/raid1/www/Hosts/bankrupt/TCREUR_Public/170612.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, June 12, 2017, Vol. 18, No. 115
Headlines
A Z E R B A I J A N
KAPITAL BANK: S&P Affirms 'BB-/B' Counterparty Credit Ratings
G E R M A N Y
1860 MUNICH: Faces Insolvency and Demotion Over Unpaid License
AIR BERLIN: Asks NRW States to Consider Possible Loan Guarantees
LOCOMORE: Leo Express Mulls Buying Open Access Operator
I R E L A N D
RATHMOND IRELAND: Judge Grants Examinership Despite Tax Bill
L A T V I A
LIEPAJAS METALURGS: Latvia Authorities Draw Up Buyer Shortlist
N E T H E R L A N D S
GREEN STORM 2017: Fitch Assigns 'B+sf' Rating to Class D Notes
R U S S I A
CB INTERNATIONAL: Liabilities Exceed Assets, Assessment Shows
SIRIUS LLC: Liabilities Exceed Assest, Assessment Shows
S P A I N
BANCO POPULAR: Liquidity Problems Prompt Banco Santander Rescue
S W E D E N
VATTENFALL AB: S&P Affirms 'BB+' Jr. Subordinated Debt Ratings
U N I T E D K I N G D O M
CO-OPERATIVE BANK: Suitors Tap Barclays to Draw Up Rescue Plan
PARAGON OFFSHORE: Says Consensual Plan Confirmed in U.S.
TOM WOODS: Enters Administration After CVA Payment Default
VULPINE PERFORMANCE: Mango Bikes Buy Brand and Assets
X X X X X X X X
* BOND PRICING: For the Week June 5 to June 9, 2017
*********
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A Z E R B A I J A N
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KAPITAL BANK: S&P Affirms 'BB-/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings revised its assessment of the Azerbaijani
government's likelihood to provide support toward the domestic
banking sector to uncertain from supportive. Despite this
revision, the 'BB-/B' long- and short-term counterparty credit
ratings on Kapital Bank OJSC and PASHA Bank were affirmed.
The outlooks remain negative.
S&P notes that support to state-owned International Bank of
Azerbaijan (IBA) was not timely and sufficient for all groups of
IBA's senior creditors, and IBA has subsequently entered into a
debt restructuring process. S&P now believes that future
government support for systemically important banks in the
country is likely to be more unpredictable than its previous
assumptions. Because they are banks of high systemic importance,
the long-term ratings on PASHA Bank and Kapital Bank had
benefited from one notch of uplift for potential government
support. But because of its revised view of support to
systemically important banks, S&P no longer includes any notches
for potential government support in its assessment of the banks'
creditworthiness in Azerbaijan, and will assess only the banks'
stand-alone credit profiles (SACPs).
IBA missed a scheduled coupon payment on its subordinated note,
and on May 11, 2017, announced it would undertake a debt
restructuring to address its weak financial position and reported
negative equity at year-end 2016. IBA is the largest bank in
Azerbaijan, accounting for an estimated 40% of system assets.
The affected debt totals US$3.3 billion and includes several
foreign trade financing facilities, loans, and Eurobonds. It
also includes a US$1 billion deposit at the IBA by State Oil Fund
of the Republic of Azerbaijan (SOFAZ), the country's sovereign
wealth fund. According to the proposals unveiled during an
investor presentation on May 23, the plan is to exchange most of
these instruments into sovereign bonds with longer tenors and a
financial haircut. Creditors will also have an option to invest
in the new IBA seven-year bonds. S&P understands that none of
the debt included in the exchange had an explicit sovereign
guarantee. The final terms of the exchange will depend on the
outcome of the creditors' vote, which the authorities and IBA
management expect will take place in July. According to the
official announcements, the restructuring will not affect the
bank's retail or corporate deposits.
The ratings on Azerbaijan remain primarily supported by the
sovereign's strong fiscal position, underpinned by the large
foreign assets (about US$33 billion as of April 1, 2017)
accumulated in SOFAZ.
S&P views the trend of economic risk in Azerbaijan as negative,
which reflects S&P's concerns regarding the impact of
macroeconomic factors on the domestic banking sector. S&P
estimates Azerbaijan's economy contracted by 0.5% in 2017 after
contracting by 3.1% in 2016. S&P expects growth to recover to
about 3% starting in 2018. S&P anticipates that the government
may reduce some of its capital expenditures in response to lower
oil prices. This could put additional pressure on banks'
financial fundamentals if asset quality deteriorates because of
borrowers' reduced debt-servicing capacity. Therefore, S&P
thinks that the Azerbaijan economy remains in a correction phase
with a high impact on its banking sector. This can be seen in
elevated credit costs and nonperforming loans (NPLs) on the
banks' balance sheets. S&P expects bank lending to demonstrate
quite anemic or even negative growth over 2017-2018; however,
NPLs, including restructured loans and credit costs, will likely
trend up to an estimated 23%-25% of the banks' loan portfolios,
with restructured loans accounting for about a half of that
amount.
"We view the trend for industry risk in the Azeri banking sector
as stable. We expect the industry structure to remain broadly
the same. Although the banking system has a relatively high
level of core customer deposits and no net reliance on external
funding, steep manat depreciation over the past two years has led
to protracted currency misbalances between banks' assets and
liabilities, owing to the rapid growth of the share of foreign
currency funding to more than 80% of banks' customer funds by the
end of 2016. This was a result of massive conversion of deposits
into foreign currency following the manat's depreciation," S&P
said.
S&P's view of increased economic risk puts pressure on its anchor
of 'bb-', which is the starting point for S&P's ratings on banks
operating predominantly in Azerbaijan.
At the same time, S&P believes that Kapital Bank and PASHA
Bank -- the second- and third-largest banks in the country --
could benefit from IBA's financial rehabilitation and could
improve their business positions and customers' diversity in the
next 12-18 months. S&P is therefore affirming its 'BB-/B'
ratings on PASHA Bank and Kapital Bank, and maintaining our
negative outlooks on the banks.
KAPITAL BANK
The affirmation of S&P's ratings on Kapital bank reflects S&P's
view that the bank will maintain, and likely increase, its
already material market share in Azerbaijan, while its operating
revenues continue increasing progressively and its profitability
remains high. S&P believes that Kapital Bank is a sustained
outperformer in its peer group, thanks to the structural changes
and competitive trends that are strengthening its
creditworthiness, which is more consistent with a higher rating
than its SACP, which S&P assesses at 'b+'. Therefore, the rating
on the bank benefits from a positive notch above its SACP for
flexibility. The affirmation also reflects S&P's expectation
that the bank's capitalization will remain moderate in the next
12-18 months, while its asset quality and approach to risk
management will be in line with the system average.
S&P continues to assess Kapital Bank's business position as
adequate, balancing its sound client franchise and stable
operating revenues, focusing on Azerbaijan and being small in a
global context. Nevertheless, S&P believes that the bank's
ability to sustain economic and industry risks in Azerbaijan is
strengthening. The bank remains the third-largest in the country
in terms of loans with a market share of about 8.1%. The bank's
deposits make up about 15.8% of systemwide deposits. S&P also
notes that the bank demonstrates sustainably growing operating
revenues and a return on equity exceeding 20% over the last four
years. S&P anticipates that Kapital Bank will demonstrate
continuing business growth, in the meantime expanding its
clientele from failed local banks. S&P also expects that the
bank will continue to outperform its local peers in terms of
profitability.
"We view Kapital Bank's capitalization as moderate, given that we
expect its forecast risk-adjusted capital ratio will remain in
the range of 5.7%-6.2% in the next 12-18 months. We think that
Kapital Bank's asset quality will remain largely in line with the
system average and NPLs will not exceed 8%-9% in the next 12-18
months, considering the successful restructuring of a large
problem loan this year. We anticipate that the bank will keep a
sizable share of highly liquid assets, which at the moment
represent about 30% of the bank's balance sheet. We continue to
assess the bank's funding as average, reflecting stability of its
customer deposits and good funding metrics," S&P said.
OUTLOOK
The negative outlook reflects S&P's view that Kapital Bank's
asset quality may deteriorate and exceed the system average, due
to the still difficult economic environment in Azerbaijan and
relatively high single-name concentration of the bank's loan
book. The negative outlook also reflects risks that the bank's
asset quality and capitalization may come under increasing
pressure if the economic situation in Azerbaijan continues to
deteriorate.
S&P could lower the ratings in the next 12-18 months if it sees
that the bank's asset quality is sustainably worse than that of
its peers. A negative rating action may also follow pronounced
weakening of the Azeri economy, or if the bank does not continue
to adequately benefit from its improved structural position in
the banking sector to warrant the notch of flexibility S&P
incorporated in its rating on the bank.
S&P would consider revising the outlook to stable if it sees that
Kapital Bank's asset quality is in line with S&P's expectations,
while economic risks stabilize. An outlook revision to stable
would be possible only if the bank's capitalization does not
materially deteriorate and there is no further increase of its
portfolio concentrations.
PASHA BANK
The affirmation of the ratings on PASHA Bank reflects S&P's
forward-looking view that the bank will likely further strengthen
its already sound market position in Azerbaijan, which in turn
will translate into better customer diversity and funding
structure. S&P thinks that the bank's business stability may
benefit from further development of its overseas business in
Turkey and Georgia. That said, S&P believes that PASHA Bank is
now in a positive transition, which helps to strengthen its
creditworthiness. S&P therefore applies a positive transitional
notch to the bank's SACP, which S&P still assess at 'b+'. The
affirmation also supports S&P's view that the bank will be able
to maintain adequate asset quality with NPLs not exceeding the
system average. S&P also expects that the bank will maintain
adequate capitalization, which supports PASHA Bank's good ability
to absorb credit losses.
In S&P's view, the high single-name concentration of PASHA Bank's
depositor base still weighs on its credit profile. S&P notes,
however, that risks associated with weak customer diversity are
mitigated by the material share of highly-liquid assets on the
bank's balance sheet and the relative stickiness of its
depositors. S&P also notes that the bank's low reliance on
wholesale funding and the highly liquid nature of the bank's
balance sheet support its liquidity and funding metrics, which
materially exceed those of peers. That said, S&P expects that
PASHA Bank's customer diversity will benefit from its business
expansion in Azerbaijan and eventually prompt S&P to revise up
its assessment of its funding profile.
OUTLOOK
The negative outlook on PASHA Bank reflects S&P's expectation
that the bank's capital position and asset quality may
deteriorate further if already-pronounced economic risks in
Azerbaijan increase.
S&P could lower the ratings in the next 12-18 months if it sees
further weakening of economic prospects in Azerbaijan and a
faster-than-currently-expected deterioration in PASHA Bank's
asset quality. A negative rating action may also follow if the
bank's depositor concentration remains high, while its liquidity
profile deteriorates, or if the bank does not continue to
adequately benefit from its improved structural position in the
banking sector, to continue to warrant the transitional notch S&P
incorporate in its rating on the bank.
A positive rating action is currently unlikely, in S&P's view.
S&P could revise the outlook to stable if it saw an improvement
of operating conditions and economic prospects in Azerbaijan,
leading to substantial improvements in PASHA Bank's asset quality
and credit losses.
BICRA SCORE SNAPSHOT*
Azerbaijan
BICRA Group 9
Economic risk 9
Economic resilience Very high
Economic imbalances High
Credit risk in the economy Extremely high
Trend Negative
Industry risk 9
Institutional framework Extremely high
Competitive dynamics High
Systemwide funding Very high
Trend Stable
*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).
Kapital Bank OJSC
RATINGS SCORE SNAPSHOT
Issuer Credit Rating BB-/Negative/B
SACP b+
Anchor bb-
Business position Adequate (0)
Capital and earnings Moderate (0)
Risk position Adequate (0)
Funding and Average and
Liquidity Adequate (0)
Support 0
GRE support 0
Group support 0
Sovereign support 0
Additional Factors +1
PASHA Bank
RATINGS SCORE SNAPSHOT
Issuer Credit Rating BB-/Negative/B
SACP b+
Anchor bb-
Business position Adequate (0)
Capital and earnings Adequate (+1)
Risk position Adequate (0)
Funding and Below average and
Liquidity Adequate (-1)
Support 0
GRE support 0
Group support 0
Sovereign support 0
Additional factors +1
Ratings List
Ratings Affirmed
Kapital Bank OJSC
Counterparty Credit Rating BB-/Negative/B
PASHA Bank
Counterparty Credit Rating BB-/Negative/B
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G E R M A N Y
=============
1860 MUNICH: Faces Insolvency and Demotion Over Unpaid License
--------------------------------------------------------------
The Associated Press reports that former Bundesliga team 1860
Munich said on June 1 its financial backer has made demands that
cannot be fulfilled, creating an impasse that threatens the
club's future.
1860, which was relegated from Germany's second division on
May 30, faces insolvency and demotion to the fourth or fifth tier
unless it can make a payment to the German soccer federation for
its third-division license by June 2.
"Before the relegation playoff games, Hasan Ismaik had already
made his financial commitment dependent, irrespective of which
division we are in, on a number of demands that the club cannot
fulfill for legal and organizational reasons," 1860 vice
presidents Heinz Schmidt and Hans Sitzberger said in a statement
addressed to club members, the AP relays. "Corresponding
statements from the league association support our assessment."
Messrs. Schmidt and Sitzberger are the highest remaining
officials at 1860 following the resignations of president Peter
Cassalette and chief executive Ian Ayre, according to the AP.
"Officials are currently checking all conceivable options in
regard to professional football and in close contact with the
club's internal bodies and associations. As soon as we can
provide details, we will inform our members directly and first,"
the report quotes Messrs. Schmidt and Sitzberger as saying.
According to the AP, Messrs. Schmidt and Sitzberger said 1860's
youth teams were not affected and that their plans for the coming
season were being made "independently of the development in
professional football. Thanks to the many loyal members of TSV
1860 Munich and reliable long-term sponsors, the coming year is
secured in the up-and-coming generation."
The Sueddeutsche Zeitung newspaper reported that Ismaik, a
Jordanian billionaire who saved 1860 from insolvency in 2011 when
he acquired 60 percent of the club, made his financial support
dependent on conditions that would have given him more power, the
AP discloses. Ismaik only has 49 percent voting rights in line
with the Bundesliga's 50-plus-1 regulation, which limits the
influence of external backers.
Mr. Ismaik, who didn't attend 1860's relegation playoff loss to
Jahn Regensburg, denied any responsibility for the club's plight
in a Facebook post where he blasted its management, the AP says.
"This club is currently characterized by unscrupulous power
struggles and internal quarrels, which now have to be cut out.
Only then does TSV 1860 have a future again," the AP quotes
Mr. Ismaik as saying.
"Mr. Ismaik is the key person at the moment," the report quotes
DFB vice president as saying Rainer Koch, who is also the
president of the Bavarian soccer federation. "If the conditions
are not met, there's no license."
1860, which won the Bundesliga in 1966, last played in Germany's
top league in 2004.
AIR BERLIN: Asks NRW States to Consider Possible Loan Guarantees
----------------------------------------------------------------
Peter Maushagen at Reuters reports that ailing German airline Air
Berlin said on June 8 it has asked the German states of North-
Rhine Westphalia (NRW) and Berlin to consider possible loan
guarantees amid signs of waning support from Etihad Airways, its
biggest shareholder.
Abu Dhabi-owned Etihad, which has thrown Air Berlin several life
lines over the years, earlier on June 8 said it had pulled out of
a prospective deal to combine Air Berlin's holiday flight
business Niki with tour operator TUI Group's own carrier TUIfly,
Reuters relates.
Bigger German rival Lufthansa, which last year agreed to lease 38
crewed planes from Air Berlin, has held talks recently with the
Abu Dhabi government about taking part in salvaging the remaining
Air Berlin business but said its debt was a sticking point,
Reuters notes.
Air Berlin, whose losses increased to a record EUR782 million
(US$877 million) in 2016, is now scrambling to protect its
roughly 8,000 jobs in Germany, mainly based in the two regional
states of Berlin and NRW, Reuters discloses.
German newspaper Die Welt was first to report the Air Berlin loan
guarantee request, saying the aim was to see whether the regional
states would be ready to step in, citing people close to the
negotiation, Reuters relays.
For now, Etihad continues to provide funding, Reuters notes. Air
Berlin said Etihad has granted another loan facility of EUR350
million and a letter of support for at least 18 months, according
to Reuters.
According to Reuters, Air Berlin Chief Executive Thomas
Winkelmann told a German newspaper on June 7 he would have to
find a partner this year to help secure jobs and the company's
long-term future and a pact with Lufthansa was among the options.
Air Berlin Plc is a Germany-based airline that is registered in
the United Kingdom.
LOCOMORE: Leo Express Mulls Buying Open Access Operator
-------------------------------------------------------
Railwaygazette.com reports that Leo Express is looking to acquire
German open access operator Locomore, which recently filed for
insolvency.
Speaking to German newspaper Handelsblatt, Leo Express CEO Peter
Kohler confirmed that the Czech open access operator, not
currently present in the German market, has made an offer for
Locomore, Railwaygazette.com relates.
According to the report, Mr. Kohler said that LEO Express was
'looking closely' at merger and acquisition opportunities in the
European rail market and 'Locomore is among them'. He did not
provide further details at this stage.
Railwaygazette.com says Locomore had launched a partly crowd-
funded daily return service between Berlin and Stuttgart in
December 2016 using refurbished rolling stock, but revenue did
not grow fast enough to make the business sustainable. Following
its insolvency filing last month, Locomore said that it was
'intensively looking' for investors, which could save the
business, Railwaygazette.com relays.
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I R E L A N D
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RATHMOND IRELAND: Judge Grants Examinership Despite Tax Bill
------------------------------------------------------------
Gavin Daly at The Sunday Times reports that a High Court judge
has referred the actions of a Dublin restaurant director to the
Office of Director of Corporate Enforcement (ODCE) after his
company racked up a hefty tax bill and then sought examinership
protection.
Judge Caroline Costello granted examinership to Rathmond Ireland,
which runs Aussie BBQ restaurants, "with some considerable
hesitation" because of the "grave" wrongdoing in failing to pay
about GBP160,000 in tax payments, The Sunday Times relates. The
examinership was opposed by the Revenue, The Sunday Times
discloses.
According to The Sunday Times Barry Sheehan, the founder and
managing director of Rathmond, said he regretted the actions and
believed the company could trade out of its difficulties.
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L A T V I A
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LIEPAJAS METALURGS: Latvia Authorities Draw Up Buyer Shortlist
--------------------------------------------------------------
Metal Bulletin reports that the Latvian authorities are planning
to sell the country's sole steelmaker, Liepajas Metalurgs, later
this year.
Latvia's court-determined deadline for the sale of Liepajas
Metalurgs is June 16, Metal Bulletin relates citing Latvian
newspapers LSM and Delfi.
Delfi said although no bids have been submitted yet, the
potential investors have started the due diligence procedure,
Metal Bulletin relays.
Six potential buyers have already visited the steel plant,
according to the Vladimirs Loginovs, chairman of the Latvian
government's privatisation agency.
"At the moment we have received several offers. Of course, the
negotiations still continue and will be carried out and organised
by [the] administrator," the report quotes Mr. Loginovs as
saying.
About AS KVV Liepajas Metalurgs
AS KVV Liepajas Metalurgs manufactures, markets, and exports
steel products in Latvia and internationally. The Company was
founded in 1882 and is based in Liepaja, Latvia. As of October
31, 2014, AS KVV Liepajas Metalurgs operates as a subsidiary of
KVV Group.
As of September 16, 2016, AS KVV Liepajas Metalurgs is in
reorganization, with proceedings in the Liepaja Court. Guntars
Koris serves as insolvency administrator for the Company.
The insolvency case against KVV Liepajas Metalurgs started as two
companies -- JSC G4S Latvia and TKB Lizings -- filed complaints
to the court over the company's debts. Both cases have been
combined into a single civil process.
=====================
N E T H E R L A N D S
=====================
GREEN STORM 2017: Fitch Assigns 'B+sf' Rating to Class D Notes
--------------------------------------------------------------
Fitch Ratings has assigned Green Storm 2017 B.V.'s notes final
ratings as follows:
EUR550 million Class A: 'AAAsf'; Outlook Stable
EUR13.7 million Class B: 'AAsf'; Outlook Stable
EUR12.2 million Class C: 'BBB+sf'; Outlook Stable
EUR12.3 million Class D: 'B+ sf'; Outlook Stable
EUR6 million Class E: Not rated
This transaction is a securitisation of prime Dutch residential
mortgage loans originated and serviced by Obvion N.V. The
portfolio includes mortgage loans funding energy-efficient
(green) properties.
KEY RATING DRIVERS
Mortgages with Green Label
This is a 66-month seasoned portfolio consisting of mortgage
loans funding green properties that relate to the top 15% of the
Dutch residential mortgage market in terms of energy efficiency
or that have shown at least a 30% improvement in energy
efficiency. The portfolio has a weighted average (WA) original
loan-to-market-value (OLTMV) of 87.7% and a WA debt-to-income
ratio (DTI) of 27.5%.
Obvion does not differentiate the mortgage rates based on energy
efficiency and the portfolio's credit characteristics are
comparable to previous STORM transactions rated by Fitch. Hence,
the agency did not differentiate in its analysis between energy-
and non-energy-efficient borrowers.
Revolving Transaction
A five-year revolving period allows new assets to be added to the
portfolio. In Fitch's view, the additional purchase criteria
adequately mitigate any significant risk of potential migration
due to future loan additions. Fitch's analysis considered a
stressed portfolio composition, based on the additional purchase
criteria, rather than the actual portfolio characteristics, in
assigning its ratings.
Interest Rate Hedge
A swap agreement has been entered into with Obvion to hedge any
mismatches between the fixed and floating interest on the loans
and the floating interest on the notes. In addition, the swap
agreement guarantees a minimum level of excess spread for the
transaction, equal to 50bp per year of the outstanding class A
through D notes' balance, less principal deficiency ledgers
(PDLs). The remedial triggers are linked to the credit support
provider's (Rabobank) ratings (AA-/F1+).
Rabobank Main Counterparty
The transaction relies strongly on the creditworthiness of
Rabobank, which fulfils a number of roles. Fitch gave full credit
to the structural features in place, including those mitigating
construction deposit set-off and commingling risk embedded in the
transaction.
RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce losses larger than Fitch's
base case expectations, which in turn may result in negative
rating action on the notes. Fitch's analysis revealed that a 30%
increase in the WA foreclosure frequency, along with a 30%
decrease in the WA recovery rate, would imply a downgrade of the
class A notes to 'A-sf' from 'AAAsf'.
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R U S S I A
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CB INTERNATIONAL: Liabilities Exceed Assets, Assessment Shows
-------------------------------------------------------------
The provisional administration to manage CB International Bank of
Development (JSC) appointed by Bank of Russia by virtue of Order
No. OD-4401, dated December 9, 2016, following the revocation of
its banking license, in the course of examination of the bank's
financial standing has revealed operations aimed at moving out
the bank's assets through making reverse repos and exchanging
securities totalling RUR1.4 billion, according to the press
service of the Central Bank of Russia.
Besides, the analysis of the credit portfolio has demonstrated
the need to revaluate the fair value of approximately 93% of
outstanding loans.
According to the estimate by the provisional administration, the
bank's assets do not exceed RUR95 million, whereas the bank's
liabilities to its creditors amount to RUR1.3 billion.
On March 14, 2017, the Arbitration Court of the City of Moscow
recognized the bank as insolvent (bankrupt). The State
Corporation Deposit Insurance Agency was appointed as a receiver.
The Bank of Russia submitted the information on the financial
transactions bearing the evidence of the criminal offence
conducted by the former management and owners of the bank to the
Prosecutor General's Office of the Russian Federation, the
Ministry of Internal Affairs of the Russian Federation and the
Investigative Committee of the Russian Federation for
consideration and procedural decision making.
SIRIUS LLC: Liabilities Exceed Assest, Assessment Shows
-------------------------------------------------------
The provisional administration to manage the credit institution
Siberian Bank Sirius LLC appointed by Bank of Russia by virtue of
Order No. OD-109, dated January 23, 2017, following the
revocation of its banking license, in the course of examination
of the bank's financial standing has revealed operations aimed at
moving out the bank's assets by issuing loans to borrowers unable
to execute their obligations and by making agreements on
compensation totalling more than RUR890 million, according to
the press service of the Central Bank of Russia.
According to the estimate by the provisional administration, the
bank's assets equal RUR235 million, whereas its liabilities to
creditors amount to RUR325 billion.
On March 14, 2017, the Arbitration Court of the City of Omsk
recognized the bank as insolvent (bankrupt). The state
corporation Deposit Insurance Agency was appointed as a receiver.
The Bank of Russia submitted the information on the financial
transactions bearing the evidence of the criminal offence
conducted by the former management and owners of the bank to the
Prosecutor General's Office of the Russian Federation, the
Ministry of Internal Affairs of the Russian Federation and the
Investigative Committee of the Russian Federation for
consideration and procedural decision making.
=========
S P A I N
=========
BANCO POPULAR: Liquidity Problems Prompt Banco Santander Rescue
---------------------------------------------------------------
Tobias Buck, Martin Arnold and Rachel Sanderson at The Financial
Times report that Banco Popular Espanol SA burnt through EUR3.6
billion of emergency central bank funding in the first two days
of last week as the Spanish lender suffered the eurozone's first
large-scale bank run, according to two people involved in the
situation.
The Spanish lender, weighed down by EUR37 billion in mostly toxic
property loans, was forced to tell authorities in Madrid on June
6 that it would be unable to open the next day without a rescue
deal to shore up its rapidly evaporating liquidity, the FT
relates.
By 3:00 p.m. Madrid time on June 6, it was clear to supervisors
in Madrid, Brussels and Frankfurt that Popular did not have
enough high-quality loans left to use as security for additional
central bank assistance, the FT discloses.
So European regulators took control of the struggling bank,
wiping out its shareholders and junior bondholders, before
selling it for a symbolic EUR1 to its bigger rival Banco
Santander SA, which was the only bidder in the overnight sale
process, the FT recounts.
"The reasons that triggered that decision were related to the
liquidity problems," the FT quotes Vitor Constancio, vice-
president of the ECB, as saying on June 8. "There was a bank
run. It was not a matter of assessing the developments of
solvency as such, but the liquidity issue."
As reported by the Troubled Company Reporter-Europe on June 8,
2017, The Telegraph related that Spanish banking giant Banco
Santander SA has stepped in to the rescue ailing rival Banco
Popular Espanol SA by taking over the failing lender for EUR1 in
a watershed deal masterminded by EU regulators to avoid a
damaging collapse. According to The Telegraph, Santander will
tap its shareholders for EUR7 billion in a rights issue to raise
the capital needed to shore-up Popular's finances in a dramatic
private sector rescue of Spain's sixth-largest lender. It will
inflict losses of approximately EUR3.3 billion on bond investors
and shareholders but crucially will avoid a taxpayer bailout, The
Telegraph disclosed.
Banco Popular Espanol SA is a Spain-based commercial bank. The
Bank divides its business into four segments: Commercial Banking,
Corporate and Markets; Insurance Activity, and Asset Management.
The Bank's services and products include saving and current
accounts, fixed-term deposits, investment funds, commercial and
consumer loans, mortgages, cash management, financial assessment
and other banking operations aimed at individuals and small and
medium enterprises (SMEs). The Bank is a parent company of Grupo
Banco Popular, a group which comprises a number of controlled
entities, such as Targobank SA, GAT FTGENCAT 2005 FTA, Inverlur
Aguilas I SL, Platja Amplaries SL, and Targoinmuebles SA, among
others. In January 2014, the Company sold its entire 4.6% stake
in Inmobiliaria Colonial SA during a restructuring of the
property firm's capital.
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S W E D E N
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VATTENFALL AB: S&P Affirms 'BB+' Jr. Subordinated Debt Ratings
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S&P Global Ratings said that it had revised its outlook on
Sweden-based power, heat, and distribution provider Vattenfall AB
to stable from negative. At the same time, S&P affirmed the
'BBB+' long-term and 'A-2' short-term corporate credit ratings.
S&P has also affirmed its 'K-1' short-term Nordic regional scale
rating on Vattenfall.
At the same time, S&P affirmed its issue ratings on Vattenfall's
senior unsecured debt at 'BBB+', subordinated debt at 'BBB', and
junior subordinated debt at 'BB+'.
The outlook revision reflects several factors, which in S&P's
view have improved Vattenfall's business mix and reduced its
exposure to volatile merchant power activities.
These factors include:
-- The sale of lignite assets completed in September 2016,
reducing exposure to negative political intervention,
merchant power prices, and carbon dioxide emissions, and
transfer of a large amount of asset-retirement obligations.
In Sweden, the Energy agreement confirmed the step-wise
phasing out of the nuclear capacity tax over two years and
the decrease in the property tax on hydro assets over a
four-year period, which should improve the group's cost
competitiveness and earnings. S&P estimates this will
likely increase EBITDA by about Swedish krona (SEK) 3
billion (about EUR315 million) and SEK2 billion,
respectively. The Swedish payment into the nuclear waste
fund was extended to 50 from 40 years and a proposal was
put forward to broaden the investment mandate, which would
reduce Vattenfall's nuclear liabilities and have a positive
effect on the group's adjusted debt.
-- In Germany, the parliament's approval in 2017 of the law
stipulating a public fund solution for interim and final
nuclear waste storage is reducing regulatory uncertainty
and future expected increases in provisions. As a result,
Vattenfall will pay SEK17 billion in 2017 to the public
fund. But on the positive side, this involves a
significant risk transfer, as the retained nuclear
decommissioning provisions are more predictable.
-- An increased commissioned capacity from the expansion in
wind production under different supportive subsidy schemes,
and greater contributions from stable district heating and
electricity distribution, which S&P views as credit
positive.
At year-end 2016, Vattenfall posted sales of about SEK140 billion
and EBITDA of about SEK37 billion on an adjusted basis.
Following the sale of the German lignite operations, Vattenfall's
business portfolio is split between liberalized power generation
and supply, mainly in Sweden, the Netherlands, and Germany (47%
of 2016 underlying EBITDA), electricity distribution networks in
Sweden and Germany (21%), heat business (20%), and largely
subsidized wind generation (12%). At year-end 2016, Vattenfall's
adjusted debt decreased by about SEK12 billion to SEK123 billion,
notably supported by asset disposals and lower investments.
S&P's adjusted debt comprises about SEK60 billion of net
financial debt, pension deficit of SEK37 billion and asset-
retirement obligations (mainly nuclear liabilities) of SEK44
billion.
The considerable amount of stable cash flows stemming from
district heating and electricity distribution networks uphold
Vattenfall's strong business risk profile, accounting for 41% of
underlying adjusted EBITDA in 2016, a level S&P expects to stay
steady over the forecast horizon through 2019. The total length
of the electricity distribution network was 168,000 kilometers in
2016. S&P regards these operations as natural monopolies in a
supportive regulatory environment. For the Swedish distribution
network, although the weighted average cost of capital level is
still being disputed for the new four-year regulatory period
started in 2016, S&P expects earnings growth related to recovery
of regulatory deficits from the previous regulatory period, as
well as from a growing asset base. In addition, although
district heating has both volume and fuel cost volatility, S&P
expects these cash flows will continue to provide predictability
and stability.
On renewables, Vattenfall's operational capacity comprises of
about 2.7 gigawatts of wind farms, but the company has an
ambitious pipeline of offshore wind projects, including the
Kriegers Flak project (600 megawatts [MW]), the largest wind farm
in the Nordics, which was awarded in November 2016. S&P expects
investments in renewables to represent the vast majority of
Vattenfall's growth investments over the next five years.
Although the overall power industry is experiencing heightened
merchant risk in the wind production segment, up to 80% of
Vattenfall's wind projects over the next 10 years (both decided
on and already in operation) are under robust and predictable
subsidy schemes with locked in revenues adding to the stability
in earnings. S&P will, however, monitor how Vattenfall manages
the construction risk related to these large and complex
projects, as well as the terms and conditions for new wind
projects the company may take on, as we see intensified
competition for these projects.
On liberalized generation activities, S&P sees Vattenfall's hydro
assets as being highly competitive and well placed on the merit
order and S&P expects this competitive advantage will further
improve with the planned decrease in the property tax on hydro
assets. The total Swedish running water hydro power capacity
(excluding German pump storage) was 8,824 MW in 2016. The
Swedish nuclear assets have, on the other hand, experienced
decreasing profitability over the last few years because of
falling power prices and high production costs. Even with the
gradual phasing out of the nuclear capacity tax, profitability
will continue to be under pressure due to challenging market
conditions. S&P therefore expects Vattenfall to continue its
efforts to reduce its nuclear production costs. In 2016,
installed nuclear power capacity totaled 7,254 MW.
S&P views the German parliament's approval of the law stipulating
a shift of the liability for interim and final storage of nuclear
waste through a payment into a public fund as supportive as it
increases clarity and reduces future expected provisions. S&P
expects the EU to approve the law in the second quarter of this
year and the payment to be made no earlier than July 1. Of the
total payment of about SEK17 billion, SEK4.7 billion relates to
the risk premium required for the externalization of the
liabilities. The risk premium amount increased provisions in the
last quarter of 2016. However, the payment will be neutral for
adjusted debt in 2017.
In S&P's base case, it assumes that Vattenfall's credit metrics
will support a significant financial risk profile, including
funds from operations (FFO) to debt of above 20%. The ratio was
22.5% in 2016 and we expect it will marginally decrease in 2017.
This is because of lower EBITDA resulting from weak power prices
contracted last year to hedge production. S&P expects that
significant capital expenditures on wind farms and network
operations should support earnings growth, and that EBITDA and
FFO will benefit from lower hydro and nuclear taxes.
Furthermore, Vattenfall's high hedge ratios at above-market
levels, together with the hosting of lignite hedging contracts,
will help mitigate continued low power prices and contribute
positively to EBITDA.
The ratings on Vattenfall benefit from one notch of uplift owing
to S&P's view of a moderate likelihood of timely and sufficient
extraordinary government support for Vattenfall in the case of
financial distress. This reflects S&P's assessment of
Vattenfall's:
-- Strong link with the Swedish government, which owns 100% of
Vattenfall through the Ministry of Enterprise and
Innovation, and the government's influence on the group's
high-level strategic decision-making; and
-- Limited role for the state, given the group's strong, but
not dominant, market position in Sweden, significant
exposure to non-Nordic markets, and its operations in a
fully liberalized electricity market, which implies that it
could conceivably be replaced by a private-sector entity.
The stable outlook reflects S&P's assumption that Vattenfall's
significant investments in resilient electricity distribution and
heating networks and growing wind farms will translate into solid
earnings growth and enable the group to maintain a financial risk
profile in line with S&P's expectations for the rating. S&P also
takes into account the flexibility in dividend pay-outs, which
should mitigate potential operating underperformance. Given the
group's significant share of stable cash flows from electricity
distribution and district heating, S&P believes that a ratio of
FFO to debt of above 20% is appropriate for the rating.
S&P could lower the rating if it believed that Vattenfall's
position in the power generation business was weakening together
with a deterioration in the market environment. This could occur
if the profitability of Swedish nuclear operations remains
subdued, despite tax relief, or if the planned expansion in wind
is delayed or unsuccessful. These factors could have negative
financial consequences for Vattenfall, and, unless
countermeasures are implemented, lead to weakening credit
measures, such as FFO to debt below 20%. S&P could also
downgrade Vattenfall if it sees signs of weakening government
support, such as a privatization of a significant part of the
government's ownership in Vattenfall. However, S&P currently
considers this to be unlikely over the near to medium term.
S&P currently sees upside for the rating as remote, as it
believes that this would primarily be related to a significant
strengthening of the financial risk profile, with FFO to debt
increasing toward 25% on a sustainable basis, or an upward
assessment of the likelihood of government support, which S&P
also views as unlikely in the near term.
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U N I T E D K I N G D O M
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CO-OPERATIVE BANK: Suitors Tap Barclays to Draw Up Rescue Plan
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Ben Martin at The Telegraph reports that the Qatari conglomerate
and Swiss investment firm considering a bid for struggling
Co-operative Bank have hired Barclays to help them put together a
potential rescue of the troubled lender.
It is understood that bankers from Barclays are advising Al
Faisal Holding and Interritus on their possible joint takeover of
Co-op Bank, which is facing a race against time to shore up its
financial position to avoid being wound down by the regulators,
The Telegraph discloses.
The lender put itself up for sale in February and it is
understood that Al Faisal and Interritus are the only suitors
that are still considering an offer, The Telegraph recounts.
Virgin Money and Clydesdale-owner CYBG have both pulled out of
the running to buy the loss-making lender, The Telegraph relays.
The pair are left-field suitors for Co-op Bank, The Telegraph
notes.
According to The Telegraph, industry sources believe that despite
the interest of Al Faisal and Interritus, a sale still remains
unlikely and it is more probable that stricken Co-op Bank will
agree a rescue deal with a group of hedge funds that own most of
its shares and bonds.
At the same time as looking for a buyer, the lender has proposed
raising GBP750 million from a debt-for-equity swap and an
injection of fresh equity from its existing investors, The
Telegraph states.
It is in talks with Blue Mountain Capital Management, Cyrus
Capital Partners, GoldenTree Asset Management and Silver Point
about the capital raise and it is understood they are drawing up
their own proposal to prop up the bank, The Telegraph relates.
About Co-operative Bank
The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.
In 2013-2014, the Bank was the subject of a rescue plan to
address a capital shortfall of about GBP1.9 billion. The Bank
mostly raised equity to cover the shortfall from hedge funds.
In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting
offers."
The Troubled Company Reporter-Europe reported on February 17,
2017 that Moody's Investors Service downgraded Co-operative Bank
plc's standalone baseline credit assessment (BCA) to ca from
caa2. The downgrade of the bank's BCA to ca reflects Moody's view
that the bank's standalone creditworthiness is increasingly
challenged and that the bank will not be able to restore its
declining capital position without external assistance.
TCR-Europe also reported on February 23, 2017 that Fitch Ratings
has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long-
Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it
on Rating Watch Evolving (RWE). The Viability Rating (VR) was
downgraded to 'cc' from 'b'. The downgrade of the VR reflects
Fitch's view that a failure of the bank appears probable as it
likely needs to obtain new equity capital to restore viability.
Fitch believes there is a very high risk that this will include a
restructuring of its subordinated debt that Fitch is likely to
consider a distressed debt exchange, which would result in a
failure according to Fitch definitions.
PARAGON OFFSHORE: Says Consensual Plan Confirmed in U.S.
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Paragon Offshore plc (OTC:PGNPQ) said on June 7, 2017, that the
United States Bankruptcy Court has approved the company's
consensual plan of reorganization under chapter 11 of the United
States Bankruptcy Code that the company announced on May 2, 2017.
Under the Consensual Plan, Paragon's existing equity will be
deemed worthless and the company's secured creditors and
unsecured bondholders will receive equity in a new reorganized
parent company. In confirming the plan, the Bankruptcy Court
overruled all objections raised at confirmation, including those
raised by an unofficial committee of equity holders.
Paragon is planning for its emergence from chapter 11 in early
July; however, this timing is subject to the completion of
certain conditions precedent to emergence including, among other
things, Paragon's legal entity restructuring.
Following the ruling, Mr. Dean E. Taylor, President and Chief
Executive Officer of Paragon, said, "We are extremely gratified
to have received this ruling. Thanks are due to our employees,
our board of directors, our creditors, and the professionals
retained by Paragon and its creditors. Without their hard work
and dedication, we could not have achieved this result, which
allows us to emerge from the shadow of bankruptcy and return to
our core business of delivering Safe, Reliable, and Efficient
services to our customers."
About Paragon Offshore
Houston, Texas-based Paragon Offshore plc (OTC: PGNPQ) --
http://www.paragonoffshore.com/-- is a global provider of
offshore drilling rigs. Paragon is a public limited company
registered in England and Wales.
Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on
Feb. 14, 2016, after reaching a deal with lenders on a
reorganization plan that would eliminate $1.1 billion in debt.
The petitions were signed by Randall D. Stilley as authorized
representative.
Judge Christopher S. Sontchi is assigned to the cases.
The Debtors reported total assets of $2.47 billion and total debt
of $2.96 billion as of Sept. 30, 2015.
The Debtors engaged Weil, Gotshal & Manges LLP as general
counsel; Richards, Layton & Finger, P.A. as local counsel; Lazard
Freres & Co. LLC as financial advisor; Alixpartners, LLP, as
restructuring advisor; PricewaterhouseCoopers LLP as auditor and
tax advisor; and Kurtzman Carson Consultants as claims and
noticing agent.
No request has been made for the appointment of a trustee or an
examiner in the cases.
On Jan. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Paul, Weiss, Rifkind,
Wharton & Garrison LLP serves as main counsel to the Committee
and Young Conaway Stargatt & Taylor, LLP acts as co-counsel. The
committee retained Ducera Partners LLC as financial advisor.
Counsel to JPMorgan Chase Bank, N.A. (a) as administrative agent
under the Senior Secured Revolving Credit Agreement, dated as of
June 17, 2014, and (b) as collateral agent under the Guaranty and
Collateral Agreement, dated as of July 18, 2014, are Sandeep
Qusba, Esq., and Kathrine A. McLendon, Esq., at Simpson Thacher &
Bartlett LLP. PJT Partners serves as its financial advisor.
Delaware counsel to JPMorgan Chase Bank, N.A. are Landis Rath &
Cobb LLP's Adam G. Landis, Esq.; Kerri K. Mumford, Esq.; and
Kimberly A. Brown, Esq.
Counsel to Cortland Capital Market Services L.L.C. as
administrative agent under the Senior Secured Term Loan
Agreement, dated as of July 18, 2014, are Arnold & Porter Kaye
Scholer LLP's Scott D. Talmadge, Esq.; Benjamin Mintz, Esq.; and
Madlyn G. Primoff, Esq.
Delaware counsel to Cortland Capital Market Services L.L.C. are
Potter Anderson & Corroon LLP's Jeremy W. Ryan, Esq.; Ryan M.
Murphy, Esq.; and D. Ryan Slaugh, Esq.
Counsel to Deutsche Bank Trust Company Americas as trustee under
the Senior Notes Indenture, dated as of July 18, 2014, for the
6.75% Senior Notes due 2022 and the 7.25% Senior Notes due 2024,
are Morgan, Lewis, & Bockius LLP's James O. Moore, Esq.; Glenn E.
Siegel, Esq.; and Joshua Dorchak, Esq.
Freshfields Bruckhaus Deringer LLP serves as legal counsel to the
Term Loan Agent and FTI Consulting, Inc. serves as its financial
advisor.
* * *
Under the Consensual Plan of Reorganization announced May 2,
2017, approximately $2.4 billion of previously existing debt will
be eliminated in exchange for a combination of cash and to-be-
issued new equity. If confirmed, the Secured Lenders will
receive their pro rata share of $410 million in cash and 50% of
the new, to-be-issued common equity, subject to dilution. The
Bondholders will receive $105 million in cash and an estimated
50% of the new, to-be-issued common equity, subject to dilution.
The Secured Lenders and Bondholders will each appoint three
members of a new board of directors to be constituted upon
emergence of the Company from bankruptcy and will agree on a
candidate for Chief Executive Officer who will serve as the
seventh member of the board of directors of the Company.
As a necessary component of the Consensual Plan, Paragon Offshore
filed before the High Court of Justice, Chancery Division,
Companies Court of England and Wales an application for
administration in the United Kingdom and sought an order
appointing two partners of Deloitte LLP as administrators of the
company. The application was granted on May 23, 2017.
Neville Barry Kahn and David Philip Soden were appointed Joint
Administrators of Paragon Offshore Plc on May 23, 2017. The
affairs, business and property of the Company are managed by the
Joint Administrators. The Joint Administrators act as agents of
the Company and contract without personal liability.
TOM WOODS: Enters Administration After CVA Payment Default
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Steve Fisher at Linconlshire Today reports that Tom Woods, one of
Lincolnshire's independent breweries, has entered administration
after failing to keep up with payments to creditors under a
Company Voluntary Arrangement.
Tom Wood Beers' accounts are overdue for filing and the company
has been operating under a Company Voluntary Arrangement since
December 2014 whereby it was scheduled to make four consecutive
monthly payments to creditors of more than GBP2,000, followed by
35 payments of GBP4,000 or more, Linconlshire Today relays,
citing Companies House.
In February this year, it emerged that the company was GBP7,000
in arrears with these payments, but had paid back some GBP76,000
owed to creditors, Linconlshire Today recounts.
Tom Woods Beers, which brews around 170,000 pints a week from its
base in Melton Ross near Barnetby, has called in CRG Insolvency &
Financial Recovery to look after the day-to-day running of the
firm, Linconlshire Today discloses.
VULPINE PERFORMANCE: Mango Bikes Buy Brand and Assets
-----------------------------------------------------
Oliver Bridgewood and Paul Norman at Cycling Weekly report that
Mango Bikes has bought British cycle clothing brand Vulpine three
weeks after it went into administration.
At the start of May, Vulpine Performance Ltd announced that it
was going into administration, Cycling Weekly relates. According
to the report, the administrator RSM has now chosen Mango Bikes
as the winning bid to take over Vulpine's brand and its assets.
Contracts for the rescue by Mango Bikes were exchanged on May 26.
Vulpine founder Nick Hussey attributed the insolvency to the late
arrival of the Spring/Summer 2017 range and a lack of campaign
momentum, Cycling Weekly relates.
"We were gutted to hear that Vulpine were having problems. We
knew that it would be such a terrible waste to the British
cycling industry if they disappeared. We are all admirers of what
they have created and their ethos as it chimed so closely to what
we do," the report quotes Barry Dunn, Mango Bikes CEO and now
head of Vulpine, as saying. "Then we started thinking, what if
we stepped in and saved them? It made perfect sense to go for it!
I am proud to say that it's a great feeling being able to help
and to become part of the story of such a brilliant company. We
want Vulpine to continue doing what it does so well."
Cycling Weekly recalls that Vulpine had previously sold 16.76%
worth of equity in the business to cycling fans and investors for
over a million pounds in November 2015 and in April 2017 was
attempting to raise another GBP750,000 via crowdfunding
investment website Crowdcube.
As part of the rescue, Mango said that it will honour all orders,
refunds and exchanges. It's already taken on extra staff to help
clear the three week backlog that has developed, the report says.
Cycling Weekly relates that Mango Bikes was chosen for their
return to Vulpine stakeholders and says that key members of
Vulpine's design team will continue to work for the brand.
Formed in 2012, Vulpine has developed a substantial following and
forged a collaboration with Olympian Chris Hoy, producing the
signature 'Hoy Vulpine' label as well as a wide range of urban
cycling clothes. Vulpine's range includes urban cycle clothing
as well as the performance Hoy-Vulpine range.
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X X X X X X X X
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* BOND PRICING: For the Week June 5 to June 9, 2017
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Issuer Coupon Maturity Currency Price
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Agrokor dd 9.88 5/1/2019 EUR 34.31
Banco Popular Espanol SA 8.25 EUR 61.18
Eldorado Intl. Finance Gmb 8.63 6/16/2021 USD 78.12
Rickmers Holding AG 8.88 6/11/2018 EUR 6.50
CGG SA 5.88 5/15/2020 EUR 41.00
CSN Resources SA 6.50 7/21/2020 USD 73.57
Agrokor dd 9.13 2/1/2020 EUR 33.32
Intelsat Luxembourg SA 7.75 6/1/2021 USD 59.00
Aegon NV 0.53 EUR 70.49
Alitalia-Societa' Aerea It 5.25 7/30/2020 EUR 19.00
Frigoglass Finance BV 8.25 5/15/2018 EUR 57.00
Agrokor dd 8.88 2/1/2020 USD 35.25
Banca Popolare di Vicenza 2.75 3/20/2020 EUR 75.47
Holdikks SAS 6.75 7/15/2021 EUR 59.33
International Bank of Azer 6.17 5/10/2017 USD 99.78
TES Finance PLC 6.75 7/15/2020 GBP 65.83
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 74.53
Offshore Drilling Holding 8.38 9/20/2020 USD 37.67
Casino Guichard Perrachon 1.68 EUR 69.19
CGG SA 1.75 1/1/2020 EUR 1.53
Veneto Banca SpA 0.72 6/21/2017 EUR 43.75
Intelsat Luxembourg SA 8.13 6/1/2023 USD 56.28
Mitsubishi UFJ Investor Se 4.17 12/15/2050 EUR 55.72
QGOG Constellation SA 6.25 11/9/2019 USD 71.77
Ensco PLC 5.75 10/1/2044 USD 71.76
Portugal Telecom Internati 4.63 5/8/2020 EUR 28.98
CGG SA 6.50 6/1/2021 USD 42.28
Oi Brasil Holdings Coopera 5.75 2/10/2022 USD 30.50
Air Berlin PLC 5.63 5/9/2019 CHF 72.50
Banco Espirito Santo SA 2.63 5/8/2017 EUR 28.52
Co-Operative Bank PLC 11.00 12/20/2023 GBP 34.75
Ageasfinlux SA 1.02 EUR 57.15
Avangardco Investments Pub 10.00 10/29/2018 USD 22.75
Air France-KLM 2.03 2/15/2023 EUR 12.29
Neopost SA 3.38 EUR 60.23
Credit Mutuel Arkea SA 0.79 EUR 75.00
Portugal Telecom Internati 5.00 11/4/2019 EUR 30.54
CGG SA 6.88 1/15/2022 USD 42.18
Portugal Telecom Internati 5.88 4/17/2018 EUR 30.50
Far East Capital Ltd SA 8.00 5/2/2018 USD 69.67
Immigon Portfolioabbau AG 10.00 EUR 15.15
UkrLandFarming PLC 10.88 3/26/2018 USD 20.00
Portugal Telecom Internati 4.38 3/24/2017 EUR 29.90
Norske Skog Holding AS 8.00 2/24/2021 EUR 27.63
Banca Carige SpA 7.32 12/20/2020 EUR 68.11
Banca Carige SpA 8.34 EUR 25.00
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 13.50
Portugal Telecom Internati 4.50 6/16/2025 EUR 30.13
Santander International Pr 2.00 USD 65.90
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 74.70
OAS Investments GmbH 8.25 10/19/2019 USD 3.00
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 24.04
Alno AG 8.50 5/14/2018 EUR 55.75
Banca Popolare di Vicenza 2.82 12/20/2017 EUR 12.33
Aegon NV 1.51 NLG 73.40
Veneto Banca SpA 9.50 12/1/2025 EUR 14.13
BNP Paribas SA 1.15 EUR 69.21
Bourbon Corp 4.70 EUR
Mitsubishi UFJ Investor Se 3.92 12/30/2099 EUR 3.98
Oi Brasil Holdings Coopera 5.63 6/22/2021 EUR 30.49
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 74.63
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.72
HSH Nordbank AG/Luxembourg 2.10 EUR 19.32
SOITEC 6.75 9/18/2018 EUR 3.23
Pierre & Vacances SA 3.50 10/1/2019 EUR 47.42
Co-Operative Bank PLC 8.50 7/1/2025 GBP 30.63
CGG SA 1.25 1/1/2019 EUR 24.08
HSH Nordbank AG 7.25 USD 26.98
WPE International Cooperat 10.38 9/30/2020 USD 17.00
Paragon Offshore PLC 6.75 7/15/2022 USD 22.38
Agrokor dd Via Aquarius + 4.92 8/8/2017 EUR 29.13
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.39
Jyske Bank A/S 0.84 EUR 74.33
Jyske Bank A/S 1.05 EUR 74.50
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 5.01
Portugal Telecom Internati 6.25 7/26/2016 EUR 30.08
Banca Monte dei Paschi di 0.67 11/30/2017 EUR 38.75
Rothschilds Continuation F 1.69 USD 67.59
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.06
Bilt Paper BV 9.64 USD 29.52
Banca Monte dei Paschi di 5.00 4/21/2020 EUR 37.52
Novo Banco SA 3.50 1/2/2043 EUR 62.25
Elli Investments Ltd 12.25 6/15/2020 GBP 68.00
Pacific Drilling SA 5.38 6/1/2020 USD 46.00
Eramet 4.00 EUR 48.45
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.08
Banca Monte dei Paschi di 2.25 5/15/2018 EUR 35.67
Far East Capital Ltd SA 8.75 5/2/2020 USD 69.67
Nexity SA 0.13 1/1/2023 EUR 68.97
Banca Monte dei Paschi di 5.60 9/9/2020 EUR 37.44
Fuerstenberg Capital Erste 1.45 EUR 73.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 61.00
Sydbank A/S 1.01 EUR 73.67
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 75.88
TES Finance PLC 5.34 7/15/2020 GBP 68.17
Waste Italia SpA 10.50 11/15/2019 EUR 16.13
Lambay Capital Securities 6.25 GBP 1.36
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.88
NIBC Bank NV 0.91 EUR 70.06
ATF Capital BV 8.77 USD 73.00
Sapinda Invest SARL 5.00 6/30/2019 EUR 50.00
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.71
Decipher Production Ltd 12.50 9/27/2018 USD 1.16
Alno AG 8.00 3/21/2019 EUR 42.00
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 20.33
BIM SAS 2.50 11/13/2020 EUR 28.23
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Aligera Holding AB publ 5.00 5/7/2019 SEK 66.03
KTG Agrar SE 7.13 6/6/2017 EUR 2.36
Banca Carige SpA 2.77 6/19/2018 EUR 64.33
Yuksel Insaat AS 9.50 11/10/2015 USD 20.63
Allied Irish Banks PLC 12.50 6/25/2035 GBP 70.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Manchester Building Societ 6.75 GBP 17.50
Bibby Offshore Services PL 7.50 6/15/2021 GBP 55.50
Popular Capital SA 0.93 EUR 50.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 23.86
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 8.25
Ichor Coal NV 8.00 6/7/2017 EUR 42.50
Eldorado Intl. Finance Gmb 8.63 6/16/2021 USD 78.28
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.88
OSX 3 Leasing BV 13.00 3/20/2015 USD 35.00
Paragon Offshore PLC 7.25 8/15/2024 USD 22.50
Scandinavian Airlines Syst 0.63 CHF 24.38
Virgolino de Oliveira Fina 10.50 1/28/2018 USD 7.04
Belfius Bank SA/NV 5.35 EUR 65.36
Pastor Participaciones Pre 1.84 EUR 75.49
Novo Banco SA 3.00 6/21/2022 USD 72.39
Hybrid Raising GmbH 6.63 EUR 24.25
3W Power SA 8.00 8/29/2019 EUR 40.63
Intesa Sanpaolo SpA 5.63 3/18/2024 GBP 68.60
Dexia Credit Local SA 1.40 EUR 6.28
Espirito Santo Financial G 6.88 10/21/2019 EUR 0.08
Lloyds Bank PLC 0.43 2/22/2033 USD 56.50
Credit Lyonnais SACA 0.44 EUR 68.00
Oceanteam ASA 12.40 10/24/2017 USD 45.00
New World Resources NV 8.00 4/7/2020 EUR 4.86
Agrokor dd 8.88 2/1/2020 USD 34.64
Klarna AB 5.25 SEK 70.72
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.40
Dexia SA 1.45 EUR 5.25
Dexia Kommunalbank Deutsch 4.88 6/1/2017 EUR 46.10
Havila Shipping ASA 5.43 11/7/2020 NOK 70.00
OP Corporate Bank plc 0.84 EUR 71.97
IKB Deutsche Industriebank 5.63 8/1/2017 EUR 33.13
EFG International AG 0.97 EUR 68.00
Novo Banco SA 3.50 2/19/2043 EUR 62.25
Deutsche Bank AG/London 1.90 12/23/2035 USD 62.13
Tonon Luxembourg SA 10.50 5/14/2024 USD 42.70
Lehman Brothers UK Capital 5.13 EUR 0.26
Banca delle Marche SpA 0.62 6/1/2017 EUR 0.99
Capital Raising GmbH 7.50 EUR 23.74
ESFIL-Espirito Santo Finan 5.25 6/12/2015 EUR 0.29
Afren PLC 11.50 2/1/2016 USD 0.15
Beate Uhse AG 7.75 7/9/2019 EUR 27.63
Petrol AD 5.50 1/26/2022 EUR 25.63
Eirles Two DAC 1.69 9/30/2046 USD 11.88
Vseukrainsky Aktsinerny Ba 10.90 6/14/2019 USD 1.24
Banca Popolare di Vicenza 4.60 12/15/2017 EUR 42.41
Smart Solutions GmbH 8.00 12/3/2018 EUR 47.88
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 54.50
Lloyds Bank PLC 2.45 11/27/2033 USD 68.00
Pescanova SA 5.13 4/20/2017 EUR 3.39
Innogy SE 3.80 4/5/2033 USD 73.94
Barclays Bank PLC 0.66 3/21/2033 USD 56.15
More & More AG 8.13 6/11/2018 EUR 33.13
Sequa Petroleum NV 5.00 4/29/2020 USD 69.13
Ideal Standard Internation 11.75 5/1/2018 EUR 4.78
City of Kiev Ukraine Via C 8.00 11/6/2015 USD 64.88
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 68.87
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 25.25
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
Novo Banco SA 3.50 1/23/2043 EUR 62.33
Novo Banco SA 3.50 3/18/2043 EUR 62.25
Royal Bank of Scotland PLC 1.94 12/30/2030 USD 70.88
Orco Property Group SA 7.00 11/7/2019 EUR 65.00
Touax SA 6.00 7/10/2020 EUR 16.46
Agrokor dd 9.88 5/1/2019 EUR 34.75
Greene King Finance PLC 2.42 3/15/2036 GBP 74.33
Aralco Finance SA 10.13 5/7/2020 USD 1.77
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Frey 6.00 11/15/2022 EUR 22.55
Norske Skogindustrier ASA 7.13 10/15/2033 USD 24.86
CSN Resources SA 6.50 7/21/2020 USD 74.44
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
CGG SA 5.88 5/15/2020 EUR 41.50
Norske Skog Holding AS 8.00 2/24/2023 USD 26.00
Espirito Santo Financial G 3.13 12/2/2018 EUR 0.31
Deutsche Bank AG/London 3.19 10/31/2034 USD 70.25
New World Resources NV 4.00 10/7/2020 EUR 0.24
Orient Express Bank PJSC v 12.00 5/29/2019 USD 53.38
CBo Territoria 6.00 1/1/2020 EUR 4.07
Belfius Bank SA/NV 1.62 FRF 70.13
Santander Finance Capital 2.00 EUR 56.27
Action SA 3.21 7/4/2017 PLN 71.48
GNB - Cia de Seguros de Vi 3.17 EUR 49.00
Societe Generale SA 0.81 EUR 69.12
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 2.10
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.32
Praktiker AG 5.88 2/10/2016 EUR 0.25
APP International Finance 11.75 10/1/2005 USD 0.56
Banca Carige SpA 1.67 12/29/2018 EUR 49.88
Banco Espirito Santo SA 2.32 EUR 0.27
Stichting Afwikkeling Onde 6.25 10/26/2020 EUR 4.01
German Pellets GmbH 7.25 11/27/2019 EUR 0.83
Banca Monte dei Paschi di 7.00 3/4/2019 EUR 37.77
Lehman Brothers UK Capital 6.90 USD 0.77
Lloyds Bank PLC 0.41 1/31/2033 USD 58.00
Belfius Bank SA/NV 4.61 EUR 60.13
Lehman Brothers Treasury C 6.00 2/15/2035 EUR 9.13
Banco Pastor SAU 2.07 EUR 54.62
Banca Monte dei Paschi di 0.67 1/15/2018 EUR 39.33
Pescanova SA 8.75 2/17/2019 EUR 3.11
Koninklijke Luchtvaart Maa 0.75 CHF 36.50
Offshore Drilling Holding 8.38 9/20/2020 USD 43.25
Havila Shipping ASA 4.82 11/7/2020 NOK 42.63
Lloyds Bank PLC 2.78 12/27/2028 USD 76.00
QGOG Constellation SA 6.25 11/9/2019 USD 71.52
CGG SA 6.50 6/1/2021 USD 48.31
LBI HF 6.10 8/25/2011 USD 8.75
Banca Popolare di Vicenza 8.50 12/28/2018 EUR 31.15
Cirio Holding Luxembourg S 6.25 2/16/2004 EUR 0.91
Corporate Commercial Bank 8.25 8/8/2014 USD 0.99
Barclays Bank PLC 2.12 3/28/2034 USD 70.05
Agrokor dd 9.13 2/1/2020 EUR 34.18
Rudolf Woehrl AG 6.50 2/12/2018 EUR 16.00
Lloyds Bank PLC 0.24 4/26/2033 USD 56.00
Deutsche Bank AG/London 1.44 3/27/2035 USD 66.88
CNP Assurances 2.00 EUR 73.50
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 43.21
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Virgolino de Oliveira Fina 11.75 2/9/2022 USD 7.04
Hellenic Republic Governme 2.09 7/25/2057 EUR 40.13
Electromagnetic Geoservice 6.96 6/27/2019 NOK 70.00
Tikehau Capital SCA 1.63 1/1/2022 EUR 61.70
Dexia Kommunalbank Deutsch 5.63 12/31/2017 EUR 13.13
Volstad Shipping AS 6.89 4/15/2019 NOK 25.00
Barclays Bank PLC 2.85 1/27/2031 USD 66.13
PNE Wind AG 3.75 10/10/2019 EUR 3.32
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.39
Barclays Bank PLC 2.76 7/31/2034 USD 73.00
Mox Telecom AG 7.25 11/2/2017 EUR 3.30
Paragon Offshore PLC 7.25 8/15/2024 USD 20.75
Eniro AB 6.00 4/14/2020 SEK 13.69
3W Power SA 5.50 11/11/2020 EUR 40.00
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.75
Sazka AS 9.00 7/12/2021 EUR 0.29
KTG Energie AG 7.25 9/28/2018 EUR 2.36
Vneshprombank Ltd via VPB 9.00 11/14/2016 USD 0.53
Barclays Bank PLC 1.81 7/28/2034 USD 66.35
German Pellets GmbH 7.25 7/9/2018 EUR 1.34
Oi Brasil Holdings Coopera 5.75 2/10/2022 USD 32.38
Cirio Finance Luxembourg S 7.50 11/3/2002 EUR 4.62
Air Berlin Finance BV 1.50 4/11/2027 EUR 50.00
Manchester Building Societ 8.00 GBP 25.25
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.91
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Royal Bank of Scotland PLC 1.85 11/16/2030 USD 67.50
GNB - Cia de Seguros de Vi 1.87 12/19/2022 EUR 60.00
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.40
CRC Breeze Finance SA 6.11 5/8/2026 EUR 55.63
Espirito Santo Financial G 9.75 12/19/2025 EUR 1.41
KTG Agrar SE 7.25 10/15/2019 EUR 2.40
Etablissements Maurel et P 1.63 7/1/2019 EUR 16.21
Banca Monte dei Paschi di 2.79 10/31/2018 EUR 39.00
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 65.12
Windreich GmbH 6.50 7/15/2016 EUR 10.50
IKB Deutsche Industriebank 4.70 8/1/2017 EUR 32.00
Barclays Bank PLC 2.72 7/28/2031 USD 59.04
Barclays Bank PLC 2.59 2/28/2034 USD 70.10
Banco Espirito Santo SA 6.88 7/15/2016 EUR 27.88
Golden Gate AG 6.50 10/11/2014 EUR 45.40
Abanka Vipa DD Via Afinanc 1.57 EUR 1.50
CGG SA 6.88 1/15/2022 USD 42.13
Far Eastern Shipping Co PL 13.00 11/28/2017 RUB 50.02
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.38
Laurel GmbH 7.13 11/16/2017 EUR 8.00
Barclays Bank PLC 1.23 6/17/2033 USD 61.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00
Tatfondbank OAO via TFB Fi 8.50 11/12/2019 USD 0.17
Lloyds Bank PLC 2.52 7/26/2033 USD 67.13
Waste Italia SpA 10.50 11/15/2019 EUR 16.13
Finmek International SA 7.00 12/3/2004 EUR 6.50
Stichting Afwikkeling Onde 11.25 EUR 1.05
Portugal Telecom Internati 5.24 11/6/2017 EUR 30.25
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Rena GmbH 8.25 7/11/2018 EUR 9.38
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Afren PLC 6.63 12/9/2020 USD 0.00
Barclays Bank PLC 0.40 5/31/2033 USD 53.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.31
PA Resources AB 13.50 3/3/2016 SEK 0.23
Etablissements Maurel et P 2.75 7/1/2021 EUR 10.70
Geotech Seismic Services P 12.75 10/16/2019 RUB 70.01
International Industrial B 11.00 2/19/2013 USD 0.34
World Wide Supply AS 7.75 5/26/2017 USD 16.13
Paragon Offshore PLC 6.75 7/15/2022 USD 21.25
Deutsche Bank AG/London 0.36 3/15/2033 USD 59.25
Tonon Luxembourg SA 10.50 5/14/2024 USD 42.63
Barclays Bank PLC 2.62 12/30/2030 USD 67.01
Steilmann SE 7.00 9/23/2018 EUR 2.74
Norske Skog Holding AS 8.00 2/24/2021 EUR 27.63
Pacific Drilling SA 5.38 6/1/2020 USD 47.50
German Pellets GmbH 7.25 4/1/2016 EUR 1.03
Norske Skog Holding AS 8.00 2/24/2023 USD 21.75
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 10.50
Lehman Brothers Treasury C 5.10 5/8/2017 HKD 9.63
Windreich GmbH 6.50 3/1/2015 EUR 10.50
Hamburgische Landesbank-Gi 0.05 10/30/2040 EUR 64.42
Landes-Hypothekenbank Stei 0.06 3/7/2043 EUR 72.28
Veneto Banca SpA 6.94 5/15/2025 EUR 12.88
Barclays Bank PLC 3.22 3/27/2029 USD 68.00
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 74.38
getgoods.de AG 7.75 10/2/2017 EUR 0.05
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Orient Express Bank PJSC V 8.17 6/27/2017 USD 50.00
HSBC France SA 1.03 EUR 70.00
TES Finance PLC 6.75 7/15/2020 GBP 65.96
Lloyds Bank PLC 2.39 7/5/2033 USD 68.25
Hellas Telecommunications 8.50 10/15/2013 EUR 0.37
Banco Comercial Portugues 5.00 EUR 60.00
Barclays Bank PLC 2.62 12/30/2030 USD 66.25
Santander Finance Capital 2.00 EUR 56.19
Sidetur Finance BV 10.00 4/20/2016 USD 3.54
Assystem 4.50 EUR 38.03
Deutsche Bank AG/London 1.85 8/28/2034 USD 61.88
TradeDoubler AB 6.75 12/20/2018 SEK 58.67
Farstad Shipping ASA 5.09 7/30/2017 NOK 27.25
Deutsche Bank AG/London 2.46 6/30/2034 USD 51.50
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 4.29
OGX Austria GmbH 8.38 4/1/2022 USD 0.01
BNP Paribas SA 0.38 4/30/2033 USD 57.25
Rena GmbH 7.00 12/15/2015 EUR 9.38
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.60
Banco Pinto & Sotto Mayor 0.68 EUR 34.00
Finance and Credit Bank JS 9.25 1/25/2019 USD 0.58
Holdikks SAS 6.75 7/15/2021 EUR 59.65
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 64.71
Banca Carige SpA 5.70 9/17/2020 EUR 62.02
Pescanova SA 6.75 3/5/2015 EUR 3.61
Barclays Bank PLC 1.70 11/29/2030 USD 65.25
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.69
Barclays Bank PLC 3.84 1/31/2029 USD 67.15
Lehman Brothers Treasury C 7.00 5/17/2035 EUR 9.13
KPNQwest NV 10.00 3/15/2012 EUR 0.48
Virgolino de Oliveira Fina 10.88 1/13/2020 USD 28.50
PA Resources AB 3.00 12/27/2017 NOK 0.11
BOA Offshore AS 7.69 12/18/2018 NOK 25.00
Societe Generale SA 0.12 5/31/2033 USD 65.00
Steilmann SE 7.00 3/9/2017 EUR 2.74
Del Monte Finance Luxembou 6.63 5/24/2006 EUR 5.44
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.27
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.69
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
SiC Processing GmbH 7.13 3/1/2016 EUR 3.23
Royal Bank of Scotland PLC 1.84 8/26/2031 USD 66.13
KPNQwest NV 8.88 2/1/2008 EUR 0.65
Lehman Brothers Treasury C 6.00 11/2/2035 EUR 9.13
Veneto Banca SpA 6.95 2/25/2025 EUR 11.63
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 12.26
Governo Portugues Consolid 3.00 EUR 75.00
IVG Immobilien AG 5.50 EUR 0.65
Barclays Bank PLC 1.94 9/30/2031 USD 69.10
Barclays Bank PLC 2.42 2/25/2031 USD 65.01
Banca Carige SpA 5.70 6/30/2017 EUR 72.94
Espirito Santo Financial P 5.13 5/30/2016 EUR 0.93
Steilmann SE 6.75 6/27/2017 EUR 4.94
Banca Nuova SpA 6.06 5/23/2028 EUR 65.68
Banco Espirito Santo SA 6.90 6/28/2024 EUR 25.50
Deutsche Bank AG/London 0.18 1/31/2033 USD 55.35
Lehman Brothers Treasury C 4.00 2/16/2017 EUR 9.13
New World Resources NV 4.00 10/7/2020 EUR 0.24
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 29.63
SeaBird Exploration Financ 6.00 3/3/2018 USD 16.00
Banca Popolare di Vicenza 5.00 6/30/2021 EUR 64.47
Landesbank Hessen-Thuering 0.08 5/3/2041 EUR 71.46
Kommunalbanken AS 0.50 5/27/2022 ZAR 66.50
Barclays Bank PLC 0.06 12/28/2040 EUR 74.57
Lloyds Bank PLC 1.84 7/29/2033 USD 66.80
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 21.00
Depfa Funding II LP 6.50 EUR 57.25
Mobile TeleSystems PJSC 8.85 3/25/2021 RUB 101.25
Barclays Bank PLC 4.13 10/10/2029 USD 74.57
Farstad Shipping ASA 4.29 5/29/2018 NOK 26.00
Frigoglass Finance BV 8.25 5/15/2018 EUR 56.88
Stichting Afwikkeling Onde 2.42 EUR 1.05
Afren PLC 10.25 4/8/2019 USD 0.01
Portigon AG 7.46 12/31/2019 EUR 25.50
Region of Abruzzo Italy 0.13 11/7/2036 EUR 61.20
Russian Post FGUP 8.55 5/11/2027 RUB 99.00
ADLER Real Estate AG 6.00 6/30/2017 EUR 14.50
New World Resources NV 8.00 4/7/2020 EUR 4.86
Tonon Luxembourg SA 9.25 1/24/2020 USD 10.75
TES Finance PLC 5.34 7/15/2020 GBP 67.51
MS Deutschland Beteiligung 6.88 12/18/2017 EUR 5.88
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Montepio Holding SGPS SA 5.00 EUR 50.10
Golden Energy Offshore Ser 5.00 12/31/2017 NOK 40.00
Barclays Bank PLC 0.55 3/28/2033 USD 59.70
Barclays Bank PLC 1.84 11/1/2031 USD 64.50
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.31
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Acron PJSC 9.55 9/24/2026 RUB 101.01
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 64.72
Lehman Brothers Treasury C 7.25 10/5/2035 EUR 9.63
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Nationwide Building Societ 0.82 GBP 72.00
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 15.50
Solon SE 1.38 12/6/2012 EUR 0.33
Gazprombank JSC 9.95 12/2/2019 RUB 70.05
Marfin Investment Group Ho 7.00 7/29/2019 EUR 0.40
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Moscow United Electric Gri 8.55 5/6/2027 RUB 60.10
Virgolino de Oliveira Fina 10.50 1/28/2018 USD 7.13
Agroton Public Ltd 6.00 7/14/2019 USD 14.13
Lehman Brothers Treasury C 5.00 2/16/2015 EUR 9.13
Santander Finance Capital 2.00 USD 56.16
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
KPNQwest NV 8.88 2/1/2008 EUR 0.65
Rosneft Oil Co PJSC 10.65 12/3/2020 RUB 62.00
Hamburgische Landesbank-Gi 0.05 1/22/2041 EUR 62.29
AKB Peresvet ZAO 13.50 10/16/2020 RUB 13.00
Afren PLC 11.50 2/1/2016 USD 0.17
Barclays Bank PLC 2.36 12/23/2033 USD 66.20
Barclays Bank PLC 0.61 4/9/2028 USD 67.10
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 74.87
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.92
Depfa Funding IV LP 1.54 EUR 57.13
Autonomous Community of Ca 2.97 9/8/2039 JPY 64.30
Lehman Brothers Treasury C 5.00 9/22/2014 EUR 9.13
Far East Capital Ltd SA 8.00 5/2/2018 USD 70.01
Veneto Banca SpA 1.67 5/15/2019 EUR 43.75
Rosbank PJSC 10.40 5/27/2026 RUB 61.77
Lloyds Bank PLC 2.70 10/25/2033 USD 73.13
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.50
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.88
Rem Offshore ASA 5.00 12/8/2024 NOK 32.51
BLT Finance BV 12.00 2/10/2015 USD 10.50
Barclays Bank PLC 3.87 4/16/2029 USD 67.25
Deutsche Bank AG/London 2.94 9/30/2029 USD 67.00
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.74
OAS Investments GmbH 8.25 10/19/2019 USD 3.75
Oceanic Champion AS 8.00 2/20/2020 USD 71.33
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 64.66
Admiral Boats SA 8.50 9/18/2017 PLN 20.00
Northland Resources AB 15.00 7/15/2019 USD 0.41
Vorarlberger Landes- und H 5.87 EUR 51.98
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 1.03
UniCredit Bank AG 5.00 12/21/2029 EUR 73.52
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Svensk Exportkredit AB 0.50 4/24/2029 AUD 62.79
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 24.87
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.69
Northland Resources AB 4.00 10/15/2020 USD 0.21
Bank Julius Baer & Co Ltd/ 6.70 6/2/2017 USD 55.05
Barclays Bank PLC 1.88 8/15/2033 USD 61.00
Karlie Group GmbH 5.00 6/25/2021 EUR 3.70
Autonomous Community of Ca 1.06 9/8/2024 EUR 73.01
Landesbank Hessen-Thuering 0.09 4/23/2041 EUR 70.93
Accentro Real Estate AG 6.25 3/27/2019 EUR 10.50
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.13
Stroika Finance Ltd Via Em 9.90 6/25/2019 RUB 12.00
MegaFon PJSC 9.90 5/29/2026 RUB 102.36
Novo Banco SA 3.00 12/16/2021 EUR 69.86
Dannemora Mineral AB 11.75 3/22/2016 USD 0.42
Artea 6.00 8/4/2019 EUR 14.43
Lehman Brothers Treasury C 2.88 3/14/2013 CHF 9.13
Municipality Finance PLC 0.50 4/26/2022 ZAR 65.75
Stichting Afwikkeling Onde 6.63 5/14/2018 EUR 3.02
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Barclays Bank PLC 0.48 4/19/2033 USD 56.00
Rosbank PJSC 9.80 12/20/2026 RUB 61.66
Lehman Brothers Treasury C 8.25 3/16/2035 EUR 9.13
Kaupthing ehf 9.00 USD 0.13
BNP Paribas SA 0.50 9/29/2029 AUD 61.85
Rosbank PJSC 7.50 10/7/2024 RUB 98.00
wige MEDIA AG 6.00 3/17/2019 EUR 2.90
Activa Resources AG 8.00 11/15/2017 EUR 17.80
Bibby Offshore Services PL 7.50 6/15/2021 GBP 55.50
Svensk Exportkredit AB 0.50 8/29/2029 AUD 62.78
Banca Popolare di Vicenza 5.00 3/31/2021 EUR 66.24
Vnesheconombank 9.76 12/17/2021 RUB 60.06
Svensk Exportkredit AB 0.50 6/29/2029 AUD 63.12
AKB Peresvet ZAO 13.25 4/25/2018 RUB 23.49
Mifa Mitteldeutsche Fahrra 7.50 8/12/2018 EUR 2.95
KPNQwest NV 7.13 6/1/2009 EUR 0.51
Uppfinnaren 1 AB 10.00 SEK 63.55
Gazprombank JSC 9.87 2/19/2021 RUB 60.00
Orient Express Bank PJSC 13.60 8/9/2018 RUB 62.00
Banca Popolare di Vicenza 5.00 5/30/2021 EUR 65.16
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.39
Lehman Brothers Treasury C 6.65 8/24/2011 AUD 9.63
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.88
Ideal Standard Internation 11.75 5/1/2018 EUR 4.78
Kamaz PJSC 11.24 7/18/2030 RUB 62.00
Minaya Capital AG 7.00 8/1/2018 EUR 69.55
Russian Railways JSC 10.30 3/25/2026 RUB 63.00
Podkarpacki Bank Spoldziel 5.81 7/2/2020 PLN 67.10
Deutsche Bank AG 0.35 6/28/2033 USD 57.50
Virgolino de Oliveira Fina 11.75 2/9/2022 USD 7.38
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 12.49
DOF ASA 7.89 9/12/2019 NOK 40.00
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
Barclays Bank PLC 2.96 9/29/2034 USD 71.85
Oi Brasil Holdings Coopera 5.63 6/22/2021 EUR 31.00
Alpha Bank AE 2.50 6/20/2022 EUR 74.06
O1 Properties Finance ZAO 13.00 10/2/2020 RUB 107.00
Banco BPI SA 1.78 EUR 58.02
KPNQwest NV 8.13 6/1/2009 USD 0.49
Banca Popolare di Vicenza 5.00 11/22/2020 EUR 68.17
Banca Popolare di Vicenza 5.00 3/25/2021 EUR 66.32
Rinol AG 5.50 10/15/2006 DEM 0.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 61.00
WPE International Cooperat 10.38 9/30/2020 USD 16.50
Governo Portugues Consolid 2.75 EUR 68.75
Vnesheconombank 11.60 2/17/2025 RUB 100.00
Heta Asset Resolution AG 0.43 12/31/2023 EUR 39.75
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Royal Bank of Scotland PLC 2.42 12/13/2028 USD 72.31
SAir Group 0.13 7/7/2005 CHF 13.63
BNP Paribas SA 0.50 7/20/2021 BRL 64.60
Barclays Bank PLC 5.29 3/27/2029 USD 74.25
Lehman Brothers Treasury C 7.00 11/26/2013 EUR 9.13
Sairgroup Finance BV 6.63 10/6/2010 EUR 9.88
Barclays Bank PLC 1.70 4/25/2034 USD 68.50
Sberbank of Russia PJSC 10.00 6/20/2019 RUB 81.00
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.00
Sankt-Peterburg Telecom OA 10.70 1/31/2022 RUB 62.63
Banca Meridiana 1.25 11/12/2017 EUR 21.00
ING Bank Eurasia JSC 9.70 5/27/2020 RUB 61.30
Heta Asset Resolution AG 0.24 12/31/2023 EUR 39.75
Raiffeisen Versicherung AG 2.02 EUR 31.28
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Veneto Banca SpA 5.41 5/25/2023 EUR 61.28
Royal Bank of Scotland PLC 1.72 2/25/2031 USD 63.60
Mechel PJSC 8.00 2/9/2021 RUB 71.28
Atari SA 7.50 2/17/2020 EUR 0.37
UkrLandFarming PLC 10.88 3/26/2018 USD 21.63
Lehman Brothers Treasury C 7.00 6/6/2017 EUR 0.26
EFG International Finance 10.15 8/2/2017 CHF 70.06
Atomenergoprom JSC 11.10 12/12/2025 RUB 63.66
Espirito Santo Financial G 5.05 11/15/2025 EUR 0.86
Republic of Italy Governme 0.19 7/31/2045 EUR 74.10
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 8.25
Afren PLC 10.25 4/8/2019 USD 0.01
WGF Westfaelische Grundbes 6.35 8/1/2017 EUR 3.50
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.13
Bilt Paper BV 9.64 USD 29.88
Atari SA 0.10 4/1/2020 EUR 4.26
Far East Capital Ltd SA 8.75 5/2/2020 USD 70.67
United Engine Corp JSC 10.75 6/10/2026 RUB 66.11
Cattles Ltd 7.13 7/5/2017 GBP 0.28
Afren PLC 6.63 12/9/2020 USD 0.06
Cie de Financement Foncier 0.98 8/11/2046 EUR 73.00
Gazprom PJSC 5.10 10/21/2043 RUB 60.01
ML 33 Invest AS 7.50 NOK 68.86
Lehman Brothers Treasury C 5.55 3/12/2015 EUR 0.26
Lehman Brothers Treasury C 6.00 3/14/2011 EUR 9.13
Cerruti Finance SA 6.50 7/26/2004 EUR 1.30
Lehman Brothers Treasury C 5.00 2/27/2014 EUR 9.13
Lloyds Bank PLC 2.70 4/25/2034 USD 67.50
International Industrial B 9.00 7/6/2011 EUR 0.70
Virgolino de Oliveira Fina 10.88 1/13/2020 USD 28.38
Elli Investments Ltd 12.25 6/15/2020 GBP 68.00
Municipiul Timisoara 0.80 5/15/2026 RON 70.00
AKB Peresvet ZAO 13.25 6/22/2017 RUB 22.63
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 41.28
Pierer Industrie AG 5.75 EUR 62.69
Municipality Finance PLC 0.50 11/17/2020 BRL 74.10
BLT Finance BV 7.50 5/15/2014 USD 2.18
Anglian Water Services Fin 0.87 1/26/2057 GBP 74.50
City of Moscow Russia 7.50 5/18/2021 RUB 60.01
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Banca Monte dei Paschi di 4.36 3/14/2024 EUR 13.78
State Transport Leasing Co 14.30 12/10/2024 RUB 60.00
Pongs & Zahn AG 8.50 EUR 0.15
Astana Finance BV 9.00 11/16/2011 USD 16.88
UniCredit Bank AG 0.37 11/19/2029 EUR 62.43
Muehl Product & Service AG 6.75 3/10/2005 DEM 2.33
Marfin Investment Group Ho 6.30 7/29/2020 EUR 0.40
Marine Subsea AS 9.00 12/16/2019 USD 0.44
Deutsche Bank AG/London 2.84 11/26/2034 USD 67.25
UniCredit Bank Austria AG 0.16 10/31/2031 EUR 67.28
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Societe Generale SA 1.60 1/9/2020 GBP 1.12
JP Morgan Structured Produ 4.00 6/2/2017 USD 54.96
SUEK Finance 12.50 8/19/2025 RUB 60.07
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 67.84
Municipality Finance PLC 0.50 6/19/2024 ZAR 54.26
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury C 6.00 3/18/2015 USD 9.13
Lehman Brothers Treasury C 8.25 12/3/2015 EUR 9.13
Province of Milan Italy 0.03 12/22/2033 EUR 69.21
Region of Molise Italy 0.18 12/15/2033 EUR 66.37
Municipality Finance PLC 0.50 11/25/2020 ZAR 74.21
Metalloinvest Holding Co O 0.01 3/10/2022 RUB 60.00
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.00
HSH Nordbank AG 2.30 2/1/2036 EUR 74.37
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 62.00
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
Windreich GmbH 6.25 3/1/2015 EUR 10.50
KTM Industries AG 5.00 EUR 74.57
Fonciere Volta SA 4.50 7/30/2020 EUR 2.59
Societe Generale SA 8.88 6/1/2017 USD 34.01
Russian Post FGUP 9.35 9/10/2026 RUB 60.55
Zapsibcombank PAO 5.00 9/4/2017 RUB 61.00
Kaupthing ehf 6.13 10/4/2016 USD 17.63
EFG International Finance 6.00 11/30/2017 EUR 8.96
Alpha Bank AE 2.50 6/20/2022 EUR 74.08
Rossiysky Capital OJSC 13.00 11/22/2019 RUB 80.01
EFG International Finance 2.10 3/23/2018 EUR 20.37
City of Kiev Ukraine Via C 8.00 11/6/2015 USD 64.88
HPI AG 3.50 EUR 6.00
Commerzbank AG 30.00 6/30/2020 USD 6.07
Lehman Brothers Treasury C 4.00 7/20/2012 EUR 0.26
Nuova Banca delle Marche S 7.20 6/30/2018 EUR 1.24
Rosintrud OOO 10.50 2/5/2021 RUB 60.00
Northland Resources AB 4.00 10/15/2020 NOK 0.25
Lehman Brothers Treasury C 5.00 3/18/2015 EUR 9.13
Oberbank Hybrid 1 GmbH 0.87 EUR 47.96
Petromena ASA 10.85 11/19/2017 USD 0.52
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 102.73
OT-Optima Telekom DD 5.25 5/30/2022 HRK
VEB-Leasing OAO 12.50 9/1/2025 RUB
Barclays Bank PLC 2.28 8/31/2031 USD 67.50
Agentstvo po Ipotechnomu Z 9.50 11/15/2024 RUB 61.00
SAir Group 6.25 4/12/2005 CHF 13.63
SG Issuer SA 5.50 4/10/2021 EUR 65.97
Salvator Grundbesitz-AG 9.50 EUR 19.15
ROSSETI PJSC 11.25 11/14/2025 RUB 80.00
Kommunekredit 0.50 7/30/2027 TRY 33.67
Societe Generale SA 0.53 6/28/2033 USD 73.75
Lehman Brothers Treasury C 5.00 5/2/2022 EUR 0.26
Lehman Brothers Treasury C 1.46 2/19/2012 JPY 9.13
Municipiul Timisoara 0.80 5/15/2026 RON 68.00
Aralco Finance SA 10.13 5/7/2020 USD 1.77
Metalloinvest Holding Co O 0.01 3/7/2022 RUB 50.01
Credit Agricole Corporate 0.50 3/6/2023 RUB 64.64
Er-Telekom Holding ZAO 10.85 12/1/2021 RUB 60.06
Barclays Bank PLC 2.57 3/21/2031 USD 70.13
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 60.00
Podkarpacki Bank Spoldziel 5.81 3/31/2025 PLN 50.00
Lloyds Bank PLC 0.50 7/26/2021 BRL 67.35
Banco Espirito Santo SA 1.22 5/27/2018 EUR 0.74
AKB Peresvet ZAO 13.00 10/7/2017 RUB 22.50
Santander Finance Capital 2.00 USD 56.16
Moscow United Electric Gri 11.00 9/12/2024 RUB 62.00
Finans-Avia OOO 0.01 7/31/2027 RUB 20.65
Credit Suisse AG/London 9.20 10/28/2019 USD 9.82
Synergy PJSC 14.50 5/28/2020 RUB 61.07
Banca Popolare di Vicenza 1.60 2/20/2020 EUR 67.35
Municipality Finance PLC 0.50 7/30/2029 AUD 70.31
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 70.80
UBS AG 5.60 3/4/2019 EUR 72.17
Lehman Brothers Treasury C 5.25 11/21/2009 USD 0.26
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Province of Brescia Italy 0.14 6/30/2036 EUR 63.40
Lehman Brothers Treasury C 4.50 5/2/2017 EUR 9.13
Penell GmbH Elektrogroshan 7.75 6/10/2019 EUR 5.07
ROSSETI PJSC 11.90 6/9/2025 RUB 60.07
Lillestroem Sparebank 4.44 NOK 62.30
BNP Paribas SA 0.50 5/6/2021 MXN 71.35
Kaupthing ehf 7.50 2/1/2045 USD 0.27
Lehman Brothers Treasury C 8.00 2/16/2016 EUR 0.26
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 63.83
Lehman Brothers Treasury C 1.28 11/6/2010 JPY 9.13
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 70.01
DekaBank Deutsche Girozent 0.01 6/29/2046 EUR 53.58
Dummy Set-up for ticker DU 9.55 12/28/2046 RUB 4.40
ECA 2.50 1/1/2018 EUR
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 71.55
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.60
ECM Real Estate Investment 5.00 10/9/2011 EUR 10.38
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Rosneft Oil Co PJSC 9.35 1/18/2021 RUB 60.00
RGS Nedvizhimost OOO 12.50 6/2/2017 RUB 74.03
Agentstvo po Ipotechnomu Z 8.05 11/15/2018 RUB 70.00
Reso-Leasing OOO 10.50 9/21/2023 RUB 100.25
BAWAG PSK Versicherungs AG 1.06 EUR 53.75
Sibur Holding PAO 9.65 9/16/2026 RUB 60.06
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 41.91
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 2.10
LBI HF 7.43 USD 0.00
Credit Suisse AG/London 11.70 4/20/2018 USD 10.21
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Bayerische Landesbank 2.70 7/6/2018 EUR 69.88
Rosneft Oil Co PJSC 10.65 12/3/2020 RUB 62.00
SG Issuer SA 0.82 8/2/2021 SEK 69.30
Societe Generale SA 0.57 2/28/2033 USD 63.40
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 66.52
Lehman Brothers Treasury C 7.00 4/14/2009 EUR 0.26
Transcapitalbank JSC 15.00 2/14/2022 RUB 102.01
Banca Popolare di Vicenza 2.50 11/22/2019 EUR 71.07
Banca Popolare di Vicenza 2.50 7/11/2019 EUR 74.69
SG Issuer SA 6.65 10/10/2021 EUR 73.84
Vnesheconombank 9.75 8/16/2029 RUB 60.00
Podkarpacki Bank Spoldziel 5.11 5/28/2023 PLN 60.20
German Pellets GmbH 8.00 EUR 0.12
Gazprom PJSC 5.10 10/21/2043 RUB 60.00
COFIDUR SA 0.10 12/31/2024 EUR 22.45
Voss Veksel OG Landmands B 8.15 NOK 73.71
HSBC Bank PLC 0.50 10/30/2026 NZD 70.14
Lehman Brothers Treasury C 1.75 2/7/2010 EUR 0.26
Lehman Brothers Treasury C 8.25 2/3/2016 EUR 0.26
Lehman Brothers Treasury C 11.00 12/20/2017 AUD 0.26
AKB Peresvet ZAO 12.50 9/6/2017 RUB 21.55
Windreich GmbH 6.75 3/1/2015 EUR 10.50
Rusfinans Bank OOO 9.90 7/18/2018 RUB 60.78
Russian Railways JSC 13.90 5/30/2040 RUB
Promnefteservis OOO 10.50 11/21/2019 RUB 3.40
Dummy Set-up for ticker DU 8.50 7/15/2041 RUB
LBI HF 2.25 2/14/2011 CHF 7.13
Banca Popolare di Vicenza 2.00 11/7/2019 EUR 70.53
Agentstvo po Ipotechnomu Z 10.90 11/1/2022 RUB 60.72
UmweltBank AG 2.85 EUR 70.10
Vimpel-Communications PJSC 11.90 10/3/2025 RUB 62.00
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
Lehman Brothers Treasury C 23.30 9/16/2008 USD 0.26
Lehman Brothers Treasury C 0.01 9/20/2011 USD 0.26
Rostelecom PJSC 11.70 5/20/2025 RUB 60.07
Svensk Exportkredit AB 0.50 3/28/2029 AUD 70.60
Orient Express Bank PJSC 11.70 7/17/2018 RUB 59.40
Agentstvo po Ipotechnomu Z 11.50 9/25/2018 RUB 70.00
Veneto Banca SpA 2.40 3/31/2020 EUR 71.46
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.22
Lehman Brothers Treasury C 7.50 6/15/2017 USD 0.26
Lehman Brothers Treasury C 5.00 8/16/2017 EUR 9.13
EFG International Finance 7.20 2/25/2019 EUR 12.41
DekaBank Deutsche Girozent 0.12 6/23/2034 EUR 70.81
Lehman Brothers Treasury C 6.70 4/21/2011 USD 0.26
Lehman Brothers Treasury C 4.87 10/8/2013 USD 0.26
UniCredit Bank AO 12.35 9/16/2020 RUB 63.00
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.20
Soyuz AKB OAO 13.00 11/22/2019 RUB 95.00
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 66.41
Lehman Brothers Treasury C 7.39 5/4/2017 USD 0.26
Lehman Brothers Treasury C 3.00 12/3/2012 EUR 0.26
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 66.88
Gold-Zack AG 7.00 12/14/2005 EUR 12.58
Lehman Brothers Treasury C 3.03 1/31/2015 EUR 0.26
Rosselkhozbank JSC 14.50 RUB 64.52
Rosselkhozbank JSC 14.50 RUB 64.89
Rusfinans Bank OOO 8.90 4/24/2018 RUB 60.07
Deutsche Bank AG/London 0.50 10/5/2021 IDR 66.29
Barclays Bank PLC 7.12 10/4/2017 USD 37.01
Lehman Brothers Treasury C 4.70 3/23/2016 EUR 0.26
Lehman Brothers Treasury C 5.00 5/12/2011 CHF 0.26
State of Saxony-Anhalt 0.30 7/3/2028 EUR 24.00
Municipality Finance PLC 0.50 5/31/2022 ZAR 65.04
Rusfinans Bank OOO 10.00 7/31/2026 RUB 61.17
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.23
Agentstvo po Ipotechnomu Z 10.30 7/15/2023 RUB 61.00
Municipality Finance PLC 0.50 5/8/2029 AUD 60.81
Barclays Bank PLC 0.50 3/26/2021 MXN 70.47
SAir Group 5.50 7/23/2003 CHF 13.57
Societe Generale SA 8.00 2/14/2022 USD 9.00
Lehman Brothers Treasury C 4.60 10/11/2017 ILS 9.13
AKB Peresvet ZAO 2.45 9/2/2020 RUB 11.34
Bank Julius Baer & Co Ltd/ 15.40 6/16/2017 USD 56.20
Lehman Brothers Treasury C 7.60 5/21/2013 USD 0.26
Lehman Brothers Treasury C 5.00 11/22/2012 EUR 0.26
Lehman Brothers Treasury C 2.00 6/28/2011 EUR 0.26
City of Siret Romania 2.32 3/1/2028 RON 50.00
HSBC Bank PLC 0.50 12/29/2026 AUD 67.53
Freight One JSC 12.00 10/15/2025 RUB 63.06
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 39.51
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.02
Vnesheconombank 8.35 11/24/2020 RUB 60.06
BELLAGIO Holding GmbH 2.18 EUR 48.20
Lehman Brothers Treasury C 2.00 11/16/2009 EUR 0.26
LBI HF 6.10 8/25/2011 USD 8.75
Lehman Brothers Treasury C 4.00 4/13/2011 CHF 0.26
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.75
Lehman Brothers Treasury C 4.60 7/6/2016 EUR 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury C 4.60 11/9/2011 EUR 9.13
Lehman Brothers Treasury C 4.00 7/27/2011 EUR 0.26
Corner Banca SA 20.00 7/10/2018 CHF 71.51
EFG International Finance 14.00 3/8/2018 CHF 62.69
ROSSETI PJSC 10.29 10/31/2045 RUB 60.07
Lehman Brothers Treasury C 5.12 4/30/2027 EUR 0.26
Lehman Brothers Treasury C 5.50 6/22/2010 USD 9.13
UVS-Finance OOO 14.50 9/10/2019 RUB 99.97
Podkarpacki Bank Spoldziel 5.01 10/6/2021 PLN 70.60
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 63.18
Sidetur Finance BV 10.00 4/20/2016 USD 3.54
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.06
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.52
AKB Peresvet ZAO 12.75 7/24/2018 RUB 19.74
Lehman Brothers Treasury C 11.00 6/29/2009 EUR 0.26
Kommunekredit 0.50 5/11/2029 CAD 74.42
Banca Popolare di Vicenza 5.20 3/28/2024 EUR 51.57
Lehman Brothers Treasury C 6.00 9/20/2011 EUR 0.26
Credit Suisse AG/London 8.00 11/29/2019 USD 7.50
KPNQwest NV 7.13 6/1/2009 EUR 0.51
Lehman Brothers Treasury C 8.00 3/19/2012 USD 0.26
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 60.00
Kamaz PJSC 10.39 12/5/2030 RUB 62.00
Lehman Brothers Treasury C 7.60 1/31/2013 AUD 0.26
Societe Generale SA 7.00 10/20/2020 USD
Russian Bank for Small and 9.25 3/17/2022 RUB 60.31
RusHydro PJSC 11.85 7/4/2018 RUB 86.00
Svensk Exportkredit AB 0.10 11/20/2019 TRY 73.85
Agrokompleks OOO 0.10 7/29/2019 RUB 5.00
Espirito Santo Financial G 5.05 11/15/2025 EUR 0.71
National Capital JSC 9.25 4/22/2019 RUB 99.98
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treasury C 14.90 11/16/2010 EUR 0.26
Kubanenergo PJSC 10.44 11/21/2025 RUB 60.00
PA Urals Optical & Mechani 14.25 12/25/2018 RUB 95.75
Lehman Brothers Treasury C 8.00 5/22/2009 USD 0.26
Lehman Brothers Treasury C 10.00 6/11/2038 JPY 0.26
Lehman Brothers Treasury C 12.00 7/13/2037 JPY 0.26
Lehman Brothers Treasury C 4.68 12/12/2045 EUR 0.26
Kamaz PJSC 9.63 12/2/2031 RUB 62.00
Rusfinans Bank OOO 10.10 6/30/2020 RUB 60.14
BLT Finance BV 7.50 5/15/2014 USD 2.18
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Lehman Brothers Treasury C 7.50 5/2/2017 EUR 0.26
Lehman Brothers Treasury C 11.00 12/19/2011 USD 0.26
Leonteq Securities AG/Guer 29.61 10/26/2017 EUR 37.89
Kommunekredit 0.50 12/14/2020 ZAR 74.02
Ladya-Finans LLC 12.00 10/29/2021 RUB 61.00
ROSSETI PJSC 9.15 8/18/2026 RUB 60.06
Barclays Bank PLC 0.50 1/28/2033 MXN 23.90
Barclays Bank PLC 1.00 5/10/2019 JPY 56.59
HSBC Bank PLC 0.50 6/10/2021 BRL 67.25
SAir Group 6.25 10/27/2002 CHF 13.58
Ashinskiy metallurgical wo 5.60 6/17/2024 RUB 62.00
Lehman Brothers Treasury C 0.50 12/20/2017 AUD 0.26
Bayerische Landesbank 2.60 10/19/2018 EUR 67.42
SAir Group 4.25 2/2/2007 CHF 13.63
Union Technologies Informa 0.10 1/1/2020 EUR 5.40
TGC-1 PJSC 5.60 2/14/2022 RUB 60.01
Commerzbank AG 8.00 7/14/2021 USD
National Capital JSC 9.50 7/25/2018 RUB 100.00
Bank Julius Baer & Co Ltd/ 6.00 7/24/2017 CHF 74.80
Lehman Brothers Treasury C 4.50 3/6/2013 CHF 0.26
Northland Resources AB 15.00 7/15/2019 USD 0.41
ROSSETI PJSC 9.15 8/18/2026 RUB 60.06
Veneto Banca SpA 5.15 1/25/2023 EUR 61.81
Oberoesterreichische Lande 0.30 4/25/2042 EUR 26.76
EFG International Finance 7.00 11/27/2019 EUR 17.22
EFG International Finance 8.99 9/4/2017 EUR 2.94
AKB Peresvet ZAO 13.50 6/23/2021 RUB 12.49
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Lehman Brothers Treasury C 0.50 7/2/2020 EUR 0.26
Lehman Brothers Treasury C 7.00 9/20/2011 USD 0.26
Russian Railways JSC 6.80 5/20/2044 RUB
Communaute Francaise de Be 0.50 6/27/2046 EUR 68.19
Locko-Bank AO 12.55 7/11/2023 RUB 60.31
Espirito Santo Financial P 5.63 7/28/2017 EUR 1.04
Lehman Brothers Treasury C 13.50 11/28/2008 USD 0.26
EFG International Finance 12.86 10/30/2017 EUR 1.96
Societe Generale SA 0.50 8/4/2021 BRL 67.40
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 50.00
Lehman Brothers Treasury C 0.50 12/20/2017 AUD 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 AUD 0.26
Rosselkhozbank JSC 10.85 7/14/2025 RUB 60.27
Lehman Brothers Treasury C 5.00 12/6/2011 EUR 0.26
Kamaz PJSC 9.92 11/24/2031 RUB 62.00
Podkarpacki Bank Spoldziel 5.81 10/24/2024 PLN 55.20
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Escher Marwick PLC 3.50 10/14/2031 USD 74.57
Dummy Set-up for ticker DU 3.00 12/28/2046 RUB 33.41
Europlan Leasing Co 12.50 9/25/2019 RUB 94.13
Agrokompleks OOO 0.10 12/8/2022 RUB 3.91
Lehman Brothers Treasury C 7.59 11/22/2009 MXN 9.13
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 66.47
Barclays Bank PLC 0.50 4/24/2023 MXN 57.90
T Plus PJSC 9.50 8/24/2017 RUB 97.51
Lenenergo PJSC 9.80 7/9/2025 RUB 60.00
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Heliocentris Energy Soluti 4.00 1/16/2019 EUR 21.93
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Bayerische Landesbank 2.70 7/13/2018 EUR 73.83
Nuova Banca delle Marche S 7.75 6/30/2018 EUR 1.24
Lehman Brothers Treasury C 4.30 6/4/2012 USD 0.26
Lehman Brothers Treasury C 15.00 6/4/2009 CHF 0.26
Lehman Brothers Treasury C 10.00 6/17/2009 USD 0.26
HSBC Bank PLC 0.50 7/21/2021 BRL 66.39
BKS Hybrid alpha GmbH 7.35 EUR 60.45
Delta Credit Bank JSC 9.65 10/1/2024 RUB 61.60
IDGC of the North Caucasus 13.00 4/22/2021 RUB 61.00
Societe Generale SA 0.50 5/22/2024 MXN 55.67
SUEK Finance 12.50 8/19/2025 RUB 60.07
Lehman Brothers Treasury C 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treasury C 7.25 10/6/2008 EUR 0.26
Lehman Brothers Treasury C 6.00 10/24/2008 EUR 0.26
Lehman Brothers Treasury C 6.85 12/22/2008 EUR 0.26
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Main Road OJSC 4.10 10/30/2028 RUB 60.00
UBS AG/London 5.00 8/14/2017 CHF 53.80
ECM Real Estate Investment 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury C 0.50 12/20/2017 AUD 0.26
LBI HF 7.43 USD 0.00
LZMO SA 8.50 6/30/2017 PLN 63.64
BNP Paribas Emissions- und 9.00 6/22/2017 EUR 47.16
IDGC of the South PJSC 13.50 6/8/2020 RUB 60.00
Kerdos Group SA 8.00 12/15/2017 PLN
Russian Post FGUP 2.75 12/6/2023 RUB 71.82
MIK OAO 15.00 2/19/2020 RUB 5.55
GlobexBank AO 11.00 12/25/2021 RUB 96.25
Freight One JSC 11.80 10/23/2025 RUB 65.11
Lehman Brothers Treasury C 5.10 6/22/2046 EUR 0.26
Societe Generale Effekten 4.00 6/26/2017 EUR 50.93
BNP Paribas SA 0.50 11/16/2032 MXN 29.10
Hellas Telecommunications 8.50 10/15/2013 EUR 0.37
Societe Generale SA 0.50 5/30/2023 MXN 60.75
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 65.77
Barclays Bank PLC 0.50 3/13/2023 RUB 64.56
Leonteq Securities AG 3.00 2/21/2018 CHF
EFG International Finance 6.48 5/29/2018 EUR 5.92
Lehman Brothers Treasury C 6.00 10/30/2012 USD 0.26
Lehman Brothers Treasury C 11.00 12/20/2017 AUD 0.26
Bayerische Landesbank 2.70 7/6/2018 EUR 73.31
Lehman Brothers Treasury C 0.50 8/1/2020 EUR 0.26
Lehman Brothers Treasury C 16.20 5/14/2009 USD 0.26
Landesbank Baden-Wuerttemb 6.00 6/23/2017 EUR 61.41
LBI HF 8.65 5/1/2011 ISK 7.13
Barclays Bank PLC 1.85 7/24/2028 USD 71.50
World of Building Technolo 9.90 6/25/2019 RUB 0.45
Bank Julius Baer & Co Ltd/ 23.00 8/4/2017 USD 59.25
Indre Sogn Sparebank 5.84 NOK 54.82
Fininvest OOO 13.00 11/9/2018 RUB 5.05
Banca Popolare di Vicenza 1.60 3/20/2020 EUR 66.56
Municipality Finance PLC 0.25 6/28/2040 CAD 31.37
Atomenergoprom JSC 9.33 12/3/2026 RUB 60.00
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Lehman Brothers Treasury C 4.25 5/15/2010 EUR 0.26
Lehman Brothers Treasury C 11.75 3/1/2010 EUR 0.26
DekaBank Deutsche Girozent 3.40 4/9/2018 EUR 65.58
Lehman Brothers Treasury C 11.00 12/20/2017 AUD 0.26
Lehman Brothers Treasury C 16.00 10/28/2008 USD 0.26
Lehman Brothers Treasury C 5.50 4/23/2014 EUR 0.26
Lehman Brothers Treasury C 5.50 7/8/2013 EUR 0.26
Lehman Brothers Treasury C 7.63 7/22/2011 HKD 0.26
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treasury C 7.50 8/1/2035 EUR 0.26
Banca Popolare di Vicenza 2.25 8/22/2019 EUR 73.08
Svensk Exportkredit AB 0.50 8/28/2020 TRY 68.62
National Capital JSC 10.50 9/15/2020 RUB 100.00
Province of Brescia Italy 0.11 12/22/2036 EUR 62.69
Petromena ASA 9.75 5/24/2016 NOK 0.52
Societe Generale SA 11/28/2029 USD 70.77
Lehman Brothers Treasury C 14.90 9/15/2008 EUR 0.26
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury C 5.00 10/24/2008 CHF 0.26
SAir Group 2.75 7/30/2004 CHF 13.63
UniCredit Bank AG 4.50 9/19/2017 EUR 69.91
Lehman Brothers Treasury C 10.00 1/3/2012 BRL 0.26
Lehman Brothers Treasury C 6.00 5/23/2018 CZK 0.26
Nutritek International Cor 8.75 12/11/2008 USD 2.00
Raiffeisen Schweiz Genosse 6.50 7/2/2018 USD 56.41
Lehman Brothers Treasury C 4.80 11/16/2012 HKD 0.26
Lehman Brothers Treasury C 2.50 8/23/2012 GBP 0.26
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 52.78
KPNQwest NV 7.13 6/1/2009 EUR 0.51
Lehman Brothers Treasury C 14.10 11/12/2008 USD 0.26
Lehman Brothers Treasury C 7.60 3/4/2010 NZD 0.26
SAir Group 5.13 3/1/2003 CHF 14.00
Lehman Brothers Treasury C 9.50 4/1/2018 USD 0.26
Lehman Brothers Treasury C 3.00 6/23/2009 EUR 9.13
Lehman Brothers Treasury C 2.30 4/28/2014 JPY 0.26
Agentstvo po Ipotechnomu Z 9.80 7/15/2024 RUB 60.00
IFK Soyuz OAO 14.00 7/18/2028 RUB 60.00
IFK Soyuz OAO 12.00 12/9/2027 RUB 59.70
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
UBS AG 7.40 5/17/2021 CHF 59.55
Leonteq Securities AG 7.20 5/29/2018 USD
Municipality Finance PLC 0.50 12/15/2020 BRL 73.58
HSBC Bank PLC 0.50 11/25/2025 BRL 42.94
Credit Suisse AG/London 3.00 11/15/2025 ZAR 64.90
Kubanenergo PJSC 12.63 11/11/2025 RUB 60.00
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 69.17
Moscow United Electric Gri 10.00 5/26/2026 RUB 62.00
Banca Popolare di Vicenza 1.60 5/29/2020 EUR 65.02
Societe Generale SA 0.50 4/3/2023 RUB 64.32
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treasury C 1.50 10/25/2011 EUR 0.26
Province of Rovigo Italy 0.06 12/28/2035 EUR 64.42
Barclays Bank PLC 0.50 3/19/2021 MXN 71.16
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Kreditanstalt fuer Wiedera 0.25 10/6/2036 CAD 40.88
KPNQwest NV 8.88 2/1/2008 EUR 0.65
Lehman Brothers Treasury C 3.60 3/19/2018 JPY 0.26
Lehman Brothers Treasury C 8.00 3/21/2018 USD 0.26
Lehman Brothers Treasury C 4.00 3/10/2011 EUR 0.26
Leonteq Securities AG 5.00 11/21/2018 CHF
Leonteq Securities AG 3.50 4/10/2018 EUR 58.83
EFG International Finance 7.19 5/6/2019 EUR 14.19
UBS AG/London 9.40 6/30/2017 EUR 51.25
Nuova Banca delle Marche S 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury C 6.45 2/20/2010 AUD 0.26
Lehman Brothers Treasury C 17.00 6/2/2009 USD 0.26
Lehman Brothers Treasury C 16.00 11/9/2008 USD 0.26
Lehman Brothers Treasury C 12.00 7/4/2011 EUR 0.26
Uginvestgerion OOO 12.10 4/1/2020 RUB 0.04
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treasury C 3.82 10/20/2009 USD 0.26
Lehman Brothers Treasury C 3.00 8/15/2017 EUR 0.26
Podkarpacki Bank Spoldziel 5.81 2/23/2025 PLN 60.10
Northland Resources AB 12.25 3/26/2016 USD 0.41
HSBC Bank PLC 0.50 4/11/2023 MXN 61.36
Oberbank AG 7.40 EUR 68.04
Jyske Bank A/S 0.74 2/13/2023 EUR 68.10
HSBC Bank PLC 0.50 1/29/2027 NZD 69.32
Societe Generale SA 0.50 6/12/2023 RUB 63.14
Rusfinans Bank OOO 11.00 10/2/2019 RUB 61.12
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 69.37
Raiffeisen Schweiz Genosse 8.99 7/22/2019 EUR 29.36
Transgazservice LLP 10.50 11/8/2019 RUB 0.25
Delta-Finance OOO 10.00 12/17/2020 RUB 0.04
Lehman Brothers Treasury C 3.86 9/21/2011 SGD 9.63
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.10
Lehman Brothers Treasury C 6.75 4/5/2012 EUR 0.26
Lehman Brothers Treasury C 3.40 9/21/2009 HKD 0.26
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 63.70
Commerzbank AG 10.50 10/26/2017 EUR 66.12
OBRAZOVANIE AKIB AO 11.00 5/31/2018 RUB 30.00
UBS AG 8.75 12/22/2017 EUR 62.58
Lehman Brothers Treasury C 6.72 12/29/2008 EUR 0.26
Lehman Brothers Treasury C 6.00 7/28/2010 EUR 0.26
HSBC Trinkaus & Burkhardt 18.60 6/23/2017 EUR 67.82
HSBC Bank PLC 0.50 12/8/2020 BRL 71.15
Bank VTB 24 JSC 9.00 9/15/2044 RUB
DekaBank Deutsche Girozent 2.60 6/23/2017 EUR 65.12
Goldman Sachs & Co Wertpap 9.00 6/21/2017 EUR 72.79
Goldman Sachs & Co Wertpap 13.00 6/21/2017 EUR 62.70
UBS AG/London 8.25 8/7/2017 EUR 73.25
Leonteq Securities AG 3.80 2/21/2018 EUR
Leonteq Securities AG 4.40 2/21/2018 USD
Leonteq Securities AG 6.00 8/21/2017 CHF 0.08
Leonteq Securities AG 6.00 8/21/2017 EUR 0.01
Leonteq Securities AG 6.77 8/17/2017 CHF 57.68
Leonteq Securities AG 5.40 8/28/2017 CHF 57.26
Commerzbank AG 13.50 12/20/2017 EUR 73.93
Lehman Brothers Treasury C 9.25 6/20/2012 USD 0.26
Lehman Brothers Treasury C 3.00 9/13/2010 JPY 9.13
Leonteq Securities AG 5.00 9/4/2018 CHF 60.81
Leonteq Securities AG 5.60 9/4/2017 CHF 71.79
Leonteq Securities AG 5.60 9/11/2017 CHF 59.19
DekaBank Deutsche Girozent 2.75 6/24/2019 EUR 71.95
SAir Group 2.75 7/30/2004 CHF 13.63
Lehman Brothers Treasury C 3.35 10/13/2016 EUR 0.26
Lehman Brothers Treasury C 4.00 5/30/2010 USD 0.26
Lehman Brothers Treasury C 2.48 5/12/2009 USD 0.26
Lehman Brothers Treasury C 2.25 5/12/2009 USD 0.26
Lehman Brothers Treasury C 4.10 6/10/2014 SGD 9.63
UniCredit Bank AG 4.00 6/26/2018 EUR 72.47
UniCredit Bank AG 4.60 6/30/2017 EUR 56.74
Landesbank Baden-Wuerttemb 3.25 1/26/2018 EUR 71.13
Landesbank Hessen-Thuering 4.00 1/16/2018 EUR 71.23
Leonteq Securities AG/Guer 5.00 12/27/2019 EUR 69.04
Landesbank Baden-Wuerttemb 3.00 2/23/2018 EUR 71.15
Landesbank Baden-Wuerttemb 3.15 6/22/2018 EUR 72.66
UBS AG 9.50 12/22/2017 EUR 59.66
UBS AG 5.25 12/22/2017 EUR 67.58
UBS AG 8.25 12/22/2017 EUR 71.73
UBS AG 11.75 12/22/2017 EUR 53.83
UBS AG 7.75 12/22/2017 EUR 67.22
UBS AG 7.00 12/22/2017 EUR 69.67
UBS AG 10.25 12/22/2017 EUR 56.17
UBS AG 10.25 12/22/2017 EUR 46.42
UBS AG 5.00 12/22/2017 EUR 71.95
UBS AG 8.50 12/22/2017 EUR 51.14
UBS AG 11.75 12/22/2017 EUR 42.17
UBS AG 8.00 12/22/2017 EUR 65.94
UBS AG 11.75 12/22/2017 EUR 52.90
UBS AG 7.50 12/22/2017 EUR 55.41
UBS AG 9.50 12/22/2017 EUR 64.21
UBS AG 5.75 12/22/2017 EUR 63.90
UBS AG 8.25 12/22/2017 EUR 53.30
UBS AG 8.25 12/22/2017 EUR 54.82
UBS AG 4.50 12/22/2017 EUR 72.67
UBS AG 9.50 12/22/2017 EUR 59.05
UBS AG 6.50 12/22/2017 EUR 59.04
Lehman Brothers Treasury C 5.00 4/24/2017 EUR 0.26
Lehman Brothers Treasury C 0.80 12/30/2016 EUR 0.26
Lehman Brothers Treasury C 4.00 5/17/2010 USD 0.26
Lehman Brothers Treasury C 6.00 12/30/2017 EUR 0.26
Lehman Brothers Treasury C 6.00 2/19/2023 USD 0.26
Lehman Brothers Treasury C 1.00 2/26/2010 USD 0.26
Deutsche Bank AG 3.20 11/22/2017 EUR 73.50
Vontobel Financial Product 8.00 9/29/2017 EUR 73.32
Landesbank Baden-Wuerttemb 3.00 9/22/2017 EUR 72.10
Leonteq Securities AG 6.00 10/12/2017 CHF 64.21
UniCredit Bank AG 5.40 6/30/2017 EUR 68.97
Lehman Brothers Treasury C 6.25 11/30/2012 EUR 0.26
DekaBank Deutsche Girozent 3.10 8/4/2017 EUR 57.89
Lehman Brothers Treasury C 8.00 10/17/2014 EUR 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 USD 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 USD 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 USD 0.26
Lehman Brothers Treasury C 0.50 12/20/2017 USD 0.26
Commerzbank AG 1.00 2/19/2020 USD 27.60
Leonteq Securities AG 10.00 4/20/2018 CHF 70.30
Leonteq Securities AG 11.00 4/20/2018 USD 69.65
Lehman Brothers Treasury C 8.60 7/31/2013 GBP 0.26
Lehman Brothers Treasury C 8.28 7/31/2013 GBP 0.26
Lehman Brothers Treasury C 7.50 7/31/2013 GBP 0.26
Lehman Brothers Treasury C 7.32 7/31/2013 GBP 0.26
Lehman Brothers Treasury C 4.00 12/2/2012 EUR 0.26
Lehman Brothers Treasury C 6.00 6/21/2011 EUR 0.26
Lehman Brothers Treasury C 2.00 6/21/2011 EUR 0.26
DekaBank Deutsche Girozent 3.15 5/18/2018 EUR 71.46
UBS AG 9.00 7/3/2017 CHF 70.55
UBS AG 4.50 12/22/2017 EUR 63.01
UBS AG 5.00 12/22/2017 EUR 71.75
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 73.59
UniCredit Bank AG 4.10 9/28/2018 EUR 72.99
UBS AG/London 9.00 12/22/2017 EUR 63.03
UBS AG/London 7.75 12/22/2017 EUR 56.12
UniCredit Bank AG 4.25 9/12/2017 EUR 69.83
Leonteq Securities AG/Guer 4.68 8/29/2017 CHF 70.84
UBS AG/London 7.00 12/22/2017 EUR 70.04
UBS AG/London 12.50 12/22/2017 EUR 74.54
UBS AG/London 5.00 12/22/2017 EUR 70.85
UBS AG/London 14.50 12/22/2017 EUR 70.28
Leonteq Securities AG/Guer 4.40 8/28/2017 CHF 65.01
Raiffeisen Schweiz Genosse 5.04 8/28/2017 CHF 69.38
DekaBank Deutsche Girozent 3.30 2/26/2018 EUR 59.95
DekaBank Deutsche Girozent 3.45 6/1/2018 EUR 71.58
UniCredit Bank AG 4.00 10/14/2019 EUR 72.14
Leonteq Securities AG/Guer 16.20 11/30/2017 USD 41.71
Goldman Sachs & Co Wertpap 10.00 6/21/2017 EUR 71.69
Lehman Brothers Treasury C 7.00 10/22/2010 EUR 0.26
Lehman Brothers Treasury C 16.00 10/8/2008 CHF 0.26
Lehman Brothers Treasury C 4.00 1/4/2011 USD 0.26
Lehman Brothers Treasury C 10.00 2/16/2009 CHF 0.26
Lehman Brothers Treasury C 1.50 10/12/2010 EUR 0.26
Lehman Brothers Treasury C 2.50 11/9/2011 CHF 0.26
Lehman Brothers Treasury C 8.80 12/27/2009 EUR 0.26
Lehman Brothers Treasury C 18.25 10/2/2008 USD 0.26
UBS AG/London 9.50 9/4/2017 CHF 24.15
Lehman Brothers Treasury C 3.00 8/13/2011 EUR 0.26
Lehman Brothers Treasury C 5.50 11/30/2012 CZK 0.26
Lehman Brothers Treasury C 9.30 12/21/2010 EUR 0.26
Lehman Brothers Treasury C 8.00 12/31/2010 USD 0.26
Lehman Brothers Treasury C 6.30 12/21/2018 USD 0.26
Lehman Brothers Treasury C 13.00 7/25/2012 EUR 0.26
Goldman Sachs & Co Wertpap 12.00 9/20/2017 EUR 67.53
Lehman Brothers Treasury C 8.00 10/23/2008 USD 0.26
Lehman Brothers Treasury C 12.22 11/21/2017 USD 0.26
Lehman Brothers Treasury C 3.50 12/20/2027 USD 0.26
Lehman Brothers Treasury C 6.00 10/30/2012 EUR 0.26
Lehman Brothers Treasury C 10.00 8/2/2037 JPY 0.26
Lehman Brothers Treasury C 4.00 10/12/2010 USD 0.26
Goldman Sachs & Co Wertpap 12.00 9/20/2017 EUR 65.40
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 74.64
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 72.93
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 69.71
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 69.43
UBS AG/London 17.90 6/30/2017 EUR 70.19
UBS AG/London 14.00 6/30/2017 EUR 73.55
UBS AG/London 14.30 9/29/2017 EUR 73.45
Raiffeisen Schweiz Genosse 3.00 9/22/2020 CHF 68.51
DekaBank Deutsche Girozent 3.00 12/17/2018 EUR 71.18
DZ Bank AG Deutsche Zentra 5.00 2/6/2018 EUR 71.94
Goldman Sachs Internationa 1.00 12/5/2017 SEK 20.68
HSBC Trinkaus & Burkhardt 11.00 8/25/2017 EUR 72.95
HSBC Trinkaus & Burkhardt 13.40 9/22/2017 EUR 70.88
HSBC Trinkaus & Burkhardt 12.10 3/23/2018 EUR 74.50
Leonteq Securities AG 3.00 9/19/2019 CHF 55.01
UniCredit Bank AG 5.00 6/25/2019 EUR 67.65
UniCredit Bank AG 3.75 10/2/2020 EUR 73.35
Landesbank Hessen-Thuering 4.00 4/8/2019 EUR 64.73
UniCredit Bank AG 4.60 7/2/2018 EUR 67.23
Leonteq Securities AG 7.00 9/20/2017 CHF 71.43
Landesbank Hessen-Thuering 5.00 3/27/2019 EUR 72.03
DekaBank Deutsche Girozent 7.15 10/27/2017 EUR 66.26
Vontobel Financial Product 14.00 12/22/2017 EUR 72.94
Vontobel Financial Product 13.00 12/22/2017 EUR 74.01
Commerzbank AG 15.50 8/23/2017 EUR 71.40
Vontobel Financial Product 13.50 9/22/2017 EUR 72.67
Vontobel Financial Product 16.05 9/22/2017 EUR 70.13
Vontobel Financial Product 12.00 12/22/2017 EUR 71.89
Vontobel Financial Product 16.00 12/22/2017 EUR 68.30
Vontobel Financial Product 20.00 12/22/2017 EUR 63.53
HSBC Trinkaus & Burkhardt 15.40 6/23/2017 EUR 73.48
UBS AG/London 9.50 9/22/2017 EUR 60.96
UBS AG/London 12.50 9/22/2017 EUR 56.17
HSBC Trinkaus & Burkhardt 17.10 6/23/2017 EUR 51.32
HSBC Trinkaus & Burkhardt 12.70 9/22/2017 EUR 58.18
HSBC Trinkaus & Burkhardt 10.30 9/22/2017 EUR 62.34
HSBC Trinkaus & Burkhardt 7.50 9/22/2017 EUR 69.02
Goldman Sachs & Co Wertpap 14.00 9/20/2017 EUR 72.29
Societe Generale Effekten 9.62 6/23/2017 EUR 65.00
Societe Generale Effekten 11.68 6/23/2017 EUR 60.97
Goldman Sachs & Co Wertpap 11.00 12/20/2017 EUR 70.01
Goldman Sachs & Co Wertpap 11.00 12/20/2017 EUR 72.24
Goldman Sachs & Co Wertpap 16.00 6/21/2017 EUR 73.87
HSBC Trinkaus & Burkhardt 4.00 6/16/2017 EUR 66.28
Vontobel Financial Product 4.00 11/9/2017 EUR 68.66
Goldman Sachs & Co Wertpap 13.00 12/20/2017 EUR 72.62
Leonteq Securities AG 8.80 6/21/2017 CHF 71.67
Notenstein La Roche Privat 9.68 6/15/2017 CHF 71.08
SG Issuer SA 0.80 11/30/2020 SEK 63.74
EFG International Finance 7.35 12/28/2017 CHF 73.73
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 67.52
DekaBank Deutsche Girozent 3.50 10/28/2019 EUR 73.83
Bank Julius Baer & Co Ltd/ 5.50 11/6/2017 CHF 60.40
Commerzbank AG 5.80 10/8/2017 EUR 73.19
Raiffeisen Schweiz Genosse 4.50 3/27/2018 EUR 59.04
DekaBank Deutsche Girozent 3.25 5/18/2018 EUR 73.87
EFG International Finance 6.40 4/9/2020 EUR 74.43
Zurcher Kantonalbank Finan 6.50 4/10/2018 CHF 62.41
Landesbank Baden-Wuerttemb 4.20 6/23/2017 EUR 62.87
Landesbank Baden-Wuerttemb 3.00 10/27/2017 EUR 73.65
Landesbank Baden-Wuerttemb 5.00 10/27/2017 EUR 71.87
Landesbank Baden-Wuerttemb 5.00 10/27/2017 EUR 64.63
Landesbank Baden-Wuerttemb 4.00 10/27/2017 EUR 69.12
Landesbank Baden-Wuerttemb 4.60 6/23/2017 EUR 71.35
Landesbank Baden-Wuerttemb 3.25 7/28/2017 EUR 74.03
Landesbank Baden-Wuerttemb 3.90 7/28/2017 EUR 70.48
Landesbank Baden-Wuerttemb 3.25 7/28/2017 EUR 72.03
Landesbank Baden-Wuerttemb 3.55 8/25/2017 EUR 61.74
Landesbank Baden-Wuerttemb 3.75 9/22/2017 EUR 60.45
Landesbank Baden-Wuerttemb 3.90 9/22/2017 EUR 58.73
Landesbank Baden-Wuerttemb 3.20 9/22/2017 EUR 69.10
Landesbank Baden-Wuerttemb 3.85 10/27/2017 EUR 67.46
Landesbank Baden-Wuerttemb 3.40 11/24/2017 EUR 63.06
Landesbank Baden-Wuerttemb 3.00 6/28/2019 EUR 72.59
Landesbank Baden-Wuerttemb 2.50 6/28/2019 EUR 70.03
Landesbank Baden-Wuerttemb 3.00 6/28/2019 EUR 72.85
Landesbank Baden-Wuerttemb 3.50 6/22/2018 EUR 66.24
Landesbank Baden-Wuerttemb 4.00 8/25/2017 EUR 59.42
Landesbank Baden-Wuerttemb 3.00 9/28/2018 EUR 67.83
Landesbank Baden-Wuerttemb 3.75 10/27/2017 EUR 69.64
Landesbank Baden-Wuerttemb 3.25 8/25/2017 EUR 72.53
Landesbank Baden-Wuerttemb 3.00 6/28/2019 EUR 73.70
DekaBank Deutsche Girozent 3.25 4/20/2018 EUR 65.21
Raiffeisen Schweiz Genosse 4.00 5/8/2018 CHF 62.76
DekaBank Deutsche Girozent 2.75 10/29/2018 EUR 65.77
DekaBank Deutsche Girozent 3.00 4/30/2019 EUR 71.31
Landesbank Baden-Wuerttemb 3.55 8/25/2017 EUR 73.89
Landesbank Baden-Wuerttemb 3.60 6/22/2018 EUR 66.95
Raiffeisen Schweiz Genosse 15.00 12/27/2017 CHF 67.06
Credit Suisse AG/London 8.50 9/18/2017 USD 56.39
HSBC Trinkaus & Burkhardt 2.50 9/22/2017 EUR 71.02
Leonteq Securities AG 10.20 10/24/2018 EUR 64.85
Landesbank Baden-Wuerttemb 4.00 6/23/2017 EUR 68.13
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 62.91
Raiffeisen Schweiz Genosse 6.50 6/26/2017 EUR 68.42
Landesbank Baden-Wuerttemb 3.00 8/25/2017 EUR 72.75
Landesbank Baden-Wuerttemb 5.00 8/25/2017 EUR 64.37
EFG International Finance 7.20 7/29/2020 EUR 28.91
Goldman Sachs & Co Wertpap 12.00 6/21/2017 EUR 52.08
Landesbank Baden-Wuerttemb 4.00 8/25/2017 EUR 68.02
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 74.13
Commerzbank AG 11.50 7/26/2017 EUR 55.24
Goldman Sachs & Co Wertpap 12.00 6/21/2017 EUR 72.99
UBS AG/London 7.00 6/26/2017 EUR 65.30
Landesbank Baden-Wuerttemb 3.70 7/27/2018 EUR 74.29
Zurcher Kantonalbank Finan 9.00 7/17/2017 EUR 73.02
UBS AG/London 7.50 7/3/2017 EUR 62.15
Goldman Sachs & Co Wertpap 14.00 6/21/2017 EUR 73.50
Goldman Sachs & Co Wertpap 13.00 6/21/2017 EUR 70.52
Goldman Sachs & Co Wertpap 7.00 6/21/2017 EUR 71.51
Goldman Sachs & Co Wertpap 10.00 6/21/2017 EUR 62.22
Goldman Sachs & Co Wertpap 13.00 6/21/2017 EUR 58.46
Goldman Sachs & Co Wertpap 13.00 6/21/2017 EUR 71.53
UBS AG/London 9.25 6/26/2017 CHF 65.05
EFG International Finance 7.20 6/26/2017 GBP 2.90
Zurcher Kantonalbank Finan 8.50 7/17/2017 CHF 59.93
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 56.78
SAir Group 2.13 11/4/2004 CHF 13.63
Goldman Sachs & Co Wertpap 11.00 6/21/2017 EUR 73.69
UBS AG/London 6.40 12/8/2017 EUR 62.59
UBS AG/London 9.60 12/8/2017 EUR 57.29
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 64.91
HSBC Trinkaus & Burkhardt 6.50 1/29/2018 EUR 66.95
HSBC Trinkaus & Burkhardt 8.40 9/22/2017 EUR 59.18
HSBC Trinkaus & Burkhardt 4.80 9/22/2017 EUR 66.51
HSBC Trinkaus & Burkhardt 3.00 9/22/2017 EUR 73.11
UBS AG 24.10 9/28/2017 EUR 68.70
UBS AG/London 6.00 10/5/2017 CHF 50.65
EFG International Finance 17.00 8/3/2018 USD 72.06
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 54.18
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 67.25
BNP Paribas Emissions- und 24.00 6/22/2017 EUR 71.64
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 67.22
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 68.41
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 56.88
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 68.03
BNP Paribas Emissions- und 19.00 6/22/2017 EUR 68.90
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 55.88
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 64.43
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 71.95
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 67.20
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 71.88
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 66.88
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 67.89
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 64.82
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 60.39
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 61.55
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 72.47
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 69.48
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 69.38
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 68.89
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 61.37
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 55.26
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 66.01
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 74.60
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 56.91
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 66.17
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 72.32
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.22
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 63.35
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 66.85
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 61.93
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.45
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 63.98
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.80
BNP Paribas Emissions- und 24.00 6/22/2017 EUR 73.78
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 66.16
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 73.58
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 74.12
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 72.38
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.26
BNP Paribas Emissions- und 6.00 6/22/2017 EUR 54.74
BNP Paribas Emissions- und 18.00 6/22/2017 EUR 35.44
BNP Paribas Emissions- und 21.00 6/22/2017 EUR 32.35
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 57.46
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 48.90
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 44.40
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 35.66
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 67.59
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 70.73
BNP Paribas Emissions- und 24.00 6/22/2017 EUR 69.24
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 64.40
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 65.16
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 58.71
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 56.42
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 74.54
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 61.48
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 39.06
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 58.40
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 50.85
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 46.82
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 44.21
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 42.41
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 73.04
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 69.41
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 55.06
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 74.44
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 64.24
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 53.96
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 67.91
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 67.11
BNP Paribas Emissions- und 19.00 6/22/2017 EUR 56.42
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 48.86
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 63.58
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 60.05
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 72.76
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 67.54
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 60.30
Lloyds Bank PLC 0.50 7/26/2028 MXN 43.41
HSBC Bank PLC 0.50 6/9/2023 MXN 60.49
Polski Bank Spoldzielczy w 4.81 11/26/2024 PLN 45.00
DZ Bank AG Deutsche Zentra 11.50 6/23/2017 EUR 55.16
Commerzbank AG 3.51 5/31/2019 EUR 3.50
HSBC Trinkaus & Burkhardt 11.70 6/23/2017 EUR 60.08
HSBC Trinkaus & Burkhardt 8.70 6/23/2017 EUR 67.47
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 55.00
Lehman Brothers Treasury C 7.05 4/8/2015 USD 0.26
Lehman Brothers Treasury C 7.80 3/31/2018 USD 0.26
Lehman Brothers Treasury C 10.00 10/23/2008 USD 0.26
Lehman Brothers Treasury C 10.00 10/22/2008 USD 0.26
Lehman Brothers Treasury C 3.45 5/23/2013 USD 0.26
Lehman Brothers Treasury C 13.15 10/30/2008 USD 0.26
Lehman Brothers Treasury C 7.50 5/30/2010 AUD 0.26
Lehman Brothers Treasury C 11.00 5/9/2020 USD 0.26
Lehman Brothers Treasury C 4.00 6/5/2011 USD 0.26
Lehman Brothers Treasury C 5.00 2/15/2018 EUR 0.26
Lehman Brothers Treasury C 9.00 5/6/2011 CHF 0.26
Lehman Brothers Treasury C 10.60 4/22/2014 MXN 0.26
Lehman Brothers Treasury C 9.75 6/22/2018 USD 0.26
Lehman Brothers Treasury C 4.60 8/1/2013 EUR 0.26
Lehman Brothers Treasury C 10.44 11/22/2008 CHF 0.26
Lehman Brothers Treasury C 3.00 6/3/2010 EUR 0.26
Lehman Brothers Treasury C 12.40 6/12/2009 USD 0.26
Lehman Brothers Treasury C 13.43 1/8/2009 ILS 0.26
Lehman Brothers Treasury C 7.75 1/3/2012 AUD 0.26
Lehman Brothers Treasury C 3.10 6/4/2010 USD 0.26
Lehman Brothers Treasury C 2.50 8/15/2012 CHF 0.26
Lehman Brothers Treasury C 6.00 8/7/2013 EUR 0.26
Lehman Brothers Treasury C 6.25 9/5/2011 EUR 0.26
Lehman Brothers Treasury C 16.80 8/21/2009 USD 0.26
Lehman Brothers Treasury C 5.25 7/8/2014 EUR 0.26
Lehman Brothers Treasury C 4.00 8/11/2010 USD 9.13
Lehman Brothers Treasury C 2.30 6/6/2013 USD 0.26
Lehman Brothers Treasury C 1.00 5/9/2012 EUR 0.26
Lehman Brothers Treasury C 10.00 5/22/2009 USD 0.26
Lehman Brothers Treasury C 13.50 6/2/2009 USD 0.26
Lehman Brothers Treasury C 0.50 6/2/2020 EUR 0.26
Lehman Brothers Treasury C 11.00 7/4/2011 USD 0.26
Lehman Brothers Treasury C 11.00 7/4/2011 CHF 0.26
Lehman Brothers Treasury C 16.00 12/26/2008 USD 0.26
Raiffeisen Switzerland BV 3.50 8/25/2017 CHF 67.62
Commerzbank AG 7.25 10/26/2017 EUR 72.31
Commerzbank AG 14.25 10/26/2017 EUR 61.47
Vontobel Financial Product 3.00 6/13/2017 EUR 57.88
Lehman Brothers Treasury C 1.50 2/8/2012 CHF 0.26
HSBC Trinkaus & Burkhardt 4.30 6/23/2017 EUR 68.94
HSBC Trinkaus & Burkhardt 9.60 6/23/2017 EUR 54.81
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury C 4.10 8/23/2010 USD 0.26
Lehman Brothers Treasury C 7.75 2/21/2016 EUR 0.26
Lehman Brothers Treasury C 8.00 12/27/2032 JPY 0.26
Goldman Sachs & Co Wertpap 10.00 6/21/2017 EUR 73.53
Goldman Sachs & Co Wertpap 11.00 6/21/2017 EUR 73.68
Lehman Brothers Treasury C 7.25 6/20/2010 USD 0.26
Erste Group Bank AG 9.25 6/29/2017 EUR 51.20
Credit Suisse AG/London 8.95 6/6/2017 USD 53.97
Lehman Brothers Treasury C 6.00 3/4/2015 USD 0.26
Lehman Brothers Treasury C 7.15 3/21/2013 USD 0.26
Lehman Brothers Treasury C 7.50 2/14/2010 AUD 0.26
Lehman Brothers Treasury C 6.60 5/23/2012 AUD 0.26
Lehman Brothers Treasury C 3.00 9/12/2036 JPY 9.13
Lehman Brothers Treasury C 4.82 12/18/2036 EUR 0.26
Lehman Brothers Treasury C 5.25 4/1/2023 EUR 0.26
Lehman Brothers Treasury C 13.00 12/14/2012 USD 0.26
UBS AG/London 6.30 12/29/2017 EUR 65.69
UBS AG 10.25 12/22/2017 EUR 57.11
UBS AG 13.00 12/22/2017 EUR 67.66
UBS AG 6.75 12/22/2017 EUR 59.33
UBS AG 7.75 12/22/2017 EUR 62.97
UBS AG 10.50 12/22/2017 EUR 58.30
UBS AG 6.25 12/22/2017 EUR 58.89
Vontobel Financial Product 18.40 9/11/2017 EUR 66.00
Deutsche Bank AG 6.20 6/20/2017 EUR 75.10
Deutsche Bank AG 6.20 6/20/2017 EUR 74.00
Raiffeisen Schweiz Genosse 4.20 4/10/2018 EUR 60.70
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 21.43
DZ Bank AG Deutsche Zentra 9.00 6/23/2017 EUR 58.08
DZ Bank AG Deutsche Zentra 8.70 12/22/2017 EUR 62.37
DZ Bank AG Deutsche Zentra 10.10 12/22/2017 EUR 59.28
DZ Bank AG Deutsche Zentra 9.25 7/28/2017 EUR 58.33
UBS AG/London 10.00 6/23/2017 EUR 58.68
UBS AG/London 13.50 6/23/2017 EUR 53.16
Landesbank Baden-Wuerttemb 3.40 7/27/2018 EUR 70.47
Landesbank Baden-Wuerttemb 5.50 6/23/2017 EUR 67.37
Landesbank Baden-Wuerttemb 4.50 6/23/2017 EUR 71.63
Landesbank Baden-Wuerttemb 3.00 6/23/2017 EUR 72.53
Landesbank Baden-Wuerttemb 5.00 6/23/2017 EUR 64.39
Norddeutsche Landesbank Gi 3.00 7/16/2018 EUR 74.24
Lehman Brothers Treasury C 11.00 2/16/2009 CHF 0.26
Lehman Brothers Treasury C 13.00 2/16/2009 CHF 0.26
Lehman Brothers Treasury C 7.00 2/15/2010 CHF 0.26
UBS AG 11.25 12/22/2017 EUR 71.79
UBS AG 10.50 12/22/2017 EUR 52.09
Lehman Brothers Treasury C 7.06 12/29/2008 EUR 0.26
Lehman Brothers Treasury C 6.60 2/9/2009 EUR 0.26
Lehman Brothers Treasury C 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury C 4.05 9/16/2008 EUR 0.26
Lehman Brothers Treasury C 5.00 3/13/2009 EUR 0.26
Lehman Brothers Treasury C 4.25 3/13/2021 EUR 0.26
AKB Derzhava OJSC 11.25 7/10/2023 RUB 90.06
HSBC Trinkaus & Burkhardt 5.40 9/22/2017 EUR 70.10
Lehman Brothers Treasury C 8.05 12/20/2010 HKD 0.26
Royal Bank of Scotland PLC 6.20 9/7/2018 GBP 1.07
Royal Bank of Scotland PLC 1.33 10/26/2018 GBP 1.06
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury C 2.30 6/27/2013 USD 0.26
Lehman Brothers Treasury C 2.37 7/15/2013 USD 0.26
Lehman Brothers Treasury C 1.95 11/4/2013 EUR 0.26
Lehman Brothers Treasury C 5.22 3/1/2024 EUR 0.26
Lehman Brothers Treasury C 4.00 2/28/2010 EUR 0.26
Lehman Brothers Treasury C 4.10 5/20/2009 USD 0.26
Lehman Brothers Treasury C 2.00 5/17/2010 EUR 0.26
Lehman Brothers Treasury C 2.75 10/28/2009 EUR 0.26
Lehman Brothers Treasury C 4.50 12/30/2010 USD 0.26
Lehman Brothers Treasury C 7.00 7/11/2010 EUR 0.26
Lehman Brothers Treasury C 5.00 8/1/2025 EUR 0.26
Lehman Brothers Treasury C 4.90 7/28/2020 EUR 0.26
Lehman Brothers Treasury C 4.15 8/25/2020 EUR 0.26
Lehman Brothers Treasury C 6.00 12/6/2016 USD 0.26
Lehman Brothers Treasury C 6.50 5/16/2015 EUR 0.26
Lehman Brothers Treasury C 3.00 8/8/2017 EUR 0.26
Lehman Brothers Treasury C 5.00 9/1/2011 EUR 0.26
Lehman Brothers Treasury C 3.50 9/19/2017 EUR 0.26
Lehman Brothers Treasury C 6.00 7/28/2010 EUR 0.26
Lehman Brothers Treasury C 3.50 9/29/2017 EUR 0.26
Lehman Brothers Treasury C 2.40 6/20/2011 JPY 0.26
Lehman Brothers Treasury C 1.60 6/21/2010 JPY 0.26
OOO SPV Structural Investm 0.01 9/1/2023 RUB 64.96
HSBC Trinkaus & Burkhardt 18.40 6/23/2017 EUR 63.34
HSBC Trinkaus & Burkhardt 13.80 12/22/2017 EUR 69.55
HSBC Trinkaus & Burkhardt 11.90 12/22/2017 EUR 71.54
HSBC Trinkaus & Burkhardt 10.70 8/25/2017 EUR 71.04
HSBC Trinkaus & Burkhardt 10.20 11/24/2017 EUR 73.22
DZ Bank AG Deutsche Zentra 9.20 6/23/2017 EUR 71.09
HSBC Trinkaus & Burkhardt 19.00 6/23/2017 EUR 71.76
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 73.76
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 73.62
BNP Paribas Emissions- und 15.00 10/26/2017 EUR 74.21
BNP Paribas Emissions- und 19.00 10/26/2017 EUR 72.84
BNP Paribas Emissions- und 21.00 6/22/2017 EUR 69.80
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 66.60
BNP Paribas Emissions- und 19.00 9/21/2017 EUR 70.73
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 62.31
BNP Paribas Emissions- und 18.00 12/21/2017 EUR 60.30
BNP Paribas Emissions- und 9.00 6/22/2017 EUR 69.20
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 71.38
BNP Paribas Emissions- und 10.00 9/21/2017 EUR 68.31
BNP Paribas Emissions- und 12.00 9/21/2017 EUR 63.07
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 70.42
Commerzbank AG 16.25 12/21/2017 EUR 73.79
UBS AG/London 9.90 9/22/2017 EUR 71.71
HSBC Trinkaus & Burkhardt 13.40 12/22/2017 EUR 74.03
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 65.55
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 58.86
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 55.52
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 65.71
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 57.02
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 73.18
Commerzbank AG 15.50 9/20/2017 EUR 71.28
Raiffeisen Schweiz Genosse 6.50 7/11/2017 CHF 71.22
Raiffeisen Schweiz Genosse 6.00 7/11/2017 CHF 69.42
Bank Julius Baer & Co Ltd/ 7.85 7/28/2017 USD 46.30
UBS AG/London 14.50 7/20/2017 USD 55.50
HSBC Trinkaus & Burkhardt 9.50 6/23/2017 EUR 57.36
HSBC Trinkaus & Burkhardt 5.50 6/23/2017 EUR 65.59
Commerzbank AG 4.00 7/19/2017 EUR 59.37
Leonteq Securities AG 20.00 10/25/2017 CHF 65.18
Vontobel Financial Product 11.75 6/9/2017 EUR 71.40
Commerzbank AG 7.00 7/27/2017 EUR 64.49
Commerzbank AG 10.25 7/27/2017 EUR 57.97
Commerzbank AG 14.25 7/27/2017 EUR 52.97
Vontobel Financial Product 16.00 12/22/2017 EUR 72.51
Vontobel Financial Product 14.50 3/23/2018 EUR 73.97
Deutsche Bank AG 5.20 7/26/2017 EUR 73.10
Deutsche Bank AG 7.20 7/26/2017 EUR 73.40
Deutsche Bank AG 9.20 7/26/2017 EUR 73.80
Zurcher Kantonalbank Finan 4.75 12/11/2017 CHF 72.85
Commerzbank AG 15.50 6/22/2017 EUR 53.23
Commerzbank AG 8.25 6/22/2017 EUR 65.84
Commerzbank AG 11.50 6/22/2017 EUR 58.77
Norddeutsche Landesbank Gi 3.00 10/30/2018 EUR 70.13
UBS AG/London 3.81 10/28/2017 USD 67.75
Leonteq Securities AG 7.00 11/6/2017 CHF 42.97
Goldman Sachs & Co Wertpap 16.00 6/21/2017 EUR 68.76
Leonteq Securities AG 5.20 8/14/2018 CHF 73.98
Leonteq Securities AG 6.00 5/22/2018 EUR
DekaBank Deutsche Girozent 2.80 5/13/2019 EUR 66.39
Leonteq Securities AG 6.00 11/21/2017 CHF
Leonteq Securities AG 9.92 5/29/2017 EUR 64.28
HSBC Bank PLC 0.50 2/24/2027 NZD 69.37
Credit Suisse AG 0.50 12/16/2025 BRL 45.11
Kommunalbanken AS 0.50 12/16/2020 TRY 69.67
Eiendomskreditt 4.26 NOK 54.82
HSBC Bank PLC 0.50 12/22/2025 BRL 42.63
Barclays Bank PLC 1.99 12/1/2040 USD 72.95
HSBC Bank PLC 0.50 12/8/2026 AUD 71.74
T-Generation CJSC 12.00 6/14/2019 RUB 99.20
Univer Capital LLC 12.00 3/6/2019 RUB 59.00
Banca Popolare di Vicenza 1.60 1/16/2020 EUR 68.26
National Capital JSC 9.25 4/22/2019 RUB 100.00
Vegarshei Sparebank 4.99 NOK 71.81
Banca Popolare di Vicenza 1.60 1/9/2020 EUR 68.07
Vontobel Financial Product 4.65 7/24/2017 EUR 69.20
UBS AG/London 7.00 7/17/2017 CHF 55.70
Raiffeisen Schweiz Genosse 6.70 7/24/2017 EUR 71.16
Exane Finance SA 5.00 12/20/2019 SEK
Main Road OJSC 4.10 10/30/2029 RUB 84.84
Polski Bank Spoldzielczy w 5.31 9/14/2027 PLN 55.01
Lehman Brothers Treasury C 3.63 3/2/2012 EUR 0.26
Lehman Brothers Treasury C 0.75 3/29/2012 EUR 0.26
Lehman Brothers Treasury C 6.00 3/17/2011 EUR 0.26
Lehman Brothers Treasury C 4.70 3/23/2016 EUR 0.26
Lehman Brothers Treasury C 8.00 4/20/2009 EUR 0.26
Lehman Brothers Treasury C 5.25 5/26/2026 EUR 0.26
Lehman Brothers Treasury C 3.70 6/6/2009 EUR 0.26
Lehman Brothers Treasury C 4.50 8/2/2009 USD 0.26
Lehman Brothers Treasury C 6.00 2/14/2012 EUR 0.26
Lehman Brothers Treasury C 7.00 2/15/2012 EUR 0.26
Lehman Brothers Treasury C 15.00 3/30/2011 EUR 0.26
Lehman Brothers Treasury C 4.69 2/19/2017 EUR 0.26
Lehman Brothers Treasury C 4.10 2/19/2010 EUR 0.26
Lehman Brothers Treasury C 5.20 3/19/2018 EUR 0.26
Lehman Brothers Treasury C 3.50 10/31/2011 USD 0.26
Lehman Brothers Treasury C 3.50 10/24/2011 USD 0.26
Lehman Brothers Treasury C 0.25 10/19/2012 CHF 0.26
Lehman Brothers Treasury C 1.68 3/5/2015 EUR 0.26
Lehman Brothers Treasury C 9.00 5/15/2022 USD 0.26
Lehman Brothers Treasury C 6.00 5/12/2017 EUR 0.26
Lehman Brothers Treasury C 6.60 2/22/2012 EUR 0.26
Lehman Brothers Treasury C 5.00 2/28/2032 EUR 0.26
Lehman Brothers Treasury C 3.85 4/24/2009 USD 0.26
Lehman Brothers Treasury C 10.50 8/9/2010 EUR 0.26
Lehman Brothers Treasury C 0.25 7/21/2014 EUR 0.26
Lehman Brothers Treasury C 4.95 10/25/2036 EUR 0.26
Lehman Brothers Treasury C 4.00 11/24/2016 EUR 0.26
Lehman Brothers Treasury C 4.00 4/24/2009 USD 0.26
Lehman Brothers Treasury C 9.00 6/13/2009 USD 0.26
Lehman Brothers Treasury C 9.00 3/17/2009 GBP 0.26
Lehman Brothers Treasury C 7.00 11/28/2008 CHF 0.26
Lehman Brothers Treasury C 7.38 9/20/2008 EUR 0.26
Lehman Brothers Treasury C 8.00 5/22/2009 USD 0.26
Lehman Brothers Treasury C 4.50 7/24/2014 EUR 0.26
Lehman Brothers Treasury C 5.75 6/15/2009 CHF 0.26
Lehman Brothers Treasury C 7.50 10/24/2008 USD 0.26
Lehman Brothers Treasury C 10.00 3/27/2009 USD 0.26
Lehman Brothers Treasury C 7.75 1/30/2009 EUR 0.26
Lehman Brothers Treasury C 8.00 8/3/2009 USD 0.26
Lehman Brothers Treasury C 5.50 6/15/2009 CHF 0.26
Lehman Brothers Treasury C 4.00 10/24/2012 EUR 0.26
Lehman Brothers Treasury C 2.50 12/15/2011 GBP 0.26
Lehman Brothers Treasury C 8.50 7/6/2009 CHF 0.26
Lehman Brothers Treasury C 7.50 9/13/2009 CHF 0.26
Lehman Brothers Treasury C 6.50 7/24/2026 EUR 0.26
Lehman Brothers Treasury C 4.05 9/16/2008 EUR 0.26
Lehman Brothers Treasury C 8.28 3/26/2009 USD 0.26
DZ Bank AG Deutsche Zentra 8.30 9/22/2017 EUR 58.80
HSBC Trinkaus & Burkhardt 1.75 8/25/2017 EUR 68.05
HSBC Trinkaus & Burkhardt 7.90 9/22/2017 EUR 64.40
Raiffeisen Switzerland BV 22.20 9/1/2017 USD 69.25
Landesbank Baden-Wuerttemb 3.85 8/25/2017 EUR 71.69
Commerzbank AG 20.00 5/28/2018 SEK 52.71
BNP Paribas Emissions- und 6.00 10/26/2017 EUR 67.34
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 57.29
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 68.18
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 57.22
BNP Paribas Emissions- und 8.00 6/22/2017 EUR 65.61
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 53.35
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 74.72
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 68.45
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 71.50
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 72.53
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 55.02
BNP Paribas Emissions- und 5.00 10/26/2017 EUR 70.55
BNP Paribas Emissions- und 5.00 12/21/2017 EUR 70.95
BNP Paribas Emissions- und 19.00 6/22/2017 EUR 51.22
BNP Paribas Emissions- und 6.00 9/21/2017 EUR 66.83
BNP Paribas Emissions- und 12.00 6/22/2017 EUR 72.10
BNP Paribas Emissions- und 9.00 10/26/2017 EUR 62.94
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 64.03
BNP Paribas Emissions- und 5.00 9/21/2017 EUR 69.87
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 61.91
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 56.30
BNP Paribas Emissions- und 22.00 6/22/2017 EUR 70.86
Lehman Brothers Treasury C 10.00 1/4/2010 USD 0.26
Lehman Brothers Treasury C 0.50 2/16/2009 EUR 0.26
Lehman Brothers Treasury C 7.60 3/26/2009 EUR 0.26
Lehman Brothers Treasury C 7.55 12/29/2008 USD 0.26
UBS AG/London 7.00 9/22/2017 EUR 67.34
UBS AG/London 11.60 12/29/2017 EUR 59.06
UBS AG/London 13.00 9/27/2017 EUR 56.51
UBS AG/London 5.30 12/29/2017 EUR 68.13
Lehman Brothers Treasury C 5.38 2/4/2014 USD 0.26
Lehman Brothers Treasury C 3.50 6/20/2011 EUR 0.26
Lehman Brothers Treasury C 4.20 12/3/2008 HKD 9.63
Societe Generale SA 0.50 4/4/2024 MXN 56.34
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Societe Generale SA 0.50 4/30/2023 RUB 63.74
Veneto Banca SpA 2.40 4/7/2020 EUR 71.30
Veneto Banca SpA 2.40 4/1/2020 EUR 71.44
Veneto Banca SpA 2.40 4/2/2020 EUR 71.42
Barclays Bank PLC 1.64 6/3/2041 USD 74.01
Societe Generale SA 0.50 7/6/2021 BRL 67.89
HSBC Bank PLC 0.50 4/27/2027 NZD 68.85
Banca Nazionale del Lavoro 1.68 6/15/2037 EUR 75.15
Eiendomskreditt 5.21 NOK 65.50
Lehman Brothers Treasury C 4.50 3/7/2015 EUR 0.26
*********
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 * * *