/raid1/www/Hosts/bankrupt/TCREUR_Public/170911.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, September 11, 2017, Vol. 18, No. 180
Headlines
A Z E R B A I J A N
ACCESSBANK: Fitch Lowers Long-Term IDR to BB-, Outlook Stable
G E O R G I A
SILKNET JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable
G E R M A N Y
AIR BERLIN: May Drop More Long-Haul Routes This Week to Cut Costs
NIDDA BONDCO: Moody's Assigns (P)B2 CFR, Outlook Stable
NIDDA BONDCO: S&P Assigns Prelim 'B+' CCR, Outlook Stable
SGL CARBON: Moody's Alters Outlook to Pos. & Affirms Caa1 CFR
SYNLAB BONDCO: S&P Alters Outlook to Neg. & Affirms 'B+' CCR
G R E E C E
EUROBANK ERGASIAS: Fitch Raises Long-Term Rating to B-
I R E L A N D
IRELAND GROUP: Moody's Assigns (P)Ba1 LT Subordinate Debt Rating
N E T H E R L A N D S
JUBILEE CLO 2014-XII: Moody's Assigns (P)B2 Rating to Cl. F Notes
P O R T U G A L
EDA - ELECTRICIDADE: Moody's Withdraws Ba3 Issuer Rating
R U S S I A
EURASIA DRILLING: Fitch Affirms BB IDR & Alters Outlook to Stable
URAL BANK: S&P Alters Outlook to Stable on Improved Performance
S P A I N
CATLUXE ACQUISITION: Moody's Assigns B2 CFR, Outlook Stable
CATLUXE ACQUISITION: S&P Assigns Prelim 'B' CCR, Outlook Stable
U N I T E D K I N G D O M
BELL POTTINGER: Failure to Find Buyer May Spur Administration
FARMERS CHOICE: Goes Into Liquidation Following Court Order
GP RACES: Circuit of Wales Project Delay Prompts Liquidation
PAYFONT: Enters Administration, 12 Jobs Affected
RAC BIDCO: S&P Affirms Then Withdraws 'B' Corp. Credit Rating
X X X X X X X X
* BOND PRICING: For the September 4 to September 8, 2017
*********
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A Z E R B A I J A N
===================
ACCESSBANK: Fitch Lowers Long-Term IDR to BB-, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based AccessBank's Long-
Term Issuer Default Rating (IDR) to 'BB-' from 'BB+'. The Outlook
is Stable. At the same time, the agency has affirmed the bank's
Viability Rating (VR) at 'f'.
KEY RATING DRIVERS
IDRS AND SUPPORT RATING
The downgrade of AccessBank's Long-Term IDR reflects Fitch's
reassessment of the likelihood of support that the bank may
receive from its core international financial institution (IFI)
shareholders.
Fitch has reassessed its view of the propensity and willingness
of the core shareholders to provide support to AB, primarily due
to the weak recent track record of capital support, which in
Fitch's view has been somewhat delayed and has not yet been
sufficient to restore the capital position of the bank. The
reassessment also takes into account the bank's recent weak
financial results and significant uncertainty about future
performance prospects, which Fitch believes will constrain its
ability to develop further as a microfinance lender in
Azerbaijan.
AccessBank has not been in compliance with prudential capital
requirements since the beginning of 2017 and has therefore been
relied on regulatory forbearance. The shareholders provided USD20
million of equity in March 2017 and are committed to inject a
further USD12 million by the end of September 2017 to make the
bank's total capital above the regulatory minimum of AZN50
million. However, these contributions are unlikely to be
sufficient to achieve compliance with required capital adequacy
ratios given further losses reported by the bank.
Fitch has maintained the bank's Long-Term IDR in the 'BB'
category and affirmed the Support Rating at '3', reflecting the
agency's view that there is still a moderate probability of
support for the bank. This view is based on the IFIs' strategic
commitment to microfinance lending in emerging markets, the IFIs'
direct ownership of AccessBank, stemming from their participation
as founding shareholders, and the fact that capital contributions
have been made in 2017 and may be considered again in 2018,
depending on the bank's capital position.
The Stable Outlook reflects Fitch's view that the capital support
provided by the IFI shareholders is likely to be eventually
sufficient to restore the bank's capital position and enable it
to continue fulfilling its obligations to creditors.
VR
The affirmation of AccessBank's VR at 'f' reflects the fact that
the bank continues to have a material capital shortfall. The
agency downgraded the bank's VR in February 2017 following a
sizable impairment-driven loss, which resulted in the bank's
regulatory capital ratios falling to low levels.
At end-1H17, the Fitch Core Capital (FCC) remained low, at an
estimated 3% of Basel risk-weighted assets. There has been no
improvement since end-2016 despite the March 2017 USD20 million
(AZN35 million equivalent) capital contribution due to the
sizable impairment-driven loss of AZN43 million, incurred by
AccessBank in 1H17. The regulatory Tier 1 and total capital
ratios were 2.2% and 4.5%, respectively. The upcoming equity
injection of USD12 million (AZN20 million equivalent) should
improve regulatory ratios to 4.3% and 7.7%, respectively,
according to Fitch's estimates (which also take into account
estimated losses for 3Q17), which would still be just below the
regulatory minimum levels of 5% and 10%.
Furthermore, the capital position will remain vulnerable as a
result of sizable unreserved non-performing loans (NPLs; loans
overdue by more than 90 days) of AZN71 million, or 2.4x Tier 1
capital after the anticipated equity injection. Internal capital
generation is an additional source of weakness. The 1H17 net loss
of AZN43 million was mostly due to high impairment-related
expenses of AZN38 million. However, even net of these (i.e. on a
pre-impairment basis before foreign-currency movements)
AccessBank would have still been loss making due to reduced loan
issuance, tight margins and high operating expenses.
AccessBank's funding profile has been stable. At end-1H17,
wholesale funding maturing within 12 months was equal to around
17% of total liabilities, while the available liquidity buffer
moderately exceeded this. However, Fitch views the liquidity
position as only moderate given the fact that most wholesale
funding repayments are in foreign currency, while more than half
of available liquidity is in local currency, and banks' ability
to convert local into foreign currency in Azerbaijan has been
significantly constrained by lack of FX supply.
RATING SENSITIVITIES
Fitch does not expect to further downgrade of AccessBank's Long-
Term IDR and Support Rating, as reflected by the Stable Outlook.
However, further prolonged delays with the provision of
sufficient capital support could result in a downgrade. Upside
for the Long-Term IDR is currently limited given the recent weak
track record of capital support.
Fitch will upgrade AccessBank's VR once the bank achieves
sustainable compliance with regulatory capital requirements and
is no longer reliant on regulatory forbearance. However, the
rating will probably be at a low sub-investment grade level given
sizable asset quality problems and the bank's likely weak future
performance.
The rating actions are as follows:
Long-Term IDR: downgraded to 'BB-' from 'BB+'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'f'
Support Rating: affirmed at '3'
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G E O R G I A
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SILKNET JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed JSC Silknet's Long-Term Issuer Default
Rating (IDR) at 'B+' with a Stable Outlook.
Silknet is the incumbent fixed-line telecoms operator in Georgia
with an extensive backbone and last-mile infrastructure across
the country. The company holds sustainably strong market
positions of above 40% in both fixed-voice and broadband
services, and is the largest provider of pay-TV services by
revenue. Its lack of significant mobile operations is a strategic
weakness, as is its small absolute scale -- Silknet services
fewer than 350,000 fixed lines and it generated GEL63 million
(about USD27 million) EBITDA in 2016.
KEY RATING DRIVERS
Fibre Strategy: Silknet's fibre strategy improves the company's
growth outlook and strengthens its competitive position. However,
it also entails execution risks and may lead to a slight increase
in leverage. Silknet is undertaking a wide-scale upgrade of its
last-mile infrastructure, aiming to rapidly mass-migrate its ADSL
customers to fibre. To a degree, this is a defensive strategy,
protecting the existing franchise from competition, which is
primarily fibre in large cities.
Management's plans to increase broadband ARPU and grow revenue
from pay-TV services from wider fibre coverage may be challenged
by the relatively low disposable income in Georgia (GDP per
capita was estimated at USD3,615 in 2016, equal to 37% of the
emerging Europe median). ADSL customers typically benefit from
lower tariffs, and may be reluctant to pay extra for higher
quality and additional services, particularly outside large
cities.
Modest Growth Outlook: Fitch expects revenue growth to remain in
the low-to-mid single digit positive territory, supported by
subscriber additions in pay-TV and to a lesser degree, broadband.
Voice revenue declines will likely continue unabated, diluting
the headline growth. Broadband is the largest segment by far
(bringing in close to 50% of Silknet revenues) and Fitch
forecasts it will see mid-single digit expansion. Revenue growth
across the Georgian internet market slowed to 4% yoy in 1H17,
from 6% yoy in 2016, and a much higher 16% yoy in 2015 (estimates
of the national regulator, GNCC).
Strategy May Face Challenges: Urban broadband penetration has
reached 70% by household, limiting further growth in the most
commercially attractive areas. Management's strategy of growing
revenue on the back of higher ARPU from fibre customers may be
challenged by competition. Silknet's residential internet ARPU
has reached parity with the market, suggesting that the company
no longer has a relative price advantage.
Threat From Bundled Competition: Silknet is facing the threat of
bundled competition, which it would not be able to directly
match. Magticom, Silknet's largest rival, keeps on consolidating
smaller broadband operators and is capable of bundling broadband,
pay-TV and mobile services. Bundled offers have not been actively
promoted so far, but significant changes in the market shares of
either operator risk their wider use.
Improving Profitability: Fitch expects Silknet's profitability to
continue steadily improving, as a result of the management's
focus on cost cutting, but also the growing contribution from
high margin Pay-TV and premium fibre services. The company is
unlikely to replicate the step-change in profitability reported
in 2016, with EBITDA margin jumping to 39% compared with 32% in
2015. To a large degree, the 2016 improvement was a result of a
change in the accounting treatment of installation and other
support services, which were spun off into a separate subsidiary,
with a significant portion of expenses capitalised.
Mobile Lack a Strategic Disadvantage
Silknet does not have any significant mobile operations, which
Fitch views as a strategic disadvantage. The Georgian mobile
market is mature, making an organic entry into the market a less
feasible option. The company therefore may explore options to
team up or merge with one of the existing mobile operators. Fitch
would treat acquisition of an existing mobile operator as event
risk.
Stable Leverage: A spike in infrastructure investment but also
continuing regular dividends, expected by Fitch at above GEL10
million per year, on par with 2016 distributions, will likely
push FCF into break-even-to-slightly-negative territory in 2017-
2018. Fitch expects that this weakness will be largely
compensated by moderately growing EBITDA, leading to stable FFO
adjusted net leverage of 2.0x over the period.
Dominant Shareholder Influence: The company's 100% shareholder
Silk Road Group can exercise significant influence on the company
and has access to its cash flows, as demonstrated by bypassing
formal restrictions on dividends - Silknet guaranteed GEL35
million of its shareholder's loan in 2016. Fitch treat this
guarantee as off-balance sheet debt, and include it in all
leverage calculations. Silknet's governance situation is
commensurate with its 'B'-range rating category. Silk Road Group
does not publicly disclose its financial results.
DERIVATION SUMMARY
Silknet benefits from its established customer franchise and wide
network of a telecoms incumbent, similar to its higher rated
emerging markets peers such as Kazakhtelecom (BB+/Stable) and
Tattelecom (BB/Stable). However, Silknet is smaller in size with
revenue of less than EUR100 million. Unlike its higher rated
peers, the company lacks any mobile operations and faces a strong
four-play-enabled competitor. Its corporate governance situation
is commensurate with a rating in the 'B' category.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for Silknet
include:
- continuing voice revenue contraction, at 10% per year on
average;
- broadband revenue growth in the mid-single digit range;
- double-digit Pay-TV revenue growth in 2017 and 2018;
- GEL3 million of IRU proceeds are treated as recurring and
included into FFO, with the rest treated as one-offs;
- EBITDA margin modestly improving from the 2016 level;
- high capex of above 25% of revenues in both 2017 and 2018
moderating to below 20% of revenues by 2020;
- regular dividends moderately growing from 2016 level in both
2017 and 2018
RATING SENSITIVITIES
Positive: developments that may, individually or collectively,
lead to positive rating action include:
- stronger FCF generation on a sustained basis, alongside stable
operating performance, comfortable liquidity and a track
record of improved corporate governance.
Negative: developments that may, individually or collectively,
lead to negative rating action include:
- leverage rising to and sustainably above 3x FFO-adjusted net
leverage without a clear path for deleveraging; and
- a rise in corporate governance risks due to, among other
things, related-party transactions or up-streaming excessive
distributions to shareholders.
LIQUIDITY
As of end-2016, Silknet did not have sufficient liquidity to
repay its amortising debt of approximately GEL25 million in 2017.
However, the company extended the maturity of its long-term bank
debt to 2024 from 2021 reducing its annual refinancing exposure.
The same positive impact is likely to be achieved from the GEL34
million bond due in 2022 issued in August 2017, assuming that
most proceeds are applied to refinancing the existing bank debt.
Silknet relies heavily on TBC (BB-/Stable), its largest creditor
and key relationship bank, for refinancing. High refinancing risk
is mitigated by Silknet's moderate leverage.
=============
G E R M A N Y
=============
AIR BERLIN: May Drop More Long-Haul Routes This Week to Cut Costs
-----------------------------------------------------------------
Ilona Wissenbach and Klaus Lauer at Reuters report that insolvent
German airline Air Berlin may drop more long-haul routes this
week, earlier than planned, to cut costs as it races to find
investors before it runs out of cash.
"The next step will be that further long-haul planes from
Duesseldorf will be grounded," one of the sources, who is
familiar with the industry, told Reuters.
Air Berlin said talk of cancelling more routes was "speculation",
Reuters relates.
Air Berlin said late in August it was bringing forward by a month
to Oct. 1 the cancellation of its services from Berlin to Los
Angeles and San Francisco, and from Duesseldorf to Boston,
Reuters recounts.
It said last week it was dropping flights from Berlin to New York
and Miami and from Duesseldorf to Orlando as of Sept. 25, Reuters
relays.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
NIDDA BONDCO: Moody's Assigns (P)B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
Corporate Family rating to Nidda BondCo GmbH, the new indirect
parent company of STADA Arzneimittel AG (Stada). Concurrently
Moody's has assigned provisional (P)B2 instrument ratings to up
to EUR1,950 million of senior secured 1st lien term loan B1 and
B2, to EUR485 million of senior secured 1st lien notes and to
EUR400 million of senior secured 1st lien revolving credit
facility issued by Nidda Healthcare Holding AG. Moody's has also
assigned a provisional (P)Caa1 instrument rating to EUR340
million of senior secured 2nd lien notes issued by Nidda BondCo
GmbH. The outlook on all ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary assessment of the transaction. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the proposed senior secured notes
and RCF. Definitive ratings may differ from provisional ratings.
The provisional rating assigned to the corporate family reflects
the uncertainty related to the ability of Cinven and Bain Capital
to be able to implement a domination agreement, which would
enable a full control of Stada. Cinven and Bain Capital would
need 75% of the registered share capital represented at the
adoption of the resolution at a shareholders meeting to be able
to implement the domination agreement. The underlying (P)B2
rating assigned reflects Moody's working assumption that Cinven
and Bain Capital will be able to buy all outstanding shares of
Stada at the tender offer price or alternatively that any
potential premium paid to minority shareholders would be financed
by additional equity.
RATINGS RATIONALE
The provisional (P)B2 Corporate Family rating assigned to Nidda
BondCo GmbH reflects the group's (i) diversified small molecule
generics portfolio with 13,000 SKUs and a good geographical split
across key European generics markets, (ii) track record in
bringing new small molecules generics drugs to the market and a
healthy small molecule generics pipeline, (iii) strong Over-the-
Counter ('OTC') brand portfolio with leading market positions
across various therapeutic areas and geographic markets, (iv)
potential to reduce costs with a stronger focus on operational
excellence than on revenue growth and to benefit from a recovery
in Eastern European markets, which have negatively impacted
Stada's OTC performance over the last 3 years (860bps decline in
Stada's adjusted EBITDA margin between 2013 and 2016).
Nidda BondCo's provisional Corporate Family rating is mainly
constrained by (i) the leveraged pro-forma capital structure of
the group (pro-forma Moody's Adjusted Gross Debt/EBITDA slightly
in excess of 7.0x as per LTM June 2017) albeit with good
deleveraging prospects thanks to EBITDA and FCF generation), (ii)
the relatively commoditized nature of Stada's generic portfolio
focused largely on solid and liquid small molecule generics with
a large tail of products in competitive markets (approximately
50% of the portfolio), (iii) currency mismatch between cost basis
and revenue basis in the Eastern European OTC business, which
alongside underlying market weaknesses has led to a material
deterioration in profitability, (iv) a higher than average degree
of execution risk in the implementation of the new cost
initiatives and (v) Stada's relatively small size in the context
of the European and global pharmaceutical rated universe.
RATIONALE FOR THE STABLE OUTLOOK
Nidda BondCo will be weakly positioned in its rating category at
the closing of the acquisition as a result of a high pro-forma
opening leverage (pro-forma Moody's adjusted Gross debt /EBITDA
of slightly more than 7.0x). The stable outlook assigned to the
ratings reflects Moody's expectations that Nidda BondCo will
swiftly delever to Debt/EBITDA of sustainably below 6.0x at the
latest 18 to 24 months after the closing of the acquisition
supported by a recovery in the underlying operating performance
in 2017 and beyond as well as by the execution of cost reduction
measures to be implemented over the next 24 months. Failure to
swiftly delever to a target level of Debt/EBITDA below 6.0x in
the two years post acquisition (assuming 100% ownership of Stada)
would exert negative pressure on the ratings. There is little or
no headroom for further debt financed acquisitions (not reflected
in the company's underlying business plan) prior to achievement
of envisaged cost synergies.
LIQUIDITY
The liquidity position of Nidda BondCo at closing of the
transaction will be adequate. While the two acquirers will not
overfund the transaction to ensure a minimum cash balance at
closing, the access to a sizeable revolving credit facility of
EUR400 million should offer sufficient liquidity buffer to run
the operations smoothly. Nidda BondCo should also have sufficient
headroom under its springing covenant to ensure access to the
revolving credit facility at any time. Moody's expects the
liquidity position of Nidda BondCo to improve over time supported
by the group's strong cash flow generation profile, which should
ensure a swift build up in cash on a balance sheet and no need to
draw the revolving credit facility.
STRUCTURAL CONSIDERATIONS
In light of the mixed capital structure including both bank debt
and bonds Moody's has applied a recovery rate of 50% for the
corporate family. The recovery rate assumption of 50% is further
supported by the covenant lite package with only a springing
covenant on the revolving credit facility protecting creditors.
The provisional (P)B2 ratings assigned to the senior secured 1st
lien term loan B1 and B2, senior secured 1st lien notes and
senior secured 1st lien RCF reflects the creditors 1st lien claim
over a security package consisting of shares from operating
subsidiaries accounting for at least 80% of group EBITDA. However
the security package is seen as weak given the access to shares
only rather than to all assets of the operating subsidiaries. The
provisional (P)Caa1 rating assigned to the senior secured 2nd
lien notes reflects the 2nd lien claim over the same security
package.
WHAT COULD CHANGE THE RATING UP/DOWN
The proposed rating trigger reflect Moody's working assumption
that Nidda BondCo will be able to implement a squeeze out of all
minority shareholders and will own indirectly 100% of the shares
in Stada Arzneimittel AG. Moody's would be adjusting Moody's
guidance (tighter credit metrics requirements) if Nidda BondCo
would fail to fully own the company whilst still fully
consolidating it in its accounts.
Positive rating pressure is unlikely in the short term given the
weak rating positioning of Nidda BondCo at closing of the
acquisition. Over time a reduction in leverage as measured by
adjusted Debt/EBITDA sustainably below 5.0x would lead to
positive rating pressure on the rating.
Negative pressure on the rating would develop if Nidda BondCo
would fail to swiftly reduce leverage as measured by adjusted
debt/EBITDA to sustainably below 6.0x at the latest 18 to 24
months after the closing of the acquisition supported by a
recovery in the underlying operating performance in 2017 and
beyond as well as by the execution of cost reduction measures to
be implemented over the next 24 months. There is little or no
headroom for further debt financed acquisitions prior to
achievement of envisaged cost synergies.
The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.
NIDDA BONDCO: S&P Assigns Prelim 'B+' CCR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term
corporate credit rating to Nidda BondCo GmbH (Nidda), the parent
of the group's holding company, Nidda Healthcare Holding AG
(Nidda Healthcare). The outlook is stable.
S&P said, "At the same time, we assigned a preliminary 'B+' issue
rating to the proposed secured debt, including the EUR1.95
billion term loan B, the EUR485 million senior secured notes and
the EUR400 million Revolving Credit Facility. The recovery rating
on these instruments is '4', reflecting our expectation of 45%
recovery in the event of a payment default.
"We also assigned a preliminary 'B-' issue rating to the proposed
EUR340 million of senior unsecured debt. The recovery rating on
this debt is '6' and reflects our expectation of 0% recovery in
the event of a payment of default.
"The final ratings will be subject to the successful closing of
the proposed issuance and will depend on our receipt and
satisfactory review of all final transaction documentation.
"Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the final debt amounts and the
terms of the final documentation depart from the materials we
have already reviewed, or if we do not receive the final
documentation, we reserve the right to withdraw or revise our
ratings."
Headquartered in Germany, Nidda manufactures, develops, markets,
and distributes generic and over the counter (OTC)
pharmaceuticals, mainly in Central and Western Europe.
S&P said, "Generating revenues of EUR2 billion and about EUR400
million of EBITDA in 2016, we view positively Nidda's position as
the fourth-largest generic company in Europe after Teva, Sandoz,
and Mylan. We view scale as an important factor in the mainstream
generic business, as it enables the company to offer an extensive
product portfolio, increasing its ability to compete in
government tenders that are mainly price driven and to achieve
operating cost savings."
The group's business model does not focus on internally
developing generic versions of marketed drugs, but instead on
acquiring and registering marketing rights to products with
recently expired patents. The company has a long track record of
doing this efficiently, supported by collaboration agreements.
This is a strong competitive advantage and enables the company to
launch about 700 new products a year. This in turn leads to a
very low product concentration with no particular focus on any
one therapeutic area. However, although lowering the risk of
concentrated pricing pressure, it poses challenges in terms of
managing the active pharmaceutical ingredients supplier base and
manufacturing efficiencies. The company operates 16 manufacturing
sites and two-thirds of its production internally. The sites are
well balanced between low-cost countries and close-to-home
facilities for more value-added products.
As a German company and with Germany being the largest European
generic pharmaceuticals market, the country accounts for about
25% of the company's revenues. The market in Germany has become
highly competitive as a result of a large number of generic
participants, having one of the highest generic penetration rates
in Europe and the use of tender systems. The market continues to
be highly price and discount driven, although to a lesser extent
than in the past. The management has exited, and is not entering
into, tenders that are margin dilutive.
Overall, the European generics market is predicted to grow at a
compound annual growth rate (CAGR) of 8% in 2017-2021 and remains
volume driven, supported by a favorable long-term demographic
trend, particularly an aging population seeking lower-cost health
care products, along with the increasing penetration and
utilization of generics in some countries. The OTC segment is
also supported by the growing self-payer market and switch to OTC
drugs from prescription drugs, with a predicted CAGR of 5% in
2017-2021.
About 40% of the company's revenues and 50% of EBITDA is
generated from branded healthcare and OTC products, focused on
cough and cold medicine, vitamins, pain management, and skin
care. We view this division as a positive factor in our
assessment, as it benefits from higher margins and good revenue
and cash flow predictability. The group's portfolio is focused on
local brands mainly in Germany, the U.K., France, and Russia,
where it benefits from distribution mainly via pharmacy channels
(these are less price competitive and require less marketing
spending), but where it also competes with major players --
international brands with significantly higher marketing budgets.
Despite its recent consolidation, the OTC market remains highly
fragmented and driven by local brand awareness.
S&P said, "If the company has lower margins than its peers, we
expect a catch-up effect as the management will focus on
profitability rather than driving gross revenues. The main cost
savings will likely come from sourcing active ingredients by
concentrating the supplier base, while other savings should come
from manufacturing efficiencies and general and administrative
expenses.
"We believe that the procurement savings should be relatively
easy to achieve, as the company's portfolio does not contain many
complex molecules. Additional benefits should also come from the
positive portfolio mix skewing toward the OTC segment, which
benefits from higher margins and cash flow predictability, given
that it operates in an unregulated pricing market. We could see,
however, some dilution from its exposure to currency headwinds
through its presence in Eastern Europe and Russia.
"On Aug. 18, 2017, Nidda Healthcare published that STADA
Arzneimittel AG's shareholders had agreed to a public-to-private
takeover by two private equity funds, Cinven and Bain Capital.
Our assessment therefore reflects the ownership by financial
sponsors and our projections that S&P Global Ratings-adjusted
debt to EBITDA will remain between 6.5x and 7.2x over the next
12-24 months. We include in our debt calculation a EUR1.95 term
loan, EUR485 million senior secured notes, and EUR340 million
unsecured notes.
"The financing structure will also include a EUR400 million
revolving credit facility (RCF), which we expect to be undrawn at
the closing. We exclude the preferred equity certificates and the
shareholder loan from our debt calculation, and treat it as
equity as per our criteria. We adjusted our debt of operating
leases for around EUR60 million, EUR23 million of pensions, EUR5
million of contingent purchase price, EUR140 million for
factoring, and EUR1.5 million for finance leases.
As the new majority owner is a private equity fund, we did not
deduct any cash from our debt calculations.
"We expect Nidda will be able to generate positive free operating
cash flow (FOCF) of at least EUR100 million annually, excluding
2017 (as this reflects one-off expenses related to the take-
private transaction). There is a potential for ratings upside,
but this will depend on the speed and success of planned cost
savings.
"The stable outlook reflects our expectations that Nidda will
continue to benefit from new product launches and the
internationalization of its branded products to generate solid
revenue growth over the next 12 months, and that it will
gradually improve its profitability, mainly thanks to the planned
cost savings. This should enable the company to gradually reduce
leverage close to 6.0x-6.5x over the next two years, supported by
positive FOCF generation of at least EUR100 million, assuming
well-managed capex and working capital spending.
"We could take a negative rating action if Nidda's EBITDA margin
declines below 20% as a result of price competition, any delays
in new product launches to support volume growth, or if there are
higher than expected one-time operational charges. We would also
lower the rating if FOCF is close to zero or negative as a
result.
"We would likely take a positive rating action if Nidda was able
to achieve adjusted debt to EBITDA below 5x on a sustainable
basis, depending on shareholders' commitment, supported by solid
cash flow generation. A positive rating action would be
contingent on a track record of accelerating profitable growth
through a positive mix in volume and price, combined with its
cost savings plan."
SGL CARBON: Moody's Alters Outlook to Pos. & Affirms Caa1 CFR
-------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
ratings outlook for German global manufacturer of graphite and
carbon material products SGL Carbon SE (SGL). Concurrently,
Moody's affirmed SGL's Caa1 corporate family rating (CFR),
affirmed the Caa1-PD probability of default rating and affirmed
the B3 rating on the company's existing EUR250 million of senior
secured notes due 2021.
"Moody's decision to change SGL Carbon's outlook to positive
reflects the improvement in the company's financial results with
solid growth of both sales from the continuing operations and
profitability. Moody's also see as a positive credit factor the
two agreements reached for the sale of the former Performance
Product (PP) business unit and the announcement of the debt
repayment from the net proceeds to be received", says Hubert
Allemani, a Vice President -- Senior Analyst at Moody's. "Moody's
expect that the proposed debt repayment will reduce the Moody's
adjusted leverage to around 6x, which would be more commensurate
with a higher rating category."
RATINGS RATIONALE
The change in outlook reflects the gradual strengthening of SGL
carbon's key credit metrics over the last year and Moody's
expectations that those metrics will further improve over the
next 12-24 months. Compared to the first half of 2016, sales
achieved in the first half of 2017 were 15% higher at EUR435.3
million. On a Moody's adjusted basis, EBITDA for the first half
2017 was EUR54 million, 15% up compared to the first half 2016.
EBITDA margin on an adjusted basis remained stable at
approximately 12.5% compared to the previous year. Moody's
expects sales in excess of EUR825 million and Moody's adjusted
EBITDA in excess of EUR110 million for 2017. Moody's expects that
the growth achieved over the last quarters will continue into
2018.
While high at about 11x at the end of June 2017, SGL's Moody's
adjusted leverage should decrease towards 6x based on the
expected debt repayment from the net proceeds from the sale of
PP. The company expects to receive about EUR200 million when the
sale of the graphite electrode business closes and about EUR230
million when the sale of the cathodes and furnace lining business
closes. The proceeds should be used to repay in full the EUR240
million convertible bond due in January 2018 and the EUR250
million secured notes due in 2021.
Despite the profitability improvement, the group's cash flow
generation will stay weak. Moody's forecasts that SGL's free cash
flow (FCF) will remain negative in 2017 of about EUR35 million,
on a Moody's-adjusted basis, following the negative EUR38 million
in 2016. FCF generation should move closer to breakeven in 2018
as working capital stabilises and earnings increase. However,
capital expenditure should remain substantial at about EUR55
million at least over the next 12 months as the company announced
that it will step up investments in growth projects.
The company's CFR has been affirmed at Caa1 and reflects (1)
accelerating ramp-up of the Composite Fibres & Materials (CFM),
and Graphite Materials & Systems (GMS) divisions, supported by
growing underlying markets; (2) divestment of PP division now
sold, albeit not completed, with proceeds earmarked to reduce
gross debt; (3) leading market position in each of its markets,
with high technological know-how; and (4) stable and supportive
shareholders as evidenced by December 2016 right issue of EUR180
million.
The Caa1 CFR is constrained by (1) still weak credit and debt
protection metrics with EBIT margin of 3.7% at the end of June 17
and EBITDA to interest under 1.5x; (2) expected negative FCF this
year; (3) highly leveraged capital structure with a LTM to June
2017 leverage of 11x, although expected to decrease towards 6x
after proposed debt repayment from divestment proceeds; and (4)
uncertainties around the timing of the closing of the divestments
that may lead to use of the RCF and cash on balance sheet to fund
the convertible bond repayment due in Jan 2018 of EUR240 million.
LIQUIDITY
While the company's liquidity benefitted from the December 2016
net proceeds of EUR173 million from the rights issue, it remains
constrained by the negative free cash generation. At the end of
June 2017, SGL liquidity is supported by cash balances of around
EUR286.4 million, and the availability of its revolving credit
facility (RCF). The company negotiated a new syndicated facility
which includes a EUR50 million RCF fully available and due in
December 2019 and a EUR100 million bridge facility also due in
December 2019. The EUR100 million bridge facility is not
immediately available as it is subject to the closing of the
graphite electrode sale and the repayment of the EUR250 million
bond due 2021.
Moody's believes that the current cash level and availability
under the EUR50 million RCF would be sufficient to fulfil SGL's
operational needs and would allow the company to meet its January
maturity should neither of the sale processes close by year end.
In this scenario liquidity would then become tight. The net
proceeds expected from PP divestments would provide additional
cash to the company and further strengthens its liquidity.
However, Moody's cautions that there are some execution risks
linked to the two sales processes, particularly the sale of the
graphite electrodes which remains subject to competition approval
in the United States. The sale of the cathodes, furnace linings
and carbon electrode is expected to close by year end because the
process has less regulatory hurdles.
Excluding the convertible bond due in January 2018, the next
maturities are in December 2018, September 2020 and January 2021.
The December 2018 maturity is a EUR116 million loan borrowed by
the joint venture with Bayerische Motoren Werke
Aktiengesellschaft (BMW, A1 stable), which Moody's expects to be
extended. The 2021 secured notes have been earmarked to be repaid
by the proceeds of the sale of the graphite electrodes business.
Once those transactions are concluded, the only maturity would be
the EUR167 million amount due under the 2020 convertible bond,
which places SGL in a more comfortable position.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook reflects Moody's view that SGL Carbon's
operational performance should continue to improve driven by the
accelerating ramp-up of the CFM and GMS business units.
Profitability should also benefit from the costs savings from the
restructuring program in place. While the company's FCF should
remain negative this year, Moody's expects it to improve towards
breakeven in 2018 benefitting from the improved profitability and
lower debt service post repayment of debt. With the closing of PP
sale process, liquidity should improve. Moody's also expects that
the company's leverage should decrease towards 6x after repayment
of debt from the proceeds of the PP business unit divestment.
WHAT COULD CHANGE THE RATINGS UP/DOWN
The ratings could be upgraded if (1) Moody's-adjusted leverage
decreases sustainably below 6.5x; (2) SGL strengthens its
liquidity profile, notably with the revolving credit facility
continuing to be fully available; and (3) returns to be at least
free cash flow break-even.
Downward ratings pressure could occur if (1) the company fails to
grow its earnings; (2) SGL's Moody's-adjusted debt/EBITDA ratio
does not decrease over time to levels close to 8x; (3) Its
liquidity profile deteriorates; and (4) the company is unable to
access the revolving credit facility.
The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Headquartered in Wiesbaden, Germany, SGL Group is one of the
world's leading manufacturers of carbon-based products. SGL's
comprehensive portfolio ranges from carbon and graphite products
to carbon fibers and composites. The company operates through two
business units of Composites-Fibers & Materials (41% of 2016
sales) and Graphite Materials & Systems (59% of 2016 sales). In
2016 the company had EUR769.8 million of Sales and reported
EBITDA before non-recurring items of approximately EUR70 million.
LIST OF AFFECTED RATINGS
Affirmations:
Issuer: SGL Carbon SE
-- Probability of Default Rating, Affirmed Caa1-PD
-- Corporate Family Rating, Affirmed Caa1
-- Senior Secured Regular Bond/Debenture, Affirmed B3
Outlook Actions:
Issuer: SGL Carbon SE
-- Outlook, Changed To Positive From Stable
SYNLAB BONDCO: S&P Alters Outlook to Neg. & Affirms 'B+' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable
and affirmed its 'B+' corporate credit rating on Germany-based
Synlab Bondco PLC, a leading provider of laboratory services, and
its subsidiary Synlab Unsecured Bondco PLC.
S&P said, "At the same time, we assigned our 'B+' issue rating to
Synlab's proposed EUR300 million senior secured term loan B. We
affirmed our 'B+' issue rating on Synlab's existing EUR1,840
million senior secured notes due in 2022. The recovery rating on
the loan and the notes is '4', indicating our expectation of
average (30%-50%; rounded estimate: 45%) recovery in the event of
a payment default.
"We also affirmed our 'BB+' issue rating on Synlab's EUR250
million super senior secured revolving credit facility (RCF)
maturing in 2021. The recovery rating on the RCF is '1+',
indicating our expectation of substantial (100%) recovery in the
event of a payment default.
"We affirmed our 'B-' issue rating on the EUR375 million senior
unsecured notes issued by Synlab Unsecured Bondco PLC. The
recovery rating on the notes remains '6', reflecting our
expectation of negligible (0%-10%) recovery for debtholders in
the event of a payment default."
Synlab has increased the frequency and size of its acquisitions
so far this year. As of June 30, 2017, it had spent EUR80 million
on 18 bolt-on acquisitions, mainly in France, Germany, Austria,
and Spain.
Synlab is also pursuing strategic acquisitions. On July 3, it
integrated the U.K.-based environment testing provider ALcontrol,
which generates annual revenues of EUR95 million. Synlab's newly
combined environmental/food testing unit will generate close to
EUR200 million in annual revenues. On July 10, Synlab acquired
Cityterveys, which provides diagnostics services in Finland that
include imaging, a segment where the group was not present.
Furthermore, the group is reinforcing its geographic
diversification by broadening its presence in Latin America. Its
revenues from M&A in the region reached EUR35 million between
fourth-quarter 2016 and second-quarter 2017.
S&P expects Synlab's S&P Global Ratings-adjusted leverage (debt
to EBITDA) will remain above 7x. This is despite support from
Novo for the group's M&A strategy in the form of a EUR250 million
equity injection when Novo upped its stake in the group to 20% in
April 2017.
At year-end 2016, Synlab's S&P Global Ratings-adjusted leverage
ratio stood at 7.4x. Given the group's financial sponsor
ownership, S&P does not deduct cash on balance sheet from
reported debt of EUR2,270 million. S&P adds back EUR273 million
of operating leases, EUR30.5 million of pensions, and EUR10.8
million of debt fees. S&P expects reported EBITDA will reach
EUR301 million in 2017 and EUR330 million in 2018.
Organic growth in the laboratory market is limited, owing to
pricing pressure and slowly rising volumes. Consequently,
industry players are making acquisitions, aiming to capture
market share and improve the operating efficiency of their
structures. They are achieving cost savings mainly by
centralizing technical platforms and applying groupwide supplier
agreements.
GEMINI, the program implemented at the time of the merger between
ex-Synlab and ex-Labco has continued to deliver synergies this
year, currently totaling EUR24.7 million. Despite Synlab's good
track record of making successful acquisitions, S&P believes that
its increased M&A activity accentuates execution risks that could
lead to a deterioration in profitability and working capital.
EBITDA margin dilution could also be caused by integrating
companies with lower margins than in the group's legacy business.
In first-half 2017, the group's working capital outflow reached
EUR62 million, leading to negative free operating cash flow
(FOCF) of EUR24 million (after capital expenditures [capex], tax
payments, and interest payments). S&P said, "We expect FOCF will
remain negative at year-end 2017, at around EUR5 million,
although we think the group is taking the necessary measures to
monitor its working capital and we assume no major operating
setback related to the newly acquired companies.
"The ratings on Synlab continue to reflect its leading positions
in all its key markets. Its consolidating strategy should allow
it to maintain these positions. In addition, we consider that it
has a good track record of integrating laboratories and achieving
synergies. The group's exposure to different healthcare systems
and regions is another positive rating factor, in our view,
because it diversifies third-party payers' profiles, limiting
payment risk. It also reduces risks related to price cuts."
S&P said, "The negative outlook on Synlab reflects our view of
heightened execution risks related to the increased frequency and
size of the group's acquisitions. These risks could hamper its
profitability and working capital management, leading to
potential deterioration in cash flow generation.
"We could lower our ratings on Synlab if FOCF were negative in
2017, because of a combination of large working capital outflow
and margin deterioration, following the integration of new
laboratories.
"We could also take a negative rating action if Synlab's fixed-
charge coverage ratio were to fall below 1.5x. This could happen
if the group continued its quick and aggressive M&A strategy,
pushing up its debt burden.
"We would revise the outlook to stable if Synlab achieved
positive operating performance and successfully integrated
purchased companies, rapidly unlocking synergies and avoiding
operating setbacks. Such performance would include establishing a
solid track record of positive FOCF, maintaining fixed-charge
coverage at the upper end of the 1.5x-2.0x range and adjusted
leverage at about 7x."
===========
G R E E C E
===========
EUROBANK ERGASIAS: Fitch Raises Long-Term Rating to B-
------------------------------------------------------
Fitch Ratings has upgraded the Long-Term ratings on Eurobank
Ergasias S.A.'s and National Bank of Greece S.A.'s (NBG)
government-guaranteed debt programmes to 'B-' from 'CCC'. Fitch
has also upgraded the Short-Term rating on Eurobank's government-
guaranteed debt programme to 'B' from 'C'.
This rating action follows the upgrade of Greece's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B-' and Short-
Term Foreign-Currency IDR to 'B' on August 18, 2017.
KEY RATING DRIVERS
Eurobank's and NBG's government-guaranteed debt are senior
unsecured instruments that are unconditionally and irrevocably
guaranteed by the Greek State under the Greek Law 3723/2008 "for
the enhancement of liquidity of the economy in response to the
impact of the international financial crisis". The ratings
reflect Fitch's expectation that Greece will honour the
guarantees provided to the noteholders. Fitch believes that these
guaranteed programmes and issues will be treated equally with
other senior obligations of the Greek State.
RATING SENSITIVITIES
The ratings of Eurobank's and NBG's state-guaranteed debt are
sensitive to Greece's sovereign ratings.
=============
I R E L A N D
=============
IRELAND GROUP: Moody's Assigns (P)Ba1 LT Subordinate Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 long-term
subordinate debt rating to Bank of Ireland Group plc (BOI Group,
Issuer rating Baa3 positive), the holding company of Bank of
Ireland (BOI, rated LT Bank Deposits A3/ Senior Unsecured Baa1
positive, BCA baa3). The subordinate debt rating is based on the
consolidated Loss-Given-Failure (LGF) analysis of the Group
including the main operating company, BOI.
RATINGS RATIONALE
According to Moody's Banks Methodology, in countries subject to
the EU's Bank Recovery and Resolution Directive (BRRD), such as
Ireland, which Moody's considers an Operational Resolution
Regime, it is assumed that if a holding company forms part of the
same resolution perimeter as the bank, as is the case of the BOI
Group, holding company subordinate obligations rank below the
holding company's senior unsecured obligations, in this case
rated at (P) Baa3, and pari passu with the operating company's
subordinate obligations, rated at Ba1. This is because Ireland's
implementation of EU's BRRD mandates write-down and conversion
for bank-issued capital instruments as the initial source of
loss-absorbing capital.
Based on the above liability ranking assumptions, a (P)Ba1 rating
is assigned to the subordinate debt issuances of BOI Group. The
Agency assigns a "Low" government support probability to the
issuer rating of the Group as well as to its subordinate
obligations resulting in no additional notching for this class of
liabilities.
WHAT COULD CHANGE THE RATING -- UP/DOWN
A positive change in BOI's BCA would likely lead to an upgrade of
BOI Group's issuer rating and, consequently, to the subordinated
rating. A downward movement in BOI's BCA would likely result in
the downgrade of BOI Group's issuer and subordinated ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks published
in January 2016.
=====================
N E T H E R L A N D S
=====================
JUBILEE CLO 2014-XII: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that is has assigned the
following provisional ratings to refinancing notes ("Refinancing
Notes") to be issued by Jubilee CLO 2014-XII B.V. (the "Issuer"):
-- EUR4,000,000 Class X Senior Secured Floating Rate Notes due
2030, Assigned (P)Aaa (sf)
-- EUR304,000,000 Class A Senior Secured Floating Rate Notes due
2030, Assigned (P)Aaa (sf)
-- EUR32,000,000 Class B1 Senior Secured Floating Rate Notes due
2030, Assigned (P)Aa2 (sf)
-- EUR25,000,000 Class B2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aa2 (sf)
-- EUR29,500,000 Class C Deferrable Mezzanine Floating Rate
Notes due 2030, Assigned (P)A2 (sf)
-- EUR25,500,000 Class D Deferrable Mezzanine Floating Rate
Notes due 2030, Assigned (P)Baa2 (sf)
-- EUR34,000,000 Class E Deferrable Junior Floating Rate Notes
due 2030, Assigned (P)Ba2 (sf)
-- EUR15,000,000 Class F Deferrable Junior Floating Rate Notes
due 2030, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
RATINGS RATIONALE
Moody's provisional ratings of the notes address the expected
loss posed to noteholders by the legal final maturity of the
notes in 2030. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying
assets. Furthermore, Moody's is of the opinion that the
collateral manager, Alcentra Limited ("Alcentra"), has sufficient
experience and operational capacity and is capable of managing
this CLO.
The Issuer will issue the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B1 Notes and B2 Notes, which were refinanced in January
2017 and Class C Notes, Class D Notes, Class E Notes and Class F
Notes due 2027 (the "Original Notes"), previously issued May 2014
(the "Original Closing Date"). On the Refinancing Date, the
Issuer will use the proceeds from the issuance of the Refinancing
Notes to redeem in full the Original Notes. On the Original
Closing Date the Issuer also issued Subordinated Notes, which
will remain outstanding.
Jubilee CLO 2014-XII B.V. is a managed cash flow CLO with a
target portfolio made up of EUR500,000,000 par value of mainly
European corporate leveraged loans. At least 90% of the portfolio
must consist of senior secured loans and senior secured bonds and
up to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans, mezzanine obligations and high yield bonds.
The portfolio may also consist of up to 10% of fixed rate
obligations. The portfolio is expected to be 100% ramped up as of
the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe.
Alcentra will actively manage the collateral pool of the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain
restrictions.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the
ratings:
The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change (including a change of
sovereign related risks with regards to the country of domicle of
obligors). The Manager's investment decisions and management of
the transaction will also affect the performance of the notes.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016. The
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:
Performing par and principal proceeds balance: EUR500,000,000
Defaulted par: EUR0
Diversity Score: 38
Weighted Average Rating Factor (WARF): 2800
Weighted Average Spread (WAS): 3.5%
Weighted Average Recovery Rate (WARR): 43%
Weighted Average Life (WAL): 8.5 years
As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. As per the portfolio
constraints, exposures to countries with a local currency country
risk ceiling of A1 or below cannot exceed 10%. However, the
eligibility criteria require that an obligor be domiciled in a
non-emerging market country. At present, all countries classified
as non-emerging market under this transaction have a local
currency country risk ceiling of at least A1. Therefore at
present, it is not possible to have exposures to countries with a
local currency country risk ceiling of below A3.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the provisional ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on the notes (shown in terms of the number of
notch difference versus the current model output, whereby a
negative difference corresponds to higher expected losses),
assuming that all other factors are held equal.
Percentage Change in WARF -- increase of 15% (from 2800 to 3220)
Rating Impact in Rating Notches:
Class X Senior Secured Floating Rate Notes: 0
Class A Senior Secured Floating Rate Notes: 0
Class B1 Senior Secured Floating Rate Notes : -2
Class B2 Senior Secured Fixed Rate Notes : -2
Class C Deferrable Mezzanine Floating Rate Notes: -2
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: -1
Percentage Change in WARF -- increase of 30% (from 2850 to 3640)
Class X Senior Secured Floating Rate Notes: 0
Class A Senior Secured Floating Rate Notes: -1
Class B1 Senior Secured Floating Rate Notes : -4
Class B2 Senior Secured Fixed Rate Notes : -4
Class C Deferrable Mezzanine Floating Rate Notes: -4
Class D Deferrable Mezzanine Floating Rate Notes: -3
Class E Deferrable Junior Floating Rate Notes: -2
Class F Deferrable Junior Floating Rate Notes: -3
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
===============
P O R T U G A L
===============
EDA - ELECTRICIDADE: Moody's Withdraws Ba3 Issuer Rating
--------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the Ba3 long-issuer rating of EDA - Electricidade dos
Acores, S.A. (EDA) and converted the issuer rating into a
corporate family rating (CFR) in line with the rating agency's
practice for corporates with non-investment-grade ratings.
Concurrently Moody's has withdrawn the Ba3 issuer rating of EDA.
RATINGS RATIONALE
RATIONALE FOR RATING AND OUTLOOK CHANGE
The outlook change to positive reflects Moody's view that EDA
should be able to sustain a stronger financial profile against
the background of a gradually improving local economy. It factors
in Moody's assumption that the forthcoming settlement for the
regulatory period starting from 2018 will extend the regulatory
framework's track record of continuity and transparency, which is
a supporting factor for EDA's rating. This would allow the group
to fund the majority of its ambitious capital investment from
internal cash generation, while also maintaining a financial
profile consistent with guidance for a Ba2 rating.
The outlook change factors in a gradually improving regional
macroeconomic environment; electricity demand in the RAA rose by
1.4% in 2016 to 730GWh, up from 720GWh in 2015. Moody's forecast
is for GDP growth in Portugal overall of 1.3% in 2017, which
should be reflected in a further strengthening of the economy in
the Autonomous Region of the Azores (Regiao Autonoma dos Acores,
or RAA, rated Ba2), whose rating outlook was recently changed to
positive. Moody's expects this will be supportive of regional
power demand in the medium-term, although moderated by the
gradual adoption of energy efficiency measures.
EDA's financial profile has strengthened over the current three
year regulatory period which runs 2015-2017. This reflects
consistent free cash flow generation -- thanks in part to slower
than planned capital investment -- which enabled the group to cut
reported net debt to EUR217 million at end-2016. Combined with
stronger funds from operations (FFO) this resulted in FFO/debt of
more than 20% in 2016, and approximately 16% on a three year
average basis. The outlook change factors in Moody's assumption
that (1) the substance of the regulatory framework within which
EDA operates should be little changed for the new period starting
in 2018; and (2) that allowed returns and efficiency targets
should be manageable for EDA, although these will not be
formalized until December.
EDA's Ba3 rating is supported by a relatively low business risk
profile, based upon: (1) the company's position as the dominant
vertically integrated utility in the RAA; and (2) the fully
regulated nature of the company's activities in the context of a
relatively well-established and transparent regulatory framework.
At the same time, the rating factors in: (1) the small size of
the company, and its large EUR261 million investment and asset
transition plan over 2017 to 2021, whose objective is
progressively to shift its generation mix from thermal to
renewables sources; (2) the costs and challenges associated with
operating in a small, relatively remote, archipelago; and (3) the
tightening of efficiency factors during the 2015-2017 regulatory
period.
The positive outlook reflects Moody's view that EDA's cash flow
generation under the forthcoming regulatory period starting in
2018 could support its capital investment plan and dividend
policy, while maintaining a financial profile which is consistent
with ratio guidance for a Ba2 rating, including FFO/net debt in
the mid-teens, in percentage terms.
WHAT COULD MOVE THE RATING UP/DOWN
The rating could be upgraded in the event that the settlement for
the forthcoming regulatory period were to support confidence that
the company could deliver on its capex programme and asset
transition plan whilst achieving the operating efficiencies
imposed by the regulator and maintaining FFO/debt in the mid-
teens on a sustainable basis. Any upward movement in EDA's rating
will also be considered in the context of the evolution of the
macroeconomic environment in the Azores and in Portugal.
Although not expected, the rating could be downgraded if (1)
deleveraging momentum were to be reversed -- whether because a
more challenging regulatory settlement or faster than expected
capital investment resulted in a deterioration in the group's
financial profile -- such that FFO/debt was likely to be
consistently below double digits; and/or (2) if the company was
unable to raise debt in the domestic or international markets
leading to a deterioration in EDA's liquidity position.
The methodologies used in this were Regulated Electric and Gas
Utilities published in June 2017, and Government-Related Issuers
published in August 2017.
EDA is the dominant vertically integrated utility in Azores,
50.01% owned by the Autonomous Region of Azores. In the year to
December 2016, the company reported consolidated revenues of
EUR175 million and EBITDA of EUR60 million.
===========
R U S S I A
===========
EURASIA DRILLING: Fitch Affirms BB IDR & Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Eurasia Drilling Company
Limited's (EDC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB' and revised the Outlook to Stable
from Negative.
The stabilisation of the Outlook follows a material reduction in
EDC's leverage in 2016 and Fitch Ratings' expectation of a
further reduction in leverage in 2017-2019, stable demand for
drilling services from Russian oil companies, improved free cash
flow (FCF) in 2016 driven by significant capex flexibility and
the absence of dividends, as well as improving customer
diversification. Fitch does not incorporate any potential upside
from Schlumberger's announcement of the purchase of a 51% stake
in the company into EDC's ratings until the transaction is
approved by the Russian authorities and closed.
KEY RATING DRIVERS
Meterage, Rouble Drive Performance: EDC increased 1H17 total
metres drilled by 8% on 1H16, while the horizontal metres surged
30%, as Russian oil companies require more complex wells with
significant horizontal sections for hydraulic fracturing and
higher oil flow rates at conventional wells. In 2016 EDC's total
metres drilled were up 3% yoy, as its horizontal metres drilled
increased 5%. Two of the company's four offshore drilling rigs
were idle in 2016 and 1H17, which damaged overall results.
Improving operational performance coupled with a stronger rouble
led to better-than-expected results in 2016 and more favourable
projections for EDC's revenue and EBITDA.
Deleveraging Fuelled by FCF: EDC's funds from operations (FFO)
adjusted net leverage declined to 1.9x at end-2016 from 2.6x a
year before. EDC reduced US dollar-denominated capex by half in
2016 on 2015 and did not pay dividends for the second year in a
row. This helped it generate record FCF of USD304 million in 2016
despite a 12% yoy drop in EBITDA to USD408 million. Significant
FCF and year-end rouble appreciation helped EDC reduce its US
dollar-denominated net debt by almost a third at end-2016. Net
leverage continued declining in 1H17, and Fitch projects it will
drop further to 1.5x by end-2017 due to moderate capex, ongoing
debt reduction and a stronger rouble.
No Current Deals Impact: On July 20, 2017, EDC announced that its
shareholders agreed to sell a 51% stake in the company to
Schlumberger, the leading global oilfield services provider. The
agreement is subject to approval by the state authorities,
including the Federal Antimonopoly Service of Russia. Fitch does
not incorporate any upside into EDC's rating from the deal until
it is closed. The earlier attempt in 2015 by Schlumberger to
acquire a 46% interest in EDC was abandoned after Schlumberger
failed to obtain necessary approvals after a nine-month waiting
period.
On June 1, 2017, EDC said that it had agreed principal terms for
an equity investment with the state-owned Russian Direct
Investment Fund (RDIF), the Russia-China Investment Fund (founded
by RDIF and China Investment Corporation) and unnamed Middle
Eastern investors. The deal has not been completed yet. Fitch
understand that EDC may issue new shares to the investors and use
proceeds for capex and debt repayment. The transaction may have
neutral to positive impact on the company's leverage depending on
the size of the investment.
Positive Russian Market Fundamentals: In 2012-2016, the
cumulative average growth rate (CAGR) of Russia's total
production drilling volumes was 5%, while that of horizontal
drilling volumes reached 18%. According to the Russian Energy
Ministry, in 2016 total production drilling meters in Russia
increased by 10% to a record 25 million meters, with Rosneft's
drilling metres up 35%. The Russia-OPEC production cut has not
impacted Russian drilling volumes significantly as Russian oil
companies focus on developing fields that should continue
producing beyond the timeframe of the current agreement and have
to drill more wells to maintain output as brownfields mature.
More Balanced Customer Base: In 2016 PJSC Lukoil accounted for
50% of EDC's total onshore metres drilled (53% in 2015), PJSC
Gazprom Neft (GPN, BBB-/Stable) for 28% (35%) and Rosneft - 13%
(3%). As EDC secures more business with Rosneft in 2017, Fitch
expects the share of Lukoil and GPN in meterage to drop and
Rosneft's share to exceed 20% of total metres drilled.
Nonetheless, Fitch expects EDC to continue generating most of its
revenues from Lukoil over the medium term.
DERIVATION SUMMARY
EDC is among Russia's largest onshore oil drilling companies,
which also provides onshore workover, sidetracking services and
offshore drilling on the Caspian Sea shelf. EDC's financial
profile is stronger than peers', for example Nabors Industries
(BB+/Negative), QGOG Constellation (B/Negative), Anton Oilfield
Services (CCC). On the other hand, EDC remains Russia-focused,
has a high reliance on a single customer PJSC Lukoil and performs
a narrow range of oilfield services. Unlike most of its OFS
peers, EDC performed reasonably well operationally in 2H14-1H17
when the oil price declined as rouble-denominated capex of
Russian oil companies has proved to be relatively robust.
In line with Fitch's approach to Russian corporates, Fitch apply
a two-notch discount to EDC's rating to account for higher-than-
average political, business and regulatory risks in Russia. No
parent/subsidiary linkage or country ceiling aspects affect the
rating.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- average annual growth in drilling volumes in 2017-2021 of 3%;
- small single-digit increase in rouble-denominated onshore
drilling rates;
- gradual rebound in Caspian offshore drilling activity
resulting in offshore revenue rising from USD121 million in
2016 to USD200 million in 2021;
- EBITDA margin averaging 26% in 2017-2021;
- average exchange rate of USD/RUB59 in 2017-2021;
- capex for 2017-2021 gradually increasing from USD180 million
in 2017 to USD300 million in 2021;
- reintroduction of dividends paid to shareholders in 2019.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- FFO adjusted net leverage below 1.5x (2017E: 1.5x) and FFO
interest cover above 8x (2017E: 8x) on a sustained basis.
-- Positive free cash flows on an ongoing basis.
-- Improved customer diversification.
-- More limited FX exposure.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- FFO adjusted net leverage above 2.5x or FFO interest cover
below 6x on a sustained basis.
-- Material weakening of corporate governance or financial
transparency, timeliness and completeness of information
disclosures.
-- Substantial decline in demand for drilling services in
Russia.
LIQUIDITY
Sufficient Liquidity, FX Mismatch: EDC's end-June 2017 cash of
USD242 million fell short of its USD272 million short-term debt,
including liabilities for rig purchases and a USD150 million
secured loan from Lukoil. Fitch projects that EDC will generate
around USD160 million of positive FCF in 2H17-1H18 and may have
working-capital cash release in 2H17, which will help it cover
short-term maturities. Fitch expects that a remaining payment to
dissenting shareholders will take place in 2H17.
Around 92% of EDC's debt and 20% of cash were denominated in US
dollars at June 30, 2017, while more than 90% of its revenues and
costs were denominated in roubles. The company's offshore rigs,
which generate revenues in US dollars, are currently
significantly underutilised. EDC does not have specific plans to
change the FX debt structure. Foreign-currency mismatch
negatively affects the company's ratings.
FULL LIST OF RATING ACTIONS
Eurasia Drilling Company Limited
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB';
Outlook revised to Stable from Negative
Short-term foreign and local IDRs: affirmed at 'B'
OOO Burovaya Kompaniya Eurasia
Senior unsecured rating: affirmed at 'BB'
EDC Finance Limited
Senior unsecured rating: affirmed at 'BB'
URAL BANK: S&P Alters Outlook to Stable on Improved Performance
---------------------------------------------------------------
S&P Global Ratings said it had revised its outlook on Russia-
based commercial bank Ural Bank for Reconstruction and
Development (UBRD) to stable from negative. At the same time, S&P
affirmed its 'B-/B' long- and short-term counterparty credit
ratings on UBRD.
S&P said, "In our view, over the last year, UBRD has demonstrated
progress in stabilizing its asset quality and credit losses. The
bank's cost of risk in 2016 improved to 3.7% after two
consecutive years of very high credit losses. We note that the
improvements owed mainly to recovery and write-offs in the bank's
retail portfolio. On June 30, 2017, UBRD's new provisions in its
retail portfolio had dropped to 11.4%, versus 17.9% in 2016, and
we currently see that the performance of new types of retail
products is continuing to improve through declining rates of
default. We believe that the improvements reflect broad
stabilization of the retail segment in Russia after overheating
and subsequent contraction, which was exacerbated by the economic
slump. We also note material progress in the reduction of
related-party exposure. As of July 1, 2017, exposure to related
parties had declined to 0.5% (0.05x of equity) of the bank's
gross loan portfolio compared with 7.00% (0.76x of equity) at the
end of 2015.
"Despite the achieved progress, we note that the bank's retail
business remains geographically concentrated in its home region,
Russia's Urals district, while its underwriting standards and
policies remain largely untested. We also note that UBRD's
single-name concentration remains high: the top 20 borrowers
represented about 56% of its loan portfolio and 5.3x of its
capital as of June 30, 2017. On top of that, we continue seeing
regulatory risks in lending to large international commodities
traders: as of July 1, 2017, this type of loan represented about
36% of the bank's corporate portfolio. We therefore still assess
the bank's risk position as moderate.
"In 2016, UBRD's capitalization slightly improved, the bank's
risk-adjusted capital (RAC) ratio increased to 2.6% from 2.3% a
year earlier. Nevertheless, we expect that the bank's
capitalization will remain very weak in the next 12-18 months, as
reflected in our forecast RAC ratio of 2.4%-2.6%. This reflects
our expectations about the bank's modest earnings capacity and
ability to generate capital internally to support the expected
growth.
"Our assessment of UBRD's business position as adequate balances
its good franchise in the Urals region, especially in the segment
of retail deposits, with relatively high geographic concentration
and management's high risk appetite. In our view, the bank's
business model has become more sustainable with gradually
increasing interest margins and declining credit losses. We also
expect that UBRD will rely more on recurring and stable sources
of income, while the share of market-sensitive revenues in the
bank's operating revenues will likely decline.
"We asses UBRD's funding as average and liquidity as adequate,
taking into account a large share of relatively stable and long-
term sources of funding in the bank's funding mix, as well as
good liquidity buffers sufficient to cover all liquidity needs in
the next 12-18 months. The bank's liquidity reserves
appropriately match its short-term liquidity needs. At the same
time, we think that the bank has only a limited ability to obtain
emergency funds in case of stress, since about 98% of securities
are already pledged under repurchase agreements.
"The stable outlook reflects our expectations that UBRD's credit
profile will not change materially in the next 12 months,
supported by stable asset quality.
"We could lower the ratings if the bank became more dependent on
favorable business, economic, and financial conditions to meet
its financial obligations. This could happen if, for example,
UBRD's capitalization substantially deteriorates following higher
asset growth or new provisions, which may put its regulatory
capital adequacy ratios at risk. Pressure on the bank's liquidity
or funding profile could also prompt us to consider a negative
rating action.
"A positive rating action is remote over the next 12 months, in
our view."
=========
S P A I N
=========
CATLUXE ACQUISITION: Moody's Assigns B2 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
Rating (CFR) and B2-PD Probability of Default Rating (PDR) to
CatLuxe Acquisition S.a.r.l., a holding company of the leading
international bridal wear company Pronovias. Concurrently,
Moody's has assigned a (P)B1 instrument rating to the EUR260
million senior secured credit facilities comprising a EUR45
million revolving credit facility (RCF) due in 2023 and EUR215
million term loan B due in 2024.
The proceeds of the transaction will be used to finance the
acquisition of Pronovias by BC Partners. 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 conclusive
review of the final documentation, Moody's will endeavour to
assign a definitive rating to the loans. A definitive rating may
differ from a provisional rating.
RATINGS RATIONALE
The B2 Corporate Family rating (CFR) reflects the company's (1)
established market position; (2) good brand awareness both
domestically and internationally and (3) strong profitability and
cash flow generation underpinned by an asset-light business
model.
However, the B2 rating also factors in (1) the modest scale,
limited product diversity and niche nature of Pronovias'
operations relative to Moody's rated universe of apparel
companies; (2) the long term trend of falling wedding rates; (3)
the high supplier concentration risk and (4) its leveraged
capital structure. The rating agency estimates that, pro forma
for the transaction, Moody's adjusted gross leverage, defined as
debt to EBITDA, will be around 5.9x.
"Moody's expects Pronovias will achieve top line growth in the
mid-single digit range with slight improvements in profitability
margins in the next 12-18 months as a result of the company's
growth strategy in the US and the benefits of the new flagship
store concept. However, there are downside risks, particularly,
in the form of headwinds in the US where the market is very
mature and growth prospects are limited, therefore, Pronovias'
planned market share gains will have to come at the expense of
competitors which will not come without challenges", said Victor
Garcia Capdevila, a Moody's analyst and lead analyst for
Pronovias.
Moody's views the company's liquidity profile as adequate. At
closing of the transaction, Pronovias will have access to a EUR45
million RCF, which coupled with Moody's expectations of positive
free cash flow generation of around EUR20 million per annum, will
allow the company to meet its cash requirements comfortably over
the next 12-18 months.
The (P)B1 instrument rating assigned to the senior secured credit
facilities is one notch above the CFR, reflecting its seniority
over the EUR60 million second lien loan . The company's
probability of default rating (PDR) of B2-PD, is in line with the
CFR. The PDR reflects the use of a 50% family recovery rate
resulting from a covenant-lite debt package. The pari passu RCF
has a springing covenant to be tested when drawings exceed 40% of
total commitments. Moody's forecasts sufficient headroom under
this covenant in the next 12-18 months.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that Pronovias'
top line will grow by a mid-single digit and Moody's adjusted
gross leverage will trend towards 5.5x in the next 12-18 months.
The stable outlook also anticipates that the company will
maintain an adequate liquidity profile at all times and does not
factor in any large debt-funded acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE
* Expansion plan leading to a significant higher EBITDA
generation than currently forecast
* Moody's adjusted gross debt to EBITDA falling below 4.5x on a
sustainable basis
* Track record of stable profitability margins and positive free
cash flow generation is maintained
FACTORS THAT COULD LEAD TO A DOWNGRADE
* Deterioration in sales and profitability leading to negative
free cash flow generation
* Moody's adjusted gross debt to EBITDA increasing above 6.0x
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global
Apparel Companies published in May 2013.
COMPANY PROFILE
Pronovias is an international bridal wear company with presence
in 95 countries. In FY2016, net sales and EBITDA reached EUR169
million and EUR44 million respectively. Europe is the company's
largest market, with approximately 69% of total sales (27% in
Spain), followed by North America, which constitutes 13% and
emerging markets and rest of the world which account for 7% and
11% respectively.
CATLUXE ACQUISITION: S&P Assigns Prelim 'B' CCR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to Spain-based bridalwear designer
Pronovias (CatLuxe Acquisition S.a.r.l.). The outlook is stable.
S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to Pronovias' proposed senior secured loans,
comprising a EUR215 million term loan due 2024 and a EUR45
million secured revolving credit facility (RCF) due 2023.
"The recovery rating is '3', indicating our expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.
"The final rating will be subject to our receipt and satisfactory
review of all the final transaction documentation. Accordingly,
the preliminary rating should not be construed as evidence of the
final rating. If the terms and conditions of the final
documentation depart from the one we have already reviewed, or if
the financing transaction does not close within what we consider
to be a reasonable time frame, we reserve the right to withdraw
or revise the rating."
Pronovias is a global bridalwear company that offers bridal
gowns, cocktail dresses, and wedding-related accessories under
its two brands Pronovias and St Patrick. The brands are
positioned in the "affordable luxury" segment (more than EUR1,000
per dress).
The company sells its products mainly through the wholesale
channel with around 3,800 clients (mostly small independent
wedding shops) across 95 countries and 73 franchises. It also
operated 45 own stores as of July 2017. Sales are from Spain
(27%), the rest of Europe (42%), North America (13%), emerging
market countries (7%), and other countries (11%).
Funds advised by private equity firm BC Partners have signed an
agreement to acquire a majority stake in Pronovias for EUR532
million from its founder. The proposed new debt is designed to
fund the acquisition and cover related costs together with a
EUR275 million common equity issuance. The debt instruments
include a seven-year EUR215 million senior secured term loan, a
six-year EUR45 million RCF, and an eight-year EUR60 million
second-lien term loan.
S&P said, "Our rating on Pronovias reflects our view that the
capital structure will include a high level of debt as
demonstrated by an adjusted debt leverage of 6x in the 12 months
post-transaction. Cash flow should be supported by the high
profitability of the business but affected by higher interest
expenses. The working capital needs will be funded by a EUR45
million RCF, which will complement customers cash prepayments.
"Pronovias' business, in our view, although small and in a
relatively niche market, is highly profitable with an EBITDA
margin of 27%. We forecast it to generate positive free cash flow
generation of EUR15 million, and solid interest coverage of 3x.
"We believe that Pronovias is looking to consolidate the
bridalwear sector but we see limited acquisition risks as most
competitors are very small and Pronovias' focus is more on
acquiring wholesale client lists than brands or store networks.
We see potential downside to our cash flow projections if
earnings suffer from pricing pressures from competition, high
promotional activity, and repeated inventory markdowns if
collections are not successful. Finally, the business is working
capital intensive and the swift collection of receivables from
wholesalers is crucial for the cash flow capacity of the group."
Pronovias' business strengths, in S&P's view, include its leading
market position in Europe (69% of sales in 2016), especially in
Spain and Italy; solid price-premium with a positioning in the
affordable luxury (mid- to high-end price); and a track record of
high gross margins (c.70%), above most S&P Global Ratings-rated
peers in fashion apparels. Fashion risk is limited as consumer
preferences only evolve slowly compared with high turnover
fashion apparels. The business model has low capital expenditure
(capex) as all the manufacturing is outsourced to Chinese
suppliers. S&P notes the good customer diversity with no
dependence on a large single customer, and distribution channel
diversity between wholesale (59% sales), own stores (32%), and
franchise (9%).
Pronovias has better brand recognition among retail professionals
(wholesale channel) than in the B2C channel (own stores).
Profitability is above average, with an adjusted EBITDA margin of
around 25%-27% in the past three years and the same projected for
the next two to three years.
Weaknesses, in S&P's view, are that Pronovias operates in the
relatively niche, discretionary, and highly fragmented bridalwear
industry. Long-term growth prospects appear limited in Europe and
the U.S. due to the flat to slightly declining number of
weddings. The revenue base (EUR169 million reported in 2016) and
scale of operations is very small compared with most rated peers.
Product and brand diversity is very limited as Pronovias mostly
sells wedding dresses (79% sales) under its Pronovias/Atelier
brands (67% sales). It has geographical concentration to Spain
(27% of sales) and the rest of Europe (42%), with a limited
presence in North America (13%) and emerging markets (7%). S&P
also notes the working capital intensity of the business with
limited inventory risk and cash prepayments but high levels of
receivables to collect from the independent shops. Additionally,
S&P views the operating cost structure as relatively rigid due to
high staff costs linked to the expansion of the store network.
Overall Pronovias appears to be well positioned in Europe where
it has some scale, a recognized brand, and a good strategy
balancing the highly profitable wholesale channel and expanding
moderately its store networks. The company has prioritized
investment in marketing to support the brand and gain new
customers (mostly social media) and expanding the store networks
in new markets. That said, S&P is cautious about profitability
prospects in the U.S. where Pronovias intends to expand given the
higher promotional activity needed to support the expansion and
stronger competitive pressures given the weaker positioning
compared to the European one.
S&P's base case for 2017-2018 assumes:
-- Revenue growth of about 4%-5% annually driven by volume sales
in wholesale and own stores. S&P accounts for the gradual
expansion of the customer base in both segments.
-- S&P Global Ratings-adjusted EBITDA margin of 27%, reflecting
the growth in the profitable wholesale channel in Europe.
This is offset by the growth in the less profitable retail
network, by higher marketing costs, and by promotional
activity in segments such as cocktail dresses.
-- Free operating cash flow (FOCF) of about EUR15 million driven
by a stable EBITDA base and capex expenses but offset by
higher interest expenses due to the new debt structure.
-- Adjusted debt of about EUR300 million, reflecting mostly
EUR275 million of borrowings and EUR22 million of operating
leases.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted net debt to EBITDA of about 6x;
-- EBITDA interest coverage of about 3x; and
-- FOCF to debt of about 5%.
S&P said, "The stable outlook reflects our view that Pronovias'
mid- to high-end price positioning, recognized brand in the
wholesale channel, and established market position in Spain and
Italy should enable it to maintain a relatively high and stable
EBITDA margin. That said, the small scale of operations and
limited brand and product diversity could expose the company to
pricing pressures in markets such as the U.S. where the company
positioning is weaker than in Europe.
"For the rating category, we believe Pronovias should be able to
generate positive FOCF as well as maintain EBITDA interest
coverage of over 3x over the next 12 months.
"We could lower the ratings if we see free cash flow generation
turning negative, which could occur because of weaker operating
performance or an inability to control large working capital
swings. We would notably be concerned that this could weaken the
company's liquidity position. An inability to collect receivables
swiftly from the large wholesale customer base or a loss of
market share in key markets such as Spain or Italy, combined with
increased pricing pressures from competitors in the U.S. and the
U.K. could be negative factors. We would also take a negative
view of a decline in profitability due to higher than expected
costs associated with marketing spending and investments in the
expansion of the retail network. In addition, we would take a
negative rating action if EBITDA interest coverage declined to
close to 2x.
"We view an upgrade as unlikely given the small scale of
operations and the product and brand concentration. To raise the
rating we would need to see a strong sustained increase in the
revenue base and free cash flow generation. This could arise from
an ability to expand strongly in large new markets such as the
U.S. while maintaining solid price-premium. We would also need to
see evidence of good management of the larger working capital and
store network.
"Our understanding of the company's expansion plans and financial
policy associated with its private equity ownership structure
leads us to think that adjusted debt leverage is unlikely to be
below 5x."
===========================
U N I T E D K I N G D O M
===========================
BELL POTTINGER: Failure to Find Buyer May Spur Administration
-------------------------------------------------------------
David Bond at The Financial Times reports that staff at Bell
Pottinger have been told that the scandal-hit PR firm is likely
to go into administration as early as today, Sept. 11, after
attempts to find a buyer failed.
According to the FT, people briefed on the meeting the news was
delivered to Bell Pottinger's employees at its London
headquarters on Sept. 7 by chairman Mark Smith and a
representative from accountants BDO.
BDO was hired in the past week to try to find new investment as
clients and key staff deserted the agency in the wake of two
reports that found it had stoked racial tensions in South Africa
through its work for the powerful Gupta family, the FT relates.
The source added the move to inform the company's 250 employees
of the gravity of the situation came after the Bell Pottinger
board decided the company was now insolvent, the FT notes.
The company declined to comment on whether Bell Pottinger was
insolvent but a spokesperson, as cited by the FT, said BDO was
now working on a "restructuring" of the business -- apparent
confirmation that hopes of finding a new investor had faded.
FARMERS CHOICE: Goes Into Liquidation Following Court Order
-----------------------------------------------------------
BBC News reports that Farmers Choice (Anglesey) Ltd., an abattoir
that hoped to bring more than 100 jobs to Anglesey, has gone into
liquidation.
A court ordered the company to be dissolved after a winding-up
order in July, BBC relates.
The company had taken over the former Welsh Country Foods site at
Gaerwen, which closed in 2013 with the loss of more than 300
jobs, BBC discloses.
Farmers Choice initially said it wanted to expand operations at
the site when it took it over in 2015, but only slaughtered a
limited number of sheep for a period, BBC relays.
The site gates remained locked on Sept. 7 and nobody from the
business could be contacted, BBC notes.
GP RACES: Circuit of Wales Project Delay Prompts Liquidation
------------------------------------------------------------
Martin Shipton at Western Mail reports that GP Races Ltd., a
company owned by the controversial Circuit of Wales project, is
being wound up following a petition to the High Court by the tax
office.
According to Western Mail, accounts filed at Companies House by
the company for the financial year ending September 30, 2016,
showed it lost nearly GBP1 million, with a net debt of
GBP971,534, with debtors owing GBP5,378,564 and creditors owed
GBP6,350,098.
The Circuit of Wales had a responsibility to stage the British
leg of the Moto GP after signing a 10-year contract in 2014 with
the Catalan firm which owns the right to Moto GP, Western Mail
discloses.
That contract was cancelled earlier this year after the Welsh
Government decided not to provide a GBP210 million loan guarantee
that the Circuit of Wales had requested to enable construction of
the GBP433 million racetrack on moorland near Ebbw Vale to begin,
Western Mail recounts.
The Companies House website now states that Her Majesty's Revenue
and Customs petitioned to have the company wound up on April 28,
2017, that the commencement of winding up began on Aug. 21 and
that the court order to wind up the firm was received on Sept. 7,
Western Mail relays.
GP Races Ltd was set up in September 2015 with Circuit of Wales
frontman Michael Carrick as the sole director. Its single GBP1
share is owned by Circuit of Wales Ltd.
A spokesman for liquidator Anthony Hannon confirmed that HMRC was
the petitioning creditor, Western Mail notes.
"GP Races Ltd, the company running the MOTOGP event at
Silverstone, has been put into court appointed liquidation as a
result of delays to the Circuit of Wales project. "The
petitioning creditor was HMRC, which was not prepared to wait any
further for the project to advance," The Scotsman quote a
spokesman for the Circuit of Wales as saying.
"My client did not oppose the action as it had done in the past
as it did not think it would be resolved in 6/8 weeks."
PAYFONT: Enters Administration, 12 Jobs Affected
------------------------------------------------
Gareth Mackie at The Scotsman reports that Payfont, the
Edinburgh-based cyber-security firm that was last year said to be
worth up to GBP180 million, has collapsed into administration.
Administrator Donald McNaught -- donald.mcnaught@jcca.co.uk --
restructuring partner at accountancy and business advisory firm
Johnston Carmichael, said the move will see all 12 of the
company's staff made redundant, The Scotsman relates.
According to The Scotsman, Mr. McNaught said that Payfont,
founded by chief executive David Lanc -- a former senior
executive at Royal Bank of Scotland's cards business -- had been
trying to raise extra funds to continue trading, but "time ran
out".
Mr. McNaught, as cited by The Scotsman, said: "The difficult
decision to enter administration was made by the directors when
it became clear that ongoing commitments could not be met from
available working capital. "Efforts had been made in the months
leading up to administration to raise sufficient capital to allow
trading to continue but unfortunately time ran out for that
fundraising exercise to be completed successfully. Our objective
now is to maximize value for creditors and, ultimately,
shareholders."
Payfont was founded 14 years ago and was developing technology
designed to protect users' digital identities and online data.
RAC BIDCO: S&P Affirms Then Withdraws 'B' Corp. Credit Rating
-------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on U.K.-based RAC Bidco Ltd. S&P
subsequently withdrew the rating at the issuer's request. The
outlook was stable at the time of withdrawal.
S&P said, "This rating action does not have any impact on our
'BBB- (sf)' ratings on RAC Bond Co. PLC's class A notes or our 'B
(sf)' rating on its class B1-Dfrd notes. These notes continue to
be rated in line with our "Global Methodology And Assumptions For
Corporate Securitizations" criteria."
At the time of withdrawal, RAC Bidco's business risk profile
reflected the company's good customer retention, membership-based
operating model, its national scale, strong brand recognition in
the U.K., and above-average profitability for the services
sector. The group has relatively limited exposure to
macroeconomic cycles and benefits from significant barriers to
entry. However, S&P thinks that RAC Bidco has limited geographic
diversification, with virtually all revenues generated in the
U.K, and the environment in roadside assistance and insurance
brokerage markets remains highly competitive.
===============
X X X X X X X X
===============
* BOND PRICING: For the September 4 to September 8, 2017
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Air Berlin PLC 8.25 4/19/2018 EUR 9.09
New Look Secured Issu 6.50 7/1/2022 GBP 67.68
Air Berlin PLC 6.75 5/9/2019 EUR 8.87
Air Berlin PLC 5.63 5/9/2019 CHF 8.89
Agrokor dd 9.88 5/1/2019 EUR 28.14
New Look Senior Issue 8.00 7/1/2023 GBP 49.43
New Look Secured Issu 4.50 7/1/2022 EUR 63.64
Co-Operative Bank PLC 11.00 12/20/2023 GBP 46.51
Ensco PLC 5.20 3/15/2025 USD 74.10
Ensco PLC 4.50 10/1/2024 USD 72.08
Intelsat Luxembourg S 7.75 6/1/2021 USD 62.29
Ensco PLC 5.75 10/1/2044 USD 63.02
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.00
Agrokor dd 9.13 2/1/2020 EUR 27.51
Offshore Drilling Hol 8.38 9/20/2020 USD 40.25
Holdikks SAS 6.75 7/15/2021 EUR 60.86
Agrokor dd 8.88 2/1/2020 USD 22.35
Intelsat Luxembourg S 8.13 6/1/2023 USD 59.79
Air Berlin Finance BV 8.50 3/6/2019 EUR 10.63
Mitsubishi UFJ Invest 4.17 12/15/2050 EUR 57.41
Air France-KLM 2.03 2/15/2023 EUR 13.29
CGG SA 5.88 5/15/2020 EUR 33.88
OAS Investments GmbH 8.25 10/19/2019 USD 5.90
HSH Nordbank AG/Luxem 1.99 EUR 15.64
Ageasfinlux SA 1.02 EUR 59.76
Banca Carige SpA 7.32 12/20/2020 EUR 69.92
Pacific Drilling SA 5.38 6/1/2020 USD 42.06
Frigoglass Finance BV 8.25 5/15/2018 EUR 54.63
Korian SA 2.50 EUR 42.11
Grupo Isolux Corsan S 3.00 12/30/2021 EUR 1.16
Solarworld AG 11.00 2/24/2019 EUR 56.00
CGG SA 6.50 6/1/2021 USD 34.03
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Banca Carige SpA 8.34 EUR 25.00
Portugal Telecom Inte 4.38 3/24/2017 EUR 32.80
Rickmers Holding AG 8.88 6/11/2018 EUR 2.39
Mitsubishi UFJ Invest 3.92 12/30/2099 EUR 7.75
Far East Capital Ltd 8.00 5/2/2018 USD 72.38
Grupo Isolux Corsan S 0.25 12/30/2021 EUR 0.34
Alitalia-Societa' Aer 5.25 7/30/2020 EUR 5.53
CGG SA 6.88 1/15/2022 USD 32.25
HSH Nordbank AG 7.25 USD 21.01
Rothschilds Continuat 1.69 USD 74.07
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Portugal Telecom Inte 4.50 6/16/2025 EUR 32.99
UkrLandFarming PLC 10.88 3/26/2018 USD 28.50
Air Berlin Finance BV 6.00 3/6/2019 EUR 10.63
WPE International Coo 10.38 9/30/2020 USD 15.80
Santander Internation 2.00 USD 67.97
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
CGG SA 1.75 1/1/2020 EUR 1.98
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 33.98
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Portugal Telecom Inte 5.88 4/17/2018 EUR 33.13
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Banco Espirito Santo 4.00 1/21/2019 EUR 30.00
Avangardco Investment 10.00 10/29/2018 USD 22.33
Alno AG 8.50 5/14/2018 EUR 8.75
Privatbank CJSC Via U 10.25 1/23/2018 USD 20.56
BIM SAS 2.50 11/13/2020 EUR 27.51
Banco Espirito Santo 2.63 5/8/2017 EUR 29.67
Portugal Telecom Inte 6.25 7/26/2016 EUR 32.46
Bourbon Corp 4.70 EUR 48.50
Banca Popolare di Vic 2.82 12/20/2017 EUR 0.59
Co-Operative Bank PLC 8.50 7/1/2025 GBP 46.25
Solarworld AG 11.00 2/24/2019 EUR 59.00
Privatbank CJSC Via U 11.00 2/9/2021 USD 9.67
Mriya Agro Holding PL 9.45 4/19/2018 USD 5.00
Banco Espirito Santo 7.13 11/28/2023 EUR 0.30
Immigon Portfolioabba 10.00 EUR 14.10
Neopost SA 3.38 EUR 59.94
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Bilt Paper BV 9.64 USD 26.26
Nexity SA 0.13 1/1/2023 EUR 67.11
NTRP Via Interpipe Lt 10.25 8/2/2017 USD 25.00
Novo Banco SA/Luxembo 3.50 1/2/2043 EUR 65.15
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.24
Veneto Banca SpA 9.50 12/1/2025 EUR 0.79
Banca Carige SpA 2.77 6/19/2018 EUR 59.25
Banca Popolare di Vic 9.50 9/29/2025 EUR 0.57
BNP Paribas SA 1.15 EUR 74.50
CGG SA 1.25 1/1/2019 EUR 22.00
Beate Uhse AG 7.75 7/9/2019 EUR 32.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Banco Espirito Santo 4.75 1/15/2018 EUR 28.38
KTG Agrar SE 7.13 6/6/2017 EUR 1.93
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Veneto Banca SpA 0.72 9/17/2017 EUR 0.48
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.50
3W Power SA 8.00 8/29/2019 EUR 45.00
Cooperatieve Rabobank 0.50 11/26/2021 ZAR 71.21
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.63
Agrokor dd Via Aquari 4.92 8/8/2017 EUR 19.75
Lambay Capital Securi 6.25 GBP 0.03
Eramet 4.00 EUR 56.69
ATF Capital BV 8.77 USD 73.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 30.63
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.82
Capital Raising GmbH 7.50 EUR 35.67
Allied Irish Banks PL 12.50 6/25/2035 GBP 70.62
Scandinavian Airlines 0.63 CHF 24.55
New World Resources N 8.00 4/7/2020 EUR 5.38
Far East Capital Ltd 8.75 5/2/2020 USD 72.38
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 65.63
Aligera Holding AB pu 5.00 5/7/2019 SEK 31.12
New Look Senior Issue 8.00 7/1/2023 GBP 49.94
Espirito Santo Financ 6.88 10/21/2019 EUR 0.11
International Bank of 6.17 5/10/2017 USD 42.75
New Look Secured Issu 6.50 7/1/2022 GBP 67.91
Orient Express Bank P 12.00 5/29/2019 USD 55.63
Novo Banco SA/Luxembo 3.50 1/23/2043 EUR 65.18
Norske Skogindustrier 7.13 10/15/2033 USD 6.00
Dexia SA 1.45 EUR 8.29
New World Resources N 4.00 10/7/2020 EUR 0.18
Barclays Bank PLC 2.42 2/25/2031 USD 67.85
Societe Generale SA 0.81 EUR 67.35
Pescanova SA 8.75 2/17/2019 EUR 2.62
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Stichting Afwikkeling 6.25 10/26/2020 EUR 3.49
Lehman Brothers UK Ca 5.13 EUR 1.51
Eniro AB 6.00 4/14/2020 SEK 11.33
Novo Banco SA 3.00 6/21/2022 USD 72.07
Novo Banco SA 5.00 3/15/2022 EUR 75.18
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Royal Bank of Scotlan 1.54 12/30/2030 USD 73.88
Lloyds Bank PLC 0.74 1/31/2033 USD 62.00
Espirito Santo Financ 3.13 12/2/2018 EUR 0.29
Lehman Brothers UK Ca 6.90 USD 2.65
Alno AG 8.00 3/21/2019 EUR 7.50
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50
Hybrid Raising GmbH 6.63 EUR 24.03
GNB - Cia de Seguros 3.17 EUR 49.75
Hamon & CIE SA 5.50 1/30/2020 EUR 71.06
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.59
Novo Banco SA 5.00 2/24/2022 EUR 75.08
Afren PLC 11.50 2/1/2016 USD 0.02
Bank Nadra via NDR Fi 8.25 7/31/2018 USD 0.15
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
Pescanova SA 5.13 4/20/2017 EUR 2.86
GEWA 5 to 1 GmbH & Co 6.50 3/24/2018 EUR 31.38
Novo Banco SA/Luxembo 3.50 2/19/2043 EUR 65.27
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Credit Lyonnais SACA 0.44 EUR 73.50
Koninklijke Luchtvaar 0.75 CHF 36.50
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 50.33
Rudolf Woehrl AG 6.50 2/12/2018 EUR 5.60
New Look Secured Issu 4.50 7/1/2022 EUR 64.00
Golden Gate AG 6.50 10/11/2014 EUR 56.56
GNB - Cia de Seguros 1.87 12/19/2022 EUR 61.75
Lloyds Bank PLC 2.45 11/27/2033 USD 70.22
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Dexia Credit Local SA 1.40 EUR 7.13
Banca Carige SpA 1.67 12/29/2018 EUR 40.00
Praktiker AG 5.88 2/10/2016 EUR 0.21
Klarna Bank AB 5.25 SEK 72.40
Agrokor dd 8.88 2/1/2020 USD 27.09
Vseukrainsky Aktsiner 10.90 6/14/2019 USD 0.54
Lloyds Bank PLC 2.75 12/27/2028 USD 73.76
Novo Banco SA/Luxembo 3.50 3/18/2043 EUR 65.17
BNP Paribas SA 0.69 4/30/2033 USD 58.68
Norske Skog Holding A 8.00 2/24/2023 USD 16.38
Offshore Drilling Hol 8.38 9/20/2020 USD 38.75
Barclays Bank PLC 0.40 5/31/2033 USD 54.00
Virgolino de Oliveira 11.75 2/9/2022 USD 6.92
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.72
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Stichting Afwikkeling 1.96 EUR 0.24
Barclays Bank PLC 1.65 4/25/2034 USD 69.25
Mriya Agro Holding PL 10.95 3/30/2016 USD 5.72
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
Deutsche Bank AG/Lond 0.34 3/15/2033 USD 63.00
ESFIL-Espirito Santo 5.25 6/12/2015 EUR 0.39
Barclays Bank PLC 1.94 9/30/2031 USD 69.45
Deutsche Bank AG/Lond 2.84 11/26/2034 USD 67.75
Sequa Petroleum NV 5.00 4/29/2020 USD 70.75
Corporate Commercial 8.25 8/8/2014 USD 0.94
SeaBird Exploration F 6.00 6/30/2020 USD 20.50
Banco Espirito Santo 2.32 EUR 0.27
KTG Agrar SE 7.25 10/15/2019 EUR 2.72
Abanka Vipa DD Via Af 1.57 EUR 1.64
Barclays Bank PLC 2.59 2/28/2034 USD 75.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
HSBC France SA 1.03 EUR 71.50
Etablissements Maurel 1.63 7/1/2019 EUR 16.18
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Lloyds Bank PLC 0.43 2/22/2033 USD 59.38
Havila Shipping ASA 4.82 11/7/2020 NOK 48.75
PNE Wind AG 3.75 10/10/2019 EUR 3.45
LBI HF 6.10 8/25/2011 USD 9.50
JZ Capital Partners L 6.00 7/30/2021 GBP 11.30
Touax SA 6.00 7/10/2020 EUR 17.31
Norske Skogindustrier 7.13 10/15/2033 USD 3.79
Deutsche Bank AG/Lond 3.32 10/31/2034 USD 65.67
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.39
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Manchester Building S 6.75 GBP 17.13
Havila Shipping ASA 5.35 11/7/2020 NOK 69.63
Smart Solutions GmbH 8.00 12/3/2018 EUR 29.13
Decipher Production L 12.50 9/27/2018 USD 1.85
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
Gebr Sanders GmbH & C 8.75 10/22/2018 EUR 28.50
Lloyds Bank PLC 0.24 4/26/2033 USD 59.95
Hellenic Republic Gov 2.09 7/25/2057 EUR 41.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.60
Barclays Bank PLC 0.55 3/28/2033 USD 61.75
APP International Fin 11.75 10/1/2005 USD 0.56
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Deutsche Agrar Holdin 7.25 9/28/2018 EUR 1.57
Geotech Seismic Servi 12.00 10/16/2019 RUB 64.42
Sazka AS 9.00 7/12/2021 EUR 0.50
Sairgroup Finance BV 4.38 6/8/2006 EUR 12.50
Cirio Holding Luxembo 6.25 2/16/2004 EUR 0.87
Espirito Santo Financ 9.75 12/19/2025 EUR 1.05
More & More AG 8.13 6/11/2018 EUR 50.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
getgoods.de AG 7.75 10/2/2017 EUR 0.15
Orco Property Group S 7.00 11/7/2019 EUR 68.13
Lehman Brothers Treas 6.00 11/2/2035 EUR 8.00
Vneshprombank Ltd via 9.00 11/14/2016 USD 0.40
Cooperatieve Rabobank 0.50 2/26/2029 HUF 58.31
Barclays Bank PLC 1.84 11/1/2031 USD 68.10
Banca Carige SpA 5.70 9/17/2020 EUR 55.01
Far Eastern Shipping 14.75 2/27/2018 RUB 68.19
Laurel GmbH 7.13 11/16/2017 EUR 3.93
Barclays Bank PLC 1.28 3/28/2034 USD 68.14
Barclays Bank PLC 1.54 12/30/2030 USD 71.13
Intelsat Luxembourg S 12.50 11/15/2024 USD 69.83
Pacific Drilling SA 5.38 6/1/2020 USD 40.00
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.75
Far Eastern Shipping 12.25 11/28/2017 RUB 60.00
Barclays Bank PLC 2.31 12/23/2033 USD 71.60
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
UniCredit Bank Austri 0.19 8/20/2033 EUR 64.92
EFG International AG 0.97 EUR 68.00
Norske Skog Holding A 8.00 2/24/2023 USD 21.75
World Wide Supply AS 7.75 5/26/2017 USD 15.25
BBVA International Pr 1.16 GBP 62.30
Barclays Bank PLC 2.85 5/30/2034 USD 70.90
Orient Express Bank P 13.60 8/9/2018 RUB 68.00
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Barclays Bank PLC 0.66 3/21/2033 USD 59.50
Finmek International 7.00 12/3/2004 EUR 5.63
Rena GmbH 8.25 7/11/2018 EUR 9.38
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00
Wild Bunch AG 8.00 3/23/2019 EUR 50.05
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Mox Telecom AG 7.25 11/2/2017 EUR 3.31
MPS Capital Services 4.36 3/14/2024 EUR 40.51
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
Enterprise Holdings L 7.00 3/30/2020 EUR 3.33
PA Resources AB 3.00 12/27/2017 NOK 0.16
Rena GmbH 7.00 12/15/2015 EUR 9.38
Stichting Afwikkeling 11.25 EUR 0.53
CBo Territoria 6.00 1/1/2020 EUR 3.96
Barclays Bank PLC 2.03 1/27/2031 USD 69.50
Portigon AG 7.46 12/31/2019 EUR 27.00
Barclays Bank PLC 1.44 8/15/2033 USD 70.72
Northland Resources A 4.00 10/15/2020 USD 0.07
Petrol AD 5.50 1/26/2022 EUR 42.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
Etablissements Maurel 2.75 7/1/2021 EUR 10.56
Barclays Bank PLC 1.70 11/29/2030 USD 69.90
PA Resources AB 13.50 3/3/2016 SEK 0.22
Teksid Aluminum Luxem 11.38 7/15/2011 EUR 0.34
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Pescanova SA 6.75 3/5/2015 EUR 2.91
Cooperatieve Rabobank 0.50 10/30/2043 MXN 12.66
Banco Espirito Santo 6.88 7/15/2016 EUR 29.67
Barclays Bank PLC 1.33 6/17/2033 USD 63.75
Agrokor dd 9.13 2/1/2020 EUR 27.68
Barclays Bank PLC 3.81 9/13/2028 USD 71.00
Belfius Bank SA/NV 1.62 FRF 69.63
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
Afren PLC 6.63 12/9/2020 USD 0.01
Barclays Bank PLC 1.87 7/28/2031 USD 74.20
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Royal Bank of Scotlan 1.50 12/13/2028 USD 65.69
Lehman Brothers UK Ca 5.75 EUR 2.75
A-TEC Industries AG 2.75 5/10/2014 EUR 0.63
Lehman Brothers Treas 7.25 10/5/2035 EUR 9.63
Dannemora Mineral AB 11.75 3/22/2016 USD 0.28
CGG SA 6.50 6/1/2021 USD 34.38
German Pellets GmbH 7.25 7/9/2018 EUR 1.56
International Industr 11.00 2/19/2013 USD 0.22
Barclays Bank PLC 0.48 4/19/2033 USD 59.00
Lehman Brothers Treas 8.25 3/16/2035 EUR 8.00
Tatfondbank OAO via T 8.50 11/12/2019 USD 0.13
DOF ASA 7.82 9/12/2019 NOK 40.00
Steilmann SE 7.00 3/9/2017 EUR 1.81
Northland Resources A 15.00 7/15/2019 USD 0.32
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
Frey 6.00 11/15/2022 EUR 23.00
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Barclays Bank PLC 3.87 4/16/2029 USD 70.21
Sibur Holding PAO 9.65 7/22/2026 RUB 62.12
HSH Nordbank AG 2.30 2/1/2036 EUR 70.31
Steilmann SE 7.00 9/23/2018 EUR 1.81
Transneft PJSC 9.30 8/25/2026 RUB 63.01
Cooperatieve Rabobank 0.50 7/30/2043 MXN 12.89
Lloyds Bank PLC 1.95 7/29/2033 USD 70.00
Bank Norwegian AS 6.12 NOK 68.91
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Barclays Bank PLC 2.82 9/29/2034 USD 74.25
Agrokor dd 9.88 5/1/2019 EUR 28.01
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
UniCredit Bank Austri 0.17 12/31/2031 EUR 67.31
Veneto Banca SpA 6.94 5/15/2025 EUR 0.39
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.65
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 64.01
Popular Capital SA 4.00 EUR 2.76
FPK OAO 9.95 6/4/2026 RUB 102.25
Windreich GmbH 6.50 7/15/2016 EUR 11.00
Stroika Finance Ltd V 9.90 6/25/2019 RUB 10.00
Nationwide Building S 0.78 GBP 74.00
OAS Investments GmbH 8.25 10/19/2019 USD 5.25
Grupo Isolux Corsan S 0.25 12/30/2018 EUR 0.80
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.47
Santander Finance Cap 2.00 EUR 27.13
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Deutsche Bank AG/Lond 0.49 1/31/2033 USD 61.10
Rem Offshore ASA 5.00 12/8/2024 NOK 30.00
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
Mifa Mitteldeutsche F 7.50 8/12/2018 EUR 2.26
Banco Pinto & Sotto M 0.64 EUR 33.35
Cirio Finance Luxembo 7.50 11/3/2002 EUR 4.69
Deutsche Bank AG/Lond 1.85 8/28/2034 USD 62.25
3W Power SA 5.50 11/11/2020 EUR 30.00
Del Monte Finance Lux 6.63 5/24/2006 EUR 5.30
Hamburgische Landesba 0.05 1/22/2041 EUR 62.57
Dexia Kommunalbank De 5.63 12/31/2017 EUR 13.13
Manchester Building S 8.00 GBP 25.25
Enterprise Holdings L 7.00 9/26/2017 EUR 3.33
Assystem 4.50 EUR 34.06
Banco BPI SA 1.78 EUR
Lehman Brothers Treas 7.00 5/17/2035 EUR 8.00
Royal Bank of Scotlan 1.84 8/26/2031 USD 71.25
Delamare Finance PLC 1.50 2/19/2029 GBP 63.41
Veneto Banca SpA 1.67 5/15/2019 EUR 0.47
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.36
Barclays Bank PLC 2.57 3/21/2031 USD 66.19
Royal Bank of Scotlan 1.42 11/16/2030 USD 70.50
Lehman Brothers Treas 6.00 2/15/2035 EUR 8.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Oceanic Champion AS 8.00 2/20/2020 USD 74.71
CNP Assurances 2.00 EUR 74.00
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Steilmann SE 6.75 6/27/2017 EUR 5.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 56.00
German Pellets GmbH 7.25 4/1/2016 EUR 1.07
Barclays Bank PLC 1.80 7/24/2028 USD 72.00
Solon SE 1.38 12/6/2012 EUR 0.33
Electromagnetic Geose 6.86 6/27/2019 NOK 70.13
International Finance 0.50 6/24/2024 ZAR 54.68
Sairgroup Finance BV 6.63 10/6/2010 EUR 12.75
Banco Pastor SAU 2.07 EUR 0.99
Finance and Credit Ba 9.25 1/25/2019 USD 0.56
Lloyds Bank PLC 2.77 7/26/2033 USD 67.75
State of Berlin Germa 0.50 6/19/2047 EUR 75.09
A-TEC Industries AG 5.75 11/2/2010 EUR 0.81
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.01
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Artea 6.00 8/4/2019 EUR 14.64
Tikehau Capital SCA 1.63 1/1/2022 EUR
Barclays Bank PLC 1.54 12/30/2030 USD 66.00
Barclays Bank PLC 1.87 7/28/2034 USD 65.65
Uppfinnaren 1 AB 10.00 SEK 63.76
Lehman Brothers Treas 5.00 9/22/2014 EUR 8.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
CGG SA 6.88 1/15/2022 USD 34.88
Portugal Telecom Inte 5.24 11/6/2017 EUR 33.00
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Banco Espirito Santo 1.22 5/27/2018 EUR 2.83
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Mriya Agro Holding PL 9.45 4/19/2018 USD 6.50
Municipality Finance 0.50 6/19/2024 ZAR 56.44
SiC Processing GmbH 7.13 3/1/2016 EUR 2.70
Lehman Brothers Treas 5.00 2/16/2015 EUR 8.00
Accentro Real Estate 6.25 3/27/2019 EUR 7.20
Stichting Afwikkeling 2.42 EUR 0.53
Svensk Exportkredit A 0.50 6/29/2029 AUD 62.49
Agroton Public Ltd 6.00 7/14/2019 USD 14.75
Governo Portugues Con 2.75 EUR 65.00
IVG Immobilien AG 5.50 EUR 2.13
Heta Asset Resolution 0.43 12/31/2023 EUR 36.63
Svensk Exportkredit A 0.50 8/29/2029 AUD 63.76
UniCredit Bank Austri 0.15 12/27/2031 EUR 67.10
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Svensk Exportkredit A 0.50 4/24/2029 AUD 62.75
Petromena ASA 10.85 11/19/2017 USD 0.61
Talvivaara Mining Co 4.00 12/16/2015 EUR 1.29
Banca del Monte di Lu 2.43 6/29/2020 EUR 55.75
KPNQwest NV 8.13 6/1/2009 USD 0.08
A-TEC Industries AG 8.75 10/27/2014 EUR 0.98
Agrokompleks OOO 0.10 7/29/2019 RUB 4.05
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.60
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
CGG SA 5.88 5/15/2020 EUR 33.88
Afren PLC 10.25 4/8/2019 USD 0.01
Windreich GmbH 6.50 3/1/2015 EUR 11.00
Region of Abruzzo Ita 0.13 11/7/2036 EUR 61.54
MS Deutschland Beteil 6.88 12/18/2017 EUR 5.51
Banco Comercial Portu 5.00 EUR 61.00
Credit Bank of Moscow 9.15 7/10/2019 RUB 59.59
Banca Meridiana 1.25 11/12/2017 EUR 1.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.36
Intelsat Luxembourg S 12.50 11/15/2024 USD 68.47
Lloyds Bank PLC 2.38 7/5/2033 USD 66.00
Municipality Finance 0.50 5/8/2029 AUD 62.70
Landesbank Hessen-Thu 0.09 4/23/2041 EUR 71.23
Golden Energy Offshor 5.00 12/31/2017 NOK 45.63
Holdikks SAS 6.75 7/15/2021 EUR 61.00
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 63.23
Landesbank Hessen-Thu 0.08 5/3/2041 EUR 66.35
New World Resources N 4.00 10/7/2020 EUR 0.18
Banco Espirito Santo 10.00 12/6/2021 EUR 0.30
Espirito Santo Financ 5.05 11/15/2025 EUR 0.12
UniCredit Bank Austri 0.02 1/25/2031 EUR 69.87
Municipality Finance 0.50 4/26/2022 ZAR 67.84
Svensk Exportkredit A 0.50 6/28/2022 ZAR 66.73
Bank Nederlandse Geme 0.50 6/7/2022 ZAR 67.11
Rosbank PJSC 10.40 5/27/2026 RUB 61.33
Hamburgische Landesba 0.05 10/30/2040 EUR 64.20
BLT Finance BV 12.00 2/10/2015 USD 10.50
AKB Peresvet ZAO 13.00 10/7/2017 RUB 61.74
BNP Paribas SA 0.50 9/29/2029 AUD 61.87
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
BNP Paribas SA 0.50 7/20/2021 BRL 67.99
Societe Generale SA 2.26 10/31/2033 USD 74.00
Rosbank PJSC 7.50 10/7/2024 RUB 60.35
Barclays Bank PLC 1.94 9/30/2031 USD 60.59
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
Atari SA 7.50 2/17/2020 EUR 0.42
Europlan Leasing Co 11.50 8/23/2021 RUB 60.54
Kaupthing ehf 9.00 USD 0.13
Deutsche Bank AG/Lond 1.94 6/30/2034 USD 57.77
Afren PLC 11.50 2/1/2016 USD 0.02
Agentstvo po Ipotechn 8.80 2/15/2020 RUB 65.37
Freight One JSC 11.80 10/23/2025 RUB 65.56
Grupo Isolux Corsan S 3.00 12/30/2021 USD 1.16
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Bilt Paper BV 9.64 USD 27.63
Santander Finance Cap 2.00 EUR 27.42
SAir Group 0.13 7/7/2005 CHF 14.75
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Kommunalbanken AS 0.50 5/27/2022 ZAR 68.48
UniCredit Bank AG 0.37 11/19/2029 EUR 63.75
MPS Capital Services 3.76 3/30/2022 EUR 50.19
Barclays Bank PLC 0.50 4/24/2023 MXN 61.64
Cooperatieve Rabobank 0.50 1/31/2033 MXN 27.64
Lehman Brothers Treas 5.55 3/12/2015 EUR 3.92
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Santander Finance Cap 2.00 USD 58.91
wige MEDIA AG 6.00 3/17/2019 EUR 3.20
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
New World Resources N 8.00 4/7/2020 EUR 5.38
AKB Peresvet ZAO 13.50 10/16/2020 RUB 20.16
Lehman Brothers Treas 5.00 2/27/2014 EUR 8.00
Vorarlberger Landes- 5.87 EUR 45.68
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 34.00
DekaBank Deutsche Gir 3.40 4/9/2018 EUR 52.97
UkrLandFarming PLC 10.88 3/26/2018 USD 29.25
Burovoya Kompaniya Eu 10.25 6/21/2019 RUB 103.10
Societe Generale SA 0.57 2/28/2033 USD 70.24
Afren PLC 10.25 4/8/2019 USD 0.01
Banca Popolare di Vic 9.50 10/2/2025 EUR 0.19
Lehman Brothers Treas 6.00 3/18/2015 USD 8.00
Rosbank PJSC 9.80 12/20/2026 RUB 102.71
State of Rhineland-Pa 0.60 10/24/2046 EUR 74.85
Depfa Funding II LP 6.50 EUR 56.88
Espirito Santo Financ 5.13 5/30/2016 EUR 0.28
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
SUEK Finance OOO 12.50 8/19/2025 RUB 98.26
Cattles Ltd 7.13 7/5/2017 GBP 0.51
Fonciere Volta SA 4.50 7/30/2020 EUR 2.54
Rostelecom PJSC 9.20 9/10/2026 RUB 64.10
Muehl Product & Servi 6.75 3/10/2005 DEM 2.40
Rosbank PJSC 9.80 12/20/2026 RUB 62.07
Far East Capital Ltd 8.00 5/2/2018 USD 71.26
Afren PLC 6.63 12/9/2020 USD 0.01
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Lehman Brothers Treas 5.10 5/8/2017 HKD 9.63
Depfa Funding IV LP 1.54 EUR 56.00
Aralco Finance SA 10.13 5/7/2020 USD 2.65
SUEK Finance OOO 12.50 8/19/2025 RUB 99.14
Marine Subsea AS 9.00 12/16/2019 USD 0.39
Societe Generale SA 1.60 1/9/2020 GBP 1.12
United Engine Corp JS 8.00 4/24/2020 RUB 70.31
Kamaz PJSC 11.24 7/18/2030 RUB 60.00
Barclays Bank PLC 2.28 8/31/2031 USD 68.85
Region of Molise Ital 0.13 12/15/2033 EUR 66.65
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.88
Heta Asset Resolution 4.35 12/31/2023 EUR 36.63
Oberbank Hybrid 1 Gmb 0.87 EUR 48.58
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
State of Saxony-Anhal 0.65 7/3/2028 EUR 99.00
Activa Resources AG 0.50 11/15/2021 EUR 18.12
Virgolino de Oliveira 11.75 2/9/2022 USD 6.63
Santander Finance Cap 2.00 USD 62.21
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Finans-Avia OOO 0.01 7/31/2027 RUB 21.37
Metalloinvest Holding 0.01 3/7/2022 RUB 61.28
Salvator Grundbesitz- 9.50 12/31/2021 EUR 9.30
Banco Espirito Santo 6.90 6/28/2024 EUR 28.63
Rossiysky Capital OJS 13.00 11/22/2019 RUB 70.01
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.01
Credito Padano Banca 3.10 EUR 33.39
HPI AG 3.50 EUR 6.00
HSBC Bank PLC 0.50 6/10/2021 BRL 71.10
Deutsche Bank AG/Lond 0.50 10/5/2021 IDR 66.31
International Industr 9.00 7/6/2011 EUR 0.47
BLT Finance BV 7.50 5/15/2014 USD 2.48
Credit Suisse AG/Lond 8.00 11/29/2019 USD 5.27
RESO-Garantia Insuran 12.00 9/13/2022 RUB 60.27
Heliocentris Energy S 4.00 1/16/2019 EUR 12.67
EFG International Fin 6.00 11/30/2017 EUR 1.57
Svensk Exportkredit A 0.50 1/31/2022 ZAR 69.62
Societe Generale SA 6.00 8/31/2017 USD 33.50
Lloyds Bank PLC 2.65 4/25/2034 USD 70.00
AKB Peresvet ZAO 13.25 4/25/2018 RUB 64.47
United Aircraft Corp 8.00 3/17/2020 RUB 60.06
Biomed-Lublin Wytworn 7.31 8/14/2018 PLN 73.30
Cooperatieve Rabobank 0.50 10/29/2027 MXN 45.57
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
WPE International Coo 10.38 9/30/2020 USD 15.13
Vnesheconombank 9.75 8/16/2029 RUB 60.00
UniCredit Bank Austri 0.16 10/31/2031 EUR 67.70
Podkarpacki Bank Spol 5.81 3/31/2025 PLN 51.00
Gazprom PJSC 5.10 10/21/2043 RUB 115.00
Northland Resources A 4.00 10/15/2020 NOK 0.09
IKB Deutsche Industri 0.66 5/25/2031 EUR 67.36
Transneft PJSC 9.45 8/3/2023 RUB 63.22
WEB Windenergie AG 6.25 EUR 73.30
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Rossiysky Capital OJS 10.50 1/20/2020 RUB 70.02
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.87
Bank Nederlandse Geme 0.50 7/12/2022 ZAR 66.74
Talvivaara Mining Co 9.75 4/4/2017 EUR 1.04
OGK-2 PJSC 11.50 11/17/2020 RUB 102.15
ROSSETI PJSC 11.25 11/14/2025 RUB 62.66
ML 33 Invest AS 7.50 NOK 69.02
Lehman Brothers Treas 4.00 2/16/2017 EUR 8.00
AKB Metallinvestbank 11.00 5/21/2020 RUB 60.43
SAir Group 6.25 10/27/2002 CHF 14.79
Grupo Isolux Corsan S 0.25 12/30/2021 USD 0.25
EFG International Fin 2.10 3/23/2018 EUR 24.29
Rosneft Oil Co PJSC 8.60 5/8/2025 RUB 74.13
Agrokompleks OOO 0.10 12/8/2022 RUB 2.66
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
UBS AG 5.60 3/4/2019 EUR 70.66
Lehman Brothers Treas 3.00 6/23/2009 EUR 8.00
Anglian Water Service 0.76 1/26/2057 GBP 73.24
Vnesheconombank 8.35 11/24/2020 RUB 64.10
Lehman Brothers Treas 2.88 3/14/2013 CHF 8.00
Societe Generale SA 1.00 12/22/2017 GBP 0.98
EFG International Fin 8.99 9/4/2017 EUR 0.72
Kardan NV 6.78 2/2/2020 ILS 75.01
Stichting Afwikkeling 6.63 5/14/2018 EUR 3.48
Bank Nederlandse Geme 0.50 9/20/2022 ZAR 65.19
SAir Group 6.25 4/12/2005 CHF 14.75
DekaBank Deutsche Gir 0.01 6/29/2046 EUR 54.11
City of Siret Romania 2.32 3/1/2028 RON 50.00
Vnesheconombank 9.76 12/17/2021 RUB 64.11
SAir Group 5.50 7/23/2003 CHF 14.75
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.00
Orient Express Bank P 11.70 7/17/2018 RUB 99.10
Cooperatieve Rabobank 0.50 11/30/2027 MXN 43.75
UmweltBank AG 2.85 EUR 53.62
Lehman Brothers Treas 1.46 2/19/2012 JPY 8.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
Lehman Brothers Treas 5.00 5/2/2022 EUR 3.92
Salvator Grundbesitz- 9.50 EUR 19.10
Deutsche Bank AG 0.20 6/28/2033 USD 56.46
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Reso-Leasing OOO 13.25 10/30/2025 RUB 62.21
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Pierer Industrie AG 5.75 EUR 66.69
SAir Group 4.25 2/2/2007 CHF 14.75
UniCredit Bank AO 12.35 9/16/2020 RUB 103.75
Transneft PJSC 8.75 4/14/2027 RUB 78.01
Barclays Bank PLC 3.18 3/27/2029 USD 69.15
International Finance 0.50 6/29/2027 ZAR 39.76
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Societe Generale SA 0.28 6/28/2033 USD 71.38
Mriya Agro Holding PL 10.95 3/30/2016 USD 6.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
BNP Paribas Emissions 3.00 10/12/2018 EUR 68.29
VEB-Leasing OAO 12.50 9/1/2025 RUB 60.01
Lehman Brothers Treas 5.00 8/16/2017 EUR 8.00
Russian Post FGUP 9.50 10/18/2019 RUB 90.01
Lehman Brothers Treas 6.00 9/20/2011 EUR 3.92
BF Garant-Invest OOO 13.00 5/27/2019 RUB 60.00
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
Banca delle Marche Sp 6.00 5/8/2018 EUR 1.91
Heta Asset Resolution 0.13 12/31/2023 EUR 36.63
Far East Capital Ltd 8.75 5/2/2020 USD 71.63
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
Espirito Santo Financ 5.05 11/15/2025 EUR 0.06
Russian Railways JSC 11.20 10/16/2025 RUB 63.63
UniCredit Bank Austri 0.06 1/24/2031 EUR 67.55
Lehman Brothers Treas 9.30 12/21/2010 EUR 3.92
HSH Nordbank AG 3.21 5/6/2030 EUR 73.72
HSBC Bank PLC 0.50 12/29/2026 AUD 68.29
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Fininvest OOO 13.00 11/9/2018 RUB 0.50
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 90.00
Pongs & Zahn AG 8.50 EUR 0.08
Lehman Brothers Treas 4.00 7/27/2011 EUR 3.92
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.16
Avangard-Agro OOO 11.50 10/10/2017 RUB 65.01
SG Issuer SA 0.78 6/15/2020 SEK 66.51
Cie de Financement Fo 0.98 8/11/2046 EUR 72.22
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Dresdner Bank AG 0.34 11/19/2029 EUR 65.48
Heta Asset Resolution 0.24 12/31/2023 EUR 36.63
Vontobel Financial Pr 8.05 12/22/2017 USD 52.36
Atari SA 0.10 4/1/2020 EUR 5.16
Lehman Brothers Treas 3.86 9/21/2011 SGD 9.63
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
MKB-Leasing OOO 12.50 10/21/2021 RUB 60.30
Heta Asset Resolution 7.50 12/31/2023 ATS 36.63
Rossiysky Capital OJS 10.50 1/16/2020 RUB 70.01
Krakowski Bank Spoldz 5.11 9/20/2023 PLN 69.06
BLT Finance BV 7.50 5/15/2014 USD 2.48
Portugal Telecom Inte 5.00 11/4/2019 EUR 33.25
Beluga Group PJSC 12.90 4/29/2020 RUB 65.00
Windreich GmbH 6.75 3/1/2015 EUR 11.00
OGK-2 PJSC 11.50 11/24/2020 RUB 62.06
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.66
Institut Catala de Fi 0.87 9/18/2024 EUR 71.07
Lehman Brothers Treas 7.00 11/26/2013 EUR 8.00
Lehman Brothers Treas 4.60 10/11/2017 ILS 8.00
RESO-Garantia Insuran 11.75 3/24/2023 RUB 62.01
Lehman Brothers Treas 8.25 12/3/2015 EUR 8.00
Svensk Exportkredit A 0.50 6/20/2029 AUD 69.94
Rusfinans Bank OOO 10.05 6/10/2019 RUB 60.78
Societe Generale SA 17.00 1/31/2018 USD 55.60
Reso-Leasing OOO 11.00 10/3/2025 RUB 100.00
Barclays Bank PLC 3.95 1/31/2029 USD 72.00
AKB Peresvet ZAO 12.75 7/24/2018 RUB 26.15
Astana Finance BV 9.00 11/16/2011 USD 16.88
Russian Railways JSC 9.85 4/26/2041 RUB 64.33
Lehman Brothers Treas 6.00 3/14/2011 EUR 8.00
Moscow United Electri 10.00 5/26/2026 RUB 62.00
Lehman Brothers Treas 3.50 10/24/2011 USD 3.92
Barclays Bank PLC 0.50 3/19/2021 MXN 73.80
Finstone OOO 9.25 1/10/2019 RUB 60.00
State Transport Leasi 14.30 12/10/2024 RUB 68.42
O1 Properties Finance 13.00 10/2/2020 RUB 70.01
UniCredit Bank AO 12.00 11/20/2019 RUB 100.00
Rosselkhozbank JSC 10.60 7/14/2025 RUB 95.01
Beluga Group PJSC 9.75 5/28/2020 RUB 61.00
Rosselkhozbank JSC 12.87 12/22/2021 RUB 100.01
Societe Generale SA 8.00 2/14/2022 USD
PromSvyazCapital AO 11.75 4/10/2026 RUB 100.60
Lehman Brothers Treas 5.00 3/18/2015 EUR 8.00
Lehman Brothers Treas 4.68 12/12/2045 EUR 3.92
BNP Paribas SA 0.50 5/6/2021 MXN 73.33
Russian Post FGUP 9.35 10/18/2019 RUB 70.00
Bank Nederlandse Geme 0.50 8/15/2022 ZAR 65.86
Rusfinans Bank OOO 8.05 6/30/2020 RUB 60.12
Rosintrud OOO 11.25 2/5/2021 RUB 61.01
Freight One JSC 12.00 10/15/2025 RUB 62.88
SAir Group 2.75 7/30/2004 CHF 14.75
Lehman Brothers Treas 7.60 1/31/2013 AUD 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
Heta Asset Resolution 4.88 12/31/2023 EUR 36.63
BELLAGIO Holding GmbH 2.18 EUR 49.14
Cooperatieve Rabobank 0.50 12/29/2027 MXN 43.95
Podkarpacki Bank Spol 5.81 7/2/2020 PLN 74.50
Polski Bank Spoldziel 4.81 11/26/2024 PLN
PromSvyazCapital AO 12.00 11/13/2026 RUB 100.00
Metalloinvest Holding 0.01 3/10/2022 RUB 60.00
Oberoesterreichische 0.32 11/6/2030 EUR 69.59
MegaFon PJSC 9.90 5/29/2026 RUB 61.62
Astana Finance BV 7.88 6/8/2010 EUR 16.88
EFG International Fin 12.86 10/30/2017 EUR 0.90
Two Capitals Highway 13.45 5/10/2030 RUB 74.13
Raiffeisen Switzerlan 22.20 9/1/2017 USD 64.53
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treas 7.00 4/14/2009 EUR 3.92
Lehman Brothers Treas 6.00 3/4/2015 USD 3.92
Autonomous Community 2.97 9/8/2039 JPY 64.64
Leonteq Securities AG 20.00 10/25/2017 CHF 52.35
Transbaltstroi OOO 9.50 11/26/2020 RUB 95.00
Expobank LLC 12.50 7/12/2019 RUB 100.00
Admiral Boats SA 8.50 9/18/2017 PLN 25.01
Gold-Zack AG 7.00 12/14/2005 EUR 12.61
Russian Railways JSC 6.40 5/30/2040 RUB
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.01
Heta Asset Resolution 5.92 12/31/2023 EUR 36.63
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
HSBC Bank PLC 0.50 7/21/2021 BRL 67.90
KPNQwest NV 7.13 6/1/2009 EUR 0.09
BNP Paribas Emissions 3.25 11/24/2017 EUR 64.87
SAir Group 5.13 3/1/2003 CHF 15.00
Bank Nederlandse Geme 0.50 8/9/2022 MXN 69.37
Lehman Brothers Treas 5.00 3/13/2009 EUR 3.92
Kommunekredit 0.50 7/30/2027 TRY 34.44
Barclays Bank PLC 0.50 1/28/2033 MXN 27.04
German Pellets GmbH 8.00 EUR 0.05
TransFin-M PAO 13.00 9/3/2025 RUB 60.02
Vimpel-Communications 11.90 10/3/2025 RUB 60.01
AKB Peresvet ZAO 13.50 6/23/2021 RUB 20.52
Credit Europe Bank Lt 8.88 9/14/2018 RUB 61.80
EFG International Fin 7.19 5/6/2019 EUR 11.14
Municipiul Timisoara 0.76 5/15/2026 RON 70.00
Union Technologies In 0.10 1/1/2020 EUR 4.45
Federal Grid Co Unifi 4.90 9/7/2048 RUB 70.32
Lehman Brothers Treas 4.00 4/13/2011 CHF 3.92
Lehman Brothers Treas 6.65 8/24/2011 AUD 9.63
LBI HF 2.25 2/14/2011 CHF 7.13
Lehman Brothers Treas 8.00 3/19/2012 USD 3.92
HSBC Bank PLC 0.50 6/9/2023 MXN 63.59
Heta Asset Resolution 5.03 12/31/2023 EUR 36.63
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Russian Post FGUP 2.75 12/6/2023 RUB 74.13
UBS AG/London 7.93 12/30/2021 USD 10.28
Credit Suisse AG/Lond 3.00 11/15/2025 ZAR 67.86
Societe Generale SA 0.50 5/30/2023 MXN 63.72
Lehman Brothers Treas 5.00 5/12/2011 CHF 3.92
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
Sankt-Peterburg Telec 10.70 1/31/2022 RUB 62.67
Lehman Brothers Treas 3.60 3/19/2018 JPY 4.19
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Societe Generale SA 0.50 4/3/2023 RUB 66.32
Barclays Bank PLC 0.50 3/26/2021 MXN 73.21
Lehman Brothers Treas 6.00 10/30/2012 USD 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 23.30 9/16/2008 USD 3.92
IDGC of Centre PJSC 12.42 5/23/2025 RUB 71.01
Moscow United Electri 11.00 9/12/2024 RUB 60.35
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
Credit Suisse AG/Lond 8.00 4/6/2022 USD 9.77
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Bank Julius Baer & Co 12.15 5/4/2018 USD 60.30
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
LBI HF 6.10 8/25/2011 USD 9.50
Municipality Finance 0.50 5/31/2022 ZAR 67.12
Upravlenie Otkhodami 4.00 4/29/2027 RUB 68.29
Digital Invest OOO 12.00 4/7/2021 RUB 60.40
Windreich GmbH 6.25 3/1/2015 EUR 11.00
Lehman Brothers Treas 11.00 7/4/2011 CHF 3.92
Lehman Brothers Treas 0.50 8/1/2020 EUR 3.92
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Lillestroem Sparebank 4.34 NOK 60.12
Lehman Brothers Treas 5.50 6/22/2010 USD 8.00
Societe Generale SA 11.50 10/3/2017 USD 48.10
Rinol AG 5.50 10/15/2006 DEM 0.00
ECA 2.50 1/1/2018 EUR
Raiffeisen Schweiz Ge 8.99 7/22/2019 EUR 24.58
Svensk Exportkredit A 0.50 2/22/2022 ZAR 68.89
Lehman Brothers Treas 8.25 2/3/2016 EUR 3.92
Lehman Brothers Treas 7.50 5/30/2010 AUD 3.92
Lehman Brothers Treas 16.80 8/21/2009 USD 3.92
Lehman Brothers Treas 6.25 9/5/2011 EUR 3.92
Vegarshei Sparebank 4.85 NOK 64.51
Podkarpacki Bank Spol 5.01 10/6/2021 PLN 65.12
Eurocent SA 8.50 9/15/2018 PLN 15.80
Rusfinans Bank OOO 10.90 10/2/2018 RUB 60.26
Lehman Brothers Treas 7.00 2/15/2010 CHF 3.92
LBI HF 7.43 USD 0.00
Glavnyi Centr Special 13.00 8/22/2019 RUB 70.31
Kerdos Group SA 8.00 12/15/2017 PLN
COFIDUR SA 0.10 12/31/2024 EUR 27.00
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Lehman Brothers Treas 2.50 12/15/2011 GBP 3.92
Lehman Brothers Treas 2.30 6/27/2013 USD 3.92
Lehman Brothers Treas 2.37 7/15/2013 USD 3.92
Lehman Brothers Treas 7.50 5/2/2017 EUR 3.92
Penell GmbH Elektrogr 7.75 6/10/2019 EUR 5.00
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Municipality Finance 0.50 7/30/2029 AUD 70.77
Barclays Bank PLC 0.50 3/13/2023 RUB 66.56
Cerruti Finance SA 6.50 7/26/2004 EUR 1.19
Heta Asset Resolution 5.73 12/31/2023 EUR 36.63
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 5.10 6/22/2046 EUR 3.92
Lehman Brothers Treas 1.28 11/6/2010 JPY 8.00
UBS AG 7.40 5/17/2021 CHF 56.09
MIK OAO 15.00 2/19/2020 RUB 0.14
Polski Bank Spoldziel 4.81 6/18/2020 PLN 51.00
Podkarpacki Bank Spol 5.81 2/23/2025 PLN 60.00
Main Road OJSC 3.90 11/22/2028 RUB 60.01
Lehman Brothers Treas 3.00 8/8/2017 EUR 3.92
HSBC Bank PLC 0.50 6/23/2027 MXN 45.20
Lehman Brothers Treas 3.03 1/31/2015 EUR 3.92
Municipality Finance 0.25 6/28/2040 CAD 32.25
Lehman Brothers Treas 0.50 7/2/2020 EUR 3.92
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treas 8.00 10/17/2014 EUR 3.92
BAWAG PSK Versicherun 1.06 EUR 59.58
Russian Railways JSC 5.10 5/20/2044 RUB
KB MIA AO 9.90 3/7/2025 RUB 59.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Bank Nederlandse Geme 0.50 6/22/2021 ZAR 72.95
Lehman Brothers Treas 4.60 7/6/2016 EUR 3.92
BTV Hybrid I GmbH 6.50 EUR 40.05
Lehman Brothers Treas 14.90 9/15/2008 EUR 3.92
Nuova Banca delle Mar 8.00 6/30/2018 EUR 1.24
Commerzbank AG 10.00 3/2/2020 EUR 45.21
EFG International Fin 6.26 5/7/2018 EUR 67.85
Cooperatieve Rabobank 0.50 8/21/2028 MXN 41.45
Svensk Exportkredit A 0.50 8/28/2020 TRY 72.81
Leonteq Securities AG 5.20 8/14/2018 CHF 73.66
UniCredit Bank AG 3.75 10/2/2020 EUR 65.08
Leonteq Securities AG 29.61 10/26/2017 EUR 15.44
UBS AG/London 16.00 1/19/2018 USD 54.25
Landesbank Hessen-Thu 5.00 10/17/2017 EUR 52.99
Leonteq Securities AG 16.20 11/30/2017 USD 23.30
Podkarpacki Bank Spol 5.11 5/28/2023 PLN
HSBC Bank PLC 0.50 11/25/2025 BRL 45.83
Lehman Brothers Treas 6.25 11/30/2012 EUR 3.92
Svensk Exportkredit A 0.50 3/28/2029 AUD 70.49
Avangard Bank PJSC 9.75 2/20/2026 RUB 70.31
Bank Nederlandse Geme 0.50 9/20/2022 MXN 68.77
Heta Asset Resolution 0.41 12/31/2023 EUR 36.63
Lehman Brothers Treas 10.00 6/17/2009 USD 3.92
Oberbank AG 7.40 EUR 71.42
Lehman Brothers Treas 6.00 5/23/2018 CZK 3.92
Absolut Bank PAO 12.00 12/25/2018 RUB 60.01
Lehman Brothers Treas 6.00 12/30/2017 EUR 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
Lehman Brothers Treas 10.00 8/2/2037 JPY 3.92
Leonteq Securities AG 4.40 8/28/2017 CHF 71.83
Raiffeisen Schweiz Ge 5.04 8/28/2017 CHF 74.68
Raiffeisen Schweiz Ge 6.50 7/2/2018 USD 48.40
Bank Julius Baer & Co 9.00 11/16/2017 USD 44.60
SAir Group 2.13 11/4/2004 CHF 14.75
DekaBank Deutsche Gir 2.80 7/22/2019 EUR 70.70
UniCredit Bank AG 4.00 6/26/2018 EUR 57.76
EFG International Fin 6.48 5/29/2018 EUR 5.89
Podkarpacki Bank Spol 5.81 10/24/2024 PLN
SAir Group 2.75 7/30/2004 CHF 14.75
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Royal Bank of Scotlan 6.20 9/7/2018 GBP 1.06
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Northland Resources A 12.25 3/26/2016 USD 0.32
Province of Brescia I 0.03 6/30/2036 EUR 63.91
Espirito Santo Financ 5.63 7/28/2017 EUR 0.27
Lehman Brothers Treas 3.50 9/29/2017 EUR 3.92
Lehman Brothers Treas 3.00 8/15/2017 EUR 3.92
IDGC of Centre PJSC 11.80 11/11/2025 RUB 72.61
Lehman Brothers Treas 5.00 11/22/2012 EUR 3.92
IDGC of the North Cau 13.00 4/22/2021 RUB 60.00
Lehman Brothers Treas 4.00 10/24/2012 EUR 3.92
Lehman Brothers Treas 7.59 11/22/2009 MXN 8.00
Societe Generale SA 0.50 5/22/2024 MXN 58.74
Solomenskij Lesozavod 10.00 9/29/2021 RUB 60.00
MRSK Urala PJSC 11.58 11/11/2025 RUB 70.31
Heta Asset Resolution 5.27 12/31/2023 EUR 36.63
Kaupthing ehf 7.50 2/1/2045 USD 0.15
Lehman Brothers Treas 1.00 5/9/2012 EUR 3.92
Lehman Brothers Treas 6.00 8/7/2013 EUR 3.92
Lehman Brothers Treas 7.55 12/29/2008 USD 3.92
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Promnefteservis OOO 10.50 11/21/2019 RUB 1.70
Bank Julius Baer & Co 11.00 3/29/2018 USD 64.20
Mcib Bank LLC 14.50 9/1/2023 RUB
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Eiendomskreditt AS 4.15 NOK 54.79
Societe Generale SA 0.50 4/4/2024 MXN 59.40
Lehman Brothers Treas 7.06 12/29/2008 EUR 3.92
Lehman Brothers Treas 11.75 3/1/2010 EUR 3.92
Lehman Brothers Treas 5.00 4/24/2017 EUR 3.92
Lehman Brothers Treas 6.00 3/17/2011 EUR 3.92
Lloyds Bank PLC 0.50 7/26/2028 MXN 46.49
Lehman Brothers Treas 4.00 12/2/2012 EUR 3.92
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.31
Lehman Brothers Treas 5.25 5/26/2026 EUR 3.92
Communaute Francaise 0.50 6/27/2046 EUR 66.84
Lehman Brothers Treas 3.50 10/31/2011 USD 3.92
Lehman Brothers Treas 6.75 4/5/2012 EUR 3.92
Bank Nederlandse Geme 0.50 5/12/2021 ZAR 74.69
Lehman Brothers Treas 4.50 5/2/2017 EUR 8.00
Lehman Brothers Treas 5.00 2/28/2032 EUR 3.92
Province of Brescia I 0.11 12/22/2036 EUR 63.25
Societe Generale SA 0.50 8/4/2021 BRL 67.75
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.31
Lloyds Bank PLC 0.50 7/26/2021 BRL 67.89
MRSK Urala PJSC 9.32 8/14/2026 RUB 70.31
Lehman Brothers Treas 1.75 2/7/2010 EUR 3.92
Barclays Bank PLC 8.00 12/8/2017 USD
AKB Peresvet ZAO 2.56 9/2/2020 RUB 15.88
BNP Paribas Emissions 27.00 12/21/2017 EUR 53.17
Lehman Brothers Treas 2.00 11/16/2009 EUR 3.92
SpareBank 1 Nordvest 3.66 3/11/2099 NOK 64.32
HSBC Bank PLC 0.50 2/24/2027 NZD 70.94
Northland Resources A 15.00 7/15/2019 USD 0.32
Lehman Brothers Treas 3.00 12/3/2012 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Transgazservice LLP 10.50 11/8/2019 RUB 0.04
Lehman Brothers Treas 10.00 6/11/2038 JPY 3.92
Lehman Brothers Treas 12.00 7/13/2037 JPY 3.92
Lehman Brothers Treas 5.25 11/21/2009 USD 3.92
UniCredit Bank Austri 0.12 1/22/2031 EUR 71.28
Lehman Brothers Treas 8.00 2/16/2016 EUR 3.92
Lehman Brothers Treas 2.00 6/28/2011 EUR 3.92
Lehman Brothers Treas 7.60 3/4/2010 NZD 3.92
Lehman Brothers Treas 4.25 3/13/2021 EUR 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
HSBC Bank PLC 0.50 4/27/2027 NZD 70.34
Lehman Brothers Treas 5.12 4/30/2027 EUR 3.92
Polski Bank Spoldziel 4.81 6/22/2021 PLN
Credit Suisse AG/Lond 8.50 9/18/2017 USD 33.76
EFG International Fin 6.21 7/22/2019 EUR 70.70
Lehman Brothers Treas 11.00 12/19/2011 USD 3.92
HSBC Bank PLC 0.50 4/11/2023 MXN 64.43
Landesbank Baden-Wuer 3.25 1/26/2018 EUR 60.10
BNP Paribas Emissions 29.00 12/21/2017 EUR 54.79
DZ Bank AG Deutsche Z 7.10 12/22/2017 EUR 69.18
Lehman Brothers Treas 4.50 3/6/2013 CHF 3.92
BKS Hybrid alpha GmbH 7.35 EUR 60.82
Lehman Brothers Treas 7.00 6/6/2017 EUR 3.92
Kreditanstalt fuer Wi 0.25 10/6/2036 CAD 40.89
Center-Invest Commerc 8.70 11/13/2018 RUB 99.90
Lehman Brothers Treas 10.00 2/16/2009 CHF 3.92
Portugal Telecom Inte 4.63 5/8/2020 EUR 33.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 9.63
UBS AG 4.00 12/22/2017 EUR 67.73
UBS AG/London 6.00 10/5/2017 CHF 42.90
OOO SPV Structural In 0.01 9/1/2023 RUB 66.65
Banca delle Marche Sp 6.00 6/12/2018 EUR 1.92
Lehman Brothers Treas 4.00 7/20/2012 EUR 3.92
Nutritek Internationa 8.75 12/11/2008 USD 2.00
Landesbank Baden-Wuer 3.00 5/25/2018 EUR 67.32
Leonteq Securities AG 15.20 10/11/2017 CHF 68.55
Leonteq Securities AG 7.00 11/6/2017 CHF 36.24
Credit Suisse AG/Lond 0.50 1/8/2026 BRL 45.07
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 54.63
DZ Bank AG Deutsche Z 10.10 12/22/2017 EUR 51.59
UBS AG/London 12.50 9/22/2017 EUR 47.89
HSBC Trinkaus & Burkh 12.70 9/22/2017 EUR 50.07
HSBC Trinkaus & Burkh 10.30 9/22/2017 EUR 54.31
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 60.92
UBS AG/London 9.50 9/22/2017 EUR 52.77
Zurcher Kantonalbank 8.50 10/16/2017 CHF 66.24
Raiffeisen Schweiz Ge 8.00 10/20/2017 CHF 68.42
BNP Paribas Emissions 12.00 9/21/2017 EUR 69.61
BNP Paribas Emissions 12.00 12/21/2017 EUR 57.29
BNP Paribas Emissions 16.00 9/21/2017 EUR 48.33
BNP Paribas Emissions 9.00 12/21/2017 EUR 64.61
BNP Paribas Emissions 10.00 12/21/2017 EUR 61.90
Landesbank Baden-Wuer 4.50 8/25/2017 EUR 71.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 63.87
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 59.47
Landesbank Baden-Wuer 5.00 8/25/2017 EUR 56.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 74.99
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 70.65
EFG International Fin 7.20 7/29/2020 EUR 23.34
Landesbank Baden-Wuer 3.40 9/28/2018 EUR 68.85
DZ Bank AG Deutsche Z 3.45 8/25/2017 EUR 65.75
Leonteq Securities AG 5.40 8/28/2017 CHF 59.93
Leonteq Securities AG 5.00 9/4/2018 CHF 62.47
Leonteq Securities AG 5.60 9/4/2017 CHF 64.51
DZ Bank AG Deutsche Z 3.60 9/15/2017 EUR 71.07
Leonteq Securities AG 5.60 9/11/2017 CHF 60.44
Bayerische Landesbank 3.00 10/5/2018 EUR 74.48
Deutsche Bank AG 4.20 11/22/2017 EUR 69.60
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 62.50
City of Predeal Roman 1.50 5/15/2026 RON 60.00
UBS AG/London 9.50 9/4/2017 CHF 26.75
Goldman Sachs & Co We 13.00 9/20/2017 EUR 72.67
Goldman Sachs & Co We 12.00 9/20/2017 EUR 55.39
Goldman Sachs & Co We 12.00 9/20/2017 EUR 53.56
Landesbank Hessen-Thu 5.00 3/27/2019 EUR 62.53
Landesbank Hessen-Thu 4.00 4/8/2019 EUR 59.03
UniCredit Bank AG 4.60 7/2/2018 EUR 54.44
Leonteq Securities AG 7.00 9/20/2017 CHF 68.03
Bayerische Landesbank 2.60 10/19/2018 EUR 62.97
Raiffeisen Schweiz Ge 4.50 3/27/2018 EUR 55.17
DZ Bank AG Deutsche Z 5.25 3/6/2018 EUR 71.59
DekaBank Deutsche Gir 2.75 2/2/2018 EUR 67.75
UniCredit Bank AG 5.00 6/25/2019 EUR 57.85
Bayerische Landesbank 2.60 3/29/2018 EUR 66.91
EFG International Fin 7.20 2/25/2019 EUR 12.12
Commerzbank AG 5.80 10/8/2017 EUR 67.67
DZ Bank AG Deutsche Z 5.60 9/8/2017 EUR 68.85
Landesbank Hessen-Thu 6.75 4/17/2020 EUR 73.24
Leonteq Securities AG 3.50 4/10/2018 EUR 54.80
Landesbank Hessen-Thu 6.20 7/24/2020 EUR 72.72
DZ Bank AG Deutsche Z 5.00 2/6/2018 EUR 65.94
DekaBank Deutsche Gir 2.70 3/16/2018 EUR 66.72
Raiffeisen Schweiz Ge 4.20 4/10/2018 EUR 57.24
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 67.51
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 60.47
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 58.73
Landesbank Baden-Wuer 6.00 10/27/2017 EUR 73.89
Landesbank Baden-Wuer 3.60 9/22/2017 EUR 65.56
Landesbank Baden-Wuer 3.05 8/25/2017 EUR 68.87
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 70.22
Landesbank Baden-Wuer 3.75 9/22/2017 EUR 70.95
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 63.79
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 68.64
Landesbank Baden-Wuer 3.25 8/25/2017 EUR 63.62
Bayerische Landesbank 2.70 7/27/2018 EUR 70.29
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 69.55
DekaBank Deutsche Gir 3.25 4/20/2018 EUR 53.83
Raiffeisen Schweiz Ge 4.00 5/8/2018 CHF 58.74
DekaBank Deutsche Gir 2.75 10/29/2018 EUR 54.76
Vontobel Financial Pr 4.00 11/9/2017 EUR 58.04
Goldman Sachs & Co We 12.00 12/20/2017 EUR 70.20
Goldman Sachs & Co We 10.00 12/20/2017 EUR 71.74
Goldman Sachs & Co We 13.00 12/20/2017 EUR 64.52
Goldman Sachs & Co We 6.00 12/20/2017 EUR 73.66
Goldman Sachs & Co We 10.00 12/20/2017 EUR 61.84
Goldman Sachs & Co We 11.00 12/20/2017 EUR 58.16
Goldman Sachs & Co We 11.00 12/20/2017 EUR 60.09
DekaBank Deutsche Gir 2.75 9/18/2018 EUR 71.26
Landesbank Hessen-Thu 4.00 4/30/2019 EUR 66.09
DekaBank Deutsche Gir 3.25 5/18/2018 EUR 66.05
Raiffeisen Switzerlan 9.00 4/1/2019 EUR 17.21
DekaBank Deutsche Gir 3.25 3/29/2018 EUR 74.33
Bayerische Landesbank 2.70 7/6/2018 EUR 64.10
Bayerische Landesbank 2.70 7/6/2018 EUR 65.19
EFG International Fin 6.40 4/9/2020 EUR 71.92
Zurcher Kantonalbank 6.50 4/10/2018 CHF 58.20
DekaBank Deutsche Gir 3.25 5/30/2018 EUR 70.73
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 71.05
Landesbank Baden-Wuer 4.00 10/27/2017 EUR 63.09
Landesbank Baden-Wuer 3.70 8/25/2017 EUR 66.37
Landesbank Baden-Wuer 3.70 9/22/2017 EUR 59.45
Landesbank Baden-Wuer 3.90 9/22/2017 EUR 68.05
Landesbank Baden-Wuer 3.20 9/22/2017 EUR 58.36
Landesbank Baden-Wuer 3.40 11/24/2017 EUR 73.12
Landesbank Baden-Wuer 3.50 1/26/2018 EUR 69.66
Landesbank Baden-Wuer 2.50 6/28/2019 EUR 65.89
Landesbank Baden-Wuer 3.50 6/22/2018 EUR 58.93
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 67.44
Bayerische Landesbank 3.20 7/27/2018 EUR 66.00
Commerzbank AG 4.40 4/29/2019 EUR 69.65
DekaBank Deutsche Gir 3.10 4/20/2018 EUR 74.62
Landesbank Hessen-Thu 4.00 6/5/2019 EUR 68.01
DekaBank Deutsche Gir 3.00 4/30/2019 EUR 67.21
UniCredit Bank AG 3.75 9/7/2020 EUR 68.17
Landesbank Baden-Wuer 3.85 8/25/2017 EUR 62.55
Commerzbank AG 20.00 5/28/2018 SEK 51.10
HSBC Trinkaus & Burkh 2.80 9/22/2017 EUR 67.40
Landesbank Baden-Wuer 3.25 12/22/2017 EUR 64.81
Landesbank Hessen-Thu 4.00 1/16/2018 EUR 51.34
Leonteq Securities AG 5.00 12/27/2019 EUR 69.01
Landesbank Baden-Wuer 3.00 2/23/2018 EUR 60.29
Raiffeisen Switzerlan 3.50 8/25/2017 CHF 71.56
Vontobel Financial Pr 9.05 9/22/2017 EUR 69.84
Vontobel Financial Pr 13.50 9/22/2017 EUR 62.92
Vontobel Financial Pr 16.05 9/22/2017 EUR 60.05
Vontobel Financial Pr 16.00 12/22/2017 EUR 58.58
Vontobel Financial Pr 20.00 12/22/2017 EUR 53.61
HSBC Trinkaus & Burkh 14.20 12/22/2017 EUR 66.45
HSBC Trinkaus & Burkh 11.20 8/25/2017 EUR 71.74
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 60.45
HSBC Trinkaus & Burkh 11.90 12/22/2017 EUR 62.60
HSBC Trinkaus & Burkh 10.70 8/25/2017 EUR 64.20
HSBC Trinkaus & Burkh 10.20 11/24/2017 EUR 64.37
DZ Bank AG Deutsche Z 11.25 1/26/2018 EUR 73.06
Vontobel Financial Pr 14.00 12/22/2017 EUR 63.24
Vontobel Financial Pr 13.00 12/22/2017 EUR 64.43
Vontobel Financial Pr 12.00 12/22/2017 EUR 65.68
Vontobel Financial Pr 11.00 12/22/2017 EUR 67.03
Vontobel Financial Pr 10.00 12/22/2017 EUR 68.46
Vontobel Financial Pr 9.00 12/22/2017 EUR 69.98
Vontobel Financial Pr 8.00 12/22/2017 EUR 71.61
HSBC Trinkaus & Burkh 13.40 9/22/2017 EUR 61.42
HSBC Trinkaus & Burkh 12.10 3/23/2018 EUR 65.60
HSBC Trinkaus & Burkh 11.30 3/23/2018 EUR 66.63
HSBC Trinkaus & Burkh 8.30 3/23/2018 EUR 71.66
HSBC Trinkaus & Burkh 11.00 8/25/2017 EUR 65.94
HSBC Trinkaus & Burkh 10.40 11/24/2017 EUR 66.09
Commerzbank AG 16.75 11/23/2017 EUR 66.99
UBS AG/London 9.30 9/29/2017 EUR 69.69
UBS AG/London 10.60 12/29/2017 EUR 68.59
UBS AG/London 8.80 12/29/2017 EUR 71.66
UBS AG/London 11.70 9/29/2017 EUR 66.20
UBS AG/London 12.60 12/29/2017 EUR 65.97
UBS AG/London 14.30 9/29/2017 EUR 63.09
DekaBank Deutsche Gir 2.75 6/24/2019 EUR 66.98
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 70.35
Landesbank Baden-Wuer 6.00 9/22/2017 EUR 66.59
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 69.42
Leonteq Securities AG 6.00 10/12/2017 CHF 65.76
UniCredit Bank AG 4.50 9/19/2017 EUR 47.17
Landesbank Hessen-Thu 4.50 11/28/2017 EUR 57.30
Bank VTB 24 JSC 9.00 9/1/2044 RUB
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DZ Bank AG Deutsche Z 11.50 12/22/2017 EUR 66.69
HSBC Trinkaus & Burkh 3.00 6/22/2018 EUR 62.70
DZ Bank AG Deutsche Z 13.00 9/22/2017 EUR 62.07
UBS AG/London 14.00 12/22/2017 EUR 72.86
UBS AG/London 12.50 2/23/2018 EUR 74.00
UBS AG/London 15.30 12/22/2017 EUR 73.50
Credit Suisse AG/Lond 8.50 3/13/2018 USD 60.99
Vontobel Financial Pr 10.65 9/8/2017 EUR 71.24
Vontobel Financial Pr 12.35 9/8/2017 EUR 68.49
Bank VTB 24 JSC 9.00 9/15/2044 RUB
National Capital JSC 10.50 9/15/2020 RUB 60.00
Soyuz AKB OAO 11.00 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
DZ Bank AG Deutsche Z 5.25 4/27/2018 EUR 69.65
HSBC Trinkaus & Burkh 3.00 3/23/2018 EUR 71.85
Commerzbank AG 30.00 6/30/2020 USD 2.35
Bank Julius Baer & Co 8.25 4/19/2018 USD 70.20
SG Issuer SA 5.50 4/10/2021 EUR 68.13
Goldman Sachs & Co We 15.00 9/20/2017 EUR 67.25
UBS AG/London 10.50 11/13/2017 CHF 73.90
HSBC Trinkaus & Burkh 6.50 1/29/2018 EUR 59.52
Zurcher Kantonalbank 4.75 12/11/2017 CHF 67.23
Landesbank Baden-Wuer 5.00 11/24/2017 EUR 70.28
UBS AG/London 6.40 12/8/2017 EUR 54.99
UBS AG/London 9.60 12/8/2017 EUR 49.70
Commerzbank AG 1.00 2/19/2020 USD 32.36
Commerzbank AG 14.00 1/24/2018 EUR 65.74
DZ Bank AG Deutsche Z 6.00 12/22/2017 EUR 73.22
Royal Bank of Scotlan 1.33 10/26/2018 GBP 1.04
Landesbank Baden-Wuer 2.90 7/27/2018 EUR 65.56
SG Issuer SA 0.80 11/30/2020 SEK 55.48
EFG International Fin 7.35 12/28/2017 CHF 66.06
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.97
BNP Paribas Emissions 28.00 12/21/2017 EUR 69.54
BNP Paribas Emissions 26.00 12/21/2017 EUR 63.57
BNP Paribas Emissions 23.00 12/21/2017 EUR 65.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.57
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 15.00 12/21/2017 EUR 72.52
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 29.00 12/21/2017 EUR 50.32
BNP Paribas Emissions 10.00 12/21/2017 EUR 71.96
BNP Paribas Emissions 29.00 12/21/2017 EUR 74.14
BNP Paribas Emissions 27.00 12/21/2017 EUR 54.59
BNP Paribas Emissions 25.00 12/21/2017 EUR 62.72
BNP Paribas Emissions 27.00 12/21/2017 EUR 64.50
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR 57.95
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 61.02
BNP Paribas Emissions 10.00 12/21/2017 EUR 42.47
BNP Paribas Emissions 24.00 12/21/2017 EUR 72.33
BNP Paribas Emissions 28.00 12/21/2017 EUR 57.67
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 48.25
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.05
BNP Paribas Emissions 28.00 12/21/2017 EUR 64.98
BNP Paribas Emissions 15.00 12/21/2017 EUR 75.43
BNP Paribas Emissions 27.00 12/21/2017 EUR 47.42
BNP Paribas Emissions 28.00 12/21/2017 EUR 45.06
BNP Paribas Emissions 23.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.28
BNP Paribas Emissions 16.00 12/21/2017 EUR 72.31
BNP Paribas Emissions 24.00 12/21/2017 EUR 58.19
BNP Paribas Emissions 24.00 12/21/2017 EUR 71.85
BNP Paribas Emissions 27.00 12/21/2017 EUR 43.16
BNP Paribas Emissions 22.00 12/21/2017 EUR 72.85
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 55.34
BNP Paribas Emissions 26.00 12/21/2017 EUR 65.46
BNP Paribas Emissions 13.00 12/21/2017 EUR 37.87
BNP Paribas Emissions 25.00 12/21/2017 EUR 27.84
BNP Paribas Emissions 15.00 12/21/2017 EUR 68.23
BNP Paribas Emissions 27.00 12/21/2017 EUR 45.87
BNP Paribas Emissions 27.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
Goldman Sachs & Co We 16.00 9/20/2017 EUR 73.34
Goldman Sachs & Co We 16.00 9/20/2017 EUR 69.67
BNP Paribas Emissions 27.00 12/21/2017 EUR 67.41
BNP Paribas Emissions 26.00 12/21/2017 EUR 58.27
BNP Paribas Emissions 28.00 12/21/2017 EUR 58.79
BNP Paribas Emissions 26.00 12/21/2017 EUR 56.63
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR
BNP Paribas Emissions 23.00 12/21/2017 EUR 49.19
BNP Paribas Emissions 27.00 12/21/2017 EUR 57.39
BNP Paribas Emissions 22.00 12/21/2017 EUR 49.13
BNP Paribas Emissions 16.00 12/21/2017 EUR 73.82
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.25
BNP Paribas Emissions 28.00 12/21/2017 EUR 56.90
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 61.72
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.73
BNP Paribas Emissions 22.00 12/21/2017 EUR 70.16
BNP Paribas Emissions 25.00 12/21/2017 EUR 72.72
BNP Paribas Emissions 6.00 12/21/2017 EUR 50.90
BNP Paribas Emissions 24.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 70.42
BNP Paribas Emissions 19.00 12/21/2017 EUR 64.40
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.76
BNP Paribas Emissions 19.00 12/21/2017 EUR 67.14
BNP Paribas Emissions 22.00 12/21/2017 EUR 61.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 66.97
Goldman Sachs & Co We 15.00 12/20/2017 EUR 73.40
Exane Finance SA 5.00 12/20/2019 SEK
Commerzbank AG 14.25 10/26/2017 EUR 52.59
Commerzbank AG 7.25 10/26/2017 EUR 63.84
Commerzbank AG 10.50 10/26/2017 EUR 57.50
UBS AG/London 7.00 9/22/2017 EUR 59.04
UBS AG/London 11.60 12/29/2017 EUR 50.98
UBS AG/London 13.00 9/27/2017 EUR 48.11
UBS AG/London 5.30 12/29/2017 EUR 60.20
Vontobel Financial Pr 19.60 12/8/2017 EUR 73.72
UBS AG/London 12.50 9/22/2017 EUR 67.88
Vontobel Financial Pr 13.00 12/22/2017 EUR 66.02
Vontobel Financial Pr 13.50 9/22/2017 EUR 66.37
Vontobel Financial Pr 11.00 12/22/2017 EUR 68.76
HSBC Trinkaus & Burkh 13.40 12/22/2017 EUR 64.60
HSBC Trinkaus & Burkh 10.40 8/25/2017 EUR 69.69
HSBC Trinkaus & Burkh 9.70 11/24/2017 EUR 69.53
Commerzbank AG 12.25 12/21/2017 EUR 68.66
Commerzbank AG 16.25 12/21/2017 EUR 63.55
Societe Generale SA 7.00 10/20/2020 USD
UBS AG/London 6.90 6/22/2018 EUR 70.11
UBS AG/London 8.20 6/22/2018 EUR 67.98
UBS AG/London 7.40 9/22/2017 EUR 65.55
UBS AG/London 9.90 9/22/2017 EUR 62.36
UBS AG/London 9.40 6/22/2018 EUR 66.10
BNP Paribas Emissions 12.00 10/26/2017 EUR 71.12
BNP Paribas Emissions 15.00 10/26/2017 EUR 64.39
BNP Paribas Emissions 19.00 10/26/2017 EUR 62.30
BNP Paribas Emissions 19.00 9/21/2017 EUR 60.20
Bank Julius Baer & Co 13.00 12/21/2017 USD 49.75
Commerzbank AG 15.50 9/20/2017 EUR 61.12
Commerzbank AG 13.50 12/20/2017 EUR 64.29
DZ Bank AG Deutsche Z 6.00 6/22/2018 EUR 70.62
DekaBank Deutsche Gir 3.00 6/27/2018 EUR 50.37
DZ Bank AG Deutsche Z 12.25 1/26/2018 EUR 72.26
Bank Julius Baer & Co 10.45 5/11/2018 USD 64.50
SG Issuer SA 0.82 8/2/2021 SEK 60.80
EFG International Fin 6.89 12/28/2017 CHF 64.31
Raiffeisen Centrobank 7.20 9/20/2017 EUR 67.57
Goldman Sachs & Co We 9.00 12/20/2017 EUR 74.54
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 67.98
HSBC Trinkaus & Burkh 10.80 8/25/2017 EUR 73.70
BNP Paribas Emissions 15.00 11/23/2017 EUR 65.47
BNP Paribas Emissions 13.00 12/21/2017 EUR 69.26
BNP Paribas Emissions 16.00 12/21/2017 EUR 63.86
BNP Paribas Emissions 12.00 6/21/2018 EUR 71.23
BNP Paribas Emissions 13.00 6/21/2018 EUR 69.14
BNP Paribas Emissions 13.00 11/23/2017 EUR 68.36
BNP Paribas Emissions 15.00 9/21/2017 EUR 73.20
Vontobel Financial Pr 9.00 3/23/2018 EUR 70.23
Vontobel Financial Pr 12.50 3/23/2018 EUR 65.91
Commerzbank AG 5.00 2/9/2018 EUR 52.89
Vontobel Financial Pr 16.00 12/22/2017 EUR 62.47
Vontobel Financial Pr 10.50 3/23/2018 EUR 67.77
Vontobel Financial Pr 14.50 3/23/2018 EUR 64.33
Vontobel Financial Pr 4.80 5/14/2018 EUR 69.36
Deutsche Bank AG 5.20 3/20/2018 EUR 74.70
Deutsche Bank AG 7.20 12/19/2017 EUR 74.20
Deutsche Bank AG 5.20 12/19/2017 EUR 73.50
DZ Bank AG Deutsche Z 10.00 1/26/2018 EUR 73.33
DZ Bank AG Deutsche Z 12.25 11/24/2017 EUR 67.33
DZ Bank AG Deutsche Z 7.10 9/22/2017 EUR 67.57
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 66.24
HSBC Trinkaus & Burkh 7.90 9/22/2017 EUR 56.65
HSBC Trinkaus & Burkh 5.40 9/22/2017 EUR 62.32
HSBC Trinkaus & Burkh 2.90 9/22/2017 EUR 71.47
Vontobel Financial Pr 12.30 9/8/2017 EUR 72.19
Lehman Brothers Treas 7.25 10/6/2008 EUR 3.92
Lehman Brothers Treas 4.00 4/24/2009 USD 3.92
Lehman Brothers Treas 7.25 6/20/2010 USD 3.92
Lehman Brothers Treas 4.50 7/24/2014 EUR 3.92
Lehman Brothers Treas 7.00 9/20/2011 USD 3.92
Lehman Brothers Treas 4.95 10/25/2036 EUR 3.92
Lehman Brothers Treas 0.25 7/21/2014 EUR 3.92
Lehman Brothers Treas 7.50 10/24/2008 USD 3.92
Lehman Brothers Treas 10.00 3/27/2009 USD 3.92
Lehman Brothers Treas 5.75 6/15/2009 CHF 3.92
Lehman Brothers Treas 6.50 7/24/2026 EUR 3.92
Lehman Brothers Treas 4.50 8/2/2009 USD 3.92
Lehman Brothers Treas 7.38 9/20/2008 EUR 3.92
Lehman Brothers Treas 3.85 4/24/2009 USD 3.92
Lehman Brothers Treas 10.50 8/9/2010 EUR 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Lehman Brothers Treas 9.00 3/17/2009 GBP 3.92
Lehman Brothers Treas 9.00 6/13/2009 USD 3.92
Lehman Brothers Treas 7.00 11/28/2008 CHF 3.92
Lehman Brothers Treas 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treas 6.00 10/24/2008 EUR 3.92
Lehman Brothers Treas 5.00 10/24/2008 CHF 3.92
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treas 6.50 5/16/2015 EUR 3.92
Lehman Brothers Treas 5.00 9/1/2011 EUR 3.92
Lehman Brothers Treas 3.50 9/19/2017 EUR 3.92
Lehman Brothers Treas 3.00 9/12/2036 JPY 8.00
Lehman Brothers Treas 10.00 1/4/2010 USD 3.92
Lehman Brothers Treas 6.70 4/21/2011 USD 3.92
Lehman Brothers Treas 8.60 7/31/2013 GBP 3.92
Lehman Brothers Treas 8.28 7/31/2013 GBP 3.92
Lehman Brothers Treas 7.50 7/31/2013 GBP 3.92
HSBC Bank PLC 0.50 12/8/2020 BRL 72.22
Lehman Brothers Treas 12.00 7/4/2011 EUR 3.92
Lehman Brothers Treas 16.00 12/26/2008 USD 3.92
Lehman Brothers Treas 11.00 7/4/2011 USD 3.92
Lehman Brothers Treas 5.50 7/8/2013 EUR 3.92
Lehman Brothers Treas 13.15 10/30/2008 USD 3.92
Lehman Brothers Treas 3.63 3/2/2012 EUR 3.92
Kommunekredit 0.50 5/11/2029 CAD 73.00
Lehman Brothers Treas 5.25 7/8/2014 EUR 3.92
Lehman Brothers Treas 2.50 8/15/2012 CHF 3.92
Lehman Brothers Treas 12.40 6/12/2009 USD 3.92
Lehman Brothers Treas 3.00 6/3/2010 EUR 3.92
Lehman Brothers Treas 8.00 8/3/2009 USD 3.92
Lehman Brothers Treas 4.00 11/24/2016 EUR 3.92
Lehman Brothers Treas 1.50 10/25/2011 EUR 3.92
Lehman Brothers Treas 7.75 1/30/2009 EUR 3.92
Lehman Brothers Treas 11.00 6/29/2009 EUR 3.92
Lehman Brothers Treas 5.50 6/15/2009 CHF 3.92
Kommunalbanken AS 0.50 12/16/2020 TRY 72.61
Barclays Bank PLC 1.99 12/1/2040 USD 72.96
Lehman Brothers Treas 13.00 12/14/2012 USD 3.92
Lehman Brothers Treas 7.32 7/31/2013 GBP 3.92
Lehman Brothers Treas 6.00 12/6/2016 USD 3.92
Lehman Brothers Treas 4.15 8/25/2020 EUR 3.92
Lehman Brothers Treas 4.00 6/5/2011 USD 3.92
Lehman Brothers Treas 4.50 12/30/2010 USD 3.92
Lehman Brothers Treas 2.30 6/6/2013 USD 3.92
Lehman Brothers Treas 4.30 6/4/2012 USD 3.92
Lehman Brothers Treas 11.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 6.30 12/21/2018 USD 3.92
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
HSBC Bank PLC 0.50 12/8/2026 AUD 71.93
Lehman Brothers Treas 6.00 2/19/2023 USD 3.92
Lehman Brothers Treas 8.00 3/21/2018 USD 3.92
Lehman Brothers Treas 13.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 1.00 2/26/2010 USD 3.92
Lehman Brothers Treas 6.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 3.10 6/4/2010 USD 3.92
Lehman Brothers Treas 7.75 1/3/2012 AUD 3.92
Lehman Brothers Treas 0.50 6/2/2020 EUR 3.92
Lehman Brothers Treas 5.00 12/6/2011 EUR 3.92
Lehman Brothers Treas 13.43 1/8/2009 ILS 3.92
Lehman Brothers Treas 10.00 10/23/2008 USD 3.92
Lehman Brothers Treas 6.60 5/23/2012 AUD 3.92
Lehman Brothers Treas 10.00 5/22/2009 USD 3.92
Lehman Brothers Treas 4.60 8/1/2013 EUR 3.92
Lehman Brothers Treas 5.00 2/15/2018 EUR 3.92
Lehman Brothers Treas 9.75 6/22/2018 USD 3.92
Lehman Brothers Treas 10.60 4/22/2014 MXN 3.92
Lehman Brothers Treas 16.00 11/9/2008 USD 3.92
Lehman Brothers Treas 16.20 5/14/2009 USD 3.92
Lehman Brothers Treas 4.87 10/8/2013 USD 3.92
Lehman Brothers Treas 7.05 4/8/2015 USD 3.92
Lehman Brothers Treas 7.15 3/21/2013 USD 3.92
Lehman Brothers Treas 7.80 3/31/2018 USD 3.92
Lehman Brothers Treas 2.30 4/28/2014 JPY 3.92
Lehman Brothers Treas 4.00 2/28/2010 EUR 3.92
Lehman Brothers Treas 2.00 5/17/2010 EUR 3.92
Lehman Brothers Treas 4.10 5/20/2009 USD 3.92
Lehman Brothers Treas 6.45 2/20/2010 AUD 3.92
Lehman Brothers Treas 4.00 3/10/2011 EUR 3.92
Lehman Brothers Treas 10.00 10/22/2008 USD 3.92
Lehman Brothers Treas 16.00 10/28/2008 USD 3.92
Lehman Brothers Treas 5.50 4/23/2014 EUR 3.92
Lehman Brothers Treas 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 4.00 1/4/2011 USD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Oberoesterreichische 0.30 4/25/2042 EUR 55.14
Lehman Brothers Treas 4.50 3/7/2015 EUR 3.92
Lehman Brothers Treas 14.10 11/12/2008 USD 3.92
Lehman Brothers Treas 4.00 8/11/2010 USD 8.00
BNP Paribas SA 0.50 11/16/2032 MXN 31.71
Lehman Brothers Treas 0.75 3/29/2012 EUR 3.92
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treas 7.50 8/1/2035 EUR 3.92
Lehman Brothers Treas 4.90 7/28/2020 EUR 3.92
Lehman Brothers Treas 11.00 5/9/2020 USD 3.92
Lehman Brothers Treas 7.00 7/11/2010 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Svensk Exportkredit A 0.50 3/15/2022 ZAR 68.56
Lehman Brothers Treas 4.69 2/19/2017 EUR 3.92
Lehman Brothers Treas 7.60 3/26/2009 EUR 3.92
Lehman Brothers Treas 15.00 3/30/2011 EUR 3.92
Lehman Brothers Treas 6.00 5/12/2017 EUR 3.92
Lehman Brothers Treas 4.10 2/19/2010 EUR 3.92
DekaBank Deutsche Gir 0.12 6/23/2034 EUR 70.89
Landesbank Hessen-Thu 4.00 5/16/2018 EUR 61.20
UBS AG/London 12.50 4/5/2018 USD 64.65
DZ Bank AG Deutsche Z 6.50 3/23/2018 EUR 66.14
DZ Bank AG Deutsche Z 5.75 3/23/2018 EUR 68.62
UniCredit Bank AG 4.40 9/19/2018 EUR 67.24
UBS AG 10.50 12/22/2017 EUR 70.83
UBS AG 10.25 12/22/2017 EUR 50.11
UBS AG 8.50 12/22/2017 EUR 42.49
UBS AG 11.75 12/22/2017 EUR 62.41
UBS AG 7.50 12/22/2017 EUR 46.30
UBS AG 5.75 12/22/2017 EUR 53.84
UBS AG 7.75 12/22/2017 EUR 60.84
UBS AG 5.75 12/22/2017 EUR 73.02
UBS AG 13.00 12/22/2017 EUR 62.74
UBS AG 9.50 12/22/2017 EUR 71.86
UBS AG 7.75 12/22/2017 EUR 71.16
UBS AG 10.50 12/22/2017 EUR 64.63
Landesbank Baden-Wuer 3.15 6/22/2018 EUR 62.34
UBS AG 9.50 12/22/2017 EUR 71.77
UBS AG 5.25 12/22/2017 EUR 57.10
UBS AG 11.75 12/22/2017 EUR 58.99
UBS AG 10.25 12/22/2017 EUR 38.19
UBS AG 5.00 12/22/2017 EUR 60.97
UBS AG 11.75 12/22/2017 EUR 34.32
UBS AG 10.25 12/22/2017 EUR 68.30
UBS AG 6.75 12/22/2017 EUR 49.76
UBS AG 8.25 12/22/2017 EUR 44.38
UBS AG 6.25 12/22/2017 EUR 49.46
UBS AG 11.25 12/22/2017 EUR 64.15
UBS AG 9.00 12/22/2017 EUR 70.85
UBS AG 8.25 12/22/2017 EUR 61.45
UBS AG 4.50 12/22/2017 EUR 61.72
UBS AG 10.50 12/22/2017 EUR 61.82
UBS AG 9.50 12/22/2017 EUR 65.86
UBS AG 6.50 12/22/2017 EUR 49.55
HSBC Trinkaus & Burkh 9.00 9/22/2017 EUR 72.88
HSBC Trinkaus & Burkh 8.30 12/22/2017 EUR 74.59
HSBC Trinkaus & Burkh 2.50 9/22/2017 EUR 63.74
Leonteq Securities AG 10.20 10/24/2018 EUR 56.85
DZ Bank AG Deutsche Z 11.00 10/27/2017 EUR 62.31
Commerzbank AG 15.50 8/23/2017 EUR 64.84
Credit Suisse AG/Lond 11.50 4/25/2018 USD 73.47
Bank Julius Baer & Co 5.40 12/20/2017 CHF 71.55
Vontobel Financial Pr 7.00 12/22/2017 EUR 71.27
Vontobel Financial Pr 12.00 12/22/2017 EUR 62.58
HSBC Trinkaus & Burkh 10.50 11/24/2017 EUR 71.70
Lehman Brothers Treas 3.00 8/13/2011 EUR 3.92
Lehman Brothers Treas 1.50 2/8/2012 CHF 3.92
Lehman Brothers Treas 12.22 11/21/2017 USD 3.92
Lehman Brothers Treas 3.50 12/20/2027 USD 3.92
Lehman Brothers Treas 8.05 12/20/2010 HKD 3.92
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treas 14.90 11/16/2010 EUR 3.92
Lehman Brothers Treas 6.00 10/30/2012 EUR 3.92
Lehman Brothers Treas 16.00 10/8/2008 CHF 3.92
Lehman Brothers Treas 5.50 11/30/2012 CZK 3.92
Lehman Brothers Treas 4.80 11/16/2012 HKD 3.92
United Confectioners 10.50 4/3/2023 RUB 99.96
RGS Nedvizhimost OOO 12.50 2/25/2021 RUB 60.00
Lehman Brothers Treas 7.63 7/22/2011 HKD 3.92
TransFin-M PAO 14.50 2/26/2025 RUB 60.01
Lehman Brothers Treas 6.72 12/29/2008 EUR 3.92
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 99.91
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 99.80
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
TransFin-M PAO 12.50 8/11/2025 RUB 100.00
Lehman Brothers Treas 2.50 11/9/2011 CHF 3.92
Svensk Exportkredit A 0.50 8/25/2021 ZAR 71.51
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treas 8.00 12/31/2010 USD 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
LBI HF 8.65 5/1/2011 ISK 7.13
Lehman Brothers Treas 8.80 12/27/2009 EUR 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 7.50 2/14/2010 AUD 3.92
Lehman Brothers Treas 5.22 3/1/2024 EUR 3.92
Lehman Brothers Treas 3.50 6/20/2011 EUR 3.92
Lehman Brothers Treas 3.45 5/23/2013 USD 3.92
Lehman Brothers Treas 1.95 11/4/2013 EUR 3.92
Lehman Brothers Treas 2.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 5.38 2/4/2014 USD 3.92
Lehman Brothers Treas 9.50 4/1/2018 USD 3.92
Lehman Brothers Treas 2.75 10/28/2009 EUR 3.92
Lehman Brothers Treas 7.60 5/21/2013 USD 3.92
Societe Generale SA 0.50 6/12/2023 RUB 65.18
Lehman Brothers Treas 9.00 5/6/2011 CHF 3.92
Lehman Brothers Treas 15.00 6/4/2009 CHF 3.92
HSBC Bank PLC 0.50 1/29/2027 NZD 70.95
Lehman Brothers Treas 13.50 6/2/2009 USD 3.92
Lehman Brothers Treas 17.00 6/2/2009 USD 3.92
Lehman Brothers Treas 10.44 11/22/2008 CHF 3.92
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 99.81
Lehman Brothers Treas 3.82 10/20/2009 USD 3.92
Lehman Brothers Treas 7.75 2/21/2016 EUR 3.92
Credit Suisse AG 0.50 12/16/2025 BRL 46.17
Lehman Brothers Treas 5.00 8/1/2025 EUR 3.92
Lehman Brothers Treas 9.25 6/20/2012 USD 3.92
Lehman Brothers Treas 0.01 9/20/2011 USD 3.92
Lehman Brothers Treas 2.48 5/12/2009 USD 3.92
Lehman Brothers Treas 4.00 5/17/2010 USD 3.92
Lehman Brothers Treas 7.50 6/15/2017 USD 3.92
Lehman Brothers Treas 4.00 5/30/2010 USD 3.92
Lehman Brothers Treas 2.25 5/12/2009 USD 3.92
Lehman Brothers Treas 0.80 12/30/2016 EUR 3.92
Lehman Brothers Treas 10.00 1/3/2012 BRL 3.92
Societe Generale SA 0.50 7/6/2021 BRL 68.24
Credit Agricole Corpo 0.50 3/6/2023 RUB 66.61
Lehman Brothers Treas 4.10 6/10/2014 SGD 9.63
Barclays Bank PLC 1.00 5/10/2019 JPY 64.99
Lehman Brothers Treas 0.50 2/16/2009 EUR 3.92
Lehman Brothers Treas 8.00 4/20/2009 EUR 3.92
Lehman Brothers Treas 1.60 6/21/2010 JPY 3.92
Lehman Brothers Treas 2.40 6/20/2011 JPY 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
Lehman Brothers Treas 8.50 7/6/2009 CHF 3.92
Lehman Brothers Treas 7.50 9/13/2009 CHF 3.92
Lehman Brothers Treas 5.25 4/1/2023 EUR 3.92
Lehman Brothers Treas 4.82 12/18/2036 EUR 3.92
HSBC Bank PLC 0.50 12/22/2025 BRL 45.54
Lehman Brothers Treas 3.70 6/6/2009 EUR 3.92
Eiendomskreditt AS 5.10 NOK 65.50
Lehman Brothers Treas 5.20 3/19/2018 EUR 3.92
Lehman Brothers Treas 6.00 2/14/2012 EUR 3.92
Lehman Brothers Treas 0.25 10/19/2012 CHF 3.92
Lehman Brothers Treas 1.68 3/5/2015 EUR 3.92
Lehman Brothers Treas 8.00 12/27/2032 JPY 3.92
Lehman Brothers Treas 13.50 11/28/2008 USD 3.92
Lehman Brothers Treas 9.00 5/15/2022 USD 3.92
Lehman Brothers Treas 7.39 5/4/2017 USD 3.92
Lehman Brothers Treas 6.60 2/22/2012 EUR 3.92
Lehman Brothers Treas 8.28 3/26/2009 USD 3.92
Lehman Brothers Treas 6.85 12/22/2008 EUR 3.92
Lehman Brothers Treas 7.00 2/15/2012 EUR 3.92
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treas 4.20 12/3/2008 HKD 9.63
Lehman Brothers Treas 13.00 7/25/2012 EUR 3.92
Lehman Brothers Treas 4.00 10/12/2010 USD 3.92
Lehman Brothers Treas 7.00 10/22/2010 EUR 3.92
Lehman Brothers Treas 1.50 10/12/2010 EUR 3.92
Lehman Brothers Treas 4.60 11/9/2011 EUR 8.00
Nuova Banca delle Mar 7.20 6/30/2018 EUR 1.24
Nuova Banca delle Mar 7.75 6/30/2018 EUR 1.24
LBI HF 7.43 USD 0.00
Lehman Brothers Treas 8.00 10/23/2008 USD 3.92
Lehman Brothers Treas 3.40 9/21/2009 HKD 3.92
Lehman Brothers Treas 18.25 10/2/2008 USD 3.92
Lehman Brothers Treas 2.50 8/23/2012 GBP 3.92
Artug OAO 15.00 7/14/2025 RUB 1.40
Lehman Brothers Treas 4.25 5/15/2010 EUR 3.92
Lehman Brothers Treas 3.35 10/13/2016 EUR 3.92
Raiffeisen Centrobank 9.85 12/20/2017 EUR 66.16
Raiffeisen Centrobank 13.01 12/20/2017 EUR 63.48
Raiffeisen Centrobank 7.54 12/28/2018 EUR 63.93
Raiffeisen Centrobank 6.23 12/28/2018 EUR 68.78
Commerzbank AG 12.00 2/22/2018 EUR 72.27
Commerzbank AG 15.75 2/22/2018 EUR 67.63
BNP Paribas Emissions 16.00 9/21/2017 EUR 46.52
BNP Paribas Emissions 6.00 10/26/2017 EUR 59.85
BNP Paribas Emissions 13.00 10/26/2017 EUR 49.32
BNP Paribas Emissions 5.00 12/21/2017 EUR 63.29
BNP Paribas Emissions 6.00 12/21/2017 EUR 60.59
BNP Paribas Emissions 9.00 12/21/2017 EUR 56.30
BNP Paribas Emissions 6.00 9/21/2017 EUR 59.30
BNP Paribas Emissions 9.00 9/21/2017 EUR 54.19
BNP Paribas Emissions 13.00 10/26/2017 EUR 68.93
UBS AG/London 12.50 12/22/2017 EUR 69.53
UBS AG/London 5.00 12/22/2017 EUR 70.48
UBS AG/London 7.75 12/22/2017 EUR 63.13
Bank Julius Baer & Co 5.20 9/25/2017 EUR 67.10
Leonteq Securities AG 3.00 9/19/2019 CHF 56.06
Raiffeisen Schweiz Ge 5.00 6/6/2018 CHF 73.32
Raiffeisen Schweiz Ge 5.00 6/13/2018 CHF 72.66
Raiffeisen Schweiz Ge 5.00 7/25/2018 CHF 73.90
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 71.86
EFG International Fin 14.00 3/8/2018 CHF 73.16
UBS AG/London 4.50 12/22/2017 EUR 73.38
UBS AG/London 7.00 12/22/2017 EUR 58.96
UBS AG/London 4.00 12/22/2017 EUR 73.02
UBS AG/London 9.00 12/22/2017 EUR 52.60
UBS AG/London 5.75 12/22/2017 EUR 65.18
UBS AG/London 11.00 12/22/2017 EUR 74.65
UBS AG/London 6.25 12/22/2017 EUR 63.03
UBS AG/London 14.50 12/22/2017 EUR 68.94
UniCredit Bank AG 5.00 9/25/2017 EUR 73.78
Credit Suisse AG/Nass 5.25 5/14/2018 CHF 71.26
Raiffeisen Schweiz Ge 4.50 5/23/2018 CHF 73.25
UniCredit Bank AG 4.30 10/17/2018 EUR 66.35
Landesbank Baden-Wuer 3.30 6/22/2018 EUR 63.89
UniCredit Bank AG 4.30 12/22/2017 EUR 58.87
DekaBank Deutsche Gir 3.30 2/26/2018 EUR 48.77
UBS AG 4.50 12/22/2017 EUR 53.26
UBS AG 5.00 12/22/2017 EUR 60.81
Landesbank Baden-Wuer 3.05 6/22/2018 EUR 69.20
DekaBank Deutsche Gir 3.00 4/16/2018 EUR 73.09
Leonteq Securities AG 10.00 12/27/2017 USD 57.17
Raiffeisen Schweiz Ge 15.00 12/27/2017 CHF 68.36
HSBC Trinkaus & Burkh 8.95 12/22/2017 EUR 67.80
DZ Bank AG Deutsche Z 8.30 9/22/2017 EUR 51.26
HSBC Trinkaus & Burkh 1.75 8/25/2017 EUR 59.67
Deutsche Bank AG 6.20 9/19/2017 EUR 72.10
Deutsche Bank AG 6.20 12/19/2017 EUR 73.60
UBS AG/London 6.30 12/29/2017 EUR 57.87
HSBC Trinkaus & Burkh 4.80 9/22/2017 EUR 59.18
HSBC Trinkaus & Burkh 13.70 12/22/2017 EUR 71.56
Vontobel Financial Pr 11.50 9/22/2017 EUR 72.98
HSBC Trinkaus & Burkh 8.40 9/22/2017 EUR 51.63
HSBC Trinkaus & Burkh 3.00 9/22/2017 EUR 65.55
UBS AG 24.10 9/28/2017 EUR 49.75
HSBC Trinkaus & Burkh 14.10 9/22/2017 EUR 70.33
Leonteq Securities AG 7.00 10/19/2017 CHF 68.31
Norddeutsche Landesba 3.00 10/30/2018 EUR 57.81
DZ Bank AG Deutsche Z 10.00 12/22/2017 EUR 72.42
DZ Bank AG Deutsche Z 11.80 12/22/2017 EUR 69.94
DZ Bank AG Deutsche Z 7.70 3/23/2018 EUR 72.58
DZ Bank AG Deutsche Z 9.60 3/23/2018 EUR 70.87
Leonteq Securities AG 15.60 12/19/2017 CHF 70.78
Leonteq Securities AG 17.60 12/19/2017 USD 70.94
Vontobel Financial Pr 18.40 9/11/2017 EUR 70.33
Commerzbank AG 4.00 7/6/2018 EUR 50.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 73.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 74.08
HSBC Trinkaus & Burkh 10.07 6/22/2018 EUR 74.26
HSBC Trinkaus & Burkh 5.00 6/22/2018 EUR 66.20
UBS AG/London 3.81 10/28/2017 USD 57.15
HSBC Trinkaus & Burkh 10.10 2/23/2018 EUR 71.98
HSBC Trinkaus & Burkh 11.60 3/23/2018 EUR 70.03
Commerzbank AG 12.75 1/25/2018 EUR 71.73
Commerzbank AG 16.50 1/25/2018 EUR 66.79
Leonteq Securities AG 16.60 5/7/2018 USD 57.48
Vontobel Financial Pr 9.05 12/22/2017 EUR 74.74
UBS AG/London 6.50 1/25/2018 CHF 70.60
Goldman Sachs & Co We 10.00 9/20/2017 EUR 72.43
Goldman Sachs & Co We 14.00 9/20/2017 EUR 63.70
DekaBank Deutsche Gir 3.50 10/28/2019 EUR 64.59
Bank Julius Baer & Co 5.50 11/6/2017 CHF 62.35
Bank Julius Baer & Co 7.75 2/9/2018 USD 53.20
HSBC Trinkaus & Burkh 10.90 10/27/2017 EUR 69.05
HSBC Trinkaus & Burkh 10.10 1/26/2018 EUR 71.26
Raiffeisen Schweiz Ge 3.00 9/22/2020 CHF 67.24
UniCredit Bank AG 3.50 1/29/2020 EUR 74.37
EFG International Fin 7.00 11/27/2019 EUR 16.81
Goldman Sachs Interna 1.00 12/5/2017 SEK 15.60
Bayerische Landesbank 2.70 7/13/2018 EUR 69.11
UniCredit Bank AG 3.80 7/23/2020 EUR 66.13
UniCredit Bank AG 4.40 7/13/2018 EUR 61.78
Bayerische Landesbank 2.40 7/20/2018 EUR 70.79
Norddeutsche Landesba 3.00 7/16/2018 EUR 64.69
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 73.09
EFG International Fin 5.30 6/24/2019 EUR 73.28
Landesbank Baden-Wuer 3.70 7/27/2018 EUR 67.14
UniCredit Bank AG 5.00 7/30/2018 EUR 66.43
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 67.59
Landesbank Baden-Wuer 4.00 6/22/2018 EUR 62.05
Landesbank Baden-Wuer 3.60 6/22/2018 EUR 59.56
DekaBank Deutsche Gir 3.00 5/13/2019 EUR 73.93
Bayerische Landesbank 2.90 6/22/2018 EUR 68.68
Landesbank Baden-Wuer 2.50 12/22/2017 EUR 73.83
Landesbank Baden-Wuer 3.50 7/27/2018 EUR 62.89
Landesbank Baden-Wuer 3.40 7/27/2018 EUR 63.11
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 70.69
DekaBank Deutsche Gir 2.80 5/13/2019 EUR 61.23
Bayerische Landesbank 2.70 6/22/2018 EUR 70.67
Landesbank Baden-Wuer 2.60 8/23/2019 EUR 66.33
Lehman Brothers Treas 4.10 8/23/2010 USD 3.92
Lehman Brothers Treas 3.00 9/13/2010 JPY 8.00
Lehman Brothers Treas 6.60 2/9/2009 EUR 3.92
Societe Generale SA 0.50 4/30/2023 RUB 65.76
HSBC Bank PLC 0.50 10/30/2026 NZD 71.86
*********
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.
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 * * *