/raid1/www/Hosts/bankrupt/TCREUR_Public/171106.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, November 6, 2017, Vol. 18, No. 220
Headlines
A R M E N I A
CONVERSE BANK: Moody's Assigns B2 Long-Term Deposit Rating
C R O A T I A
AGROKOR DD: SDP Submits No-Confidence Vote Motion Over Crisis
I R E L A N D
AQUEDUCT 2-2017: Moody's Assigns (P)B2 Rating to Class F Notes
AQUEDUCT 2-2017: S&P Assigns Prelim. B- Rating to Class F Notes
HARBOURMASTER PRO-RATA: Fitch Affirms B Rating on Cl. B2 Debt
K A Z A K H S T A N
DELTA BANK: Central Bank Revokes License, Initiates Liquidation
KCELL JSC: Fitch Assigns BB Long-Term IDR, Outlook Stable
N E T H E R L A N D S
CONSTELLIUM NV: S&P Alters Outlook to Stable & Affirms 'B-' CCR
DCDML 2016-1: Fitch Lowers Rating on Class E Notes to B-
DRYDEN 56 2017: S&P Assigns Prelim B- Rating to Class F Notes
FAB CBO 2002-1: Moody's Affirms Caa2 Rating on Class B Notes
R U S S I A
HOME CREDIT: Fitch Ups LT Issuer Default Ratings to 'BB-'
PROMSVYAZBANK: Moody's Lowers Long-Term Deposit Ratings to B2
VOZROZHDENIE BANK: Moody's Reviews B1 Rating for Downgrade
S E R B I A
FABRIKA AKUMULATORA: Creditors Reject Batagon's Improved Offer
U N I T E D K I N G D O M
ASTON MARTIN: S&P Alters Outlook to Positive & Affirms B- CCR
LAKESMERE: Enters Administration, 109 Jobs Affected
QUOTIENT LIMITED: Reports Second Quarter Net Loss of US$21.7M
QUOTIENT LIMITED: Shareholders Re-Elect Eight Directors
QUOTIENT LIMITED: Galen Entities Own 16% of Shares as of Oct. 26
REDX PHARMA: Exits Administration, Resumes Trading
UMV GLOBAL: Moody's Withdraws B1 Corporate Family Rating
WEST OF SCOTLAND: Cash Flow Problems Prompt Administration
U Z B E K I S T A N
KAPITALBANK: S&P Cuts ICR to CCC+/C & Puts on Rating Watch Neg.
X X X X X X X X
* BOND PRICING: For the Week October 30 to November 3, 2017
*********
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A R M E N I A
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CONVERSE BANK: Moody's Assigns B2 Long-Term Deposit Rating
----------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
Armenia-based Converse Bank CJSC (Converse Bank): B2 long-term
and NP short-term local- and foreign-currency deposit ratings, b2
baseline credit assessment (BCA) and adjusted BCA, and B1(cr)
long-term and NP(cr) short-term Counterparty Risk Assessment (CR
Assessment). The long-term deposit ratings carry a stable
outlook.
RATINGS RATIONALE
The B2 long-term deposit ratings assigned to Converse Bank
incorporates its b2 Baseline Credit Assessment and reflects the
bank's: (1) solid loss absorption capacity as evidenced by its
high capital adequacy and sound profitability; (2) adequate
funding and liquidity profiles; and (3) strong financial and
business support from the bank's Argentinean shareholder of
Armenian origin. At the same time, Converse Bank's ratings are
constrained by the bank's rapidly growing loan book, which could
put pressure on its asset quality upon seasoning, as well as high
share of foreign-currency exposure.
Converse Bank's current asset quality indicators are robust with
problem loans (which include impaired corporate loans, plus
retail loans overdue by more than 90 days) amounting to 5.5% of
gross loans as of July 1, 2017 (down from 6.2% as of end- 2016),
and are adequately covered by loan loss reserves at 60% as of H1
2017. Converse Bank is targeting annual loan book growth of
around 25% in 2017-2019, with the focus on SME and retail
segment. It has already increased its loan book by 15% in the
first half 2017. Although the current rebound in the Armenian
economy (Moody's forecasts GDP growth of 4.5% in 2017) suggests
better operating conditions for new lending prospects, Moody's
views such bank's growth strategy as aggressive. Asset quality
might come under pressure upon seasoning and must be tested by
time. In addition, exposure to foreign-currency denominated loans
accounted for high 78% of total loans as of end-2016, a level
that is, although typical for many Armenian banks, renders asset
quality vulnerable to potential FX volatility.
Converse Bank's capital adequacy was recently supported by a Tier
1 capital injection of AMD9.5 billion in 2016, following
tightened regulatory minimum capital requirements of AMD30
billion for Armenian banks. Bank's Tier 1 and total capital
adequacy ratios (CAR) under Basel II amounted to 15.4% and 19.4%
as of July 1, 2017, having marginally decreased from the
beginning of the year amid active loan growth. Good internal
capital generation, with annualized return on average assets
(ROAA) of 1.5% in H1 2017, also contributes to the bank's capital
buffer. In addition, shareholder is committed to providing
support to the bank, which underpins Moody's view of the bank's
sound loss absorption capacity.
The bank also benefits from business inflows thanks to its
shareholders' connections. Related-party loans to the
shareholders' business abroad are backed by deposits and are thus
risk free, but generate sound margins, supporting bank's
profitability. Around 70% of related-party loans are cash covered
by shareholder's deposits with net related-party exposure
amounting to 20.8% of shareholders' equity as of July 1, 2017.
Moody's expects Converse Bank's recurring profitability to
strengthen further, supported by an improving interest margin,
given the focus on high-yielding products and declining funding
cost. In addition, fees and commissions provide a stable revenue
source generating around 30% of the bank's pre-provision
earnings, supported by Converse Collection and Converse Transfer
companies.
Converse Bank's funding and liquidity profiles are adequate with
moderate deposit concentrations and a low reliance on market
funding of about 11% of assets as of July 1, 2017. Around 80% of
the bank's liabilities are represented by customer accounts, half
of which are retail deposits. The bank also benefits from
servicing suppliers of Yerevan airport and pensions inflows
through post offices. The liquidity cushion provides an ample
buffer against potential outflows and amounted to 30% of assets
as of July 1, 2017. Moody's expects that further lending growth
might result in a gradual depletion of the liquidity cushion.
STABLE OUTLOOK
The stable outlook ratings reflects Moody's expectations of the
bank's stable performance over the next 12-18 months. It balances
the bank's currently adequate solvency profile and shareholders'
potential support with the asset quality risks from rapid loan
growth and high foreign-currency exposure.
WHAT COULD MOVE THE RATING UP/DOWN
Positive rating action might be considered following further
strengthening of bank's financial performance with demonstrated
good asset quality despite rapid loan growth, decreased FX
exposure, maintained solid capital buffer and liquidity cushions.
Conversely, negative pressure could be exerted on Converse Bank's
ratings in the case of a material deterioration of the bank's
asset quality, capital erosion and/or liquidity shortage.
LIST OF ASSIGNED RATINGS
Issuer: Converse Bank CJSC
Assignments:
-- LT Bank Deposits, Assigned B2 Stable
-- ST Bank Deposits, Assigned NP
-- Adjusted Baseline Credit Assessment, Assigned b2
-- Baseline Credit Assessment, Assigned b2
-- LT Counterparty Risk Assessment, Assigned B1(cr)
-- ST Counterparty Risk Assessment, Assigned NP(cr)
Outlook Actions:
-- Outlook, Assigned Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
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C R O A T I A
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AGROKOR DD: SDP Submits No-Confidence Vote Motion Over Crisis
-------------------------------------------------------------
SeeNews reports that Croatia's opposition Social Democratic Party
(SDP) has submitted a motion to parliament for a no-confidence
vote in the coalition government over the way it has handled the
financial crisis in Agrokor, the country's largest company.
According to SeeNews, SDP leader Davor Bernardic said so far, 31
MP's have backed the motion. The no-confidence motion needs 76
votes to pass, SeeNews states. The vote is expected to take
place in the next 30 days, SeeNews notes.
"SDP wants to untangle the corruption octopus, the conspiracy and
cesspool, in which the Plenkovic cabinet has found itself because
of the Agrokor case", SeeNews quotes Mr. Bernardic as saying.
"The no-confidence vote will reveal whose hands are clean and who
is in the cesspool."
Mr. Bernardic claimed that prime minister Andrej Plenkovic and
his ruling party HDZ have allowed an unnamed "vulture fund" to
gain a majority in the council of creditors of Agrokor and to
become a co-owner of the concern's assets, SeeNews relates.
In June, Agrokor signed a roll-up loan arrangement of up to
EUR1.06 billion (US$1.2 billion) with over 30 creditors,
including foreign investment funds and banks, to maintain
operations during a period of restructuring period under
extraordinary administration, SeeNews recounts.
"We are against Agrokor going into bankruptcy, but we are also
against the siphoning of money, we are against a vulture fund
managing Agrokor and the non-transparent processes that are
taking place," SeeNews quotes Mr. Bernardic as saying.
About Agrokor DD
Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).
On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies. This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.
Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.
In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion. The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.
On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative. Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2. The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.
On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.
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I R E L A N D
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AQUEDUCT 2-2017: Moody's Assigns (P)B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Aqueduct
European CLO 2-2017 Designated Activity Company (the "Issuer"):
-- EUR234,000,000 Class A Senior Secured Floating Rate Notes due
2030, Assigned (P)Aaa (sf)
-- EUR37,800,000 Class B-1 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aa2 (sf)
-- EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aa2 (sf)
-- EUR21,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)A2 (sf)
-- EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)Baa2 (sf)
-- EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)Ba2 (sf)
-- EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
RATINGS RATIONALE
Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, HPS Investment
Partners CLO (UK) LLP ("HPS Investment Partners"), has sufficient
experience and operational capacity and is capable of managing
this CLO.
Aqueduct European CLO 2-2017 Designated Activity Company is a
managed cash flow CLO. At least 96% of the portfolio must consist
of senior secured loans and senior secured bonds and up to 4% of
the portfolio may consist of unsecured obligations, second-lien
loans, mezzanine loans and high yield bonds. The bond bucket
gives the flexibility to Aqueduct European CLO 2-2017 Designated
Activity Company to hold bonds. The portfolio is expected to be
approximately at least 65% ramped up as of the closing date and
to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.
HPS Investment Partners will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk obligations, and are subject
to certain restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR18.72m of subordinated M-1 notes, EUR21.1m
of subordinated M-2 notes and EUR0.1m of subordinated M-3 notes,
which will not be rated. To the extent M-2 and M-3 subordinated
notes are held by affiliates of HPS Investment Partners, these
notes will accrue interest in the amount of the senior and
subordinated management fee which would have otherwise been paid
to the collateral manager. In case of a so-called distribution
switch event triggered by the removal and replacement of HPS
Investment Partners as the manager under this transaction, the
transaction will convert back to directly paying fees to the
(third party) collateral manager.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. HPS Investment Partners'
investment decisions and management of the transaction will also
affect the notes' performance.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR400,000,000
Diversity Score: 40
Weighted Average Rating Factor (WARF): 2670
Weighted Average Spread (WAS): 3.20%
Weighted Average Recovery Rate (WARR): 43%
Weighted Average Life (WAL): 8 years.
Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with A3. The remainder of the pool will be domiciled in
countries which currently have a local or foreign currency
country ceiling of Aaa or Aa1 to Aa3.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3071 from 2670)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3471 from 2670)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -3
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -3
Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale report, available soon on
Moodys.com.
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.
AQUEDUCT 2-2017: S&P Assigns Prelim. B- Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Aqueduct European CLO 2-2017 DAC (Aqueduct 2-2017)'s class A, B1,
B2, C, D, E, and F notes.
The preliminary ratings assigned to Aqueduct 2-2017's notes
reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is expected to be
bankruptcy remote.
-- The transaction's counterparty risks.
S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013).
"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in our criteria (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).
"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."
Aqueduct 2-2017 is a broadly syndicated collateralized loan
obligation (CLO) transaction managed by HPS Investment Partners
CLO (UK), LLP, which is a wholly owned subsidiary of HPS
Investment Partners LLC.
RATINGS LIST
Preliminary Ratings Assigned
Aqueduct European CLO 2-2017 DAC
EUR410.92 Million Floating- And Fixed-Rate Notes
(Including EUR39.92 Million Unrated Notes)
Class Prelim. Prelim.
rating amount
(mil. EUR)
A AAA (sf) 234.00
B1 AA (sf) 37.80
B2 AA (sf) 20.00
C A (sf) 21.20
D BBB (sf) 22.00
E BB (sf) 24.00
F B- (sf) 12.00
M1 NR 18.72
M2 NR 21.10
M3 NR 0.10
NR--Not rated.
HARBOURMASTER PRO-RATA: Fitch Affirms B Rating on Cl. B2 Debt
-------------------------------------------------------------
Fitch Ratings has affirmed Harbourmaster Pro-Rata 2 CLO:
Class A3: affirmed at 'Asf'; Outlook Stable
Class A4 E: affirmed at 'BBB+sf'; Outlook Stable
Class A4 F: affirmed at 'BBB+sf'; Outlook Stable
Class B1 E: affirmed at 'BB+sf'; Outlook Stable
Class B1 F: affirmed at 'BB+sf'; Outlook Stable
Class B2: affirmed at 'Bsf'; Outlook Negative
KEY RATING DRIVERS
The affirmation reflects the increase in credit enhancement (CE)
across the capital structure due to the transaction's
deleveraging since November 2016. This has offset portfolio
concentration (the number of obligors has decreased to 13 from 38
in November 2016)
The class A2 notes have paid down by EUR111 million since
November 2016 and have been paid in full. The class A3 notes have
paid down by EUR35.7 million since November 2016 and CE has
increased significantly as a result of continued asset
amortisation.
Fitch has affirmed the class A3, A4 and B1 notes despite the
increased CE due to an increase in obligor concentration. The top
five obligors now represent 68.7% of the portfolio. As per its
criteria, Fitch will not upgrade a note due to excessive obligor
concentration, if Fitch expects the notes to remain outstanding
when there are fewer than 10 performing obligors rated in the 'B'
category.
The affirmation of the class B2 notes reflects that although it
is exposed to portfolio concentration risk, this can be offset by
portfolio prepayment.
The portfolio credit quality has remained stable overall. All
portfolio profile tests, portfolio quality tests and coverage
tests are passing. The transaction is scheduled to mature in
October 2022 and the portfolio's weighted average life (WAL) has
decreased to 3.03 years from 3.33 years one year ago.
Fitch's Global Rating Criteria for CLOs and Corporate CDOs does
not describe default patterns for portfolios with a WAL lower
than 3.5 years. As such, the agency adjusted its default patterns
to account for the transaction's short tenor. In the front-loaded
scenario, Fitch assumed 50% of the defaults occurred in year one
and 25% in years two and three. In the mid-default timing, Fitch
assumed 50% of the default occurred in year two and 25% in years
one and three. In the back-default timing, Fitch assumed 50% of
the default occurred in year three and 25% in years one and two.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of two notches for the class A3 and B2 notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of two notches for the class B1E/F and B2 notes.
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K A Z A K H S T A N
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DELTA BANK: Central Bank Revokes License, Initiates Liquidation
---------------------------------------------------------------
Olzhas Auyezov at Reuters reports that Kazakhstan's central bank
on Nov. 3 said it has revoked the license of troubled lender
Delta Bank and initiated its liquidation.
The central bank, which had suspended Delta's deposit license in
May, said the move followed repeated failures by Delta to meet
its obligations and regulatory requirements, Reuters relates.
Delta has assets of about US$760 million, Reuters discloses.
KCELL JSC: Fitch Assigns BB Long-Term IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating
(IDR) of 'BB' and a Kazakhstan National Long-Term Rating of
'A(kaz)' to Kcell JSC. The Outlooks are Stable.
Kcell is the market-leading mobile-only operator in Kazakhstan.
The company does not have a proprietary backbone network and
lacks any broadband bundling options, which is a strategic
weakness. Leverage is likely to remain moderate but higher than
the company's public target of up to 0.9x net debt/EBITDA, driven
by continuing 4G and backbone investments in the medium term.
Kcell is majority controlled by Telia Company AB (A-/Stable);
Fitch expect this to change soon, in line with Telia's intention
to divest its emerging-market assets in the near future.
KEY RATING DRIVERS
Leading Market Positions: Kcell is the leader in Kazakhstan's
three-operator mobile market, with a subscriber market share of
39% at end-2016, within its targeted range. A rapid 4G roll-out
after receiving 4G spectrum in 2016 and significant network
investments will help protect its positions. The impact of mobile
number portability is unlikely to be significantly negative. The
company has only shed about 50,000 subscribers on a net basis,
less than 1% of the total, since its introduction in January
2016.
Intense But More Rational Competition: Competition in the Kazakh
mobile market is likely to remain intense but more rational than
in 2015-2016, after Kazakhtelecom's mobile subsidiary Altel and
Tele2 merged their mobile assets into a joint venture at end-2015
operating under the Tele2 brand. The merger was between the two
most disruptive companies in the market. The new enlarged
operator is likely to be less aggressive. Tele2 is targeting
further market share growth, but it already has about a quarter
of the market by subscribers, and financial performance has
become a greater priority.
Less Pressure Ahead: Fitch expect Kcell's revenues to be flat to
modestly negative yoy due to more rational competition and
improvements in macroeconomic sentiment. Kcell's competitors
removed most aggressive all-inclusive unlimited pricing offers in
early 2017, paving the way for less pricing disruption.
Relatively low current tariffs do not leave much headroom for
further undercutting as operators risk turning consistently free
cash flow negative and never recouping their investments.
Kcell's revenues and EBITDA were under severe stress in 2015-
2016, with 2016 revenues lower by 22% compared with 2014 and
adjusted EBITDA shedding 45% over this two-year period. The
EBITDA margin fell to 39% in 2016 from 56% in 2014.
Lack of Backbone: Fitch view Kcell's lack of a proprietary
backbone network and its over-reliance on other operators for
domestic transit traffic as a strategic weakness in the absence
of long-term contractual relationships. Short-term network leases
are exposed to substantial repricing risk, particularly on the
about 15% of Kazakhstan territory where alternative network
providers are not present. Kcell's management is exploring a
number of options to address this issue, but Fitch believe higher
lease payments and additional investments into back-bone
infrastructure are likely in the short to medium term.
Cost-Cutting Benefits Delayed: Fitch do not expect the company's
EBITDA margins to improve from the high 30s in the short to
medium term, in spite of substantial cost-cutting efforts. Faced
with severe declines in revenue and EBITDA in 2015-2016, Kcell
launched strategic initiatives aimed at significant operating
improvements and cost savings in the long run. However, these are
being run largely in parallel, entail a degree of execution risk
and may require additional expenses in the short to medium term,
in Fitch view.
Kcell has announced that it will change its equipment vendor and
plans to insource network maintenance, as it considers the
current external maintenance provider non-optimal. The company is
also replacing its billing and some IT systems, and is reviewing
its distribution practices, in addition to some marketing
initiatives.
Moderate Leverage Overall: Fitch estimate that Kcell's leverage
may keep modestly rising due to negative free cash flow resulting
from high capex. Fitch expect FFO adjusted net leverage of 2.1x-
2.6x in the medium term (2.1x at end-2016).
The company's organic capex spend has been in the low teens on
average over 2012-2016, but Fitch believe it may rise to the mid-
to-high teens, pushed by continuing 4G investments and new
backbone construction. The company may also need to keep capex
parity with its peers in absolute terms, with Tele2 having
invested over KZT20 billion in 2016. The company's public target
is to have leverage between 0.5x and 0.9x net debt/EBITDA
(company definition) and pay out at least 70% of net income.
Pending Shareholding Change: Fitch treats a pending shareholder
change as an event risk. Kcell is majority controlled by Telia
but this is scheduled to change as Telia announced plans to
'responsibly' dispose of its emerging market assets, with an exit
expected by the shareholder before end-2017. A number of
scenarios are possible, but shareholding changes may not
necessarily put pressure on the ratings unless accompanied by a
prolonged rise in leverage or resulting in a new controlling
shareholder with a significantly lower credit profile than Kcell
and unfettered power to take cash out of the company.
DERIVATION SUMMARY
Kcell's operating and leverage profile is similar to that of its
Russian mobile peers PJSC Mobile TeleSystems (BB+/Rating Watch
Negative) and PJSC Megafon (BB+/Stable) but these benefit from
more presence in the fixed-line/broadband segment, largely
proprietary backbone infrastructure and a near completion of 4G
roll-out. Unlike incumbent Kazakhtelecom JSC (BB+/Stable), Kcell
lacks fixed broadband/pay-TV bundling opportunities, although it
benefits from stronger mobile-only market positions. Italian Wind
Tre SpA (B+/Positive) is rated lower due to higher leverage.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Kcell include:
- modest and improving low-single-digit service revenue declines
in the medium term;
- EBITDA margin in the high-30s, with margin pressure from
higher backbone leases not exceeding 1%;
- continuing negative working capital movements driven by
handset sales;
- capex in the mid-to-high teens in 2017-2020;
- dividends on par with the company's guidance of 70% of net
income.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Lower dependence on external providers for domestic traffic
transit, better broadband bundling opportunities
- Stronger free cash flow generation while maintaining market
leadership and network quality parity with peers, and
comfortable liquidity
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Leverage sustainably above 3x FFO-adjusted net leverage
without a clear path for deleveraging
- Continuing market share losses and financial underperformance
leading to persistent and strongly negative FCF
- Persistently weak liquidity situation
- Negative changes in corporate governance after Telia's exit
LIQUIDITY
Limited Liquidity: Cash on balance sheet totalled KZT13.8 billion
at end-1H17, only sufficient to cover KZT8 billion of scheduled
maturities within the following 11 months, without any available
committed lines. The consistent lack of adequate liquidity to
cover short-term obligations on a rolling basis would be a credit
concern, and may lead to a negative rating action. Kcell's
liquidity is supported by good relationships with large domestic
banks that are typically prepared to renegotiate and extend the
maturity of their facilities ahead of their scheduled due dates.
FULL LIST OF RATING ACTIONS
Kcell JSC
-- Long-Term IDR: assigned at 'BB', Outlook Stable
-- Kazakhstan National Long-Term Rating: assigned at 'A(kaz)',
Outlook Stable
=====================
N E T H E R L A N D S
=====================
CONSTELLIUM NV: S&P Alters Outlook to Stable & Affirms 'B-' CCR
---------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
Netherlands-incorporated aluminum producer Constellium N.V. At
the same time, S&P affirmed its 'B-' long-term corporate credit
rating on the company.
S&P said, "We also assigned a 'B-' issue-level rating and a '4'
recovery rating to the company's proposed $450 million and EUR400
million senior unsecured bonds maturing in 2026.
"In addition, we placed our 'CCC+' issue-level ratings on
Constellium's existing senior unsecured debt on CreditWatch with
positive implications, including its EUR300 million bond due
2021, its $400 million bond due 2024, and its $650 million bond
due 2025. The recovery rating on these unsecured issues is
currently '5' and is expected to be revised to '4', once
refinancing is completed.
"We have affirmed our 'B+' issue-level rating on the company's
$400 million senior secured bond due 2021, with a recovery rating
of '1'. In addition, we have affirmed our 'CCC+' issue-level
rating on the company's $400 million and EUR240 million senior
unsecured bonds due 2023, with a recovery rating of '5'. We
expect these bonds to be repaid after the refinancing.
"The rating actions reflect the company's improved operating
performance. Its EBITDA rose 12% over the first nine months of
2017, compared with the previous year. The company is on track to
deliver full-year EBITDA growth of over 10%, which is ahead of
our expectations and the company's previous guidance.
Consequently, we expect Constellium to show lower-than-expected
adjusted debt to EBITDA, estimated at just below 7.0x in 2017 and
below 6.5x in 2018, from our previous expectations of about 7.5x
in both years and increasing funds from operations (FFO) cash
interest coverage to about 3.0x in 2017 and 3.7x in 2018. These
ratios factor in the successful equity offering ($275 million in
proceeds), proposed issuance of two new bonds, and redemption of
three existing bonds that will ensue."
Constellium benefited from a dynamic market in the first nine
months of 2017. Combined with an improved product mix and cost
controls, this resulted in EBITDA per ton growth in all of its
business segments. Most of the growth came from the automotive
and aerospace end markets; demand for can sheet remained broadly
stable.
Constellium is also making progress in other industrial segments,
such as truck products, some of which can have margins as high as
aerospace products. The company has reduced its cost base by
about EUR20 million at run-rate, and has identified further
savings opportunities of about EUR60 million-EUR90 million by
2019. S&P does not currently expect any restructuring costs in
connection with these savings. The company's main challenges
remain the Bowling Green CALP line ramp-up and the Muscle Shoals
automotive readiness program, both of which are likely to require
more investment to increase profitability and reflect the
company's ongoing transformation toward more-complex products and
processes.
Constellium has proposed issuing new $450 million and EUR400
million senior unsecured bonds, the proceeds of which it will use
to repay the $425 million senior secured bond maturing in 2021
and the $400 million senior unsecured bond maturing in 2023.
Furthermore, the company has successfully closed the sale of 25
million new shares (approximately $275 million proceeds), the
proceeds of which will go toward the repayment of the EUR240
million senior unsecured bond maturing in 2023.
Aside from the proposed bond refinancings, Constellium has
undertaken several other initiatives that are reducing interest
expenses and contributing to a longer-dated and leaner capital
structure. Since the beginning of the year, the company has:
-- Issued $650 million senior unsecured notes due 2025 and
redeemed the $650 million senior secured notes at Wise
Metals;
-- Replaced the Wise asset-based loan (ABL) and Ravenswood ABL
with a new $300 million pan-U.S. ABL maturing in 2022;
-- Put in place a French inventory facility of EUR100 million
maturing in 2019; and
-- Has increased and extended the U.S. and European factoring
facilities, securing an accordion feature of $200 million in
the pan-U.S. ABL that allows for receivables on one of the
factoring lines to be transferred to the ABL at the company's
option if the factoring lines are not renewed. The company
also benefits from the absence of maintenance covenants,
although springing covenants are present in its ABL facility.
S&P said, "We continue to view the company's leverage as high,
reflecting adjusted debt to EBITDA slightly below 7.0x in 2017
and just below 6.5x in 2018. We calculate S&P Global Ratings-
adjusted debt of about EUR3.4 billion, as we add EUR1.0 billion
to reported debt for pensions, trade receivables sold, operating
leases and asset retirement obligations and we net EUR129 million
of cash that we believe is immediately available for debt
repayment.
"In addition, we project negative free cash flow until 2019,
largely due to significant ongoing capital expenditure (capex) of
EUR275 million per year, of which EUR100 million-EUR125 million
is growth capex. Constellium has seen free cash flow improve by
over EUR200 million in the first half of 2017 compared with the
previous year, and has thus moved from deeply negative territory
to break-even. Constellium also achieved about EUR40 million of
working capital reduction since the beginning of the year. The
company believes it can reduce working capital by a further EUR60
million-EUR75 million by 2019."
S&P's base case assumes:
-- Underlying demand from Constellium's end markets (auto, cans,
and aerospace) is linked to macroeconomic forecasts, although
revenue growth of 6% in 2017 has surpassed GDP growth in key
regions; S&P expects 2% of revenue growth in 2018;
-- 5%-10% improvement in EBITDA per ton in 2017, depending on
segments, average of 2% in 2018, driven by cost controls and
favorable product mix; and
-- Capex of EUR275 million per year in 2017 and 2018.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted EBITDA of about EUR460 million-EUR470 million in
2017, closer to EUR500 million in 2018;
-- Adjusted debt to EBITDA below 7.0x in 2017 and below 6.5x in
2018; and
-- Adjusted FFO cash interest coverage of about 3.0x in 2017 and
3.7x in 2018.
S&P said, "Our view of Constellium's business risk profile as
fair is supported by its strong market positions in various niche
segments in Europe and the U.S., as well as its specialized
product focus. We view Constellium's three main end markets as
largely uncorrelated, given their diversified exposures (cans for
the beverage industry, auto-rolled products and extrusions, and
aerospace products), which we consider generally benefit from
favorable, long-term substitution trends and supportive operating
efficiency. The increased share of the auto parts in group
volumes should continue to support total EBITDA per ton. As a
product converter, Constellium is also fairly well protected from
volatility of aluminum prices and premiums. Its profitability is
also supported by the company's cost-savings plans and
restructuring.
"The stable outlook reflects our view that Constellium will be
successful in its ongoing efforts to reduce leverage from what we
consider to be peak levels in 2016, and will improve operating
performance through various measures. We also expect the company
to achieve higher-than-expected EBITDA at year end and to achieve
lower interest expense through the refinancing. Hence, FFO cash
interest cover is likely to remain comfortably within the 2.0x-
4.0x range, while adjusted debt to EBITDA will be below 7.0x in
2017 and reducing thereafter. We expect liquidity to remain
adequate.
"We would consider downgrading Constellium if FFO cash interest
coverage is below 2.0x and leverage remains well above 7.0x in
the medium term. We may also consider lowering the rating if the
company fails to achieve positive free cash flow by 2019 or
liquidity deteriorates.
"We do not consider an upgrade likely in the next 12 months. Any
upgrade would depend on quicker-than-expected deleveraging, with
adjusted debt to EBITDA approaching 5.0x, FFO cash interest
coverage sustainably above 4.0x, and positive free cash flow in
the next 12-24 months. This would likely result from strong
EBITDA growth, driven by demand from automotive and aerospace
industries outpacing supply of high value-added aluminum
products, combined with successful cost optimization."
DCDML 2016-1: Fitch Lowers Rating on Class E Notes to B-
--------------------------------------------------------
Fitch Ratings has taken multiple rating actions on DCDML 2016-1
B.V. This follows application of the newly published European
RMBS Rating Criteria. The agency has also resolved the Rating
Watch Evolving (RWE) on all tranches and assigned Stable
Outlooks.
Class A (XS1373216453) affirmed at 'AAAsf'; off RWE; Outlook
Stable
Class B (XS1373216610) upgraded from to 'AA+sf' from 'AAsf'; off
RWE; Outlook Stable
Class C (XS1373216701) affirmed at 'A+sf'; off RWE; Outlook
Stable
Class D (XS1373216966) affirmed at 'Asf'; off RWE; Outlook Stable
Class E (XS1373217006) downgraded to 'B-sf' from 'BB-sf; off RWE;
Outlook Stable
This is the first securitisation of loans originated by Dynamic
Credit Woninghypotheken B.V. (DCW), a new lender in operation
since June 2015, via Quion.
KEY RATING DRIVERS
Change in Criteria
Updates in Fitch's liability modelling assumptions are the key
drivers behind the downgrade of the junior class E note.
Specifically, the changes to the timing of the defaults (both
evenly- and back-loaded scenarios), and the level of prepayments
applied create additional stress for the junior tranches by
delaying principal repayments. This is particularly stressful in
a sequentially paying structure.
Stable Performance since Transaction Close
Arrears have been limited since closing in November 2016 with a
maximum of two loan-parts reported as delinquent. There have been
no reported foreclosures.
The stable performance, alongside an increase in credit
enhancement, has resulted in an upgrade on the class B notes.
Non-Standing Hedging
Mismatches between the fixed-rate loans (99.7%) and the notes
(linked to three-month (3M) Euribor) are hedged through a swap
with BNP Paribas. The issuer is exposed to rate compression when
the loans are reset. Fitch has modelled this risk as per its
asset yield assumptions described in criteria. Resets are due to
occur after 18 years for about two-thirds of the pool. Given the
long-dated reset profile the modelled rate compression has a
greater impact in the back-loaded default scenarios.
RATING SENSITIVITIES
Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode credit enhancement leading to negative rating action.
DRYDEN 56 2017: S&P Assigns Prelim B- Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Dryden 56 Euro CLO 2017 B.V.'s class A, B-1, B-2, C, D, E, and F
notes. At the same time, Dryden 56 Euro CLO 2017 will issue
unrated subordinated notes.
The preliminary ratings assigned to Dryden 56 Euro CLO 2017's
notes reflect our assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.
S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013).
"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in our criteria (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).
"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement
for each class of notes."
Dryden 56 Euro CLO 2017 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. PGIM Ltd. is the
collateral manager.
RATINGS LIST
Preliminary Ratings Assigned
Dryden 56 Euro CLO 2017 B.V.
EUR616.95 Million Fixed- And Floating-Rate Notes
(Including Subordinated Notes)
Class Prelim. Prelim.
rating amount
(mil. EUR)
A AAA (sf) 358.60
B-1 AA (sf) 9.10
B-2 AA (sf) 63.00
C A (sf) 40.50
D BBB (sf) 35.10
E BB (sf) 25.60
F B- (sf) 21.20
Sub. notes NR 63.85
NR--Not rated. Sub.--Subordinated.
FAB CBO 2002-1: Moody's Affirms Caa2 Rating on Class B Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the
following notes issued by F.A.B. CBO 2002-1 B.V.:
-- EUR28M (current outstanding balance EUR2.8M) Class A-2 \
Floating Rate Notes Bond, Upgraded to Aa2 (sf); previously on
Feb 1, 2017 Upgraded to A2 (sf)
-- EUR16M (current outstanding balance EUR16.4M) Class B
Floating Rate Notes Bond, Affirmed Caa2 (sf); previously on
Feb 1, 2017 Upgraded to Caa2 (sf)
This transaction is a structured finance collateralized debt
obligation ("SF CDO") backed by a portfolio of European SF
assets. At present, the portfolio is composed primarily of RMBS
assets.
RATINGS RATIONALE
The rating actions on the notes are a result of the increase in
the overcollateralization ratios since the last rating action in
February 2017 due to deleveraging of the senior notes. Over the
last three payment dates in March, June and September 2017, where
Class A-2 notes have paid down by EUR11.8M.
As of the latest trustee report dated September 2017, the Class A
and Class B overcollateralization ratios are reported at 787.20%
and 113.13%, respectively, compared to 231.08% and 109.16% in
January 2017.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 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:
Weighted Average Spread (WAS) Sensitivity - Moody's considered a
model run where the WAS decreased to 1.65% from 1.73%. The model
output for this run was materially unchanged from the output of
the base case run.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to or
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 prepayment
levels or collateral sales by the collateral manager. 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. Recoveries
higher than Moody's expectations would have a positive impact on
the notes' ratings.
* Around 7.1% 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.
===========
R U S S I A
===========
HOME CREDIT: Fitch Ups LT Issuer Default Ratings to 'BB-'
---------------------------------------------------------
Fitch Ratings has upgraded Home Credit and Finance Bank's (HCFB)
Long-Term Issuer Default Ratings to 'BB-' from 'B+'; affirmed OTP
Bank's Long-Term IDRs at 'BB' and upgraded its Viability Rating
(VR) to 'bb-' from 'b+'. Fitch has affirmed Tinkoff Bank's Long-
Term IDRs at 'BB-'. The Outlooks on the three banks are Stable.
The agency has also downgraded Orient Express Bank's (OEB) Long-
Term IDRs to 'CCC' from 'B-'.
KEY RATING DRIVERS
IDRS and VRS
The rating actions (except the downgrade of OEB) reflect the
continued recovery of the Russian consumer finance market due to
reduced credit losses on the back of tighter underwriting and
economic recovery, and lower funding costs and improved
profitability, which coupled with modest growth also supports
capitalisation. At the same time, the ratings continue to capture
the segment's volatile nature with potential asset quality risks
stemming from borrowers' still high debt burdens and growing
competition due to limited inflow of new borrowers.
The upgrade of HCFB's IDRs to 'BB-' and OTP's VR to 'bb-' mainly
reflects stronger earnings at both banks underpinned by lower
credit losses and reduced funding costs, and improved
capitalisation.
The affirmation of Tinkoff's IDRs at 'BB-' reflects robust
profitability metrics, continued improvement of asset quality,
and healthy capital ratios, which are likely to be preserved
given strong internal capital generation, which should offset
high lending growth rates.
The downgrade of OEB's IDRs to'CCC' mainly reflects Fitch's view
that the quality of the bank's capital has weakened markedly
following the merger with Uniastrumbank due to the latter's
significant exposure to investment property, non-traded equities
and risky corporate loans (together these amount to RUB33.9
billion or 122% of FCC), which may be a source of negative mark-
to-market adjustments or impairment in the future. At the same
time regulatory capitalisation is very tight, which coupled with
the bank's loss making performance in regulatory accounts in 9M17
suggests that continued compliance with capital requirements
(including increasing from next year capital conservation buffer)
could be challenging without external support.
In 1H17 the average retail credit losses of the four banks
(defined as the increase in retail loans overdue above 90 days,
plus write-offs, divided by average performing loans) declined to
8% from 10% in 2016 (19% in 2015), helped by reduced risk
appetites, seasoning of older, weaker-quality loans and
stabilisation of the operating environment. Credit losses were
highest at OEB (14%) and moderate for Tinkoff (9%), OTP (7%) and
HCFB (6%). The latter three banks' credit losses should remain
within the single digit range, in Fitch's view. OEB's retail book
asset quality is also likely to improve, but this may be offset
by risks from the corporate book (35% of gross loans), as of the
20 largest exposures (accounting for over 60% of gross corporate
loans) Fitch considers about half (RUB15 billion, or 0.6x FCC) to
be high-risk.
New lending volumes have been muted at most banks, with OTP's and
HCFB's loan books contracting in 2016-1H17 by 19% and 9%,
respectively, while recent growth at OEB was largely due to the
merger with Uniastrumbank in 1Q17. Tinkoff was the only bank
among peers reporting a rapid 40% growth in 2016-1H17, supported
by strong internal capital generation.
Improved asset quality metrics, along with declining funding
costs, helped banks to strengthen bottom line results. Both
Tinkoff and HCFB reported robust annualised ROAE of 46% and 31%,
respectively, in 1H17, while OTP's more moderate 11% was mostly
due to higher operating expenses. OEB reported 17% ROAE in 1H17,
but it was largely due to one-off securities revaluation, while
core earnings were negative after adjusting for this one-off gain
and about 15% of accrued interest income that is not received in
cash. OEB was also loss making in regulatory accounts in 9M17 due
to sizeable impairment charges.
Pre-impairment profitability is solid and significantly above
credit losses at Tinkoff (22% of average performing retail loans
in 1H17), OTP (13%) and HCFB (12%), allowing Tinkoff to absorb a
sizeable 13pp increase in credit losses before becoming loss
making, while safety margins were moderate 6pp and 7pp at HCFB
and OTP, respectively. Cash-based pre-impairment profitability at
OEB (excluding non-core earnings and non-collected accrued
interest) was a low 6% of average performing loans in 1H17, which
is significantly below 11% of NPLs originated during the period.
Capitalisation remains strong at OTP, HCFB and Tinkoff with end-
1H17 Fitch Core Capital ratios of 24%, 19% and 16%, respectively,
supported by the banks' improved profitability and deleveraging
(OTP and HCFB). OEB's capital position with a 12% FCC ratio is
undermined by its sizeable exposure to investment properties
(RUB12 billion, 0.4x FCC), high-risk loans (0.6x FCC), deferred
tax assets (0.2x FCC) and illiquid equity investments (0.2x FCC).
Regulatory capital ratios are lower at all banks (end-9M17 Tier 1
of 14.4%, 9.4% and 12.3% at Tinkoff, HCFB and OTP, respectively;
minimum is 7.875% with buffers applicable from 2018), reflecting
higher statutory risk weights for unsecured retail loans and
higher operational risk charge. OEB's regulatory capitalisation
is tight (total capital ratio of 9.7%, which is below the minimum
level of 9.875% including the buffer effective from 2018).
Coupled with its loss-making performance, this suggests the bank
may need external support to remain compliant.
The introduction of IFRS 9 will have a moderately negative effect
on the capitalisation of all banks, except OTP, which has already
created additional provisions, but Fitch believes these will be
offset by banks' strong internal capital generation (except OEB).
There are some contingent risks in case of HCFB related to
sizeable 1.7x double leverage at the holding company level at
end-1H17 (defined as the equity investments in subsidiaries
divided by holdco equity) and in case of OTP due to RUB4.5
billion (0.2x FCC) exposure to sister microfinance company.
However, Fitch believes these risks are moderate, as HCFB's
holdco seems to have good market access and is likely to be able
to refinance the debt without needing to upstream
liquidity/capital from the bank. In case of OTP the risks are
covered by the parent, which considers both the bank and the
microfinance company as a single business.
Funding and liquidity metrics are reasonable at all banks,
underpinned by low reliance on wholesale debt and strong deposit
collection capacity, although the latter is more vulnerable at
OEB given the bank's weaker profile. All banks are funded mainly
by retail deposits (60% - 80% of end-1H17 liabilities), which are
price-sensitive, but have proven to be relatively sticky through
the cycle, as the majority of these fall under the deposits
insurance system. Liquidity buffers are reasonable at all banks,
covering about 45%, 40% and 33% of total customer deposits, at
Tinkoff, HCFB and OTP, respectively, and a somewhat lower 25% at
OEB.
SUPPORT RATINGS AND SUPPORT RATING FLOORS
OTP's IDRs and Support Rating reflect potential support the bank
may receive, if needed, from its parent bank, Hungary-based OTP
Bank Plc. Fitch believes that the parent would have a high
propensity to support OTP in light of its majority ownership
(98%), high level of integration, common branding and
reputational damage for the parent from a potential default of
OTP.
Tinkoff, HCFB and OEB's '5' Support Ratings reflect Fitch's view
that support from the banks' shareholders, although possible,
cannot be relied upon. The Support Ratings and Support Rating
Floors of 'No Floor' also reflect that support from the Russian
authorities, although possible given the banks' considerable
deposit bases, cannot be relied upon due to the banks' small
sizes and lack of overall systemic importance.
Accordingly, the IDRs of Tinkoff, HCFB and OEB are based on their
intrinsic financial strength, as reflected by their VRs.
SENIOR UNSECURED AND SUBORDINATED DEBT RATINGS
Fitch has affirmed Tinkoff's senior unsecured debt rating at 'BB-
', in line with its Long-Term IDRs, reflecting Fitch's view of
average recovery prospects, in case of default.
The subordinated debt ratings of HCFB and Tinkoff are notched
down one level from their VRs (the banks' VRs are in line with
their IDRs), including (i) zero notches for additional non-
performance risk relative to the VR, as Fitch believes these
instruments should only absorb losses once a bank reaches, or is
very close to, the point of non-viability; and (ii) one notch for
loss severity, reflecting below-average recoveries in case of
default.
Fitch has also affirmed the rating of Tinkoff's perpetual
additional Tier 1 notes at 'B-', three notches below the bank's
VR. The notching reflects (i) higher loss severity relative to
senior unsecured creditors; and (ii) non-performance risk due to
the option to cancel coupon payments at Tinkoff's discretion. The
latter is more likely if the capital ratios fall in the capital
buffer zone, although this risk is reasonably mitigated by
Tiknoff's stable financial profile and general policy of
maintaining decent headroom over minimum capital ratios (core
Tier 1 ratio was 9.8% at end-9M17 versus the minimum 6.375% with
buffers applicable from 2018).
RATING SENSITIVITIES
OTP's IDR is sensitive to changes in Fitch's assessment of
Hungarian OTP Bank Plc's propensity and ability to provide
support to its Russian subsidiary.
OTP's VR and HCFB and Tinkoff's ratings may come under pressure
if there is renewed pressure on banks' asset quality and
profitability, leading to capital erosion, but Fitch views this
as unlikely in the near term. Upside potentials for Tinkoff and
HCFB's ratings and OTP's VR are limited and would require a
significant diversification of business and earnings, leading to
a material decrease in exposure to the Russian consumer finance
market.
OEB's ratings could be further downgraded in case the bank has to
create significant reserves against is high-risk and non-core
assets, or if it asset quality metrics deteriorate further,
leading to material capital erosion. Conversely, improvement of
bank's profitability and asset quality metrics, while also
bolstering capital ratios, would be credit positive.
The rating actions are:
HCFB
Long-Term Foreign- and Local-Currency IDRs: upgraded to 'BB-'
from 'B+'; Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: upgraded to 'bb-' from 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Subordinated debt (issued by Eurasia Capital SA) Long-term
rating: upgraded to 'B+' from 'B'
Tinkoff
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB-';
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt Long-term rating: affirmed at 'BB-'
Subordinated debt (issued by TCS Finance DAC) Long-term rating:
affirmed at 'B+'
Hybrid capital instrument (issued by TCS Finance DAC) Long-term
rating: affirmed at 'B-'
OTP
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB',
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: upgraded to 'bb-' from 'b+'
Support Rating: affirmed at '3'
OEB
Long-Term Foreign- and Local-Currency IDRs: downgraded to 'CCC'
from 'B-'
Short-Term Foreign-Currency IDR: downgraded to 'C' from 'B'
Viability Rating: downgraded to 'ccc' from 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
PROMSVYAZBANK: Moody's Lowers Long-Term Deposit Ratings to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign-currency senior unsecured debt and deposit ratings of
Promsvyazbank to B2 from Ba3. Concurrently, Moody's downgraded
the bank's baseline credit assessment (BCA), adjusted BCA to caa1
from b2, subordinated debt rating to Caa2/Caa3(hyb) from
B3/Caa1(hyb), and long-term Counterparty Risk Assessment to
B1(cr) from Ba2(cr).
Promsvyazbank's Not Prime short-term local- and foreign-currency
deposit ratings, and short-term Counterparty Risk Assessment of
Not Prime(cr) were affirmed.
At the same time Moody's downgraded to Caa1 from B3 the long term
local- and foreign-currency issuer ratings and affirmed the Not
Prime short-term local- and foreign-currency issuer ratings of
Promsvyaz Capital B.V. (Promsvyaz Capital), a Netherlands-based
non-operational holding company with a main focus on the Russian
banking sector, and which holds a 50.03% equity stake in
Promsvyazbank.
All the above mentioned long-term ratings and BCA of
Promsvyazbank and Promsvyaz Capital B.V. were placed on review
for further downgrade.
RATINGS RATIONALE
The downgrade of Promsvyazbank's BCA to caa1 from b2 is driven by
Moody's view that the bank's standalone credit profile has
weakened as the bank's shareholders failed to vote in favour of
the merger with its sister firm Vozrozhdenie Bank on October 26,
2017.
Moody's had expected that the merger between the two banks would
be completed by the end of 2017 and that the combined bank's
credit profile would benefit from Vozrozhdenie's better solvency
metrics, including asset quality, capital adequacy and
profitability.
Promsvyazbank has reported persistently weak solvency metrics,
including its large stock of impaired assets, modest
profitability and a weak capital position. This leaves the bank
vulnerable to any further losses on its assets.
Problem loans, which include impaired corporate and non-
performing retail loans, accounted for 19% of gross loans as at
June 30, 2017. That level is substantially higher than the
average of about 12% for Russian banks. At the same time, problem
loans coverage by Loan Loss Reserves remained at a low level of
45%, which is below the system average of around 70%.
As of October 1, 2017, Promsvyazvbank reported its regulatory
common equity tier 1 (CET1) ratio (N1.1) of 6.49% (compared with
8.13% reported by Vozrozhdenie) and given its designation by the
Central Bank of Russia (CBR) as a systemically important bank,
will face an increase its CET1 requirement to above 7.025% from 1
January 2018 and to above 8% from 1 January 2019.
The bank's internal capital generating capacity is weaker than
that of its peers, mainly due to its modest net interest margin
(NIM, around 2.5% in H1 2017) constrained by Promsvyazvbank's
focus on large corporate borrowers and high level of impaired
assets. This will make it hard for the bank to meet the higher
capital requirements.
Furthermore, the prolonged negative publicity surrounding the
bank in recent months following the failures of Bank Otkritie
Financial Corporation PJSC (LT bank deposits B2 developing, BCA
ca) and B&N Bank (unrated) could, in Moody's view, weaken the
bank's liquidity and funding profile.
To address these challenges the bank will have to maintain an
additional liquidity buffer and offer higher interest rates on
deposits, which in turn will exert additional pressure on the
bank's profitability.
GOVERNMENT SUPPORT
Moody's recently revised its government support assumption for
Promsvyazbank's deposit and senior unsecured ratings to high from
moderate. This results in two notches of uplift from the caa1
BCA, to B2. This reflects Moody's expectation that the bank is
highly likely to receive support from the CBR should it be
needed. The CBR has recently introduced and tested its newly-
designed toolkit to provide extraordinary support to large
privately-owned banks, via the Banking Sector Consolidation Fund
(BSCF), and has supported the senior debt and deposit liabilities
of Bank Otkritie Financial Corporation PJSC and B&N Bank. Moody's
does not expect this support to extend to subordinated
liabilities, however, which are notched down from the adjusted
BCA and positioned at Caa2/Caa3(hyb)
PROMSVYAZ CAPITAL B.V.
The downgrade of Promsvyaz Capital's issuer ratings to Caa1 from
B3 follows Moody's downgrade of Promsvyazbank's BCA and reflects
Promsvyaz Capital's status as a bank holding company and is
driven by the weighted average standalone credit profiles of its
Russian banking subsidiaries Promsvyazbank and Vozrozhdenie Bank.
The Caa1 ratings of the holding company also reflect the
structural subordination of the holding company creditors
relative to the creditors of its operating subsidiaries. As a
result, the long-term ratings of the holding company are
positioned one notch below the weighted-average adjusted baseline
credit assessment (BCA) of both banking subsidiaries. This rating
approach is in line with the rating agency's notching practice
for holding companies, as described in Moody's Banks methodology.
FACTORS TO BE CONSIDERED IN THE RATING REVIEW
The rating review for downgrade will predominantly focus on (1)
the bank's liquidity and funding profile; and (2) the bank's
ability to strengthen its capital adequacy and loss absorption in
order to comply with minimum regulatory capital requirements and
pass the upcoming CBR stress-test by the end of 2017.
WHAT COULD MOVE THE RATINGS UP / DOWN
As indicated by the review for downgrade, Moody's could downgrade
the bank's standalone BCA if Promsvyazbank's credit profile
weakens as a consequence of a material deterioration in its
liquidity or loss absorption capacity. Conversely, the ratings
may be confirmed at their current level if the bank materially
strengthens its capital buffers and its liquidity and funding
profiles prove resilient to ongoing challenges faced by the bank.
LIST OF AFFECTED RATINGS
Issuer: Promsvyaz Capital B.V.
Downgrade and Placed Under Review for Further Downgrade :
-- LT Issuer Rating, Downgraded to Caa1 from B3, Outlook Changed
To Rating Under Review From Negative
Affirmations:
-- ST Issuer Rating, Affirmed NP
Outlook Actions:
-- Outlook, Changed To Rating Under Review From Negative
Issuer: Promsvyazbank
Downgrade and Placed Under Review for Further Downgrade :
-- LT Bank Deposits, Downgraded to B2 from Ba3, Outlook Changed
To Rating Under Review From Negative
-- Senior Unsecured Regular Bond/Debenture, Downgraded to B2
from Ba3, Outlook, Changed To Rating Under Review From
Negative
-- Subordinate Regular Bond/Debenture, Downgraded to Caa2 from
B3
-- Subordinate Regular Bond/Debenture, Downgraded to Caa3(hyb)
from Caa1(hyb);
-- Senior Unsecured MTN Program, Downgraded to (P)B2 from
(P)Ba3;
-- Subordinate MTN Program, Downgraded to (P)Caa2 from (P)B3;
-- Adjusted Baseline Credit Assessment, Downgraded to caa1 from
b2;
-- Baseline Credit Assessment, Downgraded to caa1 from b2;
-- LT Counterparty Risk Assessment, Downgraded to B1(cr) from
Ba2(cr);
Affirmations:
-- ST Bank Deposits, Affirmed NP
-- Other Short Term Program, Affirmed (P)NP
-- ST Counterparty Risk Assessment, Affirmed NP(cr)
Outlook Actions:
-- Outlook, Changed To Rating Under Review From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
VOZROZHDENIE BANK: Moody's Reviews B1 Rating for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Vozrozhdenie Bank's long-term local and foreign-currency deposit
ratings of B1, baseline credit assessment (BCA) and adjusted BCA
of b1, and Counterparty Risk Assessment (CRA) of Ba3(cr). This
follows the announced cancelation of previously anticipated
merger with Promsvyazbank (LT Bank Deposits: B2 under review
down, BCA: caa1 under review down), the recent negative rating
action on the latter
(http://www.moodys.com/viewresearchdoc.aspx?docid=PR_374686)and
Moody's view of potential contagion risks stemming from the links
to Promsvyazbank with a weaker BCA. Vozrozhdenie Bank's short-
term Not-Prime deposit and short-term counterparty risk
assessment (CRA) ratings were left unchanged.
RATINGS RATIONALE
The placement of Vozrozhdenie Bank's ratings on review for
possible downgrade follows the announced cancelation of
previously anticipated merger with Promsvyazbank. It also
reflects potential contagion risks stemming from the links to a
sister Promsvyazbank, whose financial profile weakened further
and whose ratings were placed on review for downgrade.
On October 27, 2017 Promsvyazbank and Vozrozhdenie Bank announced
that the planned merger of the two banks was put on hold. The
banks will continue to operate as sister banks with the plan to
create a digital bank on the base of Vozrozhdenie Bank. 52.7% of
Vozrozhdenie Bank's shares are owned by the holding company
Promsvyaz Capital B.V.
Vozrozhdenie Bank's current financial profile, including solvency
and liquidity metrics, is stronger than that of Promsvyazbank's.
However, Moody's considers that there is contagion risk stemming
from the links to Promsvyazbank. From Moody's view, Vozrozhdenie
can be a source of liquidity and capital for Promsvyazbank, whose
BCA is lower. This exposes Vozrozhdenie to additional risks.
Vozrozhdenie Bank's current b1 BCA is underpinned by its (1)
healthy pre-provision earnings with a high share of stable
commission income, (2) a granular deposits base with limited
reliance on market funding, (3) adequate asset quality and
sustained capital adequacy. At the same time, the BCA is weighted
down by high single-name borrowers' concentrations, modest
regulatory Tier 1 capital buffer and contagion risks stemming
from the links to Promsvyazbank.
WHAT COULD MOVE THE RATINGS UP / DOWN
There is limited upside potential for bank's ratings given the
current review for downgrade.
Moody's will confirm Vozrozhdenie bank's ratings if Moody's
observe reduced exposure and contagion risks stemming from the
links to Promsvyazbank, and if the bank sustains robust financial
profile, including adequate asset quality, loss absorption
capacity and liquidity cushion.
Conversely, downward pressure on the Vozrozhdenie Bank's ratings
could arise in case of weakening of its credit profile as a
result of capital dilution, liquidity shortage and/or deposits
volatility.
LIST OF AFFECTED RATINGS
Issuer: Vozrozhdenie Bank
Placed On Review for Downgrade:
-- Adjusted Baseline Credit Assessment, currently b1
-- Baseline Credit Assessment, currently b1
Revised from Rating Under Review for Upgrade to Rating Under
Review for Downgrade:
-- LT Bank Deposits, currently B1, Outlook Remains Rating Under
Review
-- LT Counterparty Risk Assessment, currently Ba3(cr)
Outlook Action:
-- Outlook, Remains Rating Under Review
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
===========
S E R B I A
===========
FABRIKA AKUMULATORA: Creditors Reject Batagon's Improved Offer
--------------------------------------------------------------
SeeNews reports that the creditors of Serbia's insolvent car
battery maker Fabrika Akumulatora Sombor (FAS) rejected an
improved EUR7 million (US$8.15 million) acquisition offer made by
Swiss-based Batagon International.
According to SeeNews, FAS insolvency administrator Predrag
Ljubovic, as cited by Belgrade-based news portal SoInfo, said the
bid was rejected by three members of the creditors' board.
Mr. Ljubovic said there are three options from now on -- to
continue talks with Batagon International although the bank
guarantee on FAS debts expired on Oct. 19, to restart the
procedure for the sale of the car battery maker, or to simply
wait, SeeNews relates.
He noted that four other companies had acquired documentation in
the process for the sale of FAS but none of them placed an offer
in the last three months, SeeNews relays.
The creditors of FAS have already rejected three offers by
Batagon International for the assets of the insolvent company,
SeeNews recounts. Batagon International originally offered EUR3
million for FAS in July and then sweetened their bid to
EUR4 million, SeeNews discloses. In August, the creditors
rejected a EUR5.05 million offer and Batagon International raised
the bid to EUR6 million, SeeNews recounts.
===========================
U N I T E D K I N G D O M
===========================
ASTON MARTIN: S&P Alters Outlook to Positive & Affirms B- CCR
-------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on U.K.-
based auto-manufacturer Aston Martin Holdings (UK) Ltd. to
positive from stable and affirmed the 'B-' long-term corporate
credit rating.
S&P said, "At the same time, we affirmed our 'B-' issue rating on
the GBP230 million and $400 million senior secured notes issued
by Aston Martin Capital Holdings Ltd. The recovery rating is '4',
indicating our expectation of 45% recovery prospects in the event
of a payment default.
"We revised the outlook to positive because Aston Martin has
delivered on the roll-out of its new car models and has turned
around its business prospects faster than we expected. This
progress gives us more confidence in the growth of the business
over the next 12-18 months. We now expect that Aston Martin will
post at least neutral free operating cash flow (FOCF) in 2018 and
will generate positive adjusted EBITDA and funds from operations
(FFO)."
Aston Martin plans to upgrade and refresh its entire range of
production sports cars, and expand into new segments (sport
utility vehicles [SUVs] and sedans), by 2020. The first new model
was a successful launch of the DB11 sports car in September 2016,
which is clear sign that Aston Martin can deliver on its
strategy, with additional new models, including the DBX SUV,
planned for the first time in 2019.
S&P said, "Over the next two to three years, we expect Aston
Martin will continue to deliver on its strategy, although it
requires continued high levels of investment in research and
development (R&D) and capital expenditures (capex), with the peak
in 2017. While we forecast a turnaround in the company's profits
and cash flows in 2018, in our base-case scenario we continue to
expect EBITDA losses on an S&P Global Ratings-adjusted basis in
2017, due to high R&D costs, before becoming profitable in 2018
(we expense all R&D costs, whereas the company largely
capitalizes them). For FFO, we forecast positive levels from
2018, despite high interest costs. We expect FOCF to remain
negative in 2017, becoming neutral to slightly positive in 2018,
and then remaining positive starting in 2019."
The company's operating results for the first half of 2017 were
stronger year on year and better than we expected. Revenues
almost doubled and reported EBITDA for the last 12 months reached
GBP175 million. Given the track record, solid results in the
first half of 2017, management's adjusted guidance, and good
visibility for the rest of the year, S&P revised its base case
accordingly.
S&P said, "Our assessment of Aston Martin's business risk profile
remains constrained by the company's limited product range and
operating diversity; very sizable R&D expenses, which leads to
forecast EBITDA barely positive in 2017; and the cyclical demand
for luxury sports cars. Aston Martin also has a niche market
position compared with larger and stronger peers.
"Mitigating factors include strong brand recognition,
introduction of a modular production platform, and above-average
growth rates in the super-premium automotive segment. We also
recognize the company's successful launch of the DB11 sports car
and other special edition cars, which demonstrate that a
turnaround is underway in the company's business prospects. We
expect this to continue, which will further strengthen Aston
Martin's competitive position, and lead to improved profitability
in coming years. Aston Martin's agreement with German auto
manufacturer Daimler AG to provide electronic architecture and
engines is also a positive factor.
"Our assessment of Aston Martin's financial risk profile remains
constrained by the need for continued sizable R&D and capex, our
forecast of negative FFO and significant negative FOCF in 2017,
and increasing adjusted debt driven by payment-in-kind interest
on its outstanding preferred equity certificates (which we view
as debt).
"Furthermore, Aston Martin's financial risk profile is
constrained by the company's ownership by financial sponsors,
which we think is unlikely to change over the medium term.
"Mitigating factors include an improving trend in profitability
and cash generation in 2018, as we believe the peak investments
in R&D and capex will be reached in 2017, and the lengthened debt
maturity profile to April 2022.
"The positive outlook reflects our view that Aston Martin will
continue to successfully deliver on its business strategy and
improve its profitability, cash generation, and ultimately its
credit ratios. In particular, adjusted FFO and FOCF will turn
positive in 2018. We also expect that the FFO cash interest
coverage ratios will improve toward 2.5x over the next 12 months.
"We could raise the ratings if Aston Martin continues to
strengthen its competitive position, generating positive FOCF and
FFO cash interest coverage ratios reaching 2.5x. For this
scenario to materialize, Aston Martin would need to continue
refreshing and replacing its sports car range, which is key to
rebuilding the company's business prospects.
"We could revise the outlook back to stable if Aston Martin
experienced delays or production problems in delivering its
planned volumes over the next year, or if we believed that the
company was unable to generate positive FOCF in the next 12
months and that cash FFO interest coverage ratios would be below
2.5x."
LAKESMERE: Enters Administration, 109 Jobs Affected
---------------------------------------------------
Construction Enquirer reports that Lakesmere has been placed into
administration.
Stunned staff at the GBP120 million revenue business were told
the firm had collapsed in a series of meetings on Nov. 2,
Construction Enquire relates.
Lakesmere's GBP37 million turnover major project subsidiary,
McMullen Facades, has avoided administration, Construction
Enquirer notes.
According to Construction Enquirer, the search is now on for a
buyer for this part of the group and the various international
businesses that also continue to trade solvently.
Around 109 jobs were axed on Nov. 2 from the 241 staff working
for Lakesmere in England, Construction Enquirer discloses. Around
275 jobs in Northern Ireland have been preserved while a buyer is
sought for McMullen, Construction Enquirer states.
Administrators from Deloitte targeted sales and estimating staff
while keeping design and site staff while the business assets are
put up for sale, Construction Enquirer relays.
Deloitte administrator Richard Hawes -- rhawes@deloitte.co.uk --
as cited by Construction Enquirer, said: "Lakesmere Limited has
experienced financial challenges, arising from a number of
unprofitable contracts.
"This has resulted in Lakesmere Limited being placed into
administration. Unfortunately a number of redundancies have to
be made in the UK and we are offering those affected support at
this difficult time.
"We are currently assessing the options available, including a
potential sale of McMullen Facades, which is continuing to trade
solvently."
Lakesmere is a UK specialist cladding and roofing contractor.
QUOTIENT LIMITED: Reports Second Quarter Net Loss of US$21.7M
-------------------------------------------------------------
Quotient Limited filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$21.69 million on US$5.91 million of total revenue for
the quarter ended Sept. 30, 2017, compared to a net loss of
US$17.35 million on US$6.14 million of total revenue for the
quarter ended Sept. 30, 2016.
For the six months ended Sept. 30, 2017, Quotient Limited
reported a net loss of US$41.92 million on US$12.73 million of
total revenue compared to a net loss of US$33.59 million on
US$11.86 million of total revenue for the same period during the
prior year.
As of Sept. 30, 2017, Quotient Limited had US$122.21 million in
total assets, $138.59 million in total liabilities and a total
shareholders' deficit of US$16.37 million.
"I am pleased to report that we have made great progress in both
proving and derisking the MosaiQ project. The positive V&V
concordance data for the initial blood grouping microarray, a
critical milestone in advance of commencing field trials, proves
that MosaiQ works under conditions similar to a full field
trial." said Paul Cowan, chairman and chief executive officer of
Quotient. He added, "with this milestone behind us we chose to
raise up to $89 million of new equity, with $40 million available
immediately and another $49 million expected upon the exercise of
warrants by mid 2018. We believe this infusion of capital,
combined with existing cash resources and debt facilities
available to be drawn upon successful field trial data, will
provide sufficient funding through to the commercialization of
MosaiQ."
"Our conventional reagent business achieved product sales growth
of 22% in the fiscal 2018 second quarter ("2QFY18") and 15% year
to date, while also delivering seven new reagent products
licensed for sale in the U.S. by the FDA," said Paul Cowan.
"Strong top line performance in the quarter was due to 23% growth
in sales to OEM customers, and to a lesser extent by 6% growth in
our U.S. direct business. Our focus on growing these more
profitable revenue lines has shown positive results, with
continued strong gross margin improvement in the quarter."
Capital expenditures totaled $12.3 million in 2QFY18, compared
with $9.4 million in the fiscal 2017 second quarter, largely
reflecting ongoing investment related to the construction of the
Company's new conventional reagent manufacturing facility near
Edinburgh, Scotland.
Quotient ended 2QFY18 with $19.8 million in cash and other short-
term investments and $78.6 million of term debt, net of $5.0
million in an offsetting long-term cash reserve account. On
Oct. 24, 2017, the Company entered into subscription agreements
for the private placement of (i) 7,864,683 ordinary shares at
$4.64 per share; (ii) 550,000 pre-funded warrants at $4.755 per
underlying pre-funded warrant exercisable for up to 550,000
ordinary shares at $0.01 per ordinary share; and (iii) 8,414,683
warrants at $0.125 per underlying warrant share exercisable for
up to 8,414,683 ordinary shares at $5.80 per ordinary share. The
initial sale of ordinary shares and warrants generated proceeds
of approximately $40 million. The recently issued warrants will
also provide up to $49 million of additional funding in 2018,
assuming full exercise. The company's near term funding plans
also include the sale and lease back of its recently completed
BioCampus facility and the issuance of an additional $36 million
of its senior secured notes upon achieving and publishing the
targeted concordance levels for the MosaiQ blood grouping
microarray in its upcoming European field trial.
Outlook for the Fiscal Year Ending March 31, 2018
Total revenue is expected to be in the range of $25 million to
$27 million, including other revenue (product development fees)
of approximately $2 million. Forecasted other revenue assumes
the receipt of milestone payments contingent upon achievement of
regulatory approval for certain products under development. The
current expectation with respect to the receipt of the milestone
payment related to CE mark approval of the MosaiQ IH microarray
is in the second half of calendar year 2018. The receipt of
development milestone payments involves risks and uncertainties.
Product sales expectations are increased to be in the range of
$23 to $25 million.
Operating loss is now expected to be in the range of $70 to $75
million, including depreciation, amortization and share-based
compensation of $14.5 to $15 million.
Capital expenditures are still expected to be in the range of $25
to $30 million.
Product sales in the third quarter of fiscal 2018 are expected to
be in the range of $5.1 million to $5.4 million, compared with
$4.8 million for the third quarter of fiscal 2017.
Quarterly product sales can fluctuate depending upon the shipment
cycles for red blood cell based products, which account for
approximately two-thirds of current product sales. These
products typically experience 13 shipment cycles per year,
equating to three shipments of each product per quarter, except
for one quarter per year when four shipments occur. The timing
of shipment of bulk antisera products to OEM customers may also
move revenues from quarter to quarter. Some seasonality in
demand is also experienced around holiday periods in both Europe
and the United States. As a result of these factors, Quotient
expects to continue to see seasonality and quarter-to-quarter
variations in product sales. The timing of product development
fees included in other revenues is mostly dependent upon the
achievement of pre-negotiated project milestones.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/zP3A6O
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited --
http://www.quotientbd.com/-- develops, manufactures and sells
products for the global transfusion diagnostics market. Products
manufactured by the Group are sold to hospitals, blood banking
operations and other diagnostics companies worldwide. Quotient
Limited completed an initial public offering for its ordinary
shares on April 30, 2014 pursuant to which it issued 5,000,000
units each consisting of one ordinary share, no par value and one
warrant to purchase 0.8 of one ordinary share at an exercise
price of $8.80 per whole ordinary share, raising $40 million of
new equity share capital before issuing expenses.
Quotient Limited reported a net loss of US$85.06 million on
US$22.22 million of total revenue for the year ended March 31,
2017, compared to a net loss of US$33.87 million on US$18.52
million of total revenue for the year ended March 31, 2016.
Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended March 31, 2017, citing that the
Company has recurring losses from operations and planned
expenditure exceeding available funding that raise substantial
doubt about its ability to continue as a going concern.
QUOTIENT LIMITED: Shareholders Re-Elect Eight Directors
-------------------------------------------------------
At the annual shareholder meeting of Quotient Limited which was
held on Oct. 27, 2017, the shareholders (i) re-elected Paul
Cowan, Thomas Bologna, Frederick Hallsworth, Brian McDonough,
Sarah O'Connor, Heino von Prondzynski, Zubeen Shroff and John
Wilkerson as directors, and (ii) approved the re-appointment of
Ernst & Young LLP as auditors from the conclusion of the Annual
Meeting until the next annual shareholder meeting to be held in
2018 and to authorize the directors to determine the fees to be
paid to the auditors.
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited --
http://www.quotientbd.com/-- develops, manufactures and sells
products for the global transfusion diagnostics market. Products
manufactured by the Group are sold to hospitals, blood banking
operations and other diagnostics companies worldwide. Quotient
Limited completed an initial public offering for its ordinary
shares on April 30, 2014 pursuant to which it issued 5,000,000
units each consisting of one ordinary share, no par value and one
warrant to purchase 0.8 of one ordinary share at an exercise
price
of $8.80 per whole ordinary share, raising $40 million of new
equity share capital before issuing expenses.
Quotient Limited reported a net loss of US$85.06 million on
US$22.22 million of total revenue for the year ended March 31,
2017, compared to a net loss of US$33.87 million on US$18.52
million of total revenue for the year ended March 31, 2016.
As of Sept. 30, 2017, Quotient Limited had US$122.21 million in
total assets, $138.6 million in total liabilities and a total
shareholders' deficit of US$16.37 million.
Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended March 31, 2017, citing that the
Company has recurring losses from operations and planned
expenditure exceeding available funding that raise substantial
doubt about its ability to continue as a going concern.
QUOTIENT LIMITED: Galen Entities Own 16% of Shares as of Oct. 26
----------------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these reporting persons disclosed beneficial
ownership of ordinary shares, no par value, of Quotient Limited
as of Oct. 26, 2017:
Shares Percentage
Beneficially of
Reporting Person Owned Shares
---------------- ------------ ----------
Galen Partners V LP 6,613,590 14.4%
Galen Partners International V LP 564,780 1.2%
Galen Management LLC 150,704 0.3%
Galen Partners V, L.L.C. 7,178,370 15.6%
Zubeen Shroff 7,349,629 16.0%
L. John Wilkerson 7,348,129 16.0%
David Jahns 7,329,074 15.6%
Galen Partners V, L.L.C. is the general partner of Galen LP and
Galen International and the Listed Persons are the managing
directors of Galen. Galen LP, Galen International, Management,
Galen and the Listed Persons expressly disclaim status as a
"group" for purposes of this Schedule 13D.
The percentage is based upon 45,542,808 Ordinary Shares
outstanding, which is the sum of (i) 37,688,125 Ordinary Shares
outstanding as of Aug. 4, 2017, as reported in the Issuer's
Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2017 filed with the Securities and Exchange Commission
on Aug. 8, 2017, and (ii) 7,874,683 shares of Ordinary Shares
issued by the Issuer pursuant to the private placement.
On Oct. 24, 2017, Quotient Limited entered into Subscription
Agreements with the Galen parties for the private placement of
(i) 7,874,683 newly issued ordinary shares, of nil par value, of
the Issuer at a subscription price of $4.64 per share, which is
equal to the closing bid price of the ordinary shares on NASDAQ
on
Oct. 24, 2017, (ii) newly issued warrants of the Issuer, at a
purchase price of $0.125 per underlying warrant share,
exercisable for up to 8,414,683 ordinary shares at an exercise
price of $5.80 per ordinary share, and (iii) newly issued pre-
funded warrants of the Issuer at a purchase price of $4.755 per
underlying pre-funded warrant share, exercisable for up to
550,000 ordinary shares at an exercise price of $0.01 per
ordinary share. Galen LP and Galen International purchased
386,695 and 33,033 Ordinary Shares and 386,695 and 33,033 New
Warrants, respectively. The source of funds for such purchase
was the working capital of Galen LP and Galen International and
capital contributions made to Galen LP and Galen International by
their partners.
Registration Rights Agreement
In connection with the Private Placement, the Issuer also entered
into a Registration Rights Agreement, dated Oct. 24, 2017, with
the Subscribers pursuant to which it has agreed to file, within
15 days of the closing of the Private Placement, a registration
statement with the Securities and Exchange Commission to register
the Shares and the New Warrants for resale, which registration
statement is required to become effective within 45 days
following the closing. The Issuer will be required to pay
certain cash amounts as liquidated damages of one percent of the
aggregate purchase price of the New Ordinary Shares and Warrants
that are registrable securities per month (up to a cap of 10% of
the aggregate subscription price of the New Ordinary Shares and
Warrants) if it does not meet certain of its obligations under
the Registration Rights Agreement with respect to the
registration of the Shares and the New Warrants.
Lock-up Agreement
Galen LP, Galen International, Management, Galen, Zubeen Shroff
and L. John Wilkerson have agreed with Perceptive Advisors LLC
and Highbridge Capital Management, LLC, affiliates of the lead
investors in the Private Placement, that, for a period beginning
on Oct. 24, 2017, and ending on Jan. 28, 2018, that they will
not, without the prior written consent of each of Perceptive
Advisors LLC and Highbridge Capital Management, LLC, (i) sell,
offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to
dispose of, directly or indirectly, or establish or increase a
put equivalent position or liquidate or decrease a call
equivalent position with respect to, any Ordinary Shares or any
other securities of the Issuer that are substantially similar to
Ordinary Shares, or any other securities of the Issuer that are
substantially similar to Ordinary Shares, or any securities
convertible into or exchangeable or exercisable for, or any
warrants or other rights to acquire, the foregoing, (ii) enter
into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership
of Ordinary Shares or any other securities of the Issuer that are
substantially similar to Ordinary Shares, or any securities
convertible into or exchangeable or exercisable for, or any
warrants or other rights to acquire, the foregoing, whether any
such transaction is to be settled by delivery of Ordinary Shares
or such other securities, in cash or otherwise or (iii) publicly
announce an intention to effect any transaction specified in
clause (i) or (ii).
A full-text copy of the regulatory filing is available at:
https://is.gd/OsXZBZ
About Quotient Limited
Penicuik, United Kingdom-based Quotient Limited --
http://www.quotientbd.com/-- develops, manufactures and sells
products for the global transfusion diagnostics market. Products
manufactured by the Group are sold to hospitals, blood banking
operations and other diagnostics companies worldwide. Quotient
Limited completed an initial public offering for its ordinary
shares on April 30, 2014 pursuant to which it issued 5,000,000
units each consisting of one ordinary share, no par value and one
warrant to purchase 0.8 of one ordinary share at an exercise
price of $8.80 per whole ordinary share, raising $40 million of
new equity share capital before issuing expenses.
Quotient Limited reported a net loss of US$85.06 million on
US$22.22 million of total revenue for the year ended March 31,
2017, compared to a net loss of US$33.87 million on US$18.52
million of total revenue for the year ended March 31, 2016. As
of Sept. 30, 2017, Quotient Limited had US$122.21 million in
total assets, $138.59 million in total liabilities and a total
shareholders' deficit of US$16.37 million.
Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended March 31, 2017, citing that the
Company has recurring losses from operations and planned
expenditure exceeding available funding that raise substantial
doubt about its ability to continue as a going concern.
REDX PHARMA: Exits Administration, Resumes Trading
--------------------------------------------------
Redx Pharma Plc, the drug discovery and development company, that
Jason Baker and Miles Needham of FRP Advisory LLP, the former
joint administrators of the Company and of its subsidiary, Redx
Oncology Limited ("Oncology") (together, the "Companies") on
Nov. 2 filed their Final Report in the administrations of the
Companies at Court and with the Registrar of Companies, in
accordance with the Insolvency Act 1986 and the Insolvency Rules
2016 (the "Final Report"), bringing the administrations to a
close. With effect from the time of filing the Final Report, the
joint administrators vacated office, and the Companies have now
resumed trading under the control of their respective directors.
The Board expects to make a further announcement shortly, and
will also write to all shareholders, regarding the strategy for
the Company going forwards.
UMV GLOBAL: Moody's Withdraws B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn UMV Global Foods Holding
Company Ltd's (United Biscuits) corporate family rating (CFR) of
B1 and probability of default rating (PDR) of B2-PD. At the time
of withdrawal, there was no instrument rating outstanding
following the refinancing of United Biscuits' existing credit
facilities in September 2017. No instrument rating was required
under the terms of the new credit facilities.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Headquartered in the UK and owned by Turkish food and beverages
group Yildiz Holding A.S. since November 2014, United Biscuits is
a leading European biscuits manufacturer.
WEST OF SCOTLAND: Cash Flow Problems Prompt Administration
----------------------------------------------------------
Cumbernauld News reports that West of Scotland Heavy Haulage Ltd.
has gone into administration after operating for more than 70
years.
According to Cumbernauld News, the company blamed unsustainable
cashflow problems, rising costs and growing competition as it
ceased trading with immediate effect.
A total of 21 staff have been made redundant, with two employees
retained to help the administration process, Cumbernauld News
discloses.
Sub-contractors have been appointed by the joint administrators
to enable completion of three main contracts, Cumbernauld News
relates.
West of Scotland Heavy Haulage Ltd. is a Cumbernauld haulage
firm.
===================
U Z B E K I S T A N
===================
KAPITALBANK: S&P Cuts ICR to CCC+/C & Puts on Rating Watch Neg.
---------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Uzbekistan-based Kapitalbank to 'CCC+/C' from 'B/B'.
S&P also placed its long-term rating on CreditWatch with negative
implications.
The rating action reflects the risks of negative regulatory
intervention over the next 12 months due to Kapitalbank breaching
regulatory capital requirements, which may be prolonged. In S&P's
view, the bank is currently vulnerable and is dependent on
favorable business, financial, and economic conditions to meet
its financial commitments.
The bank has breached its capital adequacy requirement because of
exchange rate liberalization (on Sept. 5, 2017, local currency
weakened by 48%) and consequent revaluation of its historically
higher-than-peers share of foreign currency assets and
liabilities. As of Oct. 1, 2017, Kapitalbank's reported capital
adequacy ratio was 9.6%, while the minimum is 12.5%. We believe
that the recovery to the minimum acceptable regulatory level may
be a prolonged and gradual process, especially in the absence of
additional external support from shareholders or deliberate
deleveraging of total assets.
Kapitalbank is more exposed to currency risks than its local
peers because of its business model (characterized by its strong
focus on foreign currency retail deposits). Following the Uzbek
sum (UZS) exchange rate liberalization, foreign currency
liabilities formed almost 70% of total liabilities as of mid-
October 2017, which is high compared with peers. Additionally, as
a result of foreign currency revaluation, Kapitalbank incurred
material losses, and therefore we expect very limited
profitability -- about a 5% return on average equity (ROAE) --
this year.
S&P said, "We believe that shareholders' ability and willingness
to support the bank might become critical, even despite our
relatively high profitability expectations in the next year
(about 25% ROAE, which is in line with historical core
profitability). So far, owners have not provided any assistance
to the bank to strengthen capitalization since the exchange rate
liberalization, and we currently are not expecting external funds
to be forthcoming. Moreover, Kapitalbank's liquidity management
will become particularly important in case of unexpected funding
withdrawals or if the regulator imposes restrictions on lending
and deposit gathering. Negative regulatory intervention (with the
license withdrawal as the worst-case scenario) will be the key
focus over the next 12 months.
"We aim to resolve the CreditWatch within the next three months,
if we have more clarity on how the situation might develop and
the possibility of the regulator imposing restrictions on
Kapitalbank, which might impair its creditworthiness and ability
to maintain its current operations in the market.
"We could lower the rating if we see further deterioration in the
regulatory capital ratio or lack of improvements over the next
three months with clear signs that the Central Bank of Uzbekistan
intends to impose regulatory restrictions on Kapitalbank. Also,
liquidity pressures caused by unexpected deposit outflows and
leading to pronounced default scenarios, in our view, may result
in a downgrade.
"We could affirm the ratings and remove them from CreditWatch
over the next three months if we see that Kapitalbank is taking
concrete measures to resolve its regulatory capital breach and
that the bank's liquidity remains intact."
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 30 to November 3, 2017
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Bank Otkritie Financial Cor 10.00 4/26/2019 USD 23.30
Vallourec SA 4.13 10/4/2022 EUR 6.98
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 61.32
HSH Nordbank AG 7.25 USD 45.14
Agrokor dd 9.88 5/1/2019 EUR 25.88
Genfit 3.50 10/16/2022 EUR 29.44
HSH Nordbank AG/Luxembourg 1.99 EUR 32.57
Air Berlin PLC 8.25 4/19/2018 EUR 3.36
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 40.00
Air France-KLM 2.03 2/15/2023 EUR 13.31
FIGEAC-AERO 1.13 10/18/2022 EUR 25.17
Ensco PLC 5.75 10/1/2044 USD 68.20
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 35.50
Intelsat Luxembourg SA 7.75 6/1/2021 USD 63.17
Offshore Drilling Holding S 8.38 9/20/2020 USD 40.49
Air Berlin PLC 6.75 5/9/2019 EUR 3.82
Portugal Telecom Internatio 5.00 11/4/2019 EUR 34.52
Agrokor dd 9.13 2/1/2020 EUR 25.52
Mitsubishi UFJ Investor Ser 4.17 12/15/2050 EUR 61.80
Portugal Telecom Internatio 4.38 3/24/2017 EUR 33.60
Mitsubishi UFJ Investor Ser 3.92 12/30/2099 EUR 3.79
Intelsat Luxembourg SA 8.13 6/1/2023 USD 60.97
Banca Carige SpA 7.32 12/20/2020 EUR 63.40
Portugal Telecom Internatio 4.50 6/16/2025 EUR 34.08
Portugal Telecom Internatio 6.25 7/26/2016 EUR 33.83
Santander International Pre 2.00 USD 68.26
Ageasfinlux SA 1.02 EUR 62.25
Pacific Drilling SA 5.38 6/1/2020 USD 34.51
Agrokor dd 8.88 2/1/2020 USD 25.66
CGG SA 5.88 5/15/2020 EUR 44.95
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 59.59
Portugal Telecom Internatio 5.88 4/17/2018 EUR 33.50
Banca Carige SpA 8.34 EUR 28.00
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 18.48
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 37.02
Air Berlin PLC 5.63 5/9/2019 CHF 3.56
OAS Investments GmbH 8.25 10/19/2019 USD 8.00
Bank Otkritie Financial Cor 10.00 12/17/2019 USD 9.13
Solarworld AG 11.00 2/24/2019 EUR 73.38
Rickmers Holding AG 8.88 6/11/2018 EUR 2.62
Frigoglass Finance BV 8.25 5/15/2018 EUR 51.00
Korian SA 2.50 EUR 43.17
Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.32
Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.91
Banco Espirito Santo SA 2.63 5/8/2017 EUR 29.67
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.88
Neopost SA 3.38 EUR 59.18
Banco Espirito Santo SA 7.13 11/28/2023 EUR 1.19
CGG SA 1.75 1/1/2020 EUR 1.75
Eramet 4.00 EUR 70.97
Immigon Portfolioabbau AG 10.00 EUR 14.64
Mriya Agro Holding PLC 9.45 4/19/2018 USD 2.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.91
Banco Espirito Santo SA 4.00 1/21/2019 EUR 30.13
GNB - Cia de Seguros de Vid 3.17 EUR 59.88
Avangardco Investments Publ 10.00 10/29/2018 USD 21.93
Capital Raising GmbH 7.50 EUR 49.87
WPE International Cooperati 10.38 9/30/2020 USD 16.75
Scandinavian Airlines Syste 0.63 CHF 25.76
Alitalia-Societa' Aerea Ita 5.25 7/30/2020 EUR 6.31
Norske Skog Holding AS 8.00 2/24/2021 EUR 5.88
Scholz Holding Gmbh 8.50 12/31/2019 EUR 4.01
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 25.50
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.41
Elli Investments Ltd 12.25 6/15/2020 GBP 67.63
Banca Carige SpA 2.77 6/19/2018 EUR 64.92
UkrLandFarming PLC 10.88 3/26/2018 USD 26.88
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 35.04
Aligera Holding AB publ 5.00 5/7/2019 SEK 25.83
Alno AG 8.50 5/14/2018 EUR 2.65
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Banca Carige SpA 1.67 12/29/2018 EUR 65.72
Banco Espirito Santo SA 4.75 1/15/2018 EUR 30.00
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.47
CGG SA 6.50 6/1/2021 USD 44.13
CGG SA 1.25 1/1/2019 EUR 21.50
Bilt Paper BV 9.64 USD 24.38
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 70.39
CGG SA 6.88 1/15/2022 USD 44.99
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 6.75
3W Power SA 10.00 8/29/2019 EUR 15.13
GNB - Cia de Seguros de Vid 1.87 12/19/2022 EUR 70.00
Nexity SA 0.13 1/1/2023 EUR 71.05
Afren PLC 6.63 12/9/2020 USD 0.04
Veneto Banca SpA 9.50 12/1/2025 EUR 0.29
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 1.00
Lambay Capital Securities P 6.25 GBP 1.77
Solarworld AG 11.00 2/24/2019 EUR 49.13
Espirito Santo Financial Gr 6.88 10/21/2019 EUR 0.17
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 8.76
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 2.45
OSX 3 Leasing BV 13.00 3/20/2015 USD 30.00
Aralco Finance SA 10.13 5/7/2020 USD 8.50
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.24
Waste Italia SpA 10.50 11/15/2019 EUR 7.13
Hybrid Raising GmbH 6.63 EUR 52.49
Uppfinnaren 1 AB 10.00 SEK 64.48
KTG Agrar SE 7.13 6/6/2017 EUR 3.27
BIM SAS 2.50 11/13/2020 EUR 28.14
Barclays Bank PLC 2.23 7/31/2034 USD 73.50
BNP Paribas SA 2.69 4/30/2033 USD 68.50
Beate Uhse AG 7.75 7/9/2019 EUR 21.63
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.22
New World Resources NV 4.00 10/7/2020 EUR 1.14
Lloyds Bank PLC 1.99 11/27/2033 USD 70.25
Fred Olsen Energy ASA 3.79 2/28/2019 NOK 51.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 28.75
Hamon & CIE SA 5.50 1/30/2020 EUR 63.13
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Cie de Financement Foncier 0.98 8/11/2046 EUR 72.53
BOA OCV AS 9.75 12/31/2020 NOK 56.25
Inside Secure SA 6.00 6/29/2022 EUR 3.50
Pescanova SA 8.75 2/17/2019 EUR 2.40
Barclays Bank PLC 2.03 1/27/2031 USD 72.60
Orient Express Bank PJSC vi 10.00 USD 55.13
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.25
Barclays Bank PLC 1.70 11/29/2030 USD 73.00
Etablissements Maurel et Pr 1.63 7/1/2019 EUR 16.35
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 40.50
Credit Lyonnais SACA 0.44 EUR 74.00
Tonon Luxembourg SA 9.25 1/24/2020 USD 4.50
Praktiker AG 5.88 2/10/2016 EUR 0.84
Afren PLC 10.25 4/8/2019 USD 0.11
Barclays Bank PLC 2.10 12/23/2033 USD 74.30
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 19.01
Lehman Brothers UK Capital 3.88 EUR 3.35
Lehman Brothers UK Capital 5.75 EUR 2.19
Cattles Ltd 7.13 7/5/2017 GBP 0.24
Deutsche Bank AG/London 3.00 2/23/2035 EUR 55.00
Agrokor dd 8.88 2/1/2020 USD 27.57
Eniro AB 6.00 4/14/2020 SEK 10.41
Air Berlin Finance BV 6.00 3/6/2019 EUR 3.82
Lloyds Bank PLC 0.12 1/31/2033 USD 58.85
Afren PLC 11.50 2/1/2016 USD 0.01
Dexia Credit Local SA 1.40 EUR 6.34
Banco Espirito Santo SA 2.32 EUR 0.22
Barclays Bank PLC 0.40 5/31/2033 USD 58.50
Mriya Agro Holding PLC 10.95 3/30/2016 USD 4.79
Smart Solutions GmbH 8.00 12/3/2018 EUR 6.50
Dexia SA 1.45 EUR 7.78
PNE Wind AG 3.75 10/10/2019 EUR 3.52
Barclays Bank PLC 1.33 3/21/2031 USD 67.76
New World Resources NV 8.00 4/7/2020 EUR 3.68
Lehman Brothers UK Capital 5.13 EUR 1.98
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 0.98
Royal Bank of Scotland PLC/ 1.35 12/30/2030 USD 70.38
Mox Telecom AG 7.25 11/2/2017 EUR 2.43
Barclays Bank PLC 1.35 9/30/2031 USD 67.63
Electromagnetic Geoservices 6.80 6/27/2019 NOK 70.38
Agrokor dd Via Aquarius + I 4.92 8/8/2017 EUR 24.00
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.42
UniCredit Bank Austria AG 0.19 8/20/2033 EUR 69.92
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 66.00
Espirito Santo Financial Gr 3.13 12/2/2018 EUR 0.09
Veneto Banca SpA 6.41 EUR
Belfius Bank SA/NV 1.62 FRF 73.00
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.57
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 22.30
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 65.73
Manchester Building Society 6.75 GBP 17.00
Deutsche Bank AG/London 1.75 6/30/2034 USD 68.50
Afren PLC 6.63 12/9/2020 USD 0.11
Alno AG 8.00 3/21/2019 EUR 2.25
Stichting Afwikkeling Onder 6.25 10/26/2020 EUR 4.12
Air Berlin Finance BV 8.50 3/6/2019 EUR 3.61
Norske Skogindustrier ASA 7.13 10/15/2033 USD 1.33
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.36
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.16
Sequa Petroleum NV 5.00 4/29/2020 USD 69.50
Steilmann SE 7.00 9/23/2018 EUR 1.76
Pescanova SA 5.13 4/20/2017 EUR 2.87
ESFIL-Espirito Santo Financ 5.25 6/12/2015 EUR 0.45
Decipher Production Ltd 12.50 9/27/2018 USD 1.91
Barclays Bank PLC 1.54 12/30/2030 USD 67.25
Barclays Bank PLC 1.04 3/28/2034 USD 66.20
Norske Skog Holding AS 8.00 2/24/2023 USD 12.25
Geotech Seismic Services PJ 11.50 10/16/2019 RUB 50.29
LBI HF 6.10 8/25/2011 USD 7.88
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 34.88
BLT Finance BV 7.50 5/15/2014 USD 2.05
Atari SA 0.10 4/1/2020 EUR 5.70
Abengoa Finance SA 7.75 2/1/2020 USD 1.42
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Societe Generale SA 0.81 EUR 70.50
International Finance Facil 0.50 6/24/2024 ZAR 52.80
Pacific Drilling SA 5.38 6/1/2020 USD 35.41
Barclays Bank PLC 0.46 3/21/2033 USD 65.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 61.79
Ideal Standard Internationa 11.75 5/1/2018 EUR 4.83
Havila Shipping ASA 5.29 11/7/2020 NOK 69.25
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 61.27
Bank Otkritie Financial Cor 10.00 4/26/2019 USD 18.75
Steilmann SE 6.75 6/27/2017 EUR 5.38
More & More AG 8.13 6/11/2018 EUR 59.38
Barclays Bank PLC 1.87 7/28/2031 USD 65.60
Echo Investment SA 4.31 4/23/2018 PLN 0.01
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.88
Windreich GmbH 6.50 7/15/2016 EUR 14.63
Vneshprombank Ltd via VPB F 9.00 11/14/2016 USD 0.53
Deutsche Bank AG/London 2.39 11/26/2034 USD 70.50
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 7.25
Barclays Bank PLC 0.30 3/28/2033 USD 61.00
Vimpel-Communications PJSC 1.00 10/3/2025 RUB 80.66
Espirito Santo Financial Gr 9.75 12/19/2025 EUR 1.28
Stichting Afwikkeling Onder 11.25 EUR 0.49
Deutsche Bank AG/London 2.56 10/31/2034 USD 71.00
Petrol AD 5.50 1/26/2022 EUR 29.25
Offshore Drilling Holding S 8.38 9/20/2020 USD 40.64
Touax SA 6.00 7/10/2020 EUR 17.79
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.00
Lloyds Bank PLC 0.43 2/22/2033 USD 58.07
Barclays Bank PLC 1.54 12/30/2030 USD 71.13
Montepio Holding SGPS SA 5.00 EUR 50.00
Barclays Bank PLC 1.84 11/1/2031 USD 67.10
SAir Group 0.13 7/7/2005 CHF 12.13
International Industrial Ba 9.00 7/6/2011 EUR 0.45
Solon SE 1.38 12/6/2012 EUR 0.33
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 4.00
Enterprise Holdings LTD 7.00 3/30/2020 EUR 3.46
getgoods.de AG 7.75 10/2/2017 EUR 0.23
Societe Generale SA 0.15 4/29/2033 USD 65.00
German Pellets GmbH 7.25 11/27/2019 EUR 1.15
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.50
Minaya Capital AG 7.00 8/1/2018 EUR
Lloyds Bank PLC 2.35 7/26/2033 USD 69.38
Lehman Brothers UK Capital 6.90 USD 1.89
Etablissements Maurel et Pr 2.75 7/1/2021 EUR 10.66
Northland Resources AB 4.00 10/15/2020 USD 0.45
Deutsche Bank AG/London 0.41 3/15/2033 USD 60.00
IT Holding Finance SA 9.88 11/15/2012 EUR 2.45
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.35
Sazka AS 9.00 7/12/2021 EUR 0.50
Santander Finance Capital S 2.00 EUR 61.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.50
Bank Otkritie Financial Cor 10.00 12/17/2019 USD 9.13
Agrokor dd 9.88 5/1/2019 EUR 25.75
Portugal Telecom Internatio 5.24 11/6/2017 EUR 33.70
Banca Carige SpA 5.70 9/17/2020 EUR 64.60
Barclays Bank PLC 1.35 9/30/2031 USD 66.62
CRC Breeze Finance SA 6.11 5/8/2026 EUR 51.88
World Wide Supply AS 7.75 5/26/2017 USD 15.38
Barclays Bank PLC 1.42 2/25/2031 USD 66.15
Portigon AG 7.46 12/31/2019 EUR 28.50
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 59.75
KTG Agrar SE 7.25 10/15/2019 EUR 3.49
Banco Espirito Santo SA 6.88 7/15/2016 EUR 30.26
Sidetur Finance BV 10.00 4/20/2016 USD 4.96
BNP Paribas SA 0.13 4/30/2033 USD 61.25
HSH Nordbank AG 3.21 5/6/2030 EUR 74.30
German Pellets GmbH 7.25 7/9/2018 EUR 1.56
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.92
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 28.38
PA Resources AB 3.00 12/27/2017 NOK 0.05
Norske Skog Holding AS 8.00 2/24/2021 EUR 5.88
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 8.50
Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 61.79
Banco Pinto & Sotto Mayor 0.64 EUR 38.01
Corporate Commercial Bank A 8.25 8/8/2014 USD 0.94
Depfa Funding II LP 6.50 EUR 58.03
Vseukrainsky Aktsinerny Ban 10.90 6/14/2019 USD 0.10
Santander Finance Capital S 2.00 EUR 61.23
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 5.03
Otkritie Holding JSC 12.00 4/25/2028 RUB 22.03
Rem Offshore ASA 5.00 12/8/2024 NOK 35.76
Intesa Sanpaolo SpA 5.63 3/18/2024 GBP 63.35
EFG International AG 1.14 EUR 61.62
Rudolf Woehrl AG 6.50 2/12/2018 EUR 6.20
Finmek International SA 7.00 12/3/2004 EUR 5.63
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.50
Steilmann SE 7.00 3/9/2017 EUR 1.76
Sairgroup Finance BV 4.38 6/8/2006 EUR 8.75
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 8.50
SeaBird Exploration Finance 6.00 6/30/2020 USD 20.13
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Waste Italia SpA 10.50 11/15/2019 EUR 7.13
OGX Austria GmbH 8.38 4/1/2022 USD 0.90
Far Eastern Shipping Co PLC 12.25 11/28/2017 RUB 60.00
Rosneft Oil Co PJSC 7.95 12/11/2023 RUB 73.02
OGX Austria GmbH 8.38 4/1/2022 USD 0.90
Region of Abruzzo Italy 0.13 11/7/2036 EUR 62.15
KPNQwest NV 10.00 3/15/2012 EUR 0.06
Frey 6.00 11/15/2022 EUR 23.11
OGX Austria GmbH 8.50 6/1/2018 USD 0.93
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.29
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.35
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 8.50
Norske Skog Holding AS 8.00 2/24/2023 USD 4.51
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 73.18
Lloyds Bank PLC 1/29/2034 USD 73.80
SeniVita Sozial gemeinnuetz 7.00 EUR 74.00
MPS Capital Services Banca 4.33 3/14/2024 EUR 49.05
Royal Bank of Scotland PLC/ 1.42 11/16/2030 USD 68.25
Deutsche Bank AG 0.10 6/28/2033 USD 60.61
German Pellets GmbH 7.25 4/1/2016 EUR 1.32
Afren PLC 10.25 4/8/2019 USD 0.02
CBo Territoria 6.00 1/1/2020 EUR 4.10
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.31
Lloyds Bank PLC 2.18 7/5/2033 USD 66.41
Enterprise Holdings LTD 7.00 9/26/2017 EUR 3.42
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.24
Dannemora Mineral AB 11.75 3/22/2016 USD 0.13
IVG Immobilien AG 5.50 EUR 2.13
IM Skaugen SE 10.15 4/6/2018 USD 35.63
Stichting Afwikkeling Onder 2.42 EUR 0.49
Koninklijke Luchtvaart Maat 0.75 CHF 36.60
Wild Bunch AG 8.00 3/23/2019 EUR 50.05
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
OAS Investments GmbH 8.25 10/19/2019 USD 7.50
Barclays Bank PLC 0.24 4/9/2028 USD 67.25
Rena GmbH 8.25 7/11/2018 EUR 9.38
BBVA International Preferre 1.27 GBP 63.20
CGG SA 6.50 6/1/2021 USD 45.23
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 12.27
Windreich GmbH 6.50 3/1/2015 EUR 14.63
Otkritie Holding JSC 11.00 8/9/2018 RUB 21.73
PA Resources AB 13.50 3/3/2016 SEK 0.05
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25
Stroika Finance Ltd Via Eme 9.90 6/25/2019 RUB 10.00
Pescanova SA 6.75 3/5/2015 EUR 2.58
3W Power SA 5.50 11/11/2020 EUR 15.00
Golden Gate AG 6.50 10/11/2014 EUR 56.68
Deutsche Bank AG/London 1.39 8/28/2034 USD 67.00
APP International Finance C 11.75 10/1/2005 USD 0.44
Abengoa Finance SA 7.75 2/1/2020 USD 1.20
Manchester Building Society 8.00 GBP 25.25
International Industrial Ba 11.00 2/19/2013 USD 0.22
Banco Espirito Santo SA 6.90 6/28/2024 EUR 28.00
Barclays Bank PLC 1.11 4/25/2034 USD 68.75
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.11
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 8.50
Barclays Bank PLC 1.33 6/17/2033 USD 65.40
Artea 6.00 8/4/2019 EUR 14.52
Afren PLC 11.50 2/1/2016 USD 0.01
Depfa Funding IV LP 1.54 EUR 50.00
DOF ASA 7.83 9/12/2019 NOK 40.00
Santander Issuances SAU 4.35 12/1/2026 EUR 73.43
Del Monte Finance Luxembour 6.63 5/24/2006 EUR 5.13
Barclays Bank PLC 3.57 9/13/2028 USD 70.57
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Lloyds Bank PLC 0.09 4/26/2033 USD 51.00
Agrokor dd 9.13 2/1/2020 EUR 26.13
Banco Comercial Portugues S 5.00 EUR 65.00
HPI AG 3.50 EUR 3.20
Svensk Exportkredit AB 0.50 8/28/2020 TRY 70.41
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 70.38
Tatfondbank OAO via TFB Fin 8.50 11/12/2019 USD 1.22
Rosneft Oil Co PJSC 8.60 1/18/2021 RUB 60.01
Rio Forte Investments SA 4.00 7/22/2014 EUR 8.38
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.25
Abanka Vipa DD Via Afinance 1.57 EUR 2.26
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.75
Havila Shipping ASA 4.82 11/7/2020 NOK 48.38
Rena GmbH 7.00 12/15/2015 EUR 9.38
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
CGG SA 5.88 5/15/2020 EUR 45.63
Orient Express Bank PJSC 13.60 8/9/2018 RUB 68.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 8.50
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.31
BNP Paribas SA 0.50 9/29/2029 AUD 60.99
Atari SA 7.50 2/17/2020 EUR 0.41
Royal Bank of Scotland PLC/ 1.42 2/25/2031 USD 71.00
FPK OAO 9.95 6/4/2026 RUB 103.40
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 12.08
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
A-TEC Industries AG 8.75 10/27/2014 EUR 0.10
Popular Capital SA 4.00 EUR 2.76
Elli Investments Ltd 12.25 6/15/2020 GBP 67.63
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 8.50
A-TEC Industries AG 5.75 11/2/2010 EUR 0.10
Northland Resources AB 15.00 7/15/2019 USD 1.88
Sachsen Bank 0.07 1/22/2041 EUR 74.80
Otkritie Holding JSC 10.00 4/20/2028 RUB 19.53
Landesbank Hessen-Thueringe 0.06 4/23/2041 EUR 68.68
Svensk Exportkredit AB 0.50 4/24/2029 AUD 63.11
MS Deutschland Beteiligungs 6.88 12/18/2017 EUR 5.33
Region of Molise Italy 0.13 12/15/2033 EUR 66.99
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.62
A-TEC Industries AG 2.75 5/10/2014 EUR 0.10
Golden Energy Offshore Serv 5.00 12/31/2017 NOK 45.63
Veneto Banca SpA 6.95 2/25/2025 EUR 1.00
International Finance Facil 0.50 6/29/2027 ZAR 38.21
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.00
Alpha Bank AE 2.50 6/20/2022 EUR 41.06
Banca Meridiana 1.25 11/12/2017 EUR 0.80
Delamare Finance PLC 1.54 2/19/2029 GBP 64.10
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.00
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.11
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.00
Governo Portugues Consolida 2.75 EUR 70.53
Kommunekredit 0.50 7/30/2027 TRY 33.67
CGG SA 6.88 1/15/2022 USD 45.63
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.88
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.57
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 44.36
Stichting Afwikkeling Onder 6.63 5/14/2018 EUR 3.00
Activa Resources AG 0.50 11/15/2021 EUR 18.50
Deutsche Agrar Holding GmbH 7.25 9/28/2018 EUR 2.25
Barclays Bank PLC 2.95 10/30/2034 USD 73.65
Rosneft Oil Co PJSC 8.90 2/6/2024 RUB 101.02
Laurel GmbH 7.13 11/16/2017 EUR 8.63
Credit Agricole Corporate & 5.65 10/31/2022 INR 74.85
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.96
Mifa Mitteldeutsche Fahrrad 7.50 8/12/2018 EUR 2.15
KPNQwest NV 8.13 6/1/2009 USD 0.06
Espirito Santo Financial Po 5.13 5/30/2016 EUR 0.52
Banco Espirito Santo SA 1.22 5/27/2018 EUR 1.19
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 37.00
Otkritie Holding JSC 12.70 9/30/2027 RUB 40.78
SAir Group 6.25 4/12/2005 CHF 11.75
Intelsat Luxembourg SA 12.50 11/15/2024 USD 61.79
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 67.40
Rosneft Oil Co PJSC 9.90 12/3/2020 RUB 62.01
Hamburgische Landesbank-Gir 0.05 1/22/2041 EUR 62.83
Salvator Grundbesitz-AG 9.50 EUR 18.50
LBI HF 7.43 USD 0.00
SiC Processing GmbH 7.13 3/1/2016 EUR 2.52
UkrLandFarming PLC 10.88 3/26/2018 USD 26.88
Santander Finance Capital S 2.00 USD 62.56
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 8.50
Frigoglass Finance BV 8.25 5/15/2018 EUR 51.00
Exane Finance SA 5.00 12/20/2019 SEK
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.64
Svensk Exportkredit AB 0.50 6/29/2029 AUD 62.80
Podkarpacki Bank Spoldzielc 5.81 7/2/2020 PLN 70.50
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 1.24
PSN Pm OOO 12.00 8/31/2027 RUB 60.46
Municipality Finance PLC 0.50 6/19/2024 ZAR 55.06
Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.81
Institut Catala de Finances 0.87 9/18/2024 EUR 73.73
Barclays Bank PLC 0.50 4/24/2023 MXN 62.30
Northland Resources AB 4.00 10/15/2020 NOK 0.16
Otkritie Holding JSC 11.25 12/10/2026 RUB 24.50
Otkritie Holding JSC 11.50 7/14/2027 RUB 27.00
Hamburgische Landesbank-Gir 0.05 10/30/2040 EUR 64.77
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.22
Otkritie Holding JSC 10.25 9/17/2027 RUB 20.65
Barclays Bank PLC 3.09 4/16/2029 USD 66.25
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 8.50
Anglian Water Services Fina 0.76 1/26/2057 GBP 73.29
HSBC France SA 1.03 EUR 71.00
Societe Generale SA 0.28 6/28/2033 USD 70.75
State of Berlin Germany 0.50 6/19/2047 EUR 73.62
Banco Pastor SAU 2.07 EUR 1.14
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
UBS AG/London 7.93 12/30/2021 USD 10.45
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 80.00
Alpha Bank AE 2.50 6/20/2022 EUR 41.07
Promsvyazbank PJSC 10.50 4/19/2021 RUB 70.10
Veneto Banca SpA 6.94 5/15/2025 EUR 0.39
UniCredit Bank AO 12.00 11/20/2019 RUB 67.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 19.35
Marine Subsea AS 9.00 12/16/2019 USD 0.41
SAir Group 5.50 7/23/2003 CHF 11.57
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 1.79
Aralco Finance SA 10.13 5/7/2020 USD 4.34
Finans-Avia OOO 9.00 7/31/2022 RUB 73.95
SPORTTOTAL AG 6.00 3/17/2019 EUR 3.90
BLT Finance BV 12.00 2/10/2015 USD 10.50
Banca del Monte di Lucca-Sp 2.43 6/29/2020 EUR 64.50
Barclays Bank PLC 1.33 8/31/2031 USD 71.25
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 65.67
Kamaz PJSC 11.24 7/18/2030 RUB 70.01
Barclays Bank PLC 2.41 5/30/2034 USD 73.20
BNP Paribas SA 0.50 7/20/2021 BRL 68.94
MegaFon PJSC 9.90 5/29/2026 RUB 63.88
Petromena ASA 10.85 11/19/2017 USD 0.61
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 71.51
SG Issuer SA 6.00 6/30/2022 USD 73.89
Otkritie Holding JSC 10.00 12/8/2027 RUB 24.00
MPS Capital Services Banca 3.73 3/30/2022 EUR 58.26
SAir Group 6.25 10/27/2002 CHF 11.78
Landesbank Hessen-Thueringe 0.08 5/3/2041 EUR 66.47
Dexia Kommunalbank Deutschl 5.63 12/31/2017 EUR 13.13
Banco Espirito Santo SA 10.00 12/6/2021 EUR 1.19
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 35.25
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 8.50
New World Resources NV 8.00 4/7/2020 EUR 3.68
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 8.50
SAir Group 5.13 3/1/2003 CHF 13.00
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 65.34
Russian Railways JSC 4.00 4/29/2043 RUB 60.06
Rosneft Oil Co PJSC 8.50 7/14/2027 RUB 67.97
Agroton Public Ltd 6.00 7/14/2019 USD 14.38
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 2.45
SAir Group 2.13 11/4/2004 CHF 11.75
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 19.13
Otkritie Holding JSC 11.50 8/5/2025 RUB 20.50
Kommunalbanken AS 0.50 5/27/2022 ZAR 67.53
SAir Group 2.75 7/30/2004 CHF 11.75
Oravita City Council 2.89 6/15/2027 RON 74.01
Rosneft Oil Co PJSC 8.50 7/14/2027 RUB 67.97
Two Capitals Highway OOO 13.45 5/10/2030 RUB 62.57
Oberbank Hybrid 1 GmbH 0.87 EUR 48.22
OGK-2 PJSC 11.50 11/17/2020 RUB 101.72
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.64
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 68.50
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 3.81
WPE International Cooperati 10.38 9/30/2020 USD 16.25
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 3.81
EFG International Finance G 6.00 11/30/2017 EUR 0.19
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
New World Resources NV 4.00 10/7/2020 EUR 1.14
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 66.00
Rusfinans Bank OOO 8.05 10/2/2018 RUB 60.36
OGK-2 PJSC 11.50 11/17/2020 RUB 62.07
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 65.00
BNP Paribas SA 0.50 5/6/2021 MXN 74.23
SAir Group 4.25 2/2/2007 CHF 11.75
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
Agentstvo po Ipotechnomu Zh 8.20 9/15/2020 RUB 74.20
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 8.50
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 3.81
Heta Asset Resolution AG 4.35 12/31/2023 EUR 34.63
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 7.70
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 75.00
Pierer Industrie AG 5.75 EUR 69.13
Royal Bank of Scotland PLC/ 1.39 8/26/2031 USD 68.70
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 50.00
SAir Group 2.75 7/30/2004 CHF 11.75
Agentstvo po Ipotechnomu Zh 10.90 11/1/2022 RUB 61.01
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 3.81
Gazprombank JSC 9.00 4/27/2048 RUB 101.45
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 64.47
Lloyds Bank PLC 2.11 4/25/2034 USD 70.13
HSH Nordbank AG 2.30 2/1/2036 EUR 69.86
Biomed-Lublin Wytwornia Sur 7.31 9/22/2019 PLN 72.01
Bilt Paper BV 9.64 USD 24.38
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 0.75
Russian Railways JSC 8.65 2/4/2032 RUB 62.90
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
Main Road JSC 7.50 10/30/2028 RUB 65.00
WEB Windenergie AG 6.25 EUR 74.89
UmweltBank AG 2.85 EUR 53.30
Barclays Bank PLC 1.33 7/28/2034 USD 72.77
Rosneft Oil Co PJSC 11.90 12/3/2020 RUB 71.55
Northland Resources AB 15.00 7/15/2019 USD 1.88
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 26.77
Two Capitals Highway OOO 13.25 6/19/2030 RUB 67.96
Rosselkhozbank JSC 17.00 12/13/2024 RUB 60.57
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 72.87
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Santander Finance Capital S 2.00 USD 62.00
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 68.97
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 67.75
Plaza Centers NV 6.00 7/1/2020 ILS 78.00
ML 33 Invest AS 7.50 NOK 68.75
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 8.50
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 8.50
HSBC Bank PLC 0.50 10/30/2026 NZD 70.62
Societe Generale SA 1.60 1/9/2020 GBP 1.13
Gold-Zack AG 7.00 12/14/2005 EUR 12.58
IT Holding Finance SA 9.88 11/15/2012 EUR 2.45
Hypo Vorarlberg Bank AG 5.87 EUR 45.88
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 8.50
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 3.81
Societe Generale SA 0.37 2/28/2033 USD 67.10
SG Issuer SA 6.65 10/10/2021 EUR 74.03
United Engine Corp JSC 8.80 4/17/2023 RUB 60.01
Krakowski Bank Spoldzielczy 5.11 9/20/2023 PLN 67.00
Rosbank PJSC 9.35 9/29/2025 RUB 60.78
Pongs & Zahn AG 8.50 EUR 0.04
Rosbank PJSC 9.80 12/20/2026 RUB 62.35
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 3.81
Heta Asset Resolution AG 0.43 12/31/2023 EUR 34.63
State Transport Leasing Co 14.30 12/10/2024 RUB 72.41
NRW Bank 0.28 10/4/2026 EUR 57.35
Windreich GmbH 6.75 3/1/2015 EUR 14.63
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 8.50
Leonteq Securities AG 15.60 12/19/2017 CHF 60.58
Muehl Product & Service AG 6.75 3/10/2005 DEM 0.21
Rio Forte Investments SA 4.75 11/10/2015 EUR 8.38
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 8.50
Ideal Standard Internationa 11.75 5/1/2018 EUR 4.83
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 72.07
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Leonteq Securities AG/Guern 9.00 5/29/2018 EUR 56.43
Kaupthing ehf 9.00 USD 0.12
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 42.98
Grupo Isolux Corsan SA 3.00 12/30/2021 USD 0.92
State of Rhineland-Palatina 0.60 10/24/2046 EUR 73.13
EFG International Finance G 2.10 3/23/2018 EUR 21.18
Heta Asset Resolution AG 0.24 12/31/2023 EUR 34.63
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 42.58
Beluga Group PJSC 9.75 5/28/2020 RUB 61.00
Rostelecom PJSC 8.40 5/20/2025 RUB 60.06
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 8.50
Otkritie Holding JSC 11.50 7/20/2028 RUB 31.05
Astana Finance BV 9.00 11/16/2011 USD 16.88
Raiffeisen Schweiz Genossen 8.99 7/22/2019 EUR 25.13
Barclays Bank PLC 0.50 1/28/2033 MXN 28.01
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 3.81
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 63.78
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 8.50
Podkarpacki Bank Spoldzielc 5.01 10/6/2021 PLN 64.00
Russian Railways JSC 9.85 4/26/2041 RUB 69.69
Oberoesterreichische Landes 0.32 11/6/2030 EUR 73.28
Kerdos Group SA 8.00 12/15/2017 PLN
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 3.81
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 8.50
United Engine Corp JSC 11.50 6/26/2024 RUB 60.01
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.88
Orient Express Bank PJSC 18.00 5/28/2020 RUB 50.00
Credito Padano Banca di Cre 3.10 EUR 33.86
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 8.50
Penell GmbH Elektrogroshand 7.75 6/10/2019 EUR 5.00
Union Technologies Informat 0.10 1/1/2020 EUR 5.50
Credit Europe Bank Ltd 10.00 9/14/2018 RUB 62.03
National Developing Co PAO 16.00 4/15/2021 RUB 0.01
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 65.46
Eiendomskreditt AS 4.10 NOK 55.30
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.00
Rusfinans Bank OOO 10.05 6/10/2019 RUB 61.12
Municipality Finance PLC 0.50 5/8/2029 AUD 63.10
Deutsche Bank AG/London 0.50 10/5/2021 IDR 66.68
Sidetur Finance BV 10.00 4/20/2016 USD 4.96
Barclays Bank PLC 2.49 2/28/2034 USD 73.70
Rosselkhozbank JSC 12.87 12/21/2021 RUB 66.78
UniCredit Bank AG 0.37 11/19/2029 EUR 64.30
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.62
Russian Railways JSC 5.10 11/29/2028 RUB 60.06
Commerzbank AG 10.00 3/2/2020 EUR 42.15
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 68.35
Credit Suisse AG/London 9.50 11/15/2019 USD 5.66
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 40.48
Metalloinvest Holding Co OA 0.01 3/10/2022 RUB 60.00
Orient Express Bank PJSC 11.70 7/17/2018 RUB 60.31
Rusfinans Bank OOO 8.05 6/30/2020 RUB 60.17
AKB Peresvet ZAO 12.50 9/6/2017 RUB 18.53
Lillestroem Sparebank 4.29 NOK 60.74
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 3.81
Polski Bank Spoldzielczy w 5.31 9/14/2027 PLN 50.20
HSBC Bank PLC 0.50 12/29/2026 AUD 69.49
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 3.81
VEB-Leasing OAO 8.71 9/1/2025 RUB 60.06
Kommunekredit 0.50 5/11/2029 CAD 71.59
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 67.00
UniCredit Bank Austria AG 0.12 1/22/2031 EUR 74.58
Moscow United Electric Grid 10.00 5/26/2026 RUB 60.06
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
VEB-Leasing OAO 8.65 1/16/2024 RUB 60.06
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 3.81
RGS Nedvizhimost OOO 12.50 12/11/2017 RUB 11.00
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 8.50
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Municipality Finance PLC 0.50 4/26/2022 ZAR 66.51
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 3.81
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 3.81
City of Siret Romania 3.21 3/1/2028 RON 50.00
RGS Nedvizhimost OOO 12.50 9/14/2021 RUB 0.01
Sviaz Bank OAO 9.00 3/24/2018 RUB 60.17
Oberoesterreichische Landes 0.30 4/25/2042 EUR 61.37
Vnesheconombank 8.35 11/24/2020 RUB 60.07
Podkarpacki Bank Spoldzielc 5.11 5/28/2023 PLN 62.00
Podkarpacki Bank Spoldzielc 5.81 3/31/2025 PLN 61.01
Bayerische Landesbank 2.60 3/29/2018 EUR 66.88
Kommunalbanken AS 0.50 12/16/2020 TRY 70.27
Bank Intesa AO 8.25 6/10/2018 RUB 60.04
Credit Suisse AG/London 11.70 4/20/2018 USD 10.73
Absolut Bank PAO 12.00 12/25/2018 RUB 60.01
Espirito Santo Financial Po 5.63 7/28/2017 EUR 0.39
Windreich GmbH 6.25 3/1/2015 EUR 14.63
Kaupthing ehf 7.50 2/1/2045 USD 0.26
LBI HF 2.25 2/14/2011 CHF 7.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.29
TPGK-Finance ZAO 12.75 9/13/2018 RUB 0.03
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 8.50
LBI HF 7.43 USD 0.00
Russian Railways JSC 9.70 5/22/2046 RUB 60.06
RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 4.15
HSBC Bank PLC 0.50 2/24/2027 NZD 69.50
Credit Suisse AG/London 8.00 11/29/2019 USD 6.39
LBI HF 6.10 8/25/2011 USD 7.88
TM-energo finance OOO 8.00 8/29/2019 RUB 92.00
Main Road JSC 7.50 11/22/2028 RUB 65.02
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 57.18
State of Saxony-Anhalt 0.65 7/3/2028 EUR 58.00
ECA 2.50 1/1/2018 EUR 16.00
Federal Grid Co Unified Ene 5.40 6/30/2048 RUB 73.25
German Pellets GmbH 8.00 EUR 0.05
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
BLT Finance BV 7.50 5/15/2014 USD 2.05
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 3.81
BTV Hybrid I GmbH 6.50 EUR 38.55
Sviaz Bank OAO 9.00 4/13/2022 RUB 57.78
TransFin-M PAO 13.00 9/3/2025 RUB 62.45
BNP Paribas Emissions- und 7.00 12/21/2017 EUR 78.27
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 8.50
Kaupthing ehf 7.63 2/28/2015 USD 17.63
BNP Paribas SA 0.50 11/16/2032 MXN 33.20
HSBC Bank PLC 0.50 6/23/2027 MXN 45.27
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 3.81
Federal Grid Co Unified Ene 4.00 4/27/2048 RUB 73.25
AKB Peresvet ZAO 2.63 9/2/2020 RUB 16.45
HSBC Bank PLC 0.50 6/10/2021 BRL 68.87
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 3.81
Municipality Finance PLC 0.50 5/31/2022 ZAR 65.87
OOO SPV Structural Investme 0.01 9/1/2023 RUB 69.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.30
Agrokompleks OOO 0.10 7/29/2019 RUB 4.00
Russian Railways JSC 5.10 5/20/2044 RUB 65.00
Russian Railways JSC 5.30 10/11/2038 RUB 60.06
Credit Europe Bank Ltd 11.00 6/5/2018 RUB 60.06
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.24
TPGK-Finance ZAO 10.63 9/30/2021 RUB 0.01
DekaBank Deutsche Girozentr 0.01 6/29/2046 EUR 52.46
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 3.81
Municipality Finance PLC 0.50 7/30/2029 AUD 69.96
City of Predeal Romania 1.50 5/15/2026 RON 60.00
UniCredit Bank AG 4.30 10/17/2018 EUR 65.05
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 55.00
Societe Generale SA 0.50 5/30/2023 MXN 64.50
Russian Railways JSC 4.00 9/19/2033 RUB 60.06
Bank Julius Baer & Co Ltd/G 8.25 4/19/2018 USD 55.15
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 72.56
SG Issuer SA 5.50 4/10/2021 EUR 66.77
Credit Suisse AG/London 7.00 11/15/2019 USD 7.90
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 70.55
Investpro OOO 11.50 10/13/2020 RUB 0.02
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 3.81
Province of Brescia Italy 0.03 6/30/2036 EUR 65.87
Kreditanstalt fuer Wiederau 0.25 10/6/2036 CAD 40.93
Societe Generale SA 0.50 8/4/2021 BRL 68.70
Eurocent SA 8.50 9/15/2018 PLN 20.00
Russian Railways JSC 4.00 2/28/2040 RUB 60.06
Credit Suisse AG/London 7.00 7/1/2024 USD 10.00
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.01
Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 3.81
Heta Asset Resolution AG 5.92 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 3.81
Hellenic Republic Governmen 2.09 7/25/2057 EUR 39.25
Russian Railways JSC 5.10 6/8/2028 RUB 60.06
Barclays Bank PLC 1.44 8/15/2033 USD 66.25
Russian Railways JSC 6.40 5/30/2040 RUB 60.06
COFIDUR SA 0.10 12/31/2024 EUR 24.75
Federal Grid Co Unified Ene 4.00 9/7/2048 RUB 73.25
Russian Railways JSC 6.40 2/28/2040 RUB 60.06
Malahit AO 15.00 7/14/2025 RUB 0.01
Heta Asset Resolution AG 7.50 12/31/2023 ATS 34.63
BELLAGIO Holding GmbH 2.18 EUR 48.65
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 3.81
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 3.81
Sibur Holding PAO 9.65 9/16/2026 RUB 60.06
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Barclays Bank PLC 0.50 3/13/2023 RUB 69.08
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.09
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 8.50
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 3.81
Lloyds Bank PLC 0.50 7/26/2021 BRL 68.83
Russian Railways JSC 4.00 5/29/2035 RUB 60.06
Agrokompleks OOO 0.10 12/8/2022 RUB 3.05
Eiendomskreditt AS 5.05 NOK 65.38
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 3.81
Sviaz Bank OAO 9.25 2/26/2018 RUB 60.27
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.76
Region Invest OOO 10.48 4/20/2021 RUB 70.14
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 3.81
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.78
Leonteq Securities AG 14.00 8/2/2018 USD 58.60
Municipiul Timisoara 0.76 5/15/2026 RON 63.00
Raiffeisen Centrobank AG 7.04 3/20/2018 EUR 66.48
Federal Grid Co Unified Ene 4.90 10/30/2048 RUB 73.25
Commerzbank AG 30.00 6/30/2020 USD 1.87
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 3.81
HSBC Bank PLC 0.50 6/9/2023 MXN 64.38
AKB Peresvet ZAO 12.75 7/24/2018 RUB 21.00
BNP Paribas Emissions- und 7.00 3/22/2018 EUR 78.35
Podkarpacki Bank Spoldzielc 5.81 10/24/2024 PLN 60.50
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 65.73
Credit Suisse AG/London 7.00 8/5/2019 USD 10.03
Bayerische Landesbank 2.70 7/6/2018 EUR 76.34
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 3.81
Credit Suisse AG/London 3.00 11/15/2025 ZAR 64.42
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 3.81
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 3.81
Digital Invest OOO 10.22 10/22/2020 RUB 65.00
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 8.50
Communaute Francaise de Bel 0.50 6/27/2046 EUR 67.69
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 3.81
Commerzbank AG 0.10 12/27/2018 RUB 3.30
UBS AG/London 16.00 1/19/2018 USD 65.85
Bank Julius Baer & Co Ltd/G 6.30 5/11/2018 USD 74.45
Northland Resources AB 12.25 3/26/2016 USD 1.88
Russian Post FGUP 2.75 12/6/2023 RUB 80.00
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 3.81
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.01
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 3.81
Raiffeisenbank AO 11.35 6/11/2018 RUB 70.01
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 8.50
HSBC Bank PLC 0.50 12/8/2020 BRL 72.35
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 3.81
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 3.81
HSBC Bank PLC 0.50 1/29/2027 NZD 69.58
UBS AG/London 9.50 12/4/2017 EUR 60.05
Federal Grid Co Unified Ene 5.40 6/30/2048 RUB 73.25
Fininvest OOO 13.00 11/9/2018 RUB
Landesbank Hessen-Thueringe 4.50 11/28/2017 EUR 51.89
Polski Bank Spoldzielczy w 4.81 11/26/2024 PLN
Podkarpacki Bank Spoldzielc 5.81 2/23/2025 PLN 50.00
Transgazservice LLP 10.50 11/8/2019 RUB 0.10
Oberbank AG 7.40 EUR 71.60
Center-Invest Commercial Ba 9.20 5/22/2019 RUB 67.01
Digital Invest OOO 11.00 3/8/2021 RUB 75.00
Nuova Banca delle Marche Sp 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 3.81
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 3.81
Digital Invest OOO 12.00 11/3/2020 RUB 71.00
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Finans-Avia OOO 0.01 7/31/2027 RUB 20.00
Deutsche Bank AG 6.50 12/19/2017 EUR 70.49
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Bank Julius Baer & Co Ltd/G 13.00 12/21/2017 USD 36.70
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 3.81
Svensk Exportkredit AB 0.50 6/20/2029 AUD 69.21
HSBC Bank PLC 0.50 4/11/2023 MXN 65.20
Societe Generale SA 0.50 4/30/2023 RUB 68.28
Landesbank Baden-Wuerttembe 3.25 12/22/2017 EUR 64.91
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 3.81
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 3.81
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 3.81
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 3.81
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.26
Credit Suisse AG/London 9.00 4/27/2020 USD 9.51
Municipiul Timisoara 0.76 5/15/2026 RON 64.00
UBS AG/London 1.38 5/29/2020 USD 10.00
Araratbank OJSC 7.00 12/2/2017 USD 25.35
Bank Julius Baer & Co Ltd/G 9.00 11/16/2017 USD 32.65
Araratbank OJSC 7.25 6/27/2018 USD 25.55
UBS AG 13.00 12/22/2017 EUR 68.94
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 3.81
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.01
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 3.81
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.81
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 3.81
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 8.50
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 3.81
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 3.81
Societe Generale SA 0.50 5/22/2024 MXN 59.57
BAWAG PSK Versicherungs AG 0.92 EUR 59.97
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 3.81
Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63
Royal Bank of Scotland PLC/ 1.33 10/26/2018 GBP 1.10
Russian Railways JSC 4.90 8/18/2033 RUB 60.06
Araratbank OJSC 8.00 6/10/2018 USD 25.74
Sviaz Bank OAO 9.75 12/9/2021 RUB 60.27
Barclays Bank PLC 1.00 5/10/2019 JPY 71.44
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 1.00
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.81
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 3.81
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 8.50
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 3.81
Cerruti Finance SA 6.50 7/26/2004 EUR 1.32
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 3.81
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 3.81
Portugal Telecom Internatio 4.63 5/8/2020 EUR 34.00
Russian Railways JSC 10.30 4/3/2026 RUB 60.06
BNP Paribas Emissions- und 17.00 11/23/2017 EUR 68.18
Commerzbank AG 5.00 2/9/2018 EUR 40.90
Araratbank OJSC 7.00 6/18/2019 USD 25.87
Zurcher Kantonalbank Financ 4.75 12/11/2017 CHF 68.71
HSBC Bank PLC 0.50 12/8/2026 AUD 71.67
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
HSBC Bank PLC 0.50 7/21/2021 BRL 68.11
Zurcher Kantonalbank Financ 7.82 8/6/2018 EUR 60.02
Landesbank Baden-Wuerttembe 2.60 8/23/2019 EUR 67.12
Bayerische Landesbank 2.60 10/19/2018 EUR 73.59
Bayerische Landesbank 2.70 7/6/2018 EUR 64.12
Zurcher Kantonalbank Financ 6.50 4/10/2018 CHF 64.53
Bayerische Landesbank 3.20 7/27/2018 EUR 66.01
Bayerische Landesbank 2.90 6/22/2018 EUR 68.78
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 62.47
Bayerische Landesbank 2.40 7/20/2018 EUR 71.17
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.01
Petromena ASA 9.75 5/24/2016 NOK 0.61
Solomenskij Lesozavod ZAO 10.00 9/29/2021 RUB 60.00
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81
Barclays Bank PLC 0.50 3/26/2021 MXN 73.59
Autonomous Community of Cat 2.97 9/8/2039 JPY 69.24
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 52.32
Deutsche Bank AG 7.20 12/19/2017 EUR 67.70
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81
Center-Invest Commercial Ba 8.90 7/20/2018 RUB 67.01
UBS AG/London 3.81 10/28/2017 USD 62.70
UniCredit Bank AG 14.60 6/22/2018 EUR 68.71
DekaBank Deutsche Girozentr 3.00 6/27/2018 EUR 50.41
BKS Hybrid alpha GmbH 7.35 EUR 60.24
IDGC of Centre PJSC 11.80 11/11/2025 RUB 70.01
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 3.81
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 3.81
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 3.81
Nuova Banca delle Marche Sp 7.75 6/30/2018 EUR 1.24
Nuova Banca delle Marche Sp 7.20 6/30/2018 EUR 1.24
Heta Asset Resolution AG 0.13 12/31/2023 EUR 34.63
Deutsche Bank AG 7.20 12/19/2017 EUR 73.50
Deutsche Bank AG 7.20 12/19/2017 EUR 70.50
Deutsche Bank AG 7.20 3/20/2018 EUR 72.10
Deutsche Bank AG 7.20 6/19/2018 EUR 73.70
Deutsche Bank AG 7.20 3/20/2018 EUR 72.70
Deutsche Bank AG 7.20 6/19/2018 EUR 71.70
Deutsche Bank AG 6.20 12/19/2017 EUR 70.70
Deutsche Bank AG 6.20 3/20/2018 EUR 72.30
Deutsche Bank AG 6.20 6/19/2018 EUR 74.40
Deutsche Bank AG 6.20 6/19/2018 EUR 71.10
Vontobel Financial Products 9.55 3/23/2018 EUR 73.80
Vontobel Financial Products 6.00 6/22/2018 EUR 74.15
Vontobel Financial Products 8.00 6/22/2018 EUR 72.15
Vontobel Financial Products 11.00 6/22/2018 EUR 69.66
BNP Paribas Emissions- und 10.00 6/21/2018 EUR 74.56
DZ Bank AG Deutsche Zentral 5.25 4/27/2018 EUR 58.72
BNP Paribas Emissions- und 11.00 6/21/2018 EUR 72.84
BNP Paribas Emissions- und 14.00 6/21/2018 EUR 71.43
DZ Bank AG Deutsche Zentral 8.00 12/22/2017 EUR 68.70
DZ Bank AG Deutsche Zentral 8.00 3/23/2018 EUR 70.69
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 70.82
BNP Paribas Emissions- und 7.50 12/21/2017 EUR 73.68
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 71.04
BNP Paribas Emissions- und 11.00 12/21/2017 EUR 68.66
BNP Paribas Emissions- und 14.00 12/21/2017 EUR 65.44
BNP Paribas Emissions- und 7.50 3/22/2018 EUR 74.32
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 68.76
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.70
BNP Paribas Emissions- und 12.00 3/22/2018 EUR 72.07
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 70.81
BNP Paribas Emissions- und 8.00 3/22/2018 EUR 71.88
BNP Paribas Emissions- und 9.50 3/22/2018 EUR 69.98
BNP Paribas Emissions- und 12.00 3/22/2018 EUR 67.51
BNP Paribas Emissions- und 15.00 3/22/2018 EUR 65.53
BNP Paribas Emissions- und 6.50 6/21/2018 EUR 74.82
BNP Paribas Emissions- und 8.00 6/21/2018 EUR 73.29
BNP Paribas Emissions- und 8.50 6/21/2018 EUR 71.25
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 67.74
BNP Paribas Emissions- und 14.00 6/21/2018 EUR 66.48
BNP Paribas Emissions- und 15.00 6/21/2018 EUR 65.34
BNP Paribas Emissions- und 11.00 3/22/2018 EUR 74.22
BNP Paribas Emissions- und 14.00 6/21/2018 EUR 71.28
BNP Paribas Emissions- und 16.00 2/22/2018 EUR 67.98
BNP Paribas Emissions- und 6.00 3/22/2018 EUR 77.80
BNP Paribas Emissions- und 8.50 3/22/2018 EUR 74.57
BNP Paribas Emissions- und 10.00 3/22/2018 EUR 72.54
BNP Paribas Emissions- und 16.00 3/22/2018 EUR 68.97
BNP Paribas Emissions- und 19.00 3/22/2018 EUR 67.01
BNP Paribas Emissions- und 9.50 9/27/2018 EUR 73.92
BNP Paribas Emissions- und 13.00 9/27/2018 EUR 71.00
BNP Paribas Emissions- und 6.00 1/25/2018 EUR 78.06
BNP Paribas Emissions- und 9.50 1/25/2018 EUR 74.35
BNP Paribas Emissions- und 12.00 1/25/2018 EUR 72.16
BNP Paribas Emissions- und 13.00 1/25/2018 EUR 69.81
BNP Paribas Emissions- und 18.00 1/25/2018 EUR 67.42
BNP Paribas Emissions- und 6.00 2/22/2018 EUR 77.98
BNP Paribas Emissions- und 9.50 2/22/2018 EUR 74.69
Landesbank Hessen-Thueringe 7.77 7/15/2021 EUR 70.60
BNP Paribas Emissions- und 6.00 9/27/2018 EUR 79.00
BNP Paribas Emissions- und 7.50 9/27/2018 EUR 76.68
BNP Paribas Emissions- und 7.00 1/25/2018 EUR 78.29
BNP Paribas Emissions- und 8.50 1/25/2018 EUR 74.11
BNP Paribas Emissions- und 8.50 2/22/2018 EUR 74.38
BNP Paribas Emissions- und 10.00 2/22/2018 EUR 72.15
BNP Paribas Emissions- und 13.00 2/22/2018 EUR 70.55
BNP Paribas Emissions- und 6.00 12/31/2018 EUR 79.67
BNP Paribas Emissions- und 8.00 12/31/2018 EUR 76.24
BNP Paribas Emissions- und 8.50 12/31/2018 EUR 74.68
BNP Paribas Emissions- und 10.00 12/31/2018 EUR 73.39
HSBC Trinkaus & Burkhardt A 4.50 12/28/2018 EUR 66.04
HSBC Trinkaus & Burkhardt A 4.50 12/28/2018 EUR 65.90
HSBC Trinkaus & Burkhardt A 5.00 6/22/2018 EUR 67.54
BNP Paribas Emissions- und 15.00 1/25/2018 EUR 70.28
BNP Paribas Emissions- und 18.00 2/22/2018 EUR 68.60
BNP Paribas Emissions- und 7.50 6/21/2018 EUR 75.02
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 73.54
Vontobel Financial Products 7.00 3/23/2018 EUR 74.86
Vontobel Financial Products 13.00 3/23/2018 EUR 67.50
Vontobel Financial Products 7.50 6/25/2018 EUR 71.36
DZ Bank AG Deutsche Zentral 8.50 6/22/2018 EUR 73.47
HSBC Trinkaus & Burkhardt A 5.55 1/26/2018 USD 60.75
HSBC Trinkaus & Burkhardt A 7.79 5/28/2018 EUR 71.02
Leonteq Securities AG 17.60 12/19/2017 USD 60.85
Leonteq Securities AG 10.00 12/27/2017 USD 43.89
Raiffeisen Schweiz Genossen 15.00 12/27/2017 CHF 69.17
Vontobel Financial Products 8.30 1/8/2018 EUR 73.57
Vontobel Financial Products 9.50 9/28/2018 EUR 73.70
Vontobel Financial Products 10.00 3/23/2018 EUR 66.30
Vontobel Financial Products 12.00 6/25/2018 EUR 67.95
Vontobel Financial Products 9.70 6/25/2018 EUR 66.45
Vontobel Financial Products 7.55 6/22/2018 EUR 71.54
Goldman Sachs & Co Wertpapi 13.00 12/20/2017 EUR 70.36
Goldman Sachs & Co Wertpapi 6.00 12/20/2017 EUR 72.80
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 58.10
UBS AG/London 4.50 12/22/2017 EUR 72.70
UBS AG/London 7.00 12/22/2017 EUR 57.68
UBS AG/London 4.00 12/22/2017 EUR 72.45
UBS AG/London 9.00 12/22/2017 EUR 50.92
UBS AG/London 5.75 12/22/2017 EUR 64.17
UBS AG/London 5.00 12/22/2017 EUR 69.65
UBS AG/London 7.75 12/22/2017 EUR 63.96
UBS AG/London 6.25 12/22/2017 EUR 61.91
UBS AG/London 14.50 12/22/2017 EUR 71.05
Uginvestgerion OOO 12.10 4/1/2020 RUB 0.01
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 74.01
Landesbank Baden-Wuerttembe 3.05 6/22/2018 EUR 69.65
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 60.05
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 56.15
Landesbank Baden-Wuerttembe 3.00 5/25/2018 EUR 67.66
UBS AG 4.50 12/22/2017 EUR 52.48
Vontobel Financial Products 4.00 11/9/2017 EUR 60.23
UBS AG 10.25 12/22/2017 EUR 56.71
UBS AG 11.75 12/22/2017 EUR 64.08
UBS AG 7.75 12/22/2017 EUR 72.32
UBS AG 8.25 12/22/2017 EUR 42.83
UBS AG 11.25 12/22/2017 EUR 72.54
UBS AG 6.50 12/22/2017 EUR 48.36
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 41.61
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 47.51
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 45.33
Landesbank Baden-Wuerttembe 3.30 6/22/2018 EUR 64.07
UniCredit Bank AG 4.30 12/22/2017 EUR 53.95
DekaBank Deutsche Girozentr 3.30 2/26/2018 EUR 48.89
UBS AG 5.00 12/22/2017 EUR 59.94
DekaBank Deutsche Girozentr 3.40 4/9/2018 EUR 52.97
Raiffeisen Schweiz Genossen 6.50 7/2/2018 USD 53.69
Deutsche Bank AG 6.50 12/19/2017 EUR 70.49
Deutsche Bank AG 4.50 12/19/2017 EUR 70.20
Deutsche Bank AG 4.50 12/19/2017 EUR 70.20
Deutsche Bank AG 6.50 12/19/2017 EUR 65.83
Deutsche Bank AG 6.50 12/19/2017 EUR 65.83
Deutsche Bank AG 6.50 12/19/2017 EUR 65.83
Deutsche Bank AG 4.50 12/19/2017 EUR 65.54
Deutsche Bank AG 4.50 12/19/2017 EUR 65.54
AKB Peresvet ZAO 13.50 6/23/2021 RUB 20.00
DZ Bank AG Deutsche Zentral 8.70 12/22/2017 EUR 39.91
DZ Bank AG Deutsche Zentral 10.10 12/22/2017 EUR 37.46
Deutsche Bank AG 6.50 12/19/2017 EUR 70.49
Deutsche Bank AG 4.50 12/19/2017 EUR 70.20
Deutsche Bank AG 4.50 12/19/2017 EUR 65.54
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
DZ Bank AG Deutsche Zentral 11.00 12/22/2017 EUR 69.33
Commerzbank AG 4.00 7/6/2018 EUR 48.33
DZ Bank AG Deutsche Zentral 8.80 3/23/2018 EUR 63.93
HSBC Trinkaus & Burkhardt A 5.80 3/23/2018 EUR 58.94
DZ Bank AG Deutsche Zentral 7.25 12/22/2017 EUR 68.68
DZ Bank AG Deutsche Zentral 11.00 12/22/2017 EUR 62.45
DZ Bank AG Deutsche Zentral 6.75 1/26/2018 EUR 65.30
DZ Bank AG Deutsche Zentral 5.50 1/26/2018 EUR 70.78
Vontobel Financial Products 7.00 12/22/2017 EUR 54.24
Vontobel Financial Products 13.00 12/22/2017 EUR 46.91
Vontobel Financial Products 12.00 12/22/2017 EUR 47.95
Vontobel Financial Products 8.00 12/22/2017 EUR 52.82
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
BNP Paribas Emissions- und 10.00 6/21/2018 EUR 55.31
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 71.45
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 68.52
BNP Paribas Emissions- und 6.00 6/21/2018 EUR 73.75
DZ Bank AG Deutsche Zentral 10.25 1/26/2018 EUR 68.64
DZ Bank AG Deutsche Zentral 12.25 1/26/2018 EUR 59.18
DZ Bank AG Deutsche Zentral 5.75 6/22/2018 EUR 67.24
DZ Bank AG Deutsche Zentral 9.50 3/23/2018 EUR 72.07
Commerzbank AG 15.50 12/21/2017 EUR 71.91
Commerzbank AG 14.25 1/25/2018 EUR 72.96
Commerzbank AG 13.25 2/22/2018 EUR 73.71
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 78.58
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 78.72
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 74.43
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 71.98
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 69.74
BNP Paribas Emissions- und 8.00 3/22/2018 EUR 78.74
BNP Paribas Emissions- und 11.00 3/22/2018 EUR 75.66
BNP Paribas Emissions- und 15.00 3/22/2018 EUR 72.10
BNP Paribas Emissions- und 18.00 3/22/2018 EUR 69.82
BNP Paribas Emissions- und 9.50 9/27/2018 EUR 78.74
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 74.27
BNP Paribas Emissions- und 10.00 11/23/2017 EUR 78.10
BNP Paribas Emissions- und 18.00 11/23/2017 EUR 70.92
HSBC Trinkaus & Burkhardt A 9.30 4/27/2018 EUR 54.76
BNP Paribas Emissions- und 10.00 3/22/2018 EUR 71.22
BNP Paribas Emissions- und 12.00 3/22/2018 EUR 69.42
Vontobel Financial Products 6.50 3/23/2018 EUR 67.72
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 52.36
Commerzbank AG 8.50 2/22/2018 EUR 58.43
Commerzbank AG 12.00 2/22/2018 EUR 53.34
Commerzbank AG 7.25 2/22/2018 EUR 72.13
Commerzbank AG 9.00 2/22/2018 EUR 69.88
HSBC Trinkaus & Burkhardt A 13.80 12/22/2017 EUR 44.00
HSBC Trinkaus & Burkhardt A 11.90 12/22/2017 EUR 45.80
HSBC Trinkaus & Burkhardt A 4.60 12/22/2017 EUR 57.42
HSBC Trinkaus & Burkhardt A 10.20 11/24/2017 EUR 47.11
DZ Bank AG Deutsche Zentral 8.70 12/22/2017 EUR 48.73
Raiffeisen Schweiz Genossen 10.64 1/23/2018 USD 68.42
HSBC Trinkaus & Burkhardt A 12.10 3/23/2018 EUR 48.77
HSBC Trinkaus & Burkhardt A 11.30 3/23/2018 EUR 49.57
HSBC Trinkaus & Burkhardt A 8.30 3/23/2018 EUR 53.49
HSBC Trinkaus & Burkhardt A 10.40 11/24/2017 EUR 48.37
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 50.93
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 55.66
Commerzbank AG 5.75 2/22/2018 EUR 65.39
Commerzbank AG 15.75 2/22/2018 EUR 49.55
Commerzbank AG 5.75 2/22/2018 EUR 74.70
Vontobel Financial Products 12.80 12/8/2017 EUR 74.49
Vontobel Financial Products 14.55 3/9/2018 EUR 74.44
Vontobel Financial Products 9.45 3/9/2018 EUR 73.18
BNP Paribas Emissions- und 15.00 3/22/2018 EUR 73.33
Bank Julius Baer & Co Ltd/G 5.25 3/14/2018 CHF 73.55
UBS AG/London 14.00 12/22/2017 EUR 70.41
UBS AG/London 7.30 12/22/2017 EUR 74.37
UBS AG/London 12.50 2/23/2018 EUR 72.02
UBS AG/London 11.40 12/22/2017 EUR 75.82
UBS AG/London 13.40 2/22/2018 EUR 72.44
UBS AG/London 12.10 6/22/2018 EUR 76.51
UBS AG/London 15.30 12/22/2017 EUR 70.78
UBS AG/London 12.80 6/22/2018 EUR 77.11
Vontobel Financial Products 8.05 12/22/2017 USD 38.52
DZ Bank AG Deutsche Zentral 5.70 12/22/2017 EUR 74.82
DZ Bank AG Deutsche Zentral 7.10 12/22/2017 EUR 51.15
DZ Bank AG Deutsche Zentral 5.25 7/27/2018 EUR 69.47
Vontobel Financial Products 5.00 12/22/2017 EUR 74.02
Vontobel Financial Products 11.50 3/23/2018 EUR 69.71
DZ Bank AG Deutsche Zentral 11.50 12/22/2017 EUR 54.14
Vontobel Financial Products 7.50 3/23/2018 EUR 71.99
UBS AG/London 1.38 5/29/2020 USD 10.18
HSBC Trinkaus & Burkhardt A 3.00 6/22/2018 EUR 70.86
UBS AG/London 15.30 6/21/2018 EUR 74.22
DZ Bank AG Deutsche Zentral 8.75 6/22/2018 EUR 71.28
Vontobel Financial Products 5.00 6/22/2018 EUR 69.95
DZ Bank AG Deutsche Zentral 10.00 12/22/2017 EUR 60.10
Leonteq Securities AG 16.60 5/7/2018 USD 51.18
Vontobel Financial Products 7.00 12/22/2017 EUR 70.79
Vontobel Financial Products 9.05 12/22/2017 EUR 68.28
Vontobel Financial Products 5.50 12/22/2017 EUR 73.61
UBS AG/London 6.50 1/25/2018 CHF 70.60
HSBC Trinkaus & Burkhardt A 10.10 2/23/2018 EUR 53.47
HSBC Trinkaus & Burkhardt A 11.60 3/23/2018 EUR 52.12
HSBC Trinkaus & Burkhardt A 8.40 3/23/2018 EUR 56.57
HSBC Trinkaus & Burkhardt A 5.60 3/23/2018 EUR 62.74
HSBC Trinkaus & Burkhardt A 7.70 3/23/2018 EUR 70.20
Commerzbank AG 6.25 1/25/2018 EUR 65.27
Commerzbank AG 9.25 1/25/2018 EUR 58.02
Commerzbank AG 12.75 1/25/2018 EUR 52.64
Commerzbank AG 16.50 1/25/2018 EUR 48.58
Commerzbank AG 5.75 1/25/2018 EUR 73.95
Commerzbank AG 7.25 1/25/2018 EUR 71.26
Commerzbank AG 9.00 1/25/2018 EUR 68.90
Societe Generale SA 17.00 1/31/2018 USD
Vontobel Financial Products 13.35 3/9/2018 EUR 70.12
Bank Julius Baer & Co Ltd/G 7.75 2/9/2018 USD 40.60
DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 61.29
Vontobel Financial Products 10.40 12/8/2017 EUR 66.23
Vontobel Financial Products 14.50 12/22/2017 EUR 71.05
HSBC Trinkaus & Burkhardt A 10.10 1/26/2018 EUR 52.72
HSBC Trinkaus & Burkhardt A 8.20 12/22/2017 EUR 71.18
Bank J Safra Sarasin AG/Gue 12.75 2/1/2018 USD 68.30
Deutsche Bank AG 5.20 12/19/2017 EUR 67.40
Deutsche Bank AG 5.20 3/20/2018 EUR 68.50
Deutsche Bank AG 7.20 3/20/2018 EUR 69.30
Deutsche Bank AG 7.20 6/19/2018 EUR 71.00
Deutsche Bank AG 5.20 6/19/2018 EUR 69.70
BNP Paribas Emissions- und 4.00 12/21/2017 EUR 70.14
BNP Paribas Emissions- und 8.00 12/21/2017 EUR 70.67
BNP Paribas Emissions- und 6.00 12/31/2018 EUR 73.95
Vontobel Financial Products 16.00 12/22/2017 EUR 45.15
Vontobel Financial Products 5.00 3/23/2018 EUR 60.41
Vontobel Financial Products 6.00 3/23/2018 EUR 57.19
Vontobel Financial Products 7.50 3/23/2018 EUR 54.60
Vontobel Financial Products 9.00 3/23/2018 EUR 52.37
Vontobel Financial Products 10.50 3/23/2018 EUR 50.41
Vontobel Financial Products 12.50 3/23/2018 EUR 48.91
Vontobel Financial Products 14.50 3/23/2018 EUR 47.61
Vontobel Financial Products 13.50 12/22/2017 EUR 71.91
Vontobel Financial Products 11.00 3/23/2018 EUR 74.38
Vontobel Financial Products 14.50 3/23/2018 EUR 71.12
Vontobel Financial Products 6.50 12/22/2017 EUR 55.83
Vontobel Financial Products 5.50 12/22/2017 EUR 57.46
Vontobel Financial Products 14.00 12/22/2017 EUR 45.93
Vontobel Financial Products 11.00 12/22/2017 EUR 49.06
Vontobel Financial Products 10.00 12/22/2017 EUR 50.24
Vontobel Financial Products 9.00 12/22/2017 EUR 51.49
UniCredit Bank AO 9.00 8/6/2019 RUB 67.01
Raiffeisen Centrobank AG 12.34 12/20/2017 EUR 68.99
Raiffeisen Centrobank AG 9.78 12/28/2018 EUR 71.13
Raiffeisen Centrobank AG 15.30 12/20/2017 EUR 69.37
Raiffeisen Centrobank AG 17.49 12/20/2017 EUR 67.56
Raiffeisen Centrobank AG 9.88 6/19/2018 EUR 69.97
Raiffeisen Centrobank AG 10.72 12/28/2018 EUR 67.34
Raiffeisen Centrobank AG 11.84 6/19/2018 EUR 69.06
Raiffeisen Centrobank AG 8.94 12/28/2018 EUR 73.45
Raiffeisen Centrobank AG 11.14 6/19/2018 EUR 66.28
Raiffeisen Centrobank AG 13.02 6/19/2018 EUR 67.46
Raiffeisen Centrobank AG 9.89 12/28/2018 EUR 69.46
HSBC Trinkaus & Burkhardt A 10.50 3/23/2018 EUR 71.57
HSBC Trinkaus & Burkhardt A 10.90 6/22/2018 EUR 71.64
HSBC Trinkaus & Burkhardt A 9.80 6/22/2018 EUR 73.24
DZ Bank AG Deutsche Zentral 5.75 3/23/2018 EUR 57.41
Societe Generale SA 15.00 3/21/2018 USD
Bank Julius Baer & Co Ltd/G 11.00 3/29/2018 USD 65.30
Vontobel Financial Products 8.10 12/8/2017 EUR 65.99
HSBC Trinkaus & Burkhardt A 8.30 12/22/2017 EUR 68.40
Commerzbank AG 12.75 11/23/2017 EUR 52.98
UBS AG/London 10.60 12/29/2017 EUR 50.86
UBS AG/London 7.00 12/29/2017 EUR 56.35
UBS AG/London 8.80 12/29/2017 EUR 53.43
UBS AG/London 12.60 12/29/2017 EUR 48.64
UBS AG/London 5.40 12/29/2017 EUR 59.73
Bank Julius Baer & Co Ltd/G 5.40 12/20/2017 CHF 71.70
Vontobel Financial Products 4.50 12/22/2017 EUR 59.20
Vontobel Financial Products 7.00 12/22/2017 EUR 52.67
Vontobel Financial Products 12.00 12/22/2017 EUR 45.64
Vontobel Financial Products 16.00 12/22/2017 EUR 42.22
Vontobel Financial Products 20.00 12/22/2017 EUR 38.00
HSBC Trinkaus & Burkhardt A 14.20 12/22/2017 EUR 48.46
HSBC Trinkaus & Burkhardt A 5.60 12/22/2017 EUR 63.64
HSBC Trinkaus & Burkhardt A 10.50 11/24/2017 EUR 52.57
Societe Generale SA 19.68 12/19/2017 USD
HSBC Trinkaus & Burkhardt A 10.10 11/24/2017 EUR 54.10
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 47.12
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 50.59
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 46.12
BNP Paribas Emissions- und 13.00 11/23/2017 EUR 49.58
HSBC Trinkaus & Burkhardt A 8.95 12/22/2017 EUR 49.93
Landesbank Hessen-Thueringe 4.00 5/16/2018 EUR 60.24
DZ Bank AG Deutsche Zentral 9.75 12/22/2017 EUR 54.18
HSBC Trinkaus & Burkhardt A 13.70 12/22/2017 EUR 52.35
HSBC Trinkaus & Burkhardt A 12.70 12/22/2017 EUR 53.67
HSBC Trinkaus & Burkhardt A 9.00 12/22/2017 EUR 59.98
HSBC Trinkaus & Burkhardt A 5.90 12/22/2017 EUR 68.11
HSBC Trinkaus & Burkhardt A 11.00 11/24/2017 EUR 55.84
Credit Suisse AG 9.00 1/12/2018 USD
Leonteq Securities AG/Guern 16.20 11/30/2017 USD 10.98
UBS AG/London 10.50 11/13/2017 CHF 75.90
UBS AG/London 11.60 12/29/2017 EUR 37.33
UBS AG/London 5.30 12/29/2017 EUR 45.04
Deutsche Bank AG 6.20 11/22/2017 EUR 73.70
Landesbank Baden-Wuerttembe 3.50 11/24/2017 EUR 71.99
Landesbank Baden-Wuerttembe 5.00 11/24/2017 EUR 70.10
Landesbank Baden-Wuerttembe 4.00 11/24/2017 EUR 72.70
Vontobel Financial Products 8.95 3/9/2018 EUR 73.20
DZ Bank AG Deutsche Zentral 8.00 6/22/2018 EUR 74.54
BNP Paribas Emissions- und 11.00 11/23/2017 EUR 73.39
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.20
BNP Paribas Emissions- und 9.50 3/22/2018 EUR 75.09
BNP Paribas Emissions- und 13.00 3/22/2018 EUR 71.33
BNP Paribas Emissions- und 7.00 6/21/2018 EUR 79.07
BNP Paribas Emissions- und 8.50 6/21/2018 EUR 76.09
Vontobel Financial Products 13.00 12/22/2017 EUR 48.10
Vontobel Financial Products 7.50 12/22/2017 EUR 55.98
Vontobel Financial Products 11.00 12/22/2017 EUR 50.38
HSBC Trinkaus & Burkhardt A 8.84 12/22/2017 EUR 56.30
DZ Bank AG Deutsche Zentral 6.25 4/27/2018 EUR 75.80
DZ Bank AG Deutsche Zentral 6.50 3/23/2018 EUR 55.03
Commerzbank AG 16.75 11/23/2017 EUR 48.02
Commerzbank AG 6.00 11/23/2017 EUR 67.48
Commerzbank AG 9.25 11/23/2017 EUR 59.31
HSBC Trinkaus & Burkhardt A 13.80 12/22/2017 EUR 49.65
BNP Paribas Emissions- und 12.00 6/21/2018 EUR 53.71
BNP Paribas Emissions- und 14.00 12/21/2017 EUR 71.97
Bank Julius Baer & Co Ltd/G 12.15 5/4/2018 USD 46.55
Commerzbank AG 12.50 1/25/2018 EUR 74.12
DZ Bank AG Deutsche Zentral 5.00 5/25/2018 EUR 75.48
UniCredit Bank AG 14.00 12/22/2017 EUR 69.96
Vontobel Financial Products 14.00 6/8/2018 EUR 71.03
Vontobel Financial Products 7.00 6/8/2018 EUR 66.50
Bank Julius Baer & Co Ltd/G 10.45 5/11/2018 USD 66.20
DZ Bank AG Deutsche Zentral 12.25 11/24/2017 EUR 54.38
DZ Bank AG Deutsche Zentral 11.25 11/24/2017 EUR 65.68
Deutsche Bank AG 7.20 12/19/2017 EUR 74.30
Deutsche Bank AG 5.20 12/19/2017 EUR 74.00
Deutsche Bank AG 5.20 12/19/2017 EUR 70.50
Deutsche Bank AG 7.20 12/19/2017 EUR 70.80
Deutsche Bank AG 5.20 12/19/2017 EUR 65.90
Deutsche Bank AG 7.20 12/19/2017 EUR 66.20
Credit Suisse AG/London 8.50 3/13/2018 USD 64.41
Vontobel Financial Products 13.00 12/22/2017 EUR 73.72
Commerzbank AG 11.00 2/21/2018 EUR 66.57
Leonteq Securities AG 10.20 10/24/2018 EUR 52.08
Vontobel Financial Products 12.00 12/22/2017 EUR 70.69
Bank Julius Baer & Co Ltd/G 7.00 11/1/2017 CHF 71.80
HSBC Trinkaus & Burkhardt A 7.50 12/22/2017 EUR 74.11
BNP Paribas Emissions- und 8.00 12/21/2017 EUR 56.01
BNP Paribas Emissions- und 8.00 6/21/2018 EUR 59.70
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 52.05
Landesbank Baden-Wuerttembe 3.15 6/22/2018 EUR 62.51
UBS AG 5.25 12/22/2017 EUR 56.17
UBS AG 7.75 12/22/2017 EUR 70.08
UBS AG 11.75 12/22/2017 EUR 32.06
UBS AG 10.25 12/22/2017 EUR 70.74
UBS AG 7.50 12/22/2017 EUR 44.90
UBS AG 6.75 12/22/2017 EUR 48.52
UBS AG 10.50 12/22/2017 EUR 67.73
UBS AG 6.25 12/22/2017 EUR 48.32
UBS AG 8.25 12/22/2017 EUR 62.11
UBS AG 4.50 12/22/2017 EUR 60.95
UBS AG 10.50 12/22/2017 EUR 63.73
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 3.81
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 3.81
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 3.81
UNGP-Finance OOO 10.00 4/20/2021 RUB 0.02
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 3.81
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 3.81
Lloyds Bank PLC 0.50 7/26/2028 MXN 33.19
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 3.81
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 3.81
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 3.81
MIK OAO 15.00 2/19/2020 RUB 2.09
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 3.81
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 3.81
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 3.81
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 3.81
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 3.81
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 3.81
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 3.81
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 3.81
Sviaz Bank OAO 10.00 4/7/2022 RUB 60.17
Lehman Brothers Treasury Co 9.75 6/22/2018 USD 3.81
Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 3.81
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 3.81
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 3.81
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 3.81
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 3.81
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 3.81
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 3.81
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 3.81
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 3.81
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 3.81
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 3.81
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 3.81
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 3.81
LBI HF 8.65 5/1/2011 ISK 7.13
Bashneft PJSC 12.00 5/19/2025 RUB 60.06
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 3.81
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 3.81
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 3.81
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 3.81
Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 3.81
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 3.81
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 3.81
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 3.81
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 3.81
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 3.81
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 3.81
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 3.81
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 3.81
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 3.81
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 3.81
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 3.81
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 3.81
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 3.81
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 3.81
HSBC Bank PLC 0.50 4/27/2027 NZD 68.82
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 8.50
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 3.81
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 3.81
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.36
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 3.81
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 3.81
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 3.81
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 3.81
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 3.81
Societe Generale SA 0.50 4/4/2024 MXN 60.24
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 3.81
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 3.81
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 3.81
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 3.81
Credit Suisse AG 0.50 12/16/2025 BRL 46.53
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 3.81
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 3.81
Heta Asset Resolution AG 5.03 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 3.81
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 3.81
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 3.81
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 3.81
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 3.81
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 3.81
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 3.81
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 3.81
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 3.81
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 3.81
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 3.81
Vontobel Financial Products 10.20 12/8/2017 EUR 71.03
Vontobel Financial Products 13.55 12/8/2017 EUR 66.72
Landesbank Hessen-Thueringe 2.75 12/28/2017 EUR 75.00
Deutsche Bank AG 4.20 11/22/2017 EUR 73.60
HSBC Trinkaus & Burkhardt A 6.50 1/29/2018 EUR 44.11
UBS AG/London 6.40 12/8/2017 EUR 40.84
UBS AG/London 9.60 12/8/2017 EUR 36.40
DekaBank Deutsche Girozentr 3.00 8/16/2019 EUR 74.38
Vontobel Financial Products 4.00 12/21/2018 EUR 64.50
Landesbank Baden-Wuerttembe 2.90 7/27/2018 EUR 65.91
Vontobel Financial Products 10.60 12/8/2017 EUR 70.07
Vontobel Financial Products 19.60 12/8/2017 EUR 59.78
Royal Bank of Scotland PLC/ 6.20 9/7/2018 GBP 1.04
SG Issuer SA 0.82 8/2/2021 SEK 61.13
Commerzbank AG 20.00 5/28/2018 SEK 59.81
Deutsche Bank AG 4.20 6/19/2018 EUR 73.10
Deutsche Bank AG 4.20 6/19/2018 EUR 69.80
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 71.90
DZ Bank AG Deutsche Zentral 10.00 12/22/2017 EUR 59.32
DZ Bank AG Deutsche Zentral 11.80 12/22/2017 EUR 56.88
DZ Bank AG Deutsche Zentral 7.70 3/23/2018 EUR 60.85
DZ Bank AG Deutsche Zentral 9.60 3/23/2018 EUR 58.93
DZ Bank AG Deutsche Zentral 7.40 12/22/2017 EUR 72.32
UBS AG 1.38 5/20/2019 USD 9.01
Vontobel Financial Products 8.00 6/22/2018 EUR 71.94
Vontobel Financial Products 9.50 6/22/2018 EUR 70.64
HSBC Trinkaus & Burkhardt A 6.28 12/22/2017 EUR 75.00
Vontobel Financial Products 10.10 6/8/2018 EUR 73.10
Vontobel Financial Products 13.10 9/14/2018 EUR 74.07
UBS AG 5.04 10/4/2018 USD 11.84
Vontobel Financial Products 3.00 6/8/2018 EUR 64.07
Vontobel Financial Products 7.80 6/8/2018 EUR 66.99
DZ Bank AG Deutsche Zentral 8.40 3/23/2018 EUR 73.14
DZ Bank AG Deutsche Zentral 6.80 6/22/2018 EUR 74.24
DZ Bank AG Deutsche Zentral 8.20 6/22/2018 EUR 72.34
DZ Bank AG Deutsche Zentral 6.50 12/22/2017 EUR 73.75
DZ Bank AG Deutsche Zentral 8.70 6/22/2018 EUR 73.34
DZ Bank AG Deutsche Zentral 9.50 6/22/2018 EUR 72.19
UBS AG/London 12.50 4/5/2018 USD 66.50
Vontobel Financial Products 12.45 12/8/2017 EUR 66.45
Vontobel Financial Products 6.55 3/9/2018 EUR 67.48
BNP Paribas Emissions- und 7.00 11/23/2017 EUR 77.93
BNP Paribas Emissions- und 14.00 11/23/2017 EUR 70.68
BNP Paribas Emissions- und 11.00 12/21/2017 EUR 74.16
HSBC Trinkaus & Burkhardt A 8.80 9/28/2018 EUR 72.09
Deutsche Bank AG 4.20 6/19/2018 EUR 73.10
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/19/2017 EUR 70.40
Deutsche Bank AG 4.20 3/20/2018 EUR 71.50
Deutsche Bank AG 4.20 9/25/2018 EUR 70.90
Deutsche Bank AG 5.20 11/22/2017 EUR 70.20
Deutsche Bank AG 5.20 1/24/2018 EUR 71.10
Deutsche Bank AG 5.20 2/21/2018 EUR 71.40
Vontobel Financial Products 6.50 6/22/2018 EUR 73.36
Vontobel Financial Products 11.00 6/22/2018 EUR 69.46
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 74.66
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 60.83
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 58.07
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 63.70
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 44.28
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 68.23
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 61.15
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 62.38
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 44.83
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 52.45
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 44.39
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.80
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.31
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 63.16
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 60.05
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 68.10
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 70.21
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 66.54
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 56.31
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 30.70
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 18.05
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 53.24
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 64.62
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 38.04
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 35.67
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 47.25
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 70.51
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 64.21
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 47.80
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 37.66
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 59.40
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 49.84
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 64.18
UniCredit Bank AG 4.00 6/26/2018 EUR 55.78
Landesbank Baden-Wuerttembe 3.25 1/26/2018 EUR 60.15
Landesbank Baden-Wuerttembe 3.00 2/23/2018 EUR 60.40
DZ Bank AG Deutsche Zentral 5.25 11/24/2017 EUR 73.17
Vontobel Financial Products 7.00 11/24/2017 EUR 72.42
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.32
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 57.88
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.75
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 51.86
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 70.29
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 67.81
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 37.55
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 55.46
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 56.09
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 51.84
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 72.46
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 60.87
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 48.95
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 65.58
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 55.49
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 37.48
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 26.91
BNP Paribas Emissions- und 7.00 12/21/2017 EUR 71.10
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.18
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 66.04
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 69.71
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 66.04
Landesbank Hessen-Thueringe 4.00 1/16/2018 EUR 48.05
Goldman Sachs & Co Wertpapi 9.00 12/20/2017 EUR 73.14
SG Issuer SA 0.80 11/30/2020 SEK 55.09
EFG International Finance G 6.48 5/29/2018 EUR 4.55
Leonteq Securities AG/Guern 5.00 12/27/2019 EUR 68.92
EFG International Finance G 7.35 12/28/2017 CHF 65.47
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 71.14
UBS AG 4.09 12/28/2018 USD 57.55
UBS AG 4.92 12/28/2018 USD 60.64
HSBC Trinkaus & Burkhardt A 7.80 12/22/2017 EUR 54.48
HSBC Trinkaus & Burkhardt A 9.70 11/24/2017 EUR 51.03
Commerzbank AG 12.25 12/21/2017 EUR 50.07
Societe Generale SA 7.00 10/20/2020 USD
UBS AG/London 6.90 6/22/2018 EUR 53.48
UBS AG/London 9.40 6/22/2018 EUR 50.30
Leonteq Securities AG 10.00 10/30/2017 EUR 60.92
Vontobel Financial Products 11.50 3/23/2018 EUR 69.37
Vontobel Financial Products 10.00 3/23/2018 EUR 71.18
Vontobel Financial Products 8.50 3/23/2018 EUR 73.14
UniCredit Bank AG 11.80 6/22/2018 EUR 74.38
Commerzbank AG 6.50 7/27/2018 EUR 73.56
Commerzbank AG 13.50 12/20/2017 EUR 46.71
Norddeutsche Landesbank Gir 3.00 10/30/2018 EUR 58.81
Bank Julius Baer & Co Ltd/G 5.60 1/12/2018 USD 66.85
DZ Bank AG Deutsche Zentral 5.75 1/26/2018 EUR 65.06
Leonteq Securities AG 7.00 11/6/2017 CHF 34.60
Bank Julius Baer & Co Ltd/G 5.50 11/6/2017 CHF 68.30
Vontobel Financial Products 11.00 3/23/2018 EUR 68.66
HSBC Trinkaus & Burkhardt A 9.70 12/22/2017 EUR 71.78
Vontobel Financial Products 10.50 12/22/2017 EUR 71.75
Vontobel Financial Products 12.50 12/22/2017 EUR 69.35
Vontobel Financial Products 14.50 12/22/2017 EUR 67.15
Vontobel Financial Products 13.00 3/23/2018 EUR 67.64
Vontobel Financial Products 9.00 6/22/2018 EUR 72.59
Vontobel Financial Products 11.50 6/22/2018 EUR 69.78
HSBC Trinkaus & Burkhardt A 13.40 12/22/2017 EUR 47.16
HSBC Trinkaus & Burkhardt A 4.80 12/22/2017 EUR 61.05
Commerzbank AG 5.50 12/21/2017 EUR 62.94
Commerzbank AG 8.50 12/21/2017 EUR 55.59
Commerzbank AG 16.25 12/21/2017 EUR 45.80
Commerzbank AG 9.50 12/21/2017 EUR 74.81
UBS AG/London 8.20 6/22/2018 EUR 51.80
DekaBank Deutsche Girozentr 3.50 10/28/2019 EUR 65.83
Landesbank Baden-Wuerttembe 2.80 11/23/2018 EUR 73.81
UniCredit Bank AG 13.30 12/22/2017 EUR 73.61
UniCredit Bank AG 10.80 6/22/2018 EUR 73.90
UniCredit Bank AG 15.00 6/22/2018 EUR 70.70
UniCredit Bank AG 13.90 6/22/2018 EUR 72.35
UniCredit Bank AG 12.80 6/22/2018 EUR 72.05
UniCredit Bank AG 13.00 6/22/2018 EUR 72.74
UniCredit Bank AG 14.20 6/22/2018 EUR 71.39
UniCredit Bank AG 14.30 12/22/2017 EUR 72.94
Commerzbank AG 8.25 4/26/2018 EUR 73.75
Commerzbank AG 10.25 4/26/2018 EUR 71.26
UniCredit Bank AG 13.10 6/22/2018 EUR 73.98
UniCredit Bank AG 13.20 6/22/2018 EUR 70.77
UniCredit Bank AG 12.10 6/22/2018 EUR 73.84
UniCredit Bank AG 11.30 12/22/2017 EUR 70.89
UniCredit Bank AG 13.50 3/23/2018 EUR 69.24
UniCredit Bank AG 12.70 3/23/2018 EUR 71.07
UniCredit Bank AG 10.60 6/22/2018 EUR 73.37
UniCredit Bank AG 9.30 12/22/2017 EUR 73.40
UniCredit Bank AG 13.90 6/22/2018 EUR 69.22
UniCredit Bank AG 14.30 6/22/2018 EUR 73.82
Commerzbank AG 12.00 4/26/2018 EUR 68.95
UniCredit Bank AG 11.90 6/22/2018 EUR 72.26
UniCredit Bank AG 11.90 3/23/2018 EUR 70.93
UniCredit Bank AG 10.20 3/23/2018 EUR 72.73
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.97
BNP Paribas Emissions- und 5.00 12/21/2017 EUR 46.97
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 44.80
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 41.21
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 68.45
Deutsche Bank AG 6.20 12/19/2017 EUR 74.20
Deutsche Bank AG 4.20 12/19/2017 EUR 73.90
UBS AG/London 6.30 12/29/2017 EUR 43.11
DZ Bank AG Deutsche Zentral 8.25 3/23/2018 EUR 70.73
DZ Bank AG Deutsche Zentral 6.00 6/22/2018 EUR 59.82
Landesbank Baden-Wuerttembe 3.40 9/28/2018 EUR 69.15
Deutsche Bank AG 4.20 11/22/2017 EUR 69.40
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 69.50
Deutsche Bank AG 3.20 11/22/2017 EUR 65.20
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Promnefteservis OOO 10.50 11/21/2019 RUB 1.12
DekaBank Deutsche Girozentr 0.12 6/23/2034 EUR 72.32
Leonteq Securities AG 3.00 9/19/2019 CHF 58.18
Raiffeisen Schweiz Genossen 3.00 9/22/2020 CHF 69.38
EFG International Finance G 7.00 11/27/2019 EUR 14.78
Goldman Sachs International 1.00 12/5/2017 SEK 19.74
Societe Generale SA 8.00 2/14/2022 USD
Commerzbank AG 14.00 1/24/2018 EUR 48.09
EFG International Finance G 6.21 7/22/2019 EUR 71.97
EFG International Finance G 7.20 7/29/2020 EUR 23.84
Leonteq Securities AG 5.00 9/4/2018 CHF 67.88
DZ Bank AG Deutsche Zentral 8.20 3/23/2018 EUR 55.07
DZ Bank AG Deutsche Zentral 9.60 12/22/2017 EUR 74.35
DZ Bank AG Deutsche Zentral 7.90 3/23/2018 EUR 76.07
DZ Bank AG Deutsche Zentral 7.40 12/22/2017 EUR 54.72
DZ Bank AG Deutsche Zentral 6.00 12/22/2017 EUR 66.96
Vontobel Financial Products 7.55 12/22/2017 EUR 69.89
Vontobel Financial Products 10.50 3/23/2018 EUR 68.11
DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 69.39
DZ Bank AG Deutsche Zentral 7.40 3/23/2018 EUR 56.51
DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 70.18
DZ Bank AG Deutsche Zentral 6.10 3/23/2018 EUR 71.85
DZ Bank AG Deutsche Zentral 7.70 3/23/2018 EUR 69.13
Vontobel Financial Products 8.55 3/23/2018 EUR 67.33
DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 71.21
DZ Bank AG Deutsche Zentral 6.50 2/23/2018 EUR 67.87
DZ Bank AG Deutsche Zentral 5.25 2/23/2018 EUR 71.12
HSBC Trinkaus & Burkhardt A 7.00 3/23/2018 EUR 72.70
Commerzbank AG 1.00 2/19/2020 USD 40.92
UniCredit Bank AG 4.40 9/19/2018 EUR 66.02
UBS AG 9.50 12/22/2017 EUR 74.67
UBS AG 11.75 12/22/2017 EUR 61.32
UBS AG 10.25 12/22/2017 EUR 36.23
UBS AG 5.00 12/22/2017 EUR 60.09
UBS AG 8.50 12/22/2017 EUR 40.88
UBS AG 4.00 12/22/2017 EUR 67.08
UBS AG 5.75 12/22/2017 EUR 52.81
UBS AG 9.50 12/22/2017 EUR 69.30
BNP Paribas Emissions- und 6.50 12/21/2017 EUR 71.03
DZ Bank AG Deutsche Zentral 5.00 2/6/2018 EUR 76.81
UniCredit Bank AG 3.75 9/7/2020 EUR 67.17
UniCredit Bank AG 5.00 6/25/2019 EUR 56.71
EFG International Finance G 7.20 2/25/2019 EUR 10.88
UniCredit Bank AG 3.75 10/2/2020 EUR 64.00
Landesbank Hessen-Thueringe 4.00 4/8/2019 EUR 70.88
UniCredit Bank AG 4.60 7/2/2018 EUR 52.87
Raiffeisen Schweiz Genossen 4.50 3/27/2018 EUR 62.33
Leonteq Securities AG 3.50 4/10/2018 EUR 64.46
DekaBank Deutsche Girozentr 2.70 3/16/2018 EUR 67.66
Landesbank Hessen-Thueringe 4.00 4/30/2019 EUR 66.79
Raiffeisen Schweiz Genossen 4.20 4/10/2018 EUR 68.32
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 16.34
Landesbank Baden-Wuerttembe 3.40 11/24/2017 EUR 75.04
Landesbank Baden-Wuerttembe 3.50 1/26/2018 EUR 68.33
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 64.35
Landesbank Baden-Wuerttembe 2.50 6/28/2019 EUR 75.77
Landesbank Baden-Wuerttembe 3.50 6/22/2018 EUR 73.21
DekaBank Deutsche Girozentr 3.25 4/20/2018 EUR 54.07
Raiffeisen Schweiz Genossen 4.00 5/8/2018 CHF 68.70
DekaBank Deutsche Girozentr 2.75 10/29/2018 EUR 55.25
EFG International Finance G 7.19 5/6/2019 EUR 12.12
DekaBank Deutsche Girozentr 3.00 4/30/2019 EUR 75.34
EFG International Finance G 6.26 5/7/2018 EUR 64.15
UniCredit Bank AG 5.00 7/30/2018 EUR 65.01
Landesbank Baden-Wuerttembe 4.00 6/22/2018 EUR 61.35
Landesbank Baden-Wuerttembe 3.60 6/22/2018 EUR 74.06
UBS AG 7.40 5/17/2021 CHF 59.39
Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 71.54
DekaBank Deutsche Girozentr 2.80 5/13/2019 EUR 71.13
Landesbank Baden-Wuerttembe 2.35 12/22/2017 EUR 72.00
Landesbank Hessen-Thueringe 8.90 10/6/2020 EUR 75.27
Landesbank Baden-Wuerttembe 3.40 7/27/2018 EUR 78.30
UniCredit Bank AG 3.80 7/23/2020 EUR 65.05
UniCredit Bank AG 4.40 7/13/2018 EUR 60.27
UBS AG/London 16.00 8/30/2018 CHF 58.50
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 3.81
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 3.81
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 3.81
SpareBank 1 Nordvest 3.58 3/11/2099 NOK 71.62
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 3.81
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 3.81
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 3.81
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 3.81
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 3.81
Barclays Bank PLC 0.50 3/19/2021 MXN 74.10
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 3.81
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 3.81
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 3.81
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 3.81
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 3.81
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 3.81
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 3.81
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 3.81
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 3.81
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 3.81
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 3.81
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 3.81
Municipality Finance PLC 0.25 6/28/2040 CAD 31.36
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 3.81
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 3.81
HSBC Bank PLC 0.50 11/25/2025 BRL 46.13
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 3.81
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 3.81
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 3.81
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 3.81
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 3.81
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 8.50
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 3.81
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 3.81
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 3.81
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 3.81
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 3.81
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 3.81
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 3.81
Credit Agricole Corporate & 0.50 3/6/2023 RUB 69.29
Credit Suisse AG/London 0.50 1/8/2026 BRL 45.42
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 3.81
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 3.81
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 3.81
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 3.81
Lehman Brothers Treasury Co 10.00 3/27/2009 USD 3.81
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 3.81
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 3.81
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 3.81
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 3.81
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 3.81
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 3.81
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 3.81
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 8.50
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 3.81
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 3.81
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 3.81
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 8.50
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 3.81
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 3.81
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 3.81
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 3.81
Bank ZENIT PJSC 8.50 6/14/2024 RUB 60.07
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 3.81
Horus Finance ZAO 13.00 3/6/2019 RUB
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 3.81
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 3.81
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 3.81
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 3.81
Societe Generale SA 0.50 4/3/2023 RUB 68.84
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 3.81
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 3.81
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 3.81
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 3.81
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 3.81
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 3.81
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 3.81
KIT Finance Capital OOO 10.60 5/21/2027 RUB 100.00
Center-Invest Commercial Ba 8.70 11/13/2018 RUB 67.01
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 3.81
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 3.81
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 3.81
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 3.81
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81
Heta Asset Resolution AG 5.73 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 3.81
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 3.81
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 3.81
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 3.81
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 3.81
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 3.81
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 8.50
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 3.81
KIT Finance Capital OOO 8.00 9/16/2026 RUB 60.01
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 3.81
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 3.81
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 3.81
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 3.81
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.24
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 3.81
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 3.81
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 3.81
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 3.81
Societe Generale SA 0.50 7/6/2021 BRL 69.22
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 3.81
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 3.81
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 3.81
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 3.81
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 3.81
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 3.81
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 3.81
Europlan Leasing Co 12.00 2/20/2019 RUB 60.01
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 3.81
KPNQwest NV 7.13 6/1/2009 EUR 0.06
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 3.81
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 3.81
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 3.81
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 70.50
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 3.81
HSBC Bank PLC 0.50 12/22/2025 BRL 45.84
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 8.50
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 3.81
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 8.50
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 3.81
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 3.81
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 3.81
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 3.81
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 3.81
Province of Brescia Italy 0.11 12/22/2036 EUR 65.20
Center-Invest Commercial Ba 8.40 8/17/2018 RUB 67.01
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 3.81
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 3.81
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 3.81
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 3.81
Russkiy Mezhdunarodnyi Bank 12.00 11/14/2021 RUB 6.05
Societe Generale SA 0.50 6/12/2023 RUB 67.70
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 3.81
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 3.81
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 3.81
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 3.81
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 3.81
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 3.81
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 3.81
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 3.81
Credit Europe Bank Ltd 10.00 4/6/2018 RUB 60.17
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 3.81
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 3.81
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 3.81
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 3.81
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 3.81
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 3.81
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 3.81
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 3.81
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 3.81
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.09
*********
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 * * *