/raid1/www/Hosts/bankrupt/TCREUR_Public/171113.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 13, 2017, Vol. 18, No. 225
Headlines
G E R M A N Y
CART 1: Fitch Affirms CCsf Rating on Class E Notes
G R E E C E
GREECE: Bailout May Result Into Another Bankruptcy, PBO Warns
TITAN CEMENT: S&P Affirms BB+ CCR, Outlook Stable
I R E L A N D
GOLDEN PAGES: High Court Approves Examiner's Rescue Scheme
K A Z A K H S T A N
FORTEBANK JSC: S&P Alters Outlook to Positive, Affirms 'B/B' ICR
HOME CREDIT: Fitch Affirms B+ Long-Term IDRs, Outlook Stable
L I T H U A N I A
VILNIAUS KREDITAS: License Revoked Due to Insolvency
L U X E M B O U R G
GARFUNKELUX HOLDCO: S&P Affirms 'B+/B' ICR on Acquisition
GAZ CAPITAL: S&P Rates Loan Participation Notes 'BB+'
N E T H E R L A N D S
CAIRN CLO III: Fitch Corrects October 20 Rating Release
CAIRN CLO VIII: S&P Assigns B- (sf) Rating to Class F Notes
TIKEHAU CLO III: S&P Assigns B- (sf) Rating to Class F Notes
P O R T U G A L
LUSITANO MORTGAGES NO. 6: S&P Affirms D(sf) Rating on Cl. E Notes
R U S S I A
UNICREDIT BANK: S&P Affirms 'BB+B' ICR, Outlook Changed to Pos.
S L O V E N I A
GORENJSKA BANKA: Fitch Assigns BB- Long-Term IDR, Outlook Stable
S P A I N
BAHIA DE LAS ISLETAS: S&P Affirms B+ CCR, Outlook Positive
S W E D E N
VERISURE MIDHOLDING: S&P Lowers CCR to 'B', Outlook Stable
S W I T Z E R L A N D
SPUTNIK ENGINEERING: Schaffner EMV Concludes Settlement
U N I T E D K I N G D O M
COLOUR BIDCO: S&P Assigns Preliminary 'B' CCR, Outlook Stable
INOVYN LTD: S&P Upgrades CCR to BB-, Outlook Stable
PREFERRED RESIDENTIAL 06-1: S&P Affirms B- Rating on Cl. E1c Note
SALFORD RED: Salford Council Approves Three-Year Loan Reprieve
STAKEHOLDER GROUP: Put Under Liquidation Over GBP200,000 Tax Bill
X X X X X X X X
* BOND PRICING: For the Week November 6 to November 10, 2017
*********
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G E R M A N Y
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CART 1: Fitch Affirms CCsf Rating on Class E Notes
--------------------------------------------------
Fitch Ratings has affirmed CART 1 Limited's class E notes at
'CCsf' with Recovery Estimate (RE) Not Calculated (NC) and Gate
SME CLO 2006-1 Limited's class E notes at 'CCsf' with RE 'NC'.
The synthetic transactions mostly reference German SME loans and
are both beyond their scheduled maturity date. Therefore only
note balances referencing defaulted loans are outstanding.
KEY RATING DRIVERS
Reference Asset Recoveries Sole Driver of Note Repayments
The losses allocated to noteholders resulting from the currently
defaulted reference assets are the sole driver of the funds
returned to the noteholders. As all reference assets are in
default by now, the recovery rate in turn is the sole determinant
for the loss allocation. No losses have been allocated to the
rated tranches yet, but in light of the observed recovery rates a
full repayment is unlikely.
Performance Volatility
Fitch is not analysing underlying loans in this transaction
individually, but makes loss expectations based on recovery
estimates for the portfolio. However, the highly concentrated
portfolios are leading to volatile performance as singular losses
assigned are significantly driving note performance.
Loss Estimation
Sector-specific criteria reports do not usually address stress
scenarios below 'B'. Instead, Fitch makes projections of expected
performance based on the current circumstances, without applying
additional stress. The expected performance is derived from the
lower observed recovery rate of the two transactions at 23.7%.
Based on the reference asset recovery rate, loss expectations
were calculated and assigned to outstanding notes resulting in
ultimate losses for rated notes.
RATING SENSITIVITIES
Higher reference assets recovery rates could lead to higher note
recovery rates or even full repayment.
In case of foreclosure processes relating to reference loans not
concluded at legal final maturity of the notes, no losses would
be assigned to the notes resulting in higher note recoveries or
even full repayment of the class E notes.
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G R E E C E
===========
GREECE: Bailout May Result Into Another Bankruptcy, PBO Warns
-------------------------------------------------------------
EIRNS reports that the infamous bailout of Greece to save the
European financial system is pushing Greece into another
bankruptcy unless the debt is cut considerably, was the
assessment of the Greek Parliament's State Budget Office (PBO),
which made its report public on Nov. 6.
The report warns that after 2020, interest payments on Greece
debt will increase dramatically, requiring EU84.3 billion in the
six years from 2021 to 2026 for interest payments alone,
according to data from the Public Debt Management Agency,
EIRNS relates.
"Without a serious lightening of the debt, Greece will be
bankrupt," EIRNS quotes Prof. Panagiotis Liargovas, director of
the PBO s saying. He also called for suspending the insane
requirement for Greece to maintain high primary budget surpluses,
because they are "asphyxiating the economy, generating a vicious
cycle of recession."
Greek Finance Minister Euclid Tsakalotos later challenged the PBO
assessment, claiming that it was based on information from 2014,
EIRNS relays. PBO admitted it did not have available any more
recent data, but maintained that this did not change the
substance of its assessments, EIRNS notes.
According to EIRNS, the PBO declared, "We accept the criticism
leveled at the assessments of our latest report, but that does
not change the essence of PBO's point of view, which is that if
there are no resulting long-term relief measures and regulations
that can free the Greek state from the traps of high debt, the
viability of the loan will be threatened long-term, or even prove
impossible."
TITAN CEMENT: S&P Affirms BB+ CCR, Outlook Stable
-------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+' long-term and
'B' short-term corporate credit ratings on Greece-based cement
producer Titan Cement Co. S.A. and its 100% subsidiary Titan
Global Finance PLC. The outlook is stable.
S&P said, "We are also assigning our '4' recovery rating and
affirming our 'BB+' issue rating on the existing EUR287 million
and EUR300 million senior unsecured fixed rate notes issued by
Titan Global Finance PLC and due 2019 and 2021, respectively.
This reflects the recent expansion of our recovery methodology
framework to include Greece-based issuers.
"Finally, we are assigning our 'BB+' issue and '4' recovery
ratings to the group's proposed new EUR250 million fixed-rate
notes due 2024 to be issued by Titan Global Finance PLC.
Titan intends to apply the proceeds of the new EUR250 million
senior unsecured fixed-rate notes as follows: EUR70 million
toward early part-redemption of the existing EUR287 million
senior unsecured fixed rate notes, EUR70 million to repay local
term debt (mostly in Egypt), and EUR60 million to clear all
drawings under its EUR300 million revolving credit facility
(RCF), with the remaining proceeds to be used to bolster
liquidity.
The proposed EUR250 million notes will be unsecured obligations
of Titan Cement and rank pari passu with the existing EUR287
million and EUR300 million senior unsecured fixed-rate notes
issued by Titan Global Finance. These three instruments are all
fixed-rate and senior unsecured, rank pari passu to each other,
and are 100% irrevocably and unconditionally guaranteed by Titan
Cement Co. We view the documentation for these three fixed-rate
bonds as supportive for the noteholders. The documentation
includes a provision whereby noteholders may require repayment of
the facility upon the occurrence of a "change of control."
S&P said, "Despite the one-off impact of Hurricane Irma and
restructuring its operations in Egypt, as well as persistently
challenging market conditions in Egypt and other core markets
such as Brazil, Turkey, and Greece, Titan Cement's robust
underlying operating performance in the U.S. continues to fuel
our expectation of an improvement in overall group results and
credit metrics. We expect that Titan Cement's credit metrics will
remain at a level commensurate with an intermediate financial
risk profile, specifically funds from operations (FFO) to debt of
more than 30% and debt to EBITDA of about 2.5x."
Titan is smaller than several of its higher-rated heavy building
materials peers, and has a multiregional rather than a global
presence. S&P said, "In our view, this implies that Titan Cement
is more exposed to local construction cycles, has higher country
risk, and could see more volatility in its profitability. Titan
Cement remains vulnerable to construction end-markets that are
not only highly cyclical and seasonal, but also highly capital-
and energy-intensive. Relative to peers, Titan Cement has a
greater exposure to higher-risk countries like Egypt, Greece,
Brazil, and Turkey, meaning there is currently greater potential
downside against our base case."
Capital intensity is a structural constraint on the financial
risk of any cement or heavy building materials producer, because
it translates into hefty capital expenditure (capex) and large
seasonal working capital swings, with a risk of a build-up in
working capital depending on industry conditions. Furthermore,
heavy building materials producers typically see working capital
contraction when revenues decline organically.
S&P's base-case scenario assumes:
-- Flat revenues in 2017 and 3%-4% growth in 2018, supported
primarily by continued strong demand in the U.S.;
-- Other core markets like Greece, Egypt, Turkey, and Brazil
remaining challenging over the same period;
-- A gradual improvement in Titan Cement's adjusted EBITDA
margin to more than 20%, supported by careful cost control;
-- A deflationary environment in some markets, coupled with
energy cost volatility, which could act as a counterweight to
the abovementioned margin improvement;
-- Capex of up to EUR125 million in 2017 and EUR115 million in
2018;
-- No major acquisitions or divestitures; and
-- Dividends of about EUR90 million in 2017 and EUR60 million in
2018, in line with management's guidance.
Based on these assumptions, and assuming supportive market
conditions, S&P arrives at the following credit measures:
-- S&P Global Ratings-adjusted debt to EBITDA of about 2.6x in
2017, and slightly under 2.5x in 2018;
-- Adjusted FFO to debt of about 31%-33% over the same period;
and
-- Adjusted cash interest coverage of more than 3x over the 12-
month rating horizon.
S&P said, "Titan exhibits peak intrayear/seasonal working capital
cash swings of up to EUR60 million, but we note that the "trough"
or greatest cash need is in the third fiscal quarter, which the
company is currently in. Therefore we expect gentle cash inflow
from now until the end of this fiscal year.
"The stable outlook reflects our view that Titan Cement will
maintain robust performance in the U.S., with a gradually
improving EBITDA margin and credit metrics commensurate with an
intermediate financial risk profile. We believe that Titan
Cement's performance and liquidity are not linked to Greek
sovereign risk, and anticipate that the group will be able to
sustain positive discretionary cash flow and at least adequate
liquidity over the next 12 months.
"We could lower the rating if we no longer believe that Titan
Cement will sustain its core credit metrics at the intermediate
financial risk profile level, specifically, if debt to EBITDA
were to trend toward 3x or more, FFO to debt were to fall to less
than 30% with no prospect of a swift recovery, or if supplemental
credit ratios like free operating cash flow (FOCF) to debt were
to weaken significantly. This could occur if economic recovery,
and therefore demand, in some of Titan Cement's main markets,
notably the U.S., were to falter, or if the group were to invest,
make acquisitions, or increase capex above our base case.
Pressure on the ratings could also arise if Titan Cement's
liquidity deteriorates.
"We consider an upgrade as unlikely over our 12-month rating
horizon. However, we could raise our ratings on Titan Cement if
the group were to improve and sustain FFO to debt above 45%,
while sustaining debt to EBITDA at less than 2x. We would also
expect industry and market conditions to be supportive of an
upgrade."
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I R E L A N D
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GOLDEN PAGES: High Court Approves Examiner's Rescue Scheme
----------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has approved a scheme allowing the publishers of the Golden Pages
to exit examinership and continue to trade as a going concern,
securing the jobs of 73 employees.
Mr. Justice Robert Haughton on Nov. 9 approved the scheme put
together by examiner Neil Hughes in respect of Dublin-based FCR
Media Ltd, which publishes the Golden Pages directory, and a
related firm, FCR Tech UAB, The Irish Times relates.
Ross Gorman for Mr. Hughes told the court there were no
objections to the examiner's scheme, which had secured the
approval of the majority of creditors, The Irish Times notes.
Counsel also said that the publisher had secured fresh investment
during the period it was in examinership, The Irish Times relays.
The business had employed 103 workers, The Irish Times discloses.
However, as it has decided to cease publishing the print version
and focus on its online business, a number of employees who have
been working in the printing section had been made redundant, The
Irish Time recounts.
Counsel, as cited by The Irish Times, said in total some 73 jobs
have been saved.
The two companies are part of the FCR media group which provides
search and advertising services in 10 countries in Europe and has
more than 1,000 employees across its operations, The Irish Times
states.
They sought the protection of the courts after FCR media group
withdrew its interests in the Irish market meaning the firms
could no longer pay their debts as they fell due, The Irish Times
discloses.
According to The Irish Times, its debts to creditors, including
revenue as of July 21 last were EUR5.5 million.
The appointment of an examiner was sought after the court heard
an independent expert had stated in a report that the company has
a reasonable prospect of survival and the forecasts for 2017 and
2018 are positive, The Irish Times notes.
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K A Z A K H S T A N
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FORTEBANK JSC: S&P Alters Outlook to Positive, Affirms 'B/B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on ForteBank JSC to
positive from stable and affirmed its 'B/B' long- and short-term
issuer credit ratings.
At the same time, S&P raised its Kazakhstan national scale rating
on the bank to 'kzBB+' from 'kzBB'.
The rating actions reflect its view that ForteBank has made
progress in strengthening its market share, generating new good-
quality business, and recovering legacy problem loans.
The bank's position in the Kazakh banking system has
strengthened; it is now the fifth-largest bank in terms of total
assets. ForteBank also has a more balanced mix of corporate,
small and midsize enterprise, and retail customers on both sides
of its balance sheet compared to other medium-sized peers, and
good sector and single-name diversification in its loan
portfolio, which is positive for risk and returns
diversification. The bank is mainly funded by customer deposits
with a good balance of individuals and corporations, including
government-related entities.
S&P said, "We view positively the quality of the bank's
management team and its track record of recovering legacy problem
loans. Over the last couple of years, the bank recovered
Kazakhstani tenge (KZT) 184 billion ($0.6 billion) in problem
loans, of which KZT110 billion was through cash collection. The
remaining bad loan portfolio, on and off balance sheet, was about
KZT828 billion as of Oct. 1, 2017, of which KZT702 billion was
fully-provisioned loans written off-balance sheet.
"Overall, we think that the bank's creditworthiness could be
further boosted if it sustains or augments its market share,
maintains a diversified customer profile, and further improves
its profitability metrics over the next 12-18 months. While we
have seen an improvement in the bank's profitability, we remain
concerned about the bank's very low provisioning rate and its
high cost-to-income ratio.
"We continue to view ForteBank's capital and earnings position as
moderate. This assessment reflects our expectation that our risk-
adjusted capital (RAC) ratio for ForteBank could decrease to
about 6.3% by year-end 2018 compared to 6.5% at year-end 2016 in
view of increased provisioning.
"ForteBank's asset quality is weaker than peers', in our view,
reflecting its higher level of nonperforming loans (NPLs; loans
over 90 days overdue) and lower provisioning rate on both legacy
and new NPLs. Overall, the bank's NPLs accounted for 25.8% of
total loans at mid-2017, which is one of the highest ratios in
Kazakhstan. Of NPLs, 83% related to loans disbursed before
October 2014. NPLs on new loan production over the past three
years were only 5.8% as of mid-2017, which compares favorably to
peers. The legacy portfolio reported a provisioning coverage of
NPLs of 28% at mid-2017, which is insufficient in our opinion. We
note, however, that NPLs that were not covered by provisions were
fully covered by collateral.
"We consider ForteBank's funding to be average, reflecting the
diversified profile of its funding base, strong positive dynamics
of the deposit base over the past three years, and a stable
funding ratio of 150% as of mid-2017. We think that the bank's
liquidity is sufficient and well-managed.
"The long-term rating on ForteBank is one notch higher than the
SACP of 'b-', reflecting our view that the bank has moderate
systemic importance in Kazakhstan, driven by its significant
market share in total lending and in retail deposits, and our
assumption that the government is supportive of the domestic
banking sector.
"The positive outlook reflects our expectation that the bank's
track record of generating new business, augmenting its market
share, and recovering problem loans will continue over the next
12 months.
"We could upgrade the bank over the next 12 months if it sustains
or improves its market shares in the Kazakh banking sector,
maintains a diversified customer profile, and improves its
profitability metrics. We will also view positively an
improvement in NPL coverage by loan loss provisions in line with
peers'.
"We could revise the outlook back to stable over the next 12
months if we do not see the bank's business and asset quality
indicators strengthen further, and if the operating conditions in
the Kazakh banking sector worsen such that the bank's capital and
earnings are weakened. Negative rating pressure could build if
our forecast RAC ratio decreased below 5% as a result of credit
costs significantly exceeding our base-case expectations or if
rapid asset expansion was not supported by adequate capital
buffers. We would also take a negative view of a reversal in the
positive trend in NPL resolution."
HOME CREDIT: Fitch Affirms B+ Long-Term IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based SB JSC Home Credit
and Finance Bank's (HCK) Long-Term Foreign- and Local-Currency
IDRs at 'B+'; the Outlooks are Stable.
KEY RATING DRIVERS
IDRS, VR and NATIONAL RATING
The affirmation reflects limited changes since the last review,
as HCK continued to post good asset quality and robust
profitability. However, the bank's small size (less than 1% of
banking system assets in Kazakhstan), rapid growth in the
potentially risky consumer segment, and its still concentrated
and pricy deposit base constrain the ratings.
HCK's NPL origination ratio (defined as the increase in loans
overdue above 90 days, plus gross write-offs, divided by average
performing loans) have stayed at a decent 6%-7% in 2016-1H17,
down from 14%-15% in 2014-2015, due to more prudent underwriting
standards. NPLs 90+ days overdue (5% of gross loans at end-2Q17)
were fully covered by reserves. Additionally, the bank's asset
quality benefits from the absence of foreign currency lending.
Pre-impairment profitability is robust at about 20% of average
gross loans in 6M17, which is far above the bank's NPL
origination of about 5% after recoveries. As a result, the bottom
line is also very strong (around 55% ROAE in 2016-6M17).
HCK's capitalisation is solid, despite sizeable dividends (around
75% of net income) paid out to the parent every year since 2013.
HCK's regulatory total capital ratio was a healthy 15% at end-
3Q17, but declined from 19% at end-2016 due to higher statutory
risk weights for retail cash loans applied in Kazakhstan since
January 2017. The bank's loss absorption capacity is strong: at
end-3Q17, the bank could additionally reserve 9% of gross loans
before breaching the extra 2% conservation buffer.
HCK is 70% funded by deposits. These are mostly price-sensitive,
but proved to be sticky, as the bank's wide margins allow it to
offer attractive interest rates. By end-2016, HCK became entirely
self-funded, having replaced the parent funding with retail
customer accounts, and moderately lowered concentration of its
deposit base. HCK's liquid assets (25% of total customer
accounts) were sufficient to cover 12 months' market debt
repayments. The liquidity risks are additionally mitigated by
large average monthly proceeds from loan repayments, equal to
about 12% of customer accounts.
SUPPORT RATING
HCK's Support Rating of '4' reflects the limited probability of
support that the bank may receive from its 100% parent, HCFB. In
Fitch's view, HCFB's propensity to support HCK is high given the
full ownership, the subsidiary's favourable performance to date,
common branding and potential reputational damage for the broader
Home Credit group in case of HCK's default. However, HCFB's
ability to provide support to HCK is constrained by its own
financial strength, as expressed by its 'BB-' IDR.
SENIOR UNSECURED DEBT RATINGS
HCK's senior unsecured debt ratings are aligned with the bank's
Long-Term IDRs and National Rating, reflecting Fitch's view of
average recovery prospects, in case of default.
RATING SENSITIVITIES
An upgrade of HCK's IDRs would require either an upgrade of the
parent, reflecting an improved ability to provide support to HCK,
or an improvement of the standalone profile, namely strengthening
of the franchise, and better diversification of deposit base with
lower funding costs, while maintaining reasonable asset quality
and good performance.
HCK's Long-Term IDR would only be downgraded if both its
standalone financial profile deteriorated significantly and HCFB
failed to provide timely support.
The rating actions are:
HCK
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+';
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BBB (kaz)'; Outlook
Stable
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '4'
Senior unsecured debt Long-term rating: affirmed at 'B+';
Recovery Rating 'RR4'
Senior unsecured debt National Long-term rating: affirmed at 'BBB
(kaz)'
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L I T H U A N I A
=================
VILNIAUS KREDITAS: License Revoked Due to Insolvency
----------------------------------------------------
The Board of the Bank of Lithuania recognized the credit union
Vilniaus kreditas as insolvent and revoked its license of a
credit union for good, thus it has no right to provide financial
services. The Bank of Lithuania will apply to the Vilnius
District Court regarding initiation of bankruptcy proceedings for
this union.
Such a decision was taken because this credit union's assets are
lower than its liabilities and it has not complied with the major
capital related requirements -- capital adequacy requirement and
maximum exposure to a single borrower requirement. Complying
with them was required by the Supervision Service of the Bank of
Lithuania in May 2017, when it appointed a temporary
representative for supervision of activities; however, this
obligation was not discharged. The information provided by this
credit union and information available to the Bank of Lithuania
provides no grounds to believe that it could resume stable and
sound activities. Finding a potential investor, who would help
solve financial issues, has also failed.
Asset quality review of Vilniaus kreditas has revealed the need
for its asset value adjustment, as as result of which losses grew
and the adjusted capital contracted accordingly. According to
the data from the credit union as of 30 September 2017, its
assets amount to EUR21.28 million and liabilities - EUR21.59
million, capital - minus EUR0.38 million, i.e. its assets are
lower than liabilities by this amount. On September 30, 2017,
the credit union incurred EUR 2.85 million losses, due to which
its equity capital became negative.
In terms of asset size, this is the ninth credit union in
Lithuania (out of 690). Its membership comprises over 2
thousand.
Recognition of this credit union as insolvent is an ensured
event, thus its depositors will be paid out respective claims.
Insurance claims for Vilniaus kreditas depositors will be paid
and calculated following the existing legal acts. In case of
such insured event, 100 per cent of the deposit amount, not
exceeding EUR100,000, will be paid out. A claim for a customer
shall be paid within 20 business days of the announcement of the
insured event (November 10, 2017).
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L U X E M B O U R G
===================
GARFUNKELUX HOLDCO: S&P Affirms 'B+/B' ICR on Acquisition
---------------------------------------------------------
On Nov. 2, 2017, Luxembourg-based debt collection company
Garfunkelux Holdco 2 S.A. (Garfunkelux 2), which trades as
Lowell, announced that it has entered an agreement to acquire the
Nordic carve-out business from Intrum Justitia AB. S&P
understands that the company plans to fund the acquisition
through a mixture of new debt and equity, and expects to close
the transaction in the first half of 2018, subject to the
relevant regulatory approvals. However, more details regarding
the transaction are not yet available.
S&P said, "We are therefore revising our outlook to developing
and affirming our 'B+/B' long- and short-term issuer credit
ratings on Lowell.
"The developing outlook indicates that we could affirm, lower, or
raise our ratings, depending on the proposed financing package,
the potential earnings impact, and our view of the combined
group's financial policy and overall business franchise. LONDON
(S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings today
revised its outlook on Luxembourg-based debt collection company
Garfunkelux Holdco 2 S.A. (Lowell) to developing from stable. At
the same time, we affirmed our 'B+/B' long- and short-term issuer
credit ratings on the company."
S&P also affirmed the issue ratings on the debt issued by various
subsidiaries of Lowell:
-- The 'B+' issue rating on the senior secured notes issued by
Garfunkelux Holdco 3 S.A.(the recovery rating is unchanged at
'3');
-- The 'BB' issue rating on the super senior revolving credit
facility co-issued by Lowell Holding GmbH and Simon Bidco
Ltd. (the recovery rating is unchanged at '1'); and
-- The 'B-' issue rating the senior unsecured notes issued by
Lowell (the recovery rating is unchanged at '6').
The outlook revision follows Lowell's announcement on Nov. 2,
2017, that it has entered an agreement to acquire the carve-out
business from Intrum Justitia AB, subject to regulatory approval.
The impact of the final terms of the proposed acquisition on
Lowell's credit quality is not yet clear. Specifically, S&P does
not have details regarding how Lowell will finance the
acquisition, the potential earnings impact on the group, or
whether the group will materially change its strategic focus
beyond the proposed acquisition.
In June 2017, Intrum completed the acquisition of Lock Lower
Holdings (the holding company of operating entity Lindorff). As
part of the approval process, the European competition
authorities required a partial divestment of the group's Nordic
business and Intrum was given six months to find a potential
buyer. S&P understands that Lowell will use a combination of new
debt and equity to acquire the carve-out business, which includes
Intrum's Norwegian business and Lindorff's Swedish, Danish,
Finnish, and Estonian businesses.
S&P said, "In assessing Lowell's business risk profile, we
currently factor in the group's concentrated focus on the
distressed debt industry and coverage of mature markets that are
exposed to significant competitive pressures. This is somewhat
offset by its good asset class diversification relative to peers,
and its top tier market positions in Austria, Germany, and the
U.K. Although we think that such a sizable acquisition will
increase the group's near-term operational risks, we anticipate
that the transaction could eventually benefit Lowell by providing
it with a wider geographic presence and a more-balanced revenue
profile. The business being acquired earns a high proportion of
its income from servicing third-party debt portfolios. We also
think the acquisition could provide increased scale and improve
the stability of the group's earnings."
Prior to this announcement, S&P forecasts that the group would be
at the weaker end of the following ranges over the next 12
months:
-- Gross debt to adjusted EBITDA between 4x-5x;
-- Funds from operations (FFO) to gross debt between 12%-20%;
and
-- Adjusted EBITDA to interest expense between 3x-6x.
S&P said, "Our current 'b+' group credit profile (GCP) for Lowell
incorporates a downward adjustment of one notch, chiefly based on
our view that its credit metrics are weaker than those of its
peers rated 'BB-' or 'B+', and the uncertainty regarding the
group's future financial policy under its current ownership
structure. We consider that Lowell's weaker position relative to
peers reflects its financial sponsor ownership and recent fast
growth, which has included a phase of heightened merger and
acquisition activity. Depending on the mix of funding and
potential earnings impact, the latest acquisition to be announced
could put pressure on the company's credit metrics. Another
partially debt-financed acquisition could lead us to believe that
the group's financial policy and commitment to deleveraging is
unpredictable.
"The developing outlook reflects our view that the ratings could
be raised, lowered, or affirmed as a result of completing the
acquisition of Intrum's carve-out business. In our view, there is
currently a degree of uncertainty regarding the proposed
financing package, the potential earnings impact, and our view of
the combined group's financial policy and overall business
franchise. Although we recognize the potential long-term business
benefits to the group, we also acknowledge that a largely debt-
financed acquisition could put pressure on the group's credit
metrics."
S&P could lower the ratings if, after the acquisition, the
group's:
-- Debt to adjusted EBITDA rises above 5x;
-- FFO to debt falls below 12%; and Debt-servicing capacity
weakens.
This could happen if the acquisition is largely funded from newly
issued debt and the expected earnings increase did not
sufficiently offset this increase over our one-year rating
horizon.
S&P said, "We could raise the ratings if the group's credit
metrics remain stable following the acquisition and we gain
further clarity regarding the group's long-term financial policy.
If so, the increases in scale and diversification provided by the
acquisition could lead us to remove the negative comparable
adjustment notch that we currently factor into the ratings."
GAZ CAPITAL: S&P Rates Loan Participation Notes 'BB+'
-----------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
debt rating to a proposed issue of loan participation notes (LPNs
Series 44) by Gaz Capital S.A., a financing vehicle of Russian
state-controlled gas company Gazprom PJSC (foreign currency
BB+/Positive/B, local currency BBB-/Positive/A-3).
The LPNs are to be issued within the framework of Gazprom's $40
billion European medium-term note (MTN) program. The rating on
the LPNs mirrors the long-term foreign currency corporate credit
rating on Gazprom. S&P said, "We understand that LPNs are backed
by senior unsecured obligations of Gazprom with equivalent
payment terms, and that Gaz Capital is a strategic financing
entity for Gazprom set up solely to raise debt on behalf of the
Gazprom group. We believe that Gazprom is willing and able to
support Gaz Capital to ensure full and timely payment of interest
and principal when due on the LPNs, including payment of any
expenses of Gaz Capital."
Gazprom's capital structure includes mainly parent-level debt
(including loan participation notes issued by Gaz Capital S.A.,
Russian bonds and bank debt). Of Russian rubles (RUB) 3,005
billion (US$50.9 billion) total reported debt as of June 30,
2017, S&P estimates that about 25% was priority-ranking debt at
the subsidiary level. Loan participation notes issued via Gaz
Capital under the MTN program amounted to RUB1,345 billion or 45%
of the group's total reported debt.
The notes are rated the same as the foreign currency corporate
credit rating on Gazprom, because no significant elements of
subordination risk are present in the capital structure.
=====================
N E T H E R L A N D S
=====================
CAIRN CLO III: Fitch Corrects October 20 Rating Release
-------------------------------------------------------
This commentary corrects the version published on Oct. 20, 2017
to include more information in the data adequacy section.
Fitch Ratings has assigned Cairn CLO III B.V.'s refinancing notes
final ratings and affirmed the others:
EUR181.5 million class A-R notes: assigned 'AAAsf'; Outlook
Stable
EUR28 million class B-R notes: assigned 'AAsf'; Outlook Stable
EUR20 million class C-R notes: assigned 'Asf'; Outlook Stable
EUR16.5 million class D-R notes: assigned 'BBBsf'; Outlook Stable
EUR22 million class E notes: affirmed at 'BBsf'; Outlook Stable
EUR8 million class F notes: affirmed at 'B-sf'; Outlook Stable
Cairn CLO III B.V. is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. Net proceeds from the notes are being used to refinance
the current outstanding A to D notes. The portfolio is managed by
Cairn Loan Investments LLP.
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' category. The weighted-average rating factor (WARF) of
the current portfolio is 33.3, below the covenanted maximum for
assigning the final ratings of 34.
High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio is 66.3%. This is above the covenanted minimum
for assigning the final ratings of 54.5% which corresponds to the
Fitch matrix of top 10 obligors at 23%, WARF of 34, and a
weighted average spread of 4%.
Extended Weighted Average Life (WAL)
On the refinancing date, the issuer extended the WAL covenant by
1.5 years to 7.5 years as part of the refinancing of the notes
and updated the Fitch matrix. Fitch tested all the points in the
matrix based on the extended WAL covenant.
Limited Interest Rate Risk
Unhedged fixed-rate assets cannot exceed 1% of the portfolio.
Consequently, interest rate risk is naturally hedged for most of
the portfolio through floating-rate liabilities.
Diversified Asset Portfolio
The transaction contains no covenant that limits the top 10
obligors in the portfolio. The transaction consists of three
Fitch matrices that the portfolio manager may choose from,
corresponding to top 10 obligors of 20%, 23% and unlimited.
TRANSACTION SUMMARY
Cairn CLO III B.V. closed in March 2013 and was reset in October
2015. The transaction is still in in its reinvestment period,
which is set to expire in October 2019. The issuer has issued new
notes to refinance part of the original liabilities. The class A,
B, C and D notes have been redeemed in full as a consequence of
the refinancing.
The refinancing notes bear interest at a lower margin over
EURIBOR than the notes being refinanced. The remaining terms and
conditions of the refinancing notes (including seniority) are the
same as the refinanced notes.
In its analysis, Fitch has applied a 15bp haircut to the weighted
average spread calculation. In this transaction, the aggregate
funded spread calculation for floating-rate collateral debt
obligation with an Euribor floor is artificially inflated by the
negative portion of Euribor.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to two notches for the rated notes.
CAIRN CLO VIII: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Cairn CLO VIII
B.V.'s class A, B-1, B-2, C, D, E, and F senior secured notes. At
closing, the issuer also issued unrated subordinated notes.
The ratings assigned to Cairn CLO VIII'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 is bankruptcy
remote.
-- The transaction's counterparty risks.
The transaction is a cash flow collateralized debt obligation
(CLO), securitizing a portfolio of primarily senior secured loans
granted to speculative-grade corporates. Cairn Loan Investments
LLP manages the transaction.
Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes permanently switch to semiannual interest payments.
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. We consider that the portfolio on the effective date will
be well diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations (CDOs; see "Global Methodologies
And Assumptions For Corporate Cash Flow And Synthetic CDOs,"
published on Aug. 8, 2016).
"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (3.70%), the
modelled weighted-average fixed coupon (5.25%), the covenanted
weighted-average recovery rate of 36.00% at the 'AAA' rating
level, and the current weighted-average recovery rates at each
rating level below 'AAA'. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.
"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013).
"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in our criteria (see
"Ratings Above The Sovereign - Structured Finance: Methodology
And Assumptions," published on Aug. 8, 2016).
"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria (see "Structured Finance: Asset Isolation
And Special-Purpose Entity Methodology," published on March 29,
2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."
RELATED CRITERIA AND RESEARCH
RATINGS LIST
Cairn CLO VIII B.V.
EUR361.2 mil secured fixed-rate and floating-rate notes
including EUR35.5 mil unrated notes
Amount
Class Rating (mil, EUR)
A AAA (sf) 214.4
B-1 AA (sf) 27.3
B-2 AA (sf) 10.0
C A (sf) 23.9
D BBB (sf) 18.5
E BB (sf) 22.3
F B- (sf) 9.3
M-1 Sub NR 17.8
M-2 Sub NR 17.7
NR--Not rated
TIKEHAU CLO III: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tikehau CLO III
B.V.'s class A, B, C, D, E, and F notes.
At closing, Tikehau CLO III also issued an unrated subordinated
class of notes.
The ratings assigned to Tikehau CLO III's notes reflect S&P's
assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following
this, the notes permanently switch to semiannual payment. The
portfolio's reinvestment period ends approximately four years
after closing.
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. We consider that the portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations
(see "Global Methodologies And Assumptions For Corporate Cash
Flow And Synthetic CDOs," published on Aug. 8, 2016).
"In our cash flow analysis, we used the EUR420 million target par
amount, the covenanted weighted-average spread (3.60%), the
covenanted weighted-average coupon (4.75%) (where applicable),
and the target minimum weighted-average recovery rates at each
rating level as indicated by the manager.
"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating
category. Elavon Financial Services DAC is the bank account
provider and custodian. The documented downgrade remedies are in
line with our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013).
"We consider that the issuer is bankruptcy remote, in accordance
with our legal criteria (see "Structured Finance: Asset Isolation
And Special-Purpose Entity Methodology," published on March 29,
2017).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."
RATINGS LIST
Tikehau CLO III B.V.
EUR435.15 mil floating-rate notes (including EUR45.6 mil
subordinated notes)
Amount
Class Rating (mil, EUR)
A AAA (sf) 244.70
B AA (sf) 57.70
C A (sf) 28.60
D BBB (sf) 19.70
E BB (sf) 26.25
F B- (sf) 12.60
Sub NR 45.60
NR--Not rated
===============
P O R T U G A L
===============
LUSITANO MORTGAGES NO. 6: S&P Affirms D(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Lusitano
Mortgages No. 6 DAC's class B and C notes. At the same time, S&P
has affirmed its ratings on the class A, D, and E notes.
S&P said, "The rating actions follow the Sept. 15, 2017 raising
of our unsolicited foreign currency short- and long-term
sovereign ratings on the Republic of Portugal (see "Ratings On
Portugal Raised to 'BBB-/A-3' On Strong Economic And Budgetary
Performance; Outlook Stable"). We have conducted our credit and
cash flow analysis based on the most recent transaction
information that we have received, and the application of our
European residential loans criteria, our structured finance
ratings above the sovereign criteria (RAS criteria), and our
current counterparty criteria (see "Methodology And Assumptions:
Assessing Pools Of European Residential Loans," published on Aug.
4, 2017, "Ratings Above The Sovereign - Structured Finance:
Methodology And Assumptions," published on Aug. 8, 2016, and
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).
"Available credit enhancement, based on nondefaulted loans, has
increased since our previous full review to 26.3% from 21.5% for
the class A notes, to 13.8% from 10.6% for the class B notes, to
5.8% from 3.6% for the class C notes, and to 2.4% from 0.7% for
the class D notes (see "Rating Actions Taken On 41 Tranches In 25
Portuguese RMBS Transactions Following Sovereign Upgrade,"
published on Oct. 16, 2015). The undercollateralization for the
class E notes has decreased to 3.7% from 4.6% over the same
period.
This transaction features an amortizing reserve fund, which has
been completely depleted since the September 2012 payment date.
S&P considered this in the cash flow analysis.
S&P said, "Severe delinquencies of more than 90 days at 1.33% are
lower than our Portuguese residential mortgage-backed securities
(RMBS) index (see "Portuguese RMBS Index Report Q2 2017,"
published on Sept. 12, 2017). The transaction's performance has
been improving since our previous review. Prepayment levels
remain low at 2.1% over the past year and the transaction is
unlikely to pay down significantly in the near term, in our
opinion.
"After applying our European residential loans criteria to this
transaction, our credit analysis results show a decrease in both
the weighted-average foreclosure frequency (WAFF) and the
weighted-average loss severity (WALS) at each rating level."
Rating level WAFF (%) WALS (%)
AAA 36.51 30.42
AA 27.25 25.67
A 22.33 16.81
BBB 16.27 12.21
BB 10.36 9.15
B 8.65 6.53
The decrease in the WAFF figures is primarily due to the higher
proportion of loans benefitting from the highest seasoning
credit, and lower arrears. The decrease in the WALS is primarily
due to the decrease in the pool's weighted-average current loan-
to-value, which has resulted from the loans' amortization and the
increasing house prices in Portugal.
S&P said, "Following the application of our European residential
loans criteria, our RAS criteria, and our current counterparty
criteria, we have determined that our assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by our RAS criteria, (ii) the rating that the
class of notes can attain under our European residential loans
criteria, and (iii) the rating as capped by our current
counterparty criteria. In this transaction, our ratings are
capped by the application of our current counterparty criteria.
"We do not consider the long-term issuer credit rating (ICR) on
The Royal Bank of Scotland (RBS; BBB+/Negative/A-2) as liquidity
facility provider to be in line with our current counterparty
criteria. Therefore, our ratings in the transaction are capped at
the ICR on RBS. At the same time, our ratings on the notes are
capped by our ICR plus one notch on Credit Agricole Corporate and
Investment Bank as swap counterparty at 'A+' as we do not
consider the replacement language in the swap agreement to be in
line with our current counterparty criteria.
"Our RAS criteria constrain our rating on the class A notes at
'AA- (sf)', which is six notches above our 'BBB-' long-term
rating on the sovereign. However, our current counterparty
criteria cap our rating at 'BBB+ (sf)'. We have therefore
affirmed our 'BBB+ (sf)' rating on the class A notes.
"Our RAS criteria indicate that the class B notes can achieve a
rating above the long-term rating on the sovereign, but we do not
consider the current credit enhancement on this class of notes to
be commensurate with a rating higher than the one on the Republic
of Portugal. We have therefore raised to 'BBB- (sf)' from 'BB+
(sf)' our rating on this class of notes.
"Our analysis indicates that the available credit enhancement for
the class C notes is sufficient to support the stresses that we
apply at the 'BB' rating level under our European residential
loans criteria. We have therefore raised to 'BB (sf)' from 'B
(sf)' our rating on this class of notes.
"The available credit enhancement for the class D and E notes is
commensurate with our currently assigned ratings. As the issuer
is dependent upon favorable business, financial, and economic
conditions to meet its financial commitment on the class D notes,
we have affirmed our 'CCC (sf)' rating on this class of notes.
The gross default cumulative ratio is above the 8% trigger for
the class E notes. Consequently, and as outlined in the
transaction documents, the interest due on these notes is now
subordinate to the principal deficiency ledger (PDL). Because the
PDL is not cured and the reserve fund is fully depleted, the
class E notes have defaulted. We have therefore affirmed our 'D
(sf)' rating on the class E notes.
"We also consider credit stability in our analysis (see
"Methodology: Credit Stability Criteria," published on May 3,
2010). To reflect moderate stress conditions, we adjusted our
WAFF assumptions by assuming additional arrears of 8% for one-
and three-year horizons. This did not result in our rating
deteriorating below the maximum projected deterioration that we
would associate with each relevant rating level, as outlined in
our credit stability criteria.
"In our opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and we have
therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our European
residential loans criteria, to reflect this view (see "Outlook
Assumptions For The Portuguese Residential Mortgage Market,"
published on July 28, 2017). We base these assumptions on our
expectation of modest economic growth and continuing high
unemployment."
Lusitano Mortgages No. 6 is a Portuguese RMBS transaction, which
closed in July 2007 and securitizes first-ranking mortgage loans.
Novo Banco originated the pool, which comprises loans granted to
prime borrowers for the acquisition of residential properties
located in Portugal, mainly located in the Lisbon region.
RATINGS LIST
Class Rating
To From
Lusitano Mortgages No. 6 DAC
EUR1.122 Billion Mortgage-Backed Floating-Rate And Subordinated
Notes
Ratings Raised
B BBB- (sf) BB+ (sf)
C BB (sf) B (sf)
Ratings Affirmed
A BBB+ (sf)
D CCC (sf)
E D (sf)
===========
R U S S I A
===========
UNICREDIT BANK: S&P Affirms 'BB+B' ICR, Outlook Changed to Pos.
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based AO
UniCredit Bank (UniCredit Russia) to positive from stable. At the
same time, S&P affirmed its 'BB+/B' long- and short-term issuer
credit ratings on the bank.
S&P said, "The outlook revision to positive follows our raising
of the long-term issuer credit rating on the bank's parent
company UniCredit SpA to 'BBB' from 'BBB-' (see "Positive Actions
Taken On Italian Banks On Reduced Economic Risks And Sovereign
Upgrade," published Oct. 31, 2017). In our view, the upgrade
indicates the group's increased ability to support its
subsidiaries.
"We continue to consider UniCredit Russia to be of high strategic
importance to the UniCredit Group, which we expect will provide
ongoing and extraordinary support to the bank if needed. We
usually rate highly strategically important subsidiaries one
notch below the parent. However, our long-term rating on
UniCredit Russia does not currently include any uplift for group
support because the rating is capped at the level of our foreign
currency long-term sovereign rating on Russia (BB+/Positive/B).
As a purely domestic bank, we do not consider that UniCredit
Russia's creditworthiness could exceed that of the sovereign.
"We believe that UniCredit SpA's increased ability to support its
Russian subsidiary would result in a one-notch upgrade if we were
to raise the Russian sovereign rating, assuming no change in the
importance of UniCredit Russia to the group.
"Our rating affirmation reflects the bank's unchanged
fundamentals, such as its strong market position, sustainable
revenues, and sound level and quality of capitalization, with our
projected risk-adjusted capital (RAC) ratio at 9.1%-9.5% over the
next 12-18 months. Our RAC estimates are based on our projections
of loan growth of about 3% over the next two years, no dividend
payout, a net interest margin of about 3.4%, and credit costs of
around 1.0% (remaining lower than the sector average of 3.5%-
4.5%). The affirmation also incorporates our view of the bank's
good earnings capacity over the cycle, and healthy risk-
management system, which result in better asset quality than the
system average (7% versus the 9% average). The bank's declining
but still-material single-name deposit concentrations remain the
bank's weakness, but this is mitigated by sound liquidity
management, in our view.
"We also continue to believe that the bank has moderate systemic
importance in Russia, and we expect the government would provide
support in case of need.
The positive outlook on UniCredit Russia mirrors that on Russia
since the bank operates solely in the Russian market and is
therefore exposed to the risks related to operations in Russia.
The outlook also reflects the bank's highly strategic status for
the UniCredit Group and related support from the group in the
case of need. If S&P upgraded Russia in the next 12-18 months, it
would also upgrade UniCredit Russia, assuming that the bank's
parent continued to view Russia as an important region for
business and there was no deterioration of the group's financial
profile.
S&P said, "We could revise our outlook on UniCredit Russia to
stable if we revised the sovereign outlook on Russia to stable. A
negative rating action could also be triggered if we considered
that the group status of the Russian subsidiary had weakened and
if we believed that the likelihood of group support had
decreased, but this is not our base-case scenario."
===============
S L O V E N I A
===============
GORENJSKA BANKA: Fitch Assigns BB- Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Gorenjska Banka d.d., Kranj (GBKR) a
Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable
Outlook.
KEY RATING DRIVERS
IDRS, VR
The IDRs of GBKR are driven by its stand-alone financial
strength, as expressed by its Viability Rating (VR).
Fitch's assessment of GBKR's stand-alone profile reflects the
bank's straightforward business model based on providing
traditional banking services, moderate risk appetite and robust
liquidity. At the same time, Fitch also considers the bank's high
impaired loans ratio, its small size and only regional franchise,
modest profitability and only adequate capitalisation.
GBKR's branch network and its retail customer base in Slovenia
are concentrated in its home market in the Gorenjska region,
where the bank has a significant franchise. The bank's presence
in other parts of Slovenia is limited. At end-2016, GBKR was the
eighth-largest bank is Slovenia, with around a 5% share in sector
assets. Lending is dominated by exposures to corporate customers
and funding is based predominantly on retail customer deposits.
GBKR's weak asset quality reflects mostly legacy problems
stemming from relaxed corporate lending prior to 2009, including
financing of the commercial real estate and construction sectors
(around 18% of the gross loan book at end-2016). Retail loans
performed considerably better, but they accounted for a moderate
20% of gross loans at end-2016 (end-2015: 16%).
At end-2016, the bank's impaired loans ratio (defined as IFRS
impaired loans and IFRS non-impaired loans past due by more than
90 days) stood at 20.3% (but at only 2% in the retail book),
which was broadly in line with domestic averages, but weak by
international standards. The impaired loans ratio fell from
around 39% at end-2014, driven by a portfolio clean-up as new
loan production was subdued. GBKR's loan book is fairly well
diversified by industry, but single-name concentrations are high.
The 20 largest loan exposures were equivalent to around 200% of
Fitch Core Capital (FCC) at end-2016.
The profitability of GBKR and its domestic peers suffers from the
low interest rate environment, limited credit demand resulting in
a large portion of low-yielding assets on the bank's balance
sheet and a lack of scale that limits pricing power and weighs on
cost efficiency.
The net interest margin at GBKR (2.2% in 2016) has been under
pressure in recent years from the low interest rate environment,
but recently has been broadly comparable with domestic peers.
Expansion in leasing business should, in Fitch view, benefit
margins in the medium term. GBKR is also working on changing its
lending mix towards retail customers, but considering the trends
in Slovenian retail banking and tough competition this is likely
to be a challenging and lengthy process. GBKR's cost efficiency
(cost-to-income ratio of around 70% in 2016) suffers from the
small size of the bank.
Loan impairment charges have dropped to low levels (around 45bp
of average gross loans in 2016), driven by limited new loan
generation and stabilisation of loan quality in the legacy
portfolio.
The FCC ratio was a solid 19.4% at end-2016 and provided
significant capital buffers over regulatory minimums. Coverage of
impaired loans by impairment provisions (specific and IBNR) was,
however, moderate in Fitch view, at 51% at end-2016 and weaker
than at Slovenian peers rated by Fitch. The stock of uncovered
impaired exposures relative to FCC was also substantial and
higher than at peers, at around 51% at end-2016. If all impaired
loans were fully covered by reserves, GBKR's regulatory core tier
1 ratio would fall close to the Pillar 2 requirement of 10.8%.
Internal capital generation is weak. The bank reported a return
on equity of 3.2% in 2016 and paid out 75% of profits in
dividends. However, capitalisation is supported by limited
organic loan growth. In Fitch's view, the latter at GBKR is
likely to be single-digit in medium term.
GBKR is almost exclusively funded with granular customer
deposits. The bank, similar to other Slovenian banks, has enjoyed
a steady inflow of customer deposits, which together with limited
new lending opportunities have resulted in a significant
liquidity surplus invested in good quality instruments.
Customer deposits accounted for around 92% of total funding at
end-1H17 and were sourced mainly from households (around 86% of
the total). The loans/deposits ratio dropped to around 78% at
end-2016, from around 94% at end-2014. This was driven by steady
deposit growth and almost unchanged gross loans. Available highly
liquid assets (around EUR700 million) at end-1H17 covered around
49% total deposits.
SUPPORT RATING AND SUPPORT RATING FLOOR
In Fitch's view, shareholder support for GBKR cannot be relied
upon. GBKR's biggest shareholder is Sava d.d., a local financial
holding, with a 29% stake. Sava is under compulsory restructuring
and the Slovenian banking regulator withdrew the licence for the
company to hold a qualifying shareholding in GBKR in September
2015, ordered Sava to sell all of its shares in GBKR and withdrew
its voting rights pending the sale. A consortium of Sava and some
other GBKR shareholders have offered a majority stake in the bank
for sale. The second-largest shareholder of GBKR is Serbia-based
AIK Banka, which injected EUR13 million of fresh capital into
GBKR in early 2016.
The Support Rating Floor of 'No Floor' and the Support Rating of
'5' express Fitch's opinion that potential sovereign support for
the bank also cannot be relied on. This is underpinned by the
EU's Bank Recovery and Resolution Directive, which provides a
framework for resolving banks that are likely to require senior
creditors participating in losses, if necessary, instead of or
ahead of a bank receiving sovereign support.
RATING SENSITIVITIES
IDRS, VR
The bank's VR and IDRs could be upgraded in case of a significant
reduction of impaired loans and maintenance of adequate capital
levels. Upside for the VR is, however, limited given GBKR's small
size and the limitations of its franchise.
A downgrade could be triggered by negative trends in loan book
performance or a sharp increase in risk appetite.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating could be upgraded if a majority stake in GBKR
is acquired by a highly-rated institutional investor. In such a
case, the Support Rating Floor would likely be withdrawn, as
Fitch would view shareholders rather than the sovereign as the
primary potential source of support for GBKR.
The rating actions are:
Gorenjska Banka d.d., Kranj:
Long-Term IDR: assigned at 'BB-', Outlook Stable
Short-Term IDR: assigned at 'B'
Support Rating: assigned at '5'
Support Rating Floor: assigned at 'No Floor'
Viability Rating: assigned at 'bb-'
=========
S P A I N
=========
BAHIA DE LAS ISLETAS: S&P Affirms B+ CCR, Outlook Positive
----------------------------------------------------------
S&P Global Ratings revised its outlook on Spain-based ferry
operator Bahia de las Isletas S.L. (Bahia) to positive from
stable. At the same time, S&P affirmed its 'B+' corporate credit
rating on Bahia and its core subsidiary Naviera Armas S.A.
S&P said, "We also assigned our 'BB-' issue and '2' recovery
ratings to the proposed EUR300 million senior secured notes. The
recovery rating indicates our expectation of substantial (70%-
90%; rounded estimate: 70%) recovery in the event of a payment
default. At the same time, we affirmed our 'BB-' issue rating on
the company's existing EUR282 million secured notes due July
2023. The recovery rating of '2' is unchanged.
"Our rating actions reflect that the proposed debt-funded EUR300
million Compania Trasmediterranea S.A. acquisition will add
significantly to Bahia's size and scale, with its EBITDA set to
increase by about 70% to EUR105 million in 2018 (including one-
off synergy implementation costs of about EUR30 million), with a
potential for further growth, according to our base case.
Furthermore, the addition of 16 vessels will more than double
Bahia's existing fleet and the enlarged route network will
enhance the company's geographic diversity. This, combined with
the potential realization of acquisition-related synergies, could
reduce earnings volatility and strengthen EBITDA generation,
while credit measures will improve as Bahia integrates
Trasmediterranea, to be consistent with the financial profile of
aggressive.
"Bahia and Trasmediterranea both operate in the ferry industry,
which we view as more favorable than traditional cyclical
transportation because of generally more stable demand and
pricing and lower capital intensity. Trasmediterranea is the
largest passenger and freight ferry operator in Spain. The
company owns 16 vessels operating mainly in the Strait (Morocco
and Spain) and Balearic islands, where Bahia has low or no
exposure. As a result, we believe the business combination with
almost no intersections in the route network will add to Bahia's
business model, currently built around 11 vessels, and dilute its
revenue concentration in the Canary Islands' inter-island routes
where the company commands a leading market position. The
combined entity will provide both passenger and freight services
covering about 56 routes compared with 24 routes of Bahia stand-
alone.
"We believe Bahia will remain largely resilient to seasonal
swings because of favorable winter weather conditions in the
Canaries and local traffic. However, its exposure to seasonality
will be higher post-acquisition. This is because
Trasmediterranea's passenger revenues, which will represent about
24% of the combined entity, are depend more on the Strait and
Balearic market, which experience seasonal peaks due to the flow
of tourists during the summer.
"We expect the acquisition will enlarge Bahia's freight cargo and
in-land logistic operations, since Trasmediterranea owns the
largest truck fleet with 410 vehicles in Spain adding to Bahia's
current vehicle fleet of 109 trucks.
"We expect freight and land transportation business to represent
57% of total revenues, compared with 41% for Bahia stand-alone.
We view these segments as more predictable because most contracts
have pass-through clauses that protect the company from fuel cost
inflation, unlike passenger services where the increase in ticket
prices depends on market dynamics. Furthermore, we view the
underlying passenger and freight ferry industry as mature and
competitive, which means that Bahia's increased market share and
scale will not necessarily translate into revenue premiums or
higher ticket prices than its peers.
"While Trasmediterranea has an older and therefore less efficient
fleet (average age: about 16 years) compared with Bahia (average
age: 9.4 years), we believe it is still competitive relative to
peers. We do not expect any material cash outflows to be needed
for refurbishing other than the maintenance capital expenditure
(capex) of about EUR15 million per year for Trasmediterranea,
which is included in our forecast."
Trasmediterranea's EBITDA margins were significantly lower and
its financial performance proved to be more volatile than Bahia's
in the past few years. This was due to its less efficient
operating model and higher exposure to swings in fuel prices
because of lower and less comprehensive fuel hedging. Following
the acquisition, Trasmediterranea will remain subject to volatile
fuel costs, which represents a significant portion--about 20%--of
its operating expenses. S&P said, "However, we expect fuel
hedging levels to gradually align with Bahia's policy of 60%-80%
coverage in the coming years and this could increase earnings'
visibility. In addition, we believe that Bahia could extract
significant synergies from, among others, the reorganization of
routes and vessel replacements. If implemented effectively, this
would result in fuel savings, counterbalancing Trasmediterranea's
currently high unhedged position."
S&P said, "According to our base case, the consolidation of
Trasmediterranea will significantly expand Bahia's revenues to
about EUR600 million in 2018 (from our previous forecast for
Bahia stand-alone of about EUR180 million) and EBITDA to EUR105
million, including one-off implementation costs of about EUR30
million (from our previous forecast for Bahia stand-alone of
about EUR65 million) in 2018. This will dilute the company's
EBITDA margin to below 20% from about 35% in 2016. In 2019, we
consider an improvement in EBITDA to EUR140 million-EUR145
million and in the EBITDA margin to 20%-23%, as possible. We
nevertheless believe that the pace and magnitude of improvement
in EBITDA generation, profitability, and consequently credit
metrics is susceptible to the company's ability to effectively
integrate new business and realize synergies.
In S&P's base-case scenario for the next two years, it assumes:
-- A closing of the Trasmediterranea acquisition, subject to
regulatory approvals, in the next two-to-three months.
-- S&P said, "Bahia stand-alone revenue growth to remain in line
with our previous forecast. In 2018, we expect organic
revenue growth of about 8%, well in excess of our
expectations for annual consumer price index (CPI) ticket
price increase for Spain and the eurozone. This is supported
by the increase in passengers after the acquisition of a new
ferry early this year."
-- Combined entity, an increase in revenue of about EUR425
million-EUR430 million (up from EUR180 million-EUR190
million).
-- Adjusted EBITDA margin of about 16%-17% in 2018,
significantly down from about 35% of Bahia stand-alone,
reflecting Trasmediterranea's lower profitability and one-off
implementation costs. Beyond 2018, S&P expects a material
improvement in the EBITDA margin to 20%-23%, which includes
the realization of synergies and cost efficiencies.
-- Higher exposure to fuel price volatility due to
Trasmediterranea having low hedges in place for 2018 and no
hedges for 2019 compared with Bahia's 65% of exposure being
hedged in 2018 and 60%-75% in 2019 and 2020. This will be
partly offset by the reorganization of routes and vessels and
S&P's expectation that Bahia will gradually align
Trasmediterranea's hedging strategy with that of its own.
-- An increase in fuel prices, which largely follows S&P's
estimate for crude oil prices, which are typically a good
indicator of fuel price movements (see "S&P Global Ratings
Raises Its Oil And Natural Gas Prices Assumptions For 2017,"
Published in Dec. 14, 2016).
-- Debt incurrence of EUR300 million to fund the acquisition.
-- Annual capex of about EUR25 million in 2018-2019, mainly for
maintenance of vessels.
-- S&P's base case also assumes that the company will dedicate
most of its cash flow generation to capex and future debt
repayments, and will not incur additional debt for new vessel
acquisition and shareholder returns over the next two years.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted funds from operations (FFO) to debt of about 10%-11%
in 2018 improving to 15%-16% in 2019 (compared with pro forma
of about 12% in 2017).
-- Adjusted debt to EBITDA of about 6.0x in 2018 improving to
about 4.5x in 2019 (compared with pro forma of about 6.0x in
2017).
S&P said, "While we believe that Bahia might increase its cash
balance in the next two years, we do not deduct cash in our
forecast for the calculation of adjusted debt because of the
company's business profile, which we classify as weak. If Bahia
were to specifically identify surplus cash to retire maturing
debt and establish a track record of using available cash to pay
off maturing debt, we would consider revising our current
approach toward adjusting debt for surplus cash.
"The positive outlook reflects our view that we could upgrade
Bahia given the company's increased size, diversity, and the
potentially improved earnings capacity after the Trasmediterranea
acquisition. An upgrade would be predicated on our view that the
company will also improve and maintain credit measures at the
higher end of the range for the aggressive financial risk
assessment.
"We could raise our rating on Bahia to 'BB-' in the next 12
months if it is successful in integrating Trasmediterranea,
achieving targeted synergies of at least EUR30 million, improving
EBITDA margins, and if we believe that it will improve and
sustain its adjusted FFO to debt at above 16%.
"We could revise the outlook to stable if the company were unable
to integrate the business and realize the targeted synergies,
resulting in weaker-than-expected profitability. We could also
revise the outlook to stable if the acquisition does not receive
the corresponding regulatory approvals, which we view as
unlikely."
===========
S W E D E N
===========
VERISURE MIDHOLDING: S&P Lowers CCR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Verisure Midholding AB and its subsidiary Verisure Holding AB
to 'B' from 'B+'. The outlook is stable.
S&P said, "At the same time, we lowered our issue rating on
Verisure's senior secured debt to 'B' from 'B+'. The recovery
rating remains '3', indicating our expectation of significant
recovery (rounded estimate: 55%) in the event of default. We also
lowered our rating on Verisure's senior unsecured debt to 'CCC+'
from 'B-'. The recovery rating remains '6', indicating our
expectation of negligible recovery (0%) in the event of default.
"We also assigned our 'CCC+' issue rating to the company's
proposed senior unsecured notes. The recovery rating of '6'
reflects our expectation of negligible recovery (0%) in the event
of default.
"The downgrade reflects our expectation of a substantial increase
in Verisure's adjusted debt to EBITDA to about 7.5x at year-end
2017, following the planned debt-financed dividend payment of
EUR1.05 billion. This compares with our previous forecast of
about 5.6x in 2017. The transaction reflects a more aggressive
financial policy than we previously anticipated, and we therefore
see an ongoing risk that continued growth will be used for
further shareholder remuneration rather than leverage reduction.
In addition, we expect that higher interest costs and transaction
expenses related to the recapitalization will put additional
pressure on the company's FOCF. Free cash flows are already
constrained by the customer-acquisition costs associated with the
company's growth targets. We therefore anticipate negative FOCF
in 2017 and 2018, and do not envisage it will breakeven until
2019. These constraints are partly offset by Verisure's strong
cash-generating business from existing customers, which results
in funds from operations to debt above 10%, and EBITDA interest
coverage of 3x in 2017-2018.
"Our assessment of Verisure's business risk profile continues to
reflect its leading market position in the European residential
alarm-monitoring market, strong growth prospects, and operating
efficiency, which benefits from low customer attrition compared
with industry peers. These factors are balanced by the company's
limited, albeit increasing, absolute scale, and exposure to
technology and reputation risk.
"In our view, scale is critical in the alarm-monitoring industry,
given the cost of adding or replacing a customer and the
typically high level of attrition. Although Verisure is showing
double-digit growth in net subscribers, it is still about 3.5x
smaller than U.S. peer Prime Security Services Borrower LLC.
Furthermore, in our view, Verisure is also exposed to both
technology and reputation risks over the medium term because it
has to continually incorporate the latest technological
advancements into its product offerings to attract new customers
while maintaining its service standards.
"However, we think that these weaknesses are balanced by
Verisure's position in the European residential alarm-monitoring
market. Verisure is a clear leader in its key European markets,
including Spain, Sweden, Norway, and Portugal, being about 5x
larger than the nearest competitor. Moreover, we think the
customer attrition rate will remain below 7%, given relatively
low mobility of households in Europe and the company's integrated
business model, according to which Verisure has more interaction
with customers compared with its peers in the U.S., where alarm
companies outsource parts of the value chain. Finally, Verisure
benefits from growth opportunities in monitored residential and
small-business alarms in Europe (the penetration rate in the
addressable market is only 9%, compared with 33% in the U.S.) and
good revenue visibility from its portfolio of high-quality
customers.
"The stable outlook reflects our expectation that Verisure will
continue to post strong revenue and EBITDA growth and maintain
adequate liquidity, while new customer acquisitions will continue
to result in negative FOCF over the coming 12 months.
"We could raise the rating if continued growth in EBITDA reduces
adjusted debt to EBITDA to sustainably less than 7x, supported by
a more conservative financial policy.
"We could lower the rating if Verisure's operating performance
significantly deteriorates, for example through higher attrition
or a loss in market share, likely stemming from increased
competition or technological shifts in the industry."
=====================
S W I T Z E R L A N D
=====================
SPUTNIK ENGINEERING: Schaffner EMV Concludes Settlement
-------------------------------------------------------
Schaffner EMV AG has concluded a settlement agreement with the
bankruptcy estate of Sputnik Engineering AG in liquidation
before the Commercial Court in Berne on November 9, 2017. As a
consequence of such agreement, Schaffner EMV has agreed to pay
CHF250,000 to the bankruptcy estate of Sputnik Engineering AG in
liquidation, without acknowledging any legal obligation, fault or
liability. The settlement agreement is subject to approval by
the creditors.
As reported on January 30, 2016, Sputnik Engineering in
liquidation filed an action against Schaffner EMV in connection
with alleged product defects at the Commercial Court in Berne and
asserted claims in the amount of CHF2.9 million.
Schaffner EMV has always contested the claim of Sputnik
Engineering AG in liquidation.
Sputnik Engineering AG is a Swiss company specializing in the
development, production, distribution, and maintenance of
grid-connected photovoltaic inverters.
Sputnik Engineering filed for insolvency in November 2014.
===========================
U N I T E D K I N G D O M
===========================
COLOUR BIDCO: S&P Assigns Preliminary 'B' CCR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to Colour Bidco Ltd., the ultimate parent
of NGA UK, a leading provider of payroll and human resources (HR)
software services in the U.K. mid-market (MM) segment. The
outlook is stable.
S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the senior secured term loan due 2024 that Colour
Bidco plans to issue. The preliminary recovery rating of '3'
indicates our expectation of meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a default.
"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size, and conditions of the loans, financial and other covenants,
security, and ranking.
"Our preliminary rating on Colour Bidco primarily reflects our
view of the company's highly leveraged capital structure
following Bain Capital's planned acquisition of NGA UK through a
carve-out from Northgate Information Solutions Ltd. We take into
account the company's S&P Global Ratings-adjusted leverage of
7.1x debt to EBITDA and its relatively limited scale and scope in
comparison with peers. We also factor in Colour Bidco's well-
established niche market position in the U.K.'s fragmented
payroll and HR software service market, its good profitability --
with adjusted EBITDA margins of around 31%-32% and solid free
operating cash flow (FOCF) generation, resulting in an adjusted
FOCF-to-debt ratio of above 5%."
Colour Bidco is a provider of integrated HR information system
software, which is delivered on premise or as software as a
service (SaaS), as well as payroll and business process
outsourcing services (BPaaS), mainly in the MM segment in the
U.K. and Ireland, but also including a few larger companies in
its client base. Its main product is "ResourceLink." The company
also provides payroll services and web-based HR assistance for
small and midsize enterprises (SMEs).
S&P said, "In our view, the company's business risk profile is
primarily constrained by NGA UK's small scale compared with that
of rated peers and its limited geographic diversity, since it
operates only in the U.K. and Ireland. In fiscal year 2017 (ended
April 30), NGA UK generated about ú138 million of revenues and
about ú50 million of EBITDA. The business risk profile is further
constrained by its narrow specialization on HR and payroll
products, where the market is very competitive and fragmented
with only modest entry barriers, in our view. While NGA UK's
payroll software solutions are critical to customers' operations,
in our opinion, they are arguably not as embedded in customers'
IT strategy as software supporting revenue generation, for
instance. NGA UK's customer base also exhibits some customer
concentration because the 10 largest customers accounted for
about 25% of revenues in fiscal 2017.
This is partly offset by NGA UK's solid EBITDA margins of higher
than 30% and good cash conversion. The business risk profile
further benefits from a leading position in the HR and payroll
services in the U.K. According to management, NGA UK held around
19% market share for its MM segment in fiscal 2017, which is
twice the market share of the second player in this segment, and
around 8% for SMEs. Furthermore, NGA UK's relatively high
proportion of recurring revenues provides good visibility on
future earnings. In fiscal 2017, 85% of NGA UK's revenues were
recurring. The company has a meaningful SaaS penetration among
its existing client base, and, based on the company's projections
and S&P's forecasts, this share should increase steadily over
fiscal 2018-2021.
S&P said, "Our financial risk profile assessment reflects NGA
UK's highly leveraged pro forma capital structure and our
expectation that Bain Capital will likely pursue an aggressive
financial policy. We consequently calculate NGA UK's leverage on
a gross debt basis. We also add to our debt calculation for NGA
UK about ú40 million unfunded pension obligations and adjusted
EBITDA for capitalized development costs (about ú8 million in
fiscal 2018). As a result, we estimate that, at the transaction's
closing, the company's adjusted debt-to-EBITDA ratio will be at
about 7.1x and remain above 6.0x during fiscal 2018-2020. In
addition, we estimate that the ratio of funds from operations
(FFO) to debt will be about 8% on a pro forma basis in fiscal
2018 and below 10% in fiscal 2019-2020.
"In our view, NGA UK benefits from relatively good cash
conversion thanks to low capital expenditure (capex)
requirements, excluding capitalized expenses for research and
development (R&D), and limited working capital requirements due
to a large recurring revenue base with upfront annual billing. We
anticipate solid annual FOCF generation of about ú20 million-ú25
million in fiscal 2018-2020, which corresponds to our forecast
adjusted FOCF-to-debt ratio of about 6%-8% over the same period.
Nevertheless, this excludes about ú4.9 million annual
contributions to the company's pension plan. Furthermore, under
our base case, NGA UK maintains solid EBITDA interest cover of
more than 3x in 2019 and 2020 (assuming a full year of interest
for fiscal 2019).
"The stable outlook reflects our expectation that NGA UK will
successfully maintain or expand its well-established market
position and achieve organic revenue growth 2%-4%, with adjusted
EBITDA margins of above 30%. We think this will enable NGA UK to
generate positive FOCF generation of about ú20 million over the
next 12 months. We expect that adjusted debt to EBITDA will
remain well above 6x in fiscal 2019.
"We could lower the preliminary rating if the company's revenues
and EBITDA margins start declining due to meaningful customer
losses or heightened competition. We would also consider a
negative rating action if we saw an increase in leverage to more
than 7.5x or if FOCF-to-debt ratio fell to below 5%. This could
materialize through a worsening of the company's operating
environment or a sizable debt-financed acquisition, which we do
not assume under our base case.
"Although unlikely at this point, we could consider an upgrade if
NGA UK was able to materially deleverage beyond our current
base-case expectations. Specifically, we would consider a
positive rating action if adjusted debt to EBITDA fell below 5.5x
and if the FOCF-to-debt ratio increased to above 10%. An upgrade
would be subject to our view that these credit metrics are
sustainable."
INOVYN LTD: S&P Upgrades CCR to BB-, Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on U.K.-based chlorvinyl producer Inovyn Ltd. and
its finance subsidiary Inovyn Finance PLC to 'BB-' from 'B+'. The
outlook is stable.
S&P said, "We also raised the issue ratings to 'BB-' from 'B+' on
the senior secured term loans co-issued by Inovyn Ltd. and Inovyn
Finance PLC, including the EUR108 million term loan A
(outstanding at third-quarter-end) due 2021 and the EUR830
million term loan B due 2024 (including the EUR140 million
upsizing). The recovery rating remains '3', indicating recovery
prospects in the 50%-70% range (rounded estimate: 65%).
"We also raised the issue rating on the EUR240 million senior
secured notes to 'BB-' from 'B+'. The recovery rating is '3'. We
expect to withdraw this issue and recovery rating when the notes
are repaid."
The upgrade follows deleveraging by parent Ineos AG through its
various subsidiaries, including Inovyn and sister companies Ineos
Group Holdings and Ineos Styrolution, resulting in a better
credit profile for the group. S&P said, "We now assess the group
credit profile at 'bb', which provides a one-notch uplift to the
rating on Inovyn. We continue to assess Inovyn's stand-alone
credit profile (SACP) at 'b+', taking into account its strong
operating performance so far in 2017, on the back of supportive
market conditions. In addition, Inovyn plans to repay its EUR240
million senior secured notes out of cash accumulated and its
EUR140 million additional term loan B, leading to a reduction in
gross debt of about EUR100 million. This should translate into
about 2.5x adjusted debt to EBITDA in 2017, which is at the
strong end of the 2x-4x range we view as commensurate with
Inovyn's 'b+' SACP."
Inovyn's profitability has been improving through realized cost
efficiencies and synergies, combined with supportive market
conditions. S&P said, "We view current European PVC industry
conditions as favorable, supported by capacity rationalization
and subsequent positive effects on PVC-ethylene spreads. We also
expect Inovyn to maintain high capacity utilization and efficient
production levels as a result of stable demand and major plant
turnarounds in 2016. We anticipate the company will continue to
focus on de-bottlenecking the specialty PVC business, which has
better growth prospects than commodity PVC and much higher
margins, although it currently represents only about 18%-19% of
EBITDA. Our updated base case also captures synergies realized
since the formation of Inovyn as a combination of Solvay's and
Kerling's PVC assets. We estimate these synergies at EUR154
million at the end of third-quarter 2017 since the formation of
Inovyn, and expect total synergy targets to continue to increase.
We understand savings were essentially realized in production and
procurement costs, and that these are progressively translating
into structural improvements in the company's cost position. This
has helped assuage EBITDA downside risks, therefore leading to
more resilient credit measures.
"We anticipate that Inovyn will report robust operating
performance in 2017 and 2018; we forecast annual EBITDA of about
EUR600 million-EUR650 million. This compares with our previous
projection of about EUR550 million-EUR600 million, and the actual
figure of EUR420 million for 2016 (after restructuring). We
believe free cash flow should rise materially compared with 2016,
supporting continued deleveraging.
"The company remains exposed to commoditized PVC products,
however, with 46% of revenues derived from general purpose PVC
and 25% from caustic soda and potash. Although this translates
into leading market shares -- about 30% in European PVC -- we
believe the business is highly exposed to volatile raw materials
and selling prices, while a material portion of revenues is
derived from cyclical end-markets, mainly construction (about 30%
of 2016 revenues) and chemicals and industrial applications
(16%). For these reasons, we think EBITDA is subject to
significant top-to-bottom-of-cycle swings, and therefore we
continue to view Inovyn's business risk profile as weak.
"Our adjusted debt to EBITDA for 2017 of about 2.5x supports
Inovyn's financial risk profile of aggressive. We believe a 2x-4x
range is commensurate with the 'b+' SACP. This compares with 4.3x
at end-2016, which reflected restructuring charges and the
negative effects of the interest-rate environment on the
company's pension deficit. We continue to factor in potentially
high credit volatility over the cycle. We believe, however, that
operational improvements should translate into significant free
cash flow generation in 2017. The amendment of the credit
agreement and repayment of notes will further strengthen Inovyn's
credit profile, with lower debt and interest expenses.
"We view the company's financial policy, which aims to maintain
the balance sheet such that bottom-of-the-cycle unadjusted net
leverage would not exceed 3x, as fairly supportive for the
rating. We continue to view Inovyn as a moderately strategic
subsidiary of Ineos, reflecting Inovyn's contribution of about
12% of the group's total EBITDA, and our understanding that
Ineos' policy is to fund the entities of the group on a stand-
alone basis. Therefore, the rating currently incorporates a one-
notch adjustment for group support.
In S&P base case, it assumes:
-- Broadly stable PVC and caustic soda volumes, assuming about
1% growth in European demand for PVC in 2017 and 2018 year on
year.
-- Adjusted EBITDA margin of 18.0%-18.5% in 2017 and 2018,
reflecting a solid spread level and internal efficiency
gains.
-- Relatively high capital expenditure (capex), including about
EUR70 million on a cellroom conversion, EUR50 million on
maintenance and minor turnarounds, and EUR30 million on
growth projects.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Strong positive free cash flows.
-- Adjusted debt to EBITDA of about 2.5x in 2017 and 2018.
S&P said, "The stable outlook reflects our view that Inovyn
should be able to maintain 2x-4x adjusted debt to EBITDA in the
next few years. We anticipate that current favorable industry
conditions, supported by capacity rationalization, will help
maintain a strong ratio in 2017 and 2018, helped by management's
focus on realizing the announced synergies and targeted cost
savings. The stable outlook also takes into account credit
prospects for Ineos AG, and the parent's financial policy to
maintain its group credit profile at the current level."
Further upside is constrained at this stage by the volatile
underlying nature of the industry. Further deleveraging, such
that debt to EBITDA remained below 3x at all points of the cycle
could lead to an upgrade, if Inovyn also implemented stricter
financial policies. Further deleveraging of the Ineos group could
also support an upgrade.
Pressure on the rating may arise from rapidly deteriorating
EBITDA, on the back of continued--though lessened--market
overcapacities, from lagging demand especially in Europe, or from
a narrowing spread in PVC-ethylene in the coming quarters. A
ratio of adjusted debt to EBITDA exceeding 4x for a prolonged
period would likely put pressure on the rating. An increase of
leverage at the parent could also lead to a downgrade.
PREFERRED RESIDENTIAL 06-1: S&P Affirms B- Rating on Cl. E1c Note
-----------------------------------------------------------------
S&P Global Ratings took various credit rating actions on all
classes of notes in Preferred Residential Securities 05-1 PLC
(PRS 05-1) and Preferred Residential Securities 06-1 PLC
(PRS 06-1).
Specifically, S&P has:
-- Raised to 'A (sf)' from 'A- (sf)' S&P's ratings on PRS 05-1's
class B1a, B1c, and C1c notes, and to 'A (sf)' from
'BB+ (sf)' its ratings on PRS 06-1's class D1a and D1c notes;
-- Raised to 'A (sf)' from 'A- (sf)' S&P's ratings on PRS 06-1's
class A2a, A2b, A2c, B1a, B1c, C1a, and C1c notes;
-- Affirmed S&P's 'BB+ (sf)' and 'B- (sf)' ratings on PRS 05-1's
class D1c and class E notes, respectively; and
-- Affirmed S&P's 'B- (sf)' and 'CCC (sf)' ratings on PRS 06-1's
class E1c and FTc notes, respectively.
S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using information from the investor
report and loan-level data as of September 2017. Our analysis
reflects the application of our European residential loans
criteria and our current counterparty criteria (see "Assessing
Pools Of European Residential Loans," published on Aug. 4, 2017,
and "Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).
"On Oct. 17, 2017, we raised our long- and short-term issuer
credit ratings (ICRs) on Barclays Bank PLC, the bank account
provider in these two transactions (see "Prospective Barclays
Ring-Fenced Entity Assigned Preliminary 'A/A-1' Ratings, Barclays
Bank PLC Raised To 'A/A-1'")."
In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed include (among other items), arrears of
fees, charges, costs, ground rent, and insurance.
S&P has refined its analysis of these other amounts owed by using
the available reported loan-level data. The new approach
primarily results in a decrease in the weighted-average loss
severity (WALS) in these transactions.
Preferred Residential Securities 05-1
S&P said, "In our opinion, the performance of the loans in the
collateral pool has been stable since our previous review, but
nevertheless remains high and well above our U.K. nonconforming
index (see "All Ratings Affirmed In U.K. Nonconforming RMBS
Transaction Preferred Residential Securities 05-1 Following
Review," published on Aug. 3, 2016, and "U.K. RMBS Index Report
Q2 2017," published on Sept. 12, 2017). Total delinquencies have
slightly increased to 31.6% from 30.7% at our previous review.
"Since our previous review, our credit assumptions have decreased
at all rating levels, driven primarily by a lower WALS.
"The lower arrears projections and original loan-to-value (LTV)
ratio has improved our weighted-average foreclosure frequency
(WAFF) calculations. Our WALS assumptions have decreased at all
rating levels. The transaction has benefitted from the decrease
in the weighted-average current LTV ratios, and the refinement of
our analysis of the other amounts owed. However, this has been
partially offset by the increase in our repossession market value
decline assumptions.
"Credit enhancement levels have increased for all rated classes
of notes since our previous review. The notes benefit from an
amortizing liquidity facility and a nonamortizing reserve fund.
Both the liquidity facility and the reserve fund are currently at
their required levels.
"The structure is currently amortizing sequentially as 90+ days
arrears (including other amounts owed) are well above the
documented trigger of 22.5%. As the ratio is well above the
trigger and the other amounts owed continue to increase, we
consider that the transaction will likely continue to pay
principal sequentially. We have incorporated this assumption in
our cash flow analysis by modelling a sequential repayment of the
notes.
"In our credit and cash flow analysis, we consider the available
credit enhancement for the class B1a, B1c, and C1c notes to be
commensurate with higher ratings than those currently assigned.
However, the bank account provider, Barclays Bank (A/Negative/A-
1), breached the 'A-1+' downgrade trigger specified in the
transaction documents, following our lowering of its long- and
short-term ratings in November 2011 (see "Barclays Bank PLC
Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Bank Criteria
Change; Outlook Stable," published on Nov. 29, 2011). Because no
remedy actions were taken following our November 2011 downgrade,
our current counterparty criteria cap the maximum potential
rating on the notes in this transaction at our 'A' long-term ICR
on Barclays Bank. We have therefore raised to 'A (sf)' from 'A-
(sf)' our ratings on the class B1a, B1c, and C1c notes.
"We have affirmed our 'BB+ (sf)' rating on the class D1c notes as
the available credit enhancement is sufficient to maintain the
currently assigned rating.
"We have also affirmed our 'B- (sf)' rating on the class E notes
as there is less than a one in two likelihood that the tranche
will default in the next 24 months, given the resilient economy,
the fully funded liquidity facility, and nonamortizing reserve
fund.
"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one- and three-year horizons under moderate stress conditions
is in line with our credit stability criteria (see "Methodology:
Credit Stability Criteria," published on May 3, 2010).
Preferred Residential Securities 05-1 is backed by nonconforming
U.K. residential mortgage loans, which Preferred Mortgages Ltd.
originated.
Preferred Residential Securities 06-1
S&P said, "In our opinion, the performance of the loans in the
collateral pool has been slightly improving since our previous
review, but nevertheless remains high and well above our U.K.
nonconforming index (see "Various Rating Actions Taken In U.K.
RMBS Transaction Preferred Residential Securities 06-1,"
published on Feb. 9, 2017). Total delinquencies have slightly
decreased to 22.9% from 24.8% at our previous review.
"Since our previous review, our credit assumptions have decreased
at all rating levels, driven primarily by a lower WALS.
"The lower arrears and the greater seasoning improved our WAFF
calculations. Our WALS assumptions have decreased at all rating
levels. The transaction has benefitted from the decrease in the
weighted-average current LTV ratios, and the refinement of our
analysis of the other amounts owed. However, this has been
partially offset by the increase in our repossession market value
decline assumptions.
"Credit enhancement levels have increased for all rated classes
of notes since our previous review. The notes benefit from an
amortizing liquidity facility and a nonamortizing reserve fund.
Both the liquidity facility and the reserve fund are currently at
their required levels.
"The structure is currently amortizing sequentially as 90+ days
arrears (including other amounts owed) are well above the
documented trigger of 22.5%. As the ratio is well above the
trigger and the other amounts owed continue to increase, we
consider that the transaction will likely continue to pay
principal sequentially. We have incorporated this assumption in
our cash flow analysis by modelling a sequential repayment of the
notes.
"In our credit and cash flow analysis, we consider the available
credit enhancement for the class A2a, A2b, A2c, B1a, B1c, C1a,
C1c, D1a, and D1c notes to be commensurate with higher ratings
than those currently assigned. However, the bank account
provider, Barclays Bank, breached the 'A-1+' downgrade trigger
specified in the transaction documents, following our lowering of
its long- and short-term ratings in November 2011. Because no
remedy actions were taken following our November 2011 downgrade,
our current counterparty criteria cap the maximum potential
rating on the notes in this transaction to our 'A' long-term ICR
on Barclays Bank. We have therefore raised to 'A (sf)' from 'A-
(sf)' our ratings on the class A2a, A2b, A2c, B1a, B1c, C1a, and
C1c notes.
"We have also raised to 'A (sf)' from 'BB+ (sf)' our ratings on
the class D1a and D1c notes due to improving credit performance
and higher available credit enhancement.
"We have affirmed our 'B- (sf)' rating on the class E1c notes as
there is less than a one in two likelihood that the tranche will
default in the next 24 months given, the resilient economy, the
fully funded liquidity facility, and nonamortizing reserve fund.
"We have also affirmed our 'CCC (sf)' rating on the class FTc
notes, given the gradual repayment of the notes over the past
three years, the modest excess spread, and the fully funded
reserve fund.
"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one- and three-year horizons under moderate stress conditions
is in line with our credit stability.
Preferred Residential Securities 06-1 is backed by nonconforming
U.K. residential mortgage loans, which Preferred Mortgages
originated.
RATINGS LIST
Class Rating
To From
Preferred Residential Securities 05-1 PLC EUR188 Million,
GBP271.2 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
B1a A (sf) A- (sf)
B1c A (sf) A- (sf)
C1c A (sf) A- (sf)
Ratings Affirmed
D1c BB+ (sf)
E B- (sf)
Preferred Residential Securities 06-1 PLC
EUR107.6 Million, GBP288.432 Million, $145 Million Mortgage-
Backed Floating-Rate
Notes
Ratings Raised
A2a A (sf) A- (sf)
A2b A (sf) A- (sf)
A2c A (sf) A- (sf)
B1a A (sf) A- (sf)
B1c A (sf) A- (sf)
C1a A (sf) A- (sf)
C1c A (sf) A- (sf)
D1a A (sf) BB+ (sf)
D1c A (sf) BB+ (sf)
Ratings Affirmed
E1c B- (sf)
FTc CCC (sf)
SALFORD RED: Salford Council Approves Three-Year Loan Reprieve
--------------------------------------------------------------
Richard Frost at Insider Media reports that Salford Red Devils
have been given a three-year loan reprieve by the council.
According to Insider Media, Salford City Council has decided to
extend the holiday on loan repayments for the rugby league club.
The move to suspend contributions from the club for 36 months,
subject to an annual review, has been formally approved by
Salford city mayor Paul Dennett, Insider Media discloses.
This is on condition that the club retains its name and honors
its previous agreements by playing its home games at the AJ Bell
Stadium, Insider Media notes.
Mr. Dennett, as cited by Insider Media, said: "Salford Red Devils
is an institution in our city and a huge part of the Salford
identity. I believe this decision is in the best interests of the
taxpayer of Salford.
"It is concerning to hear about the continued financial
difficulties faced by the club, especially in light of the
important role that the club has for our city.
"We have agreed to extend the CVA [company voluntary arrangement]
on the club for three years, on annual review. Our accountants
will have full access to the club's accounts and finances and we
are determined to turn things around.
"I have met with fans and hope to meet with them regularly until
we turn this situation around and help the club stand on its own
two feet again."
In 2013, all of the club's creditors entered into a CVA which set
out terms for a loan to be paid back to the council over a 25-
year period, Insider Media recounts. This came about when the
club's incoming owner Marwan Koukash took on a historic debt when
he bought the club, Insider Media notes.
The length of the CVA has not been extended, meaning the club
will still have to repay its debt over the agreed 25 years,
Insider Media states. The council agreed to this on the
condition that the club pays the council GBP17,000 for IT support
services and makes a contribution of GBP30,000 each year to the
CVA to distribute to creditors, Insider Media relays.
Salford Red Devils R.L.F.C. is a professional rugby league club
in Salford, Greater Manchester, England, who play in the Super
League.
STAKEHOLDER GROUP: Put Under Liquidation Over GBP200,000 Tax Bill
-----------------------------------------------------------------
Alan Erwin at Belfast Telegraph reports that Stakeholder Group,
one of Northern Ireland's best-known public relations companies
has been wound-up at the High Court in Belfast.
According to Belfast Telegraph, the move to liquidate Stakeholder
relates to a tax bill in excess of GBP200,000.
But rival firm MCE Public Relations Ltd is close to completing a
deal to buy the business and protect its five staff members'
jobs, Belfast Telegraph discloses.
A winding-up petition brought by HM Revenue and Customs' was
granted after a proposed voluntary arrangement to pay some of the
debt was rejected, Belfast Telegraph relates.
The company was plunged into difficulties amid attempts to
restructure following the recession and Mr. Kelly's deteriorating
health, Belfast Telegraph recounts.
In a statement Tom Kelly, chief executive of Stakeholder,
confirmed a decision was taken recently to proceed with the sale
of the business to MCE, Belfast Telegraph notes.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week November 6 to November 10, 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 * * *