/raid1/www/Hosts/bankrupt/TCREUR_Public/180219.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, February 19, 2018, Vol. 19, No. 035
Headlines
G E R M A N Y
NIDDA BONDCO: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
I R E L A N D
BACCHUS PLC 2007-1: S&P Cuts Class E Notes Rating to 'D(sf)'
DERRYSALLAGH WINDFARM: Averts Winding Up Petition Order Over Debt
I T A L Y
A-BEST 15: DBRS Hikes Rating on Class E Notes to BB(low)
NUOVO TRASPORTO: S&P Alters Outlook to Dev & Affirms 'B+' ICR
K A Z A K H S T A N
QAZAQ BANKI: S&P Lowers ICRs to 'CCC+/C' on Funding Pressures
L U X E M B O U R G
SWISSPORT GROUP: S&P Affirms 'B-' CCR, Outlook Stable
R U S S I A
POLYUS FINANCE: Fitch Rates US$500MM Notes Due 2024 'BB-'
S P A I N
AYT KUTXA II: Fitch Raises Rating on Class B Notes to BB+sf
CAIXABANK RMBS 3: DBRS Finalizes CCsf Rating on Series B Notes
S W E D E N
COM HEM: S&P Keeps BB' Long-Term ICRs on CreditWatch Positive
CYBAERO AB: Trading Halted, Liquidity Woes May Lead to Bankruptcy
S W I T Z E R L A N D
GATEGROUP HOLDING: S&P Lowers ICR to 'B-', Outlook Stable
U N I T E D K I N G D O M
CARILLION PLC: Senior Directors Face In-Depth Probe Over Collapse
CARILLION PLC: Field Calls for Overhaul of Pensions Regulator
DEBUSSY DTC: DBRS Lowers Rating on Class A Notes to BB(low)
HOCHSCHILD MINING: Fitch Affirms & Then Withdraws 'BB+' IDRs
EUROSAIL-UK 2007: S&P Raises Class E1c Notes Rating to B-(sf)
MB AEROSPACE II: S&P Assigns 'B' Long-Term Issuer Credit Rating
SEADRILL LTD: Nears Restructuring Deal with Unsecured Bondholders
TALKTALK TELECOM: S&P Affirms 'BB-' CCR Amid Dividend Cut
TOYS R US: At Risk of Administration, Faces GBP15-Mil. Tax Bill
WATERLOGIC HOLDINGS: S&P Assigns 'B' CCR, Outlook Stable
* Milbank Adds Four Partners to London Restructuring Practice
X X X X X X X X
* BOND PRICING: For the Week February 12 to February 16, 2018
*********
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G E R M A N Y
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NIDDA BONDCO: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
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S&P Global Ratings assigned its 'B+' long-term issuer credit
rating to Nidda BondCo GmbH (Nidda), the parent of the group's
holding company, Nidda Healthcare Holding AG (Nidda Healthcare).
The outlook is stable.
S&P said, "At the same time, we assigned our 'B+' long-term issue
rating to the group's senior secured debt, including a EUR1.7
billion term loan B, EUR735 million senior secured notes, and a
EUR400 million revolving credit facility (RCF). The recovery
rating on these instruments is '4', reflecting our expectation of
average recovery (30%-50%; rounded estimate: 45%) in the event of
a payment default.
"We also assigned our 'B-' long-term issue rating to the group's
EUR340 million of senior unsecured debt. The recovery rating on
this debt is '6', reflecting our expectation of negligible (0%-
10%; rounded estimate: 0%) recovery in the event of a payment of
default.
"The ratings are in line with the preliminary ratings we assigned
on Sept. 7, 2017."
On Feb. 2, 2018, STADA Arzneimittel AG's shareholders approved at
an extraordinary general meeting the conclusion of the domination
and profit and loss transfer agreement (DPLTA) from Dec. 19,
2017, between Nidda Healthcare and STADA as a dependent company,
in which Nidda Healthcare will become the controlling entity. The
proposal was approved with a majority of 99%, and now the
agreement must be entered into the commercial register for it to
take effect.
In September 2017, Nidda raised EUR2.8 billion of debt in the
form of a EUR1.7 billion term loan B, EUR735 million senior
secured notes, and EUR340 million senior unsecured notes, and
issued a EUR400 million RCF.
S&P said, "The ratings on Nidda reflect our view that the
company's business risk profile is supported by its position as
the fourth-largest generic company in Europe after Teva, Sandoz,
and Mylan. We view scale as an important factor in the mainstream
generic business, as it enables the company to offer an extensive
product portfolio, increasing its ability to compete in
government tenders that are mainly price driven and to achieve
operating cost savings. Also, the growing over-the-counter
segment is a positive factor in our assessment, as it represents
higher margins and good revenue and cash flow predictability. We
also view positively the company's long track record in
generating volume growth and free cash flow."
However, Nidda is mainly present in Germany, the largest European
generic pharmaceuticals market, which continues to be highly
price and discount driven, although to a lesser extent than in
the past. S&P could also see some repercussions from its exposure
to currency headwinds through its presence in Eastern Europe and
Russia.
S&P expects the company's EBITDA margin to improve over the
coming years, since management will focus on profitability,
rather than gross revenues, and significant cost savings.
For the nine months to Sept. 30, 2017, Nidda reported EUR1.7
billion in sales and group EBITDA of about EUR320 million. As of
this date, the group's adjusted EBITDA was about EUR348 million,
which is broadly in-line with S&P's expectations of revenues of
about EUR2.2 billion-EUR2.3 billion and EBITDA of about EUR420
million-EUR430 million for 2017, corresponding to growth of about
4% and an EBITDA margin of about 20% in 2017.
S&P said, "We view the company's financial risk profile as highly
leveraged, given the private takeover by two financial sponsors
and our projections that S&P Global Ratings-adjusted debt to
EBITDA will remain between 6.5x and 7.2x over the next 12-24
months. We include in our debt calculation the EUR1.7 billion
term loan, EUR735 million senior secured notes, and EUR340
million unsecured notes."
There are no maintenance covenants on the term loans and the
senior notes. There are only incurrence covenants customary for a
leveraged transaction of this type. Only the RCF is subject to a
covenant.
S&P said, "The stable outlook reflects our expectations that
Nidda will continue to benefit from new product launches and the
internationalization of its branded products to generate solid
revenue growth over the next 12 months, and that it will
gradually improve its profitability, mainly thanks to planned
cost savings. This will likely enable the company to gradually
reduce leverage close to 6.0x-6.5x over the next two years,
supported by positive FOCF generation of at least EUR100 million,
assuming well-managed capex and working capital spending.
"We could lower the rating if Nidda's EBITDA margin declines
below 20% as a result of price competition, any delays in new
product launches to support volume growth, or if there are
higher-than-expected onetime operational charges. We would also
lower the rating if FOCF is close to zero or negative as a
result.
"We would likely raise the rating if Nidda was able to achieve
and sustain adjusted debt to EBITDA below 5x, depending on
shareholders' commitment, supported by solid cash flow
generation. An upgrade would be contingent on a track record of
accelerating profitable growth through a positive mix in volume
and price, combined with its cost-savings plan."
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I R E L A N D
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BACCHUS PLC 2007-1: S&P Cuts Class E Notes Rating to 'D(sf)'
------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its
credit rating on BACCHUS 2007-1 PLC's class E notes.
On Dec. 13, 2017, the class E noteholders agreed by extraordinary
resolution to amend the terms of the class E notes so that the
issuer could liquidate the remaining assets in the portfolio and
distribute the proceeds to the noteholders. At the same time, a
provision for payment of fees and expenses in relation to the
amendment and liquidation was added as a senior payment in the
waterfall. The class E noteholders also waived their right to
call an event of default if the issuer failed to pay interest on
the notes.
The trustee confirmed that no interest was paid on the class E
notes on the Jan. 3, 2018, and Jan. 30, 2018 payment dates. The
term of the notes do not provide for future payment of the amount
of interest that was due on those dates.
S&P said, "We applied our exchange offer criteria and determined
that the offer to the noteholders was distressed, rather than
opportunistic. Furthermore, as we deem the interest shortfall to
be permanent, we have also applied our interest shortfall
criteria. Following the application of our relevant criteria, we
have lowered to 'D (sf)' from 'CCC- (sf)' our rating on the class
E notes."
According to the trustee, the principal amount outstanding of the
class E notes is currently EUR3.09 million. It is supported by
EUR400,000 of cash.
BACCHUS 2007-1 is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
April 2007 and is managed by IKB Deutsche Industriebank AG.
RATINGS LIST
BACCHUS 2007-1 PLC
EUR450 mil senior secured and deferrable floating-rate notes
Rating
Class Identifier To From
E XS0294990634 D (sf) CCC- (sf)
DERRYSALLAGH WINDFARM: Averts Winding Up Petition Order Over Debt
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Aodhan O'Faolain at The Irish Times reports that Derrysallagh
Windfarm Ltd. has secured a temporary High Court order preventing
a quarrying company bringing a petition to have it wound up over
what a judge was told is a disputed debt.
Ms. Justice Caroline Costello said the wind farm developer was
entitled to an interim injunction restraining Hillstreet Quarries
Ltd. presenting or advertising a petition seeking to have
Derrysallagh wound up over an alleged debt of EUR80,000, The
Irish Times relates.
The dispute arose over the storage of 33 large cable drums worth
EUR500,000 to be used for the wind farm, at Hillstreet Quarries
Ltd.'s site between February and November 2017, The Irish Times
discloses.
When a contractor hired by Derrysallagh to relocate the cable
tried to move the drums, the defendant sent Derrysallagh an
invoice seeking payment for storage, The Irish Times states.
Counsel said Derrysallagh told Hillstreet any issue concerning
the storage of the cable was between Hillstreet and the civil
contractor hired by Derrysallagh to carry out works on the wind
farm, The Irish Times relays.
The counsel, as cited by The Irish Times, said that contractor,
which has since gone into examinership, had responsibility for
the cable on the site.
Derrysallagh does not owe the defendant money for the storage of
the cable, The Irish Times says.
Following correspondence, Hillstreet brought a petition seeking
to wind up Derrysallagh which, counsel said, would have a very
serious effect and was an improper attempt to get money from
Derrysallagh, according to The Irish Times.
He said Hillstreet and companies related to Derrysallagh have
been involved in other disputes before the courts, The Irish
Times notes.
Granting the ex parte application for an injunction, the judge
said Derrysallagh was entitled to the orders sought, The Irish
Times relates. She said winding up petitions should not be used
as a form of debt collection and this debt is clearly disputed,
according to The Irish Times.
The judge, as cited by The Irish Times, said evidence had been
put before the court in relation to Derrysallagh's ability to pay
its debts and she also noted its claim of the catastrophic effect
the issuing of a petition would have.
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I T A L Y
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A-BEST 15: DBRS Hikes Rating on Class E Notes to BB(low)
--------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
Notes and Commingling Reserve Facility in Asset-Backed European
Securitisation Transaction Fifteen S.r.l. (A-BEST 15, or the
Issuer) following the amendments to the transaction:
- Class A Asset-Backed Notes (Class A Notes) confirmed at AA(sf)
- Class B Asset-Backed Notes (Class B Notes) upgraded to AA(low)
(sf) from A (high) (sf)
- Class C Asset-Backed Notes (Class C Notes) confirmed at
BBB(sf)
- Class D Asset-Backed Notes (Class D Notes) upgraded to BBB
(low) (sf) from BB (high) (sf)
- Class E Asset-Backed Notes (Class E Notes) upgraded to
BB (low) (sf) from B (high) (sf)
In addition, DBRS assigned a rating of BBB (low) (sf) to the
Commingling Reserve Facility in A-BEST 15.
The amendments to the transaction, executed on December 13, 2017,
include:
-- A change in the interest rate type on the Notes from fixed-
rate to floating-rate indexed to one-month Euribor plus a margin
of 0.40%, 0.75%, 2.50%, 3.43%, 4.64%, and 7.17% for Class A, B,
C, D, E and M1 Notes, respectively. The interest rate on the
Class M2 Notes remains unchanged. DBRS does not rate Classes M1
and M2 Notes of the Issuer.
-- A FCA Swap with FCA Bank S.p.A. (FCAB) as FCA Swap
Counterparty is added to the transaction to hedge the interest
rate mismatch risks following the change of the interest rate
types on the Notes.
-- A Standby Swap with Credit Agricole Corporate and Investment
Bank (CACIB) as Standby Swap Counterparty is added to the
transaction to provide supports to the FCA Swap in an event of
FCAB default.
Under the new FCA Swap Agreement, the Issuer pays the FCA Swap
Counterparty a fixed interest rate of -0.01% on a notional amount
equal to the total outstanding balance of Class A to E Notes. In
return, the Issuer receives a variable payment on an interest
rate of one-month Euribor, which is floored at -0.40%. CACIB is
acting as a standby swap counterparty through the Standby Swap
agreement and will resume the swap obligations in the FCA Swap
Early Termination Event. DBRS reviewed the swap documents and
concluded that they are compliant with DBRS's 'Derivative
Criteria for European Structured Finance Transactions'
methodology.
The interest rate risks are hedged through the swaps in place
following the amendments. At the same time, the new margins on
the Notes are lower than the fixed rates on the Notes prior to
the amendments. The fixed rates on the Notes were 0.70%, 1.10%,
3.00%, 5.00%, 6.50%, and 10.00% for Class A, B, C, D, E and M1
Notes, respectively. The reduced margins mean the Issuer's costs
are now lower. Accordingly, the amendments create more excess
spread in the transaction. Consequently, DBRS upgraded the Class
B, D, and E Notes, and confirmed the Class A and C Notes.
The transaction closed in May 2017 and the performance has been
performing within DBRS's expectations. As of the October 2017
payment date, no loan defaulted had defaulted, and loans more
than 90 days in arrears represented only 0.03% of the outstanding
portfolio balance. DBRS maintained the based case Portfolio
Default rate (PD), Recovery Rate (RR), and Loss Given Default
(LGD) rate assumptions at 3.03%, 12.89%, and 87.11%,
respectively, for its cash flow analysis. The assumptions of loss
on insurance premiums as a result of loan prepayments were also
maintained at 1.31% for ratings above BBB (sf) and 0.66% for
ratings below, assuming 15% constant prepayment rate (CPR).
BNP Paribas Securities Services, Milan Branch, is the Account
Bank in the transaction. It has a DBRS private rating that meets
the Minimum Institution Rating criteria given the rating assigned
to the Class A Notes, as described in DBRS's "Legal Criteria for
European Structured Finance Transactions" methodology.
The DBRS private rating on FCAB does not meet the rating
requirement thresholds. The FCAB swap counterparty risk is
mitigated through the existence of the standby swap counterparty,
CACIB. CACIB has a DBRS private rating that complies with the
first rating threshold as described in DBRS's "Derivative
Criteria for European Structured Finance Transactions"
methodology, given the rating assigned to the Class A Notes.
The Commingling Reserve Facility (CR Facility) is currently at
its target balance of EUR 35 million and was funded at closing by
FCAB. The funds are deposited with the Account Bank and the
Issuer pays a fixed 1% interest on the CR Facility to FCAB
through Pre-Trigger Notice Interest Priority of Payments after
Class C Notes interest payment and before Class D Notes interest
payment or through Post-Trigger Notice Priority of Payments after
Class C Notes are repaid in full.
The CR Facility balance does not amortise during the transaction
revolving period, ending in May 2019. After the revolving period,
the CR Facility balance will amortise to the lower of EUR 35
million and scheduled collections for the following collection
period assuming a 15% CPR. The amortised CR Facility amount will
be paid back to FCAB outside of the transaction's priority of
payments. The CR Facility target balance will reduce to zero when
Class C is fully repaid. The CR Facility could only be drawn when
FCAB is insolvent resulting no transfer of the borrower
collections to the Issuer or no indemnification in an Insurance
Event.
To determine the rating of the CR Facility, DBRS considered the
credit qualities of FCAB, the Account Bank, the Class C Notes,
and the Class D Notes to assess the likelihood of a facility
drawing and timely interest payments. Following the analysis,
DBRS assigned a rating of BBB (low) (sf) to the CR Facility.
Notes: All figures are in euros unless otherwise noted.
NUOVO TRASPORTO: S&P Alters Outlook to Dev & Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' long-term
issuer credit rating on Italian high-speed railway operator Nuovo
Trasporto Viaggiatori SpA (NTV) and then withdrew the rating at
the issuer's request. The outlook at time of withdrawal was
developing.
NTV's shareholders recently accepted the offer by U.S.
infrastructure fund Global Infrastructure Partners (GIP) to
acquire 100% of the company. This has stopped the IPO that the
company was planning to launch by the end of February 2018. In
order to launch the IPO, the company had refinanced its EUR550
million senior secured notes maturing in 2023 and its EUR140
million term loan in December 2017 to release the share pledge
and have a capital structure suitable for the IPO. At the moment,
the company has a EUR720 million term loan with a bullet maturity
in December 2022 and a EUR20 million revolving credit facility.
S&P views GIP as an infrastructure investor, with a relatively
long-term investment horizon and a generally transparent and
sustainable financial policy. However, at this stage, it is not
yet clear how the new shareholder plans to fund the acquisition
and its ultimate dividend policy.
S&P said, "Therefore, excluding any negative influence by the new
shareholders, we expect NTV to be able to maintain its funds from
operations to debt above 15% on a sustainable basis. Our analysis
includes the investment plan related to the acquisition of the
new EVO fleet (about EUR270 million over 2018-2020) and an
expectation that it will reach a load factor of about 70%, while
we anticipate the existing AGV fleet will be able to maintain
current levels of load factor and yield.
"As a result, we revised the outlook to developing from positive
to reflect that we could raise, lower, or affirm the rating,
depending on the impact of the final terms of the acquisition on
NTV's capital structure and future dividend policy.
"The rating reflected NTV's relatively high debt level at the
time of the withdrawal, as well as our view that the company is a
relatively small participant in the broader Italian railway
sector. We note, however, that the company has delivered strong
business growth in 2017 and as a newcomer it benefits from a more
flexible cost structure than the main domestic incumbent,
resulting in higher operating margins."
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K A Z A K H S T A N
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QAZAQ BANKI: S&P Lowers ICRs to 'CCC+/C' on Funding Pressures
-------------------------------------------------------------
S&P Global Ratings said that it lowered its long- and short-term
issuer credit ratings on Qazaq Banki to 'CCC+/C' from 'B-/B', and
national scale rating to 'kzB-' from 'kzB+', and placed its long-
term and national scale ratings on CreditWatch with negative
implications.
S&P said, "The downgrade reflects our view that Qazaq Banki's
liquidity position is facing significant pressure, with strong
outflows of deposits from its customer base. Furthermore, the
bank's overall financial position and creditworthiness has become
vulnerable, and we believe hinges on shareholders' support to
secure stable funding sources and improve asset quality.
"The CreditWatch placement reflects our uncertainty of the bank's
ability to accumulate sufficient liquid assets over the short-
term horizon of 90 days. On Feb. 7, 2018, Qazaq Banki's liquidity
cushion (net of nonregulator wholesale funding) was very low, at
about 1.9% of total assets and 3.2% of total deposits." In order
to stabilize liquidity pressure and repay a National Bank of
Kazakhstan (NBK) loan of Kazakhstani tenge (KZT) 25 billion,
Qazaq Banki is relying on future expected shareholders support,
and liquidity inflows from sale of part of the loan book over the
next 90 days:
-- Early repayment of KZT28 billion from related party loans.
-- $50 million-$100 million (KZT16.2 billion-KZT32.4 billion)
via new VIP deposits. The bank's owners have connections to
these potential depositors, and can therefore influence them.
-- Selling of KZT15 billion-KZT20 billion loans to another
Kazakh bank.
-- The rating action also reflects risks related to the
potential additional funding outflows over the next three
months. S&P said, "We incorporate this possibility in our
negative CreditWatch placement. However, we understand that
the NBK may extend its KZT25 billion loan if necessary, thus
somewhat mitigating the risks."
-- Finally, S&P sees clear signs of Qazaq Banki's potential
asset quality problems.
According to the new regulatory provisioning methodology, almost
35%-40% of the total loans as of Feb. 7, 2018, are of
questionable credit quality. The bank's ratio of interest
received to accrued, which was only 48% at year-end 2017, is
below most local peers', and suggests a significant portion of
potentially nonperforming loans. S&P understands that Qazaq
Banki's loans are heavily exposed to construction and other
investment projects with long grace periods, consequently also
exposing them to deferred interest and principal payments. This
complicates assessment of credit risk.
S&P said, "We expect to resolve the CreditWatch within the next
three months, once we have clarity on the planned shareholder
support, and better understanding of Qazaq Banki's ability to
accumulate liquid assets, and to sustain its current deposit base
over the next 12-18 months."
S&P might consider lowering the ratings on Qazaq Banki, if one or
more of the following occur:
-- The bank is not able to honor all its obligations in full and
on time;
-- S&P sees substantial fund outflows further squeezing the
bank's liquidity cushion; and/or
-- The shareholders' ability or willingness to provide ongoing
support diminishes.
S&P would consider affirming the ratings if Qazaq Banki secures
sufficient funding sources with limited risk of outflows,
enabling the bank to maintain adequate liquidity. This is also
contingent upon Qazaq Banki's ability to improve its asset
quality.
Ratings List
Downgraded
To From
Qazaq Banki
Counterparty Credit Rating CCC+/Watch Neg/C B-/Watch Neg/B
Kazakhstan National Scale kzB-/Watch Neg/-- kzB+/Watch Neg/--
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L U X E M B O U R G
===================
SWISSPORT GROUP: S&P Affirms 'B-' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Luxembourg-based airport services provider Swissport
Group S.a.r.l and the group's related entities. The outlook is
stable.
S&P said, "The rating affirmation follows our revision of HNA
Group's GCP to 'ccc+' from 'b'. HNA Group is the controlling
owner of Swissport and as such we apply our group rating
methodology. We consider Swissport to be a moderately strategic
subsidiary of the HNA Group because it provides backward
integration to its ground handling and cargo operations. While we
understand that HNA Group continues to have access to capital
markets and appears to have the support of some banks, in our
view it is unclear that this will be sufficient for the company
to meet its upcoming obligations. We are closely monitoring HNA
Group's efforts to secure additional funding to meet its
obligations and will reassess its GCP when appropriate.
"Under our group rating methodology, we generally do not rate a
subsidiary higher than the parent's GCP, even if the subsidiary's
SACP is higher than the GCP. This is mainly because we believe
that the weaker parent could divert assets from its subsidiary or
burden it with liabilities during periods of financial stress.
The subsidiary's flexibility with regard to raising debt and
capital could also be significantly reduced. However, if the GCP
is in the 'ccc' category or below, we apply our 'CCC' rating
criteria.
"In our view, Swissport's stand-alone liquidity position is
adequate to comply with its obligations in the next 12 months. We
do not believe that the company is dependent on favorable
business, financial, and economic conditions to meet its
financial commitments. As such, we have affirmed Swissport's SACP
at 'b-'.
"We continue to view Swissport's capital structure as highly debt
leveraged. We note that the group's cash generation was negative
in the first nine months of 2017 (about EUR88 million), due to
high working capital needs and extraordinary costs.
"Our assessment of Swissport's adequate liquidity position is
supported by our understanding that Swissport has secured EUR325
million in financing to support the Aerocare acquisition. The new
loan will be an incremental Term Loan B with the same maturity as
the existing EUR460 million Term Loan B. Furthermore, we
understand that Swissport will receive all of the proceeds from
the EUR361.5 million it has lent to an HNA affiliate (based
outside mainland China), by May 7, 2018, and that the proceeds of
the loan will be used to reduce debt leverage.
"Our business risk assessment continues to reflect Swissport's
position as a leading independent provider of ground handling
services and its well-diversified customer base. We view
favorably Swissport's international footprint in the ground
handling market with more than 800 customers at more than 230
airports around the globe. However, we consider the EUR70
billion-EUR90 billion global ground handling market to be highly
fragmented. Traditionally, ground handling services have been
provided by airports or airlines themselves, but the opening up
of the market has resulted in the outsourcing of up to 50% of
ground handling services globally to third parties such as
Swissport, according to the International Air Transport
Association.
"We forecast Swissport's credit measures will improve in the next
12 months, including achieving adjusted EBITDA interest coverage
of about 2.0x and debt to EBITDA below 6.0x given the company's
plans to use the proceeds from the affiliate loan to reduce debt
leverage. We also anticipate that the company will maintain
adequate liquidity. Furthermore, we currently do not assume
negative interventions from HNA Group that would undermine
Swissport's ability to pay its debt obligations in the next 12
months.
"We could lower our rating on Swissport if HNA Group adversely
intervened or if Swissport were drawn into any potential
insolvency or distressed restructuring as a result of HNA Group's
weak credit position. Furthermore, we could lower our rating if
Swissport does not finalize the funding for its Aerocare
acquisition, or does not receive the affiliate loan proceeds when
expected. This could lead to liquidity issues and financial
covenant headroom pressure on Swissport's RCF.
"We could raise the rating on Swissport if HNA Group materially
reduced its financial leverage and stabilized its liquidity
position such that we revised HNA Group's GCP upward and
considered it commensurate with a 'B' or higher rating, and if,
at the same time, Swissport's adjusted debt to EBITDA improves
sustainably to below 5.0x and its FOCF generation turns
positive."
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R U S S I A
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POLYUS FINANCE: Fitch Rates US$500MM Notes Due 2024 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned a final senior unsecured rating of
'BB-' to the USD500 million 4.70% notes due 2024. The notes are
issued by Polyus Finance Plc, a wholly owned indirect subsidiary
of Public Joint Stock Company (PJSC) Polyus (Polyus, BB-
/Positive). The assignment of the final rating to the notes
followed the receipt of final documentation in line with the
draft documentation reviewed.
The notes are immediately guaranteed by JSC Polyus Krasnoyarsk,
the principal operating subsidiary, accounting for 100% of
consolidated 2016 EBITDA and 100% of fixed assets at end-2016,
and are to be unconditionally and irrevocably guaranteed, pending
corporate approvals, by Polyus, the holding company for the
group's main assets. The notes will rank pari passu with the
existing guaranteed notes due in 2020, 2022 and 2023. The
guarantee will also rank pari passu with all existing and future
unsecured and unsubordinated obligations of the guarantor. The
group intends to use the proceeds primarily for debt refinancing
and other general corporate purposes.
Polyus is Russia's leading gold producer, benefiting from large
and increasing output, low production costs and a high reserve
base. The Positive Outlook on Polyus' Issuer Default Rating (IDR)
reflects Fitch expectation that incremental production from the
Natalka mine and brownfield expansions will support the
deleveraging necessary for an upgrade, ie, funds from operations
(FFO) gross leverage below 3x by end-2019 (against 3.7x expected
at end-2017 and 3.2x at end-2018). The group's significant cash
balances and management's commitment to reduce leverage also
underpin the Positive Outlook.
KEY RATING DRIVERS
Strong Cost Position and Reserves: Polyus' good-quality reserves
and large efficient open-pit assets place it in the first
quartile of the global cost curve by total cash costs (TCC). In
2016 TCC fell 8% yoy to USD389/oz. This was mainly due to the
fall in the rouble and to operational improvements, eg, higher
processing volumes and better gold recovery rates. In 9M17 TCC
fell a further 2% to USD380/oz due to operational efficiencies
despite the 9% rouble appreciation. Fitch forecast stable FX
rates in 2018-2020 and low single-digit rouble appreciation, but
Fitch expect Polyus to maintain competitive TCC and profitability
over the next three years due to further operating efficiencies.
At end-2016, Polyus had proved and probable (P&P) gold ore
reserves of 71 million oz, excluding Sukhoi Log, and measured,
indicated and inferred (MI&I) resources of 193 million oz,
including Sukhoi Log as of 31 January 2017. It ranks second
globally by attributable gold reserves and third by attributable
gold resources.
Natalka Launch Cements Growth: Natalka, the group's key
development mine, was launched in September 2017. Fitch expect
Natalka to gradually ramp up in 2018-2019, and together with
brownfield expansions to result in a 9% CAGR for the group's gold
production between 2016 and 2020. Fitch assume that Polyus'
production will reach 2,160k oz in 2017, 2,300k oz in 2018 and
2,700k oz in 2019. In 2017 Polyus reported production growth of
10% yoy to 2,160k oz, following similar increases in 2016 to
1,968k oz of metal. The Olimpiada, Verninskoye and Kuranakh mines
accounted for most of the increase due to higher processing
volumes and better recoveries.
High Debt Until 2019: Polyus' mostly debt-funded USD3.4 billion
share buyback in 1H16 resulted in a material increase in
leverage, driving Fitch-calculated FFO adjusted gross leverage to
4.4x at end-2016, from 2.6x at end-2015. Fitch current base case
assumes annual dividend payments of at least USD550 million in
2018-2019 (USD564 million already paid in 2017). Therefore, Fitch
expect absolute debt levels to remain high, though falling, at
least until 2019.
In January 2018 Polyus announced that the agreement between its
majority shareholder Polyus Gold International Limited and the
consortium led by Fosun International Ltd. to acquire a 10% stake
in Polyus was terminated.
Expected Positive Free Cash Flow: Higher production from Natalka
and most of the existing mines should support deleveraging and
help Polyus generate solid positive post-dividend free cash flow
(FCF) by end-2019. Fitch expect Polyus' FFO gross leverage to
remain above 3x in 2017-2018 before decreasing to just above 2.3x
by end-2019. Fitch forecast FFO net leverage to remain around
0.5x-0.8x below the FFO gross leverage throughout the same period
due to Polyus' large cash balances.
Corporate Governance Developments: Fitch view the group's
corporate governance as broadly in line with that of its peer
group of major Russian corporates. In December 2017 Polyus
appointed a fourth independent director to the board. The total
number of directors, nine, did not change.
DERIVATION SUMMARY
Polyus' rating reflects an operating profile better than, or
comparable to that of North American peers Goldcorp Inc.
(BBB/Stable), Kinross Gold Corporation (BBB-/Stable) and Yamana
Gold Inc. (BBB-/Stable). Polyus has a comparable market position
to Goldcorp and Kinross, while its leverage of 1x-1.5x above
peers' is partially offset by significantly lower production
costs. Goldcorp and Kinross have a higher proportion of mines
located in stable countries, but also a number of their mines are
in Latin America (Goldcorp) and Russia/West Africa (Kinross).
Yamana is smaller in terms of scale and most of its assets are
located in South America. Nord Gold SE (BB/Stable) is smaller
than Polyus by gold production, and even though its all-in
sustaining costs are higher than Polyus' it maintains leverage of
about 1x-1.5x lower than Polyus.
Polyus' IDR also incorporates the higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment. This is also valid for Russia-based Nordgold.
No Country Ceiling constraint or parent/subsidiary linkage was in
effect for these ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- No cash upstreamed through share buybacks in 2017-2020
- dividends in line with Polyus' dividend policy ie the greater
of 30% of EBITDA if net debt/EBITDA is under 2.5x, and minimum
annual dividend payments of USD550 million for each of 2018
and 2019 (USD564 million already paid in 2017)
- Average gold price of USD1,193/oz in 2017, USD1,207/oz in 2018
and USD1,200/oz afterwards, based on Fitch's conservative gold
price deck adjusted to reflect company's hedges
- USD/RUB exchange rate of 59 in 2017, 60 in 2018, 58 in 2019
and 57 thereafter
- Natalka project gradually ramping up throughout 2018 and
reaching full capacity in 2019
- Operating efficiencies at the existing mines as per
management's expectations
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Expected FFO adjusted gross leverage below 3.0x by end-2019
- FFO adjusted net leverage below 2.5x by end-2019
- Sustained positive FCF generation
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Higher-than-expected dividend payments or other shareholder
distributions leading to weaker liquidity and sustained high
leverage
- FFO adjusted gross leverage above 4.0x or FFO adjusted net
leverage above 3.0x sustained until end-2019
- Sustained negative FCF generation
LIQUIDITY
Healthy Liquidity, Negligible Maturities: Polyus' liquidity
position at end-2017 was strong, with estimated cash of USD1.2
billion and USD689 million of undrawn committed facilities. This
comfortably covers short-term maturities of USD14 million and
negative FCF of around USD80 million under Fitch base case
through to end-2018.
=========
S P A I N
=========
AYT KUTXA II: Fitch Raises Rating on Class B Notes to BB+sf
-----------------------------------------------------------
Fitch Ratings has upgraded AyT Kutxa Hipotecario I, FTA's (Kutxa
I) class B and C notes, AyT Kutxa Hipotecario II, FTA's (Kutxa
II) class A and B notes and affirmed all the remaining notes.
Kutxa I
Class A (ES0370153001) affirmed at 'AA+sf'; Outlook Stable
Class B (ES0370153019) upgraded to 'A+sf' from 'Asf'; Outlook
Stable
Class C (ES0370153027) upgraded to 'BB+sf' from 'Bsf'; Outlook
Stable
Kutxa II
Class A (ES0370154009) upgraded to 'AA+sf' from 'Asf'; Outlook
Stable
Class B (ES0370154017) upgraded to 'BB+sf' from 'BBsf'; Outlook
Stable
Class C (ES0370154025) affirmed at 'CCCsf'; revised Recovery
Estimate (RE) to 100% from 45%
The two RMBS transactions comprise Spanish residential mortgages
originated and serviced by Kutxabank, SA (BBB+/Stable/F2). Fitch
has also removed the Rating Watch Evolving (RWE), on which the
notes were placed on 5 October 2017 following the publication of
the 'Exposure Draft: European RMBS Rating Criteria'.
KEY RATING DRIVERS
European RMBS Rating Criteria
The upgrades follow the implementation of Fitch's new European
RMBS Rating criteria, published on 27 October 2017.
Dissimilar Asset Performance and Credit Quality
Kutxa I is one of the best performing portfolios in the Spanish
market. Its track record shows little vulnerability to Spanish
market developments. Late-stage arrears (loans in arrears by more
than three months) have remained near 0%-0.5% throughout the
transaction's life, consistently below comparable transactions'
levels.
On the other hand, Kutxa II had followed the same trend as the
broader Spanish RMBS market. Periods of high arrears and defaults
levels have matched the two waves of rising unemployment in Spain
in 2009 and 2012. This higher vulnerability to adverse market
conditions is likely a consequence of the concentration of
originations at the peak of the market between 2004 and 2005.
However, performance has improved over the last three years and
late-stage arrears currently stand at 0.5% of the outstanding
collateral balance (October 2017).
Counterparty Exposure
The issuer account bank for both transactions is Banco Santander,
S.A. (A-/Stable/F2), with dynamic rating triggers set in the
transactions' documentation as a function of the senior bonds'
ratings. Under Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria a direct support counterparty rated
'A-'/'F2' is compatible with note ratings up to the 'AAsf'
category. Therefore the senior notes are capped at 'AA+sf' for
both transactions.
Credit Enhancement Trends
Fitch expect CE to remain stable for Kutxa I as pro-rata
amortisation is likely to continue until the outstanding
collateral balance reaches 10% of the balance at closing. CE is
of 16.9%, 9.2% and 3.6% for the class A, B and C notes
respectively.
On the other hand, Fitch expects structural CE to continue to
increase for Kutxa II's senior notes over the short-to-medium
term, as Fitch expect the transaction to maintain sequential
paydown. The reserve fund has been under-funded since October
2008 and this constitutes a breach in the conditions for pro-rata
amortisation. CE available to class A notes has increased to
19.7% from 17.7% between the last review in March 2017 and the
October 2017 payment date. However, given the ongoing
replenishment of the reserve fund towards its target amount, the
notes could switch to pro-rata amortisation in the future. The
upgrade of Kutxa II's class A notes reflects this progressive
build-up of the reserve fund, which provides sufficient
protection against payment interruption risk.
Regional Concentration
Both transactions are exposed to significant regional
concentration risk in Cataluna. As per Fitch's rating criteria,
Fitch have applied a higher set of rating multiples to the base
foreclosure frequency assumption to the portion of the portfolio
that exceeds 2.5x the population within these regions.
RATING SENSITIVITIES
Deterioration in asset performance may result from economic
factors. A corresponding increase in new defaults and associated
pressure on excess spread levels and the reserve funds beyond
those captured in Fitch's analysis, could result in negative
rating action. Furthermore, an abrupt shift of the underlying
interest rates might jeopardise the underlying borrowers'
affordability.
CAIXABANK RMBS 3: DBRS Finalizes CCsf Rating on Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited finalised its provisional ratings on the
notes issued by CAIXABANK RMBS 3, FT (the Issuer) as follows:
-- Series A Notes rated A (low) (sf)
-- Series B Notes rated CC (sf)
The rating of the Series A notes addresses timely payment of
interest and ultimate payment of principal and for the Series B
notes addresses ultimate payment of interest and ultimate payment
of principal.
The Issuer is a securitsation of residential mortgage loans and
drawdowns of mortgage lines of credit secured by first- and
second-lien mortgages originated by CaixaBank, S.A. (CaixaBank or
the Seller) in Spain. The Issuer used the proceeds of the Series
A and Series B notes to fund the purchase of the mortgage
portfolio from the Seller. In addition, CaixaBank has provided
separate additional subordinated loans to fund both the initial
expenses and the Reserve Fund. The securitisation will take place
in the form of a fund, in accordance with Spanish Securitisation
Law.
The securitised mortgage loans and drawdowns of mortgage lines of
credit were originated by CaixaBank. The mortgage loans and
drawdowns of mortgage lines of credit are secured over
residential properties located in Spain. The transaction is
managed by CaixaBank Titulizacion, Sociedad Gestora de Fondos de
Titulizacion, S.A.
The originator and servicer of the transaction is CaixaBank. The
Account Bank and the Principal Paying Agent is also CaixaBank.
The ratings are based upon a review by DBRS of the following
analytical considerations:
-- The transaction's capital structure, form and available
credit enhancement. The Series A notes benefit from EUR255.0
million (10.0%) subordination of the Series B Notes and the
EUR114.75 million (4.5%) from the Reserve Fund, which is
available to cover senior expenses as well as interest and
principal of the Series A Notes until paid in full. The Reserve
Fund will amortise in line with the Series A and Series B notes,
and becomes available for Series B once Series A has been fully
amortised. The Reserve Fund will not amortise if certain
performance triggers are breached. The Series A Notes' principal
will be senior to the Series B interest payments in the priority
of payments.
-- DBRS was provided with the provisional portfolio equal to
EUR2,811 million, as of November 20, 2017. The main
characteristics of the total provisional portfolio include: (1)
72.39% weighted-average current loan-to-value (WACLTV) and 93.2%
indexed WA CLTV (INE Q4 2015); (2) the top three geographical
concentrations of Catalonia (37%), Andalusia (13.5%), and Madrid
(13.8%); (3) 3.7% of the borrowers are non-nationals; (4) a
weighted-average loan seasoning of 7.2 years.
-- The loans and drawdowns of mortgage lines of credit are
floating-rate mortgages primarily linked to 12-month Euribor and
the IRPH mortgage loan reference index (82%) and fixed-for-life
loans (18%), while the notes are floating-rate liabilities
indexed to three-month Euribor.
-- The credit quality of the mortgages backing the notes and the
ability of the servicer to perform its servicing
responsibilities. DBRS was provided with CaixaBank's historical
mortgage performance data, as well with loan-level data for the
mortgage portfolio. Details of the portfolio default rates
(PDRs), loss given default (LGD), and expected losses (EL)
resulting from DBRS's credit analysis of the mortgage portfolio
at A (low) (sf) stress scenario are detailed below.
-- The transaction's account bank agreement and respective
replacement trigger require CaixaBank acting as the treasury
account bank to find (1) a replacement account bank or (2) an
account bank guarantor upon loss of a BBB Account Bank applicable
rating. The DBRS Critical Obligations Rating (COR) of CaixaBank
is A (high), while the DBRS rating for CaixaBank Senior Debt is A
(low). The Account Bank applicable rating is the higher between
the one notch below CaixaBank's COR or CaixaBank's Senior Debt
rating.
-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the issuer and the consistency
with the DBRS "Legal Criteria for European Structured Finance
Transactions" methodology.
As a result of the analytical considerations, DBRS derived a Base
Case PDR of 6.75% and LGD of 39.92%, which resulted in an EL of
2.69% using the European RMBS Credit Tool. DBRS cash flow
assumptions stress the timing of defaults and recoveries,
prepayment speeds and interest rates. Based on a combination of
these assumptions, a total of 16 cash flow scenarios were applied
to test the capital structure and ratings of the notes. The cash
flows were analysed using Intex DealMaker.
Notes: All figures are in euros unless otherwise noted.
===========
S W E D E N
===========
COM HEM: S&P Keeps BB' Long-Term ICRs on CreditWatch Positive
-------------------------------------------------------------
S&P Global Ratings said that it was keeping its 'BB' long-term
issuer credit rating on Swedish cable operator Com Hem Holding AB
(publ) and its subsidiary Com Hem Sweden AB (publ) on CreditWatch
with positive implications, where we placed them Jan. 11, 2018.
S&P said, "Our 'BB' issue rating on Com Hem Sweden's senior
unsecured debt also remains on CreditWatch positive. The recovery
rating remains at '3', indicating our expectation of meaningful
(50%-70%; rounded estimate: 55%) recovery for creditors in the
event of a payment default."
The CreditWatch stems from the announcement on Jan. 10, 2018,
that Tele2 (not rated) and Com Hem have agreed to merge through a
combination of cash and shares. The combined entity will have
annual pro forma revenues of SEK31.8 billion, compared with about
SEK7.1 billion for Com Hem alone. It will become a strong No. 2
player in Sweden, also offering mobile and fixed-line telecom
services, and with improved geographic diversification
(operations in eight countries), although about 70% of revenues
and a greater portion of EBITDA stemmed from Sweden in 2017. This
will be partly offset by lower profitability and a small presence
in riskier countries, including Kazakhstan. S&P understands the
proposed transaction will close in the second half of 2018 and is
subject to customary regulatory approvals.
S&P said, "On a stand-alone basis, we expect that Com Hem will
continue to report about 2%-3% organic revenue growth and strong
free cash flow in 2018 and 2019, primarily from strong revenue
growth in broadband, balanced by modest revenue growth of about
1%-2% in digital TV (DTV) and revenue decline in Boxer, business
to business (B2B), and fixed-line voice services."
Com Hem has a leading position in Sweden's DTV market, including
Boxer, resulting in a consolidated market share of about 40%.
Furthermore, Com Hem is well established in fixed-line broadband
and its market share is increasing, albeit marginally. Over the
past two years, its addressable market has increased to about 2.8
million households from about 2.0 million, thanks to its
acquisition of Boxer and expansion in the single-dwelling unit
(SDU) market. S&P said, "We expect the company can achieve its
target of reaching 3.0 million households by 2020, given the
growth opportunities. Com Hem is well positioned to benefit from
rising demand for high-speed network connections. Its upgraded
hybrid-fiber-coaxial DOCSIS 3.0 network offers internet speeds of
500 megabits per second in 92% of its coverage area, which is
superior to that offered by competitors. Moreover, we expect that
Com Hem will continue to post high adjusted margins that return
to 43%-45% by 2019, following a drop to about 40% in 2017
stemming from the dilutive effect of the full consolidation of
lower-margin Boxer that year."
These strengths are partly offset by intense competition from
various technology platforms in multi-dwelling areas, including a
70% overlap with fiber networks. Com Hem competes with
TeliaSonera AB and Telenor ASA, which are much larger and have a
greater footprint in alternative technologies, including digital
subscriber lines and fiber optic networks. S&P said, "In
addition, we consider that Com Hem faces technology risks, in
particular from Boxer's digital terrestrial TV (DTT) services,
where we expect continued subscriber losses and revenue decline.
However, we regard the exposure as limited because other Com Hem
segments should be able to compensate through uptake of DTV
offerings or broadband subscriptions."
S&P said, "Our assessment of Com Hem's financial risk profile
remains constrained by the company's leverage target and
shareholder remuneration policy (including dividends and share
buybacks). We assume that management will remain committed to its
financial policy, which targets a reported leverage ratio of
3.5x-4.0x. We anticipate that this will translate into S&P Global
Ratings-adjusted leverage of 3.65x-4.15x. Com Hem's solid
margins, modest interest costs, and relatively moderate capital
expenditures (capex; about 15% of sales) lead to strong cash flow
generation of about 10%-15% of debt and EBITDA interest coverage
of about 8x-9x.
"Com Hem's short track record in the SDU market and its financial
policy could lead to adjusted leverage of 4x or higher. Hence, we
currently regard the company's overall credit quality as somewhat
weaker than that of peers we rate 'BB+'.
"We now view Com Hem's liquidity as adequate rather than strong,
due to the short-dated debt maturity profile. More specifically,
SEK6.2 billion of term loans are due in June 2019, meaning that
more than half of the capital structure matures within 18 months.
We understand that the company has ample refinancing options and
expect it will extend the debt instruments before they become
short-term liabilities. We continue to consider that the company
has good relationships with its banks, a satisfactory standing in
credit markets, and generally prudent risk management.
"We plan to resolve the CreditWatch after the transaction closes,
which we expect will take place in the second half of 2018. We
anticipate at least a two-notch upgrade once we complete our
analysis, after assessing the enlarged entity's future business
prospects, strategy, capital structure, financial policy, and
free operating cash flow generation."
CYBAERO AB: Trading Halted, Liquidity Woes May Lead to Bankruptcy
-----------------------------------------------------------------
Trading in CybAeros share, listed on Nasdaq First North, was
halted before stock market opening on Thursday, Feb. 15. The
background to the trade halt is acute liquidity shortage.
On July 24, 2017, CybAero signed a financing agreement with
Dubai-based Bracknor Investment Group, providing a financing
solution amounting to USD5.25 million in the form of seven
convertible loans Ongoing discussions with Bracknor on the
delivery of the agreement's third tranche of USD850,000 are at an
impasse and CybAero no longer thinks it is likely that Bracknor
will deliver the requested funds. This has led CybAero to an
acute liquidity shortage.
CybAero is currently examining how long the existing liquidity is
sufficient to run the company. CybAero examines if more than
half of the share capital has been consumed. If so, CybAero will
establish a balance sheet review, in accordance with the Swedish
Companies Act, Chapter 25, 13.
CybAero is currently discussing with other financiers about the
opportunity to solve the emerging situation. If the discussions
are not successful a bankruptcy could not be ruled out.
About CybAero
CybAero -- http://www.cybaero.se/-- develops and manufactures
Remotely Piloted Aircraft Systems (RPAS) for safer and more
effective aerial operations in various environments, including
those hazardous in nature. The company has made a great
international impact with its APID One helicopter, which can be
adapted for both military and civilian applications such as
coastal and border surveillance, search and rescue missions, and
mapping. CybAero's head office is located in Mjaerdevi Science
Park in Linkoeping, Sweden. The company has been listed on the
NASDAQ First North since 2007. FNCA Sweden AB is the company's
certified adviser.
=====================
S W I T Z E R L A N D
=====================
GATEGROUP HOLDING: S&P Lowers ICR to 'B-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Switzerland-based airline solutions provider gategroup Holding AG
to 'B-' from 'B'. The outlook is stable.
S&P said, "The downgrade follows our revision of HNA Group's GCP
to 'ccc+' from 'b'. HNA Group is the controlling owner of
gategroup and, as such, we apply our group rating methodology. We
consider gategroup to be a moderately strategic subsidiary of the
HNA Group because it provides backward integration to its airline
businesses and complements its other at-airport services
subsidiaries. Our issuer credit rating on gategroup is therefore
materially affected by our view of HNA Group's weaker overall
credit standing. While we understand that HNA Group continues to
have access to capital markets and appears to have the support of
some banks, in our view it is unclear that this will be
sufficient for the company to meet its upcoming obligations. We
are closely monitoring HNA Group's efforts to secure additional
funding to meet its obligations and will reassess its GCP when
appropriate.
"Under our group rating methodology, we generally do not rate a
subsidiary higher than the parent's GCP, even if the subsidiary's
SACP is higher than the GCP. This is mainly because we believe
that the weaker parent could divert assets from its subsidiary or
burden it with liabilities during periods of financial stress. In
addition, the subsidiary's flexibility with regard to raising
debt and capital could also be significantly reduced. However, if
the GCP is in the 'ccc' category or below, we apply our 'CCC'
rating criteria. For gategroup on a stand-alone basis, we do not
have any current liquidity concerns, nor do we believe that the
company is dependent on favorable business, financial, and
economic conditions to meet its financial commitments. As such,
gategroup's SACP is unchanged at 'bb'. We believe that its market
position in airline catering remains strong and we assume that
its funds from operations (FFO) to debt will stay above 20% in
the next 24 months."
S&P's base-case scenario includes:
-- In 2018 and 2019, S&P assumes stable organic growth of more
than 2% annually, mainly linked to S&P's weighted-average GDP
growth forecast for all the countries in which the company
generates revenue.
-- Reported EBITDA margin to improve to about 6% in 2018 (from
4.3% in 2016) on the back of direct cost savings, synergies
from acquisitions, and a stricter contract renewal process.
-- Capital expenditure (capex) of about Swiss franc (CHF) 160
million in 2018.
-- No material acquisitions.
Based on these assumptions, S&P arrived at the following credit
measures:
-- Adjusted FFO to debt of about 23% in 2018 (from 17% in 2016).
-- Adjusted debt to EBITDA of about 3.1x in 2018.
S&P said, "We understand that HNA Group is currently evaluating
the option of undertaking an IPO of gategroup shares on the Swiss
Stock Exchange. The structure and timing of any offering and
listing are yet to be determined, so we do not currently factor
this into our rating.
"The outlook is stable because we believe gategroup has much
stronger credit metrics, on a stand-alone basis, than its parent.
"Based on gategroup's current debt levels, the company has
significant headroom for operational underperformance before the
'B-' issuer credit rating would be affected. Furthermore, we
currently do not assume negative interventions from HNA Group
that would undermine gategroup's ability to pay its debt
obligations in the next 12 months.
"We could lower our rating on gategroup if HNA Group adversely
intervened or if gategroup were drawn into any potential
insolvency or distressed restructuring as a result of HNA Group's
weak credit position.
"We could raise the rating on gategroup if HNA Group materially
reduced its financial leverage and stabilized its liquidity
position such that we revised HNA Group's GCP upward and
considered it commensurate with a 'B' or higher rating.
"Furthermore, we could upgrade gategroup if we reassess our view
of its group status within HNA. For example, we understand that
HNA Group is currently evaluating the option of undertaking an
IPO of gategroup shares on the Swiss Stock Exchange. While we do
not currently factor this into our rating, given the execution
risk of the potential transaction, if this were to result in HNA
Group losing control of gategroup this could lead us to delink
gategroup's rating from HNA Group's GCP and lead to upside for
the rating."
===========================
U N I T E D K I N G D O M
===========================
CARILLION PLC: Senior Directors Face In-Depth Probe Over Collapse
-----------------------------------------------------------------
Rhiannon Curry at The Telegraph reports that MPs have demanded
more answers from Carillion's senior directors after they failed
to adequately address what action they took to save the company
in the months before its collapse.
Rachel Reeves and Frank Field, who are chairing the joint
business and pensions committee inquiry into Carillion's
collapse, have published a series of letters to members of
Carillion's management team, as well as companies they claimed to
have dealt with in recent weeks, The Telegraph relates.
The committee had called the directors "delusional" after they
appeared in front of MPs at a four-hour evidence session, The
Telegraph notes.
According to The Telegraph, Zafar Khan, Carillion's former
finance director, has been asked to clarify the terms of his
departure, including whether he signed a non-disclosure
agreement.
Meanwhile former chief executive Richard Howson has been asked
about his dealings with a contract in Qatar which was blamed for
many of Carillion's problems, and how much he was paid for
continuing to negotiate with the Qatari client Msheireb
Properties after he was dismissed as chief executive in July, The
Telegraph relays.
The committee has also written to Msheireb to ask whether
Mr. Howson's claim that it owed Carillion money was correct, a
claim which Msheireb has previously denied, The Telegraph states.
According to The Telegraph, company chairman Philip Green was
questioned about why he had been "surprised" by data presented to
the board September by Mr. Khan, and asked to provide the board's
"three most regrettable decisions" after he admitted that he did
not get "all of the decisions right".
Former interim chief executive Keith Cochrane will have to
clarify what happened at his meetings with institutional
investors who were offloading shares in Carillion last year,
while former finance director Richard Adam has been quizzed on
what he thinks happened to the "healthy" company he left at the
end of 2016, The Telegraph notes.
The directors had blamed a number of different factors for
Carillion's collapse, The Telegraph relates. The business was
placed into liquidation on Jan. 15, The Telegraph recounts.
After they appeared at the session, Ms. Reeves and Mr. Field
called them "a series of delusional characters" who "maintained
that everything was hunky dory until it all went suddenly and
unforeseeably wrong", The Telegraph recounts.
As part of the latest stage of the inquiry, three advisors,
Slaughter and May, Lazard and Morgan Stanley, have also been
asked what involvement they had with Carillion last year, The
Telegraph notes.
Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company. The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).
CARILLION PLC: Field Calls for Overhaul of Pensions Regulator
-------------------------------------------------------------
Iain Withers at The Telegraph reports that the chairman of the
work and pensions select committee has called for a radical
overhaul of the Pensions Regulator ahead of a grilling of its
bosses over the growing Carillion and British Steel pension
scandals.
Frank Field said he was angered by the regulator's failure to
police Carillion's spiralling GBP990 million pension deficit and
mis-selling of savings products to British Steel pensioners, The
Telegraph relates.
"We need to look seriously at the whole state of the operation,
how its skills match the task and the legal basis of the
regulator because it's quite clear from our inquiries on British
Steel and Carillion that there are failings," The Telegraph
quotes Mr. Field as saying.
"They should form a more effective agency or agencies to defend
pensioners rather than industries."
According to The Telegraph, he also questioned the reappointment
of Mark Boyle as chairman of the body without open competition
shortly before Carillion's collapse: "It shows the lack of
imagination of the May government and the urgency of reform."
He said the Carillion case had made him think the big four
accountants needed to be broken up, The Telegraph relays.
The Pensions Regulator and Carillion's auditor KPMG will give
evidence this week, The Telegraph discloses.
Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company. The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).
DEBUSSY DTC: DBRS Lowers Rating on Class A Notes to BB(low)
-----------------------------------------------------------
DBRS Ratings Limited downgraded its rating on the Commercial Real
Estate Loan Backed Fixed-Rate Notes due July 2025 (the Class A
Notes) issued by Debussy DTC Plc to BB (low) (sf) from BBB (low)
(sf).
Additionally, the Class A Notes were placed Under Review with
Negative Implications.
The rating downgrade reflects the imminent decrease in credit
characteristics of the transaction as a result of Toys R Us's
(TRU) proposed Company Voluntary Arrangement (CVA), which it
announced on December 4, 2017 (CVA Proposal). DBRS analysed the
CVA Proposal and determined a set of potential scenarios, the
most favourable being reflected in the updated rating. TRU's
creditors are scheduled to vote on the CVA Proposal on 21
December 2017. DBRS placed the transaction Under Review with
Negative Implications because of the uncertainty related to the
vote and the to-be-determined strategy of the borrower and
servicer, if the Proposed CSA is approved. DBRS intends to review
the transaction once the outcome of the CVA Proposal and
potentially the strategy of the borrower and servicer, are more
visible.
Debussy DTC Plc is the securitisation of 30 mega retail stores
and one distribution centre operated by TRU. The properties are
mainly located in secondary and tertiary markets in the United
Kingdom. All properties are registered under Toys "R" Us
Properties (UK) Limited and are operated under individual triple-
net leases to Toys "R" Us Ltd., with leases expiring in February
2036 or February 2037. TRU is currently paying above-market rent
with an annual rental rate increase based on the retail price
index (RPI) and subject to a 1.0% floor and a 2.5% cap. The
securitised loan is interest-only and the borrower will have to
repay GBP 263 million at maturity in July 2020. There is no
extension option but the loan maturity date could be potentially
extended to July 2023 at the latest, two years before note
maturity. More details can be found in DBRS's 21 July 2017 press
release, when DBRS confirmed its ratings on Debussy DTC Plc and
assigned a Negative trend to the Class A Notes.
On December 21, 2017, TRU's creditors and shareholders would have
voted on the Proposed CVA. If agreed by at least 75% of its
debtors, the CVA will enable TRU UK to restructure its finances
and reposition its real estate portfolio. If more than half of
its debtors vote against the CVA and no agreement is reached, TRU
could be forced to file for bankruptcy in the UK, highly likely
resulting in store closures. If implemented, the CVA period will
start on the date that it is approved (effective date) and will
continue until the supervisors have finished executing its terms,
which although uncertain, is expected to be within four years,
i.e. by December 21, 2021, a year and a half after the scheduled
maturity of the securitised loan in July 2020.
TRU currently has 88 permanent and 21 temporary stores in the UK.
The CVA Proposal splits the property portfolio into five
categories based on the stores' profitability and size, and
subsequently recommends where rent reductions, downsizing or
store closures are required.
Category 1 stores are those that are performing well and do not
require any modifications. In TRU's opinion, both Category 2 and
3 stores require downsizing. For these categories, according to
the CVA Proposal, TRU and its store's landlords would have seven
months to agree the terms of a downsize, after which a 15%
reduction in rent will be proposed as an alternative.
Additionally, the CVA Proposal entails immediate rent reductions
for all unprofitable stores. As Category 2 stores are currently
profitable, they do not require any immediate reduction in rent.
Category 3 stores (which do require downsizing) and Category 4
stores (which do not require downsizing) would both have
immediate rent reductions of 35%. As Category 5 stores have been
deemed to have no future viability, following an immediate rent
reduction of 50%, store closures would begin in spring 2018.
In addition to the immediate rent reductions, the CVA Proposal
includes lease termination rights with 45 days notice period for
properties in Category 2, Category 3, Category 4 and Category 5
(for Category 2 properties there is no termination right for the
first seven months after the effective date). The CVA also
proposes to change the rent collection cycle for all property
categories from quarterly in advance to monthly.
Out of the 31 securitised assets in the Debussy transaction,
seven (13.3% of total Annual Rental Income) fall into Category 1
and are therefore unaffected by the Proposed CVA, except for the
changed rent collection cycle; another seven (16.6% of the
transaction's total Annual Rental Income) fall into Category 5
and thus would likely be closed next year. The remaining 17
assets require a mix of downsizing and rent reductions.
Presuming the CVA Proposal is approved, DBRS has assessed the
rental impact in five different scenarios. DBRS has analysed each
of the possible scenarios using the current rental values given
in the October 2017 interest payment date (IPD) report, which
totalled GBP 24.8 million.
Scenario 1 - if approved on December 21, 2017, the portfolio
would incur an immediate rent reduction of 35% for both Category
3 and Category 4 stores and 50% for Category 5 stores. Overall,
this would cause Debussy's total annual rent to decrease by 26.0%
to approximately GBP 18.4 million.
Scenario 2 - if no downsizes are agreed but instead a further 15%
rent reduction is applied to Category 2 and 3 stores, total
annual rent would decline by 41.8% to approximately GBP 14.5
million.
Scenario 3 - if downsizes for Category 3 and 4 stores are agreed
within the seven-month period and no additional rent reductions
are required, total annual rent could be approximately GBP 11
million, which is a 55.0% fall. To calculate the estimated rent
post-downsizing, DBRS used the current rent per square foot and
applied a 50% reduction in the size of the Coventry distribution
centre and the most conservative target size stated in the CVA of
20,000 square foot for the retail properties. The estimated rent
does not include the potential of re-letting downsized or vacated
space.
Scenario 4 - if TRU closes all of the UK stores except for the 24
in Category 1 (seven of which are in Debussy), not including
potential re-letting, the transaction's total annual rent would
drop to around GBP 3.3 million, an 86.7% decrease.
Scenario 5 - based on the CVA documentation assumptions and
current passing and market rents, the expected total annual rent
at the end of the process, would be around GBP 17.2 million, a
30.5% reduction from October 2017's IPD, assuming no vacated
spaces are subsequently let.
The latest reported market value and vacant possession value of
the portfolio are GBP 359.4 million and GBP 196.4 million
respectively. However, to derive such values, the surveyor has
assumed the assets would be let at current rent (market value) or
market rent (vacant possession value). Should the CVA Proposal be
implemented TRU would pay below the currently reported market
rent, resulting in a possible ICR trigger breach and/or interest
payment default during 2018, which would cause the loan to be
transferred to the special servicer.
In lieu of a third-party liquidity facility, the borrower has
established the Borrower Security Reserve Account and funded it
with GBP 19,300,000 to provide liquidity support to the Class A
and Class C Notes Senior Additional Payments (0.5% per annum on
Class C outstanding balance and ranking senior to Class A note
interest and principal). In addition the transaction features a
Reserve Account which is currently funded to its maximum at GBP 3
million. The Reserve Account can be used to pay interest due on
the securitised loan, which could become relevant on the January
2018 IPD as the change from quarterly to monthly collection cycle
would likely result in (reduced) rental income not being
sufficient to pay interest on the loan. Cash on the Borrower
Security Reserve Account could be used to pay interest due on the
Class A notes, mitigating the risk of a note payment default
should the borrower default on its loan interest payments due.
DBRS estimates that the Borrower Security Reserve would be
sufficient to enable the issuer to pay 1.5 to 2 years of interest
due on the Class A notes.
The economics of the Proposed CVA and the alternative outcome if
it was not agreed by TRU's creditors puts pressure on cash flow
and property values, resulting in higher default (immediate and
refinancing) risk and ultimately higher loss risk. In its review
DBRS will likely reduce its sustainable net cash flow assumption
for the property portfolio (currently GBP 21.5 million) by at
least 10%, causing the downgrade to BB (low) (sf) and the
placement of Under Review with Negative Implications.
Notes: All figures are in British pound sterling unless otherwise
noted.
HOCHSCHILD MINING: Fitch Affirms & Then Withdraws 'BB+' IDRs
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'BB+' Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) of
Hochschild Mining Plc.
The withdrawal of Hochschild's ratings is due to commercial
reasons following the company's repurchase of all of its
outstanding bonds. Fitch will no longer provide ratings or
analytical coverage of the company.
RATING SENSITIVITIES
Rating Sensitivities are not applicable as the ratings have been
withdrawn.
FULL LIST OF RATING ACTIONS
Fitch has affirmed and withdrawn the following ratings:
Hochschild Mining Plc
-- Long-Term Foreign Currency IDR at 'BB+';
-- Long-Term Local currency IDR at 'BB+'.
The Rating Outlook is Stable.
EUROSAIL-UK 2007: S&P Raises Class E1c Notes Rating to B-(sf)
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Eurosail-UK 2007-
3BL PLC's class A3a, A3c, B1a, B1c, D1a, and E1c notes. At the
same time, S&P has affirmed its ratings on the class C1a and C1c
notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using the most recent information that it has
received, and the application of its relevant criteria.
The servicer (Acenden Ltd.) reports arrears that include amounts
outstanding, delinquencies, and other amounts owed. Other amounts
owed include arrears of fees, charges, costs, ground rent, and
insurance, among other items. Delinquencies include principal and
interest arrears on the mortgage loans, based on the borrowers'
monthly installments. Amounts outstanding are principal and
interest arrears, after the servicer first allocates borrower
payments to other amounts owed.
In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest and principal
amounts. From a borrower's perspective, the servicer first
allocates any arrears payments to interest and principal amounts,
and then to other amounts owed. This difference in the servicer's
allocation of payments for the transaction and the borrower
results in amounts outstanding being greater than delinquencies.
S&P has refined its analysis of these other amounts owed by using
the available reported loan-level data. The new approach results
in a decrease in both the weighted-average foreclosure frequency
(WAFF) and the weighted-average loss severity (WALS) in this
transaction.
WAFF (%) WALS (%)
AAA 38.96 43.58
AA 33.50 36.32
A 28.51 24.59
BBB 23.91 18.00
BB 19.34 13.61
B 17.33 10.35
S&P said, "Following our review, our analysis indicates that the
available credit enhancement for the class A3a, A3c, B1a, B1c,
D1a, and E1c notes is commensurate with higher ratings than those
currently assigned. We have therefore raised our ratings on these
classes of notes.
"Our analysis also indicates that the available credit
enhancement for the class C1a and C1c notes is commensurate with
the currently assigned ratings. We have therefore affirmed our
'B- (sf)' ratings on these classes of notes.
"Our 'B- (sf)' ratings in this transaction reflect our analysis
of the transaction's overall performance. The pool's asset
performance is stable, the reserve fund is fully funded and
continues to increase as a percentage of the outstanding balance
of the notes, and prepayments are low. Therefore, we do not
expect the issuer to be dependent upon favorable business,
financial, and economic conditions to meet its financial
commitments on the class C1a, C1c, D1a, and E1c notes.
"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
over one- and three-year periods, under moderate stress
conditions, is in line with our credit stability criteria."
Eurosail-UK 2007-3BL is a U.K. nonconforming residential
mortgage-backed securities (RMBS) transaction, which Southern
Pacific Mortgage Ltd., Preferred Mortgage Ltd., London Mortgage
Company, Alliance & Leicester PLC, and Amber Homeloans Ltd.
originated.
RATINGS LIST
Class Rating
To From
Eurosail-UK 2007-3BL PLC
GBP493.57 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
A3a A+ (sf) BBB+ (sf)
A3c A+ (sf) BBB+ (sf)
B1a BB- (sf) B- (sf)
B1c BB- (sf) B- (sf)
D1a B- (sf) CCC (sf)
E1c B- (sf) CCC (sf)
Ratings Affirmed
C1a B- (sf)
C1c B- (sf)
MB AEROSPACE II: S&P Assigns 'B' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to MB Aerospace Holdings II Corp. (MB). The outlook
is stable.
S&P said, "At the same time, we assigned our 'B' issue rating
with a recovery rating of '3' to the $255 million first-lien term
loan due in 2024 and $50 million revolving credit facility (RCF)
due in 2022, issued by MB. This reflects our expectations of
meaningful (50%-70%; rounded estimate 60%) recovery in the event
of payment default."
The ratings are in line with the preliminary ratings assigned on
Dec. 5, 2017. There is a slightly lower margin on the term loan,
but aside from this, the final terms do not depart materially
from the documentation reviewed previously. The slightly lower
interest costs do not change S&P's assessment of the group's
financial risk profile or ratings.
S&P said, "The company's business position as a maker of aero-
engine components for leading global engine manufacturers
supports our 'B' long-term issuer credit rating on MB. Pro forma
for the acquisition of Asian Compressor Technology Services
(ACTS), it supplies both commercial aerospace (60% of revenues)
and defense (29%) end-markets, as well as gas turbines (8%). MB's
parts are included in 85 different engine platforms, across
several purchasing points in different locations for each major
customer. Revenues are supported across the engine lifecycle with
parts for new engines in production (approximately 60% of
revenues), as well as for existing engines no longer in
production (about 20%), and aftermarket repairs (about 20%). MB
has long-standing contractual relationships with key customers
and acts as the sole supplier for about 80% of its revenues. The
10 largest platforms by volume account for 46% of revenues and no
more than 8% for any one platform. MB's management expects that
next-generation engines will make up 20% of revenues by 2020.
Long certification processes also support the business. MB
demonstrates historical S&P Global Ratings-adjusted EBITDA
margins of 14%-16%, which we expect to rise to about 19% due to
the ACTS acquisition. This compares well with other component
manufacturers."
MB is a small, niche market player whose customers are far larger
and stronger, which creates an imbalance between pricing and
bargaining power. S&P said, "We think this constrains MB's
business risk profile. MB's high degree of customer concentration
exacerbates this challenge; Pratt & Witney accounts for 63% of
MB's sales (during the nine months to Sept. 30, 2017, pro forma
for the ACTS acquisition). Other key customers are Rolls-Royce
and General Electric, which combined account for a further 24%.
This exposes MB to the risk that a reduction in business from
just a few key customers could hurt the business. MB's business
model also operates a make-to-print strategy, which we see as
adding less value than risk-sharing models, increasing the risk
of switching." However, this reduces the required level of
research and development spending.
MB's highly leveraged capital structure constrains our assessment
of the company's financial risk profile. On an S&P Global
Ratings-adjusted basis, pro forma for the transaction at year-end
2018, we expect MB's ratios of debt to EBITDA and funds from
operations (FFO) to debt to be about 6.9x and 9%, respectively,
improving slightly in 2019. S&P said, "We envisage negative free
operating cash flow (FOCF) in 2018, becoming positive in 2019. We
see MB as likely to make further bolt-on acquisitions to support
business growth. We make limited adjustments to MB's reported
debt and EBITDA figures."
In S&P's base-case scenario:
-- As Pratt & Whitney (under UTC) is a key customer (more than
50% of revenues), S&P believes higher production volumes by
key customers and the sizable aircraft backlogs of airframe
manufacturers Airbus and Boeing will support demand for MB's
engine components.
-- S&P expects MB's revenues to increase by about 25% in 2018
due to growth in its own business and due to the ACTS
acquisition, with more modest annual growth thereafter.
-- S&P expects EBITDA margins to increase to about 19% in 2018,
and stabilize at this level.
-- S&P sees modest working capital outflows, and higher levels
of capital expenditure (capex) during the next couple of
years.
-- Negative FOCF in 2018, becoming positive in 2019.
-- Given past acquisition-led growth, S&P envisages future
modest transactions.
-- S&P assumes there will be no dividend payments.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Debt to EBITDA of 6.9x in 2018 declining to about 6.4x in
2019.
-- FFO to debt of about 9%.
-- FFO cash interest cover of about 2.5x.
U.S.-incorporated and jointly headquartered in the U.K. and the
U.S., MB supplies metallic aero-engine parts to major aero-engine
manufacturers. The company provides a wide variety of engine
components such as casings, fabricated assemblies, and rotating
components for a wide range of different engines. MB also
provides repair services, as well as sales of aftermarket
components. MB's manufacturing plants are in the U.S., the U.K.,
Poland, and -- following the acquisition of ACTS -- Taiwan. In
2016, MB had revenues of $234 million.
MB's acquisition of ACTS cost $115 million (including $20 million
upfront royalty payments and potential earn-out payments of $30
million over three years). ACTS provides repair and maintenance
services for aero-engines. Since 2015, MB has been owned by
Blackstone Capital Partners, which S&P regards as a financial
sponsor.
S&P said, "The stable outlook reflects our expectations that MB
will maintain debt to EBITDA of above 5x while improving EBITDA
margins to about 19% during the 12 months after the transaction
closes. We expect an FFO-cash-interest-coverage ratio of above
2x.
"We could downgrade MB if its FFO-cash-interest-coverage ratio
decreases to below 2x because of operational setbacks or debt-
financed acquisitions. We could also take a negative rating
action if MB's profitability--measured by its EBITDA margin--
declined below 15%, or its ratio of debt to EBITDA was weaker
than 7x.
While unlikely, we could consider a positive rating action if MB
materially diversified its portfolio of customers and maintained
positive FOCF. A ratio of debt to EBITDA sustainably stronger
than 5x, as well as a supportive financial policy, could also
lead us to raise the rating."
SEADRILL LTD: Nears Restructuring Deal with Unsecured Bondholders
-----------------------------------------------------------------
Nerijus Adomaitis and Tom Hals at Reuters report that Seadrill's
main owner, billionaire John Fredriksen, is close to a deal with
unsecured bondholders and South Korean shipyards on a
restructuring plan for the rig operator, sources familiar with
the talks said on Feb. 15.
The Norwegian company, which last year filed for bankruptcy
protection in a U.S. court, has been working with creditors since
last month on a restructuring plan to bring in more than US$1
billion in fresh funding, allow it to maintain its fleet of rigs
and pay creditors and staff, Reuters relates.
"The deal hasn't been signed yet, but I'm very hopeful . . .
Seadrill has been really pushing for the last 10 days to get the
deal," Reuters quotes one of the sources, a bondholder who did
not wish to be identified, as saying.
The two sources familiar with the matter said the breakthrough in
the talks came after Seadrill agreed on claims from Daewoo
Shipbuilding & Marine Engineering (DSME) and Samsung Heavy
Industries under Seadrill-guaranteed newbuild contracts for four
drillships, Reuters notes.
The South Korean companies had previously claimed a total of
US$1.7 billion in contingent liabilities, Reuters states.
Under the deal being negotiated, bondholders, represented by New
York law firm Stroock & Stroock & Lavan LLP and Rothschild, will
get a bigger stake in the restructured company than a previously
offered 14.3% after dilution, both sources said, but did not give
a figure, Reuters relays.
According to Reuters, they said unsecured claim holders would be
offered rights to invest more than US$250 million in new secured
notes and equity, up from the original proposal of US$110
million.
"This is a much better deal than was initially offered . . . We
are very happy with the company's efforts to have a pragmatic
discussion with bondholders," Reuters quotes the bondholder as
saying.
About Seadrill Ltd.
Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry. It is
incorporated in Bermuda and managed from London. Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.
As of Sept. 12, 2017, Seadrill employed 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.
As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.
Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.
After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, Seadrill Limited and 85
affiliated debtors each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 17-60079) on Sept. 12, 2017.
Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings in Bermuda to appoint
joint provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement, and Simon Edel, Alan Bloom and Roy Bailey
of Ernst & Young are to act as the joint and several provisional
liquidators.
In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor. Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement. Advokatfirmaet Thommessen AS is serving
as Norwegian counsel. Conyers Dill & Pearman is serving as
Bermuda counsel. Prime Clerk serves as claims agent.
The United States Trustee for Region 7 formed an official
committee of unsecured creditors with seven members: (i)
Computershare Trust Company, N.A.; (ii) Daewoo Shipbuilding &
Marine Engineering Co., Ltd.; (iii) Deutsche Bank Trust Company
Americas; (iv) Louisiana Machinery Co., LLC; (v) Nordic Trustee
AS; (vi) Pentagon Freight Services, Inc.; and (vii) Samsung Heavy
Industries Co., Ltd.
Kramer Levin Naftalis & Frankel LLP is serving as lead counsel to
the Committee. Cole Schotz P.C. is local and conflicts counsel
to the Committee. Zuill & Co (in exclusive association with
Harney Westwood & Riegels) is serving as Bermuda counsel.
London-based Quinn Emanuel Urquhart & Sullivan, UK LLP, is
serving as English counsel. Parella Weinberg Partners LLP is the
investment banker to the Committee. FTI Consulting Inc. is the
financial advisor.
TALKTALK TELECOM: S&P Affirms 'BB-' CCR Amid Dividend Cut
---------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB-' long-term
issuer credit rating on U.K.-based fixed-line carrier TalkTalk
Telecom Group PLC. The outlook is stable.
S&P said, "At the same time, we affirmed our 'BB-' issue rating
on TalkTalk's GBP400 million senior notes. The recovery rating on
these notes is '3', indicating our expectation of recovery
prospects of 50%-70% (rounded estimate: 65%) in the event of a
payment default."
The affirmation reflects S&P's view that TalkTalk's weaker-than-
anticipated operating performance in financial year 2018 (ending
March 31) is balanced by S&P's expectations of a significant
improvement in credit metrics in financial 2019, following
TalkTalk's announcement of a temporary dividend reduction and its
intention to raise GBP200 million of equity to strengthen its
balance sheet.
TalkTalk has revised its full-year 2018 EBITDA guidance down to
GBP230 million-GBP245 million from GBP270 million-GBP300 million.
S&P understands that the lower EBITDA is largely the result of
higher-than-anticipated customer growth, leading to growing
subscriber acquisition costs and falling average revenue per user
(ARPU) as TalkTalk transitions its existing and new customers to
a lower price fixed broadband payment plan. In S&P's view, the
EBITDA underperformance also reflects the take-up of fiber
broadband offers being higher than anticipated. These currently
have lower margins than TalkTalk's copper-based broadband
services due to the high wholesale fiber access fees TalkTalk
pays to the network provider, Openreach.
Despite the lower EBITDA expectations for 2018, S&P notes that
the company's net customer additions have continued to accelerate
in the third quarter for both retail and wholesale customers,
which should translate over the medium term into more meaningful
revenue growth. In addition, S&P expects 2019 margins to benefit
from a reduction in fiber wholesale fees following Ofcom's
wholesale local access market review. This should be particularly
beneficial to TalkTalk as it has a large number of fiber
customers who subscribe to fiber speeds of less than 40 megabits
per second.
At the same time, TalkTalk has successfully raised GBP200 million
of new shares. The company also plans to cut the dividend
temporarily to 2.5p from 7.5p in its previous guidance, which
should add roughly GBP50 million in additional cash flow from
financial 2019 onward. S&P said, "We expect that the company will
use these new sources of funds to improve its balance sheet
position by repaying some of its drawing under the current
revolving credit facility (RCF). As a result, we forecast that
TalkTalk's S&P Global Ratings-adjusted debt to EBITDA will
decline towards 3x in financial 2019 and that discretionary cash
flows (after dividends) will significantly improve to about GBP40
million, from a cash burn of about GBP50 million in financial
2018."
TalkTalk has also announced that it will join forces with
Infracapital (the infrastructure equity investment arm of M&G
Prudential) to create an independent company that will provide
full fiber connections to more than three million homes and
businesses in the U.K. TalkTalk will be the founding wholesale
customer of the new company and will assume 20% of the new
company's ownership. S&P said, "We understand that TalkTalk will
contribute roughly GBP100 million of new equity in the venture
over five years, which is likely to be internally funded given
the lower shareholder distributions. We view the new venture as
positive for TalkTalk in general, given its potential lower
reliance on Openreach's fiber infrastructure in the long run.
However, we expect that over-expenditure during the network
build-up could potentially have negative repercussions further
down the line."
In S&P's base case for financial 2018-2019, S&P assumes:
-- Return to revenue growth, with total revenue up 1% to
EUR1,740 million in 2019.
-- S&P expects revenue growth to be driven by increases in the
subscriber base.
-- S&P forecasts a net addition of over 100,000 subscribers in
2019 and minor ARPU growth due to a further shift in the
product mix toward fiber, the stabilizing impact of
recontracting to the company's fixed low price plans, and
continued market share gains in the business segment.
-- Reported EBITDA margin reduced to about 9% in financial 2018,
from 14% in 2017, due to our assumption of about GBP80
million of exceptional costs, increasing to 14%-15% in
financial 2019.
-- S&P expects that margins in 2019 will benefit from cuts in
the fixed cost base as well as significantly lower
restructuring costs compared with 2018, but will continue to
be burdened by relatively material subscriber acquisition
costs and marketing expenses.
-- Total annual capital expenditure of 6%-8% of revenues in 2018
and 2019.
-- Annual equity contributions of GBP20 million towards the
company's new joint venture with Infracapital from financial
2020.
-- Dividends of roughly GBP70 million in 2018 and roughly GBP25
million in 2019.
-- GBP200 million of new equity issuance, which TalkTalk will
use to repay outstanding drawings under its RCF.
Based on these assumptions, we arrive at the following credit
measures:
-- Adjusted debt to EBITDA of 4.0x-4.5x in financial 2018, d
declining to about 3.0x in financial 2019 from about 3.2x in
financial 2017;
-- Funds from operations (FFO) to debt of 17%-20% in 2018,
increasing to 25%-30% in 2019; and
-- Free operating cash flow (FOCF) to debt of about 4% in 2018,
increasing to about 9% in 2019.
S&P said, "The stable outlook reflects our expectation that
TalkTalk will stabilize its revenue base over the next 12 months,
continue to expand its customer base, and significantly lower its
exceptional costs, in line with our base case. We forecast a
debt-to-EBITDA ratio within 3x-4x and FFO to debt well within
25%-30%.
"We could consider raising the rating on TalkTalk if the company
outperforms our base case, resulting in improved credit metrics
and free cash flow generation. This would most likely be driven
by continued growth in net customers, a stabilization in ARPU,
and a strong cut in the fixed cost base, supporting stable growth
of 1%-2% and adjusted EBITDA margins improving toward 20%.
Specifically, an upgrade would be subject to adjusted debt to
EBITDA falling to sustainably less than 3x, FOCF to debt
increasing to more than 10%, and positive discretionary cash
flows.
"We could lower the rating if TalkTalk continues to experience
revenue and margin declines, for example due to increased
competitive pressures, resulting in adjusted debt to EBITDA
remaining at or above 4x on a sustainable basis, and FOCF to debt
reducing to 5% or lower."
TOYS R US: At Risk of Administration, Faces GBP15-Mil. Tax Bill
---------------------------------------------------------------
Express Newsline reports that Toys R US faces entering
administration at the end of this month unless it can find new
investors prepared to shoulder GBP15 million tax bill.
The company, which employs 3,000 people across the United
Kingdom, has stores in Norwich and Ipswich which both survived a
spate of closures after the business entered a company voluntary
arrangement (CVA), approved just before Christmas, which saw it
offset some of its debts, Express Newsline relates.
It is claimed that firms including The Entertainer, Alerti
Investors and Hilco Capital have held talks about buying parts of
the chain, Express Newsline notes.
According to Express Newsline, Sky News cited sources that said
Hilco would probably remain interested in a deal only if it is
structured as a pre-pack administration.
Toys R Us' UK arm had been plunged into crisis previous year
after its American parent company declared bankruptcy in the USA
and Canada, Express Newsline recounts.
The CVA included plans to shut 26 of its loss-making stores and
cut around 800 jobs during spring, Express Newsline discloses.
Company bosses also agreed to pump more than GBP9 million into
its pension fund in the next two years, Express Newsline states.
About Toys "R" Us
Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area. Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions. Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company. Toys "R" Us is now a privately owned entity but still
files with the Securities and Exchange Commission as required by
its debt agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland &
Ellis International LLP serve as the Debtors' legal counsel.
Kutak Rock LLP serves as co-counsel. Toys "R" Us employed
Alvarez & Marsal North America, LLC as its restructuring advisor;
and Lazard Freres & Co. LLC as its investment banker. It hired
Prime Clerk LLC as claims and noticing agent. A&G Realty
Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee
retained Kramer Levin Naftalis & Frankel LLP as its legal
counsel; Wolcott Rivers, P.C. as local counsel; FTI Consulting,
Inc. as financial advisor; and Moelis & Company LLC as investment
banker.
WATERLOGIC HOLDINGS: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' issuer credit
rating to U.K.-based Waterlogic Holdings Ltd. The outlook is
stable.
S&P said, "At the same time, we assigned our 'B' issue rating to
the proposed senior secured $440 million equivalent term loan B
and $45 million revolving credit facility (RCF). The recovery
rating is '3', indicating our view of meaningful (50%-70%;
rounded estimate: 50%) recovery prospects in the event of a
default."
The 'B' rating reflects Waterlogic's operation in the competitive
and fragmented water provision solution industry, its relatively
small absolute size, and limited product diversity. These factors
are somewhat offset by Waterlogic's leading market position in
the point-of-use (POU) segment, high proportion of recurring
rental revenues, and good geographic diversity.
Waterlogic is a global vertically integrated provider of water
dispensing solutions, with a leading market position in POU water
purification systems, especially in the U.K., Ireland, and the
U.S. The company is relatively geographically diversified,
deriving about 28% of sales from the U.K., 32% from Europe, 25%
from the U.S., 10% from Australia, and the remainder from the
rest of the world, with manufacturing operations in China.
S&P said, "Compared with global facility services companies (for
example ISS and Aramark), we consider Waterlogic's scale and
product offering to be limited. However, within its niche
segment, we recognize that the industry has steadily transitioned
from bottled water cooler (BwC) to POU systems, as the latter is
more economical and environmentally friendly for its customers."
Waterlogic generates more than 80% of its revenues from its POU
segment and its products in the segment are considered to be a
technology leader.
Waterlogic improved its scale, diversity, and margin profile with
strategic acquisitions in 2016. The acquisition of the U.K.-based
PHS Waterlogic division (2016) and Angel Springs (2015)
substantially improved its revenue mix in favor of recurring
rental contracts, and supported its market position in the high-
margin U.K. POU market. The rental segment margin is inherently
higher due to the asset-leasing nature of the business. A
manufacturing base in China provides Waterlogic with vertical
integration but also exposes it to a fixed-cost base to a certain
extent, along with potential for supply disruption in adverse
circumstances. In addition, Waterlogic has expanded in the U.S.
market with the 2016 acquisition of Onesource, a POU drinking
water systems provider. The company recently launched its new
premium product, Purezza, which caters to hotels and restaurants.
This product operates on a high rental model compared with the
core POU offering, thereby supporting improvement in margins.
S&P said, "Our financial risk profile assessment incorporates our
view that the company will maintain S&P Global Ratings-adjusted
leverage of more than 8x in the near term. We expect Waterlogic
to incur annual capital expenditure (capex) of more than 10% of
revenues over the next two years, as well as continue to make
ongoing acquisitions to build scale, technological knowhow, and
product diversity in a fragmented market. Waterlogic is likely to
incur material growth investments in fiscal 2018 because of
accelerated POU capex across Germany, U.S, France, and Spain, as
well as due to the implementation of an enterprise resource
planning (ERP) system. In addition, with a manufacturing base in
China and revenue generation across, among others, the U.K,
Europe, U.S, and Australia, we believe that the group could be
exposed to foreign exchange currency effects. However, we expect
Waterlogic's multi-currency debt facility to provide some cushion
against any potential adverse foreign exchange movements.
"Our calculation of adjusted debt comprises a $440 million
equivalent term loan B, a subordinated shareholder loan of about
$265 million equivalent, as of fiscal 2017 (accruing interest at
10%), and an additional $20 million adjustment to reflect S&P
Global Ratings' adjustment for operating lease commitments. Our
financial risk profile also reflects the ownership by financial
sponsor, Castik Capital, since January 2015. The company has
undertaken about 15 acquisitions under Castik's ownership and has
jointly invested in key acquisitions with a mix of shareholder
loans and equity. We consider shareholder loans by Castik as
debt-like under our criteria for treatment of non-common equity
financing, and thereby include them in our calculation of
adjusted debt.
"We forecast S&P Global Ratings-adjusted 2018 leverage at about
8.4x (approximately 5x excluding shareholder loans). Although
leverage is high, the higher anchor of 'b' reflects our
expectation of positive free cash flow and comfortable headroom
under the funds from operations (FFO) to cash interest coverage
ratio in the near term."
Base-case assumptions:
-- S&P Global Ratings' pro-forma sales of about $325 million in
fiscal year 2018 (ending Dec. 31, 2018) because of organic
growth mainly across the mature U.K. markets, increasing POU
penetration in the U.S. and Germany, and price increases over
the time.
-- S&P assumes organic growth of about 6%-7% in 2019.
-- S&P Global Ratings-adjusted EBITDA margins of 26.5%-27.5%
supported by growth in the high-margin U.K. markets, recent
price increases, benefits from growth investments in the
past, high-rental Purezzea product, and acquisition-related
synergies.
-- Capex of about $45 million-$50 million in 2018 and thereafter
at about $35 million-$40 million in 2019 to support
accelerated growth across key markets such as Germany, the
U.S., France, and Spain and toward the implementation of a
single global ERP platform.
-- Modest working capital outflows of about $5 million.
-- Acquisition spend of about $70 million-$80 million in fiscal
2018 and an annual spend of about $25 million thereafter.
Based on these assumptions, S&P arrives at the following credit
measures:
-- S&P Global Ratings-adjusted debt to EBITDA of about 8.4x for
fiscal 2018, improving to 8.2x in fiscal 2019.
-- Adjusted FFO to debt of 2.5%-2.7%. Marginally positive free
operating cash flow of $3 million-$5 million in fiscal 2018,
increasing to $18 million-$20 million in fiscal 2019.
-- FFO cash interest coverage of more than 4x.
S&P said, "The stable outlook reflects our view that Waterlogic
should continue to benefit from the industry's steady transition
from BwC to POU systems. This, along with an increasing recurring
rental revenue base stream and the successful integration of
recent acquisitions, should support the group's free operating
cash flow generation and enable it to maintain FFO cash interest
coverage of above 2x.
"We could downgrade Waterlogic if its operating performance
deteriorates such that it puts stress on the group's liquidity or
results in sustained negative free cash flow generation and FFO
cash interest coverage below 2x. This could be caused by the
competitive pricing environment, decline in service quality,
increased churn rates, potential technology obsolescence risk, or
inability to integrate acquisitions efficiently.
"We are unlikely to take a positive rating action in the near
term given Waterlogic's financial sponsor ownership and our
assumption of ongoing debt financed bolt-on acquisitions, which
constrains our view of its financial risk profile. However, we
could raise the rating if the owner committed to an improved
financial policy and we expected the group's debt to EBITDA to
fall materially and sustainably below 5.0x, and its FFO-to-debt
ratio to rise above 12%."
* Milbank Adds Four Partners to London Restructuring Practice
-------------------------------------------------------------
Milbank, Tweed, Hadley & McCloy LLP on Feb. 13 disclosed that the
firm has added a significant team of four partners to its
Financial Restructuring practice in London.
One of the leading restructuring and insolvency teams in Europe,
Yushan Ng, Karen McMaster, Sinjini Saha, who will join the firm
at a later date, and Jacqueline Ingram, bring a wealth of
expertise advising on some of the most complex and high-profile,
pan-European and transatlantic restructuring and special
situation financing matters. Yushan will serve as co-head of
Milbank's London Financial Restructuring Group alongside
established restructuring partner Nick Angel.
"Our London office has been one of the many drivers to our
tremendous growth as a global firm over the last five years.
Expanding our financial restructuring capabilities in London is a
strategic priority for us. With a significant track record of
success, the addition of these exceptional lawyers will create
one of the largest financial restructuring practices in the
London and transatlantic restructuring markets and will further
solidify our position as a global leader," said Scott A. Edelman,
Chairman of Milbank.
Dennis Dunne, global co-chair of Milbank's Financial
Restructuring Group, added: "In recent years, Milbank has played
a key role in structuring and implementing some of the most
complex cross-border restructurings in history. Adding Yushan's
top-tier pan-European restructuring team broadens our existing
market-leading capabilities in London and the US. We are
delighted to welcome Yushan, Karen, Sinjini and Jacquie to our
team and look forward to providing our clients with a best in
class offering with unparalleled expertise on both sides of the
Atlantic."
Suhrud Mehta, co-managing partner of Milbank's London office,
added: "This is a unique opportunity to substantially increase
the depth of our pan-European and transatlantic offering in
London in one of the firm's key business areas. Our existing
London-based restructuring practice has a track record advising
on some of the market's most innovative and complex cross-border
transactions. With this addition, we will be able to offer our
restructuring clients unrivalled breadth and depth in London. We
are very excited to welcome them into our London office."
"I am really pleased that we have managed to attract Yushan,
Karen, Sinjini and Jacquie to the firm. They have a great
practice and together we will have a bench-strength and joint CV
that I believe will be second to none," added Nick Angel.
"We are excited about this opportunity," said Yushan Ng.
"Milbank's strong platform, highly respected restructuring group
and depth of expertise in synergistic practice areas such as
leveraged finance, high yield, project/asset finance and
litigation, amongst many others, offers a tremendous opportunity
to continue to further grow our practice. The firm's
restructuring practice has had tremendous success and my
colleagues and I look forward to collaborating to build on that
momentum in Europe and globally."
Yushan Ng
With a focus on advising institutions that invest in distressed
situations or impaired credits, Mr. Ng has advised on a wide
range of some of the most complex restructurings across Europe.
His practice also encompasses advising lenders and borrowers on a
range of corporate and acquisition finance transactions. He
combines his financing skillset with practical restructuring
expertise to develop and implement novel rescue and priming loan
structures, with the goal of maximizing credit risk arbitrage for
clients investing in difficult situations. Mr. Ng graduated from
Merton College, Oxford University. He also serves on the council
of the Insolvency Lawyers Association.
Karen McMaster
Ms. McMaster assists buy side and distressed investors structure,
negotiate and implement a wide range of investments in
distressed, stressed or special situation credits. She is
experienced in all aspects of debt restructuring and
reorganization, from initial contingency planning and options
analysis to the implementation and management of complex workouts
and has particular experience acting in relation to financing
arrangements which predicate some element of risk, either in
terms of structure, a background of distress, or industry type.
Her work encompasses a range of insolvency and reorganization
tools and processes, including UK Schemes of Arrangement and
Voluntary Administrations, US chapter 11 and various European
reorganization mechanisms. She graduated from the University of
Melbourne with a BA and LLB degree.
Sinjini Saha
Ms. Saha specializes in acting for private equity and distressed
financial sponsors on all aspects of their investments including
cross-border M&A, stressed and distressed investments, loan-to-
own transactions, restructurings, high yield and general
corporate and securities law matters. Dual qualified in New York
and England -- she has deep experience with financial sponsors,
acting on a wider range of large scale, cross border
transactions. She received her Master of Law degree from
Columbia University School of Law and her B.A. and LL.B. from the
National Law School of India University in Bangalore, India.
Jacqueline Ingram
Advising distressed investors, banks, corporates and creditor and
noteholder committees, Ms. Ingram's practice focuses on debt
restructuring and special situations financing. She has
extensive experience on complex cross-border restructurings,
involving a wide range of insolvency and reorganization
processes. Her practice also encompasses direct lending and
'special situations' financing. She graduated from Nottingham
University and studied for the Graduate Diploma in Law and Legal
Practice Course at Nottingham Law School. She has worked on
secondment in Tokyo and Amsterdam, as well as at a leading CLO
fund.
Consistently ranked as leaders in Chambers, Legal 500, IFLR1000,
Turnarounds & Workouts, and Benchmark Litigation, Milbank's
financial restructuring practice is at the forefront of the
largest and most complex corporate restructurings around the
world, including recently advising on: Puerto Rico, Gymboree, J.
Crew, Ultra Petroleum, Takata, Nortel, Caesars, Ocean Rig, Energy
XXI, Molycorp, Algeco Scotsman PIK, Oi, TORM A/S and General
Healthcare Group Propcos.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP -- https://www.milbank.com --
is a leading international law firm that provides innovative
legal services to clients around the world. Founded in New York
150 years ago, Milbank has offices in Beijing, Frankfurt, Hong
Kong, London, Los Angeles, Munich, Sao Paulo, Seoul, Singapore,
Tokyo and Washington, DC. Milbank's lawyers collaborate across
practices and offices to help the world's leading commercial,
financial and industrial enterprises, as well as institutions,
individuals and governments, achieve their strategic objectives.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 12 to February 16, 2018
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Steinhoff Europe AG 1.88 1/24/2025 EUR 62.26
Steinhoff Finance Holding Gm 1.25 8/11/2022 EUR 63.08
Steinhoff Finance Holding Gm 1.25 10/21/2023 EUR 55.43
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 45.75
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 43.40
Astaldi SpA 4.88 6/21/2024 EUR 70.09
Intelsat Luxembourg SA 7.75 6/1/2021 USD 44.62
Portugal Telecom Internation 4.63 5/8/2020 EUR 43.50
Intelsat Luxembourg SA 8.13 6/1/2023 USD 42.01
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 44.87
Agrokor dd 9.88 5/1/2019 EUR 30.04
Ageasfinlux SA 1.02 EUR 70.83
Portugal Telecom Internation 5.00 11/4/2019 EUR 40.00
Air Berlin PLC 8.25 4/19/2018 EUR 1.07
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.01
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 96.75
Vallourec SA 4.13 10/4/2022 EUR 7.89
Portugal Telecom Internation 4.50 6/16/2025 EUR 43.81
CGG SA 5.88 5/15/2020 EUR 53.02
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.06
Portugal Telecom Internation 5.88 4/17/2018 EUR 44.13
EA Partners I BV 6.88 9/28/2020 USD 74.77
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.45
Korian SA 2.50 EUR 41.74
Banco Espirito Santo SA 4.75 1/15/2018 EUR 31.27
CGG SA 1.75 1/1/2020 EUR 1.78
Air Berlin PLC 6.75 5/9/2019 EUR 0.92
Portugal Telecom Internation 6.25 7/26/2016 EUR 41.41
Neopost SA 3.38 EUR 55.94
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Maisons du Monde SA 0.13 12/6/2023 EUR 53.50
Privatbank CJSC Via UK SPV C 10.25 1/23/2018 USD 29.67
Immigon Portfolioabbau AG 10.00 EUR 16.38
Genfit 3.50 10/16/2022 EUR 31.38
Pierre & Vacances SA 2.00 4/1/2023 EUR 58.72
Agrokor dd 8.88 2/1/2020 USD 28.84
Avangardco Investments Publi 10.00 10/29/2018 USD 18.33
Agrokor dd 9.13 2/1/2020 EUR 29.07
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.50
UkrLandFarming PLC 10.88 3/26/2018 USD 22.47
Rickmers Holding AG 8.88 6/11/2018 EUR 2.42
Pacific Drilling SA 5.38 6/1/2020 USD 45.25
publity AG 3.50 11/17/2020 EUR 77.00
BIM SAS 2.50 11/13/2020 EUR 25.19
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.28
EA Partners II BV 6.75 6/1/2021 USD 71.47
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75
Mitsubishi UFJ Investor Serv 3.92 12/30/2099 EUR 5.54
CGG SA 6.50 6/1/2021 USD 53.41
WPE International Cooperatie 10.38 9/30/2020 USD 18.90
Transcapitalbank JSC Via Tra 10.00 9/18/2020 USD 70.25
Banco Espirito Santo SA 2.63 5/8/2017 EUR 30.27
Promsvyazbank OJSC Via PSB F 10.50 7/30/2021 USD 5.01
CGG SA 1.25 1/1/2019 EUR 21.38
Scholz Holding Gmbh 8.50 12/31/2019 EUR 8.00
FIGEAC-AERO 1.13 10/18/2022 EUR 25.14
Air Berlin PLC 5.63 5/9/2019 CHF 1.16
Santhera Pharmaceuticals Hol 5.00 2/17/2022 CHF 73.97
Credito Valtellinese SpA 4.70 8/4/2021 EUR 70.33
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Capital Raising GmbH 7.50 EUR 53.04
Barclays Bank PLC 2.23 7/31/2034 USD 63.00
Bilt Paper BV 9.64 USD 20.33
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.38
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.56
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 73.09
Alno AG 8.50 5/14/2018 EUR 3.65
CGG SA 6.88 1/15/2022 USD 54.75
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.51
Hybrid Raising GmbH 6.63 EUR 53.11
Nexity SA 0.13 1/1/2023 EUR 69.51
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Mobylife Holding A/S 7.25 5/23/2020 SEK 8.00
Nexans SA 2.50 1/1/2019 EUR 74.87
Promsvyazbank OJSC Via PSB F 8.75 USD 5.00
Banca Carige SpA 7.32 12/20/2020 EUR 65.20
3W Power SA 10.00 8/29/2019 EUR 3.10
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Orient Express Bank PJSC Via 10.00 USD 56.00
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Yuksel Insaat AS 9.50 11/10/2015 USD 20.88
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Alitalia-Societa' Aerea Ital 5.25 7/30/2020 EUR 5.83
Privatbank CJSC Via UK SPV C 11.00 2/9/2021 USD 13.34
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.50
Aligera Holding AB publ 5.00 5/7/2019 SEK 29.63
Lloyds Bank PLC 0.12 1/31/2033 USD 54.95
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.03
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 34.97
Stichting Afwikkeling Onderh 11.25 EUR 0.58
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Stichting Afwikkeling Onderh 6.25 10/26/2020 EUR 3.86
Beate Uhse AG 7.75 7/9/2019 EUR 9.88
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 1.07
Afren PLC 6.63 12/9/2020 USD 0.04
Veneto Banca SpA 9.50 12/1/2025 EUR 0.31
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 42.25
Lambay Capital Securities PL 6.25 GBP 2.00
Espirito Santo Financial Gro 6.88 10/21/2019 EUR 0.16
Lloyds Bank PLC 1.50 12/27/2028 USD 72.50
Afren PLC 10.25 4/8/2019 USD 0.01
LBI HF 6.10 8/25/2011 USD 7.88
Bank Nederlandse Gemeenten N 0.50 7/12/2022 ZAR 69.35
KTG Agrar SE 7.13 6/6/2017 EUR 3.69
Belfius Bank SA/NV 1.60 FRF 72.00
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 0.55
BBVA International Preferred 1.40 GBP 45.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 28.00
OSX 3 Leasing BV 13.00 3/20/2015 USD 29.25
Dexia SA 1.45 EUR 8.75
Pescanova SA 5.13 4/20/2017 EUR 1.91
GNB - Cia de Seguros de Vida 3.17 EUR 73.13
Lehman Brothers UK Capital F 5.13 EUR 2.94
Barclays Bank PLC 1.28 8/28/2029 USD 75.58
Cattles Ltd 7.13 7/5/2017 GBP 0.24
Dexia Credit Local SA 1.40 EUR 5.67
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.88
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Barclays Bank PLC 1.35 9/30/2031 USD 62.85
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 18.31
Steilmann SE 7.00 9/23/2018 EUR 1.56
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
Deutsche Bank AG/London 2.56 10/31/2034 USD 65.75
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25
Manchester Building Society 6.75 GBP 15.00
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.41
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Corporate Commercial Bank AD 8.25 8/8/2014 USD 1.40
Banca Carige SpA 8.34 EUR 28.00
Lehman Brothers UK Capital F 6.90 USD 1.51
Pierre & Vacances SA 3.50 10/1/2019 EUR 42.32
Pescanova SA 8.75 2/17/2019 EUR 2.33
Societe Centrale des Bois et 2.50 5/15/2023 EUR 7.80
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 46.13
Espirito Santo Financial Gro 3.13 12/2/2018 EUR 0.28
BLT Finance BV 7.50 5/15/2014 USD 2.04
Agrokor dd Via Aquarius + In 4.92 8/8/2017 EUR 24.88
New World Resources NV 8.00 4/7/2020 EUR 3.56
Aralco Finance SA 10.13 5/7/2020 USD 4.98
Lloyds Bank PLC 1.11 11/27/2033 USD 64.75
Sazka AS 9.00 7/12/2021 EUR 0.50
Afren PLC 11.50 2/1/2016 USD 0.05
Alno AG 8.00 3/21/2019 EUR 3.85
Lehman Brothers UK Capital F 5.75 EUR 1.47
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.80
Royal Bank of Scotland PLC/T 0.95 11/16/2030 USD 65.63
HSBC France SA 1.03 EUR 70.00
CGG SA 6.50 6/1/2021 USD 55.35
Promsvyazbank PJSC 12.25 2/1/2018 RUB 50.00
German Pellets GmbH 7.25 11/27/2019 EUR 1.79
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.54
German Pellets GmbH 7.25 7/9/2018 EUR 1.90
EFG International AG 1.14 EUR 64.53
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
ESFIL-Espirito Santo Financi 5.25 6/12/2015 EUR 0.07
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
Deutsche Bank AG/London 0.21 6/30/2034 USD 61.50
Smart Solutions GmbH 8.00 12/3/2018 EUR 9.50
Touax SA 6.00 7/10/2020 EUR 17.89
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.81
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.50
Eniro AB 6.00 4/14/2020 SEK 4.30
PNE Wind AG 3.75 10/10/2019 EUR 3.50
Barclays Bank PLC 0.61 11/29/2030 USD 63.35
Deutsche Bank AG/London 0.81 9/30/2029 USD 70.00
Praktiker AG 5.88 2/10/2016 EUR 0.08
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Portigon AG 7.46 12/31/2019 EUR 31.00
Barclays Bank PLC 1.42 2/25/2031 USD 62.50
Manchester Building Society 8.00 GBP 25.00
Agrokor dd 8.88 2/1/2020 USD 29.13
Del Monte Finance Luxembourg 6.63 5/24/2006 EUR 5.38
Espirito Santo Financial Gro 9.75 12/19/2025 EUR 0.51
Banca Carige SpA 2.77 6/19/2018 EUR 68.64
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 33.38
Barclays Bank PLC 0.46 3/21/2033 USD 58.65
Lehman Brothers UK Capital F 3.88 EUR 1.91
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 45.00
Uppfinnaren 1 AB 10.00 SEK 61.33
CBo Territoria 6.00 1/1/2020 EUR 4.08
Portugal Telecom Internation 5.24 11/6/2017 EUR 41.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lloyds Bank PLC 1.30 7/26/2033 USD 65.63
Lloyds Bank PLC 1.04 4/25/2034 USD 62.50
Etablissements Maurel et Pro 1.63 7/1/2019 EUR 16.24
Havila Shipping ASA 5.39 11/7/2020 NOK 67.63
Vneshprombank Ltd Via VPB Fu 9.00 11/14/2016 USD 0.32
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 64.74
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Bank Nadra Via NDR Finance P 8.25 7/31/2018 USD 0.80
Hamburgische Landesbank-Giro 0.05 1/22/2041 EUR 63.15
Home Money LLC 18.00 4/19/2022 RUB 68.77
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Sairgroup Finance BV 4.38 6/8/2006 EUR 9.25
Golden Gate AG 6.50 10/11/2014 EUR 50.60
Frey 6.00 11/15/2022 EUR 21.50
Havila Shipping ASA 4.61 11/7/2020 NOK 54.00
Alpha Bank AE 2.50 6/20/2022 EUR 89.53
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 2.37
Afren PLC 6.63 12/9/2020 USD 0.04
Deutsche Bank AG/London 3.00 2/23/2035 EUR 72.50
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 7.50
Petrol AD 5.50 1/26/2022 EUR 30.00
Atari SA 5.50 10/30/2022 EUR 0.56
Steilmann SE 6.75 6/27/2017 EUR 3.50
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Etablissements Maurel et Pro 2.75 7/1/2021 EUR 10.50
Windreich GmbH 6.50 7/15/2016 EUR 13.38
Deutsche Bank AG/London 0.50 8/28/2034 USD 61.50
Stichting Afwikkeling Onderh 2.42 EUR 0.58
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.38
Rena GmbH 8.25 7/11/2018 EUR 2.00
Kommunalbanken AS 0.50 5/27/2022 ZAR 70.57
International Industrial Ban 9.00 7/6/2011 EUR 0.30
Barclays Bank PLC 0.30 3/28/2033 USD 59.70
Stroika Finance Ltd Via Emer 9.90 6/25/2019 RUB 10.00
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 7.50
Barclays Bank PLC 1.10 6/17/2033 USD 58.60
Vseukrainsky Aktsinerny Bank 10.90 6/14/2019 USD 0.89
PA Resources AB 13.50 3/3/2016 SEK 0.12
Rem Offshore ASA 5.00 12/8/2024 NOK 42.94
Enterprise Holdings LTD 7.00 3/30/2020 EUR 4.31
Northland Resources AB 4.00 10/15/2020 USD 0.15
MS Deutschland Beteiligungsg 6.88 12/18/2017 EUR 4.11
Koninklijke Luchtvaart Maats 0.75 CHF 38.00
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Air Berlin Finance BV 6.00 3/6/2019 EUR 1.14
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Pescanova SA 6.75 3/5/2015 EUR 2.09
Barclays Bank PLC 0.34 9/29/2034 USD 65.72
Sequa Petroleum NV 5.00 4/29/2020 USD 68.75
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Finmek International SA 7.00 12/3/2004 EUR 6.13
DEMIRE Deutsche Mittelstand 6.00 12/30/2018 EUR 4.00
Barclays Bank PLC 1.46 5/30/2034 USD 65.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.38
Windreich GmbH 6.50 3/1/2015 EUR 13.50
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Lloyds Bank PLC 0.09 4/26/2033 USD 57.50
Banco Pinto & Sotto Mayor 1.13 EUR 39.50
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.61
Depfa Funding III LP 0.87 EUR 56.69
Pacific Drilling SA 5.38 6/1/2020 USD 38.00
Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00
International Industrial Ban 11.00 2/19/2013 USD 0.17
Governo Portugues Consolidad 3.00 EUR 70.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Societe Generale SA 2.04 3/31/2034 USD 69.40
KPNQwest NV 8.13 6/1/2009 USD 0.07
Promsvyazbank OJSC Via PSB F 12.50 USD 10.50
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 7.50
Air Berlin Finance BV 8.50 3/6/2019 EUR 1.23
Lloyds Bank PLC 1.24 7/5/2033 USD 62.13
World Wide Supply AS 7.75 5/26/2017 USD 15.38
Rudolf Woehrl AG 6.50 2/12/2018 EUR 6.61
Atari SA 7.50 2/17/2020 EUR 0.51
Stichting Afwikkeling Onderh 6.63 5/14/2018 EUR 3.86
OGX Austria GmbH 8.50 6/1/2018 USD 0.83
Depfa Funding II LP 6.50 EUR 59.17
APP International Finance Co 11.75 10/1/2005 USD 0.28
Steilmann SE 7.00 3/9/2017 EUR 1.56
Depfa Funding IV LP 1.54 EUR 57.25
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 9.55
Societe Generale SA 1.15 6/26/2034 USD 72.32
KTG Agrar SE 7.25 10/15/2019 EUR 3.43
Northland Resources AB 15.00 7/15/2019 USD 2.62
SiC Processing GmbH 7.13 3/1/2016 EUR 2.91
IVG Immobilien AG 5.47 EUR 2.35
Ahtium PLC 9.75 4/4/2017 EUR 3.25
PSN Pm OOO 13.00 9/10/2026 RUB 43.01
Santander Finance Capital SA 2.00 EUR 70.63
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.50
CGG SA 6.88 1/15/2022 USD 53.50
Tatfondbank OAO Via TFB Fina 8.50 11/12/2019 USD 2.18
Teksid Aluminum Luxembourg S 11.38 7/15/2011 EUR 0.11
Lloyds Bank PLC 3.33 1/29/2034 USD 74.99
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
CGG SA 5.88 5/15/2020 EUR 53.75
BOA Offshore AS 0.40 7/17/2047 NOK 10.88
Agroton Public Ltd 6.00 7/14/2019 USD 16.63
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 70.56
Activa Resources AG 0.50 11/15/2021 EUR 23.00
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 7.50
Barclays Bank PLC 1.81 3/27/2029 USD 58.00
AKB Peresvet ZAO 0.51 2/14/2032 RUB 24.13
3W Power SA 5.50 11/11/2020 EUR 1.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.13
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 74.77
Otkritie Holding JSC 12.62 4/25/2028 RUB 16.10
Afren PLC 10.25 4/8/2019 USD 0.01
Santander Issuances SAU 4.35 12/1/2026 EUR 75.16
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.38
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Frigoglass Finance BV 8.25 5/15/2018 EUR 47.75
Mifa Mitteldeutsche Fahrradw 7.50 8/12/2018 EUR 1.68
Laurel GmbH 7.13 11/16/2017 EUR 7.75
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Abanka DD Via Afinance BV 1.57 EUR 1.90
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 7.50
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Enterprise Holdings LTD 7.00 9/26/2017 EUR 4.33
SeaBird Exploration Finance 6.00 6/30/2020 USD 20.13
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Veneto Banca SpA 6.41 EUR 1.20
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 9.40
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.13
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Credit Suisse AG/London 10.50 2/15/2018 USD 71.31
getgoods.de AG 7.75 10/2/2017 EUR 0.26
Agrokor dd 9.13 2/1/2020 EUR 28.49
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Finans-Avia OOO 9.00 7/31/2022 RUB 69.51
Moscow United Electric Grid 8.55 5/6/2027 RUB 74.20
Caixa Geral de Depositos SA 1.31 11/5/2018 EUR 54.85
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.56
Artea 6.00 8/4/2019 EUR 14.19
Decipher Production Ltd 12.50 9/27/2018 USD 1.87
Wild Bunch AG 8.00 3/23/2019 EUR 45.00
Mox Telecom AG 7.25 11/2/2017 EUR 3.00
Afren PLC 11.50 2/1/2016 USD 0.05
Banco Comercial Portugues SA 5.00 EUR 70.00
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
Kardan NV 6.33 2/25/2018 ILS 62.14
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Hamburgische Landesbank-Giro 0.05 10/30/2040 EUR 67.85
Montepio Holding SGPS SA 5.00 EUR 50.00
Svensk Exportkredit AB 0.50 4/24/2029 AUD 65.04
Landesbank Hessen-Thueringen 0.06 4/23/2041 EUR 68.29
Banca Carige SpA 5.70 9/17/2020 EUR 60.11
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 7.50
DOF ASA 7.85 9/12/2019 NOK 40.00
Deutsche Agrar Holding GmbH 7.25 9/28/2018 EUR 2.20
Landesbank Hessen-Thueringen 0.05 5/3/2041 EUR 66.58
Northland Resources AB 4.00 10/15/2020 NOK 0.15
A-TEC Industries AG 8.75 10/27/2014 EUR 0.10
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 71.64
Popular Capital SA 4.00 EUR 2.76
Royal Bank of Scotland PLC/T 0.50 12/13/2028 USD 62.97
BLT Finance BV 12.00 2/10/2015 USD 10.50
Alpha Bank AE 2.50 6/20/2022 EUR 89.55
Otkritie Holding JSC 11.56 7/27/2028 RUB 16.06
A-TEC Industries AG 2.75 5/10/2014 EUR 0.10
HPI AG 3.50 EUR 2.27
Agrokor dd 9.88 5/1/2019 EUR 29.86
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Governo Portugues Consolidad 2.75 EUR 68.00
Barclays Bank PLC 2.74 3/27/2029 USD 67.25
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.13
Lehman Brothers Treasury Co 11.25 12/31/2008 USD 1.90
International Finance Facili 0.50 6/24/2024 ZAR 56.41
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 4.00
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.13
HSH Nordbank AG 3.21 5/6/2030 EUR 74.44
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
A-TEC Industries AG 5.75 11/2/2010 EUR 0.10
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.13
Moscow United Electric Grid 10.30 4/16/2026 RUB 66.02
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Penell GmbH Elektrogrosshand 7.75 6/10/2019 EUR 5.00
Siberian Gostinecs PAO 17.00 6/26/2019 RUB 45.01
Plaza Centers NV 6.90 7/1/2020 ILS 74.06
Barclays Bank PLC 0.50 4/24/2023 MXN 61.80
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 7.50
Barclays Bank PLC 1.21 11/1/2031 USD 62.80
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 7.50
German Pellets GmbH 7.25 4/1/2016 EUR 1.85
Solon SE 1.38 12/6/2012 EUR 0.25
BNP Paribas SA 0.50 9/29/2029 AUD 63.86
Petromena ASA 10.85 11/19/2018 USD 0.61
Societe Generale SA 1.60 1/9/2020 GBP 1.13
Municipality Finance PLC 0.50 7/30/2029 AUD 70.83
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.00
Banco Pastor SAU 2.08 EUR 1.55
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.67
SAir Group 5.50 7/23/2003 CHF 11.81
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 70.90
PromSvyazCapital AO 10.50 4/10/2026 RUB 97.75
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 73.71
Veneto Banca SpA 6.94 5/15/2025 EUR 0.31
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 7.50
Atari SA 0.10 4/1/2020 EUR 5.88
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.39
Bank Nederlandse Gemeenten N 0.50 8/15/2022 ZAR 68.37
Rio Forte Investments SA 4.00 7/22/2014 EUR 6.63
Municipality Finance PLC 0.50 6/19/2024 ZAR 58.19
Kristensen Germany AG 0.50 6/30/2018 DKK #N/A N/A
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.57
AKB Peresvet ZAO 13.50 10/16/2020 RUB 21.06
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Barclays Bank PLC 1.33 3/21/2031 USD 62.02
Espirito Santo Financial Por 5.13 5/30/2016 EUR 4.76
Hypo Vorarlberg Bank AG 5.87 EUR 44.66
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 7.50
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 23.14
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.69
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.16
Plaza Centers NV 6.00 7/1/2020 ILS 72.06
Ahtium PLC 4.00 12/16/2015 EUR 1.52
Bank Julius Baer & Co Ltd/Gu 9.10 5/23/2018 USD 59.60
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 7.50
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
BNP Paribas SA 0.50 7/20/2021 BRL 72.62
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.13
BTV Hybrid I GmbH 6.50 EUR 37.92
Orient Express Bank PJSC 18.00 5/28/2020 RUB 75.00
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
SPORTTOTAL AG 6.00 3/17/2019 EUR 3.85
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 7.50
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.75
Deutsche Bank AG/London 1.51 11/26/2034 USD 66.33
Barclays Bank PLC 1.40 12/23/2033 USD 68.00
Krakowski Bank Spoldzielczy 5.11 9/20/2023 PLN 65.20
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 7.50
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Delamare Finance PLC 1.72 2/19/2029 GBP 72.46
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Region of Abruzzo Italy 0.10 11/7/2036 EUR 63.01
SpareBank 1 SR-Bank ASA 1.45 12/21/2030 EUR 74.29
Svensk Exportkredit AB 0.50 6/29/2029 AUD 64.73
UkrLandFarming PLC 10.88 3/26/2018 USD 20.75
Podkarpacki Bank Spoldzielcz 5.81 3/31/2025 PLN 55.02
State of Rhineland-Palatinat 0.60 10/24/2046 EUR 74.62
MegaFon PJSC 9.90 5/29/2026 RUB 66.01
Royal Bank of Scotland PLC/T 0.51 2/25/2031 USD 65.05
Barclays Bank PLC 1.33 8/31/2031 USD 64.80
New World Resources NV 8.00 4/7/2020 EUR 3.56
Svensk Exportkredit AB 0.50 8/28/2020 TRY 71.89
Credit Suisse AG/London 8.25 9/27/2018 USD 67.73
Lloyds Bank PLC 1.04 10/25/2033 USD 70.00
Barclays Bank PLC 2.33 10/30/2034 USD 74.75
Minaya Capital AG 7.00 8/1/2018 EUR 60.00
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.34
Vnesheconombank 8.24 12/15/2022 RUB 62.00
Kaupthing ehf 9.00 USD 0.12
Banca Adriatica Spa 7.75 6/30/2018 EUR 1.24
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 0.96
Svensk Exportkredit AB 0.50 8/29/2029 AUD 65.56
Heta Asset Resolution AG 5.92 12/31/2023 EUR 34.63
Barclays Bank PLC 1.35 9/30/2031 USD 65.50
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Otkritie Holding JSC 11.25 12/10/2026 RUB 17.21
SAir Group 4.25 2/2/2007 CHF 11.75
Beluga Group PJSC 12.90 4/29/2020 RUB 106.60
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 7.50
Kardan NV 6.78 2/2/2020 ILS 67.45
Rena GmbH 7.00 12/15/2015 EUR 2.00
Societe Generale SA 0.37 2/28/2033 USD 63.11
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Credito Padano Banca di Cred 3.10 EUR 34.68
HSH Nordbank AG 2.30 2/1/2036 EUR 71.69
Grupo Isolux Corsan SA 3.00 12/30/2021 USD 2.90
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.29
AKB Peresvet ZAO 3.02 9/2/2020 RUB 21.02
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 70.00
Bank Otkritie Financial Corp 8.00 11/11/2023 RUB 75.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.13
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
WPE International Cooperatie 10.38 9/30/2020 USD 18.25
Bank Nederlandse Gemeenten N 0.50 6/7/2022 ZAR 69.56
SAir Group 6.25 4/12/2005 CHF 11.75
Centrosolar Group AG 7.00 2/15/2016 EUR 1.30
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Salvator Grundbesitz-AG 9.50 EUR 18.20
Barclays Bank PLC 3.28 1/31/2029 USD 60.75
EFG International Finance Gu 7.00 11/27/2019 EUR 15.40
Bilt Paper BV 9.64 USD 21.38
Bank Nederlandse Gemeenten N 0.50 9/20/2022 ZAR 67.70
Anglian Water Services Finan 0.93 1/26/2057 GBP 73.59
BNP Paribas SA 11.60 6/6/2018 USD 70.25
Barclays Bank PLC 1.04 4/25/2034 USD 66.25
Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 62.02
SAir Group 6.25 10/27/2002 CHF 11.81
UniCredit Bank AO 12.00 11/20/2019 RUB 60.16
Heta Asset Resolution AG 0.43 12/31/2023 EUR 34.63
Raiffeisen Schweiz Genossens 8.99 7/22/2019 EUR 29.11
Russian Post FGUP 9.35 10/18/2019 RUB 72.00
Municipiul Timisoara 1.73 5/15/2026 RON 70.00
PSN Pm OOO 12.00 8/31/2027 RUB 70.00
AKB Peresvet ZAO 0.51 8/4/2034 RUB 22.04
Oberbank Hybrid 1 GmbH 0.87 EUR 50.40
AKB Peresvet ZAO 12.75 7/24/2018 RUB 25.00
Moscow United Electric Grid 10.00 5/26/2026 RUB 62.00
Bashneft PJSC 10.50 5/12/2026 RUB 60.00
SG Issuer SA 0.78 6/15/2020 SEK 57.41
Gold-Zack AG 7.00 12/14/2005 EUR 12.06
Finans-Avia OOO 0.01 7/31/2027 RUB 19.00
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Bank Intesa AO 9.75 10/10/2019 RUB 71.01
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.01
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 7.50
International Finance Facili 0.50 6/29/2027 ZAR 41.82
Podkarpacki Bank Spoldzielcz 5.11 5/28/2023 PLN 51.00
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 7.50
Kamaz PJSC 11.24 7/18/2030 RUB 70.00
EFG International Finance Gu 2.10 3/23/2018 EUR 8.22
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 1.90
Kommunekredit 0.50 7/30/2027 TRY 35.41
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 73.83
Cerruti Finance SA 6.50 7/26/2004 EUR 1.45
Podkarpacki Bank Spoldzielcz 5.81 7/2/2020 PLN 72.50
Pongs & Zahn AG 8.50 EUR 0.00
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 1.90
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 7.50
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Muehl Product & Service AG 6.75 3/10/2005 DEM 0.08
Societe Generale SA 1.73 1/31/2029 USD 73.54
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
Rosselkhozbank JSC 9.35 7/11/2025 RUB 65.01
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 7.50
Podkarpacki Bank Spoldzielcz 5.81 2/23/2025 PLN 50.00
LBI HF 7.43 USD 0.00
BKS Hybrid alpha GmbH 7.35 EUR 60.15
SAir Group 0.13 7/7/2005 CHF 12.00
Bank Nederlandse Gemeenten N 0.50 9/20/2022 MXN 68.31
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 1.90
Svensk Exportkredit AB 0.50 3/28/2029 AUD 70.62
Royal Bank of Scotland PLC/T 0.51 8/26/2031 USD 61.10
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 1.90
Rosneft Oil Co PJSC 7.95 5/30/2023 RUB 100.51
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Municipality Finance PLC 0.50 5/8/2029 AUD 65.06
Region of Molise Italy 0.13 12/15/2033 EUR 67.40
SAir Group 2.13 11/4/2004 CHF 11.75
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.13
HSBC Bank PLC 0.50 12/29/2026 AUD 71.96
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 1.90
COFIDUR SA 0.10 12/31/2024 EUR 24.76
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Bank Nederlandse Gemeenten N 0.50 8/9/2022 MXN 68.98
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Santander Finance Capital SA 2.00 USD 71.27
Otkritie Holding JSC 11.50 8/5/2025 RUB 14.95
EFG International Finance Gu 7.20 7/29/2020 EUR 27.64
Espirito Santo Financial Por 5.63 7/28/2017 EUR 4.23
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.30
Miratorg-Finans OOO 11.00 8/24/2021 RUB 66.01
SG Issuer SA 6.00 6/30/2022 USD 72.35
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 7.50
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 7.50
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Metalloinvest Holding Co OAO 11.90 2/12/2026 RUB 70.06
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 1.90
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 1.90
Northland Resources AB 15.00 7/15/2019 USD 2.62
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
BLT Finance BV 7.50 5/15/2014 USD 2.04
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 1.90
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 1.90
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 80.35
ML 33 Invest AS 7.50 NOK 68.74
Barclays Bank PLC 0.50 1/28/2033 MXN 26.26
Barclays Bank PLC 2.49 2/28/2034 USD 69.30
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
City of Predeal Romania 2.50 5/15/2026 RON 60.00
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Windreich GmbH 6.25 3/1/2015 EUR 14.63
Heta Asset Resolution AG 0.22 12/31/2023 EUR 34.63
EFG International Finance Gu 7.19 5/6/2019 EUR 12.26
Credit Suisse AG/London 7.00 11/8/2018 USD 65.78
Avangard Bank PJSC 9.75 2/20/2026 RUB 72.01
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 38.13
Hamon & CIE SA 5.50 1/30/2020 EUR 64.50
Risland OOO 9.25 1/10/2019 RUB 1.11
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 1.90
Fonciere Volta SA 4.50 7/30/2020 EUR 2.50
Rosneft Oil Co PJSC 9.50 12/17/2026 RUB 68.17
City of St Petersburg Russia 7.65 12/4/2026 RUB 99.10
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 39.85
SAir Group 5.13 3/1/2003 CHF 13.00
Province of Brescia Italy 0.03 6/30/2036 EUR 65.52
Rosselkhozbank JSC 17.00 12/13/2024 RUB 61.32
Societe Generale SA 0.50 5/30/2023 MXN 63.48
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 1.90
UmweltBank AG 2.85 EUR 54.18
Aralco Finance SA 10.13 5/7/2020 USD 5.15
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.01
Municipality Finance PLC 0.50 4/26/2022 ZAR 69.80
Kommunalbanken AS 4.80 12/1/2022 TRY 70.28
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 1.90
Bashneft PJSC 10.70 5/13/2024 RUB 70.01
Windreich GmbH 6.75 3/1/2015 EUR 14.63
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.27
Landesbank Baden-Wuerttember 12.40 11/23/2018 EUR 70.40
AKB Peresvet ZAO 13.00 10/7/2017 RUB 24.13
Praim Finans OOO 9.34 7/13/2021 RUB 1.12
Otkritie Holding JSC 11.50 5/26/2032 RUB 49.77
Kaupthing ehf 5.25 7/18/2017 BGN 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Credit Suisse AG/London 8.00 11/29/2019 USD 7.64
United Confectioners Finance 10.50 4/3/2023 RUB 100.23
SAir Group 2.75 7/30/2004 CHF 11.88
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
VEB-Leasing OAO 8.71 9/1/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 108.70
Vimpel-Communications PJSC 1.00 10/3/2025 RUB 62.00
Lloyds Bank PLC 0.50 7/26/2028 MXN 34.90
Astana Finance BV 9.00 11/16/2011 USD 16.88
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 1.63
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 1.90
Union Technologies Informati 0.10 1/1/2020 EUR 6.00
DekaBank Deutsche Girozentra 0.01 6/29/2046 EUR 54.61
SAir Group 2.75 7/30/2004 CHF 11.75
LBI HF 7.43 USD 0.00
Sankt-Peterburg Telecom OAO 10.70 1/31/2022 RUB 63.17
Transneft PJSC 8.75 4/14/2027 RUB 60.66
Raiffeisen Centrobank AG 9.32 12/25/2018 EUR 26.89
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 1.90
Rosselkhozbank JSC 9.35 7/14/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 110.00
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 1.90
Municipality Finance PLC 0.25 6/28/2040 CAD 32.49
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 1.90
UniCredit Bank Austria AG 0.12 1/22/2031 EUR 74.78
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 7.50
Vontobel Financial Products 2.00 6/22/2018 EUR 65.17
Credit Suisse AG/London 9.00 1/23/2020 USD 9.28
Agrokompleks OOO 0.10 7/29/2019 RUB 2.50
Bashneft PJSC 9.50 12/10/2026 RUB 63.93
Royal Bank of Scotland PLC/T 1.68 8/18/2031 USD 69.28
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 7.50
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 99.00
Polyplast OAO/Moscow 15.90 6/6/2018 RUB 90.01
HSBC Bank PLC 0.50 6/23/2027 MXN 42.27
Credit Europe Bank Ltd 10.00 10/22/2018 RUB 66.01
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Kreditanstalt fuer Wiederauf 0.25 10/6/2036 CAD 42.47
HSBC Bank PLC 0.50 7/21/2021 BRL 71.75
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 7.50
Oberoesterreichische Landesb 0.32 11/6/2030 EUR 74.93
Oberoesterreichische Landesb 0.30 4/25/2042 EUR 71.31
AKB Peresvet ZAO 0.51 6/23/2021 RUB 20.06
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 18.26
Podkarpacki Bank Spoldzielcz 5.01 10/6/2021 PLN 62.11
Podkarpacki Bank Spoldzielcz 5.81 10/24/2024 PLN 45.00
Rusfinans Bank OOO 11.00 10/2/2019 RUB 72.01
Investpro OOO 13.00 12/31/2018 RUB 3.05
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 7.50
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 1.90
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 1.90
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 1.90
City of Siret Romania 3.21 3/1/2028 RON 50.00
Commerzbank AG 10.00 3/2/2020 EUR 62.56
Bank Julius Baer & Co Ltd/Gu 6.50 6/14/2018 USD 63.15
EFG International Finance Gu 7.20 2/25/2019 EUR 11.00
Xsystem SA 10.00 3/31/2019 PLN 20.00
Landes-Hypothekenbank Steier 0.02 3/7/2043 EUR 70.44
Kaupthing ehf 9.75 9/10/2015 USD 0.25
Barclays Bank PLC 0.50 3/19/2021 MXN 74.38
Rosneft Oil Co PJSC 11.90 11/28/2024 RUB 100.40
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 40.08
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Eiendomskreditt AS 4.13 NOK 56.60
Otkritie Holding JSC 10.00 4/20/2028 RUB 15.02
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 68.66
UBS AG/London 10.00 12/10/2019 USD 9.77
Commerzbank AG 5.00 2/9/2018 EUR 62.89
Polski Bank Spoldzielczy w C 4.81 6/18/2020 PLN 50.00
Bashneft PJSC 9.40 1/22/2024 RUB 66.57
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 67.00
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 1.90
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Lehman Brothers Holdings PLC 3.03 3/24/2009 JPY 2.76
Atomenergoprom JSC 9.33 12/3/2026 RUB 70.01
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 1.90
Rio Forte Investments SA 4.75 11/10/2015 EUR 6.63
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 1.90
Communaute Francaise de Belg 0.50 6/27/2046 EUR 68.90
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 1.90
Bank ZENIT PJSC 7.50 6/14/2024 RUB 65.01
Vontobel Financial Products 5.00 6/25/2018 EUR 60.46
Leonteq Securities AG/Guerns 5.00 12/27/2019 EUR 64.28
Bayerische Landesbank 2.60 3/29/2018 EUR 73.19
German Pellets GmbH 8.00 EUR 0.02
Municipality Finance PLC 0.50 5/31/2022 ZAR 69.07
Investpro OOO 11.50 10/13/2020 RUB 2.00
RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 1.55
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 7.50
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
LBI HF 6.10 8/25/2011 USD 7.88
Otkritie Holding JSC 12.70 9/30/2027 RUB 33.00
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 1.90
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 1.90
Societe Generale SA 0.50 8/4/2021 BRL 72.33
Banca Adriatica Spa 7.20 6/30/2018 EUR 1.24
HSBC Bank PLC 0.50 10/30/2026 NZD 74.25
HSBC Bank PLC 0.50 6/10/2021 BRL 72.62
Credit Europe Bank Ltd 10.00 4/6/2018 RUB 64.01
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 1.90
Deutsche Bank AG/London 0.50 10/5/2021 IDR 70.36
Portugal Telecom Internation 4.38 3/24/2017 EUR 42.00
Otkritie Holding JSC 12.14 10/3/2036 RUB 19.13
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 1.90
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 1.90
UniCredit Bank AG 4.60 7/2/2018 EUR 58.60
Bayerische Landesbank 2.70 7/6/2018 EUR 70.13
Bayerische Landesbank 3.20 7/27/2018 EUR 72.01
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 1.90
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 73.77
BELLAGIO Holding GmbH 1.91 EUR 48.39
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.61
Bank ZENIT PJSC 7.50 11/20/2025 RUB 56.28
Credit Agricole Corporate & 0.50 3/6/2023 RUB 72.33
Credit Suisse AG/London 8.54 1/7/2020 USD 9.95
UniCredit Bank AG 5.20 5/4/2020 USD 67.24
Rosselkhozbank JSC 12.87 12/21/2021 RUB 111.15
Credit Suisse AG/London 8.50 2/2/2018 USD 52.99
UBS AG/London 5.50 5/17/2018 USD 56.30
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 1.90
Solomenskij Lesozavod ZAO 10.00 9/29/2021 RUB 62.00
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 1.90
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 1.90
Republic of Komi Russia 9.50 11/16/2022 RUB 61.02
DekaBank Deutsche Girozentra 0.12 6/23/2034 EUR 74.14
Delta-Finance OOO 10.00 12/17/2020 RUB 0.10
Credit Europe Bank Ltd 10.00 9/14/2018 RUB 103.00
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 1.90
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 1.90
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 1.90
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
Banca Adriatica Spa 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 1.90
Kaupthing ehf 7.50 2/1/2045 USD 0.26
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 1.90
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 37.14
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
Heta Asset Resolution AG 5.03 12/31/2023 EUR 34.63
DZ Bank AG Deutsche Zentral- 5.75 2/23/2018 EUR 72.30
Credit Suisse AG/London 7.00 11/15/2019 USD 8.52
Raiffeisen Centrobank AG 10.63 9/25/2018 EUR 67.65
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 70.56
BAWAG PSK Versicherungs AG 0.92 EUR 57.07
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 1.90
Region Invest OOO 9.53 1/12/2021 RUB 0.95
Region Invest OOO 10.50 9/12/2019 RUB 1.27
Stroytemp CJSC 9.00 11/13/2019 RUB 0.10
Promnefteservis OOO 10.50 11/21/2019 RUB 2.20
Rosselkhozbank JSC 15.00 1/29/2025 RUB 66.73
Otkritie Holding JSC 11.50 7/22/2030 RUB 19.13
Otkritie Holding JSC 10.00 9/17/2027 RUB 17.95
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 1.90
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.03
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 1.90
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 1.90
Eiendomskreditt AS 5.08 NOK 66.89
Atomenergoprom JSC 9.33 11/2/2026 RUB 70.01
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
LBI HF 2.25 2/14/2011 CHF 7.13
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Investpro OOO 12.75 9/6/2018 RUB #N/A N/A
Otkritie Holding JSC 11.50 7/20/2028 RUB 14.02
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 1.90
Credit Suisse AG 0.50 12/16/2025 BRL 45.68
Heta Asset Resolution AG 0.13 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 1.90
HSBC Bank PLC 0.50 1/29/2027 NZD 73.33
UniCredit Bank AG 4.50 9/28/2018 EUR 19.74
Commerzbank AG 0.10 12/27/2018 RUB 1.72
UniCredit Bank AG 5.40 11/29/2019 USD 61.42
Commerzbank AG 4.50 12/29/2022 USD 7.00
Leonteq Securities AG/Guerns 10.20 10/24/2018 USD 66.12
Transneft PJSC 9.65 6/30/2023 RUB 65.10
Leonteq Securities AG 7.20 5/2/2019 CHF 63.18
Credit Suisse AG/London 5.75 2/2/2018 USD 57.85
UniCredit Bank AG 3.10 1/4/2019 EUR 22.98
Agrokompleks OOO 0.10 12/8/2022 RUB 3.21
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 1.90
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Zurcher Kantonalbank Finance 7.82 8/6/2018 EUR 66.66
Hellenic Republic Government 2.09 7/25/2057 EUR 39.88
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 1.90
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 1.90
Region Invest OOO 10.48 4/20/2021 RUB 0.67
LBI HF 5.08 3/1/2013 ISK 7.13
UniCredit Bank AG 3.10 6/22/2018 EUR 17.85
UniCredit Bank AG 4.20 6/22/2018 EUR 17.01
Citigroup Global Markets Fun 7.00 6/16/2022 SEK 70.52
Commerzbank AG 4.50 12/29/2022 USD 5.24
City of Bistrita Romania 2.73 11/25/2029 RON 60.00
Leonteq Securities AG/Guerns 7.00 6/26/2019 CHF 65.55
Commerzbank AG 4.00 7/6/2018 EUR 53.07
EFG International Finance Gu 6.48 5/29/2018 EUR 3.05
Raiffeisen Schweiz Genossens 6.50 7/2/2018 USD 63.62
National Developing Co PAO 16.00 4/15/2021 RUB 0.10
Eurocent SA 8.50 9/15/2018 PLN 10.00
HSBC Trinkaus & Burkhardt AG 11.60 3/23/2018 EUR 60.28
RBC PJSC 6.00 4/19/2018 RUB 60.00
SG Issuer SA 5.50 4/10/2021 EUR 67.54
RBC PJSC 6.00 4/19/2018 RUB 75.00
UniCredit Bank AG 4.70 6/22/2018 EUR 22.83
Credit Suisse AG/London 8.25 8/29/2018 USD 68.79
Bank Julius Baer & Co Ltd/Gu 9.40 10/11/2018 USD 70.70
UniCredit Bank AG 4.90 9/28/2018 EUR 22.34
UniCredit Bank AG 4.10 9/28/2018 EUR 24.49
UniCredit Bank AG 3.60 9/28/2018 EUR 26.57
UniCredit Bank AG 4.10 6/22/2018 EUR 23.81
Leonteq Securities AG 8.20 11/23/2018 USD 68.90
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 1.90
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 1.90
Heta Asset Resolution AG 7.50 12/31/2023 ATS 34.63
T-Generation CJSC 12.00 6/14/2019 RUB 0.10
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 8.00
MIK OAO 15.00 2/19/2020 RUB 0.02
Rosbank PJSC 7.85 12/2/2022 RUB 70.53
RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 0.68
Region Invest OOO 10.23 5/4/2021 RUB 0.81
SG Issuer SA 0.10 6/11/2029 NZD 61.21
Ladya-Finans LLC 12.00 10/29/2021 RUB 100.00
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 1.90
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 1.90
Region Invest OOO 10.48 4/19/2021 RUB 0.72
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 1.90
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 1.90
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 1.90
Bank Intesa AO 8.25 6/10/2018 RUB 64.01
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 1.90
Region Invest OOO 10.36 7/19/2022 RUB 1.44
Region Invest OOO 10.48 4/15/2021 RUB 0.67
Kaupthing ehf 7.00 7/24/2009 ISK 0.25
LBI HF 8.65 5/1/2011 ISK 7.13
Malahit AO 15.00 7/14/2025 RUB 2.40
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 1.90
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 1.90
First Mortgage Co Universal 6.50 12/12/2019 USD 25.20
Commerzbank AG 4.50 12/30/2024 USD 15.22
Landesbank Baden-Wuerttember 3.00 9/28/2018 EUR 63.59
Landesbank Baden-Wuerttember 3.40 6/22/2018 EUR 72.98
SG Issuer SA 6.65 10/10/2021 EUR 73.62
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 1.90
Barclays Bank PLC 0.50 3/26/2021 MXN 73.95
Barclays Bank PLC 0.50 3/13/2023 RUB 72.05
HSBC Bank PLC 0.50 4/27/2027 NZD 72.69
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 1.90
Heta Asset Resolution AG 5.73 12/31/2023 EUR 34.63
HSBC Bank PLC 0.50 2/24/2027 NZD 73.28
VEB-Leasing OAO 8.65 1/16/2024 RUB 65.01
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 1.90
Northland Resources AB 12.25 3/26/2016 USD 2.62
BNP Paribas SA 0.50 11/16/2032 MXN 32.72
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 1.90
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 7.50
Digital Invest OOO 10.22 10/22/2020 RUB 1.09
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 1.90
OOO SPV Structural Investmen 0.01 9/1/2023 RUB 70.21
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 1.90
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 1.90
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Digital Invest OOO 9.95 4/21/2020 RUB 1.16
Raiffeisen Centrobank AG 6.84 6/25/2019 EUR 24.05
Zurcher Kantonalbank Finance 7.50 7/6/2018 CHF 65.77
Leonteq Securities AG/Guerns 7.00 6/19/2019 USD 68.70
Deutsche Bank AG 5.20 12/27/2018 EUR 71.10
Raiffeisen Centrobank AG 7.25 12/25/2018 EUR 23.62
Bank J Safra Sarasin AG/Guer 12.75 2/1/2018 USD 53.01
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 1.90
Heta Asset Resolution AG 4.35 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 1.90
Soyuz AKB OAO 9.50 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 1.90
UniCredit Bank AG 11.30 1/4/2019 EUR 74.33
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 72.74
Commerzbank AG 17.00 6/22/2018 EUR 70.82
Landesbank Baden-Wuerttember 5.50 7/26/2019 EUR 74.25
DZ Bank AG Deutsche Zentral- 7.50 3/23/2018 EUR 73.00
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 73.95
Vontobel Financial Products 9.45 3/9/2018 EUR 71.87
HSBC Trinkaus & Burkhardt AG 9.30 4/27/2018 EUR 63.90
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 62.32
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 66.36
UniCredit Bank AG 9.40 3/23/2018 EUR 73.03
HSBC Trinkaus & Burkhardt AG 10.70 9/28/2018 EUR 70.09
Commerzbank AG 18.00 5/25/2018 EUR 70.22
HSBC Trinkaus & Burkhardt AG 8.10 9/28/2018 EUR 74.57
Raiffeisen Centrobank AG 8.83 6/25/2019 EUR 27.18
Vontobel Financial Products 6.00 6/22/2018 EUR 64.30
DZ Bank AG Deutsche Zentral- 6.25 8/24/2018 EUR 73.85
EFG International Finance Gu 8.40 8/23/2018 USD 70.99
Commerzbank AG 12.50 5/23/2018 EUR 66.82
Commerzbank AG 11.50 7/27/2018 EUR 67.70
DZ Bank AG Deutsche Zentral- 9.50 9/28/2018 EUR 72.28
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 69.96
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.66
DZ Bank AG Deutsche Zentral- 9.90 6/22/2018 EUR 71.07
DZ Bank AG Deutsche Zentral- 7.60 9/28/2018 EUR 74.80
DZ Bank AG Deutsche Zentral- 8.30 9/28/2018 EUR 73.41
Deutsche Bank AG 4.20 3/20/2018 EUR 70.80
Deutsche Bank AG 4.20 6/19/2018 EUR 68.40
Deutsche Bank AG 4.20 9/25/2018 EUR 69.30
Deutsche Bank AG 4.20 12/27/2018 EUR 70.10
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 68.31
Credit Suisse AG/London 10.00 2/19/2020 USD 9.98
UniCredit Bank AG 13.60 1/4/2019 EUR 23.34
UniCredit Bank AG 4.60 1/4/2019 EUR 19.75
UniCredit Bank AG 8.20 1/4/2019 EUR 21.74
UniCredit Bank AG 10.10 6/22/2018 EUR 16.49
UniCredit Bank AG 7.70 6/22/2018 EUR 16.36
UniCredit Bank AG 8.90 9/28/2018 EUR 19.61
UniCredit Bank AG 5.60 1/4/2019 EUR 19.59
UniCredit Bank AG 11.60 1/4/2019 EUR 22.05
UniCredit Bank AG 3.30 1/4/2019 EUR 21.34
UniCredit Bank AG 5.70 9/28/2018 EUR 19.36
UniCredit Bank AG 12.00 1/4/2019 EUR 72.41
UniCredit Bank AG 13.50 1/4/2019 EUR 71.29
Commerzbank AG 18.25 2/22/2018 EUR 55.81
Commerzbank AG 17.50 3/22/2018 EUR 57.19
Vontobel Financial Products 10.50 6/25/2018 EUR 71.43
Vontobel Financial Products 14.00 6/25/2018 EUR 67.39
Vontobel Financial Products 13.00 9/28/2018 EUR 70.35
DZ Bank AG Deutsche Zentral- 7.00 6/22/2018 EUR 72.74
DZ Bank AG Deutsche Zentral- 5.00 6/22/2018 EUR 13.11
DZ Bank AG Deutsche Zentral- 9.00 6/22/2018 EUR 66.26
Societe Generale SA 8.00 5/28/2027 USD 68.60
Vontobel Financial Products 5.50 6/22/2018 EUR 59.69
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 64.64
HSBC Trinkaus & Burkhardt AG 10.60 6/22/2018 EUR 71.33
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.17
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 51.16
Vontobel Financial Products 9.50 11/23/2018 EUR 68.82
Vontobel Financial Products 13.00 3/23/2018 EUR 59.07
Vontobel Financial Products 9.70 6/25/2018 EUR 58.65
Vontobel Financial Products 7.55 6/22/2018 EUR 70.94
UniCredit Bank AG 14.10 3/23/2018 EUR 68.36
Commerzbank AG 18.75 2/22/2018 EUR 62.06
Commerzbank AG 13.50 2/22/2018 EUR 49.77
HSBC Trinkaus & Burkhardt AG 12.20 9/28/2018 EUR 68.24
HSBC Trinkaus & Burkhardt AG 9.70 7/27/2018 EUR 71.50
Raiffeisen Centrobank AG 8.33 6/25/2019 EUR 26.58
UniCredit Bank AG 10.50 6/22/2018 EUR 71.07
UniCredit Bank AG 13.60 6/22/2018 EUR 67.37
Commerzbank AG 8.50 2/22/2018 EUR 69.66
Commerzbank AG 15.75 2/22/2018 EUR 56.29
Commerzbank AG 15.50 3/22/2018 EUR 65.67
HSBC Trinkaus & Burkhardt AG 10.90 2/23/2018 EUR 68.84
Commerzbank AG 11.25 10/26/2018 EUR 74.20
Commerzbank AG 12.00 2/22/2018 EUR 62.20
Commerzbank AG 11.50 3/22/2018 EUR 71.02
Commerzbank AG 17.50 3/22/2018 EUR 63.46
Commerzbank AG 9.00 2/22/2018 EUR 63.39
Commerzbank AG 10.75 2/22/2018 EUR 53.57
Commerzbank AG 13.25 10/26/2018 EUR 72.40
Commerzbank AG 15.50 7/27/2018 EUR 70.86
DZ Bank AG Deutsche Zentral- 7.75 7/27/2018 EUR 74.57
Commerzbank AG 16.00 2/21/2018 EUR 62.16
UniCredit Bank AG 11.00 3/23/2018 EUR 69.44
UniCredit Bank AG 12.70 3/23/2018 EUR 66.20
Commerzbank AG 12.75 2/22/2018 EUR 69.11
Commerzbank AG 13.50 3/22/2018 EUR 68.11
Commerzbank AG 9.75 3/22/2018 EUR 75.10
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 62.49
Commerzbank AG 11.50 4/26/2018 EUR 67.85
DZ Bank AG Deutsche Zentral- 5.50 3/23/2018 EUR 69.01
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 14.71
Vontobel Financial Products 9.20 6/8/2018 EUR 74.83
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 53.63
HSBC Trinkaus & Burkhardt AG 8.10 4/27/2018 EUR 60.32
HSBC Trinkaus & Burkhardt AG 3.50 4/27/2018 EUR 72.29
Vontobel Financial Products 10.55 7/27/2018 EUR 73.06
BNP Paribas Emissions- und H 18.00 6/21/2018 EUR 65.19
HSBC Trinkaus & Burkhardt AG 13.70 3/23/2018 EUR 63.29
HSBC Trinkaus & Burkhardt AG 10.30 3/23/2018 EUR 66.00
HSBC Trinkaus & Burkhardt AG 7.60 8/24/2018 EUR 70.73
Leonteq Securities AG/Guerns 10.00 12/19/2018 CHF 65.46
DZ Bank AG Deutsche Zentral- 10.75 9/28/2018 EUR 74.74
BNP Paribas Emissions- und H 15.00 6/21/2018 EUR 64.03
BNP Paribas Emissions- und H 6.00 9/27/2018 EUR 71.28
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 66.62
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 71.39
BNP Paribas Emissions- und H 10.00 12/31/2018 EUR 68.28
BNP Paribas Emissions- und H 25.00 2/22/2018 EUR 71.75
BNP Paribas Emissions- und H 23.00 2/22/2018 EUR 74.16
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 65.74
DZ Bank AG Deutsche Zentral- 6.40 3/23/2018 EUR 61.96
DZ Bank AG Deutsche Zentral- 7.20 3/23/2018 EUR 59.64
DZ Bank AG Deutsche Zentral- 7.90 3/23/2018 EUR 73.37
DZ Bank AG Deutsche Zentral- 7.40 3/23/2018 EUR 67.81
Vontobel Financial Products 10.50 3/23/2018 EUR 73.17
Credit Suisse AG/London 9.10 3/5/2018 USD 53.69
Vontobel Financial Products 11.50 3/23/2018 EUR 67.81
Vontobel Financial Products 6.50 3/23/2018 EUR 67.07
Vontobel Financial Products 3.50 3/23/2018 EUR 66.62
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 60.98
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 65.59
DZ Bank AG Deutsche Zentral- 6.00 2/23/2018 EUR 61.48
Deutsche Bank AG 4.20 2/21/2018 EUR 74.80
BNP Paribas Emissions- und H 6.00 3/22/2018 EUR 56.06
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.24
Commerzbank AG 1.00 2/19/2020 USD 63.67
UniCredit Bank AG 11.30 6/28/2019 EUR 72.88
UniCredit Bank AG 13.20 6/28/2019 EUR 31.32
Vontobel Financial Products 3.00 6/8/2018 EUR 64.50
Vontobel Financial Products 9.00 9/28/2018 EUR 68.58
Vontobel Financial Products 4.00 1/2/2019 EUR 73.32
Vontobel Financial Products 6.00 1/2/2019 EUR 70.81
Vontobel Financial Products 9.55 1/2/2019 EUR 67.56
HSBC Trinkaus & Burkhardt AG 3.00 6/22/2018 EUR 71.04
DZ Bank AG Deutsche Zentral- 12.50 4/27/2018 EUR 63.86
DZ Bank AG Deutsche Zentral- 5.75 6/22/2018 EUR 68.86
Commerzbank AG 1.00 11/2/2020 USD 14.98
Leonteq Securities AG/Guerns 11.00 9/12/2018 USD 64.51
Commerzbank AG 8.25 5/24/2018 EUR 74.85
Commerzbank AG 10.25 5/24/2018 EUR 70.45
Commerzbank AG 12.25 5/24/2018 EUR 67.03
Commerzbank AG 14.25 5/24/2018 EUR 64.26
Commerzbank AG 16.25 5/24/2018 EUR 61.80
Vontobel Financial Products 10.10 6/8/2018 EUR 71.77
Vontobel Financial Products 13.10 9/14/2018 EUR 71.88
UniCredit Bank AG 3.50 6/28/2019 EUR 28.73
UniCredit Bank AG 9.90 1/3/2020 EUR 73.11
UniCredit Bank AG 9.20 6/28/2019 EUR 72.85
UniCredit Bank AG 7.90 6/28/2019 EUR 26.67
Vontobel Financial Products 7.80 6/8/2018 EUR 66.22
Vontobel Financial Products 11.00 9/28/2018 EUR 67.18
Vontobel Financial Products 8.00 1/2/2019 EUR 68.63
UBS AG/London 15.30 6/21/2018 EUR 71.37
UBS AG/London 16.90 6/21/2018 EUR 74.97
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 75.23
Vontobel Financial Products 4.00 9/28/2018 EUR 68.92
Vontobel Financial Products 6.00 9/28/2018 EUR 70.25
Vontobel Financial Products 7.50 6/25/2018 EUR 57.76
Commerzbank AG 7.25 6/22/2018 EUR 75.00
Commerzbank AG 9.25 6/22/2018 EUR 71.52
Commerzbank AG 11.25 6/22/2018 EUR 67.81
Commerzbank AG 13.25 6/22/2018 EUR 65.77
Vontobel Financial Products 8.55 3/23/2018 EUR 72.88
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 57.38
HSBC Trinkaus & Burkhardt AG 6.80 3/23/2018 EUR 65.47
HSBC Trinkaus & Burkhardt AG 4.00 3/23/2018 EUR 74.59
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 66.52
Bank Julius Baer & Co Ltd/Gu 3.55 3/2/2018 SEK 63.80
Raiffeisen Schweiz Genossens 10.00 3/6/2018 USD 55.25
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.79
BNP Paribas Emissions- und H 4.00 6/21/2018 EUR 56.70
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.05
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 59.08
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 60.91
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 72.68
Deutsche Bank AG 6.20 2/21/2018 EUR 74.90
BNP Paribas Emissions- und H 4.00 3/22/2018 EUR 55.97
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
Bank Julius Baer & Co Ltd/Gu 8.75 2/23/2018 USD 67.10
Zurcher Kantonalbank Finance 6.75 8/20/2018 USD 58.45
HSBC Trinkaus & Burkhardt AG 12.60 3/23/2018 EUR 71.74
UBS AG/London 13.25 9/6/2018 CHF 61.30
Landesbank Baden-Wuerttember 2.90 7/27/2018 EUR 71.87
Vontobel Financial Products 10.00 3/23/2018 EUR 58.63
Vontobel Financial Products 3.00 6/25/2018 EUR 68.85
Commerzbank AG 13.50 9/28/2018 EUR 70.30
UniCredit Bank AG 10.70 3/23/2018 EUR 72.70
Commerzbank AG 14.00 6/22/2018 EUR 65.73
UniCredit Bank AG 13.10 6/22/2018 EUR 68.97
Commerzbank AG 5.75 2/22/2018 EUR 68.67
Commerzbank AG 6.50 2/22/2018 EUR 63.55
Commerzbank AG 8.25 2/22/2018 EUR 58.09
UniCredit Bank AG 12.00 6/22/2018 EUR 68.46
UBS AG/London 9.70 2/22/2018 EUR 75.30
Vontobel Financial Products 4.00 12/21/2018 EUR 69.62
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 68.73
BNP Paribas Emissions- und H 11.00 3/22/2018 EUR 72.53
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 74.71
EFG International Finance Gu 7.40 6/28/2019 USD 69.51
Commerzbank AG 7.00 3/21/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.60 4/27/2018 EUR 70.38
DZ Bank AG Deutsche Zentral- 5.25 5/25/2018 EUR 13.26
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 66.70
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 62.34
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 66.45
HSBC Trinkaus & Burkhardt AG 9.80 6/22/2018 EUR 74.55
UniCredit Bank AG 13.60 3/23/2018 EUR 68.66
UniCredit Bank AG 14.60 3/23/2018 EUR 67.66
Commerzbank AG 17.25 4/26/2018 EUR 62.64
Vontobel Financial Products 7.00 6/8/2018 EUR 65.93
HSBC Trinkaus & Burkhardt AG 9.00 3/23/2018 EUR 73.21
BNP Paribas Emissions- und H 8.00 9/27/2018 EUR 72.60
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 65.36
DZ Bank AG Deutsche Zentral- 8.50 9/28/2018 EUR 70.73
BNP Paribas Emissions- und H 7.00 9/27/2018 EUR 67.27
BNP Paribas Emissions- und H 7.00 12/31/2018 EUR 68.12
BNP Paribas Emissions- und H 9.00 12/31/2018 EUR 64.93
Commerzbank AG 30.00 6/30/2020 USD 5.59
Commerzbank AG 10.50 2/22/2018 EUR 64.90
Raiffeisen Centrobank AG 13.12 12/28/2018 EUR 37.52
Raiffeisen Centrobank AG 7.01 12/28/2018 EUR 33.74
Raiffeisen Centrobank AG 17.22 6/19/2018 EUR 27.36
DZ Bank AG Deutsche Zentral- 6.25 11/23/2018 EUR 70.18
HSBC Trinkaus & Burkhardt AG 11.80 6/22/2018 EUR 68.56
Commerzbank AG 7.25 10/26/2018 EUR 73.73
Commerzbank AG 9.25 10/26/2018 EUR 70.76
Commerzbank AG 11.25 10/26/2018 EUR 68.70
BNP Paribas Emissions- und H 9.00 9/27/2018 EUR 68.74
DZ Bank AG Deutsche Zentral- 5.00 5/25/2018 EUR 73.78
Commerzbank AG 11.75 2/22/2018 EUR 74.21
Commerzbank AG 13.75 3/22/2018 EUR 61.52
Commerzbank AG 15.75 3/22/2018 EUR 59.04
Commerzbank AG 14.50 2/22/2018 EUR 58.62
BNP Paribas Emissions- und H 7.50 9/27/2018 EUR 71.69
Commerzbank AG 10.50 11/23/2018 EUR 73.46
Commerzbank AG 12.50 11/23/2018 EUR 71.66
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 60.80
BNP Paribas Emissions- und H 14.00 3/22/2018 EUR 74.35
BNP Paribas Emissions- und H 14.00 6/21/2018 EUR 69.13
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 71.06
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 63.21
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 72.17
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 63.00
Commerzbank AG 16.50 2/22/2018 EUR 62.24
Landesbank Baden-Wuerttember 5.50 7/27/2018 EUR 69.62
Commerzbank AG 11.75 3/22/2018 EUR 64.58
Commerzbank AG 8.50 2/22/2018 EUR 69.11
Commerzbank AG 6.50 2/22/2018 EUR 74.72
Commerzbank AG 16.50 2/22/2018 EUR 56.24
Commerzbank AG 7.75 3/22/2018 EUR 72.71
Commerzbank AG 9.75 3/22/2018 EUR 68.13
BNP Paribas Emissions- und H 8.50 3/22/2018 EUR 71.47
HSBC Trinkaus & Burkhardt AG 13.40 6/22/2018 EUR 66.19
HSBC Trinkaus & Burkhardt AG 8.90 6/22/2018 EUR 74.20
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 68.01
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 60.60
Commerzbank AG 13.00 3/21/2018 EUR 62.88
Commerzbank AG 14.50 2/22/2018 EUR 64.61
Commerzbank AG 10.50 10/26/2018 EUR 68.88
Erste Group Bank AG 8.30 4/20/2018 EUR 71.25
Bank Julius Baer & Co Ltd/Gu 6.50 6/15/2018 USD 57.10
Commerzbank AG 12.50 2/22/2018 EUR 61.47
Deutsche Bank AG 6.20 9/25/2018 EUR 70.60
Commerzbank AG 14.00 5/24/2018 EUR 70.00
Commerzbank AG 14.75 4/26/2018 EUR 71.02
Vontobel Financial Products 10.50 3/23/2018 EUR 71.18
Vontobel Financial Products 9.00 9/28/2018 EUR 73.05
Vontobel Financial Products 13.00 9/28/2018 EUR 68.52
Vontobel Financial Products 8.50 1/2/2019 EUR 73.16
Vontobel Financial Products 12.00 1/2/2019 EUR 69.86
Vontobel Financial Products 15.50 1/2/2019 EUR 67.46
Vontobel Financial Products 14.00 3/23/2018 EUR 66.38
Vontobel Financial Products 9.50 6/22/2018 EUR 72.12
Vontobel Financial Products 12.50 6/22/2018 EUR 68.52
Vontobel Financial Products 14.50 6/22/2018 EUR 66.38
EFG International Finance Gu 10.20 3/23/2018 USD 58.46
Deutsche Bank AG 5.20 3/20/2018 EUR 70.90
Commerzbank AG 12.00 5/24/2018 EUR 74.46
Commerzbank AG 13.25 6/21/2018 EUR 72.56
Credit Suisse AG/London 8.50 3/13/2018 USD 59.99
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 69.75
HSBC Trinkaus & Burkhardt AG 7.50 12/28/2018 EUR 67.99
HSBC Trinkaus & Burkhardt AG 5.00 12/28/2018 EUR 73.48
UBS AG/London 7.70 6/28/2018 EUR 72.76
UBS AG/London 4.30 6/28/2018 EUR 73.87
UBS AG/London 6.50 3/22/2018 EUR 73.83
UBS AG/London 4.40 6/28/2018 EUR 72.61
Societe Generale SA 14.75 3/19/2019 USD 47.95
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 67.17
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 73.90
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 70.70
Credit Suisse AG/London 8.25 7/26/2018 USD 64.21
Bank Julius Baer & Co Ltd/Gu 9.10 8/6/2018 USD 62.45
UniCredit Bank AG 12.50 3/23/2018 EUR 69.66
Vontobel Financial Products 14.00 6/8/2018 EUR 68.62
Commerzbank AG 13.50 8/24/2018 EUR 67.06
DZ Bank AG Deutsche Zentral- 8.75 1/2/2019 EUR 74.38
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 69.55
Bank Julius Baer & Co Ltd/Gu 10.45 5/11/2018 USD 62.30
UBS AG/London 6.50 1/7/2019 CHF 64.50
Deutsche Bank AG 6.20 6/19/2018 EUR 69.20
Commerzbank AG 15.25 8/24/2018 EUR 73.34
Commerzbank AG 11.50 2/21/2018 EUR 49.64
Deutsche Bank AG 5.20 6/19/2018 EUR 68.80
Commerzbank AG 16.75 4/26/2018 EUR 68.69
Commerzbank AG 11.25 6/21/2018 EUR 75.28
Commerzbank AG 15.25 6/21/2018 EUR 70.11
Zurcher Kantonalbank Finance 6.00 1/17/2019 USD 69.66
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 73.30
Raiffeisen Centrobank AG 9.30 9/25/2018 EUR 69.54
Raiffeisen Centrobank AG 10.19 3/20/2018 EUR 69.75
Vontobel Financial Products 9.50 9/28/2018 EUR 72.57
Vontobel Financial Products 4.50 3/23/2018 EUR 68.99
Vontobel Financial Products 12.00 6/25/2018 EUR 59.58
Vontobel Financial Products 4.50 6/22/2018 EUR 69.73
UniCredit Bank AG 10.40 6/22/2018 EUR 72.74
DekaBank Deutsche Girozentra 3.00 6/27/2018 EUR 55.28
UniCredit Bank AG 14.50 3/23/2018 EUR 63.28
Commerzbank AG 10.75 2/22/2018 EUR 72.30
Commerzbank AG 7.25 2/22/2018 EUR 65.91
Vontobel Financial Products 8.50 9/28/2018 EUR 72.71
Vontobel Financial Products 14.55 9/28/2018 EUR 69.55
Deutsche Bank AG 6.20 12/27/2018 EUR 72.00
Deutsche Bank AG 5.20 9/25/2018 EUR 70.00
Deutsche Bank AG 7.20 3/20/2018 EUR 63.50
Deutsche Bank AG 5.20 6/19/2018 EUR 72.70
UBS AG/London 16.00 8/30/2018 CHF 44.95
BNP Paribas Emissions- und H 4.00 12/31/2018 EUR 67.00
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 68.84
Leonteq Securities AG 10.00 7/10/2018 USD 57.95
UniCredit Bank AG 9.80 6/22/2018 EUR 74.99
UniCredit Bank AG 12.50 3/23/2018 EUR 72.88
Vontobel Financial Products 5.00 3/23/2018 EUR 73.32
Vontobel Financial Products 6.00 3/23/2018 EUR 69.02
Vontobel Financial Products 9.00 3/23/2018 EUR 61.94
Raiffeisen Centrobank AG 6.04 6/25/2019 EUR 23.38
DZ Bank AG Deutsche Zentral- 6.50 3/23/2018 EUR 67.76
DZ Bank AG Deutsche Zentral- 8.00 3/23/2018 EUR 69.48
DZ Bank AG Deutsche Zentral- 6.25 9/28/2018 EUR 73.90
Commerzbank AG 11.50 4/27/2018 EUR 74.94
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 71.40
Vontobel Financial Products 6.55 3/9/2018 EUR 66.82
UniCredit Bank AG 5.00 7/30/2018 EUR 74.06
Landesbank Baden-Wuerttember 3.50 7/27/2018 EUR 70.65
Landesbank Baden-Wuerttember 3.00 1/4/2019 EUR 71.49
Landesbank Baden-Wuerttember 4.00 6/22/2018 EUR 69.23
Syntagma OOO 16.50 5/10/2022 RUB 0.10
SG Issuer SA 0.82 8/2/2021 SEK 56.32
Raiffeisen Schweiz Genossens 4.50 3/27/2018 EUR 74.41
Landesbank Baden-Wuerttember 3.30 6/22/2018 EUR 70.33
DekaBank Deutsche Girozentra 3.30 2/26/2018 EUR 52.64
DekaBank Deutsche Girozentra 2.70 3/16/2018 EUR 73.72
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 74.75
Landesbank Baden-Wuerttember 3.00 6/28/2019 EUR 70.05
DekaBank Deutsche Girozentra 3.15 5/18/2018 EUR 66.04
DekaBank Deutsche Girozentra 3.40 4/9/2018 EUR 57.16
Landesbank Baden-Wuerttember 3.00 5/25/2018 EUR 74.33
UniCredit Bank AG 3.75 10/2/2020 EUR 70.33
Credit Suisse AG/London 9.86 2/27/2020 USD 9.96
Landesbank Baden-Wuerttember 3.15 6/22/2018 EUR 68.63
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 66.30
UniCredit Bank AG 5.00 6/25/2019 EUR 62.29
Landesbank Baden-Wuerttember 5.00 2/23/2018 EUR 71.77
Credit Suisse AG/London 7.00 12/11/2019 USD 9.44
DekaBank Deutsche Girozentra 3.00 12/17/2018 EUR 67.22
UniCredit Bank AG 3.75 9/7/2020 EUR 73.36
UniCredit Bank AG 4.00 6/26/2018 EUR 65.91
UniCredit Bank AG 13.50 3/23/2018 EUR 75.58
UniCredit Bank AG 11.00 6/22/2018 EUR 73.63
Commerzbank AG 7.75 9/28/2018 EUR 74.76
Commerzbank AG 11.75 9/28/2018 EUR 69.13
HSBC Trinkaus & Burkhardt AG 14.70 3/23/2018 EUR 68.36
UniCredit Bank AG 14.90 6/22/2018 EUR 74.71
UniCredit Bank AG 13.90 6/22/2018 EUR 67.70
UniCredit Bank AG 14.00 3/23/2018 EUR 64.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.06
Landesbank Baden-Wuerttember 2.80 11/23/2018 EUR 74.37
UniCredit Bank AG 13.40 3/23/2018 EUR 70.47
UniCredit Bank AG 10.00 6/22/2018 EUR 74.93
UniCredit Bank AG 13.10 6/22/2018 EUR 71.30
Vontobel Financial Products 6.50 2/23/2018 EUR 75.19
UniCredit Bank AG 13.00 3/23/2018 EUR 72.19
UniCredit Bank AG 13.00 3/23/2018 EUR 73.81
UniCredit Bank AG 10.50 6/22/2018 EUR 72.78
UniCredit Bank AG 9.00 3/23/2018 EUR 75.01
Raiffeisen Centrobank AG 11.14 12/25/2018 EUR 29.76
Raiffeisen Centrobank AG 11.32 6/19/2018 EUR 25.27
Raiffeisen Centrobank AG 4.13 12/28/2018 EUR 17.28
Raiffeisen Centrobank AG 13.79 6/19/2018 EUR 28.16
Raiffeisen Centrobank AG 3.54 6/19/2018 EUR 15.37
Raiffeisen Centrobank AG 8.49 6/19/2018 EUR 22.01
UniCredit Bank AG 12.20 3/23/2018 EUR 67.83
UniCredit Bank AG 11.60 3/23/2018 EUR 75.37
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 55.96
HSBC Trinkaus & Burkhardt AG 6.20 3/23/2018 EUR 72.35
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 69.26
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 60.90
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 69.66
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 10.20 3/23/2018 EUR 64.10
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 72.95
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 66.15
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 66.04
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 58.55
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 61.53
HSBC Trinkaus & Burkhardt AG 7.40 3/23/2018 EUR 70.98
DekaBank Deutsche Girozentra 3.50 10/28/2019 EUR 72.20
Bank Julius Baer & Co Ltd/Gu 12.15 5/4/2018 USD 69.00
HSBC Trinkaus & Burkhardt AG 8.30 3/23/2018 EUR 63.14
UniCredit Bank AG 4.00 10/14/2019 EUR 68.87
UniCredit Bank AG 4.40 7/13/2018 EUR 68.70
UniCredit Bank AG 3.80 7/23/2020 EUR 71.54
DekaBank Deutsche Girozentra 2.75 10/29/2018 EUR 61.25
DekaBank Deutsche Girozentra 3.25 4/20/2018 EUR 58.44
HSBC Trinkaus & Burkhardt AG 5.80 3/23/2018 EUR 70.73
Commerzbank AG 14.00 4/25/2018 EUR 59.42
Vontobel Financial Products 10.50 9/28/2018 EUR 69.58
Raiffeisen Schweiz Genossens 3.00 9/22/2020 CHF 74.78
Norddeutsche Landesbank Giro 3.00 10/30/2018 EUR 62.89
HSBC Trinkaus & Burkhardt AG 5.00 6/22/2018 EUR 63.50
BNP Paribas Emissions- und H 13.00 2/22/2018 EUR 71.03
BNP Paribas Emissions- und H 18.00 2/22/2018 EUR 65.82
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 71.73
BNP Paribas Emissions- und H 13.00 12/31/2018 EUR 71.04
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 72.35
BNP Paribas Emissions- und H 11.00 9/27/2018 EUR 73.98
DZ Bank AG Deutsche Zentral- 5.00 7/27/2018 EUR 14.35
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 72.84
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.65
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.51
HSBC Trinkaus & Burkhardt AG 10.07 6/22/2018 EUR 69.24
Commerzbank AG 11.75 7/27/2018 EUR 72.35
Commerzbank AG 13.75 7/27/2018 EUR 69.87
DZ Bank AG Deutsche Zentral- 12.75 2/23/2018 EUR 66.82
EFG International Finance Gu 7.66 10/5/2018 USD 67.80
Leonteq Securities AG 14.00 8/2/2018 USD 58.74
UniCredit Bank AG 15.00 6/22/2018 EUR 68.47
UniCredit Bank AG 13.90 6/22/2018 EUR 69.42
UniCredit Bank AG 12.80 6/22/2018 EUR 70.43
Vontobel Financial Products 7.50 3/23/2018 EUR 65.27
Vontobel Financial Products 12.50 3/23/2018 EUR 56.40
Vontobel Financial Products 11.00 3/23/2018 EUR 72.62
HSBC Trinkaus & Burkhardt AG 12.30 6/22/2018 EUR 70.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 71.83
HSBC Trinkaus & Burkhardt AG 10.10 12/28/2018 EUR 72.38
DZ Bank AG Deutsche Zentral- 5.00 3/23/2018 EUR 75.00
UniCredit Bank AG 14.50 1/4/2019 EUR 25.44
DekaBank Deutsche Girozentra 3.00 8/16/2019 EUR 74.87
Credit Suisse AG/London 8.00 10/9/2018 USD 67.89
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.36
DZ Bank AG Deutsche Zentral- 6.00 9/28/2018 EUR 73.34
Deutsche Bank AG 5.20 3/20/2018 EUR 71.70
Deutsche Bank AG 7.20 6/19/2018 EUR 73.50
Deutsche Bank AG 5.20 6/19/2018 EUR 64.30
UniCredit Bank AG 8.80 6/22/2018 EUR 75.33
UniCredit Bank AG 11.20 3/23/2018 EUR 74.41
Vontobel Financial Products 14.50 3/23/2018 EUR 54.10
Vontobel Financial Products 14.50 3/23/2018 EUR 68.40
Araratbank OJSC 7.00 6/18/2019 USD 25.92
Leonteq Securities AG 10.20 10/24/2018 EUR 45.18
HSBC Trinkaus & Burkhardt AG 11.20 9/28/2018 EUR 74.21
Commerzbank AG 9.75 8/24/2018 EUR 63.06
Commerzbank AG 6.75 9/28/2018 EUR 65.81
Commerzbank AG 8.75 9/28/2018 EUR 63.70
Commerzbank AG 10.75 9/28/2018 EUR 62.32
Commerzbank AG 4.50 10/26/2018 EUR 70.45
Commerzbank AG 6.50 10/26/2018 EUR 66.17
Commerzbank AG 8.50 5/25/2018 EUR 64.69
Commerzbank AG 10.50 7/27/2018 EUR 62.62
Commerzbank AG 3.75 8/24/2018 EUR 73.73
Commerzbank AG 5.75 8/24/2018 EUR 68.05
Commerzbank AG 7.75 8/24/2018 EUR 64.96
Commerzbank AG 11.75 8/24/2018 EUR 61.74
Commerzbank AG 4.75 9/28/2018 EUR 69.62
Commerzbank AG 10.50 10/26/2018 EUR 62.55
Commerzbank AG 4.50 5/25/2018 EUR 72.49
Commerzbank AG 6.50 5/25/2018 EUR 67.66
Commerzbank AG 10.50 5/25/2018 EUR 62.67
Commerzbank AG 6.50 7/27/2018 EUR 67.18
Commerzbank AG 8.50 7/27/2018 EUR 64.41
Commerzbank AG 12.50 7/27/2018 EUR 61.33
Commerzbank AG 8.50 10/26/2018 EUR 63.94
Commerzbank AG 4.50 7/27/2018 EUR 71.79
UBS AG/London 8.20 6/22/2018 EUR 59.74
Leonteq Securities AG 11.00 3/19/2018 USD 52.67
UBS AG/London 6.90 6/22/2018 EUR 62.27
UBS AG/London 9.40 6/22/2018 EUR 57.47
UBS AG 5.21 6/27/2018 USD 22.57
Goldman Sachs & Co Wertpapie 19.00 2/21/2018 EUR 74.15
Deutsche Bank AG 5.20 3/20/2018 EUR 63.20
Deutsche Bank AG 7.20 6/19/2018 EUR 65.10
Deutsche Bank AG 4.20 6/19/2018 EUR 72.30
Leonteq Securities AG 8.40 7/10/2018 CHF 57.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.43
UniCredit Bank AG 10.80 6/22/2018 EUR 73.37
UniCredit Bank AG 11.80 6/22/2018 EUR 72.54
Vontobel Financial Products 5.95 9/27/2019 EUR 74.63
EFG International Finance Gu 8.50 2/27/2019 USD 63.81
Vontobel Financial Products 10.50 3/23/2018 EUR 58.97
Commerzbank AG 10.50 8/24/2018 EUR 67.74
DZ Bank AG Deutsche Zentral- 9.00 3/23/2018 EUR 70.99
DZ Bank AG Deutsche Zentral- 8.75 9/28/2018 EUR 69.94
DZ Bank AG Deutsche Zentral- 13.00 3/23/2018 EUR 67.72
DZ Bank AG Deutsche Zentral- 5.25 4/27/2018 EUR 72.56
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 4.20 3/20/2018 EUR 71.50
HSBC Trinkaus & Burkhardt AG 8.70 12/28/2018 EUR 74.03
Bank Julius Baer & Co Ltd/Gu 11.00 3/29/2018 USD 60.90
HSBC Trinkaus & Burkhardt AG 5.60 3/23/2018 EUR 75.45
HSBC Trinkaus & Burkhardt AG 7.70 3/23/2018 EUR 64.01
Deutsche Bank AG 7.20 3/20/2018 EUR 68.90
Deutsche Bank AG 7.20 6/19/2018 EUR 70.40
Deutsche Bank AG 7.20 6/19/2018 EUR 74.40
Deutsche Bank AG 6.20 6/19/2018 EUR 74.00
Deutsche Bank AG 6.20 6/19/2018 EUR 70.60
Vontobel Financial Products 11.00 6/22/2018 EUR 67.99
Vontobel Financial Products 7.65 3/9/2018 EUR 75.39
Vontobel Financial Products 13.35 3/9/2018 EUR 67.71
Bank Julius Baer & Co Ltd/Gu 7.75 2/9/2018 USD 63.20
HSBC Trinkaus & Burkhardt AG 12.40 3/23/2018 EUR 60.20
HSBC Trinkaus & Burkhardt AG 8.60 2/23/2018 EUR 66.85
HSBC Trinkaus & Burkhardt AG 3.60 2/23/2018 EUR 71.70
Deutsche Bank AG 6.20 3/20/2018 EUR 71.90
Commerzbank AG 9.75 8/24/2018 EUR 72.88
Vontobel Financial Products 9.55 3/23/2018 EUR 72.41
Leonteq Securities AG 7.40 4/24/2020 USD 66.97
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 73.01
HSBC Trinkaus & Burkhardt AG 10.10 2/23/2018 EUR 62.96
Deutsche Bank AG 7.20 3/20/2018 EUR 66.10
Commerzbank AG 11.75 8/24/2018 EUR 70.19
Vontobel Financial Products 8.00 6/22/2018 EUR 71.33
DZ Bank AG Deutsche Zentral- 5.25 3/23/2018 EUR 70.45
Leonteq Securities AG 16.60 5/7/2018 USD 50.07
Commerzbank AG 12.25 7/27/2018 EUR 74.05
Commerzbank AG 13.75 3/23/2018 EUR 73.15
Commerzbank AG 12.75 4/27/2018 EUR 74.19
Commerzbank AG 11.00 6/22/2018 EUR 74.98
Commerzbank AG 14.75 2/23/2018 EUR 72.02
Goldman Sachs & Co Wertpapie 21.00 2/21/2018 EUR 74.27
Deutsche Bank AG 7.20 6/19/2018 EUR 67.60
HSBC Trinkaus & Burkhardt AG 8.40 3/23/2018 EUR 66.96
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 7.20 6/19/2018 EUR 71.00
Deutsche Bank AG 6.20 3/20/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.30 9/28/2018 EUR 72.84
Vontobel Financial Products 11.50 6/22/2018 EUR 68.08
SG Issuer SA 0.80 11/30/2020 SEK 50.06
Commerzbank AG 10.00 9/28/2018 EUR 70.15
HSBC Trinkaus & Burkhardt AG 9.00 8/24/2018 EUR 74.82
Commerzbank AG 8.00 11/6/2020 USD 9.10
HSBC Trinkaus & Burkhardt AG 9.70 4/27/2018 EUR 73.92
Vontobel Financial Products 12.50 9/28/2018 EUR 68.19
Vontobel Financial Products 11.00 1/2/2019 EUR 68.92
Leonteq Securities AG 8.40 9/6/2018 USD 56.63
Leonteq Securities AG 3.00 9/19/2019 CHF 64.15
Vontobel Financial Products 6.00 6/22/2018 EUR 73.91
Raiffeisen Centrobank AG 8.63 9/25/2018 EUR 67.68
Commerzbank AG 12.50 4/25/2018 EUR 66.20
Credit Suisse AG/Nassau 8.50 4/6/2018 USD 54.11
DZ Bank AG Deutsche Zentral- 6.50 2/23/2018 EUR 12.64
DZ Bank AG Deutsche Zentral- 6.50 10/26/2018 EUR 74.01
UniCredit Bank AG 10.10 1/4/2019 EUR 22.87
Landesbank Hessen-Thueringen 4.00 5/16/2018 EUR 69.97
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Zurcher Kantonalbank Finance 5.25 10/24/2018 CHF 71.95
UniCredit Bank AG 5.10 1/4/2019 EUR 23.01
UniCredit Bank AG 5.00 1/3/2020 EUR 27.95
UniCredit Bank AG 10.00 9/28/2018 EUR 73.59
DZ Bank AG Deutsche Zentral- 8.50 3/23/2018 EUR 65.68
DZ Bank AG Deutsche Zentral- 8.75 6/22/2018 EUR 65.44
UniCredit Bank AG 10.90 1/3/2020 EUR 35.57
DZ Bank AG Deutsche Zentral- 5.50 10/26/2018 EUR 19.04
UniCredit Bank AG 14.70 1/4/2019 EUR 70.04
UniCredit Bank AG 7.00 1/3/2020 EUR 29.02
UniCredit Bank AG 11.60 1/3/2020 EUR 72.64
Deutsche Bank AG 4.20 6/19/2018 EUR 69.80
Raiffeisen Centrobank AG 6.43 12/27/2019 EUR 27.09
Commerzbank AG 11.75 3/23/2018 EUR 74.86
Commerzbank AG 12.75 2/23/2018 EUR 73.76
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 63.56
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 67.60
DZ Bank AG Deutsche Zentral- 5.10 4/25/2018 EUR 70.87
DZ Bank AG Deutsche Zentral- 7.75 3/23/2018 EUR 57.28
Commerzbank AG 13.00 6/22/2018 EUR 73.27
HSBC Trinkaus & Burkhardt AG 10.40 3/23/2018 EUR 69.55
Raiffeisen Switzerland BV 10.00 4/19/2018 USD 53.18
DZ Bank AG Deutsche Zentral- 12.75 4/27/2018 EUR 63.92
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
Deutsche Bank AG 4.20 9/25/2018 EUR 70.80
HSBC Trinkaus & Burkhardt AG 11.40 6/22/2018 EUR 72.26
HSBC Trinkaus & Burkhardt AG 10.10 9/28/2018 EUR 74.15
HSBC Trinkaus & Burkhardt AG 7.60 6/22/2018 EUR 74.50
Bank Julius Baer & Co Ltd/Gu 11.50 10/10/2018 USD 71.50
Deutsche Bank AG 4.20 3/20/2018 EUR 71.60
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 71.80
Raiffeisen Centrobank AG 5.86 12/27/2019 EUR 30.15
Deutsche Bank AG 5.20 2/21/2018 EUR 71.30
Raiffeisen Centrobank AG 8.57 12/27/2019 EUR 30.53
HSBC Trinkaus & Burkhardt AG 8.70 6/22/2018 EUR 71.26
HSBC Trinkaus & Burkhardt AG 7.40 9/28/2018 EUR 69.07
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 6.00 9/28/2018 EUR 20.57
UniCredit Bank AG 14.80 9/28/2018 EUR 71.08
HSBC Trinkaus & Burkhardt AG 5.30 6/28/2019 EUR 75.07
HSBC Trinkaus & Burkhardt AG 9.20 9/28/2018 EUR 68.20
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 68.44
HSBC Trinkaus & Burkhardt AG 6.20 6/28/2019 EUR 70.07
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 11.97
Raiffeisen Schweiz Genossens 10.00 10/23/2018 CHF 66.14
DZ Bank AG Deutsche Zentral- 10.40 3/23/2018 EUR 64.94
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 62.74
UniCredit Bank AG 12.80 9/28/2018 EUR 72.14
Leonteq Securities AG 7.00 8/22/2018 CHF 56.45
DZ Bank AG Deutsche Zentral- 9.30 3/23/2018 EUR 67.19
Bank Julius Baer & Co Ltd/Gu 9.25 10/12/2018 USD 70.80
BNP Paribas Emissions- und H 15.00 9/27/2018 EUR 67.17
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 73.22
UniCredit Bank AG 11.00 6/22/2018 EUR 19.64
UniCredit Bank AG 12.10 9/28/2018 EUR 22.60
Commerzbank AG 21.25 4/27/2018 EUR 79.29
HSBC Trinkaus & Burkhardt AG 7.20 12/28/2018 EUR 69.50
HSBC Trinkaus & Burkhardt AG 5.80 12/28/2018 EUR 72.97
DZ Bank AG Deutsche Zentral- 6.60 3/23/2018 EUR 12.23
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
EFG International Finance Gu 11.00 10/25/2018 CHF 69.79
HSBC Trinkaus & Burkhardt AG 6.50 1/29/2018 EUR 52.97
UniCredit Bank AG 5.30 6/22/2018 EUR 20.25
UniCredit Bank AG 14.30 6/22/2018 EUR 71.29
Commerzbank AG 9.75 9/28/2018 EUR 71.55
UniCredit Bank AG 12.50 6/22/2018 EUR 71.08
Commerzbank AG 16.75 4/27/2018 EUR 79.42
Commerzbank AG 18.75 4/27/2018 EUR 78.00
HSBC Trinkaus & Burkhardt AG 8.00 12/28/2018 EUR 65.38
HSBC Trinkaus & Burkhardt AG 12.10 6/22/2018 EUR 66.70
Bank Julius Baer & Co Ltd/Gu 8.35 9/24/2018 USD 71.10
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 54.84
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 6.80 6/22/2018 EUR 72.00
DZ Bank AG Deutsche Zentral- 8.00 6/22/2018 EUR 68.10
HSBC Trinkaus & Burkhardt AG 12.30 9/28/2018 EUR 66.99
HSBC Trinkaus & Burkhardt AG 8.80 9/28/2018 EUR 73.43
HSBC Trinkaus & Burkhardt AG 11.10 4/27/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 71.97
HSBC Trinkaus & Burkhardt AG 9.20 6/22/2018 EUR 71.76
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 12.10 6/22/2018 EUR 72.45
Araratbank OJSC 7.25 6/27/2018 USD 25.43
UniCredit Bank AG 12.00 3/23/2018 EUR 73.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 68.92
UniCredit Bank AG 10.50 3/23/2018 EUR 71.24
Vontobel Financial Products 8.00 9/28/2018 EUR 72.38
UniCredit Bank AG 12.20 6/22/2018 EUR 71.36
SG Issuer SA 0.80 10/21/2020 SEK 68.03
Commerzbank AG 17.75 5/25/2018 EUR 78.72
HSBC Trinkaus & Burkhardt AG 8.00 9/28/2018 EUR 72.29
HSBC Trinkaus & Burkhardt AG 7.10 9/28/2018 EUR 71.66
HSBC Trinkaus & Burkhardt AG 9.40 12/28/2018 EUR 68.89
HSBC Trinkaus & Burkhardt AG 11.30 3/23/2018 EUR 57.23
HSBC Trinkaus & Burkhardt AG 7.80 3/23/2018 EUR 69.49
Polski Bank Spoldzielczy w C 5.31 9/14/2027 PLN 50.01
HSBC Trinkaus & Burkhardt AG 8.00 6/22/2018 EUR 62.64
HSBC Trinkaus & Burkhardt AG 11.70 6/22/2018 EUR 55.65
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 8.40 3/23/2018 EUR 70.46
UBS AG/London 12.50 4/5/2018 USD 61.00
UBS AG/London 10.00 4/5/2018 USD 54.40
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 68.12
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 64.99
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 59.64
Vontobel Financial Products 10.00 3/23/2018 EUR 75.37
Commerzbank AG 13.50 4/26/2018 EUR 64.70
Vontobel Financial Products 10.50 7/27/2018 EUR 71.52
Deutsche Bank AG 6.20 3/20/2018 EUR 71.10
Bank Julius Baer & Co Ltd/Gu 5.25 3/14/2018 CHF 69.35
DZ Bank AG Deutsche Zentral- 6.75 3/23/2018 EUR 11.40
Commerzbank AG 16.00 5/24/2018 EUR 67.67
UBS AG/London 8.30 6/22/2018 EUR 54.25
UBS AG/London 9.00 2/22/2018 EUR 51.60
DZ Bank AG Deutsche Zentral- 6.25 4/27/2018 EUR 73.73
HSBC Trinkaus & Burkhardt AG 5.70 6/22/2018 EUR 69.39
HSBC Trinkaus & Burkhardt AG 10.10 4/27/2018 EUR 58.14
BNP Paribas Emissions- und H 4.50 6/21/2018 EUR 73.43
Goldman Sachs & Co Wertpapie 25.00 3/21/2018 EUR 74.68
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 53.06
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 61.07
Vontobel Financial Products 9.50 1/2/2019 EUR 70.03
Vontobel Financial Products 11.50 1/2/2019 EUR 69.38
Commerzbank AG 9.50 4/26/2018 EUR 71.84
HSBC Trinkaus & Burkhardt AG 13.10 3/23/2018 EUR 52.82
HSBC Trinkaus & Burkhardt AG 10.50 6/22/2018 EUR 57.33
Vontobel Financial Products 8.95 3/9/2018 EUR 71.97
DZ Bank AG Deutsche Zentral- 8.25 6/22/2018 EUR 74.27
Vontobel Financial Products 12.00 9/28/2018 EUR 70.58
Commerzbank AG 15.50 4/26/2018 EUR 61.98
HSBC Trinkaus & Burkhardt AG 5.20 6/22/2018 EUR 73.46
HSBC Trinkaus & Burkhardt AG 6.10 3/23/2018 EUR 68.92
DZ Bank AG Deutsche Zentral- 5.40 6/22/2018 EUR 74.28
DZ Bank AG Deutsche Zentral- 8.20 6/22/2018 EUR 69.70
DZ Bank AG Deutsche Zentral- 5.30 6/22/2018 EUR 71.71
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 65.56
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 71.23
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 7.50
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 7.50
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 7.50
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.90
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.90
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.90
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.90
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 7.50
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.90
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.90
Societe Generale SA 0.50 4/4/2024 MXN 58.74
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.90
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.90
Societe Generale SA 0.50 4/30/2023 RUB 71.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.90
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.90
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.90
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.90
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.90
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.90
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.90
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.90
Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.90
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.90
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.90
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.90
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.90
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.90
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.90
Digital Invest OOO 10.48 4/7/2021 RUB 0.81
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.90
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.90
Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.90
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.90
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.90
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.90
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.90
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.90
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.90
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.90
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.90
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.90
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.90
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.90
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.90
Kaupthing ehf 7.50 12/5/2014 ISK 0.25
Kaupthing ehf 6.50 10/8/2010 ISK 0.25
Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.90
Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.90
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.90
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.90
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.90
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.90
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.90
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Credit Suisse AG/London 3.00 11/15/2025 ZAR 68.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.90
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 7.50
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.90
Araratbank OJSC 8.00 6/10/2018 USD 25.58
Transgazservice LLP 10.50 11/8/2019 RUB 5.02
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
UNGP-Finance OOO 10.00 12/16/2020 RUB 0.10
BNP Paribas Emissions- und H 3.00 10/12/2018 EUR 74.11
Landesbank Baden-Wuerttember 2.60 8/23/2019 EUR 73.23
National Developing Co PAO 12.00 7/19/2018 RUB 1.11
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.90
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.90
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.90
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.90
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 7.50
Societe Generale SA 0.50 5/22/2024 MXN 57.99
HSBC Bank PLC 0.50 12/8/2026 AUD 72.94
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.90
Kaupthing ehf 3.75 2/15/2024 ISK 0.25
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.90
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.90
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.90
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.90
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.90
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.90
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.90
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.90
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.90
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.90
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.90
Societe Generale SA 0.50 6/12/2023 RUB 70.60
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.90
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.90
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.90
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.90
Kaupthing ehf 5.00 1/4/2027 SKK 0.25
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.90
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.90
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.50
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.90
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.90
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.90
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.90
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.90
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.90
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.90
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.90
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.90
Escher Marwick PLC 3.50 10/14/2031 USD 56.24
Digital Invest OOO 11.00 3/8/2021 RUB 0.74
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.90
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.90
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.90
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.90
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 7.50
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.90
UNGP-Finance OOO 10.00 4/20/2021 RUB 0.10
HSBC Bank PLC 0.50 6/9/2023 MXN 63.22
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.90
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.90
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.90
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.90
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.90
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.08
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.07
Societe Generale SA 0.50 7/6/2021 BRL 72.91
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.90
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.90
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.90
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.90
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 7.50
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.90
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.90
Kommunekredit 0.50 5/11/2029 CAD 71.95
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.90
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.90
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.90
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.90
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.90
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.90
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.90
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.90
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.90
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.90
Bashneft PJSC 12.00 5/9/2025 RUB 60.00
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.90
Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 1.90
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.90
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.90
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.90
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.90
Societe Generale SA 0.50 4/3/2023 RUB 71.79
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.90
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.90
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.90
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.90
HSBC Bank PLC 0.50 12/22/2025 BRL 43.60
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.90
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.90
Digital Invest OOO 10.48 4/8/2021 RUB 0.57
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 7.50
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.90
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.90
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.90
Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.90
Kommunalbanken AS 0.50 12/16/2020 TRY 70.54
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.90
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.90
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.90
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.90
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.90
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.90
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.90
Lloyds Bank PLC 0.50 7/26/2021 BRL 72.50
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.90
Digital Invest OOO 10.22 11/3/2020 RUB 0.67
HSBC Bank PLC 0.50 11/25/2025 BRL 43.94
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.90
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.90
HSBC Bank PLC 0.50 4/11/2023 MXN 64.15
*********
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 * * *