/raid1/www/Hosts/bankrupt/TCREUR_Public/180319.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 19, 2018, Vol. 19, No. 055
Headlines
D E N M A R K
EVERGOOD 4: Fitch Corrects November 22 Rating Release
F R A N C E
CGG SA: Moody's Assigns B3 Corp. Family Rating, Outlook Stable
I R E L A N D
ARMADA EURO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
K A Z A K H S T A N
ATF BANK: Fitch Reissues December 15 Commentary
L U X E M B O U R G
ALTISOURCE SOLUTIONS: Moody's Affirms B3 Corporate Family Rating
SWISSPORT GROUP: S&P Affirms 'CCC' Sr. Notes Rating, Outlook Neg.
M A C E D O N I A
FENI INDUSTRIES: Komercijalna Banka Inks Contract for Debt Sale
N O R W A Y
PETROLEUM GEO-SERVICES: Moody's Hikes CFR to B3, Outlook Stable
R O M A N I A
KOBO ICE: Goes Into Bankruptcy Following Insolvency
R U S S I A
* S&P Alters Outlook on Three Russian Insurers to Positive
S P A I N
INVICTUS MEDIA: Fitch Assigns 'BB-(EXP)' Long-Term IDR
INVICTUS MEDIA: S&P Assigns Prelim 'BB-' Rating, Outlook Stable
INVICTUS MEDIA: Moody's Assigns B1 CFR, Outlook Stable
TELEFONICA SA: S&P Rates Unit's Proposed Hybrid Notes 'BB+'
TELEFONICA SA: Fitch Rates New Perpetual Sub. Securities BB+(EXP)
T U R K E Y
AKBANK REMITTANCES: Moody's Cuts Tranche 31 Notes Rating to Ba2
U K R A I N E
KHRESCHATYK BANK: Supreme Court Upholds Ruling in Insolvency Case
PEOPLE'S CAPITAL: Voroniak's Claims Groundless, Court Rules
U N I T E D K I N G D O M
GAIA-WIND: Enters Into Provisional Liquidation, 12 Jobs at Risk
GKN AEROSPACE: Fitch Puts BB+ IDR on Rating Watch Negative
KCA DEUTAG: Moody's Puts Caa1 CFR on Review for Upgrade
KCA DEUTAG: S&P Raises ICR to 'B-' on Dalma Energy Acquisition
MALLINCKRODT PLC: Egan-Jones Cuts Senior Unsecured Ratings to B+
X X X X X X X X
* BOND PRICING: For the Week March 12 to March 16, 2018
*********
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D E N M A R K
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EVERGOOD 4: Fitch Corrects November 22 Rating Release
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Fitch Ratings has issued a correction to the ratings release on
Evergood 4 APS (Nets) published on Nov. 22, 2017. The second lien
instrument was inadvertently rated and this rating has been
withdrawn.
The revised release is as follows:
Fitch Ratings has assigned Evergood 4 APS (Nets) an expected
Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with Stable
Outlook. This rating reflects the proposed transaction by Hellman
& Friedman LLC to acquire Nets A/S and the subsequent issue of
debt to finance this transaction. The tender offer is still
outstanding and this rating is subject to the completion of the
acquisition process.
Fitch has also assigned an instrument rating of 'BB(EXP)'/'RR2'
to the company's proposed new senior secured loans. The
assignment of the final instrument ratings is contingent on final
documents conforming to information already received
KEY RATING DRIVERS
Full-Service Payment Provider: Nets is a Nordic payment provider
benefitting from a leading position in Denmark, Norway and
Finland and second position in Sweden behind Swedbank. Its key
differentiating factor is its full-service offering across the
payment value chain from merchant acquiring, payment processing
and clearing, in contrast to peers such as Worldpay or Concardis,
which typically specialise in particular segments of the payment
value chain. Being an end-to-end payment provider with its own
payment network allows for higher margins and for Nets to capture
significant value.
High Leverage: The key factor constraining the ratings is the
high leverage resulting from the acquisition. Fitch expect pro
forma funds from operations (FFO) adjusted gross leverage to
increase to 9.2x after transaction completion and fall below 8x
by 2019. In addition, FFO fixed-charge coverage will decline to
2.3x in 2018 while remaining above Fitch sensitivity guidance of
2.2x for a downgrade. This is mitigated by the business' strong
visibility on cash flows, which are supported by a highly
recurring revenue base and high EBITDA margins. Fitch expects
free cash flow (FCF) margins to trend from 5% in 2018 towards 9%
in 2020.
Merchant Services to Drive Growth: Nets' growth strategy is
underpinned by expansion in its merchant services business. The
company has a dominant market position in Denmark and Norway.
Nets' business growth focus will be on Sweden, where it trails
market leader Swedbank. Fitch expect management to use a
combination of organic growth and opportunistic bolt-on
acquisitions to expand the company. Fitch would also expect
improved operating margins due to economies of scale and
investments in the technology platform as Nets increases its
revenue.
Supportive Operating Environment: Nordic governments have been
implementing a range of policy measures intended to encourage the
digitalisation of their economies. The Nordics are among the most
advanced digital societies, with some of the highest adoptions of
cashless payments in Europe. Fitch believes the growth of mobile
and e-commerce due to the switch from cash payments to card
payments will support the company's growth. The Nordic payment
services market is further supported by favourable macroeconomic
conditions, with expected GDP growth of between 2% and 3% over
the next five years.
Above-Average Secured Recoveries: Fitch expect senior secured
debt holders to receive above-average recoveries, as reflected in
the instrument rating of 'BB(EXP)'/'RR2'. 'RR2' corresponds to a
recovery range between 71% and 90%.
DERIVATION SUMMARY
Nets is well positioned in the Nordic payment services market,
occupying leading positions in Denmark, Norway and Finland. Its
full-service offering across the entire payment value chain is
unique among peers and is a key competitive advantage allowing
for operating leverage and high margins. Nets' EBITDA margins
were 35.5% in 2016, which compare favourably with peers First
Data at 26% and Paysafe at 30%, although they are lower than at
merchant acquirer Worldpay at 42%.
The key rating constraint for Nets is its high gross leverage,
which is 9.2x on an FFO basis, adjusted for the transaction. This
is higher than at peers First Data Corp, Global Payments Inc and
Harbortouch Payments LLC, which have between 6x and 7x FFO
adjusted gross leverage. The business's strong FCF generation
abilities mitigate this: FCF margins are between 5% and 10%.
Fitch also project FFO adjusted gross leverage to fall towards
7.8x by 2019, supported by revenue and margin growth.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- revenue growth of above 4% trending towards 3% by 2019;
- gradual improvement in EBITDA margin trending towards 39% by
2020;
- annual capex intensity between 8% and 8.5% of sales; and
- no extraordinary dividend payments or acquisitions.
KEY RECOVERY ASSUMPTIONS
- The recovery analysis assumes that Nets would remain a going
concern in restructuring and that the company would be
reorganised rather than liquidated. Fitch have assumed a 10%
administrative claim in the recovery analysis.
- The recovery analysis assumes a 20% discount to Nets' last-12-
months' EBITDA as of September 2017, resulting in a post-
restructuring EBITDA around DKK2,200 million. At this level of
EBITDA, which assumes corrective measures have been taken,
Fitch would expect Nets to generate neutral to negative FCF.
- Fitch also assumes a distressed multiple of 6.5x and a fully
drawn EUR200 million revolving credit facility (RCF).
- These assumptions result in a recovery rate for the senior
secured debt within the 'RR2' range to allow a two-notch
uplift
to the debt rating from the IDR.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Successful implementation of strategy to expand the merchant
services division, increasing market share in the Nordics
excluding Denmark leading to mid- to high-single-digit revenue
growth and margin expansion towards 40%
- FFO adjusted gross leverage below 6.0x
- FFO fixed-charge cover above 3.0x
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Failure to implement merchant services expansion strategy,
resulting in low-single digit revenue growth and no
improvement
in EBITDA margins
- FFO adjusted gross leverage sustainably above 8.0x
- FFO fixed charge cover below 2.2x
LIQUIDITY
Liquidity Supported by FCF: Nets has a EUR200 million fully
available RCF that it can use if required, in addition to its
cash on balance sheet. Fitch forecast strong FCF generation with
FCF margins in the high single digits, which will add to the
company's on-balance-sheet cash.
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F R A N C E
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CGG SA: Moody's Assigns B3 Corp. Family Rating, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned B3 Corporate Family Rating
(CFR) and B3-PD Probability of Default Rating (PDR) to CGG SA.
Concurrently, Moody's has also assigned B2 rating to the $663.6
million first lien senior secured bond due 2023 issued by CGG
Holding (U.S.) Inc, a subsidiary of CGG SA and Caa1 rating to the
$451.5 second lien senior secured notes due 2024, issued by CGG
SA. The outlook on all ratings is stable.
RATINGS RATIONALE
The assignment of B3 rating to CGG SA reflects the successful
completion of its debt restructuring on February 21, 2018,
thereby reducing gross debt from $2.8 billion to $1.2 billion
post restructuring, resulting in adjusted gross debt/EBITDA
(excl. multi-client capex) to fall to around 5.5x in 2018 from
10.7x as of last twelve months September 2017. The B3 rating
reflects the company's stronger balance sheet and lower debt
burden, as the company is now better positioned until there is a
stronger recovery in the seismic market. The rating also reflects
marginal recovery in the seismic market in 2018, mainly in the
equipment segment for CGG.
The company filed for insolvency proceedings in France and US in
June 2017 and successfully implemented its debt restructuring in
February 2018. As part of this process, senior unsecured notes
and convertible debt totaling $2.0 billion were fully equitized,
$663.6 million of first lien senior secured notes were issued in
exchange of $814 million of secured debt with an upfront payment
of $150 million and the maturity of this debt was extended by 5
years to 2023. In addition, $375 million of new second lien
senior secured notes were issued and $86 million of accrued
interest was converted into second lien interest bond. An equity
raise of $125 million from rights offering was also completed.
The B3 rating reflects the company's improved liquidity profile
as a result of the debt restructuring as there are no debt
maturities until 2023, which is an important driver for the
rating given the weak industry conditions.
Seismic market conditions are expected to recover marginally in
2018. Exploration spending and drilling have been significantly
reduced in the past years due to low oil prices. Investment is
expected to pick up over time to ensure reserve life is
maintained for integrated oil companies and independent
exploration & production companies, which should result in better
demand conditions for seismic companies. Schlumberger's exit from
the seismic acquisition market should reduce supply from the
market. This supported by increasing oil prices, should help in
balancing the fundamentals for the seismic market in 2018,
however, the timing of a full market recovery remains uncertain.
Moody's expects limited recovery for the seismic market in 2018,
however, market conditions should begin to improve during the
year.
Moody's expects a marginal recovery in 2018, resulting in
adjusted EBITDA (excl. multi-client capex) of around $350-400
million, mainly as a result of some recovery anticipated in the
Equipment segment. Free Cash Flow (FCF) after paid cost of debt
and Transformation Plan is expected to remain negative at around
$-150 million. Following the successful completion of the debt
restructuring in February 2018, adjusted gross debt/EBITDA (excl.
multi-client capex) is expected to decline to around 5.5x in 2018
from around 11.0x in 2017, with further deleveraging in 2019,
depending on market conditions. The company is expected to have a
pro-forma cash balance of around $575 million post completion of
the transaction (after payment of financial restructuring fees).
With no debt maturities in the near term, CGG should demonstrate
an adequate liquidity profile in the coming 12-18 months.
STRUCTURAL CONSIDERATIONS
CGG's new debt structure post-restructuring consists of $663.6
million first lien senior secured bond due 2023 issued by CGG
Holding (U.S.) Inc, a subsidiary of CGG SA and $451.5million
second lien senior secured notes due 2024, issued by CGG SA. The
first lien senior secured bond is rated B2, one notch above the
CFR. This bond is (i) guaranteed on a senior secured basis by CGG
SA and a number of operating companies (ii) secured on all US
assets including Multi-Client Libraries and by a first ranking
pledge on the shares of the operating companies.
The second lien senior secured notes are rated Caa1, one notch
below the CFR. Whilst the notes benefit from the same guarantees
and security package as the first lien debt, the one-notch
discount to the CFR reflects their effective subordination to the
aforementioned first lien obligations.
RATING OUTLOOK
The stable outlook reflects the successful completion of CGG's
debt restructuring process resulting in lower debt burden with
adjusted gross debt/EBITDA (excl. multi-client capex) expected at
around 5.5x in 2018. The outlook also reflects expectations that
the company should be able to maintain its adequate liquidity
profile at all times.
WHAT COULD TAKE THE RATING UP
An upgrade of the rating is highly dependent on the recovery of
the market conditions, leading to an improvement in the financial
profile of the company such that adjusted EBIT margin turns
positive trending above 5% and adjusted debt/EBITDA (excl. multi-
client capex) is below 4.5x on a consistent basis. An upgrade
would also require a good liquidity position and return to
positive FCF generation on a sustainable basis.
WHAT COULD TAKE THE RATING DOWN
The B3 rating could come under pressure if the market remains
weak resulting in negative EBIT margin and adjusted debt/EBITDA
(excl. multi-client capex) is above 6.0x on a consistent basis.
The rating could also be downgraded if there is a deterioration
in the liquidity profile of the company.
RATING METHODOLOGY
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
COMPANY PROFILE
CGG ranks among the top three players in the seismic industry. In
2017, CGG generated $1.3 billion in revenues. The company is
organized around three divisions: Contractual Data Acquisition,
Geology, Geophysics and Reservoir or GGR, and Equipment. The
Contractual Data Acquisition division comprises (i) offshore
seismic acquisition and (ii) land seismic and multi-physics. The
GGR division offers a multi-client library, a processing and
imaging business, as well as geology and basins consulting and
reservoir characterisation through the Robertson, Hampson-Russell
and Jason brands. The Equipment division consists of the
manufacture and sale of equipment used for seismic data
acquisition, such as recording and transmission equipment (via
its fully owned subsidiary Sercel). It is listed on both Euronext
Paris and the New York Stock Exchange and its market
capitalization was as $1.1 billion as of March 12, 2018.
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I R E L A N D
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ARMADA EURO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO II CLO DAC expected
ratings:
Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-2: 'AAA(EXP)sf'; Outlook Stable
Class A-3: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C-1: 'A(EXP)sf'; Outlook Stable
Class C-2: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB-(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.
Armada Euro CLO II DAC is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by Brigade Capital Europe Management LLP . The CLO
envisages a four-year reinvestment period and an 8.5-year
weighted average life (WAL).
KEY RATING DRIVERS
B' Portfolio Credit Quality
Fitch considers the average credit quality of obligors to be in
the 'B' range. The Fitch-weighted average rating factor of the
current portfolio is 32.5, below the indicative maximum covenant
of 33.5 for assigning expected ratings.
High Recovery Expectations
At least 90% of the portfolio will comprise 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 67.2%, above the minimum covenant of 61.4% for
assigning expected ratings.
Limited Interest Rate Exposure
Fixed-rate liabilities represent 7.5% of the target par, while
fixed-rate assets can represent up to 10% of the portfolio,
depending on the Fitch test matrix selected by the manager. The
transaction is therefore partially hedged against rising interest
rates. The maximum fixed rate asset covenant for expected ratings
is 10%.
Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 21% of the portfolio balance.
This covenant ensures that the asset portfolio will not be
exposed to excessive obligor concentration.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to four notches for the rated notes.
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K A Z A K H S T A N
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ATF BANK: Fitch Reissues December 15 Commentary
-----------------------------------------------
Fitch Ratings has reissued a commentary published on Dec. 15,
2017 to update selected bonds in the Dodd-Frank Rating
Information Disclosure Form (RIDF). Content in the Rating Action
Commentary remains unchanged and unaffected.
The revised release is as follows:
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of ATF Bank JSC to 'B' from 'B-' and affirmed the ratings
of Bank Centercredit (BCC) at 'B'. The Outlooks on both banks'
IDRs are Stable. The agency has affirmed Subsidiary Bank Sberbank
of Russia, JSC (SBK) at 'BB+'/Positive, and maintained the
ratings of Altyn Bank JSC (Subsidiary Bank of Halyk Bank of
Kazakhstan JSC) (AB) at 'BB'/Rating Watch Positive (RWP).
KEY RATING DRIVERS - IDRS, NATIONAL LONG-TERM RATINGS (ALL BANKS)
The affirmation of SBK's 'BB+' Long-Term Foreign- and Local-
Currency IDRs and '3' Support Rating reflects Fitch's view of the
high propensity of its owner, Sberbank of Russia (SBR; BBB-
/Positive), to provide support in case of need. This view is
based on SBK's small size relative to its parent, the strategic
importance of the CIS region for SBR, and possible reputational
risks for the parent in case of a subsidiary default.
The Long-Term IDRs of ATF and BCC are in line with their
Viability Ratings (VRs), and the upgrade of ATF's Long-Term IDR
reflects the upgrade of its VR. The two banks now hold large
buffers of junior debt (equal to an estimated 12.7% and 10.9% of
risk-weighted assets, respectively), which may offer significant
protection for the banks' senior creditors in case of failure.
However, Fitch has not notched the banks' IDRs (which reflect the
risk of default on senior obligations) up from their VRs (which
capture failure risk) due to significant uncertainty about the
extent of possible recapitalisation needs in a failure scenario,
and whether junior debt would be sufficient to absorb these.
The higher National Rating of SBK compared to ATF and BCC
reflects the benefits of shareholder support for its credit
profile.
KEY RATING DRIVERS - VRS (ALL BANKS)
The VRs, at 'b+' (SBK) and 'b' (ATF and BCC), primarily reflect
the still significant size of potential asset quality problems at
all three banks. However, on the positive side, the ratings
reflect the banks' reasonable capital adequacy and liquidity
profiles.
ATF and BCC's capitalisation has benefited significantly from
sizeable capital injections in the form of subordinated debt from
the National Bank of Kazakhstan (NBK) in 4Q17, as part of a
programme to support the solvency of larger domestic banks. As
the subordinated debt is quite long-term (15 years) and carries a
low (4%) interest rate, the banks will book fair-value gains, and
therefore positive adjustments to their equity, equal to more
than half of the nominal value of the issues in both their IFRS
and, Fitch understands, regulatory accounts.
The one-notch higher VR of SBK, compared to ATF and BCC, reflects
its somewhat stronger capacity to absorb credit losses through
the income statement and therefore gradually resolve its asset
quality issues, and some ordinary benefits of support from its
parent, SBR, in terms of potential problem asset sales. It also
reflects the somewhat less deep-seated nature of SBK's asset
quality problems, given that these have been generated relatively
recently in contrast to the longstanding legacy exposures of ATF
and BCC; however, the volume of problematic assets is similar
across the three banks.
KEY RATING DRIVERS - VR (SBK)
The affirmation of SBK's VR reflects Fitch's view of the limited
changes in the bank's credit profile since the last review. The
'b+' VR continues to factor in the ordinary benefits of parental
support, SBK's decent core profitability and comfortable
liquidity, and some stabilisation, albeit at weak levels, of its
asset quality and capitalisation metrics.
SBK's non-performing loans (NPLs, overdue by more than 90 days)
stood at 11% of gross loans at end-3Q17, a ratio that has
remained stable relative to end-2016, in part due to portfolio
growth. In addition, restructured loans were a substantial 24%,
albeit down from 31% at end-2016. Performing foreign-currency
loans reduced to 11% from 15% of the portfolio; Fitch views such
exposures as a potential source of problem recognition for all
three banks given the large recent depreciation of the tenge.
Capitalisation remains weak in light of large unreserved problem
loans, and SBK does not expect capital contributions from SBR in
the near future. SBK's Fitch Core Capital (FCC) ratio of 11.4% at
end-3Q17 was little changed in comparison with 11.6% at end-2016.
The risks for capitalisation have slightly abated but remain
considerable as NPLs less specific reserves fell to 0.3x FCC from
0.4x, and unreserved restructured loans reduced to 1.5x FCC from
1.9x FCC. Non-impaired foreign-currency loans contracted to 0.9x
FCC from 1.1x FCC.
SBK's core profitability is relatively strong, helping the bank
to provision or write off loans faster than peers. Annualised
pre-impairment profit was equal to a high 7% of average gross
loans for 9M17, the same level as in 2016. Operating profit has
remained relatively low, at an annualised 8% of average equity in
9M17 after 6% in 2016, as SBK used most of its pre-impairment
result to create provisions.
The funding profile remains under some pressure due to
international sanctions on Russian state-controlled banks; this
means SBK has to rely more on short-term non-retail funding and
high-cost retail deposits. The bank maintains a solid liquidity
buffer, equal to 35% of liabilities at end-3Q17.
KEY RATING DRIVERS - VR (ATF)
The upgrade of ATF Bank's VR to 'b' from 'b-' reflects the
significant recent improvement in its solvency as a result of the
NBK's capital support. High impaired loans, weak core
profitability and high funding concentrations continue to weigh
on ATF's ratings.
Of the KZT100 billion of low-rate, long-term subordinated debt
provided by the NBK, Fitch expects about KZT60 billion to be
booked as a fair-value gain, boosting equity, with the remaining
KZT40 billion adding to Tier 2 capital. Adjusting end-3Q17
metrics for these contributions, ATF's FCC ratio would rise to
14% from 9%, and its Basel I Total capital ratio to 26% from 17%.
After reducing slightly in recent years, ATF's NPL ratio was
still a high 19% at end-3Q17, with restructured loans an
additional 12%. Foreign-currency loans reported as performing
were a further 40%. ATF has agreed with the NBK to gradually
create over five years KZT150 billion of additional impairment
provisions (equal to 15% of loans at end-3Q17), primarily through
utilisation of the new capital injection.
Following the capital increase, Fitch expects non-performing and
restructured loans less specific reserves to have reduced to 0.6x
and 0.4x FCC from 1.0x and 0.6x, respectively, at end-3Q17. Non-
impaired foreign-currency loans less reserves should have fallen
to 1.3x from 2.0x. Additional pressure comes from foreclosed
property, equal to 0.5x post-support FCC.
Core profitability has been weak, but could improve somewhat as a
result of business growth and earnings on NBK notes into which
ATF placed the proceeds of the subordinated debt issue.
Annualised pre-impairment profit adjusted for interest accrued
but not received in cash was equal to a low 0.2% of average total
assets in 9M17, but could add about 0.5pp as a result of the
coupon income on the notes. Net income, at 15% of average equity
in 9M17, could, in Fitch's view, turn into a moderate loss next
year as a result of the higher planned impairment charges.
Liquid assets fell to a still reasonable 26% of liabilities at
end-3Q17 from 46% at end-2016 as a result of a Eurobond repayment
and some deposit outflows. Furthermore, high single-name
concentrations, with the largest 20 depositors contributing 47%
of the total, continue to constrain ATF's funding position and
liquidity.
BCC
The affirmation of BCC's VR reflects the bank's still significant
problem loans. However, the rating is supported at the 'b' level
by the strengthening of BCC's core capital position following the
contribution from the NBK, the bank's improved performance, and
its reasonable funding and liquidity profile. The ownership
linkages between BCC and Tsesnabank, the third-largest domestic
lender, are neutral for BCC's rating given Fitch's view of the
broadly similar credit profiles of the two banks.
At end-3Q17, BCC's NPLs were equal to 11% of gross loans and were
fully covered by loan impairment reserves. However, additional
asset quality risks stem from significant exposure to
restructured loans (17% of gross loans or 1.2x FCC post-recap)
and a related-party loan to a reportedly performing special-
purpose vehicle, which holds BCC's problem assets (5% of gross
loans or 0.4x FCC). Performing and non-restructured foreign-
currency loans were a further 14% of gross loans (1x FCC). Fitch
believes that BCC will have to absorb additional impairment
losses from the above-mentioned loan exposures. BCC has agreed
with the NBK to gradually create over five years KZT90 billion of
additional impairment provisions (equal to around 10% of gross
loans at end-3Q17), primarily through utilisation of the new
capital injection.
Of the KZT60 billion subordinated debt provided by the NBK, Fitch
expects about KZT35 billion to be recognised as a fair-value
gain, boosting core capital. As a result, BCC's FCC ratio should
increase to 12.5% from 9.3% at end-3Q17.
BCC's annualised pre-impairment profit, net of uncollected
accrued interest, was equal to a reasonable 2.7% of average gross
loans in 9M17, up from a low 0.8% in 2016 due to a stronger net
interest margin. Headline profitability indicators also improved,
with ROAE reaching 12% in 9M17, although Fitch expects internal
capital generation capacity to soften from 2018, as most of the
pre-impairment profit will likely be consumed by additional loan
loss provisions.
The funding and liquidity profile remains a rating strength. BCC
is predominantly customer funded (83% of end-3Q17 liabilities),
and wholesale funding repayments for 4Q17-2018 are limited. At
end-3Q17, BCC's liquid assets covered a high 31% of total
liabilities.
AB - ALL RATINGS
AB's Long-Term IDRs at 'BB' reflect Fitch's opinion that AB's
parent institution, Halyk Bank of Kazakhstan (HB; BB/Stable),
would likely have a high propensity to support its subsidiary in
light of AB's modest size and the planned sale of a majority
equity stake in AB to China CITIC Bank Corporation Limited (CNCB;
BBB/Stable).
HB and CNCB signed a memorandum of understanding in November
2016. The sale was originally expected to close this year but was
later postponed to 2018.
Fitch has not assigned a VR to AB given that the bank's business
model has been evolving after AB's acquisition by HB in 2014 and
is likely to be the subject of potential further transformations
after the expected ownership change.
DEBT RATINGS
Senior unsecured debt ratings are aligned with Long-Term IDRs
based on average recovery expectations. Recoveries for senior
creditors of defaulted Kazakh banks (typically in the 30%-50%
range) have depended on the extent to which the authorities
supported banks' restructurings with capital injections, and so
were essentially the outcome of political decisions.
The dated subordinated debt issues of ATF and BCC are notched
down once from the banks' VRs and National Long-Term Ratings,
reflecting below-average recovery prospects. SBK's subordinated
debt is notched down once from its Long-Term IDR and National
Long-Term Rating, reflecting Fitch's view that support from SBR
would likely be available to prevent non-performance on this.
The upgrade of the National Long-Term Rating on BCC's dated
subordinated debt to 'BB(kaz)' from 'BB-(kaz)' is to bring the
notching into line with that on the international scale.
The perpetual debt ratings of BCC and ATF are rated two notches
lower than their VRs, reflecting greater non-performance risk and
more limited recovery expectations. Kazakh banks' subordinated
debt issues do not currently envisage any formal loss absorption
triggers but, in Fitch's view, could absorb losses as "going-
concern" instruments if in the regulator's view the bank had
ceased to be viable.
SBK's debt ratings relate to debt issues made prior to 1 August
2014.
SUPPORT RATINGS (SRS) AND SUPPORT RATING FLOORS (SRFS)
The affirmations of the SRFs of ATF and BCC at 'No Floor' reflect
their only moderate market shares of around 5% in sector assets
and deposits and the fact that they have not been designated as
systemically important institutions.
Notwithstanding the recent record of capital support for medium-
sized banks, including ATF and BCC, in Fitch's view such support
cannot be relied upon over the long term and in all
circumstances, as the recent default of the ninth-largest bank in
the country, Bank RBK (unrated), suggests.
RATING SENSITIVITIES
The Long-Term IDRs and VRs of ATF and BCC are primarily sensitive
to material changes in these banks' asset quality and
capitalisation. A material reduction in their exposure to problem
assets, combined with maintenance of core capital ratios at
current levels, could result in upgrades of the VRs. If asset
quality problems abate while junior debt buffers remain
substantial and are, in Fitch's view, sustainable, the banks'
Long-Term IDRs could be notched up once from their VRs.
Conversely, a significant increase in problem asset exposures or
recognition of greater-than-expected losses on these could result
in downgrades of both VRs and Long-Term IDRs.
The Long-Term IDRs of SBK would likely change in tandem with the
ratings of its parent, SBR. The Positive Outlook on SBK reflects
that on SBR.
The RWP on AB's ratings reflects the potential for these to be
upgraded as a result of the bank's expected acquisition by the
higher-rated CNCB. The acquisition could take more than six
months to complete.
Debt ratings would likely change in line with their respective
anchor ratings, ie Long-Term IDRs for senior debt and SBK's
subordinated debt, and VRs for ATF and BCC's subordinated and
hybrid instruments.
ATF and BCC's 'CCC' hybrid ratings are unlikely to change as a
result of the finalisation of Fitch's revised Global Bank Rating
Criteria, an Exposure Draft for which was published on 13
December 2017. This is because these ratings are consistent with
the proposed revised guidelines for notching of subordinated and
hybrid instruments included in the Exposure Draft.
The rating actions are:
ATF Bank JSC
Long-Term Foreign- and Local-Currency IDRs: upgraded to 'B' from
'B-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
National Long-Term Rating: upgraded to 'BB+(kaz)' from 'BB-
(kaz)'; Outlook Stable
Viability Rating: upgraded to 'b' from 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: upgraded to 'B'/'BB+(kaz)' from 'B-'/'BB-
(kaz)'; Recovery Rating at 'RR4'
Dated subordinated debt: upgraded to 'B-'/'BB(kaz)' from
'CCC'/'B'; Recovery Rating at 'RR5'
Perpetual debt: upgraded to 'CCC' from 'CC'; Recovery Rating at
'RR6'
Bank Centercredit
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B';
Outlook Stable
Short-Term IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BB+(kaz)'; Outlook Stable
Viability Rating: affirmed at 'b'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: affirmed at 'B'/'BB+(kaz)'; Recovery
Rating at 'RR4'
Dated subordinated debt: affirmed at 'B-'; Recovery Rating at
'RR5'
Dated subordinated debt National Rating: upgraded to 'BB(kaz)'
from 'BB-(kaz)'
Perpetual debt rating: affirmed at 'CCC'; Recovery Rating at
'RR6'
Subsidiary Bank Sberbank of Russia, JSC
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB+';
Outlook Positive
Short-Term IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'AA-(kaz)'; Outlook
Positive
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '3'
Senior unsecured debt: affirmed at 'BB+'/'AA-(kaz)'
Subordinated debt: affirmed at 'BB'/'A+(kaz)'
Altyn Bank JSC (Subsidiary Bank of Halyk Bank of Kazakhstan JSC)
Long-Term Foreign- and Local-Currency IDRs: 'BB'; maintained on
RWP
Short-Term IDR: 'B'; maintained on RWP
National Long-Term Rating: 'A+(kaz)'; maintained on RWP
Support Rating: '3'; maintained on RWP
===================
L U X E M B O U R G
===================
ALTISOURCE SOLUTIONS: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed Altisource Solutions
S.a.r.l.'s (Altisource) B3 Corporate Family and Senior Secured
Bank Credit Facility Ratings. The outlook was revised to positive
from stable.
Affirmations:
Issuer: Altisource Solutions S.a.r.l.
-- Corporate Family Rating, Affirmed B3, outlook changed to
Positive From Stable
-- Senior Secured Bank Credit Facility, Affirmed B3, outlook
changed to Positive From Stable
Outlook Actions:
Issuer: Altisource Solutions S.a.r.l.
-- Outlook, Changed To Positive From Stable
RATINGS RATIONALE
The rating action reflects Altisource's strong financial
performance and the company's lessening reliance on Ocwen
Financial Corporation (Ocwen, Caa1 negative) for its revenues,
and more reliance on New Residential Investment Corp. (New
Residential, B1 stable), a stronger counterparty.
Altisource's financial performance has been strong for a B-rated
entity, with pretax, pre-provision profitability of 4.8% in 2017,
and Debt/EBITDA of 3.5X as of December 31, 2017.
On August 28, New Residential and Altisource entered into an 8-
year cooperative brokerage agreement and a letter of intent to
enter into an 8-year services agreement for other services
typically outsourced by mortgage loan servicers. The brokerage
agreement followed New Residential's agreement to purchase
mortgage servicing rights (MSRs) from Ocwen representing
approximately $110 billion in unpaid principal balance (UPB) of
mortgage loans. The cooperative brokerage agreement secures
Altisource's role as the exclusive provider of marketing and
listing services for real estate owned (REO) properties which New
Residential has acquired, or will acquire, the MSRs. Through the
services agreement, Altisource would become the exclusive
provider of certain fee-based services with respect to MSRs owned
by New Residential and currently serviced by Ocwen, for which the
companies signed a letter of intent. The services agreement will
provide certainty that Altisource continues to be the exclusive
services provider of default-related services even if those
portfolios are transferred away from Ocwen.
The positive outlook reflects the expectation that Altisource and
New Residential will, in the near term, sign a definitive
services agreement which would lessen Altisource's reliance on
Ocwen.
Altisource's ratings could be upgraded if Altisource signs a
definitive services agreement with New Residential.
Altisource's ratings could be downgraded in the event of a
material reduction in net income or increase in leverage. In
addition, a ratings downgrade could result if the volume of non-
GSE loans for which Ocwen owns the MSRs and services declines
significantly.
SWISSPORT GROUP: S&P Affirms 'CCC' Sr. Notes Rating, Outlook Neg.
-----------------------------------------------------------------
On March 13, 2018, S&P Global Ratings revised to negative from
stable its outlook on Luxembourg-based airport services provider
Swissport Group S.a.r.l. (Swissport) and the group's related
entities. S&P affirmed its 'B-' long-term issuer credit ratings
on the entities.
S&P said, "At the same time, we assigned a 'B-' issue rating to
the EUR325 million incremental term loan B issued by Swissport
Financing S.a.r.l., and affirmed our 'B-' issue rating on the
group's existing senior secured EUR460 million term loan B and
EUR364 million senior secured notes. The recovery rating on the
debt is '3', reflecting our expectations of meaningful recovery
(50%-70%; rounded estimate: 50% [revised from 55% for the
existing debt]) in the event of default.
"We also affirmed our issue rating on the group's remaining
senior unsecured notes at 'CCC'. We also affirmed our 'CCC' issue
rating on the group's senior secured notes issued by Swissport
Investments S.A., as they have no recourse to the restricted
group assets in an event of default. The recovery rating on both
the secured and unsecured debt remains '6', indicating our
expectation of negligible recovery (0%-10%; rounded estimate 0%)
in the event of a default.
"We affirmed our 'B-' issue rating on the Swiss franc (CHF) 110
million (about EUR95 million) senior secured revolving credit
facility (RCF) issued by Swissport International Ltd. The
recovery rating on this instrument remains unchanged at '3',
reflecting our expectations of meaningful recovery (50%-70%;
rounded estimate: 50% [revised from 55%]) in the event of a
payment default.
"The outlook revision reflects our heightened concerns that
Swissport's owner, Chinese conglomerate HNA Group, is, due to its
current liquidity constraints, willing to increase Swissport's
already high debt leverage and interest burden. We also see the
risk that further interventions from HNA could jeopardize
Swissport's intention to deleverage and weaken its liquidity
position.
"We now have concerns about the timely and full repayment of a
EUR361.5 million affiliate loan (AL; excluding accrued interest)
that Swissport granted to a subsidiary of its strategic owner HNA
Group in August 2017. The repayment of the AL is due to be
received by Swissport by May 7, 2018. The original AL was for
EUR400 million, but has since been renewed on several occasions,
with repayment being slower than initially expected. We
understand that Swissport did not to use the proceeds from the AL
to partially fund the acquisition of Australia-based airport
service provider Aerocare, but instead used third-party
investments to fund the acquisition in addition to the
aforementioned new term loan B.
"We understand that the third-party investments were issued from
an entity that sits above the restricted group and that the
proceeds were downstreamed as equity to the creditor group of our
rated debt. We, however, consider this as adjusted debt and
forecast Swissport's adjusted debt to EBITDA ratio, pro forma the
Aerocare acquisition, will be about 7.0x at the end of March
2018.
Aerocare is the market leader in the region of Australia and New
Zealand and employs more than 3,000 employees. It provides
services to major domestic and international airlines across 36
airports, manages more than 160,000 flights, and serves some 15
million passengers annually. This adds about 6% to Swissport's
overall passenger volume, which stood at 250 million across its
global network in 2017.
"We continue to view Swissport's capital structure as highly debt
leveraged. We note that the group's free cash flow generation was
negative in the first nine months of 2017 (about EUR88 million),
due to high working capital needs and extraordinary costs. We
expect free cash flow generation to improve, but to remain
negative in the next 12 months, due to high interest payments,
transaction-related costs, and capital expenditures (capex) at
about 3% of revenues.
"Our business risk assessment continues to reflect Swissport's
position as a leading independent provider of ground-handling
services and its well-diversified customer base. We view
favorably Swissport's international footprint in the ground-
handling market, with more than 850 customers at more than 315
airports around the globe. However, we consider the EUR70
billion-EUR90 billion global ground-handling market to be highly
fragmented. Traditionally, ground-handling services have been
provided by airports or airlines themselves, but the opening of
the market has resulted in the outsourcing of up to 50% of
ground-handling services globally to third parties, such as
Swissport, according to the International Air Transport
Association.
"The negative outlook on Swissport reflects our concerns
regarding the timely repayment of the AL by an HNA Group
subsidiary, which could lead to increased debt leverage, as well
as tightening liquidity and covenant headroom under the RCF. In
our view, Swissport's funding of third-party investments shows,
in our view, that HNA Group is, due to its current liquidity
constraints, willing to increase Swissport's already high debt
leverage and interest burden, and we see the risk that further
interventions from HNA Group could jeopardize Swissport's
intention to deleverage or weaken its stand-alone liquidity.
"We could lower our rating on Swissport if HNA Group adversely
intervened or if Swissport were drawn into any potential
insolvency or distressed restructuring as a result of HNA Group's
weak credit position. Furthermore, we could lower our rating if
Swissport does not receive the AL proceeds in a timely manner and
its liquidity weakens.
"We could revise our outlook to stable, if HNA fully repays the
AL, the proceeds are predominately used to reduce debt leverage,
and Swissport's liquidity remains adequate."
=================
M A C E D O N I A
=================
FENI INDUSTRIES: Komercijalna Banka Inks Contract for Debt Sale
---------------------------------------------------------------
SeeNews reports that Macedonia's Komercijalna Banka said it has
signed a contract for the sale of a MKD1.5 billion (US$30.2
million/EUR24.4 million) debt owed to the lender by ferronickel
producer Feni Industries.
The deal was signed on March 13, Komercijalna Banka said in a
bourse filing on March 13, SeeNews relates. The buyer was not
named, SeeNews notes.
According to SeeNews, in a separate statement on March 13,
Macedonia's Stopanska banka Skopje said it signed on March 13 a
contract for the sale of a MKD921.8 million debt owed to the bank
by Feni Industries.
In October, Feni Industries' largest creditors -- Stopanska banka
Skopje, Komercijalna Banka Skopje and Silk Road Bank Skopje,
filed a motion to a local court for the opening of bankruptcy
proceedings against the ferronickel maker, SeeNews recounts
relates. Subsequently, bankruptcy proceedings were opened in
November, SeeNews recounts.
Feni Industries is a pyro-metallurgical ferronickel producing
plant, located in Kavadarci.
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Moody's Hikes CFR to B3, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating (CFR) of Petroleum Geo-Services ASA (PGS) to B3 from Caa2
and Probability of Default Rating (PDR) to B3-PD from Caa2-PD.
Concurrently, Moody's has also upgraded the ratings on the
remaining $26 million senior unsecured notes due 2018 and the
$400 million senior secured term loan B to B3 from Caa2 and
assigned a B3 rating to the $400 million senior secured revolving
credit facility. The outlook on all ratings remains stable.
RATINGS RATIONALE
The upgrade of the rating to B3 from Caa2 reflects the marginal
recovery in the financial profile of the company in 2017 as
demonstrated by adjusted gross debt/EBITDA (excl. multi-client
capex) declining to 6.4x in 2017 from 7.1x in 2016. The
improvement in EBITDA was a result of growth mainly stemming from
the Multi-client pre-funding segment, demonstrating more
stability in the market. The upgrade also reflects better
expected market fundamentals for the seismic industry in 2018,
supported by the increase in oil prices. The B3 rating reflects
the company's adequate liquidity profile, which should enable the
company to sustain through these market conditions, until there
is a full recovery.
Seismic market conditions are expected to recover marginally in
2018. Exploration spending and drilling have been significantly
reduced in the past years due to low oil prices. Investment is
expected to pick up over time to ensure reserve life is
maintained for integrated oil companies and independent
exploration & production companies, which should result in better
demand conditions for seismic companies. Schlumberger's exit from
the seismic acquisition market should reduce supply from the
market. This supported by increasing oil prices, should help in
balancing the fundamentals for the seismic market in 2018,
however, the timing of a full market recovery remains uncertain.
Moody's expects limited recovery for the seismic market in 2018,
however, market conditions should begin to improve during the
year.
Moody's expects marginal recovery in 2018 versus 2017, resulting
in adjusted EBITDA (excl. multi-client capex) of around $350-400
million, mainly as a result of further cost cutting measures
expected in 2018 driven by staff reduction and fleet adjustments.
The company should be able to generate positive FCF of around
$100 million compared to 2017 of around $-150 million, mainly due
to lower capex expected in 2018 as new build capex in now
completed. Adjusted gross debt/EBITDA (excl. multi-client capex)
is expected to decline to around 4.5x in 2018 from around 6.4x in
2017, with further deleveraging in 2019, depending on market
conditions.
The company reported a cash balance of $47 million as of December
2017 and has $77 million in debt maturities in 2018. PGS has
drawn $190 million under its $400 million revolving credit
facility (RCF), which gives access to $210 million of
availability. The RCF will reduce to $350 million in September
2018. Moody's expects the company to remain in compliance with
its financial covenants, which should enable the company to
access the facility if there is a need. This combined with
positive FCF generation demonstrates an adequate liquidity
profile for PGS for the coming 12-18 months. The company has debt
maturities of $51 million in 2019 and $453 million in 2020, which
includes the maturity of the RCF and the senior notes.
STRUCTURAL CONSIDERATIONS
The company's 2017 debt comprised of $400 million term loan due
in March 2021, a $400 million revolving credit facility (reducing
to $350 million in September 2018) due in September 2020, $26
million of remaining senior notes due in December 2018 and $212
million of senior notes due December 2020. In addition, PGS has
$417 million of export credit facilities (ECFs) outstanding due
in 2025 and 2027 with semi-annual installment payments.
The B3 rating on the senior secured bank facilities, in line with
the CFR, reflects that they effectively rank pari passu with the
senior notes due 2018, (as they only have security in the form of
share pledges). Both the secured bank facilities and the 2018
notes will be guaranteed on an unsecured basis by same operating
subsidiaries.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that further
downside market risk is limited and the company should be able to
improve its financial profile marginally in 2018 as market shows
early signs of recovery. The outlook also reflects expectations
that the company should be able to maintain its adequate
liquidity profile at all times.
WHAT COULD TAKE THE RATING UP
An upgrade of the rating is highly dependent on the recovery of
the market conditions, leading to an improvement in the financial
profile of the company such that adjusted EBIT margin turns
positive trending above 5% and adjusted debt/EBITDA (excl. multi-
client capex) is below 4.5x on a consistent basis. An upgrade
would also require a good liquidity position and maintaining the
positive FCF generation on a sustainable basis.
WHAT COULD TAKE THE RATING DOWN
The B3 rating could come under pressure if the market remains
weak resulting in negative EBIT margin and adjusted debt/EBITDA
(excl. multi-client capex) is above 6.0x on a consistent basis.
The rating could also be downgraded if there is a deterioration
in the liquidity profile of the company.
RATING METHODOLOGY
The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.
COMPANY PROFILE
PGS is one of the leading offshore seismic acquisition companies
with worldwide operations. PGS headquarters are located at Oslo,
Norway. The company is a technologically leading oilfield
services company specializing in reservoir and geophysical
services, including seismic data acquisition, processing and
interpretation, and field evaluation. PGS maintains an extensive
multi-client seismic data library. For the year ended December
31, 2017, PGS reported revenues of $839 million. PGS is a public
limited company incorporated in the Kingdom of Norway. The
company is listed on the Oslo Stock Exchange and its market
capitalisation was $1.1 billion as of March 12, 2018.
=============
R O M A N I A
=============
KOBO ICE: Goes Into Bankruptcy Following Insolvency
---------------------------------------------------
Romania-Insider.com reports that Kobo Ice Cream, one of the
biggest ice cream producers in Romania, announced its bankruptcy
two years after going into insolvency.
The Neamt Court ruled that the company will be liquidated, which
means its assets will be sold to pay off some of the debts,
Romania-Insider.com relates.
According to Romania-Insider.com, the company's creditors include
Orkla Foods Romania, Kaufland Romania, Unilever Bulgaria, Mol
Romania and Eco-Rom Ambalaje.
The company had a turnover of EUR 3.94 million and losses of
EUR1.51 million in 2016, Romania-Insider.com discloses. It asked
for its own insolvency at the end of 2016, Romania-Insider.com
recounts. Its debts amounted to EUR3.7 million, Romania-
Insider.com states.
===========
R U S S I A
===========
* S&P Alters Outlook on Three Russian Insurers to Positive
----------------------------------------------------------
S&P Global Ratings said that it has revised its outlooks on
Russia-based insurers--OJSC Sogaz, Ingosstrakh Insurance Co., and
Insurance Company RESO-GARANTIA--to positive from stable.
At the same time, S&P affirmed its ratings on all three
companies.
The rating actions follow S&P's upgrade of Russia on Feb. 23,
2018 and similar rating actions on Russian banks and corporate
entities.
S&P said, "While we consider that the operating environment for
Russian insurers will remain challenging this year, mainly due to
still-high country risks and uncertainties in the performance of
obligatory motor third-party liability (OMTPL) insurance
business, we project that the Russian property/casualty (P/C)
insurance sector will be profitable overall in 2018, mostly
thanks to corporate lines. We now consider that the quality of
the largest insurers' investment portfolios is improving. The
majority of their investments are sovereign bonds, deposits with
large Russian banks, and bonds of large Russian corporate
entities that were upgraded recently."
-- OJSC Sogaz
S&P said, "We revised our outlook on Sogaz to positive to reflect
its improving average credit quality, which is gradually moving
closer to investment-grade level, alongside continued sound
underwriting performance and sustainable capitalization. Sogaz
continues to outperform the market with a net combined (loss and
expense) ratio below 85% in 2017 and a return on equity exceeding
26%. Sogaz is the largest player in the Russian P/C insurance
market with a 17.8% market share based on 2017 results."
The majority of Sogaz's investments are deposits with large
Russian banks and bonds of large Russian corporate entities rated
'BBB-' or higher.
S&P said, "Under our criteria for rating issuers above the
related sovereign, we consider that Sogaz would survive the
stresses associated with a foreign currency default of Russia,
should such an event occur. This means that our long-term rating
on Sogaz can be higher than our 'BBB-' long-term foreign currency
rating on Russia. However, due to the company's substantial
exposure to Russia-based assets, we limit the rating at the level
of the 'BBB' long-term local currency rating on Russia.
"The positive outlook indicates that we could raise the rating by
one notch in the next 18-24 months if Sogaz's investment quality
moves firmly into the 'BBB' category, while Sogaz maintains its
strong competitive position and extremely strong capital
adequacy.
We could revise the outlook to stable if, contrary to our
expectations, the trend of improving asset quality stalls, with
most of the assets remaining in the speculative-grade category
('BB+' or lower)."
-- Ingosstrakh Insurance Co.
S&P said, "We revised our outlook on Ingosstrakh to positive to
reflect the company's improving average credit quality, which is
gradually moving closer to investment-grade level, and very
strong capital and earnings supported by sound underwriting
performance.
As of year-end 2017, a significant amount of Ingosstrakh's
invested assets are with Russian banks and corporate entities
rated 'BBB-' as well as with several 'A-' rated European banks,
which we view as positive for the company's financial risk
profile. We also note that Ingosstrakh continued to show
sustainable operating performance in 2017.
"The positive outlook indicates that we could raise the ratings,
possibly by one notch, in the next 12-18 months if Ingosstrakh's
investment quality moves firmly into the 'BBB' category, while
the company maintains a disciplined underwriting performance and
its current capital levels.
"We could revise the outlook to stable if, contrary to our
expectations, the trend of improving asset quality stalls, with
most of the assets remaining in the speculative-grade category,
or if capital deteriorated to weaker levels, due to high
underwriting losses, unexpected generous dividend payouts, or any
other capital optimization measures."
-- Insurance Company RESO-GARANTIA
S&P said, "We revised our outlook on RESO-GARANTIA to positive to
reflect the company's improving average credit quality. We note
that the company's investment portfolio is well diversified among
international and Russian entities rated 'BBB-' or higher. We
note that about 67% of RESO-GARANTIA's invested assets in bonds,
cash, and deposits relate to domestic and international entities
with average credit quality of 'BBB-' and above, which compares
positively with those of local peers. At the same time, we note
the company's limited track record of maintaining investment
quality at this level. In our view, the expected IPO in 2018
raises concerns about RESO-GARANTIA's capital management policy
and can weaken the company's capital adequacy in the event of
very generous dividend payouts. The company's underwriting
performance remains sound, with the net combined ratio at around
85% as of year-end 2017.
"The positive outlook indicates that we could raise the ratings,
possibly by one notch, over the next 12-18 months if RESO-
GARANTIA builds a sustainable track record of investment quality
in the 'BBB' rating category or higher, while maintaining its
strong competitive position and at least the current level of
capital adequacy. We consider that, at this point, uncertainty
regarding the size of the free float and future capital
management policy can become a rating constraint in the short to
medium term.
We could revise the outlook to stable if RESO-GARANTIA is unable
to maintain investment portfolio quality at 'BBB-' or higher, or
if we see significant weakening of capital, due for example to
worsening underwriting performance or substantial dividend
payouts."
Ratings List
OJSC Sogaz
Ratings Affirmed; Outlook Action
To From
OJSC Sogaz
Counterparty Credit Rating
Local Currency BBB-/Positive/-- BBB-/Stable/--
Financial Strength Rating
Local Currency BBB-/Positive/-- BBB-/Stable/--
Ingosstrakh Insurance Co.
Ratings Affirmed; Outlook Action
To From
Ingosstrakh Insurance Co.
Counterparty Credit Rating
Local Currency BB+/Positive/-- BB+/Stable/--
Financial Strength Rating
Local Currency BB+/Positive/-- BB+/Stable/--
Insurance Company RESO-GARANTIA
Ratings Affirmed; Outlook Action
To From
Insurance Company RESO-GARANTIA
Counterparty Credit Rating
Local Currency BB+/Positive/-- BB+/Stable/--
Financial Strength Rating
Local Currency BB+/Positive/-- BB+/Stable/--
=========
S P A I N
=========
INVICTUS MEDIA: Fitch Assigns 'BB-(EXP)' Long-Term IDR
------------------------------------------------------
Fitch Ratings has assigned Invictus Media S.L. (Imagina) a Long-
Term Issuer Default Rating (IDR) of 'BB-(EXP)' with a Stable
Outlook. Fitch have also assigned an instrument rating of 'BB-
(EXP)'/'RR3' to the company's proposed new senior secured EUR200
million amortising term loan A (TLA), EUR660 million bullet term
loan B (TLB) and EUR60 million revolving credit facility (RCF).
The TLA and TLB are expected to be drawn at closing by Invictus
Media S.L. and its direct subsidiary, Imagina Media Audiovisual,
S.L.
Proceeds from the issuance will be used to finance the
acquisition of a majority stake in Imagina by Orient Hontai
Capital Investment Co. Ltd and to refinance existing bank debt.
The final IDR and debt instrument ratings are contingent upon the
completion of the proposed refinancing and the receipt of final
loan documentation conforming materially to the information
provided to Fitch.
Imagina's ratings reflect its mid-size business nature with
material concentrations in its contract portfolio balanced by
high earnings visibility and long-term or regularly renewed
contracts. Fitch projected financial risk profile with Funds Flow
from Operations (FFO) adjusted leverage averaging at 4.5x for
2018-2020 (about 3.8x on net basis) also support the
recommendation for an IDR of 'BB-'.
The Stable Outlook mirrors Fitch expectations of Imagina's steady
operating performance supported by its contract portfolio and
management's strong execution skills.
KEY RATING DRIVERS
Diversified Business Model: Imagina's vertically integrated
business proposition around marketing of premium sports events
overlaid with audiovisual services creates a diversified client
and income base, which Fitch see as credit positive, particularly
when benchmarking the company to most of its direct peers with a
mono-product focus. Given its business scale and size of EBITDA,
Fitch see Imagina as a smaller sector player that would be
confined to the 'BB' rating category unless its sustainable
EBITDA can be scaled up to above EUR500 million. However,
analysing the business profile in aggregate Imagina's operations
are supported by long-term or regularly renewed contracts for
most of its EBITDA making it a comparatively resilient business
in the broader media sector.
Cash Flows Embedded in Contracts: Earnings from the effective
international agency agreement for La Liga's international rights
with known contract economics together with the operating
contribution from the long-term contracts in the audiovisual
division create an embedded cash flow base. Fitch estimates that
this would permit Imagina to nearly fully cover its operating and
debt service cash commitments until mid-2021. Such a defensive
cash-flow profile partly mitigates Imagina's concentrated
exposure to La Liga and the risks from non-extension or material
adverse change in the terms of its agency agreement in three
years' time.
Concentrated Exposure to La Liga: A relevant proportion of
Imagina's earnings depend on its international agency role with
La Liga. This creates a significant risk for future cash flows
for the next contract cycle, which begins in the 2021/2022
season. While Fitch recognise Imagina's record of actively
managing and broadening its relationship with La Liga, from a
credit perspective uncertainties remain with regard to the
economics of the agency contract with La Liga, which could
materially change Imagina's business risk in the longer term.
Supportive Sports Content Demand Outlook: With a focus on most
popular Spanish and European football leagues, Imagina benefits
from the long-term rising global demand for premium sports
content across various groups, including conventional TV
operators and rapidly developing disruptive streaming service
providers. A widely diversified content off-taker platform
stimulated by strong consumer demand is supportive in optimising
content monetisation strategies and mitigates the emergence of
grossly imbalanced relationships between content providers and
distributors.
Leverage Commensurate with Rating Level: Fitch project Imagina's
leverage will remain well aligned with the recommended IDR of
'BB-'. Following the buyout and recapitalisation in the short
term, which Fitch expect to result in a starting FFO adjusted
leverage of 5.5x (4.6x net) at year-end, Fitch forecast a dynamic
EBITDA-driven organic de-leveraging towards 3.5x gross (3.0x net)
by end-2020. Such a financial risk profile is also commensurate
with Fitch's rated diversified media peers and provides
sufficient headroom for the IDR.
Average Recovery Prospects: Fitch followed the generic approach
in Fitch recovery analysis for issuers in the 'BB' range. Imagina
faces increasing uncertainty of cash-flow generation from the
sports rights businesses over the longer term due to contract
renewal risk. Fitch recovery assumptions reflect this risk and
recovery percentage is estimated at between 51% and 70% for the
first ranking senior secured TLA, TLB and RCF at the 'BB-'/'RR3'
level.
DERIVATION SUMMARY
Fitch approach Imagina's rating analysis in the context of the
Ratings Navigator for diversified media companies and by
benchmarking it against Fitch-rated selected rights management
and content producing sector peers, none of which is considered
to be a strong peer representation for the issuer given its
vertically integrated business model.
Based on the company's competitive position with EBITDA of about
EUR200 million, a stronger regional rather than global sector
relevance, high dependency on key accounts partly counter-
balanced by medium-term earnings visibility, Fitch would regard
Imagina as a 'BB' business risk, placing it slightly better than
Banijay Group SAS's (B+/Stable) unlevered credit quality.
Compared with Pinewood Group Limited (BB/Stable), Imagina's
operating profile is not as robust. Imagina's healthy cash-flow
generation over the medium term allows for significant
deleveraging (Fitch expect 2018-2020 average FFO adjusted
leverage to be about 4.5x, 3.8x net), compares well with peers at
the 'B+'/'BB-' level.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Revenue growth in years 2017 to 2020 at a compound annual
growth rate of c.12%, with the most significant contributor to
revenue growth coming from the Sports rights business in
particular Spanish football rights;
- EBITDA margin is expected to remain flat at 11%-12% a year
until 2020;
- Core operational working capital as a percentage of sales to
rise from about -6% in 2017 to -1% by 2020 as the sports
rights business working capital cycle improves;
- Fitch expect the company to continue acquiring small
businesses in the media space that complement its asset
portfolio, total outflow for M&A is assumed at EUR25 million a
year with an assumed multiple to EBITDA of 5x;
- Capital expenditure as a percentage of sales is forecast to
remain at 2%-4% a year;
- Dividends to shareholders are expected to be nil in all years;
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Intact and growing portfolio of contracts leading to EBITDA
expanding each year by EUR30 million-EUR50 million and EBITDA
in excess of EUR300 million by end-2020;
- Free cash flow growing towards EUR200 million by 2020 with
free cash flow margins trending towards 10%;
- FFO adjusted gross leverage sustainably below 4.0x and FFO
adjusted net leverage sustainably below 3.5x.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Loss of one or more contract for domestic rights or adverse
change of La Liga's agency contracts leading to EBITDA
remaining at about EUR200 million;
- Free cash flow margin weakening towards zero;
- No deleveraging after 2018 with FFO adjusted gross leverage
remaining above 5.0x and FFO adjusted net leverage above 4.5x;
- Freely available cash reserves persistently declining towards
EUR50 million.
LIQUIDITY
Ample Liquidity: Fitch projects freely available cash reserves to
remain high over the next four years supported by initial
overfunding and positive free cash flows from 2018. Cumulatively,
these will contribute to an estimated build-up of cash balances
in excess of EUR250 million by end of 2020 and would comfortably
accommodate bolt-on acquisitions of EUR25 million a year, which
Fitch have factored in the rating case from 2017.
Fitch project the committed RCF will remain undrawn over the
rating horizon. In Fitch liquidity analysis, Fitch have deducted
EUR58 million as restricted cash comprising EUR50 million as
minimum operating cash required for operations. Fitch have also
made an adjustment for an assumed EUR8 million for bank accounts
set aside for certain US sports rights payments and collections
which are not available to service debt.
FULL LIST OF RATING ACTIONS
Invictus Media S.L.
- Long-Term IDR: assigned at 'BB-(EXP)'; Outlook Stable
- Senior secured debt rating: assigned at 'BB-(EXP)'/ RR3
Imagina Media Audiovisual, S.L.
- Senior secured debt rating: assigned at 'BB-(EXP)'/ RR3
INVICTUS MEDIA: S&P Assigns Prelim 'BB-' Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'BB-'
long-term issuer credit rating to Spain-based Invictus Media
S.L.U., the parent company of sports rights manager, audiovisual
services provider, and content producer Imagina Media
Audiovisual, S.L. The outlook is stable.
S&P said, "We also assigned our preliminary 'BB-' issue rating to
the proposed EUR200 million six-year senior secured term loan A
facility, the EUR660 million seven-year senior secured term loan
B facility, and the EUR60 million senior secured revolving credit
facility (RCF) that the group intends to borrow to finance the
proposed transaction. The recovery rating on these facilities is
'3', indicating our expectations of meaningful recovery of about
65% for debtholders in the event of a payment default.
"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time, or if the final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
security, and ranking."
The 'BB-' issuer credit rating on Invictus primarily reflects the
strong demand for sports content and Imagina's good operating
performance and free cash flow generation. However, the rating is
primarily constrained by Imagina's high reliance on the rights
for the Spanish football league (LaLiga), its aggressive credit
metrics, and its financial sponsor ownership.
Invictus is the parent company of sports rights manager,
audiovisual services provider, and content producer Imagina Media
Audiovisual, S.L. With EUR1.6 billion of revenues expected for
2017, Imagina produces and distributes audiovisual content,
administers and distributes sporting events, produces and
supplies film and interactive content, and provides post-
production services in Europe.
S&P said, "We believe that there is a rising demand for quality
content from broadcasters and pay-TV operators worldwide, due to
the fragmentation of the audience and the rise of new competitors
including over-the-top players such as Netflix or Amazon. We
believe that exclusive sports are a premium content that
consumers are ready to pay to get access to, while advertisers
are willing to pay a premium to place their ads around a sports
event on free-to-air television.
"We understand that most of the group's EUR1.9 billion revenues
and nearly EUR230 million S&P Global Ratings-adjusted EBITDA we
project for 2018 are already contracted (primarily in the sports
rights division), as well as some of the 2019 revenues and
EBITDA, which makes the performance and, eventually, the credit
metrics more predictable.
"However, we note that Imagina's two main contracts with LaLiga
(on international rights and on domestic rights on pay-TV)
represent a significant share of the group's EBITDA and free cash
flow. We believe there is low probability of the contracts with
LaLiga, in particular on the very profitable international rights
contract, not being renewed."
With close to 65% of EBITDA 2018 expected to come from sports
rights management (the majority coming from contracts with
LaLiga), the renewal of these contracts is critical for the
company's operating performance and credit profile. However, S&P
believes that the likelihood of the contracts with LaLiga not
being renewed is relatively low due to:
-- The group's long-standing relationship with LaLiga of more
than 20 years;
-- Its successful track record of significantly increasing the
value of the rights for LaLiga; and
-- Imagina's provision of additional services to LaLiga, which
include inter alia, the production of all first and second
division football matches in Spain every weekend of the year,
the production of a TV channel for the league's second
division, as well as the production of a TV channel for
international clients and bars and restaurants in Spain, or
the data analysis for players and matches, for example.
S&P said, "In addition, we believe that having some production
and transmission capacities not only provides more barriers to
entry against competition when it comes to renewal of sports
right contracts, but it also provides Imagina with additional
knowledge of the market and with more negotiating power. On the
last two points, we refer to the group's own free-to-air channel,
GOL, dedicated to sports and on which Imagina broadcasts some of
the football matches for which Imagina has domestic free-to-air
rights.
"In terms of credit metrics, following the proposed leveraged
buyout, we forecast an aggressive level of leverage, with an
adjusted S&P Global Ratings ratio of debt to EBITDA starting at
4.6x and sustainably staying below 5x thereafter. This is
supported by our forecast of growth in EBITDA and cash flows,
primarily reflecting the new terms of the contract with LaLiga
for the sale of international rights. We also factor in our
rating the group's financial sponsor ownership, with Chinese
private equity fund Orient Hontai Capital owning 54% of Imagina
and the rest being owned by management and advertising group WPP.
That said, we believe that Imagina's S&P Global Ratings-adjusted
leverage will remain below 5x, supported by the group's financial
policy to keep net reported leverage below 3x in the ordinary
course of business and to pay no dividend over the next two
years. We believe that the presence of significant minority
shareholders in the group (including management's 24% and WPP's
22%) further supports our forecast that adjusted leverage will
remain below 5x."
In S&P's base case, it assumes:
-- All three divisions of the group (sports rights management,
audiovisual service, and content production) are somewhat
linked to the macroeconomic environments, in particular those
stemming from commercial advertising. As the group has
expanded its operations in sports rights management and grown
its pay-TV customer base, the direct link between overall
macroeconomic performance and Imagina's results has
diminished, which S&P views positively since it reduces
volatility. In addition, the fragmentation of the audience
for premium quality content has provided Imagina with a much
broader range of customers across the globe, with demand
metrics further protecting Imagina against macroeconomic
cycles.
-- Revenues improving to EUR1.9 billion in 2018, up from EUR1.65
billion in 2017. This is as a result of the contract with
LaLiga for international rights, moving to an agency contract
(whereby Imagina acts as an agent to sell rights of LaLiga in
exchange for commission payments), with any revenues above
the minimum guaranteed revenues being split between Imagina
and LaLiga. S&P said, "We also factor in growth of the
domestic contract with LaLiga, supported by the success of
channels BeIn Sports LaLiga and new contracts to manage the
domestic rights of Champions League and the Europa League on
an exclusive basis. We forecast growth will be further
supported by the group's solid performance in the other
divisions through its audiovisual services (including renting
out its production facilities and production of thematic
channels) and content (on the back of new production
agreements)."
-- Improvement in S&P Global Ratings-adjusted EBITDA margins
from less than 12% expected for 2017, to just above 12% in
2018 and more than 13% in 2019, primarily resulting from the
new international contract with LaLiga, which is more
profitable for Imagina.
-- Excluding the temporary settlements for the company's joint
venture with BeinSports on the Bein Sports and Bein Sports
LaLiga channels, S&P expects working capital outflows to
remain moderate, that is, below EUR25 million annually. S&P
expects annual capital expenditures (capex) will remain about
EUR55 million-EUR60 million.
-- S&P does not forecast any dividend in 2018 and 2019, in line
with the shareholders' financial policy.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Debt to EBITDA in the 4x-5x range in 2018, and sustainably
and comfortably below 5x thereafter.
-- Positive free cash flow generation.
-- S&P Global Ratings-adjusted ratio of discretionary cash flow
to debt at close to or above 5% from 2018.
S&P said, "The stable outlook reflects our view that Imagina will
post strong EBITDA growth. In particular, we forecast a
significant improvement in revenues and EBITDA in Imagina's
sports rights management division, resulting primarily from the
terms of the five-year contract signed for the international
rights of Spanish football league LaLiga and from the new
contracts for the Champions League and Europa League. We forecast
S&P Global Ratings-adjusted EBITDA will improve to about EUR230
million in 2018 from less than EUR195 million in 2017
(preliminary), free operating cash flow (FOCF) to debt will be
close to 5%, and that the group will deleverage from the 4.6x
adjusted debt-to-EBITDA ratio we calculated for 2017 (pro forma
for the proposed transaction).
"We could lower the rating if Imagina's performance and cash
conversion were lower than projected, with the group
underperforming our base case. We will also closely monitor the
group's planned improvement in working capital. We could also
lower the rating if the group's financial policy was more
aggressive than we expected, resulting in the company not
deleveraging, and leverage exceeding 5x or FOCF to debt reducing
to significantly below 5% on a sustained basis. This could result
from unexpected dividend payments or shareholder returns, or a
significant debt-financed acquisition.
"We view an upgrade as unlikely over the next 12 months because
we have already incorporated some strong improvement in operating
performance and credit metrics in our forecasts. However, we
could raise the rating if the group's operating performance and
cash conversion was significantly better than our expectations,
while the debt-to-EBITDA ratio remained below 4x and Imagina's
shareholders committed to a more prudent financial policy than in
the past. We view the latter factor as remote, however, due to
financial sponsor ownership."
INVICTUS MEDIA: Moody's Assigns B1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 Corporate
Family Rating ("CFR") and a B1-PD Probability of Default Rating
("PDR") to Invictus Media S.L., the top entity of the restricted
group that will own Imagina Media Audiovisual, S.L. ("Imagina"),
a leading global integrated international sports, media and
entertainment group. Concurrently, Moody's has assigned B1
ratings to the EUR660 million senior secured term loan
(TLB - due in 2025), EUR200 million amortizing senior secured
term loan (TLA -- due in 2025) and the EUR60 million senior
secured revolving credit facility (RCF - due in 2024) being
issued by Invictus and Imagina.
Orient Hontai Capital Investment Co. Ltd ("OHC") will contribute
EUR552 million of equity and the reinvesting shareholders of
Imagina, WPP Plc and Imagina's management, will roll over their
equity stakes of 22% and 24%, respectively, effectively
contributing a further EUR479 million to Joye Media, S.L. This
total equity of over EUR1,000 million, together with the proceeds
from TLA and TLB will be used to (1) refinance EUR217 million of
existing debt at Imagina; (2) fund the buy-out of exiting
shareholders; (3) ensure cash over-funding of EUR50 million and
(4) pay transaction fees while leaving around EUR17 million of
rolled-over debt on balance sheet after closing.
"Imagina's B1 CFR reflects the group's moderate Moody's adjusted
gross leverage of around 4.4x for FY2017E and the high reliance
of its EBITDA generation from the international agency contract
with La Liga which currently runs until 2020/2021," says Gunjan
Dixit, a Moody's Vice President -- Senior Credit Officer, and
lead analyst for Imagina.
"The rating reflects the risk of future sports rights inflation
and the uncertainties associated with the contract renewals but
is nevertheless supported by the group's strong relationship with
La Liga (particularly in relation to the international agency
contract) and also other industry players, its integrated
business model with exposure to content production and
audiovisual services, and expected healthy cash flow generation,"
adds Ms. Dixit.
RATINGS RATIONALE
Imagina's B1 CFR reflects its (1) global scale of operations with
good international presence and diversity of its operations; (2)
well established relationship with La Liga, Spain's football
league, and other key industry players; (3) strong quality of its
current sports rights properties; (4) the agency model for the
international La Liga rights, which provides a stable and
predictable stream of revenues; (5) high visibility on revenue
and EBITDA growth for 2018/19 owing to the large proportion of
contracted revenues; (6) ability to de-lever with EBITDA growth,
mandatory amortisation of the TLA and a cash sweep mechanism in
the absence of material M&A or shareholder returns, and (7) the
value of the company's stake in A3M, which could be monetised if
needed.
However, the rating is constrained by (1) the high sports rights
contract concentration risk, as the largest international agency
contract with La Liga represents a high proportion of the group
EBITDA; (2) the potential increase in competition in sports
rights bidding process and/ or significant cost inflation for
football rights in general; (3) risks related to future contract
losses due to budget constraints and/ or low margin or loss-
making future contracts could negatively affect the credit
profile of the business; (4) Moody's adjusted gross leverage of
4.4x at the end of 2017 on a pro-forma basis; and (5) a lack of
past track record for sustained and visible EBITDA growth and
positive free cash flow generation before 2016, with poor EBITDA
margins before 2015.
After the re-capitalization transaction, Imagina' gross Moody's
adjusted leverage would be moderate at around 4.4x at the end of
2017. Moody's expects the company to continue to de-lever going
forward in the absence of meaningful M&A and/ or shareholder
returns. Imagina is expected to remain free cash flow generative
given its limited capex requirements. However, the credit metrics
of the company could be negatively impacted if it was to lose any
key sports rights in the auction process or win at a substantial
price inflation which it may not be able to pass on to the
broadcasters in full. In this regard, Moody's cautiously
recognizes that the La Liga domestic rights will be auctioned in
2019 and the company could face increased competition from the
OTT players. In addition, Imagina will need to renew the
international agency contract with La Liga by 2020/21.
On 5th February, the Italian league announced that the domestic
television rights for Serie A games for the period 2018 to 2021
have been sold to Imagina's Mediapro for EUR1.05 billion a year.
The transaction is currently going through the due diligence
phase and yet to be finalised. Therefore, Moody's has for now not
included it as part of its analysis for Imagina's rating
assessment.
Imagina has a joint venture (JV) with BeIN Sports for the
acquisition and commercialization of Champions league, Europa
league and Spanish league. Imagina owns 45% of this venture while
BeIN Sports owns 55%. Imagina consolidates 100% of the JV
revenues but only 45% of the profits. The cost obligations of
BeIN relating to seasons 15/16-17/18 together with its profit
share have so far been recorded as payables on the balance sheet
of Imagina. The cash balance of Imagina also commensurately
includes the cash owed to BeIN for such payables. As of December
31, 2017, the payables to BeIN amounted to EUR214 million. The
payables owed to BeIn will be settled between August and October
2018. Moody's treats these amounts as restricted cash in the
adjusted key ratios calculations. The agency recognizes that for
the seasons 18/19 onwards, payments to BeIN will be settled on a
monthly basis and will no longer accumulate on Imagina's balance
sheet as payables.
At transaction closing Imagina will have cash on balance sheet of
around EUR150 million (excluding the EUR214 million of cash
dedicated towards the BeIN Sports payable). The company will also
have access to EUR60 million of revolving credit facility due
2024. Moody's expects the company's cash flow from operations to
remain healthy in 2018 and 2019, which, together with the RCF,
should be sufficient to meet the company's liquidity requirements
over the next 12 to 18 months. The facilities are restricted by
one gross leverage based financial covenant to be tested
quarterly. The company will be amortising TLA and will not have
any material scheduled refinancing needs until 2025, when the TLB
falls due.
Invictus has been assigned a Probability of Default Rating of B1-
PD, reflecting the expected recovery rate of 50% typically
assumed by Moody's for a capital structure that consists of only
bank credit facilities with one financial covenant. The EUR660
million TLB and the EUR200 million TLA are ranked pari-passu to
the EUR60 million RCF in priority of claims and both the debt
ratings are in line with the B1 CFR.
RATIONALE FOR STABLE OUTLOOK
The stable outlook on the rating reflects Moody's expectation
that Invictus will be able to grow its revenues and EBITDA
steadily by successfully winning and monetizing content,
especially the sports rights contracts. The outlook assumes that
Invictus will successfully renew its key contracts at economic
terms.
WHAT COULD CHANGE THE RATING UP/DOWN
A rating upgrade would be dependent on qualitative considerations
such as a longer track record of operation under the new football
model, a reduction in contract concentration levels, visibility
on the renewal of the key contracts, and track record of
adherence to the financial policies that will be implemented by
OHC, its new majority shareholder.
Upward rating pressure could be exerted over time if (1) the
company's operating performance continues to remain strong
supported in particular by a continued healthy and profitable
sports rights contracts portfolio; (2) its Moody's adjusted Gross
Debt/ EBITDA falls sustainably well below 3.5x; and (3) there is
continued visible improvement in company's free cash flow
generation (after dividends and capex -- as defined by Moody's).
Downward ratings pressure could be exerted if (1) the company
fails to renew its key contracts at economic terms; (2) the
company materially under-performs against its business plan; (3)
its Moody's adjusted Gross Debt/ EBITDA sustainably rises above
4.5x due to M&A and/ or material shareholder returns; and (4) its
free cash flow generation deteriorates materially on a sustained
basis.
LIST OF AFFECTED RATINGS
Issuer: Imagina Media Audiovisual, S.L.
Assignments:
-- Backed Senior Secured Bank Credit Facility, Assigned B1
Outlook Actions:
-- Outlook, Assigned Stable
Issuer: Invictus Media S.L.
Assignments:
-- Corporate Family Rating, Assigned B1
-- Probability of Default Rating, Assigned B1-PD
-- Backed Senior Secured Bank Credit Facility, Assigned B1
Outlook Actions:
-- Outlook, Assigned Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Headquartered in Spain, Invictus is the top entity of the
restricted group for Imagina. For FY2017, Imagina generated
revenue of EUR1648 million and EBITDA (as calculated by the
company) of EUR187 million on a preliminary basis.
TELEFONICA SA: S&P Rates Unit's Proposed Hybrid Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
issue rating to the proposed hybrid notes to be issued by
Telefonica Europe B.V., the Dutch finance subsidiary of Spain-
based telecommunications group Telefonica S.A., which will
guarantee the proposed notes.
S&P said, "We understand the group intends to use the notes'
proceeds to replace an existing EUR1,125 million hybrid with a
first call date in September 2018, which the group intends to
call, and utilize the rest of the notes' proceeds to fund an
expected repurchase of other existing hybrids. We understand
that, after this replacement and other liability management
transactions, the group intends to maintain the total amount of
hybrids outstanding at its current level, corresponding to a
ratio of outstanding hybrids to adjusted capitalization below 12%
in our updated estimates. This is well below the 15% limit for us
to view hybrid leverage as having intermediate equity content.
"At the same time, we have reassessed the EUR1,125 million
September 2018 first call hybrid as having minimal equity
content, given the intent to call the instrument. We will also
reassess, among other existing hybrids issued by Telefonica
Europe, from intermediate to minimal equity content an amount
corresponding to the portion of the proposed new hybrid that is
in excess of the EUR1,125 million. This is because we understand
that the group intends to execute liability management tenders
among other existing hybrids issued by Telefonica Europe, or
alternatively exercise any call of existing hybrids, and utilize
this excess portion as a replacement. Therefore, the overall
amount of hybrids that we assess as having intermediate equity
content will be unchanged.
"We classify the proposed hybrids as having intermediate equity
content until the first reset date, because they meet our
criteria in terms of their subordination, permanence, and
optional deferability during this period. Consequently, when we
calculate Telefonica S.A.'s adjusted credit ratios, we will treat
50% of the principal outstanding and accrued interest under the
proposed hybrids as equity rather than debt, and 50% of the
related payments on these securities as equivalent to a common
dividend."
The two-notch difference between S&P's 'BB+' issue rating on the
proposed hybrid notes and its 'BBB' issuer credit rating (ICR) on
Telefonica S.A. signifies that S&P has made the following
downward adjustments from the ICR:
-- One notch for the proposed notes' subordination, because our
long-term ICR on Telefonica S.A. is investment grade; and
-- An additional notch for payment flexibility due to the
optional deferability of interest.
The notching of the proposed securities points to our view that
there is a relatively low likelihood that Telefonica Europe will
defer interest payments. S&P said, "Should our view change, we
may significantly increase the number of downward notches that we
apply to the issue rating. We may lower the issue rating before
we lower the ICR."
KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S PERMANENCE
Although the proposed securities are perpetual, Telefonica Europe
can redeem them as of the first call date, which falls more than
five years after issuance, and every year thereafter. If any of
these events occur, the company intends to replace the proposed
instruments, although it is not obliged to do so. In S&P's view,
this statement of intent mitigates the issuer's ability to
repurchase the notes.
The interest to be paid on the proposed securities will increase
by 25 basis points (bps) not earlier than 10 years after the
issue date, and by a further 75bps 20 years after the first reset
date. S&P views the cumulative 100bps as a moderate step-up,
which provides Telefonica Europe with an incentive to redeem the
instruments after about 25 years.
S&P said, "Consequently, we will no longer recognize the proposed
instrument as having intermediate equity content after the first
reset date, because the remaining period until its economic
maturity would, by then, be less than 20 years.
"However, we classify the instrument's equity content as
intermediate until its first reset date, as long as we think that
the loss of the beneficial intermediate equity content treatment
will not cause the issuer to call the instrument at that point."
KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The proposed securities will be deeply subordinated obligations
of Telefonica Europe, and will have the same seniority as the
hybrids issued in 2013, 2014, 2016, and 2017. As such, they will
be subordinated to senior debt instruments, and only senior to
common and preferred shares; S&P understands that the group does
not intend to issue any such preferred shares.
KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
S&P said, "In our view, Telefonica Europe's option to defer
payment of interest on the proposed securities is discretionary.
It may therefore choose not to pay accrued interest on an
interest payment date because it has no obligation to do so.
However, any outstanding deferred interest payment would have to
be settled in cash if an equity dividend or interest on equal-
ranking securities is paid, or if common shares or equal-ranking
securities are repurchased.
"That said, this condition remains acceptable under our rating
methodology because, once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest
payment date."
The issuer retains the option to defer coupons throughout the
instrument's life. The deferred interest on the proposed
securities is cash cumulative and compounding.
TELEFONICA SA: Fitch Rates New Perpetual Sub. Securities BB+(EXP)
-----------------------------------------------------------------
Fitch Ratings has assigned Telefonica SA's (BBB/Stable) proposed
perpetual subordinated securities of benchmark size an expected
rating of 'BB+(EXP)'. The securities will be issued by Telefonica
Europe B.V. and guaranteed on a subordinated basis by Telefonica
SA. The final rating is contingent on the receipt of final
documents conforming materially to the preliminary documentation.
Telefonica SA intends to use the proceeds for the transaction to
replace EUR1.125 billion of 2018 hybrids and to fund a tender
offer for a designated basket of existing hybrids totalling a
maximum amount of the final size of the new issue minus the
principal amount of the non-call 2018 hybrids. Prior to the
proposed transaction, Telefonica Europe B.V. has EUR7 billion
worth of hybrids that qualified for 50% or EUR3.5 billion of
equity credit. Fitch does not expect Fitch assessment of equity
credit to change following the transaction and successful
completion of the tender offer. Telefonica SA's intention to
maintain the same level of hybrids in its capital structure
satisfies Fitch permanence criteria.
The upcoming hybrid securities are proposed to be deeply
subordinated and to rank senior only to Telefonica SA's share
capital, while coupon payments can be deferred at the discretion
of the issuer. The 'BB+(EXP)' rating is therefore two notches
below Telefonica SA's Long-Term Issuer Default Rating (IDR),
which reflects the securities' increased loss severity and
heightened risk of non-performance relative to senior
obligations. This approach is in accordance with Fitch's
criteria, "Non-Financial Corporates Hybrids Treatment and
Notching Criteria" dated 27 April 2017 available at
www.fitchratings.com.
The proposed securities qualify for 50% equity credit, as they
meet Fitch's criteria with regard to subordination, effective
maturity of at least five years, full discretion to defer coupons
for at least five years and limited events of default, as well as
the absence of material covenants and look-back provisions. The
proposed securities will be issued in euros and have no formal
maturity date. The issuer has a call option to redeem the notes
at par within the three months ending on the first reset date
(which will be over five years after the issue date) and at any
interest payment date thereafter.
There will be a coupon step-up of 25bp at least ten years after
the issuance and an additional step-up of 75bp 20 years from the
first call date. The first call date and the coupon step-up date
are not treated as effective maturity dates under Fitch's
criteria due to the cumulative amount of the step-ups being lower
or equal to 1% throughout the life of the instruments. The
documentation includes non-binding, intention-based replacement
language that supports Fitch permanence assessment of the hybrid
instruments.
There is no look-back provision in the securities' documentation,
which gives the issuer full discretion to unilaterally defer
coupon payments. Deferrals of coupon payments are cumulative and
the company will be obliged to make a mandatory settlement of
deferred interest payments under certain circumstances, including
a declaration or payment of a dividend.
KEY RATING DRIVERS
Well-Positioned Operating Subsidiaries: Telefonica SA's ratings
are supported by a portfolio of assets that are competitively
well positioned and geographically well diversified across Europe
and Latin America. The operator has a leading Spanish domestic
market position, which drove about 31% of group's EBITDA in 2017.
The Spanish operations underpin Telefonica SA's ratings and
consolidation has improved market structure, while the company's
investments in network, content and bundled products sustain its
competitive capability.
FCF Generation Improving: Fitch expect Telefonica SA's EBITDA to
grow by 1%-2% over the next two to three years, driven by revenue
growth in Latin America and Spain, cost savings across its
business portfolio and margin expansion in Germany resulting from
the extraction of ongoing merger synergies. Telefonica SA states
that capital intensity should reduce to 15% of revenues, as peak
investment in its fibre and mobile broadband networks across its
footprint has passed. The reduced capital expenditure levels
should improve FCF generation.
Gradual Organic Deleveraging Profile: Telefonica SA's fund from
operations (FFO)-adjusted net leverage at the end-2017 was 3.6x.
Fitch expect this decline to around 3.5x by 2018. The decline is
driven by a combination of organic FCF, the sale of a stake in
the group's tower company, Telxius, and the conversion of EUR1.5
billion of mandatory convertible notes in 2017.
Emerging Market Exposure: Telefonica SA derived around 48% of its
EBITDA (end-2017) from its Latin American operations and from
countries with a non-investment-grade rating. The exposure
increases Telefonica SA's cashflow risks, which as a proportion
is higher than its immediate peer group of diversified western
European operators, such as Orange SA (13%) and Vodafone Group
(27%). The exposure also has an impact on Telefonica SA's
leverage, with the majority of Telefonica SA's debt being EUR and
GBP denominated.
DERIVATION SUMMARY
Telefonica SA is rated broadly in line with other geographically
diversified European telecoms operators, such as Orange SA
(BBB+/Stable), Deutsche Telekom AG (BBB+/Stable) and Vodafone
Group (BBB+/Stable). A relatively higher exposure to emerging
markets with sub-investment-grade ratings results in slightly
lower leverage per rating band compared to its peers.
Telefonic SAa and the peer group combine strong operational
positions in both fixed and/or mobile with sizeable and diverse
cashflow generation. Operators with a single market focus, such
as Royal KPN NV (BBB/Stable) and BT Group Plc (BBB+/Stable), have
tighter leverage thresholds for their respective ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Revenue growth of around 1% over the next two to three years
- EBITDA margins expanding to around 32% by 2020 from 31.4% in
2017
- Capex-to-sales ratio of around 15% over the next two to three
years
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted net leverage falling sustainably below 3.3x.
- Improved competitive position in Telefonica SA's domestic and
other key international markets combined with strong growth in
pre-dividend FCF.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage trending above 3.8x on a sustained
basis.
- Pressure on FCF driven by EBITDA erosion, FX and capital
repatriation constraints, higher capex and shareholder
distribution, or significant underperformance in the core
domestic and international markets.
LIQUIDITY
Strong liquidity: Telefonica SA demonstrates strong liquidity,
with EUR7.3 billion cash (per Telefonica's definition) as at
December 2017, committed undrawn liquidity facilities totalling
EUR13.5 billion, forecasted positive FCF generation of around
EUR2.5 billion annually and an established track record of
accessing the debt markets. This compares well with a well-spread
debt maturity profile with no notable concentrations.
===========
T U R K E Y
===========
AKBANK REMITTANCES: Moody's Cuts Tranche 31 Notes Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 2
tranches issued by Akbank Remittances Trust Securitisation
Limited (A.R.T.S. Ltd.) and notes issued by Garanti Diversified
Payment Rights Finance Company (2008-A). The rating action is
prompted by the downgrades on the originator banks' Counterparty
Risk assessments (CR assessments).
Issuer: Akbank Remittances Trust Securitisation Limited
-- USD125M (Current outstanding amount USD25M) Tranche 31 Notes,
Downgraded to Ba2; previously on Sep 27, 2016 Downgraded to
Ba1
-- USD60M (Current outstanding amount USD12M) Tranche 32 Notes,
Downgraded to Ba2; previously on Sep 27, 2016 Downgraded to
Ba1
Issuer: Garanti Diversified Payment Rights Finance Company (2008-
A)
-- EUR200M (Current outstanding amount EUR17.3M) Class 2008-A
Notes, Downgraded to Ba1; previously on Sep 27, 2016
Confirmed
at Baa3
RATINGS RATIONALE
The downgrade of the CR assessment of Akbank TAS ("Akbank") to
Ba2(cr) from Ba1(cr) triggered rating action to downgrade the
ratings of the 2 tranches issued by A.R.T.S. Ltd.. Akbank acts as
the originator of A.R.T.S. Ltd. and the ratings of the
outstanding notes in the transaction are directly linked to the
CR assessment of the bank.
The outstanding notes in A.R.T.S. Ltd. are backed by future
diversified payments receivables denominated in Euro, Swiss
Francs, Sterling and US dollars generated when a sender makes an
electronic transfer of funds through Akbank to a beneficiary
other than Akbank. This payment order is communicated in the case
of a bank, via an MT103 instruction through the SWIFT system or
similar message.
In addition, the downgrade of the CR assessment of Turkiye
Garanti Bankasi A.S. ("Garanti") to Ba1(cr) from Baa3(cr)
prompted the downgrade to Ba1 from Baa3 of the rating of notes in
Garanti Diversified Payment Rights Finance Company (2008-A).
Garanti acts as the originator in this transaction.
The notes of Garanti Diversified Payment Rights Finance Company
(2008-A) are backed by rights to receive and/or retain payments
made in connection with all the existing and future US-dollar,
Euro and Sterling-denominated payment orders received by Garanti
instructing it to pay identified recipients (diversified payment
rights).
As per the Moody's methodology, the ratings of the future
receivables-backed securities are linked to the rating of the CR
Assessment of the Originator. Therefore, any action on the CR
Assessment of these banks will have an effect on the Diversified
Payment Rights through their ability to generate the receivables
backing the securities.
Sovereign rating action on March 7, 2018: "Moody's downgrades
Turkey's sovereign ratings to Ba2 from Ba1; outlook changed to
stable from negative"
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_379438.
Banking rating action on March 9, 2018: "Moody's takes rating
actions on 17 Turkish banks"
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_380376.
RATING METHODOLOGY
The principal methodology used in these ratings was "Moody's
Approach to Rating Future Receivables Transactions" published in
June 2015.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE
RATINGS:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) improvements in the credit quality of the
transaction counterparties (2) performance of the underlying
collateral that is better than Moody's expected.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) any further deterioration in the
creditworthiness of these banks (2) performance of the underlying
collateral that is worse than Moody's expected.
=============
U K R A I N E
=============
KHRESCHATYK BANK: Supreme Court Upholds Ruling in Insolvency Case
-----------------------------------------------------------------
Ukrainian News Agency reports that the Supreme Court of Ukraine
has upheld rulings by courts of lower instances that the decision
of the National Bank of Ukraine to declare Khreschatyk Bank
insolvent was unlawful.
"The Supreme Court has denied the National Bank of Ukraine
satisfying its petition to revise a ruling of the Higher
Administrative Court of Ukraine of December 7, 2017," Ukrainian
News Agency quotes the ruling as saying.
The National Bank of Ukraine declared the Khreschatyk bank
insolvent on April 5, 2016, Ukrainian News Agency recounts.
Liquidation of the bank began on June 6, 2016, and it will
continue until June 5, 2018, inclusive, Ukrainian News Agency
discloses.
PEOPLE'S CAPITAL: Voroniak's Claims Groundless, Court Rules
-----------------------------------------------------------
Ukrainian News Agency reports that the Kyiv Administrative Court
of Appeal has confirmed that the claims that Oleksandr Voroniak,
a minority shareholder of the People's Capital bank, filed
against the National Bank of Ukraine is groundless.
The NBU said in a statement that the Kyiv Administrative Court of
Appeal rejected on March 13, 2018, the appeal that Mr. Voroniak
filed against the District Administrative Court of Kyiv's
decision of December 13, 2017, Ukrainian News Agency relates.
According to the materials of the case, Mr. Voroniak, who owns
8.6% of the shares in the bank, asked the court to invalidate and
cancel the NBU's decision to declare the People's Capital bank
insolvent and the Deposit Guarantee Fund's decision to take the
bank into administration, Ukrainian News Agency states.
The District Administrative Court of Kyiv issued the following
decisions: the NBU had every grounds to declare the People's
Capital bank insolvent; the NBU acted lawfully by declaring the
bank insolvent; the NBU has the right to declare a troubled bank
insolvent on any day within a period of 180 days; a bank's
minority shareholder has no right under the law to appeal against
measures of influence taken against a bank as a legal entity,
Ukrainian News Agency discloses.
The Kyiv Administrative Court of Appeal upheld the District
Administrative Court of Kyiv's decision, Ukrainian News Agency
notes.
The NBU declared the People's Capital bank insolvent on
January 19, 2017, and the Deposit Guarantee Fund began the
procedure of taking the bank off the market by taking it into
administration until February 19 and extended it until March 19,
Ukrainian News Agency recounts.
Liquidation of the bank was ordered on March 9, Ukrainian News
Agency relays.
===========================
U N I T E D K I N G D O M
===========================
GAIA-WIND: Enters Into Provisional Liquidation, 12 Jobs at Risk
---------------------------------------------------------------
Priyanka Shrestha at Energy Live News reports that Gaia-Wind, a
Scottish manufacturer of small wind turbines, has gone into
provisional liquidation.
Meston Reid and Co has been appointed as provisional liquidator,
which seeks to sell all or parts of the business, Energy Live
News discloses.
According to Energy Live News, around 12 jobs are said to be at
risk.
Executive Director Emma Pinchbeck, as cited by Energy Live News,
said: "Inaction by government has real consequences for small
businesses and the communities they work with. We have warned
officials time and again that a failure to treat this issue as
urgent puts jobs at risk.
"We need clarity on the future of small-scale renewables as soon
as possible for the sake of other flagship firms and innovative
community energy projects nationwide."
Gaia-Wind opened its factory in Glasgow in 2011 and has
manufactured nearly 2,000 turbines for the UK as well as other
parts of Europe and nations including US and Japan, Energy Live
News discloses.
GKN AEROSPACE: Fitch Puts BB+ IDR on Rating Watch Negative
----------------------------------------------------------
Fitch Ratings has placed UK-based GKN Holdings plc's (GKN) Long-
Term Issuer Default Rating (IDR) of 'BBB-' and Short-Term IDR of
'F3' on Rating Watch Negative (RWN).
Fitch has also placed the IDR of GKN's UK-based subsidiary, GKN
Aerospace Services Limited (GASL), on RWN. GASL's rating is based
on the application of Fitch's parent and subsidiary linkage
criteria, using a top-down approach which leads its rating being
one notch below that of its parent.
The RWN follows GKN's announcement that it plans to shed and
merge its automotive supply driveline division, the company's
largest, which represented almost half of group revenue in 2017,
with US-based automotive supplier Dana Incorporated. If the
merger is completed as planned, and the company also achieves its
objective of divesting the Powder Metallurgy division, its credit
profile is likely to change materially and may no longer be
reflective of a 'BBB-' rated manufacturing company.
Fitch expects to resolve the RWN over the coming six months as
progress regarding the company's asset divestment actions becomes
more certain and the agency is better able to establish the
relative strengths of the remaining business as well as the
capital structure following the completion of the various cash
deployment measures announced by management.
KEY RATING DRIVERS
GKN to Become Aerospace Supplier: Should GKN successfully divest
both the Driveline and Powder Metallurgy divisions, it is likely
that its remaining business will be almost entirely focused on
the aerospace sector. This would eliminate some of the
diversification boost the credit profile benefited from, but the
overall effect might be a slight positive as aerospace is seen as
a more stable market in which suppliers typically generate higher
margins. If Fitch were to rate GKN as a pure aerospace supplier
(as opposed to a blend of auto and aero supplier now), the
expected ratios at various rating levels might be somewhat looser
than they are now.
Cash Deployment May Stretch Metrics: GKN's management has
reiterated its plan to distribute up to GBP2.5 billion to its
shareholders over the coming three years from the asset disposal
proceeds. Along with a smaller commitment to inject several
hundred million pounds into the group's pension plans, Fitch
estimates that GKN is unlikely to have the capacity for
meaningful debt reduction in the short to medium term. The
company has a goal of maintaining an investment grade rating.
However, given the substantially reduced cash flows GKN will
demonstrate after the asset disposals, leverage metrics may reach
levels no longer commensurate with the rating.
Gradually Improving Cash Generation: GKN's underlying cash flows
are likely to gradually improve over the medium term given the
inherently higher margin nature of the aerospace business and the
benefit the company is expected to derive from prior
restructuring measures as well as improvements in the product
mix. GKN's funds from operations (FFO) is also likely to be
boosted by lower expected cash contributions to the group's
pension plans in the medium term, stemming from a material
reduction in the overall pension deficit after the planned asset
disposals.
Strong Market Positions: GKN is the world's leading manufacturer
by sales of driveline systems and sintered metals for precision
components. It also has strong positions in aerospace equipment
manufacturing, which were strengthened by the Fokker Technologies
acquisition in 2015. Fitch views GKN's continuing focus on
aerospace as credit-positive as it is more stable and higher-
margin than auto supply.
DERIVATION SUMMARY
GKN's 'BBB-' rating is adequately positioned compared with peers
in the auto and aerospace supply sectors. A well-diversified
business profile, coupled with a capital structure and liquidity
position which Fitch view as strong relative to peers such as
Metalsa, S.A. de C.V. (BBB-/Stable) and MTU Aero Engines AG (BBB-
/Positive), is slightly offset by average earnings margins and
weaker FCF generation than peers such as Delphi Corporation
(BBB/Stable). No country-ceiling, parent/subsidiary or operating
environment aspects impact the ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- The merger of the driveline division with Dana Inc, is
completed over the coming 12 months as proposed
- The Powder Metallurgy division is also divested over the
coming 12-18 months
- Cumulative shareholder returns of up to GBP2.5 billion by end-
2020
- Low to mid-single-digit organic revenue growth at the
aerospace division;
- Gradual product mix and cost structure improvements leading to
increasing earnings margins;
- Capex at around 5% of revenue
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to positive rating action
- A minimum FCF of 2% of revenue (2017: 1%; 2018E: 0%) on a
sustained basis.
- FFO adjusted net leverage below 1.5x (2017: 2x; 2018E: 1.8x)
on a sustained basis.
- EBIT margin above 9% (2017: 7.9%; 2018E: 7.2%) on a sustained
basis.
Future developments that may, individually or collectively, lead
to negative rating action
- FFO adjusted net leverage increases above 2.0x on a sustained
basis.
- Negative FCF on a sustained basis.
- EBIT margin below 7% on a sustained basis.
- Large debt-funded acquisitions or aggressive shareholder
returns weakening the company's financial flexibility.
LIQUIDITY
In addition to its reported GBP421 million of cash and short-term
deposits at end-2017, GKN has a committed long-term revolver of
GBP800 million maturing in 2019. Expected marginal positive FCF
generation will allow the company to maintain stable leverage
levels, which are already strong for the ratings. GKN has limited
debt maturities over the next two years, and maintains ready
access to the capital markets. For the purpose of liquidity
analysis, Fitch assumes that GBP75 million of end-2017 reported
cash is not readily available for debt repayment, either as it is
needed for day-to-day operational requirements, or is held by the
group's captive insurance company.
FULL LIST OF RATING ACTIONS
GKN Holdings plc
- Long-Term IDR of 'BBB-' placed on RWN
- Senior unsecured rating of 'BBB-' placed on RWN
- Short-Term IDR of 'F3' placed on RWN
GKN Aerospace Services Limited
- Long-Term IDR of 'BB+' placed on RWN
KCA DEUTAG: Moody's Puts Caa1 CFR on Review for Upgrade
-------------------------------------------------------
Moody's Investors Service placed the ratings of Scotland based
oilfield services company KCA Deutag Alpha Ltd (KCA) on review
for upgrade, including its Caa1 Corporate Family Rating (CFR),
Caa1-PD Probability of Default Rating and Caa1 rating on its $375
million guaranteed senior secured term loan B due 2020 and $275
million guaranteed revolving credit facility (RCF). Moody's also
placed under review for upgrade the Caa1 rating of the $375
million guaranteed senior secured notes due 2021 and $535 million
guaranteed senior secured notes due 2022, both issued by KCA
DEUTAG UK Finance plc. The outlook on the ratings has been
changed to Rating under Review from Stable.
The review was prompted by the announcement that KCA has signed a
definitive agreement to acquire all of the shares of Oman based
oilfield service company Dalma Energy LLC (Dalma) for a total
enterprise value of $660 million, or 6x Dalma's expected FY17
EBITDA.
"The transaction combines Dalma's strong presence in the onshore
drilling services in Oman and the Kingdom of Saudi Arabia with
KCA's well established presence in the Middle East, creating the
number two player in terms of rig fleet," says Hubert Allemani, a
Vice President -- Senior Analyst at Moody's, and lead analyst for
KCA. "The acquisition enhances KCA's market position in the
region while growing the share of its onshore business activity,
less vulnerable to oil price than its offshore business. KCA will
benefit from Dalma's contracts in place with two top tier oil
company in the region, Petroleum Development Oman and Saudi
Aramco. The combination of Dalma and KCA operations in Oman could
potentially drive cost savings and synergies over time. These
potential strategic benefits have prompted Moody's review for
upgrade."
RATINGS RATIONALE
The acquisition completion is expected to occur before the end of
Q2 2018 subject to the fulfilment of certain conditions
precedent, including finalising financing for the acquisition.
The financing remains conditioned to the consent from the
existing bondholders to the proposed new $425 million senior
secured notes issuance. The purpose of the new notes would mostly
be to refinance the approximately $360 million local debt
borrowed by Dalma. In a scenario where KCA would not receive
consent to raise the new notes, it will have to obtain from
Dalma's lenders their consent to waive the change of control
clause, as otherwise KCA would need to repay the outstanding debt
amount. This gives rise to an execution risk and possible change
of the acquisition proposed financing structure.
The review will focus on the execution of the refinancing. If the
proposed new $425 million senior secured notes are successfully
issued, Moody's is likely to consider a one notch upgrade of the
ratings, reflecting the strengthening of the business profile and
that the transaction is partly financed with an equity component,
which should allow for a deleveraging consistent with a B3.
Moody's estimates that the leverage ratio would come down to
below 6x at the end of 2018, on a pro-forma basis.
Scotland based KCA Deutag is a provider of onshore and offshore
drilling services as well as engineering services to both IOCs
and NOCs in international markets. Its ultimate owner is a
consortium led by Pamplona Capital Management. In 2017, KCA
Deutag reported revenues of $1.2 billion.
KCA DEUTAG: S&P Raises ICR to 'B-' on Dalma Energy Acquisition
--------------------------------------------------------------
S&P Global Ratings said that it raised its long-term issuer
credit rating on U.K.-headquartered oil services company KCA
DEUTAG Alpha Ltd. (KCA) to 'B-' from 'CCC+'. The outlook is
stable.
At the same time, S&P raised to 'B-' from 'CCC+' its issue rating
on KCA's $375 million term loan B maturing in 2020 and senior
secured notes.
In addition, S&P assigned a rating of 'B-' to the proposed $425
million senior secured notes.
The upgrade follows KCA's results for 2017 and the guidance for
2018, coupled with the acquisition of Dalma Energy, the Middle
East drilling contractor. S&P said, "We expect the acquisition
will strengthen KCA's competitive position in the Middle East,
one of the most attractive regions for oil and gas companies.
This should translate into a material increase of the backlog. We
also expect the transaction will strengthen KCA's credit metrics
pro forma the deal and free operating cash flows (FOCF). We now
assess KCA's business risk profile to be at the lower end of our
fair category, up from our previous weak assessment."
Recently, KCA announced the acquisition of Dalma Energy for about
$320 million ($100 million in cash and $220 million in shares)
representing the enterprise value of $660 million, also taking a
net debt of about $340 million, which the company aims to
refinance shortly.
In 2017, Dalma Energy reported EBITDA of about $110 million,
roughly half of KCA's EBITDA. As part of the transaction, KCA
will acquire Dalma Energy's 29 rig operations in Saudi Arabia and
Oman, serving two main clients, Petroleum Development Oman and
Saudi Aramco. Over the past three years, Dalma Energy has
benefited from a stable demand for its services on the back of
the downturn in the oil and gas industry, driven by the low oil
production costs in the region. With limited growth capital
expenditure (capex), Dalma Energy generated positive FOCF in 2016
and 2017, which is likely to be maintained based on its $0.7
billion backlog.
S&P said, "In our view, post the acquisition, KCA's business will
shift more toward land-drilling with two important operating
regions (Russia and the Middle East) -- about 70% of the EBITDA
on a pro forma basis for 2017. At this stage, we think the
exposure to offshore business (both drilling and rig
construction) will reflect an upside for the business once oil
and gas companies return to investment mode." The low oil
production costs in Russia and the Middle East make KCA's
business more resilient than other drillers, especially when
compared with pure offshore drillers (such as Shelf Drilling or
Parker Drilling).
As of January 2018, KCA has a backlog of $1.8 billion (or $5.2
billion when also including the extension options), mainly
comprising the offshore segments (land contracts are typically
shorter in nature and tend to be rolled over, compared with
offshore contracts, which tend to have longer durations). The
acquisition of Dalma Energy will add $0.7 billion (or $1.1
billion with the extension options), bringing the overall firm
backlog to $2.5 billion (or $6.3 billion with the extension
options), providing very good visibility for EBITDA in 2018 and
good visibility for EBITDA in 2019. S&P will continue to monitor
KCA's ability to extend its offshore contracts due in the second
half of the year.
Under S&P's base-case scenario, it projects KCA's adjusted EBITDA
in 2018 to be $330 million-$360 million (or about $230 million-
$260 million if excluding Dalma Energy for the full year), with a
further increase in 2019 as the oil and gas industry continues to
recover. On a pro forma basis, KCA reported EBITDA of about $331
million in 2017, (KCA's EBITDA in 2017 was $210 million)
representing a trough year after some beneficial legacy contracts
expired in previous years. The following assumptions underpin
S&P's forecast:
Brent oil price of $60 per barrel (/bbl) for the rest of 2018,
followed by $55/bbl in 2019. S&P said, "In our view, the current
recovery in oil prices will not have an immediate impact on the
company's results, but may spur a positive momentum as oil and
gas companies see more investment opportunities. Revenues to
increase by about 5% in 2018, stepping up to 5%-10% in 2019. We
note that the increase in revenues is not going to be consistent
across the different segments. For example, we expect the
offshore segment to experience a decline, while we expect the
construction business to record some recovery following the
previous year's low point. EBITDA margin to improve to
slightly more than 20%. In our view, the margins will continue to
be depressed by the construction business, with about 10% of
revenues having single-digit EBITDA margins. We understand that
Dalma's margins (about 35%) are in line with KCA's margins on a
like-for-like basis. Minor contribution from synergies. Total
capex of about $80 million-$100 million per year, representing
mainly maintenance capex. No dividends.
"These assumptions translate into a slightly positive FOCF
(before changes in working capital) in 2018 with a material
improvement in 2019. Overall, we do not expect a material change
in the company's sizable adjusted debt. On a pro forma basis, the
company has an adjusted debt of about $2.0 billion. In our view,
the company will not be able to reduce it significantly unless
there is a material and sustainable recovery in oil prices.
"Based on these assumptions, we calculate an adjusted debt to
EBITDA of slightly above 5.5x in 2018 and between 5.0x-5.5x in
2019. We consider an adjusted debt to EBITDA in the range of
5.0x-6.0x to be commensurate with the 'B-' rating. In our view,
while debt to EBITDA may be stronger than some of KCA's closest
peers, the company carries relatively high interest expenses on
its debt, which somewhat weakens the adjusted funds from
operations (FFO) to debt (to about 6% in both years).
"The stable outlook reflects our expectations of a step-up in
KCA's EBITDA and FOCF following the acquisition of Dalma. In our
view, this would support better credit metrics and would allow
the company to build up some headroom under the current rating.
Under our base-case scenario, we project an adjusted debt to
EBITDA of slightly above 5.5x in 2018 and between 5.0x-5.5x in
2019. We consider an adjusted debt to EBITDA in the range of
5.0x-6.0x to be commensurate with the 'B-' rating.
"We could consider taking a positive rating action if adjusted
debt to EBITDA trended below 5.0x on a sustainable basis,
together with a positive FOCF. Such a scenario could be supported
by higher oil prices incentivizing the oil and gas companies to
increase their spending on offshore projects."
Other considerations for a higher rating include:
-- Maintaining adequate liquidity.
-- Successful integration of Dalma into KCA's business.
-- Maintaining at least the current backlog, both in terms of
size and quality (including margins).
S&P said, "We believe that the existing backlog and the
additional EBITDA and cash flow coming from the acquisition of
Dalma should offset potential pressure on the rating over the
short term. We would likely lower the rating if we considered the
capital structure to be unsustainable. This could be the case if
the company did not secure new contracts for its offshore
business and/or it saw more competition in its key regions
(Russia and the Middle East), leading to lower EBITDA over time.
"In addition, we could see pressure on the rating if the
company's liquidity deteriorated with a tight headroom under the
covenants. Such a scenario could take place if KCA did not
refinance Dalma's capital structure and EBITDA fell."
MALLINCKRODT PLC: Egan-Jones Cuts Senior Unsecured Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 6, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mallinckrodt public limited company to B+ from
BB-.
Mallinckrodt public limited company develops, manufactures,
markets, and distributes branded and generic specialty
pharmaceutical products and therapies in the United States,
Europe, the Middle East, Africa, and internationally.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 12 to March 16, 2018
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Steinhoff Europe AG 1.88 1/24/2025 EUR 62.26
Steinhoff Finance Holding Gm 1.25 8/11/2022 EUR 63.08
Steinhoff Finance Holding Gm 1.25 10/21/2023 EUR 55.43
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 45.75
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 43.40
Astaldi SpA 4.88 6/21/2024 EUR 70.09
Intelsat Luxembourg SA 7.75 6/1/2021 USD 44.62
Portugal Telecom Internation 4.63 5/8/2020 EUR 43.50
Intelsat Luxembourg SA 8.13 6/1/2023 USD 42.01
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 44.87
Agrokor dd 9.88 5/1/2019 EUR 30.04
Ageasfinlux SA 1.02 EUR 70.83
Portugal Telecom Internation 5.00 11/4/2019 EUR 40.00
Air Berlin PLC 8.25 4/19/2018 EUR 1.07
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.01
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 96.75
Vallourec SA 4.13 10/4/2022 EUR 7.89
Portugal Telecom Internation 4.50 6/16/2025 EUR 43.81
CGG SA 5.88 5/15/2020 EUR 53.02
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.06
Portugal Telecom Internation 5.88 4/17/2018 EUR 44.13
EA Partners I BV 6.88 9/28/2020 USD 74.77
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.45
Korian SA 2.50 EUR 41.74
Banco Espirito Santo SA 4.75 1/15/2018 EUR 31.27
CGG SA 1.75 1/1/2020 EUR 1.78
Air Berlin PLC 6.75 5/9/2019 EUR 0.92
Portugal Telecom Internation 6.25 7/26/2016 EUR 41.41
Neopost SA 3.38 EUR 55.94
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Maisons du Monde SA 0.13 12/6/2023 EUR 53.50
Privatbank CJSC Via UK SPV C 10.25 1/23/2018 USD 29.67
Immigon Portfolioabbau AG 10.00 EUR 16.38
Genfit 3.50 10/16/2022 EUR 31.38
Pierre & Vacances SA 2.00 4/1/2023 EUR 58.72
Agrokor dd 8.88 2/1/2020 USD 28.84
Avangardco Investments Publi 10.00 10/29/2018 USD 18.33
Agrokor dd 9.13 2/1/2020 EUR 29.07
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.50
UkrLandFarming PLC 10.88 3/26/2018 USD 22.47
Rickmers Holding AG 8.88 6/11/2018 EUR 2.42
Pacific Drilling SA 5.38 6/1/2020 USD 45.25
publity AG 3.50 11/17/2020 EUR 77.00
BIM SAS 2.50 11/13/2020 EUR 25.19
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.28
EA Partners II BV 6.75 6/1/2021 USD 71.47
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75
Mitsubishi UFJ Investor Serv 3.92 12/30/2099 EUR 5.54
CGG SA 6.50 6/1/2021 USD 53.41
WPE International Cooperatie 10.38 9/30/2020 USD 18.90
Transcapitalbank JSC Via Tra 10.00 9/18/2020 USD 70.25
Banco Espirito Santo SA 2.63 5/8/2017 EUR 30.27
Promsvyazbank OJSC Via PSB F 10.50 7/30/2021 USD 5.01
CGG SA 1.25 1/1/2019 EUR 21.38
Scholz Holding Gmbh 8.50 12/31/2019 EUR 8.00
FIGEAC-AERO 1.13 10/18/2022 EUR 25.14
Air Berlin PLC 5.63 5/9/2019 CHF 1.16
Santhera Pharmaceuticals Hol 5.00 2/17/2022 CHF 73.97
Credito Valtellinese SpA 4.70 8/4/2021 EUR 70.33
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Capital Raising GmbH 7.50 EUR 53.04
Barclays Bank PLC 2.23 7/31/2034 USD 63.00
Bilt Paper BV 9.64 USD 20.33
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.38
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.56
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 73.09
Alno AG 8.50 5/14/2018 EUR 3.65
CGG SA 6.88 1/15/2022 USD 54.75
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.51
Hybrid Raising GmbH 6.63 EUR 53.11
Nexity SA 0.13 1/1/2023 EUR 69.51
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Mobylife Holding A/S 7.25 5/23/2020 SEK 8.00
Nexans SA 2.50 1/1/2019 EUR 74.87
Promsvyazbank OJSC Via PSB F 8.75 USD 5.00
Banca Carige SpA 7.32 12/20/2020 EUR 65.20
3W Power SA 10.00 8/29/2019 EUR 3.10
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Orient Express Bank PJSC Via 10.00 USD 56.00
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Yuksel Insaat AS 9.50 11/10/2015 USD 20.88
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Alitalia-Societa' Aerea Ital 5.25 7/30/2020 EUR 5.83
Privatbank CJSC Via UK SPV C 11.00 2/9/2021 USD 13.34
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.50
Aligera Holding AB publ 5.00 5/7/2019 SEK 29.63
Lloyds Bank PLC 0.12 1/31/2033 USD 54.95
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.03
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 34.97
Stichting Afwikkeling Onderh 11.25 EUR 0.58
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Stichting Afwikkeling Onderh 6.25 10/26/2020 EUR 3.86
Beate Uhse AG 7.75 7/9/2019 EUR 9.88
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 1.07
Afren PLC 6.63 12/9/2020 USD 0.04
Veneto Banca SpA 9.50 12/1/2025 EUR 0.31
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 42.25
Lambay Capital Securities PL 6.25 GBP 2.00
Espirito Santo Financial Gro 6.88 10/21/2019 EUR 0.16
Lloyds Bank PLC 1.50 12/27/2028 USD 72.50
Afren PLC 10.25 4/8/2019 USD 0.01
LBI HF 6.10 8/25/2011 USD 7.88
Bank Nederlandse Gemeenten N 0.50 7/12/2022 ZAR 69.35
KTG Agrar SE 7.13 6/6/2017 EUR 3.69
Belfius Bank SA/NV 1.60 FRF 72.00
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 0.55
BBVA International Preferred 1.40 GBP 45.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 28.00
OSX 3 Leasing BV 13.00 3/20/2015 USD 29.25
Dexia SA 1.45 EUR 8.75
Pescanova SA 5.13 4/20/2017 EUR 1.91
GNB - Cia de Seguros de Vida 3.17 EUR 73.13
Lehman Brothers UK Capital F 5.13 EUR 2.94
Barclays Bank PLC 1.28 8/28/2029 USD 75.58
Cattles Ltd 7.13 7/5/2017 GBP 0.24
Dexia Credit Local SA 1.40 EUR 5.67
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.88
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Barclays Bank PLC 1.35 9/30/2031 USD 62.85
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 18.31
Steilmann SE 7.00 9/23/2018 EUR 1.56
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
Deutsche Bank AG/London 2.56 10/31/2034 USD 65.75
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25
Manchester Building Society 6.75 GBP 15.00
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.41
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Corporate Commercial Bank AD 8.25 8/8/2014 USD 1.40
Banca Carige SpA 8.34 EUR 28.00
Lehman Brothers UK Capital F 6.90 USD 1.51
Pierre & Vacances SA 3.50 10/1/2019 EUR 42.32
Pescanova SA 8.75 2/17/2019 EUR 2.33
Societe Centrale des Bois et 2.50 5/15/2023 EUR 7.80
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 46.13
Espirito Santo Financial Gro 3.13 12/2/2018 EUR 0.28
BLT Finance BV 7.50 5/15/2014 USD 2.04
Agrokor dd Via Aquarius + In 4.92 8/8/2017 EUR 24.88
New World Resources NV 8.00 4/7/2020 EUR 3.56
Aralco Finance SA 10.13 5/7/2020 USD 4.98
Lloyds Bank PLC 1.11 11/27/2033 USD 64.75
Sazka AS 9.00 7/12/2021 EUR 0.50
Afren PLC 11.50 2/1/2016 USD 0.05
Alno AG 8.00 3/21/2019 EUR 3.85
Lehman Brothers UK Capital F 5.75 EUR 1.47
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.80
Royal Bank of Scotland PLC/T 0.95 11/16/2030 USD 65.63
HSBC France SA 1.03 EUR 70.00
CGG SA 6.50 6/1/2021 USD 55.35
Promsvyazbank PJSC 12.25 2/1/2018 RUB 50.00
German Pellets GmbH 7.25 11/27/2019 EUR 1.79
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.54
German Pellets GmbH 7.25 7/9/2018 EUR 1.90
EFG International AG 1.14 EUR 64.53
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
ESFIL-Espirito Santo Financi 5.25 6/12/2015 EUR 0.07
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
Deutsche Bank AG/London 0.21 6/30/2034 USD 61.50
Smart Solutions GmbH 8.00 12/3/2018 EUR 9.50
Touax SA 6.00 7/10/2020 EUR 17.89
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.81
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.50
Eniro AB 6.00 4/14/2020 SEK 4.30
PNE Wind AG 3.75 10/10/2019 EUR 3.50
Barclays Bank PLC 0.61 11/29/2030 USD 63.35
Deutsche Bank AG/London 0.81 9/30/2029 USD 70.00
Praktiker AG 5.88 2/10/2016 EUR 0.08
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Portigon AG 7.46 12/31/2019 EUR 31.00
Barclays Bank PLC 1.42 2/25/2031 USD 62.50
Manchester Building Society 8.00 GBP 25.00
Agrokor dd 8.88 2/1/2020 USD 29.13
Del Monte Finance Luxembourg 6.63 5/24/2006 EUR 5.38
Espirito Santo Financial Gro 9.75 12/19/2025 EUR 0.51
Banca Carige SpA 2.77 6/19/2018 EUR 68.64
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 33.38
Barclays Bank PLC 0.46 3/21/2033 USD 58.65
Lehman Brothers UK Capital F 3.88 EUR 1.91
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 45.00
Uppfinnaren 1 AB 10.00 SEK 61.33
CBo Territoria 6.00 1/1/2020 EUR 4.08
Portugal Telecom Internation 5.24 11/6/2017 EUR 41.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lloyds Bank PLC 1.30 7/26/2033 USD 65.63
Lloyds Bank PLC 1.04 4/25/2034 USD 62.50
Etablissements Maurel et Pro 1.63 7/1/2019 EUR 16.24
Havila Shipping ASA 5.39 11/7/2020 NOK 67.63
Vneshprombank Ltd Via VPB Fu 9.00 11/14/2016 USD 0.32
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 64.74
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Bank Nadra Via NDR Finance P 8.25 7/31/2018 USD 0.80
Hamburgische Landesbank-Giro 0.05 1/22/2041 EUR 63.15
Home Money LLC 18.00 4/19/2022 RUB 68.77
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Sairgroup Finance BV 4.38 6/8/2006 EUR 9.25
Golden Gate AG 6.50 10/11/2014 EUR 50.60
Frey 6.00 11/15/2022 EUR 21.50
Havila Shipping ASA 4.61 11/7/2020 NOK 54.00
Alpha Bank AE 2.50 6/20/2022 EUR 89.53
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 2.37
Afren PLC 6.63 12/9/2020 USD 0.04
Deutsche Bank AG/London 3.00 2/23/2035 EUR 72.50
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 7.50
Petrol AD 5.50 1/26/2022 EUR 30.00
Atari SA 5.50 10/30/2022 EUR 0.56
Steilmann SE 6.75 6/27/2017 EUR 3.50
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Etablissements Maurel et Pro 2.75 7/1/2021 EUR 10.50
Windreich GmbH 6.50 7/15/2016 EUR 13.38
Deutsche Bank AG/London 0.50 8/28/2034 USD 61.50
Stichting Afwikkeling Onderh 2.42 EUR 0.58
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.38
Rena GmbH 8.25 7/11/2018 EUR 2.00
Kommunalbanken AS 0.50 5/27/2022 ZAR 70.57
International Industrial Ban 9.00 7/6/2011 EUR 0.30
Barclays Bank PLC 0.30 3/28/2033 USD 59.70
Stroika Finance Ltd Via Emer 9.90 6/25/2019 RUB 10.00
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 7.50
Barclays Bank PLC 1.10 6/17/2033 USD 58.60
Vseukrainsky Aktsinerny Bank 10.90 6/14/2019 USD 0.89
PA Resources AB 13.50 3/3/2016 SEK 0.12
Rem Offshore ASA 5.00 12/8/2024 NOK 42.94
Enterprise Holdings LTD 7.00 3/30/2020 EUR 4.31
Northland Resources AB 4.00 10/15/2020 USD 0.15
MS Deutschland Beteiligungsg 6.88 12/18/2017 EUR 4.11
Koninklijke Luchtvaart Maats 0.75 CHF 38.00
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Air Berlin Finance BV 6.00 3/6/2019 EUR 1.14
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Pescanova SA 6.75 3/5/2015 EUR 2.09
Barclays Bank PLC 0.34 9/29/2034 USD 65.72
Sequa Petroleum NV 5.00 4/29/2020 USD 68.75
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Finmek International SA 7.00 12/3/2004 EUR 6.13
DEMIRE Deutsche Mittelstand 6.00 12/30/2018 EUR 4.00
Barclays Bank PLC 1.46 5/30/2034 USD 65.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.38
Windreich GmbH 6.50 3/1/2015 EUR 13.50
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Lloyds Bank PLC 0.09 4/26/2033 USD 57.50
Banco Pinto & Sotto Mayor 1.13 EUR 39.50
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.61
Depfa Funding III LP 0.87 EUR 56.69
Pacific Drilling SA 5.38 6/1/2020 USD 38.00
Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00
International Industrial Ban 11.00 2/19/2013 USD 0.17
Governo Portugues Consolidad 3.00 EUR 70.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Societe Generale SA 2.04 3/31/2034 USD 69.40
KPNQwest NV 8.13 6/1/2009 USD 0.07
Promsvyazbank OJSC Via PSB F 12.50 USD 10.50
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 7.50
Air Berlin Finance BV 8.50 3/6/2019 EUR 1.23
Lloyds Bank PLC 1.24 7/5/2033 USD 62.13
World Wide Supply AS 7.75 5/26/2017 USD 15.38
Rudolf Woehrl AG 6.50 2/12/2018 EUR 6.61
Atari SA 7.50 2/17/2020 EUR 0.51
Stichting Afwikkeling Onderh 6.63 5/14/2018 EUR 3.86
OGX Austria GmbH 8.50 6/1/2018 USD 0.83
Depfa Funding II LP 6.50 EUR 59.17
APP International Finance Co 11.75 10/1/2005 USD 0.28
Steilmann SE 7.00 3/9/2017 EUR 1.56
Depfa Funding IV LP 1.54 EUR 57.25
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 9.55
Societe Generale SA 1.15 6/26/2034 USD 72.32
KTG Agrar SE 7.25 10/15/2019 EUR 3.43
Northland Resources AB 15.00 7/15/2019 USD 2.62
SiC Processing GmbH 7.13 3/1/2016 EUR 2.91
IVG Immobilien AG 5.47 EUR 2.35
Ahtium PLC 9.75 4/4/2017 EUR 3.25
PSN Pm OOO 13.00 9/10/2026 RUB 43.01
Santander Finance Capital SA 2.00 EUR 70.63
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.50
CGG SA 6.88 1/15/2022 USD 53.50
Tatfondbank OAO Via TFB Fina 8.50 11/12/2019 USD 2.18
Teksid Aluminum Luxembourg S 11.38 7/15/2011 EUR 0.11
Lloyds Bank PLC 3.33 1/29/2034 USD 74.99
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
CGG SA 5.88 5/15/2020 EUR 53.75
BOA Offshore AS 0.40 7/17/2047 NOK 10.88
Agroton Public Ltd 6.00 7/14/2019 USD 16.63
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 70.56
Activa Resources AG 0.50 11/15/2021 EUR 23.00
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 7.50
Barclays Bank PLC 1.81 3/27/2029 USD 58.00
AKB Peresvet ZAO 0.51 2/14/2032 RUB 24.13
3W Power SA 5.50 11/11/2020 EUR 1.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.13
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 74.77
Otkritie Holding JSC 12.62 4/25/2028 RUB 16.10
Afren PLC 10.25 4/8/2019 USD 0.01
Santander Issuances SAU 4.35 12/1/2026 EUR 75.16
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.38
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Frigoglass Finance BV 8.25 5/15/2018 EUR 47.75
Mifa Mitteldeutsche Fahrradw 7.50 8/12/2018 EUR 1.68
Laurel GmbH 7.13 11/16/2017 EUR 7.75
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Abanka DD Via Afinance BV 1.57 EUR 1.90
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 7.50
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Enterprise Holdings LTD 7.00 9/26/2017 EUR 4.33
SeaBird Exploration Finance 6.00 6/30/2020 USD 20.13
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Veneto Banca SpA 6.41 EUR 1.20
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 9.40
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.13
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Credit Suisse AG/London 10.50 2/15/2018 USD 71.31
getgoods.de AG 7.75 10/2/2017 EUR 0.26
Agrokor dd 9.13 2/1/2020 EUR 28.49
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Finans-Avia OOO 9.00 7/31/2022 RUB 69.51
Moscow United Electric Grid 8.55 5/6/2027 RUB 74.20
Caixa Geral de Depositos SA 1.31 11/5/2018 EUR 54.85
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.56
Artea 6.00 8/4/2019 EUR 14.19
Decipher Production Ltd 12.50 9/27/2018 USD 1.87
Wild Bunch AG 8.00 3/23/2019 EUR 45.00
Mox Telecom AG 7.25 11/2/2017 EUR 3.00
Afren PLC 11.50 2/1/2016 USD 0.05
Banco Comercial Portugues SA 5.00 EUR 70.00
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
Kardan NV 6.33 2/25/2018 ILS 62.14
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Hamburgische Landesbank-Giro 0.05 10/30/2040 EUR 67.85
Montepio Holding SGPS SA 5.00 EUR 50.00
Svensk Exportkredit AB 0.50 4/24/2029 AUD 65.04
Landesbank Hessen-Thueringen 0.06 4/23/2041 EUR 68.29
Banca Carige SpA 5.70 9/17/2020 EUR 60.11
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 7.50
DOF ASA 7.85 9/12/2019 NOK 40.00
Deutsche Agrar Holding GmbH 7.25 9/28/2018 EUR 2.20
Landesbank Hessen-Thueringen 0.05 5/3/2041 EUR 66.58
Northland Resources AB 4.00 10/15/2020 NOK 0.15
A-TEC Industries AG 8.75 10/27/2014 EUR 0.10
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 71.64
Popular Capital SA 4.00 EUR 2.76
Royal Bank of Scotland PLC/T 0.50 12/13/2028 USD 62.97
BLT Finance BV 12.00 2/10/2015 USD 10.50
Alpha Bank AE 2.50 6/20/2022 EUR 89.55
Otkritie Holding JSC 11.56 7/27/2028 RUB 16.06
A-TEC Industries AG 2.75 5/10/2014 EUR 0.10
HPI AG 3.50 EUR 2.27
Agrokor dd 9.88 5/1/2019 EUR 29.86
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Governo Portugues Consolidad 2.75 EUR 68.00
Barclays Bank PLC 2.74 3/27/2029 USD 67.25
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.13
Lehman Brothers Treasury Co 11.25 12/31/2008 USD 1.90
International Finance Facili 0.50 6/24/2024 ZAR 56.41
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 4.00
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.13
HSH Nordbank AG 3.21 5/6/2030 EUR 74.44
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
A-TEC Industries AG 5.75 11/2/2010 EUR 0.10
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.13
Moscow United Electric Grid 10.30 4/16/2026 RUB 66.02
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Penell GmbH Elektrogrosshand 7.75 6/10/2019 EUR 5.00
Siberian Gostinecs PAO 17.00 6/26/2019 RUB 45.01
Plaza Centers NV 6.90 7/1/2020 ILS 74.06
Barclays Bank PLC 0.50 4/24/2023 MXN 61.80
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 7.50
Barclays Bank PLC 1.21 11/1/2031 USD 62.80
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 7.50
German Pellets GmbH 7.25 4/1/2016 EUR 1.85
Solon SE 1.38 12/6/2012 EUR 0.25
BNP Paribas SA 0.50 9/29/2029 AUD 63.86
Petromena ASA 10.85 11/19/2018 USD 0.61
Societe Generale SA 1.60 1/9/2020 GBP 1.13
Municipality Finance PLC 0.50 7/30/2029 AUD 70.83
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.00
Banco Pastor SAU 2.08 EUR 1.55
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.67
SAir Group 5.50 7/23/2003 CHF 11.81
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 70.90
PromSvyazCapital AO 10.50 4/10/2026 RUB 97.75
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 73.71
Veneto Banca SpA 6.94 5/15/2025 EUR 0.31
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 7.50
Atari SA 0.10 4/1/2020 EUR 5.88
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.39
Bank Nederlandse Gemeenten N 0.50 8/15/2022 ZAR 68.37
Rio Forte Investments SA 4.00 7/22/2014 EUR 6.63
Municipality Finance PLC 0.50 6/19/2024 ZAR 58.19
Kristensen Germany AG 0.50 6/30/2018 DKK #N/A N/A
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.57
AKB Peresvet ZAO 13.50 10/16/2020 RUB 21.06
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Barclays Bank PLC 1.33 3/21/2031 USD 62.02
Espirito Santo Financial Por 5.13 5/30/2016 EUR 4.76
Hypo Vorarlberg Bank AG 5.87 EUR 44.66
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 7.50
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 23.14
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.69
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.16
Plaza Centers NV 6.00 7/1/2020 ILS 72.06
Ahtium PLC 4.00 12/16/2015 EUR 1.52
Bank Julius Baer & Co Ltd/Gu 9.10 5/23/2018 USD 59.60
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 7.50
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
BNP Paribas SA 0.50 7/20/2021 BRL 72.62
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.13
BTV Hybrid I GmbH 6.50 EUR 37.92
Orient Express Bank PJSC 18.00 5/28/2020 RUB 75.00
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
SPORTTOTAL AG 6.00 3/17/2019 EUR 3.85
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 7.50
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.75
Deutsche Bank AG/London 1.51 11/26/2034 USD 66.33
Barclays Bank PLC 1.40 12/23/2033 USD 68.00
Krakowski Bank Spoldzielczy 5.11 9/20/2023 PLN 65.20
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 7.50
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Delamare Finance PLC 1.72 2/19/2029 GBP 72.46
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Region of Abruzzo Italy 0.10 11/7/2036 EUR 63.01
SpareBank 1 SR-Bank ASA 1.45 12/21/2030 EUR 74.29
Svensk Exportkredit AB 0.50 6/29/2029 AUD 64.73
UkrLandFarming PLC 10.88 3/26/2018 USD 20.75
Podkarpacki Bank Spoldzielcz 5.81 3/31/2025 PLN 55.02
State of Rhineland-Palatinat 0.60 10/24/2046 EUR 74.62
MegaFon PJSC 9.90 5/29/2026 RUB 66.01
Royal Bank of Scotland PLC/T 0.51 2/25/2031 USD 65.05
Barclays Bank PLC 1.33 8/31/2031 USD 64.80
New World Resources NV 8.00 4/7/2020 EUR 3.56
Svensk Exportkredit AB 0.50 8/28/2020 TRY 71.89
Credit Suisse AG/London 8.25 9/27/2018 USD 67.73
Lloyds Bank PLC 1.04 10/25/2033 USD 70.00
Barclays Bank PLC 2.33 10/30/2034 USD 74.75
Minaya Capital AG 7.00 8/1/2018 EUR 60.00
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.34
Vnesheconombank 8.24 12/15/2022 RUB 62.00
Kaupthing ehf 9.00 USD 0.12
Banca Adriatica Spa 7.75 6/30/2018 EUR 1.24
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 0.96
Svensk Exportkredit AB 0.50 8/29/2029 AUD 65.56
Heta Asset Resolution AG 5.92 12/31/2023 EUR 34.63
Barclays Bank PLC 1.35 9/30/2031 USD 65.50
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Otkritie Holding JSC 11.25 12/10/2026 RUB 17.21
SAir Group 4.25 2/2/2007 CHF 11.75
Beluga Group PJSC 12.90 4/29/2020 RUB 106.60
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 7.50
Kardan NV 6.78 2/2/2020 ILS 67.45
Rena GmbH 7.00 12/15/2015 EUR 2.00
Societe Generale SA 0.37 2/28/2033 USD 63.11
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Credito Padano Banca di Cred 3.10 EUR 34.68
HSH Nordbank AG 2.30 2/1/2036 EUR 71.69
Grupo Isolux Corsan SA 3.00 12/30/2021 USD 2.90
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.29
AKB Peresvet ZAO 3.02 9/2/2020 RUB 21.02
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 70.00
Bank Otkritie Financial Corp 8.00 11/11/2023 RUB 75.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.13
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
WPE International Cooperatie 10.38 9/30/2020 USD 18.25
Bank Nederlandse Gemeenten N 0.50 6/7/2022 ZAR 69.56
SAir Group 6.25 4/12/2005 CHF 11.75
Centrosolar Group AG 7.00 2/15/2016 EUR 1.30
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Salvator Grundbesitz-AG 9.50 EUR 18.20
Barclays Bank PLC 3.28 1/31/2029 USD 60.75
EFG International Finance Gu 7.00 11/27/2019 EUR 15.40
Bilt Paper BV 9.64 USD 21.38
Bank Nederlandse Gemeenten N 0.50 9/20/2022 ZAR 67.70
Anglian Water Services Finan 0.93 1/26/2057 GBP 73.59
BNP Paribas SA 11.60 6/6/2018 USD 70.25
Barclays Bank PLC 1.04 4/25/2034 USD 66.25
Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 62.02
SAir Group 6.25 10/27/2002 CHF 11.81
UniCredit Bank AO 12.00 11/20/2019 RUB 60.16
Heta Asset Resolution AG 0.43 12/31/2023 EUR 34.63
Raiffeisen Schweiz Genossens 8.99 7/22/2019 EUR 29.11
Russian Post FGUP 9.35 10/18/2019 RUB 72.00
Municipiul Timisoara 1.73 5/15/2026 RON 70.00
PSN Pm OOO 12.00 8/31/2027 RUB 70.00
AKB Peresvet ZAO 0.51 8/4/2034 RUB 22.04
Oberbank Hybrid 1 GmbH 0.87 EUR 50.40
AKB Peresvet ZAO 12.75 7/24/2018 RUB 25.00
Moscow United Electric Grid 10.00 5/26/2026 RUB 62.00
Bashneft PJSC 10.50 5/12/2026 RUB 60.00
SG Issuer SA 0.78 6/15/2020 SEK 57.41
Gold-Zack AG 7.00 12/14/2005 EUR 12.06
Finans-Avia OOO 0.01 7/31/2027 RUB 19.00
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Bank Intesa AO 9.75 10/10/2019 RUB 71.01
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.01
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 7.50
International Finance Facili 0.50 6/29/2027 ZAR 41.82
Podkarpacki Bank Spoldzielcz 5.11 5/28/2023 PLN 51.00
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 7.50
Kamaz PJSC 11.24 7/18/2030 RUB 70.00
EFG International Finance Gu 2.10 3/23/2018 EUR 8.22
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 1.90
Kommunekredit 0.50 7/30/2027 TRY 35.41
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 73.83
Cerruti Finance SA 6.50 7/26/2004 EUR 1.45
Podkarpacki Bank Spoldzielcz 5.81 7/2/2020 PLN 72.50
Pongs & Zahn AG 8.50 EUR 0.00
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 1.90
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 7.50
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Muehl Product & Service AG 6.75 3/10/2005 DEM 0.08
Societe Generale SA 1.73 1/31/2029 USD 73.54
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
Rosselkhozbank JSC 9.35 7/11/2025 RUB 65.01
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 7.50
Podkarpacki Bank Spoldzielcz 5.81 2/23/2025 PLN 50.00
LBI HF 7.43 USD 0.00
BKS Hybrid alpha GmbH 7.35 EUR 60.15
SAir Group 0.13 7/7/2005 CHF 12.00
Bank Nederlandse Gemeenten N 0.50 9/20/2022 MXN 68.31
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 1.90
Svensk Exportkredit AB 0.50 3/28/2029 AUD 70.62
Royal Bank of Scotland PLC/T 0.51 8/26/2031 USD 61.10
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 1.90
Rosneft Oil Co PJSC 7.95 5/30/2023 RUB 100.51
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Municipality Finance PLC 0.50 5/8/2029 AUD 65.06
Region of Molise Italy 0.13 12/15/2033 EUR 67.40
SAir Group 2.13 11/4/2004 CHF 11.75
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.13
HSBC Bank PLC 0.50 12/29/2026 AUD 71.96
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 1.90
COFIDUR SA 0.10 12/31/2024 EUR 24.76
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Bank Nederlandse Gemeenten N 0.50 8/9/2022 MXN 68.98
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Santander Finance Capital SA 2.00 USD 71.27
Otkritie Holding JSC 11.50 8/5/2025 RUB 14.95
EFG International Finance Gu 7.20 7/29/2020 EUR 27.64
Espirito Santo Financial Por 5.63 7/28/2017 EUR 4.23
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.30
Miratorg-Finans OOO 11.00 8/24/2021 RUB 66.01
SG Issuer SA 6.00 6/30/2022 USD 72.35
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 7.50
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 7.50
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Metalloinvest Holding Co OAO 11.90 2/12/2026 RUB 70.06
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 1.90
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 1.90
Northland Resources AB 15.00 7/15/2019 USD 2.62
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
BLT Finance BV 7.50 5/15/2014 USD 2.04
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 1.90
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 1.90
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 80.35
ML 33 Invest AS 7.50 NOK 68.74
Barclays Bank PLC 0.50 1/28/2033 MXN 26.26
Barclays Bank PLC 2.49 2/28/2034 USD 69.30
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
City of Predeal Romania 2.50 5/15/2026 RON 60.00
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Windreich GmbH 6.25 3/1/2015 EUR 14.63
Heta Asset Resolution AG 0.22 12/31/2023 EUR 34.63
EFG International Finance Gu 7.19 5/6/2019 EUR 12.26
Credit Suisse AG/London 7.00 11/8/2018 USD 65.78
Avangard Bank PJSC 9.75 2/20/2026 RUB 72.01
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 38.13
Hamon & CIE SA 5.50 1/30/2020 EUR 64.50
Risland OOO 9.25 1/10/2019 RUB 1.11
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 1.90
Fonciere Volta SA 4.50 7/30/2020 EUR 2.50
Rosneft Oil Co PJSC 9.50 12/17/2026 RUB 68.17
City of St Petersburg Russia 7.65 12/4/2026 RUB 99.10
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 39.85
SAir Group 5.13 3/1/2003 CHF 13.00
Province of Brescia Italy 0.03 6/30/2036 EUR 65.52
Rosselkhozbank JSC 17.00 12/13/2024 RUB 61.32
Societe Generale SA 0.50 5/30/2023 MXN 63.48
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 1.90
UmweltBank AG 2.85 EUR 54.18
Aralco Finance SA 10.13 5/7/2020 USD 5.15
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.01
Municipality Finance PLC 0.50 4/26/2022 ZAR 69.80
Kommunalbanken AS 4.80 12/1/2022 TRY 70.28
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 1.90
Bashneft PJSC 10.70 5/13/2024 RUB 70.01
Windreich GmbH 6.75 3/1/2015 EUR 14.63
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.27
Landesbank Baden-Wuerttember 12.40 11/23/2018 EUR 70.40
AKB Peresvet ZAO 13.00 10/7/2017 RUB 24.13
Praim Finans OOO 9.34 7/13/2021 RUB 1.12
Otkritie Holding JSC 11.50 5/26/2032 RUB 49.77
Kaupthing ehf 5.25 7/18/2017 BGN 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Credit Suisse AG/London 8.00 11/29/2019 USD 7.64
United Confectioners Finance 10.50 4/3/2023 RUB 100.23
SAir Group 2.75 7/30/2004 CHF 11.88
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
VEB-Leasing OAO 8.71 9/1/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 108.70
Vimpel-Communications PJSC 1.00 10/3/2025 RUB 62.00
Lloyds Bank PLC 0.50 7/26/2028 MXN 34.90
Astana Finance BV 9.00 11/16/2011 USD 16.88
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 1.63
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 1.90
Union Technologies Informati 0.10 1/1/2020 EUR 6.00
DekaBank Deutsche Girozentra 0.01 6/29/2046 EUR 54.61
SAir Group 2.75 7/30/2004 CHF 11.75
LBI HF 7.43 USD 0.00
Sankt-Peterburg Telecom OAO 10.70 1/31/2022 RUB 63.17
Transneft PJSC 8.75 4/14/2027 RUB 60.66
Raiffeisen Centrobank AG 9.32 12/25/2018 EUR 26.89
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 1.90
Rosselkhozbank JSC 9.35 7/14/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 110.00
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 1.90
Municipality Finance PLC 0.25 6/28/2040 CAD 32.49
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 1.90
UniCredit Bank Austria AG 0.12 1/22/2031 EUR 74.78
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 7.50
Vontobel Financial Products 2.00 6/22/2018 EUR 65.17
Credit Suisse AG/London 9.00 1/23/2020 USD 9.28
Agrokompleks OOO 0.10 7/29/2019 RUB 2.50
Bashneft PJSC 9.50 12/10/2026 RUB 63.93
Royal Bank of Scotland PLC/T 1.68 8/18/2031 USD 69.28
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 7.50
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 99.00
Polyplast OAO/Moscow 15.90 6/6/2018 RUB 90.01
HSBC Bank PLC 0.50 6/23/2027 MXN 42.27
Credit Europe Bank Ltd 10.00 10/22/2018 RUB 66.01
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Kreditanstalt fuer Wiederauf 0.25 10/6/2036 CAD 42.47
HSBC Bank PLC 0.50 7/21/2021 BRL 71.75
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 7.50
Oberoesterreichische Landesb 0.32 11/6/2030 EUR 74.93
Oberoesterreichische Landesb 0.30 4/25/2042 EUR 71.31
AKB Peresvet ZAO 0.51 6/23/2021 RUB 20.06
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 18.26
Podkarpacki Bank Spoldzielcz 5.01 10/6/2021 PLN 62.11
Podkarpacki Bank Spoldzielcz 5.81 10/24/2024 PLN 45.00
Rusfinans Bank OOO 11.00 10/2/2019 RUB 72.01
Investpro OOO 13.00 12/31/2018 RUB 3.05
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 7.50
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 1.90
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 1.90
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 1.90
City of Siret Romania 3.21 3/1/2028 RON 50.00
Commerzbank AG 10.00 3/2/2020 EUR 62.56
Bank Julius Baer & Co Ltd/Gu 6.50 6/14/2018 USD 63.15
EFG International Finance Gu 7.20 2/25/2019 EUR 11.00
Xsystem SA 10.00 3/31/2019 PLN 20.00
Landes-Hypothekenbank Steier 0.02 3/7/2043 EUR 70.44
Kaupthing ehf 9.75 9/10/2015 USD 0.25
Barclays Bank PLC 0.50 3/19/2021 MXN 74.38
Rosneft Oil Co PJSC 11.90 11/28/2024 RUB 100.40
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 40.08
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Eiendomskreditt AS 4.13 NOK 56.60
Otkritie Holding JSC 10.00 4/20/2028 RUB 15.02
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 68.66
UBS AG/London 10.00 12/10/2019 USD 9.77
Commerzbank AG 5.00 2/9/2018 EUR 62.89
Polski Bank Spoldzielczy w C 4.81 6/18/2020 PLN 50.00
Bashneft PJSC 9.40 1/22/2024 RUB 66.57
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 67.00
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 1.90
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Lehman Brothers Holdings PLC 3.03 3/24/2009 JPY 2.76
Atomenergoprom JSC 9.33 12/3/2026 RUB 70.01
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 1.90
Rio Forte Investments SA 4.75 11/10/2015 EUR 6.63
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 1.90
Communaute Francaise de Belg 0.50 6/27/2046 EUR 68.90
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 1.90
Bank ZENIT PJSC 7.50 6/14/2024 RUB 65.01
Vontobel Financial Products 5.00 6/25/2018 EUR 60.46
Leonteq Securities AG/Guerns 5.00 12/27/2019 EUR 64.28
Bayerische Landesbank 2.60 3/29/2018 EUR 73.19
German Pellets GmbH 8.00 EUR 0.02
Municipality Finance PLC 0.50 5/31/2022 ZAR 69.07
Investpro OOO 11.50 10/13/2020 RUB 2.00
RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 1.55
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 7.50
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
LBI HF 6.10 8/25/2011 USD 7.88
Otkritie Holding JSC 12.70 9/30/2027 RUB 33.00
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 1.90
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 1.90
Societe Generale SA 0.50 8/4/2021 BRL 72.33
Banca Adriatica Spa 7.20 6/30/2018 EUR 1.24
HSBC Bank PLC 0.50 10/30/2026 NZD 74.25
HSBC Bank PLC 0.50 6/10/2021 BRL 72.62
Credit Europe Bank Ltd 10.00 4/6/2018 RUB 64.01
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 1.90
Deutsche Bank AG/London 0.50 10/5/2021 IDR 70.36
Portugal Telecom Internation 4.38 3/24/2017 EUR 42.00
Otkritie Holding JSC 12.14 10/3/2036 RUB 19.13
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 1.90
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 1.90
UniCredit Bank AG 4.60 7/2/2018 EUR 58.60
Bayerische Landesbank 2.70 7/6/2018 EUR 70.13
Bayerische Landesbank 3.20 7/27/2018 EUR 72.01
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 1.90
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 73.77
BELLAGIO Holding GmbH 1.91 EUR 48.39
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.61
Bank ZENIT PJSC 7.50 11/20/2025 RUB 56.28
Credit Agricole Corporate & 0.50 3/6/2023 RUB 72.33
Credit Suisse AG/London 8.54 1/7/2020 USD 9.95
UniCredit Bank AG 5.20 5/4/2020 USD 67.24
Rosselkhozbank JSC 12.87 12/21/2021 RUB 111.15
Credit Suisse AG/London 8.50 2/2/2018 USD 52.99
UBS AG/London 5.50 5/17/2018 USD 56.30
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 1.90
Solomenskij Lesozavod ZAO 10.00 9/29/2021 RUB 62.00
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 1.90
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 1.90
Republic of Komi Russia 9.50 11/16/2022 RUB 61.02
DekaBank Deutsche Girozentra 0.12 6/23/2034 EUR 74.14
Delta-Finance OOO 10.00 12/17/2020 RUB 0.10
Credit Europe Bank Ltd 10.00 9/14/2018 RUB 103.00
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 1.90
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 1.90
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 1.90
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
Banca Adriatica Spa 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 1.90
Kaupthing ehf 7.50 2/1/2045 USD 0.26
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 1.90
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 37.14
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
Heta Asset Resolution AG 5.03 12/31/2023 EUR 34.63
DZ Bank AG Deutsche Zentral- 5.75 2/23/2018 EUR 72.30
Credit Suisse AG/London 7.00 11/15/2019 USD 8.52
Raiffeisen Centrobank AG 10.63 9/25/2018 EUR 67.65
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 70.56
BAWAG PSK Versicherungs AG 0.92 EUR 57.07
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 1.90
Region Invest OOO 9.53 1/12/2021 RUB 0.95
Region Invest OOO 10.50 9/12/2019 RUB 1.27
Stroytemp CJSC 9.00 11/13/2019 RUB 0.10
Promnefteservis OOO 10.50 11/21/2019 RUB 2.20
Rosselkhozbank JSC 15.00 1/29/2025 RUB 66.73
Otkritie Holding JSC 11.50 7/22/2030 RUB 19.13
Otkritie Holding JSC 10.00 9/17/2027 RUB 17.95
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 1.90
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.03
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 1.90
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 1.90
Eiendomskreditt AS 5.08 NOK 66.89
Atomenergoprom JSC 9.33 11/2/2026 RUB 70.01
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
LBI HF 2.25 2/14/2011 CHF 7.13
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Investpro OOO 12.75 9/6/2018 RUB #N/A N/A
Otkritie Holding JSC 11.50 7/20/2028 RUB 14.02
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 1.90
Credit Suisse AG 0.50 12/16/2025 BRL 45.68
Heta Asset Resolution AG 0.13 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 1.90
HSBC Bank PLC 0.50 1/29/2027 NZD 73.33
UniCredit Bank AG 4.50 9/28/2018 EUR 19.74
Commerzbank AG 0.10 12/27/2018 RUB 1.72
UniCredit Bank AG 5.40 11/29/2019 USD 61.42
Commerzbank AG 4.50 12/29/2022 USD 7.00
Leonteq Securities AG/Guerns 10.20 10/24/2018 USD 66.12
Transneft PJSC 9.65 6/30/2023 RUB 65.10
Leonteq Securities AG 7.20 5/2/2019 CHF 63.18
Credit Suisse AG/London 5.75 2/2/2018 USD 57.85
UniCredit Bank AG 3.10 1/4/2019 EUR 22.98
Agrokompleks OOO 0.10 12/8/2022 RUB 3.21
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 1.90
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Zurcher Kantonalbank Finance 7.82 8/6/2018 EUR 66.66
Hellenic Republic Government 2.09 7/25/2057 EUR 39.88
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 1.90
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 1.90
Region Invest OOO 10.48 4/20/2021 RUB 0.67
LBI HF 5.08 3/1/2013 ISK 7.13
UniCredit Bank AG 3.10 6/22/2018 EUR 17.85
UniCredit Bank AG 4.20 6/22/2018 EUR 17.01
Citigroup Global Markets Fun 7.00 6/16/2022 SEK 70.52
Commerzbank AG 4.50 12/29/2022 USD 5.24
City of Bistrita Romania 2.73 11/25/2029 RON 60.00
Leonteq Securities AG/Guerns 7.00 6/26/2019 CHF 65.55
Commerzbank AG 4.00 7/6/2018 EUR 53.07
EFG International Finance Gu 6.48 5/29/2018 EUR 3.05
Raiffeisen Schweiz Genossens 6.50 7/2/2018 USD 63.62
National Developing Co PAO 16.00 4/15/2021 RUB 0.10
Eurocent SA 8.50 9/15/2018 PLN 10.00
HSBC Trinkaus & Burkhardt AG 11.60 3/23/2018 EUR 60.28
RBC PJSC 6.00 4/19/2018 RUB 60.00
SG Issuer SA 5.50 4/10/2021 EUR 67.54
RBC PJSC 6.00 4/19/2018 RUB 75.00
UniCredit Bank AG 4.70 6/22/2018 EUR 22.83
Credit Suisse AG/London 8.25 8/29/2018 USD 68.79
Bank Julius Baer & Co Ltd/Gu 9.40 10/11/2018 USD 70.70
UniCredit Bank AG 4.90 9/28/2018 EUR 22.34
UniCredit Bank AG 4.10 9/28/2018 EUR 24.49
UniCredit Bank AG 3.60 9/28/2018 EUR 26.57
UniCredit Bank AG 4.10 6/22/2018 EUR 23.81
Leonteq Securities AG 8.20 11/23/2018 USD 68.90
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 1.90
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 1.90
Heta Asset Resolution AG 7.50 12/31/2023 ATS 34.63
T-Generation CJSC 12.00 6/14/2019 RUB 0.10
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 8.00
MIK OAO 15.00 2/19/2020 RUB 0.02
Rosbank PJSC 7.85 12/2/2022 RUB 70.53
RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 0.68
Region Invest OOO 10.23 5/4/2021 RUB 0.81
SG Issuer SA 0.10 6/11/2029 NZD 61.21
Ladya-Finans LLC 12.00 10/29/2021 RUB 100.00
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 1.90
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 1.90
Region Invest OOO 10.48 4/19/2021 RUB 0.72
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 1.90
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 1.90
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 1.90
Bank Intesa AO 8.25 6/10/2018 RUB 64.01
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 1.90
Region Invest OOO 10.36 7/19/2022 RUB 1.44
Region Invest OOO 10.48 4/15/2021 RUB 0.67
Kaupthing ehf 7.00 7/24/2009 ISK 0.25
LBI HF 8.65 5/1/2011 ISK 7.13
Malahit AO 15.00 7/14/2025 RUB 2.40
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 1.90
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 1.90
First Mortgage Co Universal 6.50 12/12/2019 USD 25.20
Commerzbank AG 4.50 12/30/2024 USD 15.22
Landesbank Baden-Wuerttember 3.00 9/28/2018 EUR 63.59
Landesbank Baden-Wuerttember 3.40 6/22/2018 EUR 72.98
SG Issuer SA 6.65 10/10/2021 EUR 73.62
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 1.90
Barclays Bank PLC 0.50 3/26/2021 MXN 73.95
Barclays Bank PLC 0.50 3/13/2023 RUB 72.05
HSBC Bank PLC 0.50 4/27/2027 NZD 72.69
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 1.90
Heta Asset Resolution AG 5.73 12/31/2023 EUR 34.63
HSBC Bank PLC 0.50 2/24/2027 NZD 73.28
VEB-Leasing OAO 8.65 1/16/2024 RUB 65.01
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 1.90
Northland Resources AB 12.25 3/26/2016 USD 2.62
BNP Paribas SA 0.50 11/16/2032 MXN 32.72
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 1.90
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 7.50
Digital Invest OOO 10.22 10/22/2020 RUB 1.09
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 1.90
OOO SPV Structural Investmen 0.01 9/1/2023 RUB 70.21
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 1.90
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 1.90
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Digital Invest OOO 9.95 4/21/2020 RUB 1.16
Raiffeisen Centrobank AG 6.84 6/25/2019 EUR 24.05
Zurcher Kantonalbank Finance 7.50 7/6/2018 CHF 65.77
Leonteq Securities AG/Guerns 7.00 6/19/2019 USD 68.70
Deutsche Bank AG 5.20 12/27/2018 EUR 71.10
Raiffeisen Centrobank AG 7.25 12/25/2018 EUR 23.62
Bank J Safra Sarasin AG/Guer 12.75 2/1/2018 USD 53.01
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 1.90
Heta Asset Resolution AG 4.35 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 1.90
Soyuz AKB OAO 9.50 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 1.90
UniCredit Bank AG 11.30 1/4/2019 EUR 74.33
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 72.74
Commerzbank AG 17.00 6/22/2018 EUR 70.82
Landesbank Baden-Wuerttember 5.50 7/26/2019 EUR 74.25
DZ Bank AG Deutsche Zentral- 7.50 3/23/2018 EUR 73.00
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 73.95
Vontobel Financial Products 9.45 3/9/2018 EUR 71.87
HSBC Trinkaus & Burkhardt AG 9.30 4/27/2018 EUR 63.90
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 62.32
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 66.36
UniCredit Bank AG 9.40 3/23/2018 EUR 73.03
HSBC Trinkaus & Burkhardt AG 10.70 9/28/2018 EUR 70.09
Commerzbank AG 18.00 5/25/2018 EUR 70.22
HSBC Trinkaus & Burkhardt AG 8.10 9/28/2018 EUR 74.57
Raiffeisen Centrobank AG 8.83 6/25/2019 EUR 27.18
Vontobel Financial Products 6.00 6/22/2018 EUR 64.30
DZ Bank AG Deutsche Zentral- 6.25 8/24/2018 EUR 73.85
EFG International Finance Gu 8.40 8/23/2018 USD 70.99
Commerzbank AG 12.50 5/23/2018 EUR 66.82
Commerzbank AG 11.50 7/27/2018 EUR 67.70
DZ Bank AG Deutsche Zentral- 9.50 9/28/2018 EUR 72.28
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 69.96
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.66
DZ Bank AG Deutsche Zentral- 9.90 6/22/2018 EUR 71.07
DZ Bank AG Deutsche Zentral- 7.60 9/28/2018 EUR 74.80
DZ Bank AG Deutsche Zentral- 8.30 9/28/2018 EUR 73.41
Deutsche Bank AG 4.20 3/20/2018 EUR 70.80
Deutsche Bank AG 4.20 6/19/2018 EUR 68.40
Deutsche Bank AG 4.20 9/25/2018 EUR 69.30
Deutsche Bank AG 4.20 12/27/2018 EUR 70.10
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 68.31
Credit Suisse AG/London 10.00 2/19/2020 USD 9.98
UniCredit Bank AG 13.60 1/4/2019 EUR 23.34
UniCredit Bank AG 4.60 1/4/2019 EUR 19.75
UniCredit Bank AG 8.20 1/4/2019 EUR 21.74
UniCredit Bank AG 10.10 6/22/2018 EUR 16.49
UniCredit Bank AG 7.70 6/22/2018 EUR 16.36
UniCredit Bank AG 8.90 9/28/2018 EUR 19.61
UniCredit Bank AG 5.60 1/4/2019 EUR 19.59
UniCredit Bank AG 11.60 1/4/2019 EUR 22.05
UniCredit Bank AG 3.30 1/4/2019 EUR 21.34
UniCredit Bank AG 5.70 9/28/2018 EUR 19.36
UniCredit Bank AG 12.00 1/4/2019 EUR 72.41
UniCredit Bank AG 13.50 1/4/2019 EUR 71.29
Commerzbank AG 18.25 2/22/2018 EUR 55.81
Commerzbank AG 17.50 3/22/2018 EUR 57.19
Vontobel Financial Products 10.50 6/25/2018 EUR 71.43
Vontobel Financial Products 14.00 6/25/2018 EUR 67.39
Vontobel Financial Products 13.00 9/28/2018 EUR 70.35
DZ Bank AG Deutsche Zentral- 7.00 6/22/2018 EUR 72.74
DZ Bank AG Deutsche Zentral- 5.00 6/22/2018 EUR 13.11
DZ Bank AG Deutsche Zentral- 9.00 6/22/2018 EUR 66.26
Societe Generale SA 8.00 5/28/2027 USD 68.60
Vontobel Financial Products 5.50 6/22/2018 EUR 59.69
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 64.64
HSBC Trinkaus & Burkhardt AG 10.60 6/22/2018 EUR 71.33
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.17
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 51.16
Vontobel Financial Products 9.50 11/23/2018 EUR 68.82
Vontobel Financial Products 13.00 3/23/2018 EUR 59.07
Vontobel Financial Products 9.70 6/25/2018 EUR 58.65
Vontobel Financial Products 7.55 6/22/2018 EUR 70.94
UniCredit Bank AG 14.10 3/23/2018 EUR 68.36
Commerzbank AG 18.75 2/22/2018 EUR 62.06
Commerzbank AG 13.50 2/22/2018 EUR 49.77
HSBC Trinkaus & Burkhardt AG 12.20 9/28/2018 EUR 68.24
HSBC Trinkaus & Burkhardt AG 9.70 7/27/2018 EUR 71.50
Raiffeisen Centrobank AG 8.33 6/25/2019 EUR 26.58
UniCredit Bank AG 10.50 6/22/2018 EUR 71.07
UniCredit Bank AG 13.60 6/22/2018 EUR 67.37
Commerzbank AG 8.50 2/22/2018 EUR 69.66
Commerzbank AG 15.75 2/22/2018 EUR 56.29
Commerzbank AG 15.50 3/22/2018 EUR 65.67
HSBC Trinkaus & Burkhardt AG 10.90 2/23/2018 EUR 68.84
Commerzbank AG 11.25 10/26/2018 EUR 74.20
Commerzbank AG 12.00 2/22/2018 EUR 62.20
Commerzbank AG 11.50 3/22/2018 EUR 71.02
Commerzbank AG 17.50 3/22/2018 EUR 63.46
Commerzbank AG 9.00 2/22/2018 EUR 63.39
Commerzbank AG 10.75 2/22/2018 EUR 53.57
Commerzbank AG 13.25 10/26/2018 EUR 72.40
Commerzbank AG 15.50 7/27/2018 EUR 70.86
DZ Bank AG Deutsche Zentral- 7.75 7/27/2018 EUR 74.57
Commerzbank AG 16.00 2/21/2018 EUR 62.16
UniCredit Bank AG 11.00 3/23/2018 EUR 69.44
UniCredit Bank AG 12.70 3/23/2018 EUR 66.20
Commerzbank AG 12.75 2/22/2018 EUR 69.11
Commerzbank AG 13.50 3/22/2018 EUR 68.11
Commerzbank AG 9.75 3/22/2018 EUR 75.10
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 62.49
Commerzbank AG 11.50 4/26/2018 EUR 67.85
DZ Bank AG Deutsche Zentral- 5.50 3/23/2018 EUR 69.01
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 14.71
Vontobel Financial Products 9.20 6/8/2018 EUR 74.83
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 53.63
HSBC Trinkaus & Burkhardt AG 8.10 4/27/2018 EUR 60.32
HSBC Trinkaus & Burkhardt AG 3.50 4/27/2018 EUR 72.29
Vontobel Financial Products 10.55 7/27/2018 EUR 73.06
BNP Paribas Emissions- und H 18.00 6/21/2018 EUR 65.19
HSBC Trinkaus & Burkhardt AG 13.70 3/23/2018 EUR 63.29
HSBC Trinkaus & Burkhardt AG 10.30 3/23/2018 EUR 66.00
HSBC Trinkaus & Burkhardt AG 7.60 8/24/2018 EUR 70.73
Leonteq Securities AG/Guerns 10.00 12/19/2018 CHF 65.46
DZ Bank AG Deutsche Zentral- 10.75 9/28/2018 EUR 74.74
BNP Paribas Emissions- und H 15.00 6/21/2018 EUR 64.03
BNP Paribas Emissions- und H 6.00 9/27/2018 EUR 71.28
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 66.62
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 71.39
BNP Paribas Emissions- und H 10.00 12/31/2018 EUR 68.28
BNP Paribas Emissions- und H 25.00 2/22/2018 EUR 71.75
BNP Paribas Emissions- und H 23.00 2/22/2018 EUR 74.16
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 65.74
DZ Bank AG Deutsche Zentral- 6.40 3/23/2018 EUR 61.96
DZ Bank AG Deutsche Zentral- 7.20 3/23/2018 EUR 59.64
DZ Bank AG Deutsche Zentral- 7.90 3/23/2018 EUR 73.37
DZ Bank AG Deutsche Zentral- 7.40 3/23/2018 EUR 67.81
Vontobel Financial Products 10.50 3/23/2018 EUR 73.17
Credit Suisse AG/London 9.10 3/5/2018 USD 53.69
Vontobel Financial Products 11.50 3/23/2018 EUR 67.81
Vontobel Financial Products 6.50 3/23/2018 EUR 67.07
Vontobel Financial Products 3.50 3/23/2018 EUR 66.62
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 60.98
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 65.59
DZ Bank AG Deutsche Zentral- 6.00 2/23/2018 EUR 61.48
Deutsche Bank AG 4.20 2/21/2018 EUR 74.80
BNP Paribas Emissions- und H 6.00 3/22/2018 EUR 56.06
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.24
Commerzbank AG 1.00 2/19/2020 USD 63.67
UniCredit Bank AG 11.30 6/28/2019 EUR 72.88
UniCredit Bank AG 13.20 6/28/2019 EUR 31.32
Vontobel Financial Products 3.00 6/8/2018 EUR 64.50
Vontobel Financial Products 9.00 9/28/2018 EUR 68.58
Vontobel Financial Products 4.00 1/2/2019 EUR 73.32
Vontobel Financial Products 6.00 1/2/2019 EUR 70.81
Vontobel Financial Products 9.55 1/2/2019 EUR 67.56
HSBC Trinkaus & Burkhardt AG 3.00 6/22/2018 EUR 71.04
DZ Bank AG Deutsche Zentral- 12.50 4/27/2018 EUR 63.86
DZ Bank AG Deutsche Zentral- 5.75 6/22/2018 EUR 68.86
Commerzbank AG 1.00 11/2/2020 USD 14.98
Leonteq Securities AG/Guerns 11.00 9/12/2018 USD 64.51
Commerzbank AG 8.25 5/24/2018 EUR 74.85
Commerzbank AG 10.25 5/24/2018 EUR 70.45
Commerzbank AG 12.25 5/24/2018 EUR 67.03
Commerzbank AG 14.25 5/24/2018 EUR 64.26
Commerzbank AG 16.25 5/24/2018 EUR 61.80
Vontobel Financial Products 10.10 6/8/2018 EUR 71.77
Vontobel Financial Products 13.10 9/14/2018 EUR 71.88
UniCredit Bank AG 3.50 6/28/2019 EUR 28.73
UniCredit Bank AG 9.90 1/3/2020 EUR 73.11
UniCredit Bank AG 9.20 6/28/2019 EUR 72.85
UniCredit Bank AG 7.90 6/28/2019 EUR 26.67
Vontobel Financial Products 7.80 6/8/2018 EUR 66.22
Vontobel Financial Products 11.00 9/28/2018 EUR 67.18
Vontobel Financial Products 8.00 1/2/2019 EUR 68.63
UBS AG/London 15.30 6/21/2018 EUR 71.37
UBS AG/London 16.90 6/21/2018 EUR 74.97
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 75.23
Vontobel Financial Products 4.00 9/28/2018 EUR 68.92
Vontobel Financial Products 6.00 9/28/2018 EUR 70.25
Vontobel Financial Products 7.50 6/25/2018 EUR 57.76
Commerzbank AG 7.25 6/22/2018 EUR 75.00
Commerzbank AG 9.25 6/22/2018 EUR 71.52
Commerzbank AG 11.25 6/22/2018 EUR 67.81
Commerzbank AG 13.25 6/22/2018 EUR 65.77
Vontobel Financial Products 8.55 3/23/2018 EUR 72.88
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 57.38
HSBC Trinkaus & Burkhardt AG 6.80 3/23/2018 EUR 65.47
HSBC Trinkaus & Burkhardt AG 4.00 3/23/2018 EUR 74.59
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 66.52
Bank Julius Baer & Co Ltd/Gu 3.55 3/2/2018 SEK 63.80
Raiffeisen Schweiz Genossens 10.00 3/6/2018 USD 55.25
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.79
BNP Paribas Emissions- und H 4.00 6/21/2018 EUR 56.70
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.05
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 59.08
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 60.91
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 72.68
Deutsche Bank AG 6.20 2/21/2018 EUR 74.90
BNP Paribas Emissions- und H 4.00 3/22/2018 EUR 55.97
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
Bank Julius Baer & Co Ltd/Gu 8.75 2/23/2018 USD 67.10
Zurcher Kantonalbank Finance 6.75 8/20/2018 USD 58.45
HSBC Trinkaus & Burkhardt AG 12.60 3/23/2018 EUR 71.74
UBS AG/London 13.25 9/6/2018 CHF 61.30
Landesbank Baden-Wuerttember 2.90 7/27/2018 EUR 71.87
Vontobel Financial Products 10.00 3/23/2018 EUR 58.63
Vontobel Financial Products 3.00 6/25/2018 EUR 68.85
Commerzbank AG 13.50 9/28/2018 EUR 70.30
UniCredit Bank AG 10.70 3/23/2018 EUR 72.70
Commerzbank AG 14.00 6/22/2018 EUR 65.73
UniCredit Bank AG 13.10 6/22/2018 EUR 68.97
Commerzbank AG 5.75 2/22/2018 EUR 68.67
Commerzbank AG 6.50 2/22/2018 EUR 63.55
Commerzbank AG 8.25 2/22/2018 EUR 58.09
UniCredit Bank AG 12.00 6/22/2018 EUR 68.46
UBS AG/London 9.70 2/22/2018 EUR 75.30
Vontobel Financial Products 4.00 12/21/2018 EUR 69.62
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 68.73
BNP Paribas Emissions- und H 11.00 3/22/2018 EUR 72.53
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 74.71
EFG International Finance Gu 7.40 6/28/2019 USD 69.51
Commerzbank AG 7.00 3/21/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.60 4/27/2018 EUR 70.38
DZ Bank AG Deutsche Zentral- 5.25 5/25/2018 EUR 13.26
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 66.70
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 62.34
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 66.45
HSBC Trinkaus & Burkhardt AG 9.80 6/22/2018 EUR 74.55
UniCredit Bank AG 13.60 3/23/2018 EUR 68.66
UniCredit Bank AG 14.60 3/23/2018 EUR 67.66
Commerzbank AG 17.25 4/26/2018 EUR 62.64
Vontobel Financial Products 7.00 6/8/2018 EUR 65.93
HSBC Trinkaus & Burkhardt AG 9.00 3/23/2018 EUR 73.21
BNP Paribas Emissions- und H 8.00 9/27/2018 EUR 72.60
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 65.36
DZ Bank AG Deutsche Zentral- 8.50 9/28/2018 EUR 70.73
BNP Paribas Emissions- und H 7.00 9/27/2018 EUR 67.27
BNP Paribas Emissions- und H 7.00 12/31/2018 EUR 68.12
BNP Paribas Emissions- und H 9.00 12/31/2018 EUR 64.93
Commerzbank AG 30.00 6/30/2020 USD 5.59
Commerzbank AG 10.50 2/22/2018 EUR 64.90
Raiffeisen Centrobank AG 13.12 12/28/2018 EUR 37.52
Raiffeisen Centrobank AG 7.01 12/28/2018 EUR 33.74
Raiffeisen Centrobank AG 17.22 6/19/2018 EUR 27.36
DZ Bank AG Deutsche Zentral- 6.25 11/23/2018 EUR 70.18
HSBC Trinkaus & Burkhardt AG 11.80 6/22/2018 EUR 68.56
Commerzbank AG 7.25 10/26/2018 EUR 73.73
Commerzbank AG 9.25 10/26/2018 EUR 70.76
Commerzbank AG 11.25 10/26/2018 EUR 68.70
BNP Paribas Emissions- und H 9.00 9/27/2018 EUR 68.74
DZ Bank AG Deutsche Zentral- 5.00 5/25/2018 EUR 73.78
Commerzbank AG 11.75 2/22/2018 EUR 74.21
Commerzbank AG 13.75 3/22/2018 EUR 61.52
Commerzbank AG 15.75 3/22/2018 EUR 59.04
Commerzbank AG 14.50 2/22/2018 EUR 58.62
BNP Paribas Emissions- und H 7.50 9/27/2018 EUR 71.69
Commerzbank AG 10.50 11/23/2018 EUR 73.46
Commerzbank AG 12.50 11/23/2018 EUR 71.66
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 60.80
BNP Paribas Emissions- und H 14.00 3/22/2018 EUR 74.35
BNP Paribas Emissions- und H 14.00 6/21/2018 EUR 69.13
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 71.06
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 63.21
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 72.17
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 63.00
Commerzbank AG 16.50 2/22/2018 EUR 62.24
Landesbank Baden-Wuerttember 5.50 7/27/2018 EUR 69.62
Commerzbank AG 11.75 3/22/2018 EUR 64.58
Commerzbank AG 8.50 2/22/2018 EUR 69.11
Commerzbank AG 6.50 2/22/2018 EUR 74.72
Commerzbank AG 16.50 2/22/2018 EUR 56.24
Commerzbank AG 7.75 3/22/2018 EUR 72.71
Commerzbank AG 9.75 3/22/2018 EUR 68.13
BNP Paribas Emissions- und H 8.50 3/22/2018 EUR 71.47
HSBC Trinkaus & Burkhardt AG 13.40 6/22/2018 EUR 66.19
HSBC Trinkaus & Burkhardt AG 8.90 6/22/2018 EUR 74.20
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 68.01
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 60.60
Commerzbank AG 13.00 3/21/2018 EUR 62.88
Commerzbank AG 14.50 2/22/2018 EUR 64.61
Commerzbank AG 10.50 10/26/2018 EUR 68.88
Erste Group Bank AG 8.30 4/20/2018 EUR 71.25
Bank Julius Baer & Co Ltd/Gu 6.50 6/15/2018 USD 57.10
Commerzbank AG 12.50 2/22/2018 EUR 61.47
Deutsche Bank AG 6.20 9/25/2018 EUR 70.60
Commerzbank AG 14.00 5/24/2018 EUR 70.00
Commerzbank AG 14.75 4/26/2018 EUR 71.02
Vontobel Financial Products 10.50 3/23/2018 EUR 71.18
Vontobel Financial Products 9.00 9/28/2018 EUR 73.05
Vontobel Financial Products 13.00 9/28/2018 EUR 68.52
Vontobel Financial Products 8.50 1/2/2019 EUR 73.16
Vontobel Financial Products 12.00 1/2/2019 EUR 69.86
Vontobel Financial Products 15.50 1/2/2019 EUR 67.46
Vontobel Financial Products 14.00 3/23/2018 EUR 66.38
Vontobel Financial Products 9.50 6/22/2018 EUR 72.12
Vontobel Financial Products 12.50 6/22/2018 EUR 68.52
Vontobel Financial Products 14.50 6/22/2018 EUR 66.38
EFG International Finance Gu 10.20 3/23/2018 USD 58.46
Deutsche Bank AG 5.20 3/20/2018 EUR 70.90
Commerzbank AG 12.00 5/24/2018 EUR 74.46
Commerzbank AG 13.25 6/21/2018 EUR 72.56
Credit Suisse AG/London 8.50 3/13/2018 USD 59.99
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 69.75
HSBC Trinkaus & Burkhardt AG 7.50 12/28/2018 EUR 67.99
HSBC Trinkaus & Burkhardt AG 5.00 12/28/2018 EUR 73.48
UBS AG/London 7.70 6/28/2018 EUR 72.76
UBS AG/London 4.30 6/28/2018 EUR 73.87
UBS AG/London 6.50 3/22/2018 EUR 73.83
UBS AG/London 4.40 6/28/2018 EUR 72.61
Societe Generale SA 14.75 3/19/2019 USD 47.95
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 67.17
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 73.90
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 70.70
Credit Suisse AG/London 8.25 7/26/2018 USD 64.21
Bank Julius Baer & Co Ltd/Gu 9.10 8/6/2018 USD 62.45
UniCredit Bank AG 12.50 3/23/2018 EUR 69.66
Vontobel Financial Products 14.00 6/8/2018 EUR 68.62
Commerzbank AG 13.50 8/24/2018 EUR 67.06
DZ Bank AG Deutsche Zentral- 8.75 1/2/2019 EUR 74.38
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 69.55
Bank Julius Baer & Co Ltd/Gu 10.45 5/11/2018 USD 62.30
UBS AG/London 6.50 1/7/2019 CHF 64.50
Deutsche Bank AG 6.20 6/19/2018 EUR 69.20
Commerzbank AG 15.25 8/24/2018 EUR 73.34
Commerzbank AG 11.50 2/21/2018 EUR 49.64
Deutsche Bank AG 5.20 6/19/2018 EUR 68.80
Commerzbank AG 16.75 4/26/2018 EUR 68.69
Commerzbank AG 11.25 6/21/2018 EUR 75.28
Commerzbank AG 15.25 6/21/2018 EUR 70.11
Zurcher Kantonalbank Finance 6.00 1/17/2019 USD 69.66
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 73.30
Raiffeisen Centrobank AG 9.30 9/25/2018 EUR 69.54
Raiffeisen Centrobank AG 10.19 3/20/2018 EUR 69.75
Vontobel Financial Products 9.50 9/28/2018 EUR 72.57
Vontobel Financial Products 4.50 3/23/2018 EUR 68.99
Vontobel Financial Products 12.00 6/25/2018 EUR 59.58
Vontobel Financial Products 4.50 6/22/2018 EUR 69.73
UniCredit Bank AG 10.40 6/22/2018 EUR 72.74
DekaBank Deutsche Girozentra 3.00 6/27/2018 EUR 55.28
UniCredit Bank AG 14.50 3/23/2018 EUR 63.28
Commerzbank AG 10.75 2/22/2018 EUR 72.30
Commerzbank AG 7.25 2/22/2018 EUR 65.91
Vontobel Financial Products 8.50 9/28/2018 EUR 72.71
Vontobel Financial Products 14.55 9/28/2018 EUR 69.55
Deutsche Bank AG 6.20 12/27/2018 EUR 72.00
Deutsche Bank AG 5.20 9/25/2018 EUR 70.00
Deutsche Bank AG 7.20 3/20/2018 EUR 63.50
Deutsche Bank AG 5.20 6/19/2018 EUR 72.70
UBS AG/London 16.00 8/30/2018 CHF 44.95
BNP Paribas Emissions- und H 4.00 12/31/2018 EUR 67.00
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 68.84
Leonteq Securities AG 10.00 7/10/2018 USD 57.95
UniCredit Bank AG 9.80 6/22/2018 EUR 74.99
UniCredit Bank AG 12.50 3/23/2018 EUR 72.88
Vontobel Financial Products 5.00 3/23/2018 EUR 73.32
Vontobel Financial Products 6.00 3/23/2018 EUR 69.02
Vontobel Financial Products 9.00 3/23/2018 EUR 61.94
Raiffeisen Centrobank AG 6.04 6/25/2019 EUR 23.38
DZ Bank AG Deutsche Zentral- 6.50 3/23/2018 EUR 67.76
DZ Bank AG Deutsche Zentral- 8.00 3/23/2018 EUR 69.48
DZ Bank AG Deutsche Zentral- 6.25 9/28/2018 EUR 73.90
Commerzbank AG 11.50 4/27/2018 EUR 74.94
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 71.40
Vontobel Financial Products 6.55 3/9/2018 EUR 66.82
UniCredit Bank AG 5.00 7/30/2018 EUR 74.06
Landesbank Baden-Wuerttember 3.50 7/27/2018 EUR 70.65
Landesbank Baden-Wuerttember 3.00 1/4/2019 EUR 71.49
Landesbank Baden-Wuerttember 4.00 6/22/2018 EUR 69.23
Syntagma OOO 16.50 5/10/2022 RUB 0.10
SG Issuer SA 0.82 8/2/2021 SEK 56.32
Raiffeisen Schweiz Genossens 4.50 3/27/2018 EUR 74.41
Landesbank Baden-Wuerttember 3.30 6/22/2018 EUR 70.33
DekaBank Deutsche Girozentra 3.30 2/26/2018 EUR 52.64
DekaBank Deutsche Girozentra 2.70 3/16/2018 EUR 73.72
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 74.75
Landesbank Baden-Wuerttember 3.00 6/28/2019 EUR 70.05
DekaBank Deutsche Girozentra 3.15 5/18/2018 EUR 66.04
DekaBank Deutsche Girozentra 3.40 4/9/2018 EUR 57.16
Landesbank Baden-Wuerttember 3.00 5/25/2018 EUR 74.33
UniCredit Bank AG 3.75 10/2/2020 EUR 70.33
Credit Suisse AG/London 9.86 2/27/2020 USD 9.96
Landesbank Baden-Wuerttember 3.15 6/22/2018 EUR 68.63
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 66.30
UniCredit Bank AG 5.00 6/25/2019 EUR 62.29
Landesbank Baden-Wuerttember 5.00 2/23/2018 EUR 71.77
Credit Suisse AG/London 7.00 12/11/2019 USD 9.44
DekaBank Deutsche Girozentra 3.00 12/17/2018 EUR 67.22
UniCredit Bank AG 3.75 9/7/2020 EUR 73.36
UniCredit Bank AG 4.00 6/26/2018 EUR 65.91
UniCredit Bank AG 13.50 3/23/2018 EUR 75.58
UniCredit Bank AG 11.00 6/22/2018 EUR 73.63
Commerzbank AG 7.75 9/28/2018 EUR 74.76
Commerzbank AG 11.75 9/28/2018 EUR 69.13
HSBC Trinkaus & Burkhardt AG 14.70 3/23/2018 EUR 68.36
UniCredit Bank AG 14.90 6/22/2018 EUR 74.71
UniCredit Bank AG 13.90 6/22/2018 EUR 67.70
UniCredit Bank AG 14.00 3/23/2018 EUR 64.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.06
Landesbank Baden-Wuerttember 2.80 11/23/2018 EUR 74.37
UniCredit Bank AG 13.40 3/23/2018 EUR 70.47
UniCredit Bank AG 10.00 6/22/2018 EUR 74.93
UniCredit Bank AG 13.10 6/22/2018 EUR 71.30
Vontobel Financial Products 6.50 2/23/2018 EUR 75.19
UniCredit Bank AG 13.00 3/23/2018 EUR 72.19
UniCredit Bank AG 13.00 3/23/2018 EUR 73.81
UniCredit Bank AG 10.50 6/22/2018 EUR 72.78
UniCredit Bank AG 9.00 3/23/2018 EUR 75.01
Raiffeisen Centrobank AG 11.14 12/25/2018 EUR 29.76
Raiffeisen Centrobank AG 11.32 6/19/2018 EUR 25.27
Raiffeisen Centrobank AG 4.13 12/28/2018 EUR 17.28
Raiffeisen Centrobank AG 13.79 6/19/2018 EUR 28.16
Raiffeisen Centrobank AG 3.54 6/19/2018 EUR 15.37
Raiffeisen Centrobank AG 8.49 6/19/2018 EUR 22.01
UniCredit Bank AG 12.20 3/23/2018 EUR 67.83
UniCredit Bank AG 11.60 3/23/2018 EUR 75.37
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 55.96
HSBC Trinkaus & Burkhardt AG 6.20 3/23/2018 EUR 72.35
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 69.26
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 60.90
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 69.66
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 10.20 3/23/2018 EUR 64.10
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 72.95
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 66.15
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 66.04
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 58.55
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 61.53
HSBC Trinkaus & Burkhardt AG 7.40 3/23/2018 EUR 70.98
DekaBank Deutsche Girozentra 3.50 10/28/2019 EUR 72.20
Bank Julius Baer & Co Ltd/Gu 12.15 5/4/2018 USD 69.00
HSBC Trinkaus & Burkhardt AG 8.30 3/23/2018 EUR 63.14
UniCredit Bank AG 4.00 10/14/2019 EUR 68.87
UniCredit Bank AG 4.40 7/13/2018 EUR 68.70
UniCredit Bank AG 3.80 7/23/2020 EUR 71.54
DekaBank Deutsche Girozentra 2.75 10/29/2018 EUR 61.25
DekaBank Deutsche Girozentra 3.25 4/20/2018 EUR 58.44
HSBC Trinkaus & Burkhardt AG 5.80 3/23/2018 EUR 70.73
Commerzbank AG 14.00 4/25/2018 EUR 59.42
Vontobel Financial Products 10.50 9/28/2018 EUR 69.58
Raiffeisen Schweiz Genossens 3.00 9/22/2020 CHF 74.78
Norddeutsche Landesbank Giro 3.00 10/30/2018 EUR 62.89
HSBC Trinkaus & Burkhardt AG 5.00 6/22/2018 EUR 63.50
BNP Paribas Emissions- und H 13.00 2/22/2018 EUR 71.03
BNP Paribas Emissions- und H 18.00 2/22/2018 EUR 65.82
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 71.73
BNP Paribas Emissions- und H 13.00 12/31/2018 EUR 71.04
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 72.35
BNP Paribas Emissions- und H 11.00 9/27/2018 EUR 73.98
DZ Bank AG Deutsche Zentral- 5.00 7/27/2018 EUR 14.35
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 72.84
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.65
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.51
HSBC Trinkaus & Burkhardt AG 10.07 6/22/2018 EUR 69.24
Commerzbank AG 11.75 7/27/2018 EUR 72.35
Commerzbank AG 13.75 7/27/2018 EUR 69.87
DZ Bank AG Deutsche Zentral- 12.75 2/23/2018 EUR 66.82
EFG International Finance Gu 7.66 10/5/2018 USD 67.80
Leonteq Securities AG 14.00 8/2/2018 USD 58.74
UniCredit Bank AG 15.00 6/22/2018 EUR 68.47
UniCredit Bank AG 13.90 6/22/2018 EUR 69.42
UniCredit Bank AG 12.80 6/22/2018 EUR 70.43
Vontobel Financial Products 7.50 3/23/2018 EUR 65.27
Vontobel Financial Products 12.50 3/23/2018 EUR 56.40
Vontobel Financial Products 11.00 3/23/2018 EUR 72.62
HSBC Trinkaus & Burkhardt AG 12.30 6/22/2018 EUR 70.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 71.83
HSBC Trinkaus & Burkhardt AG 10.10 12/28/2018 EUR 72.38
DZ Bank AG Deutsche Zentral- 5.00 3/23/2018 EUR 75.00
UniCredit Bank AG 14.50 1/4/2019 EUR 25.44
DekaBank Deutsche Girozentra 3.00 8/16/2019 EUR 74.87
Credit Suisse AG/London 8.00 10/9/2018 USD 67.89
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.36
DZ Bank AG Deutsche Zentral- 6.00 9/28/2018 EUR 73.34
Deutsche Bank AG 5.20 3/20/2018 EUR 71.70
Deutsche Bank AG 7.20 6/19/2018 EUR 73.50
Deutsche Bank AG 5.20 6/19/2018 EUR 64.30
UniCredit Bank AG 8.80 6/22/2018 EUR 75.33
UniCredit Bank AG 11.20 3/23/2018 EUR 74.41
Vontobel Financial Products 14.50 3/23/2018 EUR 54.10
Vontobel Financial Products 14.50 3/23/2018 EUR 68.40
Araratbank OJSC 7.00 6/18/2019 USD 25.92
Leonteq Securities AG 10.20 10/24/2018 EUR 45.18
HSBC Trinkaus & Burkhardt AG 11.20 9/28/2018 EUR 74.21
Commerzbank AG 9.75 8/24/2018 EUR 63.06
Commerzbank AG 6.75 9/28/2018 EUR 65.81
Commerzbank AG 8.75 9/28/2018 EUR 63.70
Commerzbank AG 10.75 9/28/2018 EUR 62.32
Commerzbank AG 4.50 10/26/2018 EUR 70.45
Commerzbank AG 6.50 10/26/2018 EUR 66.17
Commerzbank AG 8.50 5/25/2018 EUR 64.69
Commerzbank AG 10.50 7/27/2018 EUR 62.62
Commerzbank AG 3.75 8/24/2018 EUR 73.73
Commerzbank AG 5.75 8/24/2018 EUR 68.05
Commerzbank AG 7.75 8/24/2018 EUR 64.96
Commerzbank AG 11.75 8/24/2018 EUR 61.74
Commerzbank AG 4.75 9/28/2018 EUR 69.62
Commerzbank AG 10.50 10/26/2018 EUR 62.55
Commerzbank AG 4.50 5/25/2018 EUR 72.49
Commerzbank AG 6.50 5/25/2018 EUR 67.66
Commerzbank AG 10.50 5/25/2018 EUR 62.67
Commerzbank AG 6.50 7/27/2018 EUR 67.18
Commerzbank AG 8.50 7/27/2018 EUR 64.41
Commerzbank AG 12.50 7/27/2018 EUR 61.33
Commerzbank AG 8.50 10/26/2018 EUR 63.94
Commerzbank AG 4.50 7/27/2018 EUR 71.79
UBS AG/London 8.20 6/22/2018 EUR 59.74
Leonteq Securities AG 11.00 3/19/2018 USD 52.67
UBS AG/London 6.90 6/22/2018 EUR 62.27
UBS AG/London 9.40 6/22/2018 EUR 57.47
UBS AG 5.21 6/27/2018 USD 22.57
Goldman Sachs & Co Wertpapie 19.00 2/21/2018 EUR 74.15
Deutsche Bank AG 5.20 3/20/2018 EUR 63.20
Deutsche Bank AG 7.20 6/19/2018 EUR 65.10
Deutsche Bank AG 4.20 6/19/2018 EUR 72.30
Leonteq Securities AG 8.40 7/10/2018 CHF 57.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.43
UniCredit Bank AG 10.80 6/22/2018 EUR 73.37
UniCredit Bank AG 11.80 6/22/2018 EUR 72.54
Vontobel Financial Products 5.95 9/27/2019 EUR 74.63
EFG International Finance Gu 8.50 2/27/2019 USD 63.81
Vontobel Financial Products 10.50 3/23/2018 EUR 58.97
Commerzbank AG 10.50 8/24/2018 EUR 67.74
DZ Bank AG Deutsche Zentral- 9.00 3/23/2018 EUR 70.99
DZ Bank AG Deutsche Zentral- 8.75 9/28/2018 EUR 69.94
DZ Bank AG Deutsche Zentral- 13.00 3/23/2018 EUR 67.72
DZ Bank AG Deutsche Zentral- 5.25 4/27/2018 EUR 72.56
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 4.20 3/20/2018 EUR 71.50
HSBC Trinkaus & Burkhardt AG 8.70 12/28/2018 EUR 74.03
Bank Julius Baer & Co Ltd/Gu 11.00 3/29/2018 USD 60.90
HSBC Trinkaus & Burkhardt AG 5.60 3/23/2018 EUR 75.45
HSBC Trinkaus & Burkhardt AG 7.70 3/23/2018 EUR 64.01
Deutsche Bank AG 7.20 3/20/2018 EUR 68.90
Deutsche Bank AG 7.20 6/19/2018 EUR 70.40
Deutsche Bank AG 7.20 6/19/2018 EUR 74.40
Deutsche Bank AG 6.20 6/19/2018 EUR 74.00
Deutsche Bank AG 6.20 6/19/2018 EUR 70.60
Vontobel Financial Products 11.00 6/22/2018 EUR 67.99
Vontobel Financial Products 7.65 3/9/2018 EUR 75.39
Vontobel Financial Products 13.35 3/9/2018 EUR 67.71
Bank Julius Baer & Co Ltd/Gu 7.75 2/9/2018 USD 63.20
HSBC Trinkaus & Burkhardt AG 12.40 3/23/2018 EUR 60.20
HSBC Trinkaus & Burkhardt AG 8.60 2/23/2018 EUR 66.85
HSBC Trinkaus & Burkhardt AG 3.60 2/23/2018 EUR 71.70
Deutsche Bank AG 6.20 3/20/2018 EUR 71.90
Commerzbank AG 9.75 8/24/2018 EUR 72.88
Vontobel Financial Products 9.55 3/23/2018 EUR 72.41
Leonteq Securities AG 7.40 4/24/2020 USD 66.97
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 73.01
HSBC Trinkaus & Burkhardt AG 10.10 2/23/2018 EUR 62.96
Deutsche Bank AG 7.20 3/20/2018 EUR 66.10
Commerzbank AG 11.75 8/24/2018 EUR 70.19
Vontobel Financial Products 8.00 6/22/2018 EUR 71.33
DZ Bank AG Deutsche Zentral- 5.25 3/23/2018 EUR 70.45
Leonteq Securities AG 16.60 5/7/2018 USD 50.07
Commerzbank AG 12.25 7/27/2018 EUR 74.05
Commerzbank AG 13.75 3/23/2018 EUR 73.15
Commerzbank AG 12.75 4/27/2018 EUR 74.19
Commerzbank AG 11.00 6/22/2018 EUR 74.98
Commerzbank AG 14.75 2/23/2018 EUR 72.02
Goldman Sachs & Co Wertpapie 21.00 2/21/2018 EUR 74.27
Deutsche Bank AG 7.20 6/19/2018 EUR 67.60
HSBC Trinkaus & Burkhardt AG 8.40 3/23/2018 EUR 66.96
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 7.20 6/19/2018 EUR 71.00
Deutsche Bank AG 6.20 3/20/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.30 9/28/2018 EUR 72.84
Vontobel Financial Products 11.50 6/22/2018 EUR 68.08
SG Issuer SA 0.80 11/30/2020 SEK 50.06
Commerzbank AG 10.00 9/28/2018 EUR 70.15
HSBC Trinkaus & Burkhardt AG 9.00 8/24/2018 EUR 74.82
Commerzbank AG 8.00 11/6/2020 USD 9.10
HSBC Trinkaus & Burkhardt AG 9.70 4/27/2018 EUR 73.92
Vontobel Financial Products 12.50 9/28/2018 EUR 68.19
Vontobel Financial Products 11.00 1/2/2019 EUR 68.92
Leonteq Securities AG 8.40 9/6/2018 USD 56.63
Leonteq Securities AG 3.00 9/19/2019 CHF 64.15
Vontobel Financial Products 6.00 6/22/2018 EUR 73.91
Raiffeisen Centrobank AG 8.63 9/25/2018 EUR 67.68
Commerzbank AG 12.50 4/25/2018 EUR 66.20
Credit Suisse AG/Nassau 8.50 4/6/2018 USD 54.11
DZ Bank AG Deutsche Zentral- 6.50 2/23/2018 EUR 12.64
DZ Bank AG Deutsche Zentral- 6.50 10/26/2018 EUR 74.01
UniCredit Bank AG 10.10 1/4/2019 EUR 22.87
Landesbank Hessen-Thueringen 4.00 5/16/2018 EUR 69.97
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Zurcher Kantonalbank Finance 5.25 10/24/2018 CHF 71.95
UniCredit Bank AG 5.10 1/4/2019 EUR 23.01
UniCredit Bank AG 5.00 1/3/2020 EUR 27.95
UniCredit Bank AG 10.00 9/28/2018 EUR 73.59
DZ Bank AG Deutsche Zentral- 8.50 3/23/2018 EUR 65.68
DZ Bank AG Deutsche Zentral- 8.75 6/22/2018 EUR 65.44
UniCredit Bank AG 10.90 1/3/2020 EUR 35.57
DZ Bank AG Deutsche Zentral- 5.50 10/26/2018 EUR 19.04
UniCredit Bank AG 14.70 1/4/2019 EUR 70.04
UniCredit Bank AG 7.00 1/3/2020 EUR 29.02
UniCredit Bank AG 11.60 1/3/2020 EUR 72.64
Deutsche Bank AG 4.20 6/19/2018 EUR 69.80
Raiffeisen Centrobank AG 6.43 12/27/2019 EUR 27.09
Commerzbank AG 11.75 3/23/2018 EUR 74.86
Commerzbank AG 12.75 2/23/2018 EUR 73.76
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 63.56
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 67.60
DZ Bank AG Deutsche Zentral- 5.10 4/25/2018 EUR 70.87
DZ Bank AG Deutsche Zentral- 7.75 3/23/2018 EUR 57.28
Commerzbank AG 13.00 6/22/2018 EUR 73.27
HSBC Trinkaus & Burkhardt AG 10.40 3/23/2018 EUR 69.55
Raiffeisen Switzerland BV 10.00 4/19/2018 USD 53.18
DZ Bank AG Deutsche Zentral- 12.75 4/27/2018 EUR 63.92
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
Deutsche Bank AG 4.20 9/25/2018 EUR 70.80
HSBC Trinkaus & Burkhardt AG 11.40 6/22/2018 EUR 72.26
HSBC Trinkaus & Burkhardt AG 10.10 9/28/2018 EUR 74.15
HSBC Trinkaus & Burkhardt AG 7.60 6/22/2018 EUR 74.50
Bank Julius Baer & Co Ltd/Gu 11.50 10/10/2018 USD 71.50
Deutsche Bank AG 4.20 3/20/2018 EUR 71.60
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 71.80
Raiffeisen Centrobank AG 5.86 12/27/2019 EUR 30.15
Deutsche Bank AG 5.20 2/21/2018 EUR 71.30
Raiffeisen Centrobank AG 8.57 12/27/2019 EUR 30.53
HSBC Trinkaus & Burkhardt AG 8.70 6/22/2018 EUR 71.26
HSBC Trinkaus & Burkhardt AG 7.40 9/28/2018 EUR 69.07
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 6.00 9/28/2018 EUR 20.57
UniCredit Bank AG 14.80 9/28/2018 EUR 71.08
HSBC Trinkaus & Burkhardt AG 5.30 6/28/2019 EUR 75.07
HSBC Trinkaus & Burkhardt AG 9.20 9/28/2018 EUR 68.20
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 68.44
HSBC Trinkaus & Burkhardt AG 6.20 6/28/2019 EUR 70.07
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 11.97
Raiffeisen Schweiz Genossens 10.00 10/23/2018 CHF 66.14
DZ Bank AG Deutsche Zentral- 10.40 3/23/2018 EUR 64.94
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 62.74
UniCredit Bank AG 12.80 9/28/2018 EUR 72.14
Leonteq Securities AG 7.00 8/22/2018 CHF 56.45
DZ Bank AG Deutsche Zentral- 9.30 3/23/2018 EUR 67.19
Bank Julius Baer & Co Ltd/Gu 9.25 10/12/2018 USD 70.80
BNP Paribas Emissions- und H 15.00 9/27/2018 EUR 67.17
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 73.22
UniCredit Bank AG 11.00 6/22/2018 EUR 19.64
UniCredit Bank AG 12.10 9/28/2018 EUR 22.60
Commerzbank AG 21.25 4/27/2018 EUR 79.29
HSBC Trinkaus & Burkhardt AG 7.20 12/28/2018 EUR 69.50
HSBC Trinkaus & Burkhardt AG 5.80 12/28/2018 EUR 72.97
DZ Bank AG Deutsche Zentral- 6.60 3/23/2018 EUR 12.23
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
EFG International Finance Gu 11.00 10/25/2018 CHF 69.79
HSBC Trinkaus & Burkhardt AG 6.50 1/29/2018 EUR 52.97
UniCredit Bank AG 5.30 6/22/2018 EUR 20.25
UniCredit Bank AG 14.30 6/22/2018 EUR 71.29
Commerzbank AG 9.75 9/28/2018 EUR 71.55
UniCredit Bank AG 12.50 6/22/2018 EUR 71.08
Commerzbank AG 16.75 4/27/2018 EUR 79.42
Commerzbank AG 18.75 4/27/2018 EUR 78.00
HSBC Trinkaus & Burkhardt AG 8.00 12/28/2018 EUR 65.38
HSBC Trinkaus & Burkhardt AG 12.10 6/22/2018 EUR 66.70
Bank Julius Baer & Co Ltd/Gu 8.35 9/24/2018 USD 71.10
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 54.84
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 6.80 6/22/2018 EUR 72.00
DZ Bank AG Deutsche Zentral- 8.00 6/22/2018 EUR 68.10
HSBC Trinkaus & Burkhardt AG 12.30 9/28/2018 EUR 66.99
HSBC Trinkaus & Burkhardt AG 8.80 9/28/2018 EUR 73.43
HSBC Trinkaus & Burkhardt AG 11.10 4/27/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 71.97
HSBC Trinkaus & Burkhardt AG 9.20 6/22/2018 EUR 71.76
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 12.10 6/22/2018 EUR 72.45
Araratbank OJSC 7.25 6/27/2018 USD 25.43
UniCredit Bank AG 12.00 3/23/2018 EUR 73.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 68.92
UniCredit Bank AG 10.50 3/23/2018 EUR 71.24
Vontobel Financial Products 8.00 9/28/2018 EUR 72.38
UniCredit Bank AG 12.20 6/22/2018 EUR 71.36
SG Issuer SA 0.80 10/21/2020 SEK 68.03
Commerzbank AG 17.75 5/25/2018 EUR 78.72
HSBC Trinkaus & Burkhardt AG 8.00 9/28/2018 EUR 72.29
HSBC Trinkaus & Burkhardt AG 7.10 9/28/2018 EUR 71.66
HSBC Trinkaus & Burkhardt AG 9.40 12/28/2018 EUR 68.89
HSBC Trinkaus & Burkhardt AG 11.30 3/23/2018 EUR 57.23
HSBC Trinkaus & Burkhardt AG 7.80 3/23/2018 EUR 69.49
Polski Bank Spoldzielczy w C 5.31 9/14/2027 PLN 50.01
HSBC Trinkaus & Burkhardt AG 8.00 6/22/2018 EUR 62.64
HSBC Trinkaus & Burkhardt AG 11.70 6/22/2018 EUR 55.65
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 8.40 3/23/2018 EUR 70.46
UBS AG/London 12.50 4/5/2018 USD 61.00
UBS AG/London 10.00 4/5/2018 USD 54.40
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 68.12
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 64.99
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 59.64
Vontobel Financial Products 10.00 3/23/2018 EUR 75.37
Commerzbank AG 13.50 4/26/2018 EUR 64.70
Vontobel Financial Products 10.50 7/27/2018 EUR 71.52
Deutsche Bank AG 6.20 3/20/2018 EUR 71.10
Bank Julius Baer & Co Ltd/Gu 5.25 3/14/2018 CHF 69.35
DZ Bank AG Deutsche Zentral- 6.75 3/23/2018 EUR 11.40
Commerzbank AG 16.00 5/24/2018 EUR 67.67
UBS AG/London 8.30 6/22/2018 EUR 54.25
UBS AG/London 9.00 2/22/2018 EUR 51.60
DZ Bank AG Deutsche Zentral- 6.25 4/27/2018 EUR 73.73
HSBC Trinkaus & Burkhardt AG 5.70 6/22/2018 EUR 69.39
HSBC Trinkaus & Burkhardt AG 10.10 4/27/2018 EUR 58.14
BNP Paribas Emissions- und H 4.50 6/21/2018 EUR 73.43
Goldman Sachs & Co Wertpapie 25.00 3/21/2018 EUR 74.68
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 53.06
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 61.07
Vontobel Financial Products 9.50 1/2/2019 EUR 70.03
Vontobel Financial Products 11.50 1/2/2019 EUR 69.38
Commerzbank AG 9.50 4/26/2018 EUR 71.84
HSBC Trinkaus & Burkhardt AG 13.10 3/23/2018 EUR 52.82
HSBC Trinkaus & Burkhardt AG 10.50 6/22/2018 EUR 57.33
Vontobel Financial Products 8.95 3/9/2018 EUR 71.97
DZ Bank AG Deutsche Zentral- 8.25 6/22/2018 EUR 74.27
Vontobel Financial Products 12.00 9/28/2018 EUR 70.58
Commerzbank AG 15.50 4/26/2018 EUR 61.98
HSBC Trinkaus & Burkhardt AG 5.20 6/22/2018 EUR 73.46
HSBC Trinkaus & Burkhardt AG 6.10 3/23/2018 EUR 68.92
DZ Bank AG Deutsche Zentral- 5.40 6/22/2018 EUR 74.28
DZ Bank AG Deutsche Zentral- 8.20 6/22/2018 EUR 69.70
DZ Bank AG Deutsche Zentral- 5.30 6/22/2018 EUR 71.71
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 65.56
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 71.23
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 7.50
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 7.50
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 7.50
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.90
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.90
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.90
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.90
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 7.50
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.90
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.90
Societe Generale SA 0.50 4/4/2024 MXN 58.74
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.90
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.90
Societe Generale SA 0.50 4/30/2023 RUB 71.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.90
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.90
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.90
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.90
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.90
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.90
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.90
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.90
Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.90
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.90
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.90
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.90
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.90
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.90
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.90
Digital Invest OOO 10.48 4/7/2021 RUB 0.81
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.90
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.90
Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.90
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.90
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.90
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.90
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.90
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.90
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.90
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.90
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.90
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.90
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.90
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.90
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.90
Kaupthing ehf 7.50 12/5/2014 ISK 0.25
Kaupthing ehf 6.50 10/8/2010 ISK 0.25
Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.90
Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.90
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.90
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.90
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.90
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.90
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.90
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Credit Suisse AG/London 3.00 11/15/2025 ZAR 68.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.90
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 7.50
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.90
Araratbank OJSC 8.00 6/10/2018 USD 25.58
Transgazservice LLP 10.50 11/8/2019 RUB 5.02
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
UNGP-Finance OOO 10.00 12/16/2020 RUB 0.10
BNP Paribas Emissions- und H 3.00 10/12/2018 EUR 74.11
Landesbank Baden-Wuerttember 2.60 8/23/2019 EUR 73.23
National Developing Co PAO 12.00 7/19/2018 RUB 1.11
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.90
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.90
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.90
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.90
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 7.50
Societe Generale SA 0.50 5/22/2024 MXN 57.99
HSBC Bank PLC 0.50 12/8/2026 AUD 72.94
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.90
Kaupthing ehf 3.75 2/15/2024 ISK 0.25
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.90
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.90
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.90
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.90
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.90
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.90
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.90
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.90
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.90
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.90
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.90
Societe Generale SA 0.50 6/12/2023 RUB 70.60
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.90
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.90
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.90
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.90
Kaupthing ehf 5.00 1/4/2027 SKK 0.25
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.90
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.90
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.50
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.90
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.90
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.90
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.90
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.90
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.90
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.90
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.90
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.90
Escher Marwick PLC 3.50 10/14/2031 USD 56.24
Digital Invest OOO 11.00 3/8/2021 RUB 0.74
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.90
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.90
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.90
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.90
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 7.50
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.90
UNGP-Finance OOO 10.00 4/20/2021 RUB 0.10
HSBC Bank PLC 0.50 6/9/2023 MXN 63.22
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.90
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.90
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.90
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.90
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.90
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.08
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.07
Societe Generale SA 0.50 7/6/2021 BRL 72.91
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.90
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.90
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.90
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.90
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 7.50
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.90
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.90
Kommunekredit 0.50 5/11/2029 CAD 71.95
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.90
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.90
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.90
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.90
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.90
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.90
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.90
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.90
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.90
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.90
Bashneft PJSC 12.00 5/9/2025 RUB 60.00
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.90
Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 1.90
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.90
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.90
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.90
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.90
Societe Generale SA 0.50 4/3/2023 RUB 71.79
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.90
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.90
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.90
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.90
HSBC Bank PLC 0.50 12/22/2025 BRL 43.60
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.90
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.90
Digital Invest OOO 10.48 4/8/2021 RUB 0.57
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 7.50
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.90
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.90
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.90
Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.90
Kommunalbanken AS 0.50 12/16/2020 TRY 70.54
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.90
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.90
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.90
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.90
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.90
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.90
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.90
Lloyds Bank PLC 0.50 7/26/2021 BRL 72.50
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.90
Digital Invest OOO 10.22 11/3/2020 RUB 0.67
HSBC Bank PLC 0.50 11/25/2025 BRL 43.94
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.90
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.90
HSBC Bank PLC 0.50 4/11/2023 MXN 64.15
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2018. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *