/raid1/www/Hosts/bankrupt/TCREUR_Public/170717.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, July 17, 2017, Vol. 18, No. 140
Headlines
C Z E C H R E P U B L I C
CENTRAL EUROPEAN: Moody's Revises Outlook to Pos., Affirms B2 CFR
CENTRAL EUROPEAN: S&P Places B+ CCR on CreditWatch Developing
F R A N C E
CEGEDIM S.A.: S&P Affirms then Withdraws B+ Corp. Credit Rating
CGG HOLDING: Hires AlixPartners as Financial Advisor
NOVACAP INT'L: S&P Affirms B Long-Term Corp. Credit Rating
G E R M A N Y
DEMIRE DEUTSCHE: Moody's Assigns (P)Ba2 Corporate Family Rating
DEMIRE DEUTSCHE: S&P Assigns Prelim. 'BB' Long-Term CCR
G R E E C E
GREECE: Credit Profile Is Improving, Moody's Says
SEANERGY MARITIME: Reports Net Revenues of US$13.3 Million for 1Q
SEANERGY MARITIME: Cancels $20 Mil. ATM Equity Offering Program
I C E L A N D
HOUSING FINACING: S&P Affirms 'BB/B' Counterparty Credit Ratings
I R E L A N D
CLONTARF CLO DACS: S&P Rates Class E Senior Secured Notes B-
* Irish Prime RMBS 90+ Day Delinquencies Drop in April 2017
I T A L Y
DECO 2014: Fitch Affirms BB Rating on EUR21.9MM Class E Notes
TELECOM ITALIA: S&P Affirms BB+ Long-Term CCR, Outlook Positive
L U X E M B O U R G
ANACAP FINANCIAL: Moody's Assigns (P)B1 CFR, Outlook Stable
ANACAP FINANCIAL: S&P Gives Prelim BB- Counterparty Credit Rating
GAZ CAPITAL: Moody's Assigns Ba1 Rating to Proposed Sr. Notes
N E T H E R L A N D S
ADRIA MIDCO: Moody's Affirms B2 CFR, Revises Outlook to Negative
DIAMOND BC: Moody's Assigns B3 CFR, Outlook Stable
DIAMOND BC: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
GREENKO DUTCH: Moody's Rates Proposed USD950MM Sr. Notes (P)Ba2
GTH FINANCE: S&P Raises Issuer Rating on Sr. Unsec. Notes to BB
HEMA BV: Moody's Assigns B3 CFR, Outlook Stable
MAXEDA DIY: Moody's Rates Proposed EUR475MM Notes (P)B2
MAXEDA DIY: S&P Assigns B- Long-Term CCR on Proposed Refinancing
UNITED GROUP: S&P Affirms B Corp. Credit Rating, Outlook Stable
P O R T U G A L
SAGRES SOCIEDADE: Moody's Assigns Ba2(sf) Rating to Cl. C Notes
R O M A N I A
ALPHA BANK: Moody's Assigns Ba3 Long-Term Deposit Rating
R U S S I A
KOKS PJSC: S&P Ups CCR to B on Improved Liquidity, Outlook Pos.
LENTA LLC: Fitch Affirms BB Long-Term IDR, Outlook Stable
S P A I N
ABENGOA BIOENERGY: Taps Teneo Capital as Restructuring Advisor
BANCO POPULAR: Jr. Bondholders Question Transparency, Valuation
EMPRESAS TDA CAM 3: S&P Raises Rating on Class C Notes to CCC
S W I T Z E R L A N D
SWISSPORT: Launches Bond Exchange to Avert Technical Default
U N I T E D K I N G D O M
ARQIVA BROADCAST: Fitch Affirms B- Rating on High-Yield Bonds
FINSBURY SQUARE 2017-2: Fitch Assigns BB+ Rating to Class X Notes
QUOTIENT LIMITED: QBDG Plans to Sell 500,000 Ordinary Shares
SKY BET: S&P Lowers Long-Term CCR to 'B' on Proposed Refinancing
STORE TWENTY ONE: Enters Liquidation, 900 Jobs Affected
VERTU CORPORATION: Manufacturing Unit Faces Liquidation
* English Premier League Clubs Face Bankruptcy Threat
X X X X X X X X
* BOND PRICING: For the Week July 10 to July 14, 2017
*********
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C Z E C H R E P U B L I C
===========================
CENTRAL EUROPEAN: Moody's Revises Outlook to Pos., Affirms B2 CFR
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of Central European Media Enterprises Ltd.
Concurrently, Moody's has affirmed CME's B2 Corporate Family
Rating ("CFR") and its B2-PD Probability of Default Rating (PDR).
The rating action follows the announcement that CME has agreed to
sell its leading broadcast operations in Croatia ("Nova TV") and
in Slovenia ("POP TV") to Slovenia Broadband S.a.r.l., a
subsidiary of United Group B.V. ("United Group") which itself is a
wholly owned subsidiary of Adria Midco B.V ("Adria", B2 negative)
with a majority ownership by the US investment firm KKR. The
transaction is subject to certain closing conditions, including
regulatory approvals, its cash purchase price is EUR230.0 million
(approximately USD262.5 million), subject to customary working
capital adjustments, and it is expected to close by year-end 2017.
If successful, following closing of the transaction proceeds will
be used to repay CME's EUR250.8 million term loan due November
2018.
"The change in outlook to positive principally reflects the
material decrease in leverage to be effected by CME, should the
transaction complete, as well as its continued solid operating
performance expected over the next year," says Alejandro Nunez, a
Moody's Vice President -- Senior Analyst and lead analyst for CME.
Moody's estimates that the company's Gross Debt/ EBITDA (Moody's-
adjusted) would have decreased to 5.7x on a pro-forma basis,
assuming the application of the transaction proceeds toward debt
reduction, from 6.9x (as at March 31, 2017).
RATINGS RATIONALE
CME's divestment announcement and, more importantly, its stated
intention to apply the full amount of the proceeds to repay debt
underscores CME's commitment to a significantly lower leverage
profile. CME's average cost of borrowing will also decline by 275
basis points, following the intended repayment of the 2018 term
loan, resulting in annual interest cost savings of at least USD30
million. Those savings would not only offset the Operating Income
Before Depreciation and Amortization (OIBDA) of CME's divested
Slovenian and Croatian assets but it would also be accretive to
CME's post-OIBDA margin and free cash flow (FCF). Aside from the
debt reduction resulting from the intended repayment of the 2018
term loan, Moody's anticipates that CME's improving FCF post
transaction will allow it to delever further and to exceed Moody's
credit metric parameters for the current B2 rating.
The divested broadcast operations comprise approximately 10% of
CME's total OIBDA and therefore Moody's does not regard the
disposal as materially increasing CME's business risk profile.
Post-transaction, CME will remain geographically diversified
within the Central and Eastern Europe (CEE) region with operations
across the Czech Republic (A1 stable), Romania (Baa3 stable),
Slovakia (A2 positive) and Bulgaria (Baa2 stable).
CME's B2 CFR continues to reflect: (1) the company's significant
progress in its operational and financial turnaround since early
2014, including reconfirming its position as a leader in its
advertising markets, and generating positive free cash flow in
2015 and 2016; (2) that Time Warner Inc. (Time Warner, Baa2
stable) has maintained a significant economic ownership in CME
since 2009 and extended further tangible support to CME; (3)
positive trends in CME's national advertising markets, which have
enabled deleveraging, and Moody's expectations that these markets
will be stable in the coming 12-18 months; and (4) the benefits
from refinancing transactions in February 2016 and March 2017
replacing CME's most expensive debt instruments, reducing interest
costs, extending the company's nearest maturing debt and reducing
foreign-exchange risk. However, the B2 CFR also considers: (1)
CME's high leverage (Moody's-adjusted) of 5.7x pro-forma for the
assets sale; (2) the company's historically volatile operating
performance, driven by the cyclical nature of its advertising-
dependent end-markets; and (3) modest foreign-exchange risk from
operations outside the euro area.
Moody's considers CME's liquidity position to be adequate for its
near-term operational and financing needs. As of March 31, 2017,
the company had cash and cash equivalents of USD91 million and
full access to a revolving credit facility of USD115 million.
However, Moody's note that this will reduce to USD50 million at
the earlier of the repayment of the 2018 loan and January 2018.
Following the repayment of CME's EUR250.8 million term loan due
November 2018, the company's next maturity will be its EUR235
million term loan due in November 2019.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook reflects the expected material decrease in
the company's financial debt and Moody's expectations of continued
operating momentum, which will bolster CME's key leverage and cash
flow coverage metrics over the next twelve months to levels toward
the stronger end of expected ranges for the current rating. The
positive outlook also anticipates that CME will not undertake any
material debt-financed acquisitions or shareholder distributions
while also assuming continued material support from Time Warner.
WHAT COULD CHANGE THE RATING UP / DOWN
Positive pressure on the rating could develop if CME's adjusted
gross debt/EBITDA (Moody's-adjusted) falls towards 5.0x and its
adjusted free cash flow/gross debt increases sustainably above 5%.
Conversely, downward pressure on the rating could develop if: (1)
CME's earnings or liquidity deteriorate; (2) its debt load
increases to the point that it is unable to generate sustainable
positive free cash flow; or (3) CME is unable to maintain leverage
(gross debt/EBITDA as adjusted by Moody's) below 7.0x. Any
indication that material support from Time Warner has weakened
would also negatively affect the rating.
The principal methodology used in these ratings was Media Industry
published in June 2017.
CME is a Bermuda-incorporated media and entertainment company. It
has broadcast operations in six CEE countries -- the Czech
Republic, Romania, Slovakia, Bulgaria, Slovenia and Croatia --
with an aggregate population of approximately 50 million people.
Launched in 1994, CME operates 36 television channels. For the
year ended December 31, 2016, the company reported net revenues of
$638 million and OIBDA of $150 million. CME's shares trade on the
NASDAQ stock market and the Prague Stock Exchange. Time Warner
(Baa2 stable), which owns a 47% voting interest and a 75% fully
diluted economic interest in CME, is the company's largest
shareholder.
CENTRAL EUROPEAN: S&P Places B+ CCR on CreditWatch Developing
-------------------------------------------------------------
S&P Global Ratings said that it has placed its 'B+' long-term
corporate credit rating on Bermuda-registered TV broadcaster
Central European Media Enterprises Ltd. (CME) on CreditWatch with
developing implications.
The CreditWatch placement follows CME's announcement that it has
agreed to sell its broadcast operations in Croatia and Slovenia to
United Group B.V. for EUR230 million, with the transaction
expected to close by year-end 2017. CME plans to use the proceeds
to repay its EUR250.8 million term loan due in November 2018 and
guarantee fees to Time Warner. The transaction would allow CME to
reduce leverage and interest costs and improve its credit ratios
more rapidly than we had previously expected, leading to a more
sustainable capital structure in 2018. S&P said, "In our view, the
group's profitability and cash generation could also benefit from
the sale, because the target assets were moderately less
profitable than the rest of the group, despite the market-leading
positions in the relevant regions. In 2016, operations in Croatia
and Slovenia accounted for about 18% of the group's total $638
million sales and only about 10% of the $157 million adjusted
EBITDA.
"We estimate that the closing of the transaction and subsequent
debt repayment could lead CME's pro forma S&P Global Ratings-
adjusted debt-to-EBITDA ratio to reduce to less than 6x at the end
of 2017 and to less than 4.5x in 2018, compared with our previous
base-case forecast of about 6.5x for 2017 and 5.7x for 2018.
According to CME, it will also achieve more than $30 million
savings due to lower interest costs in 2018, which should underpin
adjusted funds from operations (FFO) to debt improving toward 12%.
This could translate into a more sustainable capital structure and
improve CME's ability to service its debt on a stand-alone basis.
"At the same time, our view of the importance of CME to its key
shareholder, U.S.-based diversified media and entertainment
company Time Warner, could change after AT&T completes the
acquisition of Time Warner, which was announced in October 2016.
We currently view CME as a strategically important investment for
Time Warner, given that it continues to be an important part of
its owner's international growth strategy and is its largest
international television network investment. However, this could
change depending on our view of the strategic importance of Time
Warner's and CME's assets to AT&T, or if, for example, the
combined group no longer provided financial support to CME (Time
Warner currently guarantees all of CME's term loans and provides
its revolving credit facility).
"We plan to resolve the CreditWatch placement after the closing of
the sale of CME's broadcast operations and related debt repayment,
and after we reassess CME's strategic importance for Time Warner
after its acquisition by AT&T. If the asset sale and debt
reduction is completed as CME has announced, we would likely
improve our view of its creditworthiness on a stand-alone basis
due to materially lower leverage and a more sustainable capital
structure. If, at the same time, we believe CME remains a
strategically important investment for Time Warner, we could raise
our ratings on CME.
"Alternatively, even if CME's stand-alone credit profile improved,
we could downgrade the company if we considered its strategic
importance to the combined AT&T and Time Warner group had
diminished."
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F R A N C E
===========
CEGEDIM S.A.: S&P Affirms then Withdraws B+ Corp. Credit Rating
---------------------------------------------------------------S&P
Global Ratings said that it has affirmed its 'B+' long-term
corporate credit rating on French health care software and
services group Cegedim S.A. S&P subsequently withdrew the rating
at the company's request. The outlook was stable at the time of
withdrawal.
At the time of withdrawal, Cegedim's business risk profile mainly
reflected the modest scale of operations, its high cost structure,
and below-average absolute profitability, somewhat mitigated by
its leading market share in the U.K. and France in providing
software to pharmacists and doctors.
In addition, weakness in Cegedim's recent operating performance
demonstrates some ongoing delays stemming from the implementation
of its new strategy mainly, due to the shift from "Licenses" to
"SaaS/Cloud" solutions, and following rapid implementation of the
launch of business process outsourcing, putting more pressure on
the group's profitability.
S&P continues to view as positive that the group has broadened its
geographic diversification, mainly through its latest acquisitions
in the U.S., or even in the U.K.
CGG HOLDING: Hires AlixPartners as Financial Advisor
----------------------------------------------------
CGG Holding (U.S.) Inc. et al. seek authority from the US
Bankruptcy Court for the Southern District of New York to employ
AlixPartners, LLP, as financial advisor for the Debtors nunc pro
tunc to June 14, 2017.
Services to be provided by AlixPartners are:
* coordinate and provide administrative support for the
proceedings, and developing the Debtors' Chapter 11 Plan of
Reorganization or other appropriate case resolution;
* assist with the preparation of the statement of affairs,
schedules and other regular reports required by the Court;
* assist in obtaining and presenting information required by
parties in interest in the Debtors' bankruptcy process including
official committees appointed by the Court and the Court itself;
* provide assistance in such areas as testimony before the
Court on matters that are within the scope of this engagement and
within AlixPartners' area of testimonial competencies;
* assist the Debtors and management in developing a short-
term cash flow forecasting tool and related methodologies and
assist with planning for alternatives as requested by the Debtors;
* provide assistance as requested by management in connection
with the Debtors' development or update of their business plan;
* provide assistance as requested by management in the
development of materials and exhibits needed to support the Plan
of Reorganization such as a liquidation analysis, projections,
etc;
* assist, as requested by the Debtors, the Debtors' other
advisors who are representing the Debtors in the reorganization
process or advisors who are working for the Debtors' various
stakeholders to coordinate their effort in order to be efficient
and consistent with the Debtors' overall restructuring goals;
* assist as requested in managing any litigation that may be
brought against the Debtors in the Court;
* assist in communication and/or negotiation with outside
constituents including the banks and their advisors;
* assist with other matters as may be requested that fall
within AlixPartners' expertise and that are mutually agreeable.
Rebecca A Roof, Managing Director of AlixPartners, attests that
her firm is a "disinterested person" within the meaning of
Bankruptcy Code section 101(14) as required by Bankruptcy Code
section 327, does not hold or represent an interest adverse to the
Debtors' estates, and has no connection to the Debtors, their
creditors in relation to the Debtors, or other parties in interest
in these chapter 11 cases.
The standard hourly rates of the AlixPartners Personnel currently
working on this matter are:
Name Description Hourly Rate Commitment
---- ----------- ----------- ----------
Rebecca Roof Managing $1,110 Full Time
Director
Susan Brown Director $910 Full Time
Brad Hunter Director $860 Full Time
John Creighton Director $745 Full Time
Francisco Echevarria Associate $415 Full Time
John Somerville Associate $415 Full Time
David Shim Analyst $360 Full Time
The Firm can be reached through:
Rebecca A. Roof
AlixPartners, LLP
909 Third Avenue
New York, NY 10022
Phone: +1 212 490 2500
Fax: +1 212 490 1344
Email: broof@alixpartners.com
About CGG Holding (U.S.) Inc.
Paris, France-based CGG Group -- http://www.cgg.com/-- provides
geological, geophysical and reservoir capabilities to its broad
base of customers primarily from the global oil and gas industry.
Founded in 1931 as "Compagnie Generale de Geophysique", CGG
focuses on seismic surveys and other techniques to help energy
companies locate oil and natural-gas reserves. The company also
makes geophysical equipment under the Sercel brand name.
The Group has more than 50 locations worldwide, more than 30
separate data processing centers, and a workforce of more than
5,700, of whom more than 600 are solely devoted to research and
development. CGG is listed on the Euronext Paris SA (ISIN:
0013181864) and the New York Stock Exchange (in the form of
American Depositary Shares, NYSE: CGG).
After a deal was reached key constituencies on a restructuring
that will eliminate $1.95 billion in debt, on June 14, 2017 (i)
CGG SA, the group parent company, opened a "sauvegarde"
proceeding, the French equivalent of a Chapter 11 bankruptcy
filing, (ii) 14 subsidiaries of CGG S.A. filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 17-11637) in New York, and (iii) CGG S.A
filed a petition under Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. Case No. 17-11636) in New York, seeking
recognition in the U.S. of the Sauvegarde as a foreign main
proceeding.
Chapter 11 debtors CGG Canada Services Ltd. and Sercel Canada Ltd.
also commenced proceedings under the Companies' Creditors
Arrangement Act in the Court of Queen's Bench of Alberta, Judicial
District of Calgary in Calgary, Alberta, Canada, to seek
recognition of the Chapter 11 cases in Canada.
CGG's legal advisors are Linklaters LLP and Weil Gotshal & Manges
(Paris) LLP for the Sauvegarde and chapter 15 case. The Debtors
hired Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel.
The company's financial advisors are Lazard and Morgan Stanley,
and its restructuring advisor is AlixPartners, LLP. Lazard Freres
& Co. LLC, serves as investment banker. Prime Clerk LLC is the
claims agent in the Chapter 11 cases.
Messier Maris & Associes and Millco Advisors, LP, is the financial
advisors to the Ad Hoc Noteholder Group, and Willkie Farr &
Gallagher LLP and DLA Piper LLP, is legal counsel to the Ad Hoc
Noteholder Group.
Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and De
Pardieu Brocas Maffei A.A.R.P.I, serve as counsel to the Ad Hoc
Secured Lender Committee; Zolfo Cooper LLC is the restructuring
advisor; and Rothschild & Co., is the investment banker.
NOVACAP INT'L: S&P Affirms B Long-Term Corp. Credit Rating
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on France-based pharmaceutical ingredients and chemicals
producer Novacap International SAS. The outlook is stable.
At the same time, S&P said, "we assigned our 'B' corporate credit
rating to other issuing entities Novacap Group Bidco and Novacap
SAS.
"We also affirmed our 'B' issue rating on the existing EUR435
million senior secured Term Loan B and EUR90 million RCF, expected
to be repriced, and on the pari passu proposed EUR225 million
additional senior secured Term Loan B, for a total EUR750 million
term loans maturing June 2023 co-issued by Novacap Group Bidco and
Novacap International SAS. The recovery rating is '3', indicating
our expectation of meaningful recovery (50%-70%; rounded estimate
60%) in the event of a default.
"The rating affirmation reflects Novacap's fair resilience in
underlying operating profits, which we expect to improve in 2017,
and its prudent funding for two complimentary businesses--France-
based fine chemicals producer PCAS and U.K.-based solvents and
lubricants producer Chemoxy. These acquisitions are expected to be
funded through a EUR154 million equity injection and by upsizing
existing term loans by EUR225 million. We expect PCAS and Chemoxy
to add to our forecast of Novacap's stand-alone EBITDA of about
EUR95 million in 2017 (after restructuring and FDA-related costs),
translating into pro forma S&P Global Ratings-adjusted debt to
EBITDA of 5.3x. We view this level as commensurate with the
rating, and expect the company's cash flow generating profile to
help pursue further organic expansion and progressively deleverage
over time.
"We view the two acquisitions as moderately positive for the
combined group's business risk profile, which we nevertheless
continue to view as weak. It is constrained by its overall limited
size and share of activity in relatively commoditized products. We
understand that the acquisitions are a good fit for the company's
strategy to expand into more value-added products and more
resilient end-markets, namely pharma and cosmetics. PCAS generates
about 68% of its revenues in pharmaceutical synthesis for large
pharma companies, benefiting from long-term contracts and high
regulatory barriers to entry, and 32% in specialty chemicals,
including additives and active ingredients. Chemoxy is a small
manufacturer of chemical compounds focusing on solvents, esters,
and lubricants, active mainly in Europe for 78% of sales, of which
U.K. is a large portion.
"We expect the combined group to report about EUR135 million
EBITDA (our forecast) in 2017, helped by the increased share of
resilient pharma, feed, and cosmetics end-markets (40% of EBITDA
at end-2016, including the Uetikon acquisition). This follows good
margins for salicylic acid, aspirin, and paracetamol in 2016,
although does not compensate for weaker-than-expected volumes on
the back of Asian competition, lower margins in par amino phenol,
and weak demand notably for ketamine. EBITDA for 2016 was also
affected the FDA remediation plan for pharma activities, involving
about EUR17 million in one-off costs in 2016, and leading Novacap
to postpone certain expansion projects. We expect these one-off
costs to come down significantly in 2017. We expect operating
performance to be supported by fairly well-oriented markets for
commoditized and potentially volatile products, acetone, and
phenols, for which we see good utilization rates. By expanding
into derivatives (IPA, IPAC, DIPE), we understand the company is
somehow de-risking its most commoditized businesses by opening
arbitrage opportunities. We also expect the group's minerals
division to benefit from the progressive ramp-up of its soda ash
Singapore plant, benefiting from vertical integration into salt
and limestone, thereby increasing volumes and share of profits
from sodium bicarbonate and sodium silicates, which are developing
well.
"Our forecast for S&P Global Ratings-adjusted debt to EBITDA of
about 5.3x at end-2017 takes into account EUR225 million
additional term loans to acquire the two businesses, partly
refinance their existing debt, and repay Novacap's RCF drawn
portion. This adds up to EUR435 million existing term loan and
about EUR45 million of adjustments: pension deficit (including a
small amount for PCAS), operating lease obligations, and inherited
debt issuance costs. We expect free cash flow to recover in 2017
after significant one-offs in 2016, ultimately depending on growth
capex and on working capital developments with the commissioning
of the Singapore plant. We anticipate, however, that the business
will become free cash flow positive in the EUR20 million-EUR30
million range with the contribution of PCAS and Chemoxy (after
interest and taxes)."
S&P's base case assumes:
-- Mid to high single-digit growth in revenues in 2017 for
Novacap stand-alone, supported by the ramp-up of the
Singapore plant, normalizing closer to our GDP growth
forecasts 2018 onward.
-- Full year (pro forma) of PCAS and Chemoxy, factoring in minor
synergies from 2018 onward.
Benzene price of EUR650/ton on average in 2017.
-- Reported EBITDA margins of 15%-16%.
-- Dramatically reduced nonrecurring items (excluding M&A-
related one-off costs), including FDA remediation costs
reducing to about EUR3 million, after 2016 one-offs including
EUR17 million FDA-related and EUR15 million purchase price
agreement.
-- Capex of EUR60 million-EUR75 million in 2017 including
finalization of the Singapore plant, moderating to about
EUR50 million thereafter.
Based on these assumptions, S&P arrives at the following credit
measures:
-- S&P Global Ratings-adjusted EBITDA of about EUR135 million-
EUR140 million in 2017 and 2018.
-- Positive free cash flow from 2018 onward.
-- Adjusted debt to EBITDA of about 5.3x in 2017 and 5.2x in
2018.
S&P said, "The stable outlook reflects our view that the group's
expansion into more resilient and value-added end-markets, helped
by PCAS and Chemoxy's contributions should help achieve an
adjusted debt to EBITDA of about 5.3x in 2017, viewed as
commensurate with the rating. This continues to factor in strong
cash conversion on the back of materially reduced one-off costs
and prudent investment policies. We expect next years' positive
free cash flows to continue benefit on leverage and liquidity.
"Rating pressure may arise from continued unexpected cost and cash
outs on the FDA remediation plan affecting our adjusted EBITDA
figure, from deteriorated market environment although mitigated by
the business' improved diversity, or by more aggressive financial
policies regarding capex and acquisitions." A ratio of adjusted
debt to EBITDA of 6x or above, or a deteriorated liquidity profile
would likely trigger a downgrade.
Rating upside could be supported by further strengthening of
Novacap's business profile, with rapid integration of the acquired
business and better than expected synergies, resulting in a more
diversified and more resilient profit and cash flow generation
profile. This would include growth in more stable end-markets
resulting in higher EBITDA and free cash flows, such that adjusted
debt to EBITDA would improve to below 5x sustainably. This would
also require strong leverage commitment from the company's
ownership.
=============
G E R M A N Y
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DEMIRE DEUTSCHE: Moody's Assigns (P)Ba2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) of (P)Ba2 to DEMIRE Deutsche Mittelstand Real
Estate AG (DEMIRE), a publicly-listed commercial real estate
company based in Germany. At the same time, Moody's assigned a
(P)Ba2 rating to the proposed issuance of EUR270 million senior
unsecured notes maturing 2022 to be issued by DEMIRE. The outlook
on the ratings is stable.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, as well as the final terms of the
transaction, Moody's will endeavour to assign definitive ratings
to the CFR and the new contemplated notes. A definitive rating may
differ from a provisional rating.
"DEMIRE's (P)Ba2 Corporate Family Rating reflects its relatively
small but well diversified portfolio of commercial real estate
assets in secondary locations in Germany which is counterbalanced
by its high leverage." says Matthias Heck, a Moody's Vice
President and lead analyst for DEMIRE. "Moody's expects that the
net proceeds of the notes will mainly be used for refinancing part
of the company's outstanding secured debt. The transaction will
lengthen DEMIRE's average debt maturity, decrease its average
borrowing costs and increase its unencumbered asset pool", added
Mr. Heck.
RATINGS RATIONALE
DEMIRE's (P)Ba2 Corporate Family Rating (CFR) reflects (i) the
company's relatively small but well diversified portfolio of
commercial real estate assets in secondary locations in Germany,
which is focused on office but also includes retail and logistics
properties. The rating also reflects (ii) robust fundamentals for
commercial real estate in Germany, and (iii) the company's
business model, including the strategy to actively manage the
property portfolio.
These positive factors are offset by (i) the company's high
financial leverage, with Gross Debt to Assets of 60.3% (March
2017), and a limited pool of unencumbered assets, (ii) the
somewhat opportunistic business model regarding the relatively low
quality asset portfolio compared to other Moody's rated real
estate companies, and (iii) the company's relatively small size
and limited track record on strategy execution in spite of recent
strong growth, management changes and still relatively high
overhead cost.
Moody's expects the notes to rank pari passu with all other
unsecured obligations of the issuer. The notes will benefit from
(i) a change of control provision and (ii) negative covenants
including incurrence of indebtedness and issuance of preferred
stock and restricted payments.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectations that the company
will maintain leverage, as measured by Moody's adjusted debt /
real estate gross assets, below 60%. The outlook also reflects
Moody's positive views on the German commercial real estate market
and ongoing favourable German bank lending environment.
FACTORS THAT COULD LEAD TO AN UPGRADE
DEMIRE is weakly positioned in the Ba2 rating category. However, a
rating upgrade could result from a successful increase in
occupancy rate in its value-add portfolio and an expansion of the
asset portfolio if substantially funded with equity, resulting in
an overall decline of leverage. An upgrade would also require a
reduction in leverage towards 50% Moody's adjusted debt / gross
assets, the development of a further track record operating with
the current portfolio and a fixed charge coverage (FCC) of above
2.5x on a sustainable basis.
FACTORS THAT COULD LEAD TO A DOWNGRADE
The rating could come under pressure if the company fails to de-
lever from current levels of around 60% Moody's adjusted debt /
gross assets, or fixed charge coverage remained below 2.0x on a
sustained basis, and/or if there is a material deterioration in
the German commercial real estate market fundamentals or a sharp
weakening in the currently very accommodating German bank lending
market. The rating could also come under pressure if the asset
quality within the portfolio deteriorated and/or if the vacancy
rate on the existing portfolio increased.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
COMPANY PROFILE
DEMIRE is a publicly-listed commercial real estate company with
focus on office (68% of asset portfolio as of 1Q2017), retail
(24%) and logistics properties (5%) in secondary locations across
Germany. As of March 31, 2017, the company's portfolio comprised
98 single properties with a total lettable floor space of
approximately one million square meters and an aggregated
portfolio value of EUR994 million. The weighted average lease term
(WALT) amounted to 5.3 years. As of LTM March 2017, the company
generated rental income of EUR74 million and had 78 employees as
of March 31, 2017. The company is listed on the Frankfurt stock
exchange with a market capitalization of EUR194 million as of July
7, 2017.
DEMIRE DEUTSCHE: S&P Assigns Prelim. 'BB' Long-Term CCR
-------------------------------------------------------
S&P Global Ratings said it has assigned its preliminary 'BB' long-
term corporate credit rating to Germany-based real estate company
DEMIRE Deutsche Mittelstand Real Estate AG. The outlook is stable.
At the same time, S&P said, "we assigned our preliminary 'BB+'
issue rating to DEMIRE's proposed EUR270 million senior unsecured
notes. The recovery rating on the notes is '2', indicating our
expectation of substantial recovery (70%-90%; rounded estimate
85%) in the event of a payment default.
"The final rating will depend on our receipt and satisfactory
review of all final transaction documentation of the company's
proposed senior unsecured bond issuance of approximately EUR270
million. Accordingly, the preliminary rating should not be
construed as evidence of the final rating. If we do not receive
final documentation within a reasonable timeframe, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our rating. Potential changes include,
but are not limited to, utilization of bond proceeds, maturity,
size, and conditions of the bonds, financial and other covenants,
and security and ranking of the bonds.
"Our preliminary rating on DEMIRE reflects our view of the
company's relatively small scale and portfolio size compared with
those of other rated peers in the commercial real estate segment,
with exposure to one single economy, Germany. As of March 31,
2017, the company's property portfolio consists of 98 buildings
with a gross asset value of EUR994 million, including 16 assets
held for sale amounting to EUR35.7 million. DEMIRE's strategy is
to focus on midsize secondary locations in Germany, bordering
metropolitan areas. Its portfolio comprises mainly office premises
(68% of total gross rental income as of March 31, 2017), retail
assets (24%), one logistics property (5%), and other real estate
assets (3%)."
DEMIRE is one of Germany's 10 largest commercial property
companies in terms of market capitalization in a highly fragmented
property market. S&P said, "Although we view market dynamics, such
as rental growth potential and demand-supply trends in
metropolitan areas as more favorable, we believe that the majority
of midsize cities in which DEMIRE operates are close to
metropolitan areas with similar market dynamics, such as Darmstadt
or Bonn. DEMIRE reported an EPRA (European Public Real Estate
Association) occupancy ratio of 89.1% as of March 31, 2017, which
is somewhat below that reported by most rated peers in the
European office and retail market. However, we take into account
recent efforts in occupancy improvements and, in line with the
company's strategy, we expect this ratio will improve further over
the next two years, including newly acquired premises.
"We consider DEMIRE's debt leverage to be relatively high compared
with industry standards, and project that the company's credit
metrics will improve over the next 12 months, thanks to the
proposed bond issuance and related refinancing plans. We estimate
that leverage will decrease to below 60% and EBITDA interest
coverage will increase beyond 2x by the end of 2018. DEMIRE is
committed to deleveraging, and its financial policy stipulates a
maximum net loan-to-value ratio of 50% in the medium term.
"Our preliminary rating on DEMIRE incorporates a positive notch
based on our comparable ratings analysis. In our view, DEMIRE's
financial risk profile is moving toward the stronger end of our
aggressive category, assuming the successful issuance of the
unsecured bond as well as refinancing plans. We forecast that the
company will significantly deleverage in the next few years, in
line with its plan.
"The stable outlook reflects our view that DEMIRE's property
portfolio should generate stable cash flows over the next 12
months. This is because the majority of DEMIRE's properties in
secondary locations are near metropolitan areas across Germany,
where demand trends are favorable, and occupancy should improve
further in line with the company's strategy.
"In addition, we expect that the company will successfully access
the bond capital markets in the next few months to refinance some
of its maturing debt. We forecast EBITDA interest coverage will
improve close to 2x in the next 12 months, and debt to debt plus
equity will decrease to approximately 58% by the end of 2018.
"We could raise the rating if DEMIRE increased its EBITDA interest
coverage to 3x or higher on a sustainable basis while reducing
leverage, with the ratio of debt to debt plus equity falling to
about 50%. This could occur due to unexpectedly high rental
growth, significant reduction in portfolio vacancies, or debt
repayment."
In addition, an upgrade would depend on the scale and scope of
DEMIRE's portfolio improving toward that of rated peers in the
investment-grade category, with vacancy levels well below 10%,
including newly acquired assets, and locations with solid
underlying macroeconomic fundamentals.
S&P said, "We could lower the rating if the company fails to
achieve a debt-to-debt-plus-equity ratio below 60% and EBITDA
interest coverage close to 2x by the end of 2018. This situation
could materialize if DEMIRE were to alter its current publicly
announced policy to reduce leverage, undertook additional debt-
financed acquisitions, or was unable to refinance outstanding debt
with the proposed bond's proceeds.
"We could also lower the rating if the company's business strategy
did not materialize, resulting in a decline in the overall
portfolio size to well below EUR1 billion or investment in less
favorable secondary locations away from metropolitan hubs. Ratings
downside could also develop if the vacancy rate remained above
10%, due for example to weak demand or the acquisition of highly
vacant premises."
===========
G R E E C E
===========
GREECE: Credit Profile Is Improving, Moody's Says
-------------------------------------------------
Greece's credit metrics are on an improving trend, with economic
growth turning positive and the public finances on a more solid
footing than in the past. The successful conclusion of the second
review of Greece's third external support programme brings much
needed liquidity into the economy and improves the outlook for
investment inflows. At the same time, however, Greece's credit
profile remains constrained by a very high level of public debt, a
weak banking sector and uncertainties regarding the effective
implementation of reforms, Moody's Investors Service said in a
report July 11.
The annual update, "Government of Greece - Caa2 Positive, Annual
Credit Analysis", is now available on www.moodys.com. Moody's
subscribers can access this report via the link at the end of this
press release. The research is an update to the markets and does
not constitute a rating action.
"The recent upgrade and positive outlook on Greece's sovereign
rating reflect our view that the prospects for a successful
conclusion of Greece's third adjustment programme have improved,"
said Kathrin Muehlbronner, a Moody's Senior Vice President and the
report's author. "The government's ability to legislate a large
number of structural reform measures indicates greater stability
and a receding of political risks."
That said, the Greek authorities still need to effectively
implement the measures that it legislated, so as to improve the
economy's medium to long term growth prospects. In the short term,
Moody's will monitor reforms to accelerate the disposal of non-
performing exposures in the banking sector as well as the sale of
state-owned assets.
In contrast, Moody's believes that the Greek government will
manage to attain substantial primary surpluses this year and next,
given the fiscal measures implemented as part of the external
support programme.
While it is too early to conclude that the Greek economy has
definitely turned the corner, Moody's expects to see positive
growth this year, after three years of stagnation and a cumulative
loss in output of more than 27% since the onset of Greece's
crisis. For 2017, Moody's expects real GDP growth of 1.5%,
accelerating to 2% next year. The key drivers of growth will
likely be investment, pushed by EU funding, and somewhat stronger
private consumption on the back of an improving labour market.
Also, fiscal policy will not be a drag on growth as it had been in
previous years.
Moody's expects Greece's debt burden to stabilise this year and
start declining slowly from next year onwards, reaching 176% of
GDP in 2018. The debt trajectory remains highly sensitive to lower
growth and weaker-than-targeted fiscal performance. On the
positive side, Greece benefits from low interest rates and long
maturities on its debt, given the prevalence of debt owed to the
official sector.
Greece's sovereign rating could be upgraded further if there was
clear evidence that the economy was on a sustained and reasonably
strong growth path, associated with solid implementation of agreed
reforms, including measures to address asset quality problems in
the banking sector.
Agreement by Greece's official sector creditors to implement
further debt relief which makes Greece's debt burden more
sustainable over the medium to long-term would also be positive,
provided there remained broad support for the fiscal and other
conditions associated with such relief.
Downward rating pressure would emerge if there are signs that the
Greek authorities' willingness to implement the programme wanes or
a renewed period of political uncertainty hampers the economic
recovery and leads to a material deviation from the fiscal
targets.
SEANERGY MARITIME: Reports Net Revenues of US$13.3 Million for 1Q
-----------------------------------------------------------------
Seanergy Maritime Holdings Corp. announced its financial results
for the quarter ended March 31, 2017.
For the quarter ended March 31, 2017, the Company generated net
revenues of US$13.3 million, a 90% increase versus the same period
2016. As of March 31, 2017, stockholders' equity was US$26.7
million and cash and cash equivalents, including restricted cash
was US$6.9 million.
Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:
"In the first quarter of 2017 we experienced the first signs of
market recovery, which was reflected mostly in the Capesize
market. Spot rates peaked at $20,000 per day and asset values
recovered significantly from the historical lows of 2016. In
respect of financial performance, our larger fleet as well as the
improved market conditions led to a substantial increase of our
revenues by more than 90% compared to the same period last year.
In addition we entered into a lucrative agreement with one of our
lenders that will result in an expected gain and equity accretion
of $11.4 million that corresponds to more than 30% increase in our
shareholder equity upon closing of this transaction in 3Q of 2017.
"In March 2017, pursuant to our prudent fleet expansion plan, we
agreed to acquire another modern Capesize vessel. The M/V
Partnership, was built in 2012 in Hyundai of South Korea and was
delivered to our company in May 2017. The vessel recently
commenced its 12-18 months' time charter with a major European
utilities company at a strong gross rate of $16,200 per day. The
Partnership is expected to generate approximately $8.8 million of
gross revenue, assuming the full 18 months employment. Our modern
fleet now consists of nine Capesize vessels and two Supramax
vessels with a cargo carrying capacity of 1.7 million dwt.
"In June 2017, we also terminated our $20 million At-The-Market
equity offering program. Since August 2016, we have raised
approximately $28.3 million of gross proceeds from public equity
offerings, including the ATM Offering. We have utilized these
funds in the most constructive way as they enabled the Company to
pursue highly accretive transactions. In particular, we have used
the proceeds of the offerings to partly fund the acquisitions of
the M/V Lordship, the M/V Knightship and the M/V Partnership, as
well as to finance the prepayments under the early termination of
a credit facility.
"The combined accretion in value we have created for our
shareholders from these transactions is more than $27.9 million,
which is derived from the market value appreciation of the
acquisitions and the expected gain due to the early termination
and refinancing of one of our facilities.
"Going back to market fundamentals, we believe that the continuous
increase in demand for commodities, the longer-haul mining
expansion and the associated increase in ton mile demand at a time
of a historical reduction of Capesize fleet growth will contribute
to a steady rise in freight rates and vessel values.
"Overall, we strongly believe that the Capesize segment represents
the best fundamentals in the dry bulk industry and we continue to
actively pursue accretive acquisition opportunities for quality
Capesize vessels.
"Concluding, we strongly believe that the successful
implementation of our business plan along with the improving dry
bulk market conditions will continue to enhance shareholder
value."
First Quarter 2017 Developments:
* On March 28, 2017, the Company agreed to acquire a 2012 South
Korean-built Capesize vessel of 179,213 dwt at a gross
purchase price of $32.65 million. The vessel was delivered
to the Company on May 31, 2017 and has been renamed M/V
Partnership.
* On March 28, 2017, the Company entered into an eighth
amendment to the issued unsecured revolving convertible
promissory note of Sept. 7, 2015, as amended. Pursuant to
this amendment, the Applicable Limit (as defined in the
Convertible Note) will be reduced by $3.1 million on each of
Sept. 7, 2018, and Sept. 7, 2019. Principal amounts
outstanding under the Convertible Note will be repayable to
the extent that the aggregate outstanding principal exceeds
the Applicable Limit. As of July 5, 2017, the Company has
drawn down the entire amount available under the Convertible
Note.
* On March 22, 2017, the Company extended the duration of the
time charter contract of the M/V Lordship for a period of up
to twenty-two months with a major European charterer. The
vessel commenced the extended period on June 28, 2017. The
charter rate is based on the 5 route average of the Baltic
Capesize Index and the Company has the option, at any time,
to convert the index linked rate into a fixed rate
corresponding to the prevailing value of the Capesize forward
freight agreement, for a duration of minimum of three to
maximum of 12 months.
* On March 14, 2017, the Company agreed with four of its senior
lenders for the proactive waiver and deferral of the
application date of certain major financial covenants until
the second quarter of 2018.
* On March 7, 2017, the Company entered into a definitive
agreement with one of the Company's lenders for the early
termination of a loan facility. Upon completion of the
transaction, the gain and equity accretion to the Company is
estimated to be approximately $11.4 million.
* On Feb. 3, 2017, the Company entered into an Equity
Distribution Agreement with Maxim Group LLC as sales agent,
under which the Company may offer and sell, from time to time
through Maxim up to $20 million of its common shares. The
Company determined, at its sole discretion, the timing and
number of share sales pursuant to the Equity Distribution
Agreement along with any minimum price below which sales may
not be made. As of July 5, 2017, the Company has sold
2,782,136 common shares for an aggregate amount of $2.9
million of gross proceeds. On June 27, 2017, the Company and
Maxim mutually terminated the Equity Distribution Agreement.
Subsequent Developments:
* On May 26, 2017, the Company entered into a time charter
contract for M/V Partnership for a period of about twelve to
about 18 months. The vessel is chartered out to a major
European energy and utility company at a gross rate of
$16,200 and was delivered to the charterer on June 13, 2017.
* On May 24, 2017, the Company entered into an $18.0 million
senior loan facility with Amsterdam Trade Bank N.V. to fund
part of the acquisition cost of M/V Partnership. As of
July 5, 2017, the Company has fully drawn down the facility.
* On May 24, 2017, the Company entered into a $16.2 million
junior loan facility with Jelco to fund part of the
acquisition cost of M/V Partnership. As of July 5, 2017, the
Company has fully drawn down the facility.
* On May 4, 2017, the Board of Directors of the Company was
expanded to five members and Ioannis (John) Kartsonas was
appointed as an independent member of the Board of Directors
to serve as a class C director. Mr. Kartsonas has more than
18 years of experience in finance and commodities trading.
He is currently the principal and managing partner of
Breakwave Advisors LLC, a commodity-focused advisory firm
based in New York. Prior to that, he held various senior
positions in investment management and research focusing in
shipping and commodities. He has earned an MBA in Finance
from the University of Rochester.
A full-text copy of the press release is available for free at:
https://is.gd/mKdk9i
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels. The
Company currently owns a modern fleet of eleven dry bulk carriers,
consisting of nine Capesizes and two Supramaxes, with a combined
cargo-carrying capacity of approximately 1,682,582 dwt and an
average fleet age of about 8.2 years.
The Company is incorporated in the Marshall Islands with executive
offices in Athens, Greece and an office in Hong Kong. The
Company's common shares and class A warrants trade on the Nasdaq
Capital Market under the symbols "SHIP" and "SHIPW", respectively.
Seanergy incurred a net loss of US$24.62 million in 2016 following
a net loss of US$8.95 million in 2015. For the three months ended
March 31, 2017, Seanergy reported a net loss of US$6.28 million.
As of March 31, 2017, Seanergy had US$250.42 million in total
assets, US$223.71 million in total liabilities and US$26.70
million in stockholders' equity.
In March 2017, Seanergy said it has reached an agreement with
Alpha Bank A.E. with respect to the loan facility dated Nov. 4,
2015, to defer the application date of a certain covenant until
the second quarter of 2018. The Company also reached an agreement
with HSH Nordbank AG with respect to the loan facility dated Sept.
1, 2015, and related guarantee to defer the application date of
certain covenants until the second quarter of 2018.
SEANERGY MARITIME: Cancels $20 Mil. ATM Equity Offering Program
---------------------------------------------------------------
Seanergy Maritime Holdings Corp. terminated, effective June 28,
2017, its up to $20 million "At-The-Market" equity offering
program pursuant to an Equity Distribution Agreement with Maxim
Group LLC dated Feb. 3, 2017, under which the Company has sold
2,782,136 common shares raising approximately $2.9 million in
gross proceeds.
Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:
"Since August 2016, we have raised approximately $28.3 million of
gross proceeds from public equity offerings, including the ATM
Offering. We have utilized these funds in the most constructive
way as they enabled the Company to pursue highly accretive
transactions. In particular, we have used the proceeds of the
offerings to partly fund the acquisitions of the M/V Lordship, the
M/V Knightship and the M/V Partnership, as well as to finance the
prepayments under the early termination of a credit facility. The
combined accretion in value we have created for our shareholders
from these transactions is more than $27.9 million, which is
derived from the market value appreciation of the acquisitions and
the expected gain due to the early termination and refinancing of
one of our facilities.
"We will continue to actively pursue accretive transactions with
the aim of further creating value for our shareholders."
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels. The
Company currently owns a modern fleet of eleven dry bulk carriers,
consisting of nine Capesizes and two Supramaxes, with a combined
cargo-carrying capacity of approximately 1,682,582 dwt and an
average fleet age of about 8.1 years.
The Company is incorporated in the Marshall Islands with executive
offices in Athens, Greece and an office in Hong Kong. The
Company's common shares and class A warrants trade on the Nasdaq
Capital Market under the symbols "SHIP" and "SHIPW", respectively.
Seanergy incurred a net loss of US$24.62 million in 2016 following
a net loss of US$8.95 million in 2015.
As of Dec. 31, 2016, Seanergy had US$257.53 million in total
assets, US$226.70 million in total liabilities, and US$30.83
million in total stockholders' equity.
In March 2017, Seanergy entered into agreements with four of its
senior lenders for the proactive waiver and deferral of the
application date of certain major financial covenants. Based on
these agreements the Company expects to be in compliance with all
major applicable covenants concerning the Company and the
respective borrowers or that such covenants will be waived and
postponed until the second quarter of 2018.
=============
I C E L A N D
=============
HOUSING FINACING: S&P Affirms 'BB/B' Counterparty Credit Ratings
----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB/B' long- and
short-term counterparty credit ratings on Icelandic lending
institution Housing Financing Fund Ibudalanasjodur (HFF). The
outlook remains positive.
S&P said, "The affirmation reflects our expectation that Iceland's
government remains highly likely to provide support to HFF, if
needed, thereby allowing HFF to meet its financial obligations in
a timely manner. It also reflects our view that the evolution of
the fund's public role does not at this point change its stand-
alone creditworthiness.
"We note that HFF's role is gradually changing from that of a
direct housing lender. The institution is responsible for the
administration and implementation of housing affairs on behalf of
the government, through policy formulation, promoting research on
the housing market, as well as administering capital
contributions, and from January 2018, housing benefits. As such,
we understand that the government's previous plan to ultimately
dismantle the institution is now off the table. In the future, the
fund is expected to earn fee income from the government, based on
its implementation of the aforementioned tasks."
Nevertheless, the exact scale and scope of the new tasks are
currently uncertain, as are the details of the compensation that
HFF would receive from the government. In addition, S&P said, "we
understand that the government still intends to downsize HFF
substantially, since lending is no longer the fund's main task. We
believe that HFF will maintain its presence in the rural and
lower-income segments of the market -- which are important to the
authorities for social reasons -- and in regions where banks have
little presence. Other than that, new lending will likely remain
very limited.
"Although the institution's role has diminished in recent years,
we still assess it as important for the Icelandic government. This
is because HFF will likely continue lending in the rural and
lower-income segments of the market. Moreover, a default of HFF
would have adverse consequences for the government and the
domestic capital market, in particular for the pension funds that
own about 80% of HFF's bonds. The government provides an ultimate,
but not timely, guarantee on HFF's outstanding debt. In our view,
HFF's default could undermine confidence in other companies that
benefit from similar government guarantees.
"In our view, HFF also has an integral link with the government of
Iceland. Based on the government's 100% ownership of HFF and the
consequences of a potential default of HFF, the authorities are
highly likely to provide timely extraordinary support should the
need arise. As a state agency, HFF is not
subject to bankruptcy proceedings and is exempt from taxation. The
government provided support to HFF through capital injections
three times during 2010-2014, contributing a total of more than
Icelandic krona (ISK) 50 billion (about EUR0.4 billion).
"Our view of HFF's stand-alone creditworthiness is unchanged. We
expect that HFF will continue posting positive, albeit very low,
net earnings over the next two years, aided by Iceland's economic
growth and high property prices, leading to extraordinary income
from loan loss reversals and realized gains from sales of
appropriated assets. However, HFF's long-term profitability
remains fragile, in our view. We expect only a modest slowdown of
prepayments because continued fierce competition for new lending
from pension funds and commercial banks continues to put pressure
on HFF's net interest income. Therefore, we continue to assess
HFF's business position as moderate.
"HFF's capital and earnings remain moderate in our view. We expect
one-time gains from the sale of appropriated assets to boost
earnings somewhat over the next two years, aiding capital buildup.
However, in our base case, we do not expect our risk-adjusted
capital (RAC) ratio for HFF will exceed 7% within the next 18-24
months. As of year-end 2016, our RAC ratio stood at 5.9%.
"We still assess HFF's risk position as weak. While we see a
positive development in asset quality, nonperforming assets remain
high compared with peers', and there is a high level of single-
name concentration. We expect loan losses will be close to zero in
2017, after two years of net provision reversals. The strong
economic development in Iceland, with over 7% GDP growth and low
unemployment rates, has had a positive impact on HFF, and we
expect the benign operating environment will persist over the next
year. However, HFF's focus on financially weaker customers and
illiquid regions is increasing, since customers that qualify for
pension funds' stricter lending requirements tend to leave HFF. In
addition, interest rate risk is increasing because the fund is
struggling to find attractive investment opportunities for its
excess liquidity.
"In our view, HFF's funding and liquidity remain a weakness. We
consider HFF's funding profile to be below average, based on its
reliance on the capital markets and lack of central bank access.
Although HFF has not issued bonds since 2012, due to high
prepayments and low new lending, we consider that its ability to
access the domestic bond market remains stable. In our view, this
is mainly due to HFF's close link with the government and the
outstanding government guarantee, and does not signify a stand-
alone strength. We assess HFF's liquidity position as adequate,
taking into account the fund's expected contractual cash flows
from prepayments and amortizing loans, and its cash liquidity
buffer, which is partly invested in long-dated covered bonds
issued by Arion Bank to reduce the maturity mismatch. We expect
that HFF would receive state support to meet any liquidity needs,
although we do not currently anticipate that it will need such
support in the next few years.
"Given our assessment of a high likelihood of extraordinary
government support in case of need, our ratings on HFF remain
three notches higher than our 'b' assessment of HFF's stand-alone
credit profile.
"The positive outlook indicates that we could raise our ratings on
HFF within one year if economic conditions in Iceland improve
further, reducing the risks inherent in unwinding HFF's mortgage
loan portfolio. HFF has a strict public policy role and is
unlikely to expand lending in the market. However, its outstanding
loan book may benefit from positive economic developments,
resulting in decreased loan losses and an improved capital
position. Capital metrics could also benefit from faster-than-
anticipated earnings generation or the accelerated decrease in
risk-weighted assets.
"We could revise the outlook to stable if we saw signs that
Iceland's strong economic development was weakening. Moreover, we
could lower the ratings if we concluded that the effects of a
potential HFF default for the government and the capital markets
had reduced, which would reduce the incentive for the government
to provide timely extraordinary support to HFF."
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CLONTARF CLO DACS: S&P Rates Class E Senior Secured Notes B-
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Clontarf Park
CLO DAC's class A-1, A-2A1, A-2A2, A-2B, B, C, D, and E senior
secured notes. At closing, the issuer also issued unrated
subordinated notes.
The ratings assigned to Clontarf Park CLO's notes reflect S&P's
assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
-- The transaction's counterparty risks.
The transaction is a cash flow CLO, securitizing a portfolio of
primarily senior secured loans granted to speculative-grade
corporates. Blackstone/GSO Debt Funds Management Europe Ltd.
manages the transaction.
The issuer expects to purchase 65-70% of the effective date
portfolio from Blackstone/GSO Corporate Funding DAC (BGCF). The
assets from BGCF that weren't settled on the closing date are
subject to participations. The transaction documents require that
the issuer and BGCF use commercially reasonable efforts to elevate
the participations by transferring to the issuer the legal and
beneficial interests in such assets as soon as reasonably
practicable.
Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes permanently switch to semiannual interest payments.
The portfolio's reinvestment period ends four years after closing,
and the portfolio's maximum average maturity date is eight years
after closing.
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B+'
rating. We consider that the portfolio on the effective date will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations (see "Global Methodologies And
Assumptions For Corporate Cash Flow And Synthetic CDOs," published
on Aug. 8, 2016).
"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.65%), the
covenanted weighted-average coupon (5.00%), the covenanted
weighted-average recovery rate of 35.91% at the 'AAA' rating
level, and the target weighted-average recovery rates at each
rating level below 'AAA' as indicated by the manager. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria (see
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).
"Following the application of our structured finance ratings above
the sovereign criteria, we consider the transaction's exposure to
country risk to be limited at the assigned rating levels, as the
exposure to individual sovereigns does not exceed the
diversification thresholds outlined in our criteria (see "Ratings
Above The Sovereign - Structured Finance: Methodology And
Assumptions," published on Aug. 8, 2016). Furthermore, asset
concentration in a country rated 'A-' or below is limited and does
not constrain our ratings.
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria (see "Structured Finance: Asset Isolation
And Special-Purpose Entity Methodology," published on March 29,
2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."
RATINGS LIST
Ratings Assigned
Clontarf Park CLO DAC EUR413.55 Million Senior Secured Floating-
And Fixed-Rate Notes
Class Rating Amount
(mil. EUR)
A-1 AAA (sf) 240.00
A-2A1 AA (sf) 20.00
A-2A2 AA (sf) 23.00
A-2B AA (sf) 10.00
B A (sf) 21.00
C BBB (sf) 20.50
D BB (sf) 25.00
E B- (sf) 10.75
Sub. NR 43.30
NR--Not rated.
Sub.--Subordinated.
* Irish Prime RMBS 90+ Day Delinquencies Drop in April 2017
-----------------------------------------------------------
The Irish prime residential mortgage-backed securities (RMBS)
market performance was stable in the three-month period ended
April 2017, according to the latest indices published by Moody's
Investors Service.
The 30+ day delinquency decreased slightly to 14.8% of the
outstanding balance in April 2017 from 16.2% in January 2017.
Similarly, the 90+ day delinquency bucket improved to 12.8% from
14.1%. The 360+ day delinquencies (used as a proxy for defaults)
improved to 9.3% in April 2017 from 10.3% in January 2017. Over
the same period, outstanding repossessions (based on current pool
balance) remained stable at 0.4%
Constant prepayment rate and total redemption rate increased
slightly to 2.2% from 2.0% and to 6.5% from 6.3% respectively.
Cumulative losses (based on original pool balance) remained stable
at 0.3%.
As of April 2017, 15 Moody's-rated Irish Prime RMBS transactions
had an outstanding pool balance of EUR27.9 billion compared with
EUR31.1 billion in April 2016, constituting a year-on-year
decrease of 10.3%.
For the latest publications, please refer to Related Research tab
of the index report: Irish Prime RMBS Indices -- April 2017.
=========
I T A L Y
=========
DECO 2014: Fitch Affirms BB Rating on EUR21.9MM Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed DECO 2014 - GONDOLA S.r.l. notes due
2026 as follows:
EUR48.4 million Class A (IT0005030777) affirmed at 'A+sf'; Outlook
Stable
EUR65 million Class B (IT0005030793) affirmed at 'A+sf'; Outlook
Stable
EUR30.5 million Class C (IT0005030801) affirmed at 'Asf'; Outlook
Stable
EUR52 million Class D (IT0005030827) affirmed at 'BBB-sf'; Outlook
Stable
EUR21.9 million Class E (IT0005030835) affirmed at 'BBsf'; Outlook
Stable
DECO 2014 - GONDOLA S.R.L. closed in 2014 as a securitisation of
three commercial mortgage loans with an original balance of EUR355
million. The loans were granted by Deutsche Bank AG
(A-/Negative) to two Italian closed-end real estate funds and two
cross-collateralised Italian limited-liability companies to
acquire/ refinance 13 logistics centres, two shopping-centres, two
office buildings and one hotel. All assets are located in Italy
and ultimately owned by the borrowers' common sponsor, Blackstone.
KEY RATING DRIVERS
The affirmation reflects the stable performance of the transaction
since the last rating action in July 2016. The two loans remaining
have amortised slightly over this period due to cash sweep
(Delphine) and contractual amortisation (Mazer). Uncertainty
around the value of Parco de Medici securing the Delphine loan and
the inherent challenges of loan workout upon default in Italy
limit the credit upside of the notes. As a result Fitch applies a
rating cap at the 'Asf' category for this transaction in line with
its EMEA CMBS criteria.
The EUR93.7 million Delphine loan is secured on two offices, one
in Milan (comprising three buildings) and the other in Rome (Parco
de Medici, occupied by Telecom Italia (TI, BBB-/Stable)). TI,
which accounts for 49.3% of the loan's passing rent, has served a
lease termination notice, indicating that the contract will break
on July 20, 2018. This risk of a vacant property requiring capital
expenditure to reposition it for other tenants in one year is
reflected in the updated valuation in April 2017, according to
which the market value has fallen to EUR49 million from EUR59
million in 2014.
The fund manager of the portfolio is reportedly in negotiations
with TI with the aim of entering a new lease. Fitch expects that
this would entail a material reduction in rental income compared
with passing rent. Assuming that these negotiations will be
successful, Fitch expects the market value of the property to be
in the region of EUR60 million. The Milan office block, which at
the time of the last rating action suffered from 63% vacancy, has
now been fully let up with Cassa Depositi e Prestiti (BBB/Stable)
taking up most of the space on a 12-year lease with a six-year
break option.
The EUR124.1 million Mazer loan is secured on 13 logistics assets
located in northern Italy (unchanged since closing). New lease
signings have led to a fall in vacancy, currently standing at only
4.4%, down from 9.2% at the time of the last rating action.
However, the top three tenants account for 70% of the passing
rent, with the largest occupier, CEVA, making up half, and with
the weighted average lease term to break at 2.4 years, down from
3.6 years at the time of the last rating action.
RATING SENSITIVITIES
Fitch expects a full repayment of all loans in a 'Bsf' scenario.
A downgrade of the sovereign rating of Italy (BBB/Stable) may
result in a lower rating cap on the senior notes. Difficulty
securing replacement contracted income in Parco de Medici or a
departure of CEVA could lead to downgrades, although some of this
downside risk is already factored into the ratings.
TELECOM ITALIA: S&P Affirms BB+ Long-Term CCR, Outlook Positive
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Italy-based telecom company Telecom Italia SpA and
revised the outlook to positive from stable.
The outlook revision follows Telecom Italia's solid execution of
its efficiency plan, which caused operating expenses to fall by
about EUR300 million in 2016 and by an additional EUR120 million
in the first quarter of 2017. S&P said, "We expect that continued
solid execution of the plan should result in an additional
increase in EBITDA margins in both Italy and Brazil, as well as
positive and growing free cash flow generation. These results
should enable Telecom Italia to reduce its S&P Global Ratings-
adjusted leverage to comfortably below 3.3x by 2018.
"We view the recent improvement in the company's operating trends
as supportive to Telecom Italia's long-term top-line prospects and
profit margins. These are also supported by the company's focus on
upgrading its fixed-line network, where it is investing
significant amounts in expanding fiber coverage, and on improving
its mobile offering by expanding its 4G coverage. Together, these
improvements are strengthening Telecom Italia's business risk
profile, in our view. In addition, we anticipate that Telecom
Italia's current strategy should enhance its ability to defend its
market position, given that competition in the Italian telecoms
market is likely to increase.
"We forecast revenue growth in 2017, supported by growth in mobile
data consumption and monetization of the company's fiber
investments. We also assume that revenue in Brazil will continue
to recover, partly through improved year-on-year currency
translation and partly because TIM Brazil is likely to gain
premium post-paid customers attracted by its high 4G coverage.
"We anticipate that competition in the Italian wireless market
will strengthen from as early as 2018. This will weigh on market
growth and cap some of the existing upside, notably from data
monetization. That said, we forecast relatively limited downside
for Telecom Italia because, in our view, the current low market
pricing and Telecom Italia's premium positioning reduce its
exposure to customer churn based on price reductions. In addition,
we think that TI's current focus on convergence, combined with its
low-cost brand, should help it retain most of its customers,
including the more price-sensitive subscribers.
"We think that the company's first-mover advantage in fiber
investments across Italy should support it in protecting its
existing customer base and help lock customers into long-term
contracts. These investments can also help the company maintain
most of its wholesale revenues. We note that a significantly
overlapping fiber network by Open Fibre could lead to fierce
pricing competition in these areas and result in gradual losses of
wholesale revenues. Although we view this as the main medium-term
risk for Telecom Italia, we think that continued reduction in
operating expenditure should help the company to offset the
revenue loss.
"The rating is currently constrained by the relatively high
leverage and limited cash flow generation compared with peers such
as KPN and TDC, but we expect these metrics to improve over the
next 12-18 months."
In S&P's base-case scenario, it assumes:
-- Revenue growth of 4%-5% in 2017 and revenue decline of 2%-
3% in 2018 reflecting 1) domestic revenue growth of about 2%
in 2017, fueled by increased mobile takeup of 4G and
increased broadband/ultra broadband (BB/UBB) revenues and
convergent offers. Thereafter, we expect revenue to decline
in 2018 as the entrance of Iliad increases competition and
telecom Italia suffers minor losses in fixed wholesale
revenues; 2) organic growth of 1%-3% in Brazil, combined with
the positive effect of foreign currency movements in 2017.
-- Adjusted EBITDA margins improving to about 45% by 2018 from
about 43% in 2016, thanks to the positive impact of the
efficiency plan.
-- Excluding spectrum renewal costs, capital expenditure (capex)
remaining below EUR5.0 billion in 2017 (EUR4.7 billion in
2016) and declining toward EUR4.0 billion by 2019 as a result
of the efficiency plan and gradual decline in 4G and next-
generation network investments.
-- No dividends assumed, apart from dividends on the company's
savings shares (about EUR230 million in 2016).
Based on these assumptions, S&P arrives at the following adjusted
credit measures in 2017-2018:
-- Debt to EBITDA of about 3.3x-3.4x in 2017, and about 3.2x in
2018, compared with 3.6x in 2016;
-- Funds from operations (FFO) to debt of about 24%-25% in 2018
up from 20.3% in 2016; and
-- Free cash flow increasing to more than EUR1.5 billion in
2018, up from about EUR1.06 billion in 2016.
The positive outlook reflects the possibility of a one-notch
upgrade following continued solid execution of the company's
efficiencies plan, investments in upgrading its fixed and mobile
networks, and new initiatives contributing to continued
improvement in margins, recurring cash flow generation, and
deleveraging in 2017-2018.
S&P said, "We could raise the rating if solid execution of the
company's plan results in a reduction in adjusted leverage to
comfortably less than 3.3x in 2018, and an increase in FFO to debt
to about 25% and free operating cash flow to debt to about 8%.
"We could revise the outlook to stable if Telecom Italia struggles
to execute its plans and materially reduce its leverage by 2018.
This could happen because of an inability to extract additional
meaningful cost and capex efficiencies or because the impact of
competition on Telecom Italia's revenues is higher than expected.
If Telecom Italia had to pay regulatory fines significant enough
to result in meaningful cash outflows or potential regulatory
intervention in Telecom Italia's investments, we could also revise
the outlook to stable."
===================
L U X E M B O U R G
===================
ANACAP FINANCIAL: Moody's Assigns (P)B1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
Corporate Family rating (CFR) to AnaCap Financial Europe S.A.
SICAV-RAIF (AFE) a debt purchasing business, established by AnaCap
Financial Partners (AnaCap, unrated) as a Reserved Alternative
Investment Fund (RAIF) in Luxembourg. Moody's has also assigned a
provisional (P)B1 Senior Secured rating to the proposed EUR315
million long-term senior secured notes to be issued by AFE. The
outlook on all ratings is stable.
The rating action is based on Moody's expectation that AFE will
successfully move to their post-closing structure, whereby within
60 days after the issue date of the senior secured notes, the
obligations of the issuer and of the Guarantors under the notes
will be secured by first-ranking security interests over the
Italian loan portfolios. The loan portfolios and interests in debt
collection firms are due to be sold by two of AnaCap's credit
funds to AFE.
RATINGS RATIONALE
The (P)B1 CFR reflects the company's: (i) diverse portfolio mix
across geographies, consumer and small and medium sized
enterprises (SME) and secured and unsecured credit; (ii) current
and projected leverage (gross debt / EBITDA) compared with peers;
(iii) strong historical and forecast profitability and (iv)
AnaCap's track record of profitable portfolio investments,
supported by their established debt purchasing analytics. These
strengths are balanced against: (i) AFE's relatively smaller
franchise, limited track record as an operating business and less
established relationships with vendors than peers ; and (ii)
emphasis on growth markets which have a relatively shorter history
of recoveries.
Moody's recognizes the diversification provided by 60% of the
portfolio ERC, or Estimated Remaining Collections, being secured
against 40% unsecured, split across performing and non-performing
consumer and SME lending. The loan portfolio is largely exposed to
the Italian geography where portfolios are likely to be mixed
across loan types and with less granularity versus peers who focus
on smaller balances and unsecured consumer credit in more mature
markets. The firm is well positioned to grow especially in the
Italian and Spanish markets where AFE is likely to engage in
transactions comprised of mixed loan types in line with AnaCap's
opportunistic approach. The firm largely outsources its
collections and thus has limited benefit of fee-based income from
servicing other debt purchaser portfolios.
Given forecast improvements in leverage which Moody's believes is
achievable, Moody's views AFE's proforma debt/EBITDA of 3.9x,
according to Moody's calculations, to be in line with other
similarly rated peers supported by the highly cash generative
nature of the business which will support a relatively fast
deleveraging from current levels. The 60% secured nature of AFE's
loan portfolio results in a collections profile that is more
short-term in nature compared to peers who emphasize longer tail
unsecured consumer credit. Use of cash flow to reduce debt is
expected to be balanced against AFE's strategic objectives to
deploy capital to support growth of Estimated Remaining
Collections (ERC), which was EUR508 million at March 31, 2017. To
support management's growth expectation, Moody's expects AFE to
utilize the EUR45 million super senior revolving credit facility
(RCF) to support opportunistic acquisitions should its cash flow
be insufficient to support these investments.
AFE benefit from an experienced management team at AnaCap who will
provide advisory and risk management services to AFE via a
management service agreement. The unique RAIF structure does
benefit from its own board and senior management team who will
provide ultimate oversight of portfolio acquisitions and portfolio
performance however much of the expertise of the franchise is
derived from its management contract with AnaCap. Given the
infancy of the RAIF, Moody's expects AFE to build out its
corporate structure and a dedicated senior management team as the
business evolves from the initial configuration.
WHAT COULD CHANGE THE RATING UP / DOWN
Moody's could upgrade AFE's CFR as a result of ; (i) a
demonstrated track record of operation consistent with management
plans and projections, whilst building the strength of the AFE
franchise outside of AnaCap; (ii) a decrease in leverage (gross
debt-EBITDA) below 3.0x on a sustainable basis.
Moody's could downgrade AFE's CFR following; (i) unsuccessful
completion of the move to their post-closing structure, whereby
collateral is not in place to guarantee the notes issued. Should
they be unsuccessful with this transfer, the bonds may face an
event of default. A downgrade may also arise should AFE (ii)
increase its leverage (gross debt-EBITDA) above 5x.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Companies published in December 2016.
ANACAP FINANCIAL: S&P Gives Prelim BB- Counterparty Credit Rating
-----------------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'BB-'
long-term counterparty credit rating to AnaCap Financial Europe
S.A. (AFE). The outlook is stable.
At the same time, S&P said, "we assigned our preliminary 'BB-'
issue rating and recovery rating of '3' to the proposed senior
secured notes issued by AFE, indicating our expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of payment default.
"The rating on the proposed notes is subject to our review of the
notes' final documentation. We also expect to make our issuer
credit rating and issue rating final upon completion of the
transfer of assets to AnaCap Financial Europe from the existing
funds of AnaCap Financial Partners.
"The rating on AFE reflects our view of its lack of operational
track record under the new structure, its limited scale relative
to rated debt purchasing peers, and its narrow business profile.
These weaknesses are mitigated by its good market position in its
primary markets, its ability to leverage the financial services
expertise of AnaCap Financial Partners; and its relatively low
leverage and good debt-servicing.
"AFE is a new entity created under a reserved alternative
investment fund (RAIF) structure in Luxembourg. Assets from
existing funds of AnaCap Financial Partners, which include
financial services nonperforming loans and performing loans, will
be transferred into the new group. We understand that the group's
assets will total about EUR300 million at the close of the
transaction and the proceeds from the notes issuance will
facilitate the payment of transfer value and cover fees and
expenses."
AFE is an intermediate nonoperating holding company (NOHC), which
will consolidate the activities of the group. AFE is owned by
another intermediate NOHC, AnaCap Financial Holdings ScS(p) (AFH),
which in turn is owned by AnaCap Entities. S&P sai, "Our group
credit profile (GCP) captures the restricted group as defined in
the indenture, as well as AFH, AFE's co-investments in Romanian
portfolios, and the impact of its 30% economic interest in Italy-
based Phoenix Asset Management S.p.A., which we reflect in our
assessment of the group's franchise. We do not directly capture
AnaCap Financial Partners in our GCP, which means our issuer
credit rating on AFE does not factor in our view of the likelihood
of extraordinary support. However, we do factor into the GCP our
expectations for the group's financial policy and overall
management, which are influenced by AnaCap Financial Partners. We
do not perceive any material barriers to cash flows within the
group or any significant issues regarding the fungibility of
capital between the parent company, the debt-issuing company, or
the subsidiaries under the new structure.
"We principally compare AFE with other debt collection companies
that we rate, including Arrow Global Group, Cabot Financial,
Garfunkelux Holdco 2 (the holding company of Lowell and GFKL),
Promontoria MCS, and Intrum Justitia. The long-term issuer credit
ratings on these entities range from 'BB+' to 'B+'.
"Our assessment of AFE's business risk profile primarily reflects
its monoline business model focused on purchasing financial
institutions' debt portfolios and maximizing recoveries
exclusively within the financial service industry in Europe. We
consider this business model to be susceptible to the debt-
portfolio selling behaviors of financial services companies or
aggressive actions by its competitors. Although not a part of our
base-case scenario, this has the potential to lead to volume
declines or heightened market risk through uneconomical pricing of
debt in the industry, for example. We consider AFE's revenue
concentration to be more in line with MCS, and less diversified
than Arrow Global, Garfunkelux, and Intrum. Peers that are more
diversified from a revenue perspective have a greater proportion
of fee income in their operating revenues. We view this source of
income as more stable relative to debt purchasing. For example, we
believe revenues from a long-term servicing contract are generally
more predictable relative to collections from debt portfolios that
are purchased at auction. This is reflective of AFE's lack of in-
house servicing capabilities compared with peers.
"Our assessment is also constrained by AFE's limited scale
relative to the peer group. The group's 84 month estimated
remaining collections (what it expects to collect from portfolios
already purchased over the next 84 months) is around EUR500
million, which compares with an average of EUR1.1 billion in the
peer group.
"Our view is balanced by recent evidence of AnaCap Financial
Partners' sound origination capabilities built upon its
relationships with financial institutions. We note AnaCap
Financial Partners has a 12-year track record as a financial
services specialist investor. Through its ownership structure, we
consider AFE's unique relationship as a comparative strength, as
it can benefit from the use of AnaCap Financial Partners' larger
balance sheet, data and operations, and client relationships. We
also believe that AFE's financial services portfolios are more
diversified relative to the unsecured consumer finance-focused
peer group. AFE's portfolios have a balanced mix of unsecured and
secured debt of small and midsize enterprises, mortgage debt, and
consumer loans, which could partially reduce the group's future
earnings volatility."
The company is a market leader in Italy, having acquired nine
portfolios in the country comprising 130,000 accounts with a face
value of EUR7.3 billion and 84 month estimated remaining
collections of EUR360 million as of March 2017. Its revenues come
predominantly from Italy (60%), Spain (15%), and Portugal (15%),
with further contributions from Romania and the U.K. Despite the
concentration in Southern Europe, we believe that, geographically,
AFE is more diversified than some of its peers such as Cabot and
MCS, and we don't expect AFE to materially change its footprint.
In a significant departure to its rated peers, AFE intends on
operating with a fully outsourced master-servicing model, which is
supported by AnaCap's proprietary IT platform, rather than
retaining in-house collections. Data mining and analytics support
both underwriting new investments as well as ongoing servicing
activities. This model allows it to maintain sound operating
efficiency to optimize collections and operations across asset
classes and geographies, without heavy fixed costs and with lower
costs to collect. Entirely outsourcing its collections does
increase its counterparty risk with servicing partners. This is
especially true in the case of AFE's 30% economic interest in
Phoenix Asset Management, which services the majority of AFE's
Italian loan portfolios. AFE has board representation at Phoenix,
and therefore has significant influence over the entity. S&P also
understands that AFE frequently audits its external servicers, and
where necessary only outsources to regulated entities. This limits
the extent of counterparty risk, in our view.
As a RAIF, AFE is not subject to direct supervision by the
"Commission de Surveillance du Secteur Financier" of Luxembourg
(CSSF), but it is overseen by a regulated alternative investment
manager, which is itself regulated by the CSSF. The portfolio
manager and the investment adviser are also regulated by the
Guernsey Financial Services Commission and by the Financial
Conduct Authority, respectively.
S&P said, "Our assessment of AFE's financial risk profile reflects
our expectation for leverage and debt-servicing metrics after the
issuance of its proposed EUR315 million senior secured notes. The
group will also issue a super senior revolving credit facility
(SSRCF), which will support the group's growth ambitions and
liquidity profile.
"We believe that AFE's existing portfolio and organic growth will
allow the company to maintain stable earnings capacity over the
next year. We therefore expect these metrics will remain within
the following ranges over the one-year outlook horizon:"
-- Net debt to S&P Global Ratings-adjusted EBITDA of 3x-4x;
-- Funds from operations (FFO) to debt of 20%-30%; and
-- Adjusted EBITDA to interest of 4x-5x.
When calculating its weighted-average ratios for AFE, S&P applies
a 50% weight to both year-end 2017 and year-end 2018 projections.
S&P said, "Our projections are based on the following assumptions:
-- "We anticipate an organic increase in the company's earnings
capacity through a growing back book of debt portfolios,
reflecting the availability of good market opportunities.
-- "We expect single-digit revenue growth over our outlook
horizon, compared with double-digit average revenue growth in
the peer group.
-- "We expect no significant rise in capital expenditures or
working capital in 2017 and 2018. The combination of our fair
business risk profile and significant financial risk profile
results in a 'bb' anchor.
"We apply a one-notch negative adjustment to our 'bb' anchor to
arrive at the preliminary rating. This reflects some of the risks
associated with the recent creation of the entity and the lack of
an operating track record under the proposed structure. This adds
an element of complexity and operational risk to the group, in our
view. The adjustment also reflects the risk of the group
changing its long-term investment philosophy toward AFE, deciding
to act more as a financial sponsor and dictating an increase in
risk appetite for the entity or a leverage-driven growth strategy.
Moreover, we believe the group could be exposed to regulatory and
operational risks beyond what we capture in our business risk
profile assessment if regulation or laws governing the collections
process materially changed in Italy, where it possesses most of
its acquired portfolios."
The stable outlook on AFE reflects S&P Global Ratings' view that
the company's leverage and debt-service metrics will remain within
the current financial risk profile category over the next year.
This scenario is predicated on our view that the company will
achieve organic growth in total collections, mainly on well-known
geographies and asset types where there remains a large market
opportunity and where it has proprietary data and expertise in
underwriting/pricing and servicing.
S&P, said, "We could lower the ratings if we saw a material
increase in the shareholder's leverage tolerance, a failure in
AFE's control framework, or adverse changes in the Italian
regulatory environment for debt purchasers or in any other
jurisdiction where the company has material exposures. We could
also lower the ratings if we change our view of the group's long-
term investment philosophy toward AFE due to it acting more as a
financial sponsor, dictating an increase in risk appetite or
higher leverage for the entity.
"Although unlikely in the next 12 months, given the new operating
structure, we could raise our ratings on AFE if we see materially
greater diversification in the franchise that supported the future
stability of earnings, for instance, a broader geographic presence
or diversity in its revenue profile to levels similar to more-
diversified peers. We could also raise the ratings if we believed
AFE's credit metrics were likely to remain within the following
ranges on a sustainable basis:
-- Gross debt to adjusted EBITDA of 2x-3x;
-- FFO to total debt of 30%-45%; and
-- Adjusted EBITDA coverage of interest expenses of 6x-10x."
GAZ CAPITAL: Moody's Assigns Ba1 Rating to Proposed Sr. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating with a loss
given default assessment of LGD4 to the proposed senior unsecured
CHF loan participation notes (LPNs) to be issued by, but with
limited recourse to, Gaz Capital S.A. (Ba1 stable), a public
limited liability company incorporated in Luxembourg. Gaz Capital
will in turn on-lend the proceeds to Gazprom, PJSC (Ba1 stable)
for general corporate purposes. Therefore, the noteholders will
rely solely on Gazprom's credit quality to service and repay the
debt.
"The Ba1 rating assigned to the notes is the same as Gazprom's
corporate family rating because the notes will rank on par with
the company's other outstanding unsecured debt," says Denis
Perevezentsev, a Moody's Vice President -- Senior Credit Officer
and lead analyst for Gazprom.
LPNs will be issued as Series 43 under the existing $40 billion
multicurrency medium-term note programme (rated (P)Ba1) for
issuing loan participation notes. The notes will be issued for the
sole purpose of financing a euro-denominated loan to Gazprom under
the terms of a supplemental loan agreement between Gaz Capital and
Gazprom supplemental to a facility agreement between the same
parties dated 7 December 2005.
RATINGS RATIONALE
The Ba1 rating assigned to the notes is the same as Gazprom's
corporate family rating (CFR), which reflects Moody's view that
the proposed notes will rank pari passu with other outstanding
unsecured debt of Gazprom. The rating is also on par with the
Russian government's foreign-currency bond rating and the foreign-
currency bond country ceiling.
The noteholders will have the benefit of certain covenants made by
Gazprom, including a negative pledge and restrictions on mergers
and disposals. The cross-default clause embedded in the bond
documentation will cover, inter alia, a failure by Gazprom or any
of its principal subsidiaries to pay any of its financial
indebtedness in the amount exceeding $20 million.
Gazprom's Ba1 CFR reflects its strong business profile as Russia's
largest producer and monopoly exporter of pipeline gas, owner and
operator of the world's largest gas transportation and storage
system, and Europe's largest gas supplier. Gazprom's credit
profile benefits from high levels of government support resulting
from economic, political and reputational importance of the
company to the Russian state. The rating also recognizes Gazprom's
strong financial metrics, robust cash flow generation, underpinned
by contracted foreign-currency-denominated revenues, and modest
leverage.
The rating is constrained by Gazprom's exposure to the credit
profile of Russia and is in line with Russia's sovereign rating
and the foreign-currency bond country ceiling of Ba1. The company
remains exposed to the Russian macroeconomic environment, despite
its high volume of exports, given that most of the company's
production facilities are located within Russia.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Moody's would consider an upgrade of Gazprom's ratings if it were
to upgrade Russia's sovereign rating and/or raise the foreign-
currency bond country ceiling provided that the company's
operating and financial performance, market position and liquidity
remain commensurate with Moody's current expectations and there
are no adverse changes in the probability of the Russian
government providing extraordinary support to the company in the
event of financial distress.
The ratings are likely to be downgraded if (1) there is a
downgrade of Russia's sovereign rating and/or a lowering of the
foreign-currency bond country ceiling; (2) the company's operating
and financial performance, market position, and/or liquidity
profile deteriorate materially; and/or (3) the risk of negative
government intervention increases/materialises.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Global Integrated Oil &
Gas Industry published in October 2016, and Government-Related
Issuers published in October 2014.
Headquartered in Moscow, Russia, Gazprom is one of the world's
largest integrated oil and gas companies. It is focused on the
exploration, production and refining of gas and oil, as well as
the transportation and distribution of gas to domestic, former
Soviet Union and European markets. Gazprom also owns and operates
the Unified Gas Supply System in Russia, and is the leading
exporter of gas to Western Europe.
As of Dec. 31, 2016, Gazprom had proved total oil and gas reserves
of approximately 132.7 billion barrels of oil equivalent, with
proved gas reserves of approximately 18.6 trillion cubic meters,
which are equivalent to more than one sixth of the world's total.
For the last twelve months ended March 31, 2017, Gazprom produced
434.2 billion cubic meters of natural gas and 63.6 million tonnes
of liquid hydrocarbons. For the same period, Gazprom reported
sales of RUB6.2 trillion and its Moody's-adjusted EBITDA amounted
to RUB1.6 trillion.
=====================
N E T H E R L A N D S
=====================
ADRIA MIDCO: Moody's Affirms B2 CFR, Revises Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed Adria Midco B.V B2
corporate family rating (CFR) but changed to negative from stable
the outlook on the ratings of Adria and its wholly owned
subsidiary United Group B.V. Concurrently, Moody's has assigned a
B2 rating to the proposed EUR1.35 billion worth of Senior Secured
Notes (due 2022-24, consisting of fixed and floating rate
tranches) to be issued by United Group B.V. The B2 rating on the
company's existing EUR775 million senior secured notes due 2020
remains unchanged and will be withdrawn upon repayment of these
instruments. Moody's has also downgraded Adria's probability of
default rating (PDR) to B2-PD from B1-PD. A full list of affected
ratings is provided towards the end of this press release.
The rating action follows the announcement that Adria has agreed
to acquire Central European Media Enterprises Ltd.'s television
businesses in Slovenia and Croatia for a total consideration of
EUR230 million. The proceeds from the EUR1.35 billion new notes
will be used (1) to fund EUR200 of the acquisition price (rest
will be funded via cash and drawings under the revolving credit
facility); (2) repay the EUR229.2 million PIK loan (including
accrued interest) at Adria TopCo B.V. (holding company outside
Adria Midco's restricted group); (3) refinance the existing EUR775
million senior secured notes and repay drawings under the existing
revolving credit facility (which will be terminated and replaced
with a new facility); and (4) pay the redemption premium, accrued
interest and transaction costs estimated at around EUR60 million.
"The change in outlook to negative reflects the material increase
in leverage at Adria level owing to this refinancing and M&A
transaction. As a result, the company has limited headroom for
deviation against its business plan over the next 12-18 months,"
says Gunjan Dixit, a Moody's Vice President -- Senior Credit
Officer and lead analyst for Adria. Moody's estimates that the
company's Gross Debt/ EBITDA will increase to 6.8x from around
5.0x pre-transaction.
"This high leverage is to an extent balanced by the company's
solid operating momentum, track record of revenue and EBITDA
growth, and improved scale and scope of operations over the past
few years," adds Ms. Dixit.
RATINGS RATIONALE
The refinancing of the holding company PIK loan from within the
Adria restricted group together with the debt-funded acquisitions,
will result in a meaningful increase in Adria's leverage to 6.8x
(Moody's adjusted - based on last two quarters annualized EBITDA -
- on a pro-forma basis) compared to around 5.0x, before
incorporating the transactions. The rating agency expects the
company to rapidly de-lever towards Moody's adjusted Gross Debt/
EBITDA of 5.5x in the next 12-18 months helped by continued strong
organic growth in the business, lower exceptional costs and the
contribution from the CME acquired assets.
Moody's views the acquisition of the CME assets as a good
strategic fit, which give the company the ownership of market
leading channels in two of its existing markets. Moody's
recognizes that there is good EBITDA upside in the Slovenian
asset, as its flagship free-to-air channel POP TV has recently
been converted into a pay channel paving the way for increased
future carriage revenues locked in with already signed long-term
contracts with pay TV operators. The acquisitions give Adria the
opportunity to leverage on CME's strong production capabilities
for local content (particularly in Croatia) that can be used
across Adria's production platforms. The acquisition will also
contribute some operational and revenue synergies. However, the
acquisition is fully priced . In addition, the acquired businesses
will increase Adria's exposure to the cyclical TV advertising
market. Advertising related revenues will account for around 15%
of Adria's total revenues, following the acquisitions.
The B2 CFR further reflects (1) the company's well established
market position in all its core countries of operation and good
brand recognition; (2) considerable improvement in the scale of
revenues and EBITDA as well as service offering diversification
achieved over the past few years organically as well as via
acquisitions; (3) the integration of Tusmobil has strengthened its
product offering in Slovenia, its largest market as a network
operator and quad-play provider; (4) good potential for cross-
selling products in relatively recently liberalized markets; (5)
its established pan-region programming position with significant
elements of exclusivity; and (6) the company's technologically
advanced DOCSIS 3.0 cable infrastructure with limited network
overbuild.
The B2 rating also acknowledges (1) Adria's geographical
concentration within the ex-Yugoslav region - mainly in Serbia
(Ba3 Stable), Slovenia (Baa3 Positive), and Bosnia and Herzegovina
(B3 Stable); (2) the absence of material free cash flow (FCF)
generation before 2017; (3) the company's ongoing acquisition
activity and (4) foreign exchange risk primarily associated with
company's exposure to Serbian dinar (RSD) and with its debt and
interest payments being EUR- denominated and unhedged.
Moody's considers Adria Midco's liquidity position to be adequate
for its near-term operational needs. At transaction closing, the
company will have cash and cash equivalents of around EUR25.9
million and access to a new super senior RCF of at least EUR100
million and local bilateral lines of EUR60 million and EUR20
million. The company will not have any material scheduled
refinancing needs until 2022 when the RCF and fixed rate notes
mature. The RCF is restricted by a leverage-based maintenance
covenant (of 9.5x Net Debt to Consolidated EBITDA) tested on an
annual basis.
DOWNGRADE OF PDR TO B2-PD FROM B1-PD
The change in PDR to B2-PD from B1-PD reflects the use of a 50%
family recovery rate assumption, instead of the previous 35%,
reflecting a capital structure comprised of both bank debt and
bonds.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook reflects the increase in the company's debt
load which weakens its key leverage and cash flow coverage metrics
outside expected ranges for the current rating over the next 12
months. Although Moody's expects the company to de-lever rapidly
over that period, including the earnings contributed from the
target assets, any material negative deviation in actual
performance compared to the company's business plan could reduce
the de-leveraging potential and put negative pressure on the
ratings.
WHAT COULD CHANGE THE RATING UP / DOWN
Downward rating pressure could develop if leverage is not managed
so that a Gross Debt/EBITDA ratio (Moody's definition) at or below
5.5x is maintained on a sustained basis.
Conversely, upward rating pressure could develop if the company
reduces its leverage so that its Gross Debt/EBITDA ratio (Moody's
definition) falls well below 4.5x and demonstrates its capacity to
generate FCF/debt of above 5%, both on a sustainable basis.
Adria Midco B.V provides through its subsidiary United Group B.V.
cable (CATV) and satellite (Direct-to-Home or DTH) pay-TV,
broadband and telephony in Slovenia, Serbia and Bosnia and
Herzegovina, mobile services in Slovenia, satellite pay-TV across
the six countries of former Yugoslavia, Slovenia, Serbia, Bosnia
and Herzegovina, Croatia, Macedonia and Montenegro and OTT
services worldwide.
For the twelve months ended March 2017, the company reported
revenues of EUR489 million and reported a EBITDA of EUR206 million
(on a last two quarters annualized basis and adjusted by Adria for
exceptional items).
List of affected ratings:
Affirmations:
Issuer: Adria Midco B.V
-- Corporate Family Rating, Affirmed B2
Downgrades:
Issuer: Adria Midco B.V
-- Probability of Default Rating, Downgraded to B2-PD from B1-PD
Assignments:
Issuer: United Group B.V.
-- Backed Senior Secured Regular Bond/Debenture, Assigned B2
Outlook Actions:
Issuer: Adria Midco B.V
-- Outlook, Changed To Negative From Stable
Issuer: United Group B.V.
-- Outlook, Changed To Negative From Stable
The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.
DIAMOND BC: Moody's Assigns B3 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service assigned first time ratings to Diamond
(BC) B.V., including a B3 corporate family rating and a B3-PD
probability of default rating. The rating outlook is stable. The
proceeds from the new facilities will be used to finance the
acquisition of Diversey by Bain Capital Investors, as well as pay
fees and expenses associated with the transaction.
The purchase price is supported by an undisclosed equity
investment by Bain Capital Investors. The equity investment is
pure common stock and not expected to have a dividend, PIK or
accrete. The transaction is expected to close in July.
Moody's took the following actions:
Assignments:
Issuer: Diamond (BC) B.V.
-- Probability of Default Rating, Assigned B3-PD
-- Corporate Family Rating, Assigned B3
-- Senior Secured Bank Credit Facility, Assigned B1 (LGD 3)
-- Senior Unsecured Notes, Assigned Caa2 (LGD 5)
Outlook Actions:
Issuer: Diamond (BC) B.V.
-- Outlook, Assigned Stable
The ratings are subject to the receipt and review of the final
documentation.
RATINGS RATIONALE
Diversey's B3 corporate family rating reflects high pro forma
leverage, the fragmented and competitive market and exposure to
cyclical end markets. Pro forma for the carve-out from Sealed Air
Corporation, Diversey's leverage is high for the rating category
and the company will need to achieve significant cost savings to
improve it materially. The industrial cleaning and hygiene
solutions industry is a fragmented and competitive market and the
majority of market share is held by many private, unrated regional
and niche competitors. The company also has exposure to cyclical
end markets with approximately 11% of sales generated in retail
end markets and 13% generated in hospitality. Diversey is also
expected to remain financially aggressive, focusing mainly on
small tuck-in acquisitions.
The rating is supported by the company's exposure to stable and
faster growing end markets, industry leading position and low
customer concentration. The rating is also supported Diversey's
long-standing customer relationships and global footprint.
Approximately 24% of sales are generated in food and beverage end
markets and 10% in healthcare. Additionally, Diversey generates
approximately one-third of its sales from emerging markets and
approximately 75% outside the US overall. The company also has
long-standing customer relationships with a low customer
concentration of sales (the top ten account for approximately 13%
of revenue and no single customer accounts for more than 3%).
Diversey is also expected to maintain adequate liquidity.
The ratings could be upgraded if the company sustainably improves
credit metrics within the context of a stable operating and
competitive environment while also maintaining adequate liquidity.
Diversey would also need to sustainably generate meaningful free
cash flow. Specifically, the ratings could be upgraded if
debt/EBITDA declines below 6.0 times, EBITDA to interest expense
increases above 3.0 times and funds from operations to debt
increases above 6.0%.
The ratings could be downgraded if credit metrics, the operating
and competitive environment, and/or liquidity deteriorates and the
company undertakes a large debt-financed acquisition. The ratings
could also be downgraded if the company fails to execute on its
operating plan. Specifically, the ratings could be downgraded if
debt/EBITDA remains above 6.0 times, EBITDA to interest expense
declines below 2.0 times and funds from operations to debt remains
below 6.0%.
The stable outlook reflects the expectation that Diversey will
benefit from productivity initiatives, cost cutting and the
dedication of free cash flow to debt reduction.
The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Headquartered in Charlotte, North Carolina, Diversey is a global
supplier of cleaning, hygiene, sanitizing products, equipment and
related services to the institutional and industrial cleaning and
sanitation markets. The business is organized into two segments,
Professional (76% of 2016 revenue) and Food & Beverage (24% of
2016 revenue). The company generated approximately $2.6 billion of
sales in 2016. Diversey will be a portfolio company of Bain
Capital Investors.
DIAMOND BC: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' corporate credit rating to
Netherlands-based Diamond (BC) B.V. The rating outlook is stable.
At the same time, S&P said, "we assigned our 'B' issue-level
rating (the same as the corporate credit rating) to Diamond's
proposed first-lien credit facilities, consisting of a $250
million revolver, $900 million term loan, and EUR820 million term
loan. The revolver is scheduled to mature in 2022, followed by the
two term loans in 2024. The recovery rating on these facilities is
'3', indicating our expectation of meaningful (50% to 70% range;
rounded estimate 55%) recovery in the event of a payment default.
"We also assigned our 'B' issue-level rating (the same as the
corporate credit rating) to Diamond's proposed EUR545 million
senior unsecured notes. The recovery rating on the notes is '4',
indicating our expectation of average (30% to 50% range; rounded
estimate 30%) recovery in the event of a payment default."
All ratings are based on preliminary terms and conditions. The
borrowers of the first-lien and senior unsecured debt are both
Diamond (BC) B.V.
"The ratings on Diamond reflect the company's relatively stable
end-markets and good diversification. Partially offsetting these
strengths are the fact that Diamond's margins lag behind market
leader EcoLab Inc.'s, as well as its high leverage pro forma for
the acquisition of the company's businesses," said S&P Global
Ratings credit analyst Michael McConnell. "In addition, we expect
Diamond to have aggressive financial policies given the company's
financial sponsor ownership by Bain Capital. We expect Diamond's
adjusted debt to EBITDA to remain above 5x in 2017 and 2018."
S&P said, "The stable outlook on Diamond reflects our expectation
that the company's profitability and free cash flow generation
will accelerate as Bain Capital implements various cost-reduction
initiatives. We expect the company's solid market positions
particularly in emerging markets, and exposure to a diverse set of
relatively stable end-markets, will enable the company to maintain
credit measures appropriate for the current rating. Our base-case
scenario is for credit measures to improve over the next 12 months
but remain appropriate for the current rating, with a pro-forma
FFO-to-total debt ratio of below 12% on a weighted-average basis.
"We could lower the ratings within the next 12 months if Diamond's
operating performance deteriorates significantly as a result of
unexpected challenges related to the separation of Diversey from
its former parent company Sealed Air. If the separation process
experiences delays or cost overruns, this could lead to lower
profitability than our base-case forecast, as well as weaker
credit measures.
"In particular, we could lower the rating if Diamond's EBITDA
margins missed our expectations by 200 basis points while revenue
growth was flat, resulting in its FFO to total debt falling below
8% (pro forma for acquisitions) on a sustained basis. We could
also lower the rating if large debt-funded acquisitions caused
leverage to reach a similar level, or if unexpected cash outlays
or business challenges reduce the company's liquidity position to
a level we considered less than adequate.
"We could raise ratings within the next 12 months if the company
delivers stronger-than-expected profitability due to successful
cost reduction initiatives, combined with greater penetration
rates in key end-markets such as healthcare. We could consider a
higher rating if EBITDA margins expanded 200 basis points ahead of
our projection while our revenue expectations are exceeded,
resulting in improved credit measures which we believe will be
sustained at above 12% FFO to debt and below 5x debt to EBITDA.
Notably, for a higher rating, we would expect that the improved
leverage is sustainable and consistent with Diamond's financial
policies and objectives."
GREENKO DUTCH: Moody's Rates Proposed USD950MM Sr. Notes (P)Ba2
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
to the proposed 7-year USD backed senior unsecured notes of
Greenko Dutch B.V. (GDBV). The proposed USD950 million notes are
guaranteed by GDBV's holding company, Greenko Energy Holdings
(GEH).
The outlook on the rating is stable.
The provisional status of the rating will be removed upon
completion of the transaction on satisfactory terms.
GDBV is a special purpose vehicle which will use the proceeds from
the USD notes to subscribe to senior secured INR non-convertible
debentures (NCDs) to be issued by each of the other Restricted
Subsidiaries in the restricted group (RG3), which are wholly-
owned/majority-owned by GEH. GDBV is also part of RG3.
GEH is a major energy company in India, with renewable energy
capacity totaling 1.9 gigawatt (GW) at March 31, 2017. Holders of
the USD notes benefit from a guarantee from GEH and a share pledge
over the issuer, thereby establishing a linkage between the credit
profiles of GDBV, RG3 and GEH.
The proceeds from the NCDs will be used to refinance the existing
debt of the restricted subsidiaries, including the existing USD550
million notes due 2019, project finance debt and shareholder loans
associated with the operating projects that the parent transfers
to RG3.
RATINGS RATIONALE
"The (P)Ba2 rating of the notes is supported by the portfolio
diversity of RG3, with around 1.1 GW of operating assets across
wind, solar and hydro technologies in six states in India," says
Ray Tay, a Moody's Vice President and Senior Credit Officer.
This diversification helps mitigate the risk of its exposure to
seasonal variations in the availability of renewable resources.
"The rating also takes into account the strong commitment, high
credit quality of and strategic oversight by the ultimate
shareholders, especially GIC," adds Tay.
GIC Private Limited (unrated), a sovereign wealth fund of
Singapore (Aaa stable) which owns 64% of GEH, has demonstrated its
commitment to the company by infusing substantial amounts of
equity at the holding company level in the past two years to help
grow the company. Moody's expects that GIC will provide support to
the Greenko group in case of need, in recognition of the unique
importance of such an investment.
However, the rating is constrained by: (1) the high financial
leverage; (2) the weak credit quality of the offtakers; and, (3)
the limited track record of the assets being transferred into RG3.
Other rating considerations include India's renewable energy
policy environment, which continues to evolve.
Over the next 12-24 months, Moody's expects that GDBV will
demonstrate high financial leverage, with FFO interest coverage at
around 1.5x-2.0x, and funds from operations (FFO) to debt of
around 7%-8%.
Moody's believes that there is a very close relationship between
the credit profile of the issuer and that of GEH, because of the
guarantee provided by GEH to USD bondholders. As such, a material
deterioration in GEH's credit profile could impact the rating of
the USD bonds. At the same time, GDBV's notes rating will also be
driven by the credit profile of RG3.
To mitigate currency risks - arising from the absence of USD-based
revenues to service the proposed USD notes - GDBV will be
undertaking a hedging program to manage USD/INR exchange rate
movements by implementing call-spread hedges for the interest
during the three-year non-call period, and 100% of the principal
up to the 7-year forward rate plus a buffer of INR10. GDBV has the
ability to widen the call-spread upper limit and is incentivized
to ensure sufficient hedging is in place, partly because GEH is
liable for any shortfall amounts via the guarantee, which is
denominated in USD.
The NCDs will be secured by the moveable and immovable assets of
RG3. The NCDs will benefit from a financial support arrangement,
whereby restricted subsidiaries will enter into an agreement with
each of the other restricted subsidiaries with assets of more than
50MW in capacity. Although not a guarantee, this agreement obliges
the larger restricted subsidiaries to support debt service.
The stable rating outlook reflects Moody's expectation of stable
cash flows from long-term power purchase agreements over the next
few years and the absence of construction risk for the portfolio
of assets in RG3. These factors should support the ability of RG3
to maintain financial metrics within the tolerance levels of the
rating.
Upward momentum in the notes' rating is unlikely over the next 12-
18 months, based on GEH's business profile and financial strategy;
the highly-leveraged nature of RG3 and the possibility for
material asset transfers from GEH, which could limit the
improvement in RG3's credit metrics. Nonetheless, the rating could
be upgraded over time, if GEH's credit quality improves and if RG3
maintains FFO to debt and FFO interest coverage above 12% and
2.1x, respectively, on a sustained basis.
The rating could come under pressure if: (1) RG3's FFO/debt falls
below 4%-5% on a sustained basis, potentially due to weaker
operational performance; (2) the offtakers' credit quality weakens
materially, which could manifest via a substantial increase in
receivables; and/or, (3) GEH's credit quality deteriorates
materially, either via shareholder changes and/or operational
weaknesses at other assets outside RG3.
The principal methodology used in this rating was Power Generation
Projects published in May 2017.
Greenko Dutch B.V. is the issuer for the proposed USD notes.
Proceeds from the USD notes will be used to subscribe to INR non-
convertible debentures issued by each of the other Restricted
Subsidiaries in RG3, which are wholly-owned/majority-owned by
Greenko Energy Holdings. RG3 has an operating capacity of 1,075 MW
of hydroelectric, wind and solar power plants in India.
Greenko Energy Holdings is an Indian renewable company that owns
and operates a diversified portfolio of hydro, wind, solar and
biomass power plants. At March 31, 2017, Greenko Energy Holdings'
total consolidated capacity stood at 1,940 MW, including 1,075 MW
of wind, 380 MW of hydro, 403 MW of solar, and 78 MW of biomass.
GTH FINANCE: S&P Raises Issuer Rating on Sr. Unsec. Notes to BB
---------------------------------------------------------------
S&P Global Ratings said that it has raised its issue ratings on
the $1.2 billion of senior unsecured notes issued by GTH Finance
B.V. to 'BB' from 'B+'. The notes are guaranteed by VimpelCom
Holdings B.V., the core subsidiary of VEON Ltd.
S&P said, "We now rate the notes at the same level as senior
unsecured debt issued by VimpelCom Holdings, since we understand
the notes rank pari passu with the unsecured senior debt issued by
VimpelCom Holdings.
"Our upgrade of the notes reflects that the share of liabilities
ranking ahead of the $1.2 billion senior notes has decreased
materially. In particular, we take into account that, on July 6,
2017, VEON announced the termination of the guarantees of its
Russian subsidiary Vimpel-Communications PJSC (PJSC VimpelCom)
regarding three issuances of VimpelCom Holdings. In particular,
guarantees were terminated for the Russian ruble (RUB) 12 billion
note due in 2018, the $0.6 billion notes due in 2019, and the $1
billion notes due in 2023."
This termination followed a tender offer on an aggregate $1.259
billion of notes, financed with $1.5 billion of senior unsecured
notes (rated 'BB') issued by VimpelCom Holdings in June 2017.
During the tender offer, VEON bought back and cancelled $607
million of outstanding bonds issued by VIP Finance Ltd. for which
PJSC VimpelCom is a borrower (total outstanding was $1.15 billion
before the tender), and $652 million outstanding under a bond
issued by VimpelCom Holdings and guaranteed by PJSC VimpelCom
(total outstanding was $1.28 billion before the tender).
Coupled with other changes in the capital structure--including
VimpelCom Holdings' new RUB110 billion (about $2 billion)
unsecured loan with Sberbank, about RUB65 billion (about $1.1
billion) of which was used to refinance Vimpel-Communications'
debt facilities from Sberbank--this led to a material increase in
unguaranteed debt at VimpelCom Holdings in the second quarter of
2017. As a result, S&P estimates that about two-thirds of VEON's
total debt (excluding the debt of VEON's Italian joint venture)
located at or guaranteed by the parent company (including the GTH
Finance notes guaranteed by VimpelCom Holdings) is not guaranteed
by operating companies.
KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The share of priority liabilities, which primarily include
financial debt and trade payables of operating companies, remains
material (above 40%). Nevertheless, we anticipate that the degree
of structural subordination will drop to about 30%-35% after the
reshuffling of the group's debt structure is completed in early
2018. Structural subordination is also mitigated by VEON's
diverse asset structure and wide portfolio of assets (including
participation in the Italian joint venture). In addition, S&P
takes into account further deleveraging at Vimpel-Communications,
which is the group's key revenue and EBITDA generating entity.
HEMA BV: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
(CFR) and B3-PD probability of default rating (PDR) to HEMA B.V.
(Hema, the company). Concurrently, Moody's has assigned a
provisional (P)B2 rating to the proposed EUR610 million senior
secured floating rate notes due 2022 and to be issued by HEMA
Bondco I B.V. Moody's has also assigned a provisional (P)Caa2
rating to the proposed EUR150 million senior unsecured notes due
2023 to be issued by HEMA Bondco II B.V. The outlook is stable.
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the facilities. A definitive rating may
differ from a provisional rating.
RATINGS RATIONALE
The B3 CFR assigned to Hema is supported by the company's (i)
established market position and brand awareness in the
Netherlands; (ii) good growth prospects supported by store
remodeling in the Netherlands, international store expansion, and
a redesigned e-commerce platform; (iii) good liquidity post
refinancing supported by positive free cash flow generation; and
(iv) differentiated and diversified product offering compared to
other retailers.
Conversely, the B3 rating is constrained by the company's (i)
highly-leveraged capital structure, with a Moody's-adjusted pro
forma debt to EBITDA expected to reach 6.8x as of January 28, 2018
and limited deleveraging prospects over the next 18 months; (ii)
relatively high sales concentration in the Netherlands in the
medium term and its exposure to macroeconomic trends ; (iii) the
highly competitive market environment in both the Netherlands and
the company's expansion markets; and (iv) execution risks
associated with the company's expansion plan.
Hema's value proposition is to be less expensive than department
stores and to offer better quality than discount retail companies
with products in the low to middle range of the price spectrum.
Hema differentiates itself thanks to an in-house design team and
unified brand name which allow the company to constantly innovate
and to offer an extensive collection of products. However, Moody's
notes that Hema's mid-market positioning leaves the company
exposed to strong competition both from discounters and from
specialized retailers.
Hema's financial performance is tied to macroeconomic conditions
in the Netherlands as evidenced during the 2009-2015 period, when
Hema experienced a prolonged period of negative like-for-like
sales and declining profitability on the back of declining
consumer spending. Hema's historical performance indicates that
its business is strongly correlated with the economic cycle, given
the discretionary nature of some of its products. The Netherlands
and Hema's international markets have slowly recovered from
difficult economic conditions and Moody's forecasts that that the
Dutch GDP will grow by 2.0% in 2017 and 1.8% in 2018, which should
support Hema's like-for-like revenue growth. Moody's expects
future like-for-like sales to grow in the low single digits
supported by the good health of the Dutch economy and by improving
operational performance. Hema is undertaking several initiatives
including a store refurbishment program in the Netherlands, an
overhaul of its e-commerce platform to allow the cross-selling of
different product categories and a series of cost-cutting
initiatives expected to derive approximately EUR10 million in
savings.
Moody's expects Hema's Moody's-adjusted debt / EBITDA to reach
6.8x for the fiscal year ending January 28, 2018. Moody's debt
adjustments for Hema include approximately EUR115 million of Pay-
in-kind (PIK) notes issued at Dutch Lion B.V and capitalized
operating lease commitments of around EUR550 million. Since the
new capital structure does not embed any scheduled amortization or
cash-sweep mechanism, deleveraging will entirely rely on EBITDA
growth. As such, Moody's expects the company's adjusted leverage
to gradually decline over the next 18 months to around 6.5x.
Upon successful closing of the transaction, Moody's expects Hema
to maintain good liquidity over the next 18 months. In addition to
cash on the balance sheet, the company will enter into a 4.5 years
EUR100 million revolving credit facility (unrated). There are no
significant debt maturities until 2022 when the senior secured
notes mature. Moody's expects Hema to generate around EUR70
million of retained cash flow in 2017 and around EUR85 million in
2018, which will suffice to finance around EUR40 million of
maintenance and EUR15 million of expansion capital expenditures
per year. However, the company is reliant on its super senior
revolving credit facility (RCF) to finance intra-year working
capital fluctuations that Moody's estimates at about EUR40 million
and will require additional working capital, which Moody's
estimates at around EUR5 million per year, to finance its store
expansion. The new RCF is subject to a minimum EBITDA covenant of
EUR70 million, activated if drawings exceed 25%.
STRUCTURAL CONSIDERATIONS
The B3-PD PDR, in line with the CFR, reflects Moody's assumption
of a 50% loss given default, typical for essentially all-bond
secured capital structure with a single maintenance covenant under
the RCF which is expected to have significant headroom. The senior
secured notes are rated (P)B2, one notch above the CFR, reflecting
their senior priority in waterfall and the cushion provided by the
EUR150 million senior unsecured notes and by the approximately
EUR115 million PIK instrument at Dutch Lion B.V. level. The
(P)Caa2 rating on the senior unsecured notes reflects their
subordinated status in the capital structure with the EUR610
million senior secured notes and EUR100 million RCF contractually
ranking senior to them.
Rating Outlook
The stable outlook reflects Moody's expectation of continued
growth from new store openings together with moderate like-for-
like growth leading to a gradual deleveraging in the next 12-18
months to around 6.5x while maintaining positive free cash flow
generation. The stable outlook also incorporates Moody's
expectation that the company will successfully refinance the
approximately EUR115 million PIK toggle notes at Dutch Lion B.V.,
Hema's parent company, well ahead of its maturity in 2020 and does
not factor in debt-funded acquisitions.
What Could Change the Rating Up/Down
The company is weakly positioned in the B3 rating category and as
such, an upgrade is unlikely in the short term. However, positive
pressure on the ratings could result from a sustained improvement
in operating performance resulting in solid top line growth and
improving margins, significantly positive free cash flow, and
leverage at or below 5.5x on a sustained basis.
Downward pressure on the ratings could arise should Hema's
operating performance weaken, if the company does not deleverage
from its current levels or if its EBIT/interest coverage moves
below 1.0x. Negative ratings pressure would also arise should the
company's free cash flow generation deteriorate leading to a
weakening in the company's liquidity profile.
The principal methodology used in these ratings was Retail
Industry published in October 2015.
HEMA is a general merchandise retailer, operating as of April 2017
a network of 713 stores principally in Benelux (89% of total
stores), France (8% of total stores), Germany, Spain and the UK.
HEMA designs, markets, sells and distributes its products under
its own brand name "HEMA", through its owned stores, branded
franchise stores and e-commerce platform. In LTM April 2017, HEMA
generated net sales of EUR1,207 million and EBITDA of EUR110
million. HEMA B.V. is owned by the private equity firm Lion
Capital.
MAXEDA DIY: Moody's Rates Proposed EUR475MM Notes (P)B2
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to Maxeda DIY Holding B.V.'s proposed EUR475 million worth of
senior secured notes due 2022 (consisting of fixed and floating
rate tranches). Concurrently, Moody's has affirmed Maxeda's B2
corporate family rating (CFR) and upgraded the probability of
default rating (PDR) to B2-PD from B3-PD as a result of the
proposed change in the capital structure. The B2 ratings on the
existing senior secured bank facilities outstanding at Maxeda DIY
B.V. have also been affirmed. The outlook on the ratings remains
stable.
Maxeda will use the proceeds of the new senior secured notes to
repay in advance the outstanding bank facilities at Maxeda DIY
B.V. and to pay transaction costs. Based in the Netherlands,
Maxeda is one of the largest Do-It-Yourself (DIY) retailers in
Benelux.
Moody's issues provisional ratings in advance of the final sale of
securities and these reflect Moody's credit opinion regarding the
transaction only. Upon a conclusive review of the final
documentation, Moody's will endeavour to assign definitive ratings
to the proposed securities. A definitive rating and assigned LGD
assessment may differ from a provisional rating and LGD
assessment.
RATINGS RATIONALE
RATIONALE FOR THE ASSIGNMENT OF (P)B2 RATING TO THE PROPOSED NOTES
The (P)B2 rating assigned to the proposed senior secured notes
reflects the fact that the notes benefit from (1) guarantees and
share pledges from material subsidiaries of Maxeda, which account
for almost all of the company's EBITDA, and (2) pledges over
certain moveable assets of the group. The (P)B2 rating also takes
into account the presence of EUR50 million worth of super senior
revolving credit facility (RCF, unrated) at Maxeda DIY B.V. level
as part of the proposed refinancing. Moody's will withdraw the
rating on the existing bank facilities once they have been fully
repaid.
RATIONALE FOR AFFIRMATION OF B2 CFR
The affirmation of the B2 CFR reflects the leverage neutral nature
of the proposed transaction. Moody's also recognises that, if and
when it is executed, the proposed transaction will significantly
reduce Maxeda's interest expense, as it benefits from current
favorable market conditions, The proposed transaction will also
reduce Maxeda's refinancing risk by repaying early the bank
facilities and will improve its external sources of liquidity by
increasing the RCF to EUR50 million.
The B2 CFR reflects (1) Maxeda's strong market position and long
established brand names in both Belgium and The Netherlands; (2)
the company's extensive network coverage across both countries
which economies have limited correlation; (3) low fashion and
trend risks in the company's business model; (4) the current
favorable macroeconomic environment in Netherlands and Belgium;
and (5) additional opportunities coming from e-commerce growth.
However the B2 CFR is constrained by (1) the high leverage as of
April 2017 at 5.4x Moody's-adjusted (gross) Debt to EBITDA pro-
forma for the proposed refinancing, which is high for the rating
category; (2) the highly discretionary nature of consumers' DIY
spend and the highly cyclical nature of the industry; (3) the high
seasonality of sales owing to weather conditions; and (4) the
company's weak profitability underpinned by difficult
macroeconomic conditions in recent years together with intense
competition and cost inflation, partially offset by cost saving
initiatives.
The B2 CFR assigned to Maxeda balances the company's high leverage
and its sensitivity to economic conditions, against its good brand
recognition and strong market positions in both The Netherlands
and Belgium. The company is recovering from a prolonged period of
negative like-for-like sales in The Netherlands. Recent sales
growth has been supported by favorable macroeconomic conditions in
both Belgium and The Netherlands, which Moody's expect to continue
in the next 12-18 months.
Moody's expects that the company will deleverage in 2017 to around
5.4x Moody's-adjusted (gross) Debt to EBITDA driven by moderate
EBITDA growth as a result of cost saving initiatives and a gradual
phasing out of restructuring costs (these are included in Moody's
calculations). Given the execution risk related to the company's
growth and cost savings initiatives and that the Belgian and Dutch
DIY markets remain highly competitive, Moody's expects Maxeda's
adjusted leverage will remain high with only modest deleveraging
over the next 18-24 months from the current 5.4x level.
Moody's views Maxeda's liquidity profile as adequate. As of April
2017 and pro forma for the proposed refinancing, the company would
have had access to in excess of EUR120 million of liquidity from a
combination of around EUR70 million cash on the balance sheet and
a EUR50 million covenanted RCF. The company is exposed to sizeable
working capital fluctuations during the course of its financial
year with working capital requirements typically peaking around
fiscal year end and shortly thereafter. Following the completion
of the refinancing of existing senior loan facilities, the next
sizeable maturity will be the EUR475 million notes in 2022.
STRUCTURAL CONSIDERATIONS
The (P)B2 rating (LGD3) assigned to the EUR475 million worth of
senior secured notes reflects the upstream guarantees and share
pledges from material subsidiaries of the group and pledges on
certain moveable assets of the group. The (P)B2 rating also takes
into account the presence of a super senior RCF in the structure
and sizeable trade payables claims at the level of operating
subsidiaries.
The B2-PD PDR, in line with the CFR, reflects Moody's assumption
of a 50% family recovery rate typical for secured bond structures
with a limited set of incurrence-based financial covenants. More
specifically the RCF documentation includes a net leverage
financial covenant is tested quarterly if the more than 40% of the
RCF, which Moody's doesn't expect in the next 12-18 months.
RATING OUTLOOK
The stable outlook on the ratings reflects Moody's expectation
that: (1) Maxeda will successfully implement its ongoing cost
saving initiatives; (2) moderate improvement in macroeconomic
conditions will support some overall sales growth and broadly
stable margins; and (3) the company will maintain an adequate
liquidity profile.
The stable outlook also reflects Moody's expectation that,
following the proposed refinancing, Moody's-adjusted (gross)
leverage will not rise above 5.75x and that the company will
improve and maintain its Moody's-adjusted EBIT/interest coverage
ratio to 1.5x.
WHAT COULD CHANGE THE RATING UP/DOWN
Positive pressure on the ratings could result from a successful
implementation of the turnaround plan resulting in a sustained
improvement in operating performance with solid top line growth
and improving margins, positive free cash flow, and a Moody's-
adjusted (gross) leverage falling towards 4.5x on a sustained
basis.
Negative pressure could be exerted on Maxeda's ratings if: (1) its
market positions and operating performance were to deteriorate,
for example owing to even more intense competition, negative like-
for-like sales or reduced margins, such that its Moody's-adjusted
EBITDA would decrease from the current level on a prolonged basis;
(2) Moody's-adjusted (gross) Debt/EBITDA would increase above
5.75x; (3) free cash flow remains negative for an extended period
of time; or (4) its liquidity profile were to weaken.
PRINCIPAL METHODOLOGIES
The principal methodology used in these ratings was Retail
Industry published in October 2015.
CORPORATE PROFILE
Maxeda, domiciled in Amsterdam, the Netherlands, is a Do-It-
Yourself (DIY) retailer that operates in the Netherlands, Belgium
and Luxembourg, with various offline and online formats. Its
offline network comprises over 389 stores of which 205 own stores.
For the financial year ended January 31, 2017, the company
reported revenues of EUR1.36 billion and an Adjusted EBITDA of
EUR97 million.
MAXEDA DIY: S&P Assigns B- Long-Term CCR on Proposed Refinancing
----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B-' long-term
corporate credit rating to Maxeda DIY Group B.V., the holding
company for Benelux-based DIY retailer Maxeda. The outlook is
positive.
At the same time, S&P said, "we assigned our 'B+' long-term issue
rating to Maxeda DIY Holding B.V.'s new EUR50 million super senior
revolving credit facility (RCF). We assigned a '1' recovery rating
to the facility, reflecting our expectation of very high recovery
(90%-100%; rounded estimate: 95%) in the event of default.
"We also assigned our 'B-' long-term issue ratings to the group's
proposed EUR275 million fixed-rate senior secured notes and EUR200
million floating-rate senior secured notes. We assigned '4'
recovery ratings to both of these notes, reflecting our
expectation of average recovery prospects (30%-50%; rounded
estimate: 35%) in the event of default.
"The ratings are subject to the successful issuance of the bonds
and implementation of the new RCF, and our review of the final
documentation. If S&P Global Ratings does not receive the final
documentation within a reasonable time frame, or if the final
documentation departs from the materials we have already reviewed,
we reserve the right to withdraw or revise our ratings.
"We revised the outlook on Maxeda DIY B.V. to positive from stable
and affirmed the long-term corporate credit rating at 'B-'.
"We also affirmed our 'B-' long-term issue rating on Maxeda DIY
B.V.'s EUR20 million RCF and EUR467 million term loan. Our
recovery rating remains '4' on both instruments reflecting our
expectation of average recovery prospects (30%-50%; rounded
estimate: 45%) in the event of default. We expect to withdraw
these issue ratings and the corporate credit rating on Maxeda DIY
B.V. once the proposed transaction has been completed.
"The outlook revision reflects our view that the proposed
transaction has several credit-positive features. Maxeda will
benefit from a material annual interest expense saving and relaxed
financial maintenance covenants that should relieve previous
liquidity pressures from covenant step-downs in the current debt
structure.
"The positive outlook also reflects our expectation of more
accommodating macroeconomic conditions in both the Netherlands and
Belgium, which should support more robust trading in their
respective DIY markets and greater topline growth for Maxeda than
we had previously anticipated. Combined with a reduction in labor,
rental, and logistics and other fixed costs, this should translate
into improvements in profitability and free operating cash flow
(FOCF) generation, the latter of which we expect to turn positive
this year.
"We expect credit metrics to strengthen in the fiscal year (FY)
ending Jan. 31, 2018, with S&P Global Ratings-adjusted debt to
EBITDA declining to about 5.5x-6.0x (equivalent to 4.5x-5.0x if
excluding the EUR175 million of preference shares, which we
consider debt-like), compared with the 6.7x in FY 2017. We also
forecast an improvement in adjusted funds from operations (FFO) to
debt, which we expect to reach 10%-12% from 8.2% last year.
Maxeda's EBITDAR coverage (reported EBITDA plus rent to cash
interest plus rent) will also improve under our base case to
around 1.5x in FY 2018 from the 1.3x posted in FY 2017. If these
metrics strengthen as we expect, they would place Maxeda at the
stronger end of our highly leveraged financial risk profile
category, compared with peers."
During 2015, all mezzanine debt was converted to EUR175 million of
preference shares in the ultimate parent Maxeda DIY Group B.V. S&P
said, "Although we view the preference shares as debt-like and
include them in our adjusted metrics, we recognize their cash-
preserving nature and deep subordination in the capital structure.
We also include EUR24 million in our debt metrics relating to
inventory repurchase agreements, which we view as akin to
financial guarantees.
"We anticipate that Maxeda will maintain its position as the
leading DIY retailer in Belgium and the No. 2 player in the
Netherlands. However, we expect competition to remain fierce,
exacerbated by pressure from the expansion of competitors,
discounters and the continued shift of consumer spending online.
Maxeda's modest overall scale, limited geographic diversity, and
high degree of operating leverage--exacerbated by the seasonality
of the group's offering and sticky wage costs--mean it remains
susceptible to weak macroeconomic and housing market conditions.
Earnings visibility therefore remains low, and although we expect
an expansion in margins, this is from a fairly modest base.
Substantial improvements remain limited by continued restructuring
costs and the margin-dilutive franchise business. This, combined
with material capital expenditures (capex), will limit more
material FOCF generation over the next 12 months."
S&P's base-case assumptions are:
-- Economic activity in the eurozone continues to strengthen,
and as such we forecast a more accommodating macroeconomic
environment than previously. In the Netherlands, S&P said,
"we forecast real GDP growth of 2.2% in calendar 2017, 1.9%
in 2018, and 1.8% in 2019. We expect this to translate into
continued real consumption growth of 1.5% in 2017, 1.6% in
2018, and 1.4% in 2019. In Belgium, we expect real GDP
growth of 1.6% in both 2017 and 2018, followed by 1.5% in
2019. We expect this to translate into real consumption
growth of 1.6% in 2017, 1.7% in 2018, and 1.5% in 2019.
-- "We expect overall revenue growth of 1%-3% in FY 2018 and FY
2019, constrained by continued competitive pressures, a
slower pace of growth in the DIY segment than nominal
consumption, and limited store expansion plans.
-- "We forecast reported EBITDA margin expansion of 100-150
basis points over the next 12 months, fueled by continued
realization of cost improvements together with declining
restructuring, transformational, and exceptional costs.
-- "We assume total capex (including uncommitted amounts) of
EUR35 million-EUR45 million over the next 12 months."
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted EBITDA of EUR175 million-EUR185 million in FY 2018,
compared with the EUR158 million generated in FY 2017;
-- Adjusted debt to EBITDA of 5.5x-6.0x in both FY 2018 and FY
2019, equivalent to 4.5x-5.0x excluding the EUR175 million of
preference shares;
-- Adjusted FFO to debt of 10%-12% both FY 2018 and FY 2019;
-- Reported FOCF generation of up to EUR20 million in FY 2018;
and
-- Adjusted EBITDAR coverage of about 1.5x.
The proposed transaction contains just one consolidated senior
secured net leverage covenant applicable under the RCF agreement.
The covenant is springing at 40% drawing on the facility (not
including any drawings for guarantees, letters of credit, or
related fees and expenses) and is tested at 7.1x. This covenant
test does not lead to any events of default or cross-default
clauses on any of the rest of the capital structure, but could
limit future availability under the RCF.
S&P said, "We forecast comfortable headroom under the proposed
covenant and thus envisage full availability of the EUR50 million
committed under the facility.
"The positive outlook reflects our expectation of improving
profitability and a return to positive FOCF generation over the
next 12 months thanks to a more accommodating macroeconomic
environment in both the Netherlands and Belgium and the continued
execution of Maxeda's turnaround plan, leading to stronger credit
metrics than we had previously anticipated.
"For any upgrade to occur, we would need to see a sustained
improvement in financial metrics, with reported FOCF turning
materially and sustainably positive and a reduction in adjusted
leverage towards 5x, with an EBITDAR coverage ratio of about 1.5x,
in line with our base-case scenario, on a sustained basis.
"We would also expect continued commitment from the financial
sponsors to maintain a financial policy supportive of improved
credit metrics, along with adequate liquidity.
"We could revise the outlook back to stable if Maxeda failed to
raise profitability or post sustainably positive reported FOCF,
thereby failing to deleverage in line with our base case. This
could occur if the company were to face unexpected loss of market
share or encountered setbacks in the execution of its cost saving
and working capital management initiatives, leading to
considerably lower earnings, profitability margins, or cash
generation than we anticipate."
Evidence of a more aggressive financial policy focused on debt-
financed shareholder remuneration could also lead to a sustained
weakening of Maxeda's credit metrics and thereby a negative rating
action.
UNITED GROUP: S&P Affirms B Corp. Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit and
issue ratings on Netherlands-based telecom and cable investment
holding company United Group B.V. The outlook is stable.
At the same time, we assigned our 'B' issue rating to the
company's proposed EUR1.35 billion senior secured notes.
The affirmation follows United Group's announcement of its plan to
raise EUR1.35 billion of senior secured notes. The funds will be
used to refinance the existing capital structure and for the
acquisition of media assets from CME. As part of this transaction
the EUR229 million payment-in-kind loan (including accrued
interest) will be refinanced at the level of restricted group as
part of the proposed notes.
United Group has signed the acquisition of CME's assets in
Slovenia and Croatia. The acquired assets include the leading TV
channels in both countries; both lead the TV advertising markets
in their respective markets, with more than 50% of total market
advertising revenues.
We see this transaction as fairly neutral for the company's credit
quality. We regard the addition of these assets as marginally
positive for the company's business risk profile because they add
scale and diversification: media will now contribute to
approximately one-quarter of the company's revenues and will add
value as a differentiating factor from some of United Group's
competitors. However, this is somewhat offset by the relatively
low margins for the acquired assets, notably in Croatia (we
anticipate the main channel in Slovenia will see increased
carriage revenues as it transitions to pay-TV), and increased
exposure to more volatile advertising revenues compared with the
company's core subscription-based revenues. Overall, the business
risk profile continues to be constrained by a limited presence in
the mobile market, concentration of geographic footprint in small
and price-sensitive Eastern European countries, significant
country risk, and a relatively high capital spending to sales
ratio.
Following the proposed debt-funded acquisition, we currently
forecast slightly higher-than-previously-anticipated adjusted debt
to EBITDA of about 6x in 2017 (similar to adjusted leverage in
2016), compared with our previous forecast of adjusted leverage
declining toward 5x. However, we foresee an improvement in the
company's EBITDA interest ratio to about 4x following an
anticipated reduction in the cost of debt as the company
refinances its existing 7.875% notes.
The rating remains constrained by the aggressive sponsor-owned
financial policy as reflected in its highly leveraged capital
structure and M&A appetite.
S&P's base case assumes:
-- Revenue growth of about 11% in 2017 and about 8% in 2018,
excluding the proposed acquisition, resulting from continued
growth of revenue growth units and mobile market share growth
at Tusmobil, somewhat offset by pricing pressures pushing
down the prices of broadband and telephony packages and the
maturing of the Slovenian broadband market;
-- CME assets contributing about EUR105 million (pro forma) in
2017 and about EUR115 million in 2018, with growth mainly
linked to a contracted step-up in carriage fees in Slovenia
as well as some market growth in advertising revenues;
-- Slightly declining margins due to the margin dilutive impact
of the media assets to about 40% (before acquisition-related
and restructuring costs), from about 41% in 2016;
-- A declining, though still high capital expenditure (capex)-
to-sales ratio toward 23% by 2018 due to continued network
expansion, and high customer premises equipment costs but
lower capex for the media assets; and
-- Continued bolt-on acquisitions of about EUR20 million a year.
Based on these assumptions, S&P arrives at the following adjusted
credit measures in 2016-2017:
-- Debt to EBITDA of about 6x in 2017, and about 5.5x in 2018,
compared with 6.1x in 2016;
-- Funds from operations (FFO) cash interest coverage of about
3.7x in 2017 and 4.3x in 2018; and
-- Flat to marginally positive free operating cash flow (FOCF)
in 2017 growing to EUR20 million-EUR30 million in 2018.
S&P said, "The stable outlook reflects our anticipation that
United Group will continue to deliver solid organic growth over
the next two years, and that FOCF will improve and cash interest
coverage will be about 4x.
"We may lower the rating if the company meaningfully underperforms
compared with our current growth assumptions, limiting its ability
to generate positive FOCF by 2018.
"We could also lower the rating if FFO cash interest coverage fell
below 2x.
"We are unlikely to raise the rating over the next two years given
the company's limited size and country-related risks, and our view
that the capital structure will likely remain highly leveraged due
to the group's aggressive financial policy. Additionally, the
rating will likely remain constrained by the company's limited
free cash flow generation due to its ambitious growth appetite,
which we anticipate will result in continued high capex and bolt-
on acquisitions.
"We could, however, raise the rating in the longer term if free
cash flow generation improves, leading to FOCF to debt sustainably
higher than 5% and adjusted debt to EBITDA of less than 5.5x while
maintaining FFO cash interest coverage of more than 3x."
===============
P O R T U G A L
===============
SAGRES SOCIEDADE: Moody's Assigns Ba2(sf) Rating to Cl. C Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by SAGRES - Sociedade de Titularizacao de
Creditos, S.A.:
-- EUR120.1M Class A Asset-Backed Floating Rate Notes due March
2033, Definitive Rating Assigned A2(sf)
-- EUR7.0M Class B Asset-Backed Floating Rate Notes due March
2033, Definitive Rating Assigned Baa3(sf)
-- EUR7.1M Class C Asset-Backed Floating Rate Notes due March
2033, Definitive Rating Assigned Ba2(sf)
Moody's has not assigned ratings to the EUR7.1M Class D and
EUR3.5M Class E Notes.
RATINGS RATIONALE
Ulisses Finance No. 1 is a revolving cash securitisation of auto
receivables extended by 321Credito -- Instituicao Financeira de
Credito, S.A. ("321C") to obligors located in Portugal. The
revolving period ends 12 months after the closing date. The
portfolio consists of auto loans extended to mainly private
obligors. The originator and servicer is 321C (NR). This is the
first public securitisation transaction by 321C, a small
originator set up as the reformed specialised lender, under the
Ulisses programme. Formerly known as BPN Credito, the company
issued four public auto loan securitisations under the Chaves
programme before its nationalisation and privatisation at a later
stage.
As at May 31, 2017, the definitive portfolio of underlying assets
consists of monthly paying standardised auto loans granted by
dealerships to either private individuals 95.56% or commercial
borrowers 4.44% to purchase mostly used vehicles. The agreements
are granted to private individuals or commercial borrowers
resident in Portugal, with mostly fixed rates 87.94% of the pool
and a total outstanding balance of approximately EUR141.2 million.
The WA seasoning in the portfolio is 13.4 months and the WA LTV is
94%.
The transaction benefits from credit strengths such as the
granularity of the portfolio, significant excess spread,
counterparty support through the back-up servicer, hedge provider
and independent cash manager. The transaction benefits from a
closing yield of 8.98%. Available excess spread can be trapped to
cover defaults and losses through the individual tranche PDLs.
However, Moody's notes that the transaction features some credit
weaknesses such as operational risk, interest rate risk, arrears
information has not been audited and historical performance data
of loans originated by 321C is limited. However, the risks are
partially mitigated by the entity's historical information from
BPN Credito business from which it was derived. There is high
reliance on 321C in its role as servicer, which is mitigated by
the presence of a back-up servicer, Servdebt, Capital Asset
Management, S.A. (NR). The interest risk is partially mitigated by
the existence of an interest rate cap that protects the notes if
Euribor reaches above 2.0% during the first 5 years and 4.0%
afterwards. Loans assigned to the Issuer will not be more than 30
days in arrears according to the eligibility criteria. In
addition, the revolving structure could increase performance
volatility of the underlying portfolio. Various mitigants have
been put in place in the transaction structure, such as early
amortisation triggers and eligibility criteria for the portfolio
additions.
Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of auto loans and the
eligibility criteria; (ii) historical performance provided on 321C
total book; (iii) the credit enhancement provided by
subordination, excess spread and the reserve fund; (iv) the
revolving structure of the transaction; (v) the liquidity support
available in the transaction by way of principal to pay interest
and the reserve fund; and (vi) the overall legal and structural
integrity of the transaction.
MAIN MODEL ASSUMPTIONS
Moody's determined a portfolio lifetime expected mean default rate
of 7.0%, expected recoveries of 30.0% and a A1 portfolio credit
enhancement ("PCE") of 22.0% for both the current and additional
portfolios of the issuer. The expected defaults and recoveries
capture Moody's expectations of performance considering the
current economic outlook, while the PCE captures the loss Moody's
expects the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and
to associate a probability with each potential future loss
scenario in its ABSROM cash flow model to rate consumer ABS
transactions.
The portfolio expected mean default rate of 7.0% is higher than
the EMEA Auto ABS average and is based on Moody's assessment of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.
Portfolio expected recoveries of 30.0% are lower than the EMEA
Auto ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.
PCE of 22.0% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool taking into account (i) a degree
of uncertainty considering the depth of data Moody's received from
the originator to determine the expected performance of the
portfolio, and (ii) the relative ranking to the originators peers
in the EMEA Auto ABS market. The PCE level of 22.0% results in an
implied coefficient of variation ("CoV") of 65.4%.
METHODOLOGY
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.
Please note that on March 22, 2017, Moody's released a Request for
Comment, in which it has requested market feedback on potential
revisions to its Approach to Assessing Counterparty Risks in
Structured Finance. If the revised Methodology is implemented as
proposed, the Credit Ratings on Ulisses Finance No. 1 are not
expected to be affected. Please refer to Moody's Request for
Comment, titled "Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance", for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on yield to investors.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors or circumstances that could lead to an upgrade of the
ratings of the notes would be (1) better than expected performance
of the underlying collateral; (2) increase in credit enhancement
of notes due to deleveraging; or (3) a lowering of Portugal's
sovereign risk leading to the removal of the local currency
ceiling cap.
Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
321C; or (3) an increase in Portugal's sovereign risk.
LOSS AND CASH FLOW ANALYSIS:
Moody's used its cash flow model ABSROM as part of its
quantitative analysis of the transaction. ABSROM enables users to
model various features of a standard European ABS transaction -
including the specifics of the loss distribution of the assets,
their portfolio amortisation profile, yield as well as the
specific priority of payments, swaps and reserve funds on the
liability side of the ABS structure. The model is used to
represent the cash flows and determine the loss for each tranche.
The cash flow model evaluates all loss scenarios that are then
weighted considering the probabilities of the lognormal
distribution assumed for the portfolio loss rate. In each loss
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i) the
probability of occurrence of each loss scenario; and (ii) the loss
derived from the cash flow model in each loss scenario for each
tranche.
STRESS SCENARIOS:
As described in above, Moody's analysis encompasses the assessment
of stressed scenarios.
MOODY'S PARAMETER SENSITIVITIES
In rating consumer loan ABS, the mean default rate and the
recovery rate are two key inputs that determine the transaction
cash flows in the cash flow model. Parameter sensitivities for
this transaction have been tested in the following manner: Moody's
tested nine scenarios derived from a combination of mean default
rate: 7.0% (base case), 7.7% (base case + 0.7%), 8.40% (base case
+ 1.4%) and recovery rate: 30.0% (base case), 25.0% (base case -
5.0%), 20.0% (base case - 10%). The model output results for Class
A Notes under these scenarios vary from A2 (base case) to A3
assuming the mean default rate is 8.4% and the recovery rate is
20.0% all else being equal.
Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather how the
initial model output of the notes might have differed if the two
parameters within a given sector that have the greatest impact
were varied.
=============
R O M A N I A
=============
ALPHA BANK: Moody's Assigns Ba3 Long-Term Deposit Rating
--------------------------------------------------------
Moody's Investors Service has assigned Alpha Bank Romania S.A.
(ABR) first-time Ba3 long-term local and foreign currency deposit
ratings, Not Prime short-term local and foreign currency deposit
ratings, and a b2 baseline credit assessment (BCA) and adjusted
BCA. Moody's also assigned Counterparty Risk Assessments (CR
Assessments) of Ba2(cr)/ Not Prime(cr). The outlook on the long-
term deposit ratings is stable.
A full list of assigned ratings can be found at the end of this
press release.
RATINGS RATIONALE
ABR is a mid-sized bank operating in Romania (Baa3, stable) with
primary lending activities in small and medium-sized enterprises
(SME), mortgage and consumer segments.
STANDALONE BASELINE CREDIT ASSESSMENT
ABR's BCA of b2 reflects the bank's modest financial profile
characterised by high, albeit declining, level of problem loans,
adequate capitalisation and high reliance on parental funding.
Moody's considers that the credit quality of parent banks and
their subsidiaries are typically linked. Nevertheless, at the
current level ABR's BCA is not constrained by the weaker credit
strength of its Greek parent Alpha Bank AE (LT bank deposits Caa3
Positive; BCA caa2). The BCA differential between Alpha Bank AE
and ABR also takes into account that the European Union's (EU)
Bank Recovery and Resolution Directive (BRRD) -- albeit untested
for subsidiary banks -- may allow for ring-fencing of strong and
viable subsidiaries in the event of a resolution prompted by
distress at the parent level. The rating agency currently allows
ABR's BCA to be a maximum of three notches above Alpha Bank AE's
BCA, reflecting ABR's brand association and material, albeit
declining, financial links with its parent, but also ABR's
domestically focused operations and its track record of
successfully withstanding challenges to its funding and
capitalisation since the unfolding of the Greek banking crisis in
2010.
The bank's non-performing loans (NPL, includes all impaired loans)
ratio declined to 13.7% in December 2016, from 16.6% in December
2015 owing to the sale and write-off of problem loans,
restructuring procedures and increased recoveries as economic
conditions improve. Risks stemming from the still large stock of
NPLs, as well as high share of foreign-currency lending at about
70% of total loans are partly mitigated by a moderate level of
coverage, with loan loss reserves standing at 68% of NPLs as of
December 2016.
Moody's expects the bank to maintain moderate profitability over
the next 12 to 18 months balanced by lower provisioning cost and
downward pressure on net interest income. ABR reported a net
income to RON114.6 million in 2016 translating to a return on
average assets RoAA of 0.77%, after losses in 2015 and 2014. The
net income was driven by gains from the sale of shares in VISA
Europe and Victoriabank in Moldova (B3 Stable), as well as lower
loan loss provisions and operating expenses.
Improved profitability and reduced risk exposures driven by
balance sheet deleveraging in the past several years have led to
higher capital ratios (including fully retained net income for
2016) with Total CAR at 23.46% and Tier 1 ratio at 17.69% as of
December 2016, according to ABR.
ABR has high, albeit declining, reliance on funding from its
parent, which helps to cover the currency mismatch between its
assets and liabilities. This source of funding in the form of
deposits and subordinated loans, predominantly euro-denominated,
accounted for 39% of ABR's total liabilities in December 2016,
down from 53% in December 2015. The bank takes active steps to
achieve a more balanced funding structure and managed to increase
customer funds, both corporate and retail, by 26% in 2016.
Nevertheless, the still high dependence on parental funds could
expose the bank to foreign currency refinancing risks. At the same
time ABR's liquidity remains good with liquid assets accounting
for 29% of total assets in December 2016.
DEPOSIT RATINGS AND STABLE OUTLOOK
ABR's deposit ratings are driven by: (1) the bank's standalone b2
BCA; (2) its b2 adjusted BCA, which is positioned in line with its
BCA and incorporates no uplift from shareholder support from Alpha
Bank AE due to the parent's lower caa2 BCA, although Moody's
assess the likelihood of parental support as high; and (3) the
results of Moody's Advanced Loss Given Failure (LGF) analysis,
which takes into account the severity of loss faced by different
liability classes in resolution, and which leads to two notches of
rating uplift for ABR's deposit ratings. The rating agency's
assumption of a low likelihood of public support from the Romanian
government, in case of need, does not result in a further notching
uplift to the ratings.
The outlook on the deposit ratings is stable, reflecting Moody's
expectation that the bank's standalone credit profile and notching
uplift from LGF analysis will remain stable over the next 12 to 18
months.
COUNTERPARTY RISK ASSESSMENT
ABR's CR Assessment is positioned at Ba2(cr)/Not Prime(cr), three
notches above the Adjusted BCA, reflecting Moody's view that
probability of default on the bank's operating liabilities is
lower than that of deposits due to a significant cushion against
default provided by the moderate volume of junior deposits.
CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessment
will be more likely preserved in order to limit contagion,
minimise losses and avoid disruption of critical functions.
WHAT COULD MOVE THE RATING -- UP/DOWN
An upgrade of ABR's deposit ratings could be prompted by a higher
BCA and/or an increase in uplift resulting from the LGF analysis.
Upward pressure on ABR's BCA remains subject to an improvement of
both Alpha Bank AE's caa2 BCA and ABR's own standalone credit
strength. Upward pressure on ABR's standalone credit strength
could be exerted by improvement in solvency indicators mainly in
reduction in problem loans, improving problem loans coverage and
stronger profitability. Any additional volumes of subordinated
instruments, implying higher protection for senior creditors and a
lower loss-given-failure in a resolution, could lead to additional
uplift for the deposit ratings.
A downgrade of ABR's ratings could be triggered by a downgrade of
its BCA and/or a reduction in rating uplift as a result of Moody's
LGF analysis. ABR's BCA could experience downward pressure (1) if
the bank's financial fundamentals deteriorate materially, for
instance as a result of a substantial weakening in profitability,
erosion of its capital base and/or deterioration in its asset
quality; (2) as a result of a downgrade of Alpha Bank AE's caa2
BCA; or (3) if any new regulation seeks to weaken or disallow the
ring-fencing of cross-border subsidiaries in the EU. Downward
pressure on the deposit ratings could also emerge in the event of
a reduction in the volume of deposits or subordinated instruments
in the liability structure of the bank, which could imply a
possible higher loss-given-failure in a resolution.
LIST OF ASSIGNED RATINGS
Issuer: Alpha Bank Romania S.A.
Assignments:
-- LT Bank Deposits (Local & Foreign Currency), Assigned Ba3,
Outlook Assigned Stable
-- ST Bank Deposits (Local & Foreign Currency), Assigned NP
-- Adjusted Baseline Credit Assessment, Assigned b2
-- Baseline Credit Assessment, Assigned b2
-- LT Counterparty Risk Assessment, Assigned Ba2(cr)
-- ST Counterparty Risk Assessment, Assigned NP(cr)
Outlook Action:
-- Outlook, Assigned Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in January 2016.
===========
R U S S I A
===========
KOKS PJSC: S&P Ups CCR to B on Improved Liquidity, Outlook Pos.
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
Russia-based vertically integrated coking coal, coke, iron ore,
and pig iron producer KOKS PJSC to 'B' from 'B-'. S&P said, "We
removed the rating from CreditWatch with positive implications
where we placed it on April 18, 2017. The outlook is positive.
"At the same time, we raised our issue rating on the company's
senior unsecured bond to 'B' from 'B-' and also removed it from
CreditWatch positive.
"The upgrade reflects our view on Koks' improved liquidity and
capital structure after the company used the proceeds from its
bond placement to repay a significant slice of short-term
maturities. As a result, the company's short-term debt maturities
declined to RUB5 billion (about $83 million) from
over RUB17 billion (over $290 million), which we view as
manageable. Although we still view liquidity as less than
adequate, we do not envisage liquidity issues in the next two to
three years if the company remains committed to further improving
its debt maturity profile. Notably, we expect the company to sign
a number of long-term credit agreements, which should support
further improvement in liquidity.
"The upgrade also recognizes Koks' solid operating and financial
performance and further improvement in credit metrics, which we
expect in the second half of 2017 and 2018 on the back of
supportive market conditions, and the ramp up of two coal mines.
The latter should also bring scale benefits and improve the
company's self-sufficiency in raw materials, thereby further
boosting profitability. This should improve cash flow generation:
We forecast FFO to debt will gradually improve to about 20% from
10% in 2016. Credit metrics could improve even further if the new
bank lines are raised at lower interest rates, although this is
not factored into our base-case scenario.
"We understand that the company has achieved steady growth in
financials in the first half of 2017, capturing a meaningful
increase in coal prices in late 2016 to early 2017, further
supported by the expectation of healthy positive free operating
cash flow (FOCF) despite large investments.
"Koks' business risk continues to be constrained by the high
volatility of coal, coke, and pig iron prices, together with
limited diversity on the product mix. Furthermore, we note Koks'
aggressive financial policy, notably noncore asset investments,
such as involvement in the steel project OOO Tulachermet-Stal,
which is currently not part of the group, or the hotel acquisition
that became part of the group in 2016.
"The positive outlook reflects that we could raise the rating if
Koks' credit metrics continue to improve on the back of positive
free cash flow. In our base-case scenario, we assume FFO to debt
of 18%-25% in 2017-2018, but we see potential for even stronger
improvement in the case of more supportive market conditions or a
large reduction in interest expense, which is not factored into
our base case.
"We could raise the rating if FFO to debt improves to about 30%,
on the back of growth of volumes of higher-grade coal and
supportive market conditions. Rating upside would also require
adequate liquidity and a manageable capital structure.
"We could revise the outlook back to stable if the company does
not achieve material EBITDA growth due to weaker market conditions
or a lower-than-expected impact from the ramp up of new mines.
Further downside risk could stem from deterioration in liquidity,
although not expected in our base-case scenario, unexpected
material acquisitions, and higher-than-currently-anticipated
noncore asset investments."
LENTA LLC: Fitch Affirms BB Long-Term IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Lenta LLC's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) and senior unsecured bonds
at 'BB'. The Outlooks on the IDRs are Stable.
The affirmation reflects Fitch expectations that Lenta will
maintain conservative credit metrics relative to close sector
peers, while executing its growth strategy and improving its
market position. Fitch assumes that the company's strict financial
discipline and control over costs should help protect the balance
sheet amid strengthened competition, sales cannibalisation and
weak consumer spending in Russia. The ratings remain supported by
Lenta's good access to local funding and strong financial
flexibility.
KEY RATING DRIVERS
Enlarging Business Scale: The ratings factor in Fitch expectations
of improvement in Lenta's market position and further growth in
its EBITDAR to levels more commensurate with the 'BB' rating
category. The company intends to become the third-largest food
retailer in Russia by 2020, up from fifth-largest by sales in
2016. Fitch assume Lenta's expansion strategy will be supported by
its robust business model and growth opportunities in the Russian
food retail market arising from its fragmented nature and still
high proportion of traditional retail relative to modern chains.
Reduction in LfL Sales: Lenta's like-for-like (LfL) sales declined
by 1.7% in 1Q17 and Fitch expects overall organic sales growth to
remain under pressure in 2017. This is due to sales
cannibalisation by own stores as well as increased competition in
the market as consumer spending in Russia remains weak. This is
reflected in Fitch expectations of weak footfall and higher
operating leverage in 2017. Fitch expects Lenta will be able to
mitigate this pressure by retaining tight control over personnel
and other store costs (keeping them relatively stable as a
proportion of revenue).
Decreasing but Strong Margins: As previously, Fitch projects
Lenta's EBITDA margin will reduce gradually to 9.2% by 2020 (2016:
10.4%) but remain strong compared with Russian and European food
retail peers. The major drivers of lower margins will be rising
operating lease expenses and margin sacrifices to withstand
competition. This is despite Fitch expectations that the company's
growing scale is likely to result in greater bargaining power with
suppliers.
Moderate Leverage: Fitch expects FFO adjusted leverage to reduce
slightly to 3.5x in 2017 (2016: 3.7x) and remain around that level
over the medium term. Deleveraging in 2017 should be supported by
shifting a portion of capex to 2018. This demonstrates the
company's ability to manage leverage through the timing of its
store roll-out programme and could be applied further should
economic or business conditions become more challenging. The
ratings assume the company will maintain its conservative and
consistent financial policy.
Mildly Negative FCF: Fitch projects Lenta's FCF to remain negative
but the proportion of capex funded with operating cash flow should
increase to 65%-80% (2016: 45%). This is because Fitch now assume
slower selling space expansion and therefore lower capex. Fitch
forecasts for operating cash flows in 2017 takes into account
shorter trade payable days following trade law amendments in 2016,
which came into full force in 2017.
Healthy Financial Flexibility: Lenta has the strongest FFO fixed
charge coverage (2016: 2.7x) of its Russian peers due to high
levels of store ownership. Fitch projects the fixed charge cover
metric to remain relatively stable at around 2.5x over 2017-2020,
solid for the rating, although Fitch factor in a growing share of
leasehold stores due to fast expansion in the supermarket format.
Lenta's financial discipline, access to external funding, limited
FX exposure also supports the group's financial flexibility and
mitigates its relatively weak liquidity ratio for the rating.
Limited Format Diversification: The ratings are constrained by
Lenta's limited diversification outside its core hypermarket
format. Supermarkets accounted for only 4% of the group's sales in
2016 and Fitch expects this share to only grow to around 15% by
2020, despite Lenta's accelerated expansion under the format.
However, Fitch considers the move towards accelerating format
diversification as credit positive if it does not dilute
profitability on a sustained basis.
Average Recoveries for Unsecured Bondholders: Lenta's bonds are
rated in line with its Long-Term Local-Currency IDR of 'BB' as the
bonds are pari passu with unsecured bank loans and there is no
prior-ranking debt. The bonds' rating reflects Fitch views of
average recovery expectations in case of default.
DERIVATION SUMMARY
Lenta has a stronger business profile and better credit metrics
than O'Key Group SA (B+/Stable). Lenta is rated at the same level
as X5 Retail Group N.V. (BB/Stable) but has less headroom under
its 'BB' rating, primarily because Lenta has lower scale and
format diversification despite its stronger coverage metrics. X5's
rating is constrained by weak FFO fixed charge coverage. In
comparison with international retail chains, Lenta has smaller
business scale and diversification than Chile-based Cencosud SA
(BBB-/Stable) and French and Brazilian retailer Casino Guichard-
Perrachon SA (BB+/Stable) but its credit metrics are substantially
stronger. The weak operating environment in Russia contributes to
a lower rating for Lenta relative to global peers, in line with
Fitch criterias. There is no Country Ceiling constraint on the
ratings.
KEY ASSUMPTIONS
.
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- 15% revenue CAGR over 2017-2020 driven primarily by increase
in selling space
- EBITDA margin gradually decreasing to 9.2%
- Capex at 8%-9% of revenue
- No external dividends paid by Lenta Ltd funded by Lenta LLC.
- No large-scale debt-funded M&A
- Maintained negative working capital position
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
Positive rating action is unlikely in the coming two years, unless
there is a material improvement in Lenta's market position
translating into EBITDAR of at least EUR1 billion, and subject to:
- Solid execution of the company's expansion plan and good LfL
sales growth relative to peers
- Maintaining EBITDA margin at around 9%
- FFO-adjusted gross leverage below 3.0x on a sustained basis
- FFO fixed charge coverage above 2.5x on a sustained basis
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- A sharp contraction in LfL sales growth relative to close
peers along with material failure in executing the company's
expansion plan
- EBITDA margin erosion to below 8%
- FFO-adjusted gross leverage above 4.0x on a sustained basis
- FFO fixed charge cover significantly below 2.5x
- Deterioration of liquidity position as a result of high capex,
worsened working capital turnover and weakened access to local
funding
LIQUIDITY
Adequate Liquidity: As at June 6, 2017, Lenta's cash of RUB5.1
billion and available undrawn committed credit lines of RUB11.5
billion were insufficient to cover expected negative FCF and
RUB27.5 billion in short-term debt. Nevertheless, Fitch believes
that the company's liquidity position is supported by capex
scalability and Lenta's good access to bank loans and capital
markets as evidenced by recent refinancing activities. As at
June 6, 2017 Lenta had RUB23.8 billion of undrawn uncommitted
credit lines.
=========
S P A I N
=========
ABENGOA BIOENERGY: Taps Teneo Capital as Restructuring Advisor
--------------------------------------------------------------
Abengoa Bioenergy US Holding LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to hire
Teneo Capital LLC as restructuring advisor.
The firm will provide consulting services to the company and its
affiliates in connection with the litigation surrounding the
claims of Compania Espanola de Financiacion del Desarrollo,
Cofides, S.A., and the confirmation of the Debtors' Chapter 11
plan.
Teneo Capital will also provide expert testimony in support of the
Debtors' bankruptcy cases if requested, and prepare an expert
report.
The Debtors tapped the firm after its senior managing director
Christopher Wu, who had provided them with consulting services
while he was a partner at Carl Marks Advisory Group LLC, began
working for the firm in April this year.
Teneo Capital will receive a monthly consulting fee of $150,000,
and will be reimbursed for work-related expenses.
As Mr. Wu began providing the consulting services while he was a
partner at CMAG, the firms have agreed that CMAG will receive the
first monthly installment of $150,000 while Teneo Capital will
receive the second installment of $150,000.
Mr. Wu disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.
Teneo Capital can be reached through:
Christopher K. Wu
Teneo Capital LLC
280 Park Avenue, 4th Floor
New York, NY 10017
Tel: +1 (212) 886 1600
Fax: +1 (212) 886 9399
Email: Info@TeneoHoldings.com
About Abengoa Bioenergy US Holding
Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A., a Spanish company founded in 1941. The global
headquarters of Abengoa Bioenergy is in Chesterfield, Missouri.
With a total investment of $3.3 billion, the United States has
become Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water
projects.
Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range
of customers in the energy and environmental sectors. Abengoa is
one of the world's top builders of power lines transporting energy
across Latin America and a top engineering and construction
business, making massive renewable-energy power plants worldwide.
On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs. The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.
Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE")
and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for
Abengoa Bioenergy Company, LLC ("ABC"). ABC's involuntary Chapter
7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary
Case is Bankr. D. Neb. Case No. 16-80141. An order for relief has
not been entered, and no interim Chapter 7 trustee has been
appointed in the Involuntary Cases. The petitioning creditors are
represented by McGrath, North, Mullin & Kratz, P.C.
On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC, and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion. The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.
The Debtors have engaged DLA Piper LLP (US) as counsel, Armstron
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as
financial advisor, Lazard as investment banker and Prime Clerk LLC
as claims and noticing agent.
The Troubled Company Reporter, on March 14, 2016, reported that
the Office of the U.S. Trustee appointed seven creditors of
Abengoa Bioenergy US Holding LLC and its affiliates to serve on
the official committee of unsecured creditors. The Office of the
U.S. Trustee on June 14 appointed three creditors of Abengoa
Bioenergy Biomass of Kansas LLC to serve on the official committee
of unsecured creditors.
The creditors' committee of Abengoa Bioenergy US Holdings retained
Lovells US LLP as counsel, Thompson Coburn LLP as local counsel,
and FTI Consulting, Inc. as financial advisor.
The creditors' committee of Abengoa Bioenergy Biomass of Kansas
retained Baker & Hostetler LLP as counsel, Robert L. Baer as local
counsel, and MelCap Partners, LLC as financial advisor and
investment banker.
On January 25, 2017, the Debtors filed a joint Chapter 11 plan of
liquidation and disclosure statement. The court approved the
disclosure statement after a hearing on February 27, 2017.
BANCO POPULAR: Jr. Bondholders Question Transparency, Valuation
---------------------------------------------------------------
Tom Beardsworth at Bloomberg News reports that lawyers
representing a group of Banco Popular SA's wiped out junior
bondholders sent a letter to the European Parliament questioning
the transparency and valuation of the Spanish bank's resolution.
Quinn Emanuel Uruhart & Sullivan LLP represents holders of about
EUR850 million (US$969 million) of junior debt, according to the
letter dated July 10 and seen by Bloomberg News.
Pacific Investment Management Co., Anchorage Capital Group,
Algebris Investments and Ronit Capital are among investors seeking
to challenge the forced write down of additional Tier 1 and Lower
Tier 2 bonds, Bloomberg discloses.
The letter was addressed to Roberto Gualtieri, head of the
European Parliament's Economic and Monetary Affairs Committee, and
sent ahead of a public hearing on July 11 with Elke Koenig, who
leads the Single Resolution Board that imposed losses on the debt,
Bloomberg notes. Questions focused on transparency, media
statements and independent valuation of the bank, Bloomberg
states.
"There are a number of serious matters and questions from the
events leading up to the SRB's exercise of its powers and the
adoption of the Resolution Scheme which merit the Committee's
close attention," Bloomberg quotes the letter as saying.
As reported by the Troubled Company Reporter-Europe on June 12,
2017, The Financial Times related that Banco Popular Espanol SA
burnt through EUR3.6 billion of emergency central bank funding as
the Spanish lender suffered the eurozone's first large-scale bank
run. 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
disclosed. 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, according to the FT. 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 recounted.
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.
EMPRESAS TDA CAM 3: S&P Raises Rating on Class C Notes to CCC
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Empresas
Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos' class B
and C notes.
Empresas TDA CAM 3 is a single-jurisdiction cash flow
collateralized loan obligation (CLO) transaction securitizing a
portfolio of small and midsize enterprises (SME) loans that was
originated by BANCO CAM S.A.U. (now Banco de Sabadell S.A.) in
Spain. The transaction closed in July 2006.
Notional
Current as of
notional July 2016 Current CE as of
Class (mil. EUR) (mil. EUR) CE(%) July 2016(%) Interest(%)
A-2 26.39 60.8 3mE+0.18
B 18.44 29.30 63.5 17.3 3mE+0.38
C 30.00 30.00 4.0 0.0 3mE+0.80
CE--Credit enhancement.
6mE--Six-month EURIBOR (Euro Interbank Offered Rate).
S&P said, "We have used our European SME CLO criteria to assess
the portfolio's average credit quality (see "European SME CLO
Methodology And Assumptions," published on Jan. 10, 2013). In our
opinion, the credit quality of the portfolio is 'ccc', based on
the following factors:"
-- S&P's qualitative originator assessment on Banco de Sabadell
(BBB-/Positive/A-3) is moderate.
-- Spain's Banking Industry Country Risk Assessment (BICRA) is 5
(see "Banking Industry Country Risk Assessment Update:
February 2017," publishedon Feb. 1, 2017).
S&P said, "We have not received any internal scoring data on the
securitized portfolio or the originator's loan book.
"We used our 'ccc' average credit quality assessment of the
portfolio to generate our 'AAA' scenario default rate (SDR) of
89%. We have calculated the 'B' SDR, based primarily on our
assessment of the portfolio's individual obligor concentration. As
a result of our analysis, our 'B' SDR is 14%.
"We subjected the capital structure to various cash flow stress
scenarios, incorporating different default patterns and interest
rate curves, to determine the rating levels, based on the
available credit enhancement for the class B and C notes under our
European SME CLO criteria."
Current As of
July 2016
Performing assets (mil. EUR) 47.8 67.3
Of which loans in 90+ days arrears (%) 0.0 0.0
Reserve fund (mil. EUR) 0.0 0.0
Largest borrower (%) 13.4 9.4
AAA SDR (%) 89 89
B SDR (%) 14 18
AAA WARR (%) 41 25
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.
S&P's long-term foreign currency sovereign rating on Spain is
'BBB+'.
S&P said, "In our opinion, the class B notes have sufficient
credit enhancement to withstand the severe stresses that we apply
under our sovereign default stress test. In addition, under our
structured finance ratings above the sovereign (RAS) criteria,
SMEs have a moderate sensitivity to country risk (see "Ratings
Above The Sovereign - Structured Finance: Methodology And
Assumptions," published on Aug. 8, 2016). Therefore, the class B
notes can be rated up to four notches above the rating on the
sovereign.
"We have applied our largest obligor test, giving credit to excess
spread. In our opinion, the class B notes can achieve a 'AA-'
rating level. We have therefore raised to 'AA- (sf) from 'B- (sf)'
our rating on the class B notes.
"As the available credit enhancement has increased for the class C
notes since our previous review, we believe this class of notes
can sustain a higher rating than that currently assigned (see
"Various Rating Actions In Spanish SME CLO Transaction Empresas
Hipotecario TDA CAM 3 Following Review," published on July 28,
2016). Therefore, we have raised to 'CCC (sf)' from 'CCC- (sf)'
our rating on the class C notes."
RATINGS LIST
Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
EUR750 mil mortgage-backed floating-rate notes
Rating
Class Identifier To From
B ES0330876022 AA- (sf) B- (sf)
C ES0330876030 CCC (sf) CCC- (sf)
=====================
S W I T Z E R L A N D
=====================
SWISSPORT: Launches Bond Exchange to Avert Technical Default
------------------------------------------------------------
Robert Smith at The Financial Times reports that Swissport is
looking to switch up its bonds to avoid being bumped into a
default after being bought by China's HNA Group last year, in a
sign of the growing scrutiny on aggressive Chinese acquisition
techniques.
China's HNA Group completed its acquisition of Swissport in early
2016, raising debt on its own account to finance the deal, along
with high-yield bonds and leveraged loans under Swissport's name,
the FT recounts.
According to the FT, Swissport says it was not until a year later
that it discovered the financing also involved the Chinese group
using pledges over shares in Swissport, which were used as
collateral before the acquisition actually closed. Under the
terms of existing debt contracts, that would trigger a technical
default, the FT states.
To avoid this, on July 11, it offered holders of bonds maturing in
2021 and 2022 the chance to exchange into new bonds, while
consenting to "waive existing/past or alleged/potential defaults
or claims", the FT discloses. If successful, the exercise will
also remove "all restrictive covenants" under the old notes -- a
technique usually dubbed an "exit consent", as it punishes
investors that refuse to exchange into the new securities, the FT
says.
Swissport International Ltd. -- http://www.swissport.com--
provides ground services for more than 230 million passengers and
handles 4.3 million tonnes of cargo a year on behalf of some 835
client-companies in the aviation sector. With a workforce of more
than 62,000 personnel, Swissport is active at more than 280
stations in 48 countries across five continents, and generates
consolidated operating revenue of EUR 2.7 billion.
===========================
U N I T E D K I N G D O M
===========================
ARQIVA BROADCAST: Fitch Affirms B- Rating on High-Yield Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed Arqiva Financing plc and Arqiva PP
Financing's whole business securitisation (WBS) bonds at 'BBB',
and Arqiva Broadcast Finance plc's high-yield (HY) bonds at 'B-'
and revised the Outlooks to Stable.
The Outlook revision reflects the revised business plan put in
place by the new management team and the ongoing operational
restructuring, including a focus on core business lines and
operational efficiency. Fitch will continue to monitor the
progress of the business plan against expected milestones.
Arqiva's ratings reflect its gradual expected deleveraging, in
line with its largely contracted revenue profile and resilience to
RPI and LIBOR sensitivities. Fitch expects net debt to EBITDA to
fall to under 3.0x by 2025 from 5.8x in FY16 and to close to 0 by
FY30. This is broadly in line with previous reviews. The
deleveraging profile of the HY bonds is consistent with previous
reviews, falling to 6.1x in FY20 at maturity from 7.1x in FY16.
KEY RATING DRIVERS (KRD)
Revenues Underpinned by Long-Term Contracts: Industry Profile -
Stronger
Operating Environment: Stronger
Arqiva is the sole UK national provider of network access and
managed transmission services (regulated by the UK Office of
Communications or Ofcom) for terrestrial television and radio
broadcasting. The company owns and operates all television and 90%
of the radio transmission towers used for digital terrestrial
television (DTT) and terrestrial radio broadcasting in the UK.
Arqiva has long-term contracts with public service broadcasters to
provide coverage to 98.5% of the UK population as well as with
commercial broadcasters. Arqiva owns two of the three main
national DTT commercial multiplexes (out of a total of six) plus
two new (HD-compatible) DTT multiplexes. Arqiva also owns one
national commercial digital radio multiplex and 40% of the second.
Arqiva is the largest independent provider of wireless tower sites
in the UK, which are licensed to the mobile networks operators
(MNOs) and other wireless network operators, with approximately
25% of the total active licensed macro cell site market. Embedded
in its industry nature, Arqiva is not exposed to discretionary
spending and Fitch does not views its sector as cyclical.
Barriers to Entry: Stronger
We view the industry's barriers to entry as high due to the
stringent regulatory framework and the industry's capital-
intensive nature.
Sustainability: Midrange
Arqiva is exposed to potential changes in technology in the medium
to long term, for instance, with the emergence of new means for
content delivery (e.g. IPTV), which may affect pricing, in
particular in the DP and satellite and media divisions (each
representing over 15% of Arqiva's revenues).
New Management Team, Ambitious Business Plan: Company Profile -
Midrange
Financial Performance: Midrange
Arqiva has under 10 years of (overall) stable trading history.
Revenue reductions in some business lines have been compensated by
gains in margins. Since FY09, EBITDA has grown strongly at a CAGR
of 5.0% but since FY13, Arqiva's performance has been subdued,
with CAGR dropping to 0.9%.
Company Operations: Midrange
The sponsors are experienced and have a long-term view. A large
portion of Arqiva's revenues are derived from long-term (RPI
linked) contract revenues with customers with strong credit
ratings in telecoms, with the mobile network operators and in TV
and radio broadcasting with the BBC accounting for a large share
of revenues.
There have been significant changes in management recently, which
pushes down the scoring of the sub-KRD to 'Midrange' with the CEO,
the MD of the Digital Platforms business and the Chief
Transformation Officer having left in 2015. The new management
team is committed to the business transformation programme focused
on cost-cutting and strategic growth.
Transparency: Midrange
Good insight into Arqiva's financials and operations is balanced
by the inherent complexity of the operations, which hampers
transparency.
Dependence on Operator: Weaker
Given the specialised and complex nature of Arqiva's operations,
there are only a few alternative operators capable of running its
secured assets, which diminishes the value of administrative
receivership.
Asset Quality: Midrange
Assets of this nature are very infrequently traded and there are
no alternative values, but assets can be disposed of individually
or on a going-concern basis. Maintenance capex is generally well
defined but timing and exact funding amount could be uncertain.
Standard WBS Structure: Debt Structure - Stronger (Senior Debt)
Debt Profile: 'Midrange', Security Package: 'Stronger', Structural
Features: 'Midrange'
The senior debt is fully amortising by either cash sweep or
following a fixed schedule. There are many large swaps due to
legacy positions, including super senior index-linked swaps (ILS)
and index-linked swaps overlays and other interest rate (IRS) and
FX swaps, which adds to the complexity of the debt structure.
Arqiva simplified its swaps in 2016 as part of the refinancing of
Finco debt, so the new IRS swaps now match the maturity of the
debt and ILS accretion paydowns are annual rather than triennial.
The senior debt still contains some prolonged interest-only
periods, which is credit negative.
The senior debt benefits from a typical WBS security package,
namely, first ranking security over freehold/long leasehold sites
with the possibility of appointing an administrative receiver. The
senior debt benefits also from a comprehensive set of covenants
and cash lockup triggers set at moderate levels. The issuer
liquidity facility covers only 12 months of debt service. The
issuer is not an orphan SPV. However, Fitch deem the potential
conflicts of interest due to the non-orphan status of the SPVs and
their directors also being directors of other group companies
remote and consistent with the notes' ratings, given the
structural protection in the transaction's legal documentation.
Subordinated Debt, Refinance Risk: Debt Structure - Weaker (Junior
Debt)
Debt Profile: 'Weaker', Security Package: 'Weaker', Structural
Features: 'Weaker'
The HY bonds are bullet. They are deeply structurally subordinated
and would default if dividends pay-out from the WBS group is
disrupted for more than six months. Fitch views their security
package as weak as it consists of share pledges over holding
companies with no second lien security over the WBS security
package. The covenants and lockup triggers are comprehensive but
are set at low levels. The issuer's liquidity cash reserve account
covers only six months of interest payments.
PEER GROUP
The transaction shares similar debt characteristics as CPUK
(Center Parcs, holiday parks operator), namely a strong cash sweep
mechanism that is triggered at expected maturity dates. However,
the free cash flow debt service coverage ratios DSCRs)are not
comparable with CPUK as they have a significantly higher metric at
2.3x vs. 1.5x for Arqiva. CPUK is effectively constrained by the
nature of its industry with its Industry Profile KRD scored
'Weaker' vs. 'Stronger' for Arqiva. Additionally, the deleveraging
profile is key for CPUK's rating analysis, which is not reflected
in the DSCR.
For the more junior debt, given the deeply subordinated nature of
the debt and their refinancing risk (being bullet in five years),
the read-across is not straightforward, and Fitch need to use
other metrics. However, at similar ratings Fitch deem a higher
DSCR appropriate for Arqiva given the cash sweep of the senior
debt, which makes the junior debt much more significantly
subordinated.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
- Under Fitch's base case, if net debt to EBITDA is forecast to
be above 3x in FY25 and 0x in FY32, it could result in a
downgrade of the senior debt. The HY notes could be downgraded
if their refinancing risk increases or if the full cash sweep
features embedded in some of the senior debt is close to be
triggered.
- Arqiva's future cash flow could be curtailed following
unfavourable and unforeseen significant changes in regulation
by Ofcom with regard to its pricing formulas, particularly for
future DTT or radio broadcasting contracts, licensing costs
(e.g. administrative incentive pricing) or even spectrum
allocations. The risk of alternative and emerging technologies
such as IPTV could also threaten Arqiva's revenues, either
through technology obsolescence risk or a lower ad-pool
available to linear TV content providers. This risk is
currently mitigated by the potentially rapid deleveraging of
the transaction assuming cash sweep amortisation and the long-
term contracts securing significant revenues.
FINSBURY SQUARE 2017-2: Fitch Assigns BB+ Rating to Class X Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Finsbury Square 2017-2 plc's notes
expected ratings as follows:
Class A: 'AAA(EXP)sf', Outlook Stable
Class B: ' AA(EXP)sf', Outlook Stable
Class C: ' A-(EXP)sf', Outlook Stable
Class D: ' CCC(EXP)sf', Outlook Stable
Class X: ' BB+(EXP)sf', Outlook Stable
Class Z: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already received.
The transaction is a securitisation of owner-occupied and buy-to-
let (BTL) mortgages originated in the UK by Kensington Mortgage
Company Limited.
KEY RATING DRIVERS
Near-Prime Mortgages
Fitch believes Kensington's underwriting practices are robust and
the lending criteria do not allow for any adverse credit 24 months
before application. Kensington has a manual approach to
underwriting, focusing on borrowers with some form of adverse
credit or complex income. Historical book-level performance data
displays robust performance, although data is limited, especially
for BTL originations. Fitch assigned default probabilities using
the prime default matrix, while applying an upward lender
adjustment.
Increased BTL
This transaction is the first to feature loans originated under
Kensington's New Street Brand, which offers exclusively BTL
products. As a result the concentration of BTL loans in this pool
is higher than in previous Finsbury Square transactions. Fitch has
increased the foreclosure frequency of BTL loans by 25% in line
with its criteria.
Pre-funding Mechanism
The transaction contains a pre-funding mechanic mechanism through
which further loans may be sold to the issuer with proceeds from
over-issuance of notes at closing standing to the credit of the
pre-funding reserves. Fitch has been provided with the closing
pool, alongside an additional pool containing further loans
identified for sale (the full pool). Fitch has rated the
transaction by reference to the asset levels using the full pool.
Product Switches Permitted
Borrowers are permitted to make one product switch during the
mortgage term without the seller being required to repurchase the
loan. While there are restrictions around the type and volume of
product switches permissible, these loans may earn a lower margin
than the reversionary interest rates under their original terms.
Fitch has analysed the effect of product switches by assuming the
weakest pool available under the product switch restrictions
within the transaction documents.
RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base case expectations may result in negative rating actions on
the notes. Fitch's analysis revealed that a 30% increase in the
weighted average (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'.
More detailed model implied ratings sensitivity can be found in
the presale report, which is available at www.fitchratings.com.
QUOTIENT LIMITED: QBDG Plans to Sell 500,000 Ordinary Shares
------------------------------------------------------------
Quotient Biodiagnostics Group Limited, a company for which Deidre
Cowan -- the spouse of the Chairman and Chief Executive Officer of
Quotient Limited -- exercises sole voting and dispositive power,
entered into a share trading plan for personal investment
diversification and planning purposes.
The plan covers the sale of up to 500,000 of Quotient Limited's
ordinary shares (approximately 14% of QBDG's total shareholding in
the Company) between July and November of 2017. Transactions
under the plan will be disclosed publicly through Form 144 and
Form 4 filings with the Securities and Exchange Commission.
Under the provisions of a pre-existing lock-up agreement that was
entered into in connection with the Company's April 4, 2017,
equity offering, disclosure of the share trading plan was not
permitted until recently.
The plan was adopted in accordance with guidelines specified under
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended,
and the Company's policies regarding share transactions. Rule
10b5-1 permits individuals who are not in possession of material
non-public information at the time the plan is adopted to
establish pre-arranged plans to buy or sell company stock.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited is a commercial-
stage diagnostics company committed to reducing healthcare costs
and improving patient care through the provision of innovative
tests within established markets. With an initial focus on blood
grouping and serological disease screening, Quotient is developing
its proprietary MosaiQ technology platform to offer a breadth of
tests that is unmatched by existing commercially available
transfusion diagnostic instrument platforms. The Company's
operations are based in Edinburgh, Scotland; Eysins, Switzerland
and Newtown, Pennsylvania.
Quotient Limited reported a net loss of US$85.06 million on
US$22.22 million of total revenue for the year ended March 31,
2017, compared to a net loss of US$33.87 million on US$18.52
million of total revenue for the year ended March 31, 2016.
As of March 31, 2017, Quotient Limited had US$109.97 million in
total assets, US$134.06 million in total liabilities and a total
shareholders' deficit of US$24.09 million.
Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended March 31, 2017, citing that the
Company has recurring losses from operations and planned
expenditure exceeding available funding that raise substantial
doubt about its ability to continue as a going concern.
SKY BET: S&P Lowers Long-Term CCR to 'B' on Proposed Refinancing
----------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'B+' its long-term
corporate credit rating on Cyan Blue Holdco 2 Ltd., a holding
company for U.K.-based betting and gaming operator Sky Bet. The
outlook is stable.
At the same time, S&P said, "we lowered the issue rating on the
proposed upsized GBP810 million senior secured term loan B due
2024 and GBP35 million revolving credit facility (RCF) due 2023
from 'B+' to 'B' and revised down the recovery rating to '4' from
'3'. This reflects our expectation of average recovery prospects
(30%-50%, rounded estimate 45%) in the event of a payment default.
"The downgrade follows a significant increase in Sky Bet's
leverage as a result of its plan to issue GBP810 million for
refinancing and shareholder distribution. We project the S&P
Global Ratings-adjusted debt-to-EBITDA ratio (excluding the CVC
shareholder loan) will be about 6.4x in 2017, up from 4.3x as of
the financial year ending on June 30, 2016.
"We view the financial sponsor's decision to distribute about
GBP489 million to shareholders as extremely aggressive and not
commensurate with a 'B+' rating. The exact amount of the
shareholder distribution is subject to the final terms of the
transaction. In our previous review, we estimated that Sky Bet's
leverage would remain below 5x, as part of its less aggressive
financial policy. The large recapitalization and the significant
increase in leverage indicate that this policy has changed. We now
estimate that Sky Bet will remain at risk of releveraging once the
company has decreased its leverage again."
Sky Bet's business risk is constrained by its lack of geographic
diversification, concentration in betting, and limited market
share in the overall U.K. gambling market compared with rated
peers. Moreover, S&P sees the gaming market as highly exposed to
regulatory and taxation risk, particularly the U.K.-based players,
which are now dependent on the outcome of the government's
Triennial Review on the gaming industry.
S&P said, "That said, Sky Bet is performing strongly, and above
our forecasted base case. We expect Sky Bet to report revenue
growth of 37% and an EBITDA increase of 27% for 2017, on an
adjusted basis. The company's profitability is supported by its
low capital intensity and operating leverage, although we forecast
a slight contraction in adjusted EBITDA margins for 2017, which we
attribute to costs related to technology and staffing. We continue
to view Sky Bet's profitability as stronger than most rated peers
and its market share in the online market as comparable with other
rated peers. We regard Sky Bet's ability to create innovative
products as critical to operators in the digital betting and
gaming sector, while continuing to believe that potential
regulatory responses to new products and promotions may create
volatility in profitability.
"Additionally, we continue to view Sky Bet's relationship with Sky
PLC as supportive of its business risk profile--it continues to
serve as a source of new customers. Sky PLC owns about 20% of the
company and Sky Bet retains exclusive rights to the Sky brand in
any jurisdiction where its former parent operates. We expect Sky
Bet to make measured moves to establish and expand its operations
in Germany and Italy, taking advantage of growing brand awareness.
We therefore view the relationship as a means to both defend its
market position in the U.K. and establish positions in new
overseas markets."
In S&P's base case, it assumes:
-- U.K. real GDP growth of 1.7% in 2017 and 1.2% in 2018.
Based on its past performance and future growth prospects, we
expect Sky Bet to grow considerably faster than this.
-- Annual revenue growth 15%-30% over the next three years,
above the industry average. Sky Bet's outstanding growth will
reflect not only the growth of the U.K. market, but also a gain in
market share in the betting and gaming industry. Sky Bet is likely
to gain market share through product innovation, strong retention
of existing customers, and investment in attractive international
markets. S&P forecasts the betting segment will remain the main
source of growth.
-- Adjusted-EBITDA margin at around 27% in 2017, declining to
around 25% by 2019 as duty charges will be applied to gross
revenue rather than net revenue, coupled with higher technology,
marketing and international costs.
-- Annual capital expenditure (capex) of around GBP30 million-
GBP33 million over 2017-2019.
Issuance of the proposed GBP810 million term loan and repayment of
the existing GBP340 million term loan through an amendment of the
existing term loan's documentation.
-- Repayment of the GBP83 million vendor notes (this has
already been repaid, in July 2017).
Shareholder distribution of GBP489 million in 2017.
Based on these assumptions, S&P arrives at the following adjusted
credit measures:
-- Adjusted debt to EBITDA (excluding CVC's shareholder loan) at
6.4x in 2017, declining to 5.2x by 2019.
-- Adjusted funds from operations (FFO) to debt at 10.8% in
2017, increasing to 13.8% by 2019.
-- Adjusted free operating cash flow (FOCF) of about GBP78
million in 2017, GBP100 million in 2018, and GBP118 million
in 2019, leading to an adjusted FOCF-to-debt ratio of 11%
over the next three years.
S&P said, "As part of our sensitivity analysis, we note that if
the top-line growth doesn't materialize as forecasted, and the
EBITDA remains stable, the adjusted leverage ratio could remain at
the current high level for some years. This could put pressure on
the rating, given that our base case assumes that adjusted EBITDA
to debt will decline over the next three years.
"The stable outlook reflects our view that Sky Bet will continue
to achieve around 15%-20% top-line growth on an organic basis
while maintaining EBITDA margins at around recent historical
levels of 25%-30%. Over the next 12 months, we expect to see some
reduction in leverage in the company's adjusted debt-to-EBITDA
ratio, as well as sustainably strong FOCF.
"We could lower the rating if Sky Bet's FOCF turned negative or
declined considerably from the current levels. We could also take
a negative credit action if the liquidity weakened materially.
This could be the case if the company were to achieve revenue or
EBITDA growth that falls materially short of the levels implied in
our base-case scenario, if regulatory changes or competition had
an unfavorable effect on Sky Bet's business performance, or if the
company increased leverage further.
"We see rating upside as unlikely over the next 12 months,
considering the company's increased debt level and its more
aggressive financial policy. Any future upgrade would depend on a
solid commitment by the company to a less aggressive financial
policy, evidenced by it keeping its adjusted leverage ratio well
below 5.0x on a sustained basis. This would need to be accompanied
with a further improvement in Sky Bet's revenues and EBITDA base,
coupled with a considerable gain in market share. However, a
positive rating action does not seem achievable in the short-to-
medium term."
STORE TWENTY ONE: Enters Liquidation, 900 Jobs Affected
-------------------------------------------------------
Rhiannon Bury at The Telegraph reports that Store Twenty One, the
discount fashion chain, has gone into liquidation, resulting in
the loss of 900 jobs.
The retailer has been on the brink of collapse for a number of
weeks after it failed to raise any extra cash from its main
lender, State Bank of India, The Telegraph relates. In a rush to
raise funds its owner, Alok Industries, sold its head office and
warehouse, The Telegraph discloses.
However, the company failed to raise the necessary funds by a
deadline imposed by HM Revenues and Customs, meaning its remaining
122 shops will be shuttered and 900 staff will be laid off, The
Telegraph notes.
Simon Bonney -- simon.bonney@quantuma.com -- Carl Jackson --
carl.jackson@quantuma.com -- and Paul Zalkin --
paul.zalkin@quantuma.com -- partners at corporate recovery and
business advisory firm Quantuma, have been appointed to handle the
liquidation, The Telegraph relates.
Store Twenty One, which was previously known as Quality Seconds,
filed for a Company Voluntary Arrangement (CVA) in July 2016,
which saw the closure of around 200 shops, The Telegraph recounts.
Despite scaling back trading, its management filed a notice to
appoint administrators in April this year, after the company was
served with a winding-up notice by HMRC for breaching the terms of
the CVA, The Telegraph recounts.
This administration application was withdrawn, then a second
application was made in June and again withdrawn before the court
finally issued an order to wind the company up, The Telegraph
relays.
Store Twenty One's accounts, recently filed at Companies House,
revealed a slump in sales to GBP89.4 million in 2016 from GBP92.2
million a year earlier, while pre-tax losses widened from GBP6.6
million to GBP9.3 million, The Telegraph notes.
VERTU CORPORATION: Manufacturing Unit Faces Liquidation
-------------------------------------------------------
Christopher Williams at The Telegraph reports that the
manufacturing arm of the British luxury smartphone maker Vertu
will be liquidated with the loss of nearly 200 jobs after a rescue
plan failed.
Vertu Corporation Limited (VCL) made handsets for the super-rich,
with handsets clad in titanium and sapphire glass starting at
around GBP10,000 and going up to as much as GBP280,000 for
bespoke, jewel-encrusted devicesm The Telegraph discloses.
Its owner Murat Hakan Uzan, a Turkish exile based in Paris who
owns the Vertu brand separately, had sought to buy the company out
of administration in a pre-packaged deal, The Telegraph relates.
According to The Telegraph, the plan floundered in the High Court
on July 11 amid concerns over the scale of its GBP128 million
accounting deficit compared with the GBP1.9 million price
Mr. Uzan intended to pay.
* English Premier League Clubs Face Bankruptcy Threat
-----------------------------------------------------
Matt Slater at The Scotsman reports that English Premier League
clubs are hurtling towards bankruptcy due to chronic overspending,
according to a report by financial analysts Vysyble.
It says the long-term result could be a breakaway by the biggest
clubs and the creation of a European Super League, The Scotsman
relates.
Titled "We're so Rich it's Unbelievable", the document is based on
the accounts of all the clubs between 2008-09 and 2015-16, The
Scotsman discloses.
Based on the difference between revenue and costs, it claims
Premier League clubs lost GBP2 billion in eight years, The
Scotsman states.
One of the authors, Roger Bell, as cited by The Scotsman said:
"Financially, football is failing. The Premier League, and its
executive chairman Richard Scudamore, should be very worried.
"Our analysis shows clubs are losing a record GBP876,700 every
single day. Despite TV bringing in huge amounts of cash every
year, it does not meet the many millions spent on players' wages.
"Clubs need to face reality before they can't pay the bills and
some go to the wall."
This runs counter to most recent analyses, with many experts
pointing to restrictions on spending introduced after Portsmouth's
collapse, The Scotsman notes.
But Vysyble's John Purcell said he and Mr. Bell disagreed with the
view that clubs are better run than a decade ago, The Scotsman
relays.
"Across the league, clubs are los ing GBP8.80 for every GBP100
they bring in, and that's based on 2015-16. I suspect it will be
more like GBP12-13 now. The game is facing massive financial and
structural risk," The Scotsman quotes Mr. Purcell as saying.
Mr. Purcell said only five clubs made an economic profit in
2015-16, with Chelsea and Manchester City accounting for more than
half of the league's total losses over the report's eight-year
period, The Scotsman relates.
According to The Scotsman, the real crunch, according to Bell and
Purcell, will come when the 70% three yearly increases in domestic
TV rights dry up.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 10 to July 14, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----Air
Berlin PLC 6.75 5/9/2019 EUR 57.71
Rickmers Holding AG 8.88 6/11/2018 EUR 3.33
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 59.88
Air Berlin PLC 5.63 5/9/2019 CHF 55.68
Agrokor dd 9.13 2/1/2020 EUR 14.74
Intelsat Luxembourg SA 7.75 6/1/2021 USD 54.65
Ensco PLC 4.50 10/1/2024 USD 74.52
Holdikks SAS 6.75 7/15/2021 EUR 55.76
Agrokor dd 8.88 2/1/2020 USD 17.00
CGG SA 5.88 5/15/2020 EUR 41.49
New Look Secured Issuer PLC4.50 7/1/2022 EUR 71.48
Intelsat Luxembourg SA 8.13 6/1/2023 USD 51.39
Ensco PLC 5.75 10/1/2044 USD 63.33
Oi Brasil Holdings Cooperat5.75 2/10/2022 USD 35.02
Banca Popolare di Vicenza 2.82 12/20/2017 EUR 1.13
Brighthouse Group PLC 7.88 5/15/2018 GBP 66.54
Norske Skog Holding AS 8.00 2/24/2021 EUR 15.01
Veneto Banca SpA 9.50 12/1/2025 EUR 1.25
Offshore Drilling Holding S8.38 9/20/2020 USD 34.50
Casino Guichard Perrachon S1.68 EUR 72.07
Portugal Telecom Internatio4.63 5/8/2020 EUR 33.49
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 3.99
Aegon NV 0.53 EUR 71.74
CGG SA 6.50 6/1/2021 USD 40.33
Ageasfinlux SA 1.02 EUR 59.15
Far East Capital Ltd SA 8.00 5/2/2018 USD 73.00
Frigoglass Finance BV 8.25 5/15/2018 EUR 55.00
CGG SA 1.75 1/1/2020 EUR 1.43
Portugal Telecom Internatio4.38 3/24/2017 EUR 33.25
Bibby Offshore Services PLC7.50 6/15/2021 GBP 39.00
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 73.23
Alitalia-Societa' Aerea Ita5.25 7/30/2020 EUR 15.07
QGOG Constellation SA 6.25 11/9/2019 USD 69.88
Banca Monte dei Paschi di S5.00 4/21/2020 EUR 30.88
Mitsubishi UFJ Investor Ser4.17 12/15/2050 EUR 54.63
TES Finance PLC 6.75 7/15/2020 GBP 72.22
Co-Operative Bank PLC 11.00 12/20/2023 GBP 36.38
Banca Carige SpA 7.32 12/20/2020 EUR 49.50
Avangardco Investments Publ10.00 10/29/2018 USD 22.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.50
Portugal Telecom Internatio5.00 11/4/2019 EUR 33.54
Banco Espirito Santo SA 2.63 5/8/2017 EUR 28.50
Santander International Pre2.00 USD 67.00
International Bank of Azerb6.17 5/10/2017 USD 99.78
Bremer Landesbank Kreditans8.50 EUR 72.51
Air France-KLM 2.03 2/15/2023 EUR 12.74
CGG SA 6.88 1/15/2022 USD 44.46
Oi Brasil Holdings Cooperat5.63 6/22/2021 EUR 35.03
UkrLandFarming PLC 10.88 3/26/2018 USD 23.63
Portugal Telecom Internatio4.50 6/16/2025 EUR 33.71
Immigon Portfolioabbau AG 10.00 EUR 15.25
Neopost SA 3.38 EUR 60.34
Portugal Telecom Internatio5.88 4/17/2018 EUR 34.38
Banca Monte dei Paschi di S0.67 11/30/2017 EUR 32.08
Alno AG 8.50 5/14/2018 EUR 46.00
Pierre & Vacances SA 3.50 10/1/2019 EUR 47.96
Banca Monte dei Paschi di S2.25 5/15/2018 EUR 27.39
Banca Monte dei Paschi di S5.60 9/9/2020 EUR 29.48
Banca Carige SpA 8.34 EUR 24.25
ADLER Real Estate AG 2.50 7/19/2021 EUR 16.13
HSH Nordbank AG/Luxembourg 2.10 EUR 18.33
Portugal Telecom Internatio6.25 7/26/2016 EUR 32.65
Algeco Scotsman Global Fina10.75 10/15/2019 USD 74.09
SOITEC 6.75 9/18/2018 EUR 3.82
HSH Nordbank AG 7.25 USD 26.26
Allied Irish Banks PLC 12.50 6/25/2035 GBP 69.75
Bremer Landesbank Kreditans9.50 EUR 73.91
CGG SA 1.25 1/1/2019 EUR 21.56
BIM SAS 2.50 11/13/2020 EUR 28.50
Mitsubishi UFJ Investor Ser3.92 12/30/2099 EUR 3.76
Co-Operative Bank PLC 8.50 7/1/2025 GBP 31.50
KTG Agrar SE 7.13 6/6/2017 EUR 1.61
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 65.75
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75
Rothschilds Continuation Fi1.69 USD 67.63
Pacific Drilling SA 5.38 6/1/2020 USD 43.00
WPE International Cooperati10.38 9/30/2020 USD 17.00
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.47
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 20.42
Novo Banco SA 3.50 1/2/2043 EUR 61.96
Bilt Paper BV 9.64 USD 29.52
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.44
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.00
Aligera Holding AB publ 5.00 5/7/2019 SEK 51.25
Banco Pastor SAU 2.07 EUR 1.85
Nexity SA 0.13 1/1/2023 EUR 70.00
Paragon Offshore PLC 6.75 7/15/2022 USD 23.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.88
BNP Paribas SA 1.15 EUR 72.01
Far East Capital Ltd SA 8.75 5/2/2020 USD 69.00
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.71
Agrokor dd Via Aquarius + I4.92 8/8/2017 EUR 18.75
Banco Espirito Santo SA 4.75 1/15/2018 EUR 28.63
Sydbank A/S 1.01 EUR 73.83
Waste Italia SpA 10.50 11/15/2019 EUR 15.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 7.72
Lambay Capital Securities P6.25 GBP 1.27
Norske Skog Holding AS 8.00 2/24/2023 USD 17.67
Virgolino de Oliveira Finan10.50 1/28/2018 USD 7.04
Popular Capital SA 4.00 EUR 2.76
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Aralco Finance SA 10.13 5/7/2020 USD 2.90
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 6.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 42.70
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 4.56
Banca Monte dei Paschi di S7.00 3/4/2019 EUR 30.88
Elli Investments Ltd 12.25 6/15/2020 GBP 70.00
IKB Deutsche Industriebank 5.63 8/1/2017 EUR 34.00
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Banca Popolare di Vicenza 4.60 12/15/2017 EUR 14.35
Klarna AB 5.25 SEK 70.69
Pescanova SA 5.13 4/20/2017 EUR 3.27
ATF Capital BV 8.77 USD 73.00
TES Finance PLC 5.29 7/15/2020 GBP 69.17
Beate Uhse AG 7.75 7/9/2019 EUR 24.00
Credit Lyonnais SACA 0.44 EUR 68.35
Banca Carige SpA 2.77 6/19/2018 EUR 36.61
Greene King Finance PLC 2.37 3/15/2036 GBP 74.34
Eramet 4.00 EUR 48.71
Capital Raising GmbH 7.50 EUR 27.38
New Look Secured Issuer PLC6.50 7/1/2022 GBP 74.95
Norske Skog Holding AS 8.00 2/24/2021 EUR 14.75
OSX 3 Leasing BV 13.00 3/20/2015 USD 35.00
Agrokor dd 8.88 2/1/2020 USD 40.25
Pescanova SA 8.75 2/17/2019 EUR 3.04
Hybrid Raising GmbH 6.63 EUR 23.25
Veneto Banca SpA 6.95 2/25/2025 EUR 4.86
Banco Pinto & Sotto Mayor 0.64 EUR 40.00
Deutsche Bank AG/London 2.46 6/30/2034 USD 57.77
Lloyds Bank PLC 0.41 1/31/2033 USD 61.50
Paragon Offshore PLC 7.25 8/15/2024 USD 23.25
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 60.78
Lloyds Bank PLC 0.43 2/22/2033 USD 57.66
New World Resources NV 8.00 4/7/2020 EUR 5.13
PNE Wind AG 3.75 10/10/2019 EUR 3.40
Alno AG 8.00 3/21/2019 EUR 37.00
Belfius Bank SA/NV 4.61 EUR 59.77
Banca Monte dei Paschi di S0.67 1/15/2018 EUR 31.35
Novo Banco SA 3.50 1/23/2043 EUR 62.16
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
Norske Skogindustrier ASA 7.13 10/15/2033 USD 14.57
Barclays Bank PLC 1.94 9/30/2031 USD 68.50
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
3W Power SA 8.00 8/29/2019 EUR 40.00
Barclays Bank PLC 1.70 11/29/2030 USD 65.25
Novo Banco SA 3.50 2/19/2043 EUR 62.19
Lloyds Bank PLC 2.75 12/27/2028 USD 76.00
Novo Banco SA 5.00 2/24/2022 EUR 74.65
Smart Solutions GmbH 8.00 12/3/2018 EUR 38.63
Banco Espirito Santo SA 2.32 EUR 0.26
Banca Monte dei Paschi di S2.79 10/31/2018 EUR 31.05
NIBC Bank NV 0.91 EUR 70.13
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 20.42
Dexia Credit Local SA 1.40 EUR 7.81
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 69.59
OP Corporate Bank plc 0.84 EUR 73.18
Espirito Santo Financial Gr6.88 10/21/2019 EUR 0.08
Province of Milan Italy 0.03 12/22/2033 EUR 69.63
Ideal Standard Internationa11.75 5/1/2018 EUR 4.86
Dexia Kommunalbank Deutschl5.63 12/31/2017 EUR 63.54
Banca Popolare di Vicenza 8.50 12/28/2018 EUR
German Pellets GmbH 7.25 11/27/2019 EUR 0.81
City of Kiev Ukraine Via CS8.00 11/6/2015 USD 62.38
Afren PLC 11.50 2/1/2016 USD 0.15
Barclays Bank PLC 0.66 3/21/2033 USD 59.50
Stichting Afwikkeling Onder6.25 10/26/2020 EUR 4.13
Scandinavian Airlines Syste0.63 CHF 24.32
Lehman Brothers UK Capital 5.13 EUR 0.28
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
World Wide Supply AS 7.75 5/26/2017 USD 15.75
Sidetur Finance BV 10.00 4/20/2016 USD 3.85
Orient Express Bank PJSC vi12.00 5/29/2019 USD 55.38
Banca Carige SpA 1.67 12/29/2018 EUR 40.60
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 73.90
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.40
Agrokor dd 9.88 5/1/2019 EUR 15.26
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 25.17
Decipher Production Ltd 12.50 9/27/2018 USD 1.20
Novo Banco SA 3.50 3/18/2043 EUR 62.14
Barclays Bank PLC 2.94 8/28/2029 USD 78.00
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.31
Brighthouse Group PLC 7.88 5/15/2018 GBP 66.38
New World Resources NV 4.00 10/7/2020 EUR 0.09
TradeDoubler AB 6.75 12/20/2018 SEK 70.00
Action SA 3.21 7/4/2017 PLN 89.12
Air Berlin Finance BV 1.50 4/11/2027 EUR 50.00
Touax SA 6.00 7/10/2020 EUR 16.91
KTG Energie AG 7.25 9/28/2018 EUR 1.41
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Tikehau Capital SCA 1.63 1/1/2022 EUR 64.70
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.31
Oceanteam ASA 12.40 10/24/2017 USD 40.00
SeaBird Exploration Finance6.00 3/3/2018 USD 22.63
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.13
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 66.98
Novo Banco SA 3.00 6/21/2022 USD 70.81
Dexia SA 1.45 EUR 7.88
Royal Bank of Scotland PLC/1.85 11/16/2030 USD 69.98
Oi Brasil Holdings Cooperat5.75 2/10/2022 USD 32.38
ESFIL-Espirito Santo Financ5.25 6/12/2015 EUR 0.31
Lloyds Bank PLC 0.24 4/26/2033 USD 56.30
More & More AG 8.13 6/11/2018 EUR 39.25
Sequa Petroleum NV 5.00 4/29/2020 USD 68.25
Manchester Building Society6.75 GBP 17.50
Novo Banco SA 5.00 3/15/2022 EUR 74.57
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 51.00
GNB - Cia de Seguros de Vid3.17 EUR 42.88
GNB - Cia de Seguros de Vid1.87 12/19/2022 EUR 55.00
Norske Skog Holding AS 8.00 2/24/2023 USD 21.75
Espirito Santo Financial Gr3.13 12/2/2018 EUR 0.31
Deutsche Bank AG/London 0.34 3/15/2033 USD 59.25
Lloyds Bank PLC 2.45 11/27/2033 USD 70.38
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 65.78
Havila Shipping ASA 4.82 11/7/2020 NOK 47.38
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.28
Praktiker AG 5.88 2/10/2016 EUR 0.20
Pescanova SA 6.75 3/5/2015 EUR 3.52
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00
New Look Secured Issuer PLC4.50 7/1/2022 EUR 71.68
Barclays Bank PLC 2.72 7/28/2031 USD 67.74
Pacific Drilling SA 5.38 6/1/2020 USD 47.50
Virgolino de Oliveira Finan11.75 2/9/2022 USD 7.04
Hellas Telecommunications L8.50 10/15/2013 EUR 0.77
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.70
Steilmann SE 7.00 9/23/2018 EUR 2.35
UniCredit Bank Austria AG 0.19 8/20/2033 EUR 64.64
Orco Property Group SA 7.00 11/7/2019 EUR 66.75
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.50
CGG SA 6.50 6/1/2021 USD 48.31
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Espirito Santo Financial Gr9.75 12/19/2025 EUR 1.22
Cirio Holding Luxembourg SA6.25 2/16/2004 EUR 1.44
Etablissements Maurel et Pr1.63 7/1/2019 EUR 16.55
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.88
CBo Territoria 6.00 1/1/2020 EUR 4.06
Offshore Drilling Holding S8.38 9/20/2020 USD 43.25
Koninklijke Luchtvaart Maat0.75 CHF 38.10
Mox Telecom AG 7.25 11/2/2017 EUR 3.29
Frey 6.00 11/15/2022 EUR 23.50
Barclays Bank PLC 1.94 9/30/2031 USD 68.60
Corporate Commercial Bank A8.25 8/8/2014 USD 0.94
Havila Shipping ASA 5.43 11/7/2020 NOK 69.50
Vseukrainsky Aktsinerny Ban10.90 6/14/2019 USD 0.73
LBI HF 6.10 8/25/2011 USD 8.50
Royal Bank of Scotland PLC/1.94 12/30/2030 USD 71.75
KTG Agrar SE 7.25 10/15/2019 EUR 2.21
Assystem 4.50 EUR 34.26
German Pellets GmbH 7.25 7/9/2018 EUR 1.34
KPNQwest NV 10.00 3/15/2012 EUR 0.48
Vneshprombank Ltd via VPB F9.00 11/14/2016 USD 0.49
ADLER Real Estate AG 6.00 6/30/2017 EUR 9.00
BOA Offshore AS 7.64 12/18/2018 NOK 25.13
HSBC France SA 1.03 EUR 69.00
Hellenic Republic Governmen2.09 7/25/2057 EUR 40.13
Afren PLC 6.63 12/9/2020 USD 0.00
Barclays Bank PLC 2.59 2/28/2034 USD 70.10
Golden Energy Offshore Serv5.00 12/31/2017 NOK 40.25
3W Power SA 5.50 11/11/2020 EUR 30.00
Barclays Bank PLC 2.76 7/31/2034 USD 73.00
Agrokor dd 9.13 2/1/2020 EUR 14.63
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.56
Paragon Offshore PLC 7.25 8/15/2024 USD 20.75
Barclays Bank PLC 2.85 1/27/2031 USD 67.38
Lloyds Bank PLC 1.84 7/29/2033 USD 70.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Petrol AD 5.50 1/26/2022 EUR 28.63
BNP Paribas SA 0.38 4/30/2033 USD 56.85
Lehman Brothers UK Capital 6.90 USD 0.97
Barclays Bank PLC 3.87 4/16/2029 USD 66.88
Sazka AS 9.00 7/12/2021 EUR 0.26
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Belfius Bank SA/NV 1.62 FRF 69.75
Barclays Bank PLC 1.33 6/17/2033 USD 67.65
Lehman Brothers Treasury Co6.00 2/15/2035 EUR 8.75
Barclays Bank PLC 1.81 7/28/2034 USD 65.65
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.41
Portugal Telecom Internatio5.24 11/6/2017 EUR 33.88
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 3.96
Cirio Finance Luxembourg SA7.50 11/3/2002 EUR 4.49
Stichting Afwikkeling Onder11.25 EUR 0.54
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.94
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.40
Belfius Bank SA/NV 5.35 EUR 64.89
Veneto Banca SpA 6.94 5/15/2025 EUR 1.25
CGG SA 6.88 1/15/2022 USD 42.13
Far Eastern Shipping Co PLC12.25 11/28/2017 RUB 60.00
Barclays Bank PLC 2.96 9/29/2034 USD 73.90
International Industrial Ba11.00 2/19/2013 USD 0.33
Kommunalbanken AS 0.50 5/27/2022 ZAR 67.18
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
getgoods.de AG 7.75 10/2/2017 EUR 0.05
Finmek International SA 7.00 12/3/2004 EUR 5.25
Santander Finance Capital S2.00 EUR 60.11
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 66.76
Waste Italia SpA 10.50 11/15/2019 EUR 15.00
Abanka Vipa DD Via Afinance1.57 EUR 1.57
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
AXA Bank Europe SA 4.60 EUR 73.29
Windreich GmbH 6.50 3/1/2015 EUR 11.00
Windreich GmbH 6.50 7/15/2016 EUR 11.00
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Eniro AB 6.00 4/14/2020 SEK 13.80
Etablissements Maurel et Pr2.75 7/1/2021 EUR 10.72
Barclays Bank PLC 2.31 12/23/2033 USD 71.75
CGG SA 5.88 5/15/2020 EUR 40.25
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 4.29
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Rena GmbH 8.25 7/11/2018 EUR 9.38
QGOG Constellation SA 6.25 11/9/2019 USD 70.11
Uppfinnaren 1 AB 10.00 SEK 63.63
Laurel GmbH 7.13 11/16/2017 EUR 4.77
Lehman Brothers Treasury Co6.00 11/2/2035 EUR 8.75
Far East Capital Ltd SA 8.00 5/2/2018 USD 70.77
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Rudolf Woehrl AG 6.50 2/12/2018 EUR 15.10
German Pellets GmbH 7.25 4/1/2016 EUR 1.03
Banco Espirito Santo SA 6.90 6/28/2024 EUR 27.75
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 12.62
Del Monte Finance Luxembour6.63 5/24/2006 EUR 5.25
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
EFG International AG 0.97 EUR 68.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.94
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 8.25
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Geotech Seismic Services PJ12.75 10/16/2019 RUB 69.30
Manchester Building Society8.00 GBP 25.25
Steilmann SE 6.75 6/27/2017 EUR 4.72
International Finance Facil0.50 6/24/2024 ZAR 53.63
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 27.88
Lehman Brothers Treasury Co7.25 10/5/2035 EUR 9.63
Barclays Bank PLC 2.42 2/25/2031 USD 67.75
Oceanic Champion AS 8.00 2/20/2020 USD 70.76
Veneto Banca SpA 1.67 5/15/2019 EUR 36.38
Region of Abruzzo Italy 0.13 11/7/2036 EUR 61.29
PA Resources AB 3.00 12/27/2017 NOK 0.10
Barclays Bank PLC 2.28 8/31/2031 USD 65.94
Deutsche Bank AG/London 3.19 10/31/2034 USD 67.50
DOF ASA 7.85 9/12/2019 NOK 40.00
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Barclays Bank PLC 2.62 12/30/2030 USD 64.00
Algeco Scotsman Global Fina10.75 10/15/2019 USD 74.64
Banca Popolare di Vicenza 5.20 3/28/2024 EUR 70.78
Banco Comercial Portugues S5.00 EUR 60.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
CRC Breeze Finance SA 6.11 5/8/2026 EUR 55.13
Barclays Bank PLC 2.57 3/21/2031 USD 70.13
Barclays Bank PLC 0.40 5/31/2033 USD 54.50
Societe Generale SA 0.57 2/28/2033 USD 69.42
IKB Deutsche Industriebank 4.70 8/1/2017 EUR 32.00
Golden Gate AG 6.50 10/11/2014 EUR 46.10
Lehman Brothers Treasury Co5.10 5/8/2017 HKD 9.63
PA Resources AB 13.50 3/3/2016 SEK 0.10
Royal Bank of Scotland PLC/1.50 12/13/2028 USD 72.31
KPNQwest NV 8.13 6/1/2009 USD 0.50
Afren PLC 10.25 4/8/2019 USD 0.01
Barclays Bank PLC 2.62 12/30/2030 USD 67.00
Lloyds Bank PLC 2.70 10/25/2033 USD 72.50
Electromagnetic Geoservices6.86 6/27/2019 NOK 70.33
Finance and Credit Bank JSC9.25 1/25/2019 USD 0.55
Municipality Finance PLC 0.50 5/8/2029 AUD 62.09
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
Depfa Funding IV LP 1.54 EUR 57.33
Virgolino de Oliveira Finan10.88 1/13/2020 USD 28.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Bibby Offshore Services PLC7.50 6/15/2021 GBP 39.00
Banca Meridiana 1.25 11/12/2017 EUR 21.00
SAir Group 0.13 7/7/2005 CHF 13.13
Karlie Group GmbH 5.00 6/25/2021 EUR 3.20
Sairgroup Finance BV 6.63 10/6/2010 EUR 10.75
Barclays Bank PLC 1.70 4/25/2034 USD 71.49
Northland Resources AB 4.00 10/15/2020 USD 0.19
Nationwide Building Society0.82 GBP 72.00
Russian Railways JSC 8.70 5/18/2032 RUB 61.21
Alpha Bank AE 2.50 6/20/2022 EUR 37.73
Governo Portugues Consolida3.00 EUR 71.40
CNP Assurances 2.00 EUR 74.49
Banca Carige SpA 5.70 9/17/2020 EUR 50.02
Holdikks SAS 6.75 7/15/2021 EUR 56.31
Lloyds Bank PLC 2.39 7/5/2033 USD 72.26
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.31
Barclays Bank PLC 1.84 11/1/2031 USD 68.00
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 12.39
Afren PLC 11.50 2/1/2016 USD 0.17
Espirito Santo Financial Po5.13 5/30/2016 EUR 0.90
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 0.97
Svensk Exportkredit AB 0.50 4/24/2029 AUD 62.65
Societe Generale SA 11.50 10/3/2017 USD 48.10
Lehman Brothers Treasury Co5.00 9/22/2014 EUR 8.75
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.46
Rosneft Oil Co PJSC 10.65 12/3/2020 RUB 74.21
Deutsche Bank AG/London 0.18 1/31/2033 USD 55.35
Stichting Afwikkeling Onder2.42 EUR 0.54
Solon SE 1.38 12/6/2012 EUR 0.33
Lehman Brothers Treasury Co8.25 3/16/2035 EUR 8.75
Autonomous Community of Cat1.06 9/8/2024 EUR 74.07
Espirito Santo Financial Gr5.05 11/15/2025 EUR 0.71
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Dannemora Mineral AB 11.75 3/22/2016 USD 0.40
Santander Finance Capital S2.00 EUR 62.93
Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.73
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 65.38
Orient Express Bank PJSC Vi8.17 6/27/2017 USD 50.00
Mifa Mitteldeutsche Fahrrad7.50 8/12/2018 EUR 2.82
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.73
Heta Asset Resolution AG 0.43 12/31/2023 EUR 39.88
Russian Railways JSC 8.20 3/21/2028 RUB 63.87
Svensk Exportkredit AB 0.50 6/29/2029 AUD 62.24
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 63.87
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 64.21
Anglian Water Services Fina0.87 1/26/2057 GBP 72.72
Rosbank PJSC 9.80 12/20/2026 RUB 62.63
Tatfondbank OAO via TFB Fin8.50 11/12/2019 USD 0.18
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 64.03
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 43.36
Northland Resources AB 4.00 10/15/2020 NOK 0.23
APP International Finance C11.75 10/1/2005 USD 0.56
Gazprombank JSC 9.87 2/19/2021 RUB 63.87
IVG Immobilien AG 5.50 EUR 1.08
BLT Finance BV 12.00 2/10/2015 USD 10.50
UBS AG/London 16.00 1/19/2018 USD 58.50
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 61.13
wige MEDIA AG 6.00 3/17/2019 EUR 3.10
Hamburgische Landesbank-Gir0.05 1/22/2041 EUR 62.37
Rem Offshore ASA 5.00 12/8/2024 NOK 34.36
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Novo Banco SA 3.00 12/16/2021 EUR 64.46
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.70
SiC Processing GmbH 7.13 3/1/2016 EUR 2.84
WPE International Cooperati10.38 9/30/2020 USD 15.88
Municipality Finance PLC 0.50 4/26/2022 ZAR 66.44
Steilmann SE 7.00 3/9/2017 EUR 2.35
Autonomous Community of Cat2.97 9/8/2039 JPY 64.40
Sberbank of Russia PJSC 0.01 4/26/2019 RUB 93.50
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.31
Societe Generale SA 0.30 6/28/2033 USD 67.64
Minaya Capital AG 7.00 8/1/2018 EUR 65.00
Governo Portugues Consolida2.75 EUR 63.20
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 65.69
Virgolino de Oliveira Finan10.50 1/28/2018 USD 7.25
Accentro Real Estate AG 6.25 3/27/2019 EUR 10.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 68.76
Santander Finance Capital S2.00 USD 56.39
Hamburgische Landesbank-Gir0.05 10/30/2040 EUR 64.42
Eirles Two DAC 1.69 9/30/2046 USD 11.88
Lehman Brothers Treasury Co5.00 2/16/2015 EUR 8.75
Barclays Bank PLC 3.18 3/27/2029 USD 69.50
Paragon Offshore PLC 6.75 7/15/2022 USD 23.00
Lehman Brothers Treasury Co2.88 3/14/2013 CHF 8.75
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.27
SAir Group 5.50 7/23/2003 CHF 13.99
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.25
SAir Group 4.25 2/2/2007 CHF 14.00
TES Finance PLC 6.75 7/15/2020 GBP 72.41
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.39
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
International Finance Facil0.50 6/29/2027 ZAR 39.10
Aralco Finance SA 10.13 5/7/2020 USD 2.10
MS Deutschland Beteiligungs6.88 12/18/2017 EUR 5.81
Stroika Finance Ltd Via Eme9.90 6/25/2019 RUB 12.00
Barclays Bank PLC 3.84 1/31/2029 USD 67.15
Oi Brasil Holdings Cooperat5.63 6/22/2021 EUR 35.75
Landesbank Hessen-Thueringe0.08 5/3/2041 EUR 71.62
ML 33 Invest AS 7.50 NOK 68.91
Veneto Banca SpA 2.40 4/7/2020 EUR 75.85
Municipality Finance PLC 0.50 6/19/2024 ZAR 54.91
Elli Investments Ltd 12.25 6/15/2020 GBP 70.00
New World Resources NV 8.00 4/7/2020 EUR 5.13
Heta Asset Resolution AG 0.24 12/31/2023 EUR 39.88
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.58
Rusfinans Bank OOO 10.10 6/30/2020 RUB 60.17
HSBC Bank PLC 0.50 6/23/2027 MXN 44.27
Rosbank PJSC 7.50 10/7/2024 RUB 60.13
Lehman Brothers Treasury Co6.65 8/24/2011 AUD 9.63
Montepio Holding SGPS SA 5.00 EUR 50.20
Marfin Investment Group Hol7.00 7/29/2019 EUR 1.01
AKB Peresvet ZAO 13.50 10/16/2020 RUB 13.00
Petromena ASA 10.85 11/19/2017 USD 0.53
Lehman Brothers Treasury Co4.00 2/16/2017 EUR 8.75
Lloyds Bank PLC 2.70 4/25/2034 USD 67.50
Agroton Public Ltd 6.00 7/14/2019 USD 14.00
Santander Finance Capital S2.00 USD 56.39
Northland Resources AB 15.00 7/15/2019 USD 0.41
Vorarlberger Landes- und Hy5.87 EUR 51.28
Kaupthing ehf 6.13 10/4/2016 USD 17.63
New World Resources NV 4.00 10/7/2020 EUR 0.09
Portigon AG 7.46 12/31/2019 EUR 25.00
UkrLandFarming PLC 10.88 3/26/2018 USD 23.75
Banco BPI SA 1.78 EUR 58.03
Marfin Investment Group Hol6.30 7/29/2020 EUR 1.01
Barclays Bank PLC 4.33 9/27/2028 USD 66.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.59
Far East Capital Ltd SA 8.75 5/2/2020 USD 71.60
Barclays Bank PLC 1.88 8/15/2033 USD 63.20
Rusfinans Bank OOO 8.90 4/24/2018 RUB 65.07
Rosbank PJSC 9.35 9/29/2025 RUB 60.16
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 27.07
Espirito Santo Financial Gr5.05 11/15/2025 EUR 0.74
Artea 6.00 8/4/2019 EUR 15.00
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 20.63
UBS AG 24.10 9/28/2017 EUR 66.50
Veneto Banca SpA 5.41 5/25/2023 EUR 69.26
Agentstvo po Ipotechnomu Zh10.90 11/1/2022 RUB 102.00
Oberbank Hybrid 1 GmbH 0.87 EUR 47.49
Depfa Funding II LP 6.50 EUR 57.25
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Landesbank Hessen-Thueringe0.09 4/23/2041 EUR 71.19
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.75
Deutsche Bank AG/London 1.85 8/28/2034 USD 59.17
Virgolino de Oliveira Finan11.75 2/9/2022 USD 7.25
Virgolino de Oliveira Finan10.88 1/13/2020 USD 25.63
Barclays Bank PLC 0.48 4/19/2033 USD 56.00
MegaFon PJSC 9.90 5/29/2026 RUB 62.06
UBS AG 5.60 3/4/2019 EUR 59.78
Oberoesterreichische Landes0.32 11/6/2030 EUR 69.77
UBS AG/London 1.29 5/29/2020 USD 9.75
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Lehman Brothers Treasury Co7.00 6/6/2017 EUR 2.85
Societe Generale SA 0.28 6/28/2033 USD 74.13
Stichting Afwikkeling Onder6.63 5/14/2018 EUR 2.95
City of Moscow Russia 7.50 5/18/2021 RUB 60.01
Moscow United Electric Grid11.00 9/12/2024 RUB 62.00
International Industrial Ba9.00 7/6/2011 EUR 0.59
Lehman Brothers Treasury Co7.00 5/17/2035 EUR 8.75
Alpha Bank AE 2.50 6/20/2022 EUR 37.74
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 65.01
Kaupthing ehf 6.13 10/4/2016 USD 17.63
TES Finance PLC 5.29 7/15/2020 GBP 68.92
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 4.56
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 67.49
Afren PLC 10.25 4/8/2019 USD 0.01
United Engine Corp JSC 10.75 6/10/2026 RUB 110.00
Lloyds Bank PLC 2.52 7/26/2033 USD 67.38
BLT Finance BV 7.50 5/15/2014 USD 2.31
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.90
Vnesheconombank 9.76 12/17/2021 RUB 73.86
Kaupthing ehf 9.00 USD 0.12
SAir Group 6.25 4/12/2005 CHF 14.00
Veneto Banca SpA 5.15 1/25/2023 EUR 69.46
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 62.34
Vimpel-Communications PJSC 11.90 10/3/2025 RUB 63.06
WGF Westfaelische Grundbesi6.35 8/1/2017 EUR 0.51
Afren PLC 6.63 12/9/2020 USD 0.05
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 60.06
Veneto Banca SpA 2.40 3/31/2020 EUR 75.99
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 101.32
Activa Resources AG 8.00 11/15/2017 EUR 17.90
Leonteq Securities AG 15.60 12/19/2017 CHF 65.90
Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.88
Kreditanstalt fuer Wiederau0.25 10/6/2036 CAD 40.87
Lehman Brothers Treasury Co5.55 3/12/2015 EUR 2.85
Veneto Banca SpA 2.40 4/2/2020 EUR 75.95
Marine Subsea AS 9.00 12/16/2019 USD 0.44
German Pellets GmbH 8.00 EUR 0.13
Lehman Brothers Treasury Co4.20 12/3/2008 HKD 9.63
Rena GmbH 7.00 12/15/2015 EUR 9.38
SUEK Finance 12.50 8/19/2025 RUB 100.00
Kommunekredit 0.50 7/30/2027 TRY 34.46
Cattles Ltd 7.13 7/5/2017 GBP 0.27
City of Kiev Ukraine Via CS8.00 11/6/2015 USD 62.38
Moscow United Electric Grid10.00 5/26/2026 RUB 62.00
Synergy PJSC 9.75 5/28/2020 RUB 61.01
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.01
Pierer Industrie AG 5.75 EUR 63.71
Lehman Brothers Treasury Co5.00 2/27/2014 EUR 8.75
Rosneft Oil Co PJSC 10.40 12/3/2020 RUB 63.87
Veneto Banca SpA 2.40 4/1/2020 EUR 75.97
Agentstvo po Ipotechnomu Zh10.30 7/15/2023 RUB 73.86
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.13
Muehl Product & Service AG 6.75 3/10/2005 DEM 2.35
Lehman Brothers Treasury Co3.50 6/20/2011 EUR 2.85
Lehman Brothers Treasury Co3.40 9/21/2009 HKD 2.85
SAir Group 5.13 3/1/2003 CHF 15.00
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 54.00
Sibur Holding PAO 9.65 9/16/2026 RUB 60.06
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 64.52
Banco Espirito Santo SA 1.22 5/27/2018 EUR 0.73
BKS Hybrid alpha GmbH 7.35 EUR 60.82
Lehman Brothers Treasury Co7.00 11/26/2013 EUR 8.75
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 67.16
Rossiysky Capital OJSC 10.50 1/20/2020 RUB 98.00
Bank Intesa AO 8.25 6/10/2018 RUB 60.17
Bilt Paper BV 9.64 USD 30.75
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 9.80
Lenenergo PJSC 9.80 7/9/2025 RUB 60.01
EFG International Finance G2.10 3/23/2018 EUR 26.59
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Lehman Brothers Treasury Co6.00 9/20/2011 EUR 2.85
Northland Resources AB 12.25 3/26/2016 USD 0.41
UmweltBank AG 2.85 EUR 61.76
SAir Group 2.13 11/4/2004 CHF 14.00
Lehman Brothers Treasury Co1.46 2/19/2012 JPY 8.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.25
Nutritek International Corp8.75 12/11/2008 USD 2.00
Vnesheconombank 8.35 11/24/2020 RUB 73.86
EFG International Finance G6.00 11/30/2017 EUR 12.21
Municipality Finance PLC 0.50 7/30/2029 AUD 70.86
Russian Post FGUP 5.07 11/17/2023 RUB 70.01
Northland Resources AB 15.00 7/15/2019 USD 0.41
Delta Credit Bank JSC 9.65 10/1/2024 RUB 102.90
Delta Credit Bank JSC 10.55 6/5/2024 RUB 60.07
Main Road OJSC 4.10 11/22/2028 RUB 73.06
Rossiysky Capital OJSC 13.00 11/22/2019 RUB 70.01
Metalloinvest Holding Co OA0.01 3/7/2022 RUB 50.02
UniCredit Bank Austria AG 0.16 10/31/2031 EUR 67.31
Evrofinansy-Nedvizhimost OO11.00 10/23/2020 RUB 100.00
EFG International Finance G8.99 9/4/2017 EUR 2.15
Lehman Brothers Treasury Co5.00 5/2/2022 EUR 2.85
Svensk Exportkredit AB 0.50 3/28/2029 AUD 71.21
AKB Peresvet ZAO 13.25 4/25/2018 RUB 23.49
LBI HF 7.43 USD 0.00
Heliocentris Energy Solutio4.00 1/16/2019 EUR 18.13
Credit Suisse AG/London 8.00 11/29/2019 USD 6.05
HSBC Bank PLC 0.50 12/29/2026 AUD 68.20
BNP Paribas SA 0.50 5/6/2021 MXN 73.42
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 73.22
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.65
Lehman Brothers Treasury Co4.00 4/13/2011 CHF 2.85
Lehman Brothers Treasury Co4.60 10/11/2017 ILS 8.75
Lehman Brothers Treasury Co1.28 11/6/2010 JPY 8.75
SpareBank 1 SR-Bank ASA 4.00 12/21/2030 EUR 75.36
Finans-Avia OOO 0.01 7/31/2027 RUB 21.30
Ideal Standard Internationa11.75 5/1/2018 EUR 4.86
Russian Post FGUP 2.75 12/6/2023 RUB 60.06
Lehman Brothers Treasury Co6.00 3/14/2011 EUR 8.75
EFG International Finance G7.20 2/25/2019 EUR 12.88
BLT Finance BV 7.50 5/15/2014 USD 2.31
Lehman Brothers Treasury Co1.68 3/5/2015 EUR 2.85
SAir Group 6.25 10/27/2002 CHF 14.00
Banca del Monte di Lucca-Sp2.48 6/29/2020 EUR 42.02
Rusfinans Bank OOO 10.90 10/2/2018 RUB 60.56
Lehman Brothers Treasury Co9.25 6/20/2012 USD 2.85
Lehman Brothers Treasury Co3.86 9/21/2011 SGD 9.63
Region of Molise Italy 0.13 12/15/2033 EUR 66.57
HPI AG 3.50 EUR 6.00
Royal Bank of Scotland PLC/1.84 8/26/2031 USD 65.60
Societe Generale SA 0.50 5/30/2023 MXN 62.85
Podkarpacki Bank Spoldzielc5.81 7/2/2020 PLN 70.04
SAir Group 2.75 7/30/2004 CHF 13.88
Delta Credit Bank JSC 12.40 10/20/2025 RUB 63.77
Loan Portfolio Securitizati8.50 12/14/2018 USD 11.97
BELLAGIO Holding GmbH 2.18 EUR 47.58
Lehman Brothers Treasury Co7.00 9/20/2011 USD 2.85
Kommunekredit 0.50 5/11/2029 CAD 75.06
Lehman Brothers Treasury Co5.00 5/12/2011 CHF 2.85
Oberoesterreichische Landes0.30 4/25/2042 EUR 54.76
BNP Paribas SA 0.50 9/29/2029 AUD 62.36
Leonteq Securities AG/Guern29.61 10/26/2017 EUR 29.86
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 63.87
BNP Paribas SA 0.50 7/20/2021 BRL 65.96
Atari SA 7.50 2/17/2020 EUR 0.41
Transneft PJSC 0.01 10/9/2024 RUB 60.06
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 51.00
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Barclays Bank PLC 0.55 3/28/2033 USD 59.70
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 71.48
HSBC Bank PLC 0.50 1/29/2027 NZD 69.11
UVS-Finance OOO 14.50 9/10/2019 RUB 63.91
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 68.47
Atari SA 0.10 4/1/2020 EUR 5.01
VEB-Leasing OAO 12.50 9/1/2025 RUB 62.00
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 69.09
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Rosintrud OOO 10.50 2/5/2021 RUB 60.00
Agentstvo po Ipotechnomu Zh9.80 7/15/2024 RUB 60.00
Freight One JSC 12.00 10/15/2025 RUB 100.00
Deutsche Bank AG/London 0.50 10/5/2021 IDR 67.68
Lehman Brothers Treasury Co5.00 8/16/2017 EUR 8.75
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
ECM Real Estate Investments5.00 10/9/2011 EUR 10.38
Kaupthing ehf 7.50 2/1/2045 USD 0.33
Hellas Telecommunications L8.50 10/15/2013 EUR 0.77
Barclays Bank PLC 7.12 10/4/2017 USD 37.01
Barclays Bank PLC 0.61 4/9/2028 USD 67.10
Raiffeisen Versicherung AG 2.02 EUR 31.84
Sidetur Finance BV 10.00 4/20/2016 USD 3.85
Credit Suisse AG 0.50 12/16/2025 BRL 49.18
Societe Generale SA 1.60 1/9/2020 GBP 1.11
Lehman Brothers Treasury Co7.00 2/15/2010 CHF 2.85
Vegarshei Sparebank 4.99 NOK 61.50
Barclays Bank PLC 0.50 4/24/2023 MXN 60.71
Lehman Brothers Treasury Co10.00 5/22/2009 USD 2.85
Podkarpacki Bank Spoldzielc5.01 10/6/2021 PLN 69.00
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Agentstvo po Ipotechnomu Zh11.50 9/25/2018 RUB 70.00
Bank ZENIT PJSC 8.50 6/14/2024 RUB 60.07
LBI HF 2.25 2/14/2011 CHF 7.13
Lehman Brothers Treasury Co8.00 3/19/2012 USD 2.85
LBI HF 6.10 8/25/2011 USD 8.50
Municipiul Timisoara 0.80 5/15/2026 RON 68.00
Rinol AG 5.50 10/15/2006 DEM 0.00
HSBC Bank PLC 0.50 6/10/2021 BRL 68.32
Freight One JSC 11.80 10/23/2025 RUB 65.11
Astana Finance BV 9.00 11/16/2011 USD 16.88
Lehman Brothers Treasury Co5.00 3/18/2015 EUR 8.75
Credit Agricole Corporate &0.50 3/6/2023 RUB 65.12
National Capital JSC 9.50 7/25/2018 RUB 60.06
Lehman Brothers Treasury Co4.00 7/27/2011 EUR 2.85
Er-Telekom Holding ZAO 10.85 12/1/2021 RUB 60.06
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Russkiy Mezhdunarodnyi Bank12.00 11/14/2021 RUB 65.00
Polski Bank Spoldzielczy w 5.31 9/14/2027 PLN 50.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 63.87
Rostelecom PJSC 8.40 5/20/2025 RUB 60.06
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 70.01
Nuova Banca delle Marche Sp7.75 6/30/2018 EUR 1.24
AKB Peresvet ZAO 13.00 10/7/2017 RUB 22.50
Espirito Santo Financial Po5.63 7/28/2017 EUR 1.04
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.87
Barclays Bank PLC 4.13 10/10/2029 USD 74.57
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Lehman Brothers Treasury Co6.00 10/24/2008 EUR 2.85
Lehman Brothers Treasury Co8.25 12/3/2015 EUR 8.75
Lehman Brothers Treasury Co8.00 2/16/2016 EUR 2.85
Landes-Hypothekenbank Steie0.06 3/7/2043 EUR 52.81
Metalloinvest Holding Co OA0.01 3/10/2022 RUB 60.02
BNP Paribas SA 0.50 11/16/2032 MXN 32.43
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.87
Raiffeisen Schweiz Genossen8.99 7/22/2019 EUR 27.98
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
SpareBank 1 Nordvest 3.66 3/11/2099 NOK 61.70
Lehman Brothers Treasury Co7.60 1/31/2013 AUD 2.85
Lehman Brothers Treasury Co10.00 6/17/2009 USD 2.85
Lehman Brothers Treasury Co6.00 3/18/2015 USD 8.75
Agrokompleks OOO 0.10 7/29/2019 RUB 4.65
Municipality Finance PLC 0.50 5/31/2022 ZAR 65.73
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
UniCredit Bank AO 12.00 11/20/2019 RUB 90.00
SG Issuer SA 5.50 4/10/2021 EUR 66.90
Leonteq Securities AG 5.20 8/14/2018 CHF 72.94
Salvator Grundbesitz-AG 9.50 EUR 19.15
Pongs & Zahn AG 8.50 EUR 0.11
Penell GmbH Elektrogroshand7.75 6/10/2019 EUR 5.00
AKB Peresvet ZAO 13.50 6/23/2021 RUB 12.49
Eiendomskreditt AS 4.15 NOK 54.65
Barclays Bank PLC 0.50 1/28/2033 MXN 26.49
Lehman Brothers Treasury Co11.00 6/29/2009 EUR 2.85
Agentstvo po Ipotechnomu Zh15.30 11/1/2029 RUB 115.00
OOO SPV Structural Investme0.01 9/1/2023 RUB 65.24
Barclays Bank PLC 1.00 5/10/2019 JPY 59.42
Fininvest OOO 13.00 11/9/2018 RUB 1.56
UBS AG/London 3.81 10/28/2017 USD 69.05
Podkarpacki Bank Spoldzielc5.81 2/23/2025 PLN 60.00
Vnesheconombank 9.75 8/16/2029 RUB 60.00
Russian Railways JSC 13.90 5/30/2040 RUB
EFG International Finance G7.19 5/6/2019 EUR 13.66
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.28
Lloyds Bank PLC 0.50 7/26/2021 BRL 68.19
Lehman Brothers Treasury Co7.59 11/22/2009 MXN 8.75
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.38
Lehman Brothers Treasury Co4.50 12/30/2010 USD 2.85
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Araratbank OJSC 7.00 12/2/2017 USD 25.40
AKB Peresvet ZAO 12.75 7/24/2018 RUB 19.74
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Banca delle Marche SpA 6.00 5/8/2018 EUR 2.00
Lehman Brothers Treasury Co5.00 10/24/2008 CHF 2.85
Lehman Brothers Treasury Co4.25 3/13/2021 EUR 2.85
Lehman Brothers Treasury Co8.00 5/22/2009 USD 2.85
Agentstvo po Ipotechnomu Zh9.25 10/15/2030 RUB 100.00
MIK OAO 15.00 2/19/2020 RUB 3.33
Araratbank OJSC 7.25 6/27/2018 USD 26.10
Societe Generale SA 7.00 10/20/2020 USD
COFIDUR SA 0.10 12/31/2024 EUR 24.25
SUEK Finance 12.50 8/19/2025 RUB 100.00
Rusfinans Bank OOO 10.05 6/10/2019 RUB 61.07
DekaBank Deutsche Girozentr0.01 6/29/2046 EUR 54.79
Lehman Brothers Treasury Co13.50 11/28/2008 USD 2.85
Lehman Brothers Treasury Co14.90 9/15/2008 EUR 2.85
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.56
BAWAG PSK Versicherungs AG 1.06 EUR 54.32
Lehman Brothers Treasury Co7.60 5/21/2013 USD 2.85
AKB Peresvet ZAO 12.50 9/6/2017 RUB 21.55
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 67.48
Leonteq Securities AG 17.00 8/17/2017 CHF 75.50
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.91
Union Technologies Informat0.10 1/1/2020 EUR 4.95
Atomenergoprom JSC 9.33 11/2/2026 RUB 63.87
Podkarpacki Bank Spoldzielc5.11 5/28/2023 PLN 56.00
EFG International Finance G6.48 5/29/2018 EUR 5.94
Societe Generale SA 0.50 7/6/2021 BRL 68.50
HSBC Bank PLC 0.50 4/11/2023 MXN 63.60
Lehman Brothers Treasury Co4.05 9/16/2008 EUR 2.85
Svensk Exportkredit AB 0.50 8/28/2020 TRY 69.92
Lehman Brothers Treasury Co10.00 1/3/2012 BRL 2.85
UniCredit Bank AG 0.37 11/19/2029 EUR 62.57
Lehman Brothers Treasury Co6.00 12/6/2016 USD 2.85
Lehman Brothers Treasury Co5.00 12/6/2011 EUR 2.85
Rusfinans Bank OOO 9.95 8/22/2019 RUB 100.50
Agrokor dd 9.88 5/1/2019 EUR 15.11
Windreich GmbH 6.25 3/1/2015 EUR 11.00
Communaute Francaise de Bel0.50 6/27/2046 EUR 68.14
HSBC Bank PLC 0.50 4/27/2027 NZD 68.54
HSBC Bank PLC 0.50 2/24/2027 NZD 69.13
City of Siret Romania 2.32 3/1/2028 RON 50.00
Municipiul Timisoara 0.80 5/15/2026 RON 75.00
TGC-1 PJSC 5.60 2/14/2022 RUB 60.07
ECA 2.50 1/1/2018 EUR
Exane Finance SA 5.00 12/20/2019 SEK
Credit Suisse AG/London 10.00 6/28/2017 USD 61.35
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 64.69
Lehman Brothers Treasury Co1.75 2/7/2010 EUR 2.85
EFG International Finance G12.86 10/30/2017 EUR 2.32
Leonteq Securities AG/Guern5.00 12/27/2019 EUR 69.02
UBS AG 5.75 12/22/2017 EUR 57.67
Societe Generale SA 8.00 2/14/2022 USD 9.00
Societe Generale SA 0.50 8/4/2021 BRL 68.06
Lehman Brothers Treasury Co7.50 6/15/2017 USD 2.85
Municipality Finance PLC 0.25 6/28/2040 CAD 31.59
Lehman Brothers Treasury Co4.35 8/8/2016 SGD 9.63
Atomenergoprom JSC 9.33 12/3/2026 RUB 63.87
Lehman Brothers Treasury Co4.87 10/8/2013 USD 2.85
Lehman Brothers Treasury Co3.60 3/19/2018 JPY 2.85
Kommunalbanken AS 0.50 12/16/2020 TRY 72.54
HSBC Bank PLC 0.50 12/8/2026 AUD 72.59
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 66.24
HSBC Trinkaus & Burkhardt A6.50 1/29/2018 EUR 53.41
Eurocent SA 8.50 9/15/2018 PLN 24.01
Center for Cargo Container 9.40 9/16/2021 RUB 74.27
Lehman Brothers Treasury Co11.00 12/19/2011 USD 2.85
Lehman Brothers Treasury Co6.00 2/19/2023 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury Co7.00 10/22/2010 EUR 2.85
Lehman Brothers Treasury Co7.06 12/29/2008 EUR 2.85
Credit Suisse AG/London 0.50 1/8/2026 BRL 48.21
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
SAir Group 2.75 7/30/2004 CHF 14.00
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Raiffeisen Switzerland BV 3.50 8/25/2017 CHF 65.91
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Orient Express Bank PJSC 11.70 7/17/2018 RUB 60.00
Lehman Brothers Treasury Co4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasury Co13.43 1/8/2009 ILS 2.85
Lehman Brothers Treasury Co4.60 11/9/2011 EUR 8.75
Lehman Brothers Treasury Co8.25 2/3/2016 EUR 2.85
Lehman Brothers Treasury Co11.75 3/1/2010 EUR 2.85
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Lehman Brothers Treasury Co4.95 10/25/2036 EUR 2.85
Windreich GmbH 6.75 3/1/2015 EUR 11.00
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.06
Bayerische Landesbank 2.70 6/22/2018 EUR 73.13
Araratbank OJSC 8.00 6/10/2018 USD 25.88
Rosselkhozbank JSC 10.60 7/14/2025 RUB 62.01
Erste Group Bank AG 9.25 6/29/2017 EUR 53.55
Bayerische Landesbank 2.70 7/6/2018 EUR 67.59
Landesbank Baden-Wuerttembe3.40 11/24/2017 EUR 68.34
Western High-Speed Diameter10.44 5/13/2031 RUB 73.87
Lehman Brothers Treasury Co0.25 10/19/2012 CHF 2.85
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co4.05 9/16/2008 EUR 2.85
IKB Deutsche Industriebank 0.66 5/25/2031 EUR 63.19
Agentstvo po Ipotechnomu Zh10.83 2/1/2034 RUB 100.00
UBS AG/London 5.00 8/14/2017 CHF 52.00
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Societe Generale SA 0.50 4/3/2023 RUB 64.96
Cerruti Finance SA 6.50 7/26/2004 EUR 1.10
Lehman Brothers Treasury Co7.50 10/24/2008 USD 2.85
Lehman Brothers Treasury Co5.10 6/22/2046 EUR 2.85
Lehman Brothers Treasury Co7.75 1/3/2012 AUD 2.85
Barclays Bank PLC 1.99 12/1/2040 USD 74.21
Barclays Bank PLC 4.70 3/27/2029 USD 74.25
Russian Railways JSC 5.10 5/20/2044 RUB
TGC-1 PJSC 5.60 12/14/2021 RUB 60.07
HSBC Bank PLC 0.50 11/25/2025 BRL 45.34
Kerdos Group SA 8.00 12/15/2017 PLN
Polski Bank Spoldzielczy w 4.81 11/26/2024 PLN 45.00
Leonteq Securities AG 15.20 10/11/2017 CHF 67.47
Landesbank Baden-Wuerttembe3.55 8/25/2017 EUR 66.96
Province of Brescia Italy 0.11 12/22/2036 EUR 63.41
Lehman Brothers Treasury Co2.50 11/9/2011 CHF 2.85
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
UniCredit Bank AG 4.60 6/30/2017 EUR 51.50
Russian Railways JSC 9.85 4/26/2041 RUB 106.84
Expobank LLC 12.50 7/12/2019 RUB 60.05
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 67.58
UBS AG 4.50 12/22/2017 EUR 56.89
AKB Peresvet ZAO 2.54 9/2/2020 RUB 11.34
Leonteq Securities AG 11.00 4/20/2018 USD 67.98
Lehman Brothers Treasury Co4.50 5/2/2017 EUR 8.75
UniCredit Bank Austria AG 0.15 1/22/2031 EUR 71.73
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treasury Co0.50 6/2/2020 EUR 2.85
Lehman Brothers Treasury Co1.50 10/25/2011 EUR 2.85
Lehman Brothers Treasury Co4.00 10/24/2012 EUR 2.85
Lehman Brothers Treasury Co4.50 3/6/2013 CHF 2.85
Lehman Brothers Treasury Co5.25 5/26/2026 EUR 2.85
Lehman Brothers Treasury Co6.50 7/24/2026 EUR 2.85
Lehman Brothers Treasury Co4.60 7/6/2016 EUR 0.14
Lehman Brothers Treasury Co11.00 7/4/2011 CHF 2.85
Lehman Brothers Treasury Co0.50 7/2/2020 EUR 2.85
Lehman Brothers Treasury Co4.00 12/2/2012 EUR 2.85
Lehman Brothers Treasury Co10.44 11/22/2008 CHF 2.85
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury Co3.03 1/31/2015 EUR 2.85
Lehman Brothers Treasury Co0.50 8/1/2020 EUR 2.85
Lehman Brothers Treasury Co5.50 4/23/2014 EUR 2.85
Lehman Brothers Treasury Co2.00 6/28/2011 EUR 2.85
Lehman Brothers Treasury Co1.00 5/9/2012 EUR 2.85
HSBC Bank PLC 0.50 6/9/2023 MXN 62.73
Credit Suisse AG/London 3.00 11/15/2025 ZAR 67.49
Main Road OJSC 4.10 10/30/2029 RUB 73.87
Admiral Boats SA 8.50 9/18/2017 PLN 25.01
Commerzbank AG 30.00 6/30/2020 USD 3.64
Bayerische Landesbank 2.60 10/19/2018 EUR 65.24
Bayerische Landesbank 2.70 7/27/2018 EUR 72.73
Bayerische Landesbank 2.70 7/13/2018 EUR 71.55
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 19.39
Landesbank Baden-Wuerttembe3.75 9/22/2017 EUR 65.93
Landesbank Baden-Wuerttembe3.90 9/22/2017 EUR 63.81
LBI HF 7.43 USD 0.00
HSBC Bank PLC 0.50 10/30/2026 NZD 70.01
DekaBank Deutsche Girozentr2.75 2/2/2018 EUR 72.76
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 71.42
DekaBank Deutsche Girozentr3.40 4/9/2018 EUR 57.94
Barclays Bank PLC 0.50 3/13/2023 RUB 65.20
Kommunekredit 0.50 12/14/2020 ZAR 74.69
Lehman Brothers Treasury Co4.00 3/10/2011 EUR 2.85
Lehman Brothers Treasury Co10.60 4/22/2014 MXN 2.85
HSBC Bank PLC 0.50 12/22/2025 BRL 45.03
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 43.17
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 44.71
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 66.01
Royal Bank of Scotland PLC/6.20 9/7/2018 GBP 1.07
Lehman Brothers Treasury Co6.30 12/21/2018 USD 2.85
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Agentstvo po Ipotechnomu Zh9.50 1/15/2029 RUB 100.00
Leonteq Securities AG 3.00 9/19/2019 CHF 52.19
Barclays Bank PLC 0.50 3/19/2021 MXN 73.04
Barclays Bank PLC 0.50 3/26/2021 MXN 72.37
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 40.86
Lehman Brothers Treasury Co4.00 7/20/2012 EUR 2.85
LBI HF 8.65 5/1/2011 ISK 7.13
Lehman Brothers Treasury Co13.50 6/2/2009 USD 2.85
DZ Bank AG Deutsche Zentral8.20 3/23/2018 EUR 66.31
DZ Bank AG Deutsche Zentral7.40 12/22/2017 EUR 66.08
DZ Bank AG Deutsche Zentral7.40 3/23/2018 EUR 67.70
World of Building Technolog9.90 6/25/2019 RUB 0.44
HSBC Trinkaus & Burkhardt A13.80 12/22/2017 EUR 62.18
HSBC Trinkaus & Burkhardt A10.80 8/25/2017 EUR 63.92
HSBC Trinkaus & Burkhardt A10.10 11/24/2017 EUR 66.34
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 59.06
BNP Paribas Emissions- und 8.00 6/21/2018 EUR 70.65
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 60.09
BNP Paribas Emissions- und 8.00 12/21/2017 EUR 67.65
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 63.20
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 61.50
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 68.21
BNP Paribas Emissions- und 12.00 6/21/2018 EUR 65.23
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 63.64
BNP Paribas Emissions- und 13.00 11/23/2017 EUR 62.25
Leonteq Securities AG/Guern8.00 6/28/2018 CHF 0.40
Commerzbank AG 15.50 9/20/2017 EUR 56.06
Commerzbank AG 13.50 12/20/2017 EUR 58.96
Ashinskiy metallurgical wor5.60 6/17/2024 RUB 65.01
Commerzbank AG 14.00 1/24/2018 EUR 60.52
EFG International Finance G14.00 3/8/2018 CHF 66.08
UBS AG/London 12.50 9/22/2017 EUR 61.98
Vontobel Financial Products13.00 12/22/2017 EUR 60.47
Vontobel Financial Products13.50 9/22/2017 EUR 60.24
BNP Paribas Emissions- und 12.00 10/26/2017 EUR 64.30
BNP Paribas Emissions- und 19.00 9/21/2017 EUR 55.78
BNP Paribas Emissions- und 10.00 10/26/2017 EUR 67.37
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 61.62
BNP Paribas Emissions- und 15.00 10/26/2017 EUR 58.97
BNP Paribas Emissions- und 19.00 10/26/2017 EUR 57.89
BNP Paribas Emissions- und 10.00 9/21/2017 EUR 66.82
BNP Paribas Emissions- und 12.00 9/21/2017 EUR 63.52
Vontobel Financial Products8.50 9/22/2017 EUR 66.19
Vontobel Financial Products7.50 12/22/2017 EUR 67.84
Vontobel Financial Products11.00 12/22/2017 EUR 62.41
Leonteq Securities AG/Guern9.00 6/29/2018 CHF 0.38
Kubanenergo PJSC 12.63 11/11/2025 RUB 60.01
Eiendomskreditt AS 5.10 NOK 65.36
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Promcapital 7.00 7/30/2019 RUB 93.10
National Capital JSC 9.25 4/22/2019 RUB 60.06
Sankt-Peterburg Telecom OAO10.70 1/31/2022 RUB 62.63
Center-Invest Commercial Ba8.70 11/13/2018 RUB 59.00
HSBC Bank PLC 0.50 7/21/2021 BRL 68.80
Lehman Brothers Treasury Co1.60 6/21/2010 JPY 2.85
Lehman Brothers Treasury Co2.40 6/20/2011 JPY 2.85
Societe Generale SA 0.50 6/12/2023 RUB 63.84
National Capital JSC 9.25 4/22/2019 RUB 60.06
Lloyds Bank PLC 0.50 7/26/2028 MXN 46.22
Commerzbank AG 1.00 2/19/2020 USD 27.62
Raiffeisen Schweiz Genossen5.00 6/6/2018 CHF 73.15
Raiffeisen Schweiz Genossen6.50 7/2/2018 USD 52.44
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.49
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 65.88
BNP Paribas Emissions- und 18.00 12/21/2017 EUR 63.45
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 56.48
BNP Paribas Emissions- und 10.00 9/21/2017 EUR 54.01
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Vesta ZAO 12.50 12/4/2026 RUB 99.40
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Agrokompleks OOO 0.10 12/8/2022 RUB 4.60
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 51.89
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 75.14
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 65.71
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 64.82
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 53.38
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 66.88
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 72.34
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 61.91
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.75
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.68
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.82
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.49
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 62.79
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 58.13
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 55.14
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 72.21
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 65.11
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 59.00
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 52.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.32
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 67.22
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.60
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 64.79
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 59.65
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 71.34
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 64.13
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.43
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.73
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 62.25
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 73.91
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 73.91
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 69.72
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 66.22
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 45.77
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 39.16
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 35.71
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 29.26
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 63.79
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 62.39
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.88
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 55.83
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 53.47
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.51
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.48
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.24
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 61.78
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 53.04
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 48.26
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 45.03
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 42.82
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 70.97
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 60.78
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 50.39
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 45.16
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 68.92
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 63.73
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 59.87
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 56.49
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.18
Credit Suisse AG/London 9.20 10/28/2019 USD 9.82
UBS AG 11.41 4/26/2019 USD 9.86
UBS AG 12.10 4/26/2019 USD 9.02
Commerzbank AG 15.50 8/23/2017 EUR 55.86
Vontobel Financial Products5.00 9/22/2017 EUR 69.63
Vontobel Financial Products9.05 9/22/2017 EUR 62.55
Vontobel Financial Products13.50 9/22/2017 EUR 57.24
Vontobel Financial Products16.05 9/22/2017 EUR 55.13
Vontobel Financial Products4.50 12/22/2017 EUR 70.54
Vontobel Financial Products7.00 12/22/2017 EUR 63.87
Vontobel Financial Products12.00 12/22/2017 EUR 57.27
Vontobel Financial Products16.00 12/22/2017 EUR 54.55
Vontobel Financial Products20.00 12/22/2017 EUR 50.89
HSBC Trinkaus & Burkhardt A8.70 9/22/2017 EUR 66.32
HSBC Trinkaus & Burkhardt A14.20 12/22/2017 EUR 60.92
HSBC Trinkaus & Burkhardt A11.20 8/25/2017 EUR 62.35
HSBC Trinkaus & Burkhardt A10.50 11/24/2017 EUR 64.68
UBS AG/London 7.10 9/29/2017 EUR 66.30
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 61.76
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 52.54
BNP Paribas Emissions- und 12.00 9/21/2017 EUR 49.80
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 44.92
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 58.36
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 56.19
SG Issuer SA 0.80 11/30/2020 SEK 63.22
Raiffeisen Schweiz Genossen6.50 7/11/2017 CHF 67.86
Raiffeisen Schweiz Genossen6.00 7/11/2017 CHF 67.95
EFG International Finance G7.35 12/28/2017 CHF 69.79
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 65.37
PA Urals Optical & Mechanic14.25 12/25/2018 RUB 70.01
Vontobel Financial Products4.00 11/9/2017 EUR 67.57
Kubanenergo PJSC 10.44 11/21/2025 RUB 60.01
Goldman Sachs & Co Wertpapi13.00 12/20/2017 EUR 71.56
Goldman Sachs & Co Wertpapi10.00 12/20/2017 EUR 66.79
Goldman Sachs & Co Wertpapi11.00 12/20/2017 EUR 63.05
Goldman Sachs & Co Wertpapi11.00 12/20/2017 EUR 65.09
HSBC Trinkaus & Burkhardt A13.40 9/22/2017 EUR 55.92
HSBC Trinkaus & Burkhardt A12.10 3/23/2018 EUR 60.16
HSBC Trinkaus & Burkhardt A11.30 3/23/2018 EUR 60.88
HSBC Trinkaus & Burkhardt A8.30 3/23/2018 EUR 64.63
HSBC Trinkaus & Burkhardt A5.80 3/23/2018 EUR 70.14
HSBC Trinkaus & Burkhardt A11.00 8/25/2017 EUR 57.41
HSBC Trinkaus & Burkhardt A10.40 11/24/2017 EUR 59.75
Deutsche Bank AG 5.20 7/26/2017 EUR 72.00
Deutsche Bank AG 7.20 7/26/2017 EUR 72.20
Deutsche Bank AG 9.20 7/26/2017 EUR 72.30
Zurcher Kantonalbank Financ4.75 12/11/2017 CHF 69.76
Goldman Sachs & Co Wertpapi15.00 9/20/2017 EUR 73.09
Goldman Sachs & Co Wertpapi14.00 9/20/2017 EUR 71.18
DekaBank Deutsche Girozentr3.50 10/28/2019 EUR 67.84
Bank Julius Baer & Co Ltd/G5.50 11/6/2017 CHF 59.25
SG Issuer SA 0.82 8/2/2021 SEK 68.71
EFG International Finance G17.00 8/3/2018 USD 69.54
Leonteq Securities AG 7.00 11/6/2017 CHF 45.74
BNP Paribas Emissions- und 8.00 9/21/2017 EUR 66.36
Vontobel Financial Products7.00 12/22/2017 EUR 65.62
Vontobel Financial Products5.50 12/22/2017 EUR 68.82
Vontobel Financial Products13.00 12/22/2017 EUR 59.03
Vontobel Financial Products11.00 12/22/2017 EUR 60.89
Vontobel Financial Products10.00 12/22/2017 EUR 61.94
Vontobel Financial Products9.00 12/22/2017 EUR 63.08
Vontobel Financial Products6.50 12/22/2017 EUR 67.29
Vontobel Financial Products14.00 12/22/2017 EUR 58.20
Vontobel Financial Products12.00 12/22/2017 EUR 59.92
Vontobel Financial Products8.00 12/22/2017 EUR 64.30
UBS AG/London 6.50 1/25/2018 CHF 74.05
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 60.40
BNP Paribas Emissions- und 10.00 6/21/2018 EUR 66.62
HSBC Trinkaus & Burkhardt A10.10 2/23/2018 EUR 65.21
HSBC Trinkaus & Burkhardt A11.60 3/23/2018 EUR 63.93
HSBC Trinkaus & Burkhardt A8.40 3/23/2018 EUR 68.18
Commerzbank AG 9.25 1/25/2018 EUR 70.67
Commerzbank AG 12.75 1/25/2018 EUR 65.56
Commerzbank AG 16.50 1/25/2018 EUR 61.98
Bank Julius Baer & Co Ltd/G6.00 7/24/2017 CHF 74.10
Commerzbank AG 8.50 12/21/2017 EUR 67.79
Commerzbank AG 12.25 12/21/2017 EUR 62.58
Commerzbank AG 16.25 12/21/2017 EUR 58.88
UBS AG/London 7.40 9/22/2017 EUR 59.12
UBS AG/London 9.40 6/22/2018 EUR 60.84
Corner Banca SA 20.00 7/10/2018 CHF 70.66
DZ Bank AG Deutsche Zentral7.10 9/22/2017 EUR 60.12
DZ Bank AG Deutsche Zentral7.10 12/22/2017 EUR 61.86
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Commerzbank AG 11.50 7/26/2017 EUR 43.05
Barclays Bank PLC 10.00 9/15/2017 USD
UBS AG/London 6.40 12/8/2017 EUR 49.81
UBS AG/London 9.60 12/8/2017 EUR 45.72
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 43.33
BNP Paribas Emissions- und 5.00 10/26/2017 EUR 56.01
BNP Paribas Emissions- und 6.00 10/26/2017 EUR 53.43
BNP Paribas Emissions- und 9.00 10/26/2017 EUR 49.96
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 45.46
BNP Paribas Emissions- und 5.00 12/21/2017 EUR 56.42
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 54.25
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 51.09
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 45.87
BNP Paribas Emissions- und 5.00 9/21/2017 EUR 55.34
BNP Paribas Emissions- und 6.00 9/21/2017 EUR 52.87
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 48.90
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 44.42
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 71.87
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.83
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 70.34
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 71.39
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Landesbank Baden-Wuerttembe2.90 7/27/2018 EUR 69.47
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 57.24
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 57.93
HSBC Trinkaus & Burkhardt A7.50 9/22/2017 EUR 64.09
HSBC Trinkaus & Burkhardt A9.30 4/27/2018 EUR 66.21
Credit Suisse AG/London 8.50 3/13/2018 USD 72.79
HSBC Trinkaus & Burkhardt A8.40 9/22/2017 EUR 46.52
HSBC Trinkaus & Burkhardt A4.80 9/22/2017 EUR 52.56
HSBC Trinkaus & Burkhardt A3.00 9/22/2017 EUR 57.83
Credit Suisse AG/London 8.00 9/28/2021 USD 9.94
UBS AG/London 6.00 10/5/2017 CHF 53.05
Araratbank OJSC 7.00 6/18/2019 USD 25.98
UBS AG/London 6.90 6/22/2018 EUR 63.84
UBS AG/London 8.20 6/22/2018 EUR 62.27
UBS AG/London 9.90 9/22/2017 EUR 56.72
Commerzbank AG 4.00 7/19/2017 EUR 52.95
Bank Julius Baer & Co Ltd/G7.85 7/28/2017 USD 49.00
UBS AG/London 14.50 7/20/2017 USD 49.70
Leonteq Securities AG 20.00 10/25/2017 CHF 60.57
Commerzbank AG 7.25 10/26/2017 EUR 57.17
Commerzbank AG 10.50 10/26/2017 EUR 52.22
Commerzbank AG 14.25 10/26/2017 EUR 48.59
UBS AG/London 11.60 12/29/2017 EUR 47.41
UBS AG/London 5.30 12/29/2017 EUR 54.37
UBS AG/London 7.00 9/22/2017 EUR 53.29
UBS AG/London 13.00 9/27/2017 EUR 44.69
Royal Bank of Scotland PLC/1.33 10/26/2018 GBP 1.06
UniCredit Bank AG 4.60 7/2/2018 EUR 59.21
Commerzbank AG 5.80 10/8/2017 EUR 72.63
DZ Bank AG Deutsche Zentral5.60 9/8/2017 EUR 73.34
Raiffeisen Schweiz Genossen4.50 3/27/2018 EUR 57.66
DekaBank Deutsche Girozentr2.70 3/16/2018 EUR 70.82
Leonteq Securities AG 7.00 9/20/2017 CHF 73.00
Leonteq Securities AG 3.50 4/10/2018 EUR 57.37
Leonteq Securities AG 7.00 10/19/2017 CHF 72.75
Norddeutsche Landesbank Gir3.00 10/30/2018 EUR 62.20
Landesbank Baden-Wuerttembe3.25 8/25/2017 EUR 65.67
Bayerische Landesbank 3.20 7/27/2018 EUR 69.68
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 72.38
Commerzbank AG 4.40 4/29/2019 EUR 72.72
DekaBank Deutsche Girozentr3.25 4/20/2018 EUR 58.27
Landesbank Hessen-Thueringe4.00 6/5/2019 EUR 70.86
Raiffeisen Schweiz Genossen4.00 5/8/2018 CHF 61.37
DekaBank Deutsche Girozentr2.75 10/29/2018 EUR 59.36
DekaBank Deutsche Girozentr3.00 4/30/2019 EUR 69.77
UniCredit Bank AG 5.00 7/30/2018 EUR 71.25
Landesbank Baden-Wuerttembe3.55 8/25/2017 EUR 73.40
Landesbank Baden-Wuerttembe4.00 6/22/2018 EUR 67.44
Landesbank Baden-Wuerttembe3.60 6/22/2018 EUR 64.01
UBS AG 7.40 5/17/2021 CHF 46.79
Raiffeisen Schweiz Genossen4.20 5/22/2019 CHF 74.42
Landesbank Baden-Wuerttembe3.00 7/26/2019 EUR 73.46
DekaBank Deutsche Girozentr2.80 5/13/2019 EUR 64.40
Bayerische Landesbank 2.90 6/22/2018 EUR 72.45
Bank Julius Baer & Co Ltd/G23.00 8/4/2017 USD 69.50
Commerzbank AG 7.00 7/27/2017 EUR 50.53
Commerzbank AG 10.25 7/27/2017 EUR 45.25
Commerzbank AG 14.25 7/27/2017 EUR 41.14
Vontobel Financial Products4.65 7/24/2017 EUR 66.90
Raiffeisen Schweiz Genossen6.70 7/24/2017 EUR 69.17
DZ Bank AG Deutsche Zentral8.70 12/22/2017 EUR 59.58
Credit Suisse AG/London 11.70 4/20/2018 USD 10.21
Gold-Zack AG 7.00 12/14/2005 EUR 12.58
UBS AG/London 7.00 7/17/2017 CHF 53.80
HSBC Trinkaus & Burkhardt A4.30 9/22/2017 EUR 71.89
HSBC Trinkaus & Burkhardt A13.40 12/22/2017 EUR 59.15
HSBC Trinkaus & Burkhardt A7.80 12/22/2017 EUR 65.94
HSBC Trinkaus & Burkhardt A10.40 8/25/2017 EUR 60.49
HSBC Trinkaus & Burkhardt A9.70 11/24/2017 EUR 62.63
HSBC Trinkaus & Burkhardt A3.90 9/22/2017 EUR 67.24
HSBC Trinkaus & Burkhardt A10.70 8/25/2017 EUR 55.90
HSBC Trinkaus & Burkhardt A8.84 12/22/2017 EUR 68.38
HSBC Trinkaus & Burkhardt A13.80 12/22/2017 EUR 55.59
HSBC Trinkaus & Burkhardt A11.90 12/22/2017 EUR 57.10
HSBC Trinkaus & Burkhardt A10.20 11/24/2017 EUR 58.22
HSBC Trinkaus & Burkhardt A4.60 12/22/2017 EUR 68.35
Podkarpacki Bank Spoldzielc5.81 3/31/2025 PLN 68.10
DekaBank Deutsche Girozentr0.12 6/23/2034 EUR 71.88
Promnefteservis OOO 10.50 11/21/2019 RUB 1.15
Transgazservice LLP 10.50 11/8/2019 RUB 0.07
Podkarpacki Bank Spoldzielc5.81 10/24/2024 PLN 66.00
Landesbank Baden-Wuerttembe3.40 9/28/2018 EUR 73.23
UBS AG/London 9.25 6/26/2017 CHF 67.20
UBS AG/London 7.00 6/26/2017 EUR 63.00
Landesbank Baden-Wuerttembe3.70 7/27/2018 EUR 71.76
UBS AG/London 9.40 6/30/2017 EUR 48.15
EFG International Finance G7.20 6/26/2017 GBP 1.79
Zurcher Kantonalbank Financ8.50 7/17/2017 CHF 58.49
Zurcher Kantonalbank Financ9.00 7/17/2017 EUR 71.00
UBS AG/London 7.50 7/3/2017 EUR 60.75
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 55.65
Landesbank Baden-Wuerttembe2.60 8/23/2019 EUR 69.21
Landesbank Baden-Wuerttembe4.50 8/25/2017 EUR 73.65
Landesbank Baden-Wuerttembe5.00 8/25/2017 EUR 58.13
UBS AG/London 8.00 7/31/2017 CHF 70.70
Landesbank Baden-Wuerttembe3.00 8/25/2017 EUR 65.89
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 61.53
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 75.89
EFG International Finance G7.20 7/29/2020 EUR 27.67
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 71.65
BNP Paribas Emissions- und 3.25 11/24/2017 EUR 73.07
Landesbank Baden-Wuerttembe3.50 7/27/2018 EUR 67.97
Landesbank Baden-Wuerttembe3.40 7/27/2018 EUR 67.73
UniCredit Bank AG 3.80 7/23/2020 EUR 68.26
UniCredit Bank AG 4.40 7/13/2018 EUR 66.75
Bayerische Landesbank 2.40 7/20/2018 EUR 74.29
Raiffeisen Schweiz Genossen6.50 6/26/2017 EUR 65.59
Norddeutsche Landesbank Gir3.00 7/16/2018 EUR 71.94
Landesbank Hessen-Thueringe4.00 4/30/2019 EUR 69.38
DekaBank Deutsche Girozentr3.25 5/18/2018 EUR 74.06
Raiffeisen Schweiz Genossen4.20 4/10/2018 EUR 59.44
Bayerische Landesbank 2.70 7/6/2018 EUR 67.70
EFG International Finance G6.40 4/9/2020 EUR 73.22
Zurcher Kantonalbank Financ6.50 4/10/2018 CHF 60.85
Landesbank Baden-Wuerttembe3.00 10/27/2017 EUR 71.34
Landesbank Baden-Wuerttembe5.00 10/27/2017 EUR 65.17
Landesbank Baden-Wuerttembe5.00 10/27/2017 EUR 62.43
Landesbank Baden-Wuerttembe4.00 10/27/2017 EUR 66.85
Landesbank Baden-Wuerttembe3.60 9/22/2017 EUR 70.37
Landesbank Baden-Wuerttembe3.25 7/28/2017 EUR 73.56
Landesbank Baden-Wuerttembe3.00 7/28/2017 EUR 74.46
Landesbank Baden-Wuerttembe3.25 7/28/2017 EUR 69.62
Landesbank Baden-Wuerttembe3.70 8/25/2017 EUR 72.25
Landesbank Baden-Wuerttembe3.70 9/22/2017 EUR 65.42
Landesbank Baden-Wuerttembe3.20 9/22/2017 EUR 62.61
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 66.79
Landesbank Baden-Wuerttembe2.50 6/28/2019 EUR 68.67
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 71.48
Landesbank Baden-Wuerttembe3.50 6/22/2018 EUR 63.31
UBS AG/London 8.25 8/7/2017 EUR 70.75
Lehman Brothers Treasury Co3.50 10/31/2011 USD 2.85
Lehman Brothers Treasury Co5.00 2/28/2032 EUR 2.85
Lehman Brothers Treasury Co3.50 10/24/2011 USD 2.85
Lehman Brothers Treasury Co6.00 2/14/2012 EUR 2.85
Lehman Brothers Treasury Co15.00 3/30/2011 EUR 2.85
Lehman Brothers Treasury Co10.00 2/16/2009 CHF 2.85
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury Co6.25 11/30/2012 EUR 2.85
Lehman Brothers Treasury Co1.00 2/26/2010 USD 2.85
Lehman Brothers Treasury Co2.37 7/15/2013 USD 2.85
Lehman Brothers Treasury Co2.30 6/27/2013 USD 2.85
Lehman Brothers Treasury Co5.38 2/4/2014 USD 2.85
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury Co13.00 2/16/2009 CHF 2.85
Lehman Brothers Treasury Co11.00 2/16/2009 CHF 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co8.80 12/27/2009 EUR 2.85
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co4.00 1/4/2011 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co9.30 12/21/2010 EUR 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co14.90 11/16/2010 EUR 2.85
Lehman Brothers Treasury Co6.00 10/30/2012 USD 2.85
Lehman Brothers Treasury Co5.50 11/30/2012 CZK 2.85
Lehman Brothers Treasury Co6.00 10/30/2012 EUR 2.85
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treasury Co2.00 6/21/2011 EUR 2.85
Lehman Brothers Treasury Co5.00 3/13/2009 EUR 2.85
Lehman Brothers Treasury Co3.00 12/3/2012 EUR 2.85
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Lehman Brothers Treasury Co3.00 8/13/2011 EUR 2.85
Lehman Brothers Treasury Co8.05 12/20/2010 HKD 2.85
Lehman Brothers Treasury Co8.00 10/23/2008 USD 2.85
Lehman Brothers Treasury Co12.22 11/21/2017 USD 2.85
Lehman Brothers Treasury Co4.80 11/16/2012 HKD 2.85
Lehman Brothers Treasury Co16.00 10/8/2008 CHF 2.85
Lehman Brothers Treasury Co6.72 12/29/2008 EUR 2.85
Lehman Brothers Treasury Co6.60 2/9/2009 EUR 2.85
Lehman Brothers Treasury Co18.25 10/2/2008 USD 2.85
Lehman Brothers Treasury Co5.12 4/30/2027 EUR 2.85
Lehman Brothers Treasury Co7.75 2/21/2016 EUR 2.85
Lehman Brothers Treasury Co8.00 12/27/2032 JPY 2.85
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.10
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 99.80
TransFin-M PAO 12.50 8/11/2025 RUB 100.00
UniCredit Bank AG 4.50 9/19/2017 EUR 54.25
Landesbank Hessen-Thueringe5.00 10/17/2017 EUR 64.04
Landesbank Hessen-Thueringe4.50 11/28/2017 EUR 66.60
UniCredit Bank AG 4.00 6/26/2018 EUR 63.54
Reso-Leasing OOO 13.25 10/30/2025 RUB 61.00
Societe Generale SA 0.50 5/22/2024 MXN 57.75
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 70.06
Leonteq Securities AG 5.00 9/4/2018 CHF 58.65
Leonteq Securities AG 5.60 9/4/2017 CHF 67.00
Leonteq Securities AG 5.60 9/11/2017 CHF 56.40
DekaBank Deutsche Girozentr2.80 7/22/2019 EUR 73.89
Leonteq Securities AG 6.77 8/17/2017 CHF 56.43
Ekspatel OOO 18.00 8/22/2018 RUB 66.01
Leonteq Securities AG 5.40 8/28/2017 CHF 55.89
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 59.30
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 62.04
Commerzbank AG 8.50 2/22/2018 EUR 70.76
Commerzbank AG 12.00 2/22/2018 EUR 66.01
Commerzbank AG 15.75 2/22/2018 EUR 62.71
Raiffeisen Switzerland BV 22.20 9/1/2017 USD 63.31
DZ Bank AG Deutsche Zentral8.30 9/22/2017 EUR 46.05
HSBC Trinkaus & Burkhardt A1.75 8/25/2017 EUR 57.31
Deutsche Bank AG 6.20 9/19/2017 EUR 73.80
Leonteq Securities AG/Guern16.20 11/30/2017 USD 24.87
HSBC Trinkaus & Burkhardt A8.95 12/22/2017 EUR 61.03
HSBC Trinkaus & Burkhardt A11.90 8/25/2017 EUR 66.24
HSBC Trinkaus & Burkhardt A9.50 9/22/2017 EUR 70.78
HSBC Trinkaus & Burkhardt A13.70 12/22/2017 EUR 65.29
HSBC Trinkaus & Burkhardt A12.70 12/22/2017 EUR 66.52
DZ Bank AG Deutsche Zentral9.75 12/22/2017 EUR 66.22
HSBC Trinkaus & Burkhardt A14.10 9/22/2017 EUR 63.84
HSBC Trinkaus & Burkhardt A11.00 11/24/2017 EUR 68.64
Barclays Bank PLC 1.85 7/24/2028 USD 71.50
TransFin-M PAO 13.00 9/3/2025 RUB 63.87
National Capital JSC 10.50 9/15/2020 RUB 60.06
Commerzbank AG 20.00 5/28/2018 SEK 46.20
Landesbank Baden-Wuerttembe3.85 8/25/2017 EUR 64.61
Societe Generale Effekten G4.00 6/26/2017 EUR 51.01
Landesbank Baden-Wuerttembe3.25 12/22/2017 EUR 69.34
Landesbank Baden-Wuerttembe3.25 1/26/2018 EUR 64.36
Landesbank Hessen-Thueringe4.00 1/16/2018 EUR 59.26
Landesbank Baden-Wuerttembe3.00 2/23/2018 EUR 64.47
Credit Suisse AG/London 2.75 1/29/2019 SEK 73.17
Landesbank Baden-Wuerttembe3.15 6/22/2018 EUR 66.21
UniCredit Bank AG 4.40 9/19/2018 EUR 71.77
UBS AG 9.50 12/22/2017 EUR 67.42
UBS AG 5.25 12/22/2017 EUR 61.04
UBS AG 8.25 12/22/2017 EUR 70.47
UBS AG 11.75 12/22/2017 EUR 52.43
UBS AG 7.75 12/22/2017 EUR 64.75
UBS AG 10.25 12/22/2017 EUR 53.87
UBS AG 10.25 12/22/2017 EUR 41.74
UBS AG 5.00 12/22/2017 EUR 65.08
UBS AG 8.50 12/22/2017 EUR 46.05
UBS AG 11.75 12/22/2017 EUR 37.86
UBS AG 8.75 12/22/2017 EUR 70.88
UBS AG 4.00 12/22/2017 EUR 71.96
UBS AG 10.25 12/22/2017 EUR 64.36
UBS AG 11.75 12/22/2017 EUR 59.25
UBS AG 7.50 12/22/2017 EUR 49.94
UBS AG 13.00 12/22/2017 EUR 67.32
UBS AG 6.75 12/22/2017 EUR 53.50
UBS AG 9.50 12/22/2017 EUR 62.87
UBS AG 7.75 12/22/2017 EUR 67.75
UBS AG 8.25 12/22/2017 EUR 48.01
UBS AG 10.50 12/22/2017 EUR 56.95
UBS AG 6.25 12/22/2017 EUR 53.11
UBS AG 11.25 12/22/2017 EUR 70.80
UBS AG 8.25 12/22/2017 EUR 58.80
UBS AG 4.50 12/22/2017 EUR 65.78
UBS AG 10.50 12/22/2017 EUR 58.54
UBS AG 9.50 12/22/2017 EUR 57.77
UBS AG 6.50 12/22/2017 EUR 53.24
EFG International Finance G10.15 8/2/2017 CHF 69.46
Leonteq Securities AG 10.20 10/24/2018 EUR 68.03
HSBC Trinkaus & Burkhardt A2.50 9/22/2017 EUR 56.17
Vontobel Financial Products4.80 5/14/2018 EUR 73.05
Landesbank Hessen-Thueringe4.00 5/16/2018 EUR 66.51
HSBC Trinkaus & Burkhardt A10.90 10/27/2017 EUR 62.33
HSBC Trinkaus & Burkhardt A10.10 1/26/2018 EUR 64.46
Vontobel Financial Products16.00 12/22/2017 EUR 57.92
Vontobel Financial Products5.00 3/23/2018 EUR 71.70
Vontobel Financial Products6.00 3/23/2018 EUR 68.43
Vontobel Financial Products7.50 3/23/2018 EUR 65.97
Vontobel Financial Products9.00 3/23/2018 EUR 63.83
Vontobel Financial Products10.50 3/23/2018 EUR 62.00
Vontobel Financial Products12.50 3/23/2018 EUR 60.81
Vontobel Financial Products14.50 3/23/2018 EUR 59.86
DZ Bank AG Deutsche Zentral5.00 2/6/2018 EUR 69.61
UniCredit Bank AG 3.75 9/7/2020 EUR 70.15
UBS AG/London 9.30 9/29/2017 EUR 63.06
UBS AG/London 5.30 6/30/2017 EUR 73.04
UBS AG/London 5.20 9/29/2017 EUR 69.99
UBS AG/London 7.70 6/30/2017 EUR 68.55
UBS AG/London 14.00 6/30/2017 EUR 61.11
UBS AG/London 10.60 12/29/2017 EUR 62.72
UBS AG/London 10.60 6/30/2017 EUR 64.60
UBS AG/London 7.00 12/29/2017 EUR 67.82
UBS AG/London 8.80 12/29/2017 EUR 65.09
UBS AG/London 11.70 9/29/2017 EUR 60.48
UBS AG/London 12.60 12/29/2017 EUR 60.77
UBS AG/London 5.40 12/29/2017 EUR 71.29
UBS AG/London 17.90 6/30/2017 EUR 58.01
UBS AG/London 14.30 9/29/2017 EUR 58.10
Commerzbank AG 12.75 11/23/2017 EUR 66.25
Commerzbank AG 16.75 11/23/2017 EUR 61.81
HSBC Trinkaus & Burkhardt A2.80 9/22/2017 EUR 59.41
First Collection Bureau OJS15.00 10/15/2021 RUB 100.00
UniCredit Bank AG 5.00 6/25/2019 EUR 60.96
Landesbank Hessen-Thueringe5.00 3/27/2019 EUR 68.62
Bayerische Landesbank 2.60 3/29/2018 EUR 70.60
UniCredit Bank AG 3.75 10/2/2020 EUR 67.18
Landesbank Hessen-Thueringe4.00 4/8/2019 EUR 62.49
UBS AG/London 7.00 12/22/2017 EUR 63.24
UBS AG/London 12.50 12/22/2017 EUR 74.33
UBS AG/London 9.50 12/22/2017 EUR 73.51
UBS AG/London 7.75 12/22/2017 EUR 60.28
Leonteq Securities AG/Guern4.40 8/28/2017 CHF 62.61
Raiffeisen Schweiz Genossen5.04 8/28/2017 CHF 64.64
Leonteq Securities AG/Guern4.68 8/29/2017 CHF 66.63
UBS AG/London 9.00 12/22/2017 EUR 56.80
UBS AG/London 5.75 12/22/2017 EUR 69.58
UBS AG/London 6.25 12/22/2017 EUR 67.41
UBS AG/London 14.50 12/22/2017 EUR 70.81
Raiffeisen Schweiz Genossen5.00 8/29/2018 CHF 74.60
Raiffeisen Schweiz Genossen5.00 6/13/2018 CHF 72.61
UBS AG 9.00 7/3/2017 CHF 67.65
Bank Julius Baer & Co Ltd/G5.20 9/25/2017 EUR 69.65
DekaBank Deutsche Girozentr7.15 10/27/2017 EUR 71.50
EFG International Finance G7.00 11/27/2019 EUR 17.64
Goldman Sachs International1.00 12/5/2017 SEK 22.22
UniCredit Bank AG 4.30 10/17/2018 EUR 70.83
Landesbank Baden-Wuerttembe3.30 6/22/2018 EUR 67.81
UniCredit Bank AG 4.30 12/22/2017 EUR 67.77
DekaBank Deutsche Girozentr3.30 2/26/2018 EUR 52.96
Landesbank Baden-Wuerttembe3.00 5/25/2018 EUR 71.50
UBS AG 5.00 12/22/2017 EUR 64.90
Landesbank Baden-Wuerttembe3.05 6/22/2018 EUR 73.04
Raiffeisen Schweiz Genossen4.50 5/23/2018 CHF 73.21
Raiffeisen Schweiz Genossen3.00 9/22/2020 CHF 63.47
DZ Bank AG Deutsche Zentral3.45 8/25/2017 EUR 70.28
DekaBank Deutsche Girozentr2.75 6/24/2019 EUR 70.36
Vontobel Financial Products8.00 9/29/2017 EUR 68.98
Landesbank Baden-Wuerttembe6.00 9/22/2017 EUR 71.81
Landesbank Baden-Wuerttembe3.00 9/22/2017 EUR 71.08
Leonteq Securities AG 6.00 10/12/2017 CHF 62.79
Goldman Sachs & Co Wertpapi9.00 9/20/2017 EUR 66.27
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 71.42
Goldman Sachs & Co Wertpapi12.00 9/20/2017 EUR 60.44
Goldman Sachs & Co Wertpapi12.00 9/20/2017 EUR 58.51
UBS AG/London 9.50 9/4/2017 CHF 26.45
Deutsche Bank AG 3.20 11/22/2017 EUR 70.80
Deutsche Bank AG 4.20 11/22/2017 EUR 74.20
Deutsche Bank AG 3.20 11/22/2017 EUR 72.60
DekaBank Deutsche Girozentr3.10 8/4/2017 EUR 52.33
HSBC Trinkaus & Burkhardt A3.00 6/22/2018 EUR 66.44
HSBC Trinkaus & Burkhardt A7.90 9/22/2017 EUR 50.85
HSBC Trinkaus & Burkhardt A5.40 9/22/2017 EUR 55.40
HSBC Trinkaus & Burkhardt A2.90 9/22/2017 EUR 62.99
DZ Bank AG Deutsche Zentral9.25 7/28/2017 EUR 63.26
UBS AG/London 9.50 9/22/2017 EUR 48.13
UBS AG/London 12.50 9/22/2017 EUR 44.33
DZ Bank AG Deutsche Zentral8.70 12/22/2017 EUR 49.36
DZ Bank AG Deutsche Zentral10.10 12/22/2017 EUR 46.96
HSBC Trinkaus & Burkhardt A12.70 9/22/2017 EUR 45.89
HSBC Trinkaus & Burkhardt A10.30 9/22/2017 EUR 49.20
HSBC Trinkaus & Burkhardt A7.50 9/22/2017 EUR 54.52
Credit Suisse AG/London 8.50 9/18/2017 USD 64.41
Deutsche Bank AG 6.20 9/19/2017 EUR 74.80
UBS AG/London 6.30 12/29/2017 EUR 52.35
Raiffeisen Schweiz Genossen15.00 12/27/2017 CHF 59.81
Leonteq Securities AG 10.00 4/20/2018 CHF 67.95
Leonteq Securities AG 17.60 12/19/2017 USD 66.25
Vontobel Financial Products18.40 9/11/2017 EUR 62.15
Nuova Banca delle Marche Sp7.20 6/30/2018 EUR 1.24
Nuova Banca delle Marche Sp8.00 6/30/2018 EUR 1.24
Societe Generale SA 0.50 4/30/2023 RUB 64.41
Lillestroem Sparebank 4.44 NOK 56.32
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Univer Capital LLC 12.00 3/6/2019 RUB 97.07
Indre Sogn Sparebank 5.84 NOK 55.77
Societe Generale SA 0.50 4/4/2024 MXN 58.43
Lehman Brothers Treasury Co8.28 3/26/2009 USD 2.85
Lehman Brothers Treasury Co7.55 12/29/2008 USD 2.85
Lehman Brothers Treasury Co6.85 12/22/2008 EUR 2.85
Lehman Brothers Treasury Co7.60 3/26/2009 EUR 2.85
Banca delle Marche SpA 6.00 6/12/2018 EUR 2.00
Lehman Brothers Treasury Co5.25 11/21/2009 USD 2.85
Lehman Brothers Treasury Co4.10 8/23/2010 USD 2.85
Lehman Brothers Treasury Co1.50 2/8/2012 CHF 2.85
Lehman Brothers Treasury Co0.01 9/20/2011 USD 2.85
Lehman Brothers Treasury Co4.69 2/19/2017 EUR 2.85
Lehman Brothers Treasury Co6.00 5/12/2017 EUR 2.85
Lehman Brothers Treasury Co7.00 2/15/2012 EUR 2.85
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Lehman Brothers Treasury Co7.39 5/4/2017 USD 2.85
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Lehman Brothers Treasury Co3.35 10/13/2016 EUR 2.85
Lehman Brothers Treasury Co0.80 12/30/2016 EUR 2.85
Lehman Brothers Treasury Co6.75 4/5/2012 EUR 2.85
Lehman Brothers Treasury Co4.25 5/15/2010 EUR 2.85
Lehman Brothers Treasury Co5.00 4/24/2017 EUR 2.85
Lehman Brothers Treasury Co13.00 7/25/2012 EUR 2.85
Lehman Brothers Treasury Co10.00 8/2/2037 JPY 2.85
Lehman Brothers Treasury Co2.25 5/12/2009 USD 2.85
Lehman Brothers Treasury Co4.00 5/30/2010 USD 2.85
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury Co6.00 5/23/2018 CZK 2.85
Lehman Brothers Treasury Co12.00 7/13/2037 JPY 2.85
Lehman Brothers Treasury Co10.00 6/11/2038 JPY 2.85
Lehman Brothers Treasury Co9.00 5/15/2022 USD 2.85
Lehman Brothers Treasury Co5.20 3/19/2018 EUR 2.85
Lehman Brothers Treasury Co7.50 5/2/2017 EUR 2.85
Lehman Brothers Treasury Co6.60 2/22/2012 EUR 2.85
Lehman Brothers Treasury Co4.10 2/19/2010 EUR 2.85
Lehman Brothers Treasury Co2.48 5/12/2009 USD 2.85
Lehman Brothers Treasury Co4.00 5/17/2010 USD 2.85
Lehman Brothers Treasury Co6.00 12/30/2017 EUR 2.85
Lehman Brothers Treasury Co7.63 7/22/2011 HKD 2.85
Lehman Brothers Treasury Co1.50 10/12/2010 EUR 2.85
ECM Real Estate Investments5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury Co2.50 12/15/2011 GBP 2.85
Lehman Brothers Treasury Co7.25 6/20/2010 USD 2.85
Lehman Brothers Treasury Co4.00 11/24/2016 EUR 2.85
Province of Brescia Italy 0.14 6/30/2036 EUR 64.07
Lehman Brothers Treasury Co4.82 12/18/2036 EUR 2.85
Lehman Brothers Treasury Co4.50 3/7/2015 EUR 2.85
Lehman Brothers Treasury Co0.75 3/29/2012 EUR 2.85
Municipality Finance PLC 0.50 11/25/2020 ZAR 74.97
Lehman Brothers Treasury Co6.00 7/28/2010 EUR 2.85
Lehman Brothers Treasury Co12.00 7/4/2011 EUR 2.85
Lehman Brothers Treasury Co3.50 12/20/2027 USD 2.85
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co0.25 7/21/2014 EUR 2.85
Lehman Brothers Treasury Co5.50 6/15/2009 CHF 2.85
Lehman Brothers Treasury Co7.25 10/6/2008 EUR 2.85
Lehman Brothers Treasury Co10.50 8/9/2010 EUR 2.85
Lehman Brothers Treasury Co5.75 6/15/2009 CHF 2.85
Lehman Brothers Treasury Co4.50 7/24/2014 EUR 2.85
Lehman Brothers Treasury Co10.00 3/27/2009 USD 2.85
Lehman Brothers Treasury Co7.00 4/14/2009 EUR 2.85
Lehman Brothers Treasury Co7.75 1/30/2009 EUR 2.85
Lehman Brothers Treasury Co8.00 8/3/2009 USD 2.85
Lehman Brothers Treasury Co9.00 6/13/2009 USD 2.85
Lehman Brothers Treasury Co2.50 8/23/2012 GBP 2.85
Lehman Brothers Treasury Co7.50 9/13/2009 CHF 2.85
Lehman Brothers Treasury Co8.50 7/6/2009 CHF 2.85
Lehman Brothers Treasury Co5.25 4/1/2023 EUR 2.85
Lehman Brothers Treasury Co4.00 4/24/2009 USD 2.85
Lehman Brothers Treasury Co4.50 8/2/2009 USD 2.85
Lehman Brothers Treasury Co7.00 11/28/2008 CHF 2.85
Lehman Brothers Treasury Co8.00 5/22/2009 USD 2.85
Lehman Brothers Treasury Co3.00 9/13/2010 JPY 8.75
Lehman Brothers Treasury Co9.00 3/17/2009 GBP 2.85
Lehman Brothers Treasury Co3.85 4/24/2009 USD 2.85
Lehman Brothers Treasury Co7.38 9/20/2008 EUR 2.85
Lehman Brothers Treasury Co2.00 11/16/2009 EUR 2.85
Lehman Brothers Treasury Co3.70 6/6/2009 EUR 2.85
Lehman Brothers Treasury Co13.00 12/14/2012 USD 2.85
Petromena ASA 9.75 5/24/2016 NOK 0.53
Lehman Brothers Treasury Co4.68 12/12/2045 EUR 2.85
Lehman Brothers Treasury Co6.70 4/21/2011 USD 2.85
Lehman Brothers Treasury Co3.00 9/12/2036 JPY 8.75
Lehman Brothers Treasury Co6.00 6/21/2011 EUR 2.85
Lehman Brothers Treasury Co4.00 10/12/2010 USD 2.85
Lehman Brothers Treasury Co8.88 1/28/2011 HKD 9.63
Lehman Brothers Treasury Co7.00 7/11/2010 EUR 2.85
Lehman Brothers Treasury Co6.00 7/28/2010 EUR 2.85
HSBC Bank PLC 0.50 12/8/2020 BRL 72.96
Lehman Brothers Treasury Co11.00 7/4/2011 USD 2.85
Lehman Brothers Treasury Co7.50 8/1/2035 EUR 2.85
Lehman Brothers Treasury Co16.00 12/26/2008 USD 2.85
Lehman Brothers Treasury Co8.60 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co4.15 8/25/2020 EUR 2.85
Lehman Brothers Treasury Co5.50 7/8/2013 EUR 2.85
Lehman Brothers Treasury Co7.50 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co7.32 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co8.28 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co5.00 8/1/2025 EUR 2.85
Lehman Brothers Treasury Co4.90 7/28/2020 EUR 2.85
Lehman Brothers Treasury Co3.10 6/4/2010 USD 2.85
Lehman Brothers Treasury Co8.00 4/20/2009 EUR 2.85
Lehman Brothers Treasury Co4.70 3/23/2016 EUR 2.85
Lehman Brothers Treasury Co6.00 3/17/2011 EUR 2.85
Lehman Brothers Treasury Co4.70 3/23/2016 EUR 2.85
Lehman Brothers Treasury Co7.60 3/4/2010 NZD 2.85
Lehman Brothers Treasury Co15.00 6/4/2009 CHF 2.85
Lehman Brothers Treasury Co17.00 6/2/2009 USD 2.85
Lehman Brothers Treasury Co5.00 11/22/2012 EUR 2.85
Lehman Brothers Treasury Co4.00 8/11/2010 USD 8.75
Lehman Brothers Treasury Co4.30 6/4/2012 USD 2.85
Lehman Brothers Treasury Co0.50 2/16/2009 EUR 2.85
Oberbank AG 7.40 EUR 67.39
Province of Rovigo Italy 0.06 12/28/2035 EUR 65.08
Lehman Brothers Treasury Co10.00 1/4/2010 USD 2.85
Lehman Brothers Treasury Co6.00 8/7/2013 EUR 2.85
Lehman Brothers Treasury Co6.50 5/16/2015 EUR 2.85
Lehman Brothers Treasury Co2.50 8/15/2012 CHF 2.85
Lehman Brothers Treasury Co3.50 9/29/2017 EUR 2.85
Lehman Brothers Treasury Co3.00 8/8/2017 EUR 2.85
Lehman Brothers Treasury Co5.00 9/1/2011 EUR 2.85
Lehman Brothers Treasury Co5.25 7/8/2014 EUR 2.85
Lehman Brothers Treasury Co2.30 6/6/2013 USD 2.85
Lehman Brothers Treasury Co11.00 5/9/2020 USD 2.85
Lehman Brothers Treasury Co4.00 6/5/2011 USD 2.85
Lehman Brothers Treasury Co6.25 9/5/2011 EUR 2.85
Lehman Brothers Treasury Co3.50 9/19/2017 EUR 2.85
Lehman Brothers Treasury Co16.80 8/21/2009 USD 2.85
Lehman Brothers Treasury Co3.00 8/15/2017 EUR 2.85
Lehman Brothers Treasury Co13.15 10/30/2008 USD 2.85
Lehman Brothers Treasury Co7.80 3/31/2018 USD 2.85
Lehman Brothers Treasury Co5.22 3/1/2024 EUR 2.85
Lehman Brothers Treasury Co9.50 4/1/2018 USD 2.85
Lehman Brothers Treasury Co8.00 10/17/2014 EUR 2.85
Lehman Brothers Treasury Co7.05 4/8/2015 USD 2.85
Lehman Brothers Treasury Co6.00 3/4/2015 USD 2.85
Lehman Brothers Treasury Co7.15 3/21/2013 USD 2.85
Lehman Brothers Treasury Co2.00 5/17/2010 EUR 2.85
Lehman Brothers Treasury Co2.30 4/28/2014 JPY 2.85
Lehman Brothers Treasury Co7.50 2/14/2010 AUD 2.85
Lehman Brothers Treasury Co4.00 2/28/2010 EUR 2.85
Lehman Brothers Treasury Co4.10 5/20/2009 USD 2.85
Lehman Brothers Treasury Co4.60 8/1/2013 EUR 2.85
Lehman Brothers Treasury Co9.75 6/22/2018 USD 2.85
Lehman Brothers Treasury Co8.00 3/21/2018 USD 2.85
Lehman Brothers Treasury Co10.00 10/22/2008 USD 2.85
Lehman Brothers Treasury Co6.45 2/20/2010 AUD 2.85
Lehman Brothers Treasury Co3.82 10/20/2009 USD 2.85
Lehman Brothers Treasury Co10.00 10/23/2008 USD 2.85
Lehman Brothers Treasury Co6.60 5/23/2012 AUD 2.85
Lehman Brothers Treasury Co3.45 5/23/2013 USD 2.85
Lehman Brothers Treasury Co16.00 10/28/2008 USD 2.85
Lehman Brothers Treasury Co5.00 2/15/2018 EUR 2.85
Lehman Brothers Treasury Co2.75 10/28/2009 EUR 2.85
Lehman Brothers Treasury Co9.00 5/6/2011 CHF 2.85
Lehman Brothers Treasury Co5.50 6/22/2010 USD 8.75
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co8.00 12/31/2010 USD 2.85
Lehman Brothers Treasury Co1.95 11/4/2013 EUR 2.85
Lehman Brothers Treasury Co3.63 3/2/2012 EUR 2.85
Lehman Brothers Treasury Co3.00 6/3/2010 EUR 2.85
Lehman Brothers Treasury Co12.40 6/12/2009 USD 2.85
Lehman Brothers Treasury Co16.00 11/9/2008 USD 2.85
Lehman Brothers Treasury Co16.20 5/14/2009 USD 2.85
Lehman Brothers Treasury Co23.30 9/16/2008 USD 2.85
Lehman Brothers Treasury Co14.10 11/12/2008 USD 2.85
Lehman Brothers Treasury Co7.50 5/30/2010 AUD 2.85
Lehman Brothers Treasury Co3.00 6/23/2009 EUR 8.75
*********
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 * * *