/raid1/www/Hosts/bankrupt/TCREUR_Public/180108.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, January 8, 2018, Vol. 19, No. 005
Headlines
G E R M A N Y
NIKI LUFTFAHRT: Higher Ct. to Rule on Fairplane's Legal Challenge
G R E E C E
GREECE: May Exit Bailout Program This Year, HSBC Says
I T A L Y
BANCA POPOLARE DI MILANO: Egan-Jones Withdraws BB Unsec. Ratings
BANCO POPOLARE SC: Egan-Jones Withdraws 'B-' Unsec. Debt Ratings
FINO 1 SECURITISATION: DBRS Rates EUR40MM Class C Debt 'BBsf'
L U X E M B O U R G
ALTISOURCE PORTFOLIO: S&P Affirms 'B' ICR, Outlook Stable
ALTISOURCE PORTFOLIO: Egan-Jones Cuts FC Unsec. Debt Rating to B+
PINNACLE HOLDCO: S&P Withdraws 'CCC' CCR on Emerson Electric Deal
RUMO LUXEMBOURG: S&P Rates New $500MM Senior Unsecured Notes 'B+'
N E T H E R L A N D S
TOCARDO INTERNATIONAL: Enters Into Insolvency Proceedings
P O R T U G A L
EDP-ENERGIAS DE PORTUGAL: Egan-Jones Hikes Unsec. Ratings to BB+
R O M A N I A
DIAVIST PRODUCT: Cris-Tim Buys Insolvent Prahova Plant
OLTCHIM RAMNICU: Chimcomplex Acquires Several Assets
R U S S I A
SISTEMA PJSFC: S&P Puts 'B+' CCR on CreditWatch Negative
S P A I N
CAIXABANK PYMES 8: DBRS Confirms 'CC' Rating on Series B Notes
CAIXABANK PYMES 9: DBRS Finalizes CCC Rating on Series B Notes
SANTANDER CONSUMER 2014-1: DBRS Ups Class D Notes Rating to B(sf)
WIZINK MASTER: DBRS Finalizes BB(high) Rating on C2017-03 Notes
S W E D E N
HOIST FINANCE: Moody's Assigns ba3 Baseline Credit Assessment
SAS AB: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB
T U R K E Y
FLEETCORP OPERASYONEL: S&P Assigns 'B/B' ICRs, Outlook Stable
U N I T E D K I N G D O M
AVENTA CAPITAL: Creditors Back Company Voluntary Arrangement
HOUSE OF FRASER: Plans to Cut Size of Stores, CVA Rumors Emerge
RAPTOR COMMERCE: Director Banned for 13 Years Over Tax Evasion
TOWER BRIDGE: DBRS Confirms BB(high) Rating on Class E Debt
X X X X X X X X
* BOND PRICING: For the Week January 1 to January 5, 2018
*********
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G E R M A N Y
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NIKI LUFTFAHRT: Higher Ct. to Rule on Fairplane's Legal Challenge
-----------------------------------------------------------------
Maria Sheahan and Alistair Smout at Reuters report that a Berlin
court on Jan. 4 rebuffed a legal challenge to the insolvency
filing of airline Niki, which could derail the sale of the Air
Berlin unit to Britain's IAG, and referred the case to a higher
court for a ruling.
Following hurried talks to find a new owner for Niki before it
loses its valuable runway slots, British Airways owner IAG agreed
on Dec. 29 to buy the business and make it part of its low-cost
unit Vueling, Reuters recounts.
But Fairplane, a group representing airline passengers, said on
Jan. 2 it had filed legal cases to have the insolvency
proceedings for Niki shifted to Austria from Germany, which could
unravel the sale, Reuters relates.
Fairplane argues Niki, which is registered as a company in
Austria, had been profitable but lost access to bridge financing
when insolvency proceedings were opened in Germany in December,
Reuters discloses.
According to Reuters, the Charlottenburg court said on Jan. 4 it
still believed that Niki was in its jurisdiction because its
"center of main interest" was in Berlin, where parent Air Berlin
was based, according to a statement by Berlin's civil courts.
"The debtor (Niki) appeared to its business partners in a manner
that showed it subordinated its corporate identity to Air Berlin
PLC & Co. Luftverkehrs KG," Reuters quotes the statement as
saying.
The higher court, Berlin's regional court, will rule on the
matter shortly, the statement, as cited by Reuters, said, without
being more specific.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
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G R E E C E
===========
GREECE: May Exit Bailout Program This Year, HSBC Says
-----------------------------------------------------
Global Insolvency, citing the Financial Times, reports that
Greece may be able to exit the bailout programme established by
international authorities as soon as this year, HSBC has said, in
a sign of just how far the eurozone has come since the depths of
the debt crisis in 2011.
According to Global Insolvency, Fabio Balboni, European economist
at HSBC, said the country last year regained access to capital
markets, its economy is looking less dreary, and it will have
enough cash reserves in August of this year to finance itself for
the next "year or so".
"For a number of years, there has been concern about a possible
Greek exit from the eurozone. But, having regained access to
markets last year, in 2018 Greece might exit its bailout
programme instead, after eight long years, and nine finance
ministers," Global Insolvency quotes Mr. Balboni as saying.
However, it is less clear whether Greece will be able to make a
clean break, one without a follow-up scheme, Global Insolvency
states.
"A 'clean' exit might be feasible, at least for a period. But a
precautionary programme, or at least 'enhanced' post-programme
surveillance, might be needed to ensure Greek bonds remain
eligible in the ECB refinancing operations," Mr. Balboni, as
cited by Global Insolvency, said.
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I T A L Y
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BANCA POPOLARE DI MILANO: Egan-Jones Withdraws BB Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 13, 2017, withdrew the BB
local currency and foreign currency senior unsecured ratings on
debt issued by Banca Popolare di Milano Scarl.
Banca Popolare di Milano Scarl (BPM) attracts deposits and offers
commercial banking services. The Bank offers brokerage, trust,
lease financing, asset management, private banking, and factoring
services, manages mutual funds, and offers insurance services.
BPM serves its customers through a branch network located
primarily in Italy, London, and New York.
BANCO POPOLARE SC: Egan-Jones Withdraws 'B-' Unsec. Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 27, 2017, withdrew the B-
foreign currency and local currency senior unsecured ratings on
debt issued by Banco Popolare SC.
Banco Popolare Societa Cooperativa was an Italian bank, formed in
2007 from the merger of Banco Popolare di Verona e Novara and
Banca Popolare Italiana. The bank merged with Banca Popolare di
Milano on January 1, 2017.
FINO 1 SECURITISATION: DBRS Rates EUR40MM Class C Debt 'BBsf'
-------------------------------------------------------------
DBRS Ratings Limited assigned ratings to Fino 1 Securitisation
s.r.l. as follows:
-- EUR650,000,000 Class A at BBB (high) (sf)
-- EUR29,640,000 Class B at BB (high) (sf)
-- EUR40,000,000 Class C at BB (sf)
The notes are backed by a portfolio of secured and unsecured
Italian non-performing loans originated by UniCredit S.p.A.
(UniCredit). The majority of loans in the portfolio defaulted
between 2010 and 2017 and are in various stages of the resolution
process. The loans are serviced by doBank S.p.A. (doBank).
Given the nature of the collateral and the defaulted status of
all loans included in the portfolio, the collections received
will be the primary source of payment under the notes. As a
result, there is a significant reliance on doBank's ability and
performance as servicer in executing the business plan. DBRS
views the granularity of the portfolio, the presence of a cash
reserve and the experience of the servicer as mitigating factors
for this risk.
The ratings are based on the following analytical considerations:
-- DBRS's analysis of the projected recoveries of the underlying
collateral;
-- The historical performance of the portfolio;
-- The expertise of the servicer;
-- The availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses;
-- The cap agreement with HSBC France; and,
-- The transaction's legal and structural features.
In its analysis, DBRS assumed that all loans are disposed through
a judicial resolution strategy. Both the DBRS timing and value
stresses are based on the historical repossessions data of the
servicer, doBank. DBRS's BBB (high) (sf), BB (high) (sf) and BB
(sf) ratings assume a haircut of 23.9%, 19.5% and of 19.0%,
respectively, to the servicer's business plans for the portfolio.
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L U X E M B O U R G
===================
ALTISOURCE PORTFOLIO: S&P Affirms 'B' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings said it affirmed its 'B' long-term issuer
credit rating on Altisource Portfolio Solutions S.A. In addition,
S&P removed the ratings from CreditWatch with negative
implications, where it placed them on May 1, 2017. The outlook is
stable.
S&P said, "The rating action reflects our expectation that the
company will reach a services agreement with NRZ that will not
affect leverage. Altisource and NRZ signed a letter of intent to
enter into a services agreement that reduces the risk of
Altisource losing Ocwen-related revenues. Altisource derived 75%
of its revenue from Ocwen for 2016, and 57% of Ocwen's total
unpaid principal balance (UPB) is of loans for which the rights
have been sold to NRZ. In August 2017, Altisource reached a
cooperative brokerage agreement with NRZ through which NRZ can
receive commissions for each real estate owned property sold by
Altisource and its affiliates on behalf of NRZ but continues to
be in talks to reach a final services agreement."
Outlook
S&P said, "The stable outlook on Altisource reflects S&P Global
Ratings' view that Altisource will eventually reach a services
agreement with NRZ. We expect that Altisource will continue to
execute on its strategy to grow non-Ocwen-related revenues and
that management will continue to look for ways maintain stable
leverage. We expect that revenues will remain concentrated in
products and services that are focused on the domestic mortgage
and real estate industry, an industry that we believe is prone to
cyclicality, which will limit our assessment of Altisource's
business risk over the long term. Additionally, we expect that
the firm will operate with a debt-to-EBITDA ratio of 2.5x-3.0x
during the next 12 months from a combination of debt purchases
and EBITDA stabilization."
Upside scenario
S&P could raise the rating during the next 12 months if
Altisource continues to focus maintaining stable leverage and is
able to grow non-Ocwen/NRZ-related EBITDA.
Downside scenario
S&P said, "We could lower the rating during the next 12 months if
the firm is unable to grow non-Ocwen-related revenues, resulting
in an increase in its debt-to-EBITDA ratio to above 3x. We could
also lower the rating if we expect a material change to the
company's relationship with Ocwen or NRZ, such that a large
portion of the firm's revenues are at risk."
ALTISOURCE PORTFOLIO: Egan-Jones Cuts FC Unsec. Debt Rating to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on December 8, 2017, lowered the
foreign currency senior unsecured rating on debt issued by
Altisource Portfolio Solutions SA to B+ from BB-.
Altisource Portfolio Solutions S.A. was incorporated in 1999 and
is headquartered in Luxembourg. It operates as a marketplace and
transaction solutions provider for the real estate, mortgage, and
consumer debt industries in the United States.
PINNACLE HOLDCO: S&P Withdraws 'CCC' CCR on Emerson Electric Deal
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC' corporate credit rating on
Luxembourg-based Pinnacle Holdco S.ar.l. (d/b/a Paradigm) due to
the close of its acquisition by Emerson Electric Co.
(A/Stable/--). S&P also withdrew its issue-level ratings on
Paradigm's credit facilities.
RUMO LUXEMBOURG: S&P Rates New $500MM Senior Unsecured Notes 'B+'
-----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' issue-level
rating to Rumo Luxembourg S.a.r.l.'s proposed senior unsecured
notes due 2025. The proposed notes, which amount to $500 million,
will be fully and unconditionally guaranteed by Brazil-based rail
transportation company Rumo S.A. (Rumo; BB-/Stable/B), the parent
of Rumo Luxembourg. Rumo will use proceeds from the notes to
prepay debt at its operating subsidiaries, mainly Rumo Malha
Norte, as part of the company's liability management efforts to
strengthen Rumo's capital structure by reducing debt costs and
improving the debt maturity schedule.
The 'B+' rating on the proposed notes is one notch below Rumo's
long-term corporate credit rating of 'BB-'. This is mainly to
reflect the recovery rating of '5' on the unsecured debt at the
holding company, given the modest recovery expectation of 10%-30%
(rounded at 10%). Rumo is a nonoperating holding company, and S&P
expects its operating subsidiaries to continue to carry the bulk
of the group's debt, even after debt prepayments. Therefore, S&P
believes the proposed notes are structurally subordinated to the
operating subsidiaries' debt.
S&P said, "Additionally, following the placement of the proposed
notes, we assume that Rumo will incur significantly less secured
debt at the subsidiaries than we previously expected. As a
result, our recovery expectations for Rumo Luxembourg's senior
unsecured 2024 notes improved to 65% (rounded estimate), compared
with the previous level of 45%, since our recovery rating on the
existing notes improved to '3' from '4', but with no changes to
the 'BB-' rating."
RECOVERY ANALYSIS
Key analytical factors
S&P said, "We have assigned a 'B+' rating to Rumo's proposed
senior unsecured notes, which reflects a recovery rating of '5',
given the modest recovery expectation of 10%-30%, (rounded 10%).
The recovery rating mainly reflects high debt at the operating
subsidiaries and the subsequent structural subordination of the
proposed notes.
"In our recovery scenario, we assume the company would
restructure rather than be liquidated. We believe Rumo is
economically important to the region where it operates and that,
due to the size of its operations, it's unlikely that Rumo would
be immediately replaced by other players in the railroad segment
or by competing transportation modes such as trucking. The
emergence EBITDA of R$1.2 billion reflects the capital intensity
of the industry as well as the size of the company's operations.
We apply a 5.5x multiple, which we use as an average for the
industry in a default scenario and which is in line with that for
comparable peers, such as MRS Logistica S.A. (BB/Negative/--)."
The payment waterfall would provide some level of priority to
debt issued at the subsidiaries, and any debt issued at the
holding company would be structurally subordinated to the debt at
the subsidiaries. In a similar manner, deficiency claims that
have a corporate guarantee from the holding company would be
treated as pari passu with the holding company's unsecured debt.
Therefore, the proposed notes' recovery prospects reflect the
expected recovery of the unsecured debt at the holding company
through the unconditional guarantee of the notes.
The use of proceeds from the notes, combined with resources from
the recent R$2.6 billion capital increase at Rumo, will be used
to prepay debt at Rumo's subsidiaries. S&P said, "Therefore, we
no longer assume the use of additional secured loans in our base
case. We expect the recovery of unsecured debt at Rumo Malha
Norte to improve materially, and thus we are now changing our
recovery rating on Rumo's existing $750 million notes due 2024 to
'3' from '4', given the meaningful expected recovery of 65%
(rounded estimate)."
Simulated default and valuation assumptions
-- Year of default: 2022
-- EBITDA at emergence: R$1.2 billion
-- Implied enterprise value multiple: 5.5x
Simplified waterfall
-- Gross enterprise value at default: R$6.8 billion, of which
65% corresponds to Rumo Malha Norte
-- Administrative costs: 5%
-- Net value available to creditors: R$6.4 billion
-- Secured debt claims: R$2.4 billion
-- Unsecured debt claims: R$6.9 billion, of which R$4 billion is
at Rumo Malha Norte, including the notes due 2024
-- Recovery expectation for unsecured debt at Rumo Malha Norte:
50%-70%
-- Recovery expectation for unsecured debt at Rumo: 10%-30%
RATINGS LIST
New Ratings
Rumo Luxembourg S.a.r.l.
Senior Unsecured B+
Recovery Rating 5(10%)
Rating Affirmed; Recovery Rating Revised
To From
Rumo Luxembourg S.a.r.l.
Senior Unsecured BB- BB-
Recovery Rating 3(65%) 4(45%)
=====================
N E T H E R L A N D S
=====================
TOCARDO INTERNATIONAL: Enters Into Insolvency Proceedings
---------------------------------------------------------
reNEWS reports that Dutch tidal developer Tocardo International
has entered into insolvency proceedings after it was granted
temporary deferral of payment to creditors.
According to the report, Tocardo sought 'surseance van betaling'
-- the Dutch equivalent of Chapter 11 bankruptcy protection --
which gives the Den Oever company temporary relief against its
creditors in order to reorganise and continue its business.
The company will participate in a creditors meeting on March 27,
reNEWS discloses.
The report relates that the move follows the decision made by
Tocardo's major shareholder Tribute Resources to discontinue
plans to take 100% ownership.
The Canadian outfit currently holds 46.5% of Tocardo, but the
companies were unable to reach an agreement for an exchange of
Tribute shares for the remaining 53.5%, the report says.
reNEWS adds that Tribute said it is evaluating its options with
respect to its Nova Scotia projects including the deployment up
to three 1.33MW Tocardo UFS devices by 2020 at FORCE in the Bay
of Fundy.
It remains possible that Tocardo will be chosen as the turbine
supplier under an EPC arrangement, Tribute added, reNEWS relays.
===============
P O R T U G A L
===============
EDP-ENERGIAS DE PORTUGAL: Egan-Jones Hikes Unsec. Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 15, 2017, raised the
local currency and foreign currency senior unsecured ratings on
debt issued by EDP - Energias de Portugal SA to BB+ from BB.
EDP - Energias de Portugal, S.A. generates, distributes, and
supplies electricity in Portugal, Spain, France, Belgium, Poland,
Romania, Italy, the United Kingdom, the United States, and
Canada. The Company was founded in 1976 and is headquartered in
Lisbon, Portugal.
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R O M A N I A
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DIAVIST PRODUCT: Cris-Tim Buys Insolvent Prahova Plant
------------------------------------------------------
Romania-Insider.com reports that meat producer Cris-Tim has
acquired a plant in Prahova from Diavist Product, which has been
insolvent since 2012.
The report says the factory, which first became operational in
2000, has a production capacity of 20 tons of processed meat per
day. Cris-Tim has decided to buy it because it estimated its
factories in Filipestii de Padure will reach a maximum capacity
next year, Cris-Tim founder and president Radu Timis said,
Romania-Insider.com reports citing Profit.ro.
The Prahova plant recorded a turnover of RON25.8 million
(EUR5.5 million) and a loss of almost RON600,000 (EUR129,500)
last year, Romania-Insider.com discloses. The factory became
insolvent as a result of the economic crisis, the report says.
This led to a decrease in the number of products sold and
contracts concluded with various clients, as well as no new
contracts with big retailers.
The plant had total debts of RON17.7 million (EUR4 million) in
2012. These dropped to RON14.4 million (EUR3.1 million) in 2016,
according to Romania-Insider.com.
The factory's customers currently include Cora, Selgros and
Kaufland, adds Romania-Insider.com.
OLTCHIM RAMNICU: Chimcomplex Acquires Several Assets
----------------------------------------------------
Romania-Insider.com reports that Chimcomplex Borzesti, owned by
Romanian investor Stefan Vuza, will take over several assets of
the insolvent chemical producer Oltchim Ramnicu Valcea.
According to Romania-Insider.com, Economica.net said the
consortium of judicial administrators made of BDO Business
Restructuring and Rominsolv approved on Dec. 18 the asset sale
contract concluded between Oltchim and Chimcomplex Borzesti.
Chimcomplex will take over Oltchim's most important production
assets for EUR127 million, plus VAT, the report says.
Romania-Insider.com relates that Dynamic Selling Group also
wanted to buy some of Oltchim's assets for EUR1.9 million, but
the offer was not accepted. The assets that haven't been sold
will be auctioned off again.
Oltchim, which used to be Romania's biggest chemical producer,
went into insolvency in early 2013. The company's debts amounted
to some EUR800 million at that time. Oltchim's assets were put up
for sale in 2016.
Stefan Vuza plans to build a big Romanian chemical producer
around Chimcomplex and Oltchim, the report notes.
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R U S S I A
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SISTEMA PJSFC: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
S&P Global Ratings changed its CreditWatch implications to
negative from developing on its 'B+' long-term corporate credit
rating on Russian investment holding company Sistema (PJSFC) and
its 'B+' issue rating on the company's $500 million senior
unsecured loan facility, funded with the proceeds of the notes
issued by orphan special-purpose vehicle Sistema International
Funding S.A. (not rated). S&P originally placed the ratings on
CreditWatch developing on Dec. 6, 2017.
S&P said, "We have corrected the issue rating on the $500 million
senior unsecured notes issued by Sistema International Funding by
lowering it to 'B+' from 'BB-'. We have subsequently placed the
'B+' issue rating on CreditWatch negative, in line with the other
ratings on Sistema.
"At the same time, we changed our CreditWatch implications to
negative from developing on our 'BB' long-term corporate credit
rating on Russian mobile operator Mobile TeleSystems PJSC (MTS),
50.004% owned by Sistema, and our 'BB' issue rating on MTS'
senior unsecured debt. We originally placed the ratings on MTS on
CreditWatch developing on Dec. 12, 2017."
The CreditWatch placements reflect the risk that Sistema's
liquidity could weaken as a result of the settlement with state-
run Oil Company Rosneft OJSC. As a result of the amicable
agreement, Sistema will need to pay Russian ruble (RUB) 100
billion (about $1.7 billion) to Rosneft in three installments:
RUB20 billion paid on Dec. 28, 2017, RUB40 billion by end-
February 2018, and the remaining RUB40 billion by end-March 2018.
S&P said, "We understand that Sistema has financed the first
installment with unfrozen dividends from MTS plus its own cash.
Sistema will use new debt to finance the other two installments,
and we understand Sistema has a clear financing plan with
Sberbank and the Russian Direct Investment Fund (RDIF). That
said, we anticipate that the debt from RDIF will be short term
and that Sistema may resort to a more sustainable refinancing
source subsequently." Furthermore, Sistema will face sizable
maturities of around $770 million over the 24 months to September
2019, including a $500 million Eurobond due May 2019.
S&P said, "In addition, we estimate that Sistema will add up to
RUB80 billion to its existing financial liabilities of RUB149
billion (as of the end of third-quarter 2017, including around
RUB25 billion of other financial liabilities, primarily including
the liability to the Russian government for the Indian telecom
asset, SSTL). As such, we calculate that Sistema's loan-to-value
(LTV) ratio will increase to 40%-45% from below 30%, all else
remaining equal.
"Positively, we acknowledge that the value of Sistema's portfolio
remains supported by the solid credit quality and strong
performance of its key listed assets, including MTS, in which
Sistema holds 50.004%, and Detski Mir, in which Sistema holds
52%. The value of these two assets represent 65%-70% of Sistema's
total portfolio, by our estimates. We understand that Sistema may
consider some monetization of its assets, which would help the
company manage the refinancing risk and facilitate deleveraging.
However, any major divestment -- particularly of MTS shares -- is
not part of our current base case for Sistema.
"Sistema's capacity to borrow new debt or divest assets is
constrained by its ratio of net debt to consolidated OIBDA
(operating income before depreciation and amortization) at 3.5x,
as per the maintenance covenant. Given the current portfolio
setup, we estimate this covenant allows for additional debt of
around RUB200 billion, and we do not see any risk related to
Sistema seeking up to RUB80 billion of new debt. As of the end of
third-quarter 2017, net debt to consolidated OIBDA stood near
2.4x. However, the maintenance covenant could restrict divestment
of MTS, which generated around 90% of Sistema's total OIBDA in
the first nine months of 2017, if this were part of the base
case."
S&P expects to resolve the CreditWatch on Sistema within the next
three months and will focus on the following developments:
-- The terms of the new financing used to fund the settlement
with Rosneft. If the new financing is short term, it could
weigh on S&P's assessment of Sistema's liquidity and result
in a lower rating.
-- Availability of committed credit sources for refinancing,
notably including the Eurobond due 2019.
-- Sistema's longer-term strategy regarding portfolio
management, including potential asset sales, and its impact
on its LTV ratio.
-- Changes to the dividend policy of its subsidiaries, which
could support deleveraging at Sistema.
-- Modifications to Sistema's broader financial policy and own
dividend policy.
-- Any residual risks of litigation.
S&P said, "We could take a negative rating action if Sistema's
new capital structure represents a near-term refinancing risk,
which may be exacerbated by the upcoming maturities in its
existing portfolio, including the Eurobond due May 2019.
"We could also lower the rating if Sistema's LTV ratio increases
above 45% as a result of lower-than-expected portfolio value (for
example, due to underperformance at MTS, which is not our base
case) or because of divestment of some assets not sufficiently
balanced by parallel debt reduction.
"Finally, we could lower the rating if we see a material risk of
future litigations that incur more cash outflows for Sistema.
"We could affirm the rating if Sistema were to obtain long-term
financing sources to cover the settlement with Rosneft and
achieve and sustain adequate liquidity in the longer term,
including with the upcoming Eurobond repayment. This should be
combined with an LTV ratio sustainably below 45% and absence of
material risks of future litigations.
"We expect to resolve the CreditWatch on MTS when we resolve the
CreditWatch on Sistema. We could downgrade MTS if we downgrade
Sistema. This is because, given the current governance setup and
our rating approach, the rating on MTS can be no more than two
notches higher than our rating on Sistema.
"We could affirm the rating on MTS if its stand-alone credit
profile remains at least at 'bb' and pressure on Sistema eases,
or if MTS' links with Sistema were to weaken."
=========
S P A I N
=========
CAIXABANK PYMES 8: DBRS Confirms 'CC' Rating on Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited took rating actions on the following Notes
issued by CaixaBank PYMES 8, FT (the Issuer):
-- Series A Notes upgraded to A (sf) from A (low) (sf)
-- Series B Notes confirmed at CC (sf)
The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Final Maturity Date (January 2054), while the rating on the
Series B Notes addresses the ultimate payment of interest and
ultimate payment of principal on or before the Final Maturity
Date.
The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of level of delinquencies and
defaults, as of October 2017;
-- Updated portfolio default rate, recovery rate and expected
loss assumptions for the remaining collateral pool; and
-- The current available credit enhancement (CE) to the Series A
and Series B Notes to cover expected losses assumed in line
with the A (sf) and CC (sf) rating levels, respectively.
The transaction is a cash flow securitisation collateralised by a
portfolio of loans and current drawdowns of a revolving mortgage
credit line originated by CaixaBank, S.A. (the Originator) to
small- and medium-sized enterprises and self-employed individuals
based in Spain.
PORTFOLIO PERFORMANCE
As of October 18, 2017 cut-off date, the overall portfolio
consisted of 27,649 loans with an aggregate principal balance of
EUR 1.8 billion.
The portfolio is performing within DBRS's expectations. The
percentage of outstanding balance of loans in arrears for more
than 90 days was at 0.9% in terms of the outstanding portfolio.
The cumulative default ratio was at 0.03% in terms of the initial
portfolio amount.
PORTFOLIO ASSUMPTIONS
DBRS conducted a loan-by-loan analysis on the remaining pool and
updated its portfolio default and recovery assumptions on the
outstanding portfolio to 25.9% and 36.8%, respectively, at the A
(sf) rating level, 6.5% and 47.5%, respectively, at the CC (sf)
rating level.
CREDIT ENHANCEMENT
As of October 2017, the CE to the Series A Notes and Series B
Notes was 21.4% and 5.1% respectively up from 17.1% and 4.1% at
closing. The CE of the Series A Notes considers the subordination
of Series B Notes and the cash reserve (CR). The CR is available
to cover missed interest and principal payments on the Series A
Notes and Series B Notes throughout the life of the transaction.
CaixaBank, S.A acts as the Transaction Account Bank for the
transaction. On the basis of the DBRS public Long-Term Critical
Obligations Rating of CaixaBank at A (high) and the mitigants
outlined in the transaction documents, DBRS considers the risk
arising from the exposure to the Account Bank to be consistent
with the rating assigned to the Series A Notes.
CAIXABANK PYMES 9: DBRS Finalizes CCC Rating on Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
notes issued by CAIXABANK PYMES 9, FT (the Issuer):
-- EUR1,628.0 million Series A Notes (the Series A Notes) rated
A (low) (sf)
-- EUR222.0 million Series B Notes (the Series B Notes; together
with the Series A Notes, the Notes) rated CCC (sf)
The transaction is a cash flow securitisation collateralised by a
portfolio of secured and unsecured loans and drawdowns of secured
and unsecured lines of credit originated by CaixaBank, S.A.
(CaixaBank or the Originator) to small- and medium-sized
enterprises and self-employed individuals based in Spain. As at
24 October 2017, the transaction's provisional portfolio included
36,785 loans and drawdowns of secured and unsecured lines of
credit to 32,816 obligor groups, totalling EUR 1,937 million.
The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Legal Maturity Date in March 2053. The rating on the Series B
Notes addresses the ultimate payment of interest and the ultimate
payment of principal on or before the Legal Maturity Date in
March 2053.
Interest and principal payments on the Notes will be made
quarterly on the 18th of March, June, September and December with
the first payment date on 19 March 2018. The Notes will pay an
interest rate equal to three-month Euribor plus 1.00% and 1.25%
margins for the Series A Notes and Series B Notes, respectively.
The provisional pool presents relatively low industry
concentration and is well diversified in terms of borrowers, with
the exception of the top borrower, which represents 1.72% of the
total portfolio balance. There is some concentration of borrowers
in Catalonia (26.19% of the portfolio balance), which is to be
expected given that Catalonia is the Originator's home region.
The top one, ten and 20 borrowers represent 1.72%, 5.49% and
8.19% of the portfolio balance, respectively. The top three
industry sectors according to DBRS's industry definition are
Building & Development, Farming & Agriculture and Business
Equipment & Services, representing 16.93%, 12.52% and 11.87% of
the portfolio outstanding balance, respectively.
These ratings are based on DBRS's review of the following items:
-- The transaction structure, form and sufficiency of available
credit enhancement and portfolio characteristics.
-- At closing, the Series A Notes benefit from total credit
enhancement of 16.55%, which DBRS considers to be sufficient to
support the A (low) (sf) rating. The Series B Notes benefit from
credit enhancement of 4.55%, which DBRS considers to be
sufficient to support the CCC (sf) rating. Credit enhancement is
provided by subordination and the Reserve Fund.
-- The Reserve Fund will be allowed to amortise after the first
two years if certain conditions relating to the performance of
the portfolio and deleveraging of the transaction are met.
-- The transaction parties' financial strength and capabilities
to perform their respective duties and the quality of
origination, underwriting and servicing practices.
DBRS determined these ratings as follows, per the principal
methodology specified below:
-- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
DBRS also compared the internal rating distribution of the
portfolio with the internal rating distribution of the loan book
and concluded that the portfolio was of better quality than the
overall loan book. DBRS determined the portfolio PD by combining
the historical performance information supplied with the loan
book internal rating distribution to adjust for positive
selection. DBRS assumed a combined annualised PD of 2.01% for
this portfolio.
-- The assumed weighted-average life (WAL) of the portfolio is
3.79 years.
-- The PD and WAL were used in the DBRS Diversity Model to
generate the hurdle rate for the target ratings.
-- The recovery rate was determined by considering the market
value declines for Spain, the security level and the type of
collateral. For the Series A Notes, DBRS applied the following
recovery rates: 54.00% for secured loans and 16.25% for unsecured
loans. For the Series B Notes, DBRS applied the following
recovery rates: 68.94% for secured loans and 21.5% for unsecured
loans.
-- The break-even rates for the interest rate stresses and
default timings were determined using the DBRS cash flow tool.
SANTANDER CONSUMER 2014-1: DBRS Ups Class D Notes Rating to B(sf)
-----------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
bonds issued by Santander Consumer Auto Spain 2014-1 (the
Issuer):
-- Class A Notes confirmed at A (sf)
-- Class B Notes confirmed at BBB (sf)
-- Class C Notes upgraded to BB (sf) from BB (low) (sf)
-- Class D Notes upgraded to B (sf) from B (low) (sf)
-- Class E Notes confirmed at C (sf)
The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies and
defaults, as of September 2017.
-- Portfolio default (PD) rate, loss given default and expected
loss assumptions for the remaining collateral pool.
-- Current available credit enhancement to the Class A, Class B,
Class C, Class D and Class E Notes to cover the expected losses
at their current rating levels.
-- Given the transaction is still in its revolving period, no
early amortisation events have occurred.
FTA Santander Consumer Spain Auto 2014-1 is a securitisation of a
portfolio of auto loan receivables issued in Spain and originated
and serviced by Santander Consumer E.F.C., S.A. (SCF).
PORTFOLIO PERFORMANCE, ASSUMPTIONS AND REVOLVING PERIOD
The transaction is still in its four-year revolving period during
which time the Issuer may purchase additional receivables,
scheduled to end in December 2018. There are concentration limits
and portfolio tests in place to mitigate any potential
deterioration. To date, all of them have been met. The upgrade on
the Class C and Class D Notes is driven by an updated worst-case
portfolio composition, given that the transaction has now
seasoned substantially and the revolving period will only persist
for one additional year.
As of the September 2017 payment date, the 90+ delinquency ratio
was at 0.7%, up from 0.5% the previous year. Cumulative net
losses were at 0.2%. DBRS has maintained its base case PD and LGD
assumptions at 11.69% and 49.70%, respectively.
CREDIT ENHANCEMENT
As at the September 2017 payment date, credit enhancement to the
Class A Notes stood at 12.0%, consisting of subordination of the
Class B, Class C and Class D Notes, and the reserve fund. Class B
credit enhancement was at 8.9%, consisting of subordination of
the Class C and Class D Notes and the reserve fund. Class C
credit enhancement was at 6.9%, consisting of subordination of
the Class D Notes and the reserve fund. Class D credit
enhancement was at 5.0%, consisting solely of the reserve fund.
The reserve fund covers senior fees, interest and principal on
the Class A, Class B, Class C and Class D Notes, and is permitted
to amortise once certain conditions have been met. The reserve
fund is currently at its target level of EUR 38 million. The
transaction includes a liquidity reserve and commingling reserve
that will be made available upon the breach of certain triggers.
Santander Consumer Finance S.A. is the account bank for the
transaction. The DBRS private rating of Santander Consumer
Finance S.A. complies with the Minimum Institution Rating given
the rating of the Class A Notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.
WIZINK MASTER: DBRS Finalizes BB(high) Rating on C2017-03 Notes
---------------------------------------------------------------
DBRS Ratings Limited finalised provisional ratings of AA (high)
(sf) and BB (high) (sf), respectively, on the Class A2017-03
Notes and Class C2017-03 Notes (collectively the Notes) issued by
Wizink Master Credit Cards Fondo de Titulizacion (the Issuer).
The ratings address timely payment of interest and ultimate
payment of principal by the legal final maturity date.
The Notes are backed by credit card receivables related to credit
agreements originated by Wizink Bank S.A. (the Originator) to
individual customers in Spain. DBRS's rating is based on the
following considerations:
-- The sufficiency of available credit enhancement in the form
of subordination, deferred purchase price, a liquidity
reserve and excess spread.
-- The ability of the transaction's structure and triggers to
withstand stressed cash flow assumptions and repay the Notes
according to the terms of the transaction documents.
-- The Originator's capabilities with respect to originations,
underwriting and servicing.
-- The legal structure and presence of legal opinions addressing
the assignment of the assets and the consistency with DBRS's
"Legal Criteria for European Structured Finance
Transactions."
As the Issuer is a master issuance programme where all series of
notes are supported by the same pool of receivables and generally
issued under the same requirements regarding servicing,
amortisation events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Notes will not
result in a downgrade or withdrawal of the ratings listed:
AA (sf) for the Class A 2017-01 Notes
AA (sf) for the Class A 2017-02 Notes
The transaction cash flow structure was analysed in DBRS's
proprietary Excel-based cash flow tool.
===========
S W E D E N
===========
HOIST FINANCE: Moody's Assigns ba3 Baseline Credit Assessment
-------------------------------------------------------------
Moody's Investors Service has assigned long- and short-term
foreign-currency issuer ratings of Baa3/P-3, respectively, ba3
standalone baseline credit assessment (BCA) and Adjusted BCA, and
a Baa3(cr)/P-3(cr) Counterparty Risk Assessment (CRA) to Hoist
Finance AB (publ) (Hoist Finance). The outlook on the long-term
issuer rating is stable.
The rating action was prompted by the completion of the merger
between Hoist Finance and Hoist Kredit AB (publ) (Hoist Kredit)
(where Hoist Finance is the surviving entity), which came into
effect on January 2, 2018. The merger follows Hoist Finance
obtaining a license to operate as a regulated "credit market
company", allowing it to directly carry out the operations of the
group. At the same time, all assets and liabilities of Hoist
Kredit were assumed by Hoist Finance, and Hoist Kredit ceased to
exist as a separate legal entity. Moody's has therefore withdrawn
the Baa3 issuer rating, ba3 BCA and adjusted BCA and the
Baa3(cr)/P-3(cr) CRA of Hoist Kredit. The outlook on Hoist Kredit
was stable at the time of the withdrawal.
The rating agency has simultaneously affirmed and transferred to
Hoist Finance the Baa3 long-term foreign-currency senior
unsecured debt rating, the Ba3 foreign-currency subordinated debt
rating, the foreign-currency senior unsecured and subordinated
MTN program ratings of (P)Baa3 and (P)Ba3, as well as a short-
term foreign-currency senior unsecured program rating of (P)P-3.
The full list of the affected ratings and rating inputs can be
found at the end of this press release.
RATINGS RATIONALE
The ratings assigned to Hoist Finance are in line with those
previously assigned to Hoist Kredit, and reflect the rating
agency's assessment that the merger has a neutral impact on the
creditworthiness of the group.
The financial strength of Hoist Finance, as represented by its
ba3 BCA reflects Hoist Finance's stable fundamental performance,
its primarily deposit-funded profile, large liquidity base and
sound capitalization. This is counterbalanced by moderate
profitability in its inherently risky portfolio of acquired non-
performing loans, and a monoline business model as Hoist is
focused on purchasing unsecured debt receivables from other
financial institutions.
With the completion of the merger, all assets and liabilities of
Hoist Kredit have been transferred to Hoist Finance. As such,
Moody's has maintained the ratings on the outstanding debt
instruments at the same levels.
The outlook on the long-term issuer and senior unsecured ratings
is stable, reflecting the expectation that Hoist Finance's credit
fundamentals and liability structure will remain in line with its
current ratings over the next 12 to 18 months.
WHAT COULD CHANGE THE RATING UP/DOWN
Hoist Finance's BCA could be upgraded if the company: (1)
significantly improves its profitability on a sustained basis
without increasing earnings volatility; (2) increases its capital
targets and demonstrates ability to maintain these higher capital
levels; and/or (3) diversifies its business model. An upgrade of
Hoist Finance's issuer and senior debt ratings would be prompted
by an upgrade of the company's BCA. At the same time the
subordinated ratings could be upgraded either as a result of an
upgrade of the BCA or if the company were to significantly
increase the size of its subordinated debt.
Hoist Finance's BCA could be downgraded if: (1) Hoist Finance
materially increases its market funding reliance; (2) it
experiences a protracted decrease in profitability or in its
solvency ratios; and/or (3) the rating agency's assessment of
Hoist Finance's asset risk deteriorates. In terms of the issuer,
senior and subordinated ratings, a downward movement is likely in
the event of a downgrade of Hoist Finance's BCA, and/or a
reduction in the volume of subordinated debt resulting in lower
notching from Moody's Advanced LGF analysis.
LIST OF AFFECTED RATINGS
Issuer: Hoist Finance AB (publ)
Assignments:
-- LT Issuer Rating, Assigned Baa3 Stable
-- ST Issuer Rating, Assigned P-3
-- Adjusted Baseline Credit Assessment, Assigned ba3
-- Baseline Credit Assessment, Assigned ba3
-- LT Counterparty Risk Assessment, Assigned Baa3(cr)
-- ST Counterparty Risk Assessment, Assigned P-3(cr)
Affirmations (transferred from Hoist Kredit AB (publ)) :
-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3 Stable
-- Subordinate, Affirmed Ba3
-- Senior Unsecured MTN Program, Affirmed (P)Baa3
-- Subordinate MTN Program, Affirmed (P)Ba3
-- Other Short Term Program, Affirmed (P)P-3
Outlook Actions:
-- Outlook, Assigned Stable
Issuer: Hoist Kredit AB (publ)
Withdrawals:
-- LT Issuer Rating, previously rated Baa3 Stable
-- ST Issuer Rating, previously rated P-3
-- Adjusted Baseline Credit Assessment, previously rated ba3
-- Baseline Credit Assessment, previously rated ba3
-- LT Counterparty Risk Assessment, previously rated Baa3(cr)
-- ST Counterparty Risk Assessment, previously rated P-3(cr)
Outlook Action:
-- Outlook withdrawn, previously Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
SAS AB: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on December 19, 2017, raised the
local currency and foreign currency senior unsecured ratings on
debt issued by SAS AB to BB from BB-.
Scandinavian Airlines System Aktiebolag, trading as SAS Group and
SAS AB, is an airline holding company headquartered in the SAS
Frosundavik Office Building in Solna Municipality, Sweden. It is
the owner of the airlines Scandinavian Airlines.
===========
T U R K E Y
===========
FLEETCORP OPERASYONEL: S&P Assigns 'B/B' ICRs, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B/B' long- and short-term issuer
credit ratings to Turkish operational leasing company Fleetcorp
Operasyonel Tasit Kiralama ve Turizm A.S. (Fleetcorp). The
outlook is stable.
S&P said, "At the same time, we assigned our 'trBBB/trA-3' long-
and short-term Turkey national scale ratings to Fleetcorp.
"The ratings incorporate our view of Fleetcorp's monoline
business model, its geographic concentration in Turkey's volatile
economy, and high debt leverage. We also take into account
Fleetcorp's adequate liquidity supported by available banking
lines, good brand recognition, and significant market share as
one of the five largest fleet managers in Turkey."
Fleetcorp currently manages a fleet of 19,000 cars leased to more
than 4,000 corporate customers. Although Fleetcorp is small in
scale in global terms, it enjoys an estimated 7% market share and
total assets of Turkish lira (TRY) 1,610 million (about EUR357
million) as at June 30, 2017. S&P considers its operational track
record satisfactory, supported by the steady growth of its fleet
over the past 10 years -- 19,000 cars in 2017 from 6,000 cars in
2010 -- in a highly competitive and volatile environment.
With an international perspective, the key tenets of Fleetcorp's
strategy are customer satisfaction and operational efficiency.
The company aims to reinforce its brand recognition through
strategic partnerships with internationally recognized car
leasers. For example, the company joined Athlon Car Lease
International Network in 2010, enabling the company's
participation in the tenders of large multinational firms in
Turkey. Fleetcorp has been leasing cars on behalf of Renault
Fleet Leasing since August 2011. Furthermore, the company
recently agreed a similar partnership with Daimler and started
leasing Mercedes cars to individuals with micro businesses with
financial reports such as doctors, lawyers, and dentists. S&P
also understands that Daimler will provide improved financing
terms. Fleetcorp enjoys a granular client base that consists of
about 4,000 small and midsize enterprises, corporate entities,
and multinational companies in various industries. Owing to this,
and a high number of contracts with different renewal periods and
frequencies, auto disposals occur at frequent intervals and in
small volumes, limiting the residual value risks.
S&P's assessment of Fleetcorp's financial risk profile reflects
its expectation that its debt leverage will remain high over the
next 12-18 months: S&P anticipates the company's total debt-to-
EBITDA ratio will stay above 5x until end-2018, due to the
sensitivity of its EBITDA and leverage to foreign currency
fluctuations." As with peers, more than 80% of Fleetcorp's bank
debt is denominated in euros, mirroring the composition of its
lease receivables. Any weakening of the lira therefore increases
leverage because the bank debt in foreign currency keeps growing
whereas shareholder equity in lira does not. The resulting
temporary foreign currency losses weaken bottom-line earnings and
internal capital generation.
Fleetcorp is owned by The International Investor, a private
equity firm from Kuwait. S&P said, "We classify this structure as
a financial sponsor ownership, which could limit our assessment
of the company's financial policy, even if Fleetcorp's financial
metrics improve. This is because we believe that financial
sponsors generally follow an aggressive financial strategy in
using debt and debt-like instruments to maximize returns."
S&P said, "The stable outlook reflects our expectation that
Fleetcorp's business and financial risk profiles will remain
commensurate with the ratings over the next 12 months. We do not
expect the company's competitive position to improve
meaningfully, although we anticipate that it will expand by
leveraging growth opportunities in Turkey's underpenetrated fleet
management sector and maintain its market position as one of the
country's five largest operational leasing entities.
"Over the outlook horizon through year-end 2018, we anticipate
that Fleetcorp's leverage -- measured as debt to EBITDA -- will
remain slightly above 5x. Owing to its monoline business model,
Fleetcorp remains vulnerable to swings in Turkey's volatile
economy. Likewise, the company's high level of exposure to
foreign exchange risk enhances the volatility of its earnings and
further constrains our expectations regarding the company's
financial resilience."
A decrease in debt servicing capacity, as measured by interest
coverage by EBITDA or funds from operations below 2x, would
trigger a downgrade, all else being equal. S&P said, "This could
stem from a scenario of elevated market volatility where foreign
exchange losses or funding costs exceed, over a sustained period,
what we factor into current ratings. Failure to achieve business
growth from the new partnership with Daimler could also lead to a
negative rating action if it results in a weakening of market
share, or EBITDA below what we factor into our assessment of the
financial profile. We could also consider a downgrade if the
company faces a significant deterioration of liquidity, with cash
sources being materially lower than cash uses. A sharp slowdown
in second-hand car sales that weakens the value of such sales or
a decrease in bank lines below what the company needs to support
its business could prompt this."
S&P said, "To warrant a positive rating action, we would look for
a sustainable improvement in Fleetcorp's leverage to above 12% as
measured by our ratio of funds from operations to debt or debt to
EBITDA below 5x, all else being equal. Although other
developments in the company's business risk profile could prompt
us to consider an upgrade, we see them as unlikely over the
coming 12-18 months."
===========================
U N I T E D K I N G D O M
==========================
AVENTA CAPITAL: Creditors Back Company Voluntary Arrangement
------------------------------------------------------------
Tom Bristow at edp24 reports that unable to pay its debts, which
stand at almost GBP2.9 million, Aventa Capital Partners Ltd.'s
creditors agreed on Jan. 4 to support it being put into a company
voluntary arrangement (CVA) which would give Aventa ten years to
pay the money back and stop it going into liquidation.
Aventa put forward plans in 2014 for a huge scheme called the
Centre for Advanced Knowledge Engineering (CFake) at the old RAF
Downham Market site, edp24 discloses. It promised 6,000 jobs,
foreign investment and 12 buildings on the campus, edp24 states.
Work was meant to begin in 2015, edp24 notes.
But as reported by this newspaper in November, all that now lies
in ruins after Aventa became caught up with a controversial
project in Wales to build a new race track called the Circuit of
Wales, edp24 relates.
According to edp24, the CVA papers said that decision was
"unexpected", but it went on to claim that the race track could
still go ahead, meaning Aventa would be able to pay its debts.
Aventa Capital Partners Ltd. is an FCA-regulated company. It is
given permission to provide regulated products and services.
HOUSE OF FRASER: Plans to Cut Size of Stores, CVA Rumors Emerge
---------------------------------------------------------------
Zoe Wood and Sarah Butler at The Guardian report that House of
Fraser is seeking to cut the size of stores in an effort to slash
its rent bill after a tough Christmas.
According to The Guardian, the department store group, which was
bought by Chinese conglomerate Sanpower in 2014, wants to cut its
high street footprint by 30% over 10 years. It is understood the
group does not want to close individual stores, other than the
two closed last year in Leicester and Aylesbury, Buckinghamshire,
The Guardian states.
There have been widespread rumours that House of Fraser will seek
to close stores and cut its rent bill via a company voluntary
arrangement, a form of insolvency, The Guardian discloses. But
the source, as cited by The Guardian, said: "There are no
discussions about a CVA."
One property expert said House of Fraser would struggle to
persuade landlords to reduce rents on a piecemeal basis without a
formal CVA process, The Guardian relates.
"History shows that it is everyone in or nothing. They won't get
landlords to move unless they do it together [via a CVA]," The
Guardian quotes the expert as saying.
A spokesperson for the company, which will update the market on
festive trading this week, confirmed it had "contacted some of
our landlords asking for their support as we drive forward with
our transformation programme", The Guardian notes.
House of Fraser is battling to cut costs and secure funds for
investment amid heavy debts, The Guardian relays.
In December, credit ratings agency Moody's downgraded House of
Fraser's debt to junk status as weak trading and disruption
caused by the launch of the company's new website was compounded
by poor sales of its own-label ranges, The Guardian recounts.
RAPTOR COMMERCE: Director Banned for 13 Years Over Tax Evasion
--------------------------------------------------------------
Naeem Shakoor, director of Raptor Commerce Ltd, was disqualified
for 13 years by the High Court of Justice in London on Sept. 27,
2017.
Mr. Shakoor's disqualification follows an investigation by the
Insolvency Service into the liquidation of Raptor Commerce Ltd.
Between Dec. 5, 2005 and May 31, 2006, Mr. Shakoor caused or
allowed Raptor to participate in transactions which were
connected with the fraudulent evasion of VAT, which Mr. Shakoor
either knew or should have known about.
Mr. Shakoor caused Raptor to make a wrongful claim of a VAT
repayment for the period ending May 2006 totalling GBP1,224,134.
Tony Hannon, the Official Receiver in the Public Interest Unit
South, part of the Insolvency Service said:
"The Insolvency Service will take firm action when we find
misconduct and wrongdoing in the operation of companies by
directors."
"The Insolvency Service is committed to protecting the integrity
and confidence in the market both by consumers and business
people alike."
Raptor Commerce Ltd was incorporated on July 18, 2002 and ordered
into compulsory liquidation on Sept. 9, 2013.
The order was pronounced by Mr. Registrar Jones and the Secretary
of State was represented by Camilla Chorfi of Selborne Chambers
and the defendant was not present or represented.
TOWER BRIDGE: DBRS Confirms BB(high) Rating on Class E Debt
-----------------------------------------------------------
DBRS Ratings Limited confirmed the notes issued by Tower Bridge
Funding No. 1 plc (the issuer) on October 23, 2017 following the
sale of an additional loan portfolio (the pre-funded loans), as
follows.
-- Class A confirmed at AAA (sf)
-- Class B confirmed at AA (High) (sf)
-- Class C confirmed at A (High) (sf)
-- Class D confirmed at BBB (sf)
-- Class E confirmed at BB (High) (sf)
The confirmation of the ratings is a result of the issuer
purchasing the pre-funded loans on the November 24, 2017. Tower
Bridge Funding No. 1 plc was structured with a pre-funding
mechanism allowing the issuer to purchase an additional mortgage
portfolio before the first interest payment date with the
proceeds of a pre-funding principal reserve. The pre-funding
principal reserve was funded by an over-issuance of notes at
closing. Negative carry resulting from the pre-funding principal
reserve is mitigated through a pre-funding revenue reserve.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 1 to January 5, 2018
---------------------------------------------------------
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 2018. 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.
* * * End of Transmission * * *