/raid1/www/Hosts/bankrupt/TCREUR_Public/171002.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, October 2, 2017, Vol. 18, No. 195
Headlines
F R A N C E
FNAC DARTY: S&P Affirms 'BB' CCR on Sound Operating Performance
G E R M A N Y
DEA GROUP: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable
G R E E C E
NAT'L BANK: Proposed Amendments No Impact on Moody's B3 Ratings
I R E L A N D
PENTA CLO 3: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
I T A L Y
CASSA DI RISPARMIO: Credit Agricole Agrees to Take Over Bank
POPOLARE BARI 2016: DBRS Confirms B(high) Rating on Cl. B Notes
L U X E M B O U R G
DECO 2015-CHARLEMAGNE: DBRS Confirms BB Rating on Class E Notes
N E T H E R L A N D S
DUTCH PROPERTY 2017-1: DBRS Finalizes BB Rating on Class E Notes
* S&P Declassifies 5 Dutch Utilities as Gov't-Related Entities
P O L A N D
SYNTHOS SA: S&P Affirms 'BB' Long-Term CCR, Outlook Stable
R O M A N I A
* ROMANIA: 3,000 Companies on Brink of Insolvency, CITR Says
R U S S I A
POLYUS PJSC: Fitch Assigns BB- Long-Term IDR, Outlook Positive
O1 PROPERTIES: S&P Cuts $350MM Senior Unsecured Debt Rating to B
UC RUSAL: Moody's Revises Outlook to Positive, Affirms Ba3 CFR
S P A I N
NH HOTEL: S&P Affirms 'B' CCR on Sound Operating Performance
T U R K E Y
DERINDERE TURIZM: S&P Affirms 'B/B' Global Scale Ratings
OJER TELEKOMUNIKASYON: Lenders Seek Gov't Takeover After Default
U N I T E D K I N G D O M
BIBBY OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
CARILLION PLC: Defends Plan to Cut Pensions, Incurs GBP1.15B Loss
CORDATUS LOAN II: S&P Affirms BB+ Ratings on Two Note Classes
DECO 8-UK: DBRS Puts B(low) Rating on IRS Amount Under Review
ELLI INVESTMENTS: Fitch Affirms CC Long-Term IDR
KIN GROUP: Mulls Creditors Voluntary Arrangement to Raise Funds
MONARCH AIRLINES: Seeks CAA License Renewal, Future Uncertain
SOUTHERN PACIFIC 06-A: S&P Raises Class D1 Notes Rating to BB+
X X X X X X X X
* BOND PRICING: For September 25 to September 29, 2017
*********
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F R A N C E
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FNAC DARTY: S&P Affirms 'BB' CCR on Sound Operating Performance
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S&P Global Ratings said that it had affirmed its 'BB' long-term
corporate credit rating on France-based consumer electronics and
editorial products retailer Fnac Darty SA. The outlook is stable.
S&P said, "We affirmed our 'BB' rating on the group's EUR650
million senior unsecured notes. We revised up our recovery rating
on this instrument to '3' from '4', indicating our expectation of
meaningful recovery prospects (rounded estimate: 50%).
"Fnac Darty has demonstrated robust operating performance since
acquiring Darty in August 2016. We have adjusted our base case to
reflect stronger-than-expected EBITDA generation in fiscal 2016,
as well as faster-than-anticipated progress in integrating Darty.
As part of the integration and cost management plan, the group
brought forward the EUR130 million synergies objective by one
year. In addition, the reported results year to date show
evidence of the first benefits of the group's larger scale in
cost reductions, notably thanks to better bargaining power with
suppliers. We also understand further cost synergies should occur
over the coming months, thanks to major logistics optimization
projects."
The combined Fnac Darty group's leading market position in
France, its conservatively leveraged capital structure, and
robust cash generation are the main supports for the rating. At
the same time, S&P views the group's relatively modest scale, low
margins relative to peers, and high seasonality of earnings and
cash flows during the year as the main constraints. In addition,
the group has high rent levels, representing about 65%-70% of
EBITDA, which affects our calculation of both operating and
financial leverage.
Fnac Darty benefits from its role as a key retail channel for
consumer electronics manufacturers such as Apple, Sony, Samsung,
and LG Electronics because they do not have a marked store
presence in Europe. The group has a strong online presence
comparable with that of international online retailer Amazon. S&P
said, "We believe that, as the group progresses with the Darty
integration, the online capabilities will foster its sales,
thanks to cross selling initiatives between the two banners, both
by leveraging the omnichannel platforms and via the shop-in-shop
initiative. We view this as a ratings support in the context of
intense competition from internet-based retailers, discounters,
and specialty retailers. High-margin services that complement
product sales in many categories, alongside fast delivery times,
distinguish Fnac Darty among competitors and enhance the group's
profitability."
The relatively modest scale of the business in the highly
competitive consumer electronics retail market, in which the
company operates, and the group's limited international footprint
are the main limiting factors. In addition, Fnac Darty's modest
like-for-like growth and relatively low operating margin compared
with peers' are still under pressure due to a highly competitive
market environment. Indeed, compared with larger peers, Ceconomy
or Dixons Carphone in Europe, or BestBuy in the U.S., we think
the group's smaller scale weakens its ability to optimize costs
and therefore profitability margins.
S&P said, "In that context, we view Ceconomy's recent purchase of
Artemis' 24.33% stake in Fnac Darty, making it the new reference
shareholder, as potentially beneficial for the group, even if for
the time being, Ceconomy does not intend to increase its stake
further. We believe Ceconomy, the leading European electronics
retailer, formerly part of Metro AG, could help Fnac Darty
reinforce its bargaining power with suppliers. We expect the new
shareholder, alongside the new management team, to influence the
new medium-term strategy that the group will disclose before the
end of this year."
On the financial side, the group's conservatively leveraged
capital structure and good cash conversion is a supporting
element in an industry characterized by rapid changes in consumer
trends and high disruption risk.
S&P said, "Under our base-case operating scenario, we forecast
that the group's adjusted funds from operations (FFO) to debt
will be 35%-45% and adjusted debt to EBITDA will be about 1.5x-
2.5x over the next two years, stable in comparison with what we
had forecast last year, although we anticipate deleveraging on a
reported basis.
"That is because our adjusted debt calculation captures
operating-lease commitments, the net present value of which we
now estimate at about EUR750 million. This compares with the
EUR528 million operating-lease adjustment we had anticipated for
fiscal 2017 in our previous base case. The increase results from
our extension of the lease schedule for comparability with other
retailers. We believe that our initial lease-adjusted ratios
tended to significantly understate the group's leverage in
comparison with the average rental period of retail stores across
continental Europe and against the operating-lease commitments of
rated comparable peers. As a result, our assumption of Fnac
Darty's operating-lease commitments is now in line with that of
peers.
"The stable outlook reflects our expectation of moderate but
continued improvement in Fnac Darty's earnings, underpinned by
the rapid integration of Darty, acceleration of cross-selling
opportunities, and some strengthening in operating margins thanks
to a focus on cost controls and synergies. This is partially
offset by material restructuring costs.
"This should enable Fnac Darty to sustain adjusted debt to EBITDA
of below 2.5x and adjusted FFO to debt of more than 35%. We
expect Fnac Darty to continue to post a robust free cash flow
generation leading to an improvement in both reported and
adjusted leverage ratios.
"We could consider a downgrade if the group's credit metrics
weaken over the next 12 months from the level we anticipate in
our base case. Specifically, we could lower our ratings if Fnac
Darty's FFO-to-debt ratio approached 30%, EBITDAR to cash
interest plus rent were to fall meaningfully below 2x, or free
cash flow generation meaningfully weakened. In our view, this
could occur if fierce competition and soft market demand led to
Fnac Darty's inability to maintain its current market share and
sustain EBITDA margins of 6.5%.
"We continue to view an upgrade as remote at this stage, as the
group's relatively modest scale, alongside high intrayear
seasonality of earnings and cash flows and tight margins limit
Fnac Darty's ability to cushion any unexpected operating
setbacks. However, we could consider a positive rating action if
Fnac Darty were to materially and sustainably improve its credit
metrics, in particular if FFO to debt sustainably exceeded 45%,
with consistent EBITDAR cash interest plus rents coverage of at
least 2.5x. Any upgrade would hinge on our view that the risk of
re-leveraging is low, based on our assessment of the group's
financial policy."
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G E R M A N Y
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DEA GROUP: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term corporate credit
rating to Germany-based oil and gas company DEA Group (L1E
Finance GmbH & Co. KG).
S&P said, "At the same time, we affirmed our 'BB-' long-term
corporate credit rating on DEA Group's wholly owned subsidiary
Deutsche Erdoel AG (DEA). The outlook on both entities is stable.
"Finally, we raised the issue rating on the EUR400 million
senior unsecured notes due in 2022 issued by DEA Finance SA and
guaranteed by DEA Group to 'BB-' from 'B+'. The recovery rating
is now '4', indicating our expectation of average recovery
prospects to be in 30%-50% range (rounded estimate 35%).
"The rating actions reflect the company's growth prospects in the
coming years, with modest increase in its absolute debt, as well
as adequate liquidity. In our view, after completing the
investment program the company will enjoy a stronger and more
diversified portfolio. Under our base-case scenario, we expect
the company to maintain an S&P Global Ratings-adjusted FFO to
debt of about 20% in 2017 and 2018. In addition, we believe the
company's current hedges and selling contracts mitigate some of
the risks of a further drop in the oil prices.
"The rating on DEA Group mirrors that on its fully owned
subsidiary DEA. We view DEA as a core subsidiary, owning the
group's entire oil and gas operations. We note that DEA Group has
no other operations besides its full ownership of DEA. We
understand that DEA Group will continue to exercise effective
control of DEA for the foreseeable future.
"In the first half of 2017, the company saw a decline of about 3%
in its production to 134,000 boe/d from 138,000 boe/d in 2016.
That said, higher realized oil prices and lower production costs
strengthened earnings in the first half, with EBITDAX (EBITDA
excluding exploration costs) of EUR490 million as adjusted by S&P
Global Ratings. We expect that the second half of the year will
be slightly weaker, driven mainly by lower volumes. We believe
the current hedges and fixed-price contracts in place create more
visibility over the short-term while oil prices remain volatile
at the current low level.
"DEA's management plans to achieve 200,000 boe/d or more by 2020,
compared to 138,000 boe/d in 2016. The ambitious target becomes
even more aggressive if taking into account the company's natural
depletion (about 30,000 boe/d by 2020). Going into 2018, we
expect production to be about 125,000 boe/d-130,000 boe/d.
As part of the strategy execution, the company is currently
progressing seven different projects (including some yet to be
sanctioned projects) that will come online in the coming years.
The required capital expenditure (capex) is about $1 billion a
year. A successful development will improve the company's
portfolio breakeven point, but would also increase the company's
exposure to more risky countries (about 25% of the EBITDAX will
come from its African assets). The company is planning to fund
the projects from its cash flows with some support from
disposals.
Earlier this year, the company commenced gas production from its
West Nile Delta (WND) project in Egypt, exceeding planned
production rates capacity and ahead of schedule and below budget.
Thanks to this project, production from North African assets will
weigh slightly more than 50% by 2020, while EBITDAX contribution
will reach about 25%.
Another potential area of growth is acquisitions. As of today,
the company did relatively small acquisitions (for example,
increasing its interests in the Norwegian projects), but we
cannot rule out a more transformational transaction. According to
management, any acquisition will be subject to maintaining its
financial policy--namely reported net debt to EBITDAX typically
less than 2.5x, or with some support from its shareholder.
Recently, the company was awarded a small exploration project in
Mexico, a preliminary step toward expanding the company's
footprint outside its traditional regions.
S&P said, "Under our base-case scenario, we expect the company to
record adjusted EBITDAX of above EUR800 million in 2017 and
between EUR750 million- EUR800 million in 2018. This compares to
EUR727 million in 2016 and half-year 2017 of about EUR490
million.
"Our base-case scenario will translate into an adjusted FFO to
debt slightly above 20% both in 2017 and 2018, which is in line
with the current rating. In addition, we calculate a negative
free operating cash flow (FOCF) of about $425 million-$475
million over the period. In practice, we expect the company to
limit the spike in the debt, either by divesting some non-core
assets or adjusting somewhat the speed of development.
"We understand management is committed to maintaining reported
net debt to EBITDAX typically less than 2.5x. As of Dec. 31,
2016, this ratio was 2.3x when looking at management figures, and
is expected to reach the middle leverage range of 2.0x-2.5x in
2017.
"As of Dec. 31, 2016, DEA Group had adjusted debt of EUR2.3
billion, comprising EUR2.4 billion of financial debt (including
the shareholder loan), EUR205 million asset retirement
obligations, EUR106 million operating lease adjustment, EUR103
million pensions, and EUR72 million excess cash that we deducted
from our adjusted debt. We excluded from our debt computation the
EUR537 million shareholder loan that we treat as equity.
"The stable outlook reflects the company's growth prospects in
the coming years, without compromising its credit metrics, as
well as adequate liquidity.
"Under our base-case scenario, we forecast an adjusted debt to
EBITDA comfortably below 4x and FFO to debt slightly above 20%
both in 2017 and in 2018. Those ratios can slightly improve if
the company decided to scale back its current ambitious capex
program or to fund some of it with disposals.
"We could downgrade the company if it abandoned its financial
policy, resulting in much higher debt. In this respect, we would
see an adjusted FFO to debt well below 20% or debt to EBITDA were
over 4x for a protracted period to be a trigger for a downgrade,
for example, if DEA entered into a large acquisition funded by
debt.
"Further sustained reductions in oil prices below our price deck
could also increase the risk of a downgrade unless sufficiently
offset by cost reductions or lower capital investment.
In a less likely scenario, a decision to cut the capex budget
could result in a meaningfully declining production profile,
which could negatively affect our assessment of the business
assets and also lead us to lower the ratings.
"We see limited likelihood of an upgrade over the coming 12-18
months given the company negative free operating cash flow and
execution risks.
"Over the longer term, we could upgrade DEA if the company
sustainably reduces leverage to below 3x with FFO to debt above
30%. Such a rating action should be also supported by an increase
in the scale and diversification of the reserves and producing
assets."
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G R E E C E
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NAT'L BANK: Proposed Amendments No Impact on Moody's B3 Ratings
---------------------------------------------------------------
Moody's Investors Service announced that the proposed amendments
to the National Bank of Greece S. A. -- Global Mortgage Covered
Bonds made on or around 26th of September 2017 would not, in and
of themselves and at this time, result in a reduction or
withdrawal of the current B3 ratings of the notes issued by
National Bank of Greece S.A. (NBG) under its Global Mortgage
Covered Bonds programme.
The proposed amendment to the cover pool eligibility criteria
would now allow for the inclusion of loans to employees up to 10%
and subsidised mortgage loans up to 15%.
Moody's has determined that the amendments, in and of themselves
and at this time, will not result in the downgrade or withdrawal
of the current B3 ratings of the notes issued by the Issuer.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendments, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or
counterparties.
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication
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I R E L A N D
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PENTA CLO 3: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 3 DAC expected ratings:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
Penta CLO 3 DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. A total note issuance of EUR413
million will be used to fund a portfolio with a target par of
EUR400 million. The portfolio will be actively managed by
Partners Group (UK) Management Limited.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors to be in
the 'B' category. The Fitch-weighted average rating factor (WARF)
of the identified portfolio is 32.6, below the indicative maximum
covenanted WARF of 33 for the expected ratings.
High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
identified portfolio is 66.3%, above the minimum covenant of
62.1%.
Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while interest due on the rated notes is based on a floating
index. Expected ratings are based on Fitch Test Matrix with a
maximum fixed-rate exposure at 5% and reflect Fitch views that
the rated notes can withstand excess spread compression in a
rising interest rate environment.
Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors is 20% of
the portfolio balance. This covenant ensures that the asset
portfolio will not be exposed to excessive obligor concentration.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.
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I T A L Y
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CASSA DI RISPARMIO: Credit Agricole Agrees to Take Over Bank
------------------------------------------------------------
Valentina Za at Reuters reports that Italy solved one of its
remaining banking headaches on Sept. 29 as France's Credit
Agricole agreed to take over three small ailing banks for EUR130
million (US$153 million).
The sale is part of a rescue deal that sees Italy's healthy
lenders shoulder the bulk of its cost, replicating a scheme
applied earlier this year when UBI Banca and BPER Banca took over
four small troubled banks, Reuters notes.
Italian banks have been weakened by a deep recession that ended
in 2014 as the country's industrial production shrank by a
quarter and thousands of businesses went bankrupt, Reuters
states.
According to Reuters, Credit Agricole said it had agreed to buy
95% of savings banks Cassa di Risparmio di Rimini, Cassa di
Risparmio di Cesena and Cassa di Risparmio di San Miniato only
after they shed impaired loans with a face value of EUR3 billion.
Separately, Italian bank support fund Atlante, which is financed
by the country's healthy lenders, said it would invest EUR500
million to buy a portion of the three banks' bad debts repackaged
as securities, Reuters relays.
Investment fund Algebris will buy their remaining problematic
loans, worth EUR286 million, Reuters discloses.
To help the three savings banks shoulder the losses from
writedowns necessary to ease the loan disposals, they will
receive a capital injection of EUR470 million, Reuters says.
This is necessary to ensure a core capital ratio of 10.7%
post-writedowns, another condition set by Credit Agricole,
according to Reuters. The fresh capital comes from contributions
Italian banks paid into a voluntary rescue scheme associated with
the country's FITD depositors' guarantee fund, Reuters says.
POPOLARE BARI 2016: DBRS Confirms B(high) Rating on Cl. B Notes
---------------------------------------------------------------
DBRS Ratings Limited confirmed the ratings on the Class A and
Class B Asset-Backed Floating-Rate Notes due December 2036 (the
Notes) issued by Popolare Bari NPLS 2016 S.r.l. (the Issuer) as
follows:
-- EUR126,500,000 Class A at BBB (high) (sf)
-- EUR14,000,000 Class B at B (high) (sf)
The rating confirmation reflects the stable performance of the
transaction since its issuance on August 12, 2016 (the Issue
Date).
Popolare Bari NPLS 2016 S.r.l. was the first public Italian non-
performing loan securitisation transaction executed since 2007.
The transaction envisaged the issuance of Class A (approximately
26.4% of total gross book value (GBV), Class B (approximately
2.9% of GBV) and Class J (approximately 2.1% of GBV) at Issue
Date. The Notes are backed by a mixed pool of Italian non-
performing loans originated by Banca Popolare di Bari S.p.A. (BPB
or the Seller), Banca Tercas S.p.A. and Banca Caripe S.p.A. In
July 2016, Banca Tercas S.p.A. and Banca Caripe S.p.A. were
merged into BPB. BPB sold to the Issuer a portfolio of non-
performing loans for a total gross book value equal to
approximately EUR 480 million. The securitised portfolio consists
of both secured and unsecured non-performing loans. The secured
loans are collateralised by residential properties, commercial
properties (industrial, office, retail and hotel) and land. The
loans comprised in the portfolio defaulted between 2000 and 2015,
with the majority of the loans being classified as defaulted
between 2012 and 2014 (approximately 59.3% of initial GBV). Most
of the secured loans included in the portfolio are backed by
properties primarily concentrated in the southern regions of
Italy, which typically have a longer bankruptcy and settlement
process. In its analysis, DBRS assumed that all loans are
disposed through the auction process, which generally has the
longest resolution timeline.
As of the June 2017 Investor Report, the transaction outstanding
principal balance of Class A and Class B is equal to EUR 115.4
million and EUR 14.0 million, respectively. The transaction
structure is fully sequential and the Class A current balance
amortised ca. 8.0% since issuance. Class B, which represents
mezzanine debt, will not be repaid until Class A is repaid in
full, and Class J does not receive any issuer available funds
until Class A and Class B are repaid in full. The current
aggregated transaction balance is EUR 138.4 million.
The portfolio is serviced by Prelios Credit Servicing S.p.A.
(Prelios or PRECS). At issuance, PRECS prepared the business plan
assuming a judicial procedure for each borrower. The servicer's
initial business plan, as reported in the most recent semi-annual
servicing report dated 19 June 2017, assumed cumulative gross
disposition proceeds (GDP) of EUR 13.8 million from the period
between the closing date and Q2 2017. Based on the same report,
the servicer's reported actual cumulative GDP collections equal
to EUR 16.7 million, which is 17.5% higher than initially
expected.
According to the most recent semi-annual servicing report, the
servicer reports an updated business plan, which estimates
increased cumulative GDP collections compared to its initial
business plan. Specifically, the expected cumulative GDP for the
next 18 months (to Q4 2018) is EUR 50.6 million, or 10.3% more
than the initial expectation of EUR 45.8 million for the same
period. The reported servicing fees for the first semester were
equal to EUR 672,210 and in line with the servicing fees as per
the initial business plan. Since closing and because of the
disposal of residential and commercial properties as well as
unsecured loans, the total GBV of the portfolio has been reduced
by EUR 17.8 million, or by 3.7% compared with the initial GBV.
The most recent reported GBV as at May 2017 is equal to EUR 462.0
million (EUR 479.8 million at issuance). The portfolio continues
to be mainly concentrated in the same regions as at issuance: the
region of Abruzzo still has the largest concentration of assets
in the pool being 27.8% by GBV (27.0% at issuance). As reported
in the semi-annual servicing report of June 2017, the cumulative
collection ratio and net present value cumulative profitability
ratio are 176.3% and 168.0%, respectively. A subordination event
would occur if any of the two ratios is lower than 90%.
The transaction benefits from a Cash Reserve of EUR 4.2 million
fully funded at closing through a limited recourse loan and an
Additional Cash Reserve of EUR 2.5 million funded with
collections. According to the most recent Payment Report of June
2017, the outstanding balance of the Cash Reserve amount is EUR
4.0 million, which has been reduced in proportion to the
transaction's collateral reduction, as the Cash Reserve Target
amount is equal to 3% of the Class A and Class B principal
outstanding amount. The Additional Cash Reserve current balance
remains at EUR 2.5 million.
The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral; the historical
performance and expertise of the servicer, Prelios; the
availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses; the cap agreement with J.P.
Morgan Securities plc; and the transaction's legal and structural
features. DBRS's BBB (high) (sf) and B (high) (sf) ratings assume
a portfolio aggregated GDP haircut of 24.03% and 17.45%,
respectively, to Prelios's initial business plan for the
portfolio. The transaction's final maturity date is in December
2036.
Notes: All figures are in euros unless otherwise noted.
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L U X E M B O U R G
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DECO 2015-CHARLEMAGNE: DBRS Confirms BB Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited confirmed all ratings of the Commercial Real
Estate Loan Backed Floating-Rate Notes Due April 2025 (the Notes)
issued by DECO 2015-Charlemagne S.A. as follows:
-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
All trends are Stable.
The rating confirmation reflects the sound performance of the
overall transaction as per the July 2017 interest payment date
(IPD) investor report. All three of the securitised loans have
reported an increase in gross rental income (GRI) as a result of
new leases, reduced vacancy rates and the indexation of existing
leases. All three loans have been amortising and have seen
improvements in their loan-to-value and debt service coverage
ratios.
The Windmill loan, which has a current securitised balance of EUR
145.1 million, increased its total GRI to EUR 25.1 million in
July 2017 through robust leasing activity and rental indexations
on existing leases. Additionally, in early 2017 the nine
remaining properties securing the loan, eight office buildings
and one shopping centre in the Netherlands, were revalued at EUR
276.8 million. This represents a 12.5% increase in the value of
these nine properties since issuance.
The Mstar loan, which is secured by 19 industrial properties in
the Netherlands and Germany, has a current securitised balance of
EUR 82.4 million and has also seen improvements in performance.
The servicer reported that GRI increased to EUR 15.8 million in
July 2017, which is an increase of 26.3% since issuance. The
current portfolio valuation of EUR 130.4 million dates back to
June 2014; however, an updated valuation is currently being
finalised and the new value is expected to be disclosed in the
next reporting period.
The Pegasus loan, the third and smallest loan with a current
securitised balance of EUR 53.5 million, is secured by eight
office buildings in the Pegasus Business Park in Brussels,
Belgium. The loan reported GRI of EUR 10.1 million in July 2017,
approximately EUR 1.2 million higher than at issuance. Like the
Mstar loan, a new valuation is in the process of being completed
and is expected to be reported in the next quarter.
Despite the improving performance of all three securitised loans,
DBRS did not receive any additional data to further analyse the
underlying cashflows of the assets. DBRS has maintained its
underwriting assumptions from the last review.
The transaction's Note balance, as of July 2017, is EUR 281.0
million, which represents an 11.1% principal reduction since
issuance. The Notes have been repaid through the scheduled
amortisation of all three securitised loans and from the disposal
of the Karperstraat property in the Windmill loan in Q4 2015. On
each IPD, 50% of the Principal Distribution Amount has been
allocated on a pro rata basis and 50% on a sequential basis.
The final legal maturity of the Notes is in April 2025, five
years beyond the maturity of the Windmill loan in April 2020 and
four-and-a-half years beyond the maturities of both the Mstar and
Pegasus loans in October 2019.
DBRS continues to monitor this transaction on a quarterly basis.
Notes:
All figures are in euros unless otherwise noted.
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N E T H E R L A N D S
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DUTCH PROPERTY 2017-1: DBRS Finalizes BB Rating on Class E Notes
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DBRS Ratings Limited has finalised the provisional ratings on the
notes issued by Dutch Property Finance 2017-1 B.V. (the Issuer)
as follows:
-- EUR 649,000,000 Class A notes rated AAA (sf)
-- EUR 90,500,000 Class B notes rated AA (sf)
-- EUR 33,600,000 Class C notes rated A (sf)
-- EUR 34,850,000 Class D notes rated BBB (sf)
-- EUR 16,550,000 Class E notes rated BB (sf)
Dutch Property Finance 2017-1 B.V. is a bankruptcy-remote
special-purpose vehicle incorporated in the Netherlands. The
notes will be used to fund the purchase of Dutch mortgages from
the RNHB mortgage business de-merged from FGH Bank N.V. into
Yellow Newco B.V. (currently merged into Vesting Finance
Servicing B.V.) (RNHB). Proceeds of the Class G notes will be
used to fund the General Reserve Fund.
RNHB is a buy-to-let and mid-market real estate lending business
in the Netherlands. It was formed in 2008 when Rijnlandse
Hypotheekbank and Nederlandse Hypotheekbank were merged by their
parent company, FGH Bank, who in turn were owned by Rabobank. In
December 2016, RNHB was acquired by funds managed or advised by
CarVal Investors and Arrow Global in a joint venture.
The mortgage portfolio will be serviced by Vesting Finance
Servicing B.V. with Intertrust Administrative Services B.V.
appointed as a replacement servicer facilitator.
As of May 31, 2017, the portfolio consisted of 8,368 loans with a
total portfolio balance of approximately EUR 1.5 billion, net of
savings deposits. The average loan is EUR 178,360. The weighted-
average (WA) seasoning of the portfolio is 7.4 years with a WA
remaining term of 4.3 years. The WA current loan-to-value is
comparatively low for a Dutch portfolio at 61.9%. Almost all the
loans included in the portfolio are fixed with future resets
(99.4%) while the notes pay a floating rate of interest. To
address this mismatch the transaction is structured with a
balance guaranteed interest rate swap that swaps a fixed interest
rate for a three-month Euribor. Of the portfolio, 3.7% is
comprised of loans where the borrowers are in arrears (excluding
less than one month in arrears). The closing pool is as of June
30, 2017, with an outstanding balance of EUR 850,065,784.
Until July 2022 the seller has the ability to grant, and the
Issuer the obligation to purchase, further advances, subject to
the adherence of asset conditions. The transaction documents
specify criteria that must be complied with during this period in
order for the further advances to be sold to the Issuer. DBRS has
stressed the portfolio in accordance with the asset conditions to
assess the worst case the portfolio characteristics can migrate
to.
Credit enhancement for the Class A notes is calculated as 25.65%
and is provided by the subordination of the Class B notes to the
Class F notes and the general reserve fund. Credit enhancement
for the Class B notes is calculated as 15.0% and is provided by
the subordination of the Class C notes to the Class F notes and
the general reserve fund. Credit enhancement for the Class C
notes is calculated as 11.05% and is provided by the
subordination of the Class D notes to the Class F notes and the
general reserve fund. Credit enhancement for the Class D notes is
calculated as 6.95% and is provided by the subordination of the
Class E notes to the Class F notes and the general reserve fund.
Credit enhancement for the Class E notes is calculated as 5.0%
and is provided by the subordination of the Class F notes and the
general reserve fund.
The transaction benefits from a non-amortising cash reserve that
is available to support the Class A notes to Class E notes. The
cash reserve will be fully funded at close at 2.0% of the initial
balance of the Class A notes to the Class F notes. Additionally,
the notes will be provided with liquidity support from principal
receipts that can be used to cover interest shortfalls on the
most senior class of notes, provided a credit is applied to the
Principal Deficiency Ledgers, in reverse sequential order.
The Issuer has entered into a balance guarantees interest rate
swap with The Royal Bank of Scotland PLC (trading as NatWest
Markets), to mitigate the fixed interest rate risk from the
mortgage loans and the three-month Euribor payable on the notes.
The swap documents reflect DBRS's "Derivative Criteria for
European Structured Finance Transactions" methodology.
The Issuer Account Bank and Paying Agent is Elavon Financial
Services DAC, UK Branch. The DBRS private rating of the Issuer
Account Bank complies with the threshold for the Account Bank
outlined in DBRS "Legal Criteria for European Structured Finance
Transactions," given the ratings assigned to the notes.
The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date, the ratings of the Class B notes to the
Class E notes address the ultimate payment of interest and
principal on or before the legal final maturity date. DBRS based
the ratings primarily on the following:
-- The transaction capital structure, form and sufficiency of
available credit enhancement and liquidity provisions.
-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities. DBRS
calculated portfolio default rates (PDRs), loss given default
(LGD) and expected loss outputs on the mortgage loan portfolio.
-- The ability of the transaction to withstand stressed cash
flow assumptions and repay the rated notes according to the terms
of the transaction documents. The transaction cash flows were
modelled using PDRs and LGD outputs provided by the European RMBS
Insight Model. Transaction cash flows were modelled using INTEX
DealMaker.
-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.
-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms and
Conditions of the notes.
-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Issuer and consistency with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.
Notes: All figures are in euros unless otherwise noted.
* S&P Declassifies 5 Dutch Utilities as Gov't-Related Entities
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S&P Global Ratings said that it has affirmed its ratings on five
Dutch utilities: Alliander N.V., PZEM N.V., Stedin Holding N.V.,
Enexis Holding N.V., and N.V. Eneco Beheer.
S&P said, "The affirmation follows our decision to no longer
consider these five Dutch utilities to be government-related
entities (GREs), despite public ownership by local and regional
governments (LRGs).
"Pursuant to our methodology, "Rating Government-Related
Entities: Methodology And Assumptions," published on March 25,
2015, GREs are entities that could receive extraordinary
government intervention during periods of stress or be negatively
affected by their owners. As part of our ongoing surveillance
under a sector review, we have concluded that these companies are
unlikely to benefit from timely extraordinary government support
from either local or central governments in The Netherlands,
based on their numerous ownerships and a track record of low
intervention. We believe that these companies individually have
limited links and limited importance to their respective LRGs, as
defined per our criteria, even though the regulated operations
are important in their respective areas, especially as they can
help energy transition. This is because, under our criteria, we
distinguish between support from the government that mostly
targets the continuation of the GRE's activities and/or the
safeguarding of employment and support aimed at ensuring the full
and timely payment of bondholders when assessing the importance
of a GRE's role."
RATIONALE FOR ALLIANDER, ENEXIS HOLDING, AND STEDIN HOLDING
S&P said, "Even though we think that Alliander, Enexis Holding,
and Stedin Holding's operations are important to their provinces
and municipality owners as monopoly providers of gas and
electricity distribution services in their license areas, we
don't expect that any extraordinary support is likely to be put
in place in a timely manner. This is mainly because of the very
diverse ownership:
-- Alliander is owned primarily by Gelderland (45%), Friesland
(13%), Noord-Holland (9%), and the municipality of Amsterdam
(9%).
-- Enexis Holding's largest owners are the provinces of Noord
Brabant (31%), Overijssel (19%), and Limburg (16%), as well
as other provinces and 100 municipalities in the region.
-- Stedin Holding's owners are the municipalities of Rotterdam
(31.69%), The Hague (16.55%), Dordrecht (9.05%), and 50 other
small local authorities, each with less than 4% ownership.
By the same token, the possibility for negative intervention is
remote as this would require an agreement between numerous
entities, which we think would be difficult to achieve given
potentially contradictory interests. In addition, the regulated
networks of Alliander, Stedin Holding, and Enexis Holding are
regulated by an independent regulatory body, the Autoriteit
Consument & Markt. This isolates them from the risk of negative
intervention as S&P views the regulatory framework as very
supportive, one feature of which is the independence of the
regulator from both the local and national government.
RATIONALE FOR ENECO BEHEER AND PZEM
Eneco Beheer and PZEM are unregulated companies resulting from
the forced unbundling of the former Eneco Holding N.V. and Delta
N.V. As such, we think that their importance to their LRGs is
less strategic than that of Alliander, Stedin Holding, and Enexis
Holding. They also face diverse ownership that would make any
extraordinary support difficult to put in place:
-- PZEM is owned by Zeeland, 16 municipalities, and two other
provinces with a very small amount of shares.
-- Eneco Beheer's owners are the same as Stedin.
UNDERLYING RATING FUNDAMENTALS
Alliander (AA-/Stable/A-1+)
S&P said, "The ratings on Alliander reflect our view of the
company's predictable cash flow and earnings supported by
transparent regulatory framework and low-risk business, good
operating performance, conservative financial policy, strong debt
coverage ratios and cost of capital aligned with regulatory
assumptions used to set rates.
"Our outlook on Alliander is stable, reflecting our view that
Alliander will be able to sustain S&P Global Ratings-adjusted
funds from operations (FFO) to debt of 25% or better given
slightly higher-than-expected regulated returns and lower
interest expense in the next two years. The weighted-average cost
of capital in regulated tariffs will decline each year until 2021
and we expect higher-than-average capital expenditure (capex) as
the company rolls out smart meters. Nevertheless, the company
should be able to maintain this level of coverage beyond our
outlook period, despite negative discretionary cash flows (DCF),
and given plans to allow the recovery of sufferance tax paid to
municipalities (about EUR130 million per year) proceeds.
"We would likely lower the ratings if our forecast credit ratios
fell consistently below 23% FFO to debt. Although we don't expect
them to occur, factors that could potentially trigger this in the
next two years include a decision by the company to recapitalize
its balance sheet closer to its publicly-stated financial policy
(minimum requirement of FFO to debt of 20%) or a material decline
in margins.
"We consider an upgrade highly unlikely in light of the
relatively predictable but challenging tariffs set by the
regulator, and the company's large capex plan and dividend
policy. That said, we would consider an upgrade if we thought
Alliander was able to sustain an adjusted FFO-to-debt ratio of
more than 30%, assuming an unchanged business risk profile and no
negative impact from Alliander's public sector shareholder
ownership."
Enexis Holding (A+/Stable/A-1)
S&P said, "The ratings on Enexis (Enexis Holding N.V. and Enexis
B.V.) reflect our view of predictable cash flow and earnings
supported by a transparent regulatory framework and an
intermediate financial risk.
"The stable outlook reflects our expectation that Enexis will
sustain S&P Global Ratings-adjusted FFO to debt of about 22%-23%
in 2017-2019 as it continues to lower its cost of debt. This
should mitigate the declining weighted-average cost of capital
(WACC) used by the regulator to determine tariffs.
"We could lower the ratings if we expected FFO to debt to decline
and remain below 18%. In our view, this is unlikely, but could
occur either through further distribution network consolidation
or a debt-financed extraordinary dividend.
"We could raise the ratings if we thought it likely that Enexis
could sustain adjusted FFO to debt comfortably above 23% with no
deterioration in business risk. This could result from an
increase in return on capital allowed or a change in management's
financial policy."
Stedin Holding (A-/Stable/A-2)
S&P said, "The ratings on Stedin (Stedin Holding N.V. and Stedin
Netbeheer B.V.) reflect our view of predictable cash flow and
earnings from low-risk regulatory network activities, accounting
for 95% of EBITDA, supported by a transparent regulatory
framework. We view the financial risk as higher than its larger
Dutch peers.
"The stable outlook on Stedin reflects the group's excellent
business risk profile and our expectation that Stedin Holding
will maintain credit metrics in line with the rating, namely FFO
to debt consistently above 11% (we forecast 11.5%-13.0% over the
medium term under our base case). Robust earnings from the stable
distribution networks support the current ratings, even though we
expect profitability to be affected by additional costs from the
unbundling process. We also expect the contribution from
unregulated ancillary activities to remain below 10% of the
group's total EBITDA.
"We could lower the ratings on Stedin if the group's adjusted FFO
to debt fell below 11%, combined with declining profitability. In
our view, the regulatory reset risk in the new regulatory period,
starting in 2022, poses the main potential uncertainty to
profitability. In our view, a negative rating action could also
materialize from potential integration risk or additional costs
following the acquisition of ZNH.
"We consider an upgrade unlikely in the near term given the
company's current leverage. This said, we would consider an
upgrade if Stedin Holding maintained FFO to debt sustainably
above 15%."
Eneco Beheer (BBB+/Stable/A-2)
S&P said, "The ratings on Eneco Beheer reflect our view of the
company's strong cash flow generation thanks to stable earnings
from renewables generation and heating and cooling, exposure to
fairly competitive markers in its retail and supply activities,
and very healthy financial position.
"The stable outlook on Eneco reflects our view of the company's
financial headroom after unbundling. Eneco has embarked on a
significant capex program to increase the size of its renewable
fleet and maintain its heating networks. In addition, Eneco has
ramped up its acquisition activities by pursuing expansions of
its retail and generation businesses. We think Eneco will
maintain FFO to debt above 50% on average, keeping a prudent
hedging strategy, and therefore reducing cash flow volatility."
The ratings could come under pressure if the company struggled to
maintain FFO to debt above 50%. This could occur, for example, if
the heating and cooling networks failed to deliver stable cash
flows; if the company fails to exploit synergies in recent
acquisitions; if the output of the wind fleet was much lower than
currently anticipated, for example, due to operational issues; or
if the company lost significant market share in its retail
activities.
Eneco aims to strengthen its business risk profile through
diversification and expanding operations. S&P said, "In our view,
the possibility of an upgrade is currently limited as it will
depend on the execution and development of this current strategy.
We don't expect the company's pursuit of growth and
diversification to materially change its business profile over
the coming 18 months, but we expect to have a clearer picture of
the strategy's outcomes in 2019. We could consider a one-notch
upgrade if ratios improved clearly, such that FFO to debt rises
well above 60% on a sustained basis and the company maintains or
improves its asset base."
PZEM (BB/Stable/--)
The rating on PZEM reflects that most of PZEM's cash flow comes
from its power generation activity -- 37% of its capacity is
nuclear, 36% gas, and 27% renewable (through wind power purchase
agreements and a small biomass plant). PZEM's remaining cash flow
is generated from a 50% share in Evides, which supplies drinking
water and industrial water services in the Netherlands. We assume
Evides will continue to pay PZEM a dividend of about EUR20
million- EUR25 million per year.
S&P said, "The stable outlook on PZEM reflects our expectation
that the company will keep its very large cash balances on
balance sheet until market conditions improve. Because they are
hedged until 2018, market conditions are unlikely to affect cash
flow generation before 2019 or 2020. The stable outlook also
indicates that Evides is expected to continue to pay PZEM regular
dividend contributions. We currently expect power prices to
improve from the very low levels in 2015 and 2016 toward
EUR30/megawatts per hour (MWh).
"We would likely lower our rating on PZEM if the company's
financial policy results in dividend payments or acquisitions
before its power generation division returns to profit, if the
recovery in market prices to EUR30/MWh does not materialize
after 2018, or if Evides' operating performance deteriorates.
"We see an upgrade as unlikely at this stage given the
vulnerability of PZEM's business mix in the current market
conditions. We would only upgrade PZEM if the power generation
market returned to profitability, which would require a
significant increase in the power price beyond EUR40- EUR50/MWh
which we don't see as likely at present."
RATINGS LIST
Ratings Affirmed
Alliander N.V.
Corporate Credit Rating AA-/Stable/A-1+
Senior Unsecured AA-
Junior Subordinated A
Enexis Holding N.V.
Corporate Credit Rating A+/Stable/A-1
Senior Unsecured A+
Enexis B.V.
Corporate Credit Rating A+/Stable/--
N.V. Eneco Beheer
Corporate Credit Rating BBB+/Stable/A-2
Commercial Paper A-2
PZEM N.V.
Corporate Credit Rating BB/Stable/--
Stedin Holding N.V.
Corporate Credit Rating A-/Stable/A-2
Junior Subordinated BBB
Commercial Paper A-2
Stedin Netbeheer B.V.
Corporate Credit Rating A-/Stable/--
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P O L A N D
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SYNTHOS SA: S&P Affirms 'BB' Long-Term CCR, Outlook Stable
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S&P Global Ratings said it had affirmed its 'BB' long-term
corporate credit rating on Poland-based producer of synthetic
rubbers and styrenics Synthos S.A. The outlook is stable.
S&P said, "At the same time, we affirmed our 'BB' issue rating on
the EUR400 million 4% senior unsecured notes due 2021 issued by
Synthos Finance A.B. and guaranteed by key operating subsidiaries
of the group. We assigned a recovery rating of '4' to the senior
unsecured notes because Poland's jurisdiction is now covered
under our recovery criteria. The '4' recovery rating on the notes
indicates our expectation of recovery prospects in the 30%-50%
range (rounded estimate: 35%) in the event of a payment default.
"We also assigned our 'BB' corporate credit rating to Synthos
Finance A.B., considered as core to the Synthos S.A. group since
it is issuing the group's unsecured instruments, which are
guaranteed by key operating subsidiaries of the group. The
outlook is stable.
"The affirmation reflects our view that Synthos should be able to
strengthen its credit metrics over the next 12-18 months. We
expect Synthos to generate adjusted EBITDA of around Polish zloty
(PLN) 1 billion (about EUR234 million) and improve its adjusted
debt to EBITDA to around 2.0x in 2017-2018, after 2.4x in 2016.
This should occur thanks to the rise in feedstock prices in 2017,
including for butadiene, which we expect to remain high in the
next few years, although possibly normalizing over the medium
term. We also continue to factor in efficient pass-through
clauses in a material portion of the company's selling contracts,
in rubbers notably, translating into margin upside. In addition,
the company resumed production based on supply from its steam
cracker in the Czech Republic in the fourth quarter of 2016 after
an almost 12-month outage, which has resulted in a higher
backward integration into key monomers and an enhanced EBITDA
margin. In addition, Synthos' styrenics business has
substantially grown, owing to the acquisition of the expandable
polystyrene (EPS) business from Ineos in the second half of last
year.
"On the back of supportive market fundamentals, in synthetic
rubbers notably, the company plans to focus its investments on
expanding advanced products capacities, for which we factor in
high capital expenditures (capex) of around PLN450 million in
2017-2018. We expect Synthos to use these capex to expand higher-
margin businesses like extruded EPS (InVento) and expand its
neodymium polybutadiene rubber (NdBR) production capacity.
Despite high capex, we expect free operating cash flow to remain
positive at about PLN300 million-PLN350 million in 2017 and
2018, thanks to the company's track record of healthy internal
cash flow generation. However, discretionary cash flow (DCF) is
likely to remain negative, in our view, driven by our high
dividend assumptions in accordance with the company's track
record. This reflects the absence of a clearly stated dividend
policy, although we take into account Synthos' overall
conservative financial policy to maintain leverage below 2.0x
unadjusted net debt to EBITDA.
"The ratings on Synthos continue to reflect our view of its
moderate size and limited portfolio diversification, its highly
commoditized production profile, the high volatility of
profitability driven by raw materials derived from crude oil, and
exposure to volatile end markets, such as tire production and
construction. These risks are partly mitigated by the company's
strong market position as one of Europe's leading rubber and
styrene producers. Moreover, Synthos benefits from a partially
integrated production process, a large share of rubber sales
contracted with a cost-plus-fee schedule, and low operating
leverage, all of which leads to higher cost efficiency and
stronger EBITDA margins than those of most of its peers.
"The stable outlook reflects our view that Synthos will balance
its substantial investment spending and dividends in 2017-2018
against internal cash generation, while maintaining adjusted debt
to EBITDA of 2.0x-2.5x, which we view as commensurate with the
current rating. We also factor in our view of the company's
adequate liquidity, despite large capex and shareholder
distributions.
"We could consider a negative rating action if we observed
deterioration in Synthos' credit metrics, such as adjusted debt
to EBITDA deteriorating toward 3x or above, resulting from
further cyclical downside in polystyrene markets, accelerated
substitution by end users of the company's emulsion styrene
butadiene rubbers (eSBR), or a significant drop in butadiene
prices. Unexpectedly high investments or shareholder
distributions would also pressure the rating.
"We don't currently envisage an upgrade, given the commodity-like
nature of Synthos' products and the structural challenges in the
European emulsion rubber market. Stronger product and asset
diversification and a commitment to low leverage which may be
supported by a clarified dividend policy, could be potential
contributors to an upgrade."
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R O M A N I A
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* ROMANIA: 3,000 Companies on Brink of Insolvency, CITR Says
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Romania-Insider.com reports that Cristina Ienciu, head of legal
at local insolvency firm CITR, said on Sept. 27 at a conference
organized by News.ro that Romania had over 20,000 companies with
assets of over EUR1 million at the end of 2015, and about 3,000
of them were on the verge of insolvency.
Daniel Barbu, representative of the National Institute for
Training Insolvency Practitioners (INPPI), said at the same
conference that the number of companies that become insolvent
will naturally go down, but companies choose insolvency when it's
too late, Romania-Insider.com relates.
"Why are there so few reorganizations? Because companies get into
insolvency very late. You can't reorganize when the debt level
is very high," Romania-Insider.com quotes Mr. Barbu as saying.
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R U S S I A
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POLYUS PJSC: Fitch Assigns BB- Long-Term IDR, Outlook Positive
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Fitch Ratings has assigned PJSC Polyus a Long-Term Issuer Default
Rating (IDR) of 'BB-' with Positive Outlook and a Short-Term IDR
of 'B'. Polyus is the Russian holding and reporting company for
the assets belonging to Polyus Gold International Limited (PGIL),
following the latter's delisting in 2015.
Accordingly Fitch has withdrawn PGIL's 'BB-' rating with Positive
Outlook and Short-Term IDR of 'B' and will no longer provide
ratings or analytical coverage for this entity. The senior
unsecured guaranteed notes issued by PGIL, including USD750
million notes due 2020, USD500 million notes due 2022 and USD800
million notes due 2023, were transferred to UK-based Polyus
Finance plc, an indirect 100%-owned subsidiary of Polyus, as part
of the reorganisation and have been affirmed at 'BB-'.
The Positive Outlook reflects Fitch expectations that incremental
production from Polyus' Natalka's mine and brownfield expansions
will support the deleveraging necessary for an upgrade, ie, funds
from operations (FFO) gross leverage below 3x by end-2019 (vs.
3.7x expected at end-2017 and 3.2x at end-2018). The company's
significant cash balances and management's commitment to reduce
leverage also underpin the Positive Outlook.
Polyus is Russia's leading gold producer benefiting from large
and increasing output, low production costs and a high reserve
base.
KEY RATING DRIVERS
Natalka Launch Cements Growth: Natalka, the group's key
development mine, was launched in September 2017. Fitch expects
Natalka to gradually ramp up in 2018-2019, and together with
brownfield expansions to result in 9% CAGR for the group's total
gold production between 2016 and 2020. Fitch base case assumes
that Polyus' production will reach 2,160k oz in 2017, 2,300k oz
in 2018 and 2,700k oz in 2019.
Polyus reported further production growth of 12% yoy to 938k oz
in 1H17, following similar increases in 2016 to 1,968k oz of
metal. The Olimpiada, Blagodatnoe, Kuranakh and Verninskoye mines
accounted for most of the increase due to higher processing
volumes and better recoveries. The group intends to concentrate
on streamlining and improving capacity on its key producing
mines.
Elevated Debt till 2019: Polyus' mostly debt-funded USD3.4
billion share buyback in 1H16 resulted in a material increase in
leverage, driving Fitch-calculated FFO adjusted gross leverage to
4.4x at end-2016, from 2.6x at end-2015. Fitch base case assumes
annual dividend payments of USD550 million in 2017-2019, in line
with the minimum level stipulated in the agreement with the
Chinese consortium led by Fosun International Ltd. This is
subject to the closure of the transaction through which the
consortium will acquire a 10% stake in Polyus. Therefore, Fitch
expects absolute debt levels to remain elevated, albeit reducing,
at least until 2019.
Expected Positive Free Cash Flow: Higher production from Natalka
and most of the existing mines should support deleveraging and
help Polyus generate solid positive post-dividend free cash flow
(FCF) by end-2019. Fitch expects Polyus' FFO gross leverage to
remain above 3x in 2017-2018 before decreasing to just above 2.3x
by end-2019. Fitch forecasts FFO net leverage to remain around
0.5x-0.8x below the FFO gross leverage throughout the same period
due to Polyus' large cash balances.
Strong Cost Position and Reserves: Polyus continues to be a
strong gold producer with good-quality reserves and large
efficient open pit assets, which place it in the first quartile
of the global cost curve by total cash costs (TCC). In 2016, TCC
declined 8% yoy to USD389/oz. This was mainly driven by the
rouble devaluation against the US dollar as well as operational
improvements, e.g., higher processing volumes and better gold
recovery rates. In 1H17 TCC fell a further 3% to USD379/oz.
Although Fitch forecasts stable rouble-dollar exchange rates in
2017-2020 and low-single-digit rouble inflation, Fitch expects
Polyus to maintain competitive TCC and solid profitability over
the next three years due to operating efficiencies. Polyus ranks
among the lowest-cost producers globally and Fitch-rated gold
companies.
At end-2016, Polyus had proved and probable (P&P) gold ore
reserves of 71 million oz, excluding Sukhoi Log, and measured,
indicated and inferred (MI&I) resources of 193 million oz,
indulging Sukhoi Log as at 31 January 2017. It ranks second
globally by attributable gold reserves and third by attributable
gold resources.
Corporate Governance: A new corporate framework was implemented
in April 2016 at Polyus, including independent director
representation. Fitch views the group's corporate governance as
broadly in line with its peer group of major Russian corporates.
Similar to Russian peers, Fitch apply a two-notch discount to
Polyus' rating, relative to international peers to reflect
higher-than-average systemic risks associated with the Russian
business and jurisdictional environment as well as Fitch
assessment of corporate governance practices. Fitch understand
from management that Polyus is working on increasing the non-
executive director representation on its Board (three currently,
including the Chairman, out of nine) and would positively view
steps aimed at strengthening the group's corporate governance.
DERIVATION SUMMARY
Fitch applies a two-notch discount to Polyus' standalone rating
of 'BB+' relative to international peers to reflect higher-than-
average systemic risks associated with the Russian business and
jurisdictional environment. This is also valid for Russia-based
Nord Gold SE (Nordgold, BB-/Positive).
Polyus' standalone rating of 'BB+' reflects an operating profile
better than or comparable to North American peers such as
Goldcorp Inc. (BBB/Stable), Kinross Gold Corporation (BBB-
/Stable) and Yamana Gold Inc. (BBB-/Stable). Polyus has
comparable market position, while its higher leverage is
partially offset by significantly lower production costs.
Goldcorp and Kinross have a higher proportion of mines located in
stable countries but also a number of their mines are in Latin
America (Goldcorp) and Russia/West Africa (Kinross). Yamana is
smaller in terms of scale and most of its assets are located in
South America. Nordgold is smaller than Polyus by gold production
and revenue, but its all-in sustaining costs (AISC) are higher
than Polyus' at lower leverage levels.
No Country Ceiling, parent/subsidiary impact the rating.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- No cash upstreamed through share buybacks in 2017-2020;
- Dividends in line with Polyus' dividend policy: the greater of
30% of EBITDA if net debt/EBITDA is under 2.5x and minimum
annual dividend payments of USD550 million for each of 2017,
2018 and 2019 and USD650 million for each of 2020 and 2021,
following the expected closure of the Fosun deal;
- Average gold price of USD1,193/oz in 2017, USD1,207/oz in 2018
and USD1,200/oz afterwards, based on Fitch's conservative gold
price deck adjusted to reflect company's hedges;
- USD/RUB exchange rate of 59 in 2017, 60 in 2018, 58 in in 2019
and 57 thereafter;
- Natalka project gradually ramping up throughout 2018 and
reaching full capacity in 2019;
- Operating efficiencies at the existing mines as per
management's expectations.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Expected FFO adjusted gross leverage below 3.0x by end-2019
- FFO adjusted net leverage below 2.5x by end-2019.
- Sustained positive FCF generation.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Higher-than-expected dividend payments or other shareholder
distributions leading to weaker liquidity and sustained high
leverage.
- FFO adjusted gross leverage above 4.0x or FFO adjusted net
leverage above 3.0x sustained till end-2019.
- Sustained negative FCF generation.
LIQUIDITY
Polyus' liquidity position as of end-1H17 was strong, with cash
of USD1.48 billion (of which USD76 million unutilised balance of
the government grant is treated by Fitch as restricted) and RUB40
billion (USD677 million) of undrawn committed facilities. This
covers comfortably short-term maturities of around USD50 million
and negative FCF of around USD173 million under Fitch base case
in the 18 months to end-2018.
O1 PROPERTIES: S&P Cuts $350MM Senior Unsecured Debt Rating to B
----------------------------------------------------------------
S&P Global Ratings said that it has reviewed its issue ratings on
the $350 million senior unsecured debt of O1 Properties Finance
plc and the Russian ruble (RUB) 15 billion and RUB6 billion
senior unsecured debt of O1 Properties Finance JSC, which were
labeled as "under criteria observation" (UCO) after publishing
its revised criteria "Reflecting Subordination Risk In Corporate
Issue Ratings," on Sept. 21, 2017.
S&P said, "With our criteria review complete, we are removing the
UCO designation and lowering the issue ratings to 'B' from 'B+'.
These rating actions stem solely from the application of our
revised issue rating criteria and do not reflect any change in
our corporate credit ratings on O1 Properties Ltd.
"Our rating action takes into consideration O1 Properties Ltd.'s
capital structure, which consisted of $2,141 million of secured
debt and $885 million of unsecured debt as of June 30, 2017. We
have arrived at the following analytical conclusion: The $350
million unsecured debt issued by O1 Properties Finance plc and
the RUB15 billion and RUB6 billion unsecured debt issued by O1
Properties Finance JSC, which are all guaranteed by O1 Properties
Ltd. are rated 'B', one notch below the corporate credit rating,
because they rank behind a significant amount of secured debt in
the capital structure."
UC RUSAL: Moody's Revises Outlook to Positive, Affirms Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of the world's second-largest aluminium
producer United Company RUSAL Plc (RUSAL). Concurrently, Moody's
has affirmed RUSAL's Ba3 corporate family rating (CFR), Ba3-PD
probability of default rating (PDR) and the B1 (LGD 5) senior
unsecured ratings assigned to the notes issued by Rusal Capital
D.A.C., a wholly owned subsidiary of RUSAL.
"Our decision to change the outlook on RUSAL's ratings to
positive mainly factors in the company's deleveraging since the
beginning of this year, as improved aluminium prices pushed
earnings higher and the company received significant dividend
inflows," says Artem Frolov, a Vice President - Senior Credit
Officer at Moody's.
RATINGS RATIONALE
The change of RUSAL's outlook to positive and affirmation of its
ratings primarily reflect the decline in the company's leverage
to 3.6x Moody's-adjusted gross debt/EBITDA (calculated including
annualised dividends from MMC Norilsk Nickel, PJSC (Norilsk
Nickel; Ba1 stable)) at 30 June 2017 from 4.9x at year-end 2016,
on the back of improved pricing environment for the company's
main products, as well as healthy dividends from Norilsk Nickel.
The rating action also reflects Moody's expectation that RUSAL
will (1) continue to reduce its leverage to solidly below 3.5x,
provided there is no major decline in aluminium prices and/or
expected dividend stream from Norilsk Nickel; (2) pursue a
balanced financial policy with a focus on gross debt reduction;
(3) generate sustainable positive free cash flow; and (4) retain
healthy liquidity.
Moody's could consider an upgrade of RUSAL's ratings if its
leverage were to decline sustainably below 3.5x, accompanied by
the reduction in gross debt level. However, the company's
leverage is sensitive to the volatile prices of aluminium, as
well as rouble exchange rate to US dollar and amount of dividends
paid by Norilsk Nickel which may vary by year. The decline in
leverage at June 30, 2017 was driven primarily by the increase in
the company's last-12-month Moody's-adjusted EBITDA by $350
million to $1.9 billion, due to higher aluminium prices in the
first half of 2017, as well as $623 million of dividends from
Norilsk Nickel. If prices were to materially decrease or rouble
to strengthen, or dividend inflow from Norilsk Nickel to decline
materially, RUSAL's leverage could grow towards or above 4.0x
over the next 12-18 months, reducing the possibility for an
upgrade.
RUSAL's Ba3 CFR also factors in the company's (1) status as the
second-largest aluminium producer globally and the monopoly
position in Russia; (2) low cash costs of aluminium production,
80% self-sufficiency in bauxite and 100% self-sufficiency in
alumina; (3) long-term contracts with affiliated power plants,
which somewhat reduces RUSAL's energy costs and provides
stability for its supplies; (4) geographic diversification of
mining assets and aluminium sales; (5) large share of nearly 50%
of higher-margin value-added products in total sales; (6) fairly
high Moody's-adjusted EBITDA margin of 21.0% as at 30 June 2017,
backed by the increased aluminium prices, the weak rouble and
completed operational reorganisation; (7) ownership of a 27.82%
stake in Norilsk Nickel, which generates a significant dividend
cash inflow; (8) balanced financial policy aimed at deleveraging
and reducing total debt; (9) positive free cash flow generation
supported by sustainable dividend inflow from Norilsk Nickel,
moderate and flexible capital spending and moderate dividend
payouts; and (10) healthy liquidity.
At the same time, the rating takes into account (1) the high
sensitivity of RUSAL's earnings and leverage to the volatile
price of aluminium and rouble exchange rate; (2) geographic
concentration of RUSAL's aluminium plants in Russia; (3) the
company's exposure to a single commodity, aluminium, although
mitigated by continuing robust global demand for the metal; and
(4) the heightened business, political and event risks in the
countries where the company mines bauxite and produces alumina,
primarily Guyana, Guinea, Jamaica and Ukraine.
RATIONALE FOR THE POSITIVE OUTLOOK
The positive outlook reflects the company's strong positioning
within the current rating category and the possibility of an
upgrade over the next 12-18 months if the company reduces its
total debt and leverage on a sustainable basis.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Moody's could upgrade RUSAL's ratings if the company were to (1)
reduce its total debt and Moody's-adjusted debt/EBITDA below 3.5x
(calculated including annualised dividends from Norilsk Nickel)
on a sustainable basis; (2) continue to generate positive free
cash flow; (3) maintain healthy liquidity; and (4) pursue a
balanced financial policy.
Moody's could downgrade the ratings if the company's (1) Moody's-
adjusted debt/EBITDA were to rise above 4.5x (calculated
including annualised dividends from Norilsk Nickel) on a
sustained basis; (2) operating performance were to weaken
materially; or (3) liquidity and liquidity management were to
deteriorate materially. However, a rating downgrade is currently
unlikely given the positive outlook.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Headquartered in Russia, RUSAL is the world's second-largest
integrated aluminium producer, with aluminium output of 3.7
million tonnes for 2016. In the last 12 months to 30 June 2017,
the company generated revenue of $8.9 billion and Moody's-
adjusted EBITDA of $1.9 billion. RUSAL's major shareholder, EN+
Group holds 48.13% of its share capital. Other shareholders
include Onexim Holdings (6.7%), Sual Partners (22.8%), Amokenga
Holdings (8.75%; ultimately controlled by Glencore). RUSAL is
listed on the Hong Kong Stock Exchange, Moscow Exchange and
Euronext Paris, with 13.37% of its shares in free float,
including GDRs. The remaining 0.25% of shares is owned by the
company's management.
=========
S P A I N
=========
NH HOTEL: S&P Affirms 'B' CCR on Sound Operating Performance
------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on Spain-based NH Hotel Group S.A. (NH).
The outlook is stable.
S&P said, "At the same time, we affirmed our 'BB-' issue ratings
on the group's EUR400 million senior secured notes and EUR100
million equivalent senior secured notes. The recovery rating is
'1', indicating our expectation of very high (90%-100%; rounded
estimate: 95%) recovery prospects in the event of a payment
default.
"The affirmations reflect our expectation that NH will continue
to post strong operating performance over the next 12 months with
the reported EBITDA margin increasing to above 14% as a result of
favorable industry and macroeconomic conditions, particularly in
Spain and the Benelux region.
"We have revised upward our assessment of NH's business risk
profile to reflect the progress of its successful repositioning
plan, which has proved the company's ability to increase average
daily rate (ADR) and resulted in higher revenue per available
room (RevPAR). An increase in reported EBITDA margins, which are
now more in line with peers', has also been a supportive factor.
Additionally, even though NH's portfolio is still reliant on
owned or leased hotels (about 75% of total rooms), which in our
opinion contributes to a high and relatively inflexible fixed-
cost base and greater constraints on the group's earnings in a
cyclical downturn, we appreciate that NH is moving toward a more
asset-light business model. We acknowledge that the company is
now focusing on growing through management contracts and has
renegotiated over 100 leasing agreements in order to achieve more
flexible terms, for example, by minimizing the fixed rent in
unprofitable markets and introducing the variable component in
the rent payment. Considering the above-mentioned improvements,
together with NH's already solid brand recognition and its
relatively high barriers to entry given that many of its
properties are located in prime real estate markets, we think
that NH has strengthened its competitive position.
"However, we continue to see NH's business constrained by its
limited activities outside Europe (about 90% of total revenues),
as well as its limited format diversification with a still
significant reliance on the mid-scale hotels where NH currently
has a strong position. We note that the company's strategy is to
continue increasing its presence in the upper scale category,
which should contribute to a higher RevPar and thus improved
profitability. Moreover, we factor in some key business risks in
our assessment such as the company's high level of profit
volatility over the lodging cycle given the high fixed cost base
of its owned hotels; the cyclical, fragmented and competitive
nature of the lodging industry; and exposure to discretionary
consumer spending. We also think that the growing Airbnb market
could weigh on NH, although we recognize that NH's proposition is
different and targets more affluent customers, often with a
business profile and for a shorter average stay.
"The group's credit metrics have improved as a result of improved
financial results, however, we still expect S&P Global Ratings-
adjusted debt to EBITDA to be above 6.0x in 2017 versus 7.0x as
of Dec. 31, 2016, and FFO to debt of about 8.0% versus 6.9% as of
Dec. 31, 2016. We note that a large share (about 75%) of the
group's adjusted debt stems from our operating-lease adjustment.
In addition, NH generated negative free operating cash flows
(FOCF) over the last five years and this trend is only expected
to be reversed in full-year (FY) 2017. NH has publicly stated its
intention to deleverage by repaying the EUR100 million debt
maturing in 2019, as well as relying on the potential EUR250
million bond conversion into equity in November 2018.
In S&P's base case, it assume:
-- GDP growth expectations in NH's main countries of operations
-- Spain (2%-3%), Italy (about 1%), The Netherlands (about
2%), Belgium (1%-2%), and Germany (about 2%) -- should
support group revenue growth over the next two years.
-- A strong outlook for the lodging industry, which NH is well
positioned to benefit from.
-- Revenue growth of about 4%-5% for future years with a
moderate impact on the number of rooms. Growth is mainly
coming from its ongoing refurbishment plans leading to higher
ADR and RevPar.
-- Reported EBITDA margin expected to grow steadily to 15% by
FY2018 thanks to cost efficiency measures and refurbishment
plans.
-- S&P's assumption is supported by the current trend, with the
EBITDA margin already increasing to 13.5% in H1 2017 from
10.5% in H1 2016.
-- Capital expenditure (capex) of about EUR100 million in the
next two years.
-- Already paid dividends of EUR17 million in 2017, increasing
progressively over the following years.
-- S&P assumes EUR100 million in debt repayments in 2019 (which
comprises a high yield bond maturing in November 2019,
callable from November 2017).
-- S&P does not assume the bond conversion in November 2018, as
there is still a lot of uncertainties with regards to future
share price of the company (conversion price: EUR4.919).
Based on these assumptions, S&P arrives at the following credit
measures for NH:
-- Adjusted debt to EBITDA of 6.0x-7.0x in 2017 and 2018,
decreasing to below 6.0x in 2019.
-- Adjusted FFO to debt of 7%-9% over the next three years.
-- Adjusted EBITDA interest coverage improving to 2.6x by 2019
from about 2.1x in 2017.
-- Positive FOCF of about EUR30 million- EUR40 million over the
Next two years.
S&P said, "The stable outlook reflects our expectation that NH
will improve its solid operating performance over the next 12
months with the reported EBITDA margin increasing to above 14%.
We expect this to happen through top-line organic growth of about
4%-5% thanks to the repositioning plan implemented by the
company, as well as several cost efficiency measures. Our stable
outlook also reflects our view that the company will gradually
reduce debt, which should continue to strengthen the group's
credit metrics over the next 12 months. In our base-case
forecast, we expect leverage to decline to 6.0x-7.0x, FFO to debt
to increase to about 8%, and FOCF to turn positive by the end of
2017.
"We could raise our ratings over the next 12 months if the
company continues to generate strong EBITDA above our base-case
projections and it continues reducing debt, such that adjusted
leverage declines toward 5.0x. This could happen if the company
takes measures not included in our base case to considerably
deleverage. In addition, we would consider a positive rating
action if NH generated meaningful positive FOCF on a sustainable
basis and we had more visibility on the conversion of the EUR250
million convertible bond due in November 2018.
"We could lower the ratings if NH's operating performance is
materially worse than our current base case due to macroeconomic,
geopolitical event risks, or competition resulting in substantial
decline in RevPar performance and EBITDA margin moving below 10%.
In this scenario, a significant profit decline could weaken cash
flow, resulting in negative FOCF, leading to weakening liquidity,
a covenant cushion below 15%, or adjusted EBITDA interest below
1.5x. We could also take a negative rating action if the group
distributes dividends that are significantly higher than we
currently anticipate, undertakes debt-financed acquisitions, or
moves toward a considerably capital-intensive business model."
===========
T U R K E Y
===========
DERINDERE TURIZM: S&P Affirms 'B/B' Global Scale Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term global
scale ratings on Turkey-based operational leasing firm Derindere
Turizm Otomotiv Sanayi ve Ticaret A.S. (DRD). The outlook is
stable.
Derindere Turizm Otomotiv Sanayi ve Ticaret A.S. (DRD) is
experiencing strong growth amid volatile economic conditions in
Turkey.
This growth is funded mostly with new bank debt, since rapid
depreciation of the Turkish lira, which translated into high
foreign currency losses, hurt DRD's internal capital generation.
S&P said, "We also affirmed our 'trBBB/trA-3' long- and short-
term Turkish national scale ratings on the entity.
"The affirmation reflects our expectation that DRD will expand
its fleet by about 15% to 20% in 2017 and 2018 and maintain its
market position among the top 5 players in Turkey's fleet leasing
segment. Factors supportive of its competitive position include,
but are not limited to, its good name recognition, and its
average track record of operational performance, albeit with some
volatility. The growth is partly attributable to an increasing
contribution from a new segment, namely car leasing to
individuals. While we see this as positive in terms of the
granularity of leasing receivables, this product is new to Turkey
and its resilience to economic downturns remains to be seen.
Additionally, we still view DRD's business model as monoline."
At the same time, as with the rest of the Turkish fleet leasing
industry, DRD is funding this rapid growth with new bank debt,
mostly in euros. As the amount of bank borrowings in euros exceed
those of lease receivables -- the difference being the book value
of cars under lease but in Turkish lira -- DRD carries a large
open position. Since prices in the second-hand car market adjust
to euro rates with a time lag, DRD continues to incur a high
amount of foreign currency losses stemming from the deprecation
of the Turkish lira (TRY) against hard currencies, and the
company's internal capital generation remains weak. Consequently,
S&P does not anticipate a reduction in its leverage (debt to
EBITDA), a key weakness for the ratings.
Owing to the aforementioned foreign currency translation losses,
DRD posted TRY91.8 million (about EUR24.7 million) of net loss
in 2016, and a TRY32.9 million (about EUR8.2 million) loss for
the first half of 2017. In 2016, gross profits were only up 25%,
as there is a lag in the contribution from the enlarged fleet. In
the first half of 2017, gross revenues were up by 50% compared to
half-year 2016. S&P said, "We expect DRD to post a marginal loss
in 2017, and return to profitability in 2018. Our expectation
hinges on our assumption that the company will sell a higher
number of used cars over this period in the second-hand market,
and recover temporary foreign currency losses as secondary market
values, linked to the euro, correct to the depreciation of the
lira. In addition, profits should improve due to increased demand
for second-hand car sales following the introduction of a special
consumption tax for brand new cars in late 2016. Indeed, we note
that DRD reported net profit on its comprehensive income
statements for June 30, 2017 (TRY3.9 million) and Dec. 31, 2017
(TRY33.9 million), merely reflecting the expected revaluation
gains.
"We expect DRD's adjusted EBITDA margins to remain slightly above
25% in 2017 and 2018 versus a 26% margin in 2016. Of note,
incurred and potential foreign currency losses are excluded from
our EBITDA because we consider these temporary and
nonoperational. Positively, the company's receivables are mostly
in euro, and therefore there is minimal risk of a mismatch for
revenues and interest coverage.
"The stable outlook on DRD reflects our expectation that its
competitive position and revenue diversity will not improve
meaningfully, despite the increasing contribution from its
individual car leasing segment, and that its indebtedness as a
proportion of its earnings measured by EBITDA will continue to
constrain the ratings. Positively, we anticipate that DRD will
continue to expand its fleet by leveraging growth opportunities
in Turkey's underpenetrated fleet leasing and management sector
and maintain its market position as one of the country's five-
largest car fleet managers.
"Over the outlook horizon through year-end 2018, we anticipate
that DRD's leverage -- measured as debt to EBITDA -- will be
above 5x and remain a key constraint for the ratings. Given its
pure focus in Turkey, and its monoline business model, DRD
remains vulnerable to swings in Turkey's volatile economy and
demand for automobiles. Likewise, the company's high level of
exposure to foreign currency risk heightens this volatility and
further constrains our expectations regarding the company's
financial resilience.
"Significant deterioration of liquidity -- for example a sudden
drop in available credit limits at the expense of the growth of
business -- could lead us to lower the rating. Likewise, a
slowdown in second-hand car sales or a sharp deterioration in the
value of such sales could trigger a negative rating action if
this weakens DRD's debt repayment capacity. While we note that
during recent turbulence such impact was manageable, a sharp drop
in the coverage of interest payments by EBITDA below 2x could
also trigger a downgrade.
"To warrant a positive rating action, we would look for DRD's
debt to EBITDA to drop below 5x on a sustainable basis. This
would hinge on improved internal capital generation and new
equity funding growth rather than pure debt. Other rating factors
that might trigger an upgrade mostly pertain to the company's
business risk profile, where we see limited chances for
improvement over the outlook horizon."
OJER TELEKOMUNIKASYON: Lenders Seek Gov't Takeover After Default
----------------------------------------------------------------
Ercan Ersoy, Kerim Karakaya and Matthew Martin at Bloomberg News
report that banks that provided a US$4.75 billion loan to the
owner of Turk Telekomunikasyon AS see a government takeover of
the operator's management as the best way of resolving Turkey's
largest debt default.
According to Bloomberg, three people familiar with the matter
said lenders favor this outcome to another proposal of a cash
injection into Ojer Telekomunikasyon AS (Otas), which owns 55% of
Turk Telekom and has missed two payments on the loan it took out
in 2013.
Turkey's Treasury, which owns 25% in Ankara-based Turk Telekom,
has the right to dismiss existing board members if Otas cannot
agree to a restructuring plan with the banks, Bloomberg notes.
The people, as cited by Bloomberg, said having Turk Telekom's
management under the single control of Treasury may facilitate an
ownership change in the country's largest telecommunications
company and make it easier to handle any potential talks with
future investors over the stake held by Otas.
Other people have said Turkey's Treasury in June gave Otas until
early October to resolve the issue, or face losing control of the
board, Bloomberg relays.
Otas, a special-purpose vehicle based in Ankara, missed two
payments worth US$580 million in the past year, Bloomberg
recounts.
===========================
U N I T E D K I N G D O M
===========================
BIBBY OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Bibby Offshore Holdings
Ltd's Corporate Family Rating (CFR) to Ca from Caa2 and the
Probability of Default Rating (PDR) to Ca-PD from Caa2-PD.
Concurrently, Moody's also downgraded the rating of Bibby
Offshore Services Plc GBP175 million senior secured notes due
2021 to Ca from Caa2. The outlook on all ratings is negative.
RATINGS RATIONALE
The rating action reflects the heightened stress on the company's
liquidity with decreasing cash on hand year on year, negative
free cash flow (FCF) generation and limited access to the
revolving credit facility (RCF) despite the support from its
shareholder Bibby Line Group Limited (unrated). The company
operating performance has continued to deteriorate this year with
Bibby reporting negative EBIT and EBITDA in the first half of
2017. Moody's expects an adjusted EBITDA close to breakeven this
year (including Moody's standard adjustment for operating
leases). The low profitability resulted in negative funds from
operations (FFO) and negative FCF of approximately GBP55 million
at the end of 2016 on a Moody's adjusted basis and GBP58 million
for the LTM to end of June 2017. Cash on hand has reduced to a
historically low amount of GBP7.2 million at the end of June
2017, from GBP37 at the end of 2016 and GBP97 million at the end
of 2015. Moody's believes that cash generation will remain
negative in 2017 with limited visibility for next year.
Moody's expects Bibby Offshore market environment to remain also
difficult next year, with lack of visibility around an eventual
recovery of prices. While the company has been able to secure new
contracts, day rates have remained low. Moody's expects further
improvements in volumes next year but the rating agency believes
that Bibby Offshore will continue to face pricing pressure as
customers want to maintain their lower cost base.
Bibby's capital structure has become unsustainable, with a
Moody's adjusted leverage of 28.2x at the end of 2016, increasing
from 4.1x at the end of 2015. The company's management has
announced that it has appointed EY to explore a recapitalization
of the company. Moody's believes that the company's CFR recovery
prospects may fall towards the lower end of the 35%-65% range
associated with the Ca CFR and that the recovery prospect for the
senior secured notes is likely to be around 35%, meaning that a
Ca rating is appropriate for the instrument.
The company has a GBP20 million Revolving Credit Facility (RCF).
Under the original terms and because of restriction under the
financial covenant, drawdown was limited to GBP5 million.
However, Bibby Offshore currently benefits from the support of
its shareholder, and the availability under its RCF has been
increased to GBP13.125 million from GBP5 million. The additional
GBP8.125 million is available until the end of November 2017.
Bibby Line Group has confirmed its agreement to extend its
support into 2018 and is engaged in discussions with its banks.
Failure to secure continued access to the additional GBP8.125
million cash headroom could result in the company not making its
interest payment due in December of approximately GBP6 million.
RATING OUTLOOK
The negative outlook reflects the uncertainties arising from the
weakened liquidity situation and restructuring prospects, which
creates downside risk for the recovery rate of the bondholders.
WHAT COULD CHANGE THE RATING - UP
A ratings upgrade is unlikely unless the debt is reduced
significantly to result in an improved capital structure with
adequate liquidity.
WHAT COULD CHANGE THE RATING - DOWN
Moody's could downgrade the ratings if (1) the company is not
able to secure external liquidity in the form of committed
revolving credit facility; (2) in the event of further
deterioration in operating performance and liquidity that could
force the company into insolvency or missed interest payment (3)
a debt restructuring that would result in a recovery rate of less
than 35%.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
Bibby Offshore Holdings Ltd, headquartered in Aberdeen, UK, is a
leading provider of offshore and subsea services in the UK North
Sea. For the financial year ended 31 December 2016, Bibby
Offshore reported revenues of approximately GBP155 million. Bibby
Offshore is wholly owned by Bibby Line Group Limited, a
diversified group of companies with international interests in
shipping, marine services, logistics, financial services,
offshore services and retailing, with revenue of GBP1.2 billion
for the year ended 31 December 2016.
CARILLION PLC: Defends Plan to Cut Pensions, Incurs GBP1.15B Loss
-----------------------------------------------------------------
Rhiannon Bury at The Daily Telegraph reports that the boss of
Carillion has defended plans to cut pensions and jobs at the
troubled outsourcer after revealing the company made a loss of
GBP1.15 billion in the past six months.
Chief among Carillion's problems is its giant pension deficit and
the fact that it has had to make huge writedowns related to
contracts that have soured, The Daily Telegraph notes.
Keith Cochrane, the company's chief executive, said there needed
to be a "change of culture" if the company was to come back from
a dire two-month period during which its market capitalization
has plunged by almost 80%, The Daily Telegraph relates.
He outlined measures to help stabilize the business, which
included making GBP75 million of cost-cutting by 2019 and
changing its pension plan, The Daily Telegraph relays.
According to The Daily Telegraph, on Sept. 29, Carillion
announced a further GBP200 million of writedowns for its support
services business.
The company's net debt for the year is expected to be between
GBP825 million and GBP850 million, The Daily Telegraph discloses.
Carillion has continued to win contracts in the past few months,
despite concerns about its ability to continue trading, The Daily
Telegraph notes.
Carillion plc is a construction and support services firm.
CORDATUS LOAN II: S&P Affirms BB+ Ratings on Two Note Classes
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Cordatus Loan
Fund II PLC's class B, C, D, and E notes. At the same time, S&P
has affirmed its ratings on the class F1 and F2 notes.
S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using data from the latest available
trustee report and the application of our relevant criteria (see
"Related Criteria").
"Upon publishing our updated criteria for analyzing foreign
exchange risk in global structured finance transactions, we
placed those ratings that could potentially be affected under
criteria observation (see "Ratings On European Cash Flow CLOs
Placed Under Criteria Observation Due To Revised Foreign Exchange
Risk Criteria," published on April 21, 2017). Following our
review of this transaction, our ratings that could potentially be
affected by the criteria change are no longer under criteria
observation."
The trustee report shows that the transaction's
overcollateralization tests are passing at higher levels than at
our previous review and that the reported weighted-average spread
has remained relatively stable since then (see "All Ratings
Raised In Cordatus Loan Fund II Following Performance Review,"
published on Sept. 12, 2016).
S&P said, "From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity and a positive ratings
migration within the portfolio. As a result, our analysis
indicates that overall developments have resulted in lower
scenario default rates across all rating levels. Since our
previous review, the transaction has experienced significant
deleveraging, with the class VFN, EuroA1 DDN, Euro A1, and
Sterling A2 notes paying in full, and a more than EUR10 million
repayment on the class B notes. As a result, available credit
enhancement has increased for all of the outstanding classes of
notes.
"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class. In our analysis, we used the portfolio balance that we
considered to be performing (i.e., of assets rated 'CCC-' or
above), the reported weighted-average spread, and the weighted-
average recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest-rate and exchange-rate stress scenarios.
"Additionally, as part of our analysis and in accordance with our
criteria, we have applied our supplemental tests to address event
and model risk. In accordance with paragraph 21 of our corporate
collateralized debt obligation criteria, as the transaction
employs excess spread, for the structured finance asset in the
portfolio we have applied the supplemental test by running our
cash flows using the forward interest rate curve, including the
highest loss from the largest obligor test net of their
recoveries (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,
2016).
"Based on our analysis, we now consider that the available credit
enhancement for all classes of notes is commensurate with higher
ratings than previously assigned. We have therefore raised our
ratings on the class B, C, D, and E notes.
"Although our credit and cash flow analysis indicates higher
ratings for the class F1 and F2 notes, the results of our largest
obligor default test (one of our supplemental stress tests)
constrains these ratings at their current rating levels. As a
result, we have affirmed our ratings on the class F1 and F2
notes."
Cordatus Loan Fund II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in July
2007 and is managed by CVC Cordatus Group Ltd.
RATINGS LIST
Class Rating
To From
Cordatus Loan Fund II PLC
EUR416.25 Million And GBP22.83 Million Secured Floating-Rate
Notes And Subordinated Notes
Ratings Raised
B AAA (sf) AA (sf)
C AAA (sf) A+ (sf)
D A+ (sf) A- (sf)
E BBB+ (sf) BB+ (sf)
Ratings Affirmed
F1 BB+ (sf)
F2 BB+ (sf)
DECO 8-UK: DBRS Puts B(low) Rating on IRS Amount Under Review
-------------------------------------------------------------
DBRS Ratings Limited has placed the B (low) (sf) rating on the
potential interest rate swap (IRS) termination amount that may be
owed by Deco 8 - UK CONDUIT 2 P.L.C. (the Issuer or Deco 8) to
Deutsche Bank AG (Deutsche Bank or the Swap Counterparty) Under
Review with Negative Implications. The IRS references the
Fairhold loan and is set to expire in 2036.
This rating action follows two notices to noteholders (RNS
number: 8015M and RNS number: 9287M) on August 1, 2017 and
August 2, 2017, respectively, in which the Swap Counterparty has
informed the Issuer of an event of default (EOD) as the full
periodic IRS amount due was not paid on July 27, 2017. The
notices also explained that such failure to pay the Swap
Counterparty was due to the liquidity facility provider rejecting
to fund part of the liquidity drawing request amounting to
approximately five million pounds. Likewise, amid the rejected
liquidity drawing request, the Issuer failed to pay the full
interest due on Class A2 of the CMBS, causing a note EOD.
After the note EOD, should the noteholders decide to direct the
trustee to serve a note acceleration notice, the transaction
payment priority would switch to the post-enforcement priority of
payment, in which the DBRS-rated swap termination payments would
rank pro rata and pari passu with Class A2 principal and
interests. Given the current workout progress on the loans
securing Deco 8, property valuations and the recent outcome of
the Swiftgold loan, it is highly likely that there would be a
shortfall between the recovery proceeds and total amounts due to
Class A2 noteholders (principal and interest) and the Swap
Counterparty, hence causing a loss for the Swap Counterparty. As
such, a Class A2 note acceleration would very likely cause a
downgrade of the IRS.
As outlined in more detail in DBRS's press release dated April 7,
2017 (DBRS Downgrades Remaining Swap Rating for Deco 8 - UK
Conduit 2 Plc), there is still a possibility for the Swap
Counterparty to be paid in full if the Class A2 notes were not
accelerated, and if the Fairhold loan was worked out before the
maturity date of the Class A2 note in April 2018. However,
following the July 2017 payment date, this scenario has become
less likely, resulting in the Under Review with Negative
Implications rating action.
The IRS in the commercial mortgage-backed security (CMBS) is an
Issuer-level swap that provides for a fixed-rate payment to
Deutsche Bank in exchange for a floating-rate (LIBOR) payment by
Deutsche Bank to the bond. The swaps were intended to protect the
individual loans and the capital structure in the CMBS against
rises in interest rates. As part of its rating analysis, DBRS
considers the adequacy of the collateral backing the respective
loan and the CMBS to cover the swap termination payments, the
performance of the collateral and the quality of the legal and
financial structure. When rating swap termination payments, DBRS
is assessing the ability of the securities to make the swap
termination payments to the counterparty by the legal final
maturity date of the transaction. DBRS also takes into account
the position of swap payment in the pre- and post-enforcement
priorities of payment. DBRS uses its "European CMBS Rating and
Surveillance Methodology" to assess the recoverability of the
value of the swap termination fees to determine if there is
sufficient coverage to make these termination payments by the
legal final maturity of the CMBS. To calculate the swap
termination payments, DBRS first derives the net swap cash flow
for each period by comparing (1) the fixed stream of payments
from the notes to the swap counterparty against (2) the LIBOR
payments that the counterparty would expect to pay to the notes.
Next, DBRS aggregates the net swap cash flow for all future
periods to derive the total potential swap termination payments.
A rating is only assigned when, under such rating scenario, there
is sufficient coverage of collateral to ultimately pay the swap
termination payments should the notes default on swap payment
obligations on any distribution date. The rating does not address
(1) the likelihood that a swap termination event occurs on or
before the swap termination date, (2) the payment of any swap
termination payment owed by Deutsche Bank to the bond and (3)
termination payments owed by the bond to Deutsche Bank if it is
the defaulting party.
Notes: All figures are in British pounds unless otherwise noted.
ELLI INVESTMENTS: Fitch Affirms CC Long-Term IDR
------------------------------------------------
Fitch Ratings has affirmed Elli Investments Ltd.'s (Elli) Long-
Term Issuer Default Rating (IDR) at 'CC'. Elli is a leading UK-
based care home provider trading under the following names: Four
Seasons Health Care, The Huntercombe Group and brighterkind.
The affirmation at 'CC' reflects the lack of progress in debt
restructuring negotiations between the company and its lenders
since Fitch last rating action in September 2016. Notwithstanding
improvement in trading, Elli continues to face sustained
operational challenges, excessive leverage and liquidity
pressure.
KEY RATING DRIVERS
Operational Challenges: Fitch views Elli's business model as
being challenged by constraints affecting profitability and cash
flow generation. This is due to pressure on its cost base
associated with an increase in the national living wage and
shortage of nurses in the UK, leading to a reliance on agency
workers. Although the 'social care' levy introduced by the UK
Treasury to increase funding for care has been adopted by the
majority of local authorities and has led to a moderate increase
in rates during 2016, this has so far been insufficient to fully
restore profitability. Staffing costs, including an increasing
use of agency workers, represent around 70% of the cost base of
care home operators.
Unsustainable Capital Structure: Fitch believes that the decline
experienced in Elli's profitability is structural, leading to
impaired operational cash flow, which in return yields an
unsustainable capital structure based on current debt levels.
Fitch estimates Elli's EBITDA margin at around 8.5% in 2017,
compared with around 13% in 2013. Fitch calculates funds from
operations (FFO)-adjusted net leverage to remain around 9.6x in
2017, and FFO fixed charge cover around 1.0x.
Short-term Liquidity Pressure: Elli has completed the
segmentation of its estate across three brands, including
disposal of underperforming assets, as well as improving the
quality of care. As a result, the group's care quality
assessments have been improving and occupancy rates continue to
gradually increase. Importantly, without cash generation from
asset disposals, Fitch expects operational cash generation will
be insufficient to cover the interest payments of GBP55 million
and repay the GBP40 million term loan due in December 2017,
leading to liquidity shortfall by the end of the year.
Volatile Outlook for UK Social Care: Fitch expects the UK social
care market will remain difficult and face short-term volatility,
due to further expected wage inflation and potentially widening
labour shortage as a result of greater focus on limiting
immigration.
Fitch observes some easing of the immediate funding pressure as
local authorities are now able to raise the social care council
tax precept, which - as it is applied cumulatively over years -
has alleviated the most imminent funding shortages. We, however,
view this additional tax-based funding only as a short to medium-
term solution for UK social care funding. Several reviews from
government and regulatory bodies are expected to publish
recommendations and discussion papers over the next six months to
facilitate the debate about funding models and best industry
practices for the long term.
Significant Asset Base: Elli's recovery prospects are underpinned
by ownership of over 50% of the group's registered properties.
Total freehold assets were valued at GBP505 million in April
2016, which give Elli operating flexibility due to lower rental
costs, and underpin Fitch expectations of outstanding recoveries
for the 'CCC+' rated super senior secured loan, three notches
above the IDR. Fitch bases its recovery analysis on the
underlying asset values, applying a liquidation approach.
DERIVATION SUMMARY
Fitch has observed significant rating pressure in the UK
leveraged care home sector stemming from a reduction of local
authorities' fee rates in real terms, increasing costs due to
higher national living wage from April 2016 and growing use of
agency due to a shortage of nurses. This has led to weak
profitability across the sector as cost inflation could not be
passed on to payers, which now threatens care operators' business
model and makes leveraged capital structures increasingly
unsustainable.
The resilience of operators against these external pressures
varies according to their exposure to public vs. private payers
and their position on the acuity care spectrum. Care companies at
the higher end of the dependency spectrum such as Voyage Bidco
Limited (B-/Stable) with a larger share of disability care, have
been comparatively resistant to funding cuts of local authorities
but are facing strategic challenges as the care model evolves
towards assisted living schemes. Care homes more at risk are
those catering to residents with less complex needs such as Elli
and Care UK.
The business models of these three key players are also
different, with Care UK operating an asset-light structure,
leasing most of its care facilities, whereas Voyage and Elli own
the majority of their assets. This leads to a differentiation in
Fitch's recovery approach, as Fitch apply a liquidation scenario
to Voyage and Elli, while Care UK's recoveries are based on a
going-concern scenario.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
for 2017 include:
- Revenue decline of 3.2% due to reduction on the number of
effective beds following asset disposals;
- EBITDA of GBP58 million in line with that for LTM-June 2017;
- Capex to reduce to less than 5% of sales;
- Disposals of uneconomic care homes for GBP47 million. YTD June
2017 results showed GBP23.4 million of disposals;
- Exceptional cash flow of GBP15 million expected in 2017.
Recovery Assumptions
- In its recovery analysis, Fitch assumes that a liquidation of
Elli's assets will provide higher recoveries for lenders than
a going concern restructuring scenario. This is primarily due
to Elli's freehold and long-leasehold properties.
- Fitch applied a 35% discount to the estimated current market
value of remaining property assets following disposals of
GBP485 million.
- Fitch's recovery expectations for the super senior term loan
(CCC+) remain high, at 100%, in line with a 'RR1' Recovery
expectations on the senior secured notes (CCC) and the senior
unsecured notes (C) remain unchanged, at 'RR2'/82% and
'RR6'/0% respectively.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A restructuring of the group's capital structure, leading to
improving liquidity and maturity profiles, and debt service
coverage ratios.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Announcement of a default or a distressed debt exchange.
LIQUIDITY
Poor Liquidity: As of end-June 2017, Elli's cash balance was
GBP26.1 million. Elli currently has no other available or
committed liquidity buffers. Fitch views the group's liquidity as
insufficient for the upcoming maturity of the GBP40 million term
loan in December 2017. Fitch has assumed GBP5 million of
restricted cash required to run the operations and absorb
periodic working capital swings.
FULL LIST OF RATING ACTIONS
Elli Investments Limited
-- Long-Term IDR: affirmed at 'CC'
-- Senior unsecured notes: affirmed at 'C'/RR6/0%
Elli Finance (UK) plc
-- Super senior term loan: affirmed at 'CCC+'/'RR1'/100%
-- Senior secured notes: affirmed at 'CCC'/'RR2'/82%
KIN GROUP: Mulls Creditors Voluntary Arrangement to Raise Funds
---------------------------------------------------------------
Proactive Investors reports that Kin Group Plc has said it needs
current debts of approximately GBP2.27 million to be capitalized
ahead of a possible placing.
According to Proactive Investors, to facilitate this, Kin is
exploring the possibility of seeking a creditors' voluntary
arrangement (CVA), which will need the approval of at least 75%
of the company's unsecured creditors.
If a CVA is approved and additional funds can be raised, an
application would then be made to AIM for the suspension to be
lifted and trading in Kin shares to resume, Proactive Investors
notes.
Without a CVA and placing, Kin, as cited by Proactive Investors,
said in a statement on Sept. 28 it may have to seek liquidation.
Losses in the half year to June were GBP1.69 million (GBP1.65
million), Proactive Investors discloses.
Kin Group Plc (AIM: KIN) is the AIM-quoted digital wellness
provider for corporate organizations.
MONARCH AIRLINES: Seeks CAA License Renewal, Future Uncertain
-------------------------------------------------------------
Anna Isaac at The Daily Telegraph reports that Monarch, the UK's
fifth largest airline, was on Oct. 1 granted a one-day extension
to its license after emergency talks with regulators.
According to The Daily Telegraph, Monarch's ATOL license is due
to expire, but its bosses were trying to convince the Civil
Aviation Authority (CAA) to grant it a renewal.
With the airline's future in doubt, the CAA, as cited by The
Daily Telegraph, said it would provide a "daily update" on the
status of its ability to operate its package holiday arm.
This temporary arrangement comes amid concerns that the airline's
losses were spiralling out of control, The Daily Telegraph notes.
If left without its CAA granted licence the company could have to
call in administrators for its package holiday arm, and leave up
to 100,000 holidaymakers uncertain about their homeward travel
across the EU and Turkey, The Daily Telegraph states.
A source close to the airline also told The Daily Telegraph the
CAA had raised concerns over the company's substantial recent
losses. These potentially fatal conditions for the company have
come amid "bloodbath" trading for short-haul airlines, the source
said, as terrorism attacks and security concerns in traditionally
strong sales areas such as Tunisia and Turkey have hit consumer
demand, The Daily Telegraph relates.
Ahead of its license renewal last September, the airline had to
seek a cash injection of GBP165 million from investors Greybull,
its fourth in as many years, The Daily Telegraph recounts. This
action helped Monarch required a 12-day extension before its ATOL
license was renewed, The Daily Telegraph says.
According to The Daily Telegraph accounts filed by the company in
August, for the year up to October 2016, showed a loss of GBP219
million, down from a profit of GBP26.9 million in 2015.
Monarch Airlines, also known as and trading as Monarch, is a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.
SOUTHERN PACIFIC 06-A: S&P Raises Class D1 Notes Rating to BB+
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Southern Pacific
Financing 06-A PLC's class C and D1 notes. At the same time, S&P
has affirmed its ratings on the class A, B, and E notes.
S&P said, "The rating actions follow our credit and cash flow
analysis of the most recent information that we have received for
this transaction (dated June 2017). Our analysis reflects the
application of our European residential loans criteria and our
current counterparty criteria (see "Methodology And Assumptions:
Assessing Pools Of European Residential Loans," published on Aug.
4, 2017, and "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013)."
In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed includes (among other items), arrears of
fees, charges, costs, ground rent, and insurance. Delinquencies
include principal and interest arrears on the mortgages, based on
the borrowers' monthly installments. Amounts outstanding are
principal and interest arrears, after payments by borrowers are
first allocated to other amounts owed.
In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal. From a borrowers' perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and then to other amounts owed. This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.
S&P has refined its analysis of these other amounts owed by using
the available reported loan-level data. The new approach results
in a minor increase in the weighted-average foreclosure frequency
(WAFF) and a decrease in the weighted-average loss severity
(WALS).
Acenden references the level of amounts outstanding to determine
the level of 90+ days arrears. The transaction pays principal
sequentially because the 90+ days arrears trigger of 22.5%
remains breached.
Available credit enhancement has continued to increase. This is a
result of the reserve fund not amortizing as well as sequential
note amortization.
S&P has decreased its WAFF assumptions. This is primarily due to
an increase in seasoning and lower severe (90+ days) arrears. S&P
has decreased its WALS assumptions because of the lower current
loan-to-value ratio and lower stresses due to other amounts owed.
Rating WAFF WALS
level (%) (%)
AAA 38.60 32.62
AA 32.94 25.51
A 27.70 14.40
BBB 23.20 8.81
BB 18.51 5.52
B 16.24 3.71
The combination of lower credit coverage and transaction
deleveraging has resulted in stronger cash flow results.
S&P said, "Although our cash flow modeling shows that the class A
to C notes pay timely interest and repay principal at rating
levels above 'A-', our current counterparty criteria limit the
notes' maximum achievable rating at our 'A-' long-term issuer
credit rating on Barclays Bank PLC.
"We have therefore affirmed our 'A- (sf)' ratings on the class A
and B notes and raised to 'A- (sf)' from 'BBB+ (sf)' our rating
on the class C notes.
"Our analysis also indicates that the class D1 notes can
withstand the stresses that we apply at a higher rating than that
currently assigned. We have therefore raised to 'BB+ (sf)' from
'B (sf)' our rating on the class D1 notes.
"Taking into account the results of our credit and cash flow
analysis, we consider the available credit enhancement for the
class E notes to be commensurate with our currently assigned
rating. Furthermore, we do not expect this class of notes to
experience interest shortfalls in the next 12 to 18 months, as
the reserve fund is at its required amount and the liquidity
facility would also be available to cover potential interest
shortfalls. We have therefore affirmed our 'B- (sf)' rating on
the class E notes.
"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
over one- and three-year periods, under moderate stress
conditions, are in line with our credit stability criteria (see
"Methodology: Credit Stability Criteria," published on May 3,
2010)."
This transaction is backed by nonconforming U.K. residential
mortgages originated by Southern Pacific Mortgage Ltd.
RATINGS LIST
Class Rating
To From
Southern Pacific Financing 06-A PLC
GBP427.425 Million Mortgage-Backed Floating-Rate Notes Plus An
Overissuance Of Mortgage-Backed Floating-Rate Notes
Ratings Raised
C A- (sf) BBB+ (sf)
D1 BB+ (sf) B (sf)
Ratings Affirmed
A A- (sf)
B A- (sf)
E B- (sf)
===============
X X X X X X X X
===============
* BOND PRICING: For September 25 to September 29, 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
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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
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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
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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
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BNP Paribas Emissions 21.00 12/21/2017 EUR
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BNP Paribas Emissions 25.00 12/21/2017 EUR
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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
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BNP Paribas Emissions 22.00 12/21/2017 EUR
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BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR
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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
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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
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BNP Paribas Emissions 23.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
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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
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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
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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
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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
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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
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BNP Paribas Emissions 13.00 11/23/2017 EUR 68.36
BNP Paribas Emissions 15.00 9/21/2017 EUR 73.20
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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
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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
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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
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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
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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
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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 * * *