/raid1/www/Hosts/bankrupt/TCREUR_Public/180305.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, March 5, 2018, Vol. 19, No. 045
Headlines
A Z E R B A I J A N
KAPITAL BANK: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
C R O A T I A
AGROKOR DD: Croatia Appoints Executive to Take Over Restructuring
F R A N C E
FINANCIERE DRY: S&P Affirms B ICR on Robust Operating Performance
KAPLA HOLDING: S&P Assigns B+ Long-Term Issuer Credit Rating
G E R M A N Y
HSH NORDBANK: Moody's Puts B3 BCA on Review for Upgrade
I R E L A N D
ARBOUR CLO III: Fitch Assigns B-(EXP) Rating to Class F-R Notes
AVOCA CLO V: Fitch Withdraws 'Dsf' Rating on Class F Notes
WILLOW NO.2: Moody's Puts B3 Ser. 39 Notes Rating Under Review
L U X E M B O U R G
INTEROUTE COMMUNICATIONS: Moody's Puts B1 CFR on Review
OXEA SARL: S&P Raises CCR to 'B+' on Stronger Credit Metrics
N E T H E R L A N D S
DUTCH E-MAC: Fitch Sets Outlook on B-Rated Notes to Stable
EUROSAIL-NL 2007-2: S&P Lowers Class D1 Notes Rating to CCC+(sf)
TEVA PHARMACEUTICAL: Moody's Rates New EUR1B Sr. Unsec. Notes Ba2
TEVA PHARMACEUTICAL: S&P Rates New Senior Unsecured Notes 'BB'
TEVA PHARMACEUTICAL: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
S P A I N
SANTANDER PRIME 2018-A: S&P Assigns B(sf) Rating to Cl. F Notes
S W E D E N
TRANSCOM TOPCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
VOLVO TREASURY: Fitch Hikes Rating on Sub. Capital Secs. From BB+
T U R K E Y
YILDIZ HOLDING: Owner Meets with Bank CEOs to Renegotiate Debt
U K R A I N E
BIZ FINANCE: Fitch Assigns B-(EXP) Rating to UAH-Denominated Bond
U N I T E D K I N G D O M
BEAUFORT SECURITIES: Enters Administration Following Insolvency
CARILLION PLC: Investors Balk at Aggressive Accounting Practices
INTEROUTE COMMUNICATIONS: S&P Puts 'B+' ICR on Watch Negative
INTERSERVE PLC: Alan McIntosh Spearheads Rescue Bid for Business
TOYS R US: Slashes Prices, Administrators Begin Closing Down Sale
TRAVELPORT LIMITED: Moody's Hikes CFR to B1, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week February 26 to March 2, 2018
*********
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A Z E R B A I J A N
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KAPITAL BANK: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
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S&P Global Ratings said that it has revised its outlook on
Azerbaijan-based Kapital Bank to stable from negative and affirmed
the 'BB-/B' long- and short-term issuer credit ratings.
S&P said, "The rating actions stem from our view that the trend of
economic risk in Azerbaijan's banking industry is now stable
rather than negative. We believe the pressure on the banking
sector from economic fundamentals has eased, which is reflected in
the revision of our outlook on the sovereign on Jan. 26, 2018.
"In our view, Azerbaijan has passed the bottom of the cyclical
downturn induced by the 2014 plunge in oil prices. We estimate
that last year's real GDP remained stable, in contrast to our
previous expectation of a 1% contraction in output. We expect
economic dynamics will improve over the next few years. In
particular, we forecast average growth of 3.3% through 2021,
supported by gradual recovery in consumption and a cautious
increase in business confidence. We also believe that public
spending will increase in 2018, given the upcoming presidential
elections in October.
"We now view the trend for economic risk as stable rather than
negative, owing to stabilization of major macroeconomic metrics.
Although the financial system remains relatively weak, we believe
it will gradually recover in tandem with improved growth. At the
same time, we still think that Azerbaijan's economy remains in a
correction phase, with a high impact on its banking sector. This
can be seen in elevated credit costs and nonperforming loans
(NPLs) on Azeri banks' balance sheets. We expect bank lending to
demonstrate anemic or even negative growth over 2018. This year,
NPLs (including restructured loans) will likely peak to 23%-25% of
systemwide loans, with restructured loans accounting for about
one-third of that amount.
"We view the trend for industry risk in the Azeri banking sector
as stable. We expect the industry structure will remain broadly
the same, dominated by a few large players. Although the banking
system has a relatively high level of core customer deposits and
no net reliance on external funding, steep manat devaluation over
the last few years has led to protracted currency mismatches
between banks' assets and liabilities. This is due to a rapidly
increased share of foreign currency funding, to more than 70% of
customer deposits at the end of 2016, due to the conversion of
deposits into foreign currency as a result of manat depreciation.
Although this share subsequently reduced to about 65% in 2017, we
still view persisting currency mismatches as high risk."
KAPITAL BANK
S&P said, "The revision of our outlook on Kapital Bank to stable
reflects our view that the bank's creditworthiness will benefit
from stabilizing economic conditions in the country. In
particular, we think that the bank will continue to demonstrate
solid financial performance, underpinned by a strong customer
franchise, sustainably expanding operating revenues, and
controlled credit losses. We also think that the bank's asset
quality will likely remain stable and better than the system
average, and that the bank will maintain its adequate capital
buffer and significant liquidity cushion.
"We revised our assessment of the bank's capital and earnings to
adequate from moderate, resulting in our revision of the bank's
stand-alone credit profile (SACP) assessment to 'bb-' from 'b+'.
This is based on our expectation that our risk-adjusted capital
(RAC) ratio will remain in the range of 7.7%-7.9% in the next two
years. We expect that the bank will demonstrate only moderate
lending growth, which will unlikely exceed 5%-7% per annum over
the next two years. Retail lending will likely be the key driver
of business growth, while corporate lending is not expected to
increase. Meanwhile, we assume that a capital injection of
Azerbaijan manat (AZN) 40 million ($23.5 million) from
shareholders in the form of preferred shares, which the bank will
receive in the first half of 2018, will support the bank's
capitalization. We also assume that Kapital Bank's internal
capital generation will improve because it will maintain strong
profitability, while its dividend payout ratio will be about 60%
over the next three years, in comparison with close to 100% in the
previous three years. In 2017, the bank's profitability hit a
record high, with returns on equity reaching about 32%, which is
materially better than for most of the banks we rate in the
region. We expect the bank's earning capacity will remain high and
support its capitalization.
"We note that, in 2017, Kapital Bank's asset quality metrics
improved, with NPLs declining to 7.2% of its gross loan portfolio
as of Sept. 30, 2017, versus 14.7% a year ago. Last year, the bank
restructured its largest problem loan, which has been serviced
well since then. The bank's single-name concentration has
improved, although it remains rather high, with the 20 largest
loans representing 46% of the loan portfolio versus 51% a year
ago. In addition, we note that, over the past four years, the
bank's credit losses have been lower than the system average. In
our view, this reflects the bank's prudent risk management and
strengths of its business model, with a focus on salaried retail
clients and government-related entities. We expect that the bank's
asset quality will remain broadly stable and likely superior to
that of most banks in Azerbaijan.
"We expect the bank's creditworthiness will benefit from its ample
liquidity buffer and the predominance of customer deposits in its
funding base. At the beginning of 2018, almost all funding and
liquidity metrics were better than those of peers. In particular,
the bank's stable funding ratio stood at 188% as of Dec. 31, 2017,
while its loan-to-deposit metric was about 47%. We note an
increased concentration in the bank's funding base, with the 20
largest depositers representing 56% of total customer deposits.
However, this concentration is due to one large government-related
entity and its deposits are fully matched by cash placements at
the Central Bank of Azerbaijan.
"The improvement in the bank's capital and earnings to adequate is
neutral for our ratings. This is because we now incorporate
strengths of the bank's creditworthiness directly into its stand-
alone credit profile, which is now equal to the long-term rating."
OUTLOOK
S&P said, "The stable outlook reflects our view that, over the
next 12-18 months, Kapital Bank's creditworthiness will remain
broadly stable, supported by strong profitability, stable asset
quality, and sufficient capital and liquidity buffers.
"We view a positive rating action as currently remote.
Nevertheless, we could raise our ratings if the bank improves its
market positions, demonstrating better business and geographic
diversity and business stability, combined with solid financial
performance. A positive rating action will be possible only if the
bank maintains at least adequate capitalization and stable asset
quality.
"We could lower the ratings if the bank's capital position was
under pressure, for example due to a combination of higher-than-
expected business growth and aggressive capital policy by the
owner. Unexpected deterioration of the bank's asset quality or
more aggressive liquidity management may also lead to a negative
rating action."
BICRA SCORE SNAPSHOT*
Azerbaijan To From
BICRA Group 9 9
Economic risk 9 9
Economic resilience Very high risk Very high risk
Economic imbalances High risk High risk
Credit risk in the
economy Extremely high risk Extremely high risk
Trend Stable Negative
Industry risk 9 9
Institutional framework Extremely high risk Extremely high risk
Competitive dynamics High risk High risk
Systemwide funding Very high risk Very high risk
Trend Stable Stable
*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).
RATINGS SCORE SNAPSHOT
Kapital Bank OJSC
To From
Issuer Credit Rating BB-/Stable/B BB-/Negative/B
SACP bb- b+
Anchor b+ b+
Business Position Adequate (0) Adequate (0)
Capital and Earnings Adequate (+1) Moderate (0)
Risk Position Adequate (0) Adequate (0)
Funding and Average and (0) Average and
Liquidity Adequate Adequate (0)
Support (0) (0)
ALAC Support (0) (0)
GRE Support (0) (0)
Group Support (0) (0)
Sovereign Support (0) (0)
Additional Factors (0) (+1)
Ratings List
Ratings Affirmed; Outlook Action
To From
Kapital Bank OJSC
Issuer Credit Rating BB-/Stable/B BB-/Negative/B
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C R O A T I A
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AGROKOR DD: Croatia Appoints Executive to Take Over Restructuring
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Jasmina Kuzmanovic at Bloomberg News reports that the Croatian
government appointed an executive at a unit of Agrokor d.d. to
take over the restructuring of the beleaguered food and retail
group, in a bid to ensure continuity after the resignation of
former commissioner Ante Ramljak.
Prime Minister Andrej Plenkovic told cabinet in Zagreb on Feb. 27
said Fabris Perusko, a member of the management board at Agrokor's
newspaper kiosk business Tisak and a former consultant at McKinsey
& Co., will be the new commissioner, Bloomberg relates. A member
of the former commissioner's team, financial adviser Irena Weber,
was nominated as Mr. Perusko's deputy, Bloomberg discloses. Both
appointments need to be confirmed by the commercial court in
Zagreb, Bloomberg notes.
According to Bloomberg, Mr. Perusko will have to work with a
council of creditors to ensure settlement is reached by July 10,
when the period of government oversight is set to expire, and
avoid bankruptcy at Croatia's biggest employer and the largest
company in the former Yugoslav region.
Mr. Plenkovic said AlixPartners, a firm selected last year to
advise on the restructuring, will remain in its role, Bloomberg
relays.
"The new commissioner is ready to take over the company and
finalize the settlement plan, and also to ensure normal
functioning of the company," Bloomberg quotes Mr. Plenkovic as
saying.
Former commissioner Ramljak resigned after being criticized for
fees paid to his former consultancy, Bloomberg recounts.
About Agrokor DD
Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).
On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies. This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.
Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.
In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion. The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.
On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative. Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2. The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.
On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.
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F R A N C E
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FINANCIERE DRY: S&P Affirms B ICR on Robust Operating Performance
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S&P Global Ratings affirmed its 'B' issuer credit rating on
France-based specialty dry mix producer Financiere Dry Mix
Solutions S.A.S. (ParexGroup). The outlook is stable.
S&P said, "At the same time, we affirmed our 'B' issue rating on
the company's senior secured debt. The recovery rating is '4',
indicating a 40% recovery in an event of default.
"We withdrew the long-term issuer credit rating on Dry Mix
Solutions Investissements S.A.S. and the issue-level and recovery
ratings on the former rated debt upon its repayment in 2017.
"The affirmation reflects that ParexGroup's operating performance
remains in line with our expectations. We forecast that its
revenues will grow by 6.5%-7.5% in fiscal 2018, supported by
gradually improving economic conditions in its mature markets and
a continued expansion into emerging markets. ParexGroup currently
generates about 55% of group revenues from emerging markets and we
expect the group to gradually increase this as it grows and
invests in the likes of China, Chile, and Algeria. At the same
time, ParexGroup's mature markets, such as France and the U.S.,
will add an element of stability, albeit with slower growth rates.
We expect that ParexGroup will generate adjusted EBITDA of around
16.5%-17.0% in 2018 based on cost discipline and price recovery in
some key markets."
ParexGroup benefits from strong brand recognition in its local
markets with brands such as ParexLanko in France, Klaukol in
Argentina, and Davco in China. ParexGroup's sustained growth in
China in recent years has helped it grow its revenue base and
generate additional EBITDA. This has been possible notably through
an expansion of its distribution network in China. ParexGroup is
also growing via small bolt-on acquisitions that have seen it
enter new countries, or reinforcing its presence in key markets
via such acquisitions as New York-based Super-Tek Products, Inc.
and Formulated Solutions, LLC in late 2017.
That said, S&P believes that the group's exposure to foreign
exchange rate fluctuations, and more particularly to the
Argentinean peso, adds volatility to its financial results.
ParexGroup also has exposure to the cyclical new build
construction market, which drives about 60% of its activity.
S&P's base case for 2018 assumes:
-- S&P Global Ratings' global GDP growth projections of 3.8%
(2.1% in Europe, 2.8% in North America, and 6.5% in China).
-- Revenue growth of around 6.5%-7.5%, driven by sustained
growth in emerging markets, especially China, and improved
economic conditions in the main mature markets.
-- Adjusted EBITDA of about 16.5%-17.0%.
-- Modest working capital related cash outflows of about EUR10
million-EUR12 million per year.
-- Capital expenditure (capex) of EUR35 million-EUR40 million
annually.
-- Bolt-on acquisitions of up to EUR30 million per year.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted funds from operations (FFO) to debt of about 10.5%-
11.5%;
-- Adjusted debt to EBITDA of 5.0x-5.5x; and
-- FFO cash interest cover of comfortably more than 3x over the
12-month rating horizon.
S&P said, "The stable outlook reflects our view that ParexGroup
will continue to perform well through 2018, exhibiting stable
margins and good operating cash flow despite potential adverse
foreign currency movements.
"We could lower the ratings if ParexGroup experienced severe price
or margin pressure, or poorer cash flows, leading to weaker credit
metrics -- specifically, if FFO cash interest cover fell below 2x.
This could occur if the group suffered from persistent detrimental
foreign-exchange movements or volatile end-market conditions. A
downgrade could also stem from debt-funded acquisitions or
increased shareholder returns.
"We currently view the probability of an upgrade as limited over
our 12-month rating horizon. This reflects the group's high
leverage and limited prospects for deleveraging to sustainably
below 5x over this timeframe. Uncertainties remain regarding the
possibility of shareholder returns, as well as changes to the
group's capex, acquisition, and disposal strategy driven by the
group's private equity owner."
KAPLA HOLDING: S&P Assigns B+ Long-Term Issuer Credit Rating
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S&P Global Ratings said that it assigned its 'B+' long-term issuer
credit rating to Kapla Holding (Kiloutou). The outlook is stable.
S&P said, "At the same time, we assigned our 'B+' issue rating to
the group's EUR670 million senior secured term loan B. The
recovery rating on this term loan is '4', indicating our
expectation of average recovery (30%-50%; rounded estimate: 40%)
in the event of payment default.
"The ratings are in line with the preliminary ratings we assigned
on Jan. 26, 2018. The final documentation does not depart
materially from what we reviewed in January, although the issuing
entity is now Kapla Holding (Kiloutou) instead of Kapla Holding 2.
The issue amount was in line with the figure proposed, and the
achieved interest rate was slightly lower than we expected, but
remains in line with our assessment of the group's financial risk
profile and the current rating."
Kiloutou is a France-based equipment rental company specializing
in earthmoving and access equipment, as well tools and light
equipment. S&P said, "In 2017, we forecast that the company would
generate EUR620 million sales and EUR196 million in EBITDA. Our
'B+' rating on Kiloutou reflects our view of the group's
aggressive financial risk profile and weak business risk profile,
at the higher end of the range."
S&P said, "We think that Kiloutou's business risk profile is
constrained by its small size of operations and limited scale. We
also note that most of the company's earnings -- about 90% of
revenues -- stem from France, which increases concentration risks.
Although Kiloutou's geographic footprint is relatively narrow and
focused on France, we take a positive view of its sizable domestic
market share of about 14% and its No. 2 position in France, which
we think it will be able to sustain thanks to its longstanding
relationships with clients and its dense branch network." At the
same time, Kiloutou has a wide product range and aims to improve
its diversity by further expanding into value added services such
as insurance, logistics, and client training.
The company is exposed to cyclical construction and industrial end
markets. S&P said, "However, we believe that Kiloutou will be able
to demonstrate its flexibility by reducing fleet investment
significantly when earnings growth subsides through active fleet
management measures. Kiloutou has a well-maintained fleet with an
average age of 5.2 years. 40% of Kiloutou's revenues stem from its
light equipment, which requires lower capital expenditure (capex)
investment than peers and offers higher return on capital."
S&P said, "We anticipate that Kiloutou will benefit from the pick-
up in the French construction market and maintain reported EBITDA
margins of about 31%-33% in the next two years, which we see as an
average range versus other equipment rental companies. We believe
that Kiloutou's profitability will also be supported by its
optimization measures, including branch consolidation and prudent
cost control.
"We view Kiloutou's financial risk profile as aggressive. Our
assessment is constrained by high capital investments typical for
the equipment rental industry. We anticipate that the company will
post negative free operating cash flow (FOCF) in 2018 on the back
of higher capex of about EUR195 million and return to positive
FOCF starting from 2019. We anticipate that Kiloutou's S&P Global
Ratings-adjusted debt-to-EBITDA ratio will be below 5x and its
cash coverage ratio, measured by funds from operations (FFO) to
debt, to be above 12%. The increased capex reflects that the
company is seeking to expand its fleet and take advantage of
growth opportunities in its respective markets. Nevertheless, we
note that Kiloutou's business model allows flexibility to
significantly reduce capex in a downturn and preserve its free
cash flow generation.
"Kiloutou has a track record of expanding through acquisitions.
Although we do not incorporate any sizable acquisitions in our
forecast, we believe that larger-than-expected debt-financed
acquisitions would constrain Kiloutou's credit metrics."
S&P's base-case assumptions for Kiloutou are as follows:
-- In 2018, Kiloutou should be able to benefit from the rebound
in construction and industrial sectors. The residential
sector is still the main growth driver, while public works
and offices should rise at a slower pace. The recovery in
France and in the rest of Europe has been confirmed. In
France, growth in the construction market remains firm and
almost unchanged (3.1% in 2018).
-- S&P expects Kiloutou's revenues to increase by 11%-13% in
2018 and 2019, supported by improving market fundamentals and
expansion through smaller acquisitions of EUR40 million-EUR50
million.
-- Reported EBITDA margin of about 31%-33% in 2018 and 2019,
supported by higher volumes, improving pricing, and branch
optimization.
-- Annual capex of EUR190 million-EUR195 million in 2018 and
2019, including maintenance and development capex.
-- Possible small bolt-on acquisitions of up to EUR40 million-
EUR50 million in 2018, but no major transactions.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Debt to EBITDA of about 4.2x-4.5x in 2018 and 2019.
-- FFO to debt of about 15%-18% in 2018 and 2019.
S&P said, "The stable outlook on Kiloutou reflects our expectation
that its credit metrics will continue to be commensurate with an
aggressive financial risk profile. More specifically, its adjusted
FFO to debt is forecast to stay in the 12%-20% range and debt to
EBITDA below 5.0x. We expect the company to benefit from healthy
growth in the French construction market in 2018. However, we also
expect Kiloutou to increase growth capex to expand its fleet and
capture market growth. We therefore anticipate that the company
will generate negative FOCF.
"We might consider lowering the ratings if unfavorable market
conditions significantly constrained Kiloutou's credit ratios,
such as FFO to debt of less than 12% and debt to EBITDA above 5x,
without near-term prospects for improvement. We could also lower
the rating if Kiloutou made unexpected, large, debt-funded
acquisitions.
"We might raise the ratings if Kiloutou achieved and sustained
stronger credit metrics, with FFO to debt above 20% and debt to
EBITDA below 4.0x. Stronger credit metrics could result from
substantially reduced debt in absolute amounts, combined with
better-than-anticipated operating performance. Rating upside could
also arise from Kiloutou increasing its size of operations and
improving diversification coupled with stability of margins."
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G E R M A N Y
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HSH NORDBANK: Moody's Puts B3 BCA on Review for Upgrade
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Moody's Investors Service has placed on review for upgrade the
Baa3/P-3 deposit and issuer ratings of HSH Nordbank AG (HSH) and
its rated branches, where applicable, as well as the bank's Baa3
senior unsecured and senior senior unsecured debt ratings. The
outlook on the long-term ratings has been changed to Ratings under
Review from Developing. Furthermore, Moody's placed on review for
upgrade HSH's (P)B2 subordinate program rating, the bank's b3
Baseline Credit Assessment (BCA) and b1 Adjusted BCA and its
Baa3(cr)/P-3(cr) Counterparty Risk Assessments (CR Assessments).
The rating action was triggered by the announcement made by HSH's
current owners, the City State of Hamburg and the Land of
Schleswig-Holstein, that an agreement to sell the bank to a group
of private investors was signed on February 28, 2018. The rating
agency expects to complete its review by Q3 2018, once the main
steps to close the sale have been taken. These steps include, but
are not necessarily limited to, an approval of the sale by the
current owners' local parliaments.
By placing HSH's ratings and rating inputs on review for upgrade,
the rating agency is taking into account its expectations that the
bank will have a significantly improved standalone credit profile
and principally unchanged liability structure that benefits from
continued rating uplift from Moody's Advanced Loss Given Failure
(LGF) analysis. This will largely offset the anticipated removal
of ratings uplift from the combined affiliate and government
support assumptions due to HSH's membership in Sparkassen-
Finanzgruppe's (S-Group, corporate family rating Aa2 stable, BCA
a2) institutional protection scheme. This membership will be
phased-out over the medium-term following the change of ownership
to a private investor group. Subject to all necessary approvals
being forthcoming and further information obtained during the
ratings review, Moody's anticipates that HSH's long-term deposit
and senior senior debt ratings may potentially be upgraded by a
maximum of one notch, while its senior unsecured debt and issuer
ratings may at the minimum be confirmed at their current low
investment grade level. This will depend on the ultimate liability
structure following the bank's ownership change.
At the same time, Moody's placed HSH's Ca(hyb)-rated hybrid bond
instruments issued by various funding vehicles on review for
downgrade due to an expected increase of their expected loss rate.
The bank's and its assumed entities' backed senior and backed
subordinate debt ratings that benefit from grandfathered
guarantees of the bank's current owners are unaffected by rating
actions.
RATINGS RATIONALE
RECENT DEVELOPMENTS REGARDING THE ANNOUNCED SALE OF HSH
On February 28, 2018, the City State of Hamburg and the Land of
Schleswig-Holstein announced that they had signed a sales contract
that foresees a full transfer of ownership for a consideration of
approximately EUR1 billion to a group of investors led by Cerberus
Capital Management L.P. and J.C. Flowers & Co.
As part of the sale, the investors will also acquire an asset
portfolio that is carved out of HSH. This portfolio consists of
the bulk of the bank's remaining non-performing legacy assets as
well as a portion of its performing shipping loan book. In
parallel, HSH has agreed with its current owners an early full
settlement of a EUR10 billion asset guarantee scheme that had been
designed to absorb losses on HSH's underperforming assets.
However, the guarantee had also rendered the bank's asset,
liability and capital structure more complex and opaque than that
of its banking peers.
Because HSH will be owned by private investors, the bank will need
to leave the public-sector S-Group and its institutional
protection scheme after a multi-year transition period.
Thereafter, HSH will become, subject to the approval of the
Bundesverband deutscher Banken (BdB), a full member of the
voluntary deposit guarantee fund for Germany's private banks. This
fund protects the claims of retail and small- and medium
enterprise investors that exceed the coverage of the statutory
deposit guarantee scheme and to a lesser extent also covers
deposits of select institutional investors.
Moody's understands that an expedited closing of the transaction
is targeted, likely within the third quarter of 2018, and this
closing is contingent upon the receipt of approvals from the local
parliaments of the current owners, as well as the approval of
regulatory bodies, including the European Commission for closing
state aid procedures and the European Central Bank (ECB) as the
direct supervisor of HSH. Moody's expects the necessary approvals
to be obtained by Q3 2018.
REVIEW FOR UPGRADE OF HSH'S BCA AND ADJUSTED BCA REFLECT
SIGNIFICANT RELIEF FROM LEGACY ISSUES, MORE THAN OFFSETTING THE
REMOVAL OF AFFILIATE SUPPORT ASSUMPTIONS
Moody's considers the overall impact of the planned sale to be
very beneficial for the bank's standalone financial profile, as
expressed by the review for upgrade initiated on its b3 BCA, with
the potential for a multi-notch upgrade to a higher sub-investment
grade level. The rating agency expects the bank to be
significantly de-risked and simplified, which will allow it to
display asset quality metrics more in line with its peers and to
reduce its cost base. In particular, the carve-out of non-
performing assets will, in conjunction with the continuously
improved capitalisation of the bank, result in an improved overall
solvency profile. Key medium-term challenges include achieving
adequately diversified funding sources and extending the maturity
profile of its liabilities, with a greater focus on the years
after the end of the transition period towards its definite exit
from the S-Group sector support scheme.
Because the ultimate loss of its membership in the domestically
systemic S-Group is inevitable once the sale have been
successfully closed, Moody's expects to reduce, or eventually
remove, its affiliate support assumptions from S-Group, that is
currently reflected in a two notch uplift to HSH's b1 adjusted
BCA. At the same time, Moody's expects that the significant multi-
notch upward pressure from the improvement in the bank's
standalone credit profile has the potential to more than offset
the concurrent loss of affiliate support benefits. This is
reflected in also placing the adjusted BCA on review for upgrade.
POTENTIAL FOR UPGRADE OF HSH'S LONG-TERM DEPOSIT AND SENIOR
UNSECURED RATINGS DEPENDENT ON IMPROVING STANDALONE CREDIT PROFILE
AND BENEFICIAL LIABILITY STRUCTURE REMAINING UNCHANGED
Because HSH will eventually leave the S-Group and its sector
support scheme, Moody's anticipates removing the one notch of
rating uplift that is currently applicable due to the government
support to HSH's ratings. The uplift is directly related to
Moody's assessment of the systemic importance of the public sector
S-Group in Germany's financial sector and therefore benefits all
S-Group members rated by Moody's. Under the envisaged private
sector ownership, the rating agency is likely to attribute only
low systemic support assumptions to HSH, resulting in no ratings
uplift.
Notwithstanding, Moody's expects the anticipated BCA and adjusted
BCA upgrades, in conjunction with unchanged loss-given-failure
results under its Advanced LGF analysis, to lead to upgrades for
the bank's deposit and senior senior unsecured debt ratings. This
would also lead to upgrades of all of the bank's short-term
programme, issuer and deposit ratings, that are mapped to these as
a result of provisions in the German insolvency ranking that came
into effect in 2017.
Additionally, HSH's Baa3 long-term senior unsecured ratings have
also been placed on review for upgrade, because Moody's may
upgrade these ratings as a result of the expected multi-notch BCA
upgrade. However, the senior unsecured ratings could also be
confirmed at their current Baa3 level should the bank's future
liability structure include less subordinated debt than at
present. This could lead to a lower outcome than at present under
Moody's Advanced LGF analysis for senior unsecured debt.
Accordingly, a senior unsecured debt ratings upgrade is less
certain than for the deposit ratings, because the latter benefit
from a significantly higher level of subordination, partly
provided by the senior unsecured debt layer. In Germany, senior
unsecured debt is legally subordinated to deposits on the basis of
the insolvency ranking.
REVIEW FOR DOWNGRADE OF HSH'S HYBRID INSTRUMENTS DRIVEN BY
EXPECTED FULL-YEAR 2017 LOSS AND EXTENDED COUPON SUSPENSION
Moody's placed HSH's Ca(hyb)-rated hybrid instruments, issued by
funding vehicles, on review for downgrade, because the rating
agency expects these instruments to face an additional principal
write-down on the basis of the 2017 full-year local GAAP results
of HSH. In addition, HSH announced on 28 February that it expects
coupons on these instruments to remain suspended for at least four
more years. The extended loss of coupon and the severity of
principal writedown could exceed the 35% to 65% loss expectation
range currently reflected in the Ca(hyb) ratings.
FOCUS OF THE REVIEW
Moody's will focus on the bank's progress towards passing the
regulatory and owners' approvals for the ownership change to take
effect later this year. These milestones comprise the closing of
the European Commission's state aid case against HSH, approval by
the ECB and other regulatory bodies as well as local parliamentary
endorsement of the sale by the German states of Hamburg and
Schleswig-Holstein.
During the rating review period, Moody's will also put a
particular focus on monitoring the development of the bank's
financial profile and liability structure. Based on the rating
agency's current expectations, the announced transformational
measures will lead to a significant improvement of the bank's
standalone strength. Moody's will closely monitor HSH's financials
until the closure of the rating review in order to confirm the
continued applicability of its current expectations. In parallel,
the bank's funding activities and changes to its funding profile
will be vital inputs that inform Moody's assessment of HSH's
future funding and liquidity profile, as well as its view of the
bank's liability structure. This latter point is of particular
relevance for the ultimate determination of whether HSH's long-
term senior unsecured debt ratings will be confirmed at Baa3, or
whether they will be upgraded in line with the deposit ratings.
Separately, Moody's expects to close its review for downgrade of
the bank's Ca(hyb)-rated hybrid debt instruments once the definite
writedown amount for the silent participations driving the
performance of the rated obligations has been communicated based
on the 2017 local GAAP result of HSH.
WHAT COULD CHANGE THE RATING - UP / DOWN
As indicated by the rating review for upgrade, Moody's expects to
upgrade, by one notch, HSH's Baa3 long-term deposit and senior
senior unsecured ratings and the Baa3(cr) CR Assessment once all
remaining hurdles to the closing of the entity's signed ownership
change are cleared, and the ratings agency's assumptions in
relation to the anticipated stronger credit profile of the bank
are met. The former is contingent upon the required regulatory and
parliamentary approvals of the sale.
The rating agency may also upgrade HSH's Baa3 long-term senior
unsecured debt ratings, if the transaction results in an unchanged
extremely low loss-given-failure result for the senior unsecured
liability class under Moody's Advanced LGF analysis.
The magnitude of these rating changes may be more (or less)
pronounced should the bank's standalone financial profile evolve
significantly better (or worse) than planned by the company, or if
the outcome of the bank's Advanced Loss Given Failure analysis
result is more (or less) beneficial for individual debt classes
than currently anticipated by Moody's.
Whereas Moody's currently considers it unlikely, as indicated by
the rating review for upgrade, a pronounced negative deviation of
HSH's future financial performance from the solvency and liquidity
metrics, or liability structure, that Moody's currently
anticipates could result in a downgrade of HSH's rating. Downside
risks may arise from a materially adverse scenario for ship
lending or inability of HSH to execute on its transition plan for
its funding profile.
In the event that HSH's sale does not materialise, Moody's would
reassess the bank's financial profile and rating components with a
focus on the bank's, its owner's and S-Group's ability to swiftly
adopt alternative steps that comply with the requirements of the
European Commission's roadmap for the bank's future development.
LIST OF AFFECTED RATINGS
The following ratings were placed On Review for Upgrade:
Issuer: HSH Nordbank AG
-- LT Bank Deposits (Local & Foreign Currency), currently Baa3,
Outlook changed To Rating Under Review From Developing
-- ST Bank Deposits (Local & Foreign Currency), currently P-3
-- LT Issuer Rating (Local & Foreign Currency), currently Baa3,
Outlook Changed to Rating Under Review from Developing
-- LT Senior Unsecured (Local & Foreign Currency), currently
Baa3, Outlook Changed to Rating Under Review from Developing
-- Senior Unsecured MTN (Local Currency), currently (P)Baa3
-- LT Senior Senior Unsecured (Local & Foreign Currency),
currently Baa3, Outlook changed To Rating Under Review From
Developing
-- ST Issuer Rating (Local & Foreign Currency), currently P-3
-- LT Senior Senior Unsecured MTN (Local Currency), currently
(P)Baa3
-- Subordinate MTN (Local Currency), currently (P)B2
-- Other Short Term (Local Currency), currently (P)P-3
-- Adjusted Baseline Credit Assessment, currently b1
-- Baseline Credit Assessment, currently b3
-- LT Counterparty Risk Assessment, currently Baa3(cr)
-- ST Counterparty Risk Assessment, currently P-3(cr)
Issuer: HSH Nordbank, New York Branch
-- LT Bank Deposits (Local Currency), currently Baa3, Outlook
changed To Rating Under Review From Developing
-- Commercial Paper (Local Currency), currently P-3
-- LT Counterparty Risk Assessment, currently Baa3(cr)
-- ST Counterparty Risk Assessment, currently P-3(cr)
Issuer: HSH Nordbank, Luxembourg Branch
-- Commercial Paper (Foreign Currency), currently P-3
-- LT Counterparty Risk Assessment, currently Baa3(cr)
-- ST Counterparty Risk Assessment, currently P-3(cr)
The following ratings were Placed on Review for Downgrade:
Issuer: HSH N Funding I
-- Backed Pref. Stock Non-Cumulative, currently Ca(hyb)
Issuer: HSH N Funding II
-- Junior Subordinate, currently Ca(hyb)
Issuer: RESPARCS Funding Limited Partnership I
-- Backed Pref. Stock Non-Cumulative, currently Ca(hyb)
Issuer: RESPARCS Funding II Limited Partnership
-- Backed Pref. Stock Non-Cumulative, currently Ca(hyb)
Outlook Actions:
Issuer: HSH Nordbank AG
-- Outlook, Changed to Rating under Review from Developing
Issuer: HSH Nordbank, New York Branch
-- Outlook, Changed to Rating under Review from Developing
Issuer: HSH Nordbank, Luxembourg Branch
-- Outlook, Changed to Rating under Review from Developing
Issuer: HSH N Funding I
-- Outlook, Changed to Rating under Review from No Outlook
Issuer: HSH N Funding II
-- Outlook, Changed to Rating under Review from No Outlook
Issuer: RESPARCS Funding Limited Partnership I
-- Outlook, Changed to Rating under Review from No Outlook
Issuer: RESPARCS Funding II Limited Partnership
-- Outlook, Changed to Rating under Review from No Outlook
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
=============
I R E L A N D
=============
ARBOUR CLO III: Fitch Assigns B-(EXP) Rating to Class F-R Notes
---------------------------------------------------------------
Fitch Ratings has assigned Arbour CLO III DAC's refinancing notes
expected ratings as follows:
EUR10 million Class A-1-R: 'AAA(EXP)sf'; Outlook Stable
EUR230 million Class A-2-R: 'AAA(EXP)sf'; Outlook Stable
EUR25 million Class B-1-R: 'AA(EXP)sf'; Outlook Stable
EUR19 million Class B-2-R: 'AA(EXP)sf'; Outlook Stable
EUR23 million Class C-R: 'A(EXP)sf'; Outlook Stable
EUR23.5 million Class D-R: 'BBB(EXP)sf'; Outlook Stable
EUR27.5 million Class E-R: 'BB(EXP)sf'; Outlook Stable
EUR11.75 million Class F-R: 'B-(EXP)sf'; Outlook Stable
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.
The transaction is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. The portfolio is managed by Oaktree Capital management (UK)
LLP. Arbour CLO III DAC closed in February 2016 and is still in
its reinvestment period, which is set to expire in March 2020.
The issuer will issue new notes to refinance the original
liabilities. The refinanced notes will be redeemed in full as a
consequence of the refinancing. The refinancing notes will bear
interest at a lower margin than the notes being refinanced. In
addition, the issuer will extend the weighted average life (WAL)
covenant to 7.2 years from the refinancing date and update the
Fitch test matrices.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the 'B'
range. The Fitch weighted average rating factor (WARF) of the
current portfolio is 30.56.
High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate of the current
portfolio is 69.4%.
Extended WAL covenant
The WAL of the current portfolio is 5.79 years and the issuer will
extend the WAL covenant to 7.2 years. Fitch has analysed the
refinancing notes in line with the extended WAL covenant.
Diversified Portfolio
The covenanted maximum exposure to the top 10 obligors is 23% of
the portfolio balance. This covenant ensures that the asset
portfolio will not be exposed to excessive obligor concentration.
Partial Interest Rate Hedge
Between 5% and 15% of the portfolio may be invested in fixed- rate
assets, while fixed-rate liabilities account for 8.75% of the
target par amount. The collateral manager will not be able to buy
floating-rate assets if the proportion of fixed- rate assets falls
below 5%.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating levels, would
lead to a downgrade of up to two notches for the rated notes. A
25% reduction in recovery rates would lead to a downgrade of up to
two notches for the rated notes.
AVOCA CLO V: Fitch Withdraws 'Dsf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has downgraded and withdrawn Avoca CLO V plc.'s
notes, as follows:
Class F (ISIN XS0256539635): downgraded to 'Dsf' from 'CCsf' and
withdrawn
Avoca CLO V plc. was a managed cash arbitrage securitisation of
secured leveraged loans, primarily domiciled in Europe. The
transaction closed in 2006 and was actively managed by KKR Credit
Advisors.
Fitch will no longer provide rating or analytical coverage of the
above transaction.
KEY RATING DRIVERS
The transaction has liquidated the portfolio early and repaid in
full the class D and class E notes on the February payment date.
All senior notes have previously repaid in full. There is
currently no portfolio outstanding. The class F notes, which were
originally rated 'Bsf' by Fitch, were not repaid in full on the
February payment date as per the 24 January Payment Date report.
Fitch has therefore downgraded the notes to 'Dsf' and withdrawn
the rating.
At issuance the class F notes had 5.6% credit enhancement, which
is below the average credit enhancement for 'Bsf' rated tranches
in current CLO 2.0 transactions. The class F notes were issued at
an original face value of EUR10 million. Following the portfolio
liquidation, these notes' principal amount outstanding was reduced
to EUR1.2 million and then repaid.
The class F notes were downgraded to 'CCCsf' in February 2009 and
then to 'CCsf' in November 2016.
RATING SENSITIVITIES
Not applicable
WILLOW NO.2: Moody's Puts B3 Ser. 39 Notes Rating Under Review
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the rating on the following notes issued by WILLOW NO.2
(IRELAND) PLC Series 39:
-- Series 39 EUR7,100,000 Secured Limited Recourse Notes due
2039, B3 (sf) Placed Under Review for Possible Upgrade;
previously on Jun 29, 2017 Upgraded to B3 (sf)
RATINGS RATIONALE
Moody's explained that the rating action taken is the result of a
rating action on Grifonas Finance No. 1 Plc Class A Notes, which
was placed on review for possible upgrade on February 27, 2018.
This transaction represents a repackaging of Grifonas Finance No.
1 Plc Class A Notes, a Greek residential mortgage-backed security.
All interest and principal received on the underlying assets are
passed net of on-going costs to the Series 39 notes.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.
Factors that would lead to an upgrade or downgrade of the rating:
This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of Grifonas Finance No. 1 Plc Class A Notes and therefore the
rating moves in lock-step. Moody's expects to conclude this review
when the review of Grifonas Finance No. 1 Plc Class A Notes is
completed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
rating of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy especially as the transaction is
exposed to an obligor located in Greece and 2) more specifically,
any uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.
===================
L U X E M B O U R G
===================
INTEROUTE COMMUNICATIONS: Moody's Puts B1 CFR on Review
-------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of Interoute Communications Holdings SA (Interoute) and
Interoute Finco plc (Interoute Finco), including Interoute's B1
Corporate Family Rating (CFR) and the B1 assigned to Interoute
Finco's EUR640 million Term Loan B. Interoute is one of Europe's
leading information communication technology and cloud computing
companies.
The rating action follows the announcement by both GTT
Communications, Inc. (GTT, B2 Ratings Under Review for Downgrade)
and Interoute that GTT has signed a definitive purchase agreement
to acquire Interoute for approximately EUR1.9 billion (US$2.3
billion) in cash. GTT will raise approximately $2 billion in new
debt and $250 million of equity to fund the purchase price, to be
paid in cash at closing, which includes repaying Interoute's
existing debt (mainly comprised of a EUR640 million Term Loan B
due 2023). GTT expects the combined company's pro-forma reported
Net debt to Adjusted EBITDA will be approximately 5.0-5.5x and
that the transaction should close within three to six months,
subject to customary regulatory approvals. The agreed offer price
implies a pre-synergies acquisition multiple of approximately
11.5x Interoute's Adjusted EBITDA (for the twelve months to 30
September 2017) and an estimated post-synergies Adjusted EBITDA
multiple of 7-8x.
RATINGS RATIONALE
Moody's expects pro-forma gross leverage for the combined entity
will increase to approximately 6.5x (Moody's-adjusted) following
deal close, with some subsequent improvement from growth and cost
synergies. As this increased leverage will exceed the indicated
thresholds for GTT's current B2 Corporate Family Rating (CFR), all
of GTT's ratings were placed on review for downgrade following the
transaction announcement (see "Moody's places GTT's ratings under
review for downgrade following acquisition of Interoute"). The
review for downgrade assigned to Interoute's and Interoute Finco's
ratings reflects the expected increase in leverage for the
combined entity, were the transaction to close as announced.
The ratings review will focus on the potential ramifications for
Interoute's financial and operating strategies following the
acquisition offer.
WHAT COULD CHANGE THE RATING UP/DOWN
Prior to the review process, Moody's had indicated that positive
pressure on the rating could develop if Interoute's adjusted gross
debt/EBITDA were to decrease below 3.25x on a sustained basis and
adjusted free cash flow/gross debt were consistently above 5%.
Prior to the review process, Moody's had also indicated that it
would consider downgrading Interoute's if the company's : (1)
earnings or liquidity deteriorates; (2) capital intensity or debt
load increases, such that the company is unable to generate
positive free cash flow on a sustained basis; or (3) leverage
(Moody's-adjusted gross debt/EBITDA) remains consistently above
4.25x.
LIST OF AFFECTED RATINGS
On Review for Downgrade:
Issuer: Interoute Communications Holdings SA
-- LT Corporate Family Rating, Placed on Review for Downgrade,
currently B1
-- Probability of Default Rating, Placed on Review for
Downgrade, currently B1-PD
Issuer: Interoute Finco plc
-- Backed Senior Secured Bank Credit Facility, Placed on Review
for Downgrade, currently B1
Outlook Actions:
Issuer: Interoute Communications Holdings SA
-- Outlook, Changed To Rating Under Review From Stable
Issuer: Interoute Finco plc
-- Outlook, Changed To Rating Under Review From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.
Interoute is one of Europe's leading information communication
technology and cloud computing companies, offering data transport
and information communication products and services across its
fiber network and data center platform. Interoute's all-IP fiber
network includes 24 metro area networks and covers 29 countries.
The fiber network is complemented by the company's 17 hosting data
centers and 38 colocation data centers. For the 12 months ended 30
September 2017, Interoute reported EUR718 million in revenue and
EUR165 million in adjusted EBITDA. The Sandoz Family Foundation
has been Interoute's majority shareholder since its inception in
1999, with a 70% stake in the company. Private equity firms Aleph
Capital and Crestview jointly hold the remaining 30% of
Interoute's capital.
OXEA SARL: S&P Raises CCR to 'B+' on Stronger Credit Metrics
------------------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on Luxembourg-headquartered producer of oxo
chemicals OXEA S.a r.l to 'B+' from 'B'. The outlook is stable.
S&P said, "We also raised our issue ratings on OXEA's EUR900
million equivalent senior secured term loan B due 2024 to 'B+', in
line with the corporate credit rating. We revised the recovery
rating upward to '3', indicating our expectations of meaningful
recovery prospects (rounded estimate: 50%) in the event of a
payment default.
"The rating action reflects our view that OXEA will achieve EBITDA
of about EUR210 million-EUR220 million in 2017, reducing somewhat
to EUR200 million-EUR210 million in 2018 due to planned outages at
Oberhausen. The upgrade follows OXEA's steady deleveraging in
recent quarters, with its last-12-months S&P Global Ratings-
adjusted debt-to-EBITDA ratio falling to 4.6x at September 2017,
down from 6.6x at year-end 2016. The reduction in leverage was
primarily due to growth in EBITDA, as healthy demand for oxo
derivatives and intermediates in Europe and the U.S. and higher
selling prices fueled recovery in oxo chemicals markets. OXEA's
demand received a boost from the outage at BASF in the first half
of the year, and results continued to improve in the second half
even when the competitor was back in production.
"Our assessment of OXEA's business risk profile continues to take
into account the group's leading position as a European and U.S.
producer of oxo intermediate and derivative chemicals and its
gradual but steady improvement in profitability over the past 12
months. OXEA also benefits from long-term supply contracts and an
efficient pass-through mechanism that mitigates some of the innate
volatility seen in the propylene spot price markets more acutely
felt by its intermediates business. The improvement in
profitability has also been supported by a growing contribution
from its higher-margin derivatives segment. On the other hand,
despite good end-market and geographic diversity, we note that
approximately 30% of OXEA's revenues stem from the more cyclical
auto and construction industries, which has led to volatility of
profitability in the past."
The group's facility in Bay City, Texas experienced a temporary
shutdown during the recent Hurricane Harvey, but it has already
resumed operations with no notable damages. It is likely that
there will be no delay to the planned rollout of the Propanol 2
expansion project in the next few months. The project should
contribute EUR5 million-EUR10 million EBITDA in 2018, rising to
about EUR30 million by 2021.
S&P said, "Our assessment of OXEA's financial risk profile takes
into consideration our forecast that OXEA's S&P Global Ratings-
adjusted debt-to-EBITDA ratio will be below 5x at year-end 2017,
remaining at 4.8x-5.0x in 2018, and that the group's ratio of
funds from operations (FFO) to debt will remain in the region of
12%-13% in 2017 and 11%-12% in 2018.
"For year-end 2018, we estimate OXEA's adjusted debt at
approximately EUR1.05 billion. This consists of the EUR900
million-equivalent term loan B borrowed by OXEA Corp. and OXEA
Holding Drei GmbH, EUR80 million in trade receivables sold, EUR65
million in operating lease adjustments and EUR40 million in
pensions and post-retirement obligations. Our adjusted debt
calculation takes into consideration approximately EUR75 million
of surplus cash that we assume would be available to repay debt.
The term loan B is split between a EUR475 million euro-denominated
tranche and a $500 million dollar-denominated tranche, both due
2024.
"Despite planned capital expenditure (capex) of EUR85 million, we
forecast the group will generate FOCF of EUR15 million-EUR20
million in 2018. Following completion of the capacity improvements
at the group's Bay City site we forecast capex to reduce to a more
sustainable EUR50 million in 2019, leading to a marked increase in
free operating cash flow (FOCF) to approximately EUR50 million in
2019."
Under its base-case scenario, S&P anticipates that OXEA will
report EBITDA of about EUR210 million-EUR220 million in 2017,
reducing slightly to EUR200 million-EUR210 million in 2018
following planned outages at Oberhausen and continued increase in
production from the BASF ramp-up. S&P's projections include the
following assumptions:
-- Strong recovery in 2017, leading to reported revenues of
EUR1.25 billion, remaining broadly flat in 2018 due to
scheduled turnaround in Oberhausen, before returning to
modest growth in 2019 with the ramp-up of the Propanol 2
site.
-- Adjusted EBITDA margins of 16%-17%, supported by the
efficient pass-through of higher propylene prices to
customers.
-- Capex of about EUR95 million in 2017 through the Propanol 2
rollout, and around EUR85 million in 2018.
-- Modest FOCF in 2017 following continued high capex (with a
significant portion relating to the completion of the Bay
City development), recovering to approximately EUR25 million-
EUR35 million in 2018 (following the completion of the Bay
City development).
-- No acquisitions, dividends, or disposals.
Based on these assumptions, S&P arrived at the following credit
measures:
-- FFO-to-debt of 12%-13% in 2017 and 11%-12% in 2018.
-- Adjusted debt-to-EBITDA below 5x at year-end 2017, remaining
at 4.8x-5.0x in 2018.
-- Adjusted EBITDA cash interest coverage of 4.5x-4.75x at year-
end 2017 and above 5x in 2018.
S&P said, "Our rating continues to incorporate our view of OXEA as
a moderately strategic operating subsidiary and strategic
investment of the state-owned Oman Oil Company (OOC). This
reflects OXEA's important role in the downstream development of
the Duqm Refinery in Oman. Our assessment of its moderately
strategic status is bolstered by OOC's tangible demonstration of
support in December 2015, when it provided a $325 million equity
injection to repay OXEA's second-lien senior secured credit
facility.
"The stable outlook reflects our expectation that OXEA's adjusted
EBITDA in 2017 will amount to approximately EUR210 million-EUR220
million, and that it will be sustained at about EUR200 million-
EUR210 million in 2018, notwithstanding the planned outage at
Oberhausen and increasing propylene prices. We forecast adjusted
debt to EBITDA below 5.0x at year-end 2017, and between 4.8x-5.0x
in 2018, in line with the 5x-6x range we view as commensurate with
the rating.
"We could lower the rating if OXEA is unable to continue the
momentum seen in 2017, and adjusted debt-to-EBITDA were to weaken
back toward 6x. In our view, this could happen if the company
faced difficulty in passing through higher feedstock prices
(notably of propylene) to customers, if the propanol project
incurred delays or additional costs, or if OXEA faced renewed
competitive pressure -- as occurred in 2016 in its intermediates
business. Further pressure could arise if OXEA's liquidity
deteriorated, if it were unable to generate positive FOCF, or if
there were to be a change in our assessment of the likelihood of
extraordinary support provided by OXEA's parent, OOC.
"We do not expect to raise the ratings over the next 12-18 months
given our assumption of relatively limited EBITDA upside in 2018.
An upgrade could materialize over time, however, if we see
adjusted debt to EBITDA sustainably and clearly below 5x and
adjusted FFO to debt comfortably in excess of 12%, combined with a
commitment from management and the shareholder to maintain such
leverage."
=====================
N E T H E R L A N D S
=====================
DUTCH E-MAC: Fitch Sets Outlook on B-Rated Notes to Stable
----------------------------------------------------------
Fitch Ratings has downgraded two tranches and affirmed 11 tranches
of three Dutch E-MAC RMBS transactions. The agency has resolved
the Rating Watch on all tranches and assigned Negative Outlooks to
the class A2 notes of 2008-I and the class C notes of 2008-IV. The
Outlooks on all other notes rated 'Bsf' and higher were set to
Stable.
The rating actions follow the publication of Fitch's new European
RMBS Rating Criteria.
KEY RATING DRIVERS
Application of New Rating Criteria
The application of the European RMBS Rating Criteria resulted in
the affirmation of 11 and downgrade of two tranches of these three
transactions. Fitch took into account the non-standard structural
features (see pro-rata structures below) as well as the scheduled
maturity of a number of assets after the legal final maturity date
of the notes. Where appropriate, ratings different to those
implied by Fitch's proprietary cash flow model were assigned.
The excess spread note in 2006-III has been affirmed at 'CCCsf'.
Principal redemption of this note ranks subordinate to the payment
of extension margins on the collateralised notes in the revenue
waterfall. Fitch's ratings do not address the payment of the
extension margins, and as such they are not modelled in its cash
flow model. As the extension margin amounts have been accruing and
remain unpaid, full principal redemption of the excess spread note
from interest receipts was considered unlikely.
The reserve funds in these transactions may increase following
asset performance deterioration. Funds collected would be released
once arrears drop again below the pre-defined three-month arrears
trigger, at which point the funds released will be used towards
the redemption of the excess spread notes. As the portfolios
continue to amortise, a small number of loans can lead to greater
volatility in arrears performance, leading to the possibility of
continuous replenishments and releases in the reserve funds, and
subsequent redemptions on the excess spread notes. Given this
variability, the credit risk of the excess spread notes of 2006-
III is commensurate with the 'CCCsf' rating definition, leading to
their affirmation.
Asset Maturity Risks
In the 2006-III transaction, Fitch identified assets with maturity
dates exceeding those of the notes.
Note amortisation in this transaction is pro-rata given
satisfactory performance. Note amortisation will only switch to
sequential in case of: (i) drawings on the reserve fund; (ii)
drawings on the liquidity facility; (iii) uncleared balances on
the principal deficiency ledgers; or (iv) more than 1.5% of loans
being delinquent over two months. Therefore, in a benign
environment it is possible for this transaction to amortise pro-
rata until note maturity. This implies a loss to the structure
equal to the balance of the loans that mature after the notes.
Fitch notes that such loans have shown a history of prepayments
and are small as a proportion of the current pool. Additionally,
all such borrowers also have at least one loan-part that matures
prior to note maturity. Should the borrower decide to refinance
that loan-part they will have to refinance all their outstanding
loan parts.
Fitch also notes a number of loan parts maturing within the two
years up until the notes' legal final maturity. Given the
curtailed time to note maturity, if borrowers fail to refinance
these loans the recoveries from the sale of the underlying
properties may not feed into the transactions.
Given the elevated risk to default, Fitch is of the opinion that a
rating of 'BBsf' is appropriate for this transaction.
Pro-Rata Structures
As of the January 2018 payment date, only the 2006-III transaction
was amortising pro-rata. Should note amortisation in the 2008-I
and 2008-IV transactions, currently amortising sequentially,
revert to pro-rata, the credit enhancement build-up for the senior
notes will be reduced as per the amortisation mechanism in the
documentation. Both transactions will amortise pro-rata if the
reserve funds build up to their target (currently at 81% and 95%
of their targets respectively). This feature has been factored
into the rating analysis to the extent that the relevant pro-rata
triggers are captured by Fitch's modelling assumptions. For the
class A2 notes of 2008-I and the class C notes of 2008-IV, Fitch
has identified a reversion to pro-rata amortisation to be a
credit-negative feature. This view is reflected in the Negative
Outlook assigned to these notes.
Stabilising Performance
Late-stage arrears (borrowers who have been delinquent for over
three months) have stabilised over the last 12 months. As of
January 2018, late-stage arrears ranged from 0.6% (2008-IV) to
0.7% (2008-I), down from 0.8% (2006-III) and 1.2% (2008-I) 12
months prior. Similarly, the rate at which losses are building has
slowed down.
RATING SENSITIVITIES
Should the assets maturing after note maturity of 2006-III prepay,
it would address the risk of the notes incurring losses at
maturity. This may lead to positive rating actions.
Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode credit enhancement, leading to negative rating action.
EUROSAIL-NL 2007-2: S&P Lowers Class D1 Notes Rating to CCC+(sf)
----------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Eurosail-NL 2007-
2 B.V.'s class A, M, B, C, and D1 notes and removed them from
CreditWatch negative.
The rating actions follow S&P's credit and cash flow analysis of
the transaction and the application of our European residential
loans criteria.
S&P said, "The collateral performance has stabilized since our
previous full reviews. The number of arrears of more than six
months for which the borrowers have not fully paid their scheduled
mortgage payments in the preceding three payments has decreased to
3.4% from 3.8%. That said, we have excluded these loans from our
analysis of the collateral pool and assumed a recovery was
realized after 18 months. Most of the borrowers for these loans
have not been current or paying full mortgage payments for some
time, so we believe they will not provide immediate cash flow
credit to the transaction until recovery."
The available credit enhancement, considering the above adjustment
for loans more than six months in arrears, has increased for all
of the classes:
Class Available credit
enhancement (%)
A 42.85
M 28.75
B 12.63
C 5.35
D1 (1.92)
After applying S&P's European residential loans criteria to the
transaction, we observed that the weighted-average foreclosure
frequency (WAFF) increased and the weighted-average loss severity
(WALS) decreased from S&P's previous review.
Rating level WAFF (%) WALS (%)
AAA 42.56 45.01
AA 31.76 41.29
A 25.30 34.01
BBB 18.42 30.01
BB 11.83 27.15
B 9.53 24.47
S&P said, "The WAFF only increased marginally due to the
application of our arrears assumptions, while the WALS decreased
mainly due to our updated market value decline assumptions. The
overall effect is a decrease in the required coverage for all
rating levels.
"On Dec. 5, 2017, we placed on CreditWatch negative our ratings on
all classes of notes in Eurosail-NL 2007-2 following the
termination of the liquidity facility agreement. Following
discussions with the transaction participants, we understand that
the transaction could benefit again from the support of the
liquidity facility in the short term, but we do not expect it to
benefit from this facility throughout its entire life.
Consequently, in our analysis, the reserve fund is the only
external source providing liquidity support to the structure. The
reserve fund is at 23.05% of its target level.
"The swap counterparty, Credit Suisse International (A/Stable/A-
1), complies with our previous counterparty criteria, and
therefore the notes are capped at our long-term issuer credit
rating plus one notch on Credit Suisse International. After the
termination of the liquidity facility agreement, the class A and M
notes had insufficient credit enhancement to withstand our credit
and cash flow stresses without the swap at their currently
assigned rating levels. We have therefore lowered to 'A+ (sf)' and
'A (sf)', from 'AA (sf)' and 'AA-(sf)' our ratings on the class A
and M notes, respectively. We have also removed these ratings from
CreditWatch negative.
"The available credit enhancement for the class B notes is not
commensurate with the currently assigned rating. We have therefore
lowered to 'BB (sf)' from 'BB+ (sf)' and removed from CreditWatch
negative our rating on this class of notes.
"Our analysis also indicates that the available credit enhancement
for the class C notes is not commensurate with the currently
assigned rating, and not even with a 'B (sf)' rating. In our
opinion, considering the slight increase in credit enhancement and
the stable collateral performance, these notes can withstand a
steady-state scenario without favorable conditions, reflected in a
'B- (sf)' rating. We have therefore lowered to 'B-(sf)' from 'B+
(sf)' and removed from CreditWatch negative our rating on this
class of notes.
"Given the negative available credit enhancement, the termination
of the liquidity facility, and the cash reserve fund's current
level, the payment of interest and principal on the class D1 notes
now depends upon favorable business, financial, and economic
conditions, in our view. We have therefore lowered to 'CCC+ (sf)'
from 'B- (sf)' and removed from CreditWatch negative our rating on
this class of notes."
The assets backing Eurosail-NL 2007-2 are nonconforming
residential mortgage loans originated by ELQ Hypotheken.
RATINGS LIST
Class Rating
To From
Eurosail-NL 2007-2 B.V.
EUR353.675 Million Mortgage-Backed Floating-Rate Notes Including
An Overissuance Of EUR3.675 Million Excess Spread-Backed
Floating-Rate Notes
Ratings Lowered And Removed From CreditWatch Negative
A A+ (sf) AA (sf)/Watch Neg
M A (sf) AA- (sf)/Watch Neg
B BB (sf) BB+ (sf)/Watch Neg
C B- (sf) B+ (sf)/Watch Neg
D1 CCC+ (sf) B- (sf)/Watch Neg
TEVA PHARMACEUTICAL: Moody's Rates New EUR1B Sr. Unsec. Notes Ba2
-----------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to the proposed
EUR1 billion Euro-denominated senior unsecured notes and $2.25
billion US dollar-denominated senior unsecured notes offering by
Teva Pharmaceutical Finance Netherlands II B.V. and Teva
Pharmaceutical Finance Netherlands III BV, respectively. Both
entities are subsidiaries of the parent company, Teva
Pharmaceutical Industries Ltd, collectively "Teva." The proposed
notes will have downstream guarantees from the parent. There are
no changes to Teva's existing ratings, including the Ba2 Corporate
Family Rating. Teva will use the proceeds to repay the entirety of
its US dollar and Japanese-denominated term loans (unrated), its
1.40% notes due 2018, and for transaction fees and expenses and/or
for general corporate purposes. The rating outlook is stable.
"Combined with anticipated cash from its recent settlement with
Allergan, proceeds from Teva's notes offering will materially
reduce its debt maturities in 2018 and 2019, improving its
financial flexibility," said Moody's Assistant Vice President,
Morris Borenstein.
Ratings assigned to Teva Pharmaceutical Finance Netherlands II BV:
EUR1B Senior unsecured notes at Ba2 (LGD4)
Ratings assigned to Teva Pharmaceutical Finance Netherlands III BV
(USD):
$2.25B Senior unsecured notes at Ba2 (LGD4)
RATINGS RATIONALE
Teva's Ba2 Corporate Family Rating reflects its significant scale
in both generic and branded drugs, its global diversity, and its
position as the world's largest generic drug company. Teva has the
largest generic pipeline in the industry, including first-to-file
opportunities. This pipeline, together with Teva's branded
pipeline, will support revenue growth over the long term. Still,
Moody's expects base earnings and cash flow to severely contract
over the next two years due to headwinds in its US generics
segment and generic competition on its largest earnings driver,
Copaxone. Teva's credit profile is constrained by high financial
leverage, which Moody's does not expect will fall below 4 times
gross debt/EBITDA until after 2019.
While Moody's believes that Teva's cost base will come down, the
timing through 2019 is uncertain. Moody's views Teva's cost
restructuring plan and reorganization as aggressive and it raises
the risk for business disruptions. At the same time, potential
portfolio rationalizations in the generics segment could harm
Teva's relationships with customers.
The rating outlook is stable reflecting Moody's view that Teva
will be focused on debt repayment. It also reflects Moody's
expectation that credit metrics will be weak over the next 18
months before realized cost savings drive improvement.
Moody's rates all of Teva's debt Ba2, the same as its Ba2
Corporate Family Rating. All of Teva's debt is unsecured and
unconditionally guaranteed by Teva Pharmaceutical Industries
Limited, the parent company.
Teva's ratings could be upgraded if the company materially
improves its operating performance and liquidity, and is able to
more than offset price erosion with new product launches. Teva
would also need to improve its growth trajectory, notably
supported by successful product launches. Additionally, Teva would
need to sustain debt/EBITDA below 4.5 times before Moody's would
consider an upgrade.
The ratings could be downgraded if Teva's operating performance
remains weak, or if it encounters operating disruptions while
implementing its major cost restructuring plan. Ratings could also
be downgraded if free cash flow remains weak for an extended
period of time, or if Moody's expects debt/EBITDA to remain above
5.0 times. Failure to receive covenant relief under its credit
agreements could also lead to a downgrade.
Headquartered in Petah Tikvah, Israel, Teva Pharmaceutical
Industries Ltd. is a global pharmaceutical company offering a mix
of generic and branded products. Reported revenue for the twelve
months ended December 31, 2017 was approximately $22.4 billion.
The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.
TEVA PHARMACEUTICAL: S&P Rates New Senior Unsecured Notes 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to euro-denominated and U.S.-dollar-denominated
senior unsecured notes offered by finance subsidiaries Teva
Pharmaceutical Finance Netherlands II B.V. and Teva Pharmaceutical
Finance Netherlands III B.V., respectively. The notes carry an
unconditional guarantee by parent company Teva Pharmaceutical
Industries Ltd. (Teva), the same as other outstanding senior
unsecured debt.
Teva intends to offer EUR1 billion aggregate principle amount of
euro-denominated notes in one or more series and $2.25 billion
aggregate principle amount of U.S.-dollar-denominated notes in one
or more series. The '3' recovery rating reflects our expectation
for meaningful (50%-70%; rounded estimate: 50%) recovery in the
event of a payment default.
Teva intends to use the proceeds and cash on hand to repay $2.3
billion of U.S.-dollar-denominated and Japanese-yen-denominated
term loans and US$1.5 billion of 1.4% senior notes due 2018 and
for general corporate purposes. S&P views the transaction as
essentially neutral to net leverage, but it does increase the
company's financial flexibility and liquidity.
The 'BB' long-term corporate credit rating on parent Teva is
unchanged. The outlook is stable.
S&P said, "Our ratings on Teva reflect its leading position in
generic drug development and its specialty drug business that has
a number of products with over $100 million of revenue. The rating
also reflects the loss of exclusivity of Copaxone, Teva's most
successful product, and the related decline in sales from over $4
billion in 2016 to expected sales of about $1.2 billion in 2019.
Furthermore, Teva's core generic business is challenged both from
pricing pressures and internal development issues. In addition,
the rating reflects significant progress in restructuring that we
expect will net $3 billion in savings and a 25% reduction in
global workforce. We expect free cash flow of about $2.6 billion
in 2018 and funds from operations to debt in the 12%-13% range
from 2017-2019."
RATINGS LIST
Teva Pharmaceutical Industries Ltd.
Corporate Credit Rating BB/Stable/-
New Ratings
Teva Pharmaceutical Finance Netherlands III B.V.
Teva Pharmaceutical Finance Netherlands II B.V.
Senior Unsecured Notes BB
Recovery Rating 3 (50%)
TEVA PHARMACEUTICAL: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on February 23, 2018, downgraded
the foreign currency and local currency senior unsecured ratings
on debt issued by Teva Pharmaceutical Industries Ltd. to BB- from
BB. EJR also downgraded the rating on commercial paper issued by
the Company to A2 from B.
Teva Pharmaceutical Industries Ltd. is an Israeli multinational
pharmaceutical company.
=========
S P A I N
=========
SANTANDER PRIME 2018-A: S&P Assigns B(sf) Rating to Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Santander Prime Auto
Issuance Notes 2018-A's (SPAIN 2018-A's) $1.475 billion automobile
receivables-backed notes series 2018-A.
The note issuance is an asset-backed securities transaction backed
by prime and nonprime auto loan receivables originated under the
Chrysler Capital platform.
The ratings reflect:
-- The availability of approximately 24.6%, 21.7%, 15.3%, 12.5%,
10.4%, and 7.0% of credit support (including excess spread) for
the class A, B, C, D, E, and F notes, respectively. These credit
support levels provide approximately 4.75x, 4.00x, 3.00x, 2.00x,
1.75x, and 1.15x coverage of our 4.50%-5.00% expected cumulative
net loss range for the class A, B, C, D, E, and F notes,
respectively.
-- The underlying collateral, which consists of retail auto loans
originated under Santander Consumer USA Inc.'s Chrysler Capital
platform. The obligors of these loans have a minimum FICO of at
least 630. Approximately 4.31% of the pool consists of commercial
loans that have an individual as a co-obligor or guarantor.
-- The timely payment of interest and principal by the final
maturity made under stressed cash flow modeling scenarios that are
appropriate for the assigned ratings.
-- S&P said, "Our expectation that under a moderate ('BBB')
stress scenario (2.00x our expected loss scenario of 4.75%), all
else being equal, our ratings on the class A and B notes could
decline by one category of the assigned 'AA+ (sf)' and 'AA- (sf)'
ratings, respectively, and our ratings on the class C and D notes
could decline by two rating categories of the assigned 'A- (sf)'
and 'BBB (sf)' ratings. The class E and F notes would remain
within two rating categories of the assigned 'BB (sf)' and 'B
(sf)' ratings, respectively, during the first year. Class E would
eventually pay off, but class F would eventually default under our
moderate stress scenario. These potential rating movements are
consistent with our rating stability criteria."
-- The transaction's underlying payment and legal structures and
cash flow mechanics.
-- The originator/servicer's history in the auto finance
business.
RATINGS ASSIGNED
Santander Prime Auto Issuance Notes 2018-A
Class Rating Type Interest Amount
rate (%) (mil. $)
A AA+ (sf) Senior 0.10 1,156.56
B AA- (sf) Subordinate 0.20 51.64
C A- (sf) Subordinate 0.30 98.85
D BBB (sf) Subordinate 0.40 49.43
E BB (sf) Subordinate 5.04 35.41
F B (sf) Subordinate 6.80 55.33
G NR Subordinate 5.45 28.03
NR--Not rated.
===========
S W E D E N
===========
TRANSCOM TOPCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Transcom TopCo AB, Sweden-based business process
outsourcer. The outlook is stable.
At the same time, S&P assigned its preliminary 'B' issue rating to
Transcom's proposed EUR180 million senior secured notes. The
preliminary recovery rating on this facility is '4', indicating
its expectation of average (30%-50%; rounded estimate: 30%)
recovery in the event of payment default.
The rating assignment follows Transcom's proposed refinancing
after the acquisition by private equity fund Altor. S&P
understands that Transcom will use the proceeds from its proposed
EUR180 million senior secured notes to refinance the existing
EUR164 million facilities, while retaining EUR14 million of cash.
Transcom, owned by Transcom Holding AB (publ), has relatively
small-scale operations in the still-fragmented business process
outsourcing (BPO) market, with revenues of about EUR584 million
and S&P Global Ratings-adjusted EBITDA of about EUR40 million in
2017. S&P said, "It benefits from leading market positions in
Norway and Sweden, but we note that market shares are weak in the
rest of Europe, Asia Pacific, and North America. We also see risks
related to the group's fairly high customer concentration, with
the largest customer representing about 12% of revenues and the 10
top customers contributing approximately 60% of revenues in 2017."
The group's end-market industry diversification is slightly
stronger, with exposure to a large number of customer end markets,
such as banking and technology. Still, the group's reliance on
telecom customers remains substantial, at 30% of revenues in 2017.
S&P said, "In our view, Transcom's scale and client diversity is
significantly weaker than direct peers like Teleperformance,
Convergys, and SITEL Worldwide Corp. Transcom also exhibits weaker
profitability than industry peers, with an S&P Global Ratings-
adjusted EBITDA margin of merely 7% in 2017 (materially affected
by restructuring costs that we include in our calculation of
adjusted metrics). While we expect profitability to gradually
improve following the implementation of cost-saving initiatives,
it will remain below the market average with EBITDA margins
between 9% and 11% in 2019, according to our forecasts."
Transcom generates 95% of its revenues in the customer
relationship management segment of the BPO industry, which is
characterized by competitive price pressure, risk of regulatory
change, inherent risk of data breach, and low barriers to entry.
Additionally, revenue generation is concentrated on the lower
added-value services such as Query Complaint Management services,
which represented about 64% of group revenues in 2016.
S&P recognizes that Transcom benefits from long-term relationships
with existing clients, translating into retention rates that have
been above 96% throughout the past four years. Transcom also
enjoys a good reputation, associated with high-quality services
and no track record of data breaches, which should support its
revenue growth.
Transcom's use of debt-based financing increased significantly
after it was acquired by private-equity fund Altor last year. S&P
said, "The proposed refinancing will not have a major impact on
the group's current leverage, and we expect S&P Global Ratings-
adjusted debt to EBITDA to remain markedly above 5x in 2018. We
project this ratio will drop below 5x in 2019, as we believe the
recently appointed management team will be able to deliver organic
revenue growth through new contract wins and improve profitability
on the back of several cost-saving initiatives."
Furthermore, the group's financial risk profile is supported by
its cash generation ability thanks to its minimal capital
expenditure (capex) requirements of about 1.5% of sales, and
moderate working capital requirements. S&P anticipates reported
free operating cash flow (FOCF) of about EUR5 million-EUR10
million in 2018, gradually increasing thereafter.
S&P said, "The stable outlook on Transcom reflects our view that
the group will manage to expand its revenue base thanks to a
continued outsourcing trend for its services. It also reflects our
view that the recently appointed management team will be able to
gradually improve profitability to adjusted EBITDA margins of
about 10% in 2019, which will likely result in FFO interest
coverage remaining at about 5x and modest FOCF.
"We could lower the rating if the group fails to grow its revenue
base and strengthen its profitability to a level more in line with
rated peers in the industry, or if we saw the group's current
revenue base contract further due to the loss of key customers or
poor contract execution. A decline in EBITDA that resulted in
negative FOCF and a weaker liquidity position would weigh markedly
on the rating. We could also take a negative rating action if the
group made larger acquisitions or cash returns to shareholders
than currently envisaged, resulting in higher leverage and FFO
cash cover below 3x.
"In our view, the potential for an upgrade is currently remote. We
could take a positive rating action if the group's credit metrics
improved firmly and sustainably into our aggressive financial risk
category, including adjusted debt to EBITDA of less than 5x and
FOCF to debt of more than 10%. We could also raise the ratings if
the new financial sponsor demonstrated a track record and
commitment to deleveraging."
VOLVO TREASURY: Fitch Hikes Rating on Sub. Capital Secs. From BB+
-----------------------------------------------------------------
Fitch Ratings has upgraded AB Volvo's Long-Term Issuer Default
Rating (IDR) and senior unsecured rating to 'BBB+' and Volvo
Treasury AB's senior unsecured rating to 'BBB+' from 'BBB'. The
Outlook on the IDR is Stable. Fitch has also upgraded Volvo
Treasury AB's EUR900 million 5.5 year non-call and EUR600 million
8.25 year non-call subordinated fixed-to-reset capital securities
to 'BBB-' from 'BB+'. The securities are unconditionally and
irrevocably guaranteed by Volvo.
The upgrade reflects the continued improvement in profitability
and leverage, and Fitch's expectations that Volvo will be able to
maintain its cost efficiencies, including during the next cyclical
sector weakening. Profitability has increased following the
completion of the 2013-2015 restructuring programme and the
divestment of non-core assets. Volvo's industrial FFO net leverage
has fallen rapidly in the last two years, despite increased
working-capital needs driven by bottlenecks in production. Fitch
forecasts Volvo's industrial operations EBIT margin will be above
7% and FFO net leverage will be comfortably below 1x through the
cycle, which is in line with a strong 'BBB' category rating.
Financial metrics are in line with a strong 'A' rating median in
Fitch Navigator, but the ratings are constrained by the cyclical
nature of Volvo's business, which is closely correlated with GDP
growth, and which is also affected by regulatory changes. Rapid
shifts in demand could lead to increased volatility for truck
manufacturers, but Fitch believe Volvo has comfortable financial
headroom in the current rating levels to see it through a down-
cycle in its end-markets.
KEY RATING DRIVERS
Successful Restructuring: The financial profile is robust for the
ratings. Profitability has been lower and more volatile than that
of its close peers in the past due to a high cost base, but
operational efficiency has improved since 2014. Following the
three-year restructuring programme, Fitch believe that Volvo is
now in better shape to maintain its improved industrial
profitability margin, supported by a strengthening medium-term
outlook for the industry and an improving product mix. Fitch
believes that in 2016-2017 Volvo's industrial operations EBIT
margin has structurally improved to levels that are commensurate
with the current rating.
Robust Leverage Metrics: Subsequent to the cost restructuring
programme and the disposal of non-core assets, leverage metrics
have also been improving and now correspond to the higher end of
the 'BBB' rating category. Fitch forecasts FFO net leverage will
be below 1x in the medium term, which is commensurate with a 'A'
rating median in Fitch Navigator. This is despite Fitch's
expectation that working-capital needs will continue to rise on
the back of strong order growth and higher dividend payout ratios
in the medium term.
Strong Business Profile: The ratings for Volvo incorporate a high
degree of cyclicality and volatility in the company's end-markets.
The ratings are supported by Volvo's geographic and business
diversification as a full-line truck maker, its leading market
positions in major markets and growing exposure to high-growth
emerging markets. The group's services business (22% of sales at
end-2017) provides fairly stable income and protects against the
inherent volatility of its end-markets. Volvo's technological
leadership and strong market positions mitigate the cyclicality of
the truck and construction equipment sectors, but only to a
certain extent.
Strong Industry Outlook: Fitch see two to three years of industry
growth driving continued upside for both North American and
European truck makers. Fitch bullish view for trucks in North
America and Europe is predicated on truck replacement demand, and
real economic growth. The Brazilian and Asian truck markets are
also expanding, while improving economic activities should provide
solid support for Volvo's Construction Equipment segment, as the
company strengthens its market share.
Conservative Capital Allocation Strategy: Volvo's approach to
funding bolt-on acquisitions through non-core asset disposals has
been credit-positive, further strengthening its financial metrics
in the past three years. The SEK8.9 billion proceeds from the sale
of Volvo Rents and its commercial real-estate business offset a
SEK6 billion increase in net debt from a 45% stake purchase in
DFCV and the SEK1 billion Terex acquisition in 2014-2015.
The subsequent sale of Eicher, Volvo's basic segment brand in
India, for SEK4.5 billion in 2015, the divestment of IT operations
in 1Q16 and the sale of properties in Gothenburg in 4Q16, show
that disposals continue to be a part of Volvo's strategy towards
improving internal efficiency and profitability margins.
Regulatory Risks: Similar to the auto industry, trucks and
agricultural equipment manufacturers are prone to political and
policy risks. The management of global emissions legislation
remains an important issue for the industry as a whole. Fitch
incorporates increased capex related to emission standards in its
projections for Volvo, and believes that potential fines and
penalties will be manageable within the current rating level.
Captive Finance Adjustment: Fitch tests the potential burden on
Volvo of support of the financial services operations. Based on an
estimate of Volvo Financial Service's credit factors, Fitch
calculated a required debt/equity ratio of 5.0x. At the end of
2017 Volvo Financial Service's debt/equity was around 11x. To
reduce leverage, Fitch assumed an SEK10.7 billion injection into
the financial services business.
DERIVATION SUMMARY
Fitch views Volvo's business profile as in line with strong
investment-grade peers, both in terms of geographic and of end-
market diversification. Volvo's business profile is characterised
by market leadership positions in most of its products, a diverse
product range, a broad end-customer base, a good geographical
breakdown of activities and service revenues above 20%. Volvo is
one of the world's leading heavy-truck and construction-equipment
manufacturers, with technological capabilities and a product
portfolio matching higher-rated peers such as Daimler AG (A-
/Stable), PACCAR/DAF (NR) and Scania (NR).
Fitch considers Volvo's medium-duty market shares as modest, while
in heavy-duty markets the company remains as one of the leaders in
Europe and North America after Daimler, Scania and PACCAR.
Although Volvo trucks business profile matches those of its
higher-rated peers, Fitch believe Volvo's business mix to be more
cyclical, having no exposure to auto and agriculture markets which
could be less volatile during macroeconomic downturns. Despite
recent improvements in profitability, the cyclicality of the
business remains a key rating constraint in Fitch analysis.
Truck makers typically operate with low industrial leverage to
mitigate the risks coming from the high cyclicality of earnings.
Accordingly, Volvo's FFO net industrial leverage below 1x is in
line with its higher-rated peers', and maps against a 'A' rating
median in Fitch Navigator. Fitch average EBIT forecasts at 7.4%
remain slightly weaker than the 'BBB' rating median in Fitch
Navigator, at 8%, but remain commensurate with the current rating
levels.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Fitch see two to three years of industry growth across all
segments, supported by strong double-digit order growth
- Capex at historical levels with no significant new product
launches
- Operating EBITDA margin for industrial operations of
approximately 11% in the medium term
- No major divestments or disposals
- No major acquisitions
- Restricted cash amounting to 2% of total industrial sales
- Increasing dividend payout ratio
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO margins sustainably above 14%
- FCF sustainably above 6%
- An upgrade to the 'A' rating category would require a less
cyclical business mix driving reduced volatility in
profitability and cash-flow generation
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO margin below 8% through the cycle
- FFO net leverage above 1x
- FCF Margin remaining below 1% for longer than two years
LIQUIDITY
Ample Liquidity: Liquidity at Volvo's industrial operations is
sound, with liquidity sources at end-2017 comprising SEK25.6
billion of unrestricted cash and SEK45.4 billion of non-current
undrawn committed credit facilities. This compares with SEK8.7
billion debt maturing in 2017 and Fitch SEK 11.0 billion free cash
flow expectations for the next year.
Diversified Debt Structure: Volvo shows funding characteristics in
line with the current rating levels. Similar to its higher-rated
peers like Caterpillar and Daimler, Volvo has good access to
financial markets, and diversified and readily available unsecured
funding options. Fitch does not have access to industrial-only
debt maturity details, but Fitch assume that the average
industrial maturity profile of the industrial business is similar
to the group level, which is around four years.
===========
T U R K E Y
===========
YILDIZ HOLDING: Owner Meets with Bank CEOs to Renegotiate Debt
--------------------------------------------------------------
Kerim Karakaya, Ercan Ersoy and Asli Kandemir at Bloomberg News
report that Murat Ulker, Turkey's richest man and owner of Godiva
chocolates and McVitie's biscuits, said he met with five bank
bosses to renegotiate as much as US$7 billion of debt for his
company Yildiz Holding AS.
The meeting was held on Feb. 27 in Istanbul, Bloomberg discloses.
Ulker and the bank chiefs discussed how they were committed to
resolving the debt issue, but didn't go into details of any
restructuring or new facility, Bloomberg relays, citing the Yildiz
boss.
Istanbul-based Yildiz last month requested the largest loan ever
from Turkish banks, citing difficulties with an existing financing
structure that requires it to make monthly loan repayments that
sometimes exceed US$1 billion, Bloomberg recounts.
The 10 banks concerned are Yapi & Kredi Bankasi AS, Akbank, TC
Ziraat Bankasi AS, Turkiye Halk Bankasi AS, Turkiye Garanti
Bankasi AS, Turkiye Is Bankasi AS, Turkiye Vakiflar Bankasi TAO,
HSBC Bank AS, Denizbank AS and QNB Finansbank AS, Bloomberg
states. The group of lenders chose Yapi Kredi as the leader in
the negotiations, Bloomberg relays.
After Yildiz sent the letter, Akbank made a separate loan deal
worth US$1 billion with the company, breaking from the rest of the
lenders' group, according to Bloomberg.
Yildiz's letter said it was burning US$10 million to US$30 million
a day, or US$500 million to US$600 million a month, to repay its
mostly short-term loans, Bloomberg relates. The company, as cited
by Bloomberg, said repayments required in February exceeded US$1
billion.
Yildiz, owned by Murat Ulker, is one of Turkey's largest
companies.
=============
U K R A I N E
=============
BIZ FINANCE: Fitch Assigns B-(EXP) Rating to UAH-Denominated Bond
-----------------------------------------------------------------
Fitch Ratings has assigned Biz Finance Plc upcoming hryvnia-
denominated Eurobond issue an expected Long-Term rating of 'B-
(emr)(EXP)' and recovery rating of 'RR4'.
Senior unsecured loan participation notes will be issued by Biz
Finance Plc, a UK-based special-purpose vehicle. Proceeds from the
issuance will be lent by Biz Finance Plc to JSC The State Export-
Import Bank of Ukraine (Ukrexim) for the latter's general banking
activity. Ukrexim's obligation under the loan will rank equally
with the bank's other senior unsecured and unsubordinated
obligations.
The notes are denominated in Ukrainian hryvnia, but both the
coupon payments and principal repayment are settled in US dollars
at the prevailing UAH-USD exchange rate. The linkage of payments
under the terms of the notes to the prevailing exchange rate means
that Fitch does not regard the conversion of currencies at the
transaction's initiation and maturity as altering the underlying
local-currency nature of the note. The 'emr' suffix denoting
embedded market risk has been applied to the rating of the notes
to reflect the fact that upon maturity the investors are paid in
US dollars rather than in hryvnia (the currency of the notes).
The issue terms contain a clause allowing Ukrexim to make
settlements in hryvnia if the exchange rate cannot be determined
(when it is not published by the National Bank of Ukraine or it
cannot be received from reference currency dealers). Fitch would
not treat such a situation as an event of default, as it is
contractually permissible. However, the inability of Ukrexim to
pay in US dollars in other circumstances would be considered a
default.
According to Fitch's Rating Definitions, ratings do not comment on
the taxability of payments made in respect of any investment, loan
or security and therefore the rating of these notes does not
factor in the possible impact from withholding tax on bondholders'
proceeds. In accordance with the terms of the issuance,
bondholders may suffer a tax deduction if the US dollar repayment
amount is more than the original US dollar-equivalent amount of
the bond (i.e. if the hryvnia appreciates against the US dollar
during the lifetime of the bond).
Ukrexim has Long-term Foreign- and Local-Currency Issuer Default
Ratings (IDR) of 'B-', with Stable Outlooks, a Short-Term Foreign-
Currency IDR of 'B', a National Long-term Rating of 'AA(ukr)' with
a Stable Outlook, a Viability Rating of 'b-', a Support Rating of
'5' and a Support Rating Floor of 'B-'. For more details see
'Fitch Affirms Ukreximbank and Oschadbank at 'B-'/Stable; Upgrades
VRs' dated 25 July 2017 at www.fitchratings.com.
KEY RATING DRIVERS
The bond is rated at the level Ukrexim's Long-Term Local-Currency
IDR.
RATING SENSITIVITIES
Any change in Ukrexim's Long-Term Local-Currency IDR would affect
the bond's rating. Ukrexim's IDRs are in turn sensitive to the
sovereign's credit profile and could be downgraded in case of a
sovereign downgrade. The bank's IDR could also be downgraded in
case of restrictions being imposed on its ability to service
obligations (not expected by Fitch). An upgrade of the sovereign
could result in an upgrade of the bank's ratings if Fitch takes
the view that the sovereign's ability to provide support to the
bank has also materially improved.
===========================
U N I T E D K I N G D O M
===========================
BEAUFORT SECURITIES: Enters Administration Following Insolvency
---------------------------------------------------------------
Ben Woods at Press Association reports that the UK's financial
watchdog has brought administrators in to Beaufort Securities
after declaring the troubled city broker insolvent.
The Financial Conduct Authority (FCA) said the decision was made
about the group and its sister company Beaufort Asset Clearing
Services following an assessment of their financial positions,
Press Association relates.
"The appointment of administrators has been rapid," Press
Association quotes Nigel Rackham -- nigel.d.rackham@uk.pwc.com --
PwC joint administrator, as saying.
"Our key priority is to safeguard the firms' custody and client
money holdings held for their clients.
"Once these positions are under our control and we have secured
important trading and client data, we can start planning for the
return to clients.
"However, this is likely to take some time."
Beaufort Securities provides services to investors and corporate
institutions, with 14,000 clients investing in products ranging
from ISAs to pensions. About 100 staff are employed across the
company's headquarters at St Mary Axe in the City of London and at
regional offices in Bristol and Colwyn Bay, according to Press
Association.
CARILLION PLC: Investors Balk at Aggressive Accounting Practices
----------------------------------------------------------------
Rhiannon Curry at The Telegraph reports that Carillion's top
shareholders are preparing to launch a blistering attack on its
management, after evidence emerged that aggressive accounting
practices were used to mask the disarray in its finances.
According to The Telegraph, Murdo Murchison of Kiltearn Partners,
Euan Stirling of Aberdeen Standard Investments and Amra Balic of
the world's biggest investor BlackRock will appear before a
parliamentary select committee investigation into Carillion's
collapse on March 7.
They are expected to reveal that shareholders were kept in the
dark about the scale of Carillion's problems during the run-up to
its first profit warning in July, The Telegraph discloses.
Sources said the trio of City heavyweights could join calls by MPs
for Carillion's directors to hand back their bonuses, The
Telegraph notes.
The select committee has published documents from an independent
review of Carillion carried out in September as part of its
attempt to secure new finance, The Telegraph relates. According
to The Telegraph, instead of supporting the company, outside
finance experts uncovered "gross failings of corporate governance
and accounting".
A draft independent business review was intended to be presented
to lenders as Carillion sought a cash injection to help it remain
solvent, although the company went into liquidation before it was
used, The Telegraph states.
Consultancy firm FTI was paid almost GBP3.5 million to carry out
the work, which found Carillion had used "aggressive management of
working capital" to compensate for its failure to convert profits
into cash, according to The Telegraph.
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).
INTEROUTE COMMUNICATIONS: S&P Puts 'B+' ICR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings said that it placed its 'B+' long-term issuer
credit rating and issue ratings on U.K.-based European information
communication technology and cloud computing company Interoute
Communications Holdings Ltd. (Interoute) on CreditWatch with
negative implications.
The CreditWatch placement follows GTT's announcement that it has
entered into an agreement to acquire Interoute for approximately
EUR1.9 billion in cash. S&P understands that GTT plans to fund
the acquisition with a mix of 10% equity and 90% debt.
S&P said, "The CreditWatch placement mainly reflects our
expectation that upon closing of the transaction, the rating on
Interoute will be capped by our rating on GTT, and hence could
fall by one or two notches depending on our assessment of the
group's combined business risk profile, adjusted leverage, and
cash flow trajectory.
"Our preliminary assessment is that the combined group's adjusted
debt to EBITDA will exceed 6.5x in 2018, well above our current
stand-alone expectations for Interoute's leverage at about 4x in
2018.
"We intend to resolve the CreditWatch when the transaction closes,
which we expect to occur in three-to-six months.
"If the transaction closes successfully, we expect to lower the
rating on Interoute to the level of the ultimate rating on GTT,
and hence anticipate a rating downgrade of up to two notches. The
extent of the downgrade will depend on GTT's credit metrics and
its ability to improve leverage over the next couple of years from
cost synergies, EBITDA growth, and free operating cash flow (FOCF)
generation as well as GTT's financial policy and its commitment to
debt reduction."
INTERSERVE PLC: Alan McIntosh Spearheads Rescue Bid for Business
----------------------------------------------------------------
Ben Marlow at The Telegraph reports that a Scottish multi-
millionaire who made his fortune as a dealmaker in the pub
industry is spearheading an unlikely rescue bid for troubled
outsourcer Interserve.
Alan McIntosh is the serial investor behind Emerald Investment
Partners, a private equity vehicle emerging as a key player in the
FTSE 250 contractor's refinancing discussions, The Telegraph
discloses. He is said to be worth more than GBP100 million, The
Telegraph notes.
Emerald has spent tens of millions of pounds scooping up
Interserve's debt in the secondary market, The Telegraph states.
Existing lenders including Barclays and Lloyds have been selling
down their positions for as little as 50p in the pound, keen to
reduce their exposure to the outsourcing sector after Carillion's
implosion, The Telegraph relates.
According to The Telegraph, Mr. McIntosh's firm has pledged to
back the refinancing, handing Interserve a massive boost in the
negotiations. It is estimated that Emerald, which has offices in
both London and Dublin, may now own as much as a third of
Interserve's loans, making it one of the largest lenders, The
Telegraph discloses. It has been quietly amassing its holding
since the start of the year, and recently bought another slice of
debt, according to The Telegraph.
The company's stock market value has plunged more than 75% since
issuing a profit warning in September, The Telegraph recounts.
Another followed in October and it also warned it could breach
loan conditions, The Telegraph relays. Lenders stepped in with
GBP180 million of short-term funding that runs out at the end of
this month, according to The Telegraph.
Debbie White, its new boss, has just weeks to convince lenders to
back a long-term refinancing that would secure Interserve's
future, The Telegraph says.
Interserve submitted a formal refinancing proposal to a syndicate
of eight lenders, The Telegraph relates.
Interserve is one of the biggest private contractors, providing
security, probation, healthcare and construction services. It
employs 80,000 people, including 25,000 in the UK, and also cleans
the London Underground and manages army barracks.
TOYS R US: Slashes Prices, Administrators Begin Closing Down Sale
-----------------------------------------------------------------
Rhiannon Curry at The Telegraph reports that Toys R Us has slashed
its prices as its administrators commence a nationwide closing
down sale ahead of store closures in the coming weeks.
Moorfields Advisory said the first round of store closures would
happen imminently, although it has not yet been decided how many
of the 105 shops affected will go, The Telegraph relates.
"The administrators will manage the store trading strategy while
also evaluating the options for the company's future and
determining how to obtain the best possible outcome. It remains
to be decided if some or all the stores will be closed," The
Telegraph quotes Moorfields as saying.
All stores were continuing to trade on March 2 although stock had
been discounted by as much as 25%, and customers were told that
gift cards and vouchers would be honored, The Telegraph notes.
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 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.
TRAVELPORT LIMITED: Moody's Hikes CFR to B1, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
(CFR) of UK-based travel commerce platform operator Travelport
Limited to B1 from B2. The outlook on all the ratings has been
changed to stable from positive.
The rating action reflects the company's:
* Conservative financial policies targeting deleveraging and debt
repayments
* Strong trading performance in 2016 and 2017
* Expected continued growth from mid-2018, with new contract wins
more than offsetting the loss of a large Pacific-based travel
agent in 2017
Concurrently the rating agency has upgraded the ratings on the
USD2.1 billion senior secured term loan maturing in 2021 (current
outstanding amount) and USD150 million senior secured revolving
credit facility maturing in 2022, issued by Travelport Finance
(Luxembourg) S.a.r.l. to B1 from B2, and upgraded Travelport's
probability of default rating (PDR) to B1-PD from B3-PD.
RATINGS RATIONALE
The B1 CFR reflects the company's: (1) leading position as a
travel commerce platform, among the top three globally, alongside
Amadeus IT Group S.A. (Baa2, stable) and Sabre Holdings
Corporation (Ba2, stable); (2) deleveraging profile supported by
conservative financial policies and solid cash generation; (3)
diversified customer base with high retention rates and balanced
geographical footprint; (4) track record of cross-selling airline
merchandising solutions, hotel bookings and other services
alongside its core air travel products; and (5) upside potential
from fast-growing payment services offering to travel agents.
The rating also reflects Travelport's: 1) gradual losses in air
travel market share and smallest of the three leading players; 2)
risks of disintermediation; 3) certain degree of airline and
travel agent concentration; and 4) the loss of a large Pacific-
based travel agent in 2017 and risks of further losses.
In 2017 Travelport grew its net revenues by 4% and company-
adjusted EBITDA by 3%. It utilized surplus cash generation to
repay debt by $124 million in the year, resulting in Moody's-
adjusted leverage reducing to 5.1x from 5.7x at December 2016.
Trading growth has been driven by the company's strategy to drive
the sales of branded fares and fare families, hotels and other
non-flight revenues, and to invest in technology to support its
distribution of richer and broader content.
In 2017 growth from this strategy was partially offset by the loss
of a major travel agent in the Pacific region. The company expects
further adverse effects of this loss in 2018, with a $45 million
negative impact on EBITDA, however the company has won significant
new business particularly with Asia Pacific online travel agents
which it expects to offset the 2017 contract loss and drive growth
from mid 2018 onwards. Whilst the company remains vulnerable to
travel agent contract losses, retention rates are generally high,
it has a strong renewal profile amongst its remaining large travel
agents, and is well placed to grow amongst online travel agencies
outside the US.
Liquidity
Moody's expects that Travelport's liquidity profile will remain
good over the next 12-18 months. At December 31, 2017, Travelport
had cash balances of $122 million. Further liquidity cushion is
provided by the expected free cash flow generation and its $150
million revolving credit facility which is largely unutilised.
Moody's expects Travelport to maintain solid headroom under its
maintenance covenant.
Ratings outlook
The stable outlook reflects Moody's expectations that Travelport
will continue to grow its revenues and EBITDA, with the large
travel agent loss in 2017 offset by new contract wins. It also
assumes continued positive cash generation and debt repayments,
leading to continued deleveraging below 5x over the next 12-18
months.
What could change the ratings -- up
The ratings could be upgraded If Travelport succeeds in bringing
leverage down sustainably towards 3.5x Moody's-adjusted
debt/EBITDA, with Moody's-adjusted free cash flow (FCF) / debt
increasing towards 10%, and maintaining stable market shares.
What could change the ratings -- down
The ratings could be downgraded If leverage fails to reduce
sustainably below 5.0x debt/EBITDA on a Moody's-adjusted basis, if
Moody's-adjusted FCF / debt were to trend below 5%, if there is
any material customer losses leading to reduced market share, or
if any liquidity concerns arise.
LIST OF AFFECTED RATINGS
Issuer: Travelport Limited
-- LT Corporate Family Rating, Upgraded to B1 from B2
-- Probability of Default Rating, Upgraded to B1-PD from B3-PD
Outlook Actions:
-- Outlook, Changed To Stable From Positive
Issuer: Travelport Finance (Luxembourg) S.a.r.l.
Upgrades:
-- BACKED Senior Secured Bank Credit Facility, Upgraded to B1
from B2
Outlook Actions:
-- Outlook, Changed To Stable From Positive
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Company profile
Registered in Bermuda and headquartered in Langley, United
Kingdom, Travelport is a leading travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry. During 2017, the group
reported revenues and adjusted EBITDA of $2.45 billion and $590
million, respectively. Travelport's ultimate parent company,
Travelport WorldWide Limited, is listed on the New York Stock
Exchange with an enterprise value of approximately $3.8 billion in
February 2018.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 26 to March 2, 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 * * *