/raid1/www/Hosts/bankrupt/TCREUR_Public/180326.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 26, 2018, Vol. 19, No. 060
Headlines
G E R M A N Y
NORDDEUTSCHE LANDESBANK: Fitch Affirms 'bb' Viability Rating
I R E L A N D
ALKERMES PLC: Moody's Rates Unit's Sr. Secured Term Loan 'Ba3'
ANTHRACITE EURO 2006-1: Moody's Affirms C Ratings on 3 Tranches
BLACKROCK EUROPEAN: Fitch Assigns B-(EXP) Rating to Class F Notes
I T A L Y
TEAMSYSTEM HOLDING: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
L U X E M B O U R G
CONTOURGLOBAL POWER: S&P Affirms 'BB' Rating on $700MM Sr. Notes
N E T H E R L A N D S
LKQ EUROPEAN: Moody's Rates EUR1BB Senior Unsecured Notes Ba2
P O L A N D
MOTORICUS.COM: Files for Bankruptcy in Warsaw Court
S P A I N
AYT CAJA II: S&P Affirms B- (sf) Rating on EUR315MM Class C Notes
AYT KUTXA II: S&P Affirms CCC+ (sf) Rating on Class C Notes
BBVA CONSUMO 8: Fitch Affirms 'CCCsf' Rating on Class B Notes
CAIXA PENEDES 1: Moody's Hikes Rating on Class C Notes to B1
IBERCAJA BANCO: Fitch Assigns B(EXP) Rating to AT1 Capital Notes
THINK SMART: Opts to Commence Refinancing Talks with Creditors
S W E D E N
OVAKO GROUP: S&P Puts 'B-' ICR on Watch Pos on Nippon Steel Deal
U K R A I N E
METINVEST BV: Fitch Alters Outlook to Pos. Ahead of Refinancing
PRIVATBANK: London Court Ruling to Speed Up Progress of Cases
UKRAINIAN RAILWAY: Fitch Affirms 'RD' LT Local-Currency IDR
U N I T E D K I N G D O M
CARILLION PLC: PwC Billed GBP20.4 Mil. for Handling Liquidation
NEW LOOK: Paul Hastings Advises Business on CVA
PRECISE MORTGAGE 2018-2B: Fitch Rates Class X Notes 'BB+sf'
PREZZO: To Close 94 Restaurants Under Restructuring Plan
VIRGIN MEDIA: Fitch Rates Receivables Financing Notes B+(EXP)
X X X X X X X X
* BOND PRICING: For the Week March 19 to March 23, 2018
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G E R M A N Y
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NORDDEUTSCHE LANDESBANK: Fitch Affirms 'bb' Viability Rating
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Fitch Ratings has affirmed Norddeutsche Landesbank Girozentrale's
(NORD/LB) Long- and Short-Term Issuer Default Ratings (IDRs) at
'A-'/'F1' and Viability Rating (VR) at 'bb'. The Outlook on the
Long-Term IDR is Negative.
KEY RATING DRIVERS
IDRS, SUPPORT (SR), SENIOR DEBT, DERIVATIVE COUNTERPARTY (DCR)
AND DEPOSIT RATINGS
NORD/LB's IDRs and SR are driven by the strong institutional
support from its owners, the 'AAA'/Stable rated German federal
states of Lower Saxony and Saxony-Anhalt (combined 64.7% share),
the savings banks associations of Lower Saxony, Saxony-Anhalt and
Mecklenburg-Western Pomerania and ultimately the German savings
banks group, Sparkassen Finanzgruppe (SFG, A+/Stable).
Fitch's institutional support considerations are based on the
view that NORD/LB's owners consider their investment in NORD/LB
long-term and strategic, as reflected by the bank's Support
Rating of '1'. The owners' strong support propensity is
underpinned by NORD/LB's focus on its statutory roles, which
include supporting the regional economy as well as acting as the
regional savings banks' central clearing institution and the
regional states' house bank.
Fitch uses the lowest rating of NORD/LB's parents, SFG's Long-
Term IDR, as anchor and starting point for determining the bank's
support-driven ratings. In Fitch's view, support would need to be
forthcoming from SFG as well as the states of Lower Saxony and
Saxony-Anhalt to avoid triggering state aid considerations and
resolution under the German Recovery and Resolution Act
(Sanierungs- und Abwicklungsgesetz, SAG) if NORD/LB fails.
Our assessment of Lower Saxony and Saxony-Anhalt's
creditworthiness is underpinned by the stability of Germany's
solidarity and financial equalisation system, which links the
regional states' creditworthiness to that of Germany
(AAA/Stable). SFG's ability to support, as expressed by its Long-
Term IDR of 'A+' is very strong but weaker than that of the
regional states.
We notch down NORD/LB's Long-Term IDR twice from SFG's 'A+'. The
notching reflects NORD/LB's role for its owners, which we
consider strategic, but not key and integral, as well as
uncertainties over potential legal and regulatory barriers
related to state aid considerations and provisions of German
resolution legislation.
The Negative Outlook on NORD/LB's Long-Term IDR reflects our view
that the likelihood of extraordinary solvency support from
NORD/LB's owners could weaken if the sustainability of the bank's
business model weakens further over the next one to two years.
NORD/LB's Short-Term IDR of 'F1' is at the higher of two Short-
Term IDRs that map to a 'A-' Long-Term IDR on Fitch's rating
scale, reflecting strong links to SFG and privileged access to
SFG's ample excess liquidity and funding resources.
NORD/LB's senior unsecured debt ratings, DCR and Deposit Ratings
are equalised with its IDRs. We believe the bank's buffer of
junior and non-preferred senior unsecured debt does not afford
any obvious incremental probability of default benefit over and
above the multi-notch support benefit already factored into its
IDRs.
VR
NORD/LB's VR reflects the bank's intrinsic weaknesses arising
from its outsized exposure to poorly performing ship lending,
which burden its asset quality, earnings and capitalisation, and
limit its managerial and strategic flexibility. NORD/LB's
exposure is fairly diversified across mainly wholesale
specialised financing areas such as commercial real estate,
aviation, agriculture, energy and infrastructure. However, the
prolonged crisis in the shipping industry has had an overwhelming
impact on the bank's financials. This was particularly evident in
2016, when a net loss of EUR2 billion significantly reduced the
bank's fully-loaded CET1 capital ratio.
To safeguard the threatened viability of its subsidiary Bremer
Landesbank, which generated part of the losses, NORD/LB acquired
full ownership of Bremer Landesbank and fully merged it into its
own operations on 31 August 2017.
NORD/LB has had some success in reducing its shipping exposure to
around 12% of loans and advances to customers in 9M17 (9M16:
13%), already achieving its 2018 reduction target of EUR12
billion-EUR14 billion exposure at default through outright sales,
maturities, securitisation and a beneficial foreign currency
effect.
However, negative rating migration in the non-performing loan
(NPL) portfolio has limited the net reduction in shipping NPLs to
just EUR300 million in excess of new NPL formation, to EUR9.1
billion at end-9M17. NORD/LB's non-shipping credit risk exposure
is performing well, helped by Germany's benign economic
environment and the bank's moderate risk appetite. The bank's
overall non-performing loans ratio increased slightly to 10.2%,
because the customer loan portfolio declined more than NPLs.
NORD/LB's earnings are weakened by revenue pressure owing to a
shrinking and lower yielding asset base, margin pressure from low
interest rates and competition, upfront restructuring costs and
lagging cost reductions. We expect high credit impairment charges
to continue to erode a large share of NORD/LB's pre-provision
income, albeit not to the same extent as in 2016. Management
expects cost benefits from Bremer Landesbank's integration, but
cost-cutting measures are unlikely to benefit the group in the
near term, given the lengthy processes and associated up-front
charges. Consequently, we expect the bank's cost-income ratio to
remain above management's target of 50% over the next years.
The high loss in 2016 weakened NORD/LB's fully-loaded CET1 ratio
to 9.9%. It had recovered to 11.2% by end-3Q17, driven by a
significant reduction in risk weighted assets. However, its
leverage ratio of 3.4% remains tight and offers only limited
buffer above regulatory requirements. Weak and volatile internal
capital generation prospects and rising capital requirements
limit NORD/LB's flexibility to manage its capital. The bank is
evaluating potential business disposals and other options to
strengthen its capitalisation as its public ownership restricts
the provision of external capital. We understand that the sale of
its small asset management activities announced in February 2018
will bring little capital relief.
Funding remains a relative rating strength as NORD/LB can rely on
its placement capacity with the savings banks and it typically
taps capital markets only for regular issuance of benchmark
secured debt issues. However, in our view the bank's funding
costs and access to SFG's liquidity are sensitive to a
deterioration of the bank's credit profile. Liquidity is
adequate, as reflected by a liquidity coverage ratio of 186% at
end-3Q17 and a liquid securities portfolio of EUR34 billion, of
which 83% are eligible for central bank refinancing.
SUBSIDIARY AND AFFILIATED COMPANY
The IDRs and senior debt ratings of NORD/LB Luxembourg S.A.
Covered Bond Bank's (NORD/LB CBB) are equalised with those of its
parent NORD/LB, reflecting NORD/LB's strong propensity to provide
support given NORD/LB CBB's strategic role within the group. This
expectation is underpinned by a declaration of backing from
NORD/LB. Operating as a specialised covered bond issuer, NORD/LB
CBB's role is to fund NORD/LB's core businesses by issuing
covered bonds in accordance with Luxembourg law (Lettres de
Gage).
SUBORDINATED DEBT
NORD/LB's Tier 2 subordinated notes DE000NLB8K69 is notched once
from the bank's VR to reflect our assessment of the notes'
relative loss severity.
GRANDFATHERED STATE-GUARANTEED SECURITIES
The ratings of NORD/LB's grandfathered state-guaranteed market-
linked and Tier 2 notes are equalised with the Long-Term IDRs of
their guarantors, the states of Lower Saxony and Saxony-Anhalt.
This reflects our opinion that the states' ability and propensity
to honour their guarantees are very strong.
RATING SENSITIVITIES
IDRS, SR, DCR, SENIOR DEBT AND DEPOSIT RATINGS
NORD/LB's support-driven ratings are sensitive to changes in our
assumptions around the propensity or ability of its owners to
provide timely support. This could result from a change to SFG's
IDRs or changes to the owners' strategic commitment to NORD/LB. A
change to our assessment of the risks of triggering a resolution
process ahead of support for a Landesbank more generally could
also negatively affect these ratings.
The strategic commitment could weaken if NORD/LB's credit profile
deteriorates to an extent that would ultimately put the
sustainability of its business model at risk. This could be
indicated by a further downgrade of the bank's VR, in which case
we could apply a wider notching to its IDR and senior unsecured
debt rating from SFG's anchor rating.
The DCR and Deposit Ratings are primarily sensitive to changes in
the bank's IDRs.
VR
NORD/LB's VR is primarily sensitive to further deterioration in
its asset quality, which could lead to outsized loan losses and
threaten its internal capital generation. This could be triggered
by a renewed deterioration in shipping markets despite NORD/LB's
reduced exposure in 2017.
Upside potential for the VR is unlikely in the short term as it
would notably require a significant structural improvement of the
bank's balance sheet, strengthening of its regulatory capital
ratios well beyond our expectations and a lasting recovery of the
shipping sector. NORD/LB's plan to reduce its shipping exposure
could benefit its VR in the longer term. However, a worsening of
the retained shipping exposure potentially arising from this
reduction amid the shipping sector's volatile dynamics carries
significant short-term risk.
GRANDFATHERED STATE-GUARANTEED SECURITIES
The ratings of NORD/LB's grandfathered state-guaranteed marked-
linked securities and Tier 2 notes are sensitive to changes in
Fitch's view of the guarantors' creditworthiness.
SUBORDINATED DEBT
The rating of NORD/LB's Tier 2 subordinated note DE000NLB8K69 is
sensitive to the same considerations that might affect the bank's
VR.
SUBSIDIARIES
Rating actions on NORD/LB CBB's IDRs and senior unsecured debt
rating would most likely mirror similar actions on NORD/LB's
IDRs. A downgrade of NORD/LB's Long-Term IDR would also trigger a
downgrade of NORD/LB CBB's SR. In addition, NORD/LB CBB's IDRs,
SR and senior unsecured debt ratings are sensitive to changes in
our view of NORD/LB's propensity to support.
Norddeutsche Landesbank Girozentrale
Long-Term IDR: affirmed at 'A-'; Outlook Negative
Short-Term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Viability Rating: affirmed at 'bb'
Derivative Counterparty Rating: affirmed at 'A-'(dcr)
Deposit Ratings: affirmed at 'A-'/'F1'
Senior unsecured debt and programme ratings: affirmed at 'A-'/
'F1'
Non-guaranteed Tier 2 subordinated debt ( DE000NLB8K69): affirmed
at 'BB-'
Grandfathered state-guaranteed market-linked and Tier 2
subordinated notes: affirmed at 'AAA'
NORD/LB Luxembourg S.A. Covered Bond Bank
Long-Term IDR: affirmed at 'A-'; Outlook Negative
Short-Term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Senior unsecured debt rating: affirmed at 'A-'
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I R E L A N D
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ALKERMES PLC: Moody's Rates Unit's Sr. Secured Term Loan 'Ba3'
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Moody's Investors Service assigned a Ba3 rating to the new senior
secured term loan of Alkermes, Inc., a subsidiary of Alkermes plc
(collectively "Alkermes.") There are no changes to Alkermes'
existing ratings including the Ba3 Corporate Family Rating, the
Ba3-PD Probability of Default Rating, the Ba3 (LGD3) senior
secured rating, or the SGL-1 Speculative Grade Liquidity Rating.
The outlook remains stable.
Rating assigned:
Ba3 (LGD3) senior secured term loan
RATINGS RATIONALE
The Ba3 Corporate Family Rating reflects Alkermes' expertise in
drug delivery technologies, high gross margins, and strong growth
prospects. The ratings are supported by cash levels well in
excess of debt levels, and considerable value in Alkermes'
existing revenue streams as well as its pipeline. Growth is
supported by Vivitrol and Aristada, and several major late-stage
pipeline programs have potential for long term growth.
Offsetting these strengths are limited profitability due to high
R&D expenses, pipeline execution risks, and revenue concentration
in the schizophrenia category. That said, profitability and cash
flow are at an inflection point, turning positive in 2018 due to
solid revenue growth.
The outlook is stable, reflecting Moody's expectations for good
top-line growth driven by Vivitrol, steady uptake of Aristada,
and significant value in Alkermes' pipeline.
Factors that could lead to an upgrade include strong growth in
key products, launches of new drugs from the pipeline,
consistently positive earnings and free cash flow, and
debt/EBITDA sustained below 4.0 times. Factors that could lead to
a downgrade include slow revenue growth due to competitive
dynamics or pricing pressure, setbacks in late-stage pipeline
drugs, incremental debt, or continuation of negative earnings and
cash flow.
Alkermes, Inc. is a US subsidiary of Dublin, Ireland-based
Alkermes plc (collectively "Alkermes"). Alkermes is a specialty
biopharmaceutical company that develops long-acting medications
for the treatment of the central nervous system. Revenues in 2017
totaled approximately $903 million.
The principal methodology used in this rating was Pharmaceutical
Industry published in June 2017.
ANTHRACITE EURO 2006-1: Moody's Affirms C Ratings on 3 Tranches
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the
following notes issued by Anthracite EURO CRE CDO 2006-1 plc:
Class B Senior Floating Rate Notes due 2042, Affirmed Ca (sf);
previously on Mar 16, 2017 Affirmed Ca (sf)
Class C Deferrable Interest Floating Rate Notes due 2042,
Affirmed C (sf); previously on Mar 16, 2017 Affirmed C (sf)
Class D Deferrable Interest Floating Rate Notes due 2042,
Affirmed C (sf); previously on Mar 16, 2017 Affirmed C (sf)
Class E Deferrable Interest Floating Rate Notes due 2042,
Affirmed C (sf); previously on Mar 16, 2017 Affirmed C (sf)
The Class B, C, D, and E Notes are referred to herein as the
"Rated Notes."
RATINGS RATIONALE
Moody's has affirmed the ratings on the Rated Notes because the
key transaction metrics are commensurate with existing ratings.
The affirmation is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO
CLO) transactions.
Anthracite EURO CRE CDO 2006-1 plc is currently a static cash
transaction, the reinvestment period ended in February 2012,
backed by a portfolio of: (i) commercial mortgage backed
securities (CMBS) (57.6%); (ii) b-note debt (27.1% of the
collateral balance); and (iii) mezzanine interests (15.3%). As of
the trustee's February 5, 2018 report, the aggregate note balance
of the transaction, including preferred shares, is EUR206.5
million, from EUR342.5 million at issuance. The paydowns were
directed to the senior most outstanding class of notes as a
result of a combination of regular amortization, resolution and
sale of defaulted collateral, and the failing of certain par
value tests.
The pool contains 8 securities as of the trustee's February 5,
2018 report; all of which are deemed defaulted assets. Five of
these assets (48.3% of the defaulted balance) are CMBS
certificates, two assets are B-notes (42.4%), and one asset is a
mezzanine interest (0.0%). While there have been significant
realized losses on the underlying collateral to date, Moody's
does expect high losses to continue to occur on the defaulted
securities once realized.
Pooled CDO: Moody's has identified the following parameters as
key indicators of the expected loss within CRE CDO CLO
transactions: the weighted average rating factor (WARF), the
weighted average life (WAL), the weighted average recovery rate
(WARR), number of asset obligors; and pair-wise asset
correlation. These parameters are typically modeled as actual
parameters for static deals and as covenants for managed deals.
For modeling purposes, Moody's used the following base-case
assumptions:
WARF is a primary measure of the credit quality of a CRE CLO
pool. Moody's has updated its assessments for the collateral it
does not rate. The rating agency modeled a bottom-dollar WARF of
9149, compared to 9191 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Baa1-Baa3 and 1.1% compared to 1.2% at
last review; Ba1-Ba3 and 8.3% compared to 7.7% at last review;
and Caa1-Ca/C and 90.7%, compared to 91.1% at last review.
Moody's modeled a WAL of 1.9 years, compared to 2.2 years at last
review. The WAL is based on assumptions about extensions on the
underlying CMBS look-through loan collateral.
Moody's modeled a fixed WARR of 0.9%, the same as last review.
Moody's modeled 10 obligors, compared to 11 at last review.
Moody's modeled a pair-wise asset correlation of 25.0%, compared
to 22.6% at last review.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in June 2017.
Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:
The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The servicing decisions and
management of the transaction will also affect the performance of
the Rated Notes.
Moody's Parameter Sensitivities: Changes in any one or
combination of the key parameters may have rating implications on
certain classes of Rated Notes. However, in many instances, a
change in key parameter assumptions in certain stress scenarios
may be offset by a change in one or more of the other key
parameters. The Rated Notes are particularly sensitive to changes
in the recovery rates of the underlying collateral and credit
assessments. Holding all other parameters constant, reducing the
recovery rates of 100% of the collateral pool by -5% would result
in an average modeled rating movement on the Rated Notes of zero
notches downward (e.g., one notch down implies a ratings movement
of Baa3 to Ba1). Increasing the recovery rates of 100% of the
collateral pool by +5% would result in an average modeled rating
movement on the Rated Notes of zero notches upward (e.g., one
notch up implies a ratings movement of Baa3 to Baa2).
Primary sources of assumption uncertainty are the extent of
growth in the current macroeconomic environment. Commercial real
estate property values are continuing to move in a positive
direction along with a rise in investment activity and
stabilization in core property type performance. Limited new
construction, moderate job growth and the decreased cost of debt
and equity capital have aided this improvement.
BLACKROCK EUROPEAN: Fitch Assigns B-(EXP) Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned BlackRock European CLO V DAC expected
ratings, as follows:
Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-2: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
BlackRock European CLO V DAC. is a securitisation of mainly
senior secured loans (at least 90%) with a component of senior
unsecured, mezzanine, and second-lien loans. A total note
issuance of EUR413.5 million will be used to fund a portfolio
with a target par of EUR400 million. The portfolio will be
actively managed by BlackRock Investment Management (UK) Limited.
KEY RATING DRIVERS
'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B' range. The Fitch-weighted average
rating factor (WARF) of the identified portfolio is 32.1, below
the indicative maximum covenant of 33 for assigning the 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 identified portfolio is 67.41%, above the
minimum covenant of 61.9% for assigning the expected ratings.
Limited Interest Rate Exposure: Up to 12.5% of the portfolio can
be invested in fixed-rate assets, while there are 7.7% fixed-rate
liabilities. Fitch modelled both 0% and 12.5% fixed-rate buckets
and found that the rated notes can withstand the interest rate
mismatch associated with each scenario.
Diversified Asset Portfolio: The transaction contains a covenant
that limits the top 10 obligors in the portfolio between 18% and
21% of the portfolio balance, depending on the matrix chosen by
the asset manager. This ensures that the asset portfolio will not
be exposed to excessive obligor concentration. The covenanted
maximum exposure to the largest 10 obligors for assigning the
expected ratings is 21%.
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 three notches at the 'BB' rating level and two
notches for all other rating levels.
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I T A L Y
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TEAMSYSTEM HOLDING: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned TeamSystem Holding S.p.A. (TeamSystem)
a Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a Stable
Outlook. In addition, Fitch has also assigned a 'B+(EXP)/RR3'
rating to the senior secured notes and revolving credit facility
of TeamSystem S.p.A., the main operating company.
TeamSystem, one of the largest software companies in Italy, is a
leading provider of financial and accounting software to small
and medium-sized enterprises. TeamSystem has used acquisitions to
develop its cloud software business and to move its on-premises
software customers to a cloud service. There is a risk that this
transition will take longer than expected and that additional
competition will reduce TeamSystem's lead. The key mitigants of
these risks are low customer churn, pricing power that allows for
above-inflation price increases and a strong ability to generate
free cash flow (FCF) underpinned by moderate capex and broadly
neutral working capital.
KEY RATING DRIVERS
Sustainable Business Model: TeamSystem is one of the leading
providers of financial and accounting software to small and
medium-sized businesses and to financial professionals.
TeamSystem's business model has shown consistency and
sustainability as recurring revenues have grown. The company has
market shares of 26% in the enterprise segment and 41% in the
professionals segment. Customer churn remains low, but TeamSystem
continues to face strong competition from Zucchetti and smaller
local firms.
High Leverage Offset by Strong Cash Flow: TeamSystem has
maintained a high degree of leverage over the past four years at
above 7x FFO adjusted leverage, after acquisitions by Hellman &
Friedman and previously HG Capital. In particular, increased debt
and the higher cost of that debt led FFO adjusted leveraged to
remain above 9x in 2017. We expect leverage to fall below 8x by
the end of 2018, and then gradually fall towards 7x by 2021.
Deleveraging is driven by growing EBITDA and lower interest
payments after the refinancing. In addition, the high leverage is
mitigated by forecast FCF margins of above 8%, which is set to
rise towards 10% by 2021.
Expansion into Cloud Drives Growth: TeamSystem's core software
products of Alyante for medium-sized enterprises and Lynfa for
accountants were developed as on-premises software. The company
also offers its Agyo platform for such digital services as e-
invoicing and e-signature. TeamSystem has developed a two-stage
approach to adapt to the trends of enterprise software migrating
to a Software as a Service (SaaS) business model and cloud
hosting. It has developed hosted versions of its traditional
software products and created cloud products for small SMEs
(FattureInCloud) and medium-sized businesses and accounting
professionals (Reviso). Fitch believes this approach supports its
existing business while gradually moving its customer base to
cloud-based products with limited transition risk for on-premises
customers.
Italian Economy Improving but Risks Remain: Italy (BBB/Stable) is
a diversified, high value-added economy with outstanding
governance and human development indicators. While GDP growth has
improved, Fitch views Italy's medium-term growth prospects as
weaker than its European peers. This may have a pronounced impact
on the SME sector. While the Italian government's policies are
supportive of small and medium-sized businesses, the small
average size of TeamSystem's clients, leaves those firms more
vulnerable to distress in a downturn.
M&A Mitigates Technology Risk: TeamSystem engaged in selected M&A
over the past few years to mitigate the risk of technology
disruption, expand its product portfolio, including applications
focused on industry verticals, and add personnel with key
technical skills. The three most notable acquisitions have been
Reviso International (formerly ECI Denmark), Alias Lab and of
FattureInCloud, whose products form the foundation of
TeamSystem's cloud products. Fitch believes that TeamSystem will
continue to both invest in R&D and pursue a disciplined M&A
strategy, but there is still a risk that increased valuations and
competition from technology companies with greater resources,
such as Sage Group, will limit its ability to access talent and
technology.
Italian Jurisdiction: As a result of TeamSystem's Italian
jurisdiction, additional consideration has been given to the
legal framework in the country. If TeamSystem Holding S.p.A. has
debt that is not sufficiently subordinated, those lenders of that
debt could limit the enforceability of the share pledge given by
TeamSystem Holding S.p.A. over its shares in TeamSystem S.p.A. to
the senior secured lenders. TeamSystem has adopted language to
enhance the enforceability of the share pledge by structurally
subordinating debt at TeamSystem Holding S.p.A.
DERIVATION SUMMARY
TeamSystem's ratings are underpinned by its leading position in
the Italian financial software market, its stable customer base,
moderate pricing power and the progress in transitioning the
business to cloud software products. TeamSystem will benefit from
the digitisation of the Italian economy. In addition, it benefits
from its extensive salesforce and VAR network that provide it
with access to medium-sized businesses, which would be difficult
for new entrants into the Italian market to reproduce.
TeamSystem is broadly comparable to other peers that Fitch covers
in its technology and credit opinions portfolios. It has similar
geographical leadership and scale but has made more progress on
the move to cloud software. TeamSystem also competes with
publicly traded companies such as Sage Group, which have
substantially greater scale, but their entry into the Italian
market in the near term seems unlikely. While its FFO adjusted
leverage is materially higher than the typical leverage of
between 6x and 7x for 'B'-rated peers, its EBITDA margin at 34.7%
and projected FCF margin above 8% are above that of 'B' rated
peers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Our Rating Case for the Issuer
- Revenue projected to grow by 5.1% CAGR between 2017 and 2020;
- EBITDA margin increasing towards 35% by 2020;
- Capital expenditure between 6% and 7% of sales;
- EUR5 million of M&A a year;
- No dividends paid over the rating horizon.
KEY RECOVERY ASSUMPTIONS
- The recovery analysis assumes that TeamSystem would remain a
going concern in restructuring and that the company would be
reorganised rather than liquidated. We have assumed a 10%
administrative claim in the recovery analysis.
- The recovery analysis assumes a 20% discount to TeamSystem's
pro-forma EBITDA expected as of December 2018, resulting in a
post-restructuring EBITDA of about EUR90.4 million. At this level
of EBITDA, which assumes corrective measures have been taken, we
would expect TeamSystem to generate neutral to negative FCF.
- Fitch also assumes a distressed multiple of 6.0x and a fully
drawn EUR90 million revolving credit facility (RCF).
- These assumptions result in a recovery rate for the senior
secured debt within the 'RR3' range to allow a one-notch uplift
to the debt rating from the IDR. In addition, the recovery rating
of the Super Senior RCF is within the 'RR1' range however this
was capped at RR3 due to the application of a country cap for
Italy. This is explained in the Exposure Draft: Country-Specific
Treatment of Recovery Ratings Criteria dated 14 February 2018.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted leverage below 6x
- FFO fixed-charge coverage above 2.5x
- FCF margin consistently above 10%
- Successful execution of the could strategy with cloud sales
approaching 20% of sales
- Disciplined M&A to acquire technology to build their cloud
business or key talent
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted leverage sustainably above 7.5x
- FFO fixed-charge coverage below 1.5x
- FCF margin consistently below 5%
- Inability to grow in the SME cloud market
- Cost-optimisation plan under performs and EBITDA margins
decline towards 32%
LIQUIDITY
Satisfactory Liquidity: With EUR16.3 million in on-balance-sheet
cash in 2017, a EUR90 million RCF and bullet maturities on its
long-term debt, TeamSystem has sufficient liquidity to meet its
near-term funding needs, including costs from the refinancing.
The primary draw on cash resources is additional funds required
for restructuring and operational transformation.
===================
L U X E M B O U R G
===================
CONTOURGLOBAL POWER: S&P Affirms 'BB' Rating on $700MM Sr. Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
ContourGlobal L.P. (CG). S&P also affirmed the 'BB' issue-level
rating on subsidiary ContourGlobal Power Holdings SA's $700
million senior secured notes; the recovery score of '2' is
unchanged. The outlook is stable.
The affirmation stems from the recent announcement of
ContourGlobal's acquisition of a portfolio of five parabolic
trough solar assets totaling 250 MW in Spain. In general, this is
a credit-supportive acquisition. The issuer's leverage has
declined, and the additional of incremental and relatively stable
EBITDA should support this initiative. Additionally, this
acquisition increases the scale and scope of the issuer, with
deconsolidated EBITDA increasing to about $230 million and total
owned capacity eclipsing 3.5GW.
The stable outlook reflects S&P Global Ratings' expectation that
CG's portfolio of power generation assets will continue to
operate under long-term contracts with investment-grade
counterparties and generate fairly predictable cash flows to
support its holding-company debt obligations. S&P said, "We
anticipate that the close of the aforementioned acquisition would
both improve scale and increase exposure to lower-risk assets. We
also expect the company to maintain portfolio diversity in terms
of percentage of contributions from the largest one and three
assets. We are expecting the adjusted holdco debt-to-EBITDA
leverage ratio to range between 3x and 4x and holdco EBITDA to
interest between 5x and 6.2x during our two-year outlook period."
S&P said, "We would consider upgrading ContourGlobal if adjusted
holdco debt to EBITDA falls below 3x on a sustained basis or
EBITDA to interest improves well above 6x on a sustained basis;
while we don't expect both to occur concurrent with this
transactions, it could occur longer term. We would also likely
need to see continued cash flow diversification and somewhat
improved scale, both partially achieved by the transaction in
question. Despite the improved size and cash flow stability under
the proposed transaction, there is still emerging market exposure
that could limit the rating.
"A downgrade could happen if we see a falloff in distributions
from the asset portfolio, or an increase in debt at CGPH such
that adjusted holdco debt to EBITDA increases above 4x or we see
EBITDA to interest decline below 3x over our outlook period. The
portfolio is reasonably diversified by fuel, geography, and
offtaker, and is over 90% contracted. Therefore we see
counterparty risk from offtakers or governments as the most
likely cause of such a decline, with higher capital spending on
new assets, a falloff in renewable resources or operating cost
escalation as other possible causes."
=====================
N E T H E R L A N D S
=====================
LKQ EUROPEAN: Moody's Rates EUR1BB Senior Unsecured Notes Ba2
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to LKQ European
Holdings B.V.'s EUR1 billion senior unsecured notes. The new
notes are expected to be guaranteed by LKQ Corporation ("LKQ")
and each of its domestic wholly-owned subsidiaries that guarantee
the company's existing senior secured credit facility and
existing senior unsecured notes.
Moody's also downgraded all of LKQ's existing ratings including
its Corporate Family Rating ("CFR") and Probability of Default
Rating to Ba2 and Ba2-PD from Ba1 and Ba1-PD, respectively, and
both LKQ's 4.75% $600 million senior unsecured notes due 2023 and
LKQ Italia Bondco S.p.A.'s EUR500 million senior unsecured notes
due 2024 to Ba3 from Ba2. The Speculative Grade Liquidity ("SGL")
rating was affirmed at SGL-2. The ratings outlook was changed to
stable from negative.
Moody's has taken the following rating actions:
Ratings assigned:
LKQ European Holdings B.V.
EUR1 billion senior unsecured notes, at Ba2 (LGD4)
Outlook, Stable
Ratings downgraded:
LKQ Italia Bondco S.p.A.
Existing EUR500 million backed senior unsecured notes due 2024,
to Ba3 (LGD5) from Ba2 (LGD5)
Outlook, Changed to Stable from Negative
LKQ Corporation
Corporate Family Rating, to Ba2 from Ba1;
Probability of Default Rating, to Ba2-PD from Ba1-PD;
Existing $600 million senior unsecured notes due 2023, to Ba3
(LGD5) from Ba2 (LGD5)
Outlook, Changed to Stable from Negative
Ratings affirmed:
Speculative Grade Liquidity Rating, at SGL-2
Moody's does not rate LKQ's $3.5 billion senior secured bank
credit facility
Netherlands-based LKQ European Holdings B.V. is wholly-owned by
LKQ Corporation.
RATINGS RATIONALE
The ratings were downgraded based on the expectation that LKQ
will continue to make largely debt-financed acquisitions as it
continues its strategy of expanding its global footprint and
breadth of aftermarket and replacement products, and generally
operate at a higher level of leverage than in the past with
somewhat lower margins driven by the incremental acquisitions.
The ratings reflect LKQ's demonstrated ability to grow its global
presence in the market for non-OEM aftermarket collision and
mechanical replacement parts, while maintaining good margins for
a distributor and generating solid free cash flow. Moody's
expects free cash flow (cash from operations less capex) to be
above $400 million.
LKQ's financial leverage has increased in recent years to
accommodate acquisitions and Moody's expects the company to
maintain debt/EBITDA above 3.5x (including Moody's standard
adjustments including leases). These acquisitions have expanded
the company's market share and global reach and accelerated
organic growth, and broadened product offerings to the automotive
aftermarket specialty and mechanical replacement parts markets.
Management has completed other vertical acquisitions in order to
support the company's competitive position as well as undertaken
other profitability initiatives and streamlining of operations to
improve margins.
However, the margin profile of some of the target businesses are
lower than that of LKQ's traditional business. Moody's believes
the company has a good track record of integrating acquisitions.
Any improvement in LKQ's credit metrics will likely emanate from
EBITDA growth rather than debt reduction.
Pro forma for the proposed acquisition of Stahlgruber GmbH
("Stahlgruber"), a European wholesale distributor of aftermarket
spare parts for passenger cars, tools, capital equipment and
accessories, fiscal year 2017 debt/EBITDA would increase by
approximately one turn to 4.0x. The EUR1.5 billion transaction is
anticipated to be funded with the EUR1 billion notes issuance, an
approximate $317 million issuance of LKQ stock, and revolver
borrowings. Moody's notes that the acquisition of Stahlgruber
would represent the largest in the company's history, expanding
its presence in one of the largest populations of used cars in
Europe.
The senior unsecured rating for the LKQ European Holdings B.V.
debt of Ba2 is at the CFR level, while the other senior unsecured
debt is one notch lower at Ba3. This is because the LKQ European
Holdings B.V. debt will have priority claim over the U.S. debt on
the assets and cash of LKQ's European operations, and benefit
from the parent company equally with the U.S. debt. LKQ's
European operations generate a substantial, although not
majority, portion of LKQ's profit which is likely to grow as the
company builds out its regional coverage.
The company's SGL-2 speculative grade liquidity, denoting an
expected good liquidity profile through 2019 is characterized by
consistent healthy free cash flow generation and revolver
availability. Free cash flow levels are expected to improve from
effective working capital management and contribution from
acquisitions. In addition, the company has increased capacity
under its revolver after increasing the facility size by $300
million to $2.75 billion in December 2017 and loosening the net
financial leverage covenant.
The stable outlook reflects the expectation that the company will
generate a low double-digit EBITDA margin and solid free cash
flow, while maintaining a good liquidity profile as it integrates
acquisitions.
The ratings could be downgraded with complications in the
integration of the proposed or other acquisitions. In addition, a
deterioration in the company's liquidity profile including lower
free cash flow or a weakening in the EBITDA margin expected to be
below 10%, expectations of debt/EBITDA exceeding and being
sustained above the low 4.0x level, or EBITA/interest coverage
below 3.5x could also cause downward ratings pressure.
The ratings could be upgraded following successful integration of
acquisitions and steadily profitable organic growth as well as
debt/EBITDA improving to and being maintained at 3.0x or below,
with EBITDA margin improving to above the mid-teens level and
retained cash flow/ debt exceeding 25% while maintaining a good
liquidity profile.
The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.
LKQ Corporation, headquartered in Chicago, Illinois, is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has operations in
North America, Europe, and Taiwan. The company offers its
customers a broad range of replacement systems, components,
equipment and parts to repair and accessorize automobiles,
trucks, and recreational and performance vehicles. Revenues for
the fiscal year ended December 31, 2017 totaled $9.7 billion. Pro
forma revenues for the company including the proposed acquisition
of Germany-based Stahlgruber would be approximately $11.7
billion.
===========
P O L A N D
===========
MOTORICUS.COM: Files for Bankruptcy in Warsaw Court
---------------------------------------------------
Reuters reports that Motoricus SA on March 21 said its unit
Motoricus.com filed for bankruptcy with liquidation of assets in
the district court in Warsaw.
According to Reuters, the decision follows the necessity to start
restructuring activities aimed at improving the company's
financial situation and securing the rights and interests of the
company and its creditors.
Motoricus SA is a Poland-based company engaged in the retail and
wholesale of tires and wheel rims.
=========
S P A I N
=========
AYT CAJA II: S&P Affirms B- (sf) Rating on EUR315MM Class C Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on AyT Caja Murcia
Hipotecario II Fondo de Titulizacion de Activos' class A and B
notes. At the same time, S&P affirmed its rating on the class C
notes.
S&P said, "The upgrades reflect the application of our relevant
criteria, our credit and cash flow analysis of the most recent
transaction information that we have received, and the
transaction's current structural features.
"We also corrected an error in our previous analysis when
calculating the transaction's weighted-average original loan-to-
value ratio. In our calculations, we had used the outstanding
balance of each loan at the time it was sold to the issuer (the
securitized loan balance) rather than the original balance of
each loan at the time of its origination. By correcting this
error and applying the original balance of each loan at the time
of origination, the transaction's weighted-average original loan-
to-value ratio has increased to 73% from 65% since our previous
review.
"After applying our European residential loans criteria to this
transaction, our credit analysis results show an increase in the
weighted-average foreclosure frequency (WAFF), which is due to
the correct use of the original balance of the loans and an
increase in the weighted-average loss severity (WALS), which we
have adjusted to meet the minimum projected losses for each
rating level. The revised WAFF and WALS figures are set out
below. The overall effect is an increase in the required credit
coverage for each rating level compared to our previous review."
Rating level WAFF (%) WALS (%)
AAA 13.69 18.59
AA 10.16 15.60
A 8.35 10.31
BBB 6.07 9.54
BB 3.85 6.86
B 3.22 5.24
Credit enhancement has increased for all classes of notes since
S&P's previous review:
Class CE (%) CE (%)
(current) (last review)
A 10.03 9.90
B 4.89 4.22
C 2.47 1.80
CE--Credit enhancement.
This increase is partly due to the switch to sequential from pro
rata amortization of the notes on recent payment dates, based on
the use of the reserve fund. In addition, the reserve fund was
replenished and reached its target level on the January 2018
payment date. After several payment dates amortizing
sequentially, the notes have amortized pro rata.
S&P said, "We have not given benefit to the swap counterparty
(Cecabank S.A.) in our analysis at rating levels above our long-
term 'BBB' issuer credit rating (ICR) on the counterparty because
it did not take remedy actions when due. Due to the increased
credit enhancement and credit quality of the assets, our criteria
continue to delink our rating on the class A notes from our long-
term ICR on Cecabank."
There is dynamic downgrade language in the guaranteed investment
contract (GIC) with Banco Santander S.A., which given its current
long-term ICR, limits the maximum potential rating in this
transaction to 'AA'.
S&P said, "Under our structured finance ratings above the
sovereign criteria (RAS criteria), we applied a hypothetical
sovereign default stress test to determine whether a tranche has
sufficient credit and structural support to withstand a sovereign
default and so repay timely interest and principal by legal final
maturity.
"Following the application of our RAS criteria and our European
residential loans criteria, we have determined that our assigned
rating on the class A notes in this transaction should be the
lower of (i) the rating as capped by our RAS criteria or (ii) the
rating that the class of notes can attain under our European
residential loans criteria. In this transaction, the rating on
the class A notes is determined by the application of our
European residential loans criteria, which is in line with the
rating as capped by our RAS criteria--at four notches above our
'BBB+' long-term rating on Spain.
"Taking into account the results of our credit and cash flow
analysis and the application of our European residential loans
and RAS criteria, we consider that the available credit
enhancement for the class A, B, and C notes is commensurate with
'AA- (sf)', 'BBB- (sf)', and 'B- (sf)' ratings, respectively. We
have therefore raised to 'AA- (sf)' from 'A (sf)' our rating on
the class A notes, and to 'BBB- (sf)' from 'BB+ (sf)' our rating
on the class B notes. We have affirmed our 'B- (sf)' on the class
C notes. Our rating actions reflect the stable credit quality of
the assets and increased credit enhancement, which we expect to
continue because the reserve fund has reached its target level."
AyT Caja Murcia Hipotecario II is a Spanish residential mortgage-
backed securities (RMBS) transaction, which closed in November
2006 and securitizes first-ranking mortgage loans. Caja Murcia
(now Banca Mare Nostrum, which is in the process of merging with
Bankia S.A.) originated the pool. The pool comprises loans
granted to Spanish residents, mainly located in Murcia.
RATINGS LIST
Class Rating
To From
AyT Caja Murcia Hipotecario II, Fondo de Titulizacion de
Activos EUR315 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
A AA- (sf) A (sf)
B BBB- (sf) BB+ (sf)
Rating Affirmed
C B- (sf)
AYT KUTXA II: S&P Affirms CCC+ (sf) Rating on Class C Notes
-----------------------------------------------------------
S&P Global Ratings corrected by lowering to 'BBB (sf)' from 'BBB+
(sf)' its credit rating on AyT Kutxa Hipotecario II, Fondo de
Titulizacion de Activos's class B notes. At the same time, S&P
affirmed its 'AA (sf)' rating on the class A notes and its 'CCC+
(sf)' rating on the class C notes.
S&P said, "The downgrade and affirmations follow the application
of our relevant criteria and our credit and cash flow analysis of
the most recent transaction information that we have received,
and reflects the transaction's current structural features.
"We also corrected an error in our previous analysis when
calculating the transaction's weighted-average original loan-to-
value ratio. In our calculations, we had used the outstanding
balance of each loan at the time it was sold to the issuer (the
securitized loan balance) rather than the original balance of
each loan at the time of its origination. By correcting this
error and applying the original balance of each loan at the time
of origination, the transaction's weighted-average original loan-
to-value ratio has increased to 85.9% from 80.88% since our
previous review.
"After applying our European residential loans criteria to this
transaction, our credit analysis results show an increase in the
weighted-average foreclosure frequency (WAFF), which is due to
the correct use of the original balance of the loans and a
decrease in the weighted-average loss severity (WALS), for each
rating level. The revised WAFF and WALS figures are set out
below. The overall effect is an increase in the required credit
coverage for each rating level compared with our previous
review."
Rating level WAFF (%) WALS (%)
AAA 23.95 24.98
AA 17.90 21.61
A 14.77 15.73
BBB 10.84 12.71
BB 6.91 10.69
B 5.80 8.91
AyT Kutxa Hipotecario II's class A, B, and C notes' credit
enhancement has increased to 20.08%, 8.43%, and 3.62%,
respectively, from 17.43%, 6.79%, and 2.41% due to the
amortization of the notes, which has always been sequential as
the reserve fund has not been at its required level since the
January 2009 payment date and today is at 72.74% of its target.
S&P said, "We continue to delink our ratings on the class A and B
notes from our long-term issuer credit rating on the swap
counterparty, Banco Santander S.A. (A-/Stable/A-2), as these
classes of notes can achieve a higher rating when giving no
benefit to the swap provider. However, our rating on the class A
notes continues to be capped by the dynamic downgrade language in
the guaranteed investment contract (GIC) with Banco Santander,
which, given its current rating, limits the maximum potential
rating in this transaction at the 'AA' rating level.
"Under our ratings above the sovereign (RAS) criteria, we applied
a hypothetical sovereign default stress test to determine whether
a tranche has sufficient credit and structural support to
withstand a sovereign default and so repay timely interest and
principal by legal final maturity.
"Following the application of our RAS criteria and our European
residential loans criteria, we have determined that our assigned
rating on the class A notes in this transaction should be the
lower of (i) the rating as capped by our RAS criteria, (ii) the
rating as capped by our current counterparty criteria, or (iii)
the rating that the class of notes can attain under our European
residential loans criteria. In this transaction, our rating on
the class A notes is capped by our RAS criteria, at six notches
above our 'BBB+' foreign currency long-term sovereign rating on
Spain. Our rating on the class A notes is then further capped
under our current counterparty criteria by the downgrade language
established in the GIC contract at the 'AA' rating level.
"Our rating on the class B notes is not capped by our RAS
analysis as the application of our European residential loans
criteria, including our updated credit figures, determine our
rating on the notes at 'BBB (sf)'. There is an interest deferral
trigger mechanism in place for this class of notes, which is
based on the level of cumulative defaults reaching 10.71% of the
original balance of the assets securitized. In our model this
trigger is breached and interest shortfalls are occurring
following interest payment deferrals, in scenarios higher than
'BBB' stress.
"Credit enhancement has increased for the class C notes because
of the partial replenishment of the reserve fund. However,
following the application of our " Criteria For Assigning 'CCC+',
'CCC', 'CCC-', And 'CC' Ratings," published on Oct. 1, 2012, we
believe that the payments on this class of notes are dependent
upon favorable financial and economic conditions, and therefore
cannot achieve a higher rating level.
"Taking into account the results of our credit and cash flow
analysis and the application of our criteria, we consider that
the available credit enhancement for the class A, B, and C notes
is commensurate with 'AA (sf)', 'BBB (sf)', and 'CCC+ (sf)'
ratings, respectively. We have therefore lowered to 'BBB (sf)'
from 'BBB+ (sf)' our rating on the class B notes. We have
affirmed our 'AA (sf)' rating on the class A notes and our 'CCC+
(sf)' rating on the class C notes."
AyT Kutxa Hipotecario II is a Spanish residential mortgage-backed
securities (RMBS) transaction that closed in February 2007. It
securitizes first-ranking residential mortgage loans granted to
individuals, which Kutxabank S.A. originated mainly in the Basque
Country, its home market.
RATINGS LIST
Class Rating
To From
AyT Kutxa Hipotecario II, Fondo de Titulizacion de Activos
EUR1.2 Billion Mortgage-Backed Floating-Rate Notes
Rating Lowered
B BBB (sf) BBB+ (sf)
Ratings Affirmed
A AA (sf)
C CCC+ (sf)
BBVA CONSUMO 8: Fitch Affirms 'CCCsf' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has affirmed BBVA Consumo 8, FT's notes, as
follows:
Class A notes (ISIN ES0305155006): affirmed at 'A+sf'; Outlook
Stable
Class B notes (ISIN ES0305155014): affirmed at 'CCCsf'
This transaction is a EUR700 million securitisation of unsecured
consumer loans in Spain for car acquisition purposes. All the
loans are originated and serviced by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA; A-/Stable/F2), which is also the SPV
account bank provider.
KEY RATING DRIVERS
Decreased Lifetime Loss Rate
The portfolio lifetime loss rate has decreased to 16.5% from
21.4% under a 'A+sf' stress scenario since July 2016 when the
transaction closed. This is mainly because of the end of the 18
month revolving period in January 2018 and the updated default
multiples and recovery haircuts applied in the analysis due to
the upgrade of Spain's Long-Term Issuer Default Rating to 'A-
'/Stable from 'BBB+'/Positive on 19 January 2018, which implies
softening of intermediate stresses.
In relation to the above and linked to a 'A+sf' rating scenario,
the default rate multiple decreased to 3.5x from 4.4x and the
recovery rate haircut decreased to 37% from 42%. The base case
lifetime defaults remain at 5.7%, while base case recoveries have
been maintained at 25%.
Account Bank Triggers Cap Ratings
The rating of the class A notes is capped at 'A+sf' under Fitch's
Structured Finance and Covered Bonds Counterparty Rating
Criteria, due to the account bank replacement trigger being set
at 'BBB', which is insufficient to support 'AAsf' or 'AAAsf'
ratings.
Stable Portfolio Composition and Performance
At the end of the revolving period, the portfolio comprised 66%
new car loans and 34% used car loans, against 64% and 36% at
closing, respectively. Other portfolio attributes such as
remaining term, regional concentration and payable coupon rates
have remained relatively stable since closing and within
portfolio limits. All the portfolio covenants during the
revolving period were respected with no breaches.
Late-stage arrears (defined as loans with more than three monthly
payments overdue) were reported at 1.3% of the current portfolio
balance on 31 January 2018; and gross defaults (loans in arrears
by more than 18 months) remain negligible at 0.04% of the
original portfolio balance.
Strong Credit Enhancement and Excess Spread
Credit enhancement has been stable since transaction closing at
17% and 4.5% for the class A and B notes, but Fitch expect it to
start increasing as the notes will begin to sequentially amortise
on the next interest payment date. The cash reserve fund was at
its target of EUR31.5 million during the revolving period,
supported by strong transaction gross excess spread of around 6%
per year as the average interest rate payable by the assets was
7.7% as of January 2018.
Class B's Market Value Risk
Fitch continues to cap the class B notes' rating at 'CCCsf' with
no recovery estimate assigned, because of the seller's ability to
exercise a clean-up call when the portfolio balance is less than
10% of its initial amount, even if available funds were
insufficient to fully amortise the class B notes. In such a
scenario, the repayment of the class B notes is exposed to the
price at which the SPV would sell the assets to the seller, among
other factors.
RATING SENSITIVITIES
All else being equal, the class A notes' rating could be upgraded
to 'AA-sf' if the account bank replacement triggers were updated
to 'A-' or 'F1', in accordance with Fitch's Structured Finance
and Covered Bonds Counterparty Rating Criteria.
A worsening of the Spanish macroeconomic environment, especially
employment conditions, could jeopardise the underlying borrowers'
affordability. For example, a 25% increase in transaction
lifetime default rates would result in a one-notch downgrade of
class A notes to 'Asf'.
CAIXA PENEDES 1: Moody's Hikes Rating on Class C Notes to B1
------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class C
notes and affirmed the rating of Class B notes in a Spanish ABS
SME transaction, CAIXA PENEDES PYMES 1 TDA FONDO DE TITULIZACION
DE ACTIVOS (FTA). The rating action reflects the increased level
of credit enhancement for the affected notes.
-- EUR44.6M (Current outstanding amount EUR42.8M) Class B Notes,
Affirmed Aa2 (sf); previously on Mar 10, 2017 Upgraded to Aa2
(sf)
-- EUR19.4M Class C Notes, Upgraded to B1 (sf); previously on
Mar 10, 2017 Upgraded to B2 (sf)
CAIXA PENEDES PYMES 1 TDA, FTA is a securitisation fund which
purchased a pool of loans granted by Caixa d'Estalvis del Penedes
to small and medium-sized enterprises (SME) domiciled in Spain.
RATINGS RATIONALE
The rating action is prompted by deal deleveraging, resulting in
an increase in credit enhancement for the affected tranches.
The credit enhancement of the class B notes has increased to
50.30% from 38.25% in March 2017, and the credit enhancement of
the class C notes increased to 19.11% from 13.35% in March 2017.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.
The performance of the transaction has continued to be stable
over the past year. 90+ delinquencies decreased to 0.96% from
1.22% of current pool balance. Cumulative defaults currently
stand at 6.68% of original pool balance, slightly up from 6.64%
in March 2017.
Moody's maintained its default probability assumption at 20% and
the fixed recovery rate assumption at 52.5%. These assumptions,
together with portfolio credit enhancement (PCE) of 27% result in
coefficient of variation of 52.37%.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.
Moody's considered how the liquidity available in the
transactions and other mitigants support continuity of notes
payments, in case of servicer default, using the CR Assessment as
a reference point for servicers. Moody's also assessed the
default probability of the account bank providers by referencing
the bank's deposit rating.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in August 2017.
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) performance of the underlying collateral
that is better than Moody's expected, (2) deleveraging of the
capital structure, (3) improvements in the credit quality of the
transaction counterparties, and (4) reduction in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral
that is worse than Moody's expected, (2) deterioration in the
notes' available credit enhancement, (3) deterioration in the
credit quality of the transaction counterparties, and (4) an
increase in sovereign risk.
IBERCAJA BANCO: Fitch Assigns B(EXP) Rating to AT1 Capital Notes
----------------------------------------------------------------
Fitch Ratings has assigned Ibercaja Banco's (Ibercaja,
BB+/Positive/bb+) planned additional Tier 1 (AT1) capital notes
an expected rating of 'B(EXP)'.
The assignment of the final rating is contingent upon final
documents conforming to the information already received.
KEY RATING DRIVERS
The notes are CRD IV-compliant perpetual, deeply subordinated,
fixed-rate resettable AT1 debt securities. The notes have fully
discretionary non-cumulative interest payments and are subject to
partial or full write-down if the group's common equity Tier 1
(CET1) ratio falls below 5.125%. The principal write-down can be
reversed and written up at full discretion of the issuer if a
positive consolidated net income is recorded.
The rating assigned to the securities is four notches below
Ibercaja's 'bb+' Viability Rating (VR), in accordance with
Fitch's criteria for assigning ratings to hybrid instruments.
This notching comprises two notches for loss severity in light of
the notes' deep subordination, and two notches for additional
non-performance risk relative to the VR given a high write-down
trigger and fully discretionary coupons.
Fitch expects the non-payment of interest on this instrument will
occur before the bank breaches the notes' 5.125% CET1 trigger,
most probably when Ibercaja's capital ratio approaches the bank's
supervisory review and evaluation process requirement set at
8.125% for 2018. Ibercaja's consolidated phased-in CET1 ratio was
11.72% at end-2017, providing the bank with a buffer from the
equity conversion trigger. Given this, and Fitch's expectations
for the bank's capital ratios, we have limited the notching for
non-performance to two notches.
RATING SENSITIVITIES
The AT1 notes' expected rating is primarily sensitive to changes
in Ibercaja's VR. The rating is also sensitive to changes in
their notching from Ibercaja's VR, which could arise if Fitch
changes its assessment of the probability of their non-
performance relative to the risk captured in the VR. This may
reflect a change in capital management in the group or an
unexpected shift in regulatory buffer requirements, for example.
Under Fitch's criteria, a one-notch upgrade of the AT1 instrument
would be conditional upon a two-notch upgrade of Ibercaja's VR.
THINK SMART: Opts to Commence Refinancing Talks with Creditors
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Reuters reports that Think Smart SA said its board decided
unanimously to start negotiations with its creditors to reach a
refinancing agreement.
Think Smart SA is a Spain-based company engaged in the provision
of human resources (HR) consulting services.
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S W E D E N
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OVAKO GROUP: S&P Puts 'B-' ICR on Watch Pos on Nippon Steel Deal
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S&P Global Ratings said that it placed its 'B-' long-term issuer
credit rating on Swedish engineering steel producer Ovako Group
AB (Ovako) on CreditWatch with positive implications.
S&P said, "At the same time, we placed our 'B-' issue rating on
the EUR310 million senior secured notes issued by Ovako's wholly
owned subsidiary, Ovako AB, on CreditWatch positive. The recovery
rating remains at '4', indicating our expectation of average
recovery (30%-50%; rounded estimate 45%) prospects in the event
of payment default.
"The CreditWatch placement follows the proposed acquisition of
Swedish engineering steel producer Ovako by Nippon Steel &
Sumitomo Metal Corporation (NSSMC). NSSMC has proposed to acquire
100% of Ovako from the current owner, Triton Partners. The
transaction is subject to regulatory approvals, which we expect
to close in the coming months. Following the completion of the
transaction, we expect to raise the rating on Ovako by one or
more notches.
"We understand that the acquisition is part of NSSMC's stated
intention under its three-year business plan to increase
investment and expand its global presence. In our view, post
transaction, Ovako's position within a larger steel conglomerate
should boost its credit profile as the company could benefit from
group support.
"Moreover, we understand that as part of the transaction, NSSMC
intends to redeem the existing EUR310 million senior secured
notes. In addition, the current adjustment of the EUR270 million
shareholder payment-in-kind loan would cease following their
redemption. At this stage, we have no clarity on how Ovako's
future capital structure will look. In our view, based on NSSMC's
financial policy and track record, we believe that any future
capital structure will have lower debt than the current one,
resulting in a higher assessment of Ovako's financial risk
profile.
"We expect to resolve the CreditWatch at the close of the
transaction, which we expect to occur in the coming months. At
the same time, we will continue to monitor changes in Ovako's
capital structure and the effect of the new owner on the
company's business and future strategy."
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U K R A I N E
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METINVEST BV: Fitch Alters Outlook to Pos. Ahead of Refinancing
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Fitch Ratings has revised Metinvest B.V.'s Outlook to Positive
from Stable in anticipation of successful completion of the
proposed refinancing of the group's existing bonds and PXF
facility. It has also assigned Metinvest's new notes to be issued
in April 2018 an expected senior unsecured rating of 'B(EXP)'
with a Recovery Rating of 'RR4'. Its Long-Term Issuer Default
Rating (IDR) has been affirmed at 'B'.
The Outlook is dependent on the outcome and terms of the
refinancing. If the transaction is postponed or does not provide
additional liquidity to the group and extend maturities we will
revise the Outlook back to Stable. The bonds' final rating is
contingent on the receipt of final documentation conforming to
information already received and further details regarding the
amount of the notes.
Metinvest B.V. is the parent of a Ukrainian vertically integrated
group of steel and mining companies (jointly referred to as
Metinvest).
KEY RATING DRIVERS
Refinancing to Improve Liquidity and Maturities: The refinancing
is expected to raise additional liquidity for operational
purposes, providing incremental funding alongside internal cash
flow generation, trade finance lines and factoring. Maturities
post-refinancing are expected to be spread over 2021, 2022, 2023,
2025 and beyond. The resulting liquidity headroom and moderation
of refinancing risks are the reason for the Outlook change. If
the refinancing fails to achieve those objectives we would move
the Outlook back to Stable.
Metinvest is expected to gather bank lender and bondholder
consent to remove the inter-creditor agreement, amend and extend
the PXF facility as well as issue new bonds. All coupons will be
reset at market rate and paid in cash. The bonds will be plain
vanilla instruments without meaningful protection for
bondholders. The PXF facility will continue to benefit from
financial and other covenants as well as security related to
assignment of off-take contracts and various bank accounts. As
long as the PXF facility remains outstanding bondholders benefit
from the tighter documentation put in place by the bank lenders.
However, it could be renegotiated or re-financed over the medium-
term.
Foreign-Currency IDR above Country Ceiling: Fitch has affirmed
Metinvest's Foreign-Currency IDR at 'B', or one notch above
Ukraine's Country Ceiling of 'B-' due to the issuer's ability to
service hard currency external debt service from recurring hard
currency cash flow generation and available liquidity. Fitch
expects Metinvest's hard-currency external debt service ratio to
remain above 1.5x until end-2019 and at around 1x in 2020
(assuming no refinancing), which justifies at least a one-notch
uplift above the Country Ceiling, according to Fitch's
methodology.
Successful conclusion of the refinancing is expected to lead to
improved hard currency debt service ratios (lower coupon and a
more comfortable maturity profile), in which case it would be
possible to widen the notching to two levels above the Country
Ceiling.
Working Capital Outflows Constrain Liquidity: In 2016 and 2017
Metinvest reported sizeable working capital outflows of USD0.6
billion-USD0.7 billion partially due to Metinvest acting as a
working capital provider for its joint venture the Zaporizhstal
Group, in which Metinvest holds 49.9%. In practice, Metinvest
acts as an input provider and trading agent for the Zaporizhstal
Group, selling steel input materials to the JV, buying back
processed products and reselling such inventories. The resale
margin forms part of Metinvest's consolidated EBITDA.
At end-2017 trade receivables exposure to Zaporizhstal (net of
trade payables) increased by USD0.4 billion. Management has
confirmed that this is a non-recurring event. We will reassess
the impact on the rating if the trade balances between Metinvest
and its JV remain significant, restricting Metinvest's free cash
flow (FCF) generation.
Resilient Operations despite Conflict: Metinvest has been able to
maintain market share and supply to domestic and foreign
customers despite Ukraine's conflict. Also, despite the seizure
of assets located within the non-controlled areas and
representing 5% of the group's 2016 EBITDA, the detrimental
effects of the conflict have materially reduced since the Minsk
II protocol, particularly since March 2017. This has translated
into a gradual recovery of the Ukraine's economy, with 2018 and
2019 GDP growth now expected at 3% and 3.5% respectively. Foreign
capital is flowing back into the country, as illustrated by
Metinvest's successful restructuring.
Better Prices Support Profitability: Increased steel and iron ore
prices contributed to Metinvest's improved EBITDA margin of 20%
in 2017 against 14% in 2016, translating into USD1.7 billion
Fitch-adjusted EBITDA vs. USD0.9 billion in 2016. Overall, Fitch
assesses Metinvest's steel and mining segments as being able to
generate an average 15% EBITDA margin over 2018-2020 and positive
FCF. This is estimated to lead to a 2x gross funds from
operations (FFO) adjusted leverage in 2018-2020, against 1.8x in
2017. The forecast already factors in a correction in raw
materials prices anticipated by Fitch following several quarters
of recovery since 2H16.
Hryvna Depreciation Benefits: Fitch believes that Metinvest's
financial profile should remain largely stable over 2018-2020,
benefitting from a recovery in steel market conditions since
2Q16, and assuming no further operational disruptions. Forecasted
stable earnings are in part due to the group's currency exposure
supporting profitability with a largely foreign currency-
denominated revenue base and a mostly local currency-denominated
cost structure.
Vertically Integrated Producer: Metinvest's ratings continue to
reflect the group's scale as one of the largest Commonwealth of
Independent States (CIS) producers of steel and iron ore, with
more than 276% self-sufficiency in iron ore and 30% in coking
coal (vs. 55% before the conflict). The ratings also factor in
Metinvest's close proximity to Black Sea and Azov Sea ports.
According to CRU, Metinvest's steel assets have a cash cost below
USD400/t and are positioned at the end of the first quartile of
the hot rolled coil (HRC) cost curve, while the group's mining
assets suffered from prolonged under-investment and are now
positioned in the fourth quartile of the global iron ore cost
curve.
Limited Impact from EU/US Tariffs: The EU anti-dumping tariffs on
imported HRC had a moderate negative impact on Metinvest's flat
steel sales to Europe from Ilyich Steel plant. According to
Metinvest's esimates, annual EBITDA loss is in the low double-
digit millions. Management does not expect new U.S. anti-dumping
measures to hurt profitability as Metinvest only exports pig iron
to this country. However, any indirect implications, such as
potential new tariffs introduced by the EU in response to the
U.S. measures, could significantly impact the group's results.
DERIVATION SUMMARY
Metinvest has a weaker credit profile than the major CIS steel
peers, notably PJSC Novolipetsk Steel (BBB-/Stable), PAO
Severstal (BBB-/Stable) and OJSC Magnitogorsk Iron & Steel Works
(MMK, BBB-/Stable). While the group has comparable 42% share of
high value-added products in sales to 47% for MMK, 44% for
Severstal and 40% for NLMK, its under-invested assets located in
Ukraine cause higher cash costs for its steel production assets.
Furthermore, the conflict in Ukraine disrupted the supply of coal
to Metinvest's steel plants, significantly increasing the
company's coking coal procurement costs compared to its Russian
peers'. The ratings also incorporate the refinancing risk and
liquidity constraints Metinvest has been facing since 2014 vs.
its CIS steel peers. Metinvest's ratings also take into
consideration higher-than-average systemic risks associated with
the business and jurisdictional environment in Ukraine. Metinvest
is rated one notch above Ukraine's Country Ceiling. No
parent/subsidiary aspects impact the current ratings.
KEY ASSUMPTIONS
Fitch's Key Assumptions within Our Rating Case for the Issuer
(post-refinancing)
- Fitch iron ore price deck: USD55/t in 2018 and 2019; and
USD50/t onward
- USD/UAH 29 in 2018, 31 in 2019 and 30 thereafter
- 5% growth in steel production volumes in 2018, driven by an
increase in semi-finished exports, flat steel volumes in 2019 and
2% annual growth thereafter
- Decline in iron ore production in 2018, followed by 3%
increase in 2019 and flat thereafter. We expect Metinvest to
change its iron ore product mix to higher-margin pellets (30%
volume increase expected in 2018) against iron ore concentrate
- Capex of around USD750 million in 2018, USD840 million in 2019
and USD600 million onward
- More moderate working capital movements: working capital
outflows to continue in 2018 and to amount to around USD250
million before stabilising from 2019 onward; the latter is
reflective of Fitch's volume and price assumptions detailed above
-The shareholder loan to start paying interest and being
amortised, if the refinancing is successful, subject to
restrictions from the covenants. The shareholder loan will remain
subordinated to the PXF facility and notes.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-Materially improved liquidity position and debt maturity
profile coupled with supportive financial policies, including
shareholder distribution and growth aspirations
-Better control over working capital flows and avoidance of
exposure concentrations to single parties, including related
parties
-Capital expenditure sustainably above maintenance levels to
support long-term cash flow generation of the business
-Hard-currency debt service ratio above 1.5x over the rating
horizon, as calculated in accordance with Fitch's methodology
"Rating Non-Financial Corporates Above the Country Ceiling"
-Upgrade of the Ukraine's Country Ceiling
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-Inability to refinance bond and bank debt in a timely fashion /
comfortably ahead of actual maturities
-Sizeable related party transactions putting pressure on working
capital and overall liquidity position
-Development of the conflict in the eastern part of Ukraine
affecting the group's operations and profitability
-FFO gross leverage sustained above 3.5x
-Hard-currency debt service ratio below 1x over the rating
horizon
-Downgrade of the Ukraine's Country Ceiling
LIQUIDITY
Adequate Liquidity: Metinvest reported cash and cash equivalents
of USD259 million at end-2017, of which USD59 million cash in
transit were not available as of 31 December 2017 but became
available afterwards. Apart from the resulting USD200 million
readily available cash, the group had availability of around
USD120 million under trade finance facilities and makes regular
use of factoring. Otherwise Metinvest funds its business through
internal cash flow. In the past Metinvest had had to cut capital
expenditure in some years to manage its liquidity position. The
outlook for the steel sector remains positive and we expect
operating cash flow to be strong over the medium term.
Without the proposed refinancing the group would probably require
new funding by end-2019. The proposed transaction will push out
maturities and create additional liquidity headroom. For the long
term it is important that the business is not under-invested and
as such the proposed transaction would facilitate better
visibility for implementing the group's strategy.
FULL LIST OF RATING ACTIONS
Metinvest B.V.
-- Long-Term Foreign-Currency IDR affirmed at 'B', Outlook
revised to Positive from Stable
-- Short-Term Foreign-Currency IDR affirmed at 'B'
-- Long-Term Local-Currency IDR affirmed at 'B', Outlook revised
to Positive from Stable
-- Short-Term Local-Currency IDR affirmed at 'B'
-- Senior unsecured bond instrument rating for the existing
USD1.2 billion 10.875% notes due December 2021 affirmed at
'B'/'RR4'
-- Senior unsecured bond instrument rating for the prospective
new issue assigned at 'B(EXP)'/'RR4'
-- National Long-Term Rating affirmed at 'AA+(ukr)'; Outlook
Stable
-- National Short-Term Rating affirmed at 'F1+(ukr)'
PRIVATBANK: London Court Ruling to Speed Up Progress of Cases
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Interfax-Ukraine reports that Finance Minister of Ukraine
Oleksandr Danyliuk expects that the London court's decision on
PrivatBank's lawsuit against its former owners Ihor Kolomoisky
and Hennadiy Boholiubov will help speed up the consideration of
similar and other related cases in Ukrainian courts.
"There is another case initiated by PrivatBank in the UK against
the former owners. The total amount (of claims) is US$2.5
billion. Now all the assets of the ex-owners are frozen all over
the world. And judicial debates are being actively conducted in
London . . . We expect to see significant progress in the near
future, and this will help us in other proceedings in Ukraine,"
Mr. Danyliuk, as cited by Interfax-Ukraine, said during the
government report to the Verkhovna Rada.
Mr. Danyliuk noted that at present Ukrainian courts are
considering a number of lawsuits against the former owners for
bringing the bank to bankruptcy, Interfax-Ukraine relates. At
the same time, he noted that the consideration of these cases is
proceeding not as actively as the ministry would like, according
to Interfax-Ukraine.
PrivatBank is the largest commercial bank in Ukraine, in terms of
the number of clients, assets value, loan portfolio and taxes
paid to the national budget. PrivatBank has its headquarters in
Dnipropetrovsk, in central Ukraine.
UKRAINIAN RAILWAY: Fitch Affirms 'RD' LT Local-Currency IDR
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Fitch Ratings has affirmed Ukrainian Railway's (UR) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC', Long-Term
Local-Currency IDR at 'RD', Short-Term Foreign-Currency IDR at
'C' and National Long-Term Rating at 'RD(ukr)'.The Long-term
foreign currency rating on Shortline Plc's USD500 million loan
participation notes (LPNs) has also been affirmed at 'CCC'.
Under its Government-Related Entities (GRE) Criteria, Fitch views
Ukraine's (B-/Stable/B) willingness to provide support to UR as
high, but its ability to do so as weak.
The 'Restricted Default' Local-Currency IDR and National Long-
Term Rating reflect a failure to make principal payments under
certain bilateral loan agreements with lenders and that the
company is still restructuring these domestic liabilities.
Shortline Plc's notes' rating is equalised with UR's Long-Term
Foreign-Currency IDR, reflecting Fitch's view that the notes
constitute direct, unconditional senior unsecured obligations of
UR and rank pari passu with all its other present and future
unsecured and unsubordinated obligations.
KEY RATING DRIVERS
Status, Ownership and Control Assessed as Very Strong
UR was transformed into a 100% state-owned public joint stock
company from the state agency. This was undertaken by the
resolution of Ukraine's government in line with its reform agenda
targeting railway sector restructuring in December 2015. As a
legal successor of Ukraine's State Administration of Railways
Transport, UR encompasses six regional railways along with other
units linked to servicing the railways.
UR operates under strict control from the Ukrainian state. The
national government approves the company's strategic objectives,
including tariff settings, debt and investment planning and
appoints members of the company's management and supervisory
boards. Its seven-member supervisory board includes top-ranking
government officials from the ministries of finance, economy and
infrastructure.
Support Track Record and Expectations Assessed as Moderate
Ukraine's ability to provide support to UR remains weak and the
company's accounts are not consolidated in the central
government's budget. The company receives modest annual transfers
from the national and local budgets that partially subsidize cost
of passenger transportation for entitled groups of population.
These subsidies increased to UAH93 million in 2017 (2016: UAH10
million). Nonetheless, the transfers remain insufficient to
recover full costs of service and the company has to cross-
subsidise its loss-making passenger segment with profit from
transporting cargo. The state provided no capital injections to
UR in 2016-2017, and no plans have been revealed for 2018-2019.
The company's debt is not consolidated with state debt. However,
part of the company's external debt contracted from the
international financial institutions (IFIs, 12.7% of 2017 total
debt) is guaranteed by the state. In addition, the state treats
UR's external debt as quasi-sovereign, which was evidenced in
2016, when the company's Eurobonds were included in the perimeter
of debt restructuring, led by the national government.
Socio-Political Implications of UR's Default Assessed as Moderate
According to the government's policy agenda, UR will remain a
strategically important transportation company and will continue
to manage the national railway infrastructure, and provide
dispatching, passenger transportation (long-distance and
suburban), and dominant freight services. The company is
recognised as a natural monopoly providing access to public
service infrastructure for railway transportation and controlling
maintenance of railway transportation. In our view, a potential
default of UR might lead to some service disruptions, but not of
irreparable nature, and not necessarily conducive for significant
political and economic repercussions for the national government.
Financial Implications of UR's Default Assessed as Strong
Fitch considers a default of UR on external obligations as
potentially harmful to Ukraine, as it could lead to reputational
risk for the state. Both UR (via its SPV - Shortline Plc) and
national treasury tap international capital markets for debt
funding, as well as resort to use loans and financial aid from
the IFIs. Therefore any potential default of UR could to some
extent influence the cost of external funds for future debt
financing of other GREs or the state treasury.
As part of a government-initiated external debt restructuring UR
completed a debt exchange of USD500 million of Shortline's LPNs,
which featured an extension of the Eurobonds' maturity to 15
September 2021 and an interest rate increase to 9.875% (original
maturity was 2018 and coupon rate was 9.5%). By end-2017 UR had
offered compensation to Eurobond holders and successfully
negotiated a waiver of certain covenants regarding acceleration
and cross-default on domestic debt obligations.
Ongoing Domestic Debt Restructuring
The company's domestic debt remains under ongoing restructuring
(unaudited 2017: UAH18.5 billion), of which about 23% was overdue
as of March 2018. Additionally, about 22% of UR's domestic debt
was originally contracted by Donetsk Railway and is not part of
the debt restructuring, or part of Fitch's calculation of the
issuer's debt, as the company lost access to assets in the
Donetsk and Lugansk territory due to armed conflict in the east
of the country.
Weak Macroeconomic Environment
UR's key indicators have been negatively affected by the
prolonged economic crisis and subdued business activity in
Ukraine since end-2014. This was due to long-lasting political
instability, local currency devaluation, amid sharply contracted
manufacturing and the weak financial sector.
According to Fitch's recently re-stated macro forecast, Ukraine's
economy returned to growth in 2016-2017 after severe contractions
in 2014-2015 and is projected to grow 3.2%-3.7% yoy in 2018-2019.
The recovery of economic activity is likely to be gradual, driven
by domestic demand. The unresolved conflict in eastern Ukraine is
likely to weigh heavily on the recovery prospects, while lack of
access to Donetsk and Lugansk's assets will continue to
negatively impact UR's performance indicators.
CRITERIA VARIATION
Fitch has applied a variation from its Government Related
Entities Rating Criteria to address the specific situation where
an application of GRE criteria would suggest a 2 notch
differential with the sovereign sponsor, which would imply a 'CC'
rating. In Fitch's view, the Long-Term Foreign-Currency IDR
aligns more closely with Fitch's 'CCC' rating definition that
default is a real possibility rather than the 'CC' definition
which implies a probable default.
KEY ASSUMPTIONS
- Fitch considers that non-payment on domestic debt originally
contracted by Donetsk Railway does not affect the company's other
debt service.
- We assume the company will remain solely owned by the state as
there no plans for UR's privatisation over the medium term.
RATING SENSITIVITIES
As UR's Long-Term Foreign-Currency IDR is credit-linked with that
of Ukraine, it will likely mirror any rating action on the
sovereign's Long-Term Foreign Currency IDR. Any weakening of the
linkage with the government could result in a wider notching down
from the sovereign ratings.
Fitch will also review and re-rate the company's Local Currency
IDR and National Long-Term rating once the company has completed
its domestic debt restructuring and information is available on
its post-restructuring credit profile.
The rating on Shortline Plc's LPNs is equalised with UR's Long-
Term Foreign-Currency IDR and therefore will move in tandem with
UR's Long-Term Foreign-Currency IDR.
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U N I T E D K I N G D O M
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CARILLION PLC: PwC Billed GBP20.4 Mil. for Handling Liquidation
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Rhiannon Curry at The Telegraph reports that accountancy firm PwC
has billed GBP20.4 million for handling Carillion's liquidation
so far and is unable to say what the final bill will be, it has
emerged in a parliamentary select committee.
David Kelly, partner at the firm, could not confirm what the
total amount would be despite extensive questioning from business
committee chair Rachel Reeves MP, The Telegraph notes.
Mr. Kelly, as cited by The Telegraph, said the company was
billing around GBP1.4 million a week for its work, although it
expects that to reduce in the coming weeks. PwC is employing 112
staff to help comb through the wreckage of the outsourcer and
construction firm, which collapsed in January with debts of
GBP1.5 billion, putting thousands of jobs at risk, The Telegraph
discloses. Just over 8,500 jobs have been saved so far while
1,500 people have been made redundant, The Telegraph states.
According to The Telegraph, the joint business and work and
pensions committees had suggested that PwC had sought to "milk
the Carillion cow dry".
Ms. Reeves labeled PwC's charges "superhuman", adding: "If I pay
someone GBP20.4 million working for eight weeks, I would expect
them to have some grasp of how much it might cost", The Telegraph
relays.
Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company. The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).
NEW LOOK: Paul Hastings Advises Business on CVA
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Paul Hasttings LLP, a global law firm, disclosed that it is
advising leading clothing retailer New Look and its owner, the
listed South African group Brait SE, on the Company Voluntary
Arrangement announced by New Look Retailers Limited. Under the
proposal, New Look will restructure rents on a majority of its
stores as part of a operational turnaround plan. The CVA
identifies 60 out of its total 593 stores in the UK for potential
closure, alongside a further 6 sites which are sub-let to third
parties.
New Look was seeking creditor approval on the proposal, which was
due on March 21, 2018. New Look's secured creditors have already
consented to the CVA.
The Paul Hastings team in London was led by partner David Ereira,
with partners Peter Schwartz, Edward Holmes, and Conor Downey,
and associates Valean Gherendi, Carlos Ruiz, Corey Blake, Saffi
Rayman, and John Lambillion.
At Paul Hastings -- http://www.paulhastings.com-- its purpose is
clear -- to help its clients and people navigate new paths to
growth. With a strong presence throughout Asia, Europe, Latin
America, and the U.S., Paul Hastings is recognized as one of the
world's most innovative global law firms.
PRECISE MORTGAGE 2018-2B: Fitch Rates Class X Notes 'BB+sf'
-----------------------------------------------------------
Fitch Ratings has assigned Precise Mortgage Funding 2018-2B Plc's
(PMF 2018-2B) notes final ratings as follows:
Class A: 'AAAsf'; Outlook Stable
Class B: 'AAsf'; Outlook Stable
Class C: 'A+sf'; Outlook Stable
Class D: 'BBB+sf'; Outlook Stable
Class E: 'BBB-sf'; Outlook Stable
Class X: 'BB+sf'; Outlook Stable
This transaction is a securitisation of buy-to-let (BTL)
mortgages that were originated by Charter Court Financial
Services (CCFS), trading as Precise Mortgages (Precise), in
England and Wales.
KEY RATING DRIVERS
Prime Underwriting
Fitch has treated the loans as prime. The loans have been granted
to borrowers with no adverse credit, full rental income
verification, full property valuations and with a clear lending
policy in place. The available data, although limited, shows
robust performance, which Fitch would expect of prime loans.
Fitch has applied a lender adjustment of 1.10x to account for a
certain feature in CCFS's underwriting process and its limited
performance history.
Geographical Diversification
The pool displays no geographical concentration in excess of two
times population. This differs from previous issuances, where at
closing, the London concentration was within 0.1% of the
threshold for adjustment. The proportion of loans in London is
smaller in Precise PMF 2018-2B than in Precise Mortgage Funding
2018-1B Plc (PMF 2018-1B), but the weighted average (WA)
sustainable LTV is higher, due to slightly higher current LTV
underwriting in the loans included in this pool.
Borrower Affordability
CCFS changed its serviceability calculation at the start of 2017
to impose higher interest coverage ratios (ICR) of 145% and 160%
for tax payers in the higher and additional brackets,
respectively. It previously used 125% for all borrowers. In
addition, an upward stress to the interest rate has been applied.
This change produced a higher WA ICR for PMF 2018-1B and PMF
2018-2B compared with previous transactions, as a higher
percentage of the pool was originated under the updated
methodology.
Class X Note Capped
Prior to the optional redemption date, all excess spread will be
used to make payments of interest and principal on the class X
note. However, any subordinated hedging amounts payable are due
senior to these items in the revenue priority of payments. In
case of a default of the swap counterparty and the swap mark-to-
market being in favour of the swap counterparty, excess spread
may not be available to make payments to the class X note. Fitch
has therefore capped the class X note at 'BB+sf'
Class C Final Rating
The class C notes' final rating is higher than the expected
rating. This is because the final swap fixed rate and final note
margins are lower than the assumptions provided to Fitch to
assign expected ratings.
RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base case expectations may result in negative rating action on
the notes. Fitch's analysis revealed that a 30% increase in the
WA foreclosure frequency, along with a 30% decrease in the WA
recovery rate, would imply a downgrade of the class A notes to
'AA-sf' from 'AAAsf'.
More detailed model implied ratings sensitivity can be found in
the new issue report, which is available at www.fitchratings.com.
PREZZO: To Close 94 Restaurants Under Restructuring Plan
--------------------------------------------------------
Dale Miller at The Scotsman reports that three Prezzo restaurants
in Scotland's two major cities will be closed as the chain
announced hundreds of jobs would be axed under a restructuring
plan.
The Italian-themed chain will shut its outlet in Edinburgh's
Newhaven district on Pier Place, The Scotsman discloses.
Restaurants at Silverburn and Glasow Fort on the country's west
coast are also among the closures, The Scotsman states. A total
of 94 of Prezzo's 300 outlets across the UK will shut, The
Scotsman notes.
According to The Scotsman, around 500 jobs are understood to be
in the firing line, although the company has claimed many staff
will be redeployed at other restaurants.
Prezzo, owned by private equity firm TPG Capital, secured the
backing of creditors for Company Voluntary Arrangement (CVA) on
March 23, The Scotsman relates. The agreement will allow the
Italian-themed chain to exit unprofitable branches and secure
rent reductions, The Scotsman says. The number of closures
includes all 33 of its Tex-Mex themed Chimichanga outlets,
according to The Scotsman.
Prezzo, which worked with AlixPartners on the restructuring,
employs 4,500 people, The Scotsman relays. The CVA proposal was
backed by 88% of the creditors, including landlords, The Scotsman
discloses.
VIRGIN MEDIA: Fitch Rates Receivables Financing Notes B+(EXP)
-------------------------------------------------------------
Fitch Ratings has assigned Virgin Media Receivables Financing II
DAC's receivables financing notes (RFNs) due April 2023 an
expected rating of 'B+(EXP)' with a Recovery Rating of 'RR5', in
line with the group's existing RFN liabilities. The RFNs' ratings
are one notch lower than Virgin Media Inc.'s (VMED) Long-Term
Issuer Default Rating (IDR) of 'BB-' and a notch higher than the
group's senior unsecured debt. The RFNs' ratings reflect Fitch's
assessment of the security and transaction structure, which
places the RFNs structurally senior to VMED group's senior
unsecured debt.
The issue is a new transaction based on similar terms and with
structural parity to the group's existing GBP800 million RFNs due
September 2024. With issuance at this tier of the capital
structure expected to remain within the parameters guided by
Fitch at the time of the original issue, the proposed transaction
has the same instrument and Recovery Ratings as the existing RFNs
The RFNs (and associated VM facilities) benefit from guarantees
from Virgin Media Senior Investments Limited (VMSI) as well as a
number of opco obligors, creating structural seniority relative
to the group's senior unsecured debt given that the latter is not
guaranteed by VMSI. From an organisational perspective, VMSI sits
closer to the operating assets of the group. The unsecured debt
does not benefit from guarantees from any of the opcos (for a
comprehensive overview of the rating rationale see
https://www.fitchratings.com/site/pr/1012183).
As identified in Fitch original instrument rating rationale, the
RFNs rank equally with other vendor finance (VF) obligations of
the VMED group. Adjusted for this transaction VF debt stood at
approximately GBP2.1 billion at end- 2017 compared with Fitch's
stated tolerance of around GBP1.5 billion. VF balances are
expected to fluctuate in line with working capital needs; based
on 2017 phasing and the current level of VF liabilities Fitch
expects these balances to fall to around GBP1.1 billion by mid-
2018. Fitch will continue to monitor outstanding balances
throughout the year. Average balances exceeding GBP1.5 billion
may put pressure on the notching advantage the RFNs enjoy
relative to VMED's unsecured notes.
KEY RATING DRIVERS
Consistently Strong Operating Performance: VMED has developed a
strong second incumbent business across the UK and Ireland, its
fibre coax network covering approximately 50% of the UK with
significant further network build underway. Operating performance
is consistently strong; the group enjoys leading in-franchise
broadband market share - that part of the telecoms value chain
that is generating strongest growth and economic value. The
group's broadband-led commercial strategy tied to an agnostic
approach to content aggregation drives consistent average revenue
per user metrics, high margins and visible cash flow.
Competitive but Rational Fixed Market: Competition in the UK
communications market is well-developed and intense. BT Group plc
(BBB+/Stable) is a progressive incumbent whose service offer has
been enhanced by its investment in sports/TV content and fibre
and more recently its EE mobile acquisition, while Sky plc's
(BBB-/RWP) leading pay-TV business enjoys consistently strong
operating metrics and revenue growth, having developed a broad
communications offer, including the addition of mobile. The
market has proven resilient to cyclical downturns with pricing
supported by demand for high-quality broadband and pay TV.
Broadband-led businesses have proven that they are particularly
well positioned.
Project Lightning Gaining Momentum: Project Lightning is VMED's
project to extend the group's network to pass an additional 4
million UK premises, taking its network coverage to 65% of the
population. VMED has a proven track record and established demand
for its communications offer; Fitch therefore believes VMED's
project target of developing an additional GBP1 billion of
revenue once the project is fully mature to be well-founded.
MVNO Might Not Be Enough: VMED is partnered with BT's EE mobile
network to provide mobile and quad-play services to its fixed
subscriber base. Fitch believes a mobile virtual network operator
(MVNO) model is appropriate to meet consumer needs at this stage.
However, Fitch are less certain service quality will be
adequately supported as the market moves from a discounted bundle
at present to a more nuanced convergent market where consumers
demand seamless content access across multiple technology
platforms. Break clauses in its MVNO contract provide a
contingent should an owned infrastructure prove more necessary.
Such a development would, however, come at a significant capital
cost and the MVNO model remains Fitch medium-term central
premise.
Capex, Shareholder Payments Drive Leverage: Project Lightning is
budgeted at roughly GBP3 billion in incremental investment and
Fitch expects the project to keep capex-to-sales in the high 20%-
low 30% range through 2019. The project economics appear well-
thought out and in Fitch's view a good use of capital. VMED is
the largest European cable asset and strongest cash contributor
to its main shareholder LG. LG maintains a sizeable buyback
programme and shareholder payments from VMED are therefore likely
to remain high. Fitch assume leverage will remain close to the
group's upper end of net debt/EBITDA target of 5.0x (excluding
VF).
DERIVATION SUMMARY
VMED's ratings are underpinned by a strong operating profile,
developed but rational UK convergent market, technological
advantage and a broadband-led business strategy. The group's
closest peers include fellow Liberty Global-owned cable
operators, Telenet N.V, UPC Holding B.V (each rated BB-/Stable)
and VodafoneZiggo Group B.V (BB-/Negative). Telenet is arguably
its closest peer given the developed stage of their respective
business strategies and strong competitive position in their
markets. The overall importance of VMED's cash flow to LG and the
latter's sizeable share buyback programme imply that VMED's
leverage is likely to be close to historical levels. The
deleveraging capacity provided by the group's underlying free
cash flow (FCF) and strong operating profile would allow for a
higher rating if not for the shareholder's/VMED's stated leverage
policy. No Country-Ceiling, or parent/subsidiary aspects impact
the ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of around 4%-7% over the next few years, driven
by Project Lightning and price increases;
- Modest EBITDA margin expansion over the coming years due to
benefits of economies of scale as Project Lightning is
completed;
- Capital intensity (property & equipment additions including
those funded through VF as a percentage of revenue) to remain
elevated in the high 20%-low 30% range over 2017-2019, before
declining as Project Lighting approaches completion; and
- Funds from operations (FFO) adjusted net leverage to be
maintained at or close to Fitch's downgrade trigger of 5.2x
through cash repatriation / repayment of parent company loans.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A firm commitment by VMED to a more conservative financial
policy (for example, FFO adjusted net leverage of 4.5x).
- Continued sound operational performance, as evidenced by key
performance indicator (KPI) trends and progress in both
investment and consumer take-up with respect to Project
Lightning.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO adjusted net leverage expected to remain above 5.2x (2016:
5.1x) on a sustained basis.
- FFO fixed charge cover expected to remain below 2.5x (2016:
3.5x) on a sustained basis.
- Material decline in operational metrics, as evidenced by
declining KPIs such as customer penetration, revenue-
generating units per subscriber and average revenue per user.
Evidence that investment in Project Lightning is being scaled
to proven demand will be an important driver.
LIQUIDITY
Sufficient Liquidity: In Fitch's view VMED's liquidity profile is
sufficient on the basis of positive FCF expected during 2017-
2020, full availability under the group's GBP675 million
revolving credit facility and unrestricted cash and cash
equivalents at end-4Q17 of GBP23.8 million. LG manages liquidity
across its portfolio on a flexible basis and would be expected to
provide support to or reduce shareholder payments from VMED if
necessary. Nonetheless liquidity is managed more tightly than at
LG's other portfolio businesses.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 19 to March 23, 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
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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
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Vontobel Financial Products 8.00 6/22/2018 EUR 71.33
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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
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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
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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
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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
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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
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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
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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
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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
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Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.90
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.90
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Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.90
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Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
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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
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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
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Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.90
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.90
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Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
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Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.90
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Araratbank OJSC 8.00 6/10/2018 USD 25.58
Transgazservice LLP 10.50 11/8/2019 RUB 5.02
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UNGP-Finance OOO 10.00 12/16/2020 RUB 0.10
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Landesbank Baden-Wuerttember 2.60 8/23/2019 EUR 73.23
National Developing Co PAO 12.00 7/19/2018 RUB 1.11
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HSBC Bank PLC 0.50 12/8/2026 AUD 72.94
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Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.90
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Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.90
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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
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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
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Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.90
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UNGP-Finance OOO 10.00 4/20/2021 RUB 0.10
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Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.90
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Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.90
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.08
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Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.90
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Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.90
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Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.90
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Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.90
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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
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Bashneft PJSC 12.00 5/9/2025 RUB 60.00
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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
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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
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HSBC Bank PLC 0.50 12/22/2025 BRL 43.60
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.90
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Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
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Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.90
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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
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Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.90
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.90
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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 * * *