Secured Finance Plc
-- Senior secured debt rating: affirmed at 'BB+','RR1'
Virgin Media Investment Holdings Limited
-- Senior secured debt rating: affirmed at 'BB+','RR1'
Virgin Media SFA Finance Limited
-- Senior secured debt rating: affirmed at 'BB+','RR1'
Virgin Media Finance PLC
-- Senior notes affirmed at 'B','RR6'
Virgin Media Bristol LLC
-- Senior secured debt rating: affirmed at 'BB+','RR1'
Virgin Media Receivables Financing 1 DAC
-- Receivables financing notes: affirmed at 'B+'.'RR5'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 8 to May 12, 2017
--------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Agrokor dd 9.88 5/1/2019 EUR 36.48
Agrokor dd 8.88 2/1/2020 USD 36.63
QGOG Constellation SA 6.25 11/9/2019 USD 70.55
Rickmers Holding AG 8.88 6/11/2018 EUR 4.64
Co-Operative Bank PLC/Uni 11.00 12/20/2023 GBP 38.00
Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 34.00
Aegon NV 0.60 EUR 67.12
Offshore Drilling Holding 8.38 9/20/2020 USD 41.63
Intelsat Luxembourg SA 7.75 6/1/2021 USD 58.85
Banque Federative du Cred 0.90 EUR 68.37
Co-Operative Bank PLC/Uni 8.50 7/1/2025 GBP 29.81
ING Groep NV 1.10 EUR 73.99
Agrokor dd Via Aquarius + 4.92 8/8/2017 EUR 30.63
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.00
Ensco PLC 5.75 10/1/2044 USD 73.42
ING Groep NV 0.70 EUR 71.18
Casino Guichard Perrachon 1.69 EUR 67.18
Portugal Telecom Internat 4.63 5/8/2020 EUR 32.02
Banca Popolare di Vicenza 2.82 12/20/2017 EUR 12.33
Alitalia-Societa' Aerea I 5.25 7/30/2020 EUR 45.50
Immigon Portfolioabbau AG 10.00 EUR 17.63
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 15.50
Neopost SA 3.38 EUR 58.13
Intelsat Luxembourg SA 8.13 6/1/2023 USD 58.86
Mitsubishi UFJ Investor S 4.17 12/15/2050 EUR 49.92
CGG SA 5.88 5/15/2020 EUR 46.63
Privatbank CJSC Via UK SP 10.25 1/23/2018 USD 24.04
Santander International P 2.00 USD 67.00
Veneto Banca SpA 9.50 12/1/2025 EUR 15.00
AXA SA 0.54 EUR 70.42
Veneto Banca SpA 0.72 6/21/2017 EUR 30.00
Portugal Telecom Internat 5.88 4/17/2018 EUR 32.88
Portugal Telecom Internat 5.00 11/4/2019 EUR 33.23
HSH Nordbank AG 7.25 USD 27.04
CNP Assurances 1.27 EUR 70.45
BPCE SA 0.72 EUR 74.21
Ageasfinlux SA 1.02 EUR 56.25
Far East Capital Ltd SA 8.00 5/2/2018 USD 68.75
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.76
Rothschilds Continuation 1.46 EUR 71.46
Pacific Drilling SA 5.38 6/1/2020 USD 51.25
HSH Nordbank AG/Luxembour 2.10 EUR 19.71
Agrokor dd 8.88 2/1/2020 USD 36.68
Banco Espirito Santo SA 2.63 5/8/2017 EUR 29.53
Novo Banco SA 3.50 1/2/2043 EUR 59.09
Air France-KLM 2.03 2/15/2023 EUR 11.34
UkrLandFarming PLC 10.88 3/26/2018 USD 32.40
Banca Carige SpA 8.34 EUR 24.63
OAS Investments GmbH 8.25 10/19/2019 USD 5.10
Oi Brasil Holdings Cooper 5.63 6/22/2021 EUR 33.56
CGG SA 6.50 6/1/2021 USD 48.50
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.20
AXA SA 0.88 EUR 74.71
CGG SA 1.75 1/1/2020 EUR 2.53
Scholz Holding Gmbh 8.50 12/31/2019 EUR 10.38
Portugal Telecom Internat 4.50 6/16/2025 EUR 32.95
Caisse Federale du Credit 0.89 EUR 71.14
WPE International Coopera 10.38 9/30/2020 USD 18.50
Mitsubishi UFJ Investor S 3.92 12/30/2099 EUR 4.25
Brunswick Rail Finance De 6.50 11/1/2017 USD 72.50
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.50
Bilt Paper BV 9.64 USD 33.50
Portugal Telecom Internat 6.25 7/26/2016 EUR 32.58
Solarworld AG 9.67 2/24/2019 EUR 55.33
BNP Paribas SA 1.49 USD 70.94
BNP Paribas SA 1.15 EUR 66.04
Credit Mutuel Arkea SA 0.79 EUR 70.73
Waste Italia SpA 10.50 11/15/2019 EUR 17.13
CGG SA 1.25 1/1/2019 EUR 24.12
Agrokor dd 9.88 5/1/2019 EUR 37.31
Banca Carige SpA 7.32 12/20/2020 EUR 53.07
Econocom Group SA/NV 1.50 1/15/2019 EUR 13.81
Sapinda Invest SARL 5.00 6/30/2019 EUR 30.00
Aegon NV 1.51 NLG 67.65
Banca Monte dei Paschi di 0.67 11/30/2017 EUR 37.40
Nordea Bank AB 1.50 USD 73.47
Banca Monte dei Paschi di 2.29 5/15/2018 EUR 35.60
Banca Monte dei Paschi di 5.00 4/21/2020 EUR 35.68
Jyske Bank A/S 0.84 EUR 71.81
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Bibby Offshore Services P 7.50 6/15/2021 GBP 60.13
Eramet 4.00 EUR 43.42
Fuerstenberg Capital Erst 1.45 EUR 65.67
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.20
Yuksel Insaat AS 9.50 11/10/2015 USD 20.63
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38
Rothschilds Continuation 1.69 USD 62.60
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.38
SOITEC 6.75 9/18/2018 EUR 2.93
Novo Banco SA 3.00 6/21/2022 USD 73.97
Privatbank CJSC Via UK SP 11.00 2/9/2021 USD 12.88
CEVA Group PLC 9.00 9/1/2021 USD 71.63
CGG SA 6.88 1/15/2022 USD 46.50
Agrokor dd 9.13 2/1/2020 EUR 36.87
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Societe Generale SA 1.38 USD 71.75
ATF Capital BV 8.58 USD 69.44
Rudolf Woehrl AG 6.50 2/12/2018 EUR 14.50
Jyske Bank A/S 1.05 EUR 72.35
BIM SAS 2.50 11/13/2020 EUR 26.82
Havila Shipping ASA 5.43 11/7/2020 NOK 66.00
NIBC Bank NV 2.46 USD 73.58
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 60.38
Popular Capital SA 0.93 EUR 58.13
Sydbank A/S 0.85 EUR 71.00
syncreon Group BV / syncr 8.63 11/1/2021 USD 72.25
Far East Capital Ltd SA 8.75 5/2/2020 USD 64.51
Nexity SA 0.13 1/1/2023 EUR 64.78
Alno AG 8.50 5/14/2018 EUR 44.63
Norske Skog Holding AS 8.00 2/24/2021 EUR 52.12
Sydbank A/S 0.77 EUR 74.38
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.93
Virgolino de Oliveira Fin 10.50 1/28/2018 USD 7.51
3W Power SA 8.00 8/29/2019 EUR 39.75
Allied Irish Banks PLC 12.50 6/25/2035 GBP 71.50
Paragon Offshore PLC 6.75 7/15/2022 USD 18.75
KTG Agrar SE 7.13 6/6/2017 EUR 2.15
Novo Banco SA 3.50 1/23/2043 EUR 59.21
Matalan Finance PLC 8.88 6/1/2020 GBP 67.38
Solarworld AG 9.67 2/24/2019 EUR 50.10
Novo Banco SA 3.50 2/19/2043 EUR 59.21
IKB Deutsche Industrieban 5.63 8/1/2017 EUR 37.00
Sequa Petroleum NV 5.00 4/29/2020 USD 69.00
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 43.63
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 22.63
Beate Uhse AG 7.75 7/9/2019 EUR 18.25
Candyking Holding AB 5.00 1/29/2018 SEK 46.88
SeniVita Sozial gemeinnue 7.00 EUR 66.50
NIBC Bank NV 0.91 EUR 68.31
Privatbank CJSC Via UK SP 10.88 2/28/2018 USD 22.01
Lambay Capital Securities 6.25 GBP 1.23
QGOG Constellation SA 6.25 11/9/2019 USD 70.50
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50
Electromagnetic Geoservic 6.96 6/27/2019 NOK 67.63
German Pellets GmbH 7.25 11/27/2019 EUR 0.63
DNB Bank ASA 1.53 USD 70.69
Orient Express Bank PJSC 12.00 5/29/2019 USD 55.00
European Directories Bond 7.00 12/9/2018 EUR 66.00
Banca Carige SpA 2.77 6/19/2018 EUR 55.50
Novo Banco SA 3.50 3/18/2043 EUR 59.27
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 67.07
Banca Carige SpA 1.67 12/29/2018 EUR 36.63
Scandinavian Airlines Sys 0.63 CHF 24.55
Pescanova SA 5.13 4/20/2017 EUR 2.75
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
EFG International AG 0.63 EUR 65.38
Lehman Brothers UK Capita 5.13 EUR 0.14
Banca Popolare di Vicenza 4.00 8/27/2019 EUR 72.75
Afren PLC 11.50 2/1/2016 USD 0.15
Elli Investments Ltd 12.25 6/15/2020 GBP 60.00
Alno AG 8.00 3/21/2019 EUR 37.00
Hellenic Republic Governm 5.20 7/17/2034 EUR 71.25
Banca Popolare di Vicenza 4.60 12/15/2017 EUR 31.21
Eniro AB 6.00 4/14/2020 SEK 14.71
Tikehau Capital SCA 1.63 1/1/2022 EUR 61.50
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.25
Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 32.38
Aralco Finance SA 10.13 5/7/2020 USD 2.28
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
Paragon Offshore PLC 7.25 8/15/2024 USD 18.75
Manchester Building Socie 6.75 GBP 15.84
CGG SA 6.50 6/1/2021 USD 48.05
Dexia Credit Local SA 1.40 EUR 6.49
Air Berlin Finance BV 1.50 4/11/2027 EUR 2.70
Pescanova SA 8.75 2/17/2019 EUR 2.75
Veneto Banca SpA 6.95 2/25/2025 EUR 15.88
Bank Nadra via NDR Financ 8.25 7/31/2018 USD 0.25
Innogy SE 3.80 4/5/2033 USD 74.24
Fred Olsen Energy ASA 4.05 2/28/2019 NOK 52.38
Lloyds Bank PLC 2.78 12/27/2028 USD 74.25
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Avatera Medical Investmen 5.00 8/7/2018 EUR 70.00
Touax SA 6.00 7/10/2020 EUR 16.04
Santander Finance Capital 2.00 EUR 56.13
Hybrid Raising GmbH 6.63 EUR 24.01
City of Kiev Ukraine Via 8.00 11/6/2015 USD 65.38
Praktiker AG 5.88 2/10/2016 EUR 0.21
Banco Espirito Santo SA 2.32 EUR 0.43
Iona Energy Co UK Ltd 12.50 9/27/2018 USD 0.68
Banca delle Marche SpA 0.62 6/1/2017 EUR 0.70
Offshore Drilling Holding 8.38 9/20/2020 USD 40.50
Societe Generale SA 0.81 EUR 59.50
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.36
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48
Etablissements Maurel et 1.63 7/1/2019 EUR 17.13
Oceanic Champion AS 8.00 2/20/2020 USD 71.55
Stichting Afwikkeling Ond 11.25 EUR 0.52
Laurel GmbH 7.13 11/16/2017 EUR 8.75
Stichting Afwikkeling Ond 6.25 10/26/2020 EUR 4.75
Sazka AS 9.00 7/12/2021 EUR 0.34
Banca Nuova SpA 6.06 5/23/2028 EUR 68.00
Republic of Italy Governm 0.30 7/31/2035 EUR 74.20
Deutsche Bank AG/London 2.28 8/28/2034 USD 58.38
Virgolino de Oliveira Fin 11.75 2/9/2022 USD 7.00
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.25
Norske Skog Holding AS 8.00 2/24/2023 USD 42.25
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.63
GNB - Cia de Seguros de V 3.17 EUR 48.00
Cirio Holding Luxembourg 6.25 2/16/2004 EUR 1.34
Pacific Drilling SA 5.38 6/1/2020 USD 46.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 35.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 30.13
DNB Bank ASA 1.31 USD 70.81
More & More AG 8.13 6/11/2018 EUR 37.00
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.13
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
Capital Raising GmbH 7.50 EUR 23.29
Sairgroup Finance BV 4.38 6/8/2006 EUR 13.88
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.92
Credit Lyonnais SACA 0.44 EUR 63.71
Lehman Brothers Treasury 6.00 2/15/2035 EUR 10.00
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 30.13
Corporate Commercial Bank 8.25 8/8/2014 USD 0.50
LBI HF 6.10 8/25/2011 USD 10.13
Ideal Standard Internatio 11.75 5/1/2018 EUR 5.00
Vseukrainsky Aktsinerny B 10.90 6/14/2019 USD 2.12
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 1.43
Island Drilling Co ASA 9.50 4/3/2018 USD 1.50
Banca Monte dei Paschi di 2.79 10/31/2018 EUR 37.43
Smart Solutions GmbH 8.00 12/3/2018 EUR 35.88
IGas Energy PLC 10.00 2/4/2020 USD 49.88
OP Corporate Bank plc 0.84 EUR 68.20
GNB - Cia de Seguros de V 1.87 12/19/2022 EUR 60.38
Action SA 3.21 7/4/2017 PLN 54.07
Dexia SA 1.45 EUR 5.13
Oceanteam ASA 12.29 10/24/2017 USD 21.63
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.20
Petrol AD 5.50 1/26/2022 EUR 29.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59
Vneshprombank Ltd via VPB 9.00 11/14/2016 USD 0.03
Banca Popolare di Vicenza 5.00 5/30/2021 EUR 66.25
Banca Popolare di Vicenza 8.50 12/28/2018 EUR 28.00
GPB Aerofinans OOO 9.67 3/15/2030 RUB 60.38
Barclays Bank PLC 0.66 3/21/2033 USD 57.50
getgoods.de AG 7.75 10/2/2017 EUR 0.03
Teksid Aluminum Luxembour 11.38 7/15/2011 EUR 0.19
Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.10
Santander Finance Capital 2.00 USD 56.20
DNB Bank ASA 1.50 USD 70.69
Barclays Bank PLC 2.85 1/27/2031 USD 63.88
Banco Pinto & Sotto Mayor 0.68 EUR 25.31
Orco Property Group SA 7.00 11/7/2019 EUR 67.75
Etablissements Maurel et 2.75 7/1/2021 EUR 10.66
Havila Shipping ASA 5.01 11/7/2020 NOK 42.25
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Novo Banco SA 3.00 12/16/2021 EUR 68.63
Steilmann SE 7.00 9/23/2018 EUR 2.89
PNE Wind AG 3.75 10/10/2019 EUR 3.30
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 15.75
BOA Offshore AS 7.69 12/18/2018 NOK 25.00
KTG Energie AG 7.25 9/28/2018 EUR 2.28
Mobile TeleSystems PJSC 8.85 3/25/2021 RUB 100.40
Barclays Bank PLC 0.53 5/31/2033 USD 57.50
SeaBird Exploration Finan 6.00 3/3/2018 USD 15.25
Deutsche Bank AG/London 3.42 11/26/2034 USD 67.25
Del Monte Finance Luxembo 6.63 5/24/2006 EUR 4.61
Lehman Brothers UK Capita 6.90 USD 0.77
Lehman Brothers Treasury 6.00 11/2/2035 EUR 10.00
Koninklijke Luchtvaart Ma 0.75 CHF 36.50
Deutsche Bank AG/London 2.46 6/30/2034 USD 51.13
Windreich GmbH 6.50 7/15/2016 EUR 10.00
German Pellets GmbH 7.25 7/9/2018 EUR 1.42
Manchester Building Socie 8.00 GBP 25.00
Barclays Bank PLC 3.21 7/31/2034 USD 70.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.01
Autonomous Community of C 2.97 9/8/2039 JPY 64.22
Tatfondbank OAO via TFB F 8.50 11/12/2019 USD 1.16
Barclays Bank PLC 1.94 9/30/2031 USD 66.70
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 42.96
Hellas Telecommunications 8.50 10/15/2013 EUR 0.50
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Lloyds Bank PLC 3.02 11/27/2033 USD 69.05
TradeDoubler AB 6.75 12/20/2018 SEK 49.25
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.13
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Frey 6.00 11/15/2022 EUR 22.50
Lloyds Bank PLC 0.65 1/31/2033 USD 58.70
Farstad Shipping ASA 4.45 5/29/2018 NOK 26.63
Banco Pastor SAU 2.07 EUR 57.17
Portigon AG 7.46 12/31/2019 EUR 26.50
Lehman Brothers Treasury 5.00 2/16/2015 EUR 10.00
Deutsche Bank AG/London 0.36 3/15/2033 USD 55.00
Deutsche Bank AG/London 4.06 10/31/2034 USD 70.25
Nationwide Building Socie 0.85 GBP 70.00
Deutsche Bank AG 0.35 6/28/2033 USD 57.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.37
Lehman Brothers Treasury 7.25 10/5/2035 EUR 9.63
Paragon Offshore PLC 7.25 8/15/2024 USD 19.63
UkrLandFarming PLC 10.88 3/26/2018 USD 30.50
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00
Waste Italia SpA 10.50 11/15/2019 EUR 17.13
World Wide Supply AS 7.75 5/26/2017 USD 13.88
Royal Bank of Scotland PL 1.94 12/30/2030 USD 60.88
Hellenic Republic Governm 2.09 7/25/2057 EUR 37.25
Belfius Bank SA/NV 1.66 FRF 70.13
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.35
Far Eastern Shipping Co P 13.00 11/28/2017 RUB 59.11
Golden Energy Offshore Se 5.00 12/31/2017 NOK 40.75
Cirio Finance Luxembourg 7.50 11/3/2002 EUR 4.46
Steilmann SE 6.75 6/27/2017 EUR 5.00
International Industrial 11.00 2/19/2013 USD 0.28
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Assystem 4.50 EUR 31.28
KPNQwest NV 10.00 3/15/2012 EUR 0.76
Barclays Bank PLC 2.12 3/28/2034 USD 62.10
Depfa Funding IV LP 1.54 EUR 56.34
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Royal Bank of Scotland PL 2.42 12/13/2028 USD 72.04
Kommunalbanken AS 0.50 5/27/2022 ZAR 64.34
Barclays Bank PLC 2.42 2/25/2031 USD 65.60
Royal Bank of Scotland PL 2.46 11/16/2030 USD 67.71
Farstad Shipping ASA 5.22 7/30/2017 NOK 27.00
Santander Finance Capital 2.00 EUR 56.13
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.50
OAS Investments GmbH 8.25 10/19/2019 USD 4.67
Lloyds Bank PLC 3.34 10/25/2033 USD 73.50
Barclays Bank PLC 2.41 11/29/2030 USD 65.50
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.41
Holdikks SAS 6.75 7/15/2021 EUR 60.50
Windreich GmbH 6.50 3/1/2015 EUR 10.00
Finance and Credit Bank J 9.25 1/25/2019 USD 0.47
Veneto Banca SpA 6.94 5/15/2025 EUR 15.75
Abanka Vipa DD Via Afinan 1.57 EUR 1.37
Lloyds Bank PLC 0.54 2/22/2033 USD 59.25
Barclays Bank PLC 2.57 3/21/2031 USD 66.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 35.00
Lehman Brothers Treasury 8.25 3/16/2035 EUR 10.00
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.17
Lehman Brothers Treasury 5.00 9/22/2014 EUR 10.00
Dexia Kommunalbank Deutsc 4.88 6/1/2017 EUR 39.05
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 64.48
Portugal Telecom Internat 5.24 11/6/2017 EUR 32.88
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.14
3W Power SA 5.50 11/11/2020 EUR 45.00
Stroika Finance Ltd Via E 9.90 6/25/2019 RUB 12.00
Banca Carige SpA 5.70 6/30/2017 EUR 70.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 13.00
Bank Nederlandse Gemeente 0.50 6/7/2022 ZAR 63.14
Northland Resources AB 4.00 10/15/2020 USD 0.01
PA Resources AB 13.50 3/3/2016 SEK 0.09
Orient Express Bank PJSC 8.17 6/27/2017 USD 50.00
Rena GmbH 8.25 7/11/2018 EUR 3.60
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.00
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Commerzbank Holdings UK L 1.69 USD 73.88
Afren PLC 6.63 12/9/2020 USD 0.42
RN Bank JSC 10.40 7/9/2021 RUB 100.70
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 11.71
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
SiC Processing GmbH 7.13 3/1/2016 EUR 2.67
Privatbank CJSC Via UK SP 10.88 2/28/2018 USD 22.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 30.13
Volstad Shipping AS 7.05 4/15/2019 NOK 25.00
Steilmann SE 7.00 3/9/2017 EUR 2.90
Barclays Bank PLC 2.96 9/29/2034 USD 69.30
Barclays Bank PLC 2.62 12/30/2030 USD 63.65
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Norske Skog Holding AS 8.00 2/24/2023 USD 47.00
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Barclays Bank PLC 0.55 3/28/2033 USD 60.00
Dannemora Mineral AB 11.75 3/22/2016 USD 0.63
KTG Agrar SE 7.25 10/15/2019 EUR 2.14
Barclays Bank PLC 1.23 6/17/2033 USD 61.75
Bibby Offshore Services P 7.50 6/15/2021 GBP 60.13
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.75
German Pellets GmbH 7.25 4/1/2016 EUR 1.04
APP International Finance 11.75 10/1/2005 USD 0.56
Landesbank Hessen-Thuerin 0.12 5/3/2041 EUR 74.06
BNP Paribas SA 0.58 4/30/2033 USD 52.75
Stichting Afwikkeling Ond 2.42 EUR 0.52
Norske Skog Holding AS 8.00 2/24/2021 EUR 54.00
Northland Resources AB 15.00 7/15/2019 USD 0.44
Lehman Brothers Treasury 7.00 5/17/2035 EUR 10.00
Golden Gate AG 6.50 10/11/2014 EUR 41.50
Gazprom Capital OOO 8.90 2/3/2027 RUB 60.12
Barclays Bank PLC 2.72 7/28/2031 USD 68.88
Societe Generale SA 1.92 10/31/2033 USD 74.82
AKB Peresvet ZAO 13.00 10/7/2017 RUB 22.50
SAir Group 5.13 3/1/2003 CHF 14.00
HSBC France SA 1.03 EUR 61.10
Mox Telecom AG 7.25 11/2/2017 EUR 3.35
CNP Assurances 2.00 EUR 74.75
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 70.30
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
PA Resources AB 3.00 12/27/2017 NOK 0.09
UniCredit Bank Austria AG 0.19 8/20/2033 EUR 67.61
Rem Offshore ASA 5.00 12/8/2024 NOK 30.13
KPNQwest NV 8.88 2/1/2008 EUR 1.00
Finmek International SA 7.00 12/3/2004 EUR 4.89
Gunther Zamek Produktions 7.75 5/15/2017 EUR 1.26
Pescanova SA 6.75 3/5/2015 EUR 3.09
CEVA Group PLC 9.00 9/1/2021 USD 70.81
Lehman Brothers Treasury 6.00 3/18/2015 USD 10.00
Barclays Bank PLC 4.63 9/13/2028 USD 65.00
Nuova Banca Popolare dell 1.67 9/28/2017 EUR 0.81
Far Eastern Shipping Co P 15.00 2/27/2018 RUB 57.03
Banca Popolare di Vicenza 5.00 11/22/2020 EUR 69.50
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.50
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.20
Acron PJSC 9.55 9/24/2026 RUB 61.56
Banco Comercial Portugues 5.00 EUR 55.00
MS Deutschland Beteiligun 6.88 12/18/2017 EUR 5.73
Barclays Bank PLC 0.06 12/28/2040 EUR 70.62
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Hamburgische Landesbank-G 0.05 1/22/2041 EUR 62.14
Lehman Brothers Treasury 2.88 3/14/2013 CHF 10.00
Afren PLC 10.25 4/8/2019 USD 0.00
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 11.53
Northland Resources AB 4.00 10/15/2020 NOK 0.06
Lehman Brothers Treasury 5.10 5/8/2017 HKD 9.63
Deutsche Bank AG/London 2.94 9/30/2029 USD 67.00
CRC Breeze Finance SA 6.11 5/8/2026 EUR 55.50
Governo Portugues Consoli 3.00 EUR 70.00
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
KPNQwest NV 7.13 6/1/2009 EUR 1.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.17
Accentro Real Estate AG 6.25 3/27/2019 EUR 10.00
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 66.87
Virgolino de Oliveira Fin 10.88 1/13/2020 USD 26.75
Afren PLC 11.50 2/1/2016 USD 0.20
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.75
Veneto Banca SpA 1.67 5/15/2019 EUR 30.00
CGG SA 5.88 5/15/2020 EUR 46.38
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Lloyds Bank PLC 2.73 7/26/2033 USD 67.75
AKB Peresvet ZAO 13.25 6/22/2017 RUB 22.63
Orient Express Bank PJSC 13.60 8/9/2018 RUB 69.00
Barclays Bank PLC 2.72 7/28/2034 USD 66.35
CGG SA 6.88 1/15/2022 USD 46.38
BLT Finance BV 12.00 2/10/2015 USD 10.50
Geotech Seismic Services 13.00 10/16/2019 RUB 70.57
Sairgroup Finance BV 6.63 10/6/2010 EUR 13.88
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
CBo Territoria 6.00 1/1/2020 EUR 4.10
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 63.00
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.25
Republic of Italy Governm 0.18 7/31/2045 EUR 72.50
Banca Carige SpA 5.70 9/17/2020 EUR 50.38
SAir Group 0.13 7/7/2005 CHF 13.00
Lloyds Bank PLC 2.39 7/5/2033 USD 69.70
Far East Capital Ltd SA 8.00 5/2/2018 USD 65.13
Transneft PJSC 9.30 8/25/2026 RUB 61.30
Banco Espirito Santo SA 1.22 5/27/2018 EUR 0.20
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.01
Marfin Investment Group H 7.00 7/29/2019 EUR 1.00
Bank Nederlandse Gemeente 0.50 7/12/2022 ZAR 62.81
Dexia Kommunalbank Deutsc 5.63 12/31/2017 EUR 13.13
AgroGeneration 8.00 4/1/2019 EUR 72.80
Russian Railways JSC 8.65 2/4/2032 RUB 60.06
Barclays Bank PLC 2.34 4/25/2034 USD 58.44
Barclays Bank PLC 3.28 5/30/2034 USD 72.88
Banca Popolare di Vicenza 5.00 3/31/2021 EUR 67.38
wige MEDIA AG 6.00 3/17/2019 EUR 2.60
DOF ASA 8.00 9/12/2019 NOK 40.00
Autonomous Community of C 1.06 9/8/2024 EUR 73.41
Afren PLC 10.25 4/8/2019 USD 0.00
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 26.30
Bilt Paper BV 9.64 USD 33.50
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.40
Vnesheconombank 2.00 6/18/2021 RUB 74.60
Vnesheconombank 9.65 7/10/2018 RUB 62.02
Elli Investments Ltd 12.25 6/15/2020 GBP 60.00
Muehl Product & Service A 6.75 3/10/2005 DEM 2.37
Depfa Funding II LP 6.50 EUR 57.75
BAWAG PSK Versicherungs A 1.06 EUR 47.34
Deutsche Bank AG/London 0.40 1/31/2033 USD 59.70
Banca Popolare di Vicenza 5.00 6/30/2021 EUR 65.63
Svensk Exportkredit AB 0.50 4/24/2029 AUD 61.77
Finans-Avia OOO 8.25 7/31/2022 RUB 75.27
Societe Generale SA 1.60 1/9/2020 GBP 1.10
Brunswick Rail Finance De 6.50 11/1/2017 USD 71.39
Barclays Bank PLC 4.13 10/10/2029 USD 74.31
Alpha Bank AE 2.50 6/20/2022 EUR 63.70
Lloyds Bank PLC 2.72 7/29/2033 USD 63.10
Lehman Brothers Treasury 5.00 2/27/2014 EUR 10.00
Petromena ASA 10.85 11/19/2014 USD 0.59
Svensk Exportkredit AB 0.50 8/29/2029 AUD 61.07
Virgolino de Oliveira Fin 10.50 1/28/2018 USD 7.00
Barclays Bank PLC 1.88 11/1/2031 USD 64.50
Lehman Brothers Treasury 4.60 11/9/2011 EUR 10.00
Hamburgische Landesbank-G 0.05 10/30/2040 EUR 64.35
BNP Paribas SA 0.50 9/29/2029 AUD 60.04
Immigon Portfolioabbau AG 3.72 4/12/2022 EUR 74.70
Municipality Finance PLC 0.50 5/8/2029 AUD 65.98
syncreon Group BV / syncr 8.63 11/1/2021 USD 71.88
Absolut Bank PAO 11.00 5/28/2018 RUB 60.09
IVG Immobilien AG 5.54 EUR 0.56
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.63
Alpha Bank AE 2.50 6/20/2022 EUR 63.69
KPNQwest NV 8.13 6/1/2009 USD 0.92
Lehman Brothers Treasury 6.65 8/24/2011 AUD 9.63
Svensk Exportkredit AB 0.50 6/29/2029 AUD 61.42
Opin PJSC 13.00 3/17/2022 RUB 60.06
Espirito Santo Financial 5.05 11/15/2025 EUR 0.33
Oi Brasil Holdings Cooper 5.63 6/22/2021 EUR 33.99
Banca Popolare di Vicenza 1.60 3/20/2020 EUR 67.38
Marfin Investment Group H 6.30 7/29/2020 EUR 0.90
Governo Portugues Consoli 2.75 EUR 63.00
Rena GmbH 7.00 12/15/2015 EUR 3.60
Uppfinnaren 1 AB 10.00 SEK 63.38
SAir Group 6.25 4/12/2005 CHF 13.00
Agentstvo po Ipotechnomu 10.90 11/1/2022 RUB 60.72
SG Option Europe SA 7.00 5/5/2017 EUR 58.40
Societe Generale SA 0.57 2/28/2033 USD 63.40
Vimpel-Communications PJS 11.90 10/3/2025 RUB 62.00
Atari SA 7.50 2/17/2020 EUR 0.35
Stichting Afwikkeling Ond 6.63 5/14/2018 EUR 3.34
Societe Generale SA 0.12 5/31/2033 USD 61.86
Barclays Bank PLC 0.50 3/26/2021 MXN 70.55
Kaupthing ehf 9.00 USD 0.13
Lehman Brothers Treasury 4.00 2/16/2017 EUR 10.00
Podkarpacki Bank Spoldzie 5.81 7/2/2020 PLN 70.00
MegaFon PJSC 9.90 5/29/2026 RUB 62.00
Rosneft Oil Co PJSC 11.15 12/3/2020 RUB 62.00
Sistema PJSC FC 10.90 10/31/2025 RUB 63.01
Solon SE 1.38 12/6/2012 EUR 0.33
Mifa Mitteldeutsche Fahrr 7.50 8/12/2018 EUR 2.92
Rusfinans Bank OOO 8.75 9/29/2020 RUB 100.10
Espirito Santo Financial 5.13 5/30/2016 EUR 0.78
Banca Popolare di Vicenza 5.00 3/25/2021 EUR 67.50
Lehman Brothers Treasury 6.00 3/14/2011 EUR 10.00
Barclays Bank PLC 3.87 4/16/2029 USD 73.30
Barclays Bank PLC 2.36 12/23/2033 USD 66.20
Virgolino de Oliveira Fin 11.75 2/9/2022 USD 7.00
Landesbank Hessen-Thuerin 0.13 4/23/2041 EUR 70.82
Artea 6.00 8/4/2019 EUR 14.62
Sberbank of Russia PJSC 12.27 1/2/2026 RUB 60.06
Agentstvo po Ipotechnomu 9.50 11/15/2024 RUB 61.00
Santander Finance Capital 2.00 USD 56.20
Bank Julius Baer & Co Ltd 6.70 6/2/2017 USD 62.20
UniCredit Bank Austria AG 0.16 10/31/2031 EUR 66.97
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 60.00
Transneft PJSC 11.00 10/1/2019 RUB 100.39
Credit Suisse AG/London 9.75 5/23/2017 USD 53.62
Lehman Brothers Treasury 5.25 5/26/2026 EUR 0.65
Samaratransneft-Terminal 12.00 3/30/2022 RUB 60.22
Municipality Finance PLC 0.50 6/19/2024 ZAR 52.44
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 61.03
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 62.71
Kommunekredit 0.50 7/30/2027 TRY 32.16
Agentstvo po Ipotechnomu 10.83 2/1/2034 RUB 100.00
Region of Abruzzo Italy 0.17 11/7/2036 EUR 61.39
KTM Industries AG 5.00 EUR 72.00
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Afren PLC 6.63 12/9/2020 USD 0.42
Heta Asset Resolution AG 0.43 12/31/2023 EUR 39.25
Frigoglass Finance BV 8.25 5/15/2018 EUR 62.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.63
Matalan Finance PLC 8.88 6/1/2020 GBP 68.13
Transneft PJSC 9.65 6/30/2023 RUB 60.11
Banca Monte dei Paschi di 4.36 3/14/2024 EUR 40.88
Gazprom PJSC 5.30 10/21/2043 RUB
Rusfinans Bank OOO 10.00 7/31/2026 RUB 60.51
Mechel PJSC 8.00 2/9/2021 RUB 71.00
Transcapitalbank JSC Via 10.00 9/18/2020 USD 72.00
Argon Capital PLC for Roy 2.67 GBP 75.00
Societe Generale SA 8.88 6/1/2017 USD 34.01
AKB Peresvet ZAO 13.25 4/25/2018 RUB 23.49
Municipality Finance PLC 0.50 4/26/2022 ZAR 63.39
International Industrial 9.00 7/6/2011 EUR 0.50
BLT Finance BV 7.50 5/15/2014 USD 2.29
Lehman Brothers Treasury 4.50 5/2/2017 EUR 10.00
Lehman Brothers Treasury 7.00 6/6/2017 EUR 0.65
Montepio Holding SGPS SA 5.00 EUR 50.05
Banca Popolare di Vicenza 1.60 1/9/2020 EUR 68.38
Societe Generale SA 0.53 6/28/2033 USD 69.25
Republic of Italy Governm 0.19 7/31/2045 EUR 70.79
Lehman Brothers Treasury 7.00 11/26/2013 EUR 10.00
Rosbank PJSC 9.80 12/20/2026 RUB 100.00
SUEK Finance 12.50 8/19/2025 RUB 100.00
Lehman Brothers Treasury 4.00 7/27/2011 EUR 0.65
Lehman Brothers Treasury 8.25 12/3/2015 EUR 10.00
Banca Meridiana 1.29 11/12/2017 EUR 21.00
Region of Molise Italy 0.18 12/15/2033 EUR 66.28
Paragon Offshore PLC 6.75 7/15/2022 USD 19.25
Veneto Banca SpA 2.40 4/7/2020 EUR 68.25
Vnesheconombank 11.60 2/17/2025 RUB 60.00
Lloyds Bank PLC 3.34 4/25/2034 USD 69.00
Veneto Banca SpA 5.41 5/25/2023 EUR 57.63
Lehman Brothers Treasury 1.00 5/9/2012 EUR 0.65
Vnesheconombank 9.76 12/17/2021 RUB 60.06
Western High-Speed Diamet 9.84 2/6/2032 RUB 65.03
Veneto Banca SpA 4.65 1/11/2020 EUR 75.00
Minaya Capital AG 7.00 8/1/2018 EUR 65.32
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Province of Brescia Italy 0.11 12/22/2036 EUR 58.30
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.25
Russian Railways JSC 9.85 4/26/2041 RUB 106.84
Cattles Ltd 7.13 7/5/2017 GBP 0.20
Banca Popolare di Vicenza 2.53 11/22/2019 EUR 71.54
WPE International Coopera 10.38 9/30/2020 USD 18.38
BNP Paribas SA 0.50 7/20/2021 BRL 64.60
Barclays Bank PLC 2.62 12/30/2030 USD 62.88
Lehman Brothers Treasury 3.03 1/31/2015 EUR 0.65
Vnesheconombank 9.20 8/20/2020 RUB 60.37
Lehman Brothers Treasury 5.55 3/12/2015 EUR 0.65
Lehman Brothers Treasury 4.00 10/24/2012 EUR 0.65
Lehman Brothers Treasury 6.00 10/30/2012 EUR 0.65
Lehman Brothers Treasury 5.00 12/6/2011 EUR 0.65
Lehman Brothers Treasury 4.00 12/2/2012 EUR 0.65
Russian Railways JSC 9.25 7/11/2028 RUB 99.35
Russian Bank for Small an 9.25 3/17/2022 RUB 60.31
Karlie Group GmbH 5.00 6/25/2021 EUR 4.30
Royal Bank of Scotland PL 2.42 2/25/2031 USD 63.60
Tatfondbank PJSC 13.00 9/7/2021 RUB 2.98
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Agentstvo po Ipotechnomu 9.50 1/15/2029 RUB 100.00
AKB Peresvet ZAO 13.50 6/23/2021 RUB 12.49
Banca Popolare di Vicenza 5.20 3/28/2024 EUR 54.00
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.63
Veneto Banca SpA 5.15 1/25/2023 EUR 58.13
Activa Resources AG 8.00 11/15/2017 EUR 16.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 66.13
Tatfondbank PJSC 12.50 12/11/2024 RUB 2.12
Podkarpacki Bank Spoldzie 5.81 3/31/2025 PLN 65.51
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Banca Popolare di Vicenza 2.50 7/11/2019 EUR 74.88
Delta Credit Bank JSC 10.29 11/24/2021 RUB 60.06
Rossiysky Capital OJSC 13.00 11/22/2019 RUB 99.89
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury 7.59 11/22/2009 MXN 10.00
Gazprombank JSC 9.00 4/27/2048 RUB 98.80
Lloyds Bank PLC 0.66 4/26/2033 USD 59.25
AKB Peresvet ZAO 12.50 9/6/2017 RUB 21.55
Agroton Public Ltd 6.00 7/14/2019 USD 12.88
Deutsche Bank AG/London 0.50 10/5/2021 IDR 66.43
HSBC Bank PLC 0.50 6/10/2021 BRL 69.07
Lehman Brothers Treasury 5.00 3/18/2015 EUR 10.00
Municipality Finance PLC 0.50 7/30/2029 AUD 68.98
Barclays Bank PLC 0.50 1/28/2033 MXN 23.59
Western High-Speed Diamet 9.84 2/6/2032 RUB 60.00
EFG International Finance 6.00 11/30/2017 EUR 8.50
Nuova Banca Popolare dell 5.00 10/30/2023 EUR 0.78
Russian Railways JSC 11.20 10/16/2025 RUB 105.75
Banco BPI SA 1.78 EUR 58.02
Ideal Standard Internatio 11.75 5/1/2018 EUR 5.00
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
Far East Capital Ltd SA 8.75 5/2/2020 USD 64.83
OT-Optima Telekom DD 5.25 5/30/2022 HRK 70.10
Lehman Brothers Treasury 1.46 2/19/2012 JPY 10.00
LBI HF 7.43 USD 0.00
Espirito Santo Financial 5.05 11/15/2025 EUR 0.33
SAir Group 5.50 7/23/2003 CHF 13.02
Nutritek International Co 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasury 5.50 6/22/2010 USD 10.00
Banca Popolare di Vicenza 2.00 11/7/2019 EUR 70.88
ECM Real Estate Investmen 5.00 10/9/2011 EUR 10.38
Leonteq Securities AG 6.80 7/10/2018 USD
EFG International Finance 2.10 3/23/2018 EUR 15.48
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
German Pellets GmbH 8.00 EUR 0.10
Kardan NV 6.78 2/2/2020 ILS 73.27
DOMO OJSC 14.00 5/8/2026 RUB 50.00
Barclays Bank PLC 0.61 4/9/2028 USD 64.53
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 42.11
Barclays Bank PLC 2.70 2/28/2034 USD 72.89
HPI AG 3.50 EUR 5.01
Atomenergoprom JSC 11.10 12/12/2025 RUB 63.00
Municipiul Timisoara 0.72 5/15/2026 RON 65.01
Veneto Banca SpA 2.40 3/31/2020 EUR 68.50
Banca Popolare di Vicenza 1.60 2/20/2020 EUR 67.88
Bank Intesa AO 9.75 10/10/2019 RUB 100.00
Lehman Brothers Treasury 5.00 8/16/2017 EUR 10.00
Lehman Brothers Treasury 5.00 5/2/2022 EUR 0.65
Banca Popolare di Vicenza 1.60 1/16/2020 EUR 68.63
Municipiul Timisoara 0.72 5/15/2026 RON 65.40
Virgolino de Oliveira Fin 10.88 1/13/2020 USD 26.75
World of Building Technol 9.90 6/25/2019 RUB 1.52
HSBC Bank PLC 0.50 12/8/2020 BRL 71.72
Kommunalbanken AS 0.50 12/16/2020 TRY 69.13
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Lehman Brothers Treasury 7.00 9/20/2011 USD 0.65
Barclays Bank PLC 7.12 10/4/2017 USD 40.45
Russkiy Mezhdunarodnyi Ba 10.50 11/14/2021 RUB 60.04
SAir Group 6.25 10/27/2002 CHF 13.03
Rusfinans Bank OOO 9.95 8/22/2019 RUB 101.00
LBI HF 6.10 8/25/2011 USD 10.13
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 9.95
Atari SA 0.10 4/1/2020 EUR 3.90
Lehman Brothers Treasury 1.28 11/6/2010 JPY 10.00
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.01
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 22.63
Lehman Brothers Treasury 3.86 9/21/2011 SGD 9.63
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Banca Popolare di Vicenza 1.60 5/29/2020 EUR 65.88
Windreich GmbH 6.25 3/1/2015 EUR 10.00
Vnesheconombank 8.35 11/24/2020 RUB 60.01
Banque Federative du Cred 0.84 EUR 68.75
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 64.54
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.38
HSBC Bank PLC 0.50 12/29/2026 AUD 65.61
Norddeutsche Landesbank G 4.00 3/29/2019 EUR 48.38
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.85
Lehman Brothers Treasury 4.00 7/20/2012 EUR 0.65
Banca Popolare di Vicenza 2.25 8/22/2019 EUR 73.25
Heta Asset Resolution AG 0.27 12/31/2023 EUR 39.25
Svensk Exportkredit AB 0.50 8/28/2020 TRY 66.92
KPNQwest NV 7.13 6/1/2009 EUR 1.00
Araratbank OJSC 7.25 6/27/2018 USD 25.81
Anglian Water Services Fi 0.87 1/26/2057 GBP 74.66
Immigon Portfolioabbau AG 1.26 7/29/2018 EUR 25.00
Araratbank OJSC 7.00 12/2/2017 USD 25.57
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Aralco Finance SA 10.13 5/7/2020 USD 2.28
WGF Westfaelische Grundbe 6.35 8/1/2017 EUR 3.63
City of Kiev Ukraine Via 8.00 11/6/2015 USD 65.38
Rosselkhozbank JSC 14.50 RUB 70.01
Veneto Banca SpA 2.40 4/1/2020 EUR 68.38
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
BANIF - Banco Internacion 4.50 1/30/2025 EUR 63.13
Orient Express Bank PJSC 11.70 7/17/2018 RUB 65.01
Atomenergoprom JSC 11.90 6/25/2025 RUB 60.00
KIT Finance Capital OOO 10.50 3/21/2022 RUB 60.06
Agentstvo po Ipotechnomu 11.50 9/25/2018 RUB 70.00
Astana Finance BV 9.00 11/16/2011 USD 16.88
Podkarpacki Bank Spoldzie 5.11 5/28/2023 PLN 62.50
Salvator Grundbesitz-AG 9.50 EUR 19.20
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Vnesheconombank 9.75 8/16/2029 RUB 60.00
Rosneft Oil Co PJSC 11.90 11/28/2024 RUB 101.65
Metalloinvest Holding Co 0.01 3/10/2022 RUB 60.01
Bank Nederlandse Gemeente 0.50 5/12/2021 ZAR 69.70
Lehman Brothers Treasury 4.90 7/28/2020 EUR 0.65
Lehman Brothers Treasury 3.00 6/23/2009 EUR 10.00
Penell GmbH Elektrogrosha 7.75 6/10/2019 EUR 5.51
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.38
Avangard-Agro OOO 11.50 10/10/2017 RUB 100.00
Russian Post FGUP 9.50 10/18/2019 RUB 100.00
Lehman Brothers Treasury 7.60 1/31/2013 AUD 0.65
COFIDUR SA 0.10 12/31/2024 EUR 20.00
Societe Generale SA 8.00 2/14/2022 USD 9.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.92
UniCredit Bank AO 9.20 11/20/2018 RUB 60.11
Atomenergoprom JSC 11.10 12/12/2025 RUB 63.55
Freight One JSC 12.00 10/15/2025 RUB 104.80
Russian Railways JSC 9.70 5/22/2046 RUB 60.06
State Transport Leasing C 14.30 12/10/2024 RUB 60.00
Russian Railways JSC 11.65 5/3/2030 RUB 100.00
OBRAZOVANIE AKIB AO 11.00 5/31/2018 RUB 52.21
TPGK-Finance ZAO 12.01 9/30/2021 RUB 100.00
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 69.19
Lehman Brothers Treasury 4.87 10/8/2013 USD 0.65
ECA 2.50 1/1/2018 EUR 12.44
Veneto Banca SpA 2.40 4/2/2020 EUR 68.38
Finans-Avia OOO 0.01 7/31/2027 RUB 20.25
Barclays Bank PLC 2.37 12/27/2028 USD 74.10
Mortgage Agent First St P 8.50 7/15/2041 RUB 59.23
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Windreich GmbH 6.75 3/1/2015 EUR 10.00
Western High-Speed Diamet 9.84 2/6/2032 RUB 91.61
Pongs & Zahn AG 8.50 EUR 0.20
HSBC Bank PLC 0.50 7/21/2021 BRL 68.41
Bank Nederlandse Gemeente 0.50 9/20/2022 ZAR 61.23
Russian Post FGUP 2.75 12/6/2023 RUB 68.66
Metalloinvest Holding Co 0.01 3/7/2022 RUB 100.00
Rusfinans Bank OOO 11.00 10/2/2019 RUB 61.01
Rusfinans Bank OOO 10.10 11/24/2020 RUB 60.51
Lehman Brothers Treasury 14.90 9/15/2008 EUR 0.65
Kaupthing ehf 7.50 2/1/2045 USD 0.22
Bank Julius Baer & Co Ltd 6.00 7/24/2017 CHF 69.30
Barclays Bank PLC 0.50 4/24/2023 MXN 57.90
Heliocentris Energy Solut 4.00 1/16/2019 EUR 28.46
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Agentstvo po Ipotechnomu 9.20 4/18/2018 RUB 70.00
Bank Nederlandse Gemeente 0.50 6/22/2021 ZAR 68.94
Lehman Brothers Treasury 5.00 5/12/2011 CHF 0.65
BNP Paribas SA 0.50 5/6/2021 MXN 70.40
Lillestroem Sparebank 4.44 NOK 60.99
Mcib Bank LLC 14.50 9/1/2023 RUB 99.00
Immigon Portfolioabbau AG 4.81 7/29/2025 EUR 61.00
MIK OAO 15.00 2/19/2020 RUB 3.00
Freight One JSC 11.80 10/23/2025 RUB 106.00
Metalloinvest Holding Co 0.01 3/7/2022 RUB 60.02
Lehman Brothers Treasury 4.00 4/13/2011 CHF 0.65
Northland Resources AB 15.00 7/15/2019 USD 0.44
SAir Group 2.13 11/4/2004 CHF 13.00
VEB-Leasing OAO 12.50 9/1/2025 RUB 60.06
Rosneft Oil Co PJSC 11.15 12/3/2020 RUB 62.00
Barclays Bank PLC 4.45 5/14/2029 USD 70.00
Bank Nederlandse Gemeente 0.50 8/9/2022 MXN 67.09
Nuova Banca Popolare dell 2.17 5/21/2018 EUR 0.81
Lehman Brothers Treasury 7.60 5/21/2013 USD 0.65
Lehman Brothers Treasury 5.10 6/22/2046 EUR 0.65
SAir Group 4.25 2/2/2007 CHF 13.00
UBS AG/London 5.00 4/22/2017 CHF 72.90
Gazprombank JSC 3.00 4/27/2048 RUB 60.06
EFG International Finance 12.86 10/30/2017 EUR 1.41
Atomenergoprom JSC 9.33 12/3/2026 RUB 60.00
Sankt-Peterburg Telecom O 10.70 1/31/2022 RUB 60.07
ROSSETI PJSC 11.25 11/14/2025 RUB 104.30
BLT Finance BV 7.50 5/15/2014 USD 2.29
Tatfondbank PJSC 13.50 5/28/2025 RUB 1.62
AKB Metallinvestbank PAO 11.00 5/21/2020 RUB 60.00
HSBC Bank PLC 0.50 1/29/2027 NZD 67.18
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasury 4.15 8/25/2020 EUR 0.65
Nauka-Svyaz OAO 13.50 5/10/2018 RUB 100.00
Western High-Speed Diamet 10.44 5/13/2031 RUB 93.99
Svensk Exportkredit AB 0.50 6/20/2029 AUD 68.78
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.16
Koncessii Teplosnabzheniy 12.50 4/6/2032 RUB 60.03
Lehman Brothers Treasury 8.00 3/19/2012 USD 0.65
Lehman Brothers Treasury 3.00 9/12/2036 JPY 10.00
Bank Julius Baer & Co Ltd 10.25 5/17/2017 CHF 59.35
EFG International Finance 8.99 9/4/2017 EUR 3.34
Immigon Portfolioabbau AG 5.45 8/2/2019 EUR 72.70
Tatfondbank PJSC 6.67 2/3/2026 RUB 1.83
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
Societe Generale SA 0.50 7/6/2021 BRL 68.16
Nuova Banca delle Marche 7.20 6/30/2018 EUR 1.24
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
TGC-1 PJSC 14.40 12/14/2021 RUB 60.01
Lehman Brothers Treasury 8.25 2/3/2016 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Credit Suisse AG/London 3.00 11/15/2025 ZAR 63.13
UBS AG/London 8.00 5/19/2021 USD 10.00
EFG International Finance 7.20 7/29/2020 EUR 34.34
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Leonteq Securities AG/Gue 29.61 10/26/2017 EUR 30.12
Banca delle Marche SpA 6.00 5/8/2018 EUR 0.70
RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 100.00
Center-Invest Commercial 8.70 11/13/2018 RUB 60.10
Atomenergoprom JSC 9.33 11/2/2026 RUB 60.00
Lehman Brothers Treasury 7.50 5/2/2017 EUR 0.65
Lehman Brothers Treasury 11.00 6/29/2009 EUR 0.65
Lehman Brothers Treasury 13.15 10/30/2008 USD 0.65
Lehman Brothers Treasury 4.60 7/6/2016 EUR 0.65
Lehman Brothers Treasury 8.00 2/16/2016 EUR 0.65
Main Road OJSC 4.30 11/22/2028 RUB 59.01
Municipality Finance PLC 0.50 5/31/2022 ZAR 62.42
Bank Nederlandse Gemeente 0.50 8/15/2022 ZAR 61.89
Kommunekredit 0.50 12/14/2020 ZAR 72.20
Lenenergo PJSC 9.80 7/9/2025 RUB 60.00
Univer Capital LLC 12.00 3/6/2019 RUB 59.00
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 64.23
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
DekaBank Deutsche Girozen 0.12 6/23/2034 EUR 72.42
LBI HF 2.25 2/14/2011 CHF 5.88
Lehman Brothers Treasury 4.25 3/13/2021 EUR 0.65
Lehman Brothers Treasury 4.05 9/16/2008 EUR 0.65
Ashinskiy metallurgical w 5.80 6/17/2024 RUB 70.01
Rosselkhozbank JSC 11.35 7/14/2025 RUB 62.00
Vegarshei Sparebank 4.99 NOK 73.62
EFG International Finance 7.20 2/25/2019 EUR 15.51
Banca Monte dei Paschi di 7.00 3/4/2019 EUR 37.21
Credit Suisse AG/London 7.70 8/20/2025 USD 9.89
IFK Soyuz OAO 14.00 7/18/2028 RUB 100.00
Nuova Banca delle Marche 7.75 6/30/2018 EUR 1.24
Lehman Brothers Treasury 4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasury 1.75 2/7/2010 EUR 0.65
Lehman Brothers Treasury 10.44 11/22/2008 CHF 0.65
Province of Brescia Italy 0.14 6/30/2036 EUR 59.07
Bank Nederlandse Gemeente 0.50 9/20/2022 MXN 66.50
LBI HF 7.43 USD 0.00
Lehman Brothers Treasury 6.00 2/19/2023 USD 0.65
Credit Suisse AG/London 0.50 1/8/2026 BRL 45.97
Region of Bihor 1.45 12/15/2027 RON 67.00
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 39.64
DekaBank Deutsche Girozen 0.01 6/29/2046 EUR 55.42
Exane Finance SA 5.00 12/20/2019 SEK 64.40
Societe Generale Effekten 4.00 6/26/2017 EUR 50.59
Commerzbank AG 1.00 2/19/2020 USD 19.92
Natixis Structured Issuan 11.70 12/8/2023 EUR 47.60
Voss Veksel OG Landmands 8.15 NOK 73.50
KPNQwest NV 8.88 2/1/2008 EUR 1.00
OOO SPV Structural Invest 0.01 9/1/2023 RUB 65.38
Cerruti Finance SA 6.50 7/26/2004 EUR 1.21
Banca delle Marche SpA 6.00 6/12/2018 EUR 0.70
KPNQwest NV 8.88 2/1/2008 EUR 1.00
SUEK Finance 12.50 8/19/2025 RUB 100.00
Synergy PJSC 14.50 5/28/2020 RUB 61.01
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
UBS AG/London 14.50 5/26/2017 CHF 63.55
Transgazservice LLP 10.50 11/8/2019 RUB 0.01
Credit Suisse AG/London 7.86 10/31/2019 USD 10.00
Rinol AG 5.50 10/15/2006 DEM 0.00
UniCredit Bank Austria AG 0.15 1/22/2031 EUR 72.51
Loan Portfolio Securitiza 8.50 12/14/2018 USD 22.45
Eiendomskreditt 4.26 NOK 54.58
Northland Resources AB 12.25 3/26/2016 USD 0.44
Municipality Finance PLC 0.50 11/25/2020 ZAR 72.33
Europlan PJSC 12.50 3/26/2019 RUB 85.01
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 67.50
Lehman Brothers Treasury 7.50 6/15/2017 USD 0.65
SG Issuer SA 6.65 10/10/2021 EUR 70.57
Raiffeisen Versicherung A 2.02 EUR 28.83
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasury 13.50 6/2/2009 USD 0.65
Lehman Brothers Treasury 2.00 6/28/2011 EUR 0.65
Lehman Brothers Treasury 4.00 11/24/2016 EUR 0.65
Banca Monte dei Paschi di 0.67 1/15/2018 EUR 37.34
Lehman Brothers Treasury 14.90 11/16/2010 EUR 0.65
Araratbank OJSC 7.00 6/18/2019 USD 26.17
UniCredit Bank AG 5.40 6/30/2017 EUR 64.71
Province of Milan Italy 0.03 12/22/2033 EUR 69.06
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Zurcher Kantonalbank Fina 3.80 5/22/2017 EUR 61.99
Bayerische Landesbank 2.40 7/20/2018 EUR 72.69
City of Siret Romania 2.24 3/1/2028 RON 50.00
Communaute Francaise de B 0.50 6/27/2046 EUR 65.53
Agrokompleks OOO 0.10 7/29/2019 RUB 4.51
Leonteq Securities AG/Gue 5.00 1/20/2020 CHF 73.30
Fonciere Volta SA 4.50 7/30/2020 EUR 2.55
Lehman Brothers Treasury 3.60 3/19/2018 JPY 0.65
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 65.37
RESO-Garantia Insurance P 12.00 9/13/2022 RUB 60.08
Torgovyi Dom Spartak-Kaza 14.00 5/2/2017 RUB 30.03
Absolut Bank PAO 8.55 4/29/2020 RUB 100.00
Espirito Santo Financial 6.88 10/21/2019 EUR 0.05
Svensk Exportkredit AB 0.10 11/20/2019 TRY 72.13
BKZ Finance OAO 17.00 12/20/2019 RUB 99.90
Municipality Finance PLC 0.50 11/17/2020 BRL 74.16
Polski Bank Spoldzielczy 4.81 6/22/2021 PLN
Lehman Brothers Treasury 15.00 3/30/2011 EUR 0.65
Lehman Brothers Treasury 4.69 2/19/2017 EUR 0.65
Lehman Brothers Treasury 5.00 2/28/2032 EUR 0.65
Lehman Brothers Treasury 9.75 6/22/2018 USD 0.65
Lehman Brothers Treasury 12.40 6/12/2009 USD 0.65
Lehman Brothers Treasury 5.00 10/24/2008 CHF 0.65
Lehman Brothers Treasury 7.00 4/14/2009 EUR 0.65
Lehman Brothers Treasury 5.00 11/22/2012 EUR 0.65
Lehman Brothers Treasury 6.00 8/7/2013 EUR 0.65
Petromena ASA 9.75 5/24/2016 NOK 0.59
Province of Rovigo Italy 0.06 12/28/2035 EUR 60.06
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Municipality Finance PLC 0.25 6/28/2040 CAD 30.44
Lehman Brothers Treasury 1.50 10/12/2010 EUR 0.65
HSBC Bank PLC 0.50 12/22/2025 BRL 44.78
SAir Group 2.75 7/30/2004 CHF 13.00
Credit Suisse AG 0.50 12/16/2025 BRL 46.99
First Collection Bureau O 15.00 10/15/2021 RUB 91.10
UniCredit Bank AG 0.41 11/19/2029 EUR 61.88
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Vesta ZAO 12.50 12/4/2026 RUB 99.40
Barclays Bank PLC 2.28 8/31/2031 USD 62.89
Lehman Brothers Treasury 3.00 8/13/2011 EUR 0.65
Lehman Brothers Treasury 4.00 3/10/2011 EUR 0.65
Lehman Brothers Treasury 0.50 7/2/2020 EUR 0.65
Lehman Brothers Treasury 0.50 8/1/2020 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury 7.00 10/22/2010 EUR 0.65
Lehman Brothers Treasury 4.60 10/11/2017 ILS 10.00
Eiendomskreditt 5.21 NOK 65.13
Nuova Banca Popolare dell 3.50 6/28/2018 EUR 0.78
Indre Sogn Sparebank 5.95 NOK 54.21
NIBC Bank NV 25.98 5/7/2029 EUR 73.45
Portugal Telecom Internat 4.38 3/24/2017 EUR 32.63
Holdikks SAS 6.75 7/15/2021 EUR 56.16
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 59.89
EFG International Finance 7.19 5/6/2019 EUR 17.15
Notenstein La Roche Priva 6.50 7/2/2018 USD 59.73
Polski Bank Spoldzielczy 5.31 9/14/2027 PLN 56.00
Kubanenergo PJSC 10.44 11/21/2025 RUB 60.00
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 57.62
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.11
Zapsibcombank PAO 5.00 9/4/2017 RUB 60.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.37
TransFin-M PAO 13.00 9/3/2025 RUB 100.02
Kubanenergo PJSC 12.63 11/11/2025 RUB 60.00
TGC-1 PJSC 5.80 2/14/2022 RUB 60.01
Societe Generale SA 0.50 8/4/2021 BRL 67.72
Lehman Brothers Treasury 3.40 9/21/2009 HKD 0.65
Lehman Brothers Treasury 6.60 2/22/2012 EUR 0.65
Lehman Brothers Treasury 7.60 3/4/2010 NZD 0.65
Lehman Brothers Treasury 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treasury 6.25 9/5/2011 EUR 0.65
Lehman Brothers Treasury 14.10 11/12/2008 USD 0.65
Bank Julius Baer & Co Ltd 11.30 6/7/2017 CHF 64.35
Lehman Brothers Treasury 16.00 10/8/2008 CHF 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
SAir Group 2.75 7/30/2004 CHF 13.00
Espirito Santo Financial 5.63 7/28/2017 EUR 0.78
Societe Generale SA 0.50 5/30/2023 MXN 61.29
Lehman Brothers Treasury 2.30 4/28/2014 JPY 0.65
LBI HF 5.08 3/1/2013 ISK 5.88
Lehman Brothers Treasury 4.05 9/16/2008 EUR 0.65
Credit Suisse AG/London 8.95 6/6/2017 USD 61.71
Vontobel Financial Produc 3.00 6/13/2017 EUR 52.54
Kommunekredit 0.50 5/11/2029 CAD 71.71
AKB Peresvet ZAO 12.75 7/24/2018 RUB 19.74
Agrokompleks OOO 0.10 12/8/2022 RUB 1.55
AKB Peresvet ZAO 2.41 9/2/2020 RUB 11.34
Zurcher Kantonalbank Fina 8.50 10/16/2017 CHF 70.81
Bayerische Landesbank 2.60 3/29/2018 EUR 70.10
Bayerische Landesbank 3.20 7/27/2018 EUR 68.69
DekaBank Deutsche Girozen 3.00 4/30/2019 EUR 68.11
Bayerische Landesbank 2.90 6/22/2018 EUR 71.05
Bayerische Landesbank 2.70 7/6/2018 EUR 66.75
Bank J Safra Sarasin AG/G 8.00 5/4/2017 CHF 71.82
Notenstein La Roche Priva 4.50 10/31/2018 CHF 74.59
Credit Suisse AG/London 8.00 11/29/2019 USD 7.50
DekaBank Deutsche Girozen 3.45 6/1/2018 EUR 67.03
DekaBank Deutsche Girozen 3.40 4/9/2018 EUR 58.99
BNP Paribas SA 0.50 11/16/2032 MXN 28.94
Agrokor dd 9.13 2/1/2020 EUR 36.15
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 38.64
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 60.82
Lehman Brothers Treasury 8.60 7/31/2013 GBP 0.65
Banca Monte dei Paschi di 5.60 9/9/2020 EUR 36.02
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 66.00
Espirito Santo Financial 9.75 12/19/2025 EUR 0.52
Credit Agricole Corporate 0.50 3/6/2023 RUB 61.94
ESFIL-Espirito Santo Fina 5.25 6/12/2015 EUR 1.42
Espirito Santo Financial 3.13 12/2/2018 EUR 0.24
UniCredit Bank AO 12.00 11/20/2019 RUB 60.16
Barclays Bank PLC 0.50 3/13/2023 RUB 61.98
Hellas Telecommunications 8.50 10/15/2013 EUR 0.50
HSBC Bank PLC 0.50 2/24/2027 NZD 67.21
Nuova Banca delle Marche 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury 10.00 1/3/2012 BRL 0.65
Lehman Brothers Treasury 6.00 12/30/2017 EUR 0.65
Lehman Brothers Treasury 5.20 3/19/2018 EUR 0.65
Lehman Brothers Treasury 6.45 2/20/2010 AUD 0.65
Lehman Brothers Treasury 6.00 10/24/2008 EUR 0.65
Lehman Brothers Treasury 4.95 10/25/2036 EUR 0.65
Lehman Brothers Treasury 6.50 7/24/2026 EUR 0.65
Cassa di Risparmio di San 2.00 6/15/2025 EUR 74.75
SG Issuer SA 5.50 4/10/2021 EUR 66.42
Lehman Brothers Treasury 8.00 4/20/2009 EUR 0.65
Kreditanstalt fuer Wieder 0.25 10/6/2036 CAD 40.85
Lehman Brothers Treasury 3.00 8/15/2017 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 6.50 5/16/2015 EUR 0.65
Lehman Brothers Treasury 3.50 9/29/2017 EUR 0.65
Lehman Brothers Treasury 3.00 8/8/2017 EUR 0.65
Lehman Brothers Treasury 3.50 9/19/2017 EUR 0.65
Lehman Brothers Treasury 4.50 3/7/2015 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 6.30 12/21/2018 USD 0.65
Lehman Brothers Treasury 7.00 2/15/2010 CHF 0.65
State of Saxony-Anhalt 0.30 7/3/2028 EUR 52.00
Gold-Zack AG 7.00 12/14/2005 EUR 12.80
Lehman Brothers Treasury 2.30 6/27/2013 USD 0.65
Lehman Brothers Treasury 2.37 7/15/2013 USD 0.65
Lehman Brothers Treasury 1.95 11/4/2013 EUR 0.65
Lehman Brothers Treasury 4.00 2/28/2010 EUR 0.65
Lehman Brothers Treasury 7.06 12/29/2008 EUR 0.65
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury 6.72 12/29/2008 EUR 0.65
Lehman Brothers Treasury 6.60 2/9/2009 EUR 0.65
Lehman Brothers Treasury 0.75 3/29/2012 EUR 0.65
Lloyds Bank PLC 0.50 7/26/2021 BRL 66.99
Russian Railways JSC 13.90 5/30/2040 RUB
Pierer Industrie AG 5.75 EUR 58.63
Landesbank Baden-Wuerttem 4.20 6/23/2017 EUR 74.38
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 60.11
HSBC Bank PLC 0.50 4/27/2027 NZD 66.63
Lehman Brothers Treasury 7.50 7/31/2013 GBP 0.65
Soyuz AKB OAO 10.50 6/11/2020 RUB 60.00
Transcapitalbank JSC 11.25 5/30/2023 RUB 60.01
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Lehman Brothers Treasury 0.50 2/16/2009 EUR 0.65
Rusfinans Bank OOO 12.23 10/23/2019 RUB 60.06
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Lehman Brothers Treasury 6.00 5/23/2018 CZK 0.65
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury 0.25 10/19/2012 CHF 0.65
Lehman Brothers Treasury 13.50 11/28/2008 USD 0.65
Lehman Brothers Treasury 12.00 7/4/2011 EUR 0.65
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Russian Railways JSC 6.80 5/20/2044 RUB
BNP Paribas Emissions- un 3.00 10/12/2018 EUR 69.93
DekaBank Deutsche Girozen 3.00 5/12/2017 EUR 58.72
EFG International Finance 6.40 4/9/2020 EUR 70.25
State Transport Leasing C 9.03 9/5/2031 RUB 100.00
Societe Generale SA 7.00 10/20/2020 USD 10.70
Notenstein La Roche Priva 8.99 7/22/2019 EUR 34.82
Reso-Leasing OOO 10.50 9/21/2023 RUB 60.01
LizinGarant OOO 12.00 12/11/2017 RUB 100.00
Barclays Bank PLC 1.64 6/3/2041 USD 72.69
HSBC Bank PLC 0.50 10/30/2026 NZD 68.09
Lehman Brothers Treasury 5.25 11/21/2009 USD 0.65
Bank Julius Baer & Co Ltd 11.60 10/11/2017 CHF 69.30
Lehman Brothers Treasury 9.25 6/20/2012 USD 0.65
Lehman Brothers Treasury 3.00 9/13/2010 JPY 10.00
Leonteq Securities AG 7.00 10/19/2017 CHF 73.29
Norddeutsche Landesbank G 3.00 10/30/2018 EUR 61.68
Lehman Brothers Treasury 7.39 5/4/2017 USD 0.65
Lehman Brothers Treasury 4.25 5/15/2010 EUR 0.65
Lehman Brothers Treasury 3.35 10/13/2016 EUR 0.65
Lehman Brothers Treasury 0.80 12/30/2016 EUR 0.65
Lehman Brothers Treasury 4.00 5/30/2010 USD 0.65
Lehman Brothers Treasury 4.00 5/17/2010 USD 0.65
Lehman Brothers Treasury 2.48 5/12/2009 USD 0.65
Lehman Brothers Treasury 2.25 5/12/2009 USD 0.65
Lehman Brothers Treasury 13.00 7/25/2012 EUR 0.65
Lehman Brothers Treasury 10.00 8/2/2037 JPY 0.65
Lehman Brothers Treasury 2.50 8/23/2012 GBP 0.65
Lehman Brothers Treasury 6.00 9/20/2011 EUR 0.65
Lehman Brothers Treasury 18.25 10/2/2008 USD 0.65
Lehman Brothers Treasury 4.00 10/12/2010 USD 0.65
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 71.85
DekaBank Deutsche Girozen 3.50 10/28/2019 EUR 67.58
Bank Julius Baer & Co Ltd 5.50 11/6/2017 CHF 58.75
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 69.63
Societe Generale Effekten 8.47 6/23/2017 EUR 70.70
Societe Generale Effekten 8.81 6/23/2017 EUR 58.03
Societe Generale Effekten 9.62 6/23/2017 EUR 51.17
Societe Generale Effekten 11.68 6/23/2017 EUR 48.20
UBS AG/London 3.81 10/28/2017 USD 59.50
Notenstein La Roche Priva 7.70 5/9/2017 CHF 42.89
Landesbank Baden-Wuerttem 4.00 4/28/2017 EUR 71.79
Landesbank Baden-Wuerttem 5.00 4/28/2017 EUR 68.34
Leonteq Securities AG 7.00 11/6/2017 CHF 44.36
Zurcher Kantonalbank Fina 10.00 5/17/2017 CHF 72.53
DZ Bank AG Deutsche Zentr 8.30 9/22/2017 EUR 59.74
HSBC Trinkaus & Burkhardt 1.75 8/25/2017 EUR 73.05
Zurcher Kantonalbank Fina 12.10 9/6/2017 CHF 69.08
UBS AG/London 6.30 12/29/2017 EUR 66.18
UBS AG/London 16.90 6/30/2017 EUR 73.85
Commerzbank AG 4.00 9/8/2017 EUR 71.88
Lehman Brothers Treasury 6.00 2/14/2012 EUR 0.65
Lehman Brothers Treasury 7.00 2/15/2012 EUR 0.65
Lehman Brothers Treasury 6.00 5/12/2017 EUR 0.65
Lehman Brothers Treasury 4.10 2/19/2010 EUR 0.65
Lehman Brothers Treasury 3.50 10/31/2011 USD 0.65
Lehman Brothers Treasury 3.50 10/24/2011 USD 0.65
Lehman Brothers Treasury 1.68 3/5/2015 EUR 0.65
Lehman Brothers Treasury 9.00 5/15/2022 USD 0.65
Lehman Brothers Treasury 6.75 4/5/2012 EUR 0.65
Lehman Brothers Treasury 5.00 4/24/2017 EUR 0.65
HSBC Bank PLC 0.50 12/8/2026 AUD 70.99
Lehman Brothers Treasury 7.05 4/8/2015 USD 0.65
Lehman Brothers Treasury 7.80 3/31/2018 USD 0.65
Lehman Brothers Treasury 9.50 4/1/2018 USD 0.65
Lehman Brothers Treasury 6.00 3/4/2015 USD 0.65
Lehman Brothers Treasury 3.50 6/20/2011 EUR 0.65
Lehman Brothers Treasury 10.00 10/23/2008 USD 0.65
Lehman Brothers Treasury 6.60 5/23/2012 AUD 0.65
Lehman Brothers Treasury 16.00 10/28/2008 USD 0.65
Upravlenie Otkhodami ZAO 16.90 6/1/2025 RUB 98.84
Lehman Brothers Treasury 5.50 4/23/2014 EUR 0.65
Lehman Brothers Treasury 5.00 2/15/2018 EUR 0.65
Lehman Brothers Treasury 9.00 5/6/2011 CHF 0.65
Lehman Brothers Treasury 16.20 5/14/2009 USD 0.65
Lehman Brothers Treasury 10.60 4/22/2014 MXN 0.65
Lehman Brothers Treasury 16.00 11/9/2008 USD 0.65
Lehman Brothers Treasury 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 17.00 6/2/2009 USD 0.65
Lehman Brothers Treasury 7.15 3/21/2013 USD 0.65
Lehman Brothers Treasury 7.50 2/14/2010 AUD 0.65
Lehman Brothers Treasury 10.00 10/22/2008 USD 0.65
Lehman Brothers Treasury 3.45 5/23/2013 USD 0.65
Lehman Brothers Treasury 10.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 4.60 8/1/2013 EUR 0.65
Lehman Brothers Treasury 15.00 6/4/2009 CHF 0.65
Lehman Brothers Treasury 23.30 9/16/2008 USD 0.65
Lehman Brothers Treasury 3.00 6/3/2010 EUR 0.65
Lehman Brothers Treasury 4.50 3/6/2013 CHF 0.65
Lehman Brothers Treasury 4.00 4/24/2009 USD 0.65
Lehman Brothers Treasury 9.00 6/13/2009 USD 0.65
Lehman Brothers Treasury 9.00 3/17/2009 GBP 0.65
Lehman Brothers Treasury 7.00 11/28/2008 CHF 0.65
Lehman Brothers Treasury 7.38 9/20/2008 EUR 0.65
Lehman Brothers Treasury 3.85 4/24/2009 USD 0.65
Lehman Brothers Treasury 7.25 10/6/2008 EUR 0.65
Lehman Brothers Treasury 10.50 8/9/2010 EUR 0.65
Lehman Brothers Treasury 8.00 5/22/2009 USD 0.65
Lehman Brothers Treasury 4.50 7/24/2014 EUR 0.65
Lehman Brothers Treasury 5.75 6/15/2009 CHF 0.65
Lehman Brothers Treasury 7.50 10/24/2008 USD 0.65
Lehman Brothers Treasury 10.00 3/27/2009 USD 0.65
Lehman Brothers Treasury 7.75 1/30/2009 EUR 0.65
Lehman Brothers Treasury 0.25 7/21/2014 EUR 0.65
Lehman Brothers Treasury 8.00 8/3/2009 USD 0.65
Lehman Brothers Treasury 5.50 6/15/2009 CHF 0.65
Lehman Brothers Treasury 1.50 10/25/2011 EUR 0.65
Lehman Brothers Treasury 2.50 12/15/2011 GBP 0.65
Lehman Brothers Treasury 11.00 12/19/2011 USD 0.65
Lehman Brothers Treasury 0.50 6/2/2020 EUR 0.65
Lehman Brothers Treasury 11.00 7/4/2011 CHF 0.65
Lehman Brothers Treasury 16.00 12/26/2008 USD 0.65
Lehman Brothers Treasury 13.43 1/8/2009 ILS 0.65
Lehman Brothers Treasury 7.75 1/3/2012 AUD 0.65
Lehman Brothers Treasury 3.10 6/4/2010 USD 0.65
Lehman Brothers Treasury 5.25 7/8/2014 EUR 0.65
Lehman Brothers Treasury 2.30 6/6/2013 USD 0.65
Lehman Brothers Treasury 11.00 5/9/2020 USD 0.65
Lehman Brothers Treasury 4.30 6/4/2012 USD 0.65
Lehman Brothers Treasury 4.00 6/5/2011 USD 0.65
Lehman Brothers Treasury 10.00 6/17/2009 USD 0.65
Lehman Brothers Treasury 11.00 7/4/2011 USD 0.65
Lehman Brothers Treasury 5.50 7/8/2013 EUR 0.65
Lehman Brothers Treasury 2.50 8/15/2012 CHF 0.65
Lehman Brothers Treasury 16.80 8/21/2009 USD 0.65
Lehman Brothers Treasury 4.00 8/11/2010 USD 10.00
Lehman Brothers Treasury 7.50 5/30/2010 AUD 0.65
Lehman Brothers Treasury 6.70 4/21/2011 USD 0.65
Lehman Brothers Treasury 8.00 12/27/2032 JPY 0.65
Lehman Brothers Treasury 1.50 2/8/2012 CHF 0.65
Lehman Brothers Treasury 2.00 11/16/2009 EUR 0.65
Lehman Brothers Treasury 3.70 6/6/2009 EUR 0.65
Lehman Brothers Treasury 8.50 7/6/2009 CHF 0.65
Lehman Brothers Treasury 7.50 9/13/2009 CHF 0.65
Lehman Brothers Treasury 4.50 8/2/2009 USD 0.65
DZ Bank AG Deutsche Zentr 11.50 6/23/2017 EUR 54.61
Commerzbank AG 10.25 5/25/2017 EUR 66.58
Commerzbank AG 13.25 5/25/2017 EUR 59.61
Commerzbank AG 17.00 5/25/2017 EUR 54.17
HSBC Trinkaus & Burkhardt 7.90 9/22/2017 EUR 65.17
HSBC Trinkaus & Burkhardt 5.40 9/22/2017 EUR 70.45
BNP Paribas Emissions- un 5.00 10/26/2017 EUR 71.06
BNP Paribas Emissions- un 5.00 12/21/2017 EUR 71.21
BNP Paribas Emissions- un 6.00 12/21/2017 EUR 68.74
BNP Paribas Emissions- un 9.00 12/21/2017 EUR 65.16
HSBC Trinkaus & Burkhardt 9.20 6/23/2017 EUR 72.28
BNP Paribas Emissions- un 16.00 9/21/2017 EUR 56.83
BNP Paribas Emissions- un 6.00 10/26/2017 EUR 67.98
BNP Paribas Emissions- un 9.00 10/26/2017 EUR 64.06
BNP Paribas Emissions- un 13.00 10/26/2017 EUR 58.87
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 58.97
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 55.29
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 53.49
BNP Paribas Emissions- un 6.00 9/21/2017 EUR 67.37
BNP Paribas Emissions- un 9.00 9/21/2017 EUR 62.88
BNP Paribas Emissions- un 13.00 9/21/2017 EUR 57.77
BNP Paribas Emissions- un 22.00 6/22/2017 EUR 70.74
BNP Paribas Emissions- un 19.00 9/21/2017 EUR 73.83
BNP Paribas Emissions- un 8.00 6/22/2017 EUR 66.63
BNP Paribas Emissions- un 5.00 9/21/2017 EUR 70.20
Bank Julius Baer & Co Ltd 11.85 8/30/2017 CHF 70.20
Lehman Brothers Treasury 6.00 3/17/2011 EUR 0.65
Lehman Brothers Treasury 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasury 4.70 3/23/2016 EUR 0.65
Lehman Brothers Treasury 7.75 2/21/2016 EUR 0.65
Lehman Brothers Treasury 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasury 6.00 12/6/2016 USD 0.65
Lehman Brothers Treasury 7.25 6/20/2010 USD 0.65
Lehman Brothers Treasury 10.00 1/4/2010 USD 0.65
Lehman Brothers Treasury 4.10 8/23/2010 USD 0.65
Lehman Brothers Treasury 5.12 4/30/2027 EUR 0.65
Lehman Brothers Treasury 5.50 11/30/2012 CZK 0.65
Lehman Brothers Treasury 2.50 11/9/2011 CHF 0.65
Lehman Brothers Treasury 8.80 12/27/2009 EUR 0.65
Lehman Brothers Treasury 4.00 1/4/2011 USD 0.65
Lehman Brothers Treasury 0.50 12/20/2017 AUD 0.65
Lehman Brothers Treasury 9.30 12/21/2010 EUR 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
Lehman Brothers Treasury 0.50 12/20/2017 USD 0.65
HSBC Trinkaus & Burkhardt 8.40 9/22/2017 EUR 60.05
Lehman Brothers Treasury 6.00 7/28/2010 EUR 0.65
Lehman Brothers Treasury 7.50 8/1/2035 EUR 0.65
Lehman Brothers Treasury 5.00 9/1/2011 EUR 0.65
Lehman Brothers Treasury 4.68 12/12/2045 EUR 0.65
Lehman Brothers Treasury 13.00 12/14/2012 USD 0.65
Lehman Brothers Treasury 4.82 12/18/2036 EUR 0.65
Lehman Brothers Treasury 4.50 12/30/2010 USD 0.65
Lehman Brothers Treasury 7.00 7/11/2010 EUR 0.65
Lehman Brothers Treasury 4.80 11/16/2012 HKD 0.65
Lehman Brothers Treasury 5.25 4/1/2023 EUR 0.65
Lehman Brothers Treasury 5.00 8/1/2025 EUR 0.65
Lehman Brothers Treasury 6.00 10/30/2012 USD 0.65
Lehman Brothers Treasury 3.00 12/3/2012 EUR 0.65
Lehman Brothers Treasury 11.00 12/20/2017 AUD 0.65
Lehman Brothers Treasury 8.00 12/31/2010 USD 0.65
UBS AG/London 6.00 10/5/2017 CHF 51.00
Commerzbank AG 12.50 4/26/2017 EUR 48.55
Araratbank OJSC 8.00 6/10/2018 USD 26.09
ECM Real Estate Investmen 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury 8.00 10/23/2008 USD 0.65
Lehman Brothers Treasury 12.22 11/21/2017 USD 0.65
Lehman Brothers Treasury 3.50 12/20/2027 USD 0.65
Lehman Brothers Treasury 5.38 2/4/2014 USD 0.65
Lehman Brothers Treasury 10.00 2/16/2009 CHF 0.65
Lehman Brothers Treasury 13.00 2/16/2009 CHF 0.65
City of Targu-Mures Roman 0.75 8/15/2027 RON 67.00
Promnefteservis OOO 10.50 11/21/2019 RUB 0.80
Lehman Brothers Treasury 8.00 3/21/2018 USD 0.65
Lehman Brothers Treasury 8.00 10/17/2014 EUR 0.65
Lehman Brothers Treasury 11.00 2/16/2009 CHF 0.65
Lehman Brothers Treasury 6.25 11/30/2012 EUR 0.65
Lehman Brothers Treasury 1.00 2/26/2010 USD 0.65
Lehman Brothers Treasury 11.75 3/1/2010 EUR 0.65
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 53.66
HSBC Trinkaus & Burkhardt 2.50 9/22/2017 EUR 70.98
Leonteq Securities AG 10.20 10/24/2018 EUR 67.57
UniCredit Bank AG 5.00 6/22/2017 EUR 71.21
UniCredit Bank AG 4.80 6/22/2017 EUR 73.42
DZ Bank AG Deutsche Zentr 9.20 6/23/2017 EUR 72.19
Bank Julius Baer & Co Ltd 8.15 5/17/2017 CHF 71.15
Vontobel Financial Produc 3.00 5/26/2017 CHF 74.86
HSBC Trinkaus & Burkhardt 11.70 6/23/2017 EUR 61.34
HSBC Trinkaus & Burkhardt 8.70 6/23/2017 EUR 68.38
UniCredit Bank AG 4.80 6/22/2017 EUR 72.64
HSBC Trinkaus & Burkhardt 6.50 1/29/2018 EUR 66.97
Vontobel Financial Produc 11.00 6/9/2017 EUR 74.13
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 63.49
Deutsche Bank AG 5.20 7/26/2017 EUR 73.20
Deutsche Bank AG 5.20 7/26/2017 EUR 68.80
Zurcher Kantonalbank Fina 4.75 12/11/2017 CHF 70.73
Deutsche Bank AG 7.20 7/26/2017 EUR 73.80
Deutsche Bank AG 9.20 7/26/2017 EUR 74.40
Deutsche Bank AG 7.20 7/26/2017 EUR 69.40
Deutsche Bank AG 9.20 7/26/2017 EUR 69.90
UniCredit Bank AG 5.00 6/22/2017 EUR 70.45
UniCredit Bank AG 4.60 6/22/2017 EUR 74.97
UniCredit Bank AG 5.00 6/22/2017 EUR 71.92
UniCredit Bank AG 4.80 6/22/2017 EUR 74.23
HSBC Trinkaus & Burkhardt 13.40 9/22/2017 EUR 72.19
HSBC Trinkaus & Burkhardt 11.00 8/25/2017 EUR 73.95
Vontobel Financial Produc 14.00 12/22/2017 EUR 74.32
Commerzbank AG 11.50 7/26/2017 EUR 56.55
UBS AG/London 6.40 12/8/2017 EUR 63.22
UBS AG/London 9.60 12/8/2017 EUR 58.41
Landesbank Hessen-Thuerin 5.00 10/17/2017 EUR 65.65
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 66.98
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 67.15
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 71.32
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 71.50
Landesbank Baden-Wuerttem 6.00 9/22/2017 EUR 72.69
Landesbank Baden-Wuerttem 3.00 9/22/2017 EUR 74.76
Leonteq Securities AG 6.00 10/12/2017 CHF 61.87
UniCredit Bank AG 4.50 9/19/2017 EUR 59.08
Landesbank Hessen-Thuerin 4.50 11/28/2017 EUR 66.62
Lloyds Bank PLC 0.50 7/26/2028 MXN 43.74
AKB Derzhava OJSC 11.25 7/10/2023 RUB 90.00
HSBC Bank PLC 0.50 6/9/2023 MXN 61.16
Credit Suisse AG/London 8.00 11/2/2018 USD 10.03
Bank Julius Baer & Co Ltd 12.15 11/8/2017 CHF 71.90
Goldman Sachs & Co Wertpa 16.00 6/21/2017 EUR 69.13
Goldman Sachs & Co Wertpa 15.00 9/20/2017 EUR 72.86
HSBC Bank PLC 0.50 11/25/2025 BRL 42.85
HSBC Trinkaus & Burkhardt 7.00 6/23/2017 EUR 70.94
Municipality Finance PLC 0.50 12/15/2020 BRL 73.70
Zurcher Kantonalbank Fina 10.00 6/8/2017 CHF 73.06
Deutsche Bank AG 5.20 6/20/2017 EUR 73.60
Deutsche Bank AG 7.20 6/20/2017 EUR 74.00
Deutsche Bank AG 7.20 6/20/2017 EUR 68.20
HSBC Trinkaus & Burkhardt 2.80 9/22/2017 EUR 74.84
DZ Bank AG Deutsche Zentr 5.60 9/8/2017 EUR 71.15
Bayerische Landesbank 2.60 10/19/2018 EUR 63.60
Union Technologies Inform 0.10 1/1/2020 EUR 5.30
Lehman Brothers Treasury 8.05 12/20/2010 HKD 0.65
Goldman Sachs & Co Wertpa 14.00 6/21/2017 EUR 68.79
Goldman Sachs & Co Wertpa 8.00 6/21/2017 EUR 74.25
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 68.59
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 59.59
Goldman Sachs & Co Wertpa 12.00 6/21/2017 EUR 71.16
Goldman Sachs & Co Wertpa 6.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 7.00 6/21/2017 EUR 65.24
Goldman Sachs & Co Wertpa 8.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 57.24
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 51.24
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 70.66
Goldman Sachs & Co Wertpa 5.00 6/21/2017 EUR 72.46
UBS AG/London 9.25 6/26/2017 CHF 68.80
UBS AG/London 7.00 6/26/2017 EUR 62.15
Landesbank Baden-Wuerttem 3.70 7/27/2018 EUR 69.96
UBS AG/London 9.40 6/30/2017 EUR 41.60
EFG International Finance 7.20 6/26/2017 GBP 6.03
Zurcher Kantonalbank Fina 8.50 7/17/2017 CHF 57.81
Zurcher Kantonalbank Fina 9.00 7/17/2017 EUR 68.86
UBS AG/London 7.50 7/3/2017 EUR 59.60
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 54.21
Goldman Sachs & Co Wertpa 11.00 6/21/2017 EUR 67.16
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 71.33
DekaBank Deutsche Girozen 2.50 7/14/2017 EUR 74.42
UBS AG/London 6.25 7/24/2017 CHF 73.05
Landesbank Baden-Wuerttem 2.60 8/23/2019 EUR 68.69
Zurcher Kantonalbank Fina 5.00 7/27/2017 CHF 74.32
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury 5.22 3/1/2024 EUR 0.65
Oberoesterreichische Land 0.30 4/25/2042 EUR 36.88
Lehman Brothers Treasury 8.88 1/28/2011 HKD 9.63
LBI HF 8.65 5/1/2011 ISK 5.88
Lehman Brothers Treasury 5.00 3/13/2009 EUR 0.65
Lehman Brothers Treasury 7.63 7/22/2011 HKD 0.65
Erste Group Bank AG 9.25 6/29/2017 EUR 51.85
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 56.03
Commerzbank AG 12.00 5/24/2017 EUR 48.16
HSBC Trinkaus & Burkhardt 4.30 6/23/2017 EUR 69.35
Landesbank Hessen-Thuerin 4.00 4/8/2019 EUR 60.83
UniCredit Bank AG 4.60 7/2/2018 EUR 60.04
Leonteq Securities AG 7.00 9/20/2017 CHF 71.40
Commerzbank AG 5.80 10/8/2017 EUR 69.39
Notenstein La Roche Priva 4.50 3/27/2018 EUR 56.09
Leonteq Securities AG 3.50 4/10/2018 EUR 55.14
DekaBank Deutsche Girozen 2.70 3/16/2018 EUR 70.57
Lehman Brothers Treasury 4.10 5/20/2009 USD 0.65
Lehman Brothers Treasury 2.00 5/17/2010 EUR 0.65
Lehman Brothers Treasury 3.82 10/20/2009 USD 0.65
Lehman Brothers Treasury 2.75 10/28/2009 EUR 0.65
Lehman Brothers Treasury 3.63 3/2/2012 EUR 0.65
UBS AG/London 17.90 6/30/2017 EUR 72.29
UBS AG/London 14.30 9/29/2017 EUR 74.99
HSBC Trinkaus & Burkhardt 4.80 9/22/2017 EUR 66.88
HSBC Trinkaus & Burkhardt 3.00 9/22/2017 EUR 73.02
HSBC Trinkaus & Burkhardt 8.20 9/22/2017 EUR 72.95
Raiffeisen Switzerland BV 3.50 8/25/2017 CHF 72.57
Vontobel Financial Produc 11.75 6/9/2017 EUR 65.75
Commerzbank AG 15.50 9/20/2017 EUR 72.77
Commerzbank AG 13.50 12/20/2017 EUR 74.67
Commerzbank AG 8.00 7/14/2021 USD
Landesbank Baden-Wuerttem 2.90 7/27/2018 EUR 69.25
Zurcher Kantonalbank Fina 11.25 4/26/2017 CHF 51.22
National Developing Co PA 16.00 4/15/2021 RUB 100.05
Goldman Sachs & Co Wertpa 7.00 6/21/2017 EUR 74.08
Vontobel Financial Produc 4.65 7/24/2017 EUR 65.30
BNP Paribas Emissions- un 3.50 7/27/2017 EUR 74.85
UBS AG/London 7.00 7/17/2017 CHF 54.10
Notenstein La Roche Priva 4.00 7/24/2019 CHF 73.99
Notenstein La Roche Priva 6.70 7/24/2017 EUR 67.44
Raiffeisen-Landesbank Tir 2.50 9/2/2024 EUR 71.69
Credit Suisse AG/London 10.50 7/25/2017 USD 62.10
Leonteq Securities AG 20.00 10/25/2017 CHF 74.49
Credit Suisse AG/London 10.50 7/25/2017 USD 74.20
Landesbank Baden-Wuerttem 3.40 9/28/2018 EUR 72.62
Notenstein La Roche Priva 7.00 8/11/2017 CHF 71.99
DZ Bank AG Deutsche Zentr 3.45 8/25/2017 EUR 70.75
DekaBank Deutsche Girozen 2.80 7/22/2019 EUR 71.34
Goldman Sachs & Co Wertpa 15.00 6/21/2017 EUR 69.46
Goldman Sachs & Co Wertpa 14.00 9/20/2017 EUR 72.75
Goldman Sachs & Co Wertpa 10.00 6/21/2017 EUR 65.76
Goldman Sachs & Co Wertpa 14.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 10.00 9/20/2017 EUR
Goldman Sachs & Co Wertpa 12.00 9/20/2017 EUR 62.59
Goldman Sachs & Co Wertpa 12.00 9/20/2017 EUR 60.67
Goldman Sachs & Co Wertpa 14.00 9/20/2017 EUR 74.13
Deutsche Bank AG 4.20 11/22/2017 EUR 74.50
Deutsche Bank AG 3.20 11/22/2017 EUR 71.10
Deutsche Bank AG 3.20 11/22/2017 EUR 73.30
Deutsche Bank AG 3.20 11/22/2017 EUR 69.00
DekaBank Deutsche Girozen 3.10 8/4/2017 EUR 53.31
Bayerische Landesbank 2.50 8/31/2018 EUR 74.33
Goldman Sachs & Co Wertpa 9.00 6/21/2017 EUR
Goldman Sachs & Co Wertpa 12.00 6/21/2017 EUR 48.35
Landesbank Baden-Wuerttem 4.50 8/25/2017 EUR 72.22
Landesbank Baden-Wuerttem 5.00 8/25/2017 EUR 71.93
Landesbank Baden-Wuerttem 3.00 8/25/2017 EUR 73.68
Barclays Bank PLC 0.50 3/19/2021 MXN 71.11
Leonteq Securities AG 5.00 9/4/2018 CHF 57.59
Leonteq Securities AG 5.60 9/4/2017 CHF 69.31
Leonteq Securities AG 6.77 8/17/2017 CHF 55.71
Leonteq Securities AG 5.40 8/28/2017 CHF 56.49
Zurcher Kantonalbank Fina 5.80 8/21/2017 CHF 73.70
Banque Cantonale Vaudoise 5.36 8/25/2017 CHF 74.27
Leonteq Securities AG 5.60 9/11/2017 CHF 57.04
LZMO SA 8.50 6/30/2017 PLN 30.00
UBS AG/London 9.50 9/4/2017 CHF 20.35
DekaBank Deutsche Girozen 2.75 6/28/2019 EUR 74.52
Goldman Sachs & Co Wertpa 9.00 9/20/2017 EUR 67.70
HSBC Trinkaus & Burkhardt 9.50 6/23/2017 EUR 58.37
HSBC Trinkaus & Burkhardt 3.00 6/23/2017 EUR 74.94
Commerzbank AG 4.00 7/19/2017 EUR 54.55
Bank Julius Baer & Co Ltd 7.85 7/28/2017 USD 46.85
UBS AG/London 14.50 7/20/2017 USD 64.30
Bank Julius Baer & Co Ltd 23.00 8/4/2017 USD 47.35
Commerzbank AG 7.00 7/27/2017 EUR 65.27
Commerzbank AG 10.25 7/27/2017 EUR 59.18
Commerzbank AG 14.25 7/27/2017 EUR 54.68
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 74.79
Landesbank Baden-Wuerttem 3.00 8/25/2017 EUR 66.43
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 62.31
Landesbank Baden-Wuerttem 5.00 8/25/2017 EUR 59.14
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 71.65
Vontobel Financial Produc 8.35 5/26/2017 USD 65.90
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 64.33
BNP Paribas Emissions- un 16.00 12/21/2017 EUR 61.41
BNP Paribas Emissions- un 18.00 12/21/2017 EUR 59.80
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 58.58
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 70.30
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 57.47
BNP Paribas Emissions- un 12.00 12/21/2017 EUR 67.18
BNP Paribas Emissions- un 9.00 9/21/2017 EUR 72.23
BNP Paribas Emissions- un 10.00 9/21/2017 EUR 69.35
BNP Paribas Emissions- un 12.00 9/21/2017 EUR 64.40
BNP Paribas Emissions- un 16.00 9/21/2017 EUR 58.83
BNP Paribas Emissions- un 9.00 12/21/2017 EUR 73.90
BNP Paribas Emissions- un 10.00 12/21/2017 EUR 71.43
Bank Julius Baer & Co Ltd 14.40 11/2/2017 CHF 71.50
UBS AG/London 7.00 9/22/2017 EUR 68.13
HSBC Bank PLC 0.50 4/11/2023 MXN 62.03
UBS AG/London 11.60 12/29/2017 EUR 60.41
UBS AG/London 13.00 9/27/2017 EUR 58.14
UBS AG/London 5.30 12/29/2017 EUR 68.39
HSBC Trinkaus & Burkhardt 5.50 6/23/2017 EUR 66.14
Landesbank Baden-Wuerttem 3.25 1/26/2018 EUR 64.70
Landesbank Hessen-Thuerin 4.00 1/16/2018 EUR 60.56
EFG International Finance 6.48 5/29/2018 EUR 7.57
Leonteq Securities AG/Gue 5.00 12/27/2019 EUR 69.93
Landesbank Baden-Wuerttem 3.00 2/23/2018 EUR 64.70
Landesbank Baden-Wuerttem 3.55 6/23/2017 EUR 74.48
UniCredit Bank AG 5.00 6/25/2019 EUR 61.66
Landesbank Hessen-Thuerin 5.00 3/27/2019 EUR 65.73
Leonteq Securities AG 5.00 5/7/2019 CHF 72.65
Landesbank Baden-Wuerttem 3.25 8/25/2017 EUR 66.27
Bayerische Landesbank 2.70 7/27/2018 EUR 70.58
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 70.61
Commerzbank AG 7.24 4/27/2017 EUR 54.13
Commerzbank AG 4.40 4/29/2019 EUR 73.84
DekaBank Deutsche Girozen 2.60 4/21/2017 EUR 56.27
Landesbank Hessen-Thuerin 4.00 6/5/2019 EUR 72.15
DekaBank Deutsche Girozen 2.75 10/29/2018 EUR 58.84
Credit Suisse AG/London 8.00 5/21/2025 USD
Landesbank Baden-Wuerttem 4.00 6/22/2018 EUR 67.53
Landesbank Baden-Wuerttem 3.60 6/22/2018 EUR 63.12
UBS AG 7.40 5/17/2021 CHF 67.69
Notenstein La Roche Priva 4.20 5/22/2019 CHF 74.14
Notenstein La Roche Priva 4.50 5/22/2018 CHF 73.33
Landesbank Baden-Wuerttem 3.00 7/26/2019 EUR 72.83
DekaBank Deutsche Girozen 2.80 5/13/2019 EUR 62.84
Bayerische Landesbank 2.70 6/22/2018 EUR 70.98
Royal Bank of Scotland PL 6.20 9/7/2018 GBP 1.07
Royal Bank of Scotland PL 1.33 10/26/2018 GBP 1.06
Landesbank Hessen-Thuerin 4.00 4/30/2019 EUR 72.10
Notenstein La Roche Priva 4.80 4/20/2017 CHF 72.55
Leonteq Securities AG 7.20 4/24/2017 EUR 57.33
Landesbank Baden-Wuerttem 3.00 10/27/2017 EUR 69.59
Landesbank Baden-Wuerttem 5.00 10/27/2017 EUR 65.96
Landesbank Baden-Wuerttem 3.00 7/28/2017 EUR 74.84
Landesbank Baden-Wuerttem 3.25 7/28/2017 EUR 68.04
Landesbank Baden-Wuerttem 3.00 6/23/2017 EUR 70.95
Landesbank Baden-Wuerttem 3.70 8/25/2017 EUR 74.15
Landesbank Baden-Wuerttem 3.55 8/25/2017 EUR 56.15
Landesbank Baden-Wuerttem 3.75 9/22/2017 EUR 54.77
Landesbank Baden-Wuerttem 3.90 9/22/2017 EUR 53.35
Landesbank Baden-Wuerttem 3.20 9/22/2017 EUR 63.14
Landesbank Baden-Wuerttem 3.50 11/24/2017 EUR 74.20
Landesbank Baden-Wuerttem 3.40 11/24/2017 EUR 57.38
Landesbank Baden-Wuerttem 4.50 3/23/2018 EUR 73.16
Landesbank Baden-Wuerttem 2.50 6/28/2019 EUR 66.98
Landesbank Baden-Wuerttem 3.50 6/22/2018 EUR 62.47
Landesbank Baden-Wuerttem 4.00 8/25/2017 EUR 54.22
Landesbank Baden-Wuerttem 3.00 1/4/2019 EUR 69.09
Notenstein La Roche Priva 4.20 4/10/2018 EUR 57.13
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 23.80
Bayerische Landesbank 2.70 7/6/2018 EUR 65.83
Zurcher Kantonalbank Fina 6.50 4/10/2018 CHF 59.05
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 74.03
UBS AG/London 6.25 4/18/2017 CHF 53.25
Landesbank Baden-Wuerttem 3.40 6/22/2018 EUR 70.74
Landesbank Baden-Wuerttem 4.20 6/23/2017 EUR 57.57
Landesbank Baden-Wuerttem 5.00 10/27/2017 EUR 61.43
Landesbank Baden-Wuerttem 4.00 10/27/2017 EUR 65.50
Landesbank Baden-Wuerttem 3.60 9/22/2017 EUR 70.80
Landesbank Baden-Wuerttem 4.60 6/23/2017 EUR 72.82
Landesbank Baden-Wuerttem 3.90 7/28/2017 EUR 64.04
Landesbank Baden-Wuerttem 3.70 9/22/2017 EUR 67.75
Landesbank Baden-Wuerttem 3.00 6/22/2018 EUR 72.91
Landesbank Baden-Wuerttem 3.40 6/23/2017 EUR 69.23
Landesbank Baden-Wuerttem 3.85 10/27/2017 EUR 60.48
Landesbank Baden-Wuerttem 3.00 11/24/2017 EUR 70.85
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 66.48
Landesbank Baden-Wuerttem 3.00 6/28/2019 EUR 69.77
Landesbank Baden-Wuerttem 3.00 9/28/2018 EUR 62.07
Landesbank Baden-Wuerttem 3.75 10/27/2017 EUR 62.09
UBS AG/London 7.00 5/22/2017 CHF 58.45
UBS AG/London 8.00 5/26/2017 EUR 56.55
Leonteq Securities AG 9.92 5/29/2017 EUR 58.16
BNP Paribas Emissions- un 3.25 11/24/2017 EUR 69.94
Landesbank Baden-Wuerttem 3.50 7/27/2018 EUR 67.81
Landesbank Baden-Wuerttem 3.40 7/27/2018 EUR 66.28
UBS AG/London 5.75 6/6/2017 CHF 74.70
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 70.17
Landesbank Baden-Wuerttem 2.50 6/23/2017 EUR 74.77
Landesbank Baden-Wuerttem 4.00 6/23/2017 EUR 67.15
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 61.87
Landesbank Baden-Wuerttem 3.50 6/23/2017 EUR 71.80
Landesbank Baden-Wuerttem 4.50 6/23/2017 EUR 68.08
Landesbank Baden-Wuerttem 5.50 6/23/2017 EUR 74.83
Landesbank Baden-Wuerttem 3.00 6/23/2017 EUR 68.55
Landesbank Baden-Wuerttem 4.00 6/23/2017 EUR 64.52
Landesbank Baden-Wuerttem 5.00 6/23/2017 EUR 61.13
Landesbank Baden-Wuerttem 6.00 6/23/2017 EUR 58.44
Bayerische Landesbank 2.70 7/13/2018 EUR 69.49
UniCredit Bank AG 3.80 7/23/2020 EUR 67.26
Leonteq Securities AG 3.00 7/8/2019 CHF 74.29
UniCredit Bank AG 4.40 7/13/2018 EUR 66.78
Notenstein La Roche Priva 6.50 6/26/2017 EUR 64.34
Norddeutsche Landesbank G 3.00 7/16/2018 EUR 69.27
Landesbank Baden-Wuerttem 3.00 7/26/2019 EUR 73.84
Leonteq Securities AG 8.00 4/24/2017 USD 69.57
DekaBank Deutsche Girozen 3.25 4/20/2018 EUR 59.12
Leonteq Securities AG 6.00 5/4/2017 CHF 74.90
Bank Julius Baer & Co Ltd 6.00 5/2/2017 CHF 72.70
Notenstein La Roche Priva 4.00 5/8/2018 CHF 61.80
UniCredit Bank AG 5.00 7/30/2018 EUR 70.82
UniCredit Bank AG 4.00 6/26/2018 EUR 63.51
UniCredit Bank AG 4.60 6/30/2017 EUR 52.10
Leonteq Securities AG 3.00 9/19/2019 CHF 51.55
DekaBank Deutsche Girozen 7.15 10/27/2017 EUR 61.46
Notenstein La Roche Priva 3.00 9/22/2020 CHF 64.88
UniCredit Bank AG 3.50 1/29/2020 EUR 74.85
EFG International Finance 7.00 11/27/2019 EUR 18.85
Goldman Sachs Internation 1.00 12/5/2017 SEK 18.10
Commerzbank AG 20.00 5/28/2018 SEK 61.25
Landesbank Baden-Wuerttem 3.25 12/22/2017 EUR 69.49
Landesbank Baden-Wuerttem 3.85 8/25/2017 EUR 65.39
Landesbank Baden-Wuerttem 3.15 6/22/2018 EUR 66.25
UniCredit Bank AG 4.40 9/19/2018 EUR 70.85
UBS AG 9.50 12/22/2017 EUR 57.42
UBS AG 7.00 12/22/2017 EUR 71.52
UBS AG 5.25 12/22/2017 EUR 62.00
UBS AG 8.25 12/22/2017 EUR 63.23
UBS AG 11.75 12/22/2017 EUR 48.63
UBS AG 7.75 12/22/2017 EUR 64.24
UBS AG 7.00 12/22/2017 EUR 66.37
UBS AG 10.25 12/22/2017 EUR 54.30
UBS AG 10.25 12/22/2017 EUR 43.82
UBS AG 5.00 12/22/2017 EUR 65.90
UBS AG 8.50 12/22/2017 EUR 47.77
UBS AG 11.75 12/22/2017 EUR 40.25
UBS AG 8.00 12/22/2017 EUR 63.05
UBS AG 8.75 12/22/2017 EUR 60.03
UBS AG 4.00 12/22/2017 EUR 72.20
UBS AG 10.25 12/22/2017 EUR 55.16
UBS AG 11.75 12/22/2017 EUR 51.46
UBS AG 7.50 12/22/2017 EUR 51.45
UBS AG 13.00 12/22/2017 EUR 72.40
UBS AG 6.75 12/22/2017 EUR 54.84
UBS AG 9.50 12/22/2017 EUR 57.04
UBS AG 5.75 12/22/2017 EUR 58.78
UBS AG 7.75 12/22/2017 EUR 58.26
UBS AG 8.25 12/22/2017 EUR 49.68
UBS AG 10.50 12/22/2017 EUR 52.20
UBS AG 4.75 12/22/2017 EUR 74.82
UBS AG 6.25 12/22/2017 EUR 54.36
UBS AG 11.25 12/22/2017 EUR 74.26
UBS AG 8.25 12/22/2017 EUR 50.98
UBS AG 4.50 12/22/2017 EUR 66.45
UBS AG 10.50 12/22/2017 EUR 50.49
UBS AG 9.50 12/22/2017 EUR 52.62
UBS AG 6.50 12/22/2017 EUR 70.91
UBS AG 6.50 12/22/2017 EUR 54.53
UniCredit Bank AG 4.30 10/17/2018 EUR 69.95
Landesbank Baden-Wuerttem 3.30 6/22/2018 EUR 67.79
UniCredit Bank AG 4.30 12/22/2017 EUR 67.82
DekaBank Deutsche Girozen 3.30 2/26/2018 EUR 54.38
UniCredit Bank AG 4.30 10/29/2018 EUR 72.94
Landesbank Baden-Wuerttem 3.00 5/25/2018 EUR 71.18
UBS AG 4.50 12/22/2017 EUR 57.75
UBS AG 5.00 12/22/2017 EUR 65.70
UBS AG 4.75 12/22/2017 EUR 74.29
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 71.74
UniCredit Bank AG 4.10 9/28/2018 EUR 69.27
Landesbank Baden-Wuerttem 3.05 6/22/2018 EUR 72.61
DekaBank Deutsche Girozen 3.10 5/5/2017 EUR 70.39
DekaBank Deutsche Girozen 3.00 4/16/2018 EUR 74.49
UBS AG/London 5.00 8/14/2017 CHF 52.30
Vontobel Financial Produc 16.00 12/22/2017 EUR 70.17
DZ Bank AG Deutsche Zentr 9.00 6/23/2017 EUR 59.15
DZ Bank AG Deutsche Zentr 8.70 12/22/2017 EUR 63.19
DZ Bank AG Deutsche Zentr 10.10 12/22/2017 EUR 60.33
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 72.24
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 69.53
BNP Paribas Emissions- un 19.00 9/21/2017 EUR 72.74
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 72.99
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 69.82
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 69.40
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 74.53
UBS AG 9.00 7/3/2017 CHF 71.48
UniCredit Bank AG 4.00 10/14/2019 EUR 65.49
Notenstein Finance Guerns 1.00 9/17/2019 CHF 57.97
UBS AG/London 7.00 12/22/2017 EUR 64.54
UBS AG/London 4.00 12/22/2017 EUR 71.34
UBS AG/London 9.50 12/22/2017 EUR 66.17
UBS AG/London 9.00 12/22/2017 EUR 58.58
UBS AG/London 5.75 12/22/2017 EUR 70.38
UBS AG/London 5.00 12/22/2017 EUR 67.15
UBS AG/London 6.25 12/22/2017 EUR 68.42
UBS AG/London 7.75 12/22/2017 EUR 52.07
UBS AG/London 14.50 12/22/2017 EUR 73.22
UniCredit Bank AG 4.25 9/12/2017 EUR 65.07
Notenstein La Roche Priva 5.00 8/29/2018 CHF 73.28
Leonteq Securities AG/Gue 4.40 8/28/2017 CHF 66.08
Notenstein La Roche Priva 5.04 8/28/2017 CHF 73.02
Leonteq Securities AG/Gue 4.68 8/29/2017 CHF 74.73
Leonteq Securities AG/Gue 5.99 9/11/2017 EUR 64.72
DekaBank Deutsche Girozen 3.15 5/18/2018 EUR 64.42
Commerzbank AG 19.00 5/24/2017 EUR 69.72
Commerzbank AG 15.50 8/23/2017 EUR 72.86
Lehman Brothers Treasury 0.01 9/20/2011 USD 0.65
Lehman Brothers Treasury 12.00 7/13/2037 JPY 0.65
Lehman Brothers Treasury 10.00 6/11/2038 JPY 0.65
HSBC Trinkaus & Burkhardt 15.20 6/23/2017 EUR 66.99
HSBC Trinkaus & Burkhardt 17.10 6/23/2017 EUR 53.20
HSBC Trinkaus & Burkhardt 12.70 9/22/2017 EUR 59.55
HSBC Trinkaus & Burkhardt 10.30 9/22/2017 EUR 63.42
HSBC Trinkaus & Burkhardt 7.50 9/22/2017 EUR 69.66
UBS AG/London 5.54 12/26/2017 USD 44.26
UBS AG/London 10.00 6/23/2017 EUR 59.77
DZ Bank AG Deutsche Zentr 9.25 7/28/2017 EUR 57.44
UBS AG/London 13.50 6/23/2017 EUR 54.70
UBS AG/London 9.50 9/22/2017 EUR 62.14
UBS AG/London 12.50 9/22/2017 EUR 57.75
Commerzbank AG 15.50 6/22/2017 EUR 55.09
Commerzbank AG 16.00 6/22/2017 EUR 69.90
Commerzbank AG 8.25 6/22/2017 EUR 66.83
Commerzbank AG 11.50 6/22/2017 EUR 60.16
HSBC Trinkaus & Burkhardt 19.00 6/23/2017 EUR 73.81
Vontobel Financial Produc 4.80 5/14/2018 EUR 71.74
Vontobel Financial Produc 16.00 12/22/2017 EUR 74.20
Landesbank Hessen-Thuerin 4.00 5/16/2018 EUR 69.80
Societe Generale SA 0.50 4/4/2024 MXN 56.90
Societe Generale SA 0.50 5/22/2024 MXN 56.22
SG Issuer SA 0.82 8/2/2021 SEK 72.21
DekaBank Deutsche Girozen 3.00 12/17/2018 EUR 64.50
DZ Bank AG Deutsche Zentr 5.00 2/6/2018 EUR 68.05
UniCredit Bank AG 3.75 9/7/2020 EUR 70.20
DekaBank Deutsche Girozen 2.75 2/2/2018 EUR 70.81
Notenstein La Roche Priva 5.00 2/27/2019 CHF 74.85
Notenstein La Roche Priva 5.70 2/27/2019 CHF 74.65
UniCredit Bank AG 3.75 10/2/2020 EUR 66.32
Vontobel Financial Produc 18.40 9/11/2017 EUR 66.92
Commerzbank AG 7.20 4/18/2017 EUR 62.72
Credit Suisse AG/London 8.50 9/18/2017 USD 73.41
Bank Julius Baer & Co Ltd 12.80 9/20/2017 CHF 66.60
Notenstein La Roche Priva 15.00 12/27/2017 CHF 69.57
Commerzbank AG 12.30 4/18/2017 EUR 55.94
HSBC Trinkaus & Burkhardt 18.60 6/23/2017 EUR 69.83
HSBC Trinkaus & Burkhardt 13.40 12/22/2017 EUR 74.96
UBS AG/London 9.90 9/22/2017 EUR 72.76
Redvans 12.50 12/17/2021 RUB 60.00
HSBC Trinkaus & Burkhardt 18.40 6/23/2017 EUR 65.34
HSBC Trinkaus & Burkhardt 13.80 12/22/2017 EUR 70.78
HSBC Trinkaus & Burkhardt 11.90 12/22/2017 EUR 72.41
HSBC Trinkaus & Burkhardt 10.70 8/25/2017 EUR 72.05
HSBC Trinkaus & Burkhardt 10.20 11/24/2017 EUR 73.84
Vontobel Financial Produc 13.50 9/22/2017 EUR 74.16
Vontobel Financial Produc 16.05 9/22/2017 EUR 71.94
Vontobel Financial Produc 12.00 12/22/2017 EUR 73.10
Vontobel Financial Produc 20.00 12/22/2017 EUR 65.91
Zurcher Kantonalbank Fina 11.00 6/29/2017 CHF 73.96
Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 64.92
Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 66.92
Leonteq Securities AG 8.80 6/21/2017 CHF 69.01
Lehman Brothers Treasury 1.60 6/21/2010 JPY 0.65
Lehman Brothers Treasury 2.40 6/20/2011 JPY 0.65
Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.63
Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.73
Goldman Sachs & Co Wertpa 10.00 12/20/2017 EUR 68.38
Leonteq Securities AG/Gue 16.20 11/30/2017 USD 53.36
Lehman Brothers Treasury 4.20 12/3/2008 HKD 9.63
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 57.43
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 66.59
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 70.87
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 67.49
BNP Paribas Emissions- un 29.00 6/22/2017 EUR 64.68
BNP Paribas Emissions- un 23.00 12/21/2017 EUR 71.89
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 60.95
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 69.45
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 72.60
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 60.29
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 66.20
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 69.86
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 65.98
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 71.25
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.99
BNP Paribas Emissions- un 24.00 12/21/2017 EUR 71.47
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 68.57
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 64.38
BNP Paribas Emissions- un 26.00 6/22/2017 EUR 71.70
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 70.25
BNP Paribas Emissions- un 23.00 12/21/2017 EUR 59.40
BNP Paribas Emissions- un 29.00 6/22/2017 EUR 69.82
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 65.68
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 66.46
BNP Paribas Emissions- un 24.00 12/21/2017 EUR 73.26
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 68.59
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 62.40
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 57.12
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 66.51
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 73.19
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 57.65
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 74.97
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 66.21
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 71.33
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 74.03
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 73.02
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 69.92
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 70.29
BNP Paribas Emissions- un 29.00 12/21/2017 EUR 64.74
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 71.97
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 72.30
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 74.47
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.42
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 72.09
BNP Paribas Emissions- un 26.00 12/21/2017 EUR 71.25
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 71.15
BNP Paribas Emissions- un 6.00 6/22/2017 EUR 55.55
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 48.29
BNP Paribas Emissions- un 18.00 6/22/2017 EUR 37.55
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 34.79
BNP Paribas Emissions- un 6.00 12/21/2017 EUR 58.37
BNP Paribas Emissions- un 10.00 12/21/2017 EUR 50.31
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 46.12
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 67.24
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 66.57
BNP Paribas Emissions- un 28.00 6/22/2017 EUR 68.42
BNP Paribas Emissions- un 24.00 6/22/2017 EUR 66.20
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 62.12
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 63.48
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 62.99
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 73.79
BNP Paribas Emissions- un 21.00 6/22/2017 EUR 71.08
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 74.91
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 74.20
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 71.37
BNP Paribas Emissions- un 9.00 6/22/2017 EUR 74.77
BNP Paribas Emissions- un 13.00 6/22/2017 EUR 60.66
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 40.47
BNP Paribas Emissions- un 15.00 12/21/2017 EUR 57.56
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 50.97
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 47.57
BNP Paribas Emissions- un 25.00 12/21/2017 EUR 45.52
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 44.07
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 73.19
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 69.92
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 55.77
BNP Paribas Emissions- un 13.00 12/21/2017 EUR 73.21
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 64.27
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 55.62
BNP Paribas Emissions- un 16.00 6/22/2017 EUR 67.08
BNP Paribas Emissions- un 13.00 6/22/2017 EUR 53.76
BNP Paribas Emissions- un 19.00 6/22/2017 EUR 46.22
BNP Paribas Emissions- un 28.00 12/21/2017 EUR 44.59
BNP Paribas Emissions- un 12.00 12/21/2017 EUR 74.69
BNP Paribas Emissions- un 25.00 6/22/2017 EUR 55.24
BNP Paribas Emissions- un 27.00 6/22/2017 EUR 52.59
BNP Paribas Emissions- un 19.00 12/21/2017 EUR 63.78
BNP Paribas Emissions- un 22.00 12/21/2017 EUR 60.13
BNP Paribas Emissions- un 27.00 12/21/2017 EUR 55.26
Raiffeisen Centrobank AG 7.20 9/20/2017 EUR 74.20
Lehman Brothers Treasury 6.00 6/21/2011 EUR 0.65
Lehman Brothers Treasury 2.00 6/21/2011 EUR 0.65
Lehman Brothers Treasury 8.28 7/31/2013 GBP 0.65
Lehman Brothers Treasury 7.32 7/31/2013 GBP 0.65
Barclays Bank PLC 1.99 12/1/2040 USD 72.72
Lehman Brothers Treasury 8.28 3/26/2009 USD 0.65
Lehman Brothers Treasury 6.85 12/22/2008 EUR 0.65
Lehman Brothers Treasury 7.60 3/26/2009 EUR 0.65
Lehman Brothers Treasury 7.55 12/29/2008 USD 0.65
UBS AG/London 11.70 4/18/2017 EUR 39.22
EFG International Finance 6.89 12/28/2017 CHF 71.01
Goldman Sachs & Co Wertpa 15.00 6/21/2017 EUR
SG Issuer SA 0.80 11/30/2020 SEK 66.27
Notenstein La Roche Priva 6.50 7/11/2017 CHF 68.41
Notenstein La Roche Priva 6.00 7/11/2017 CHF 68.24
EFG International Finance 7.35 12/28/2017 CHF 71.98
Notenstein La Roche Priva 9.68 6/15/2017 CHF 68.75
HSBC Trinkaus & Burkhardt 8.20 6/23/2017 EUR 68.15
DekaBank Deutsche Girozen 2.75 6/24/2019 EUR 68.16
HSBC Trinkaus & Burkhardt 4.00 6/16/2017 EUR 62.10
Vontobel Financial Produc 4.00 11/9/2017 EUR 64.35
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 70.31
DekaBank Deutsche Girozen 2.60 6/23/2017 EUR 62.38
Leonteq Securities AG 5.20 8/14/2018 CHF 70.85
Goldman Sachs & Co Wertpa 9.00 6/21/2017 EUR 69.72
Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 60.69
Notenstein La Roche Priva 7.00 8/14/2017 CHF 64.65
UBS AG/London 8.25 8/7/2017 EUR 68.85
Notenstein La Roche Priva 8.02 8/11/2017 EUR 72.30
Zurcher Kantonalbank Fina 14.75 5/11/2017 CHF 74.34
Commerzbank AG 10.25 4/27/2017 EUR 69.39
Commerzbank AG 13.50 4/27/2017 EUR 61.78
Commerzbank AG 17.25 4/27/2017 EUR 55.74
Commerzbank AG 7.25 10/26/2017 EUR 72.52
Commerzbank AG 10.50 10/26/2017 EUR 67.21
Commerzbank AG 14.25 10/26/2017 EUR 63.11
Societe Generale SA 0.50 4/3/2023 RUB 61.73
National Capital JSC 9.50 7/25/2018 RUB 100.00
RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00
National Capital JSC 9.25 4/22/2019 RUB 100.00
IDGC of the North Caucasu 13.00 4/22/2021 RUB 60.00
Societe Generale SA 0.50 6/12/2023 RUB 60.53
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 69.88
KPNQwest NV 7.13 6/1/2009 EUR 1.00
IS-Broker OOO 13.00 6/21/2017 RUB 100.00
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59
National Capital JSC 9.25 4/22/2019 RUB 99.98
Societe Generale SA 0.50 4/30/2023 RUB 61.15
National Capital JSC 10.50 9/15/2020 RUB 100.00
TransFin-M PAO 13.00 12/31/2024 RUB 100.00
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.
Copyright 2017. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *