/raid1/www/Hosts/bankrupt/TCREUR_Public/171120.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 20, 2017, Vol. 18, No. 230
Headlines
F I N L A N D
BITACHON OFFSHORE: Put in Bankruptcy, Peldan Named Administrator
PAROC GROUP: S&P Puts 'B' CCR on CreditWatch Positive
F R A N C E
ASCOMETAL SA: Rumored to Seek Receivership While Looking for Buyer
G E R M A N Y
HORNBACH BAUMARKT: S&P Affirms 'BB+' CCR on Sales Growth
I R E L A N D
G HOTEL: Examiner Gets Court OK to Execute Deal With Waltzfire
I T A L Y
COGENPOWER PLC: Sells Italian Unit's Assets to Re Sipar
DIAPHORA 3: Jan. 23 Bid Deadline Set for Benaco Village Complex
M. ESTATE: Dec. 14 Bid Deadline Set for Sale of Business Assets
MONTE DEI PASCHI: Investors File Lawsuit Over Cancelled Bonds
S P A I N
BANCO DE SABADELL: S&P Rates Tier 1 Preferred Securities 'B+'
BBK II: Fitch Cuts Ratings on Class B Notes to CCC
S W I T Z E R L A N D
WEATHERFORD INT'L: Fitch Affirms CCC IDR & Sr. Unsecured Ratings
T U R K E Y
TURKISH INVESTMENT: Stockholders Approve Plan of Liquidation
U N I T E D K I N G D O M
BLACK DIAMOND 2017-2: S&P Assigns Prelim B- Rating to Cl. F Notes
CARILLION PLC: Market Value Drops Amid Latest Profit Miss
CARILLION PLC: Expects Debt Covenant Breach by Year End
CARILLION PLC: Keeps UK Government Updated on Restructuring Plans
CARILLION PLC: Andrews Davies to Act as CEO in April
CARILLION PLC: Appoints Alan Lovell as Non-Executive Director
DEKANIA EUROPE I: Fitch Hikes Class D Notes Rating to 'Bsf'
IWH UK FINCO: S&P Assigns Prelim. 'B' LT Corp. Credit Rating
KOLKATA FOODS: Director Disqualified From Office
MIND CANDY: Obtains New $1-Mil. Funding for Operations
MONARCH AIRLINES: To Take Runway Slots Appeal to Court of Appeals
OAK HILL VI: Fitch Assigns B-(EXP) Rating to Class F Debt
OAK HILL VI: Moody's Assigns (P)B2 Rating to Class F Notes
SKY NEWS: Sky Threatens to Shut Down Firm to Aid Fox Takeover
UNIQUE PUB: S&P Lowers Ratings on Class A3/A4 Notes 'BB'
* SCOTLAND: Tough Times Continue on High Street
X X X X X X X X
* S&P: Emerging Markets Push Global Corp. Default Tally to 83
* BOND PRICING: For the Week November 13 to November 17, 2017
*********
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F I N L A N D
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BITACHON OFFSHORE: Put in Bankruptcy, Peldan Named Administrator
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Reuters reports that Bitachon Offshore Contractor Oy, a subsidiary
of Swiber Holdings Ltd. has been placed into bankruptcy on Nov.
16, 2017 by the District Court of Helsinski.
Robert Peldan has been appointed as administrator.
Established in 2013, BOC is a dormant company, which Swiber
Holdings had identified to be placed into bankruptcy as part of
the Company and the Swiber Group's ongoing efforts to streamline
its corporate structure and restructure its group operations. BOC
is involved in the construction of water projects.
BOC's business address is c/o TMF Finland Oy, Erottajankatu 9 B 3,
FI-0130, Helsinki, Finland.
PAROC GROUP: S&P Puts 'B' CCR on CreditWatch Positive
-----------------------------------------------------
S&P Global Ratings placed on CreditWatch with positive
implications its 'B' long-term corporate credit ratings on
Finland-based insulation manufacturer Paroc Group Oy.
At the same time, S&P placed its 'B' issue ratings on Paroc's
EUR435 million Term Loan B on CreditWatch with positive
implications.
The CreditWatch placement follows the announcement that Owens
Corning plans to acquire Paroc.
If Owens Corning completes the proposed acquisition of Paroc, S&P
could raise the ratings on Paroc by multiple notches, or
potentially equalize the ratings with those on Owens Corning. This
would depend on, among other things, the level of integration of
Paroc within Owens Corning, whether Paroc's existing debt
facilities are kept in place or repaid/refinanced, and the overall
strategy that Owens Corning decides to follow with regard to
Paroc's operations, balance sheet, and cash flows.
S&P said, "We will monitor developments in the coming weeks to
gain clarity on these issues, to ascertain the impact of the
proposed acquisition on the company's credit profile.
"We plan to resolve the CreditWatch once the proposed transaction
is completed, and once we assess Paroc's status within the
combined group. Upon resolution of the CreditWatch, we could raise
our ratings on Paroc by multiple notches or equalize them with
those of Owens Corning if the acquisition goes ahead. We will
likely affirm our rating on Paroc at 'B' if the transaction does
not proceed."
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F R A N C E
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ASCOMETAL SA: Rumored to Seek Receivership While Looking for Buyer
------------------------------------------------------------------
Ania Nussbaum of Bloomberg News reports Ascometal SAS will ask to
be placed in receivership as it looks for a buyer, according to a
person with knowledge of the French steelmaker.
According to the report, the company will request receivership
at a tribunal in Strasbourg, the person said, asking not to be
named as the matter hasn't been officially disclosed. Ascometal
has received "serious" interest from three potential buyers, which
are steelmakers with a large European presence, the person said,
the report relates.
The steelmaker, which is owned by a group including investment
funds Davidson Kempner Capital Management and Warwick Capital
Partners, has suffered from a drop in orders from the oil and gas
industry following crude's collapse, Bloomberg News relates. It's
already been in receivership once, in 2014, and has been looking
for a buyer since March.
According to Bloomberg News, no one at Ascometal's head office
responded to calls on Saturday.
Ascometal employs 1,500 people and generated EUR377 million
(US$445 million) in sales last year, according to Le Figaro, which
reported the news earlier, Bloomberg News cites.
Founded in 1984 and based in Courbevoie, France, Ascometal S.A.
develops, manufactures, and sells special long steel products for
automotive, bearing, spring, oil/gas/mining, and mechanical
engineering markets worldwide.
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G E R M A N Y
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HORNBACH BAUMARKT: S&P Affirms 'BB+' CCR on Sales Growth
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' corporate credit rating on
Germany-headquartered home improvement retailer Hornbach Baumarkt
AG (Hornbach). The outlook is stable.
At the same time, S&P affirmed its 'BB+' issue rating on the
group's EUR250 million senior unsecured notes due 2020. The
recovery rating is unchanged at '3', indicating S&P's expectation
of meaningful (50%-70%; rounded estimate: 65%) recovery prospects
in the event of a payment default.
The affirmation reflects that the Hornbach group saw strong sales
in 2016 and the first half of 2017. This resulted from the
increasing demand for do-it-yourself (DIY) and home improvement
products, supported by the rising impact of the online marketing
and distribution channels coupled with strong private consumption
and housing construction activity in Hornbach's core markets.
Hornbach's sales were further supported by its low price strategy
and an internationally rolled-out online platform that enables
Hornbach to benefit from the strongly increasing demand for online
DIY products, which puts Hornbach ahead of most competitors in the
European DIY industry. However, the intense competition, the
generally lower margin in online business, and the associated
ramp-up costs and investments for the online capabilities result
in Hornbach's burdened cash flow metrics and lower profitability,
which is one of the lowest in the industry.
S&P said, "We have viewed Hornbach's profitability in the past
five years as mainly limited by the stiff competition in the
German home market as well as ramp-up costs associated with the
online shop resulting in an S&P Global Ratings-adjusted EBITDA
margin of 8.6% in fiscal 2016/2017, which is around 200 basis
points less than 2012. For the next three years, we estimate that
the adjusted EBITDA margin should stabilize at around 8.2%-8.6%
supported by only two remaining national rollouts of the online
shop until mid-2018 and expected positive scale effects in the
online business afterwards. However, in our view, the highly
competitive German home improvement market and the generally lower
margin in online compared with stationary retailing will limit any
margin upside.
"Nevertheless, after two consecutive years of negative
discretionary cash flow (DCF), we expect that Hornbach will
generate at least neutral DCF in fiscal 2017/2018 given contained
growth investment in the first half of the fiscal year and
financial policy focus on shareholder remuneration largely relying
on operating cash generation. Supported by the recent very low
merger and acquisition (M&A) activity and moderate dividends, we
expect Hornbach to maintain debt at current levels and marginally
decrease S&P Global Ratings-adjusted debt to EBITDA over the next
three years, to 2.6x from 2.8x in fiscal 2016/2017."
Hornbach's geographic diversification with 45% of revenues
generated outside the highly fragmented and competitive home
market Germany and its ability to even gain market share in
Germany, the Czech Republic, and the Netherlands results in a cash
flow predictability at a more comfortable level than some other
DIY and specialty retailers, which S&P sees as supportive for its
rating.
S&P said, "At the same time, we regard the low scale of the
business resulting in lower negotiation power compared with larger
peers in the European DIY sector, the seasonality of the business,
as well as the discretionary nature of home-improvement consumer
spending as main constraints.
"Our ratings on Hornbach continue to reflect our view of the
credit profile of its parent Hornbach Holding. This is because we
consider Hornbach to be a core subsidiary of the Hornbach Holding
group and a key driver of the group credit profile. Therefore, our
financial risk profile assessment is also based on Hornbach
Holding's group accounts which, among other factors, allow us to
capture the benefit of relatively low share of rented stores in
the overall group.
"The group's leverage ratios remain broadly within our
expectations since increasing sales translate into higher EBITDA
and funds from operations (FFO), with an S&P Global Rating's-
adjusted FFO to debt of 25%-30%, on a weighted-average basis. We
also see the rating supported by an EBITDAR cash interest plus
rent coverage ratio of 3.0x given the low interest burden and
higher share of store ownership resulting in moderate rent
payments. However, given high planned investments, we now expect
the group to achieve a DCF to debt of only 5.0%-6.0% on a
weighted-average basis resulting in only limited headroom in our
financial risk assessment."
In its base case, S&P assumes:
-- Real GDP growth in Germany of 2.1% in 2017 followed by about
1.6%-1.7% over the next two years. The eurozone to record
real GDP growth of 2.2% in 2017 and 1.6%-1.8% over the next
two years resulting in a supportive macroeconomic
environment.
-- Hornbach's revenues to increase by about 4.0%-4.5% annually
over the next three years above the market average, helped by
strong demand in the online segment and consistently
competitive prices of their products.
-- Adjusted EBITDA margin of about 8.5%-8.7% in fiscal 2017/2018
lowering slightly to 8.2%-8.6% on continuously strong
competition and lower-margin online business.
-- Working capital related annual cash outflow of about EUR20
million-EUR30 million in line with sales growth.
-- Annual capex of about EUR140 million-EUR160 million over the
next three years, given a few investments in store openings
and refurbishments as well as IT systems.
-- Dividends of around EUR30 million per year, in line with
previous years.
-- No major acquisitions.
Based on these assumptions, S&P arrives at the following S&P
Global Ratings-adjusted credit measures for the fiscal years
2017/2018 and 2018/2019:
-- Debt to EBITDA of about 2.6x-2.7x (2.8x in 2016).
-- FFO to debt of about 25%-28% (25.6% in 2016).
-- DCF to debt of 5%-8% (2.6% in 2016).
-- EBITDAR to cash interest plus rent cover of slightly above
3.0x (3.0x in 2016).
S&P said, "The stable outlook reflects our opinion that the group
should continue to increase sales by around 3%-5% annually.
Despite strengthening competition, especially from pure online
retailers, we expect that Hornbach will maintain broadly stable
adjusted EBITDA margins of 8.2%-8.6%, supported by robust
international earnings and economies of scale in Hornbach's own
online business.
"We expect that for the next 12 months, Hornbach will post at
least neutral reported DCF, supported by contained capex spending
that allows sufficient free operating cash flow to cover
dividends. We expect no debt financed shareholder remuneration as
well as no material M&A activity, which supports an S&P Global
Ratings-adjusted DCF to debt ratio of above 5.0% and FFO to debt
of about 25%-28%.
"We could take a negative rating action if free operating cash
flow is weaker than we anticipate, for example as a result of
higher capex, a longer horizon of the investment plan, or lower
earnings. A more aggressive financial policy, such that reported
discretionary cash flow (after interest, capex, and dividends)
remains substantially negative and adjusted DCF to debt remains
below 5.0%, could also lead to a negative rating action.
"We could consider lowering the rating if profitability weakened
more than we forecast and margins underperformed our base case. We
could also take this action if any operating underperformance were
met with insufficient remedial action, such that our adjusted FFO
to debt were to fall below 20%.
"We do not expect to raise the rating in the near term. That said,
we would consider doing so if the group's business operations
improved materially, without any incremental increase in leverage.
Any upgrade would depend on a sustainable improvement in
profitability approaching historical levels and our view of a
financial policy commitment to sustainably stronger credit
metrics, including FFO to debt of greater than 30% and
sufficiently large free operating cash flow to cover dividends."
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I R E L A N D
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G HOTEL: Examiner Gets Court OK to Execute Deal With Waltzfire
--------------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that Neil Hughes, the
examiner of seven companies controlled by the Galway businessman
Gerry Barrett, has secured High Court orders permitting him to
enter an agreement with an investor.
Neil Hughes was confirmed last month by the Court of Appeal as
examiner to firms connected to several businesses in Galway,
including the five-star G Hotel, four-star Hotel Meyrick,
apartments, a retail park and the Eye Cinema, which between them
employ 330 people full and part time.
On November 15, Ms. Justice Marie Baker granted Mr. Hughes powers
under the Companies Act 2014 to enter an agreement with Waltzfire
Ltd, the Irish Times discloses. James Doherty SC, for Mr. Hughes,
sought the orders because the directors of the companies would not
sign documents necessary for the investment to go ahead, and
Mr. Hughes feared the deal would fall through. According to the
report, funds from the investment are to be used for the
examiner's arrangement with the companies' creditors.
Mr. Hughes had turned down an investment proposal from Besomhill
Ltd, a company controlled by Mr. Barrett, the court, as cited by
the Irish Times, heard.
Opposing the application, Gary McCarthy SC, for the companies,
said the directors had not signed because they had insufficient
information about the Waltzfire proposal, the Irish Times relates.
In her ruling, the judge said she was taking into account the
time-sensitive nature of the examinership and the fact that the
companies had known since November 6 that Besomhill had not been
the successful bidder, the report relays. She accepted an
undertaking from the examiner not to sign the investment agreement
until November 16.
The Irish Times discloses that the companies in examinership are
KH Kitty Hall Holdings Ltd, ML Meyrick Ltd and Mono Trading Ltd,
Edward Leisure Assets Unlimited Company, Niche Hotels Unlimited
Company, Style City Limited and Radical Properties Unlimited
Company. They are all part of Mr. Barrett's Edward Capital Group.
The companies sought court protection in August after Deutsche
Bank appointed a receiver over the firms, the Irish Times
recounts. Deutsche, owed more than EUR690 million by the group
after acquiring its loans from NAMA in 2015, opposed examinership,
the report states. According to the Irish Times, the bank claimed
the companies were trying to renege on a 2016 debt-settlement
agreement that would have resulted in the sale of the group's
assets to reduce its debt to the bank. That claim was denied by
the companies, which argued that the bank had breached the
settlement agreement.
The firm's directors are Gerry Barrett and Catherine Barrett, of
Lower Dangan, Galway, the report adds.
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I T A L Y
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COGENPOWER PLC: Sells Italian Unit's Assets to Re Sipar
-------------------------------------------------------
George Collard at Alliance News reports that Cogenpower PLC said
on November 14 it has entered into a conditional sale and purchase
agreement with Re Sipar SRL for the disposal of its Italian
subsidiary Cogenpower SRL as the company becomes a cash shell.
As part of the agreement, Re Sipar, owned by Cogenpower Chief
Executive Francesco Vallone, will also purchase Cogenpower SRL's
two subsidiaries Cogenpower Energia SRL and Cogenpower Gas & Power
SRL, the report states.
Alliance News relates that Cogenpower said the sale is going ahead
as the company identified no reasonable prospect of finding
funding for its Italian operations and in particular, Cogenpower
SRL's liabilities. These, at June 30, included EUR3.9 million owed
to trade creditors, EUR4.7 million to tax creditors, and total
debt to third party banks of EUR5.4 million, Alliance discloses.
According to Alliance News, Cogenpower said Cogenpower SRL is loss
making with no prospect of improvement without significant
investment and has "extremely fragile commercial viability". A
third-party valuation gave the Italian subsidiary a value of nil,
the report states.
As part of the disposal, Cogenpower has entered a deed of
termination to end the management services agreement from
June 2015 in which the Cogenpower provided support and
administrative services to its subsidiary, which recharged to
Cogenpower all costs incurred relating to the admission to AIM of
the shares in the company in February 2016, Alliance News says.
Under the terms, Francesco Vallone will resign as a director of
Cogenpower, with the company stating it will make additional
appointments to assist it as it becomes a cash shell and looks for
an acquisition. Cogenpower will also change its name to Monreal
PLC, the report relays.
Alliance News relates that directors David Pickering and Richard
Day have also said they will stand down once further appointments
to the board are made.
On October 25, Cogenpower completed a GBP550,000 fundraise to
implement a company voluntary arrangement and for working capital
purposes, the report adds.
Cogenpower Plc designs, builds, transforms, owns and operates high
efficiency Combined Heat and Power plants with annexed District
Heating/Cooling distribution networks, known as CHPDHC, with its
business operations focusing on Italy.
DIAPHORA 3: Jan. 23 Bid Deadline Set for Benaco Village Complex
---------------------------------------------------------------
Diaphora 3 Fund, in liquidation pursuant to Art. 57 TUF, is
putting up an exclusive residential and shopping centre named
"Benaco Village" located in the municipality of Toscolano Maderno
(BS), opposite the Brescia side of Lake Garda, consisting of five
buildings, situated around the common central pool, hosting 5
stores, 34 apartments, 30 garages, 11 cellars, as described in the
appraisal reported dated June 1, 2016 drawn by surveyor Rita
Stancari.
The starting price for the asset is EUR2,987,000, in addition to
applicable tax.
The bid deadline is set for January 23, 2018, with bid to be
submitted at the office of Notary Marianna Rega in Via Giacomo
Matteotti 57, Calcinato (BS).
The date of the sale is set for January 24, 2018, at 5:00 p.m. at
the office of the Notary.
Details, procedures and sale regulations are available on
www.liquidagest.it
M. ESTATE: Dec. 14 Bid Deadline Set for Sale of Business Assets
---------------------------------------------------------------
Stegano Coen, Ermanno Sgaravato and Vincenzo Tassinari,
extraordinary commissioners for M. Estate S.p.A. and its affiliate
companies, invite all interested subjects to submit binding offers
for the purchase of the Companies' business assets, in whole or in
part, no later than December 14, 2017, 6:00 p.m. at the office of
the Notary Public Angelo Busani, located in 20123 Milan, via Santa
Maria Fulcorina No. 2.
The Companies' business assets for sale include (1) the business
units relating to the management of the points of sale, together
with the real estate properties owned by the Companies where such
points of sale are located, as well as the relevant real estate
properties used as warehouse; (2) the "Mercatone Uno" trademark
and the other trademarks of the Companies; (3) the business unit
relating to the administrative offices in Imola; and (4) the
business unit relating to the logistics activities (all elements
mentioned at points (1), (2), (3), (4), jointly, the "Transaction
Perimeter").
The terms and conditions of the sale are available on the
website www.mercatoneunoamministrazionestraordinaria.it
The Commissioners' sale notice follows the Nov. 10, 2017 order by
the Italian Ministry of the Economic Development for the
regulation of the negotiated sale of the business assets of M.
Estate S.p.A. and its affiliate companies.
The bid process also follows the 11 manifestations of non-binding
interest, some also for employment-relevant perimeters received by
the Extraordinary Commissioners following the call for expressions
of interest published on July 18, 2017.
About M. Estate S.p.A.
On April 2, 2015, M. Estate S.p.A., Mercatone Uno Services S.p.A,
M. Business S.r.l., Mercatone Uno Finance S.r.l., Mercatone Uno
Logistics S.r.l., and M. Uno Trading S.r.l filed a petition with
the Italian Ministry of the Economic Development, pursuant to
Article 2 of the Italian Law Decree No. 347 of December 23, 2003,
as amended, for the admission to their insolvency proceedings.
On April 7, 2015, the Ministry placed M. Estate, et al., under
extraordinary administration proceedings Special for large
companies in crisis (so-called Marzano Law).
Stegano Coen, Ermanno Sgaravato and Vincenzo Tassinari were
appointed as extraordinary commissioners for the Companies.
On Oct. 5, 2015, the Commissioners filed with the Ministry the
programme for the disposal of the business assets of the
Companies.
MONTE DEI PASCHI: Investors File Lawsuit Over Cancelled Bonds
-------------------------------------------------------------
Rachel Sanderson in Milan and Robert Smith and Thomas Hale at The
Financial Times report that a group of investors in the world's
oldest bank, Italy's Monte dei Paschi di Siena, have filed a
lawsuit in Luxembourg after it announced bonds would be annulled
as part of a state-backed recapitalisation.
The action relates to Monte Paschi's Floating Rate Exchangeable
FRESH bonds maturing on December 30, 2099, which were declared
cancelled as part of an agreement with European authorities that
allowed the Italian government to inject capital into the bank in
July this year, according to a statement seen by the Financial
Times.
The report relates that the bondholders are also suing Mitsubishi,
as issuer of the bond, and JPMorgan, which arranged the issuance.
In the statement, the bondholder representative said they had
filed "a declaratory action with the competent Luxembourg court
against MPS and other parties involved to determine that such
unilateral declarations by MPS have no legal basis and that the
contracts relating to the FRESH 2008 bonds should remain valid,"
the FT relays.
According to the FT, the unnamed bondholders, represented by
Anthony Braesch from law firm Bouchoms and Braesch, argue that the
legal basis for the decision to invalidate the bonds was
"insufficient, arbitrary and in breach of fundamental EU laws".
In the event the bonds do not remain valid, the lawsuit demands
EUR1 billion in damages, the report cites.
A person informed of the bondholders' position said they were
expected to file a separate but related lawsuit against the
European Commission in the coming days, according to the FT.
The FT says a growing number of international investors in
European bank bonds are pursuing legal action, after their
investments were devalued or wiped out entirely during bank
rescues. Lawsuits have also been filed related to the
restructurings of Novo Banco in Portugal and Banco Popular in
Spain, the FT notes.
While the EU changed the rules in 2014 to allow authorities to
impose losses on creditors in a more uniform way, resistance is
growing to the differing treatment of bondholders during bank
failures and also to the discretionary powers handed to Brussels
authorities when winding down banks, the FT states.
The FT relates that Italy's banks are weighed down by bad loans
run up during the sovereign debt crisis that have also reduced
their ability to lend.
Mid-sized Genoan bank Carige's future looked uncertain this week
after a banking consortium pulled its support for a EUR560 million
capital increase demanded by European regulators, the FT says.
The FT adds that shares in another mid-sized bank Credito
Valtellinese fell 8.5 per cent to a market value of EUR144 million
after it announced a larger than anticipated EUR700 million
capital raising to shore up its balance sheet.
Bankers blame proposed new rules from the European banking
regulator that would require Italian banks to hold more capital
against bad loans for the latest market jitters.
Italian authorities had hoped those concerns were put to rest with
the recapitalisation of Monte Paschi and the winding down of two
failed banks this summer, the FT adds.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
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S P A I N
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BANCO DE SABADELL: S&P Rates Tier 1 Preferred Securities 'B+'
--------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' long-term
issue rating to the perpetual additional Tier 1 (AT1) capital
instrument issued by Banco de Sabadell S.A. (BBB-/Positive/A-3).
S&P said, "We understand from the proposed AT1 notes' terms and
conditions that the instrument will comply with the EU's latest
capital requirements directive (CRD IV), which is the EU's
implementation of Basel III. We also understand that the preferred
securities will rank senior to ordinary shares, but will be
subordinated to more senior debt, including Sabadell's Tier 2
debt.
"In accordance with our hybrid capital methodology, we are
assigning our 'B+' rating to the AT1 notes, four notches below our
'bbb-' stand-alone credit profile for Sabadell."
S&P calculates this four-notch difference as follows:
-- One notch to reflect subordination risk;
-- Two additional notches to take into account the risk of
nonpayment at the full discretion of the issuer and the
hybrid's expected inclusion in Tier 1 regulatory capital; and
-- One further notch reflecting the proposed issue's mandatory
contingent capital clause leading to equity conversion.
S&P said, "According to this clause, the conversion would occur if
Sabadell's Common Equity Tier 1 ratio falls below 5.125%, which we
do not consider as a going concern trigger. Compliance with the
minimum regulatory capital requirements is necessary to avoid the
risk of potential restrictions in the payment of coupons on AT1
notes. We view this risk for Sabadell as limited at this stage
because the bank's Common Equity Tier 1 ratio of 13.2% (phased-in)
as of end-September 2017 is well above the 7.375% minimum level
set by the regulator under the Supervisory Review and Evaluation
Process for 2017.
"We acknowledge the existence of an outstanding legacy hybrid
instrument (XS0267456084) which amounts to EUR18 million and is
rated 'B'. This ranks pari passu with the planned AT1 issuance,
which, unlike the proposed instrument, has a mandatory nonpayment
clause linked to a narrow earnings definition. In our view, the
existence of this clause does not increase the probability of
default for the proposed AT1 issuance, as we see it as unlikely
that Sabadell would decide to skip coupon payments on the new AT1
if it were to mandatorily cancel coupon payments on the legacy
instrument.
"We intend to assign intermediate equity content to the notes,
once they are approved by the regulator for inclusion in the
bank's regulatory Tier 1 capital. The instruments meet the
conditions for intermediate equity content, in our opinion,
because they are perpetual, with a first call date expected to be
at five years from issuance. In addition, they do not contain a
coupon step-up and have loss-absorption features on a going-
concern basis due to the bank's flexibility to suspend the coupon
at any time."
BBK II: Fitch Cuts Ratings on Class B Notes to CCC
--------------------------------------------------
Fitch Ratings has affirmed two tranches and downgraded one tranche
of two Spanish RMBS deals as follows:
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK I (BBK I)
Class A notes (ISIN ES0312273008): affirmed at 'A-sf', removed
from Rating Watch Evolving (RWE); Outlook Stable
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK II (BBK II)
Class A notes (ISIN ES0312273362): affirmed at 'A-sf', removed
from RWE; Outlook Stable
Class B notes (ISIN ES0312273370): downgraded to 'CCCsf' from
'Bsf'; Recovery Estimate 90%
The two Spanish prime RMBS transactions comprise loans originated
by Kutxabank, S.A. (BBB+/Stable/F2).
KEY RATING DRIVERS
Excessive Counterparty Exposure
The transactions' class A notes' ratings are capped at the SPV
account bank rating, as a large, material source of structural
credit enhancement (CE) for these tranches is the reserve fund,
which is kept at the relevant bank account, and the transactions'
net excess spread is insufficient to fully mitigate the
hypothetical loss of the reserve fund. The account bank role is
performed by Banco Santander (A-/Stable/F2).
Negative Excess Spread
The downgrade of BBK II's class B notes reflects the transaction's
sensitivity to the decreasing excess spread trend expected for the
medium to long term. This is driven by the unhedged nature of the
transaction stemming from fixed-rate liabilities and floating rate
mortgages. As such, under the prevailing low Euribor environment
the transaction reserve fund is constantly being utilised to cover
the negative excess spread between assets and liabilities.
Asset Performance Within Expectations
Three-month plus arrears (excluding defaults) as a percentage of
the current pool balance range between 0.7% for BBK I and 0.5% for
BBK II. Gross cumulative defaults relative to the original
portfolio balances range between 3.6% and 1.6% for the
transactions, respectively. Fitch expect credit performance to
remain stable given the significant seasoning of the mortgage
portfolios of approximately 10 years.
Portfolio Risky Attributes
Fitch has applied a higher set of rating multiples to the base
foreclosure frequency (FF) assumption to the portion of the
portfolio located in the Basque Country, which exceeds twice the
rate of population within the region. Approximately 55.8% and
56.4% of the portfolio balance is located in the Basque Country
for BBK I and BBK II, respectively and 44.5% and 44.6% is subject
to a geographical concentration hit.
Additionally, almost 40% of BBK I's portfolio is composed of
increasing instalment loans, which are considered riskier than
standard French annuity amortising mortgages and are subject to a
FF increase factor of 50%.
RATING SENSITIVITIES
The ratings of the class A notes in both transactions are
sensitive to changes in the respective SPV account bank's ratings
(Banco Santander, SA), as the cash reserves are kept at these bank
accounts, representing a large proportion of the structural credit
enhancement for these notes.
A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability. This could
have negative rating implications.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any third
party assessment of the asset portfolio information or conducted a
review of origination files as part of its ongoing monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
=====================
S W I T Z E R L A N D
=====================
WEATHERFORD INT'L: Fitch Affirms CCC IDR & Sr. Unsecured Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Weatherford International plc
(Weatherford; NYSE: WFT) and its subsidiaries' Long-Term Issuer
Default Ratings (IDR) and senior unsecured ratings at 'CCC'. Fitch
has also affirmed the secured term loan rating of 'B/RR1' and
affirmed the unsecured guaranteed bank facility rating at 'B-/RR2'
WFT's rating reflects its levered balance sheet, high gross debt
levels and LTM 9/30/2017 Debt/EDITA of 15.7x, the risk of
commitments reduction by the current bank group under the
revolving credit facility, and challenges with generating robust
FCF or with executing liquidity enhancing and/or deleveraging
asset sales.
While the rating reflects low refinancing risks of unsecured
bonds, refinancing risk could rise over time if Weatherford is
unable to execute on asset sales, generate robust FCF or should
capital markets close. WFT has the following maturities due in the
next three years; $66 million of the 6% senior notes due March
2018, $485 million of the 9.625% senior notes due 2019, and $363
million of the 5.125% senior notes due 2020.
Fitch further highlights the revolving credit facility matures in
July 2019 but becomes current in July 2018, while the amortizing
Term Loan matures in July 2020. WFT will likely utilize a
combination of cash on the balance sheet, and capital market
activity to address upcoming maturities and other obligations.
Fitch also believes there is a likelihood that cash from asset
sale proceeds will be used to pay down borrowings under the
revolving credit facility and potentially the term loan in
anticipation of extending the credit facilities.
Approximately $7.9 billion of debt is affected by rating action.
KEY RATING DRIVERS
EXPOSURE TO A CHALLENGED SECTOR
WFT's 'CCC' rating reflects exposure to the oilfield services
sector and a stressed balance sheet. Fitch expects an extended
down-cycle and delayed recovery from Fitch initial sector recovery
expectations due to low to range-bound oil and gas prices. WFT has
also been impacted by its mixed asset quality relative to peers,
which is reflected in the company's margin profile. WFT has
strategic initiatives in place that could improve operating
margins, liquidity and reduce debt. However, Fitch believes that
these initiatives will take some time to materialize as WFT seeks
to unwind the after-effects of a historically aggressive business
model that sacrificed capital discipline, and some measure of
financial controls for growth. Current initiatives to improve the
business include cost and efficiency initiatives, partnering
arrangements, working capital management and divestitures.
EXPECTED PARTNERSHIP WITH A STRONG OPERATOR
The asset sales/partnering strategy is taking shape with the
announced but yet to close OneStim joint venture (JV) with
Schlumberger, which Fitch expects will close before year end 2017.
Longer-term, WFT should benefit from the dividend stream generated
from its 30% equity ownership interest in OneStim. Despite a weak
credit profile, Fitch views the OneStim JV as strategically
beneficial to WFT.
ADEQUATE LIQUIDITY NEAR TERM
Weatherford had cash and equivalents of $445 million as of
Sept. 30, 2017. The majority of cash has historically being held
by foreign subsidiaries outside of Ireland. Based on the nature of
its' corporate structure, WFT is able to deploy cash without
significant incremental taxes. As of Sept. 30, 2017, $118 million
of cash and cash equivalents, representing 27% of total cash on
the balance sheet, was denominated in Angolan Kwanza. The Angolan
government has limited U.S. dollar conversion, and prolonged
exchange limitations could limit WFT's ability to repatriate cash
and exposes the company to exchange rate risk.
Liquidity also includes $691 million available under the credit
facilities. WFT's liquidity position should receive a $535 million
boost by year end should OneStim close at that time. Schlumberger
and WFT have publicly stated their expectation for a 2017 close.
There is no break-up fee if the transaction does not close but
such an outcome will weaken Weatherford's liquidity position due
to the negative FCF expectations for year-end 2017. Cash from
OneStim and other asset sales could be used to pay down the
revolving credit facility and a portion of the term loan in
anticipation of renegotiating terms under the Credit Facilities.
WEAK CREDIT METRICS FORECAST
WFT's weak FCF generation profile and high gross debt level is a
key factor in the 'CCC' IDR. Fitch believes WFT will post another
negative FCF year in 2017. Some demand pick-up in international
markets is likely during 2018 along with some further improvement
in North America, although capex budgets are still being
finalized. Debt/EBITDA is forecast to remain elevated at 13.0x in
2017 with weak interest coverage of 1.1x in 2017. This is an
improvement from 2016 metrics of 22.6x and 0.7x respectively.
Fitch forecasts close to break-even FCF in 2018 and 2019.
Debt/EBITDA is expected to decline but remain elevated at 9.9x and
7.1x in 2018 and 2019, respectively.
GEOGRAPHICAL DIVERSITY
WFT operates in 90 countries. Although Fitch projects weak metrics
in the next two years, WFT could capture incremental business
opportunities as demand slowly picks up globally and capex budgets
are revised upwards. Near-term, WFT's revenue exposure to onshore
North America is a positive as operational momentum is showing
some stability. Nine-months 2017 geographical and other segment
operating revenue break-out is: North America (35.7%); Middle
East/North Africa (MENA, 23.7%); Europe/SSA (17.6%); Latin America
16%); and land drilling rigs (7%).
DERIVATION SUMMARY
WFT is the fourth largest oilfield services (OFS) company in the
world and competes with the first three listed by order of size;
Schlumberger (SLB-NR), Haliburton (HAL-NR) and Baker Hughes (BHI-
NR). These peers are competitively advantaged from a scale and
asset quality standpoint relative to WFT which supports pricing
power, and stronger through the cycle operating margins. All four
companies have geographically diversified operations, but HAL and
WFT have the highest exposure to North America, and benefits from
the recovering North American market albeit at different price
points driven by ability to innovate, and speed to market of
creative technology driven offerings to the E&P customer base.
SLB's North American revenue contribution is the lowest at 24.2%
followed by Baker Hughes at 29.8%, WFT has 32.7% of revenues from
North America, while HAL leads with 42.6% all as of 2016.
WFT's operating margins remain weaker than peers, highlighting a
challenging business environment, mixed asset quality and market
positioning as revenues have declined faster than costs can be
rationalized. WFT is weakly positioned relative to peers on each
major comparative with limited financial flexibility relative to
the top 3.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- WTI oil price that trends up from $50/barrel in Q4 2017,
$50/barrel in 2018, $52.5/barrel in 2019, $55/barrel in
2020 and long term price of $55/barrel;
-- Henry Hub gas price that trends up from $3.00/mcf in Q4 2017,
$3.0/mcf in 2018, $3.0/mcf in 2019, $/mcf in 2020 and long
term price of $3.25/mcf;
-- Consolidated revenue growth in 2017 driven by stronger North
American growth relative to international regions where Fitch
expects a recovery lag;
-- Margins that exhibit incremental cost reductions;
-- Capital expenditure of $225 million in 2017, followed by
modest capex spending increase as operating cash flow
expectations improve;
-- Receipt of $535 million cash payment for the OneStim joint
venture with Schlumberger in 2017;
-- Retention of land rig fleet;
-- Excludes potential cash-flows from or additional investments
to OneStim.
RATING SENSITIVITIES
Fitch does not currently anticipate positive rating action on WFT
as relatively high debt levels, weak FCF generation, and slow
oilfield services sector recovery are key hurdles the company must
overcome to improve its current credit trajectory. Negative
actions will occur with further credit metrics deterioration, or
renewed concerns around covenant violation risks that further
amplify liquidity risks
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Demonstrated commitment by management to lower gross debt
levels;
-- Track record by management of achieving operational and
financial targets;
-- Continued ability to effectively manage cash burn and
covenant violation risks;
-- Improved OFS outlook supported by pricing and/or activity
level improvement such as additional contracts from credit
worthy customers.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Failure to manage covenant violation issues, and FCF burn
that heightens liquidity risks;
-- Further material, sustained declines in global OFS demand;
-- Failure to execute liquidity enhancing initiatives that
support revolving credit facility renegotiations or a
material reduction in revolver commitment levels.
LIQUIDITY
Adequate Liquidity Near Term: Weatherford had cash and equivalents
of $445 million as of Sept. 30, 2017. Based on the nature of its'
corporate structure, WFT is able to deploy cash without
significant incremental tax. As of Sept. 30, 2017, $118 million of
cash and cash equivalents was denominated in Angolan kwanza. The
Angolan government has limited U.S. dollar conversion, and
prolonged exchange limitations could limit WFT's ability to
repatriate earnings and exposes the company to exchange rate risk.
Revolving Credit Agreements: WFT's had total commitments of $1
billion under the unsecured guaranteed revolving credit facility
that matures in July 2019 and borrowings of $388 million under the
secured term loan agreement that matures in July 2020. Total
availability as of Sept. 30, 2017 was $691 million reflecting $225
million drawn under the revolver, $84 million utilized for letters
of credit, and $388 million under the term loan.
Revolving Credit Facility Renewal: WFT's $1 billion revolving
credit facility matures in July 2019. Commitment levels have
slowly declined as member banks have elected over time to let
their commitments expire during renewal discussions and with
recent amendments. Fitch believes that WFT is likely to begin
discussions regarding extending the maturity of the credit
facilities in early 2018, and there is a possibility that some
existing banks may choose to allow their commitments to expire
during the review. The recent covenant amendment also permits up
to a $100 million commitment reduction with the execution of asset
sales. With the possibility of declining bank commitment amounts,
Fitch expects WFT will maintain a measured capex budget and seek
to maintain robust cash levels on the balance sheet. Fitch also
expects WFT to exit 2017 with incremental cash build which could
rapidly decline following aforementioned debt pay downs.
Near-Term Maturity Schedule: WFT has actively and successfully
tapped the capital markets several times since the downturn. In
spite of a levered capital structure, and weak FCF profile, the
high yield bond market has been receptive to bond offerings from
WFT including the June 2017 $250 million add-on issuance to bridge
to the OneStim closing and avoid a covenant breach. Refinancing
risk may re-emerge should the capital markets shut down, and WFT
does not generate sufficient liquidity from asset sales or FCF
generation to pay down debt. WFT has the following maturities in
the next three years; $66 million of the 6% senior unsecured notes
due 2018, the $485 million bullet maturity of the 9.625% senior
unsecured notes due 2019 and $363 million of the 5.125% senior
unsecured notes due 2020.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Weatherford International plc
-- IDR at 'CCC'.
Weatherford International Ltd. (Bermuda)
-- Long-term IDR at 'CCC';
-- Senior secured Term Loan A at 'B/RR1';
-- Senior unsecured guaranteed bank facility at 'B-/RR2';
-- Senior unsecured notes at 'CCC-/RR5';
-- Short-Term IDR at 'C';
-- Commercial Paper Program at 'C.'
Weatherford International LLC (Delaware)
-- Long-Term IDR at 'CCC';
-- Senior unsecured notes at 'CCC-/RR5'.
There is no Rating Outlook on the 'CCC' IDR in accordance with
standard Fitch practice.
===========
T U R K E Y
===========
TURKISH INVESTMENT: Stockholders Approve Plan of Liquidation
------------------------------------------------------------
The Turkish Investment Fund, Inc. (NYSE: TKF) announced that its
stockholders, at the Fund's Special Meeting of Stockholders held
on November 16, 2017, approved the plan of liquidation and
dissolution (the "Plan") recommended by the Board of Directors. In
accordance with the Plan, the Fund's investment adviser, Morgan
Stanley Investment Management Inc., will commence the orderly
liquidation of the Fund's assets. The Fund will make one or more
liquidating distributions to the Fund's stockholders, which will
be paid in cash.
It is currently anticipated that by the end of the fourth quarter
of 2017 the liquidation will be completed and the Fund's shares of
common stock will cease to trade on the New York Stock Exchange.
The Fund is a closed-end, U.S.-registered management investment
company and seeks long-term capital appreciation through
investments primarily in equity securities of Turkish
corporations.
===========================
U N I T E D K I N G D O M
===========================
BLACK DIAMOND 2017-2: S&P Assigns Prelim B- Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Black Diamond CLO 2017-2 DAC's class A-1, A-2, A-3, A-4, B, C, D,
E, and F notes. At closing, the issuer will also issue unrated
subordinated notes.
The preliminary ratings assigned to the 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 we expect to be
bankruptcy remote.
-- The counterparty risk.
S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately mitigate
its exposure to counterparty risk under our current counterparty
criteria.
"Following the application of our structured finance ratings above
the sovereign criteria, we consider the transaction's exposure to
country risk to be limited at the assigned preliminary rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in our criteria.
"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
each class of notes."
Black Diamond CLO 2017-2 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a revolving
pool, comprising euro- and U.S. dollar-denominated senior secured
loans and bonds issued mainly by speculative grade borrowers.
Black Diamond CLO 2017-2 Adviser, LLC is the collateral manager.
RATINGS LIST
Black Diamond CLO 2017-2 DAC
EUR413.50 Million Euro Equivalent Floating- And Fixed-Rate
Notes (Including EUR41.50 Million Euro Equivalent Subordinated
Notes)
Preliminary Ratings Assigned
Class Prelim. Prelim.
rating amount
(mil.)
A-1 AAA (sf) EUR142.00
A-2 AAA (sf) $55.80
A-3 AAA (sf) EUR30.00
A-4 AAA (sf) $15.00
B AA (sf) EUR56.00
C A (sf) EUR30.90
D BBB (sf) EUR23.00
E BB (sf) EUR18.00
F B- (sf) EUR12.10
M1 Sub NR EUR21.50
M2 Sub NR $23.60
Sub-Subordinated.
NR-not rated.
CARILLION PLC: Market Value Drops Amid Latest Profit Miss
---------------------------------------------------------
Andrew Marc Noel and Thomas Seal of Bloomberg News report that
Carillion Plc lost a third of its market value after saying it's
in danger of breaching debt covenants.
According to Bloomberg News, the construction company issued its
third profit warning in half a year on Friday, Nov. 17, and said
it's in talks with creditors about "some form of recapitalization"
in the first quarter of next year. Delays in projects and
disposals will lead 2017 profits to be lower than expected, it
said, the report adds.
Bloomberg News cites that Carillion's spiral downwards has been
swift. The company is worth about a tenth of what it was a year
ago. The shares fell as much as 60 percent and were trading down
34 percent to 27.25 pence on Friday morning, Nov. 17, in London,
bringing the market value to GBP118 million (US$156 million), the
report says.
There is "little value currently for equity holders," Peel Hunt
analyst Andrew Nussey said in a report to clients, noting that
Carillion's situation is specific to the company, Bloomberg News
cites.
Carillion plc is a British multinational facilities management and
construction services company headquartered in Wolverhampton,
United Kingdom.
CARILLION PLC: Expects Debt Covenant Breach by Year End
-------------------------------------------------------
Carillion plc, on Nov. 17, 2017, provided an update on discussions
with its financial stakeholders, trading and its intention to seek
to defer the testing of its financial covenants.
Since July, the Group has been focused on reducing costs,
collecting cash, executing its disposals programme and
implementing its new operating model. These self-help measures
will serve to reduce the Group's average net debt over time, but
they will not be sufficient to enable the Group to achieve its
target net debt to EBITDA ratio of between 1.0 to 1.5 times by the
end of 2018. The Board is therefore in discussions with
stakeholders regarding a broad range of options to further reduce
net debt and repair and strengthen the Group's balance sheet. This
will require some form of recapitalisation, which could involve a
restructuring of the balance sheet. The Board expects to commence
steps to implement the chosen option during the first quarter of
2018 and a further announcement will be made in due course.
In its interim results on September 29, 2017, Carillion confirmed
that it was forecast to be in compliance with its financial
covenants as at December 31, 2017. As then indicated, compliance
with its financial covenants was dependent on achieving its
underlying forecasts, which assume that the normal pattern of
receipts and payments continue alongside the completion of a
number of PPP disposals and settlement receipts on contracts.
The Board has kept under continuous review the risk that receipts
from contract claims and/or disposals forecast to be received
during November and December 2017 might slip beyond December 31,
2017. The Group now expects that a combination of delays to
certain PPP disposals, a slippage in the commencement date of a
significant project in the Middle East and lower than expected
margin improvements across a small number of UK Support Services
contracts, partially offset by cost savings initiatives realised
in the fourth quarter, will lead to profits for the year to 31
December 2017 being materially lower than current market
expectations. Given the impact of delays in receipts and
disposals, the Group now expects full year average net borrowing
in 2017 to be between GBP875 million and GBP925 million.
Based on its latest forecasts, reflecting the items mentioned, the
Board now expects a covenant breach as at December 31, 2017.
Following discussions with its principal lenders and with their
support, the Board has concluded that it is necessary to amend the
relevant agreements to defer the test date for both its financial
covenants from December 31, 2017 to April 30, 2018 (based on
EBITDA for the 12 months to that date), by which time it expects
to be implementing its recapitalisation plan. Carillion has now
commenced a process to seek the consents necessary to make this
amendment.
Commenting, Interim Chief Executive, Keith Cochrane said: "Whilst
we continue to target cash collections, reduce costs, execute
disposals and focus on delivering for our customers, it is clear
that significant challenges remain and more needs to be done to
reduce net debt. Constructive dialogue is continuing with our
financial stakeholders to rebuild the Group's balance sheet, and I
am grateful for their support. I remain focused on addressing
this issue before my successor, Andrew Davies, takes up the role
on April 2, 2018."
Carillion plc is a British multinational facilities management and
construction services company headquartered in Wolverhampton,
United Kingdom.
CARILLION PLC: Keeps UK Government Updated on Restructuring Plans
-----------------------------------------------------------------
4-traders.com reports that the UK government said on Friday, Nov.
17, that it had been kept informed of efforts by Carillion plc to
turn its business around and backed the firm's discussions with
stakeholders, after the construction and services company issued
its third profit warning this year.
"The company has kept us informed of the steps it is taking to
restructure the business," a spokeswoman at the Cabinet Office
said, according to the report.
"We remain supportive of their ongoing discussions with their
stakeholders and await future updates on their progress," the UK
government stated, the report notes.
Carillion provides a number of services to the government.
CARILLION PLC: Andrews Davies to Act as CEO in April
----------------------------------------------------
Carillion plc announced the appointment of Andrew Davies as Chief
Executive Officer with effect from April 2, 2018, at which point
he will also join the Board. Keith Cochrane will continue to lead
Carillion as Interim Chief Executive Officer until then.
Andrew Davies is currently the Chief Executive of Wates Group Ltd
having been appointed to the role in 2014. Prior to that, he held
a series of senior roles with BAE Systems plc over a 28-year
period. He is currently a Non-Executive Director of Chemring
Group PLC. Andrew brings executive, strategic, turn around and
leadership skills to the Company as well as experience of complex
public sector contracting in projects, support services and
construction.
Commenting, Carillion Chairman Philip Green said, "Andrew has the
ideal combination of commerciality, operational expertise and
relevant sector experience to build on the conclusions of the
strategic review and to lead the on-going transformation of the
business. His experience and his people focused personal style
are an ideal combination for our business. We are pleased that he
has agreed to join us and we are grateful to Keith Cochrane for
his interim leadership of Carillion."
Carillion plc is a British multinational facilities management and
construction services company headquartered in Wolverhampton,
United Kingdom.
CARILLION PLC: Appoints Alan Lovell as Non-Executive Director
-------------------------------------------------------------
Carillion plc related that Alan Lovell has been appointed a non-
executive director of the Company as of November 1, 2017. Alan
will serve on the Audit, Remuneration, Nomination, Sustainability
and Business Integrity Committees.
Alan Lovell's extensive executive career has included several
Chief Executive roles, including Infinis Limited, Costain Group
plc and Jarvis plc. These roles included working with companies
at times of financial stress and in turn around.
He is currently Chairman of the Consumer Council for Water,
Flowgroup plc and the Association of Lloyd's Members (ALM). Alan
is a Deputy Lieutenant of Hampshire, Chairman of the Mary Rose
Trust, Chairman of the Board of Governors of Winchester University
and a Trustee of Winchester Cathedral.
Commenting, Carillion Chairman Philip Green said, "We are very
pleased that Alan Lovell has joined the Board. He has very
relevant experience of the challenges currently faced by Carillion
and I look forward to his contribution as we move forward with our
disposal and cost saving programmes while continuing our
discussions with our lenders and other stakeholders to explore
further ways of strengthening Carillion's balance sheet".
Alan Lovell was previously an executive director of Conder Group
PLC which went into receivership in September 1992.
Carillion plc is a British multinational facilities management and
construction services company headquartered in Wolverhampton,
United Kingdom.
DEKANIA EUROPE I: Fitch Hikes Class D Notes Rating to 'Bsf'
-----------------------------------------------------------
Fitch Ratings has upgraded the ratings on 16 classes and affirmed
five classes of notes from three Dekania European collateralized
debt obligations (CDOs).
KEY RATING DRIVERS
The upgrade of the notes in all three transactions reflects the
increase in credit enhancement due to the transaction's
deleveraging since November 2016.
The class A1 notes of Dekania Europe I and Dekania Europe II have
been paid in full and the class A2 notes have been paid down, by
EUR22.1 million and EUR2.8 million, respectively, over the past
year. In addition, the class A1 notes of Dekania Europe III have
been paid down by EUR77.8 million. The deleveraging of the three
transactions led to a significant increase in credit enhancement
available for the senior notes.
The deleveraging of these transactions was also accompanied by an
increase in obligor concentration. There are 10 performing issuers
in Dekania Europe I, 11 in Dekania Europe II and 13 in Dekania
Europe III. The high degree of concentration in all three
transactions and significant exposure to the perpetual securities
in Dekania Europe III contribute to the tail risk that may affect
non-senior notes.
Perpetual securities comprise 12% of the performing portfolio in
Dekania Europe II and 58.1% in Dekania Europe III. All perpetual
securities have been prepaid in Dekania Europe I, according to the
September 2017 investor report. Perpetual securities were treated
as long-dated assets as described in Fitch "CLOs and Corporate
CDOs Rating Criteria", whereby they are assumed to default and
receive the assumed recovery value at the maturity of the CDO
notes, which would be zero in the case of perpetual securities.
The proportion of perpetual assets has decreased in Dekania Europe
I and II since the last review, but Fitch expects most of the
notes to be outstanding for a long period based on the legal
maturity dates of the underlying assets.
The contributions from the excess spread varied across these three
transactions. Excess spread is relatively limited in Dekania
Europe I due to the presence of a relatively costly interest rate
swap expected to expire in September 2020. In addition, all the
overcollateralization (OC) tests are currently passing. All
remaining excess spread after interest due on the interest rate
swap and interest payment on the rated notes is used to pay down
the most senior notes.
Excess spread is relatively healthy in Dekania Europe II and III
due to the breach of the junior OC tests (as of the September 2017
investor report, the classes D and E OC tests in Dekania Europe
II, and classes C, D and E OC tests in Dekania Europe III are
failing).
The average credit quality of the performing collateral has
remained relatively stable at around 'BB' over the past year.
There have been no new deferrals or defaults in these transactions
since Fitch's last review. The Stable Outlook on the notes
reflects the overall stable credit quality of the collateral in
these three transactions.
The final ratings of some notes in Dekania Europe I, II and III
deviate from the model-implied ratings in some scenarios. Fitch
performed a sensitivity analysis to assess near-term performance
volatility if obligors were to be downgraded or if perpetual
assets were to redeem earlier.
Fitch analysed the transaction in accordance with the "CLOs and
Corporate CDOs Rating Criteria" using the Corporate Portfolio
Credit Model (PCM) to project default hurdles, and performed cash
flow modelling analysis for the notes to measure the breakeven
levels under the various default timing and interest-rate stress
scenarios.
Fitch's "CLOs and Corporate CDOs Rating Criteria" report does not
describe default patterns for portfolios with a weighted average
life lower than 12 years. The agency therefore adjusted its
default patterns to account for the transaction's long tenor. In
the front-loaded scenario, Fitch assumed 30% of the defaults
occurred in year one, 20% in years two and 8.33% per year during
the next six years.
In the mid-default timing, Fitch assumed 8.33% per year in years 5
to 7, 20% in year 8, 30% in year 9 and 8.33% in years 10 to 12. In
the back-default timing, Fitch assumed 8.33% per year in years 7
to 12, 20% in year 13 and 30% in year 14.
RATING SENSITIVITIES
Increasing the default rate by 25% would result in a downgrade by
up to three notches for the most senior notes. Decreasing the
recovery rate applied to all assets in the portfolio would not
result in any downgrade in Dekania I and II. In Dekania III,
decreasing the recovery rate applied to all assets in the
portfolio by 25% would downgrade the rating by two notches.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.
Overall, Fitch's assessment of the information relied on for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
SOURCES OF INFORMATION
The information below was used in the analysis of Dekania Europe
CDO I P.L.C.:
- Monthly report provided by Wells Fargo as at Sept. 29, 2017
- Loan-by-loan data provided by Wells Fargo as at Sept. 29, 2017
The information below was used in the analysis of Dekania Europe
CDO II P.L.C.:
- Monthly report provided by Wells Fargo as at Sept. 19, 2017
- Loan-by-loan data provided by Wells Fargo as at Sept. 19, 2017
The information below was used in the analysis of Dekania Europe
CDO III P.L.C.:
- Monthly report provided by Wells Fargo as at Sept. 27, 2017
- Loan-by-loan data provided by Wells Fargo as at Sept. 27, 2017
Fitch has taken the following rating actions;
Dekania Europe CDO I P.L.C.
Class A2 notes affirmed at 'Asf'; Outlook Stable;
Class A3 notes affirmed at 'Asf'; Outlook Stable;
Class B1 notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable;
Class B2 notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable;
Class C notes upgraded to 'BB-sf' from 'B-sf'; Outlook Stable;
Class D notes upgraded to 'Bsf' from 'CCCsf'; Outlook Stable;
Dekania Europe CDO II P.L.C.
Class A2-A notes upgraded to 'Asf' from 'BBBsf'; Outlook Stable;
Class A2-B notes upgraded to 'Asf' from 'BBBsf'; Outlook Stable;
Class B notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable;
Class C notes upgraded to 'B+sf' from 'Bsf'; Outlook Stable;
Class D1 notes upgraded to 'CCCsf' from 'CCsf';
Class D2 notes upgraded to 'CCCsf' from 'CCsf';
Class E notes upgraded to 'CCsf' from 'Csf'.
Dekania Europe CDO III P.L.C.
Class A1 notes upgraded to 'Asf' from 'BBBsf'; Outlook 'Stable';
Class A-2A notes upgraded to 'BBsf' from 'Bsf'; Outlook 'Stable';
Class A-2B notes upgraded to 'BBsf' from 'Bsf'; Outlook 'Stable';
Class B notes affirmed at 'CCCsf';
Class C notes upgraded to 'CCCsf' from 'CCsf';
Class D notes upgraded to 'CCsf' from 'Csf';
Class E notes affirmed at 'Csf';
Class F notes affirmed at 'Csf'.
Fitch does not rate the subordinated notes for Dekania Europe I,
II and III.
IWH UK FINCO: S&P Assigns Prelim. 'B' LT Corp. Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'B' long-
term corporate credit rating to the newly formed U.K.-based
women's health care company IWH UK Finco Ltd. (Theramex). The
outlook is negative.
At the same time, S&P assigned its preliminary 'B' issue rating
and '3' recovery rating to the proposed $435 million senior
secured term loan B due 2024 and EUR55 million revolving credit
facility (RCF) due 2024, based on indicative recovery prospects of
50%.
The final ratings will be subject to the successful closing of the
proposed issuance and will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of the
final ratings. S&P said, "If the final debt amounts and the terms
of the final documentation depart from the materials we have
already reviewed, or if we do not receive the final documentation
within what we consider to be a reasonable time frame, we reserve
the right to withdraw or revise our ratings."
On Sept. 18, 2017, funds advised by CVC Capital Partners signed an
asset purchase agreement with Teva Pharmaceutical Industries Ltd.
for the acquisition of selected assets dedicated to women's health
for a cash value of $703 million. To finance the transaction, the
company is raising a EUR55 million RCF and $435 million term loan
B, in addition to approximately $342 million of equity.
Theramex markets a portfolio of branded women's health medications
covering contraception, fertility, menopause, and osteoporosis.
The company markets its products both through its own sales force
and through third-party distributors across 50 countries in EMEA,
APAC, and Latin America. For the 12 months to Sept. 30, 2017,
Theramex reported revenues of $274 million and adjusted EBITDA of
$86 million.
S&P said, "We view the woman's health market as fragmented, with
no significant new medication development breakthrough over the
past couple of years. The market has relatively high barriers-to-
entry in the form of longstanding prescriber relationships and
significant patient loyalty to the brand. This is because certain
products are paid or co-paid out of pocket, mainly the
contraceptive and IVF treatments where switching usually only
occurs if patients are not satisfied with the current product.
"Apart from the osteoporosis portfolio, where we have seen
significant price erosion because of generic competition, this
pharma subsector is less exposed to reimbursement pressure and
regulatory changes. This results in a relatively resilient
portfolio with positive volume growth offset by some price
reductions, leading to overall growth in the mid-single-digit
range."
A significant portion of Theramex's revenues are derived from
self-pay, limiting the impact on Theramex specifically.
However, these defensive characteristics also represent a
challenge in terms of generating future growth as Theramex will
need to invest in marketing and supporting its products and S&P
believes that the performance of its sales force, which is moving
from Teva, will be crucial for the delivery of the planned
strategy.
S&P's view positively the company's well diversified portfolio
both geographically and product wise, supported by nearly half of
the revenues being generated from out-of-pocket products. The
company has leading positions in the oral contraception and
osteoporosis treatment in European and emerging markets, that are
less price competitive than, for example, the U.S.
The biggest risk to the base case, in S&P's view, stems from the
osteoporosis franchise with a leading product Actonel, which has
been declining over the years because of generic competition
following loss of its patent seven years ago, although the decline
appears to have largely stabilized. Furthermore its gastro
resistant version (Actonel GR) should offset the erosion of the
overall Actonel franchise.
The main growth drivers of the group's revenues will be the newly
launched biosimilar fertility product Ovaleap and oral
contraceptive Seasonique.
Fertility treatment is one of the fastest growing segments in
women's health, driven by delayed planned pregnancy, scientific
and technological advances, increased availability of treatment,
and higher awareness levels, especially in emerging markets.
Ovaleap is a biosimilar injectable delivered via a multi-dose pen.
Ovaleap expanded strongly in Germany in its first year of sales,
2016, supported by the positive growth dynamics in demand for IVF
services. Despite being sold at a discount price to the standard
treatment, Gonal F, Ovaleap's penetration could be limited by
physicians' reluctance to switch to new products. .
The global contraceptives market includes hormonal and non-
hormonal drugs and devices. It has experienced low single-digit
growth in the past five years of about 2.6% compound annual growth
rate driven by emerging markets, offset by increased pressure from
generics. In Theramex's focus countries (France, Spain, Italy, and
Australia), the value of the contraception market has recently
seen a decline, driven by historical safety concerns regarding
certain newer generations of contraception pills and changes to
reimbursement systems, although that decline has recently slowed.
In Spain, reimbursement was restricted to the older generation
pills leaving some of the most popular drugs without coverage.
Seasonique is expected to account for the majority of future
growth of Theramex's oral contraceptive portfolio benefiting from
offering a convenience of period spacing. Leeloo and Zoely
continue to be the main contraception products for Theramex.
Leeloo is mainly sold in France and Zoely in Italy. In France,
Leeloo is reimbursed, while Seasonique and Zoely are fully self-
paid.
The menopause market is likely to expand by the mid-single-digits
driven by favorable demographic trends and increased treatment
penetration. Theramex's hormone replacement therapy Colpotrophine,
is mainly sold in France, Brazil, and Spain.
S&P said, "Our assessment also reflects Theramex's lack of track
record of operating as a stand-alone company as it is a carve-out
of portfolio of drugs focusing on women's health, mainly
contraception, menopause, fertility and osteoporosis treatments
from generics producer Teva. We also take into account the
execution risk due to the company relying on Teva as the main
supplier of its products and the need to set up supporting
infrastructure for the newly formed company, although these risks
are, to a certain extent, mitigated by extensive TSA agreements
with Teva that limit the possibility of operational costs
escalating over the next couple of years. We understand that the
company is planning to operate as a stand-alone entity as soon as
operationally possible. We also view positively the experienced
management team, put in place, as it is familiar both with the
acquired portfolio and supply chain and has a track record with
executing similar types of transactions.
"We estimate that Theramex will be able to realize operational
efficiencies to achieve a combined EBITDA margin of about 30%,
supported by its asset light model--with research and development,
manufacturing and distribution outsourced--some pricing
flexibility, and category-leading products. As the company is not
developing products internally, further launches will have to be
externally sourced.
"Theramex is owned by private equity firm CVC Capital Partners. We
project that Theramex will be able to maintain debt to EBITDA at
5.0x-5.5x over the next two years, supported by an EBITDA interest
coverage ratio of about 5x over this period and free operating
cash flow (FOCF) of at least $15 million in 2018 after a one-off
working capital outflow of about $46 million to cover inventory
buildup. As the operations normalize, we estimate FOCF to be above
$50 million from 2019. Our adjusted debt figure for Theramex
includes $435 million of financial debt, but excludes about $340
million of shareholder loans, which we view as equity-like."
S&P's base case assumes:
-- Revenue growth of about 3% over the next three years, driven
by increased usage of Overleap and Seasonique, supported by
solid performance from the remaining oral contraceptive and
menopause franchise, with Actonel's revenue decline limited
to the low-to-mid-single digits.
-- EBITDA margin at around 30%,reflecting asset-light model and
fixed-cost agreements with Teva, premium pricing for Theramex
products, and additional costs linked to the integration,
marketing, and support of its brands.
-- Capital expenditure (capex) of around $3 million. Negative
working capital of about $46 million in 2018 to support
inventory build-up, returning to neutral in the subsequent
years.
-- Limited bolt-on acquisitions.
-- No dividends.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Annual revenues of about $260 million-$280 million between
2017 and 2019.
-- Adjusted EBITDA margins of about 30%, with EBITDA of $80
million-$85 million in the same period.
-- Adjusted debt to EBITDA of 5.0x-5.5x in fiscal 2018 and 2019.
-- Adjusted EBITDA interest cover of 5x in fiscal 2018 and 2019.
The combination of a weak business risk profile and highly
leveraged financial risk profile leads to an anchor of either 'b'
or 'b-'. Assuming the smooth integration, we project that Theramex
will be able to generate positive FOCF, with robust debt service
ratios, and S&P therefore choose the higher anchor of 'b'.
There is no impact from the other modifiers, as Theramex should
benefit from ample liquidity, has a financial policy focused on
deleveraging (although we classify Theramex as 'FS-6' due to its
financial sponsor ownership), and we assess its management and
governance as neutral.
The negative outlook reflects S&P's view that given the size and
the nature of the carve-out, the new owner could fail to create
supporting infrastructure and to deliver its sales growth plan,
accruing higher-than-expected costs and leading to a reduced cash
cushion to support the future growth of its portfolio.
S&P said, "We could consider lowering the ratings if Theramex's
operating performance deteriorates, such that debt to EBITDA is at
the upper end of the 6x-7x range, and if FOCF generation is close
to zero or negative. The most likely cause of such deterioration
would be EBITDA of close to $60 million-$70 million as a result of
price competition, lower volume growth, or higher-than-expected
operational charges.
"We would revise the outlook to stable if Theramex smoothly
executes the carve-out and continued to generate solid revenue
growth despite some pricing pressure, benefiting from the premium
positioning of the products. Theramex expects that it will be able
to achieve revenues of about $285 million-$290 million by 2019 and
profitability of 32%-33%, which in turn should enable Theramex to
generate positive FOCF and lead to gradual deleveraging, with debt
to EBITDA remaining at about 5x."
An outlook revision to stable would also assume that Theramex's
solid position in the fragmented women's health market will enable
it to sustain positive underlying revenue growth around 4%-6% in
its health care division.
KOLKATA FOODS: Director Disqualified From Office
------------------------------------------------
The director of Kolkata Foods Limited has been disqualified for
six years for failing to comply with its statutory obligations
under immigration laws.
The Secretary of State for Business, Energy and Industrial
Strategy accepted a disqualification undertaking from Mr. Muhammad
Nazrul Haque effective from November 3, 2017. The disqualification
prevents Mr. Haque, from directly or indirectly becoming involved
in the promotion, formation or management of a company until
November 2023.
Mr. Haque's disqualification follows an investigation by the
Insolvency Service, which found that he had failed to ensure that
relevant immigration checks were completed and documents retained.
This resulted in the Home Office issuing a penalty notice for
GBP20,000 for employing two illegal workers.
Kolkata Foods Limited and was placed into Liquidation on December
12, 2016 with an estimated deficiency to creditors in excess of
GBP28,000.
Robert Clarke, Senior Investigator, with the Insolvency Service,
said: "The Insolvency Service pursues directors who fail to pay
fines imposed by the government for breaking employment and
immigration laws. We have worked closely in this case with our
colleagues at the Home Office to achieve this disqualification.
"The public has a right to expect that those who break the law
will face the consequences. If you fail to comply with your
obligations then the Insolvency Service will investigate you.
A Home Office spokesperson said: "Illegal working is not
victimless. It undercuts honest employers, cheats legitimate job
seekers out of employment opportunities and defrauds the taxpayer.
"Businesses should be aware that they have a duty to check that
their staff have permission to work in the UK.
"We are happy to work with employers who play by the rules but
those who do not should know that they will not go under our
radar."
About Kolkata Foods
Kolkata Foods Limited (CRO No. 09009064) was incorporated on April
24, 2014 and traded as an Indian Restaurant from 222 Broadway,
Didcot, United Kingdom OX11 8RS.
Mr. Haque was a director of the Company from April 24, 2014 to
Liquidation. The Company went into Creditors Voluntary Liquidation
on December 12, 2016 with an estimated deficiency of GBP28,895.
A disqualification order has the effect that without specific
permission of a court, a person with a disqualification cannot:
(1) act as a director of a company, (2) take part, directly or
indirectly, in the promotion, formation or management of a company
or limited liability partnership, (3) be a receiver of a company's
property. Disqualification undertakings are the administrative
equivalent of a disqualification order but do not involve court
proceedings. Persons subject to a disqualification order are bound
by a range of other restrictions.
The Insolvency Service, an executive agency sponsored by the
Department for Business, Energy and Industrial Strategy (BEIS),
administers the insolvency regime, and aims to deliver and promote
a range of investigation and enforcement activities both civil and
criminal in nature, to support fair and open markets. The entity
does this by effectively enforcing the statutory company and
insolvency regimes, maintaining public confidence in those regimes
and reducing the harm caused to victims of fraudulent activity and
to the business community, including dealing with the
disqualification of directors in corporate failures.
MIND CANDY: Obtains New $1-Mil. Funding for Operations
------------------------------------------------------
James Titcomb of The Telegraph reports that Mind Candy, the
company behind online children's game Moshi Monsters has recently
secured a US$1 million (GBP760,000) lifeline that prevents the
firm from running out of cash in the coming weeks.
Ian Chambers, a former Game Digital-executive who took over from
Mind Candy founder Michael Acton Smith last year, said the company
had raised the money from existing investors, including venture
capital fund Accel and LocalGlobe, according to The Telegraph.
This is the second time the Company raised funds in the last few
months for its operations. The Company last raised money in April,
when it took $1.5 million, as well as renegotiated a GBP6.5
million loan from start-up lender Triple Point, The Telegraph
relays.
Mr. Chambers, The Telegraph cites, added that the company was
likely to need new funding in the first quarter of next year.
The Telegraph notes that the Company was late to embrace gaming on
smartphones and tablets, and suffered as a result. It was forced
to cut staff, and revenue slumped from GBP46.9 million in 2012 to
GBP7.1 million in 2015, its most recent set of accounts, the
report relays.
Mind Candy is a British entertainment company, formed in 2004 by
UK internet entrepreneur Michael Acton Smith, and based in
Shoreditch, London, England. It's Moshi Monsters brand, created
in 2007, spelled success for the Company, making it one of the
more prominent start-ups in the UK technology scene.
MONARCH AIRLINES: To Take Runway Slots Appeal to Court of Appeals
-----------------------------------------------------------------
Bradley Gerrard of The Telegraph reports that the administrators
of defunct Monarch Airlines will appeal a decision by the High
Court to strip the carrier of its lucrative take-off and landing
slots at Gatwick and Luton airports.
The High Court initially ruled against Monarch earlier this month
but gave the company's administrators KPMG permission to lodge an
appeal over whether it could retain ownership of its summer 2018
Gatwick and Luton airport slots in order to sell them on the open
market, The Telegraph cites.
But this appeal was refused by the High Court judges Lord Justice
Gross and Mr. Justice Lewis meaning KPMG, the administrators for
Monarch, will now lodge a claim directly with the Court of Appeal,
according to The Telegraph.
The Telegraph relates that the High Court decision is a blow for
the administrators given the slots at Gatwick alone are thought to
be worth in the region of GBP 60 million, money which could be
used to pay creditors.
According to the report, Monarch's former owners Greybull Capital
was understood to have been in line to receive some of the
proceeds although it had pledged to give some of this to the
Government to contribute towards the cost to the taxpayer of the
repatriation of the 83,875 passengers, which were left stranded
because of the carrier's collapse.
Monarch Airlines, also known as and trading as Monarch, was a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.
OAK HILL VI: Fitch Assigns B-(EXP) Rating to Class F Debt
---------------------------------------------------------
Fitch Ratings has assigned Oak Hill European Credit Partners VI
DAC expected ratings, as follows:
Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-2: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.
Oak Hill European Credit Partners VI DAC is a cash flow
collateralised loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR450 million
portfolio of mostly European leveraged loans and bonds. The
portfolio is actively managed by Oak Hill Advisors (Europe), LLP.
The CLO envisages a four-year reinvestment period and an 8.5 year
weighted average life.
KEY RATING DRIVERS
B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch weighted average rating factor (WARF) of the
current portfolio is 32.7, below the covenanted maximum for
assigning the expected ratings of 34.
High Recovery Expectations
The portfolio will comprise a minimum of 90% senior secured
obligations. The weighted average recovery rate of the current
portfolio is 66.9%, above the covenanted minimum for assigning
expected ratings of 63.3%, corresponding to the matrix WARF of 34
and weighted average spread of 3.5%.
Limited Interest Rate Risk
Fixed-rate liabilities represent 6.8% of the target par amount,
while unhedged fixed-rate assets cannot exceed 12.5% of the
portfolio depending on the matrix selected by the manager. The
maximum fixed rate asset covenant for assigning expected ratings
is 12.5%.
Unhedged Non-Euro Assets Exposure
The transaction is allowed to invest in non-euro-denominated
assets. Unhedged non-euro assets are limited to a maximum exposure
of 2.5% of the portfolio subject to principal haircuts and may
remain unhedged for up to 180 days after settlement. The manager
can only invest in unhedged assets if, after the applicable
haircuts, the aggregate balance of the assets is above the
reinvestment target par balance.
VARIATIONS FROM CRITERIA
The "Fitch Rating" definition was amended so that assets that are
not expected to be rated by Fitch, but that are rated privately by
the other rating agency rating the liabilities, can be assumed to
be of 'B-' credit quality for up to 10% of the collateral
principal amount. This is a variation from Fitch's criteria, which
requires all assets unrated by Fitch and without public ratings to
be treated as 'CCC'. The change was motivated by Fitch's policy
change of no longer providing credit opinions for EMEA companies
over a certain size. Instead Fitch expects to provide private
ratings that would remove the need for the manager to treat assets
under this leg of the "Fitch Rating" definition.
The amendment has only a small impact on the ratings. Fitch has
modelled the transaction at the pricing point with 10% of the 'B-'
assets with a 'CCC' rating instead, which resulted in a two-notch
downgrade at the 'A' rating level and a one-notch downgrade at
other rating levels.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches for the rated notes.
DATA ADEQUACY
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
OAK HILL VI: Moody's Assigns (P)B2 Rating to Class F Notes
----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Oak Hill
European Credit Partners VI Designated Activity Company:
-- EUR259,000,000 Class A-1 Senior Secured Floating Rate Notes
due 2032, Assigned (P)Aaa (sf)
-- EUR20,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aaa (sf)
-- EUR35,550,000 Class B-1 Senior Secured Floating Rate Notes
due 2032, Assigned (P)Aa2 (sf)
-- EUR10,550,000 Class B-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aa2 (sf)
-- EUR26,500,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2032, Assigned (P)A2 (sf)
-- EUR23,000,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2032, Assigned (P)Baa2 (sf)
-- EUR30,600,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2032, Assigned (P)Ba2 (sf)
-- EUR13,500,000 Class F Senior Secured Deferrable Floating
Rate Notes due 2032, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.
RATINGS RATIONALE
Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2032. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's is
of the opinion that the collateral manager, Oak Hill Advisors
(Europe), LLP ("Oak Hill") has sufficient experience and
operational capacity and is capable of managing this CLO.
Oak Hill VI is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be more than 50% ramped up as
of the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe. The remainder of
the portfolio will be acquired during the ramp-up period in
compliance with the portfolio guidelines.
Oak Hill will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.
In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 45.2M of subordinated notes, which will not
be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to pay
down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution assumed
for the portfolio default rate. In each default scenario, the
corresponding loss for each class of notes is calculated given the
incoming cash flows from the assets and the outgoing payments to
third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Par amount: EUR 450,000,000
Diversity Score: 38
Weighted Average Rating Factor (WARF): 2825
Weighted Average Spread (WAS): 3.5%
Weighted Average Coupon (WAC): 5.0%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 8.5 years
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.
Percentage Change in WARF: WARF + 15% (to 3220 from 2825)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3640 from 2800)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -3
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -2
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. Oak Hill's investment decisions and management of
the transaction will also affect the notes' performance.
SKY NEWS: Sky Threatens to Shut Down Firm to Aid Fox Takeover
-------------------------------------------------------------
BBC News reports that Sky has threatened to shut down Sky News if
the news channel proves to be an obstacle in Rupert Murdoch's 21st
Century Fox bid.
Regulators are investigating the deal amid concerns that Mr.
Murdoch's media empire could become too powerful, according to BBC
News. Fox owns 39% of Sky but wants full control of the satellite
broadcaster, the report notes.
Sky told the Competition and Markets Authority (CMA) that the
regulator should not assume "the continued provision" of Sky News,
the report notes.
In a submission made to the CMA last month, but published by the
regulator, Sky said it "would likely be prompted to review" its
position if "the continued provision of Sky News in its current
form unduly impeded merger and/or other corporate opportunities
available in relation to Sky's broader business," the report
relays.
This would particularly be the case if shareholders objected to
the merger not happening, Sky said, the report notes. Closing Sky
News would only be an option of last resort, and the broadcaster
would try to find a buyer for the media company before that
eventuality, the BBC understands, the report discloses.
UNIQUE PUB: S&P Lowers Ratings on Class A3/A4 Notes 'BB'
--------------------------------------------------------
S&P Global Ratings has taken various credit rating actions on the
notes issued by Unique Pub Finance Co. PLC (Unique Finance). S&P
said, "Specifically, we have lowered to 'BB (sf)' from 'BBB- (sf)'
our ratings on the class A3 and A4 senior notes. At the same time,
we have lowered to 'B+ (sf)' from 'BB- (sf)' our rating on the
mezzanine class M notes and have affirmed our 'B (sf)' rating on
the class N notes."
The transaction is a corporate securitization of the U.K.
operating business of the tenanted pub estate operator Unique Pub
Properties Ltd. (Unique Properties), the borrower. It originally
closed in June 1999 and has been tapped several times since, most
recently in 2005.
S&P said, "Upon publishing our revised criteria for rating
corporate securitizations, we placed those ratings that could be
affected under criteria observation (see "Global Methodology And
Assumptions For Corporate Securitizations," and "European
Corporate Securitization Ratings Placed Under Criteria
Observation," both published on June 22, 2017). Following our
review of this transaction, the ratings are no longer under
criteria observation."
BUSINESS RISK PROFILE AND RECENT PERFORMANCE
S&P said, "We have applied our corporate securitization criteria
as part of our rating analysis on the notes in this transaction.
As part of our analysis, we assess whether the operating cash
flows generated by the borrower are sufficient to make the
payments required under the notes' loan agreements by using a debt
service coverage ratio (DSCR) analysis under a base case and a
downside scenario. Our view of the borrowing group's potential to
generate cash flows is informed by our base-case operating cash
flow projection and our assessment of its business risk profile
(BRP), which is derived using our corporate methodology (see
"Corporate Methodology," published on Nov. 19, 2013)."
The public house (pub) sector accounts for a quarter of the GBP88
billion eating and drinking out market in the U.K. With the long-
term trend of slowly declining alcohol consumption, pub operators
have been adjusting their portfolio through regular pub disposals.
This is evidenced by the estimated 47,000 pubs and bars competing
in the segment today in comparison to a crowded 57,500 in 2007,
representing an average annual decline of almost 2%. The major pub
operators are Greene King, Mitchells & Butlers, Ei (previously
known as Enterprise Inns), and Punch Taverns.
As of June 2017, Unique Properties' estate comprised 2,217 pubs
and represented almost half of the total pub portfolio of its
parent company Ei Group PLC, the largest U.K. leased and tenanted
pub operator by the number of pubs. Among the U.K. pub whole
business securitizations that S&P rates, Unique is the largest one
by number of pubs, but only the fourth largest one by EBITDA,
after Mitchells & Butlers, Greene King, and Spirit.
Unique's strategy for enhancing or stabilizing EBITDA includes the
disposal of underperforming pubs. For the financial year ending
September 2016, the borrower disposed of 138 pubs, representing
5.7% of the estate by count. Total revenues were GBP155 million, a
1.9% decline from the prior year driven by a 3.5% decline in drink
revenues that accounts for about half of the total. Reported
EBITDA declined to about GBP130 million, a 3.6% decline, which is
attributable to the decline in drink revenues and cost increases
of 3.3% pre-exceptional items and 8.6% with the inclusion of
GBP1.2 million in exceptional items. Over the same period,
considering the average number of pubs over the year, revenue and
EBITDA per pub have increased by 3.3% and 1.5%, respectively,
which suggests that the overall quality of the estate has
improved. The capital structure continued to deleverage in 2016,
with the class A leverage ratio, based on reported EBITDA, falling
to 5.0:1 from 5.5:1 in 2015, while total leverage, reflecting the
class M and N debt, decreased to 8.2:1 from 8.5:1 in 2015.
For the half year results ending March 2017, Unique Properties'
reported EBITDA was GBP64 million, a modest 1.5% year-on-year
decline despite significant pub disposals. While the leased and
tenanted pub segment is subject to the market rent only (MRO)
option under the Statutory Pub Code, S&P sees a limited impact on
the pub sector as we believe pub operators would attempt to
compensate a loss in drinks and food sales with an increase in
rental income. Moreover, Unique Properties is gradually
implementing a more flexible business model by granting new leases
over pubs that will be operated by the Ei Group as managed pubs
(see "Various Rating Actions Taken In U.K. Corporate
Securitization Unique Pub Finance Co. Following Performance
Review," published Aug. 2, 2016).
Nevertheless, the securitization also has no geographic
diversification outside the U.K. S&P expects that the rising
National Living Wage and increasing drinks and food costs due to
the weak British pound sterling, could indirectly affect the
profitability of leased and tenanted pubs if publicans struggle to
pass on the cost increases to consumers, bringing about the risk
of higher business failure rates. Unique's estate also lacks
strong pub brands relative to its peers such as Mitchells & Butler
and Greene King. These factors support S&P's assessment of the
business risk profile as fair.
BUYBACKS, DSCR, AND COVENANTS
Through the application of intercompany receipts and excess cash,
the borrower bought back some class A3 and A4 notes on the open
market and subsequently returned them to the issuer in partial
repayment of the related issuer borrower loans and the issuer, in
turn, canceled the notes. Due to the repurchases, the outstanding
aggregate principal balance of the loans is lower than the
targeted aggregate outstanding balance by GBP76.8 million, as of
June 2017, and the issuer is about one year ahead of its initial
redemption schedule, set at closing.
The reported debt service coverage ratio (DSCR) is based on the
amount of principal required for the aggregate outstanding
principal of the loans to be equal to a targeted amount of total
outstanding principal, based on an unadjusted schedule that was
established at closing. As a result of the substantial senior
notes' prepayments, the principal component considered due in the
reported DSCR's denominator is modest or nil.
On the other hand, the principal actually due on the senior notes,
according to their terms and conditions, is determined on the
basis of the initial principal due, reduced to account for the
amount of canceled notes. The principal due on the loans is
therefore significantly higher than the principal component
considered in the reported DSCR.
S&P said, "In our view, this discrepancy reduces the effectiveness
of the two main covenant tests--financial covenant and restricted
payment condition (RPC)--in a prepayment scenario in that the
reported DSCR does not reflect principal that is due. Notably, the
transaction currently meets its RPC test, which allows cash up-
streaming to the parent company. Consequently, in our modifier
analysis, we reduced the resilience-adjusted anchor of the senior
notes by one notch."
RATING RATIONALE
Unique Finance's primary sources of funds for principal and
interest payments on the outstanding class A3, A4, M, and N notes
are the loan interest and principal payments from the borrower,
which are ultimately backed by future cash flows generated by the
operating assets.
The borrower also benefits from a cash reserve with a target
balance of GBP65 million that is exclusively available to cover
senior fees and expenses and service the loans. This reserve's
target balance is maintained at GBP65 million until all of the
class A notes have been repaid, amortizing pro rata with the class
N notes thereafter.
An amortizing tranched liquidity facility is also available at the
issuer level and sized to cover, in combination with the cash
reserve, 18 months of peak debt service (see "Ratings Unchanged In
U.K. Corporate Securitization Unique Pub Finance Co. Following
Reduced Liquidity Facility," published on Nov. 25, 2016).
S&P said, "Our cash flow analysis serves to both assess whether
cash flows will be sufficient to service debt through the
transaction's life and to project minimum DSCRs in base-case and
downside-case scenarios. Our base-case EBIDTA and operating cash
flow projections for FY 2018 and the company's fair business risk
profile rely on our corporate methodology. Beyond FY 2018 our
base-case and downside EBITDA projections are based on our "Global
Methodology And Assumptions For Corporate Securitizations," from
which we then apply assumptions for capital expenditures (capex)
and taxes to arrive at our projections for the cash flow available
for debt service. For Unique, our assumptions were: Maintenance
capex: The transaction does not implement any minimum capex
covenant. We therefore considered an annual amount of GBP12.7
million over the transaction's life, which is line with the
average level spent over the last few years. We deem this level to
be sufficient to keep the assets in a satisfactory condition.
Development capex: Nil over the transaction's life. Specifically,
in financial year 2018 (FY 2018), we assume the borrower will
reinvest the proceeds sitting in the disposals account.
Thereafter, as we assume no growth and in line with our corporate
securitization criteria, we consider no investment capex.
Tax: GBP11.2 million annually in our base-case scenario based on a
corporate tax rate of 19.5%, also applied in the downside
scenario."
CLASS A3 and A4 NOTES
S&P's ratings on the senior class A3 and A4 notes address the
timely payment of interest and principal due on the notes.
Base-Case Projections
S&P's base-case scenario gives credit to growth through the end of
FY 2018. In line with its criteria, S&P does not consider any
growth after FY 2018. S&P established an anchor of 'b+' for the
class A3 and A4 notes based on:
-- S&P's assessment of Unique Properties' fair business risk
profile, which it associates with a business volatility score
of 4;
-- The minimum DSCR achieved in S&P's base-case analysis, which
considers only operating-level cash flows and the GBP65
million cash reserve available to the borrower to service
loans, but does not give credit to issuer-level structural
features (such as the tranched liquidity facility);
-- S&P's assessment of the operating company's credit quality,
which constitutes a floor for the anchor; and
-- The distribution of the tranches' forecast DSCRs.
The notes are fully amortizing and up to March 2021 the A3 and A4
senior notes will amortize concurrently, which we project will
represent a significant level debt service compared to the cash
flow generation potential under our base case. Our forecast DSCRs
for the class A4 notes improve significantly as soon as the A3
notes fully redeem in March 2021.
Downside Scenario
S&P said, "Our downside DSCR analysis tests whether the issuer-
level structural enhancements improve the transaction's resilience
under a stress scenario. Unique Finance falls within the pubs,
restaurants, and retail industry. Considering leased and tenanted
U.K. pubs' historical performance during the financial crisis, in
our view a 25% decline in EBITDA from our base case is appropriate
for the leased and tenanted pub sub-sector. Our downside DSCR
analysis resulted in a satisfactory resilience score for the class
A3 and A4 notes. The combination of a satisfactory resilience
score and the 'b+' anchor derived in the base case results in a
resilience-adjusted anchor of 'bb' for the senior notes."
Lastly, the GBP152 million liquidity facility balance dedicated to
the senior notes represents a significant level of liquidity
support, measured as a percentage of the current outstanding
balance of the notes it supports. Given that the full two notches
above the anchor have been achieved in the resilience-adjusted
anchor, S&P considers a one-notch increase, warranted as part of
our downside analysis.
Modifiers Analysis
S&P said, "As explained above, we believe that in a notes'
prepayment scenario, the financial covenant set implemented in the
transaction is weaker than for comparable whole business
securitization transactions. Therefore, we reduced the resilience-
adjusted anchor by one notch in our modifiers analysis."
CLASS M AND N NOTES
S&P's ratings on the mezzanine class M and junior class N notes
only address the ultimate repayment of principal and interest on
or before their legal final maturity dates in March 2032.
Under the conditions of the notes, if the issuer has insufficient
available funds to pay principal and interest due, then the unpaid
amounts are deferred and ultimately due in March 2032, along with
accrued interest on the deferred amounts. An event of default for
the class M and class N notes may only be called if there is still
any principal or (deferred) interest outstanding at legal maturity
in 2032.
Base-Case Projections
S&P's established an anchor of 'b' for the class M and N notes
based on:
-- S&P's assessment of Unique Properties' fair business risk
profile, which we associate with a business volatility score
of 4;
-- The minimum DSCR achieved in our base-case analysis, which
considers only operating-level cash flows and the GBP65
million cash reserve available to the borrower to service
loans, but does not give credit to issuer-level structural
features (such as the tranched liquidity facility); and
-- S&P's assessment of the operating company's credit quality,
which constitutes a floor for the anchor.
Downside Scenario
S&P's downside DSCR analysis resulted in a weak resilience score
for the class M and N notes, considering their ability to defer
payments. The combination of a weak resilience score and the 'b'
anchor derived in the base case results in a resilience-adjusted
anchor of 'b+' for the class M and N notes.
These junior notes are not eligible for the one-notch increase
linked to the significant liquidity support, as their weak
resilience score is not sufficient to achieve the maximum two-
notch uplift in their resilience-adjusted anchor above their
anchor.
Modifiers Analysis
Although the protections afforded to the junior notes by the
covenants are weak, in S&P's view, they are not worse than those
provided to the junior noteholders in other transactions where the
borrower is rated within the 'B' category. Therefore, S&P has not
applied any negative adjustment at the junior level.
Comparable Rating Analysis
S&P applied a one-notch decrease to the junior class N notes to
reflect their subordination and higher leverage compared to the
mezzanine class M notes.
COUNTERPARTY RISK
S&P said, "Due to weaker replacement provisions in the related
agreements, we do not consider the liquidity facility and bank
account providers to be in line with our current counterparty
criteria (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013). As a result, the
application of these criteria caps the ratings at no higher than
our long-term issuer credit ratings on the bank account providers,
National Westminster Bank PLC and Barclays Bank PLC, and the
liquidity facility provider, The Royal Bank of Scotland PLC."
OUTLOOK
S&P said, "A change in our assessment of the company's business
risk profile would likely lead to rating actions on the notes. We
would require higher/lower DSCRs for a weaker/stronger business
risk profile to achieve the same anchor.
"Similarly, a change in our assessment of the operating company's
credit quality would likely lead to rating actions on the notes.
Indeed, in the context of low DSCRs, the borrower's
creditworthiness constitutes a floor for the anchors in our base-
case scenario."
UPSIDE SCENARIO
S&P does not currently see a scenario that would lead us to
raising our assessment of Unique's business risk profile.
DOWNSIDE SCENARIO
S&P said, "We could also lower our ratings on the notes if we were
to lower the business risk profile to weak from fair. This could
occur if cost headwinds result in a sharp decline in reported
EBITDA or margin."
RATINGS LIST
Unique Pub Finance Co. PLC
GBP1.778 Billion Fixed- And Floating-Rate Asset-Backed Notes
Class Rating
To From
Ratings Lowered
A3 BB (sf) BBB- (sf)
A4 BB (sf) BBB- (sf)
M B+ (sf) BB- (sf)
Rating Affirmed
N B (sf)
* SCOTLAND: Tough Times Continue on High Street
-----------------------------------------------
The Scotsman reports that the challenging conditions on the high
street continued into last month with a fall in the overall value
of sales north of the Border.
The latest retail sales monitor from the Scottish Retail
Consortium (SRC) and KPMG, published Nov. 15, 2017, reveals a 1
per cent fall in sales on a like-for-like basis, compared to
October 2016, according to The Scotsman. Total sales, which
factor in new store openings and extra selling space, dipped by
0.8 per cent, year-on-year, the report relays. The weak
performance came despite the highest food growth recorded in four
years last month, the report notes. Ewan MacDonald-Russell, head
of policy and external affairs at the Scottish Retail Consortium
(SRC), said: "Halloween wasn't enough to stave off hard times on
the high street for non-food retailers who suffered the most
challenging month's performance in almost five years, the report
says.
"The gap between grocery and non-food sales continues to grow.
Food sales are still relatively strong, although still being
partially driven by inflation," the report quoted Mr. MacDonald-
Russell as saying. Adjusted for the estimated effect of online
sales, total non-food takings fell by 4.4 per cent versus October
2016, when they had increased by 1.7 per cent, the report notes.
The report relays that Craig Cavin, head of retail in Scotland for
KPMG, added: "Retailers will be disappointed with October's
figures. Unseasonably mild weather, coupled with Black Friday
looming and limited promotional activity in October, meant
retailers failed to persuade customers to open their wallets. Big
ticket electrical launches timed for Christmas will play a role in
recovering non-food losses."
===============
X X X X X X X X
===============
* S&P: Emerging Markets Push Global Corp. Default Tally to 83
-------------------------------------------------------------
The 2017 global corporate default tally rose to 83 after four
issuers defaulted, said S&P Global Fixed Income Research in a Nov.
16, 2017 article titled "Emerging Markets Push The Global
Corporate Default Tally To 83." Three of the defaults were from
emerging markets: Venezuela-based Petroleos de Venezuela S.A. and
Corporacion Electrica Nacional S.A. and Kazakhstan-based Bank RBK
JSC. The remaining default was U.S.-based J.G. Wentworth LLC.
"By country, Venezuela and Kazakhstan lead emerging market
defaults in 2017 with two each," said Diane Vazza, head of S&P
Global Fixed Income Research.
The U.S. continues to hold the highest share of defaults, with 55
(66.3%), followed by Europe with 12 (14.5%), emerging markets with
nine (10.8%), and other developed markets (Australia, Canada,
Japan, and New Zealand) with seven (8.4%).
Distressed exchanges have been the predominant reason for default
in 2017, accounting for 32 defaults, followed by 22 bankruptcy-
related defaults (Chapter 11 or 15), 19 defaults due to missed
interest or principal payments, nine confidential defaults, and
one default due to regulatory intervention.
* BOND PRICING: For the Week November 13 to November 17, 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 * * *