/raid1/www/Hosts/bankrupt/TCREUR_Public/170522.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 22, 2017, Vol. 18, No. 100
Headlines
C R O A T I A
AGROKOR DD: Collapse May Cause Recession
F R A N C E
CGG: S&P Lowers CCR to 'D' on Interest Payment Being Put on Hold
G R E E C E
GREECE: Parliament Approves Omnibus Reform Package
INTRALOT SA: Fitch Affirms B+ IDR & Revises Outlook to Stable
I R E L A N D
GTLK EUROPE: Fitch Assigns BB(EXP) Rating to USD Guaranteed Notes
SMURFIT KAPPA: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
I T A L Y
UNICREDIT SPA: Moody's Assigns Ba1 Baseline Credit Assessment
SAFILO GROUP: S&P Affirms Then Withdraws 'B+' CCR
N E T H E R L A N D S
SPECIALTY CHEMICALS: S&P Assigns 'B' CCR, Outlook Stable
R U S S I A
ALFA-BANK JSC: S&P Affirms 'BB/B' Counterparty Credit Ratings
O1 PROPERTIES: Moody's Rates Proposed $150MM Domestic Bonds B1
S P A I N
HNVR MIDCO: S&P Assigns 'B' CCR, Outlook Stable
BANCO POPULAR LEASING 3: Moody's EUR220MM Series B Notes 'Caa2'
S W E D E N
MUNTERS AB: S&P Puts 'B' CCR on CreditWatch Positive
U N I T E D K I N G D O M
CLAVIS SECURITIES 2007-01: S&P Raises Rating on M2b Notes to BB+
COTTAGE BREWING: Enters Administration, Seeks CVA Deal
DIVERSITY FUNDING 1: S&P Lowers Rating on Cl. D Notes to CCC+
FOUR SEASONS: Raises Fees for Elderly Amid Financial Woes
PREMIER FOODS: S&P Rates GBP210MM Sr. Secured Notes 'B'
STORE TWENTY ONE: May Enter Administration, 1,000 Jobs at Risk
X X X X X X X X
* BOND PRICING: For the Week May 15 to May 19, 2017
*********
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C R O A T I A
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AGROKOR DD: Collapse May Cause Recession
----------------------------------------
http://www.bbc.com/news/world-europe-39960383
BBC News reports that Crotia's biggest company, Agrokor d.d.,
which owns the supermarkets, is teetering on the brink of
collapse. And if it does fall, the impact will reverberate
across the Balkans, BBC says.
Croatia has only four million people and 60,000 of them are
directly employed by Agrokor, BBC discloses.
According to BBC, if Agrokor went down, the repercussions would
be far wider than the 1,000 or so spaces where its Konzum
supermarkets currently stand.
"The collapse of Agrokor could cause a recession," BBC quotes
Croatia's Economy Minister Martina Dalic as saying.
"Its core company, Konzum, has 2,500 suppliers, which employ more
than 150,000 people. There is a systemic risk if Agrokor is
faced with bankruptcy."
Agrokor's revenues are worth more than 15% of Croatia's total
GDP, BBC states. It also has considerable interests in Slovenia,
Bosnia, Serbia and Montenegro, according to BBC. The threat of
collapse worried their governments so much they held a
ministerial summit about the crisis, BBC relays.
The problem is that the company has debts of more than EUR6
billion (GBP5 billion; US$6.7 billion), largely the legacy of an
attempt to become the dominant regional retailer, BBC discloses.
It took out loans to fund the purchase of Slovenian rival
Mercator in 2014, BBC recounts. Now it is unable to repay them,
BBC notes.
The government has appointed a restructuring team to take control
of the business and save what it can, BBC relays.
Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7 billion).
* * *
The Troubled Company Reporter-Europe reported on May 10, 2017
that S&P Global Ratings lowered its corporate credit rating on
Croatian retailer Agrokor d.d. to SD/--/SD (SD: selective
default) from CC/Negative/C. S&P lowered its issue rating on the
three series of Company's senior unsecured notes to 'D' from
'CC'.
S&P understands that, on May 1, 2017, Agrokor missed a coupon
payment on its EUR300 million senior secured notes due 2019. On
April 6, 2017, Croatia enacted a law -- "Law on Procedures for
Extraordinary Management in Companies of Systematic
Significance" -- that restricts Agrokor from making any interest
or principal payments on its debt over the next 12 months. Under
the standstill agreement, Agrokor signed with its main lenders,
its bank debt payments are currently frozen. Under S&P's
criteria, it considers all the above to be tantamount to a
default, because S&P does not expect Agrokor to be able to make a
payment within the grace period of 30 days.
The TCR-Europe on April 17, 2017, reported that Moody's Investors
Service has downgraded Agrokor D.D.'s corporate family rating
(CFR) to Caa2 from Caa1 and its probability of default rating
(PDR) to Ca-PD from Caa1-PD. The outlook on the company's ratings
remains negative. "Our decision to downgrade Agrokor's rating
reflects its filing for restructuring under Croatian law, which
in Moody's views makes a default highly likely," Vincent Gusdorf,
a Vice President -- Senior Analyst at Moody's, said. "It also
takes into account uncertainties around the restructuring
process, as creditors' ability to get their money back hinges on
numerous factors that will become apparent over time."
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F R A N C E
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CGG: S&P Lowers CCR to 'D' on Interest Payment Being Put on Hold
----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on French
geoscience company CGG to 'D' from 'CCC-'.
At the same time, S&P lowered the issue rating on its senior
secured debt to 'D' from 'CCC'. The recovery rating remained
'2', indicating a recovery of 85% in the event of default. S&P
also lowered the rating of the senior unsecured notes to 'D' from
'C'. The recovery rating remained '6', indicating negligible
recovery in the event of default.
The downgrade to 'D' follows the interest payment on CGG's senior
unsecured note (due 2020) being put on hold; it was due on May
15, 2017. According to the company's announcement it will use
the 30-day grace period to consider its options regarding the
changes in its capital structure. S&P understands that the
additional interest payments and some maturities are scheduled to
take place in the coming months. S&P thinks it is very unlikely
that the company will resume regular payments at the end of the
grace period, as reflected in its current unsustainable capital
structure and need to preserve cash.
In addition, the company announced its proposal to rearrange its
existing capital structure, reducing its reported gross debt of
$2.7 billion as of March 31, 2017, to a more manageable debt
level of about $1.05 billion. S&P understands that negotiations
are currently focused on the ownership structure post the
restructuring. According to the company, if the stakeholders
(existing shareholders and debt holders) don't reach an agreement
on the capital structure in the coming weeks, it could consider
commencing voluntary court proceedings to preserve its liquidity
and business value. In S&P's view, the capital restructuring
will affect a substantial share of debtholders: they will either
not receive the debt's full nominal value and/or will experience
a delay in the debt maturing, without sufficient compensation.
S&P understands various stakeholders have raised different
proposals to the capital restructuring. Under each one of them,
the company is unlikely to pay the face value of the debt
according to the original terms, which will be considered as a
default under S&P's criteria.
For illustration purposes, S&P outlines the company's proposal,
which includes:
-- Converting $1.6 billion of the senior secured notes and
$0.4 billion of convertible notes into equity.
-- Rights issue of $75 million and warrants to existing
shareholders. Issue of $360 million high yield bonds.
Pushing the maturity of the existing $800 million out to
2022, taking out the current financial covenants, and
introducing a payment-in-kind feature. The proposal
includes a prepay up to $100 million.
According to the company's proposal, the existing senior
unsecured holders will hold between 80%-90% of the company's
shares, convertible holders about 5%, and existing shareholders
5%-15%.
S&P will keep the issue rating at 'D' until the debt
restructuring is completed. A future rating will rely on CGG's
updated liquidity position, capital structure, and maturity
schedule.
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G R E E C E
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GREECE: Parliament Approves Omnibus Reform Package
--------------------------------------------------
Kerin Hope at The Financial Times reports that Greece's
parliament has narrowly approved an omnibus reform package needed
to unlock more than EUR6 billion of bailout aid and open the way
for the country's international creditors to reach a deal on debt
relief.
Lawmakers from the governing left-wing Syriza party and its
coalition partner, the right-wing Independent Greeks, backed the
bill in a late-night vote on May 18, the FT relates.
The center-right opposition New Democracy party, which holds a
strong lead in opinion polls, voted against the package, even
though it is committed to implementing reforms if it wins the
next election, the FT relays.
The legislative package calls for fresh austerity measures over
the next three years to ensure Greece hits tight fiscal targets,
including spending cuts and reductions in pensions and tax
allowances in 2019 and 2020, the FT discloses.
The eurozone finance ministers will hold debt relief talks with
the International Monetary Fund on May 22, the FT says.
A Greek official, as cited by the FT, said it was unclear whether
a deal would be reached at the meeting.
Agreement on the debt is needed for Greece to draw its next
installment of bailout aid and make a EUR7.5 billion debt
repayment in July, the FT notes.
INTRALOT SA: Fitch Affirms B+ IDR & Revises Outlook to Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Intralot S.A's Long-Term Issuer
Default Rating (IDR) at 'B+'. The Outlook has been revised to
Stable from Negative.
The Stable Outlook reflects Fitch's belief that Intralot's
underlying business model and financial trends appear to have
stabilised, underpinned by steady recurring contracted revenues
and cash-flow generation. Fitch views management's attempts to
rebalance the portfolio over the past year positively, while the
planned sale of its Oceania business, whilst not seen as critical
to steer Intralot's credit profile, has been delayed due to
circumstances beyond its control.
Despite the improvement seen in FY16, Intralot's high gross
leverage remains not fully aligned with a 'B+' rating, but the
business profile is commensurate with a 'BB' rating category for
the sector. The solid business risk profile together with a
weaker financial profile supports Intralot's IDR at 'B+'. In its
assessment Fitch estimates that Intralot will maintain a
conservative financial structure. Any evidence of a deteriorating
operating environment, contracts not renewing or renewing on
worse terms, unexpected cash leakages, or weakening of liquidity
will be negative for the rating.
KEY RATING DRIVERS
Recurring Contracted Revenue Base: Intralot's credit profile
benefits from more than 85% of revenues recurring and contracted
up until 2021, with only three contracts up for renewal in 2018.
The fall in EBITDA margin appears to have stabilised and Fitch
expects this to improve to 13.7% in 2017. However due to high
switching costs, Fitch expects many of the contracts to be
renewed, although Fitch continues to believe these could be on
lower margins in future and may require a higher renewal fee.
EBIT margins are now above the minimum threshold of 7% supporting
the 'B+' rating.
Weak Free Cash Flows: Fitch expects free cash flow (FCF) to be
negative in 2017 and 2018, bottoming at -1.8% in 2018 due to one-
off investments and some renewal fees and then to turn positive
thereafter. FCF can be volatile as a result of upfront
investments related to new contracts of contract renewals;
however this does contribute to a steady operating cash-flow
generation due to its recurring profit stream as a key credit
support.
Leverage Declines From 2015 Peak: Fitch expects funds from
operations (FFO) adjusted gross leverage to remain high at about
6.0x in 2017 and 2018. Fitch base-case projections do not factor
in any proceeds from the sale of Oceania. This level of gross
leverage is not commensurate with a 'B+' rating, which indicates
low financial headroom. However, FFO adjusted net leverage
remains within Fitch sensitivity guidance for the rating below
4.5x. Fitch anticipates some deleveraging from the group's
underlying operating performance, but the potential sale of
Oceania or other assets could still be used to accelerate the
debt reduction process.
Reputable Gaming Operator, Technology Supplier: Intralot has
established itself in the international gaming sector as a
reputable provider of, among other products, systems to manage
lotteries through software platforms and hardware terminals, and
in betting, a large algorithm-based sportsbook. This has enabled
it to win important contracts for the supply of technology and
the management of lotteries in the US and Greece and for sports
betting in Turkey and Germany.
Positive Scope for Growth: The gradual liberalisation of gaming
markets, governments' keenness on finding ways to raise tax
proceeds and the increasing supply of new games, should all
provide increasing opportunities for Intralot. The company should
be able to leverage on its experience and reputation and also
benefit from the limited number of reputable suppliers in the
industry, allowing the group to expand into new geographies.
Intralot is also well positioned to benefit from opportunities in
the US.
Limited Linkage with Greece: Intralot generates only less than
10% of its EBITDA in Greece (rated 'CCC'). Fitch views Greece's
low sovereign rating as neutral for Intralot's ratings given its
contractual requirement to maintain large portions of its cash
outside Greek banks. In the event of a sovereign default,
including Greece's exit from the euro - a scenario that Fitch
does not currently envisage - the company has contingency plans
in place that it could complete within three months. Intralot's
wide geographic diversification of its business and lack of
meaningful reliance on Greek banks for funding mitigates its
exposure to Greece and other countries with 'b' economic
environment.
Above-Average Recovery Expectations: In Fitch bespoke going-
concern recovery analysis, Fitch looks at Intralot's 2016 EBITDA
of EUR106 million (after deducting attributable EBITDA to
minority interests) and this is further discounted to arrive at
an estimated post-restructuring EBITDA available to creditors of
around EUR84.8 million. Fitch apply a conservative distressed
EV/EBITDA multiple of 4.5x to Intralot's wholly owned operations.
Fitch also estimates EUR100 million of additional value stemming
from minority interests, mainly from emerging markets. In terms
of distribution of value, all unsecured debt would recover 58% in
the event of default consistent with an 'RR3' and an instrument
rating of 'BB-', one notch above the IDR.
DERIVATION SUMMARY
Intralot is positioned well in the 'B' rating category compared
to its peers. The main differentiating factor being its
visibility of revenue from recurring contracted EBITDA. Intralot
has smaller revenue and EBITDA than Ladbrokes, William Hill, IGT,
and Scientific Games. However, it does have good geographic
diversification and benefits from the more profitable emerging
markets. It also has an established position in the US, and is
well placed for potential future growth opportunities. Compared
to peers at the 'B' rating level, Intralot has certain
differentiating characteristics, such as the abovementioned
contracted EBITDA and specialist supplier technology expertise.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of 2% in 2017, accelerating in 2018 and 2019
underpinned by new contracts and some organic growth;
- EBITDA margin remaining steady at between 13.5% and 14.0%;
- Rental expenses lower as a result of leases associated with
expiring contracts;
- Minority profits fully paid out fully as dividends, EUR39
million in 2017, EUR44 million in 2018;
- CapEx higher in 2017 and 2018 due to contract renewals and
investments in new contracts which Fitch assumes will be
partially funded by debt drawdowns;
- Fitch forecast capex falling back towards about EUR45-50
million per annum from 2019; and
- No common dividends.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Revenue growth and steady profitability supported by a
stronger return on capital on existing and future contracts
with limited capex outlays
- FFO adjusted net leverage reducing sustainably below 3.0x
(or FFO gross lease adjusted leverage below 4.0x), with cash
deposited predominantly at investment grade-rated
counterparties
- FFO fixed charge cover above 3.0x, unaided by favourable
interest carry
- Evidence of sustained positive FCF generation in the low to
mid-single digits of sales.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Evidence that new contracts or renewals are occurring at
materially less favourable conditions for Intralot,
resulting in continuing weak EBIT margins of under 7%, large
upfront concession fees or capex outlays (2016: 8.2%)
- FFO adjusted net leverage sustainably above 4.5x (or FFO
adjusted gross leverage above 5.5x) (FY16: 4.3x and 5.6x
respectively)
- FFO fixed charge cover below 2.0x (2016: 1.8x)
- Material reduction in liquidity without a commensurate
reduction in gross debt levels
LIQUIDITY
Comfortable Liquidity Following Refinancing: At end-2016,
Intralot had EUR164 million of cash on its balance sheet, of
which about 7% was deposited in Greek banks, and around EUR65
million of undrawn availability under committed facilities. This
was sufficient for liquidity purposes with no significant debt
maturity until 2019, when the term facilities mature, while the
two bonds (totalling EUR500 million) mature during 2021. During
the start of 2017, Intralot drew EUR15 million under its RCF with
respect to the new Amelco partnership.
In response to the Greek debt crisis and to protect its liquidity
position, Intralot fully drew on its syndicated revolving credit
facility (RCF; EUR120 million of EUR200 million facility)
maturing May 2017. This was replaced by a new EUR225 million
syndicated facility maturing in 2019 (RCF EUR86 million, term
loan EUR99 million and standby RCF EUR40 million) following the
successful placement of the EUR250 million unsecured notes in
September 2016 extending maturities.
FULL LIST OF RATING ACTIONS
Intralot S.A.
-- Long-Term IDR affirmed at 'B+'; Outlook Stable (previously
Negative)
Intralot Capital Luxembourg S.A.
-- Senior unsecured notes affirmed at 'BB-'/RR3';
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I R E L A N D
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GTLK EUROPE: Fitch Assigns BB(EXP) Rating to USD Guaranteed Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Ireland-based GTLK Europe DAC's
upcoming issue of USD-denominated guaranteed notes an expected
'BB(EXP)' rating.
GTLK Europe is a 100%-owned Irish subsidiary of Russia-based PJSC
State Transport Leasing Company (STLC, BB/Stable), acting as an
operating entity utilising the favourable tax and regulatory
regimes of Ireland for leasing of aircraft and ships. The notes
will represent direct, unsubordinated and unsecured obligations
of GTLK Europe and will benefit from an unconditional and
irrevocable guarantee from STLC.
The proceeds will be used mainly for general corporate purposes
by GTLK Europe, including refinancing current outstanding USD-
denominated borrowings.
The facility agreement includes financial covenants on STLC
(maintenance of positive net interest income and an equity-to-
assets ratio of above 10%). The terms of the issue also provide
noteholders with a put option in case of the Russian sovereign
ceasing to control more than 75% of STLC's and/or GTLK Europe's
equity.
KEY RATING DRIVERS
The notes' rating is equalised with the STLC's Long-Term Foreign
Currency Issuer Default Rating (IDR), reflecting Fitch's view
that STLC, if required, would have a very strong propensity to
honour the obligation under the guarantee due to its publicly
expressed commitment to do so, and potential reputational damage
from not honouring the obligation.
STLC's Long-Term IDR in turn reflects Fitch's view of a moderate
probability of support for the company, if needed, from the
Russian sovereign (BBB-/Stable).
RATING SENSITIVITIES
The rating of the issue is likely to move in tandem with STLC's
Long-Term Foreign Currency IDR.
SMURFIT KAPPA: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch has affirmed Ireland-based packaging company Smurfit Kappa
Group plc's (SKG) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB+'. The Outlook is Stable. Fitch has also
affirmed the senior unsecured ratings of Smurfit Kappa
Acquisitions and Smurfit Kappa Treasury Funding at 'BB+'.
The affirmation reflects Fitch's expectation of continued healthy
cash flow generation and modest deleveraging, despite slightly
higher dividend distribution. The group's improving geographical
diversification continues to contribute to its leading packaging
market position in Europe and pan-regional coverage in the
Americas. Fitch expects leverage metrics to steadily improve,
largely due to profitability improvements from SKG's capex
investments, cost reduction programme and continuing
acquisitions.
KEY RATING DRIVERS
Solid Financial Performance: SKG continued to achieve solid
revenue growth in the year ended December 31, 2016 and Fitch
forecasts low-single-digit growth over the forecast period 2017-
2020, largely driven by better performance in the Americas and
increase in scale. Margins improved in 2016 despite significant
foreign-currency impacts and raw material cost increases and
Fitch expects these to remain relatively constant over the
forecast period.
Gradually Improving Metrics Support Rating: Management has a
stated target of maintaining a 'BB+' rating and in doing so
maintaining net debt/EBITDA at 2.0x-3.0x (2016: 2.4x reported).
The group's strategic focus and financial policies support
acquisition and capex-driven growth delivering shareholder
returns. Fitch therefore does not expect significant deleveraging
over the forecast period but Fitch forecast leverage and coverage
metrics to improve from investments generating profitability
growth. These metrics, together with strong margins and limited
volatility, position the group at the top-end of the 'BB+' rating
level.
Diversification Supported by M&A: The group continues to look to
increase scale and diversify its operations through M&A,
undertaking five acquisitions in 2016 for a consideration of
EUR41 million, considerably less than the EUR330 million
consideration for acquisitions in 2015. Most of the acquisitions
were in the Americas, as in 2015, and Fitch forecasts that SKG
will continue to undertake EUR150 million acquisitions annually.
Should the acquisitions be significantly larger than expected,
they would be likely to require debt funding, thereby negatively
affecting SKG's leverage, but countered by its likely improvement
in geographical diversification.
Leading Packaging Producer: SKG's ratings are supported by its
leading position in corrugated containers and exposure to the
relatively stable packaging markets. The group is further
supported by its vertical integration into containerboard,
providing some margin protection against raw material cost
inflation. In addition, around 60% of the group's revenues are
generated by clients in the fast-moving consumer goods sector,
which provides a level of stability to SKG's financial
performance.
Good Sub-Sector Fundamentals: The packaging sector has above-
average stability compared to the rest of the paper and wood
products sector, benefitting from growth in population,
disposable income, e-commerce, and convenience food and smaller
packaging sizes due to single households. In particular, paper
packaging benefits from a trend towards more sustainable,
recyclable materials. This contrasts with the paper sector's
structural decline, notably in graphic papers (newsprint,
magazines and catalogues) in mature markets in particular.
Global Company, Localised Production: The group is a global
leader in the packaging sector, with well-integrated operations
and logistics across its key European and Americas operations.
SKG's international exposure provides its larger clients with
international packaging support and provides SKG with greater
understanding of market developments. Its well-established
localised production facilities in its markets of operations
enable it to better meet specific regional requirements.
Limited Input Costs Risk: Fitch expects SKG's raw materials cost
increases to be largely passed through to customers in the short
to medium term. Input costs rose in 2016, but the group has
managed to impose containerboard and box pricing increases,
achieving margin improvement for the year.
DERIVATION SUMMARY
SKG is well positioned relative to its EMEA peers. Its ratings
are supported by its leading packaging market position, stable
and diversified customer base and good liquidity. The group's
relatively weaker leverage metrics and lower profitability
margins constrain its ratings compared to its investment-grade
peers, although this is mitigated by the group's strong FCF
generation.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- revenue growth of 1%-2% a year for 2017-2020;
- EBITDA margin flat at below 15%;
- net acquisitions of around EUR150 million annually over the
rating horizon;
- gradually increasing dividends, in line with higher
earnings;
- capex around EUR450 million annually over 2017-2020;
- restricted cash required for operational stability at EUR107
million.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Increased geographic and product diversification improving
business risk
- Stable or increasing EBITDA margin
- FFO-adjusted net leverage below 2.5x
- FCF margin above 2.5% (2015 outturn: 2.5%)
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action - Larger-than-expected acquisitions or
increased shareholder returns that further delay deleveraging
- FFO-adjusted net leverage above 3.5x on a sustained basis
- FCF margin below 1%
LIQUIDITY
Solid Liquidity Position: At end-2016, SKG had EUR443 million in
cash and short-term deposits (of which Fitch considers EUR107
million restricted for working-capital and other operational
requirements) and EUR729 million of undrawn committed credit
facilities, which is more than enough to offset the EUR137
million of short-term maturities. The positive expected FCF
generation over the next 12 months should also provide ample
coverage for debt service.
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I T A L Y
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UNICREDIT SPA: Moody's Assigns Ba1 Baseline Credit Assessment
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive Aa2 long-term
rating to the UniCredit S.p.A - Mortgage Covered Bonds 2 (CPT)
issued by UniCredit S.p.A.(the issuer, deposits Baa1 stable,
adjusted baseline credit assessment ba1, counterparty risk (CR)
assessment Baa1(cr)), which are governed by the Italian covered
bonds law.
RATINGS RATIONALE
A covered bond benefits from (1) the issuer's promise to pay
interest and principal on the bonds; and (2) following a CB
anchor event, the economic benefit of a collateral pool (the
cover pool). The ratings therefore reflect the following factors:
(1) The credit strength of UniCredit S.p.A. (deposits Baa1
stable, adjusted baseline credit assessment ba1, counterparty
risk (CR) assessment Baa1(cr)) and a CB anchor of CR assessment
plus 1 notch.
(2) Following a CB anchor event the value of the cover pool. The
stressed level of losses on the cover pool assets following a CB
anchor event (cover pool losses) for this transaction is 17.9%.
Moody's considered the following factors in its analysis of the
cover pool's value:
a) The credit quality of the assets backing the covered bonds.
The mortgage covered bonds are backed by Italian residential (77%
of the cover pool) and commercial (11% of the cover pool)
mortgage loans. The collateral score for the cover pool is 7.5%.
b) The legal framework /structure of the programme. In
particular, the conditional pass-through nature of the notes
reduces the covered bonds' default probability in case the issuer
ceases to make payments to covered bond holders. Moody's note
however that a breach of the amortization test following an
issuer's default remains likely and it would in turn lead to the
acceleration of the bond which limits the benefit of the long
maturity extension.
c) The exposure to market risk, which is 12.9% for this cover
pool.
d) The over-collateralisation (OC) in the cover pool is 49.2%, of
which UniCredit S.p.A. (deposits Baa1 stable, adjusted baseline
credit assessment ba1, counterparty risk (CR) assessment
Baa1(cr)) provides 7.5% on a "committed" basis (see Key Rating
Assumptions/Factors, below).
The TPI assigned to this transaction is Probable. Moody's TPI
framework does not constrain the rating. The main driver for
assigning a Probable TPI is the acceleration risk embedded into
the structure, which limits the effectiveness of the conditional
pass-through features in reducing the refinancing risk. Moody's
TPI framework does not constrain the rating.
As of December 31, 2016, the total value of the assets included
in the cover pool is approximately EUR 19 billion, comprising EUR
14.6 billion residential mortgage loans, EUR 2.1 commercial
mortgage loans and EUR 2.2 billion substitute assets. The
residential mortgage loans have a weighted-average (WA) seasoning
of 90 months and a WA loan-to-value (LTV) ratio of 49.2%. The
commercial mortgage loans have a WA seasoning of 100 months and a
WA LTV ratio of 29.3%.
The definitive ratings that Moody's has assigned address the
expected loss posed to investors. Moody's ratings address only
the credit risks associated with the transaction. Moody's did not
address other non-credit risks, but these may have a significant
effect on yield to investors.
KEY RATING ASSUMPTIONS/FACTORS
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor); and (2) the stressed losses on the cover
pool assets should the issuer cease making payments under the
covered bonds (i.e., a CB anchor event).
The CB anchor for this programme is CR assessment plus 1 notch.
The CR assessment reflects an issuer's ability to avoid
defaulting on certain senior bank operating obligations and
contractual commitments, including covered bonds. Moody's may use
a CB anchor of CR assessment plus one notch in the European Union
or otherwise where an operational resolution regime is
particularly likely to ensure continuity of covered bond
payments.
The cover pool losses for this programme are 17.9%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market
risk of 12.9% and collateral risk of 5%. Market risk measures
losses stemming from refinancing risk and risks related to
interest-rate and currency mismatches (these losses may also
include certain legal risks). Collateral risk measures losses
resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this programme is currently 7.5%.
The over-collateralisation in the cover pool is 49.2%, of which
UniCredit S.p.A. (deposits Baa1 stable, adjusted baseline credit
assessment ba1, counterparty risk (CR) assessment Baa1(cr))
provides 7.5% on a "committed" basis. The minimum OC level
consistent with the Aa2 rating is 3%. These numbers show that
Moody's is not relying on "uncommitted" OC in its expected loss
analysis.
All numbers in this section are based on Moody's most recent
modelling (based on data, as per December 31, 2016).
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.
For UniCredit S.p.A - Mortgage Covered Bonds 2 (CPT), Moody's has
assigned a TPI of Probable. The main driver for assigning a
Probable TPI is the acceleration risk embedded into the
structure, which limits the effectiveness of the conditional
pass-through features in reducing the refinancing risk.
Factors that would lead to an upgrade or downgrade of the
ratings:
The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to an upgrade or downgrade of the covered
bonds. The TPI Leeway measures the number of notches by which
Moody's might lower the CB anchor before the rating agency
downgrades the covered bonds because of TPI framework
constraints.
Based on the current TPI of "Probable", the TPI Leeway for this
programme is 2 notches. This implies that Moody's might downgrade
the covered bonds because of a TPI cap if it lowers the CB anchor
by 2 notches all other variables being equal.
A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.
RATING METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in December 2016.
SAFILO GROUP: S&P Affirms Then Withdraws 'B+' CCR
-------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo Group SpA. S&P
subsequently withdrew the rating at the issuer's request. The
outlook was stable at the time of withdrawal.
At the time of withdrawal, Safilo's business risk profile
reflected the negative track record in the renewal of some key
license agreements, as well as the transition phase the company
is facing with the early termination of Gucci's license.
In addition, weakness in Safilo's recent operating performance
demonstrates some ongoing delays and execution risks in the
implementation of its business strategy to consolidate the
position of its own brands (namely Carrera, Polaroid, and Smith).
Positively, the company's revenue base is quite diversified in
terms of geographical regions (between mature and emerging
markets) and product category categories (luxury, mass, and
sport). S&P also notes that Safilo will benefit from a EUR30
million cash-in from Kering S.A. in 2018 (representing the last
tranche of the EUR90 million compensation for Gucci's early
termination of the license). This will provide the company with
external resources in order to implement its strategy. At end-
2016, the credit ratios were solid for the rating category.
However, if the weak trend in operating performance continues,
this would deteriorate over the next two years.
=====================
N E T H E R L A N D S
=====================
SPECIALTY CHEMICALS: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Specialty Chemicals International B.V. (Dutch HoldCo),
the intermediate holding company of the combined intermediates,
coating, and composites producers Polynt Group and Reichhold.
The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the EUR413
million term loan borrowed by Specialty Chemicals Holding II
B.V., Specialty Chemicals International Inc., Reichhold Holdings
International B.V., Polynt Composites USA Inc., and Reichhold LLC
2. The recovery rating on the term loan is '3', indicating S&P's
expectation of meaningful recovery (50%-70%; rounded estimate
60%) in the event of payment default.
The ratings follow the announcement that Dutch HoldCo has
refinanced the combined group capital structure. The group has
recently received the required regulatory approvals to combine
intermediates and specialty chemicals producer Polynt Group with
the supplier of unsaturated polyester resins Reichhold. The
approval is subject to the divestiture of certain assets to
Ashland Global Holdings Inc., following completion of the
combination.
Several operating and nonoperating entities within the new
combined group have issued debt to fund the refinancing, in the
form of a EUR413 million senior secured term loan, to which S&P
has assigned its 'B' rating, and EUR197 million of senior secured
notes (not rated). In addition, the transaction includes a
super-senior secured EUR60 million revolving credit facility
(RCF; not rated) which was not expected to be drawn at closing,
and common equity provided by the sponsors. Funds managed by
Investindustrial and Black Diamond Capital Management L.L.C. have
become equal investors and collectively are majority stakeholders
in the combined business.
After combining Polynt Group and Reichhold, Dutch HoldCo will
become a vertically integrated specialty chemical producer. The
group will serve a wide variety of product applications and end-
markets globally. The combined products' portfolio will
primarily comprise composites and coating resins, with the
balance coming from specialties. Additionally, a small portion
of revenues will be generated from the sale of intermediates and
anhydrides that are not used internally as raw materials in the
manufacturing of coatings and composites.
S&P's assessment of business risk is constrained by Dutch
HoldCo's relatively small size, with EBITDA of less than EUR200
million (excluding synergies), and by its exposure to cyclical
end-markets. In addition, Dutch HoldCo needs to establish its
track record as an integrated entity, and realize synergies
arising from the combination. On a net basis (including
implementation costs), management anticipates the synergies to
deliver a meaningful contribution to EBITDA only from 2018-2019.
The combined group's end markets will include building and
construction (35% of pro forma revenues in 2016), transportation
(18%), housing appliances (11%), and electronic (10%) in various
regions. On a pro forma basis, Europe and North America account
for 41% and 35% of revenues, respectively. This is expected to
reduce the group's exposure to demand volatility in single
geographies.
Following the divestment of its unsaturated polyester resins
plant in Etain (France), Dutch HoldCo's manufacturing footprint
will be diverse, with more than 45 plants across Europe, North
America, Latin America, the Middle East, and Asia.
Most of the raw materials utilized in the production process are
derived from crude oil and other crude oil feed stocks. The
exposure to the risks arising from volatile raw materials is
entirely determined by supply contracts, and can be mitigated by
price renegotiation clauses with suppliers and pass-through
clauses in contracts with customers (quarterly/monthly price
revisions), so that there is a limited time lag.
The absence of long-term contract agreements with customers is
partially mitigated by Dutch HoldCo's long-standing relationship
with key clients of about 10 years on average, historically, and
its track record of passing-through raw material price increases.
Currently, the low crude oil prices support the group, but its
margin is still below average compared with the 12%-20% we
typically see in specialty chemical companies.
In S&P's base case, it assumes for 2017-2018:
-- 4.0%-5.5% revenue growth across the business over the next
two years. This is supported by the sound demand from end-
consumer industries.
-- Consolidated EBITDA margin improving and stabilizing,
albeit still below average of 12%-20% for the specialty
chemical industry. This reflects better integration and
cost efficiencies stemming from the combination, and
improved capacity management. Costs synergies, supply
chain optimization, and operational improvements at
manufacturing plants are expected to benefit the combined
business' EBITDA over the next three years.
-- Neutral raw-material effect because the group will retain
its ability to pass through price increases. However, the
recent recovery in oil price, which could trigger further
volatility for some raw materials, could reduce the
profitability of the group if price increases were not
passed-through accordingly.
-- Negative working capital outflows in both years, as sales
and volumes are expected to expand following the merger.
In particular, adverse volatility of raw material could
inflate working capital and result in materially higher net
outflows. Limited maintenance capital expenditure (capex)
of EUR50 million-EUR55 million a year or about 2%-3% of
sales.
-- No acquisitions or disposals, and zero dividends over the
forecast horizon, under the guidance of management.
-- EUR413 million term loan and EUR197 million notes to be
issued for seven years.
-- Multipurpose super senior RCF of EUR60 million to be signed
simultaneously with the transaction, and not expected to be
drawn at closing.
-- S&P also adjusts debt to reflect operating leases of
EUR17.6 million and postretirement plan funding deficit of
EUR20.4 million.
Based on these assumptions, S&P arrives at these credit measures
for 2017-2018:
-- Funds from operations (FFO) to debt of approximately 15.5%-
16.5%;
-- Debt to EBITDA of 3.5x-3.7x; and
-- EBITDA interest coverage of approximately 3.5x-4.5x.
The stable outlook reflects S&P's view that Dutch HoldCo will be
able to increase volumes and realize synergies stemming from the
combination, to report consolidated EBITDA of about
EUR170 million-EUR180 million in 2017 under S&P's base-case
scenario, and maintain an adjusted debt to EBITDA ratio of 3.5x-
3.7x in the next 12 months.
S&P could lower the rating if leverage increased as a result of a
material weakening of the company's performance or downturn in
the industry. This would happen if adjusted debt to EBITDA
increases to about 5.0x-5.5x without near-term prospects of
recovery. Alternatively, S&P could lower the rating in case of
deteriorated liquidity, large debt-funded acquisition, or a
significant dividend payment.
Raising the rating is a more remote scenario as it would require
a sustained improvement in the EBITDA margin to an average of
about 12%, and the business to display a track record of
successful integration. This could be, for example, demonstrated
by the sustainable generation of free operating cash flow leading
to deleveraging to an adjusted debt to EBITDA ratio of about
3.0x-3.5x. Importantly, if S&P was to raise the rating, it would
need to see commitment and track record of lower leverage from
both private equity sponsors.
===========
R U S S I A
===========
ALFA-BANK JSC: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' long- and short-term
counterparty credit ratings on Russia-based Alfa-Bank JSC. The
outlook is positive.
At the same time, S&P affirmed the 'ruAA' Russia national scale
rating.
S&P also affirmed the 'B+/B' long- and short-term counterparty
credit ratings on non-operating holding company ABH Financial
Ltd., Alfa-Bank's Cyprus-based owner. The outlook is positive.
The affirmation reflects S&P's opinion that Alfa-Bank continues
to enjoy a track record of healthy and above-peer pre-provision
income, benefiting from a strong business position despite a
weaker market share than the other top banks in Russia. S&P
believes that the bank has maintained a higher quality risk
profile in recent years, which has proven to be more resilient
than that of most peers, despite the ongoing economic problems
besetting the Russian economy.
The bank has recovered faster from the crisis than S&P expected,
seen in lower nonperforming loans (NPLs; loans overdue by 90 days
or more) than system average (4.4% versus 10% for peers) as well
as lower cost of risk (1.1% versus 2.1% for peers). Over the
next three to five years, the bank aims to significantly increase
its market share in loans, deposits, and income.
S&P considers Alfa-Bank's risk tolerance as low and its lending
standards as conservative and in S&P's base-case scenario it
expects no significant changes in its risk appetite. Therefore,
S&P considers the bank's growth strategy as feasible based on its
expectation that Alfa-Bank will grow without significant
deterioration in asset quality as it pursues good-quality
clients. In S&P's view, funding costs significantly lower than
Russian peer average (4.74% versus 6.04%) will further support
growth, although the growth strategy will likely lead to some
decrease in margins, which S&P incorporates in our forecast.
NPLs at the group level were at 4.4% at year-end 2016, down from
7.1% at year-end 2015, mostly thanks to write-offs and some
recoveries. S&P expects the bank's credit costs to be about 1.5%
in 2017-2018 and to stay below the system average of 2.5%-3.0%,
given its well-ingrained risk-management procedures and controls
and its proactive reactions in terms of collateral foreclosure.
While some new problems may appear on the back of the higher
growth rate, S&P expects that no material problem loans will
arise and that the NPL level will remain around 4.0%-4.5%.
Alfa-Bank does, however, maintain a significant single-party
concentration in loans, in S&P's view. The ratio of the top 20
loans to the total loan portfolio has been at around 42%-45% over
the past several years, which somewhat reflects the bank's large
corporate financing focus. At the same time, S&P understands
that when the economy decelerates, Alfa-Bank's loan portfolio
shrinks and the bank tends to rely more on large borrowers with
higher-than-average credit quality. Even though such
concentration levels are in general on par with those of local
peers, S&P considers them as very high in a global context.
S&P believes that Alfa-Bank will continue to show good positive
results, but that its internal capital generation capacity will
lag risk-weighted assets growth. Therefore, S&P expects its
risk-adjusted capital (RAC) ratio will decline to about 8.0% over
the next 12-18 months, gradually reducing from 8.6% as of year-
end 2016.
The positive outlook on Alfa-Bank and its non-operating holding
company ABH Financial reflects the possibility that S&P could
raise the long-term ratings in the next 12 months if it observes
that the group, despite the still difficult operating environment
in Russia, had managed to continue improving its risk metrics and
preserve its risk profile strengths as compared with those of
peers.
A positive rating action would require that Alfa-Bank continue to
benefit from sound capitalization (with its RAC ratio standing
sustainably above 7% over 2017-2018), maintain prudent risk
management with gradually improving loan book concentrations,
credit losses below normalized losses, and good asset quality
with no additional risk-taking while targeting growth.
S&P could revise the outlook to stable if it observes significant
changes in the group's risk appetite that could lead to asset
quality deterioration to system-average levels, higher credit
costs than currently envisaged, or if S&P believes that the
group's capital is no longer sufficient to cover the risks it
bears.
O1 PROPERTIES: Moody's Rates Proposed $150MM Domestic Bonds B1
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
proposed $150 million domestic bonds due in 2021 to be issued by
O1 Properties Finance JSC and guaranteed by O1 Properties Limited
(O1). The outlook on the ratings is stable.
O1 Properties Finance JSC will issue the bonds for the sole
purpose of financing loans to O1 and its key operating
subsidiaries. Moody's expects that the issuance proceeds will be
used for repayment of part of the company's existing debt.
The bonds will be denominated in US dollars and settled in
Russian rubles at the exchange rate determined by the Central
Bank of Russia for the relevant date.
RATINGS RATIONALE
The B1 rating assigned to the domestic bonds is in line with O1's
B1 corporate family rating (CFR), which reflects its (1) large
high quality office property portfolio; (2) leading position in
the most lucrative and stable segment in Russia of Class A
properties in Moscow's central business district (CBD); (3)
diversified top-tier tenant base; (4) balanced lease terms and
maturities; and (5) conservative development strategy with
current development risk limited to below 5% of its total
portfolio.
The company's strong business profile partly mitigates the risks
related to its high geographic concentration in Moscow. The
capital city, while the largest and the most stable market in
Russia, remains vulnerable to the country's economic cycles and
its less developed regulatory, political and legal framework.
However, the rating is constrained by O1's historically leveraged
financial profile, which was further pressured by negative asset
revaluations and declines in rental income on the back of
macroeconomic decline and material local currency depreciation.
Although the adoption of a more conservative financial policy and
some stabilisation in the market will likely result in gradual
deleveraging in 2017, O1's financial metrics will still remain
fairly weak and subject to the uncertainties related to economic
developments in Russia. The company will also remain reliant on
secured debt funding at its properties level and will stay
exposed to foreign exchange risks. O1's sound liquidity position
partly offsets the risks related to its elevated level of
leverage.
STRUCTURAL CONSIDERATIONS
The domestic bonds will be issued by O1 Properties Finance JSC, a
financing vehicle established solely for the purpose of the
issuance, and guaranteed via the surety provided by O1 Properties
Limited. The bonds constitute general unsecured and
unsubordinated obligations of O1, ranking pari passu with all of
its other unsecured and unsubordinated indebtedness, and are
subordinated to the company's property-level secured debt. O1's
senior unsecured bond ratings are not notched down from the CFR
for subordination, in line with Moody's notching practices for
REITs and commercial property firms rated at Ba3 or below.
Following the issuance, secured debt at the properties level will
reduce to around 70% of the company's total reported debt (around
80% as of end 2016), while unsecured bonds at the parent level
will represent the remaining 30%. Although substantially all of
O1's property portfolio is pledged, the secured indebtedness is
generally structured to have recourse to only the property that
is pledged in its support rather than the entire group. The
company also benefits from the substantial assets value even
after negative revaluations in H1 2015-16 with the adjusted
secured leverage at approximately 50% of total assets implying a
comfortable coverage ratio for unsecured debt of more than 2x
with some buffer for fluctuations in asset values. These factors
provide adequate financial flexibility in relation to unsecured
creditors.
The assignment of B1 rating to domestic bonds -- at the level of
the company's CFR -- also reflects the surety provided by O1. The
surety is in a form that should give bondholders the ability to
make a guarantee claim on O1 for repayment of the bonds if O1
Properties Finance JSC defaults. However, under Russian
suretyship law O1 has certain rights to raise defences to
bondholder claims and therefore to avoid or reduce its liability.
While the rating agency recognizes that the surety is arguably as
strong a guarantee as can be given by a non-financial corporate
in Russia, this potential bondholder exposure is something
Moody's considers to be inconsistent with the equalization of the
rating of O1 Properties Finance JSC's bonds with the rating of O1
based solely on the strength of the surety.
At the same time, the assessment positively considers that the
credit support provider's self-interest in maintaining the
creditworthiness and business viability of O1 Properties Finance
JSC is quite substantial. While this interest does not fully
mitigate potential legal deficiencies in the surety and
irrevocable offers, it is sufficient for the bonds to be aligned
with and uplifted to O1's rating at the B1 level. The factors
considered were (1) the degree to which the operations of the
companies are interwoven; (2) the degree of business and
financial disruption that would result for O1 or its corporate
family if payments by O1 Properties Finance JSC are not made on
time; and (3) the extent to which the support package, while
generally deficient in some respects, still represents a
relatively strong commitment within the current limitations of
Russian Law.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's view that despite the weak
economic climate prevailing in Russia, O1 will continue to
produce healthy cash flows, leveraging its competitive market
position with its high quality office portfolio in prime Moscow
locations, strong tenant base, and balanced lease terms. Moody's
also expects the company to continue to adhere to its
conservative financial and development policy, which will allow
it to improve and maintain its adjusted "effective" leverage
below 75% and adjusted fixed charge coverage at 1.4x or above,
while preserving its historically solid liquidity profile.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward pressure on the rating could develop if, on a sustained
basis, adjusted "effective" leverage and adjusted fixed-charge
coverage were to trend towards 60% and 2.0x, respectively; and
secured debt/total assets were to stay below 50%, while O1
preserves its strong liquidity and operating profile.
O1's rating could come under pressure if the company were to face
a material deterioration in its business and financial profile,
with adjusted "effective" leverage exceeding 75% and adjusted
fixed-charge coverage falling below 1.4x on a sustained basis. A
noticeable deterioration of the company's liquidity could also
pressure the rating.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
O1 Properties Group (O1) is Russia's leading real estate
investment company. It manages, develops, and acquires office
properties in Moscow. O1 owns a portfolio of 13 yielding assets
with net rentable area of 492.000 square meters, generating $368
million in annual rental income. Including two development
projects, the reported gross asset value of its real estate
portfolio stood at $3.7 billion as of end-2016. The company also
participates with a 50%+1 share in a JV for the "Bolshevik"
development project with a total reported gross asset value of
$281.4 million.
=========
S P A I N
=========
HNVR MIDCO: S&P Assigns 'B' CCR, Outlook Stable
-----------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Spain-based independent accommodations distributor HNVR
Midco Ltd. (Hotelbeds). The outlook is stable.
At the same time, S&P assigned its 'B' issue rating and '4'
recovery rating to the company's amended senior secured debt
facilities, comprising a EUR1,007.6 million term loan B (TLB) and
a EUR247.5 million revolving credit facility (RCF). The '4'
recovery rating indicates S&P's expectation of 45% recovery in
the event of a payment default.
S&P's rating on Hotelbeds reflects S&P's assessments of the
company's business risk profile as weak and financial risk
profile as highly leveraged. Hotelbeds is a global independent
business-to-business (B2B) accommodation distributor offering
hotel rooms and ancillary products -- such as transfers,
excursions and tours, meetings and events, visa processing
outsourcing, and cruise handling services -- to the travel
industry. Founded in 2001, the company is based in Palma de
Mallorca, Spain.
The recent agreements to acquire Tourico and GTA are
strategically positive for business, in S&P's view, including
higher scale and scope and further geographic expansion into the
U.S. and Asia-Pacific, and should unlock synergies.
Nevertheless, S&P views the integration and execution risks as
material, because the company will simultaneously face
integrating two similar companies with many overlapping functions
and different IT platforms, very shortly after its carve-out from
TUI. S&P also notes the carve-out of GTA is part of a complex
transaction underway at Kuoni, and many aspects are still to be
defined. S&P do not expect the GTA acquisition to close before
the end of 2017.
In S&P's opinion, Hotelbeds' business risk profile is
characterized by the high degree of cyclicality and seasonality
inherent in the travel industry. Its cyclicality is somewhat
less than that of a traditional travel operator, in S&P's view,
given its relatively asset-light nature, but its seasonality is
very pronounced, as about 55% of EBITDA is generated in its
fourth quarter (financial year end is Sept. 30). In addition,
the B2B bedbank segment, from which Hotelbeds derives the bulk of
its profit, is highly competitive and fragmented. Hotelbeds is
the global market leader in the segment but has only about 15%
market share (pro forma for TH and GTA). In S&P's view, because
the online travel agency and lodging segments continue to
consolidate and offline-online migration continues, Hotelbeds
could be adversely affected by disintermediation. S&P also views
Hotelbeds as exposed to typical event risks in the travel sector,
such as natural disasters, and geopolitical incidents, including
terrorism attacks like those seen recently in France, Turkey, and
Egypt. These markedly dampened GTA's performance in 2016.
Lastly, although S&P understands that Hotelbeds has operated
within TUI semi-autonomously under a long-standing management
team, S&P lacks a track record of Hotelbeds operating fully
independently. Consequently, S&P considers that Hotelbeds faces
increased risks as it integrates TH and GTA at the same time.
These constraints are to an extent offset by Hotelbeds' leading
market position, with notable scale, especially in its core,
expanding bedbank market, which offers some barriers to entry, in
S&P's view. S&P's assessment also takes into account Hotelbeds'
broad geographic diversity both in terms of source and
destination markets. Its products are present in over 185
countries, and although Europe is its most important source
market, S&P understands Asia-Pacific is emerging as an important
growth engine in the near term. Moreover, the GTA acquisition
will extend Hotelbeds' reach in Asia-Pacific, given GTA's strong
presence in the region. S&P also views positively the expected
strengthened position in the U.S., both as a source and
destination market, given TH's local focus. In terms of
profitability, S&P views Hotelbeds' margins as average for the
industry.
"We assess Hotelbeds' financial risk profile as highly leveraged,
considering its relatively high post-transaction debt for this
business as well as its private equity ownership, leaving minimum
headroom under the current ratings. We view risks of foreign-
exchange movements as higher, given that TH's business is
predominantly in U.S. dollars, GTA has substantial exposure to
various currencies in Asia-Pacific, and all debt is mostly
denominated in euros. We are unaware of any material hedges to
be put in place and consider currency fluctuations an important
risk. We also understand and assume that the equity to be rolled
over from EQT and current Kuoni shareholders, as part of the
acquisition, will comply with our criteria to be considered as
pure equity, in line with the original transaction of Hotelbeds
from TUI. We will revisit this point once we receive final
documentation," S&P said.
S&P estimates pro forma adjusted leverage (debt to EBITDA) at
about 6.8x as of Sept. 30, 2017, and S&P anticipates this metric
will remain in the highly leveraged category over the next 12-24
months. However, S&P expects leverage will reduce to about 5.8x
in fiscal 2018, mainly owing to its estimate of realized
synergies. Still, S&P notes this deleveraging depends on the
company's ability to smoothly execute its strategy and contain
any integration or unexpected costs arising from the three-way
merger transaction. Adjusted EBITDA interest coverage will
likely remain above 3.0x over the same period, together with
positive free operating cash flow (FOCF) generation, owing to
Hotelbeds' business model of negative working capital and
relatively low net capital expenditures (capex).
S&P makes note that its financial analysis is based mostly on
independent third-party due diligence reports because audited
accounts are not yet available for the Hotelbeds-TH-GTA combined
entity.
The stable outlook reflects S&P's view that Hotelbeds will post
good operating performance, with 5% to 7% total transaction value
growth in fiscal 2017, while maintaining adequate liquidity and
generating positive FOCF. S&P expects these growth levels will
be sustained in 2018, mostly on account of its pro forma scale,
further geographic reach, and synergies to be realized. However,
S&P also expects adjusted debt to EBITDA will remain markedly
above 5x over the next 12-18 months.
S&P could take a negative rating action on Hotelbeds if audited
financial statements differ notably from those presented in the
due diligence reports, causing S&P's credit metrics to
deteriorate substantially vis-a-vis our current base case. S&P
could also lower the ratings if poor operating performance causes
adjusted free cash flow to deteriorate significantly. This could
occur, for example, if integration costs turn notably higher than
anticipated and synergies below expectations, or if revenue
trends were to reverse and start declining, leading to potential
difficulties on the working capital management front. A
pronounced deterioration in liquidity or adjusted operating cash
flow to debt falling below 5% could also result in a negative
rating action.
An upgrade is unlikely over the next 12 months, given Hotelbeds'
limited track record of operating as a stand-alone company,
together with the complexity of integrating TH and GTA, and its
high debt burden. Over the long term, S&P would view sustainable
positive FOCF, leverage remaining below 5x, and a sustainably
more conservative financial policy as supportive of a higher
rating.
BANCO POPULAR LEASING 3: Moody's EUR220MM Series B Notes 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by IM GRUPO BANCO POPULAR LEASING 3,
FT (the Issuer):
-- EUR880M Series A Notes due August 2050, Definitive Rating
Assigned A2 (sf)
-- EUR220M Series B Notes due August 2050, Definitive Rating
Assigned Caa2 (sf)
IM GRUPO BANCO POPULAR LEASING 3, FT is a cash securitization of
lease receivables granted by Banco Popular Espanol, S.A. ("Banco
Popular", Long Term Deposit Rating Ba3 Not on Watch, Long Term
Senior Unsecured Rating (P)B1 Not on Watch, Long Term
Counterparty Risk Assessment Ba2(cr) Not on Watch) and Banco
Pastor, S.A. (NR) to corporates, small and medium-sized
enterprises (SMEs) and self-employed individuals located in
Spain.
RATINGS RATIONALE
The ratings of the notes are primarily based on the analysis of
the credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external
counterparties and the protection provided by credit enhancement.
The provisional pool analysed was, as of April 2017, composed of
a portfolio of 37,428 lease contracts granted to obligors located
in Spain. Most of the assets were originated between 2014 and
2016, and have a weighted average seasoning of 2.3 years and a
weighted average remaining term of 5.1 years. The securitised
portfolio includes different sub-pools characterised by the
nature of the leased assets: real estate (21.4%), equipment
(32.7%), vehicles (42.4%) and other (3.5%). The top three
industry sectors in the pool, in terms of Moody's industry
classification, are Transportation Cargo (26.6%), Construction &
Building (11.4%) and Beverage, Food & Tobacco (9.4%).
Geographically, the borrowers are located mostly in the regions
of Andalusia (19.1%), Catalonia (18.4%) and Madrid (16.1%). At
closing, any leases more than 30 days in arrears will be excluded
from the final portfolio. The securitized portfolio does not
include the so-called "residual value instalment", i.e. the final
instalment amount to be paid by the lessee (if such option is
chosen) to acquire full ownership of the leased asset.
The transaction benefits from a cash reserve which is funded at
closing and is equivalent to 3% of the original balance of the
pool of assets. This reserve fund provides liquidity protection
to the notes over the life of the transaction and credit
protection on the final maturity. In addition, Series A Notes
benefit from the subordination of Series B Notes, which represent
20% of the total issue.
In Moody's view, the credit positive features of this deal
include, among others: (i) the pool granularity with an effective
number of obligors exceeding 600, (ii) the portfolio
diversification across industry sectors and geographical regions;
(iii) the low exposure to the real estate development sector,
representing 5.4% of the pool volume, (iv) the short weighted
average life of the portfolio of 2.8 years. The transaction also
shows a number of credit weaknesses, including: (i) the
historical recovery data provided by Banco Popular and the
performance observed on its previous leasing transactions show
below average recoveries compared to the Spanish market; (ii)
high degree of linkage to Banco Popular acting as key
counterparty in the transaction in its role of servicer and
treasury account holder; (iii) absence of interest rate hedge
mechanism in place while the notes pay a floating coupon and
29.6% of the pool balance are fixed rate leases.
In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitised portfolio due to its
granularity. The rating agency derived the default distribution,
namely the relevant main inputs such as the mean default
probability and its related standard deviation, via the analysis
of: (i) the characteristics of the loan-by-loan portfolio
information, complemented by the available historical vintage
data; (ii) the potential fluctuations in the macroeconomic
environment during the lifetime of this transaction; and (iii)
the portfolio concentrations in terms of industry sectors and
single obligors. Moody's assumed the cumulative default
probability of the portfolio to be equal to 11.2% over a weighted
average life of 2.8 years (equivalent to a B1 rating proxy), with
a coefficient of variation (CoV, i.e. the ratio of standard
deviation over mean default rate) of 35.6%. The rating agency has
assumed stochastic recoveries with a mean recovery rate of 35%
and a standard deviation of 20%. Given legal uncertainties to
access recovery proceeds on defaulted leases upon insolvency of
the originator, Moody's assumed a 15% stressed mean recovery rate
upon originator default. In addition, Moody's has assumed the
prepayments to be 10% per year. These assumptions correspond to a
portfolio credit enhancement of 21%.
Counterparty risks:
Banco Popular and Banco Pastor, S.A. will act as servicers of the
leases, while InterMoney Titulizacion, S.G.F.T., S.A. will be the
management company (Gestora) of the Issuer.
All of the payments under the assets in the securitised pool are
paid into the servicer's account and swept daily into an issuer
account held at Banco Santander S.A. (Spain) ("Banco Santander",
Long Term Deposit Rating A3 Not on Watch, Short Term Deposit
Rating P-2 Not on Watch). Moody's has considered one month of
lost collections upon insolvency of the servicer due to potential
commingling risk. In addition, Banco Popular acts as paying agent
and will hold the Issuer's treasury account which, two business
days before each monthly payment date, will receive the amounts
to be paid under the waterfall. Moody's has considered this
additional exposure to Banco Popular in its analysis.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. Moody's ratings address only
the credit risk associated with the transaction, Other non-credit
risks have not been addressed but may have a significant effect
on yield to investors.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to a downgrade of the
ratings affected by action would be (1) worse-than-expected
performance of the underlying collateral; (2) an increase in
counterparty risk; (3) an increase in country risk.
Factors or circumstances that could lead to an upgrade of the
ratings affected by action would be the better-than-expected
performance of the underlying assets, a decline in counterparty
risk or decreased country risk.
Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. If the assumed default probability of
11.2% used in determining the initial rating was changed to 14.6%
and the recovery rate of 35% was changed to 25%, the model-
indicated ratings for Series A and Series B of A2(sf) and
Caa2(sf) would be Baa2(sf) and Ca(sf) respectively.
Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.
===========
S W E D E N
===========
MUNTERS AB: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------
S&P Global Ratings placed its 'B' long-term corporate credit
rating on Sweden-based air treatment solutions provider Munters
AB on CreditWatch with positive implications.
At the same time, S&P affirmed its 'B' issue ratings on its $280
million senior secured term loan and $75 million revolving credit
facility (RCF). The recovery rating remains at '4', indicating
S&P's expectation of average recovery (30%-50%, rounded estimate:
45%) in the event of a payment default. S&P will withdraw its
recovery and issue ratings on these facilities upon completion of
Munters' refinancing.
In addition, S&P assigned its 'B+' issue ratings to Munters'
proposed new senior unsecured facilities, comprising a
$250 million term loan B and a EUR185 million RCF, with a
recovery rating of '4', indicating S&P's expectation of average
recovery (30%-50%, rounded estimate: 40%).
The CreditWatch placement follows Munters' announcement on
April 27, 2017, and subsequent publication of a prospectus on
May 9, 2017, for the launch of an initial public offering (IPO),
with trading expected to start on May 19, 2017. The majority of
the shares will be offered by the company's financial sponsor,
Nordic Capital Fund VII. S&P understands that the IPO's
successful completion would reduce Nordic Capital Fund VII's
ownership to 50.1%-54.4%, depending on any exercise of over-
allotment options.
In connection with the offering, the shareholder loan of about
Swedish krona (SEK) 2.7 billion will be converted to equity
through a directed set-off of new common shares to the selling
shareholder. S&P treats these loans as equity, because they are
deeply subordinated to all of Munters' existing debt instruments,
and no mandatory cash payments can be associated with this
instrument. As such, the conversion will not materially change
S&P's forecasted credit ratios.
S&P assumes that the issuance of new shares will result in net
proceeds, after transaction costs, of about SEK33 million.
Munters' external interest-bearing loans amount to almost
SEK3.2 billion as of March 31, 2017. Although S&P believes the
company will use the net proceeds to deleverage, this debt
reduction would have a limited impact on the company's credit
ratios. In connection with the IPO, S&P understands that the
company expects to refinance its existing senior secured
facilities with new credit facilities, ushering in lower interest
expenses. Although the financial sponsor will maintain a
majority stake in the company, S&P believes that the broadening
of the shareholder base will positively affect the company's
financial policy and that there is lower risk of re-leveraging
beyond debt to EBITDA of 5x. This is further supported by the
company's new leverage target of net debt to the company's
adjusted EBITDA of 1.5x-2.5x. The ratio stood near 3.5x at year-
end 2016. S&P views favorably the company's leverage target,
although S&P notes that it will likely take some time for the
company to reach those levels.
Any change in S&P's opinion of Munters' financial risk profile
would be contingent on the final ownership structure and S&P's
view of the company's financial policy, as well as Munters'
willingness and ability to maintain S&P Global Ratings-adjusted
debt to EBITDA below 5x. S&P notes that the company intends to
distribute annual dividends of 30%-50% of income, which, together
with larger-than-expected acquisitions, could weigh on credit
ratios.
The ratings continue to incorporate S&P's view of Munters'
business risk profile, which it considers to be constrained by
the company's limited scale and scope of operations in a global
comparison. However, S&P believes these weaknesses are mitigated
by Munters' leading market positions in its major niche markets,
strong brand, customer relationships, and improving operating
track record. Munters operates in several global end markets,
including lithium-ion batteries, data center cooling, power,
supermarkets, and food and agriculture. Also, S&P acknowledges
the company's exposure to cyclicality in the power end market.
The CreditWatch reflects that S&P would raise its long-term
corporate credit rating on Munters by one notch on successful
completion of the IPO if the transaction is executed in line with
S&P's expectations.
S&P aims to resolve the CreditWatch placement over the next 90
days, on completion of the IPO.
S&P will assess the impact of any debt reduction on Munters'
financial risk profile, as well as review the ownership
structure, including reduced financial sponsor ownership. Aside
from the successful completion of the IPO, ratings upside would
hinge on S&P's view of Munters' ability to continue to deliver
stronger credit metrics, its ultimate shareholding structure and
financial policy, and its liquidity remaining adequate, in S&P's
view.
S&P would most likely affirm its ratings on Munters if the IPO
does not close successfully.
===========================
U N I T E D K I N G D O M
===========================
CLAVIS SECURITIES 2007-01: S&P Raises Rating on M2b Notes to BB+
----------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Clavis
Securities PLC's series 2007-01.
Specifically, S&P has:
-- Raised its ratings on the class AZa, M1a, M1b, M2a, and
M2b, notes; and
-- Affirmed its ratings on the class A3a, A3b, B1a, B1b, and
B2a notes.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
part of its surveillance review cycle. S&P's analysis reflects
the application of its European residential loans criteria and
its current counterparty criteria.
The collateral performance has stabilized since S&P's previous
review. As of March 2017, total arrears were 10.54% compared
with 11.90% at S&P's previous review.
S&P has observed a decrease in its weighted-average foreclosure
frequency (WAFF) since its previous review. In addition, S&P has
observed a decrease in its weighted-average loss severity (WALS).
Clavis Securities 2007-01
Rating WAFF WALS
level (%) (%)
AAA 38.65 45.93
AA 32.02 37.94
A 26.22 25.60
BBB 21.68 18.24
BB 17.16 13.07
B 15.14 9.30
The decrease in the WAFF is primarily due to the increase in
seasoning. The decrease in the WALS primarily reflects house
price increases since the previous review and the subsequent
decrease in S&P's calculation of the weighted-average current-
loan-to-value (CLTV) ratio.
Due to an error, in S&P's previous review it incorrectly applied
post recessionary low prepayment stresses of 3% for rating
scenarios below 'AA'. Consequently, following the application of
S&P's credit stresses, which caused a negative excess spread, the
incorrect low post recessionary prepayment stress led S&P to
lower its ratings on the class M1a and M1b notes.
Under S&P's revised credit and cash flow stresses, including the
applicable low post recessionary prepayment stress, the class M1a
and M1b notes are able to support ratings at the 'BBB+' level.
S&P has therefore raised to 'BBB+ (sf)' from 'BB (sf)' its
ratings on the class M1a and M1b notes.
The transaction's swap documentation is not in line with S&P's
current counterparty criteria. Due to the transaction's
dependence on the currency swap, S&P's current counterparty
criteria cap its ratings in this transaction at one notch above
its 'AA-' long-term issuer credit rating on The Royal Bank of
Scotland PLC (BBB+/Stable/A-2). Therefore, despite the stable
asset performance and improved credit coverage, S&P has affirmed
its 'A- (sf)' ratings on the class A3a and A3b notes.
The class AZa, M2a, and M2b notes have benefitted from an
increase in available credit enhancement and a fall in credit
coverage compared with at S&P's previous review. In addition,
the reserve fund in this transaction no longer amortizes,
suggesting that credit enhancement will build up more quickly.
S&P has therefore raised to 'A- (sf)' from 'BBB+ (sf)' its rating
on the class AZa notes, and to 'BB+ (sf)' from 'B+ (sf)' its
ratings on the class M2a and M2b notes.
At the same time, S&P's credit and cash flow analysis indicates
that the class B1a and B1b notes can withstand the stresses that
S&P applies at the currently assigned rating level. S&P has
therefore affirmed its 'B (sf)' ratings on the class B1a and B1b
notes.
Despite the improved credit enhancement and lower credit
coverage, due to a shortage of liquidity the cash flow analysis
indicates that the available credit enhancement and liquidity
support is not commensurate with the stresses that S&P applies at
the 'B' rating level for the class B2a notes. In S&P's opinion,
in line with its criteria for assigning 'CCC' category ratings,
the class B2a notes are not dependent upon favorable economic
conditions to pay note interest and principle. In addition, S&P
believes that this class of notes does not face a one-in-two
likelihood of default and S&P do not expect a default within the
next 12 months. Consequently, in line with S&P's criteria for
assigning 'CCC' category ratings, S&P has affirmed its 'B- (sf)'
rating on the class B2a notes.
Clavis Securities' series 2007-01 is a U.K. residential mortgage-
backed securities (RMBS) transactions backed by nonconforming
residential mortgages originated by GMAC RFC Ltd.
RATINGS LIST
Class Rating
To From
Clavis Securities PLC
EUR306.5 Million And GBP347.0 Million Mortgage-Backed Floating-
Rate Notes Series 2007-01
Ratings Raised
AZa A- (sf) BBB+ (sf)
M1a BBB+ (sf) BB (sf)
M1b BBB+ (sf) BB (sf)
M2a BB+ (sf) B+ (sf)
M2b BB+ (sf) B+ (sf)
Ratings Affirmed
A3a A- (sf)
A3b A- (sf)
B1a B (sf)
B1b B (sf)
B2a B- (sf)
COTTAGE BREWING: Enters Administration, Seeks CVA Deal
------------------------------------------------------
David Casey at Insider Media reports that The Cottage Brewing
Company Ltd. has entered administration, with insolvency
specialists now seeking to push through a deal with its
creditors.
According to Insider Media, Craig Povey and Richard Toone,
partners at restructuring firm CVR Global, have been tasked with
handling the affairs of the company.
The business ceased trading with all staff made redundant prior
to their appointment, but the joint administrators have put
forward a proposal to enter into a company voluntary arrangement
(CVA) which is hoped will ensure the brewery has a future,
Insider Media relates.
"The company was struggling with liabilities to a number of
creditors and prior to our appointment had made all 16 staff
redundant and has ceased trading," said Insider Media quotes
Mr. Povey as saying.
"A proposed CVA will be discussed at a meeting later this month.
We've also received interest from a number of parties and we are
confident there is a future for the brewery."
The Cottage Brewing Company was founded in 1993.
DIVERSITY FUNDING 1: S&P Lowers Rating on Cl. D Notes to CCC+
-------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Diversity
Funding No. 1 Ltd.'s class C and D notes. At the same time, S&P
has affirmed its ratings on the class E and F notes.
The rating actions follow S&P's review of Diversity Funding No.
1's credit quality under its European commercial mortgage-backed
securities (CMBS) criteria.
Diversity Funding No. 1 is a true-sale CMBS transaction
originally backed by 863 U.K. loans secured by 1,685 properties
with various maturity dates, with the last loans maturing between
2027 and 2032. The note legal final maturity date is in February
2046.
As of the January 2017 investor report, there were 187 remaining
loans secured on 326 U.K. properties comprising a mix of retail
(33.6% by property value), office (24.8%), industrial (15.4%),
and the remaining properties consist of other sectors including
residential and hotels (26.2%). The properties are located
within 13 U.K. regions. The top two regions by market value are
London and southeast England, which together comprise 51.2% of
the total. Of the loans, 59.1% (by balance) have a loan-to-value
ratio greater than 90%, while 64.7% of the loan pool is on the
servicer watch list.
The loan's portfolio balance has reduced by approximately 85%
since closing in 2007 to GBP151.1 million from GBP1.1 billion.
The issuer has applied the majority of these proceeds
sequentially with the class A and B notes now fully repaid. Of
the class C notes' initial balance, 83.0% remains outstanding.
The class C notes credit enhancement level has increased to
69.4%, from 10.0% at closing, due to the repayment of the class A
and B notes.
S&P understands that some previous loans (no longer in the pool)
have repaid at a loss. In this transaction, losses are not
directly applied reverse sequentially toward the notes'
redemption. Instead, they accrue on a principal deficiency ledger
(PDL). As of the February 2017 interest payment date, the class
E notes' PDL is GBP5.3 million, representing 16.5% of the current
note balance, and the class F notes' PDL is GBP10.7 million,
representing 100.0% of the current note balance. In addition,
the PDL for the unrated class G notes is GBP11.4 million, which
represents 100.0% of the current note balance.
S&P's ratings in the transaction address the timely payment of
interest (payable quarterly in arrears) and the payment of
principal no later than the February 2046 legal final maturity
date.
Following S&P's review, it considers the available credit
enhancement for the class C notes to be sufficient to mitigate
the risk of losses from the underlying loans in a 'BB' rating
stress scenario. S&P applied final transaction-level
considerations to reflect the weak quality of the class C notes'
credit enhancement, which constrains S&P's rating on this class
of notes.
S&P has therefore lowered to 'BB (sf)' from 'BB+ (sf)' its rating
on the class C notes.
S&P considers that the available credit enhancement for the class
D notes is not sufficient to mitigate the risk of principal
losses from the underlying loans at the currently assigned
rating. Therefore, S&P has lowered to 'CCC+ (sf)' from 'B- (sf)'
its rating on the class D notes. S&P believes the repayment of
this class of notes is currently vulnerable to nonpayment, and
depends on favorable business, financial, and economic
conditions. S&P also believes there is a one-in-two likelihood
of a payment default. This is in line with S&P's criteria for
assigning 'CCC' category ratings.
S&P continues to believe that there is at least a one-in-two
likelihood that these notes will experience a payment default.
This class of notes has a PDL of GBP5.3 million, which represents
15.5% of the original note balance. S&P has therefore affirmed
its 'CCC- (sf)' rating on the class E notes, in line with its
criteria for assigning 'CCC' category ratings.
S&P has affirmed its 'D (sf)' rating on the class F notes. There
is currently a PDL balance of GBP10.7 million, representing the
full amount of the note balance. This class of notes has also
experienced interest shortfalls in the past. This is in line
with S&P's criteria.
RATINGS LIST
Diversity Funding No. 1 Ltd.
GBP1.145 bil variable reference rate notes
Rating
Class Identifier To From
C XS0330906925 BB (sf) BB+ (sf)
D XS0330907576 CCC+ (sf) B- (sf)
E XS0330907659 CCC- (sf) CCC- (sf)
F XS0332618296 D (sf) D (sf)
FOUR SEASONS: Raises Fees for Elderly Amid Financial Woes
---------------------------------------------------------
Gill Plimmer at The Financial Times reports that Four Seasons
Health Care has raised fees for the elderly as the lossmaking
care home operator squeezes local authorities to shore up its
finances ahead of a crucial restructuring.
According to the FT, Britain's biggest care home operator, which
runs 370 homes, has raised average fees per resident by an
average 7.5% to GBP663 a week -- up from GBP617 in 2015.
The company says the increase, which has been agreed with local
authorities, was needed to offset rising food, energy and
staffing costs, the FT relays.
It follows a year when Four Seasons' debt climbed from GBP509.9
million in April last year to GBP565 million at the end of
December, the FT notes.
Four Seasons will have to refinance later this year in order to
stave off a collapse of the business, the FT states.
The company ended the year with GBP33 million cash -- enough to
satisfy demands from its creditors in the medium term -- but it
is weighed down by interest payments after being bought by
Guy Hands' private equity business Terra Firma in 2012 in a debt-
fuelled GBP825 million deal, according to the FT.
It faces annual interest payments of GBP55.3 million on its
GBP565 million debt, meaning it is making less money than it
needs to service bondholders, the FT notes.
According to the FT, analysts have been forecasting for some time
that Mr. Hands will eventually hand over the keys to the company
to its lenders.
But the company, as cited by the FT, said this would have no
impact on "staff, or the quality of care that we provide to long-
term residents".
Robbie Barr, chairman of Four Seasons, confirmed discussions were
continuing to "reach a debt and capital structure, which is more
appropriate to long-term requirements", the FT relates.
PREMIER FOODS: S&P Rates GBP210MM Sr. Secured Notes 'B'
-------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '4' recovery
rating to the proposed GBP210 million senior secured floating
rates notes maturing in 2022 to be issued by U.K.-based packaged
food company Premier Foods Finance PLC, a subsidiary of Premier
Foods PLC (B/Stable). The '4' recovery rating indicates S&P's
expectation of recovery prospects in the range of 30%-50%
(rounded estimate: 35%) in the event of a default.
The recovery rating is supported by the comprehensive security
package (which includes tangible assets and share pledges) but
constrained by the sizable senior secured debt and pension
deficit.
The draft documentation of the proposed senior secured notes
mirrors the terms of the existing GBP175 million senior secured
notes maturing in 2020.
S&P understands that Premier Foods will use the GBP210 million
proceeds coming from the issuance of the proposed notes, together
with existing cash, to repay its existing GBP175 million senior
secured notes, prepay GBP35 million drawings under the existing
revolving credit facility (RCF), and cover about GBP5 million of
transaction fees.
Via this refinancing, Premier Foods is also downsizing the
existing RCF to GBP217 million from GBP272 million and extending
the maturity to December 2020 from March 2019. From March 2019,
the amount will decrease to GBP184 million.
S&P's 'B' issue rating and '4' recovery rating on the existing
GBP325 million senior secured fixed rate notes and GBP217 million
senior secured RCF remain unchanged. The '4' recovery rating on
the existing facilities continues to indicate S&P's expectations
of average recovery (30%-50% range; rounded estimate: 35%), and
is supported by a strong security package, which includes
tangible assets.
S&P's hypothetical default scenario assumes reduced discretionary
spending owing to a weak economic environment and increased
competition.
S&P values Premier Foods under going concern assumptions given
its long-standing relationship with retailers and its leading
position in the U.K. grocery market segment.
S&P's 'B' corporate credit rating on Premier Foods PLC is based
on S&P's assessment of the company's fair business risk profile
and highly leverage financial risk profile. The outlook is
stable.
SIMULATED DEFAULT ASSUMPTIONS
-- Year of default: 2020
-- Jurisdiction: U.K.
-- Implied enterprise value multiple: 6.0x
-- EBITDA at emergence: GBP69 million
-- Capital expenditures representing 2% of three-year annual
pro forma average of sales, in line with the company's
expectation
-- No cyclicality adjustment (in line with subsegment)
-- No operational adjustments
SIMPLIFIED WATERFALL
-- Gross recovery value: GBP414 million
-- Net enterprise value available to creditors after
administrative expenses (5%) and 50% of pension deficit:
GBP308 million
-- Estimated priority claims: GBP31 million*
-- Remaining recovery value: GBP277 million
-- Estimated first-lien debt claim: GBP735 million*
-- Recovery rating: 4 (30%-50% range; rounded estimate: 35%)
*All debt amounts include six months of pre-petition interests.
STORE TWENTY ONE: May Enter Administration, 1,000 Jobs at Risk
--------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that fashion chain
Store Twenty One is on the brink of collapse this weekend after
its main backer refused to continue propping up the failing
retailer.
According to The Telegraph, the discount chain, formerly known as
Quality Seconds, is expected to declare insolvency soon, putting
around 1,000 jobs at risk.
Management filed a notice to appoint administrators earlier this
month, after the company was served with a winding-up notice by
HM Revenue and Customs for breaching the terms of last year's
company voluntary arrangement (CVA), The Telegraph relates.
AlixPartners is on standby to handle the collapse, The Telegraph
notes.
The retailer, which has around 125 high street shops, has spent
the last few weeks scrambling to raise fresh cash from its main
lender, State Bank of India, ahead of a court-imposed deadline on
Friday.
However, it is understood that the bank, which is owed around
GBP14 million, said last week that it will not provide any
further funding, The Telegraph notes.
As a result, Store Twenty One and its 125 shops is almost certain
to tumble into administration this week, adding to this year's
growing list of retail casualties, which include Brantano and
BHS, The Telegraph says.
Landlords and suppliers have complained that they have not been
paid by the company for months, The Telegraph relays.
According to The Telegraph, industry sources have said that it is
unlikely that the retailer will fetch any rescue offers as its
financial struggles are well-known.
Store Twenty One's accounts, recently filed at Companies House,
reveal a slump in sales to GBP89.4 million in 2016 from GBP92.2
million a year earlier, while pre-tax losses grew from GBP6.6
million to GBP9.3 million, The Telegraph discloses.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 15 to May 19, 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 * * *