/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/180416.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, April 16, 2018, Vol. 19, No. 074 Headlines A L B A N I A PRAKTIKER ALBANIA: Declared Bankrupt by Tirana District Court C R O A T I A AGROKOR DD: Creditors Ink Debt Settlement Term Sheet F R A N C E ALTRAN TECHNOLOGIES: S&P Assigns Prelim 'BB' Issuer Credit Rating CONSTANTIN INVESTISSEMENT: S&P Cuts ICR to 'B', Outlook Stable G E O R G I A PARTNERSHIP FUND: Fitch Revises Outlook to Pos., Affirms BB- IDR G E R M A N Y DEUTSCHE PFANDBRIEFBANK: S&P Rates Tier 1 Capital Notes BB- I R E L A N D PROVIDUS CLO I: S&P Assigns B-(sf) Rating to EUR9.5MM Cl. F Notes N E T H E R L A N D S JUBILEE CLO 2014-XI: S&P Affirms B-(sf) Rating on Cl. F-R Notes P O L A N D MALOPOLSKA SIEC: Court Discontinues Rehabilitation Proceedings R U S S I A NATSIONALNA ELEKTRICHESKA: S&P Affirms 'B' ICR, Outlook Stable S P A I N AUTOVIA DE LA MANCHA: S&P's SPUR Outlook on EUR110M Loan Positive BBVA CONSUMO 6: S&P Raises EUR336MM Class B Notes Rating to 'B' VALENCIA HIPOTECARIO 2: Fitch Affirms CCC Rating on Cl. D Notes U K R A I N E NAFTOGAZ OF UKRAINE: Fitch Raises IDR to B-, Outlook Stable U N I T E D K I N G D O M AURUM: S&P Assigns Prelim B- ICR to Parent, Outlook Stable CARILLION PLC: Had GBP7 Billion Debt at Time of Collapse DRAX GROUP: Fitch Affirms BB+ Long-Term IDR, Outlook Stable EXPRESS MOTORS: To Enter Liquidation After License Revoked GRAINGER PLC: S&P Affirms 'BB' ICR, Retains Positive Outlook HAWKSMOOR MORTGAGES 2016-1: Moody's Affirms Ba2 E Notes Rating TOWER BRIDGE: Moody's Assigns (P)Ba2 Rating to Cl. E Notes WILLIAMS INDUSTRIAL: Creditors to Lose Millions After Collapse X X X X X X X X * BOND PRICING: For the Week April 9 to April 13, 2018 ********* ============= A L B A N I A ============= PRAKTIKER ALBANIA: Declared Bankrupt by Tirana District Court ------------------------------------------------------------- SeeNews reports that the Tirana district court said Praktiker Albania, a subsidiary of German home improvement store chain Praktiker group, has been declared bankrupt and will be deleted from Albania's commercial register. The court said in a statement that Praktiker Albania filed for protection from creditors in July 2013 as a result of financial difficulties and inability to repay around ALL112.5 million (US$1.1 million/EUR865,105) of debt owed to third parties, SeeNews relates. According to SeeNews, the court said the opening of insolvency proceedings against Germany's Baumarkt Praktiker Deutschland GmbH as the only partner of the Albanian company was one of the main reasons for the financial difficulties of Praktiker Albania. ============= C R O A T I A ============= AGROKOR DD: Creditors Ink Debt Settlement Term Sheet ---------------------------------------------------- SeeNews reports that Croatia's ailing concern Agrokor said its creditors have signed a debt settlement term sheet which sets a framework for the drafting of the actual text of the settlement, based on filed claims and their legal status. According to SeeNews, Agrokor said in a statement on April 10 the term sheet includes the corporate structure of the new Agrokor Group, treatment and form of settlement of pre-petition claims, new debt of the concern and its capital structure, a special arrangement with suppliers on settlement of the border debt and the settlement implementation. The concern said since the creditors have agreed upon the key elements of the settlement, the Commercial Court of Zagreb issued a decision prolonging the period of crisis management of Agrokor by a further three months on April 6, SeeNews relates. The debt settlement term sheet was signed by all members of the Interim Creditors' Council of Agrokor, representatives of the Suppliers' Association and the representative of Russian bank VTB, SeeNews notes. The creditors of Agrokor will use the additional three months to finalise the text of the settlement deal, SeeNews discloses. The crisis manager will submit the finalized proposal to the Creditors' Council for approval, SeeNews relays. After the settlement is adopted by creditors, the government- appointed crisis manager will submit the settlement proposal to the Commercial Court of Zagreb, which will schedule a voting on the deal, SeeNews states. About Agrokor DD Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the biggest food producer and retailer in the Balkans, employing almost 60,000 people across the region with annual revenue of some HRK50 billion (US$7 billion). On April 10, 2017, the Zagreb Commercial Court allowed the initiation of the procedure for extraordinary administration over Agrokor and some of its affiliated or subsidiary companies. This comes on the heels of an April 7, 2017 proposal submitted by the management board of Agrokor Group for the administration proceedings for the Company pursuant to the Law of Extraordinary Administration for Companies with Systemic Importance for the Republic of Croatia. Mr. Ante Ramljak was simultaneously appointed extraordinary commissioner/trustee for Agrokor on April 10. In May 2017, Agrokor dd, in close cooperation with its advisors, established that as of March 31, 2017, it had total liabilities of HRK40.409 billion. The company racked up debts during a rapid expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a Reuters report noted. On June 2, 2017, Moody's Investors Service downgraded Agrokor D.D.'s corporate family rating (CFR) to Ca from Caa2 and the probability of default rating (PDR) to D-PD from Ca-PD. The outlook on the company's ratings remains negative. Moody's also downgraded the senior unsecured rating assigned to the notes issued by Agrokor due in 2019 and 2020 to C from Caa2. The rating actions reflect Agrokor's decision not to pay the coupon scheduled on May 1, 2017 on its EUR300 million notes due May 2019 at the end of the 30-day grace period. It also factors in Moody's understanding that the company is not paying interest on any of the debt in place prior to Agrokor's decision in April 2017 to file for restructuring under Croatia's law for the Extraordinary Administration for Companies with Systemic Importance. On June 8, 2017, Agrokor's Agrarian Administration signed an agreement on a financial arrangement agreement worth EUR480 million, including EUR80 million of loans granted to Agrokor by domestic banks in April. In addition to this amount, additional buffers are also provided with additional EUR50 million of potential refinancing credit. The total loan arrangement amounts to EUR1,060 million, of which a new debt totaling EUR530 million and the remainder is intended to refinance old debt. =========== F R A N C E =========== ALTRAN TECHNOLOGIES: S&P Assigns Prelim 'BB' Issuer Credit Rating ----------------------------------------------------------------- S&P Global Ratings affirmed its preliminary 'BB' long-term issuer credit rating on France-based engineering, research, and development (ER&D) services provider Altran Technologies S.A. The outlook is stable. S&P said, "At the same time, we affirmed our preliminary 'BB' and '4' issue and recovery ratings on Altran's senior secured seven- year EUR2.125 billion term loan B (EUR1.88 billion and $300 million facilities), and five-year EUR250 million revolving credit facility (RCF). The preliminary '4' recovery rating reflects our expectation of average recovery prospects (30%-50%; rounded estimate: 45%) in the event of a payment default." The final ratings will depend on the successful repayment of the EUR250 million bridge facility and prepayment of EUR500 million of the EUR2.125 billion term loan, following completion of the expected issuance of EUR750 million of new equity and receipt and satisfactory review of all final transaction documentation. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. If S&P does not receive final documentation within a reasonable time frame, or if the final documentation departs from materials reviewed, S&P reserves the right to withdraw or revise its ratings. Potential changes include, but are not limited to, use of loan proceeds; the tenor, size, and conditions of the loans; financial and other covenants; security; and ranking. S&P said, "We are affirming our preliminary ratings on Altran Technologies because the expected repayment of the EUR250 million bridge facility and prepayment of EUR500 million of the senior secured seven-year EUR2.125 billion term loan B with proceeds from the EUR750 million new equity issuance, will take place beyond the 90 days period of validity of our initial preliminary ratings assignment. However, we expect this repayment will take place in the second quarter of 2018, and that the transaction will close in line with our expectations. Altran's shareholders approved the equity issuance during an Extraordinary General meeting held on Jan. 26, 2018, and it was launched on March 22, 2018, with the subscription period ending on April 9, 2018. We therefore expect the refinancing to take place by the end of April. "Our assessment of the enlarged group's business risk profile as satisfactory reflects our view of its leading position in the ER&D services market, where the group is 1.5x larger than the second-largest player, and dominant position in key industry verticals. Additionally, our assessment considers the strong complementary effect of the Aricent acquisition, which will further diversify Altran's service offering in the semiconductor, telecommunication, and enterprise software segments. Altran's long-standing relationship with large blue-chip customers and strong offshore capabilities also allow it to address changing customer needs, thus maintaining its tier 1 servicer status with key clients. "These factors are counterbalanced by the group's smaller size compared with other rated companies in the wider business services sector, the highly fragmented and competitive nature of the ER&D outsourced market, the group's limited bargaining power, and its significant staff costs that, given the specialized nature of the services, may constrain financial flexibility. "Our assessment of the group's financial risk profile as aggressive reflects the relatively high post-acquisition leverage of the group, with an S&P Global Ratings-adjusted debt-to-EBITDA ratio of 5.6x. However, we expect this to improve to about 4.3x by year-end 2018, after the expected EUR750 million capital increase. We believe that the improved EBITDA margins will stem from the strong positive contribution of Aricent's higher-margin business, strong cash flow generation, limited capital expenditure (capex), and prudent dividend policy supporting further gradual deleveraging. "The stable outlook reflects our view that Altran will face no significant operational issues in integrating Aricent, and the enlarged group's revenue will increase by mid-single digits over the next 12 months. We also project that the group's adjusted EBITDA margins will improve to about 16% and cash flow leverage metrics will remain commensurate with the rating. Specifically, we forecast adjusted debt to EBITDA of 4.0x-4.5x and adjusted FFO to debt of 15%-20% over that period. "We could consider a negative rating action if Altran consistently showed lower-than-expected revenue growth and subdued EBITDA margins, or was unable to raise the planned EUR750 million of equity, repay the bridge loan, and prepay EUR500 million of the term loan. "Rating pressure could arise if the group attempted material debt-funded acquisitions before it fully integrated Aricent, or undertook exceptional shareholder distributions beyond our expectations. The rating could also come under pressure if conditions in the group's main markets became tougher, for example due to increased competition; higher integration costs than expected; or if operational restructuring costs weakened the FFO-to-debt ratio to below 16% for a prolonged period. "We could raise the ratings if we believed Altran's EBITDA margins would be significantly stronger than we currently expect, and it demonstrated material FOCF, with no additional large debt- funded acquisitions or exceptional shareholder distributions. In particular, we could consider an upgrade if FFO to debt increased, staying firmly above 20%, and debt to EBITDA reduced sustainably below 4.0x." CONSTANTIN INVESTISSEMENT: S&P Cuts ICR to 'B', Outlook Stable -------------------------------------------------------------- S&P Global Ratings said that it has lowered to 'B' from 'B+' its long-term issuer credit rating on Constantin Investissement 3, the parent company of France-based biological diagnostics laboratory operator Cerba Healthcare S.A.S. The outlook is stable. France-based biological diagnostics operator, Cerba Healthcare, is using EUR115 million of equity and EUR468 million of additional debt to fund strategic and bolt-on acquisitions. S&P sais, "At the same time, we lowered our issue rating on Constantin Investissement 3's EUR794 million term loan B, proposed EUR408 million add-on to term loan B, and EUR175 million revolving credit facility (RCF) to 'B' from 'B+'. The recovery rating on these issues, which rank pari passu, is unchanged at '4', indicating our expectation of average recovery (30%-50%; rounded estimate 40% compared with 45% previously) in the event of a payment default. "We also lowered our issue rating on the subordinated EUR180 million senior unsecured notes and proposed EUR60 million unsecured debt to 'CCC+' from 'B-'. The recovery rating of '6' indicates our expectation of 0% recovery in the event of a payment default." The downgrade of Constantin Investissement 3 reflects the weakening of credit metrics following an increase in the size and pace of acquisitions. Cerba is planning to upsize its term loan B by EUR408 million and raise EUR60 million of unsecured committed financing to fund its takeover of medical laboratory operator Bio7, a pipeline of bolt-on acquisitions, and refinance EUR59 million drawn under its EUR175 million RCF. The add-on facilities are permitted under the current documentation. S&P said, "Although Cerba's sponsor is injecting EUR115 million of equity, we expect the company's leverage will rise to 8.7x- 9.2x in 2018 from 7.7x in 2017, before reducing to 7.5x-8.0x in 2019 following the full-year contribution from these acquisitions. We continue to forecast the company will generate positive free operating cash flow (FOCF) of EUR25 million-EUR30 million in 2018 and EUR50 million-EUR60 million in 2019. We note, however, that following the proposed issuances, the group's financial debt will surpass EUR1.5 billion, which in our view further prolongs the deleveraging path and weakens the debt cash- flow payback ratios compared with our previous base case. Consequently, we are removing our positive comparable rating analysis modifier because, in our view, the company's aggregate credit metrics do not provide sufficient headroom for managing unexpected operating or financing challenges. "We continue to assess Cerba's business risk profile as fair, owing to its leading market position in France, good positioning in Belgium and Luxembourg, and sound profitability, with the S&P Global Ratings-adjusted EBITDA margin at 21.5% in 2017. Cerba generates around 80% of its revenue in France, which we believe constrains its competitive position because it increases its exposure to adverse regulatory changes. That said, the regulatory environment in France is stable and provides some visibility. The three-year tariff agreement between the healthcare authorities and biology unions was renewed in 2017. However, the tariff is adjusted every year to ensure that the target of an annual maximum increase of 0.25% is met. As of April 1, 2018, a 3% tariff cut will be implemented to balance the underlying volume growth. "Despite continued pricing pressure, we believe that the company's strategic decision to focus on expansion in France should help sustain profitability improvement. We understand that the laboratories market is driven by logistics and operating efficiencies. Profitability tends to improve through scale and common procurement, but also through minimizing the number of technical platforms versus the number of collection centers. This requires creating a denser network to achieve scale. As a result, Cerba made a strategic decision to acquire Bio7, a clinical pathology laboratory with leading positions in Ile-de-France (70 sites), Oise (12), and Indre et Loire (12). Bio7's operations are highly profitable, with reported EBITDA margins above 30%. Its integration will increase the group's profitability and we believe the risk of margin dilution is relatively low. "We recognize Cerba's positive track record of integrating new laboratories into its network. Nevertheless, we believe bolt-on acquisitions, although small, may dilute its margins in the short term. Aligning these laboratories with the same standards in terms of processes, technology, and receivables collection may require significant operational effort. In addition, risk increases with the number of acquisitions." Cerba spent EUR87 million on acquisitions in 2017, including that of DeltaMedica in Italy and Lexobio in France during the first quarter of the year, as well as Fleming in Italy and Bioloragais and ABCOS in France during the second quarter. The group's reported revenue increased by 6% to EUR671.8 million, of which 1.4% was from organic growth. S&P estimates adjusted EBITDA at about EUR144 million. The group's profitability was lower than expected in 2017, with the S&P Global Ratings-adjusted EBITDA margin at 21.5% compared with our forecast of 22%-25%. This was mainly due to start-up costs for Menalabs in the United Arab Emirates, and some delays in obtaining regulatory approvals. Cerba's buyout last year by Partners Group and PSP investments also affected its financial expense. S&P said, "Considering normalized cash interest expenses, we estimate that FOCF after tax, working capital, capital expenditure (capex), and interest payments totaled EUR19.7 million. We noticed an increase in the working capital outflow to EUR16.7 million in 2017 from EUR7.4 million in 2016." S&P said, "The stable outlook on Constantin Investissement 3 reflects our expectation that Cerba can maintain positive organic growth despite tariff pressure in France, while successfully integrating acquisitions and increasing its EBITDA margin to around 24% by 2019. We also expect FOCF exceeding EUR30 million in 2018 and above EUR50 million in 2019, along with FFO cash interest coverage higher than 2x. "We would lower the ratings if Cerba failed to generate positive FOCF, or leverage continued to increase. This could happen if operating issues led to weaker profitability or an increase in working capital outflow, or if acquisitions resulted in higher debt. We could also lower the ratings if FFO cash interest fell below 2x or Cerba's liquidity deteriorated. "We could take a positive rating action if Cerba successfully integrates its acquisitions, ensuring profitability and FOCF that materially exceed our base-case forecasts. Such strong operational performance would need to be combined with debt reduction, with leverage approaching 6x on a sustainable basis, thereby decreasing the group's long-term refinancing risk." ============= G E O R G I A ============= PARTNERSHIP FUND: Fitch Revises Outlook to Pos., Affirms BB- IDR ---------------------------------------------------------------- Fitch Ratings has revised Georgia-based JSC Partnership Fund's (PF) Outlook to Positive from Stable while affirming the entity's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The agency has also affirmed the company's Short-Term Local Currency IDR at 'B'. The revision of the Outlook follows a recent similar action on Georgia (see 'Fitch Revises Georgia's Outlook to Positive; Affirms at 'BB-'', dated March 16, 2018 at www.fitchratings.com and reflects the equalisation of PF's ratings with those of Georgia (BB-/Positive/B). Based on its Government Related Entities (GRE) Criteria, Fitch classifies PF as an entity with strong linkage to the Georgian sovereign and assesses the probability of the Georgian government to provide extraordinary support to the company as high. Fitch applies a top-down approach, which irrespective of PF's standalone credit profile, leads to an equalisation of PF's ratings with the sovereign's. KEY RATING DRIVERS Under the criteria, Fitch assess four key rating factors: status, ownership and control, and support track record and expectations to determine the strength of linkage between PF and the sovereign. Incentive-to-support factors cover the socio-political and financial implications of a GRE default. Status, Ownership and Control Assessed as Very Strong PF is 100%-owned by the state and operates under its own act - Georgia's law on JSC Partnership Fund - highlighting its unique nature and special status. Its mandate is to promote private equity investments in Georgia and oversee key national infrastructure corporations. The state endowed PF with 100% stakes in Georgian Railway (GR, B+/Stable), JSC Georgian Oil and Gas Corporation (GOGC, BB-/Positive), JSC Georgian State Electrosystem, and JSC Electricity System Commercial Operator. The fund's supervisory board is chaired by the Georgian Prime Minister and composed of leading cabinet members and independent directors from the private sector. The state mandates PF's key policies on debt, dividends and investments, appoints PF's audit committee and external auditor, monitors and controls the use of government funds and property allocated to the entity. Support Track Record and Expectations Assessed as Strong Fitch assessment is mostly based on the long-term well- established national regulation that is generally supportive of the financial viability of PF. In Fitch's view, PF is deeply integrated with the national budgetary and economic system as it holds stakes in the largest national corporations in Georgia, and plays the role of the government's quasi-budget agent in state asset management. PF manages on behalf of the government key state-owned companies in Georgia, receiving regular dividends from the largest state-owned companies and investing the proceeds in economically viable projects. Fitch treat continuous in-kind contributions from the government in the form of pipe-lines, land plots and other properties along with an unchanged funding model via dividends from major state companies as evidence of support. Fitch expect this to remain unchanged in the future. Socio-Political Implications of Default Assessed as Strong Fitch views PF as an entity of strategic importance to the Georgian government and its financial default would endanger the continued provision of funding to a wide list of national industries. This is because PF is the only state financing vehicle to promote investments, stimulating growth of the national economy, including SMEs and other important industries. The fund's aim is to develop private equity investments in a wide range of economic projects generating positive economic returns, a market which is currently undeveloped in Georgia. As long as the Georgian government remains committed to its economic development agenda, Fitch believe the fund's strategic role in facilitating investments in the key sectors of the national economy, particularly in the energy sector and infrastructure development, will not change. Financial Implications of Default Assessed as Very Strong Fitch views PF as a proxy state financial vehicle. PF, together with its strategic subsidiaries GOGC and GR, are the major and the only GREs that borrow on external debt markets. A default of PF and its subsidiaries would significantly affect Georgia, as it is highly dependent on external financing for its structural current account deficit. Operating Performance PF's profitability is dependent on dividends from its subsidiaries. PF saw a moderate profit recovery last year after losses in 2016 as dividends from GOGC and GR fell on weak performance. According to preliminary figures, PF's profit net of impairment turned positive in 2017 on GEL32.2 million dividends from GOGC and Telasi, and according to management projection it will improve further in 2018, driven by GEL70 million dividends. Debt and Liquidity The bulk of PF's debt stock comprises a USD130 million outstanding bank loan from Credit Suisse maturing in 2020. In September 2017 the fund made about USD31 million interest and principal amortisation payment and another USD53 million (including interest) should be repaid in September 2018. To meet this obligation the fund has accumulated USD43.5 million in its special reserve account as of 1 January 2018. The remaining amount will be collected during the year. During 2018-2020 PF will face annual principal debt repayment of USD43.5 million. This will require higher dividend inflow (about USD28 million is expected in 2018), which may be challenging given the slow recovery of GR's profitability. This is however mitigated by a strong cash position (about USD55 million as of end-2017 net of reserve fund) and strong recovery at GOGC. RATING SENSITIVITIES An upgrade may result from an upgrade of the sovereign ratings, provided that PF's links to the government are unchanged. Weaker links with the state, leading to a diminished probability of support by the sovereign could lead Fitch to widen the notching, resulting in a downgrade. Negative rating action on Georgia's IDR would also be reflected in PF's ratings. ============= G E R M A N Y ============= DEUTSCHE PFANDBRIEFBANK: S&P Rates Tier 1 Capital Notes BB- ----------------------------------------------------------- S&P Global Ratings said that it has assigned its 'BB-' issue rating to the proposed additional tier 1 capital notes to be issued by Deutsche Pfandbriefbank AG (A-/Negative/A-2). In accordance with S&P's criteria for hybrid capital instruments, the 'BB-' issue rating reflects its analysis of the proposed instrument and its 'bbb' assessment of Deutsche Pfandbriefbank's stand-alone credit profile (SACP). The issue rating stands four notches below the SACP, due to the following deductions: -- One notch because of the notes' contractual subordination; -- Two notches reflecting the notes' discretionary coupon payments and regulatory Tier 1 capital status; and -- One notch because the notes contain a contractual write-down clause. Although the proposed instrument contains a going-concern write- down trigger, S&P does not notch down further for this because it expects that the bank will maintain a common equity Tier 1 (CET1) ratio that is over 700 basis points above the 7% phase-in trigger over the next 12-24 months. On Dec. 31, 2017, Deutsche Pfandbriefbank group reported a 17.7% CET1 ratio under International Financial Reporting Standards, calculated on a Basel III phased-in basis. The fully phased-in CET1 ratio amounted to 17.6% as of year-end 2017. Deutsche Pfandbriefbank group remains exempt from determining its own funds requirements at the Deutsche Pfandbriefbank stand-alone level. This means that a further 7% trigger event on the Deutsche Pfandbriefbank AG level is currently not applicable. S&P said, "That said, if a trigger level on the stand-alone level became relevant, we would monitor CET1 ratios at both the group and the stand-alone level in order to assess the distance to the trigger level. However, we also expect capital ratios at both levels to develop similarly. We could lower the rating on this instrument if the SACP deteriorates or if we project the ratio will fall within 700 basis points of the trigger within our two-year rating horizon." S&P said, "We also have not applied any additional notching for any unrecognized risk factors that we do not capture either in the SACP or in previous notching. This reflects our view that we consider potential restrictions of interest payments on the notes, due either to insufficient amounts of available distributable items or as a result of noncompliance with the combined buffer requirements under paragraph 10i of the Kreditwesengesetz (Kombinierte Kapitalpufferanforderung), as remote scenarios over the two-year rating horizon. "Once the securities have been issued and confirmed as part of the issuer's Tier 1 capital base, we expect to assign them intermediate equity content. This reflects our understanding that the notes are perpetual, regulatory Tier 1 capital instruments that have no step-up. The payment of coupons is fully discretionary and the notes can additionally absorb losses on a going-concern basis through the write-down feature." ============= I R E L A N D ============= PROVIDUS CLO I: S&P Assigns B-(sf) Rating to EUR9.5MM Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Providus CLO I DAC's class A, B-1, B-2, B-3, C-1, C-2, D, E, and F notes. The issuer also issued unrated subordinated notes. Providus CLO I is a European cash flow collateralized loan obligation (CLO), securitizing a portfolio of primarily senior secured leveraged loans and bonds. Permira Debt Managers Group Holdings Ltd. manages the transaction. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality and portfolio profile tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes would permanently switch to semiannual payment. The portfolio's reinvestment period ends approximately four years after closing. S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average 'B' rating. We consider that the portfolio at closing is well- diversified, primarily comprising broadly syndicated speculative- grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow collateralized debt obligations. "In our cash flow analysis, we used the EUR350 million target par amount, the covenanted weighted-average spread (3.60%), the reference weighted-average coupon (5.00%), and the target minimum weighted-average recovery rates at each rating level as indicated by the collateral manager. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The Bank of New York Mellon, London Branch is the bank account provider and custodian. The documented downgrade remedies are in line with our current counterparty criteria. "Under our structured finance ratings above the sovereign criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned rating levels. "We consider that the issuer is bankruptcy remote, in accordance with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for each class of notes." RATINGS LIST Ratings Assigned Providus CLO I DAC EUR362.50 Million Senior Secured Fixed- And Floating-Rate Notes (Including EUR38.75 Million Unrated Subordinated Notes) Class Rating Amount (mil. EUR) A AAA (sf) 203.00 B-1 AA (sf) 18.50 B-2 AA (sf) 15.00 B-3 AA (sf) 17.75 C-1 A (sf) 12.25 C-2 A (sf) 10.00 D BBB (sf) 19.00 E BB (sf) 18.75 F B- (sf) 9.50 Sub notes NR 38.75 Sub--Subordinated. NR--Not rated. ===================== N E T H E R L A N D S ===================== JUBILEE CLO 2014-XI: S&P Affirms B-(sf) Rating on Cl. F-R Notes --------------------------------------------------------------- S&P Global Ratings affirmed its credit ratings on all class of notes in Jubilee CLO 2014-XI. S&P said, "The rating actions follow our assessment of the transaction's performance based on the March 5 trustee report, our credit and cash flow analysis, and recent transaction developments. We have applied our relevant criteria." Since the reset in April 2017, the class X notes have been redeemed. Although the manager succeeded in building EUR3.77 million of excess par, the credit quality of the portfolio overall has deteriorated since our last review. There has been a decrease in the proportion of assets rated in the 'BB' and 'BBB' categories. S&P said, "In our view, the lower credit quality of the portfolio is partially offset by the increase in credit enhancement experienced by all rated notes due to the excess par built. Therefore, par coverage test cushions improved for all classes of notes. "The weighted-average spread (WAS) earned on the portfolio has decreased compared to our analysis as of the reset date, to 3.5% from 3.9% (without the benefit of EURIBOR floors). The fall in WAS is mainly driven by spread tightening and repricing activity on the underlying loans, a trend we have observed in other CLO transactions. The drop in the portfolio WAS has reduced the break-even default rate (BDR) cushions at all rating levels, especially for junior notes, which are more sensitive to the level of excess spread. "After taking into consideration the above credit factors, the transaction's performance, and the results of our cash flow analysis, we believe the available credit enhancement for the class A-R, B-R, C-R, D-R, and E-R notes is commensurate with the currently assigned ratings. We have therefore affirmed our ratings on these notes. "The results of our credit and cash flow analysis imply a 'CCC+ (sf)' rating for the class F-R notes. However, we believe that based on actual characteristics of the portfolio and the class F- R notes' credit enhancement, these notes are still able to sustain a steady-state scenario, in which the current level of stress and collateral performances remain stable. Consequently, we have affirmed our 'B- (sf)' rating on class F-R notes, in line with our criteria." Jubilee XI is a European cash flow corporate collateralized loan obligation (CLO) securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by European borrowers. Alcentra Ltd. is the collateral manager. RATINGS LIST Jubilee CLO 2014-XI B.V. EUR416.65 Million Senior Secured And Senior Secured Deferrable Floating-Rate Notes And Subordinated Notes Ratings Affirmed Class Rating A-R AAA (sf) B-R AA (sf) C-R A (sf) D-R BBB (sf) E-R BB (sf) F-R B- (sf) =========== P O L A N D =========== MALOPOLSKA SIEC: Court Discontinues Rehabilitation Proceedings -------------------------------------------------------------- Reuters reports that Hyperion SA said that rehabilitation proceedings against its unit, Malopolska Siec Szerokopasmowa sp. z o.o., have been discontinued. According to Reuters, the court justified its decision by saying that conducting the proceedings could lead to harming creditors and that there are no funds to cover the costs of the proceedings and that there is no possibility to resume the unit's operations. Hyperion informed about the opening of rehabilitation proceedings for its unit in October, Reuters relates. Hyperion SA is a Poland-based company active in the multimedia sector. =========== R U S S I A =========== NATSIONALNA ELEKTRICHESKA: S&P Affirms 'B' ICR, Outlook Stable -------------------------------------------------------------- S&P Global Ratings said that it has revised its outlook on Bulgarian electricity company Natsionalna Elektricheska Kompania EAD (NEK) to stable from negative. The 'B' long-term issuer credit rating on NEK was affirmed. S&P said, "The outlook revision stems from our view that NEK's profitability has stabilized and, as a result, the performance of its parent, Bulgarian Energy Holding (BEH), has also stabilized and will likely show an improvement for 2017-2018. NEK continues to receive compensation from the Security of the Electricity System Fund established by the regulator, which we understand is to cover NEK's current annual tariff deficit. These payments support NEK's and BEH's credit metrics and cash flows and strengthen BEH's ability to provide ongoing and extraordinary support to NEK. The group's adjusted EBITDA for 2016 amounted to almost Bulgarian lev (BGN) 0.8 billion (about EUR0.4 billion), and we forecast it at BGN0.8 billion-BGN0.9 billion in 2017-2018. "We believe recent regulatory developments were positive for NEK and the group, and could support sustainable credit metrics in the next several years. Still, we continue to think that the regulatory environment in Bulgaria remains weak and is subject to political interference, which constrains our view on BEH's creditworthiness and our rating on NEK. We view the Fund as a temporary measure, and we believe that the government's energy reforms may take longer to fully materialize." Meanwhile, a large portion of NEK's activities remains regulated, and the state's strategic decision on the company's BGN2 billion deficit, accumulated before 2016, is still pending. Although the approved changes to the regulatory framework, such as further energy market liberalization from July 1, 2018, are likely to be positive for BEH, we'll continue to monitor how they are going to be implemented. NEK continues to carry out the function of a public electricity provider in Bulgaria, and electricity prices remain low. S&P expects that, including compensations from the Fund, NEK will report EBITDA of BGN150 million-BGN200 million in 2017-2018, compared with S&P Global Ratings-adjusted EBITDA of BGN156 million in 2016, and positive funds from operations (FFO). Although NEK's leverage remains relatively high, with S&P Global Ratings-adjusted debt to EBITDA higher than 20x in 2016 and 2017, we note the favorable structure of its debt portfolio. Most of NEK's debt is owed to the government (25%) or its parent BEH (70%), with loans to banks making up less than 5% of BGN118 million in total debt as of June 30, 2017. S&P said, "We treat the loans from the government and BEH as debt rather than equity because they're not structurally subordinated to other liabilities. But we continue to believe that NEK has some flexibility in repayments to the parent and will be able to make debt payments to banks according to the schedule. We also expect that BEH will cover NEK's continuous liquidity shortfalls if needed. We therefore now view NEK's stand-alone credit profile (SACP) at 'b-', factoring in ongoing support from the parent." S&P said, "We continue to regard NEK as a strategically important subsidiary of BEH. We consequently factor in one notch of uplift from NEK's 'b-' SACP. Our rating on NEK is capped at one notch below the 'b+' group credit profile (GCP). Although we do not rate BEH, we factor its credit quality into our rating on NEK. We regard BEH as a government-related entity with a moderate likelihood of receiving extraordinary state support. Our 'b+' assessment of the GCP includes potential extraordinary state support; it also reflects our expectation that the group's improving financial metrics will balance liquidity risk related to its refinancing of EUR500 million in Eurobonds maturing in November 2018 and its weak management and governance. "In our view, NEK should be able to avoid a default on its minimal external debt obligations over the next 12 months if it obtains timely financial support from BEH. If NEK fails to obtain such support, we may reassess our view of NEK's status in the group and its importance for the government. "The stable outlook reflects our expectation that payments from the Fund will continue to cover NEK's ongoing losses, which should support sustainable profitability at NEK and BEH. We assume there will be no significant changes to the structure or amount of debt at NEK or BEH, and no liquidity pressures at BEH. "We would likely lower the rating on NEK if BEH's credit quality deteriorated materially, including the group's operating performance and liquidity, or if the group appears unable to refinance the EUR500 million bonds maturing in November 2018. We could also lower the rating if parental support from BEH diminishes, or if NEK's liquidity pressures increase significantly." Rating upside will largely depend on the parent's performance and ability to provide support to NEK. S&P could take a positive rating action on NEK if it sees improvements in BEH's credit quality, all else being equal. This would require improved consolidated credit metrics, with debt to EBITDA below 4x on a sustainable basis and no liquidity shortages ahead of the upcoming maturity of the Eurobond. Rating upside may be supported by the successful implementation of further energy sector liberalization, which the Bulgarian government is currently considering. ========= S P A I N ========= AUTOVIA DE LA MANCHA: S&P's SPUR Outlook on EUR110M Loan Positive ----------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from stable on the S&P underlying rating (SPUR) on the EUR110 million bank senior secured loan due July 2031 issued by Spain-based limited- purpose entity and motorway project Autovia de la Mancha, S.A. (AuMancha). S&P is also affirming the 'BB+' SPUR on the senior secured loan. The '2' recovery rating reflects S&P's expectation of substantial recovery (70%-90%, rounded estimate: 75%) in the event of a payment default. S&P said, "At the same time, we affirmed our 'AA' long-term issue rating on the debt, which benefits from an unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Assured Guaranty (Europe) plc (AGE; AA/Stable/--). According to our criteria, the issue rating on debt guaranteed by a monoline insurer is the higher of the rating on the insurer and the SPUR. Therefore, the long-term issue rating on the debt reflects the rating on AGE, which is above the SPUR. The outlook on the long-term issue rating on the debt remains stable, reflecting the outlook on AGE. "The outlook revision on the SPUR follows our review of the creditworthiness of the Spanish regional government of Castilla La-Mancha (CLM), the granting authority. We believe that the creditworthiness of CLM, which we consider a material and irreplaceable counterparty on this transaction, is poised for improvement. S&P's 'BB+' SPUR on the loan is commensurate with its view of the project's operations-phase stand-alone credit profile (SACP): -- The operations and maintenance (O&M) requirements are relatively straightforward. Since its completion in 2005, the road has been successfully managed within the bounds of the major maintenance financial profile, with minimal performance points incurred. -- Although the project has exposure to traffic volume risk, it has demonstrated relatively high resilience to declines in traffic, thanks to a benign banding structure. -- The project's importance for the region of CLM, which pays the shadow tolls. The shadow toll road is part of the corridor linking the region's two most dynamic provincial capitals (Toledo and Albacete) and is part of CLM's long-term key infrastructure plan aimed at connecting the region with neighboring regions through high-quality high-speed roads. -- Fifteen percent of debt is exposed to interest rate volatility. -- The project's preliminary operations-phase SACP is 'bbb+', which reflects base-case minimum and average annual debt service coverage ratios of 1.38x and 1.55x, respectively. -- The transaction proves resilient under its downside scenario generating debt service coverage ratios above 1.10x and supported by dedicated liquidity reserves. -- S&P has applied a downward adjustment of one notch, due to the claw back provision. Under this mechanism, the concession could be terminated early from 2028 if the project's net present value of revenues reaches a certain level. In S&P's view this scenario has low probability and is mitigated by reserve accounts that would start to trap cash in advance. S&P said, "The positive outlook on AuMancha's SPUR reflects our view that the creditworthiness of CLM, the granting authority, which we consider a material and irreplaceable counterparty on this transaction, is poised for improvement. "We could revise the SPUR outlook to stable or lower our SPUR on AuMancha's debt if our view on CLM's creditworthiness were to deteriorate." BBVA CONSUMO 6: S&P Raises EUR336MM Class B Notes Rating to 'B' --------------------------------------------------------------- S&P Global Ratings raised to 'A (sf)' from 'A- (sf)' its credit rating on BBVA Consumo 6, Fondo de Titulizacion de Activos' class A notes. At the same time, S&P has raised to 'B (sf)' from 'B- (sf)' its rating on the class B notes. The upgrades follow S&P's review of the transaction's performance and the application of its relevant criteria. BBVA Consumo 6 securitizes a portfolio of Spanish consumer loan receivables, which Banco Bilbao Vizcaya Argentaria S.A. (BBVA) originated and granted to its private customer base in the ordinary course of its business. S&P said, "We have analyzed credit risk under our European consumer asset-backed securities (ABS) criteria using the transaction's historical performance data. "The data show that the default level is lower than our expectations at our previous full review. With a current seasoning of approximately 4.8 years, we consider the portfolio to be well seasoned as 100% of the loans are past the peak loss period. Available excess spread continues to be sufficient to cover defaults, leaving the notes and collateral balance at par. Additionally, in our base-case scenario, we forecast that Spain will record GDP growth of 2.7% in 2018, 2.3% in 2019, and 1.9% in 2020, compared with 3.1% in 2017. We also expect unemployment rates to continue to improve. As a result, we have lowered our gross loss base-case assumptions to 7.0% from 11.0% at closing. We have left our base recovery rate of 35% unchanged since our previous review." The January 2018 investor report shows that the percentage of the pool's outstanding aggregate principal balance (the pool factor) is 31.9%. The available credit enhancement for the class A notes has increased to 62.9% (from 34.4% in February 2017), and to 15.7% (from 8.6% in February 2017) for the class B notes. In S&P's view, this increase is largely due to the notes' sequential amortization and the transaction's good performance. The transaction's documented replacement mechanisms adequately mitigate its counterparty risk exposure to BBVA, as bank account provider, up to a 'A' rating level under S&P's current counterparty criteria. Therefore, S&P's ratings on the notes are capped at 'A (sf)' by our counterparty criteria. S&P said, "Under our European consumer criteria, the class A and B notes have sufficient credit enhancement to withstand our stresses at the 'AA' and 'B' rating levels, respectively. At the same time, the class A notes have sufficient credit enhancement to withstand a severe stress scenario under our structured finance ratings above the sovereign criteria (RAS criteria), and can therefore be rated up to four notches above our unsolicited foreign currency long-term sovereign rating on Spain (A- /Positive/A-2), or 'AA'. The class B notes are not constrained by the application of our RAS criteria. "Following the application of our European consumer ABS criteria, our structured finance ratings above the sovereign (RAS) criteria, and our counterparty criteria, we have determined that our assigned rating on each class of notes in this transaction should be the lower of (i) the rating that the class of notes can attain under our European consumer ABS criteria, (ii) the rating as capped by our RAS criteria, and (iii) the maximum supported rating as per our counterparty criteria. We have therefore raised to 'A (sf)' from 'A- (sf)' our rating on the class A notes, and to 'B (sf)' from 'B- (sf)' our rating on the class B notes." RATINGS LIST Class Rating To From BBVA Consumo 6, Fondo de Titulizacion de Activos EUR336 Million Asset-Backed Fixed-Rate Notes Including A Subordinated Loan Ratings Raised A A (sf) A- (sf) B B (sf) B- (sf) VALENCIA HIPOTECARIO 2: Fitch Affirms CCC Rating on Cl. D Notes --------------------------------------------------------------- Fitch Ratings has upgraded six tranches of three Valencia Hipotecario Spanish RMBS transactions, revised the Rating Watch on one and affirmed the others, as follows: Valencia Hipotecario 1, Fondo de Titulizacion de Activos (VH1): Class A (ISIN ES0382744003): upgraded to 'AAAsf' from 'AA+sf'; off Rating Watch Evolving (RWE); Outlook Stable Class B (ISIN ES0382744011): upgraded to 'AAAsf' from 'AA+sf' ; off RWE; Outlook Stable Class C (ISIN ES0382744029): 'Asf' Rating Watch revised to Positive from Evolving Valencia Hipotecario 2, Fondo de Titulizacion de Hipotecaria (VH2): Class A (ISIN ES0382745000): upgraded to 'AAAsf' from 'AA+sf'; off RWE; Outlook Stable Class B (ISIN ES0382745018): affirmed at 'A+sf'; off RWE; Outlook Stable Class C (ISIN ES0382745026): affirmed at 'BBBsf'; off RWE; Outlook Stable Class D (ISIN ES0382745034): affirmed at 'CCCsf'; off RWE; Recovery Estimate 90% Valencia Hipotecario 3, Fondo de Titulizacion de Activos (VH3): Class A2 (ISIN ES0382746016): upgraded to 'AAsf' from 'AA-sf'; off RWE; Outlook Stable Class B (ISIN ES0382746024): upgraded to 'A-sf' from 'BBBsf'; off RWE; Outlook Stable Class C (ISIN ES0382746032): upgraded to 'BBBsf' from 'BB+sf'; off RWE; Outlook Stable Class D (ISIN ES0382746040): affirmed at 'CCCsf'; off RWE; Recovery Estimate 90% The transactions comprise residential mortgage loans serviced by CaixaBank, S.A. (BBB/Positive/F2) in Spain. KEY RATING DRIVERS European RMBS Rating Criteria and Recent Sovereign Upgrade The upgrades and removal from RWE follow the implementation of Fitch's new European RMBS Rating criteria, published on 27 October 2017. The upgrades to 'AAAsf' also follow the recent upgrade of Spain's Issuer Default Rating to 'A-' (see Fitch Upgrades Spain to 'A-'; Outlook Stable). High Seasoning, Sound Asset Performance Three-month plus arrears (excluding defaults) have remained low since the last review, ranging between 0.5% (VH1 - November 2017) and 0.9% (VH2 - January 2018) of the portfolio outstanding balance at the relative portfolio dates. Cumulative gross defaults (defined as loans in arrears for more than 18 months) ranged between 0.5% and 3.7% of the initial portfolio balance for VH1 and VH3, respectively. All three portfolios have built substantial seasoning, currently ranging between 13 and 16 years. As a result, the weighted average unindexed current loan-to-value (LTV) ratios have dropped to between 25.1% and 38.7%, compared with the weighted average original LTVs of around 70%. For this reason, Fitch expects performance to remain stable over the short to medium term. Credit Enhancement (CE) Trends All three transactions include amortisation mechanisms that allow the notes to be paid down pro-rata rather than sequentially as long as performance and tranche thickness (tranche size relative to total outstanding) triggers are fulfilled. Fitch views the available and projected CE across the series sufficient to withstand the associated rating stresses, which is reflected in the upgrades and affirmations. Fitch expects CE to continue building up substantially for VH1's senior notes because the pro-rata amortisation of the class A to C notes will shortly switch to sequential when the outstanding portfolio balance represents less than 10% of its original amount (currently at 10.9%). VH2's cash RF has amortised close to its floor of EUR5 million. This will allow CE available to all tranches, including the class C notes, to build up at a higher pace as the conditions for pro- rata amortisation are not expected to be breached in the short to medium term under Fitch's base case scenario. VH3's class B and C notes started to amortise when the respective pro-rata conditions were satisfied (December 2016 and December2017, respectively) and have currently amortised to about 40% of their original balances, causing a material increase in CE. The upgrade of the junior notes reflects the resulting improved resilience to Fitch's stresses. Exposure to Transaction Account Bank Default Risk VH1's class C notes' rating is capped at the issuer account bank provider's rating (Barclays Bank plc; A/RWP) due to excessive counterparty risk. The cash reserve, held at the account bank, represents a very material component of the junior notes' CE. According to Fitch's criteria, a sudden loss of these reserves would cause a downgrade of the class D notes' rating by more than 10 notches. As such, the class D notes' maximum achievable rating is linked to the SPV account bank provider. Geographic Concentration Risk The securitised portfolio is exposed to geographical concentration in Comunidad Valenciana and Murcia. As per its criteria, Fitch has applied a higher set of rating multiples to the base foreclosure frequency assumption to the portion of the portfolio that exceeds two and a half times the population within these regions. RATING SENSITIVITIES The rating of VH1's class C notes is sensitive to changes in the SPV account bank's rating (Barclays Bank), as the transaction's cash reserves are kept at this bank account and represent the only source of CE for this tranche. A worsening of the Spanish macroeconomic environment, especially employment conditions or an abrupt shift of interest rates could jeopardise the underlying borrowers' affordability. This could have negative rating implications, especially for junior tranches that are less protected by structural CE. ============= U K R A I N E ============= NAFTOGAZ OF UKRAINE: Fitch Raises IDR to B-, Outlook Stable ----------------------------------------------------------- Fitch Ratings has upgraded NJSC Naftogaz of Ukraine's (Naftogaz) Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDR) to 'B-' from 'CCC'. The Outlook is Stable. The upgrade of Naftogaz's IDRs follows Fitch reassessment of its standalone credit profile (SCP) and linkage with Ukraine (B- /Stable) under Fitch's Government-Related Entities Rating Criteria published 7 February 2018, the favourable Stockholm arbitration ruling on its multi-billion dollar litigation with Russia's Gazprom PJSC (BBB-/Positive) and recent improvements in its financial profile. Fitch assesses Naftogaz's SCP as commensurate with a 'B-' rating and the strength of state support maps to a score of 40, resulting in rating equalisation. Naftogaz's financial profile is expected to remain strong until at least end-2018 but the 'B-' SCP also captures potential cash flow volatility stemming from high regulatory risks as domestic natural gas prices remain a politically sensitive topic in Ukraine, and transit volume risk from 2020-21 as Gazprom is planning two new pipelines to Europe and Turkey. Naftogaz is Ukraine's principal natural gas production, wholesale and transit company. In 2017, it produced 15.3 billion cubic meters (bcm) of gas, imported 8.7 bcm from the EU and transported 93.5 bcm of Russian gas to Europe and Turkey. KEY RATING DRIVERS Ratings Equalised with Sovereign's: Naftogaz is wholly state- owned and is strategically important to Ukraine as it is the country's largest natural gas production, wholesale, transmission and trading company. The state still guarantees a significant part of Naftogaz's debt, eg, at 30 June 2017 such guarantees covered 48% of the company's gross debt, but they decreased at end-2017 to around 30%, according to the company. In 2012-2015, the government provided direct support to Naftogaz of around UAH141 billion. Naftogaz's financial performance is closely monitored by the IMF, Ukraine's major lender, which incentivises the government to ensure that Naftogaz is adequately funded. 'B-' Standalone Credit Profile: The 'B-' SCP of Naftogaz captures its status of gas transit and distribution monopoly in Ukraine and its improved financial profile and liquidity on one hand, and uncertainties and potential volatility in its operating and financial profile after 2019 on the other. In Fitch view, Naftogaz's financial performance demonstrated in 2016-1H17 may be not sustainable in the long run, as it depends on external factors on which Fitch has limited visibility, such as continuing transit of Russian gas via Ukraine, future domestic gas prices and increasing accounts receivable from distribution intermediaries. Favourable Arbitration Ruling: In late 2017-early 2018 the Stockholm Arbitration Court effectively ruled in favour of Naftogaz in two multi-billion dollar cases involving Gazprom. As a result of positive rulings, Fitch believe that there are no longer risks to Naftogaz's future financial position stemming from the arbitration. Fitch conservatively do not incorporate in Fitch forecasts any upside from the USD2.6 billion that the court awarded to Naftogaz, as the company may be requested to pay a significant part of the award to the state in taxes and/or special dividends. Moreover, Gazprom has stated publicly that it intends to appeal the court's decisions though it has recognised a corresponding liability in its recently published 2017 accounts prepared under the Russian accounting standards. Disputes with Gazprom Continue: After the arbitration ruling Gazprom announced it wants to terminate its gas supply and gas transit contracts with Naftogaz, and that it will not supply gas to Ukraine. Although Naftogaz should be able to buy the required level of gas from European suppliers as in 2016-17, its ongoing disputes with Gazprom remain a risk. Gazprom depends on Naftogaz for natural gas transit to Europe and Fitch expect it to honour its obligations under the transit agreement in the near term. However, this dependency will be significantly reduced if the Nord Stream II and TurkStream pipelines are built and fully operational starting from 2020-21. Improved Cash Flows: Naftogaz's cash flow generation significantly improved in 2016-1H17 as the state raised natural gas prices and supported some of the company's customers via subsidies. In 2016, funds from operations (FFO) at Naftogaz reached nearly UAH83 billion, up from UAH25 billion in 2015 and its 2016 free cash flow (FCF) was UAH36 billion. 1H17 results have also been strong, with FFO of UAH39 billion. Future domestic gas prices and cash collection remain increasingly important factors for Naftogaz's financial profile. High Regulatory Risks: The Ukrainian government has not fulfilled its commitment to fully liberalise domestic natural gas prices. This could have a negative impact on Naftogaz's plans to increase its domestic gas production to reduce its dependence on imports. Besides, Naftogaz is currently obliged to supply gas to municipal heat utilities and distribution intermediaries under the Public Service Obligation (PSO) regime. Thus, Naftogaz is legally prevented from disconnecting its non-paying customers, which may negatively affect the collectability of receivables. Even though the company expected earlier that the PSO regime would be cancelled in 2018, Fitch see a high probability that the regime will be extended as the issue is politically challenging. Planned Transit Unbundling: Ukraine's government has committed to reform the energy sector, in line with the EU third package. This implies market liberalisation and unbundling of the gas transmission function from gas production and supply. Naftogaz does not expect this unbundling to take place until 2020, after the current gas transit contract with Gazprom expires. Naftogaz expects that Ukrtransgaz PJSC, which handles gas transit, will remain its subsidiary in 2018-2019 and will pay dividends to the parent. Post-2019 Challenge to Gas Transit: Gazprom is currently working on two pipeline projects, Nord Stream II to western Europe and TurkStream, to bypass Ukraine as a gas transit country to Europe and Turkey. The projected capacity of 55 bcm Nord Stream II and 31.5 bcm TurkStream, both of which Gazprom expects to complete in 2019, would be sufficient to dramatically reduce gas transit via Ukraine from the 2017 levels once the new pipelines ramp up their utilisation. This could make the gas transit via Ukraine commercially non-viable, thus depriving Naftogaz of a significant source of revenue and making its financial profile less predictable after 2020-21. DERIVATION SUMMARY Fitch align Naftogaz's rating with that of Ukraine under Fitch's GRE Rating Criteria to reflect strong ties between the company and its parent and strong incentive by the state to support Naftogaz. Naftogaz operates in a weaker operating environment than other Fitch-rated EMEA gas transmission and distribution companies, e.g., eustream a.s. (A-/Stable), KazTransGas JSC (BBB-/Stable) and KazTransGas Aimak JSC (BBB-/Stable). While Naftogaz's projected financial metrics for 2017-2019 are strong relative to peers, its SCP of 'B-' reflects potential cash flow volatility as the forecasts are sensitive to the continued indexation of domestic gas prices in Ukraine, collectability of accounts receivable and the impact of new Gazprom pipelines on the company's gas transit business. No Country Ceiling constraint was in effect for these ratings. The ratings take into consideration higher-than-average operating risks associated with Ukraine. KEY ASSUMPTIONS Fitch's Key Assumptions within Fitch Rating Case for the Issuer - USD/UAH exchange rate of 28.98 in 2018, and 31 in both 2019 and 2020 - Gas transit volumes in line with management expectations in 2018-2019 and declining by 15 bcm in 2020 - Domestic gas sales volumes in line with management expectations - Declining profitability across all segments from 2018 to reflect high domestic cost inflation, slower-than-expected indexation of domestic gas prices and weakening receivables collection - Dividends in line with management expectations RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - As the ratings of Naftogaz and Ukraine are aligned, a positive rating action on Ukraine would be reflected in Naftogaz's rating. Developments That May, Individually or Collectively, Lead to Negative Rating Action - A negative rating action on Ukraine would be reflected in Naftogaz's rating. - Significant deterioration of Naftogaz's financial profile and/or liquidity that would change Fitch assessment of the company's linkage with and support from Ukraine. LIQUIDITY Improved Liquidity in 2017: Naftogaz's consolidated liquidity has improved -- its cash balances at end-2017 were UAH20 billion plus it had UAH11 billion in undrawn credit lines. In addition, Fitch expect the company to generate UAH3.6 billion in FCF in 2018. This amount covers the company's estimated UAH32.5 billion in short-term debt maturities at 31 December 2017, of which UAH24 billion were due to domestic banks. As one of the Ukraine's largest corporate borrowers, Naftogaz has good access to Ukrainian hryvnia and US dollar funding from mainly state-owned domestic banking institutions. Fitch expect that Ukraine's domestic banks will refinance Naftogaz's loans falling due, as has been the case in recent years. =========================== U N I T E D K I N G D O M =========================== AURUM: S&P Assigns Prelim B- ICR to Parent, Outlook Stable ---------------------------------------------------------- S&P Global Ratings said that it assigned its preliminary 'B-' long-term issuer credit rating to Jewel UK Midco Ltd., the parent of U.K.-based watch and jewelry retailer Aurum. The outlook is stable. S&P said, "At the same time, we assigned our preliminary 'B-' issue rating to the group's proposed five-year GBP265 million senior secured notes to be issued by Jewel UK Bondco PLC. The preliminary recovery rating on these notes is '3', indicating our expectations of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of default. "The final ratings are subject to the successful issuance of the bonds, implementation of the new revolving credit facility (RCF), asset-backed lending (ABL) facility, and our review of the final documentation. If S&P Global Ratings does not receive the final documentation within a reasonable timeframe, or if the final documentation departs materially from the one we have already reviewed, we reserve the right to withdraw or revise our ratings. The preliminary ratings reflect Aurum's position as a leading U.K. luxury watch retailer, where it operates under several well- recognized brands, including Mappin & Webb, Goldsmiths, and Watches of Switzerland. The ratings are also supported by its longstanding relationships with several luxury watch manufacturers, its strong earnings growth in recent years, and relatively moderate adjusted leverage following completion of the proposed refinancing. S&P said, "At the same time, the ratings are constrained by our anticipation that reported free operating cash flow (FOCF) generation will deteriorate as the group funds its expansion in the U.S., leading to negative reported FOCF of up to GBP20 million in fiscal 2019 (year ending April 2019); and our perception that execution risk relating to the group's ambitious growth plans -- particularly in markets where demand is highly discretionary and earnings visibility is limited -- is high." Aurum commands a robust share -- about 36% -- of the luxury watch segment in the U.K., supported by its long-standing relationships with some of the industry's flagship brands, including Rolex, Tag Heuer, and Patek Philippe. The consistency in these brands' design language -- many iconic models last for years or even decades -- typically means their luxury watches are not as vulnerable to fast-changing trends as the group's lower-priced fashion watches, ensuring discounting remains minimal. S&P said, "Equally, we believe the oversupply experienced in the global luxury watch market in recent years has had only a limited impact on Aurum's sales, primarily thanks to its focus on Rolex and Patek Philippe watches, whose supply is scarce relative to demand. Furthermore, we believe Aurum remains strategically important for these brands, and Rolex in particular, for whom Aurum represented nearly 50% of U.K. sales in fiscal 2017. "We consider that the high inherent value of the group's inventories, along with the breadth and availability of its offering, provides it with a competitive advantage. We believe the long-standing appeal of luxury watches will ensure the value of Aurum's stock remains robust over time. We further believe that the ongoing popularity of smart or electronic watches will not meaningfully dent the market for, or values of, luxury watches. That said, these inventories also require material investment in working capital, which when combined with the significant investments the group intends to make in the U.S., will weigh on the group's ability to generate material FOCF in fiscal 2019. "We believe the sale of luxury watches and jewelry remains closely linked to tourism and the income of those with high personal wealth, which can generate volatility in demand. In particular, we believe a significant portion of Aurum's customers could be sensitive to Brexit-related risks, or come from overseas (China in particular), where customers are younger and may not exhibit long-standing brand loyalty. "Additionally, we note that the volume of excess inventory available through the "grey" and second-hand markets also poses the risk that pressures on prices could further intensify. That said, recent actions by several manufacturers -- including most notably Richemont -- to reduce excess inventory volumes should somewhat temper this risk." Aurum's acquisition of U.S. jeweler Mayor's in October 2017, and its recently signed agreements to open new stores in Wynn's Las Vegas resorts, New York, and New Jersey bring additional geographic diversity, somewhat offsetting the group's reliance on nine key stores -- located in London's golden triangle and Heathrow Airport -- which generated over 30% of revenues in fiscal 2017. S&P said, "While this expansion will bring Aurum into markets that it is less familiar with, they are underpenetrated, and subject to more favorable macroeconomic conditions than in the U.K., in our view. At the same time, we consider that this U.S. expansion poses material execution risks, particularly given the ambitious growth expectations and the near-term cash investment needed for new stores and inventories. That said, our view of this execution risk is somewhat tempered by the group's successful integration of Mayor's and the existing Wynn's stores to date." Unlike some luxury brand manufacturers who have their own retail operations, Aurum's lack of vertical integration into watch manufacturing means that -- while generally stable over time -- the group's operating margins are somewhat modest, including when compared with other specialty retailers. This is particularly because, in the luxury watch segment, manufacturers capture a larger proportion of industry profits. This is partly compensated by the group's moderate financial debt following the proposed refinancing transaction, with S&P Global Ratings-adjusted debt to EBITDA of around 5.7x and EBITDAR coverage of about 1.5x by fiscal year-end 2019. While operating leases contribute significantly to our adjusted debt, S&P also acknowledges the fairly accommodative nature and flexibility of some of Aurum's variable lease contracts (34.9% of lease payments were turnover-based in fiscal 2017), which provides some degree of cost variability. In S&P's base case, it assumes: -- Moderate U.K. real GDP growth of 1.7% in 2017 and 1.3% in 2018, along with consumer price inflation of 2.7% in 2017 and 2.3% in 2018, supported by exchange-rate pressures. S&P also expects a significant decline in real private consumption growth to 0.8% in 2018, from an expected 1.7% in 2017; -- U.S. real GDP growth of 2.9% in 2018, up from an expected 2.3% in 2017, which S&P believes will be accompanied by average annual consumer price inflation of 2.5% in 2018 from 2.1% in 2017. -- Revenue growth of about 30% in fiscal 2018, reflecting the recent acquisition of Mayor's, the agreement signed with Wynn, and further like-for-like growth in U.K. luxury watch sales of about 5% to 10%. S&P said, "We expect sales of fashion watches and jewelry to decline year over year, since we perceive these lower-ticket items as more sensitive to the aforementioned slowdown in U.K. consumption. We expect further growth of just over 15% in fiscal 2019, as these acquisitions annualize and new stores open in New York and Las Vegas." -- S&P said, "We expect fiscal 2018 reported EBITDA margins to remain broadly unchanged year-over-year as a shift in sales mix toward lower net margin (defined as sales minus associated inventory costs) luxury watches -- and Rolex in particular -- along with some discounting on the group's fashion watches and jewelry items offset operating efficiency measures. Our reported EBITDA margin also incorporates some cash restructuring and integration costs related to the U.S. acquisition. We expect reported EBITDA margins to improve moderately in fiscal 2019 and 2020 as these restructuring costs roll off." -- Working capital cash requirements of up to GBP15 million in fiscal 2018 and GBP25 million fiscal 2019, driven by expansionary investment in U.S. inventories. -- Capital expenditure (capex) of about GBP15 million in fiscal 2018, stepping up to about GBP35 million in fiscal 2019 to support the group's U.S. expansion plans. -- No further shareholder returns beyond the GBP75 million contemplated as part of the refinancing transaction. -- S&P treats around GBP30 million of remaining preferred equity certificates as debt. S&P does not deduct any surplus cash from debt. Based on these assumptions, S&P arrives at the following credit measures: -- Adjusted pro forma EBITDA of GBP90 million-GBP100 million in fiscal 2018 -- compared with the GBP80 million generated in fiscal 2017 -- and GBP100 million-GBP110 million in fiscal 2019. -- Adjusted debt to EBITDA of 5.5x to 5.7x in fiscal 2018, remaining stable in fiscal 2019 and declining towards 5.0x in fiscal 2020, assuming the group's successful execution of its business plan. -- Adjusted funds from operations (FFO) to debt of 8% to 10% in fiscal 2018, rising to 10% to 12% in fiscal 2019. -- EBITDAR cash interest coverage (defined as reported EBITDA before deducting rent over cash interest plus expected rent) of about 1.5x in fiscals 2018 and 2019. -- Close to neutral reported FOCF in fiscal 2018. Under S&P's forecast, it expects negative reported FOCF of up to GBP20 million in fiscal 2019, reflecting the material capex and working capital investment required to support Aurum's U.S. expansion. S&P said, "We view Aurum's liquidity position as adequate, reflecting our expectation that the group's sources of liquidity will exceed its uses by more than 1.5x over the next 12 months. We also view the group's risk management as generally prudent and expect the group to manage capex and working capital investment to maintain adequate liquidity coverage. That said, we believe Aurum is unlikely to be able to absorb high-impact, low- probability events without a need for material refinancing, given the seasonality of the business model and the significant near- term investment required to support its aggressive U.S. expansion strategy. S&P estimates that principal sources of liquidity over the next 12 months, following the refinancing, include: Cash on balance sheet of GBP46.3 million post refinancing, net of GBP6 million that we consider trapped in tills or in transit at any one time, and GBP11.2 million required to operate the group's captive financing entity. S&P therefore considers around GBP29 million in cash as immediately accessible; -- Remaining availability of GBP31 million under the proposed RCF, following the completion of the refinancing; -- Around GBP45 million of availability under the proposed ABL facility, reflecting an increase in the borrowing base as the group invests in U.S. working capital; and -- Forecast cash FFO generation of around GBP40 million. S&P estimates that principal uses of liquidity over the same period include: -- Nonseasonal working capital outflows of up to GBP25 million; -- Committed and maintenance capex of about GBP15 million; and -- Amortization payments of up to GBP1.5 million on outstanding consideration for the agreement signed with Wynn. The documentation for the proposed super senior RCF contains provision for a net leverage covenant, springing upon 35% draw of the consolidated group's facilities, but tested only on the super senior net leverage ratio and set at 2.5x. The documentation for the proposed ABL facility also includes provision for a springing fixed-charge cover covenant that shall not be less than 1.0x on the group's U.S. operations and should be tested when excess availability is less than the greater of $5 million or 10% of either the lesser of commitments or existing borrowing base. S&P forecasts comfortable headroom under the proposed covenants and thus envisage full availability of the committed facilities. S&P said, "The stable outlook reflects our expectation that Aurum's international expansion plans, combined with mid-single- digit like-for-like growth in the U.K., will lead to profitability growth and a modest deleveraging over the next 12 months, such that debt to EBITDA reaches 5.7x by the end of fiscal 2019. However, execution risk relating to the group's ambitious growth plan remains somewhat elevated, in our view, and we expect these expansion plans to consume a material amount cash over the next 12 to 18 months through a combination of working capital and capex investment. "We could take a positive rating action if Aurum was to increase its earnings and deleverage faster that we currently expect, on the back of robust performance in its core domestic market of the U.K. and the successful integration of its new U.S. businesses. In such a scenario, we would expect to see a reduction in S&P Global Ratings-adjusted debt to EBITDA to below 5.5x, along with an improvement in EBITDAR coverage to sustainably above 1.5x. Most importantly in such a scenario, we would expect reported FOCF generation to start to neutralize as growth in the group's U.S. earnings begins to offset investments in working capital and capex." Any positive rating action would also be contingent on a commitment from the company to maintain a financial policy supportive of these improved credit metrics, along with adequate liquidity. S&P said, "We could take a negative rating action if Aurum experienced unexpected operating setbacks--including in growth expectations or integration of its new U.S. businesses--a significant loss of market share, or a considerable decline in its U.K. earnings. This could lead to negative cash flows and credit metrics that are both weaker than we currently anticipate and potentially unsustainable in the long term. "If we believe Aurum has adopted a more aggressive financial policy focused on debt-financed shareholder remuneration, this could also lead to a prolonged weakening of Aurum's credit metrics and a negative rating action." CARILLION PLC: Had GBP7 Billion Debt at Time of Collapse -------------------------------------------------------- James Titcomb at The Telegraph reports that Carillion owed almost GBP7 billion when it went bust at the start of the year, a far higher amount than had been previously thought. The Official Receiver, a civil servant appointed by the courts to handle bankruptcies, estimated the construction giant had liabilities of GBP6.9 billion when it entered liquidation three months ago, The Telegraph relates. It means the banks, pension funds and tens of thousands of subcontractors owed money by the collapsed group are left with an uphill struggle to recoup money owed to them, The Telegraph notes. The assets that are due to be sold are expected to realize only a fraction of the total liabilities, The Telegraph states. According to The Telegraph, while accounts had previously revealed liabilities of GBP2 billion at the end of 2016, a letter from the Official Receiver, detailing reports for the 27 UK-based Carillion Construction companies in liquidation, estimated that total liabilities stand at GBP6,905,532,000. A spokesman for the Official Receiver confirmed the figure, first reported by Construction News, but said that it was "expected to change significantly as assets and debts are fully identified", 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). DRAX GROUP: Fitch Affirms BB+ Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Drax Group Holdings Limited (Drax) Long-Term Issuer Default Rating (IDR) at 'BB+' with Stable Outlook and senior secured notes issued by Drax Finco Plc at 'BB+'. The affirmation reflects Fitch expectation of positive free cash flow (FCF) generation, underpinned by regulatory support, hedging of merchant price risk and partial diversification. However, a recovery in capacity auction clearing prices may imply an increase in capex, potentially raising leverage towards Drax's current target of 2x net debt/EBITDA. KEY RATING DRIVERS Regulatory Support: Drax assets play a key role in supporting the growth of UK renewables. Regulatory support with Contract for Difference and Renewable Obligation Certificates (ROC) underpin predictable, inflation-linked cash flows until March 2027. Fitch expects this support, which currently accounts for 67% of EBITDA, to increase, based on a structural recovery in ROC recycle prices and conversion of a fourth unit to biomass this summer. This is supported by growth in ancillary service revenues, based on National Grid forecasts of 5% CAGR through 2035. However, significant additional growth in capacity payments and reduction in merchant price risk hinges on a major recovery in auction clearing prices from December 2018. Merchant Price Risk Hedged: Around 25% of generation revenues are exposed to wholesale price risk under the Renewable Obligation scheme, with potential vulnerability to price volatility and impact on cash flows and the rating. Drax hedges approximately 90% of biomass output up to 12 months ahead, partly deferring price volatility. An increase in hedged prices of around 3% yoy supports an increase in EBITDA estimates from 2019. New Gas Projects Uncertainty: Beyond 2018, there is some uncertainty regarding the capital structure. This reflects the uncertainty facing open cycle gas turbine development projects of 1.3GW and repowering of coal units to gas of around up to 3.6GW capacity. A final investment decision for both projects would need a substantial recovery in clearing prices at the next capacity market auctions in February 2019 and February 2020. In view of the very low level of clearing prices at the last auction, Fitch makes no allowance for related capex or EBITDA in the rating case. In addition, Drax has yet to decide whether or not to fund these projects on balance sheet. Biomass Supply Chain Risk: Uninterrupted availability of fuel supplies is key to maintaining biomass output and cash flow generation. While the average life of fixed price supply contracts is around 7.5 years and currency is hedged for 5 years, Drax is working on optimising the supply chain and will need to lower costs further if biomass is to be competitive after 2027. Retail Supply Diversification Benefit: With Opus acquired in February 2017, the B2B supply business offers some diversification and, in accelerating the sale of ROC's, some cash flow benefits. EBITDA margins are modest at around 1.5%, but Drax's original supply business Haven has turned profitable and there is scope for market share and further efficiency gains. This partly offsets integration risk as Opus & Haven billing systems are merged. Strong FCF Generation: Excluding new gas projects and acquisitions, underlying capex is set to be around GBP100 million, supporting strong FCF generation. This gives additional financial flexibility within the rating. Drax is in the process of refinancing existing GBP200 million senior secured floating rate notes (FRN) maturing in 2022. This involves offering USD300 million (GBP220 million) fixed rate senior secured notes to refinance the FRN and for cash overfunding, maturing in 2025. DERIVATION SUMMARY Closest peer MRE (BB/Stable), is substantially smaller, less diversified and has higher expected gearing with FFO adjusted net leverage averaging 3.75x for 2018-21 compared with just over 1.5x for Drax. On a pre-refinancing basis, average forecast FFO fixed charge cover is higher at 8.0x for Drax compared with MRE at 3.6x. This is partially offset by MRE's lower supply chain risk than Drax. Elsewhere, Viesgo Generacion S.L.U. (BB/Stable), has slightly higher gearing than Drax with forecast average FFO adjusted net leverage of 1.8x (2018-20), but is exposed to merchant price risk and does not have comparable UK regulatory support underpinning cash flows at MRE and Drax. KEY ASSUMPTIONS Fitch's Key Assumptions Within Fitch Rating Case for the Issuer - Output projections are as per management guidance (including CFD unit planned outage in 2021) - Power price assumptions are based on the current forward curve. Fitch assume a smaller premium on baseload than management for peak prices. Although these will likely increase in future as the market has a greater need of system support services, the starting point premium currently averages GBP2.50-3/ MWh. - No capex or EBITDA related to OCGT projects - Dividend projections are based on latest consensus equity estimates RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to Positive Rating Action - Higher wholesale electricity prices or output above Fitch's expectations leading to FFO net adjusted leverage sustainably below 1.5x against 2.7x in FY17, supported by a strong commitment to a strengthened capital structure, along with no adverse regulatory change. Developments that May, Individually or Collectively, Lead to Negative Rating Action - Lower wholesale electricity prices or output below Fitch's expectations leading to FFO net adjusted leverage sustainably above 2.5x and FFO fixed charge cover below 5x. - Change to the regulatory framework with a material negative impact on profitability and cash flow. LIQUIDITY Strong Liquidity: Cash and cash equivalents at end December 2017 were GBP223.3 million. The company also has access to an unused GBP200 million RCF due in 2019. In view of modest capex and working capital requirements, Fitch expect Drax to be substantially FCF positive. There are no material debt maturities before 2022, but the company is refinancing existing senior secured floating rate notes with an extended tenure, to 2025. This would involve issuance of USD300 million (GBP220 million) fixed rate senior secured notes to refinance the FRN and for cash overfunding. FULL LIST OF RATING ACTIONS Drax Group Holdings Limited - Long-Term IDR affirmed at 'BB+', Stable Outlook - Super senior secured rating affirmed at 'BBB-' - Senior secured rating affirmed at 'BB+' Drax Finco PLC - Senior secured notes affirmed at 'BB+' - Proposed senior secured notes assigned 'BB+(EXP)' Drax Corporate Limited - Super senior secured RCF affirmed at 'BBB-' EXPRESS MOTORS: To Enter Liquidation After License Revoked ---------------------------------------------------------- Eryl Crump at Daily Post reports that Express Motors (Penygroes), a Gwynedd bus company stripped of its operating license by the Traffic Commissioner, is to be wound up. According to Daily Post, directors of the company decided to appoint liquidators at a meeting just before Easter. The firm operated services in Gwynedd and Anglesey alongside family partnership E W and J A Jones, which traded as Express Motors and was led by Eric Wyn Jones, Daily Post discloses. But the operating licenses of both entities were revoked after a public inquiry in August over the state of some vehicles, Daily Post relates. According to Daily Post, Traffic Commissioner for Wales Nick Jones was told that directors planned to give up the license for the company and reorganize the family partnership to operate fewer buses. Documents filed with the Insolvency Service and published in the Gazette show the meeting just before Easter passed a resolution that Express Motors (Penygroes) be "wound up voluntarily" and liquidators be appointed, Daily Post discloses. Since the license was revoked on December 31 last year, buses have been offered for sale online and by dealers, Daily Post notes. At an auction in Lancashire last week, four buses were offered for sale, Daily Post states. Robert Rutherford, of Liverpool-based insolvency practitioners Parkin S Booth, said they had been appointed to consider a Voluntary Arrangement for the limited company and were currently advising the family partnership on a similar arrangement, Daily Post relays. This would allow any debts to be paid over a period of time, according to Daily Post. "These discussions are in the early stages and we are trying to determine what assets are available," Daily Post quotes Mr. Rutherford as saying. Before their demise, the company employed around 80 people including drivers, mechanics and office staff, Daily Post discloses. GRAINGER PLC: S&P Affirms 'BB' ICR, Retains Positive Outlook ------------------------------------------------------------- S&P Global Ratings said that it affirmed its 'BB' long-term issuer credit rating on U.K.-based residential real estate company Grainger PLC. The outlook remains positive. S&P said, "We also assigned our 'BBB-' issue rating to Grainger's proposed secured notes and affirmed our 'BBB-' issue rating on Grainger's existing senior secured notes, which will be repaid by the proceeds of the new notes. The recovery rating on the existing and new notes is '1', reflecting our expectation of very high (90%-100%, rounded estimate: 95%) recovery in the event of default. "The affirmation follows Grainger's announcement that it will issue an eight- to 10-year GBP300 million-GBP325 million senior secured bond. We understand that management will repay its existing GBP275 million senior secured bond, which has a coupon of about 5%, with the proceeds of the new bond issue. We anticipate that Grainger's cost of debt should improve further as a result of the transaction. We project the S&P Global Ratings- adjusted EBITDA-to-interest ratio will improve toward 3.2x-3.3x in 2018-2019. "While we view Grainger's refinancing as positive, its credit metrics remain broadly in line with our previous base case. We continue to expect the solid interest coverage ratio to remain above 3x, and anticipate that Grainger will increase its overall debt exposure to support its private renting sector (PRS) growth. We expect that our adjusted ratio of debt-to-debt plus equity will remain well below 50% and debt to EBITDA below 13x in the next 12 to 24 months. "Our assessment of Grainger's business risk profile remains unchanged and is supported by the recent positive start to its financial year. The company reported a 4.1% overall like-for-like rental growth, continued solid sales performance, and increased its secured pipeline for investment in PRS by GBP166 million to GBP690 million in the four months to January 2018. "Our business risk assessment also takes into account Grainger's income mix. We view the income stream from property sales (which still represents the majority of total income) as less resilient than those from rental business and fees. We note positively the progression of management's strategy to focus more on rental income-producing investment properties and reducing its reliance on property trading, and have incorporated this into our business risk assessment and rating outlook. "We consider that over the next 12 months, Grainger's asset portfolio should become more balanced between its share of regulated tenancies and its share of PRS, as a result of the current large investments in the latter." In S&P's base case, it assumes: -- The successful refinancing of the GBP275 million bond to an eight- to 10-year bond of GBP300 million-GBP325 million. -- Total revenue growth of 3%-4% in 2018, reflecting continued growth of rental income revenues by 5%-10%, with slightly declining overall proportion of trading income. -- Like-for-like revenue growth of about 3% in the coming years, backed by S&P's expectations of real GDP growth for the U.K. of about 0.5%-1.5% for the next 12 to 24 months, stable market demand for residential real estate in the U.K., as well as modest indexation expectations of approximately 2%, supported by a forecast increase in inflation. -- A further increase in investments and capital expenditures (capex) in the next 12 to 24 months, in line with the company's announced investment pipeline. S&P expects Grainger will invest strongly in PRS, in line with its strategy, through direct developments, tenanted acquisitions, forward funding, and co-investment with its joint ventures. Based on these assumptions, S&P arrives at the following credit measures: -- S&P Global Ratings' adjusted EBITDA interest coverage of close to 3x over the next 12 to 24 months; -- A debt-to-debt plus equity ratio increasing to about 40%-45%; and -- Debt to EBITDA of around 9x-10x. S&P said, "The positive outlook indicates that we may raise the ratings within the next 12 months if the company continues to increase its share of recurring rental income compared with its share of sales profit. We will closely monitor Grainger's progress over the coming months. We believe that an upgrade would require a more balanced portfolio between regulated tenancies held for sale and PRS assets. "We would raise the rating if Grainger materially increases its share of recurring rental income so that we see the company's cash flow as less reliant on regulated tenancy sales. We believe that the company may have a more balanced portfolio over the next 12 months if it continues its strategy toward an increasing proportion of PRS income. "An upgrade would also require Grainger to maintain an interest coverage ratio above 3x and a ratio of debt to debt plus equity of well below 50% on a sustainable basis, in line with our current base case. "We might revise our outlook to stable if Grainger fails to maintain EBITDA interest coverage above 3x. In our view, this could happen if rental income from the PRS activities does not improve further. We would also view negatively a fall in trading income caused by a severe drop in U.K. house prices or higher financing costs for U.K. homebuyers." HAWKSMOOR MORTGAGES 2016-1: Moody's Affirms Ba2 E Notes Rating -------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of 3 notes in HAWKSMOOR MORTGAGES 2016-1 PLC and Hawksmoor Mortgages 2016-2 plc. Moody's has also affirmed the ratings of 8 notes in the 2 transactions. Issuer: HAWKSMOOR MORTGAGES 2016-1 PLC -- GBP1766.2M Class A Notes, Affirmed Aaa (sf); previously on Aug 16, 2016 Definitive Rating Assigned Aaa (sf) -- GBP146.3M Class B Notes, Affirmed Aa1 (sf); previously on Aug 16, 2016 Definitive Rating Assigned Aa1 (sf) -- GBP90M Class C Notes, Upgraded to Aa3 (sf); previously on Aug 16, 2016 Definitive Rating Assigned A1 (sf) -- GBP67.5M Class D Notes, Upgraded to A3 (sf); previously on Aug 16, 2016 Definitive Rating Assigned Baa1 (sf) -- GBP33.8M Class E Notes, Affirmed Ba2 (sf); previously on Aug 16, 2016 Definitive Rating Assigned Ba2 (sf) Issuer: Hawksmoor Mortgages 2016-2 plc -- GBP865.7M Class A Notes, Affirmed Aaa (sf); previously on Oct 25, 2016 Definitive Rating Assigned Aaa (sf) -- GBP16.4M Class M Notes, Affirmed Aaa (sf); previously on Oct 25, 2016 Definitive Rating Assigned Aaa (sf) -- GBP73.0M Class B Notes, Affirmed Aa1 (sf); previously on Oct 25, 2016 Definitive Rating Assigned Aa1 (sf) -- GBP44.9M Class C Notes, Upgraded to Aa3 (sf); previously on Oct 25, 2016 Definitive Rating Assigned A1 (sf) -- GBP33.7M Class D Notes, Affirmed Baa1 (sf); previously on Oct 25, 2016 Definitive Rating Assigned Baa1 (sf) -- GBP16.9M Class E Notes, Affirmed Ba2 (sf); previously on Oct 25, 2016 Definitive Rating Assigned Ba2 (sf) RATINGS RATIONALE The upgrade actions are prompted by an increase in credit enhancement for the affected notes. Moody's affirmed the ratings of the remaining tranches that had sufficient credit enhancement to maintain their current ratings. Increase in Available Credit Enhancement Sequential amortisation led to the increase in the credit enhancement available in these transactions. The subordination under Class C notes in HAWKSMOOR MORTGAGES 2016-1 PLC increased to 13.1% from 11.0% at closing and the subordination under Class C notes in Hawksmoor Mortgages 2016-2 plc increased to 12.9% from 11.0% at closing. The subordination under Class D notes in HAWKSMOOR MORTGAGES 2016-1 PLC increased to 9.6% from 8.0% at closing. Revision of Key Collateral Assumptions: As part of the rating action Moody's reassessed its lifetime loss expectation for the 2 transactions, reflecting the collateral performance to date. The performance of the transactions has continued to be stable, hence, Moody's has maintained the Expected Loss assumptions of 2.8% and 3.0% of original pool balance for HAWKSMOOR MORTGAGES 2016-1 PLC and Hawksmoor Mortgages 2016-2 plc respectively. Moody's has also assessed loan-by-loan information as part of its detailed transaction review to determine the credit support consistent with target rating levels and the volatility of future losses. As a result, Moody's has maintained the MILAN CE assumption for both transactions at 16.0%. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in September 2017. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. 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 and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. TOWER BRIDGE: Moody's Assigns (P)Ba2 Rating to Cl. E Notes ---------------------------------------------------------- Moody's Investors Service has assigned provisional long-term credit ratings to the following classes of notes to be issued by Tower Bridge Funding No. 2 plc ("Tower Bridge 2"): -- GBP [*] million Class A Mortgage Backed Floating Rate Notes due March 2056, Assigned (P)Aaa (sf) -- GBP [*] million Class B Mortgage Backed Floating Rate Notes due March 2056, Assigned (P)Aa2 (sf) -- GBP [*] million Class C Mortgage Backed Floating Rate Notes due March 2056, Assigned (P)A1 (sf) -- GBP [*] million Class D Mortgage Backed Floating Rate Notes due March 2056, Assigned (P)Baa2 (sf) -- GBP [*] million Class E Mortgage Backed Floating Rate Notes due March 2056, Assigned (P)Ba2 (sf) Moody's has not assigned ratings to the GBP [*] million Class X Floating Rate Notes due March 2056, nor to the GBP [*] million Class Z1 Fixed Rate Notes due March 2056 and the GBP [*] million Class Z2 Fixed Rate Notes due March 2056. This transaction represents the second securitisation transaction that is backed by buy-to-let mortgage loans and non-conforming loans originated by Belmont Green Finance Limited ("Belmont Green", not rated). The portfolio consists of [1,639] loans, secured by first ranking mortgages on properties located in the UK, of which [68.7]% are buy to let and [31.3]% are owner occupied. The current pool balance was approximately GBP [308.7] million as of the end February 2018 cut-off date. RATINGS RATIONALE The ratings take into account the credit quality of the underlying mortgage loan pool, from which Moody's determined the MILAN Credit Enhancement and the portfolio expected loss, as well as the transaction structure and legal considerations. The expected portfolio loss of [5.0]% and the MILAN required credit enhancement (MILAN CE) of [20.0]% serve as input parameters for Moody's cash flow model and tranching model. The expected loss is [5.0]%, which is higher than the expected loss for other UK RMBS transactions owing to: (i) the newness of the originator and lack of historical performance data; (ii) the weighted average (WA) LTV of around [69.1]%; (iii) benchmarking against comparable transactions, (iv) the current macroeconomic environment in the UK, and (v) the performance of comparable transactions in this sector. MILAN CE for this pool is [20.0]%, which is higher than the MILAN CE for other UK RMBS transactions, owing to: (i) the lack of historical data and newness of the originator; (ii) a number of borrowers with bad credit history in the pool ([12.0]% have had a CCJ, [0.5]% are in arrears although none are more than two months in arrears); (iii) weighted average current LTV for the pool of [69.1]%, which is slightly less than the average for the non- conforming sector, (iv) the percentage of self-employed borrowers in the pool of circa [33.8]%, which is in line with the average of the sector, (v) the lack of historical information and (vi) benchmarking with similar UK RMBS transactions. The structure allows for additional loans to be added to the pool between the closing date and before the first interest payment date June 20, 2018. Prefunding in the deal may equal up to [17.0]% of the principal amount of the notes to be issued. The risk of pool deterioration is mitigated by concentration limits in relation to the added loans; including a [70.5]% average original LTV limit; and [25.0]% limit on loans with CCJs; as well as other concentration limits for example geographical. The structure also benefits from a prefunding revenue reserve, which mitigates potential negative carry up until the end of the prefunding period. Additionally, the purchase by the issuer of such prefunded loans is conditional upon Moody's providing a rating agency confirmation. Should the prefunding not take place in full, remaining funds in the prefunding principal reserve not used will be released to the principal redemption waterfall. At closing the non-amortising general reserve fund is [2.5]% of the closing principal balance of the principal backed notes i.e. GBP[*] million. The general reserve fund will be replenished after the PDL cure of the Class E Notes and can be used to pay senior fees and costs, interest and PDLs on the Class A - E notes. The liquidity reserve fund target is [1.5]% of the outstanding Class A and B Notes and is funded by the diversion of principal receipts until the target is met. The liquidity reserve fund is available to cover senior fees, costs and Class A and B interest only. Amounts released from the liquidity reserve will flow down the principal priority of payments. Class A, or if not outstanding, the most senior note outstanding at that time further benefit from a principal to pay interest mechanism. Operational Risk Analysis: Although Belmont Green is the servicer in the transaction it delegates all the servicing to Homeloan Management Limited, "HML" (not rated), who also acts as the standby servicer. Elavon Financial Services DAC (Backed long term deposit rating Aa2 on review for downgrade), acting through its UK Branch will be the cash manager. In order to mitigate the operational risk, Intertrust Management Limited (not rated) will act as back-up servicer facilitator. To ensure payment continuity over the transaction's lifetime the transaction documents incorporate estimation language whereby the cash manager can use the three most recent monthly servicer reports to determine the cash allocation in case no servicer report is available. The transaction also benefits from the equivalent of at least [5] months liquidity through the general and liquidity reserves. Interest Rate Risk Analysis: [93.6%] of the loans in the pool are fixed rate loans reverting explicitly or indirectly to three months Libor. To mitigate the fixed floating mismatch there will be a fixed floating swap provided by The Royal Bank of Scotland plc (Baa2/P-2/A3(cr)/P-2(cr)). Moody's issues provisional ratings in advance of the final sale of securities, but these ratings represent only Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in September 2017. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Significantly different loss assumptions compared with expectations at close due to either a change in economic conditions from the central scenario forecast or idiosyncratic performance factors would lead to rating actions. For instance, should economic conditions be worse than forecast, the higher defaults and loss severities resulting from greater unemployment, worsening household affordability and a weaker housing market could result in a downgrade of the ratings. Deleveraging of the capital structure or conversely a deterioration in the notes available credit enhancement could result in an upgrade or a downgrade of the rating, respectively. Stress Scenarios: Moody's Parameter Sensitivities: If the portfolio expected loss was increased from [5.0]% to [8.75]% and the MILAN CE was increased from [20]% to [32]%, the model output indicates that the Class A Notes would achieve Aa2 (sf) assuming that all other factors remained equal. Moody's Parameter Sensitivities quantify the potential rating impact on a structured finance security from changing certain input parameters used in the initial rating. The analysis assumes that the deal has not aged and is not intended to measure how the rating of the security might change over time, but instead what the initial rating of the security might have been under different key rating inputs. The provisional ratings address the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Class A, Class B, Class C, Class D and Class E Notes by the legal final maturity. Moody's ratings only address the credit risk associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. WILLIAMS INDUSTRIAL: Creditors to Lose Millions After Collapse -------------------------------------------------------------- BBC News report that a bank and scores of businesses look set to lose millions of pounds following the collapse of Williams Industrial, a County Antrim engineering firm. WIS went under in February, with the loss of all 150 jobs, BBC recounts. According to BBC, in an update, the administrators, PwC, said Allied Irish Bank "will suffer a significant shortfall" on their lending to WIS, which totaled GBP7 million. Scores of firms owed money by WIS will likely receive nothing, BBC states. According to documentation, these include many Northern Ireland companies, with two in County Tyrone owed a combined GBP1 million, BBC notes. Two Belfast firms are facing losses of GBP500,000, BBC discloses. However, it is understood that at least some of the firms have insurance policies that will protect them against losses, according to BBC. The company ran out of cash in February, blaming contract disputes, BBC relays. Its major problem related to the construction of a GBP23 million anaerobic digestion facility in Donegal, BBC discloses. PwC has lodged a report on the collapse of the business with Companies House, BBC relates. It puts WIS's financial liabilities at GBP7 million, BBC says. Its assets -- things like property and factory machinery -- are said to be worth around GBP5 million at best, according to BBC. The bank, as a secured creditor, has first call on funds raised from the disposal of assets, BBC relates. PwC, as cited by BBC, said that, in the circumstances, it did not think "there will be any funds available" for more than 200 businesses owed money. Mallusk-based Williams Industrial was one of the largest providers of environmental engineering technology on the island of Ireland. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 9 to April 13, 2018 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Steinhoff Europe AG 1.88 1/24/2025 EUR 55.29 Casino Guichard Perrac 1.97 EUR 74.72 VIEO BV 6.75 9/7/2022 EUR 65.31 Mitsubishi UFJ Investo 4.17 12/15/2050 EUR 71.92 Steinhoff Finance Hold 1.25 10/21/2023 EUR 40.15 Bourbon Corp 6.45 EUR 65.00 Intelsat Luxembourg SA 7.75 6/1/2021 USD 63.16 EA Partners I BV 6.88 9/28/2020 USD 74.26 Agrokor dd 9.88 5/1/2019 EUR 30.13 Intelsat Luxembourg SA 8.13 6/1/2023 USD 59.21 Portugal Telecom Inter 4.63 5/8/2020 EUR 8.14 Astaldi SpA 4.88 6/21/2024 EUR 61.84 Portugal Telecom Inter 5.00 11/4/2019 EUR 8.24 Oi Brasil Holdings Coo 5.75 2/10/2022 USD 48.38 Mallinckrodt Internati 4.75 4/15/2023 USD 72.79 New Look Secured Issue 6.50 7/1/2022 GBP 46.78 QGOG Constellation SA 6.25 11/9/2019 USD 44.96 Transcapitalbank JSC V 10.00 9/18/2020 USD 56.15 Offshore Drilling Hold 8.38 9/20/2020 USD 50.48 Holdikks SAS 6.75 7/15/2021 EUR 63.40 Econocom Group SA/NV 0.50 3/6/2023 EUR 8.26 Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.73 Ensco PLC 5.75 10/1/2044 USD 72.51 Vallourec SA 4.13 10/4/2022 EUR 7.31 Ageasfinlux SA 1.02 EUR 71.55 EA Partners II BV 6.75 6/1/2021 USD 71.25 Air Berlin PLC 8.25 4/19/2018 EUR 1.09 Bank Otkritie Financia 10.00 4/26/2019 USD 25.38 Neopost SA 3.38 EUR 55.72 Portugal Telecom Inter 5.88 4/17/2018 EUR 6.88 Portugal Telecom Inter 4.38 3/24/2017 EUR 9.32 Portugal Telecom Inter 4.50 6/16/2025 EUR 9.29 Promsvyazbank OJSC Via 10.20 11/6/2019 USD 17.05 getBACK SA 6.12 5/10/2020 PLN 51.80 Banco Espirito Santo S 2.63 5/8/2017 EUR 28.56 Yuksel Insaat AS 9.50 11/10/2015 USD 19.39 Air Berlin PLC 6.75 5/9/2019 EUR 1.07 ADLER Real Estate AG 2.50 7/19/2021 EUR 16.74 Immigon Portfolioabbau 10.00 EUR 17.02 OAS Investments GmbH 8.25 10/19/2019 USD 5.00 Pacific Drilling SA 5.38 6/1/2020 USD 35.44 Agrokor dd 9.13 2/1/2020 EUR 29.33 UkrLandFarming PLC 10.88 3/26/2018 USD 20.00 Nexans SA 2.50 1/1/2019 EUR 74.19 Maisons du Monde SA 0.13 12/6/2023 EUR 49.07 Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.17 Privatbank CJSC Via UK 10.25 1/23/2018 USD 21.93 Agrokor dd 8.88 2/1/2020 USD 28.31 OSX 3 Leasing BV 13.00 3/20/2015 USD 27.10 WPE International Coop 10.38 9/30/2020 USD 18.82 Genfit 3.50 10/16/2022 EUR 31.12 Banco Espirito Santo S 4.75 1/15/2018 EUR 26.98 New Look Secured Issue 4.50 7/1/2022 EUR 46.09 Avangardco Investments 10.00 10/29/2018 USD 20.76 Banco Espirito Santo S 4.00 1/21/2019 EUR 29.24 Portugal Telecom Inter 6.25 7/26/2016 EUR 7.54 BIM SAS 2.50 11/13/2020 EUR 24.18 Oi Brasil Holdings Coo 5.63 6/22/2021 EUR 9.21 Nexity SA 0.25 3/2/2025 EUR 67.76 Scholz Holding Gmbh 8.50 12/31/2019 EUR 7.44 New Look Senior Issuer 8.00 7/1/2023 GBP 24.03 America Movil BV 5.50 9/17/2018 EUR 75.14 Korian SA 2.50 EUR 41.87 Alitalia-Societa' Aere 5.25 7/30/2020 EUR 6.83 Rickmers Holding AG 8.88 6/11/2018 EUR 2.24 Lambay Capital Securit 6.25 GBP 0.48 Mriya Agro Holding PLC 9.45 4/19/2018 USD 7.73 Nexity SA 0.13 1/1/2023 EUR 68.38 Bilt Paper BV 9.64 USD 22.27 Santhera Pharmaceutica 5.00 2/17/2022 CHF 69.70 Banco Espirito Santo S 7.13 11/28/2023 EUR 0.41 Orient Express Bank PJ 10.00 USD 56.00 Virgolino de Oliveira 10.50 1/28/2018 USD 5.67 OGX Austria GmbH 8.50 6/1/2018 USD 0.00 Mitsubishi UFJ Investo 3.92 12/30/2099 EUR 5.86 Norske Skog Holding AS 8.00 2/24/2021 EUR 2.00 Pierre & Vacances SA 2.00 4/1/2023 EUR 57.98 Lloyds Bank PLC 0.76 12/27/2028 USD 72.50 Aralco Finance SA 10.13 5/7/2020 USD 4.02 Waste Italia SpA 10.50 11/15/2019 EUR 2.24 Air Berlin PLC 5.63 5/9/2019 CHF 1.04 Lehman Brothers UK Cap 5.13 EUR 7.37 Fred Olsen Energy ASA 4.00 2/28/2019 NOK 61.67 Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.31 3W Power SA 10.00 8/29/2019 EUR 2.00 Cattles Ltd 7.13 7/5/2017 GBP 0.27 Societa' Per LA Gestio 9.50 12/1/2025 EUR 0.52 Espirito Santo Financi 9.75 12/19/2025 EUR 0.44 Afren PLC 6.63 12/9/2020 USD 0.32 Bibby Offshore Service 7.50 6/15/2021 GBP 15.25 GEWA 5 to 1 GmbH & Co 6.50 3/24/2018 EUR 19.35 Norske Skogindustrier 2.00 12/30/2115 EUR 1.12 Privatbank CJSC Via UK 10.88 2/28/2018 USD 28.76 FIGEAC-AERO 1.13 10/18/2022 EUR 24.59 Stichting Afwikkeling 6.25 10/26/2020 EUR 4.67 Breeze Finance SA 6.71 4/19/2027 EUR 29.05 Johnston Press Bond Pl 8.63 6/1/2019 GBP 72.42 Afren PLC 10.25 4/8/2019 USD 0.07 Deutsche Bank AG/Londo 1.07 10/31/2034 USD 61.75 Pescanova SA 8.75 2/17/2019 EUR 2.01 Hellenic Republic Gove 2.09 7/25/2057 EUR 39.88 NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 31.48 Vseukrainsky Aktsinern 10.90 6/14/2019 USD 0.08 Lloyds Bank PLC 0.59 11/27/2033 USD 57.03 Stichting Afwikkeling 11.25 EUR 1.15 Privatbank CJSC Via UK 11.00 2/9/2021 USD 10.35 TradeDoubler AB 6.75 12/20/2018 SEK 75.00 Lloyds Bank PLC 1.04 10/25/2033 USD 66.30 Alno AG 8.50 5/14/2018 EUR 4.27 Koninklijke Luchtvaart 0.75 CHF 36.55 Banca Popolare di Vice 9.50 9/29/2025 EUR 0.57 New World Resources NV 4.00 10/7/2020 EUR 0.22 Beate Uhse AG 7.75 7/9/2019 EUR 2.08 Mobylife Holding A/S 7.25 5/23/2020 SEK 7.66 Lloyds Bank PLC 0.09 4/26/2033 USD 51.09 OGX Austria GmbH 8.38 4/1/2022 USD 0.01 Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.31 KTG Agrar SE 7.13 6/6/2017 EUR 4.02 Belfius Bank SA/NV 1.60 FRF 69.53 Norske Skogindustrier 7.00 12/30/2026 EUR 1.51 Tonon Luxembourg SA 9.25 1/24/2020 USD 4.75 Kaupthing ehf 7.63 2/28/2015 USD 0.25 PNE Wind AG 3.75 10/10/2019 EUR 3.45 Espirito Santo Financi 6.88 10/21/2019 EUR 0.08 New World Resources NV 8.00 4/7/2020 EUR 3.42 Bank Nadra Via NDR Fin 8.25 7/31/2018 USD 0.35 Capital Raising GmbH 7.50 EUR 54.17 Afren PLC 11.50 2/1/2016 USD 0.08 Virgolino de Oliveira 11.75 2/9/2022 USD 6.92 ESFIL-Espirito Santo F 5.25 6/12/2015 EUR 0.29 BBVA International Pre 1.40 GBP 59.42 Dexia Credit Local SA 1.40 EUR 6.65 International Industri 9.00 7/6/2011 EUR 0.38 Scandinavian Airlines 0.63 CHF 26.63 BLT Finance BV 7.50 5/15/2014 USD 0.34 Pescanova SA 5.13 4/20/2017 EUR 1.64 JZ Capital Partners Lt 6.00 7/30/2021 GBP 10.50 Elli Investments Ltd 12.25 6/15/2020 GBP 58.72 Praktiker AG 5.88 2/10/2016 EUR 0.95 Bank Nederlandse Gemee 0.50 7/12/2022 ZAR 71.79 Barclays Bank PLC 1.12 4/30/2029 USD 75.00 Espirito Santo Financi 3.13 12/2/2018 EUR 0.20 Barclays Bank PLC 0.50 12/23/2033 USD 61.70 Touax SCA-SGTR-CITE-SG 6.00 7/10/2020 EUR 17.47 Offshore Drilling Hold 8.38 9/20/2020 USD 50.28 Vneshprombank Ltd Via 9.00 11/14/2016 USD 0.08 Lloyds Bank PLC 1.04 4/25/2034 USD 67.25 Cirio Holding Luxembou 6.25 2/16/2004 EUR 0.32 German Pellets GmbH 7.25 7/9/2018 EUR 1.66 Royal Bank of Scotland 0.88 11/16/2030 USD 57.25 Intelsat Luxembourg SA 12.50 11/15/2024 USD 54.36 Banco Pinto & Sotto Ma 1.12 EUR 41.00 Lehman Brothers UK Cap 6.90 USD 1.38 Deutsche Bank AG/Londo 3.00 2/23/2035 EUR 72.50 getBACK SA 5.90 12/30/2020 PLN 30.00 Corporate Commercial B 8.25 8/8/2014 USD 1.89 Capita PLC 2.88 11/10/2027 EUR 70.85 Lehman Brothers UK Cap 3.88 EUR 8.52 Lehman Brothers Treasu 7.25 10/5/2035 EUR 6.75 LBI HF 6.10 8/25/2011 USD 6.00 Lloyds Bank PLC 2.13 4/26/2027 USD 70.19 Del Monte Finance Luxe 6.63 5/24/2006 EUR 5.66 Sazka AS 9.00 7/12/2021 EUR 0.50 CBo Territoria 6.00 1/1/2020 EUR 3.92 Dexia SA 1.45 EUR 8.50 Ideal Standard Interna 11.75 5/1/2018 EUR 4.63 DEMIRE Deutsche Mittel 6.00 12/30/2018 EUR 4.30 Wild Bunch AG 8.00 3/23/2019 EUR 45.00 Lloyds Bank PLC 0.50 7/5/2033 USD 56.10 Cirio Del Monte NV 7.75 3/14/2005 EUR 0.70 Manchester Building So 6.75 GBP 14.44 International Finance 0.50 6/24/2024 ZAR 58.43 Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.84 Havila Shipping ASA 5.65 11/7/2020 NOK 67.42 KPNQwest NV 10.00 3/15/2012 EUR 0.08 OGX Austria GmbH 8.50 6/1/2018 USD 0.00 Barclays Bank PLC 1.21 11/1/2031 USD 61.85 KPNQwest NV 7.13 6/1/2009 EUR 0.08 Kaupthing ehf 5.75 10/4/2011 USD 0.25 Cirio Finance Luxembou 7.50 11/3/2002 EUR 5.17 Deutsche Bank AG/Londo 1.01 11/26/2034 USD 65.75 Northland Resources AB 4.00 10/15/2020 USD 0.14 Oi Brasil Holdings Coo 5.75 2/10/2022 USD 21.00 Agrokor dd Via Aquariu 4.92 8/8/2017 EUR 14.84 Cooperatieve Rabobank 0.50 7/30/2043 MXN 12.12 Kommunalbanken AS 0.50 5/27/2022 ZAR 72.54 KTG Agrar SE 7.25 10/15/2019 EUR 3.17 New Look Senior Issuer 8.00 7/1/2023 GBP 23.82 Barclays Bank PLC 0.80 5/30/2034 USD 58.75 Virgolino de Oliveira 10.88 1/13/2020 USD 26.81 UniCredit Bank Austria 0.02 1/25/2031 EUR 74.07 Societa' Per LA Gestio 6.41 EUR 0.16 Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.40 getBACK SA 5.72 2/16/2021 PLN 53.10 Pacific Drilling SA 5.38 6/1/2020 USD 34.94 Cooperatieve Rabobank 0.50 2/26/2029 HUF 65.28 Air Berlin Finance BV 6.00 3/6/2019 EUR 1.10 Depfa Funding III LP 0.87 EUR 56.17 Steilmann SE 7.00 3/9/2017 EUR 1.50 Societe Generale SA #N/A N/A 3/17/2032 USD 68.00 RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 0.50 Barclays Bank PLC 0.03 3/21/2031 USD 63.40 IT Holding Finance SA 9.88 11/15/2012 EUR 0.16 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.19 APP International Fina 11.75 10/1/2005 USD 0.18 ADLER Real Estate AG 6.00 12/27/2018 EUR 14.50 Afren PLC 6.63 12/9/2020 USD 0.32 Banca Carige SpA 8.34 EUR 28.01 Lloyds Bank PLC 1.88 10/17/2033 USD 66.35 Rena GmbH 8.25 7/11/2018 EUR 2.00 Portugal Telecom Inter 5.24 11/6/2017 EUR 9.13 Teksid Aluminum Luxemb 11.38 7/15/2011 EUR 0.40 Gazprombank JSC 7.52 10/6/2022 RUB 62.06 World Wide Supply AS 7.75 5/26/2017 USD 15.48 Eniro AB 6.00 4/14/2020 SEK 5.27 Royal Bank of Scotland 0.41 12/13/2028 USD 65.00 Air Berlin Finance BV 8.50 3/6/2019 EUR 1.04 Depfa Funding IV LP 1.54 EUR 57.42 Pierre & Vacances SA 3.50 10/1/2019 EUR 39.11 Tonon Luxembourg SA 10.50 5/14/2024 USD 42.39 Burovoya Kompaniya Eur 10.25 6/21/2019 RUB 64.18 Agrokor dd 8.88 2/1/2020 USD 29.55 Lehman Brothers UK Cap 5.75 EUR 1.38 Alno AG 8.00 3/21/2019 EUR 4.00 Portigon AG 7.46 12/31/2019 EUR 30.80 Rem Offshore ASA 5.00 12/8/2024 NOK 47.59 Barclays Bank PLC 1.04 4/25/2034 USD 55.10 Windreich GmbH 6.50 7/15/2016 EUR 13.94 German Pellets GmbH 7.25 11/27/2019 EUR 1.72 Depfa Funding II LP 6.50 EUR 59.40 Afren PLC 10.25 4/8/2019 USD 0.07 mybet Holding SE 6.25 12/12/2020 EUR 59.00 Petromena ASA 10.85 11/19/2018 USD 0.61 Sairgroup Finance BV 4.38 6/8/2006 EUR 9.18 Petrol AD 6.00 1/26/2022 EUR 30.00 Golden Gate AG 6.50 10/11/2014 EUR 38.50 Sistema PJSFC 9.25 2/23/2028 RUB 90.00 Manchester Building So 8.00 GBP 25.00 Steilmann SE 6.75 6/27/2017 EUR 3.50 Finmek International S 7.00 12/3/2004 EUR 5.54 Barclays Bank PLC 1.83 3/27/2029 USD 61.77 UniCredit Bank Austria 0.17 12/31/2031 EUR 71.51 Alpine Holding GmbH 6.00 5/22/2017 EUR 0.91 Sidetur Finance BV 10.00 4/20/2016 USD 5.26 Havila Shipping ASA 4.61 11/7/2020 NOK 53.75 Alpine Holding GmbH 5.25 7/1/2015 EUR 0.91 Sequa Petroleum NV 5.00 4/29/2020 USD 69.31 Frey 6.00 11/15/2022 EUR 24.00 Deutsche Bank AG/Londo 0.14 9/30/2029 USD 71.00 Steilmann SE 7.00 9/23/2018 EUR 1.50 3W Power SA 5.50 11/11/2020 EUR 1.00 Hamburgische Landesban 0.05 1/22/2041 EUR 63.41 International Industri 11.00 2/19/2013 USD 0.22 Royalbeach Spielwaren 7.38 11/10/2020 EUR 1.05 EFG International AG 1.14 EUR 73.35 Bulgaria Steel Finance 12.00 5/4/2013 EUR 0.17 Banco Espirito Santo S 6.88 7/15/2016 EUR 27.98 Tatfondbank OAO Via TF 8.50 11/12/2019 USD 4.84 Mriya Agro Holding PLC 9.45 4/19/2018 USD 7.73 getBACK SA 5.72 4/30/2021 PLN 54.00 Artea 6.00 8/4/2019 EUR 14.01 O1 Properties Finance 8.25 9/27/2021 USD 73.80 MS Deutschland Beteili 6.88 12/18/2017 EUR 3.00 OAS Investments GmbH 8.25 10/19/2019 USD 5.90 Lehman Brothers Treasu 6.00 2/15/2035 EUR 6.75 Barclays Bank PLC 1.72 2/28/2034 USD 62.60 Waste Italia SpA 10.50 11/15/2019 EUR 2.24 SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63 PSN Pm OOO 13.00 9/10/2026 RUB 17.77 Pescanova SA 6.75 3/5/2015 EUR 1.90 Barclays Bank PLC 0.61 11/29/2030 USD 63.60 Lloyds Bank PLC 1.30 7/26/2033 USD 60.21 Finans-Avia OOO 9.00 7/31/2022 RUB 69.94 BOA Offshore AS 0.40 7/17/2047 NOK 10.70 getgoods.de AG 7.75 10/2/2017 EUR 0.21 PA Resources AB 13.50 3/3/2016 SEK 0.12 getBACK SA 6.11 9/14/2021 PLN 10.00 QGOG Constellation SA 6.25 11/9/2019 USD 44.96 Gebr Sanders GmbH & Co 8.75 10/22/2018 EUR 20.86 Moscow United Electric 8.55 5/6/2027 RUB 66.01 Governo Portugues Cons 3.00 EUR 75.00 KPNQwest NV 8.88 2/1/2008 EUR 0.08 Hellas Telecommunicati 8.50 10/15/2013 EUR 0.59 Home Money LLC 20.00 10/23/2018 RUB 46.00 Lehman Brothers Treasu 6.00 11/2/2035 EUR 6.75 Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00 New Look Secured Issue 4.50 7/1/2022 EUR 46.44 Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75 Ahtium PLC 9.75 4/4/2017 EUR 3.29 Marine Subsea AS 9.00 12/16/2019 USD 0.50 Agroton Public Ltd 6.00 7/14/2019 USD 16.00 Norske Skog Holding AS 8.00 2/24/2021 EUR 2.00 Windreich GmbH 6.50 3/1/2015 EUR 14.09 Barclays Bank PLC 0.87 3/27/2029 USD 53.00 Lehman Brothers Treasu 5.10 5/8/2017 HKD 6.75 Stichting Afwikkeling 2.42 EUR 1.33 New Look Secured Issue 6.50 7/1/2022 GBP 46.82 getBACK SA 6.22 8/8/2019 PLN 30.00 getBACK SA 5.73 10/22/2019 PLN 60.01 Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75 Virgolino de Oliveira 10.50 1/28/2018 USD 6.35 Norske Skog Holding AS 8.00 2/24/2023 USD 2.34 Element Leasing OOO 0.01 3/30/2021 RUB 71.00 Bank ZENIT PJSC 8.50 10/16/2018 RUB 61.03 Barclays Bank PLC 1.35 9/30/2031 USD 63.00 Norske Skogindustrier 7.13 10/15/2033 USD 2.56 Societe Generale SA 1.60 1/9/2020 GBP 1.12 CRC Breeze Finance SA 6.11 5/8/2026 EUR 45.01 A-TEC Industries AG 5.75 11/2/2010 EUR 0.35 AKB Peresvet ZAO 0.51 2/14/2032 RUB 23.50 Societa' Per LA Gestio 6.95 2/25/2025 EUR 0.40 Mox Telecom AG 7.25 11/2/2017 EUR 3.00 Lehman Brothers Treasu 5.00 9/22/2014 EUR 6.75 Grupo Isolux Corsan SA 3.00 12/30/2021 USD 1.21 Afren PLC 11.50 2/1/2016 USD 0.08 Alpine Holding GmbH 5.25 6/10/2016 EUR 0.91 Lehman Brothers Treasu 8.25 3/16/2035 EUR 6.75 Societa' Per LA Gestio 6.94 5/15/2025 EUR 0.29 A-TEC Industries AG 8.75 10/27/2014 EUR 0.35 KPNQwest NV 8.13 6/1/2009 USD 0.08 Bank Nederlandse Gemee 0.50 6/7/2022 ZAR 71.20 Stroika Finance Ltd Vi 9.90 6/25/2019 RUB 11.60 Finance and Credit Ban 9.25 1/25/2019 USD 0.68 DOM RF Russia Housing 7.20 1/21/2028 RUB 99.75 Banco Espirito Santo S 6.90 6/28/2024 EUR 27.30 UkrLandFarming PLC 10.88 3/26/2018 USD 21.02 Rio Forte Investments 4.00 7/22/2014 EUR 6.83 Gazprom PJSC 3.40 10/21/2043 RUB 60.00 Center for Cargo Conta 7.50 1/19/2023 RUB 71.46 Otkritie Holding JSC 11.56 7/27/2028 RUB 10.57 Sberbank of Russia PJS 10.00 6/20/2019 RUB 65.01 RN Bank JSC 8.45 10/14/2020 RUB 64.64 Tonon Luxembourg SA 9.25 1/24/2020 USD 4.90 A-TEC Industries AG 2.75 5/10/2014 EUR 0.35 International Finance 0.50 6/29/2027 ZAR 42.35 OGX Austria GmbH 8.38 4/1/2022 USD 0.01 Svensk Exportkredit AB 0.50 6/29/2029 AUD 62.87 SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63 Gazprom PJSC 3.40 10/21/2043 RUB 60.00 Svensk Exportkredit AB 0.50 4/24/2029 AUD 63.45 Region of Abruzzo Ital 0.10 11/7/2036 EUR 63.54 Banco Pastor SAU 2.07 EUR 5.72 Kaupthing ehf 5.75 10/4/2011 USD 0.25 Activa Resources AG 0.50 11/15/2021 EUR 20.50 Svensk Exportkredit AB 0.50 1/31/2022 ZAR 73.58 Northland Resources AB 4.00 10/15/2020 NOK 0.14 German Pellets GmbH 7.25 4/1/2016 EUR 1.69 Kommunekredit 0.50 7/30/2027 TRY 34.93 Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 65.00 Region of Molise Italy 0.13 12/15/2033 EUR 67.71 Svensk Exportkredit AB 0.50 3/15/2022 ZAR 72.57 Espirito Santo Financi 5.05 11/15/2025 EUR 0.65 Kardan NV 6.33 5/1/2018 ILS 59.79 Minaya Capital AG 7.00 8/1/2018 EUR 49.00 Svensk Exportkredit AB 0.50 8/29/2029 AUD 62.50 Banco Santander SA 2.00 USD 73.46 Montepio Holding SGPS 5.00 EUR 50.00 Lehman Brothers Treasu 5.00 2/16/2015 EUR 6.75 Cooperatieve Rabobank 0.50 10/30/2043 MXN 11.93 Rosbank PJSC 9.80 12/20/2026 RUB 64.14 Gazprombank JSC 6.20 10/10/2019 RUB 70.13 Rena GmbH 7.00 12/15/2015 EUR 2.00 SiC Processing GmbH 7.13 3/1/2016 EUR 2.71 Mifa Mitteldeutsche Fa 7.50 8/12/2018 EUR 2.23 BLT Finance BV 12.00 2/10/2015 USD 10.50 La Veggia Finance SPA 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62.00 Societe Generale SA 0.50 6/12/2023 RUB 72.88 Windreich GmbH 6.25 3/1/2015 EUR 14.78 Lehman Brothers Treasu 7.38 9/20/2008 EUR 2.57 Eiendomskreditt AS 5.37 NOK 67.12 Lehman Brothers Treasu 13.00 2/16/2009 CHF 2.57 Lehman Brothers Treasu 15.00 3/30/2011 EUR 2.57 Bank ZENIT PJSC 7.50 11/20/2025 RUB 56.02 Lehman Brothers Treasu 8.00 12/27/2032 JPY 2.57 Hybrid Raising GmbH 6.63 EUR 54.00 Heta Asset Resolution 5.03 12/31/2023 EUR 34.63 Kaupthing ehf 5.25 7/18/2017 BGN 0.25 Lehman Brothers Treasu 0.50 8/1/2020 EUR 2.57 Societe Generale SA 0.50 4/3/2023 RUB 73.85 Lehman Brothers Treasu 4.05 9/16/2008 EUR 2.57 Kaupthing ehf 6.13 10/4/2016 USD 0.25 Kamaz PJSC 9.92 11/24/2031 RUB #N/A N/A Commerzbank AG 10.00 3/2/2020 EUR 55.12 Deutsche Bank AG 7.20 6/19/2018 EUR 58.50 Credit Suisse AG/Londo 8.54 1/7/2020 USD 9.86 Credit Suisse AG/Londo 6.55 1/15/2021 USD 9.78 Vontobel Financial Pro 9.50 6/22/2018 EUR 67.02 Russian Railways JSC 3.50 5/29/2035 RUB 68.00 Credit Suisse AG/Londo 9.00 1/23/2020 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Bank AG 7.20 6/19/2018 EUR 65.40 Vontobel Financial Pro 5.35 6/8/2018 EUR 73.15 Vontobel Financial Pro 13.10 9/14/2018 EUR 66.50 BNP Paribas Emissions- 10.00 6/21/2018 EUR 73.51 BNP Paribas Emissions- 8.00 6/21/2018 EUR 69.32 BNP Paribas Emissions- 7.00 12/31/2018 EUR 72.34 Raiffeisen Switzerland 5.00 8/14/2020 EUR 62.56 Vontobel Financial Pro 10.75 6/8/2018 EUR 62.38 EFG International Fina 8.40 8/23/2018 USD 57.30 Vontobel Financial Pro 7.80 6/8/2018 EUR 62.07 Deutsche Bank AG 6.20 6/19/2018 EUR 69.90 HSBC Trinkaus & Burkha 5.70 6/22/2018 EUR 55.48 HSBC Trinkaus & Burkha 5.20 6/22/2018 EUR 65.44 HSBC Trinkaus & Burkha 4.10 4/27/2018 EUR 67.68 BNP Paribas Emissions- 10.00 6/21/2018 EUR 74.88 BNP Paribas Emissions- 10.00 6/21/2018 EUR 70.59 BNP Paribas Emissions- 10.00 6/21/2018 EUR 52.95 Vontobel Financial Pro 10.95 6/8/2018 EUR 72.00 DZ Bank AG Deutsche Ze 6.50 6/22/2018 EUR 65.22 Vontobel Financial Pro 11.80 6/8/2018 EUR 62.53 BNP Paribas Emissions- 6.00 6/21/2018 EUR 60.44 BNP Paribas Emissions- 9.00 6/21/2018 EUR 53.53 BNP Paribas Emissions- 13.00 6/21/2018 EUR 46.22 Commerzbank AG 6.50 7/27/2018 EUR 73.85 DZ Bank AG Deutsche Ze 9.50 9/28/2018 EUR 58.83 BNP Paribas Emissions- 18.00 6/21/2018 EUR 64.46 Commerzbank AG 0.10 12/27/2018 RUB 2.16 Vontobel Financial Pro 8.50 6/22/2018 EUR 74.59 HSBC Trinkaus & Burkha 13.40 6/22/2018 EUR 51.44 HSBC Trinkaus & Burkha 8.90 6/22/2018 EUR 59.25 HSBC Trinkaus & Burkha 7.60 6/22/2018 EUR 72.30 UBS AG/London 7.30 6/22/2018 EUR 73.94 DZ Bank AG Deutsche Ze 13.50 9/28/2018 EUR 64.89 Raiffeisen Centrobank 11.84 6/19/2018 EUR 57.63 Raiffeisen Centrobank 11.14 6/19/2018 EUR 68.82 Raiffeisen Centrobank 9.89 12/28/2018 EUR 58.68 Raiffeisen Centrobank 4.13 12/28/2018 EUR 10.02 Raiffeisen Centrobank 9.32 12/25/2018 EUR 20.28 Raiffeisen Centrobank 3.54 6/19/2018 EUR 8.06 Vontobel Financial Pro 10.05 6/8/2018 EUR 71.61 Vontobel Financial Pro 13.20 6/8/2018 EUR 66.24 DZ Bank AG Deutsche Ze 6.25 6/18/2018 EUR 70.27 Bank Julius Baer & 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9/28/2018 EUR 56.86 Commerzbank AG 8.75 9/28/2018 EUR 50.83 Commerzbank AG 8.50 10/26/2018 EUR 51.34 Commerzbank AG 6.50 5/25/2018 EUR 53.53 Commerzbank AG 10.50 5/25/2018 EUR 48.71 Commerzbank AG 4.50 7/27/2018 EUR 58.34 Commerzbank AG 6.50 7/27/2018 EUR 53.78 UBS AG/London 6.00 11/8/2018 EUR 69.35 Vontobel Financial Pro 11.50 6/22/2018 EUR 71.98 UniCredit Bank AG 5.20 5/4/2020 USD 57.29 Vontobel Financial Pro 12.00 6/22/2018 EUR 66.54 Vontobel Financial Pro 10.55 9/28/2018 EUR 69.01 Vontobel Financial Pro 14.00 9/28/2018 EUR 64.13 Vontobel Financial Pro 11.50 1/2/2019 EUR 69.10 Vontobel Financial Pro 12.55 1/2/2019 EUR 66.86 DZ Bank AG Deutsche Ze 7.25 6/18/2018 EUR 70.42 DZ Bank AG Deutsche Ze 8.00 6/22/2018 EUR 67.16 DZ Bank AG Deutsche Ze 6.50 6/22/2018 EUR 70.26 DZ Bank AG Deutsche Ze 8.25 6/22/2018 EUR 70.58 DZ Bank AG Deutsche Ze 8.00 6/22/2018 EUR 71.65 Deutsche Bank AG 2.70 6/19/2018 EUR 72.80 Deutsche Bank AG 2.70 9/25/2018 EUR 73.20 Deutsche Bank AG 2.70 12/27/2018 EUR 73.40 Vontobel Financial Pro 6.50 6/22/2018 EUR 76.46 Deutsche Bank AG 10.00 6/19/2018 EUR 66.10 Deutsche Bank AG 10.00 12/27/2018 EUR 71.10 Vontobel Financial Pro 7.00 9/28/2018 EUR 73.06 Vontobel Financial Pro 5.00 6/22/2018 EUR 75.33 UniCredit Bank AG 13.00 6/22/2018 EUR 70.87 UniCredit Bank AG 14.60 6/22/2018 EUR 73.48 Leonteq Securities AG 8.40 7/10/2018 CHF 47.30 Leonteq Securities AG 10.00 7/10/2018 USD 47.35 UniCredit Bank AG 10.20 6/22/2018 EUR 74.98 UniCredit Bank AG 14.00 6/22/2018 EUR 69.63 UniCredit Bank AG 10.80 6/22/2018 EUR 68.03 UniCredit Bank AG 8.80 6/22/2018 EUR 70.39 UniCredit Bank AG 7.90 6/22/2018 EUR 71.96 UniCredit Bank AG 9.80 6/22/2018 EUR 68.90 UniCredit Bank AG 11.80 6/22/2018 EUR 66.13 UniCredit Bank AG 11.10 6/22/2018 EUR 73.55 UniCredit Bank AG 15.00 6/22/2018 EUR 62.58 UniCredit Bank AG 13.90 6/22/2018 EUR 63.68 UniCredit Bank AG 12.80 6/22/2018 EUR 64.89 UniCredit Bank AG 13.60 6/22/2018 EUR 74.90 Leonteq Securities AG/ 15.00 9/6/2018 CHF 66.41 UniCredit Bank AG 14.90 6/22/2018 EUR 71.67 DZ Bank AG Deutsche Ze 7.90 9/24/2018 EUR 74.73 UniCredit Bank AG 11.80 6/22/2018 EUR 72.92 DZ Bank AG Deutsche Ze 8.25 9/24/2018 EUR 72.69 DZ Bank AG Deutsche Ze 9.90 6/22/2018 EUR 73.53 Vontobel Financial Pro 5.00 6/22/2018 EUR 76.19 Vontobel Financial Pro 8.00 6/22/2018 EUR 71.15 Vontobel Financial Pro 9.50 6/22/2018 EUR 68.89 Vontobel Financial Pro 9.00 9/28/2018 EUR 70.83 Vontobel Financial Pro 12.30 6/8/2018 EUR 74.13 Vontobel Financial Pro 7.00 6/22/2018 EUR 69.93 DZ Bank AG Deutsche Ze 7.25 6/18/2018 EUR 74.19 Commerzbank AG 6.00 4/25/2018 EUR 72.91 Vontobel Financial Pro 9.50 6/22/2018 EUR 74.79 Vontobel Financial Pro 7.50 6/22/2018 EUR 71.69 Vontobel Financial Pro 10.50 6/22/2018 EUR 71.76 Zurcher Kantonalbank F 8.21 8/23/2018 EUR 72.60 Bank Julius Baer & Co 9.10 5/23/2018 USD 48.40 Vontobel Financial Pro 13.00 6/22/2018 EUR 64.99 Vontobel Financial Pro 14.00 6/22/2018 EUR 63.53 Raiffeisen Centrobank 10.63 9/25/2018 EUR 72.79 Vontobel Financial Pro 9.00 9/28/2018 EUR 72.03 Raiffeisen Centrobank 3.32 9/25/2018 EUR 72.61 Vontobel Financial Pro 12.50 9/28/2018 EUR 66.53 Raiffeisen Centrobank 8.63 9/25/2018 EUR 56.80 Vontobel Financial Pro 10.00 1/2/2019 EUR 71.19 Raiffeisen Centrobank 10.63 9/25/2018 EUR 57.36 Vontobel Financial Pro 8.50 1/2/2019 EUR 73.87 Raiffeisen Centrobank 7.97 9/25/2018 EUR 72.99 DZ Bank AG Deutsche Ze 4.50 9/24/2018 EUR 71.13 DZ Bank AG Deutsche Ze 10.50 6/22/2018 EUR 67.72 HSBC Trinkaus & Burkha 9.00 6/22/2018 EUR 74.41 Vontobel Financial Pro 12.00 6/22/2018 EUR 74.22 Vontobel Financial Pro 11.50 9/28/2018 EUR 75.31 Vontobel Financial Pro 9.00 6/22/2018 EUR 71.33 Vontobel Financial Pro 11.50 6/22/2018 EUR 66.89 Deutsche Bank AG 10.00 9/25/2018 EUR 68.70 Deutsche Bank AG 10.00 6/19/2018 EUR 71.70 Deutsche Bank AG 10.00 9/25/2018 EUR 74.40 Vontobel Financial Pro 11.50 6/22/2018 EUR 66.30 Vontobel Financial Pro 6.50 1/2/2019 EUR 74.60 Vontobel Financial Pro 7.55 1/2/2019 EUR 72.46 Vontobel Financial Pro 8.55 9/28/2018 EUR 70.85 Vontobel Financial Pro 8.50 6/22/2018 EUR 72.07 Vontobel Financial Pro 5.55 6/22/2018 EUR 74.08 Vontobel Financial Pro 6.50 6/22/2018 EUR 72.94 Vontobel Financial Pro 7.50 6/22/2018 EUR 71.25 DZ Bank AG Deutsche Ze 5.00 6/22/2018 EUR 3.87 DZ Bank AG Deutsche Ze 6.25 6/22/2018 EUR 70.45 EFG International Fina 8.00 4/21/2020 USD 62.18 DZ Bank AG Deutsche Ze 5.10 4/25/2018 EUR 63.36 Vontobel Financial Pro 2.00 6/22/2018 EUR 54.62 Vontobel Financial Pro 5.50 6/22/2018 EUR 49.43 Vontobel Financial Pro 5.00 9/28/2018 EUR 63.04 Vontobel Financial Pro 7.50 6/22/2018 EUR 71.65 Vontobel Financial Pro 6.00 6/22/2018 EUR 53.25 Commerzbank AG 11.75 5/24/2018 EUR 70.40 Commerzbank AG 8.25 5/24/2018 EUR 59.49 Commerzbank AG 10.25 5/24/2018 EUR 55.26 Commerzbank AG 16.25 5/24/2018 EUR 47.08 Deutsche Bank AG 6.20 8/22/2018 EUR 74.40 Deutsche Bank AG 7.20 6/19/2018 EUR 75.00 Vontobel Financial Pro 11.65 9/14/2018 EUR 69.04 Vontobel Financial Pro 7.20 6/8/2018 EUR 73.08 Vontobel Financial Pro 9.30 6/8/2018 EUR 70.23 Vontobel Financial Pro 7.80 9/14/2018 EUR 71.94 BNP Paribas Emissions- 8.00 6/21/2018 EUR 73.17 Vontobel Financial Pro 5.35 6/8/2018 EUR 67.28 Vontobel Financial Pro 3.00 6/8/2018 EUR 61.39 Zurcher Kantonalbank F 7.50 8/17/2018 CHF 71.80 DZ Bank AG Deutsche Ze 8.25 6/22/2018 EUR 69.15 UniCredit Bank AG 12.00 6/22/2018 EUR 72.17 UniCredit Bank AG 15.00 6/22/2018 EUR 68.45 Credit Suisse AG/Nassa 8.25 6/7/2018 CHF 69.00 UniCredit Bank AG 13.80 6/22/2018 EUR 72.99 DZ Bank AG Deutsche Ze 8.70 6/18/2018 EUR 72.98 DZ Bank AG Deutsche Ze 7.00 6/18/2018 EUR 70.47 Vontobel Financial Pro 8.50 6/22/2018 EUR 71.20 Vontobel Financial Pro 6.50 6/22/2018 EUR 74.00 UniCredit Bank AG 13.00 6/22/2018 EUR 70.07 UniCredit Bank AG 14.20 6/22/2018 EUR 67.90 Vontobel Financial Pro 10.55 6/22/2018 EUR 68.66 UniCredit Bank AG 10.70 6/22/2018 EUR 74.94 UniCredit Bank AG 12.80 6/22/2018 EUR 74.41 DZ Bank AG Deutsche Ze 6.75 9/24/2018 EUR 72.03 BNP Paribas Emissions- 3.50 9/27/2018 EUR 73.69 Vontobel Financial Pro 6.50 6/22/2018 EUR 73.58 Vontobel Financial Pro 11.00 6/22/2018 EUR 66.80 Vontobel Financial Pro 8.50 6/22/2018 EUR 71.99 Vontobel Financial Pro 7.00 9/28/2018 EUR 73.64 DZ Bank AG Deutsche Ze 5.30 6/22/2018 EUR 63.88 DZ Bank AG Deutsche Ze 8.00 6/22/2018 EUR 60.10 DZ Bank AG Deutsche Ze 9.50 6/22/2018 EUR 57.53 Vontobel Financial Pro 10.50 9/28/2018 EUR 56.17 Vontobel Financial Pro 11.00 1/2/2019 EUR 56.77 UniCredit Bank AG 5.07 5/9/2018 EUR 73.89 Raiffeisen Schweiz Gen 9.00 4/18/2018 CHF 70.92 Leonteq Securities AG/ 11.00 9/12/2018 USD 53.22 Deutsche Bank AG 5.50 9/25/2018 EUR 75.10 Goldman Sachs & Co Wer 21.00 6/20/2018 EUR 69.54 Commerzbank AG 9.75 5/24/2018 EUR 74.29 Commerzbank AG 4.25 5/24/2018 EUR 74.47 Commerzbank AG 14.25 5/24/2018 EUR 49.41 Commerzbank AG 8.75 5/24/2018 EUR 73.90 Goldman Sachs & Co Wer 7.00 5/23/2018 EUR 74.63 Vontobel Financial Pro 15.15 6/15/2018 EUR 66.81 Credit Suisse AG/Londo 8.00 10/9/2018 USD 57.28 HSBC Trinkaus & Burkha 10.60 6/22/2018 EUR 56.36 Vontobel Financial Pro 10.20 3/8/2019 EUR 72.71 UBS AG/London 17.00 6/28/2018 EUR 68.02 UBS AG/London 11.30 6/28/2018 EUR 74.82 HSBC Trinkaus & Burkha 5.40 9/28/2018 EUR 65.16 DZ Bank AG Deutsche Ze 9.25 6/22/2018 EUR 73.72 EFG International Fina 7.66 10/5/2018 USD 56.45 Goldman Sachs & Co Wer 24.00 5/23/2018 EUR 73.62 UniCredit Bank AG 11.00 6/22/2018 EUR 6.27 Commerzbank AG 13.75 7/27/2018 EUR 55.04 UniCredit Bank AG 14.70 1/4/2019 EUR 57.29 UniCredit Bank AG 14.50 1/4/2019 EUR 14.04 UniCredit Bank AG 14.30 1/4/2019 EUR 72.47 Credit Suisse AG/Londo 7.00 11/8/2018 USD 55.41 UBS AG/London 11.60 6/28/2018 EUR 74.42 Vontobel Financial Pro 11.60 12/14/2018 EUR 75.11 Vontobel Financial Pro 11.95 9/14/2018 EUR 74.75 Vontobel Financial Pro 9.50 11/23/2018 EUR 56.45 Bank Julius Baer & Co 8.55 12/12/2018 CHF 66.80 Commerzbank AG 5.75 7/27/2018 EUR 71.85 UniCredit Bank AG 10.10 1/4/2019 EUR 11.29 UniCredit Bank AG 14.80 1/4/2019 EUR 74.98 UniCredit Bank AG 3.10 1/4/2019 EUR 8.18 UniCredit Bank AG 5.10 1/4/2019 EUR 8.64 Vontobel Financial Pro 10.50 9/28/2018 EUR 68.77 Vontobel Financial Pro 11.55 1/2/2019 EUR 68.83 Vontobel Financial Pro 8.50 1/2/2019 EUR 66.67 BNP Paribas Emissions- 15.00 6/21/2018 EUR 70.74 UniCredit Bank AG 6.30 9/28/2018 EUR 67.38 Commerzbank AG 7.75 7/27/2018 EUR 65.13 Vontobel Financial Pro 9.50 7/27/2018 EUR 74.22 Vontobel Financial Pro 10.50 7/27/2018 EUR 75.11 UniCredit Bank AG 5.30 6/22/2018 EUR 6.36 UniCredit Bank AG 4.10 6/22/2018 EUR 7.34 UniCredit Bank AG 4.70 6/22/2018 EUR 6.79 Leonteq Securities AG/ 10.20 12/20/2018 CHF 61.58 HSBC Trinkaus & Burkha 9.80 6/22/2018 EUR 59.41 Commerzbank AG 5.75 9/28/2018 EUR 66.96 Commerzbank AG 9.75 9/28/2018 EUR 57.80 Commerzbank AG 11.75 9/28/2018 EUR 55.25 Leonteq Securities AG/ 10.00 6/20/2019 CHF 72.01 DZ Bank AG Deutsche Ze 13.00 4/27/2018 EUR 75.04 BNP Paribas Emissions- 6.00 12/31/2018 EUR 55.22 BNP Paribas Emissions- 10.00 12/31/2018 EUR 58.03 Commerzbank AG 9.00 8/24/2018 EUR 74.81 Goldman Sachs & Co Wer 17.00 6/20/2018 EUR 71.50 Bank Julius Baer & Co 6.50 6/15/2018 USD 49.20 Vontobel Financial Pro 10.55 9/28/2018 EUR 68.80 Vontobel Financial Pro 5.50 1/2/2019 EUR 70.36 Vontobel Financial Pro 5.50 6/22/2018 EUR 71.01 Vontobel Financial Pro 6.55 9/28/2018 EUR 69.41 Vontobel Financial Pro 8.00 9/28/2018 EUR 70.06 BNP Paribas Emissions- 10.00 9/27/2018 EUR 69.30 BNP Paribas Emissions- 13.00 9/27/2018 EUR 68.05 BNP Paribas Emissions- 10.00 6/21/2018 EUR 71.71 BNP Paribas Emissions- 10.00 9/27/2018 EUR 75.56 BNP Paribas Emissions- 12.00 9/27/2018 EUR 52.19 Commerzbank AG 9.75 4/27/2018 EUR 73.28 UBS AG/London 16.00 8/30/2018 CHF 26.75 Commerzbank AG 5.00 6/22/2018 EUR 73.10 Commerzbank AG 8.75 4/26/2018 EUR 74.42 Vontobel Financial Pro 6.45 9/14/2018 EUR 73.59 Vontobel Financial Pro 4.00 6/22/2018 EUR 73.64 Vontobel Financial Pro 3.55 9/28/2018 EUR 71.28 Vontobel Financial Pro 6.55 9/28/2018 EUR 72.63 HSBC Trinkaus & Burkha 11.10 9/28/2018 EUR 57.87 HSBC Trinkaus & Burkha 8.70 12/28/2018 EUR 61.75 Deutsche Bank AG 5.20 9/25/2018 EUR 74.20 UBS AG/London 5.25 6/21/2018 EUR 66.00 Commerzbank AG 15.25 6/21/2018 EUR 54.60 Vontobel Financial Pro 10.35 9/14/2018 EUR 71.02 Vontobel Financial Pro 6.20 9/14/2018 EUR 73.63 Vontobel Financial Pro 10.30 9/14/2018 EUR 68.31 Vontobel Financial Pro 12.00 6/25/2018 EUR 66.32 Vontobel Financial Pro 9.70 6/25/2018 EUR 66.07 Vontobel Financial Pro 4.50 6/22/2018 EUR 66.14 Vontobel Financial Pro 12.55 1/2/2019 EUR 69.54 BNP Paribas Emissions- 12.00 6/21/2018 EUR 74.78 Vontobel Financial Pro 12.50 9/28/2018 EUR 73.60 Vontobel Financial Pro 12.00 6/22/2018 EUR 74.55 Societe Generale SA 9.00 7/31/2019 USD 74.48 UniCredit Bank AG 12.80 9/28/2018 EUR 57.31 Deutsche Bank AG 5.20 6/19/2018 EUR 72.80 Commerzbank AG 8.00 5/24/2018 EUR 65.78 Commerzbank AG 13.25 6/21/2018 EUR 57.06 Vontobel Financial Pro 7.80 9/14/2018 EUR 73.11 Vontobel Financial Pro 8.00 9/14/2018 EUR 73.77 Vontobel Financial Pro 7.50 6/25/2018 EUR 65.66 Vontobel Financial Pro 7.05 1/2/2019 EUR 71.46 Vontobel Financial Pro 10.00 6/22/2018 EUR 71.82 Vontobel Financial Pro 5.50 9/28/2018 EUR 68.94 BNP Paribas Emissions- 11.00 6/21/2018 EUR 74.44 BNP Paribas Emissions- 12.00 6/21/2018 EUR 73.30 BNP Paribas Emissions- 13.00 6/21/2018 EUR 72.21 BNP Paribas Emissions- 12.00 6/21/2018 EUR 73.27 Vontobel Financial Pro 6.50 9/28/2018 EUR 72.77 Vontobel Financial Pro 6.00 1/2/2019 EUR 74.02 DZ Bank AG Deutsche Ze 16.00 8/22/2018 EUR 72.08 UniCredit Bank AG 14.30 6/22/2018 EUR 74.58 EFG International Fina 7.40 9/13/2019 USD 62.55 HSBC Trinkaus & Burkha 7.79 5/28/2018 EUR 71.33 Zurcher Kantonalbank F 5.00 7/11/2018 CHF 64.21 Vontobel Financial Pro 7.00 6/22/2018 EUR 74.09 BNP Paribas Emissions- 8.00 6/21/2018 EUR 74.53 Vontobel Financial Pro 10.50 9/28/2018 EUR 69.77 BNP Paribas Emissions- 8.00 9/27/2018 EUR 59.52 Leonteq Securities AG/ 14.00 11/28/2018 EUR 76.28 DZ Bank AG Deutsche Ze 5.00 6/18/2018 EUR 72.59 Vontobel Financial Pro 5.50 6/22/2018 EUR 73.75 DZ Bank AG Deutsche Ze 11.00 6/22/2018 EUR 53.47 Commerzbank AG 16.00 5/24/2018 EUR 51.97 Vontobel Financial Pro 7.90 6/8/2018 EUR 70.78 DZ Bank AG Deutsche Ze 11.00 6/22/2018 EUR 73.63 Leonteq Securities AG/ 12.20 12/20/2018 USD 61.90 HSBC Trinkaus & Burkha 4.10 6/22/2018 EUR 68.06 Vontobel Financial Pro 10.55 7/27/2018 EUR 58.66 DZ Bank AG Deutsche Ze 7.75 6/18/2018 EUR 69.24 Bank Julius Baer & Co 8.35 9/24/2018 USD 58.50 DZ Bank AG Deutsche Ze 5.00 7/27/2018 EUR 4.73 DZ Bank AG Deutsche Ze 6.25 9/28/2018 EUR 67.38 DZ Bank AG Deutsche Ze 8.75 1/2/2019 EUR 62.40 BNP Paribas Emissions- 16.00 6/21/2018 EUR 54.14 BNP Paribas Emissions- 13.00 12/31/2018 EUR 60.15 HSBC Trinkaus & Burkha 4.00 6/22/2018 EUR 75.10 HSBC Trinkaus & Burkha 4.50 12/28/2018 EUR 62.71 HSBC Trinkaus & Burkha 5.00 6/22/2018 EUR 57.45 Commerzbank AG 17.25 4/26/2018 EUR 47.23 Vontobel Financial Pro 10.20 6/8/2018 EUR 68.20 Vontobel Financial Pro 6.50 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9/28/2018 EUR 74.32 Vontobel Financial Pro 9.00 6/22/2018 EUR 71.29 BNP Paribas Emissions- 16.00 6/21/2018 EUR 46.74 Raiffeisen Centrobank 16.62 6/19/2018 EUR 74.82 Commerzbank AG 14.00 6/22/2018 EUR 51.36 Vontobel Financial Pro 9.50 9/28/2018 EUR 68.33 Vontobel Financial Pro 10.05 1/2/2019 EUR 71.04 Vontobel Financial Pro 9.00 9/28/2018 EUR 70.51 BNP Paribas Emissions- 9.00 9/27/2018 EUR 55.67 Commerzbank AG 7.50 6/22/2018 EUR 72.78 UniCredit Bank AG 14.70 6/22/2018 EUR 75.16 Raiffeisen Schweiz Gen 7.78 8/31/2018 USD 58.51 Vontobel Financial Pro 10.15 7/27/2018 EUR 72.65 Commerzbank AG 14.00 5/24/2018 EUR 54.25 Vontobel Financial Pro 4.05 1/2/2019 EUR 69.64 HSBC Trinkaus & Burkha 3.40 6/22/2018 EUR 72.89 HSBC Trinkaus & Burkha 10.10 12/28/2018 EUR 59.82 HSBC Trinkaus & Burkha 4.10 12/28/2018 EUR 73.31 HSBC Trinkaus & Burkha 7.60 10/26/2018 EUR 63.03 Raiffeisen Centrobank 6.04 6/25/2019 EUR 14.64 Deutsche Bank AG 5.20 6/19/2018 EUR 74.00 Vontobel Financial Pro 8.00 1/2/2019 EUR 70.53 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6/2/2009 USD 2.57 HSBC Bank PLC 0.50 4/27/2027 NZD 73.42 Lehman Brothers Treasu 10.00 6/17/2009 USD 2.57 Lehman Brothers Treasu 16.00 12/26/2008 USD 2.57 Kaupthing ehf 7.00 7/24/2009 ISK 0.25 LBI HF 5.08 3/1/2013 ISK 8.38 Lehman Brothers Treasu 13.43 1/8/2009 ILS 2.57 Lehman Brothers Treasu 4.05 9/16/2008 EUR 2.57 Lehman Brothers Treasu 7.75 1/3/2012 AUD 2.57 Lehman Brothers Treasu 3.10 6/4/2010 USD 2.57 Lehman Brothers Treasu 2.00 6/28/2011 EUR 2.57 Lehman Brothers Treasu 3.00 6/3/2010 EUR 2.57 Lehman Brothers Treasu 16.00 11/9/2008 USD 2.57 Lehman Brothers Treasu 8.00 5/22/2009 USD 2.57 Lehman Brothers Treasu 4.60 8/1/2013 EUR 2.57 Lehman Brothers Treasu 9.75 6/22/2018 USD 2.57 Lehman Brothers Treasu 8.00 10/23/2008 USD 2.57 Lehman Brothers Treasu 7.00 10/22/2010 EUR 2.57 ECM Real Estate Invest 5.00 10/9/2011 EUR 15.38 Lehman Brothers Treasu 1.50 10/12/2010 EUR 2.57 Lehman Brothers Treasu 7.50 6/15/2017 USD 2.57 Lehman Brothers Treasu 2.25 5/12/2009 USD 2.57 Lehman Brothers Treasu 4.00 5/17/2010 USD 2.57 Lehman Brothers Treasu 3.50 12/20/2027 USD 2.57 Lehman Brothers Treasu 8.80 12/27/2009 EUR 2.57 Lehman Brothers Treasu 4.00 1/4/2011 USD 2.57 Lehman Brothers Treasu 11.00 12/20/2017 AUD 2.57 Lehman Brothers Treasu 11.00 12/20/2017 AUD 2.57 Lehman Brothers Treasu 3.00 12/3/2012 EUR 2.57 HSBC Bank PLC 0.50 2/24/2027 NZD 73.97 Lehman Brothers Treasu 12.22 11/21/2017 USD 2.57 Lehman Brothers Treasu 4.80 11/16/2012 HKD 2.57 RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.34 Lehman Brothers Treasu 14.90 11/16/2010 EUR 2.57 Lehman Brothers Treasu 2.50 11/9/2011 CHF 2.57 Lehman Brothers Treasu 16.00 10/8/2008 CHF 2.57 Lehman Brothers Treasu 5.50 11/30/2012 CZK 2.57 Lehman Brothers Treasu 0.50 12/20/2017 AUD 2.57 Lehman Brothers Treasu 1.00 2/26/2010 USD 2.57 Lehman Brothers Treasu 9.00 5/6/2011 CHF 2.57 Lehman Brothers Treasu 3.45 5/23/2013 USD 2.57 Lehman Brothers Treasu 10.00 10/23/2008 USD 2.57 Lehman Brothers Treasu 7.06 12/29/2008 EUR 2.57 Lehman Brothers Treasu 0.50 12/20/2017 USD 2.57 Lehman Brothers Treasu 5.38 2/4/2014 USD 2.57 Lehman Brothers Treasu 11.00 12/20/2017 AUD 2.57 Lehman Brothers Treasu 0.50 12/20/2017 USD 2.57 Lehman Brothers Treasu 0.50 12/20/2017 USD 2.57 Lehman Brothers Treasu 6.30 12/21/2018 USD 2.57 Lehman Brothers Treasu 10.00 2/16/2009 CHF 2.57 Lehman Brothers Treasu 11.00 2/16/2009 CHF 2.57 Lehman Brothers Treasu 0.50 12/20/2017 AUD 2.57 Lehman Brothers Treasu 0.50 12/20/2017 AUD 2.57 Lehman Brothers Treasu 8.00 12/31/2010 USD 2.57 Kommunalbanken AS 4.80 12/1/2022 TRY 68.26 Lehman Brothers Treasu 3.50 6/20/2011 EUR 2.57 Lehman Brothers Treasu 5.50 6/22/2010 USD 6.75 Lehman Brothers Treasu 6.45 2/20/2010 AUD 2.57 Lehman Brothers Treasu 10.00 10/22/2008 USD 2.57 Cerruti Finance SA 6.50 7/26/2004 EUR 1.22 Lehman Brothers Treasu 7.63 7/22/2011 HKD 2.57 Lehman Brothers Treasu 7.50 2/14/2010 AUD 2.57 Lehman Brothers Treasu 6.00 3/4/2015 USD 2.57 Otkritie Holding JSC 11.50 7/23/2029 RUB 16.50 Otkritie Holding JSC 11.50 7/23/2029 RUB 16.50 Lehman Brothers Treasu 7.00 11/28/2008 CHF 2.57 Lehman Brothers Treasu 7.25 10/6/2008 EUR 2.57 Lehman Brothers Treasu 10.50 8/9/2010 EUR 2.57 Lehman Brothers Treasu 4.95 10/25/2036 EUR 2.57 Lehman Brothers Treasu 11.00 6/29/2009 EUR 2.57 Lehman Brothers Treasu 4.00 10/24/2012 EUR 2.57 Region Invest OOO 10.48 4/20/2021 RUB 0.36 Lehman Brothers Treasu 4.50 7/24/2014 EUR 2.57 Lehman Brothers Treasu 0.25 7/21/2014 EUR 2.57 Lehman Brothers Treasu 9.00 3/17/2009 GBP 2.57 Lehman Brothers Treasu 3.85 4/24/2009 USD 2.57 Lehman Brothers Treasu 9.00 6/13/2009 USD 2.57 Region Invest OOO 10.48 4/19/2021 RUB 0.39 Lehman Brothers Treasu 8.00 8/3/2009 USD 2.57 Lehman Brothers Treasu 8.00 5/22/2009 USD 2.57 AKB Peresvet ZAO 3.60 9/2/2020 RUB 19.02 Lehman Brothers Treasu 4.35 8/8/2016 SGD 6.75 Lehman Brothers Treasu 4.50 8/2/2009 USD 2.57 Lehman Brothers Treasu 7.50 9/13/2009 CHF 2.57 Lehman Brothers Treasu 4.00 4/24/2009 USD 2.57 Bashneft PJSC 12.00 5/9/2025 RUB 60.01 Petromena ASA 9.75 5/24/2016 NOK 0.61 Lehman Brothers Treasu 5.25 5/26/2026 EUR 2.57 Lehman Brothers Treasu 2.00 11/16/2009 EUR 2.57 Lehman Brothers Treasu 3.70 6/6/2009 EUR 2.57 Lehman Brothers Treasu 6.85 12/22/2008 EUR 2.57 Lehman Brothers Treasu 4.60 7/6/2016 EUR 2.57 Lehman Brothers Treasu 6.50 7/24/2026 EUR 2.57 Region Invest OOO 10.48 4/15/2021 RUB 0.40 Lehman Brothers Treasu 5.10 6/22/2046 EUR 2.57 Lehman Brothers Treasu 7.60 3/26/2009 EUR 2.57 Lehman Brothers Treasu 7.55 12/29/2008 USD 2.57 Lehman Brothers Treasu 10.00 1/4/2010 USD 2.57 Lehman Brothers Treasu 5.25 11/21/2009 USD 2.57 Lehman Brothers Treasu 4.25 3/13/2021 EUR 2.57 Lehman Brothers Treasu 12.00 7/13/2037 JPY 2.57 Lehman Brothers Treasu 0.50 2/16/2009 EUR 2.57 Digital Invest OOO 7.35 4/7/2021 RUB 0.38 Digital Invest OOO 7.35 4/8/2021 RUB 0.39 Digital Invest OOO 7.35 4/9/2021 RUB 0.34 Lehman Brothers Treasu 6.00 3/17/2011 EUR 2.57 Lehman Brothers Treasu 4.70 3/23/2016 EUR 2.57 Lehman Brothers Treasu 8.00 4/20/2009 EUR 2.57 Lehman Brothers Treasu 6.50 5/16/2015 EUR 2.57 Lehman Brothers Treasu 3.00 8/8/2017 EUR 2.57 Lehman Brothers Treasu 3.50 9/29/2017 EUR 2.57 Lehman Brothers Treasu 3.00 8/15/2017 EUR 2.57 Lehman Brothers Treasu 3.50 9/19/2017 EUR 2.57 Kreditanstalt fuer Wie 0.25 10/6/2036 CAD 42.58 Banca Adriatica Spa 7.20 6/30/2018 EUR 1.24 Banca Adriatica Spa 8.00 6/30/2018 EUR 1.24 Lehman Brothers Treasu 4.70 3/23/2016 EUR 2.57 Otkritie Holding JSC 12.14 10/3/2036 RUB 16.50 Otkritie Holding JSC 11.50 5/26/2032 RUB #N/A N/A Societe Generale SA 0.50 4/4/2024 MXN 61.71 Lehman Brothers Treasu 6.00 5/12/2017 EUR 2.57 Lehman Brothers Treasu 4.10 2/19/2010 EUR 2.57 Lehman Brothers Treasu 5.20 3/19/2018 EUR 2.57 Lehman Brothers Treasu 6.00 2/14/2012 EUR 2.57 Lehman Brothers Treasu 6.60 2/22/2012 EUR 2.57 Lehman Brothers Treasu 1.75 2/7/2010 EUR 2.57 Lehman Brothers Treasu 7.00 2/15/2012 EUR 2.57 Lehman Brothers Treasu 7.50 5/2/2017 EUR 2.57 Lehman Brothers Treasu 1.68 3/5/2015 EUR 2.57 Lehman Brothers Treasu 9.00 5/15/2022 USD 2.57 BELLAGIO Holding GmbH 1.91 EUR 49.12 Lehman Brothers Treasu 5.00 4/24/2017 EUR 2.57 Lehman Brothers Treasu 13.50 11/28/2008 USD 2.57 Lehman Brothers Treasu 4.69 2/19/2017 EUR 2.57 Lehman Brothers Treasu 3.50 10/31/2011 USD 2.57 Lehman Brothers Treasu 3.50 10/24/2011 USD 2.57 Lehman Brothers Treasu 7.39 5/4/2017 USD 2.57 RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 0.34 Lehman Brothers Treasu 4.10 8/23/2010 USD 2.57 SAir Group 6.25 4/12/2005 CHF 11.89 SAir Group 2.13 11/4/2004 CHF 11.89 Digital Invest OOO 10.22 11/3/2020 RUB 0.40 Lehman Brothers Treasu 3.82 10/20/2009 USD 2.57 Lehman Brothers Treasu 7.00 7/11/2010 EUR 2.57 Lehman Brothers Treasu 5.00 8/1/2025 EUR 2.57 Lehman Brothers Treasu 6.00 7/28/2010 EUR 2.57 Lehman Brothers Treasu 0.75 3/29/2012 EUR 2.57 Municipality Finance P 0.25 6/28/2040 CAD 33.19 Societe Generale SA 0.50 5/22/2024 MXN 60.98 Kommunekredit 0.50 5/11/2029 CAD 74.07 Lehman Brothers Treasu 3.03 1/31/2015 EUR 2.57 Lehman Brothers Treasu 6.00 7/28/2010 EUR 2.57 Lehman Brothers Treasu 4.90 7/28/2020 EUR 2.57 Region Invest OOO 10.36 7/19/2022 RUB 0.46 HSBC Bank PLC 0.50 12/22/2025 BRL 49.34 Lehman Brothers Treasu 7.75 2/21/2016 EUR 2.57 Lehman Brothers Treasu 4.20 12/3/2008 HKD 6.75 Kommunalbanken AS 0.50 12/16/2020 TRY 70.29 Lehman Brothers Treasu 4.50 3/7/2015 EUR 2.57 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.19 Lehman Brothers Treasu 1.50 2/8/2012 CHF 2.57 Credit Suisse AG/Londo 3.00 11/15/2025 ZAR 68.77 Digital Invest OOO 9.95 4/21/2020 RUB 0.31 Barclays Bank PLC 1.64 6/3/2041 USD 73.67 HSBC Bank PLC 0.50 11/25/2025 BRL 49.67 Credit Suisse AG 0.50 12/16/2025 BRL 54.02 Lehman Brothers Treasu 3.63 3/2/2012 EUR 2.57 Lehman Brothers Treasu 5.00 9/1/2011 EUR 2.57 Lehman Brothers Treasu 7.00 9/20/2011 USD 2.57 Lehman Brothers Treasu 7.25 6/20/2010 USD 2.57 Lehman Brothers Treasu 4.00 2/28/2010 EUR 2.57 Heta Asset Resolution 4.88 12/31/2023 EUR 34.63 Digital Invest OOO 9.08 3/8/2021 RUB 0.39 Region Invest OOO 10.23 5/4/2021 RUB 0.36 Lehman Brothers Treasu 2.30 4/28/2014 JPY 2.57 Business-Consulting OA 6.00 12/6/2030 RUB 95.00 AKB Peresvet ZAO 0.51 6/23/2021 RUB 20.03 SAir Group 2.75 7/30/2004 CHF 11.88 HSBC Bank PLC 0.50 1/29/2027 NZD 74.02 KPNQwest NV 7.13 6/1/2009 EUR 0.08 Lehman Brothers Treasu 18.25 10/2/2008 USD 2.57 Lehman Brothers Treasu 10.00 8/2/2037 JPY 2.57 Lehman Brothers Treasu 13.00 7/25/2012 EUR 2.57 Lehman Brothers Treasu 3.00 8/13/2011 EUR 2.57 Lehman Brothers Treasu 4.00 10/12/2010 USD 2.57 Lehman Brothers Treasu 2.00 6/21/2011 EUR 2.57 Lehman Brothers Treasu 6.00 6/21/2011 EUR 2.57 Lehman Brothers Treasu 6.75 4/5/2012 EUR 2.57 Lehman Brothers Treasu 6.00 12/30/2017 EUR 2.57 Lehman Brothers Treasu 16.80 8/21/2009 USD 2.57 Lehman Brothers Treasu 14.10 11/12/2008 USD 2.57 Kommunalbanken AS 5.00 9/8/2022 TRY 74.43 Lehman Brothers Treasu 1.60 6/21/2010 JPY 2.57 Lehman Brothers Treasu 6.25 9/5/2011 EUR 2.57 Lehman Brothers Treasu 5.25 7/8/2014 EUR 2.57 Lehman Brothers Treasu 4.00 8/11/2010 USD 6.75 RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 0.34 Lehman Brothers Treasu 5.00 2/15/2018 EUR 2.57 Lehman Brothers Treasu 1.00 5/9/2012 EUR 2.57 Lehman Brothers Treasu 16.00 10/28/2008 USD 2.57 Lehman Brothers Treasu 5.50 4/23/2014 EUR 2.57 Lehman Brothers Treasu 6.60 2/9/2009 EUR 2.57 Lehman Brothers Treasu 16.20 5/14/2009 USD 2.57 Lehman Brothers Treasu 11.00 5/9/2020 USD 2.57 Lehman Brothers Treasu 4.30 6/4/2012 USD 2.57 Lehman Brothers Treasu 4.00 6/5/2011 USD 2.57 Lehman Brothers Treasu 5.00 3/13/2009 EUR 2.57 Lehman Brothers Treasu 2.30 6/6/2013 USD 2.57 Lehman Brothers Treasu 7.50 5/30/2010 AUD 2.57 Lehman Brothers Treasu 2.50 8/15/2012 CHF 2.57 LBI HF 8.65 5/1/2011 ISK 8.38 Lehman Brothers Treasu 6.00 8/7/2013 EUR 2.57 Otkritie Holding JSC 11.50 7/22/2030 RUB 16.50 Lehman Brothers Treasu 8.28 7/31/2013 GBP 2.57 RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.34 Lehman Brothers Treasu 7.50 7/31/2013 GBP 2.57 Heta Asset Resolution 5.27 12/31/2023 EUR 34.63 Lehman Brothers Treasu 8.60 7/31/2013 GBP 2.57 Lehman Brothers Treasu 7.32 7/31/2013 GBP 2.57 KPNQwest NV 8.88 2/1/2008 EUR 0.08 Lehman Brothers Treasu 8.00 3/19/2012 USD 2.57 KPNQwest NV 8.88 2/1/2008 EUR 0.08 Kaupthing ehf 7.63 2/28/2015 USD 0.25 Lehman Brothers Treasu 6.25 11/30/2012 EUR 2.57 Lehman Brothers Treasu 11.75 3/1/2010 EUR 2.57 Lehman Brothers Treasu 7.05 4/8/2015 USD 2.57 Lehman Brothers Treasu 8.05 12/20/2010 HKD 2.57 Lehman Brothers Treasu 8.00 10/17/2014 EUR 2.57 RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 0.34 Lehman Brothers Treasu 4.00 11/24/2016 EUR 2.57 BKZ Finance OAO 6.00 12/6/2030 RUB 99.90 Lehman Brothers Treasu 4.00 4/13/2011 CHF 2.57 Lehman Brothers Treasu 5.00 10/24/2008 CHF 2.57 Lehman Brothers Treasu 7.00 4/14/2009 EUR 2.57 Lehman Brothers Treasu 6.00 10/24/2008 EUR 2.57 Lehman Brothers Treasu 1.50 10/25/2011 EUR 2.57 Lehman Brothers Treasu 5.75 6/15/2009 CHF 2.57 Lehman Brothers Treasu 7.50 10/24/2008 USD 2.57 Lehman Brothers Treasu 10.00 3/27/2009 USD 2.57 Lehman Brothers Treasu 7.75 1/30/2009 EUR 2.57 Bashneft PJSC 12.00 5/19/2025 RUB 60.01 Lehman Brothers Treasu 5.50 6/15/2009 CHF 2.57 BNP Paribas SA 0.50 11/16/2032 MXN 33.82 ********* 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 * * *