/raid1/www/Hosts/bankrupt/TCREUR_Public/171023.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 23, 2017, Vol. 18, No. 210
Headlines
C Y P R U S
OCEAN RIG: Moody's Hikes CFR to Caa1, Outlook Stable
G E R M A N Y
AIR BERLIN: Seeks Damages from Etihad Airways Over Insolvency
AIR BERLIN: Plane Grounded in Iceland Over Unpaid Airport Charges
AIR BERLIN: Pilots Suspended Over Fly-By Stunt in Dusseldorf
DEA GROUP: S&P Affirms 'BB-' Rating, Outlook Stable
G R E E C E
NATIONAL BANK: Fitch Rates EUR750MM Mortgage Covered Bonds 'B'
I R E L A N D
AVOCA CLO XIV: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes
I T A L Y
SALINI IMPREGILO: S&P Assigns 'BB+' Rating to New EUR400MM Notes
WIND TRE: Moody's Rates Proposed EUR7.30BB Senior Sec. Notes B1
WIND TRE: S&P Assigns 'BB-' Rating to EUR7.3-Bil. Sr. Sec. Notes
K A Z A K H S T A N
KAZAKHSTAN UTILITY: Fitch Affirms BB- IDR, Outlook Stable
MANGISTAU ELECTRICITY: Fitch Cuts IDR to BB-, On Rating Watch Neg
L U X E M B O U R G
CONVATEC HEALTHCARE: Moody's Says Supply Chain Issues Credit Neg.
PINNACLE HOLDCO: S&P Lowers CCR to 'D' On Missed Payments
N E T H E R L A N D S
HIGHLANDER EURO II: Moody's Hikes Class E Notes Rating From Ba2
UPC BROADBAND: S&P Rates EUR500MM Secured Term Loan AS 'BB'
R U S S I A
GAZPROMBANK: Focus on Lending to Large Corp. to Constrain Returns
RUSAL PLC: Fitch Raises Long-Term IDR to 'BB-', Outlook Stable
SME BANK: S&P Affirms Then Withdraws 'BB-/B' Issuer Ratings
S P A I N
GRUPO PRISA: Close to Finalizing Up to EUR450MM Capital Increase
U N I T E D K I N G D O M
INTERSERVE: Bags Government Contract Despite Covenant Breach Risk
PETRA DIAMONDS: Moody's Lowers Corporate Family Rating to B2
WARE TRANSPORT: Trilogy Freight Acquires Business
X X X X X X X X
* BOND PRICING: For the Week October 16 to October 20, 2017
*********
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C Y P R U S
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OCEAN RIG: Moody's Hikes CFR to Caa1, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded Ocean Rig UDW Inc.'s (Ocean
Rig) Corporate Family Rating (CFR) to Caa1 from Ca and
Probability of Default Rating (PDR) to Caa1-PD from D-PD. Moody's
also assigned a Caa1 rating to the new $450 million senior
secured facility jointly issued by Drillships Financing Holding
Inc., Drill Rigs Holdings Inc., Drillships Ocean Ventures Inc.
and several other holding companies owning the rigs. All these
entities are subsidiaries of Ocean Rig. This facility is jointly
guaranteed by Ocean Rig UDW Inc. and several other holding and
operating companies. The outlook on all ratings was changed to
stable from negative. The ratings on all existing old debt are
withdrawn as the obligation is no longer outstanding as a result
of the debt restructuring.
RATINGS RATIONALE
The upgrade of the CFR to Caa1 from Ca reflects the successful
completion of the debt restructuring process on Sept. 22, 2017,
after all the conditions pre-requisite for the restructuring were
satisfied. The restructuring has resulted in an exchange of
around $3.7 billion of debt for new equity of $1.8 billion, cash
consideration of approximately $288 million and new secured
facility due 2024 totaling $450 million. This has resulted in
total gross adjusted debt/EBITDA as of LTM June 2017 to fall to
around 0.7x pro-forma for the transaction from 4.4x.
Successful restructuring of the debt has also improved the
liquidity profile of the company with non-restricted cash balance
of $616 million as of June 2017 pro-forma for the transaction, no
debt repayments until 2024, lower annual cash interest payments
of around $37 million going forward compared to $250 million
historically and minimal capex requirements. Moody's expects the
company to generate positive free cash flow (FCF) of around $350-
400 million in 2017, remain marginally FCF positive in 2018 and
turn negative in 2019-20.
The rating also reflects that the company's operational activity
is expected to remain low over the next 3 years, with no real
market recovery expected before 2020, with only 5 out of 11 rigs
currently operational. There is a high level of uncertainty
around the amount of capex to be spent by oil companies in deep
water exploration with the risk that new exploration would not
materialize or day-rates remain depressed given the overcapacity
situation in the market. This results in no visibility on
revenues beyond 2018, as 4 out of 5 existing firm contracts
expire by H1 2018, with heavy reliance on one contract with Total
S.A. (Aa3, stable) which expires in 2021.
Moody's anticipates the company's credit metrics will deteriorate
in 2018 and 2019 as the existing contracts roll-off resulting in
declining EBITDA. These rigs will either be stacked if no new
contracts are found or in the best case, re-contracted likely at
significantly lower day-rates. A steady supply of new builds will
depress day-rates and maintain significant stress on the sector.
Moody's expects adjusted gross debt/EBITDA to increase to above
3.0x in 2018 from around 1.0x in 2017, and increase further in
2019-20. EBITDA generation in 2019-20 is expected to drop
materially, closer to zero, given the low visibility on revenues,
resulting in peaking leverage. As a result, negative FCF
generation is expected, however, given the high cash balance and
no material funding needs, the company should be able to sustain
for the coming 3-4 years.
More positively, the rating reflects (1) the young and
technologically advanced fleet, with all drillships built within
the last six years, (2) industry leading operating performance
with quarterly contracted operating efficiency of 95% or above
historically, (3) improved fleet average operating expenses, and
(4) scope for recovery when new contracts are signed, even if at
lower day rates, as the debt burden has substantially reduced.
RATING OUTLOOK
The stable outlook mainly reflects the severe industry conditions
for the deep offshore drilling market balanced by improved
liquidity position of the company supported by high cash
balances. The stable outlook also reflects the company's
continuing decline in contracted revenues in 2018-19, with
existing contracts winding up and no visibility of return to
better market conditions.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's could downgrade the ratings if there is no recovery in
the market conditions resulting in continued deterioration of the
operating performance and/or weakening liquidity position.
Moody's could consider an upgrade of the CFR if market conditions
recover with revenue visibility resulting in improved operating
performance and strengthening of the liquidity position.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
Ocean Rig is an international offshore drilling contractor
providing oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry.
Ocean Rig is listed on the NASDAQ and its market capitalisation
was $2.4 billion as of October 17, 2017. Current largest
shareholders include George Economou, Ocean Rig's Chairman and
Chief Executive Officer and institutional funds.
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G E R M A N Y
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AIR BERLIN: Seeks Damages from Etihad Airways Over Insolvency
-------------------------------------------------------------
Maria Sheahan and Sylvia Westall at Reuters report that German
airline Air Berlin is demanding damages from its part-owner
Etihad Airways for letting it become insolvent and it hopes for
payment of at least EUR10 million (US$11.8 million).
According to Reuters, Frank Kebekus, Air Berlin's administrator,
told German newspaper Rheinische Post "We are in negotiations
with Etihad and hope to reach a general settlement soon. We are
hoping for a two-digit million euro sum."
Air Berlin's planes have been kept in the air by a EUR150 million
government loan, which Mr. Kebekus, as cited by Reuters, said the
carrier could repay with the proceeds from a sale of assets to
larger rival Lufthansa agreed last week.
"We will in all likelihood repay the loan including interest of
around 10 percent," Reuters quotes Mr. Kebekus as saying.
Holders of more than EUR600 million worth of outstanding Air
Berlin bonds will meanwhile likely lose out, he said, as their
claims would only be considered after many others, including Air
Berlin's staff, had been paid, Reuters relates.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
AIR BERLIN: Plane Grounded in Iceland Over Unpaid Airport Charges
-----------------------------------------------------------------
Maria Sheahan and Christian Kraemer at Reuters report that an Air
Berlin airliner was grounded at Iceland's Keflavik airport late
on Oct. 19 because the insolvent German carrier had not paid its
airport charges.
Reuters Keflavik operator Isavia said in a statement the unpaid
charges had been incurred before Air Berlin, which has struggled
to turn a profit over the last decade, filed for insolvency on
Aug. 15, Reuters relates.
According to Reuters, German magazine Stern said the Airbus A320
landed at Keflavik at 10:35 p.m. local time on Oct. 19 and was
due to depart for Duesseldorf just after midnight.
Air Berlin said the grounding was "unlawful" and "unacceptable",
Reuters relays.
"We have told Keflavik airport repeatedly that any outstanding
demands of payment relating to the time before Aug. 15 must be
registered on the insolvency table due to insolvency law,"
Reuters quotes Air Berlin as saying in a statement. "We have
called on Keflavik airport to cease its unlawful actions
immediately."
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
AIR BERLIN: Pilots Suspended Over Fly-By Stunt in Dusseldorf
------------------------------------------------------------
Reuters reports that Air Berlin said pilots of the flight that
performed a fly-past during the insolvent carrier's last long-
haul flight to its hub in DÅsseldorf have been suspended.
When coming into land from Miami on the morning of Oct. 16, the
A330 jet flew low across the runway, then pulled up and banked
sharply to the left before landing on its second approach,
Reuters relates.
Pilots are trained in such "go-around" procedures for aborted
landings, but the manoeuvre was unusual and the German aviation
authorities are investigating, Reuters notes.
"In aviation, safety always comes first. We are taking the
incident very seriously," Reuters quotes an Air Berlin spokesman
as saying.
The airline will fly its final short-haul flights under the Air
Berlin brand at the end of this month, Reuters states.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
DEA GROUP: S&P Affirms 'BB-' Rating, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on Germany-based
oil and gas company DEA Group (L1E Finance GmbH & Co. KG) and on
the group's wholly owned subsidiary Deutsche Erdoel AG (DEA). The
outlook is stable.
S&P said, "We also affirmed our 'BB-' issue rating on the EUR400
million senior unsecured notes due in 2022 issued by DEA Finance
SA and guaranteed by DEA Group. We revised up the recovery rating
to '3' from '4', indicating our expectation of meaningful
recovery prospects (50%-70%; rounded estimate 65%)."
Germany-based oil and gas company DEA Group announced the
acquisition of a 50% interest and operatorship in the onshore oil
field Ogarrio in Mexico for $404 million, funded through a mix of
debt and equity-like instruments with effect from first-quarter
2018.
The affirmations reflect DEA Group's prospect for prudently
funded growth in the coming years, with a modest increase in its
absolute debt, as well as adequate liquidity, notwithstanding its
recent acquisition in Mexico.
Earlier this month DEA Group announced its cash acquisition of a
50% interest and operatorship in the onshore Ogarrio field, from
Mexican oil and gas producer Pemex Exploracion y Producci¢n
(PEP). S&P said, "We believe the transaction could close by the
end of first-quarter 2018 for a total consideration of $404
million. We understand that the transaction will be partially
funded by the group's shareholder with $160 million equity-like
instruments, that we expect to treat as equity. The remainder,
will be sustained by DEA Group with available sources of
liquidity through 2018 and 2019."
S&P said, "That said, we believe that the Ogarrio acquisition
will result in a modest weakening of DEA Group's financial
flexibility and liquidity cushion compared with our previous
projections.
"Under our base-case scenario for DEA Group for 2017-2019, we
continue to project that the group will maintain an S&P Global
Ratings-adjusted ratio of funds from operations (FFO) to debt of
about 20%. In addition, we believe the group's current hedges and
selling contracts mitigate some of the risks of a further drop in
oil prices.
"We take into account, however, that DEA Group has some
flexibility to track adjust its leverage and liquidity buffer. We
note that about 70% of its capital expenditures (capex) are
committed and some noncore assets can be disposed. However, the
possibility of further acquisitions as well as execution
uncertainties when deploying its investment plan lead us to think
that DEA Group's financial soundness is slightly less resilient.
"More positively, we acknowledge that the Ogarrio acquisition
will help the company increase production over 2018-2019 by 5,000
barrels of oil equivalent per day (boe/d) to 6,000 boe/d, leading
to a production of about 140,000 boe/d versus our previous
expectation of about 130,000 boe/d.
"In the first half of 2017, the group saw a decline of about 3%
in its production to 134,000 boe/d from 138,000 boe/d in 2016
because of the natural depletion of its assets. DEA Group's
management plans to achieve 200,000 boe/d or more by 2020,
compared with 138,000 boe/d in 2016. Nevertheless, this ambitious
target, in our opinion, becomes even more aggressive when we
factor in the group's natural depletion (about 30,000 boe/d by
2020)."
In addition to the aforementioned slight production boost, the
Ogarrio transaction will improve the group's 2P (proven plus
probable) reserves by 63.5 million barrels of oil equivalents
(mmboe) -- taking a 50% working interest -- an important driver
for rejuvenating the group's asset base. As of the end of 2016,
DEA Group's 2P reserves reached 667 mmboe. As such, the Ogarrio
field will represent about 10% of the group's total reserves.
S&P said, "Under our revised base-case scenario post-acquisition,
we expect the group to record adjusted EBITDAX of above EUR800
million in 2017, in line with our previous estimates, while we
anticipate an increase of EUR20 million to between EUR770
million-EUR820 million in 2018 (versus EUR727 million in 2016 and
EUR490 million at end-June 2017).
"Moreover, we expect that DEA Group's adjusted debt will reach
EUR2.8 billion in 2018 and EUR3.1 billion in 2019. This compares
with our forecast of adjusted debt of EUR2.3 billion for 2017 and
EUR2.2 billion recorded in 2016. We also note that for
2018-2019 -- the first two years of operation -- the EBITDA
before exploration costs (EBITDAX) contribution from this new
field will likely be well below $50 million per year before
rising progressively.
"The stable outlook reflects the company's growth prospects in
the coming years, without compromising its credit metrics, as
well as adequate liquidity. 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 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 materially
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.
S&P Said, "We see limited likelihood of an upgrade over the
coming 12-18 months given the group's negative FOCF, execution
risks, and recent acquisition.
"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 likely also be 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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NATIONAL BANK: Fitch Rates EUR750MM Mortgage Covered Bonds 'B'
--------------------------------------------------------------
Fitch Ratings has assigned National Bank of Greece S.A.'s (NBG,
RD/RD/ccc) Series 7 EUR750 million mortgage covered bonds due
October 2020 a 'B' rating with Positive Outlook.
The covered bonds are issued under NBG's covered bond programme
II (NBG II). All previous outstanding bonds totalling EUR700
million were cancelled on Oct. 9, 2017.
KEY RATING DRIVERS
The rating of the covered bonds is capped by Greece's 'B' Country
Ceiling. The Positive Outlook reflects that on Greece and the
strong protection offered via the 25% minimum contractual over-
collateralisation (OC), which the agency views as sufficient to
sustain stresses above the 'B' rating and which provides more
protection than the 5.3% 'B' breakeven OC.
NBG II benefits from a one-notch recovery uplift from the 'B-'
rating floor that is represented by NBG's 'ccc' Viability Rating
as adjusted by the Issuer Default Rating (IDR) uplift of two
notches. In a scenario of defaulting covered bonds, Fitch would
expect at least good recovery prospects as the cover pool
comprise Greek residential loans secured by mortgages.
The IDR uplift of two notches reflects that NBG's Long-Term IDR
is not support-driven (institutional or by the sovereign) as well
as a low risk of under-collateralisation at the point of
resolution. This is based on Fitch's assessment on the Greek
legal framework, the presence of an asset monitor, asset
eligibility criteria and minimum legal and contractual levels of
OC, as applicable.
Fitch has assigned an eight-notch payment continuity uplift (PCU)
to the programme, although this is not currently a driver of the
rating. NGB II covered bonds envisage a conditional pass-through
feature implying the covered bonds can amortise in line with the
cover assets upon the extension of their principal maturity date.
Moreover, the programme includes a liquidity reserve that covers
at least three-month interest due on the covered bonds and senior
expenses.
RATING SENSITIVITIES
Changes in Greece's Country Ceiling could affect the rating of
National Bank of Greece covered bond programme II. In particular
and all else being equal, an upgrade of the Country Ceiling will
lead to an upgrade of the covered bonds programme as long as the
relied-upon overcollateralisation of the programme is enough to
compensate for the stresses that are commensurate with the
Country Ceiling level.
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I R E L A N D
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AVOCA CLO XIV: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Avoca CLO XIV DAC's floating-rate class X, A-1R, A-2R, B-1R, B-
2R, C-1R, C-2R, D-R, E-R, and F-R notes. The unrated subordinated
notes initially issued will not be redeemed at closing and will
remain outstanding, with an extended maturity to match the newly
issued notes.
The proceeds from the issuance of these notes will be used to
redeem the existing class A, B-1, B-2, C, D, E, and F notes.
Concurrent with the new note issuance, key transactional features
such as the weighted-average life and the reinvestment period
will also be reset to initial levels.
Avoca CLO XIV is a cash flow collateralized loan obligation (CLO)
transaction securitizing a portfolio of primarily senior secured
loans granted to speculative-grade European corporations. KKR
Credit Advisors (Ireland) Unlimited Co. manages the transaction.
Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes would permanently switch to semiannual
payment.
The portfolio's reinvestment period ends approximately four years
after closing, and the portfolio's maximum average maturity date
is 8.5 years after closing.
S&P said, "We understand that the portfolio will represent a
well-diversified pool of corporate borrowers, with a fairly
uniform exposure to all of them at closing.
"Therefore, we have conducted our credit and cash flow analysis
by applying our criteria for corporate cash flow collateralized
debt obligations (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,
2016).
"In our cash flow analysis, we used a portfolio target par amount
of EUR500 million, using the covenanted weighted-average spread
(3.60%) and the covenanted weighted-average recovery rates at
each rating level.
"The Bank of New York Mellon (London Branch) is the bank account
provider and custodian. At closing, we expect the participants'
downgrade remedies to be in line with our current counterparty
criteria (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013).
"At closing, we expect the issuer will be bankruptcy remote under
our legal criteria (see "Structured Finance: Asset Isolation And
Special-Purpose Entity Methodology," published on March. 29,
2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."
RATINGS LIST
Avoca CLO XIV Ltd.
EUR519.80 mil senior secured floating- and fixed-rate notes and
subordinated notes
Prelim Amount
Class Prelim Rating (mil, EUR)
X AAA (sf) 3.0
A-1-R AAA (sf) 274.4
A-2-R AAA (sf) 25.0
B-1-R AA (sf) 16.3
B-2-R AA (sf) 48.5
C-1-R A (sf) 18.0
C-2-R A (sf) 15.0
D-R BBB (sf) 25.0
E-R BB (sf) 25.7
F-R B- (sf) 14.8
Sub NR 54.1
NR--Not rated
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I T A L Y
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SALINI IMPREGILO: S&P Assigns 'BB+' Rating to New EUR400MM Notes
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
rating to the proposed about EUR400 million senior unsecured
notes due in 2024 to be issued by Italian construction company
Salini Impregilo S.p.A. (BB+/Stable).
The '4' recovery rating reflects the notes' unsecured and
unguaranteed nature, and structural subordination to significant
prior-ranking claims. S&P estimates recovery prospects at 40%.
Most bank lines and revolving credit facilities rank pari-passu
with the bonds.
The issue and recovery ratings on the proposed notes are based on
preliminary information and are subject to their successful
issuance and our satisfactory review of the final documentation.
Salini intends to use the proceeds of the proposed notes to
refinance at maturity the existing EUR283 million of unsecured
notes maturing in 2018, and repay a portion of its bank debt. In
addition, Salini is negotiating to lengthen the maturities of
some of its bank lines. If this eventuates, the new capital
structure would have an average maturity of 4.1 years compared to
3.1 years currently.
S&P expects the documentation for the proposed new bond to be
broadly in line with that for the existing notes, including one
incurrence covenant stipulating a minimum consolidated interest
coverage ratio of 2.5x, and permitting debt of the issuer or
material subsidiaries of up to 15% of consolidated assets. There
is no restricted-payment covenant, but the documentation will
come with a EUR50 million cross-default threshold provision.
S&P said, "In our hypothetical default scenario, we assume a
prolonged economic downturn affecting the construction sector,
combined with a decline in infrastructure projects and
operational delays in completing existing ones, which would
result in severe margin contractions. In our view, this would
reduce Salini's ability to meet its debt obligations, triggering
a payment default in 2022.
"We value Salini as a going concern, based on its strong brand
value, market position, and global presence."
Simulated default assumptions:
-- Year of default: 2022
-- Jurisdiction: Italy
-- Emergence EBITDA (after recovery adjustments): EUR276.8
million
-- Minimum capex at 2.5%, in line with company's expectations
Cyclicality adjustment is +5%, in line with the specific
industry sub-segment. No operational adjustment was further
taken to calculate the enterprise value at default
-- Multiple: 5x in line with the standard assumption for the
construction sector
Simplified recovery waterfall:
-- Gross recovery value: EUR1,384 million
-- Net recovery value for waterfall after admin. expenses (7%):
EUR1,287 million Estimated priority claims: EUR313 million
-- Unsecured debt claims: about EUR2,279.9 million
-- Recovery %: 40%
-- Recovery rating: 4
WIND TRE: Moody's Rates Proposed EUR7.30BB Senior Sec. Notes B1
---------------------------------------------------------------
Moody's Investors Service has assigned B1 ratings to the proposed
EUR7,300 million floating rate and fixed rate Senior Secured
notes (EUR and USD denominated) due between 2023-2025 issued by
Wind Tre S.p.A ("Wind Tre"). Concurrently, Moody's has also
assigned B1 ratings to a new EUR3 billion Term Loan A due in 2022
of Wind Tre.
All ratings have a positive outlook in line with the outlook on
Wind Tre's B1 Corporate Family Rating (CFR).
The company's B1 CFR, B1-PD Probability of Default Rating (PDR)
as well as the ratings on the existing debt instruments of Wind
Tre S.p.A and Wind Acquisition Finance S.A. remain unchanged.
Proceeds from the new notes and new term loan will be used to
refinance the company's whole capital structure. The ratings on
the existing debt instruments will be withdrawn upon repayment.
RATINGS RATIONALE
The B1 ratings on the term loan A and senior secured notes are in
line with Wind Tre's B1 CFR, reflecting the fact that all the
debt ranks pari passu and benefits from the same security
package, which is mainly comprised of share pledges together with
receivables of shareholder loans and upstream loans.
The refinancing of the capital structure is credit positive, as
it will reduce the company's interest expense and improve its
cash flow generation by an estimated EUR250 million. In addition,
the refinancing will extend the debt maturity profile to an
estimated average maturity of 6 years, up from the previous
average maturity of 3 years. The term loan also has a mandatory
repayment starting from 2020.
The refinancing simplifies Wind Tre's capital structure through
the issuance of senior secured and term loans which rank pari-
passu with each other. Moody's expects Wind Tre to have
meaningful headroom under the covenants for the senior secured
notes and term loan. The term loan A has a maintenance covenant
based on total net leverage (including total run-rate synergies
as defined in the documentation) with an opening level set at
5.50x with a step down after 24 months and 36 months to 4.75x and
to 4.50x, respectively.
While the refinancing exercise is viewed as positive, the
company's B1 CFR and positive outlook remain unchanged as it is a
leverage neutral transaction. Moody's expects Wind Tre's adjusted
debt to EBITDA to improve below 4x in the next 18 months driven
by the significant synergies from the merger together with
roaming revenues and proceeds from disposals required in the
remedy package, which provide a significant cushion against
increasing competitive pressures. However, upward pressure on the
rating remains somewhat constrained by the uncertainties linked
to the entry of Iliad S.A. in the Italian market in 2018.
Wind Tre's B1 CFR reflects (1) the improvement in its business
profile following the merger of Wind Telecomunicazioni S.p.A.
("Wind") and H3G S.p.A., including greater scale and its position
as the largest mobile operator by subscribers in Italy with a
strong spectrum portfolio; (2) a significant improvement in
leverage after the merger with Wind and Tre with adjusted gross
leverage which Moody's expects to reduce below 4x in the next 18
months (expected 2017: 4x; Wind standalone: 5.4x pre-transaction
in 2015); (3) its conservative financial policy with a long-term
target net leverage ratio below 3x and predictable dividend
policies linked to leverage reduction, benefitting from the
ownership of CK Hutchison Holdings Limited (A3 stable, CK
Hutchison) and VEON Ltd. (Ba2 stable); (4) Moody's expectations
that the merger will generate substantial synergies, which
together with the roaming agreement with Iliad and proceeds
derived from the remedy package, provide a significant cushion to
face revenue pressures as competition increases; and (5) an
adequate liquidity profile over the next 12-24 months.
These strengths are partially offset by (1) the uncertainties
linked to the upcoming entry of Iliad S.A. in the Italian market,
which will likely weaken Wind Tre's market share and revenues;
(2) the company's position as a challenger; and (3) lower quality
network compared to peers, although the company's investment plan
should lead to an improvement over time.
RATIONALE FOR THE POSITIVE OUTLOOK
The positive outlook on the ratings reflects Moody's expectation
of further deleveraging with an adjusted debt to EBITDA ratio
consistently below 4x and a retained cash flow (RCF) to debt
ratio sustainably above 15% over the next 18 months. Deleveraging
will be driven by the improving cash flow generation supported by
substantial synergies from the merger together with roaming
revenues and proceeds from disposals required in the remedy
package, which will provide a significant cushion against
increasing competitive pressures.
WHAT COULD MOVE THE RATING UP/DOWN
Upward rating pressure could develop if the company demonstrates
a resilient operating performance and continues its deleveraging
profile such that (1) its adjusted debt to EBITDA ratio (as
adjusted by Moody's) declines sustainably below 4.0x, (2) its
Moody's adjusted RCF/ Gross Debt ratio is sustainably above 15%,
and (3) its free cash flow generation is positive and growing
over time.
Downward ratings pressure could arise if Wind Tre's operating
performance weakens such that debt/EBITDA (as adjusted by
Moody's) is higher than 5.0x and RCF/debt (as adjusted by
Moody's) is below 10% on a sustained basis.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.
Created from the merger of Wind Telecomunicazioni S.p.A. and H3G
S.p.A., Wind Tre S.p.A. is a leading alternative integrated
telecoms operator in Italy. The company provides wireless, fixed-
line voice, internet, broadband and data services. Based on
number of subscribers, Wind Tre is the largest Italian mobile
operator, with a 32.7% market share, and the second-largest
broadband provider, together with Fastweb, with a 15% market
share (all figures as of 31 March 2017; source: AGCOM). As of
June 2017, Wind Tre reported pro-forma LTM revenues and EBITDA,
before integration costs, of EUR6.5 billion and EUR2.3 billion,
respectively.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Wind Tre S.p.A.
-- Senior Secured Bank Credit Facility, Assigned B1
-- Senior Secured Regular Bond/Debenture, Assigned B1
WIND TRE: S&P Assigns 'BB-' Rating to EUR7.3-Bil. Sr. Sec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Italy-based
mobile operator Wind Tre S.p.A.'s proposed EUR7.3 billion senior
secured notes and EUR3.0 billion new term loan. The recovery
rating on the debt is '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate 60%) in the event
of a default.
S&P said, "At the same time, we affirmed our 'BB-' long-term
issuer credit rating on Wind Tre and on its wholly owned
subsidiary, Wind Acquisition Finance S.A. The outlook on both
entities is stable.
"We also affirmed our 'B' issue rating on Wind Acquisition
Finance's senior unsecured notes and our 'BB' issue ratings on
the senior secured debt issued by Wind Acquisition Finance and
Wind Tre. We expect these debts will be fully redeemed as part of
the refinancing. The recovery rating on Wind Acquisition
Finance's senior unsecured notes is '6', indicating our
expectation of negligible recovery (0%-10%; rounded estimate 0%)
in the event of a default. The recovery rating on Wind
Acquisition Finance's and on Wind Tre's senior secured debt is
'2', reflecting our expectations of substantial recovery (70%-
90%; rounded estimate 85%) in the event of a payment default. We
will withdraw the issue and recovery ratings on these debt
instruments once the refinancing transaction is completed.
"The ratings on the proposed notes and loans are subject to the
successful completion of the refinancing, and to our review of
the final documentation. If we do not receive the final
documentation within a reasonable timeframe, or if the final
documentation materially departs from the information we have
already reviewed, we reserve the right to revise or withdraw our
ratings.
"The affirmation reflects our view that Wind Tre's credit metrics
should remain resilient in 2017-2018 and strengthen significantly
from 2019, despite some meaningful market disturbances and
dropping retail revenues likely to stem from the entry of Iliad
as a fourth wireless service provider in the Italian market." S&P
believes this resilience will stem from:
-- Offsetting roaming revenues likely to be derived in the near
term from the new market entrant, as the latter will be using
Wind Tre's radio access network before it builds its own;
-- Slight revenue growth in fixed line (about 20% of retail
revenues) driven by progressing penetration of fast broadband
in Italy and Wind Tre's increasing fiber to the home (FTTH)
capability through its commercial agreement with fiber-
deploying utility Enel;
-- Hefty cost savings as the company gradually reaps EUR490
million (more than 20% of pro forma 2016 EBITDA) in estimated
cumulative synergetic opportunities created by the recent
merger that gave birth to Wind Tre;
-- Significant interest cost savings provided by the planned
refinancing; and
-- Management's heavy focus on execution and various initiatives
to bolster Wind Tre's network and market position, in order
to underpin the company's ability to sustainably confront a
potential market disruption.
S&P said, "In terms of revenues, we think that, of the existing
three mobile network operators in Italy, Wind Tre is the most
exposed to the entry of Iliad, in spite of its being the largest
operator by number of mobile customers with about 33% market
share. The company's current positioning in the low-mid range of
the mobile market, and the Vodafone and Telecom Itali's stronger
networks, makes Wind Tre more sensitive to fierce price
competition in our view.
"We therefore anticipate a 6%-7% annual drop in its mobile retail
revenues over 2018-2019, stemming from a shrinking subscriber
base, because some customers would likely churn to the new
operator, and from likely declining average revenue per user
(ARPU), since part of the market may reprice in the wake of the
fourth operator entry. We think that how the ARPU develops will
be a critical factor; we have assumed a conservative annual
decline of 4%-5% for Wind Tre, although we acknowledge it is
difficult to predict, as it will depend on the entry price of the
fourth operator and the reaction of Wind Tre's competitors, all
factors that are unknown at this stage.
"In spite of revenue pressures, in our base case, we believe that
Wind Tre will generate stable EBITDA after synergies in 2017-2018
compared with 2016 (pro forma for the merger), albeit somewhat
lower after restructuring costs; and an increasing all-in EBITDA
from 2019 as the company reaps the bulk of its planned cost
synergies and integration costs shrink. We think that the likely
progressive fading of roaming revenues will probably be
compensated by an improving trend in retail mobile by then,
itself underpinned by a strengthened network, enhanced fixed-
mobile convergence capability, and subsequently higher customer
retention.
"We assess Wind Tre as a moderately strategic subsidiary of its
ultimate 50/50 shareholders, VEON Ltd. (BB/Stable/--) and CK
Hutchison Holdings Ltd. (A-/Positive/--). That said, we consider
that support from any one shareholder would be provided in
conjunction with, and not independently from the other
shareholder. Therefore, we assess the group credit profile at the
level of our rating on VEON, which is the lower rated of Wind
Tre's ultimate shareholders.
"We also take some comfort from the operational involvement and
managerial commitment demonstrated by the two shareholders; this
also supports our relative confidence that the company should
execute with discipline and display financial resilience in a
likely tough domestic market.
"The stable outlook reflects our expectation that, amid likely
heightened market competition, the revenues to be received by
Wind Tre from the new mobile entrant roaming on its network will
provide protection over the next two years. During this period,
we believe Wind Tre will timely and successfully execute its
network overhaul and cost synergies, and thereby sustain its
competitive position and free cash flow generation capacity in
the longer term as well. We foresee credit metrics about stable
over 2017-2018, with limited but positive FOCF and adjusted debt
to EBITDA above 5x, and significantly improving thereafter.
"We could raise our assessment of Wind Tre's stand-alone credit
profile over the next two years, if the company successfully
executes its cost and network overhaul plans, and if we continue
to anticipate that key credit measures would strengthen
meaningfully and sustainably from 2019, including an adjusted
ratio of debt to EBITDA below 5x (and below 4.5x excluding
shareholder loans) and FOCF to debt above 5%.
"However, this would not impact our ratings on Wind Tre, if our
group assessment and the ratings on its 50% shareholder VEON are
unchanged, because the current one-notch uplift from our group
support would then no longer apply, neutralizing the one-notch
improvement in Wind Tre's stand-alone credit quality.
"We consider rating downside unlikely in the near term, because
roaming revenues to be received from the new entrant should
offset the potential loss of retail revenues. Still, execution
issues for the various on-going initiatives could adversely
affect the company's market position and leave Wind Tre more
exposed when roaming revenues start to fade. Precipitous and
sharper ARPU decline that we have factored in our base case,
which could be triggered by aggressive price behaviors of other
competitors in the wake of the new entrant arrival, could also
heighten challenges confronting Wind Tre.
"We could lower our rating on Wind Tre if its EBITDA is less
resilient than we anticipated, resulting in only breakeven FOCF
and leverage failing to decline, and if the company adopts a more
aggressive financial policy. Also, all else being equal, if we
assessed that our assumed implicit group support had weakened,
which could be triggered by ownership changes for example, we
could lower the rating."
===================
K A Z A K H S T A N
===================
KAZAKHSTAN UTILITY: Fitch Affirms BB- IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Limited Liability Partnership
Kazakhstan Utility Systems' (KUS) Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.
The affirmation reflects Fitch's expectations that the company
will maintain a solid financial profile over 2017-2021, despite
an aggressive acquisitive strategy, dividends starting from 2017
and high capex. The company's vertical integration, favourable
long-term tariffs for distribution and heat segments and minor FX
exposure also supports the company's ratings. However, KUS's
ratings are constrained by its limited size relative to larger
peers and 'BB' rated CIS companies, unfavourable regulatory
framework in generation and limitations in corporate governance.
KEY RATING DRIVERS
Business Profile Extension: In 2017 KUS followed its expansion
policy, acquiring generation and distribution assets, which
should double its electric and heat capacity and provide access
to heavily industrialised west and east Kazakhstan. In March 2017
KUS acquired two combined heat and power plants in the east from
AES Corporation for KZT9.6 billion plus KZT10.4 billion debt. In
September 2017 KUS acquired jointly with its strategic partner
(50%/50%) a 78.64% stake in Mangistau Electricity Distribution
Company (MEDNC, BB-/Rating Watch Negative) from JSC Samruk-Energy
(BB+/Stable) for KZT8.6 billion to be paid in instalments until
2020 plus KZT14.4 billion debt.
Rating-Neutral Acquisitions: Fitch estimates that KUS's leverage
will increase by around 0.5x on average during 2017-2020 as a
result of these acquisitions, other things being equal. These
assets will contribute around KZT10 billion in total to the
group's EBITDA, according to Fitch estimates. However, a
significant debt burden, potential dividends outflow to MEDNC's
minorities and the capex obligations of all acquired assets might
put pressure on KUS's financial profile, while Fitch expects
credit metrics to remain within Fitch's guidelines for negative
rating action.
Significant Capex Expected: Fitch expects consolidated capex to
remain significant due to the recent acquisitions, averaging
KZT25 billion annually in 2017-2021. This is close to the
historical KZT21 billion for 2013-2016 and higher than the KZT13
billion forecast by the management. This also includes MEDNC's
annual capex of KZT4.5 billion on average. Fitch assumes that
MEDNC is fully consolidated by KUS.
Dividends Add Pressure: In Fitch ratings case Fitch assumes that
the controlling shareholder will start extracting cash from the
company through dividends from 2017. The management expects to
pay around KZT5.6 billion (about 30% of net income) in 2017 for
2016 (KZT4.7 billion already paid in 1H17) and Fitch forecasts a
50% payout ratio from 2018, resulting in average KZT8 billion
annual dividends.
Commensurate Leverage: Fitch expects KUS's financial profile to
remain solid to the rating horizon despite recent acquisitions,
higher capex than management anticipates and dividend payments.
This will be supported by approved tariffs, moderately increasing
volumes and the acquisition of the two combined heat and power
plants and MEDNC. Fitch expects funds from operations (FFO) to
average KZT28 billion in 2017-21 compared with KZT27 billion in
2016. Post-dividends free cash flow (FCF) will become negative
during 2017-2021, with FFO adjusted gross leverage rising to
around 2x in 2017-2021 (1.2x in 2016), but KUS will comfortably
remain within its negative rating guideline of 3.0x.
Weak Corporate Governance: In Fitch's view, KUS has weaker
corporate governance than many larger state-owned Kazakh
corporations rated in the 'BB' category, mostly due to the non-
transparent ownership structure and a potential non-disclosure of
related-party transactions. The company-specific corporate
governance negatively affects the ratings.
In 2016 KUS provided a KZT7.5 billion interest-free loan to its
ultimate owner, Dinmukhamed Idrissov (KZT7.0 billion), and his
private equity fund, Ordabasy Group (KZT0.5 billion), which
supervises KUS operations. However, in 2015 there were
shareholder equity injections totalling KZT6.2 billion for the
repayment of KUS's debt, which partially explains the nature of
the interest-free loans. The maturity date on these loans is 31
December 2017, but in 1H17 Ordabasy redeemed its loan ahead of
time and Mr Idrissov repaid KZT4.9 billion.
Sound Business Profile, Vertical Integration: KUS's business
profile benefits from the company's near-monopoly position in
electricity generation, distribution and supply in highly
populated central Kazakhstan (Karaganda Region) and South Region,
which account for 25% of the country's population. However, the
business profile is constrained by the company's scale of
operations, which is smaller than that of rated Kazakh peers
Samruk-Energy and Ekibastuz GRES-1 LLP (BB+/Stable), but similar
in size to Joint Stock Company Central-Asian Electric-Power
Corporation (CAEPCo; B+/Stable).
DERIVATION SUMMARY
KUS's closest peers are Kazakhstan-based regional companies GRES-
1 and CAEPCo. KUS, CAEPCo and GRES-1 have similar business
profiles in terms of scale of operations, and their EBITDA is
dominated by the electricity generation segment. KUS's financial
profile is similar to that of GRES-1, but stronger than CAEPCo's
due to higher margins, lower leverage and minimal debt exposure
to FX. KUS and CAEPCo are rated on a standalone basis, while
GRES-1's ratings include one notch of uplift for parental
support.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- moderate electricity generation growth of average 1.5% over
2017-2021;
- zero tariff growth in 2016-2018 in electricity generation and
as approved by the regulator for electricity distribution and
heat sales;
- capex averaging KZT25 billion, which is above management
guidance;
- inflation-driven cost increases;
- 50% dividend pay-out from 2018;
- MEDNC fully consolidated from October 2017.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Long-term predictability of the regulatory framework, with
less political interference and a cost-reflective heat segment
in a stronger operating environment
- Increased transparency of the ownership structure and
generally stronger corporate governance
- Increased scale of business
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Weaker-than-expected financial performance or financial
guarantees for parent debt or aggressive M&A, leading to FFO
gross adjusted leverage persistently higher than 3x (2016:
1.2x) and FFO interest coverage below 4.5x (2016: 9.4x)
- Committing to capex without sufficient available funding,
worsening overall liquidity position
LIQUIDITY AND DEBT STRUCTURE
Weak, but Manageable Liquidity: Fitch views KUS's liquidity as
weak, assuming that the cash and cash equivalents of KZT6.7
billion at end-1H17 are not sufficient to cover the company's
short-term debt totalling KZT8.4 billion and forecast negative
FCF of KZT0.4 billion. However, KUS expects to repay its short-
term maturities with its operating cash, as demonstrated by the
company's strong 8M17 results. The company is centrally managed,
including its treasury functions, across operating subsidiaries
by a single management board; Fitch therefore focus on the
consolidated group in Fitch credit analysis.
At end-1H17, KUS's debt comprised secured loans from local banks
raised at both holdco and opcos' level. The largest creditors are
Development Bank of Kazakhstan (KZT20.3 billion) and Sberbank
(KZT16.7 billion). All loans are nominated in tenge and have
fixed interest rates.
Manageable FX Exposure: Almost all KUS's debt (except one newly
acquired MEDNC bond issue of KZT3.2 billion, which is linked to
the tenge-dollar exchange rate) is denominated in tenge, which
places the company favourably compared with CAEPCo, Samruk-Energy
and Kazakhstan Electricity Grid Operating Company (BBB-/Stable),
which have 40%-60% of their debt in foreign currencies.
Senior Unsecured Aligned with IDR: KUS's KZT12.3 billion local
currency bond programme is rated 'BB-', in line with its Long-
Term Local Currency IDR, as the bonds will benefit from sureties
totalling KZT12.3 billion provided on a several basis by
Karaganda Zharyk LLP, Ontustik Zharyk Transit LLP, OntustikZharyk
LLP, Energopotok LLP, Karagandy Zhylu Sbyt LLP and Raschetniy
servisniy centr LLP, all wholly owned subsidiaries of the group.
The senior unsecured rating is equal to KUS's Long-Term Local
Currency IDR, reflecting that the level of prior-ranking debt is
below Fitch's threshold of 2.0x-2.5x EBITDA. In addition, the
combined EBITDA of subsidiaries providing sureties for the bonds
comprised 53% of the group's 2016 EBITDA. An increase in prior-
ranking debt to above 2.0x-2.5x EBITDA, a lower level of sureties
from group entities or a material drop in the share of operating
entities providing sureties in the group EBITDA would indicate a
material possibility of subordination and, as a result, the
senior unsecured rating could be notched down from the IDR.
FULL LIST OF RATING ACTIONS
Long-Term Foreign and Local Currency IDRs affirmed at 'BB-';
Outlook Stable
National Long-Term Rating affirmed at 'BBB+(kaz)'; Outlook Stable
Local currency senior unsecured rating affirmed at 'BB-'
National senior unsecured rating affirmed at 'BBB+(kaz)'.
MANGISTAU ELECTRICITY: Fitch Cuts IDR to BB-, On Rating Watch Neg
----------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Mangistau
Electricity Distribution Network Company JSC's (MEDNC) Long-Term
Issuer Foreign and Local Default Rating (IDR) to 'BB-' from 'BB'
and placed it on Rating Watch Negative (RWN) following its
ownership change.
The downgrade follows the notification submitted to Kazakhstan
Stock Exchange stating that Limited Liability Partnership
Kazakhstan Utility Systems (KUS, BB-/Stable) now owns 43.73% in
MEDNC.
The RWN reflects uncertainty related to the new owners' strategy
regarding MEDNC and the links with the new shareholders. Fitch
will resolve the RWN once sufficient information is available to
assess legal, operational and strategic ties between the company
and new owners. Depending on the strength of the ties, Fitch may
either align the ratings of MEDNC with the new owner if Fitch
considers MEDNC as integral part of KUS, or the company's ratings
may converge towards its standalone profile.
Fitch assesses the company's standalone profile as commensurate
with the mid-'B' rating category. This reflects its small size,
industry and customer concentration, negative free cash flow
expectation and weakening credit metrics. The rating also takes
into account long-term tariff regulation, despite below-inflation
expected tariff growth over 2018-2020, sound-quality
counterparties and a near-monopoly position in electricity
transmission and distribution in the Region of Mangistau.
KEY RATING DRIVERS
Ownership Change: In September 2017 KUS boosted its stake in
MEDNC and notified the Kazakhstan Stock Exchange that it owns
43.73% in MEDNC. According to KUS, MEDNC's shares are currently
in the process of reregistration to the new owner. Fitch will
resolve the RWN following the assessment of ties with the new
shareholders once the sufficient information becomes available.
Capex Drives Negative FCF: Fitch expects the company to continue
to generate healthy cash flow from operations of about KZT2
billion (about USD6 million) on average over 2017-2020. However
its free cash flow (FCF) is likely to remain significantly
negative during the period on the back of a KZT18.6 billion
government-approved capex programme, which will add to funding
requirements. Fitch expects funds flow from operations (FFO)
gross adjusted leverage to increase to about 4.6x on average over
2017-2020 from about 3.3x on average over 2015-2016.
Long-Term Tariffs: In November 2015, the regulator approved long-
term tariffs for MEDNC for 2016-2020. Tariffs for legal entities,
which represent over 70% of MEDNC distribution volumes, increased
by 13% on average in 2016-2017, but the growth rate will go down
to only 0.5% on average in 2018-2020. Long-term tariffs add
visibility to the company's cash flows, but below-inflation
tariff growth is a drag on the company's credit profile.
Near-Monopoly Position: MEDNC's credit profile is supported by
the company's near-monopoly position in electricity transmission
and distribution in the Region of Mangistau, one of Kazakhstan's
strategic oil- and gas-producing regions. It is also underpinned
by prospects for economic development and expansion in the
region, in relation to both oil and gas and transportation, and
by favourable long-term tariffs.
Small Scale, Concentrated Customer Base: The business profile is
constrained by MEDNC's small scale of operations limiting the
company's cash flow generation capacity, a high exposure to a
single industry (oil and gas) and, within that, high customer
concentration (the top seven customers accounted for 70% of
distribution volumes in 2016). The latter is somewhat mitigated
by prepayment terms under transmission and distribution
agreements.
DERIVATION SUMMARY
MEDNC is a small electricity distribution company in Western
Kazakhstan. MEDNC has significantly weaker business profile than
transmission companies, PJSC Federal Grid Company of Unified
Energy System (FedGrid, BBB-/Positive) and Kazakhstan Electricity
Grid Operating Company (KEGOC, BBB-/Stable), which operate
nation-wide, have higher geographic diversification and lower
volume risk. It is also weaker than PJSC Moscow United Electric
Grid Company (MOESK, BB+/Stable) due to lower customer
diversification, smaller scale of operations and less favourable
geography of operations.
MEDNC and its peers are subject to the regulatory uncertainties
influenced by macroeconomic shocks and possible political
interference. Their investment programmes are usually sizeable.
KEGOC is rated top-down, while FedGrid and MOESK are rated based
on a standalone basis plus uplift for state support. MEDNC's
rating may be supported at the 'BB-' rating level if the links
with the new largest shareholder are strong.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Domestic GDP growth of 2.4% in 2017 and 3%-3.2% in 2018-2021
and inflation of 9% in 2017 and 5%-7% over 2018-2021
- Electricity distribution volumes increase slightly below GDP
growth
- Electricity distribution tariff growth as approved by the
regulator
- Cost inflation slightly below expected CPI to reflect the
company's cost control efforts
- Capex for 2017-2020 in line with government-approved level
- Dividend payments of KZT264 million in 2017 for 2016 and 15%
of IFRS net income over 2018-2021.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- No positive rating action is considered likely at this time.
However, enhancement of the business profile, such as
diversification and scale with only modest increase in
leverage, which would be positive for the standalone profile.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Weak links with the new parent and the new parent's strategy,
which may adversely affect MEDNC's credit profile.
LIQUIDITY
Weak: At June 30, 2017, MEDNC's cash balance totalled KZT0.7
billion against short-term debt of KZT3.0 billion. Short-term
debt is mainly represented by KZT1.5 billion of commercial bonds
placed in July 2017 with 15% interest and one-year maturity, and
short-term part of Bank Centercredit (B/Stable) loan of KZT0.9
billion. The company expects to place KZT5.7bn local bond at end-
2017-beginning-2018. Fitch anticipates that KUS may assist in
refinancing MEDNC's short-term debt.
FX Exposure: MEDNC is exposed to FX risk as about 20% of the
company's KZT15.2 billion debt represents local bonds that were
linked to the KZT/USD exchange rate and placed in September 2015.
The base rate is 250 KZT/USD and, if tenge devalues, the
principal increases proportionately. Thus as of 30 June 2017 when
the exchange rate was 322 KZT/USD, the principal value of this
bond issue increased to KZT3.2 billion from KZT2.5 billion.
FULL LIST OF RATING ACTIONS
Long-Term Foreign and Local-Currency IDRs: downgraded to ' BB-'
from 'BB', Negative Outlook and placed on RWN
National Long-Term Rating: downgraded to 'BBB+(kaz)' from
'A+(kaz)', Negative Outlook and placed on RWN
Short-Term Foreign-Currency IDR: affirmed at 'B'
Foreign and local currency senior unsecured ratings: downgraded
to 'BB-' from 'BB' placed on RWN (including that on KZT1.7
billion, KZT2.4 billion, KZT2.5 billion and KZT1.5 billion bonds)
===================
L U X E M B O U R G
===================
CONVATEC HEALTHCARE: Moody's Says Supply Chain Issues Credit Neg.
-----------------------------------------------------------------
Moody's commented that ConvaTec Healthcare D S.a.r.l.'s
("ConvaTec", Ba3 stable) supply chain challenges are credit
negative. This is because they will constrain sales and earnings
in the immediate term and cause financial leverage to rise. There
is no change to the company's ratings, including its Ba3
Corporate Family Rating and Ba3 senior secured instrument
ratings. The outlook is stable.
PINNACLE HOLDCO: S&P Lowers CCR to 'D' On Missed Payments
---------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on
Luxembourg-based Pinnacle Holdco S.ar.l. to 'D' from 'CCC'.
S&P said, "At the same time, we lowered our issue-level ratings
on the company's first-lien term loan due 2019 to 'D' from 'CCC'.
We also lowered the issue-level rating on the company's second-
lien term loan due 2020 to 'D' from 'CC'. The recovery rating on
the first- and second-lien term loan of '3' and '6',
respectively, remain unchanged. The '3' recovery rating indicates
our expectation for meaningful (50% to 70%;rounded estimate: 60%)
recovery in the event of a payment default. The '6' recovery
rating reflects our expectation of negligible (0% to 10%; rounded
estimate: 0%) recovery in the event of a default. The '6'
recovery rating reflects our expectation of negligible (0% to
10%; rounded estimate: 0%) recovery in the event of a default."
The 'D' rating reflects that Pinnacle Holdco S.a.r.l. did not
make the interest and principal payments on the first-lien term
loan due 2019 and its second-lien term loan due 2020 as of Sept.
29, 2017. The 'D' rating also reflects S&P's expectation that
Pinnacle will not make the required interest and principal
payments on its first- and second-lien term loans on December 31,
2017.
=====================
N E T H E R L A N D S
=====================
HIGHLANDER EURO II: Moody's Hikes Class E Notes Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Highlander Euro CDO II B.V. /
Highlander Euro CDO II (Cayman) Ltd.:
-- EUR42M Class C Primary Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to Aaa (sf); previously on
May 26, 2017 Upgraded to Aa1 (sf)
-- EUR28M Class D Primary Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to Aa3 (sf); previously on
May 26, 2017 Upgraded to Baa1 (sf)
-- EUR24.5M (current outstanding balance of EUR20.7M) Class E
Secondary Senior Secured Deferrable Floating Rate Notes due
2022, Upgraded to Baa3 (sf); previously on May 26, 2017
Affirmed Ba2 (sf)
Moody's has also affirmed the ratings on the following notes:
-- EUR56M (current outstanding balance of EUR26.3M) Class B
Primary Senior Secured Floating Rate Notes due 2022, Affirmed
Aaa (sf); previously on May 26, 2017 Affirmed Aaa (sf)
Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd., issued in December 2006, is a collateralised loan
obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by CELF Advisors LLP.
The transaction's reinvestment period ended in December 2013.
RATINGS RATIONALE
The upgrades of the ratings of the notes are primarily a result
of the full redemption of Class A and partial redemption of Class
B. The Class B notes have paid down by EUR29.7M or 53% of the
original balance at the recent August 2017 payment date leading
to an increase of the overcollateralization ("OC") ratios of the
remaining tranches. According to the September 2017 trustee
report, the Classes B, C, D and E OC ratios are 239.66%, 159.30%,
130.20% and 114.67% respectively compared to levels just prior to
the payment date in June 2017 of 182.14%, 140.35%, 121.73% and
110.83%. The OC ratios will increase further following the
September 2017 payment date.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par balance of EUR142.57M, a defaulted par balance of
EUR1.24M, a weighted average default probability of 17.35%
(consistent with WARF of 2803 and a weighted average life of 3.46
years), a weighted average recovery rate upon default of 45.23%
for a Aaa liability target rating, a diversity score of 16.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Factors that would lead to an upgrade or downgrade of the
ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average recovery rate by 5
percentage points; the model generated outputs that were in line
with the base-case results for Classes B and C and within a notch
for Classes D and E.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
* Around 5.54% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
UPC BROADBAND: S&P Rates EUR500MM Secured Term Loan AS 'BB'
-----------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' issue
ratings to the new $1.975 billion secured term loan AR borrowed
by UPC Financing Partnership and to the EUR500 million secured
term loan AS borrowed by UPC Broadband Holding B.V. The recovery
rating on these instruments is '2', indicating S&P's expectation
of substantial (70%-90%) recovery (rounded estimate: 70%) in the
event of a payment default.
S&P said, "We also assigned our 'B' issue rating to the new $550
million senior notes issued by UPC Holding B.V. The recovery
rating is '6' (reflecting our estimate of 0% recovery), in line
with the existing senior notes, reflecting their more junior and
contractually subordinated nature to the substantial amount of
secured debt. We affirmed the 'B' ratings on the existing senior
notes.
"At the same time we affirmed our 'BB' issue ratings on UPCB
Finance IV's, and UPCB Finance VII's existing secured notes. The
recovery rating on these instruments remains at '2' (rounded
estimate of recovery: 70%).
"Recovery prospects for secured lenders are supported in our view
by the diversity of the assets within UPC, the announced debt-
free acquisition of Multimedia Polska, which will be beneficial
to secured lenders (they will have indirect access to this asset
via the existing share pledges, without additional debt in the
structure), and the senior position of the instruments in the
capital structure. They are constrained by the increasing amount
of equally-ranked senior secured debt, pro forma this
transaction, and the absence of direct pledges over group assets
for secured lenders."
UPC is replacing about EUR288 million of unsecured debt with
about EUR346 million of new senior secured debt. S&P notes that
the recovery prospects for senior secured lenders are now very
sensitive to further changes in the capital structure, and its
recovery and issue ratings on the group's senior secured debt
could be negatively affected by, for example, a change in the
proportion of senior secured or prior-ranking claims to senior or
unsecured debt, an increased debt burden, or other meaningful
changes in the capital structure or lenders' protection.
S&P said, "We assess the current documentation, including the
recent creeper amendments coming into effect, as relatively
flexible for UPC, with limited protections for creditors. For
example, we note the presence of a springing (one-third drawn
test) consolidated net senior leverage covenant under the
revolving credit facility, starting at 4.75x with no step-downs.
Debt incurrence and acquisition-related financing will be subject
to pro forma net senior debt of less than 4.5x and net total
leverage of less than 5.5x, while the documentation allows for
significant permitted debt carveouts under credit facilities,
nonguarantor debt, capital leases, general debt, qualified
receivables financing, and production facilities baskets, among
others, which we view as very issuer friendly."
Dividends and restricted payments are constrained by a standard
asymmetric distributable reserve builder (quarterly), based on
consolidated net income, hemmed in by a maximum pro forma 4.0x
net senior leverage (excluding debt at the holding company level)
under the secured facilities (maximum 5.0x consolidated net
leverage under the senior notes), while benefitting from
significant carveout baskets.
S&P said, "In our hypothetical default scenario, we assume that a
payment default would most likely result from excessive leverage
as a result of lower revenues and weaker margins due to
heightened competition, which in turn would result in meaningful
subscriber losses, lower average revenues per users, and
increased subscriber retention and acquisition costs.
"We value UPC as a going concern, given our view of its leading
market position, valuable cable networks, fairly stable customer
base, and high barriers to entry in a consolidated industry. The
valuation excludes UPC Nederland and UPC Ireland from the group.
Simulated default assumptions
-- Year of default: 2021
-- Minimum capital expenditures (% of last-three-years' average
sales): 6%
-- Cyclicality adjustment factor: N.A. (standard sector
assumption)
-- Operational adjustment: +35% (reflects about 10%-12% of
minimum capital expenditure requirements and includes the
recent debt-free acquisition of Multimedia Polska)
-- Emergence EBITDA after recovery adjustments: about EUR685
million
-- Implied enterprise value multiple: 6.0x
-- Jurisdiction: The Netherlands
Simplified waterfall
-- Gross enterprise value at default: about EUR4.1 billion
-- Administrative costs: 5%
-- Net value available to debtors: EUR3.9 billion
-- Secured debt claims: about EUR5.4 billion[1]
-- Recovery expectation: 70% (Recovery rating: 2)[2]
-- Senior debt claims: about EUR2.0 billion[1]
-- Recovery expectation: 0% (Recovery rating: 6)[2]
[1]All debt amounts include six months' prepetition interest.
RCF assumed 85% drawn on the path to default. [2]Rounded down to
the nearest 5%. N.A.--Not available.
===========
R U S S I A
===========
GAZPROMBANK: Focus on Lending to Large Corp. to Constrain Returns
-----------------------------------------------------------------
Gazprombank's (LT Bank Deposits Ba2 stable) focus on lending to
large corporates that benefit from competitive interest rates,
will continue to weigh on the banks' earnings, says Moody's
Investors Service in a report.
The report, "Gazprombank - Focus on large corporates and
involvement in state-related projects will constrain returns," is
now available on www.moodys.com.
"Gazprombank's business is dominated by corporate lending, with
particular focus on large and state-related companies," says Olga
Ulyanova, a Vice President at Moody's. "Loans to large corporates
typically offer lower credit risk compared to retail- or SME-
oriented lending segments, but are lower margin, and the activity
faces limited credit demand from large corporate borrowers, while
intense competition for quality borrowers is limiting banks'
ability to negotiate higher lending rates."
Despite gradually improving operating conditions in Russia,
Moody's still anticipates that Gazprombank's net profitability
will lag the sector average this year and next, and the return on
average assets (ROAA) will be at, or below, 1%. In contrast,
Moody's expects the average ROAA for the Russian banking sector
as a whole to be around 1.5% in both 2017 and 2018. Gazprombank's
net interest margin will likely stay more than 100 basis points
below the average for the Russian banking sector.
The bank's balance sheet is heavily skewed toward corporate
lending, with corporate credit accounting for 62% of Gazprom's
total assets, compared with 44% for the Russian banking sector as
a whole. This suppresses Gazprombank's revenue generation
compared to other more diversified lenders, because rates on
corporate loans are around four percentage points lower than
those on retail loans.
Gazprombank's low net interest margin is also a reflection of a
high level of impaired loans. While the impaired loans are mostly
performing, a large proportion of them was subject to
restructuring during the 2014-2016 economic downturn, usually
incorporating more favorable lending terms in order to facilitate
loan repayments by the borrower.
RUSAL PLC: Fitch Raises Long-Term IDR to 'BB-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based aluminium company United
Company RUSAL Plc's (Rusal) Long-Term Issuer Default Rating (IDR)
to 'BB-' from 'B+'. The Outlook on the Long-Term IDR is Stable.
Rusal Capital D.A.C.'s senior unsecured rating has also been
upgraded to 'BB-'/'RR4' from 'B+'/'RR4'. The Short-Term IDR has
been affirmed at 'B'.
Fitch has also upgraded the Long-Term IDR on Rusal's 100%-owned
subsidiary, Russia-based OJSC Rusal Bratsk, to 'BB-' from 'B+'
with a Stable Outlook. Bratsk's senior unsecured rating has been
upgraded to 'BB-'/'RR4' from 'B+'/'RR4' in line with Rusal's
senior unsecured rating.
The upgrade in part reflects recent positive structural changes
in the aluminium industry including Fitch assumption that net
Chinese smelter additions will be lower than previously expected
in 2018 and beyond. Fitch anticipates this will have a positive
impact on market prices and therefore Rusal's free cash flow
generation, resulting in the company's FFO adjusted leverage
decreasing to 3.3x in 2017, and remaining below 3.5x afterwards.
KEY RATING DRIVERS
Positive Aluminium Market Dynamics: Fitch has recently updated
its commodity price assumptions and Fitch now assume aluminium
prices at USD1,900/t over the next four years compared with
USD1,700/t previously. The change in assumed prices primarily
reflects a downward revision of Fitch assumptions for net Chinese
smelter capacity growth due to supply-side reform closures. Fitch
now expects Chinese output to grow by only about 4% year on year
in 2018 due to a combination of state-directed and winter
closures. Aluminium prices are also being supported by a cost
push from increasing alumina prices.
Smelter capacity in China, and specifically the balance of
smelter additions and curtailments, remains key to the aluminium
market outlook and is a main factor in the weak market prices and
higher exports from China in recent years. Net smelter capacity
additions in China and the rest of the world is a variable to
watch in the next three years, although Fitch expects demand for
aluminium to remain sound in the medium term.
Competitive Cost Position: In 2016 Rusal's smelters were strongly
positioned in the first quartile of the global aluminium cost
curve. In the past couple of years the group has benefitted from
highly favourable FX dynamics following the rouble devaluation,
which positively affected the company's cash costs (around 50%
+/-5% of Rusal's cash costs are rouble denominated). The company
also still benefits from the results of its own cost-saving
measures (including idling of 647,000t of its least efficient
assets in 2013-2014). Rusal's cash costs therefore decreased to
USD1,334/t in FY16 (-8% yoy).
However, higher energy costs due to a new electricity agreement,
increase in raw material costs and FX effects pushed Rusal's
average costs to USD1,497/t in 2Q17 (up 12% on FYE16), still
within the first quartile of the cost curve. However, most of
Rusal's smelters, including Bratsk, are located in Siberia and
source 90% of their electricity needs from the region's hydro
power generation assets, benefitting from lower electricity
prices. Fitch forecasts gradual rouble strengthening to 56RUB/USD
by 2020 to have the biggest negative impact on the company's cost
structure in the next three to four years, leading to gradual
EBITDA margin erosion from 20% in 2017 to 15% by 2020.
Ongoing Deleveraging: Rusal has been highly leveraged since the
purchase of its 25% stake in Norilsk Nickel (NN; BBB-/Stable) in
2008. However, the group has benefitted from strong support from
its bank group and has consistently deleveraged, although at a
slower pace than Fitch initially expected, to an estimated USD8.8
billion at end-2017 (Fitch-adjusted) from USD9.1 billion in 2016.
In Fitch's view further debt reduction remains a key priority for
Rusal but the pace will depend on aluminium prices and the level
of dividends paid by NN. At end-December 2016, funds from
operations gross leverage temporarily increased to above 5x from
3.6x at end-2015.
Fitch now expects this ratio to decrease to 3.3x by end-2017 and
to remain below 3.5x in 2018-2020. This is mainly due to improved
prices, as reflected in the expected 30% rise in Fitch adjusted
EBITDA by end-2017. Absent an absolute debt reduction, Rusal will
remain exposed to external factors, such as market price
volatility, rouble strengthening and energy costs inflation,
which add instability in the leverage metrics (as in 2016). Fitch
expects positive free cash flow will be partly directed to
deleveraging, resulting in total debt of less than USD8 billion
at end-2018, USD7 billion at end-2019 and around USD6.5 billion
in 2020.
Stake in Norilsk Nickel: Rusal effectively owns 27.82% of the
world's second largest nickel producer, NN. The market value of
the stake was USD7.7 billion at 13 October 2017 thanks to
stabilisation in nickel prices, representing nearly 87% of
Rusal's total indebtedness, and therefore providing significant
collateral coverage.
NN has historically paid out significant dividends to its
shareholder. From 2017 a new dividend policy applies, with a
variable payout ratio of 30%-60% of EBITDA, depending on market
conditions. However, the total dividend declared by NN in 2017 is
around USD3.0 billion (Rusal received USD325 million in 1H17) and
the total minimum payment will be USD1 billion from 2018 (USD278
million Rusal pre-tax share). Fitch expects dividends
attributable to Rusal to exceed USD650 million/year on average in
2017-2020, contributing materially to Rusal's debt service.
DERIVATION SUMMARY
Comparable Fitch-rated peers to Rusal include Alcoa Corporation
(BB+/Stable), Aluminum Corporation of China (Chalco; BBB+/Stable)
and China Hongqiao Group (B+/Rating Watch Negative). Rusal's
standalone rating of 'BB+' ('BB-' after notching down for the
operating environment) reflects a comparable operating profile in
most respects (eg market position, vertical integration, cost
competitiveness), but typically higher leverage metrics.
Chalco is rated three notches below China's rating based on
Fitch's top-down approach in line with its parent and subsidiary
linkage rating criteria. Fitch downgraded Hongiao Group, the
biggest aluminium producer in the world, in April 2017 due to the
continued delay in publishing annual results, which suggests weak
internal controls and exposes the company to covenant breaches
and liquidity events.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Fitch aluminium LME base prices: USD1,906/t in 2017 and
USD1,900 in 2018-2020;
- aluminium premiums earned by Rusal to average USD160/t in
2017, USD170/t in 2018 and USD180/t thereafter (across all
products produced by the group);
- RUB/USD exchange rates: 59 in 2017, 58 in 2018, and 56 in 2019
- 3% increase in production volumes in 2017 and 6% increase in
2018, flat thereafter;
- EBITDA margin to average 19% in 2017-2018 and 16% in
2019-2020;
- USD400 million dividend payment in 2017 and to average USD350
million thereafter;
- sustained dividend from NN under new dividend policy.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Further absolute debt reduction with FFO adjusted gross
leverage moving sustainably below 3.0x
- FFO-adjusted net leverage below 2.5x
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO gross leverage sustained above 3.5x with limited prospects
for deleveraging
- EBITDA margin below 12.5% on a sustained basis
LIQUIDITY
Adequate Liquidity: At end-June 2017 Rusal had nearly USD9
billion of Fitch-adjusted debt, including USD0.6 billion
maturities to be repaid before December 2018 (after refinancing
of a USD1.1 billion maturity with proceeds from its January and
May Eurobonds) compared with USD0.6 billion of non-restricted
cash. Near-term liquidity is also supported by free cash flow
generation, which Fitch forecasts to be over USD1 billion over
the next 18 months, including dividends from NN.
Rusal also proactively manages its debt maturity profile after
2018, refinancing USD1.4 billion and USD2.9 billion of 2019 and
2020 maturities, and reducing them to USD0.7 billion and USD0.7
billion, respectively.
SME BANK: S&P Affirms Then Withdraws 'BB-/B' Issuer Ratings
-----------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB-/B' long-
and short-term issuer credit ratings on Russia-based SME Bank.
S&P subsequently withdrew the ratings at the bank's request. At
the time of withdrawal, the outlook was stable.
S&P said, "Before the withdrawal, our ratings on SME Bank
reflected our view of the bank's important role for, and very
strong link to, the Russian government, due to its public policy
role in the small and midsize enterprise (SME) sector. Our long-
term rating on SME Bank was therefore two notches higher than
the bank's 'b' stand-alone credit profile.
"We considered that SME Bank had a moderate business position,
based on its role in lending to SMEs, and strong capital and
earnings, since we projected its risk-adjusted capital ratio at
11%-13%, which compares well with regional peers'. Rating
constraints included the bank's exposure to changes in the
government's economic policy, Russia's challenging and volatile
operating environment for banks, in particular increasing credit
risk, as well as SME Bank's limited earnings power."
=========
S P A I N
=========
GRUPO PRISA: Close to Finalizing Up to EUR450MM Capital Increase
----------------------------------------------------------------
Miles Johnson at The Financial Times reports that Grupo Prisa,
owner of Spain's El Pais newspaper, is close to finalizing a
capital increase of up to EUR450 million, after its longstanding
chairman agreed to step down, in a rare victory for activist
investors operating in Southern Europe.
Prisa, which for years has struggled under a mountain of debt,
said on Oct. 16 it had achieved commitments from 48% of its
investors, including its largest shareholder, the activist hedge
fund Amber Capital, to back a capital increase that would rebuild
its balance sheet, the FT relates.
This followed Juan Luis Cebrian on Oct. 13 announcing he would
leave the company early next year, following pressure from Amber
and other shareholders frustrated with his handling as chairman
of the company's restructuring, the FT notes.
Mr. Cebrian's time leading the company has resulted in disastrous
losses and heavy dilution for its shareholders, with Prisa equity
losing 99% of its value over the past decade, the FT relays. It
had borrowed heavily to make ill-fated acquisitions and
investments, the FT recounts.
From 2007 to 2016, Prisa reported consolidated losses of EUR2.2
billion while paying its board just under EUR80 million and
making Mr Cebri†n one of Europe's best-paid media executives at
the time, the FT discloses.
Promotora de Informaciones S.A. -- http://www.prisa.com/-- is a
Spain-based holding company engaged in various media activities.
The Company has six business areas: publishing, education and
training (Grupo Santillana publishes textbooks and books of
general interest); press (El Pais Internacional is engaged in the
distribution of news material and services to other newspapers
and publications worldwide); radio (Union Radio is a group
broadcasting worldwide); audiovisual (PRISA offers services and
products, including Pay TV, thorough the satellite platform
DIGITAL+, and free-to-view through the channel Cuatro); online
(Prisacom is committed to the development of multimedia content
with broadcasting for Internet-based TV) as well as commercial &
marketing (Sogecable Media SA manages all the advertising on the
Company and its group's media). The Company is present in 22
countries, such as Portugal, Brazil or the United States.
===========================
U N I T E D K I N G D O M
===========================
INTERSERVE: Bags Government Contract Despite Covenant Breach Risk
-----------------------------------------------------------------
Rhiannon Bury at The Telegraph reports that Interserve has been
awarded a GBP227 million contract to provide facilities
management services to the Department for Work and Pensions, just
a day after it said it was in danger of breaching its debt
covenants and warned on profits.
According to The Telegraph, the company will provide maintenance
services to the DWP estate, as well as cleaning, catering, waste
disposal, removal and secure destruction of confidential waste
services to more than 700 buildings throughout the UK, over a
five-year period.
The new contract replaces an old Private Finance Initiative (PFI)
contract that expires earlier next year, The Telegraph notes.
Interserve is a support services and construction company.
PETRA DIAMONDS: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service has downgraded Petra Diamonds Limited's
(Petra) corporate family rating (CFR) to B2 from B1 and its
probability of default rating (PDR) to B2-PD from B1-PD.
At the same time, Moody's has downgraded to B3 from B2 the rating
assigned to the $650 million senior secured notes due 1 May 2022
and issued by Petra's wholly owned subsidiary, Petra Diamonds US$
Treasury Plc. The notes are guaranteed by Petra and some of its
subsidiaries.
All the ratings are on review for further downgrade, because of
the near-term liquidity risk that Petra faces. In particular,
based on Moody's forecasts, it is uncertain as to whether the
company can meet its covenant tests on December 31, 2017 and June
30, 2018, without its banks providing either a waiver or reset of
its covenants, or a combination of both.
"The downgrade, along with the possibility of a further downgrade
if covenant pressure is not addressed, reflects Moody's
expectations that Petra's credit metrics will be more in line
with a B2 rating over the next 18 months, and Moody's concerns
over the strength of Petra's liquidity profile over the next nine
months," says Douglas Rowlings, a Moody's Vice President and
Senior Analyst.
"If Petra breaches its covenant tests on December 31, 2017, and
its banks recall the facilities, the company will not have
sufficient liquidity under Moody's forecasts to meet its
operating needs," adds Rowlings.
RATINGS RATIONALE
The downgrade of Petra's CFR and PDR to B2 and B2-PD is based on
Moody's forecasts indicating that Petra's net debt/EBITDA will
exceed 2x over the next 18 months, and its EBIT/interest expense
will fall below 4x over the same period. Such results do not meet
the parameters set for a CFR of B1 and PDR of B1-PD.
Moody's forecasts take into account EBITDA generation and free
cash flow generation that will ramp-up at levels that are lower
than Moody's had previously expected, due to the roll-over impact
of recent operating challenges Petra has faced.
These challenges include:
(1) The delay in the commissioning of a new ore mill and C-Cut at
its Cullinan mine and Sub Level Cave at its Finsch mine;
(2) Ongoing challenges at its Williamson mine, where the company
is still in negotiations with the Tanzanian authorities to
resolve a number of disputes which are impacting cash flow
generated from the mine; and
(3) Production disruption at its Finsch, Koffiefontein and
Kimberley operations because of the wage negotiations and
subsequent strike action by miners at these mines.
Moody's points out that with the exception of Williamson mine,
the company has overcome all other challenges mentioned above.
Moody's review will focus on Petra's ability to reach an
agreement with its banking consortium to address pressures to
meet its bank covenant tests on December 31, 2017 as highlighted
by Petra in its 9 October 2017 announcement. In addition the
review will also factor the degree of headroom Petra will have in
meeting its June 30, 2018 covenant. Moody's expects that over the
next three months Petra will be in a position to provide more
definitive direction on the progress of its discussions with its
banking consortium.
Petra has in the past successfully obtained waivers and
amendments to its banking covenants from a consortium of South
African banks, with which it has established relationships dating
back more than 10 years.
A default on its bank facilities will not constitute a default on
its $650 million senior secured notes due 1 May 2022, assuming
that Petra can still make timely payment on its coupon
commitments for the notes. Petra's debt obligation agreements
also do not contain cross-acceleration of debt repayment clauses
or cross default clauses.
List of affected ratings:
Downgrades:
Issuer: Petra Diamonds Limited
-- Corporate Family Rating, Downgraded to B2 from B1; Placed
Under Review for further Downgrade
-- Probability of Default Rating, Downgraded to B2-PD from
B1-PD; Placed Under Review for further Downgrade
Issuer: Petra Diamonds US$ Treasury Plc
-- Backed Senior Secured Regular Bond/Debenture $650 million
7.25% due 1 May 2022, Downgraded to B3 from B2; Placed Under
Review for further Downgrade
Outlook Actions:
Issuer: Petra Diamonds Limited
-- Outlook, Changed To Rating Under Review From Positive
Issuer: Petra Diamonds US$ Treasury Plc
-- Outlook, Changed To Rating Under Review From Positive
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Petra Diamonds Limited is a rough diamond producer listed on the
Main Market of the London Stock Exchange. The company is
registered in Bermuda and domiciled in Jersey.
Petra has controlling interests in five mines (four in South
Africa and one in Tanzania), extensive tailings operations in
Kimberley (via its 79.5% interest in the Kimberley Ekapa Mining
joint venture), and an exploration programme in Botswana.
During the financial year ended June 30, 2017, Petra produced 4
million carats of diamonds, accounting for less than 5% of the
total production globally by volume and value at June 30, 2017.
For the financial year ended June 30, 2017, Petra generated $477
million in revenues and $158.5 million in terms of Moody's-
adjusted EBITDA. As of 17 October 2017, the company had a market
capitalization of GBP422.9 million ($557.8million).
WARE TRANSPORT: Trilogy Freight Acquires Business
-------------------------------------------------
Chris Druce at MotorTransport reports that Birmingham-based Ware
Transport has been snapped up by Trilogy Freight after entering
administration.
According to MotorTransport, DVSA records show air freight
specialist Ware Transport (Birmingham) was authorized to run more
than 20 vehicles at its base near Birmingham airport and also a
Manchester site.
The haulier had been trading under a Company Voluntary
Arrangement, MotorTransport notes.
===============
X X X X X X X X
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* BOND PRICING: For the Week October 16 to October 20, 2017
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Air Berlin PLC 8.25 4/19/2018 EUR 9.09
New Look Secured Issu 6.50 7/1/2022 GBP 67.68
Air Berlin PLC 6.75 5/9/2019 EUR 8.87
Air Berlin PLC 5.63 5/9/2019 CHF 8.89
Agrokor dd 9.88 5/1/2019 EUR 28.14
New Look Senior Issue 8.00 7/1/2023 GBP 49.43
New Look Secured Issu 4.50 7/1/2022 EUR 63.64
Co-Operative Bank PLC 11.00 12/20/2023 GBP 46.51
Ensco PLC 5.20 3/15/2025 USD 74.10
Ensco PLC 4.50 10/1/2024 USD 72.08
Intelsat Luxembourg S 7.75 6/1/2021 USD 62.29
Ensco PLC 5.75 10/1/2044 USD 63.02
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.00
Agrokor dd 9.13 2/1/2020 EUR 27.51
Offshore Drilling Hol 8.38 9/20/2020 USD 40.25
Holdikks SAS 6.75 7/15/2021 EUR 60.86
Agrokor dd 8.88 2/1/2020 USD 22.35
Intelsat Luxembourg S 8.13 6/1/2023 USD 59.79
Air Berlin Finance BV 8.50 3/6/2019 EUR 10.63
Mitsubishi UFJ Invest 4.17 12/15/2050 EUR 57.41
Air France-KLM 2.03 2/15/2023 EUR 13.29
CGG SA 5.88 5/15/2020 EUR 33.88
OAS Investments GmbH 8.25 10/19/2019 USD 5.90
HSH Nordbank AG/Luxem 1.99 EUR 15.64
Ageasfinlux SA 1.02 EUR 59.76
Banca Carige SpA 7.32 12/20/2020 EUR 69.92
Pacific Drilling SA 5.38 6/1/2020 USD 42.06
Frigoglass Finance BV 8.25 5/15/2018 EUR 54.63
Korian SA 2.50 EUR 42.11
Grupo Isolux Corsan S 3.00 12/30/2021 EUR 1.16
Solarworld AG 11.00 2/24/2019 EUR 56.00
CGG SA 6.50 6/1/2021 USD 34.03
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Banca Carige SpA 8.34 EUR 25.00
Portugal Telecom Inte 4.38 3/24/2017 EUR 32.80
Rickmers Holding AG 8.88 6/11/2018 EUR 2.39
Mitsubishi UFJ Invest 3.92 12/30/2099 EUR 7.75
Far East Capital Ltd 8.00 5/2/2018 USD 72.38
Grupo Isolux Corsan S 0.25 12/30/2021 EUR 0.34
Alitalia-Societa' Aer 5.25 7/30/2020 EUR 5.53
CGG SA 6.88 1/15/2022 USD 32.25
HSH Nordbank AG 7.25 USD 21.01
Rothschilds Continuat 1.69 USD 74.07
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Portugal Telecom Inte 4.50 6/16/2025 EUR 32.99
UkrLandFarming PLC 10.88 3/26/2018 USD 28.50
Air Berlin Finance BV 6.00 3/6/2019 EUR 10.63
WPE International Coo 10.38 9/30/2020 USD 15.80
Santander Internation 2.00 USD 67.97
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
CGG SA 1.75 1/1/2020 EUR 1.98
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 33.98
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Portugal Telecom Inte 5.88 4/17/2018 EUR 33.13
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Banco Espirito Santo 4.00 1/21/2019 EUR 30.00
Avangardco Investment 10.00 10/29/2018 USD 22.33
Alno AG 8.50 5/14/2018 EUR 8.75
Privatbank CJSC Via U 10.25 1/23/2018 USD 20.56
BIM SAS 2.50 11/13/2020 EUR 27.51
Banco Espirito Santo 2.63 5/8/2017 EUR 29.67
Portugal Telecom Inte 6.25 7/26/2016 EUR 32.46
Bourbon Corp 4.70 EUR 48.50
Banca Popolare di Vic 2.82 12/20/2017 EUR 0.59
Co-Operative Bank PLC 8.50 7/1/2025 GBP 46.25
Solarworld AG 11.00 2/24/2019 EUR 59.00
Privatbank CJSC Via U 11.00 2/9/2021 USD 9.67
Mriya Agro Holding PL 9.45 4/19/2018 USD 5.00
Banco Espirito Santo 7.13 11/28/2023 EUR 0.30
Immigon Portfolioabba 10.00 EUR 14.10
Neopost SA 3.38 EUR 59.94
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Bilt Paper BV 9.64 USD 26.26
Nexity SA 0.13 1/1/2023 EUR 67.11
NTRP Via Interpipe Lt 10.25 8/2/2017 USD 25.00
Novo Banco SA/Luxembo 3.50 1/2/2043 EUR 65.15
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.24
Veneto Banca SpA 9.50 12/1/2025 EUR 0.79
Banca Carige SpA 2.77 6/19/2018 EUR 59.25
Banca Popolare di Vic 9.50 9/29/2025 EUR 0.57
BNP Paribas SA 1.15 EUR 74.50
CGG SA 1.25 1/1/2019 EUR 22.00
Beate Uhse AG 7.75 7/9/2019 EUR 32.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Banco Espirito Santo 4.75 1/15/2018 EUR 28.38
KTG Agrar SE 7.13 6/6/2017 EUR 1.93
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Veneto Banca SpA 0.72 9/17/2017 EUR 0.48
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.50
3W Power SA 8.00 8/29/2019 EUR 45.00
Cooperatieve Rabobank 0.50 11/26/2021 ZAR 71.21
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.63
Agrokor dd Via Aquari 4.92 8/8/2017 EUR 19.75
Lambay Capital Securi 6.25 GBP 0.03
Eramet 4.00 EUR 56.69
ATF Capital BV 8.77 USD 73.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 30.63
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.82
Capital Raising GmbH 7.50 EUR 35.67
Allied Irish Banks PL 12.50 6/25/2035 GBP 70.62
Scandinavian Airlines 0.63 CHF 24.55
New World Resources N 8.00 4/7/2020 EUR 5.38
Far East Capital Ltd 8.75 5/2/2020 USD 72.38
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 65.63
Aligera Holding AB pu 5.00 5/7/2019 SEK 31.12
New Look Senior Issue 8.00 7/1/2023 GBP 49.94
Espirito Santo Financ 6.88 10/21/2019 EUR 0.11
International Bank of 6.17 5/10/2017 USD 42.75
New Look Secured Issu 6.50 7/1/2022 GBP 67.91
Orient Express Bank P 12.00 5/29/2019 USD 55.63
Novo Banco SA/Luxembo 3.50 1/23/2043 EUR 65.18
Norske Skogindustrier 7.13 10/15/2033 USD 6.00
Dexia SA 1.45 EUR 8.29
New World Resources N 4.00 10/7/2020 EUR 0.18
Barclays Bank PLC 2.42 2/25/2031 USD 67.85
Societe Generale SA 0.81 EUR 67.35
Pescanova SA 8.75 2/17/2019 EUR 2.62
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Stichting Afwikkeling 6.25 10/26/2020 EUR 3.49
Lehman Brothers UK Ca 5.13 EUR 1.51
Eniro AB 6.00 4/14/2020 SEK 11.33
Novo Banco SA 3.00 6/21/2022 USD 72.07
Novo Banco SA 5.00 3/15/2022 EUR 75.18
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Royal Bank of Scotlan 1.54 12/30/2030 USD 73.88
Lloyds Bank PLC 0.74 1/31/2033 USD 62.00
Espirito Santo Financ 3.13 12/2/2018 EUR 0.29
Lehman Brothers UK Ca 6.90 USD 2.65
Alno AG 8.00 3/21/2019 EUR 7.50
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50
Hybrid Raising GmbH 6.63 EUR 24.03
GNB - Cia de Seguros 3.17 EUR 49.75
Hamon & CIE SA 5.50 1/30/2020 EUR 71.06
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.59
Novo Banco SA 5.00 2/24/2022 EUR 75.08
Afren PLC 11.50 2/1/2016 USD 0.02
Bank Nadra via NDR Fi 8.25 7/31/2018 USD 0.15
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
Pescanova SA 5.13 4/20/2017 EUR 2.86
GEWA 5 to 1 GmbH & Co 6.50 3/24/2018 EUR 31.38
Novo Banco SA/Luxembo 3.50 2/19/2043 EUR 65.27
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Credit Lyonnais SACA 0.44 EUR 73.50
Koninklijke Luchtvaar 0.75 CHF 36.50
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 50.33
Rudolf Woehrl AG 6.50 2/12/2018 EUR 5.60
New Look Secured Issu 4.50 7/1/2022 EUR 64.00
Golden Gate AG 6.50 10/11/2014 EUR 56.56
GNB - Cia de Seguros 1.87 12/19/2022 EUR 61.75
Lloyds Bank PLC 2.45 11/27/2033 USD 70.22
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Dexia Credit Local SA 1.40 EUR 7.13
Banca Carige SpA 1.67 12/29/2018 EUR 40.00
Praktiker AG 5.88 2/10/2016 EUR 0.21
Klarna Bank AB 5.25 SEK 72.40
Agrokor dd 8.88 2/1/2020 USD 27.09
Vseukrainsky Aktsiner 10.90 6/14/2019 USD 0.54
Lloyds Bank PLC 2.75 12/27/2028 USD 73.76
Novo Banco SA/Luxembo 3.50 3/18/2043 EUR 65.17
BNP Paribas SA 0.69 4/30/2033 USD 58.68
Norske Skog Holding A 8.00 2/24/2023 USD 16.38
Offshore Drilling Hol 8.38 9/20/2020 USD 38.75
Barclays Bank PLC 0.40 5/31/2033 USD 54.00
Virgolino de Oliveira 11.75 2/9/2022 USD 6.92
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.72
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Stichting Afwikkeling 1.96 EUR 0.24
Barclays Bank PLC 1.65 4/25/2034 USD 69.25
Mriya Agro Holding PL 10.95 3/30/2016 USD 5.72
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
Deutsche Bank AG/Lond 0.34 3/15/2033 USD 63.00
ESFIL-Espirito Santo 5.25 6/12/2015 EUR 0.39
Barclays Bank PLC 1.94 9/30/2031 USD 69.45
Deutsche Bank AG/Lond 2.84 11/26/2034 USD 67.75
Sequa Petroleum NV 5.00 4/29/2020 USD 70.75
Corporate Commercial 8.25 8/8/2014 USD 0.94
SeaBird Exploration F 6.00 6/30/2020 USD 20.50
Banco Espirito Santo 2.32 EUR 0.27
KTG Agrar SE 7.25 10/15/2019 EUR 2.72
Abanka Vipa DD Via Af 1.57 EUR 1.64
Barclays Bank PLC 2.59 2/28/2034 USD 75.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
HSBC France SA 1.03 EUR 71.50
Etablissements Maurel 1.63 7/1/2019 EUR 16.18
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Lloyds Bank PLC 0.43 2/22/2033 USD 59.38
Havila Shipping ASA 4.82 11/7/2020 NOK 48.75
PNE Wind AG 3.75 10/10/2019 EUR 3.45
LBI HF 6.10 8/25/2011 USD 9.50
JZ Capital Partners L 6.00 7/30/2021 GBP 11.30
Touax SA 6.00 7/10/2020 EUR 17.31
Norske Skogindustrier 7.13 10/15/2033 USD 3.79
Deutsche Bank AG/Lond 3.32 10/31/2034 USD 65.67
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.39
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Manchester Building S 6.75 GBP 17.13
Havila Shipping ASA 5.35 11/7/2020 NOK 69.63
Smart Solutions GmbH 8.00 12/3/2018 EUR 29.13
Decipher Production L 12.50 9/27/2018 USD 1.85
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
Gebr Sanders GmbH & C 8.75 10/22/2018 EUR 28.50
Lloyds Bank PLC 0.24 4/26/2033 USD 59.95
Hellenic Republic Gov 2.09 7/25/2057 EUR 41.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.60
Barclays Bank PLC 0.55 3/28/2033 USD 61.75
APP International Fin 11.75 10/1/2005 USD 0.56
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Deutsche Agrar Holdin 7.25 9/28/2018 EUR 1.57
Geotech Seismic Servi 12.00 10/16/2019 RUB 64.42
Sazka AS 9.00 7/12/2021 EUR 0.50
Sairgroup Finance BV 4.38 6/8/2006 EUR 12.50
Cirio Holding Luxembo 6.25 2/16/2004 EUR 0.87
Espirito Santo Financ 9.75 12/19/2025 EUR 1.05
More & More AG 8.13 6/11/2018 EUR 50.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
getgoods.de AG 7.75 10/2/2017 EUR 0.15
Orco Property Group S 7.00 11/7/2019 EUR 68.13
Lehman Brothers Treas 6.00 11/2/2035 EUR 8.00
Vneshprombank Ltd via 9.00 11/14/2016 USD 0.40
Cooperatieve Rabobank 0.50 2/26/2029 HUF 58.31
Barclays Bank PLC 1.84 11/1/2031 USD 68.10
Banca Carige SpA 5.70 9/17/2020 EUR 55.01
Far Eastern Shipping 14.75 2/27/2018 RUB 68.19
Laurel GmbH 7.13 11/16/2017 EUR 3.93
Barclays Bank PLC 1.28 3/28/2034 USD 68.14
Barclays Bank PLC 1.54 12/30/2030 USD 71.13
Intelsat Luxembourg S 12.50 11/15/2024 USD 69.83
Pacific Drilling SA 5.38 6/1/2020 USD 40.00
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.75
Far Eastern Shipping 12.25 11/28/2017 RUB 60.00
Barclays Bank PLC 2.31 12/23/2033 USD 71.60
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
UniCredit Bank Austri 0.19 8/20/2033 EUR 64.92
EFG International AG 0.97 EUR 68.00
Norske Skog Holding A 8.00 2/24/2023 USD 21.75
World Wide Supply AS 7.75 5/26/2017 USD 15.25
BBVA International Pr 1.16 GBP 62.30
Barclays Bank PLC 2.85 5/30/2034 USD 70.90
Orient Express Bank P 13.60 8/9/2018 RUB 68.00
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Barclays Bank PLC 0.66 3/21/2033 USD 59.50
Finmek International 7.00 12/3/2004 EUR 5.63
Rena GmbH 8.25 7/11/2018 EUR 9.38
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00
Wild Bunch AG 8.00 3/23/2019 EUR 50.05
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Mox Telecom AG 7.25 11/2/2017 EUR 3.31
MPS Capital Services 4.36 3/14/2024 EUR 40.51
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
Enterprise Holdings L 7.00 3/30/2020 EUR 3.33
PA Resources AB 3.00 12/27/2017 NOK 0.16
Rena GmbH 7.00 12/15/2015 EUR 9.38
Stichting Afwikkeling 11.25 EUR 0.53
CBo Territoria 6.00 1/1/2020 EUR 3.96
Barclays Bank PLC 2.03 1/27/2031 USD 69.50
Portigon AG 7.46 12/31/2019 EUR 27.00
Barclays Bank PLC 1.44 8/15/2033 USD 70.72
Northland Resources A 4.00 10/15/2020 USD 0.07
Petrol AD 5.50 1/26/2022 EUR 42.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
Etablissements Maurel 2.75 7/1/2021 EUR 10.56
Barclays Bank PLC 1.70 11/29/2030 USD 69.90
PA Resources AB 13.50 3/3/2016 SEK 0.22
Teksid Aluminum Luxem 11.38 7/15/2011 EUR 0.34
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Pescanova SA 6.75 3/5/2015 EUR 2.91
Cooperatieve Rabobank 0.50 10/30/2043 MXN 12.66
Banco Espirito Santo 6.88 7/15/2016 EUR 29.67
Barclays Bank PLC 1.33 6/17/2033 USD 63.75
Agrokor dd 9.13 2/1/2020 EUR 27.68
Barclays Bank PLC 3.81 9/13/2028 USD 71.00
Belfius Bank SA/NV 1.62 FRF 69.63
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
Afren PLC 6.63 12/9/2020 USD 0.01
Barclays Bank PLC 1.87 7/28/2031 USD 74.20
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Royal Bank of Scotlan 1.50 12/13/2028 USD 65.69
Lehman Brothers UK Ca 5.75 EUR 2.75
A-TEC Industries AG 2.75 5/10/2014 EUR 0.63
Lehman Brothers Treas 7.25 10/5/2035 EUR 9.63
Dannemora Mineral AB 11.75 3/22/2016 USD 0.28
CGG SA 6.50 6/1/2021 USD 34.38
German Pellets GmbH 7.25 7/9/2018 EUR 1.56
International Industr 11.00 2/19/2013 USD 0.22
Barclays Bank PLC 0.48 4/19/2033 USD 59.00
Lehman Brothers Treas 8.25 3/16/2035 EUR 8.00
Tatfondbank OAO via T 8.50 11/12/2019 USD 0.13
DOF ASA 7.82 9/12/2019 NOK 40.00
Steilmann SE 7.00 3/9/2017 EUR 1.81
Northland Resources A 15.00 7/15/2019 USD 0.32
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
Frey 6.00 11/15/2022 EUR 23.00
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Barclays Bank PLC 3.87 4/16/2029 USD 70.21
Sibur Holding PAO 9.65 7/22/2026 RUB 62.12
HSH Nordbank AG 2.30 2/1/2036 EUR 70.31
Steilmann SE 7.00 9/23/2018 EUR 1.81
Transneft PJSC 9.30 8/25/2026 RUB 63.01
Cooperatieve Rabobank 0.50 7/30/2043 MXN 12.89
Lloyds Bank PLC 1.95 7/29/2033 USD 70.00
Bank Norwegian AS 6.12 NOK 68.91
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Barclays Bank PLC 2.82 9/29/2034 USD 74.25
Agrokor dd 9.88 5/1/2019 EUR 28.01
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
UniCredit Bank Austri 0.17 12/31/2031 EUR 67.31
Veneto Banca SpA 6.94 5/15/2025 EUR 0.39
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.65
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 64.01
Popular Capital SA 4.00 EUR 2.76
FPK OAO 9.95 6/4/2026 RUB 102.25
Windreich GmbH 6.50 7/15/2016 EUR 11.00
Stroika Finance Ltd V 9.90 6/25/2019 RUB 10.00
Nationwide Building S 0.78 GBP 74.00
OAS Investments GmbH 8.25 10/19/2019 USD 5.25
Grupo Isolux Corsan S 0.25 12/30/2018 EUR 0.80
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.47
Santander Finance Cap 2.00 EUR 27.13
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Deutsche Bank AG/Lond 0.49 1/31/2033 USD 61.10
Rem Offshore ASA 5.00 12/8/2024 NOK 30.00
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
Mifa Mitteldeutsche F 7.50 8/12/2018 EUR 2.26
Banco Pinto & Sotto M 0.64 EUR 33.35
Cirio Finance Luxembo 7.50 11/3/2002 EUR 4.69
Deutsche Bank AG/Lond 1.85 8/28/2034 USD 62.25
3W Power SA 5.50 11/11/2020 EUR 30.00
Del Monte Finance Lux 6.63 5/24/2006 EUR 5.30
Hamburgische Landesba 0.05 1/22/2041 EUR 62.57
Dexia Kommunalbank De 5.63 12/31/2017 EUR 13.13
Manchester Building S 8.00 GBP 25.25
Enterprise Holdings L 7.00 9/26/2017 EUR 3.33
Assystem 4.50 EUR 34.06
Banco BPI SA 1.78 EUR
Lehman Brothers Treas 7.00 5/17/2035 EUR 8.00
Royal Bank of Scotlan 1.84 8/26/2031 USD 71.25
Delamare Finance PLC 1.50 2/19/2029 GBP 63.41
Veneto Banca SpA 1.67 5/15/2019 EUR 0.47
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.36
Barclays Bank PLC 2.57 3/21/2031 USD 66.19
Royal Bank of Scotlan 1.42 11/16/2030 USD 70.50
Lehman Brothers Treas 6.00 2/15/2035 EUR 8.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Oceanic Champion AS 8.00 2/20/2020 USD 74.71
CNP Assurances 2.00 EUR 74.00
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Steilmann SE 6.75 6/27/2017 EUR 5.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 56.00
German Pellets GmbH 7.25 4/1/2016 EUR 1.07
Barclays Bank PLC 1.80 7/24/2028 USD 72.00
Solon SE 1.38 12/6/2012 EUR 0.33
Electromagnetic Geose 6.86 6/27/2019 NOK 70.13
International Finance 0.50 6/24/2024 ZAR 54.68
Sairgroup Finance BV 6.63 10/6/2010 EUR 12.75
Banco Pastor SAU 2.07 EUR 0.99
Finance and Credit Ba 9.25 1/25/2019 USD 0.56
Lloyds Bank PLC 2.77 7/26/2033 USD 67.75
State of Berlin Germa 0.50 6/19/2047 EUR 75.09
A-TEC Industries AG 5.75 11/2/2010 EUR 0.81
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.01
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Artea 6.00 8/4/2019 EUR 14.64
Tikehau Capital SCA 1.63 1/1/2022 EUR
Barclays Bank PLC 1.54 12/30/2030 USD 66.00
Barclays Bank PLC 1.87 7/28/2034 USD 65.65
Uppfinnaren 1 AB 10.00 SEK 63.76
Lehman Brothers Treas 5.00 9/22/2014 EUR 8.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
CGG SA 6.88 1/15/2022 USD 34.88
Portugal Telecom Inte 5.24 11/6/2017 EUR 33.00
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Banco Espirito Santo 1.22 5/27/2018 EUR 2.83
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Mriya Agro Holding PL 9.45 4/19/2018 USD 6.50
Municipality Finance 0.50 6/19/2024 ZAR 56.44
SiC Processing GmbH 7.13 3/1/2016 EUR 2.70
Lehman Brothers Treas 5.00 2/16/2015 EUR 8.00
Accentro Real Estate 6.25 3/27/2019 EUR 7.20
Stichting Afwikkeling 2.42 EUR 0.53
Svensk Exportkredit A 0.50 6/29/2029 AUD 62.49
Agroton Public Ltd 6.00 7/14/2019 USD 14.75
Governo Portugues Con 2.75 EUR 65.00
IVG Immobilien AG 5.50 EUR 2.13
Heta Asset Resolution 0.43 12/31/2023 EUR 36.63
Svensk Exportkredit A 0.50 8/29/2029 AUD 63.76
UniCredit Bank Austri 0.15 12/27/2031 EUR 67.10
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Svensk Exportkredit A 0.50 4/24/2029 AUD 62.75
Petromena ASA 10.85 11/19/2017 USD 0.61
Talvivaara Mining Co 4.00 12/16/2015 EUR 1.29
Banca del Monte di Lu 2.43 6/29/2020 EUR 55.75
KPNQwest NV 8.13 6/1/2009 USD 0.08
A-TEC Industries AG 8.75 10/27/2014 EUR 0.98
Agrokompleks OOO 0.10 7/29/2019 RUB 4.05
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.60
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
CGG SA 5.88 5/15/2020 EUR 33.88
Afren PLC 10.25 4/8/2019 USD 0.01
Windreich GmbH 6.50 3/1/2015 EUR 11.00
Region of Abruzzo Ita 0.13 11/7/2036 EUR 61.54
MS Deutschland Beteil 6.88 12/18/2017 EUR 5.51
Banco Comercial Portu 5.00 EUR 61.00
Credit Bank of Moscow 9.15 7/10/2019 RUB 59.59
Banca Meridiana 1.25 11/12/2017 EUR 1.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.36
Intelsat Luxembourg S 12.50 11/15/2024 USD 68.47
Lloyds Bank PLC 2.38 7/5/2033 USD 66.00
Municipality Finance 0.50 5/8/2029 AUD 62.70
Landesbank Hessen-Thu 0.09 4/23/2041 EUR 71.23
Golden Energy Offshor 5.00 12/31/2017 NOK 45.63
Holdikks SAS 6.75 7/15/2021 EUR 61.00
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 63.23
Landesbank Hessen-Thu 0.08 5/3/2041 EUR 66.35
New World Resources N 4.00 10/7/2020 EUR 0.18
Banco Espirito Santo 10.00 12/6/2021 EUR 0.30
Espirito Santo Financ 5.05 11/15/2025 EUR 0.12
UniCredit Bank Austri 0.02 1/25/2031 EUR 69.87
Municipality Finance 0.50 4/26/2022 ZAR 67.84
Svensk Exportkredit A 0.50 6/28/2022 ZAR 66.73
Bank Nederlandse Geme 0.50 6/7/2022 ZAR 67.11
Rosbank PJSC 10.40 5/27/2026 RUB 61.33
Hamburgische Landesba 0.05 10/30/2040 EUR 64.20
BLT Finance BV 12.00 2/10/2015 USD 10.50
AKB Peresvet ZAO 13.00 10/7/2017 RUB 61.74
BNP Paribas SA 0.50 9/29/2029 AUD 61.87
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
BNP Paribas SA 0.50 7/20/2021 BRL 67.99
Societe Generale SA 2.26 10/31/2033 USD 74.00
Rosbank PJSC 7.50 10/7/2024 RUB 60.35
Barclays Bank PLC 1.94 9/30/2031 USD 60.59
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
Atari SA 7.50 2/17/2020 EUR 0.42
Europlan Leasing Co 11.50 8/23/2021 RUB 60.54
Kaupthing ehf 9.00 USD 0.13
Deutsche Bank AG/Lond 1.94 6/30/2034 USD 57.77
Afren PLC 11.50 2/1/2016 USD 0.02
Agentstvo po Ipotechn 8.80 2/15/2020 RUB 65.37
Freight One JSC 11.80 10/23/2025 RUB 65.56
Grupo Isolux Corsan S 3.00 12/30/2021 USD 1.16
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Bilt Paper BV 9.64 USD 27.63
Santander Finance Cap 2.00 EUR 27.42
SAir Group 0.13 7/7/2005 CHF 14.75
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Kommunalbanken AS 0.50 5/27/2022 ZAR 68.48
UniCredit Bank AG 0.37 11/19/2029 EUR 63.75
MPS Capital Services 3.76 3/30/2022 EUR 50.19
Barclays Bank PLC 0.50 4/24/2023 MXN 61.64
Cooperatieve Rabobank 0.50 1/31/2033 MXN 27.64
Lehman Brothers Treas 5.55 3/12/2015 EUR 3.92
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Santander Finance Cap 2.00 USD 58.91
wige MEDIA AG 6.00 3/17/2019 EUR 3.20
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
New World Resources N 8.00 4/7/2020 EUR 5.38
AKB Peresvet ZAO 13.50 10/16/2020 RUB 20.16
Lehman Brothers Treas 5.00 2/27/2014 EUR 8.00
Vorarlberger Landes- 5.87 EUR 45.68
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 34.00
DekaBank Deutsche Gir 3.40 4/9/2018 EUR 52.97
UkrLandFarming PLC 10.88 3/26/2018 USD 29.25
Burovoya Kompaniya Eu 10.25 6/21/2019 RUB 103.10
Societe Generale SA 0.57 2/28/2033 USD 70.24
Afren PLC 10.25 4/8/2019 USD 0.01
Banca Popolare di Vic 9.50 10/2/2025 EUR 0.19
Lehman Brothers Treas 6.00 3/18/2015 USD 8.00
Rosbank PJSC 9.80 12/20/2026 RUB 102.71
State of Rhineland-Pa 0.60 10/24/2046 EUR 74.85
Depfa Funding II LP 6.50 EUR 56.88
Espirito Santo Financ 5.13 5/30/2016 EUR 0.28
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
SUEK Finance OOO 12.50 8/19/2025 RUB 98.26
Cattles Ltd 7.13 7/5/2017 GBP 0.51
Fonciere Volta SA 4.50 7/30/2020 EUR 2.54
Rostelecom PJSC 9.20 9/10/2026 RUB 64.10
Muehl Product & Servi 6.75 3/10/2005 DEM 2.40
Rosbank PJSC 9.80 12/20/2026 RUB 62.07
Far East Capital Ltd 8.00 5/2/2018 USD 71.26
Afren PLC 6.63 12/9/2020 USD 0.01
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Lehman Brothers Treas 5.10 5/8/2017 HKD 9.63
Depfa Funding IV LP 1.54 EUR 56.00
Aralco Finance SA 10.13 5/7/2020 USD 2.65
SUEK Finance OOO 12.50 8/19/2025 RUB 99.14
Marine Subsea AS 9.00 12/16/2019 USD 0.39
Societe Generale SA 1.60 1/9/2020 GBP 1.12
United Engine Corp JS 8.00 4/24/2020 RUB 70.31
Kamaz PJSC 11.24 7/18/2030 RUB 60.00
Barclays Bank PLC 2.28 8/31/2031 USD 68.85
Region of Molise Ital 0.13 12/15/2033 EUR 66.65
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.88
Heta Asset Resolution 4.35 12/31/2023 EUR 36.63
Oberbank Hybrid 1 Gmb 0.87 EUR 48.58
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
State of Saxony-Anhal 0.65 7/3/2028 EUR 99.00
Activa Resources AG 0.50 11/15/2021 EUR 18.12
Virgolino de Oliveira 11.75 2/9/2022 USD 6.63
Santander Finance Cap 2.00 USD 62.21
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Finans-Avia OOO 0.01 7/31/2027 RUB 21.37
Metalloinvest Holding 0.01 3/7/2022 RUB 61.28
Salvator Grundbesitz- 9.50 12/31/2021 EUR 9.30
Banco Espirito Santo 6.90 6/28/2024 EUR 28.63
Rossiysky Capital OJS 13.00 11/22/2019 RUB 70.01
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.01
Credito Padano Banca 3.10 EUR 33.39
HPI AG 3.50 EUR 6.00
HSBC Bank PLC 0.50 6/10/2021 BRL 71.10
Deutsche Bank AG/Lond 0.50 10/5/2021 IDR 66.31
International Industr 9.00 7/6/2011 EUR 0.47
BLT Finance BV 7.50 5/15/2014 USD 2.48
Credit Suisse AG/Lond 8.00 11/29/2019 USD 5.27
RESO-Garantia Insuran 12.00 9/13/2022 RUB 60.27
Heliocentris Energy S 4.00 1/16/2019 EUR 12.67
EFG International Fin 6.00 11/30/2017 EUR 1.57
Svensk Exportkredit A 0.50 1/31/2022 ZAR 69.62
Societe Generale SA 6.00 8/31/2017 USD 33.50
Lloyds Bank PLC 2.65 4/25/2034 USD 70.00
AKB Peresvet ZAO 13.25 4/25/2018 RUB 64.47
United Aircraft Corp 8.00 3/17/2020 RUB 60.06
Biomed-Lublin Wytworn 7.31 8/14/2018 PLN 73.30
Cooperatieve Rabobank 0.50 10/29/2027 MXN 45.57
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
WPE International Coo 10.38 9/30/2020 USD 15.13
Vnesheconombank 9.75 8/16/2029 RUB 60.00
UniCredit Bank Austri 0.16 10/31/2031 EUR 67.70
Podkarpacki Bank Spol 5.81 3/31/2025 PLN 51.00
Gazprom PJSC 5.10 10/21/2043 RUB 115.00
Northland Resources A 4.00 10/15/2020 NOK 0.09
IKB Deutsche Industri 0.66 5/25/2031 EUR 67.36
Transneft PJSC 9.45 8/3/2023 RUB 63.22
WEB Windenergie AG 6.25 EUR 73.30
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Rossiysky Capital OJS 10.50 1/20/2020 RUB 70.02
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.87
Bank Nederlandse Geme 0.50 7/12/2022 ZAR 66.74
Talvivaara Mining Co 9.75 4/4/2017 EUR 1.04
OGK-2 PJSC 11.50 11/17/2020 RUB 102.15
ROSSETI PJSC 11.25 11/14/2025 RUB 62.66
ML 33 Invest AS 7.50 NOK 69.02
Lehman Brothers Treas 4.00 2/16/2017 EUR 8.00
AKB Metallinvestbank 11.00 5/21/2020 RUB 60.43
SAir Group 6.25 10/27/2002 CHF 14.79
Grupo Isolux Corsan S 0.25 12/30/2021 USD 0.25
EFG International Fin 2.10 3/23/2018 EUR 24.29
Rosneft Oil Co PJSC 8.60 5/8/2025 RUB 74.13
Agrokompleks OOO 0.10 12/8/2022 RUB 2.66
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
UBS AG 5.60 3/4/2019 EUR 70.66
Lehman Brothers Treas 3.00 6/23/2009 EUR 8.00
Anglian Water Service 0.76 1/26/2057 GBP 73.24
Vnesheconombank 8.35 11/24/2020 RUB 64.10
Lehman Brothers Treas 2.88 3/14/2013 CHF 8.00
Societe Generale SA 1.00 12/22/2017 GBP 0.98
EFG International Fin 8.99 9/4/2017 EUR 0.72
Kardan NV 6.78 2/2/2020 ILS 75.01
Stichting Afwikkeling 6.63 5/14/2018 EUR 3.48
Bank Nederlandse Geme 0.50 9/20/2022 ZAR 65.19
SAir Group 6.25 4/12/2005 CHF 14.75
DekaBank Deutsche Gir 0.01 6/29/2046 EUR 54.11
City of Siret Romania 2.32 3/1/2028 RON 50.00
Vnesheconombank 9.76 12/17/2021 RUB 64.11
SAir Group 5.50 7/23/2003 CHF 14.75
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.00
Orient Express Bank P 11.70 7/17/2018 RUB 99.10
Cooperatieve Rabobank 0.50 11/30/2027 MXN 43.75
UmweltBank AG 2.85 EUR 53.62
Lehman Brothers Treas 1.46 2/19/2012 JPY 8.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
Lehman Brothers Treas 5.00 5/2/2022 EUR 3.92
Salvator Grundbesitz- 9.50 EUR 19.10
Deutsche Bank AG 0.20 6/28/2033 USD 56.46
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Reso-Leasing OOO 13.25 10/30/2025 RUB 62.21
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Pierer Industrie AG 5.75 EUR 66.69
SAir Group 4.25 2/2/2007 CHF 14.75
UniCredit Bank AO 12.35 9/16/2020 RUB 103.75
Transneft PJSC 8.75 4/14/2027 RUB 78.01
Barclays Bank PLC 3.18 3/27/2029 USD 69.15
International Finance 0.50 6/29/2027 ZAR 39.76
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Societe Generale SA 0.28 6/28/2033 USD 71.38
Mriya Agro Holding PL 10.95 3/30/2016 USD 6.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
BNP Paribas Emissions 3.00 10/12/2018 EUR 68.29
VEB-Leasing OAO 12.50 9/1/2025 RUB 60.01
Lehman Brothers Treas 5.00 8/16/2017 EUR 8.00
Russian Post FGUP 9.50 10/18/2019 RUB 90.01
Lehman Brothers Treas 6.00 9/20/2011 EUR 3.92
BF Garant-Invest OOO 13.00 5/27/2019 RUB 60.00
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
Banca delle Marche Sp 6.00 5/8/2018 EUR 1.91
Heta Asset Resolution 0.13 12/31/2023 EUR 36.63
Far East Capital Ltd 8.75 5/2/2020 USD 71.63
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
Espirito Santo Financ 5.05 11/15/2025 EUR 0.06
Russian Railways JSC 11.20 10/16/2025 RUB 63.63
UniCredit Bank Austri 0.06 1/24/2031 EUR 67.55
Lehman Brothers Treas 9.30 12/21/2010 EUR 3.92
HSH Nordbank AG 3.21 5/6/2030 EUR 73.72
HSBC Bank PLC 0.50 12/29/2026 AUD 68.29
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Fininvest OOO 13.00 11/9/2018 RUB 0.50
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 90.00
Pongs & Zahn AG 8.50 EUR 0.08
Lehman Brothers Treas 4.00 7/27/2011 EUR 3.92
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.16
Avangard-Agro OOO 11.50 10/10/2017 RUB 65.01
SG Issuer SA 0.78 6/15/2020 SEK 66.51
Cie de Financement Fo 0.98 8/11/2046 EUR 72.22
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Dresdner Bank AG 0.34 11/19/2029 EUR 65.48
Heta Asset Resolution 0.24 12/31/2023 EUR 36.63
Vontobel Financial Pr 8.05 12/22/2017 USD 52.36
Atari SA 0.10 4/1/2020 EUR 5.16
Lehman Brothers Treas 3.86 9/21/2011 SGD 9.63
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
MKB-Leasing OOO 12.50 10/21/2021 RUB 60.30
Heta Asset Resolution 7.50 12/31/2023 ATS 36.63
Rossiysky Capital OJS 10.50 1/16/2020 RUB 70.01
Krakowski Bank Spoldz 5.11 9/20/2023 PLN 69.06
BLT Finance BV 7.50 5/15/2014 USD 2.48
Portugal Telecom Inte 5.00 11/4/2019 EUR 33.25
Beluga Group PJSC 12.90 4/29/2020 RUB 65.00
Windreich GmbH 6.75 3/1/2015 EUR 11.00
OGK-2 PJSC 11.50 11/24/2020 RUB 62.06
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.66
Institut Catala de Fi 0.87 9/18/2024 EUR 71.07
Lehman Brothers Treas 7.00 11/26/2013 EUR 8.00
Lehman Brothers Treas 4.60 10/11/2017 ILS 8.00
RESO-Garantia Insuran 11.75 3/24/2023 RUB 62.01
Lehman Brothers Treas 8.25 12/3/2015 EUR 8.00
Svensk Exportkredit A 0.50 6/20/2029 AUD 69.94
Rusfinans Bank OOO 10.05 6/10/2019 RUB 60.78
Societe Generale SA 17.00 1/31/2018 USD 55.60
Reso-Leasing OOO 11.00 10/3/2025 RUB 100.00
Barclays Bank PLC 3.95 1/31/2029 USD 72.00
AKB Peresvet ZAO 12.75 7/24/2018 RUB 26.15
Astana Finance BV 9.00 11/16/2011 USD 16.88
Russian Railways JSC 9.85 4/26/2041 RUB 64.33
Lehman Brothers Treas 6.00 3/14/2011 EUR 8.00
Moscow United Electri 10.00 5/26/2026 RUB 62.00
Lehman Brothers Treas 3.50 10/24/2011 USD 3.92
Barclays Bank PLC 0.50 3/19/2021 MXN 73.80
Finstone OOO 9.25 1/10/2019 RUB 60.00
State Transport Leasi 14.30 12/10/2024 RUB 68.42
O1 Properties Finance 13.00 10/2/2020 RUB 70.01
UniCredit Bank AO 12.00 11/20/2019 RUB 100.00
Rosselkhozbank JSC 10.60 7/14/2025 RUB 95.01
Beluga Group PJSC 9.75 5/28/2020 RUB 61.00
Rosselkhozbank JSC 12.87 12/22/2021 RUB 100.01
Societe Generale SA 8.00 2/14/2022 USD
PromSvyazCapital AO 11.75 4/10/2026 RUB 100.60
Lehman Brothers Treas 5.00 3/18/2015 EUR 8.00
Lehman Brothers Treas 4.68 12/12/2045 EUR 3.92
BNP Paribas SA 0.50 5/6/2021 MXN 73.33
Russian Post FGUP 9.35 10/18/2019 RUB 70.00
Bank Nederlandse Geme 0.50 8/15/2022 ZAR 65.86
Rusfinans Bank OOO 8.05 6/30/2020 RUB 60.12
Rosintrud OOO 11.25 2/5/2021 RUB 61.01
Freight One JSC 12.00 10/15/2025 RUB 62.88
SAir Group 2.75 7/30/2004 CHF 14.75
Lehman Brothers Treas 7.60 1/31/2013 AUD 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
Heta Asset Resolution 4.88 12/31/2023 EUR 36.63
BELLAGIO Holding GmbH 2.18 EUR 49.14
Cooperatieve Rabobank 0.50 12/29/2027 MXN 43.95
Podkarpacki Bank Spol 5.81 7/2/2020 PLN 74.50
Polski Bank Spoldziel 4.81 11/26/2024 PLN
PromSvyazCapital AO 12.00 11/13/2026 RUB 100.00
Metalloinvest Holding 0.01 3/10/2022 RUB 60.00
Oberoesterreichische 0.32 11/6/2030 EUR 69.59
MegaFon PJSC 9.90 5/29/2026 RUB 61.62
Astana Finance BV 7.88 6/8/2010 EUR 16.88
EFG International Fin 12.86 10/30/2017 EUR 0.90
Two Capitals Highway 13.45 5/10/2030 RUB 74.13
Raiffeisen Switzerlan 22.20 9/1/2017 USD 64.53
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treas 7.00 4/14/2009 EUR 3.92
Lehman Brothers Treas 6.00 3/4/2015 USD 3.92
Autonomous Community 2.97 9/8/2039 JPY 64.64
Leonteq Securities AG 20.00 10/25/2017 CHF 52.35
Transbaltstroi OOO 9.50 11/26/2020 RUB 95.00
Expobank LLC 12.50 7/12/2019 RUB 100.00
Admiral Boats SA 8.50 9/18/2017 PLN 25.01
Gold-Zack AG 7.00 12/14/2005 EUR 12.61
Russian Railways JSC 6.40 5/30/2040 RUB
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.01
Heta Asset Resolution 5.92 12/31/2023 EUR 36.63
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
HSBC Bank PLC 0.50 7/21/2021 BRL 67.90
KPNQwest NV 7.13 6/1/2009 EUR 0.09
BNP Paribas Emissions 3.25 11/24/2017 EUR 64.87
SAir Group 5.13 3/1/2003 CHF 15.00
Bank Nederlandse Geme 0.50 8/9/2022 MXN 69.37
Lehman Brothers Treas 5.00 3/13/2009 EUR 3.92
Kommunekredit 0.50 7/30/2027 TRY 34.44
Barclays Bank PLC 0.50 1/28/2033 MXN 27.04
German Pellets GmbH 8.00 EUR 0.05
TransFin-M PAO 13.00 9/3/2025 RUB 60.02
Vimpel-Communications 11.90 10/3/2025 RUB 60.01
AKB Peresvet ZAO 13.50 6/23/2021 RUB 20.52
Credit Europe Bank Lt 8.88 9/14/2018 RUB 61.80
EFG International Fin 7.19 5/6/2019 EUR 11.14
Municipiul Timisoara 0.76 5/15/2026 RON 70.00
Union Technologies In 0.10 1/1/2020 EUR 4.45
Federal Grid Co Unifi 4.90 9/7/2048 RUB 70.32
Lehman Brothers Treas 4.00 4/13/2011 CHF 3.92
Lehman Brothers Treas 6.65 8/24/2011 AUD 9.63
LBI HF 2.25 2/14/2011 CHF 7.13
Lehman Brothers Treas 8.00 3/19/2012 USD 3.92
HSBC Bank PLC 0.50 6/9/2023 MXN 63.59
Heta Asset Resolution 5.03 12/31/2023 EUR 36.63
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Russian Post FGUP 2.75 12/6/2023 RUB 74.13
UBS AG/London 7.93 12/30/2021 USD 10.28
Credit Suisse AG/Lond 3.00 11/15/2025 ZAR 67.86
Societe Generale SA 0.50 5/30/2023 MXN 63.72
Lehman Brothers Treas 5.00 5/12/2011 CHF 3.92
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
Sankt-Peterburg Telec 10.70 1/31/2022 RUB 62.67
Lehman Brothers Treas 3.60 3/19/2018 JPY 4.19
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Societe Generale SA 0.50 4/3/2023 RUB 66.32
Barclays Bank PLC 0.50 3/26/2021 MXN 73.21
Lehman Brothers Treas 6.00 10/30/2012 USD 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 23.30 9/16/2008 USD 3.92
IDGC of Centre PJSC 12.42 5/23/2025 RUB 71.01
Moscow United Electri 11.00 9/12/2024 RUB 60.35
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
Credit Suisse AG/Lond 8.00 4/6/2022 USD 9.77
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Bank Julius Baer & Co 12.15 5/4/2018 USD 60.30
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
LBI HF 6.10 8/25/2011 USD 9.50
Municipality Finance 0.50 5/31/2022 ZAR 67.12
Upravlenie Otkhodami 4.00 4/29/2027 RUB 68.29
Digital Invest OOO 12.00 4/7/2021 RUB 60.40
Windreich GmbH 6.25 3/1/2015 EUR 11.00
Lehman Brothers Treas 11.00 7/4/2011 CHF 3.92
Lehman Brothers Treas 0.50 8/1/2020 EUR 3.92
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Lillestroem Sparebank 4.34 NOK 60.12
Lehman Brothers Treas 5.50 6/22/2010 USD 8.00
Societe Generale SA 11.50 10/3/2017 USD 48.10
Rinol AG 5.50 10/15/2006 DEM 0.00
ECA 2.50 1/1/2018 EUR
Raiffeisen Schweiz Ge 8.99 7/22/2019 EUR 24.58
Svensk Exportkredit A 0.50 2/22/2022 ZAR 68.89
Lehman Brothers Treas 8.25 2/3/2016 EUR 3.92
Lehman Brothers Treas 7.50 5/30/2010 AUD 3.92
Lehman Brothers Treas 16.80 8/21/2009 USD 3.92
Lehman Brothers Treas 6.25 9/5/2011 EUR 3.92
Vegarshei Sparebank 4.85 NOK 64.51
Podkarpacki Bank Spol 5.01 10/6/2021 PLN 65.12
Eurocent SA 8.50 9/15/2018 PLN 15.80
Rusfinans Bank OOO 10.90 10/2/2018 RUB 60.26
Lehman Brothers Treas 7.00 2/15/2010 CHF 3.92
LBI HF 7.43 USD 0.00
Glavnyi Centr Special 13.00 8/22/2019 RUB 70.31
Kerdos Group SA 8.00 12/15/2017 PLN
COFIDUR SA 0.10 12/31/2024 EUR 27.00
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Lehman Brothers Treas 2.50 12/15/2011 GBP 3.92
Lehman Brothers Treas 2.30 6/27/2013 USD 3.92
Lehman Brothers Treas 2.37 7/15/2013 USD 3.92
Lehman Brothers Treas 7.50 5/2/2017 EUR 3.92
Penell GmbH Elektrogr 7.75 6/10/2019 EUR 5.00
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Municipality Finance 0.50 7/30/2029 AUD 70.77
Barclays Bank PLC 0.50 3/13/2023 RUB 66.56
Cerruti Finance SA 6.50 7/26/2004 EUR 1.19
Heta Asset Resolution 5.73 12/31/2023 EUR 36.63
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 5.10 6/22/2046 EUR 3.92
Lehman Brothers Treas 1.28 11/6/2010 JPY 8.00
UBS AG 7.40 5/17/2021 CHF 56.09
MIK OAO 15.00 2/19/2020 RUB 0.14
Polski Bank Spoldziel 4.81 6/18/2020 PLN 51.00
Podkarpacki Bank Spol 5.81 2/23/2025 PLN 60.00
Main Road OJSC 3.90 11/22/2028 RUB 60.01
Lehman Brothers Treas 3.00 8/8/2017 EUR 3.92
HSBC Bank PLC 0.50 6/23/2027 MXN 45.20
Lehman Brothers Treas 3.03 1/31/2015 EUR 3.92
Municipality Finance 0.25 6/28/2040 CAD 32.25
Lehman Brothers Treas 0.50 7/2/2020 EUR 3.92
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treas 8.00 10/17/2014 EUR 3.92
BAWAG PSK Versicherun 1.06 EUR 59.58
Russian Railways JSC 5.10 5/20/2044 RUB
KB MIA AO 9.90 3/7/2025 RUB 59.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Bank Nederlandse Geme 0.50 6/22/2021 ZAR 72.95
Lehman Brothers Treas 4.60 7/6/2016 EUR 3.92
BTV Hybrid I GmbH 6.50 EUR 40.05
Lehman Brothers Treas 14.90 9/15/2008 EUR 3.92
Nuova Banca delle Mar 8.00 6/30/2018 EUR 1.24
Commerzbank AG 10.00 3/2/2020 EUR 45.21
EFG International Fin 6.26 5/7/2018 EUR 67.85
Cooperatieve Rabobank 0.50 8/21/2028 MXN 41.45
Svensk Exportkredit A 0.50 8/28/2020 TRY 72.81
Leonteq Securities AG 5.20 8/14/2018 CHF 73.66
UniCredit Bank AG 3.75 10/2/2020 EUR 65.08
Leonteq Securities AG 29.61 10/26/2017 EUR 15.44
UBS AG/London 16.00 1/19/2018 USD 54.25
Landesbank Hessen-Thu 5.00 10/17/2017 EUR 52.99
Leonteq Securities AG 16.20 11/30/2017 USD 23.30
Podkarpacki Bank Spol 5.11 5/28/2023 PLN
HSBC Bank PLC 0.50 11/25/2025 BRL 45.83
Lehman Brothers Treas 6.25 11/30/2012 EUR 3.92
Svensk Exportkredit A 0.50 3/28/2029 AUD 70.49
Avangard Bank PJSC 9.75 2/20/2026 RUB 70.31
Bank Nederlandse Geme 0.50 9/20/2022 MXN 68.77
Heta Asset Resolution 0.41 12/31/2023 EUR 36.63
Lehman Brothers Treas 10.00 6/17/2009 USD 3.92
Oberbank AG 7.40 EUR 71.42
Lehman Brothers Treas 6.00 5/23/2018 CZK 3.92
Absolut Bank PAO 12.00 12/25/2018 RUB 60.01
Lehman Brothers Treas 6.00 12/30/2017 EUR 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
Lehman Brothers Treas 10.00 8/2/2037 JPY 3.92
Leonteq Securities AG 4.40 8/28/2017 CHF 71.83
Raiffeisen Schweiz Ge 5.04 8/28/2017 CHF 74.68
Raiffeisen Schweiz Ge 6.50 7/2/2018 USD 48.40
Bank Julius Baer & Co 9.00 11/16/2017 USD 44.60
SAir Group 2.13 11/4/2004 CHF 14.75
DekaBank Deutsche Gir 2.80 7/22/2019 EUR 70.70
UniCredit Bank AG 4.00 6/26/2018 EUR 57.76
EFG International Fin 6.48 5/29/2018 EUR 5.89
Podkarpacki Bank Spol 5.81 10/24/2024 PLN
SAir Group 2.75 7/30/2004 CHF 14.75
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Royal Bank of Scotlan 6.20 9/7/2018 GBP 1.06
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Northland Resources A 12.25 3/26/2016 USD 0.32
Province of Brescia I 0.03 6/30/2036 EUR 63.91
Espirito Santo Financ 5.63 7/28/2017 EUR 0.27
Lehman Brothers Treas 3.50 9/29/2017 EUR 3.92
Lehman Brothers Treas 3.00 8/15/2017 EUR 3.92
IDGC of Centre PJSC 11.80 11/11/2025 RUB 72.61
Lehman Brothers Treas 5.00 11/22/2012 EUR 3.92
IDGC of the North Cau 13.00 4/22/2021 RUB 60.00
Lehman Brothers Treas 4.00 10/24/2012 EUR 3.92
Lehman Brothers Treas 7.59 11/22/2009 MXN 8.00
Societe Generale SA 0.50 5/22/2024 MXN 58.74
Solomenskij Lesozavod 10.00 9/29/2021 RUB 60.00
MRSK Urala PJSC 11.58 11/11/2025 RUB 70.31
Heta Asset Resolution 5.27 12/31/2023 EUR 36.63
Kaupthing ehf 7.50 2/1/2045 USD 0.15
Lehman Brothers Treas 1.00 5/9/2012 EUR 3.92
Lehman Brothers Treas 6.00 8/7/2013 EUR 3.92
Lehman Brothers Treas 7.55 12/29/2008 USD 3.92
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Promnefteservis OOO 10.50 11/21/2019 RUB 1.70
Bank Julius Baer & Co 11.00 3/29/2018 USD 64.20
Mcib Bank LLC 14.50 9/1/2023 RUB
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Eiendomskreditt AS 4.15 NOK 54.79
Societe Generale SA 0.50 4/4/2024 MXN 59.40
Lehman Brothers Treas 7.06 12/29/2008 EUR 3.92
Lehman Brothers Treas 11.75 3/1/2010 EUR 3.92
Lehman Brothers Treas 5.00 4/24/2017 EUR 3.92
Lehman Brothers Treas 6.00 3/17/2011 EUR 3.92
Lloyds Bank PLC 0.50 7/26/2028 MXN 46.49
Lehman Brothers Treas 4.00 12/2/2012 EUR 3.92
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.31
Lehman Brothers Treas 5.25 5/26/2026 EUR 3.92
Communaute Francaise 0.50 6/27/2046 EUR 66.84
Lehman Brothers Treas 3.50 10/31/2011 USD 3.92
Lehman Brothers Treas 6.75 4/5/2012 EUR 3.92
Bank Nederlandse Geme 0.50 5/12/2021 ZAR 74.69
Lehman Brothers Treas 4.50 5/2/2017 EUR 8.00
Lehman Brothers Treas 5.00 2/28/2032 EUR 3.92
Province of Brescia I 0.11 12/22/2036 EUR 63.25
Societe Generale SA 0.50 8/4/2021 BRL 67.75
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.31
Lloyds Bank PLC 0.50 7/26/2021 BRL 67.89
MRSK Urala PJSC 9.32 8/14/2026 RUB 70.31
Lehman Brothers Treas 1.75 2/7/2010 EUR 3.92
Barclays Bank PLC 8.00 12/8/2017 USD
AKB Peresvet ZAO 2.56 9/2/2020 RUB 15.88
BNP Paribas Emissions 27.00 12/21/2017 EUR 53.17
Lehman Brothers Treas 2.00 11/16/2009 EUR 3.92
SpareBank 1 Nordvest 3.66 3/11/2099 NOK 64.32
HSBC Bank PLC 0.50 2/24/2027 NZD 70.94
Northland Resources A 15.00 7/15/2019 USD 0.32
Lehman Brothers Treas 3.00 12/3/2012 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Transgazservice LLP 10.50 11/8/2019 RUB 0.04
Lehman Brothers Treas 10.00 6/11/2038 JPY 3.92
Lehman Brothers Treas 12.00 7/13/2037 JPY 3.92
Lehman Brothers Treas 5.25 11/21/2009 USD 3.92
UniCredit Bank Austri 0.12 1/22/2031 EUR 71.28
Lehman Brothers Treas 8.00 2/16/2016 EUR 3.92
Lehman Brothers Treas 2.00 6/28/2011 EUR 3.92
Lehman Brothers Treas 7.60 3/4/2010 NZD 3.92
Lehman Brothers Treas 4.25 3/13/2021 EUR 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
HSBC Bank PLC 0.50 4/27/2027 NZD 70.34
Lehman Brothers Treas 5.12 4/30/2027 EUR 3.92
Polski Bank Spoldziel 4.81 6/22/2021 PLN
Credit Suisse AG/Lond 8.50 9/18/2017 USD 33.76
EFG International Fin 6.21 7/22/2019 EUR 70.70
Lehman Brothers Treas 11.00 12/19/2011 USD 3.92
HSBC Bank PLC 0.50 4/11/2023 MXN 64.43
Landesbank Baden-Wuer 3.25 1/26/2018 EUR 60.10
BNP Paribas Emissions 29.00 12/21/2017 EUR 54.79
DZ Bank AG Deutsche Z 7.10 12/22/2017 EUR 69.18
Lehman Brothers Treas 4.50 3/6/2013 CHF 3.92
BKS Hybrid alpha GmbH 7.35 EUR 60.82
Lehman Brothers Treas 7.00 6/6/2017 EUR 3.92
Kreditanstalt fuer Wi 0.25 10/6/2036 CAD 40.89
Center-Invest Commerc 8.70 11/13/2018 RUB 99.90
Lehman Brothers Treas 10.00 2/16/2009 CHF 3.92
Portugal Telecom Inte 4.63 5/8/2020 EUR 33.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 9.63
UBS AG 4.00 12/22/2017 EUR 67.73
UBS AG/London 6.00 10/5/2017 CHF 42.90
OOO SPV Structural In 0.01 9/1/2023 RUB 66.65
Banca delle Marche Sp 6.00 6/12/2018 EUR 1.92
Lehman Brothers Treas 4.00 7/20/2012 EUR 3.92
Nutritek Internationa 8.75 12/11/2008 USD 2.00
Landesbank Baden-Wuer 3.00 5/25/2018 EUR 67.32
Leonteq Securities AG 15.20 10/11/2017 CHF 68.55
Leonteq Securities AG 7.00 11/6/2017 CHF 36.24
Credit Suisse AG/Lond 0.50 1/8/2026 BRL 45.07
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 54.63
DZ Bank AG Deutsche Z 10.10 12/22/2017 EUR 51.59
UBS AG/London 12.50 9/22/2017 EUR 47.89
HSBC Trinkaus & Burkh 12.70 9/22/2017 EUR 50.07
HSBC Trinkaus & Burkh 10.30 9/22/2017 EUR 54.31
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 60.92
UBS AG/London 9.50 9/22/2017 EUR 52.77
Zurcher Kantonalbank 8.50 10/16/2017 CHF 66.24
Raiffeisen Schweiz Ge 8.00 10/20/2017 CHF 68.42
BNP Paribas Emissions 12.00 9/21/2017 EUR 69.61
BNP Paribas Emissions 12.00 12/21/2017 EUR 57.29
BNP Paribas Emissions 16.00 9/21/2017 EUR 48.33
BNP Paribas Emissions 9.00 12/21/2017 EUR 64.61
BNP Paribas Emissions 10.00 12/21/2017 EUR 61.90
Landesbank Baden-Wuer 4.50 8/25/2017 EUR 71.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 63.87
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 59.47
Landesbank Baden-Wuer 5.00 8/25/2017 EUR 56.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 74.99
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 70.65
EFG International Fin 7.20 7/29/2020 EUR 23.34
Landesbank Baden-Wuer 3.40 9/28/2018 EUR 68.85
DZ Bank AG Deutsche Z 3.45 8/25/2017 EUR 65.75
Leonteq Securities AG 5.40 8/28/2017 CHF 59.93
Leonteq Securities AG 5.00 9/4/2018 CHF 62.47
Leonteq Securities AG 5.60 9/4/2017 CHF 64.51
DZ Bank AG Deutsche Z 3.60 9/15/2017 EUR 71.07
Leonteq Securities AG 5.60 9/11/2017 CHF 60.44
Bayerische Landesbank 3.00 10/5/2018 EUR 74.48
Deutsche Bank AG 4.20 11/22/2017 EUR 69.60
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 62.50
City of Predeal Roman 1.50 5/15/2026 RON 60.00
UBS AG/London 9.50 9/4/2017 CHF 26.75
Goldman Sachs & Co We 13.00 9/20/2017 EUR 72.67
Goldman Sachs & Co We 12.00 9/20/2017 EUR 55.39
Goldman Sachs & Co We 12.00 9/20/2017 EUR 53.56
Landesbank Hessen-Thu 5.00 3/27/2019 EUR 62.53
Landesbank Hessen-Thu 4.00 4/8/2019 EUR 59.03
UniCredit Bank AG 4.60 7/2/2018 EUR 54.44
Leonteq Securities AG 7.00 9/20/2017 CHF 68.03
Bayerische Landesbank 2.60 10/19/2018 EUR 62.97
Raiffeisen Schweiz Ge 4.50 3/27/2018 EUR 55.17
DZ Bank AG Deutsche Z 5.25 3/6/2018 EUR 71.59
DekaBank Deutsche Gir 2.75 2/2/2018 EUR 67.75
UniCredit Bank AG 5.00 6/25/2019 EUR 57.85
Bayerische Landesbank 2.60 3/29/2018 EUR 66.91
EFG International Fin 7.20 2/25/2019 EUR 12.12
Commerzbank AG 5.80 10/8/2017 EUR 67.67
DZ Bank AG Deutsche Z 5.60 9/8/2017 EUR 68.85
Landesbank Hessen-Thu 6.75 4/17/2020 EUR 73.24
Leonteq Securities AG 3.50 4/10/2018 EUR 54.80
Landesbank Hessen-Thu 6.20 7/24/2020 EUR 72.72
DZ Bank AG Deutsche Z 5.00 2/6/2018 EUR 65.94
DekaBank Deutsche Gir 2.70 3/16/2018 EUR 66.72
Raiffeisen Schweiz Ge 4.20 4/10/2018 EUR 57.24
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 67.51
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 60.47
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 58.73
Landesbank Baden-Wuer 6.00 10/27/2017 EUR 73.89
Landesbank Baden-Wuer 3.60 9/22/2017 EUR 65.56
Landesbank Baden-Wuer 3.05 8/25/2017 EUR 68.87
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 70.22
Landesbank Baden-Wuer 3.75 9/22/2017 EUR 70.95
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 63.79
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 68.64
Landesbank Baden-Wuer 3.25 8/25/2017 EUR 63.62
Bayerische Landesbank 2.70 7/27/2018 EUR 70.29
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 69.55
DekaBank Deutsche Gir 3.25 4/20/2018 EUR 53.83
Raiffeisen Schweiz Ge 4.00 5/8/2018 CHF 58.74
DekaBank Deutsche Gir 2.75 10/29/2018 EUR 54.76
Vontobel Financial Pr 4.00 11/9/2017 EUR 58.04
Goldman Sachs & Co We 12.00 12/20/2017 EUR 70.20
Goldman Sachs & Co We 10.00 12/20/2017 EUR 71.74
Goldman Sachs & Co We 13.00 12/20/2017 EUR 64.52
Goldman Sachs & Co We 6.00 12/20/2017 EUR 73.66
Goldman Sachs & Co We 10.00 12/20/2017 EUR 61.84
Goldman Sachs & Co We 11.00 12/20/2017 EUR 58.16
Goldman Sachs & Co We 11.00 12/20/2017 EUR 60.09
DekaBank Deutsche Gir 2.75 9/18/2018 EUR 71.26
Landesbank Hessen-Thu 4.00 4/30/2019 EUR 66.09
DekaBank Deutsche Gir 3.25 5/18/2018 EUR 66.05
Raiffeisen Switzerlan 9.00 4/1/2019 EUR 17.21
DekaBank Deutsche Gir 3.25 3/29/2018 EUR 74.33
Bayerische Landesbank 2.70 7/6/2018 EUR 64.10
Bayerische Landesbank 2.70 7/6/2018 EUR 65.19
EFG International Fin 6.40 4/9/2020 EUR 71.92
Zurcher Kantonalbank 6.50 4/10/2018 CHF 58.20
DekaBank Deutsche Gir 3.25 5/30/2018 EUR 70.73
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 71.05
Landesbank Baden-Wuer 4.00 10/27/2017 EUR 63.09
Landesbank Baden-Wuer 3.70 8/25/2017 EUR 66.37
Landesbank Baden-Wuer 3.70 9/22/2017 EUR 59.45
Landesbank Baden-Wuer 3.90 9/22/2017 EUR 68.05
Landesbank Baden-Wuer 3.20 9/22/2017 EUR 58.36
Landesbank Baden-Wuer 3.40 11/24/2017 EUR 73.12
Landesbank Baden-Wuer 3.50 1/26/2018 EUR 69.66
Landesbank Baden-Wuer 2.50 6/28/2019 EUR 65.89
Landesbank Baden-Wuer 3.50 6/22/2018 EUR 58.93
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 67.44
Bayerische Landesbank 3.20 7/27/2018 EUR 66.00
Commerzbank AG 4.40 4/29/2019 EUR 69.65
DekaBank Deutsche Gir 3.10 4/20/2018 EUR 74.62
Landesbank Hessen-Thu 4.00 6/5/2019 EUR 68.01
DekaBank Deutsche Gir 3.00 4/30/2019 EUR 67.21
UniCredit Bank AG 3.75 9/7/2020 EUR 68.17
Landesbank Baden-Wuer 3.85 8/25/2017 EUR 62.55
Commerzbank AG 20.00 5/28/2018 SEK 51.10
HSBC Trinkaus & Burkh 2.80 9/22/2017 EUR 67.40
Landesbank Baden-Wuer 3.25 12/22/2017 EUR 64.81
Landesbank Hessen-Thu 4.00 1/16/2018 EUR 51.34
Leonteq Securities AG 5.00 12/27/2019 EUR 69.01
Landesbank Baden-Wuer 3.00 2/23/2018 EUR 60.29
Raiffeisen Switzerlan 3.50 8/25/2017 CHF 71.56
Vontobel Financial Pr 9.05 9/22/2017 EUR 69.84
Vontobel Financial Pr 13.50 9/22/2017 EUR 62.92
Vontobel Financial Pr 16.05 9/22/2017 EUR 60.05
Vontobel Financial Pr 16.00 12/22/2017 EUR 58.58
Vontobel Financial Pr 20.00 12/22/2017 EUR 53.61
HSBC Trinkaus & Burkh 14.20 12/22/2017 EUR 66.45
HSBC Trinkaus & Burkh 11.20 8/25/2017 EUR 71.74
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 60.45
HSBC Trinkaus & Burkh 11.90 12/22/2017 EUR 62.60
HSBC Trinkaus & Burkh 10.70 8/25/2017 EUR 64.20
HSBC Trinkaus & Burkh 10.20 11/24/2017 EUR 64.37
DZ Bank AG Deutsche Z 11.25 1/26/2018 EUR 73.06
Vontobel Financial Pr 14.00 12/22/2017 EUR 63.24
Vontobel Financial Pr 13.00 12/22/2017 EUR 64.43
Vontobel Financial Pr 12.00 12/22/2017 EUR 65.68
Vontobel Financial Pr 11.00 12/22/2017 EUR 67.03
Vontobel Financial Pr 10.00 12/22/2017 EUR 68.46
Vontobel Financial Pr 9.00 12/22/2017 EUR 69.98
Vontobel Financial Pr 8.00 12/22/2017 EUR 71.61
HSBC Trinkaus & Burkh 13.40 9/22/2017 EUR 61.42
HSBC Trinkaus & Burkh 12.10 3/23/2018 EUR 65.60
HSBC Trinkaus & Burkh 11.30 3/23/2018 EUR 66.63
HSBC Trinkaus & Burkh 8.30 3/23/2018 EUR 71.66
HSBC Trinkaus & Burkh 11.00 8/25/2017 EUR 65.94
HSBC Trinkaus & Burkh 10.40 11/24/2017 EUR 66.09
Commerzbank AG 16.75 11/23/2017 EUR 66.99
UBS AG/London 9.30 9/29/2017 EUR 69.69
UBS AG/London 10.60 12/29/2017 EUR 68.59
UBS AG/London 8.80 12/29/2017 EUR 71.66
UBS AG/London 11.70 9/29/2017 EUR 66.20
UBS AG/London 12.60 12/29/2017 EUR 65.97
UBS AG/London 14.30 9/29/2017 EUR 63.09
DekaBank Deutsche Gir 2.75 6/24/2019 EUR 66.98
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 70.35
Landesbank Baden-Wuer 6.00 9/22/2017 EUR 66.59
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 69.42
Leonteq Securities AG 6.00 10/12/2017 CHF 65.76
UniCredit Bank AG 4.50 9/19/2017 EUR 47.17
Landesbank Hessen-Thu 4.50 11/28/2017 EUR 57.30
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Polski Bank Spoldziel 5.31 9/14/2027 PLN 41.00
DZ Bank AG Deutsche Z 11.50 12/22/2017 EUR 66.69
HSBC Trinkaus & Burkh 3.00 6/22/2018 EUR 62.70
DZ Bank AG Deutsche Z 13.00 9/22/2017 EUR 62.07
UBS AG/London 14.00 12/22/2017 EUR 72.86
UBS AG/London 12.50 2/23/2018 EUR 74.00
UBS AG/London 15.30 12/22/2017 EUR 73.50
Credit Suisse AG/Lond 8.50 3/13/2018 USD 60.99
Vontobel Financial Pr 10.65 9/8/2017 EUR 71.24
Vontobel Financial Pr 12.35 9/8/2017 EUR 68.49
Bank VTB 24 JSC 9.00 9/15/2044 RUB
National Capital JSC 10.50 9/15/2020 RUB 60.00
Soyuz AKB OAO 11.00 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
DZ Bank AG Deutsche Z 5.25 4/27/2018 EUR 69.65
HSBC Trinkaus & Burkh 3.00 3/23/2018 EUR 71.85
Commerzbank AG 30.00 6/30/2020 USD 2.35
Bank Julius Baer & Co 8.25 4/19/2018 USD 70.20
SG Issuer SA 5.50 4/10/2021 EUR 68.13
Goldman Sachs & Co We 15.00 9/20/2017 EUR 67.25
UBS AG/London 10.50 11/13/2017 CHF 73.90
HSBC Trinkaus & Burkh 6.50 1/29/2018 EUR 59.52
Zurcher Kantonalbank 4.75 12/11/2017 CHF 67.23
Landesbank Baden-Wuer 5.00 11/24/2017 EUR 70.28
UBS AG/London 6.40 12/8/2017 EUR 54.99
UBS AG/London 9.60 12/8/2017 EUR 49.70
Commerzbank AG 1.00 2/19/2020 USD 32.36
Commerzbank AG 14.00 1/24/2018 EUR 65.74
DZ Bank AG Deutsche Z 6.00 12/22/2017 EUR 73.22
Royal Bank of Scotlan 1.33 10/26/2018 GBP 1.04
Landesbank Baden-Wuer 2.90 7/27/2018 EUR 65.56
SG Issuer SA 0.80 11/30/2020 SEK 55.48
EFG International Fin 7.35 12/28/2017 CHF 66.06
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.97
BNP Paribas Emissions 28.00 12/21/2017 EUR 69.54
BNP Paribas Emissions 26.00 12/21/2017 EUR 63.57
BNP Paribas Emissions 23.00 12/21/2017 EUR 65.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.57
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 15.00 12/21/2017 EUR 72.52
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 29.00 12/21/2017 EUR 50.32
BNP Paribas Emissions 10.00 12/21/2017 EUR 71.96
BNP Paribas Emissions 29.00 12/21/2017 EUR 74.14
BNP Paribas Emissions 27.00 12/21/2017 EUR 54.59
BNP Paribas Emissions 25.00 12/21/2017 EUR 62.72
BNP Paribas Emissions 27.00 12/21/2017 EUR 64.50
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR 57.95
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 61.02
BNP Paribas Emissions 10.00 12/21/2017 EUR 42.47
BNP Paribas Emissions 24.00 12/21/2017 EUR 72.33
BNP Paribas Emissions 28.00 12/21/2017 EUR 57.67
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 48.25
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.05
BNP Paribas Emissions 28.00 12/21/2017 EUR 64.98
BNP Paribas Emissions 15.00 12/21/2017 EUR 75.43
BNP Paribas Emissions 27.00 12/21/2017 EUR 47.42
BNP Paribas Emissions 28.00 12/21/2017 EUR 45.06
BNP Paribas Emissions 23.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.28
BNP Paribas Emissions 16.00 12/21/2017 EUR 72.31
BNP Paribas Emissions 24.00 12/21/2017 EUR 58.19
BNP Paribas Emissions 24.00 12/21/2017 EUR 71.85
BNP Paribas Emissions 27.00 12/21/2017 EUR 43.16
BNP Paribas Emissions 22.00 12/21/2017 EUR 72.85
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 55.34
BNP Paribas Emissions 26.00 12/21/2017 EUR 65.46
BNP Paribas Emissions 13.00 12/21/2017 EUR 37.87
BNP Paribas Emissions 25.00 12/21/2017 EUR 27.84
BNP Paribas Emissions 15.00 12/21/2017 EUR 68.23
BNP Paribas Emissions 27.00 12/21/2017 EUR 45.87
BNP Paribas Emissions 27.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
Goldman Sachs & Co We 16.00 9/20/2017 EUR 73.34
Goldman Sachs & Co We 16.00 9/20/2017 EUR 69.67
BNP Paribas Emissions 27.00 12/21/2017 EUR 67.41
BNP Paribas Emissions 26.00 12/21/2017 EUR 58.27
BNP Paribas Emissions 28.00 12/21/2017 EUR 58.79
BNP Paribas Emissions 26.00 12/21/2017 EUR 56.63
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR
BNP Paribas Emissions 23.00 12/21/2017 EUR 49.19
BNP Paribas Emissions 27.00 12/21/2017 EUR 57.39
BNP Paribas Emissions 22.00 12/21/2017 EUR 49.13
BNP Paribas Emissions 16.00 12/21/2017 EUR 73.82
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.25
BNP Paribas Emissions 28.00 12/21/2017 EUR 56.90
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 61.72
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.73
BNP Paribas Emissions 22.00 12/21/2017 EUR 70.16
BNP Paribas Emissions 25.00 12/21/2017 EUR 72.72
BNP Paribas Emissions 6.00 12/21/2017 EUR 50.90
BNP Paribas Emissions 24.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 70.42
BNP Paribas Emissions 19.00 12/21/2017 EUR 64.40
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.76
BNP Paribas Emissions 19.00 12/21/2017 EUR 67.14
BNP Paribas Emissions 22.00 12/21/2017 EUR 61.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 66.97
Goldman Sachs & Co We 15.00 12/20/2017 EUR 73.40
Exane Finance SA 5.00 12/20/2019 SEK
Commerzbank AG 14.25 10/26/2017 EUR 52.59
Commerzbank AG 7.25 10/26/2017 EUR 63.84
Commerzbank AG 10.50 10/26/2017 EUR 57.50
UBS AG/London 7.00 9/22/2017 EUR 59.04
UBS AG/London 11.60 12/29/2017 EUR 50.98
UBS AG/London 13.00 9/27/2017 EUR 48.11
UBS AG/London 5.30 12/29/2017 EUR 60.20
Vontobel Financial Pr 19.60 12/8/2017 EUR 73.72
UBS AG/London 12.50 9/22/2017 EUR 67.88
Vontobel Financial Pr 13.00 12/22/2017 EUR 66.02
Vontobel Financial Pr 13.50 9/22/2017 EUR 66.37
Vontobel Financial Pr 11.00 12/22/2017 EUR 68.76
HSBC Trinkaus & Burkh 13.40 12/22/2017 EUR 64.60
HSBC Trinkaus & Burkh 10.40 8/25/2017 EUR 69.69
HSBC Trinkaus & Burkh 9.70 11/24/2017 EUR 69.53
Commerzbank AG 12.25 12/21/2017 EUR 68.66
Commerzbank AG 16.25 12/21/2017 EUR 63.55
Societe Generale SA 7.00 10/20/2020 USD
UBS AG/London 6.90 6/22/2018 EUR 70.11
UBS AG/London 8.20 6/22/2018 EUR 67.98
UBS AG/London 7.40 9/22/2017 EUR 65.55
UBS AG/London 9.90 9/22/2017 EUR 62.36
UBS AG/London 9.40 6/22/2018 EUR 66.10
BNP Paribas Emissions 12.00 10/26/2017 EUR 71.12
BNP Paribas Emissions 15.00 10/26/2017 EUR 64.39
BNP Paribas Emissions 19.00 10/26/2017 EUR 62.30
BNP Paribas Emissions 19.00 9/21/2017 EUR 60.20
Bank Julius Baer & Co 13.00 12/21/2017 USD 49.75
Commerzbank AG 15.50 9/20/2017 EUR 61.12
Commerzbank AG 13.50 12/20/2017 EUR 64.29
DZ Bank AG Deutsche Z 6.00 6/22/2018 EUR 70.62
DekaBank Deutsche Gir 3.00 6/27/2018 EUR 50.37
DZ Bank AG Deutsche Z 12.25 1/26/2018 EUR 72.26
Bank Julius Baer & Co 10.45 5/11/2018 USD 64.50
SG Issuer SA 0.82 8/2/2021 SEK 60.80
EFG International Fin 6.89 12/28/2017 CHF 64.31
Raiffeisen Centrobank 7.20 9/20/2017 EUR 67.57
Goldman Sachs & Co We 9.00 12/20/2017 EUR 74.54
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 67.98
HSBC Trinkaus & Burkh 10.80 8/25/2017 EUR 73.70
BNP Paribas Emissions 15.00 11/23/2017 EUR 65.47
BNP Paribas Emissions 13.00 12/21/2017 EUR 69.26
BNP Paribas Emissions 16.00 12/21/2017 EUR 63.86
BNP Paribas Emissions 12.00 6/21/2018 EUR 71.23
BNP Paribas Emissions 13.00 6/21/2018 EUR 69.14
BNP Paribas Emissions 13.00 11/23/2017 EUR 68.36
BNP Paribas Emissions 15.00 9/21/2017 EUR 73.20
Vontobel Financial Pr 9.00 3/23/2018 EUR 70.23
Vontobel Financial Pr 12.50 3/23/2018 EUR 65.91
Commerzbank AG 5.00 2/9/2018 EUR 52.89
Vontobel Financial Pr 16.00 12/22/2017 EUR 62.47
Vontobel Financial Pr 10.50 3/23/2018 EUR 67.77
Vontobel Financial Pr 14.50 3/23/2018 EUR 64.33
Vontobel Financial Pr 4.80 5/14/2018 EUR 69.36
Deutsche Bank AG 5.20 3/20/2018 EUR 74.70
Deutsche Bank AG 7.20 12/19/2017 EUR 74.20
Deutsche Bank AG 5.20 12/19/2017 EUR 73.50
DZ Bank AG Deutsche Z 10.00 1/26/2018 EUR 73.33
DZ Bank AG Deutsche Z 12.25 11/24/2017 EUR 67.33
DZ Bank AG Deutsche Z 7.10 9/22/2017 EUR 67.57
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 66.24
HSBC Trinkaus & Burkh 7.90 9/22/2017 EUR 56.65
HSBC Trinkaus & Burkh 5.40 9/22/2017 EUR 62.32
HSBC Trinkaus & Burkh 2.90 9/22/2017 EUR 71.47
Vontobel Financial Pr 12.30 9/8/2017 EUR 72.19
Lehman Brothers Treas 7.25 10/6/2008 EUR 3.92
Lehman Brothers Treas 4.00 4/24/2009 USD 3.92
Lehman Brothers Treas 7.25 6/20/2010 USD 3.92
Lehman Brothers Treas 4.50 7/24/2014 EUR 3.92
Lehman Brothers Treas 7.00 9/20/2011 USD 3.92
Lehman Brothers Treas 4.95 10/25/2036 EUR 3.92
Lehman Brothers Treas 0.25 7/21/2014 EUR 3.92
Lehman Brothers Treas 7.50 10/24/2008 USD 3.92
Lehman Brothers Treas 10.00 3/27/2009 USD 3.92
Lehman Brothers Treas 5.75 6/15/2009 CHF 3.92
Lehman Brothers Treas 6.50 7/24/2026 EUR 3.92
Lehman Brothers Treas 4.50 8/2/2009 USD 3.92
Lehman Brothers Treas 7.38 9/20/2008 EUR 3.92
Lehman Brothers Treas 3.85 4/24/2009 USD 3.92
Lehman Brothers Treas 10.50 8/9/2010 EUR 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Lehman Brothers Treas 9.00 3/17/2009 GBP 3.92
Lehman Brothers Treas 9.00 6/13/2009 USD 3.92
Lehman Brothers Treas 7.00 11/28/2008 CHF 3.92
Lehman Brothers Treas 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treas 6.00 10/24/2008 EUR 3.92
Lehman Brothers Treas 5.00 10/24/2008 CHF 3.92
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treas 6.50 5/16/2015 EUR 3.92
Lehman Brothers Treas 5.00 9/1/2011 EUR 3.92
Lehman Brothers Treas 3.50 9/19/2017 EUR 3.92
Lehman Brothers Treas 3.00 9/12/2036 JPY 8.00
Lehman Brothers Treas 10.00 1/4/2010 USD 3.92
Lehman Brothers Treas 6.70 4/21/2011 USD 3.92
Lehman Brothers Treas 8.60 7/31/2013 GBP 3.92
Lehman Brothers Treas 8.28 7/31/2013 GBP 3.92
Lehman Brothers Treas 7.50 7/31/2013 GBP 3.92
HSBC Bank PLC 0.50 12/8/2020 BRL 72.22
Lehman Brothers Treas 12.00 7/4/2011 EUR 3.92
Lehman Brothers Treas 16.00 12/26/2008 USD 3.92
Lehman Brothers Treas 11.00 7/4/2011 USD 3.92
Lehman Brothers Treas 5.50 7/8/2013 EUR 3.92
Lehman Brothers Treas 13.15 10/30/2008 USD 3.92
Lehman Brothers Treas 3.63 3/2/2012 EUR 3.92
Kommunekredit 0.50 5/11/2029 CAD 73.00
Lehman Brothers Treas 5.25 7/8/2014 EUR 3.92
Lehman Brothers Treas 2.50 8/15/2012 CHF 3.92
Lehman Brothers Treas 12.40 6/12/2009 USD 3.92
Lehman Brothers Treas 3.00 6/3/2010 EUR 3.92
Lehman Brothers Treas 8.00 8/3/2009 USD 3.92
Lehman Brothers Treas 4.00 11/24/2016 EUR 3.92
Lehman Brothers Treas 1.50 10/25/2011 EUR 3.92
Lehman Brothers Treas 7.75 1/30/2009 EUR 3.92
Lehman Brothers Treas 11.00 6/29/2009 EUR 3.92
Lehman Brothers Treas 5.50 6/15/2009 CHF 3.92
Kommunalbanken AS 0.50 12/16/2020 TRY 72.61
Barclays Bank PLC 1.99 12/1/2040 USD 72.96
Lehman Brothers Treas 13.00 12/14/2012 USD 3.92
Lehman Brothers Treas 7.32 7/31/2013 GBP 3.92
Lehman Brothers Treas 6.00 12/6/2016 USD 3.92
Lehman Brothers Treas 4.15 8/25/2020 EUR 3.92
Lehman Brothers Treas 4.00 6/5/2011 USD 3.92
Lehman Brothers Treas 4.50 12/30/2010 USD 3.92
Lehman Brothers Treas 2.30 6/6/2013 USD 3.92
Lehman Brothers Treas 4.30 6/4/2012 USD 3.92
Lehman Brothers Treas 11.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 6.30 12/21/2018 USD 3.92
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
HSBC Bank PLC 0.50 12/8/2026 AUD 71.93
Lehman Brothers Treas 6.00 2/19/2023 USD 3.92
Lehman Brothers Treas 8.00 3/21/2018 USD 3.92
Lehman Brothers Treas 13.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 1.00 2/26/2010 USD 3.92
Lehman Brothers Treas 6.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 3.10 6/4/2010 USD 3.92
Lehman Brothers Treas 7.75 1/3/2012 AUD 3.92
Lehman Brothers Treas 0.50 6/2/2020 EUR 3.92
Lehman Brothers Treas 5.00 12/6/2011 EUR 3.92
Lehman Brothers Treas 13.43 1/8/2009 ILS 3.92
Lehman Brothers Treas 10.00 10/23/2008 USD 3.92
Lehman Brothers Treas 6.60 5/23/2012 AUD 3.92
Lehman Brothers Treas 10.00 5/22/2009 USD 3.92
Lehman Brothers Treas 4.60 8/1/2013 EUR 3.92
Lehman Brothers Treas 5.00 2/15/2018 EUR 3.92
Lehman Brothers Treas 9.75 6/22/2018 USD 3.92
Lehman Brothers Treas 10.60 4/22/2014 MXN 3.92
Lehman Brothers Treas 16.00 11/9/2008 USD 3.92
Lehman Brothers Treas 16.20 5/14/2009 USD 3.92
Lehman Brothers Treas 4.87 10/8/2013 USD 3.92
Lehman Brothers Treas 7.05 4/8/2015 USD 3.92
Lehman Brothers Treas 7.15 3/21/2013 USD 3.92
Lehman Brothers Treas 7.80 3/31/2018 USD 3.92
Lehman Brothers Treas 2.30 4/28/2014 JPY 3.92
Lehman Brothers Treas 4.00 2/28/2010 EUR 3.92
Lehman Brothers Treas 2.00 5/17/2010 EUR 3.92
Lehman Brothers Treas 4.10 5/20/2009 USD 3.92
Lehman Brothers Treas 6.45 2/20/2010 AUD 3.92
Lehman Brothers Treas 4.00 3/10/2011 EUR 3.92
Lehman Brothers Treas 10.00 10/22/2008 USD 3.92
Lehman Brothers Treas 16.00 10/28/2008 USD 3.92
Lehman Brothers Treas 5.50 4/23/2014 EUR 3.92
Lehman Brothers Treas 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 4.00 1/4/2011 USD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Oberoesterreichische 0.30 4/25/2042 EUR 55.14
Lehman Brothers Treas 4.50 3/7/2015 EUR 3.92
Lehman Brothers Treas 14.10 11/12/2008 USD 3.92
Lehman Brothers Treas 4.00 8/11/2010 USD 8.00
BNP Paribas SA 0.50 11/16/2032 MXN 31.71
Lehman Brothers Treas 0.75 3/29/2012 EUR 3.92
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treas 7.50 8/1/2035 EUR 3.92
Lehman Brothers Treas 4.90 7/28/2020 EUR 3.92
Lehman Brothers Treas 11.00 5/9/2020 USD 3.92
Lehman Brothers Treas 7.00 7/11/2010 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Svensk Exportkredit A 0.50 3/15/2022 ZAR 68.56
Lehman Brothers Treas 4.69 2/19/2017 EUR 3.92
Lehman Brothers Treas 7.60 3/26/2009 EUR 3.92
Lehman Brothers Treas 15.00 3/30/2011 EUR 3.92
Lehman Brothers Treas 6.00 5/12/2017 EUR 3.92
Lehman Brothers Treas 4.10 2/19/2010 EUR 3.92
DekaBank Deutsche Gir 0.12 6/23/2034 EUR 70.89
Landesbank Hessen-Thu 4.00 5/16/2018 EUR 61.20
UBS AG/London 12.50 4/5/2018 USD 64.65
DZ Bank AG Deutsche Z 6.50 3/23/2018 EUR 66.14
DZ Bank AG Deutsche Z 5.75 3/23/2018 EUR 68.62
UniCredit Bank AG 4.40 9/19/2018 EUR 67.24
UBS AG 10.50 12/22/2017 EUR 70.83
UBS AG 10.25 12/22/2017 EUR 50.11
UBS AG 8.50 12/22/2017 EUR 42.49
UBS AG 11.75 12/22/2017 EUR 62.41
UBS AG 7.50 12/22/2017 EUR 46.30
UBS AG 5.75 12/22/2017 EUR 53.84
UBS AG 7.75 12/22/2017 EUR 60.84
UBS AG 5.75 12/22/2017 EUR 73.02
UBS AG 13.00 12/22/2017 EUR 62.74
UBS AG 9.50 12/22/2017 EUR 71.86
UBS AG 7.75 12/22/2017 EUR 71.16
UBS AG 10.50 12/22/2017 EUR 64.63
Landesbank Baden-Wuer 3.15 6/22/2018 EUR 62.34
UBS AG 9.50 12/22/2017 EUR 71.77
UBS AG 5.25 12/22/2017 EUR 57.10
UBS AG 11.75 12/22/2017 EUR 58.99
UBS AG 10.25 12/22/2017 EUR 38.19
UBS AG 5.00 12/22/2017 EUR 60.97
UBS AG 11.75 12/22/2017 EUR 34.32
UBS AG 10.25 12/22/2017 EUR 68.30
UBS AG 6.75 12/22/2017 EUR 49.76
UBS AG 8.25 12/22/2017 EUR 44.38
UBS AG 6.25 12/22/2017 EUR 49.46
UBS AG 11.25 12/22/2017 EUR 64.15
UBS AG 9.00 12/22/2017 EUR 70.85
UBS AG 8.25 12/22/2017 EUR 61.45
UBS AG 4.50 12/22/2017 EUR 61.72
UBS AG 10.50 12/22/2017 EUR 61.82
UBS AG 9.50 12/22/2017 EUR 65.86
UBS AG 6.50 12/22/2017 EUR 49.55
HSBC Trinkaus & Burkh 9.00 9/22/2017 EUR 72.88
HSBC Trinkaus & Burkh 8.30 12/22/2017 EUR 74.59
HSBC Trinkaus & Burkh 2.50 9/22/2017 EUR 63.74
Leonteq Securities AG 10.20 10/24/2018 EUR 56.85
DZ Bank AG Deutsche Z 11.00 10/27/2017 EUR 62.31
Commerzbank AG 15.50 8/23/2017 EUR 64.84
Credit Suisse AG/Lond 11.50 4/25/2018 USD 73.47
Bank Julius Baer & Co 5.40 12/20/2017 CHF 71.55
Vontobel Financial Pr 7.00 12/22/2017 EUR 71.27
Vontobel Financial Pr 12.00 12/22/2017 EUR 62.58
HSBC Trinkaus & Burkh 10.50 11/24/2017 EUR 71.70
Lehman Brothers Treas 3.00 8/13/2011 EUR 3.92
Lehman Brothers Treas 1.50 2/8/2012 CHF 3.92
Lehman Brothers Treas 12.22 11/21/2017 USD 3.92
Lehman Brothers Treas 3.50 12/20/2027 USD 3.92
Lehman Brothers Treas 8.05 12/20/2010 HKD 3.92
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treas 14.90 11/16/2010 EUR 3.92
Lehman Brothers Treas 6.00 10/30/2012 EUR 3.92
Lehman Brothers Treas 16.00 10/8/2008 CHF 3.92
Lehman Brothers Treas 5.50 11/30/2012 CZK 3.92
Lehman Brothers Treas 4.80 11/16/2012 HKD 3.92
United Confectioners 10.50 4/3/2023 RUB 99.96
RGS Nedvizhimost OOO 12.50 2/25/2021 RUB 60.00
Lehman Brothers Treas 7.63 7/22/2011 HKD 3.92
TransFin-M PAO 14.50 2/26/2025 RUB 60.01
Lehman Brothers Treas 6.72 12/29/2008 EUR 3.92
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 99.91
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 99.80
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
TransFin-M PAO 12.50 8/11/2025 RUB 100.00
Lehman Brothers Treas 2.50 11/9/2011 CHF 3.92
Svensk Exportkredit A 0.50 8/25/2021 ZAR 71.51
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treas 8.00 12/31/2010 USD 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
LBI HF 8.65 5/1/2011 ISK 7.13
Lehman Brothers Treas 8.80 12/27/2009 EUR 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 7.50 2/14/2010 AUD 3.92
Lehman Brothers Treas 5.22 3/1/2024 EUR 3.92
Lehman Brothers Treas 3.50 6/20/2011 EUR 3.92
Lehman Brothers Treas 3.45 5/23/2013 USD 3.92
Lehman Brothers Treas 1.95 11/4/2013 EUR 3.92
Lehman Brothers Treas 2.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 5.38 2/4/2014 USD 3.92
Lehman Brothers Treas 9.50 4/1/2018 USD 3.92
Lehman Brothers Treas 2.75 10/28/2009 EUR 3.92
Lehman Brothers Treas 7.60 5/21/2013 USD 3.92
Societe Generale SA 0.50 6/12/2023 RUB 65.18
Lehman Brothers Treas 9.00 5/6/2011 CHF 3.92
Lehman Brothers Treas 15.00 6/4/2009 CHF 3.92
HSBC Bank PLC 0.50 1/29/2027 NZD 70.95
Lehman Brothers Treas 13.50 6/2/2009 USD 3.92
Lehman Brothers Treas 17.00 6/2/2009 USD 3.92
Lehman Brothers Treas 10.44 11/22/2008 CHF 3.92
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 99.81
Lehman Brothers Treas 3.82 10/20/2009 USD 3.92
Lehman Brothers Treas 7.75 2/21/2016 EUR 3.92
Credit Suisse AG 0.50 12/16/2025 BRL 46.17
Lehman Brothers Treas 5.00 8/1/2025 EUR 3.92
Lehman Brothers Treas 9.25 6/20/2012 USD 3.92
Lehman Brothers Treas 0.01 9/20/2011 USD 3.92
Lehman Brothers Treas 2.48 5/12/2009 USD 3.92
Lehman Brothers Treas 4.00 5/17/2010 USD 3.92
Lehman Brothers Treas 7.50 6/15/2017 USD 3.92
Lehman Brothers Treas 4.00 5/30/2010 USD 3.92
Lehman Brothers Treas 2.25 5/12/2009 USD 3.92
Lehman Brothers Treas 0.80 12/30/2016 EUR 3.92
Lehman Brothers Treas 10.00 1/3/2012 BRL 3.92
Societe Generale SA 0.50 7/6/2021 BRL 68.24
Credit Agricole Corpo 0.50 3/6/2023 RUB 66.61
Lehman Brothers Treas 4.10 6/10/2014 SGD 9.63
Barclays Bank PLC 1.00 5/10/2019 JPY 64.99
Lehman Brothers Treas 0.50 2/16/2009 EUR 3.92
Lehman Brothers Treas 8.00 4/20/2009 EUR 3.92
Lehman Brothers Treas 1.60 6/21/2010 JPY 3.92
Lehman Brothers Treas 2.40 6/20/2011 JPY 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
Lehman Brothers Treas 8.50 7/6/2009 CHF 3.92
Lehman Brothers Treas 7.50 9/13/2009 CHF 3.92
Lehman Brothers Treas 5.25 4/1/2023 EUR 3.92
Lehman Brothers Treas 4.82 12/18/2036 EUR 3.92
HSBC Bank PLC 0.50 12/22/2025 BRL 45.54
Lehman Brothers Treas 3.70 6/6/2009 EUR 3.92
Eiendomskreditt AS 5.10 NOK 65.50
Lehman Brothers Treas 5.20 3/19/2018 EUR 3.92
Lehman Brothers Treas 6.00 2/14/2012 EUR 3.92
Lehman Brothers Treas 0.25 10/19/2012 CHF 3.92
Lehman Brothers Treas 1.68 3/5/2015 EUR 3.92
Lehman Brothers Treas 8.00 12/27/2032 JPY 3.92
Lehman Brothers Treas 13.50 11/28/2008 USD 3.92
Lehman Brothers Treas 9.00 5/15/2022 USD 3.92
Lehman Brothers Treas 7.39 5/4/2017 USD 3.92
Lehman Brothers Treas 6.60 2/22/2012 EUR 3.92
Lehman Brothers Treas 8.28 3/26/2009 USD 3.92
Lehman Brothers Treas 6.85 12/22/2008 EUR 3.92
Lehman Brothers Treas 7.00 2/15/2012 EUR 3.92
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treas 4.20 12/3/2008 HKD 9.63
Lehman Brothers Treas 13.00 7/25/2012 EUR 3.92
Lehman Brothers Treas 4.00 10/12/2010 USD 3.92
Lehman Brothers Treas 7.00 10/22/2010 EUR 3.92
Lehman Brothers Treas 1.50 10/12/2010 EUR 3.92
Lehman Brothers Treas 4.60 11/9/2011 EUR 8.00
Nuova Banca delle Mar 7.20 6/30/2018 EUR 1.24
Nuova Banca delle Mar 7.75 6/30/2018 EUR 1.24
LBI HF 7.43 USD 0.00
Lehman Brothers Treas 8.00 10/23/2008 USD 3.92
Lehman Brothers Treas 3.40 9/21/2009 HKD 3.92
Lehman Brothers Treas 18.25 10/2/2008 USD 3.92
Lehman Brothers Treas 2.50 8/23/2012 GBP 3.92
Artug OAO 15.00 7/14/2025 RUB 1.40
Lehman Brothers Treas 4.25 5/15/2010 EUR 3.92
Lehman Brothers Treas 3.35 10/13/2016 EUR 3.92
Raiffeisen Centrobank 9.85 12/20/2017 EUR 66.16
Raiffeisen Centrobank 13.01 12/20/2017 EUR 63.48
Raiffeisen Centrobank 7.54 12/28/2018 EUR 63.93
Raiffeisen Centrobank 6.23 12/28/2018 EUR 68.78
Commerzbank AG 12.00 2/22/2018 EUR 72.27
Commerzbank AG 15.75 2/22/2018 EUR 67.63
BNP Paribas Emissions 16.00 9/21/2017 EUR 46.52
BNP Paribas Emissions 6.00 10/26/2017 EUR 59.85
BNP Paribas Emissions 13.00 10/26/2017 EUR 49.32
BNP Paribas Emissions 5.00 12/21/2017 EUR 63.29
BNP Paribas Emissions 6.00 12/21/2017 EUR 60.59
BNP Paribas Emissions 9.00 12/21/2017 EUR 56.30
BNP Paribas Emissions 6.00 9/21/2017 EUR 59.30
BNP Paribas Emissions 9.00 9/21/2017 EUR 54.19
BNP Paribas Emissions 13.00 10/26/2017 EUR 68.93
UBS AG/London 12.50 12/22/2017 EUR 69.53
UBS AG/London 5.00 12/22/2017 EUR 70.48
UBS AG/London 7.75 12/22/2017 EUR 63.13
Bank Julius Baer & Co 5.20 9/25/2017 EUR 67.10
Leonteq Securities AG 3.00 9/19/2019 CHF 56.06
Raiffeisen Schweiz Ge 5.00 6/6/2018 CHF 73.32
Raiffeisen Schweiz Ge 5.00 6/13/2018 CHF 72.66
Raiffeisen Schweiz Ge 5.00 7/25/2018 CHF 73.90
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 71.86
EFG International Fin 14.00 3/8/2018 CHF 73.16
UBS AG/London 4.50 12/22/2017 EUR 73.38
UBS AG/London 7.00 12/22/2017 EUR 58.96
UBS AG/London 4.00 12/22/2017 EUR 73.02
UBS AG/London 9.00 12/22/2017 EUR 52.60
UBS AG/London 5.75 12/22/2017 EUR 65.18
UBS AG/London 11.00 12/22/2017 EUR 74.65
UBS AG/London 6.25 12/22/2017 EUR 63.03
UBS AG/London 14.50 12/22/2017 EUR 68.94
UniCredit Bank AG 5.00 9/25/2017 EUR 73.78
Credit Suisse AG/Nass 5.25 5/14/2018 CHF 71.26
Raiffeisen Schweiz Ge 4.50 5/23/2018 CHF 73.25
UniCredit Bank AG 4.30 10/17/2018 EUR 66.35
Landesbank Baden-Wuer 3.30 6/22/2018 EUR 63.89
UniCredit Bank AG 4.30 12/22/2017 EUR 58.87
DekaBank Deutsche Gir 3.30 2/26/2018 EUR 48.77
UBS AG 4.50 12/22/2017 EUR 53.26
UBS AG 5.00 12/22/2017 EUR 60.81
Landesbank Baden-Wuer 3.05 6/22/2018 EUR 69.20
DekaBank Deutsche Gir 3.00 4/16/2018 EUR 73.09
Leonteq Securities AG 10.00 12/27/2017 USD 57.17
Raiffeisen Schweiz Ge 15.00 12/27/2017 CHF 68.36
HSBC Trinkaus & Burkh 8.95 12/22/2017 EUR 67.80
DZ Bank AG Deutsche Z 8.30 9/22/2017 EUR 51.26
HSBC Trinkaus & Burkh 1.75 8/25/2017 EUR 59.67
Deutsche Bank AG 6.20 9/19/2017 EUR 72.10
Deutsche Bank AG 6.20 12/19/2017 EUR 73.60
UBS AG/London 6.30 12/29/2017 EUR 57.87
HSBC Trinkaus & Burkh 4.80 9/22/2017 EUR 59.18
HSBC Trinkaus & Burkh 13.70 12/22/2017 EUR 71.56
Vontobel Financial Pr 11.50 9/22/2017 EUR 72.98
HSBC Trinkaus & Burkh 8.40 9/22/2017 EUR 51.63
HSBC Trinkaus & Burkh 3.00 9/22/2017 EUR 65.55
UBS AG 24.10 9/28/2017 EUR 49.75
HSBC Trinkaus & Burkh 14.10 9/22/2017 EUR 70.33
Leonteq Securities AG 7.00 10/19/2017 CHF 68.31
Norddeutsche Landesba 3.00 10/30/2018 EUR 57.81
DZ Bank AG Deutsche Z 10.00 12/22/2017 EUR 72.42
DZ Bank AG Deutsche Z 11.80 12/22/2017 EUR 69.94
DZ Bank AG Deutsche Z 7.70 3/23/2018 EUR 72.58
DZ Bank AG Deutsche Z 9.60 3/23/2018 EUR 70.87
Leonteq Securities AG 15.60 12/19/2017 CHF 70.78
Leonteq Securities AG 17.60 12/19/2017 USD 70.94
Vontobel Financial Pr 18.40 9/11/2017 EUR 70.33
Commerzbank AG 4.00 7/6/2018 EUR 50.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 73.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 74.08
HSBC Trinkaus & Burkh 10.07 6/22/2018 EUR 74.26
HSBC Trinkaus & Burkh 5.00 6/22/2018 EUR 66.20
UBS AG/London 3.81 10/28/2017 USD 57.15
HSBC Trinkaus & Burkh 10.10 2/23/2018 EUR 71.98
HSBC Trinkaus & Burkh 11.60 3/23/2018 EUR 70.03
Commerzbank AG 12.75 1/25/2018 EUR 71.73
Commerzbank AG 16.50 1/25/2018 EUR 66.79
Leonteq Securities AG 16.60 5/7/2018 USD 57.48
Vontobel Financial Pr 9.05 12/22/2017 EUR 74.74
UBS AG/London 6.50 1/25/2018 CHF 70.60
Goldman Sachs & Co We 10.00 9/20/2017 EUR 72.43
Goldman Sachs & Co We 14.00 9/20/2017 EUR 63.70
DekaBank Deutsche Gir 3.50 10/28/2019 EUR 64.59
Bank Julius Baer & Co 5.50 11/6/2017 CHF 62.35
Bank Julius Baer & Co 7.75 2/9/2018 USD 53.20
HSBC Trinkaus & Burkh 10.90 10/27/2017 EUR 69.05
HSBC Trinkaus & Burkh 10.10 1/26/2018 EUR 71.26
Raiffeisen Schweiz Ge 3.00 9/22/2020 CHF 67.24
UniCredit Bank AG 3.50 1/29/2020 EUR 74.37
EFG International Fin 7.00 11/27/2019 EUR 16.81
Goldman Sachs Interna 1.00 12/5/2017 SEK 15.60
Bayerische Landesbank 2.70 7/13/2018 EUR 69.11
UniCredit Bank AG 3.80 7/23/2020 EUR 66.13
UniCredit Bank AG 4.40 7/13/2018 EUR 61.78
Bayerische Landesbank 2.40 7/20/2018 EUR 70.79
Norddeutsche Landesba 3.00 7/16/2018 EUR 64.69
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 73.09
EFG International Fin 5.30 6/24/2019 EUR 73.28
Landesbank Baden-Wuer 3.70 7/27/2018 EUR 67.14
UniCredit Bank AG 5.00 7/30/2018 EUR 66.43
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 67.59
Landesbank Baden-Wuer 4.00 6/22/2018 EUR 62.05
Landesbank Baden-Wuer 3.60 6/22/2018 EUR 59.56
DekaBank Deutsche Gir 3.00 5/13/2019 EUR 73.93
Bayerische Landesbank 2.90 6/22/2018 EUR 68.68
Landesbank Baden-Wuer 2.50 12/22/2017 EUR 73.83
Landesbank Baden-Wuer 3.50 7/27/2018 EUR 62.89
Landesbank Baden-Wuer 3.40 7/27/2018 EUR 63.11
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 70.69
DekaBank Deutsche Gir 2.80 5/13/2019 EUR 61.23
Bayerische Landesbank 2.70 6/22/2018 EUR 70.67
Landesbank Baden-Wuer 2.60 8/23/2019 EUR 66.33
Lehman Brothers Treas 4.10 8/23/2010 USD 3.92
Lehman Brothers Treas 3.00 9/13/2010 JPY 8.00
Lehman Brothers Treas 6.60 2/9/2009 EUR 3.92
Societe Generale SA 0.50 4/30/2023 RUB 65.76
HSBC Bank PLC 0.50 10/30/2026 NZD 71.86
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2017. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *