/raid1/www/Hosts/bankrupt/TCREUR_Public/180514.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, May 14, 2018, Vol. 19, No. 094
Headlines
D E N M A R K
DKT HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
G E R M A N Y
UNITYMEDIA: Fitch Places 'B+' Long-Term IDR on Rating Watch Pos.
G R E E C E
GRIFONAS FINANCE NO. 1: Moody's Raises Cl. B Notes Rating to Caa1
I T A L Y
SALINI IMPREGILO: S&P Lowers ICR to 'BB', Outlook Stable
N E T H E R L A N D S
CADOGAN VII CLO: Fitch Rates Class F Notes 'B-(EXP)sf'
DRYDEN CLO 2017: Fitch Assigns 'BB(EXP)sf' Rating to Class E Debt
OCI NV: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' ICR, Outlook Stable
N O R W A Y
PETROLEUM GEO-SVCS: S&P Alters Outlook to Pos. & Affirms CCC+ ICR
R U S S I A
RN BANK: S&P Affirms BB+/B Issuer Credit Ratings, Outlook Stable
S P A I N
CAMPOFRIO FOOD: Moody's Withdraws Ba2 CFR & Ba2-PD PDR
S W E D E N
EVERGOOD 4 APS: S&P Assigns 'B' Rating on Leveraged Buyout
T U R K E Y
TURK TELEKOM: S&P Lowers ICRs to 'BB+/B', Outlook Stable
TURKCELL: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable
U N I T E D K I N G D O M
BEAUFORT: PwC Can Use Customer Funds to Pay Insolvency Fees
CARPETRIGHT PLC: Takes Out Second Loan from Major Shareholder
COTE: Mulls CVA Following Financial Difficulties
MOTHERCARE PLC: To Seek Investor Funding, Expected to Unveil CVA
MRH: S&P Affirms 'B' ICR & Alters Outlook on Parent to Negative
POUNDWORLD: Owner Instructs Deloitte to Seek Buyer for Business
X X X X X X X X
* BOND PRICING: For the Week May 7 to May 11, 2018
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D E N M A R K
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DKT HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
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S&P Global Ratings assigned its 'B+' long-term issuer credit
rating to DKT Holdings ApS, the ultimate parent of Danish
telecommunications network operator TDC A/S, and to DKT Finance
ApS, an indirect subsidiary and intermediate holding company of
DKT Holdings. The outlook on both entities is stable.
S&P said, "The rating on DKT Holdings incorporates our view of
TDC's robust market position as the incumbent telecom operator in
Denmark, balanced by the high leverage of the group after
completion of the leveraged buyout (LBO). Following the upcoming
squeeze-out process, DKT Holdings will own 100% of TDC for a
total purchase price of about EUR5.4 billion. This is funded by
about EUR0.7 billion of equity, about EUR2.0 billion of
shareholder loans, and EUR2.8 billion of new debt. As a result,
we estimate that adjusted debt to EBITDA for the consolidated
group headed by DKT Holdings, including shareholder loans, will
be between 7.5x and 7.8x in 2018 and 2019, compared with 3.2x for
TDC in 2017. In addition, we expect that high cash interest
payments, together with continued high capital expenditure
(capex) of 18%-21% of sales excluding spectrum, will constrain
our adjusted free operating cash flow (FOCF) to debt ratio to 2%-
4% over this timeframe. This is materially weaker than our
previous forecast of 9%-11% for TDC on a stand-alone basis in
2018.
"In our view, the LBO has little impact on our assessment of the
existing business. We understand that the new owners are planning
to carry on with TDC's current strategy, in particular ongoing
cost-saving measures, planned upgrades of TDC's networks, and
various initiatives to improve the product portfolio and digitize
internal and customer-facing processes. Over the longer term, the
new owners may decide to separate TDC's wholesale business from
the retail activities and open up fixed and mobile networks to a
greater extent for use by other operators and service providers,
as well as pursue significant investments in fiber-to-the-home
and fifth-generation (5G) networks. We think that network
separation and a broader wholesale portfolio may somewhat reduce
commercial flexibility of TDC's retail business, but we believe
that could be offset by potentially less onerous regulatory
access obligations. Furthermore, enlarged coverage with fiber
technologies could reduce the risk of infrastructure overbuilding
by other players, such as utility companies that have passed more
than 40% of Danish homes with fiber (TDC's estimate). This could
incrementally strengthen TDC's business, albeit being negative
for FOCF for a certain period.
"Our view of DKT's business risk profile is supported by TDC's
position as the leading telecom operator in Denmark, its well-
invested mobile network, its ownership of Norwegian cable
operator Get, as well as its solid EBITDA margins. Although TDC
is exposed to fierce competition, as of the first-quarter of
2018, the company enjoyed relatively high market shares in
Denmark for fixed-line telephony services (63%), fixed-line
broadband (51%), mobile services (41%), and pay TV (55%),
according to company's estimates. In Norway, Get is the No.2
provider of high-speed broadband and TV to consumers, with market
shares in broadband and TV of 18% and 19%, respectively, at end-
2017. We also think that TDC's competitive positioning benefits
from its well-invested fourth-generation (4G) mobile network,
which covers more than 99.5% of the Danish population. Moreover,
despite pressure on domestic EBITDA, continual efficiency
initiatives have allowed TDC to maintain robust adjusted EBITDA
margins of more than 40%. We expect continued high margins of
43%-45% in our forecast for the next three years.
"TDC's exposure to the challenging market conditions in Denmark
represents the key weakness in our assessment of its business.
The company continues to face fierce competition in its business-
to-business (B2B) division as well as in the business-to-consumer
(B2C) segment, in particular for mobile and broadband services.
In TDC's B2B segment, average revenue per user (ARPU) for mobile
services has declined by about 26% over the last four years. In
2017, TDC managed to return to slight growth in B2C mobile ARPUs,
and the decline is B2B ARPUs is flattening out. However, we think
that the market structure with four mobile network operators and
several mobile virtual network operators (MVNOs) will limit
pricing upside. Also, TDC is increasingly confronted with the
churn of TV customers to over-the-top (OTT) services, and
continued customer attrition to competitors in broadband.
"We derive our assessment of DKT Holdings' financial risk
primarily from the high debt burden after completion of the LBO.
We consider DKT's owners as infrastructure investors, since we
expect them to follow a longer-term investment horizon of at
least 10 years. However, DKT Holdings' capital structure, which
includes EUR2 billion of shareholder loans, is highly leveraged,
and we expect our adjusted debt to EBITDA to remain above 7.5x in
the next few years (5.5x-6.0x excluding the shareholder loans).
In the near-term, we expect the potential for leverage reduction
to be limited, as we forecast only modest EBITDA growth and FOCF,
our adjusted debt will increase due to interest accrual on the
shareholder loans, and because we expect DKT Holdings' owners to
pursue shareholder distributions, albeit at a moderate level. We
understand that DKT Holdings would be willing to contemplate
further value-accretive acquisitions, such as in the area of
content or complementary infrastructure in Denmark, but we see
only limited risk that any deals would materially impair credit
metrics relative to our base case. We treat DKT Holdings'
shareholder loans as debt, since they give the borrower a
prepayment option, which is not sufficiently neutralized by other
payment restrictions in the proposed senior debt documentation.
"The stable outlook on DKT Holdings reflects our view that the
group's operating performance in Denmark will continue to improve
in 2018 and 2019, particularly driven by better pricing in
consumer mobile and further cost savings, contributing to
gradually easing revenue decline and stable or modestly growing
EBITDA. We think this will enable DKT Holdings to maintain
adjusted debt to EBITDA, including shareholder loans, of 7.5x-
7.8x and FOCF to debt of 3%-4% in 2018.
"We could lower the rating if intense competition, a surge in
capex, or debt-funded shareholder distributions caused adjusted
debt to EBITDA to increase above 8.5x, and FOCF to debt to weaken
below 2% for a prolonged period.
"We could raise the rating if higher-than-expected EBITDA and
FOCF growth, or the reduction of external debt through asset
disposals or other measures, supported an improvement in our
adjusted debt to EBITDA to below 5.5x and FOCF to debt of more
than 5% on a sustainable basis."
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G E R M A N Y
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UNITYMEDIA: Fitch Places 'B+' Long-Term IDR on Rating Watch Pos.
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Fitch Ratings has placed Unitymedia GmbH's (UM) 'B+' Long-Term
Issuer Default Rating (IDR) and all associated instrument ratings
on Rating Watch Positive (RWP) following the announced sale of UM
by parent company, Liberty Global plc (LG) to Vodafone Group plc
(VOD; BBB+/Stable).
The RWP reflects Fitch's intention to apply Parent Subsidiary
Linkage (PSL) to UM following closing of the transaction. Fitch's
initial assessment of the transaction structure implies strong
strategic and operational ties with moderately strong legal ties;
resulting in a UM IDR that is likely to be one notch below that
of new parent, VOD. Fitch affirmed VOD's IDR at 'BBB+'/Stable
upon announcement of the transaction.
Fitch will resolve the RWP following a successful deal completion
in line with the terms announced. Regulatory approvals are
expected by Fitch to take around one year.
KEY RATING DRIVERS
Parent Subsidiary Linkage: A successful completion of the
transaction will see Fitch apply its PSL criteria to UM. The
acquisition will see VOD consolidate 100% of the German cable
market having previously acquired Kabel Deutschland, positioning
it far more strongly to compete in fixed and convergent services
relative to the incumbent, Deutsche Telekom. Germany is Europe's
largest communications market and VOD's single largest portfolio
business. The transaction gives rise to significant operational
synergies; Fitch believes that strategic and operational ties are
strong. Fitch views legal ties as moderately strong given plans
to refinance acquired debt centrally over time.
Change of Control, Refinancing Plans: The transaction is expected
to trigger change of control provisions in UM's outstanding debt,
giving lenders and bondholders the option to put the debt to VOD.
VOD is expected to allow roughly EUR4.5 billion of outstanding
bonds to run off over time, and to refinance around EUR2.2
billion of bank debt relatively quickly. The absence of a formal
guarantee for UM's debt precludes a stronger view of legal ties.
Intended refinancing plans imply a centralised financing approach
will be adopted, which along with the change of control
provisions imply moderately strong links.
RWP Resolution, Guidance: Fitch will resolve the RWP upon
successful closing of the transaction. Regulatory clearance will
be required and is likely to take at least 12 months. Upon
completion we expect that UM's IDR will be notched down once from
VOD. Outstanding UM debt, whether secured or unsecured is likely
to benefit from multi-notch upgrades.
DERIVATION SUMMARY
UM's operating and market position compare well relative with
similarly leveraged European telecoms peers. The company has
stronger revenue growth and cash-flow generation than many of its
peers, and has a good organic deleveraging capacity. Its
relatively low funding costs and continued growth expectations,
in Fitch's view, are likely to ensure that parent company,
Liberty Global, maintains slightly higher leverage at UM than at
Telenet or Virgin Media - both rated BB-/Stable. The peer group
further includes the wider cable sector peers, including UPC
Holding (BB-/Stable) and VodafoneZiggo (B+/Stable), as well as
Italy's alternative telco, WIND Tre (B+/Stable) and Irish
incumbent, eir (B+/Stable). Compared with these, UM displays
above sector average growth, consistently high margins and strong
cash-flow generation. Forecast leverage driven by anticipated
shareholder payments is the key metric anchoring the rating at
'B+'
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer (on
a standalone basis)
- Mid-single digit revenue growth in 2018 and slower thereafter
as the business matures
- Adjusted EBITDA margin to remain in the low-to-mid 60% range
- Capex in the range of EUR620 million - EUR660 million
- Cash distributions in the form of shareholder loan payments
in line with available free cash flow (FCF) and a bank covenant
of up to 5.5x total net debt to annualised EBITDA
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO-adjusted net leverage lower than 5.0x on a sustainable
basis, with strong and stable FCF generation, reflecting a stable
competitive and regulatory environment
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO-adjusted net leverage above 5.8x on a sustainable basis
- FCF margin consistently below 10%
LIQUIDITY
Strong Liquidity: Liquidity is provided by undrawn bank lines -
the group has a EUR80 million super senior RCF due 2023 and
EUR420 million senior secured RCF due 2023 both fully available
based on March 2018 compliance reporting. Underlying cash-flow
generation is strong, although Fitch expects available cash to be
upstreamed to parent company, LG subject to group leverage.
FULL LIST OF RATING ACTIONS
UnityMedia GmbH
- Long-Term IDR: 'B+' placed on RWP
- Senior notes: 'B+', Recovery Rating 'RR4' placed on RWP
UnityMedia Hessen GmbH & Co KG
- Super senior revolving credit facility: 'BB+', Recovery
Rating 'RR1', placed on RWP
- Senior secured revolving credit facility: 'BB+', Recovery
Rating 'RR1', placed on RWP
UnityMedia Hessen GmbH & Co KG and UnityMedia NRW GmbH as co-
issuers
- Senior secured notes: 'BB+', Recovery Rating 'RR1', placed on
RWP
UnityMedia Finance LLC
- Senior secured notes: 'BB+', Recovery Rating 'RR1', placed on
RWP
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G R E E C E
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GRIFONAS FINANCE NO. 1: Moody's Raises Cl. B Notes Rating to Caa1
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Moody's Investors Service has upgraded the ratings of 6 Notes,
and confirmed the rating of 1 Note in 3 Greek RMBS transactions.
The rating action reflects the decrease in country risk and the
related rise in the local-currency country ceiling for Greece on
February 21, 2018.
Issuer: Estia Mortgage Finance II PLC
EUR1137.5M Class A Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 Caa1 (sf) Placed Under Review for Possible Upgrade
Issuer: Grifonas Finance No. 1 Plc
EUR897.7M Class A Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 B3 (sf) Placed Under Review for Possible Upgrade
EUR23.8M Class B Notes, Upgraded to Caa1 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade
EUR28.5M Class C Notes, Confirmed at Caa3 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade
Issuer: KION Mortgage Finance Plc
EUR553.8M Class A Notes, Upgraded to Ba2 (sf); previously on Feb
27, 2018 B3 (sf) Placed Under Review for Possible Upgrade
EUR28.2M Class B Notes, Upgraded to Ba3 (sf); previously on Feb
27, 2018 Caa3 (sf) Placed Under Review for Possible Upgrade
EUR18M Class C Notes, Upgraded to B1 (sf); previously on Feb 27,
2018 Caa3 (sf) Placed Under Review for Possible Upgrade
RATINGS RATIONALE
The upgrades reflects Greece's reduced country risk associated to
the affected transactions. In its analysis, Moody's considered
their performance, available credit enhancement among other
transaction features, and reassessed the loss distribution of the
underlying pool in light of the new country ceiling. Moody's also
confirmed the rating of 1 Note that had sufficient credit
enhancement to maintain the current rating of the affected Notes.
Greece's long-term country ceilings for foreign and local-
currency bonds have been raised to Ba2 from B3. Therefore the
maximum achievable rating for structured finance transactions
backed by Greek receivables is Ba2 (sf). The decrease in
sovereign risk is reflected in Moody's quantitative analysis for
mezzanine and junior tranches.
The portfolio credit enhancement represents the required credit
enhancement under the senior tranche for it to achieve the
country ceiling. By increasing the maximum achievable rating for
a given MILAN CE, the revised methodology alters the loss
distribution curve and implies lower probability of high loss
scenarios.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.
Moody's updated the expected loss assumption as a percentage of
original pool balance to 12.37% for Estia Mortgage Finance II
PLC, to 5.47% for Grifonas Finance No. 1 Plc, and to 2.06% for
KION Mortgage Finance Plc. In its calculations of these expected
loss assumptions, Moody's has taken into consideration the amount
of repurchased loans in Estia Mortgage Finance II PLC and KION
Mortgage Finance Plc, resulting in lower expected losses than
typical life-time losses which would have been experienced
without repurchases, especially in KION Mortgage Finance Plc.
In previous actions, Moody's noted that a MILAN CE that would
generate the desired loss distribution could not be established
given the low level of the Greek country ceilings, and the
relatively high level of expected losses.
Moody's has now reassessed the MILAN CE, and a loss distribution
has now been established given a higher level of Greek country
ceilings, and therefore a cash flow analysis has been carried out
to determine the Notes ratings.
Moody's updated the MILAN CE driven by the Minimum Expected Loss
Multiple EL, a floor defined in Moody's updated methodology for
rating EMEA RMBS transactions. Moody's updated the MILAN CE to
35% for Estia Mortgage Finance II PLC, to 25% for Grifonas
Finance No. 1 Plc, and to 30% for KION Mortgage Finance Plc.
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
these 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 and (4) a decrease in sovereign risk.
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.
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I T A L Y
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SALINI IMPREGILO: S&P Lowers ICR to 'BB', Outlook Stable
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S&P Global Ratings lowered its long-term issuer credit rating on
Italian construction company Salini Impregilo to 'BB' from 'BB+'.
The outlook is stable.
S&P said, "At the same time, we lowered to 'BB' from 'BB+' our
long-term issue rating on Salini Impregilo's EUR283 million
senior unsecured notes maturing in 2018, EUR600 million senior
unsecured notes maturing in 2021, and on EUR500 million senior
unsecured notes maturing in 2024. The recovery rating on the
notes remains '4', and we estimate recovery prospects at 45%.
"Additionally, we removed both ratings from CreditWatch where we
placed them with negative implications on March 21, 2018.
"The downgrade reflects our view that Salini Impregilo's adjusted
funds from operations (FFO) to debt will remain below 30% in
2018-2019, following a pronounced drop in 2017 as result of
reported sluggish operating cash flow generation and adverse
movement in foreign exchange (forex) rates that hurt its net
financial position."
In 2017, Salini Impregilo's working capital absorbed a sizable
EUR330 million of its cash flow, which we understand was mainly
because of fewer-than-expected advanced payments and an increase
in work in progress related to few large contracts in Africa and
the Middle East that were awarded in 2016-2017. Movements in
forex rates, mainly U.S. dollar depreciation against the euro,
also dented Salini Impregilo's cash flow, as about 70% of
revenues are denominated in currencies other than the euro. The
group reported a forex impact of EUR135 million on revenues and
EUR41 million on EBITDA. As result, the group's reported
operating cash flow generation in 2017 was nil, which compares
with a positive EUR256 million in 2016. The group's operating
cash flow in 2017 is even weaker when we adjust it for about
EUR175 million of trade receivable sold at end-2017. In addition,
Salini Impregilo's net financial position was weighed down
because its gross debt is denominated mostly in euro, while its
cash, most of which is located outside Europe, is mainly
denominated in other currencies, such as the U.S. dollar. This
resulted in S&P Global Ratings' adjusted FFO to debt of 24.4% in
2017, versus our previous expectation of 31%-32%.
S&P said, "In our view, FFO to debt should somewhat improve in
2018-2019, but it is unlikely that it will be comfortably above
30%. Instead, we believe that it will be in the 26%-28% range.
This is because we believe that working capital and capital
expenditures (capex) will likely continue to drain significant
cash flow generation in the period, though much less than in
2017, as result of still sustained revenue growth (see our base-
case scenario below for more details). This would leave not much
room for material debt reduction. Supporting our view, Salini
Impregilo revised downward its 2018-2019 financial targets and
now aims at a gross debt reduction of EUR200 million over the
same period."
On April 30, 2018, Salini Impregilo announced that it is
evaluating several investment opportunities in the U.S., together
with non-core asset divestments options, particularly for the
plants and paving business unit of U.S.-based construction
company Lane Industries. This may free up resources to fund the
growth of the core construction business in the U.S., while at
the same time allow the group to further reduce gross debt. S&P's
base-case scenario for the ratings does not incorporate these
potential developments, as it does not have sufficient details on
them at this stage.
S&P continues to believe that Salini Impregilo benefits from good
geographic diversity, generating about 23% of revenues in Europe,
26% in the U.S., 13% in Africa, and 26% in the Middle East, with
the remaining share stemming from Australia and Latin America.
The company's focus on infrastructure--water, road, rails, and
civil construction--creates growth potential, in S&P's view. In
emerging markets, the company enjoys increasing urbanization and
the growing economic weight of the middle class, while it
benefits from the need to replace aging facilities in its mature
markets.
The group had a solid order backlog of EUR34 billion as of end-
2017, with a ratio of backlog to revenues in excess of 5.6x. We
believe a large part of revenue growth in coming years will come
from the U.S., where Salini Impregilo's market position has
strengthened significantly thanks to the acquisition of Lane
Industries in January 2016. About 40% of new orders in 2017 were
generated in the U.S. S&P said, "We view this market as one of
the most promising, given its pronounced needs for infrastructure
renovation. We expect the company's U.S. units to contribute
approximately 30% of revenues in 2018-2019."
S&P said, "Nevertheless, although we acknowledge that contracts
in Africa often display attractive profitability, we think that
Salini Impregilo's marked exposure to emerging markets overall
poses risks related to severe operating setbacks and adverse
trends in working capital. Furthermore, Salini Impregilo's
project concentration is higher than most rated peers. Based on
2017 data, its 10-largest projects represented about 47% of total
revenues, mainly concentrated in emerging markets. Lastly, Salini
Impregilo remains smaller than higher-rated European companies,
such as Strabag SE, Hochtief AG, and the ACS Group.
"The stable outlook reflects our view that the company's adjusted
FFO to debt should modestly recover in 2018-2019 to the 26%-28%
range. The company's solid order backlog provides very high
visibility on revenues and EBITDA in 2018-2019, reducing risk. We
expect that Salini Impregilo's adjusted EBITDA margin will remain
around 10% through 2019, and that it will maintain a moderate
dividend distribution policy, with a pay-out ratio not exceeding
40%.
"An upgrade of Salini Impregilo would rely on FFO to debt
comfortably above 30%, which is far from the levels we forecast
in 2018-2019 in our base-case scenario. Further out, however, we
might consider raising the ratings if the company's continued
strong backlog and favorable economic conditions translated into
higher-than-anticipated earnings and debt reduction. An upgrade
would also depend on whether Salini Impregilo successfully
manages its working capital needs, such that FOCF becomes
sustainably and meaningfully positive, and whether Salini
Impregilo significantly reduces its current litigation and
dispute risks.
"Under our current base-case scenario, we do not incorporate any
change in the company financial risk profile as a result of
Salini Impregilo's announcement on April 30, 2018, that it is
evaluating several investment and disposal opportunities in the
U.S., because we do not have sufficient details on it at this
stage. However, in the event this translated into significant
debt reduction and FFO to debt improved comfortably above 30%, it
could lead to a positive rating action.
"We could consider a negative rating action if Salini Impregilo's
adjusted FFO to debt declines to below 20% without short-term
prospects of recovery. This would most likely happen if the
company suffered further severe operating setback or adverse
trend in working capital, particularly given its exposure to some
high-risk countries and some large contracts, including countries
in the Middle East. Significant cash disbursement due to adverse
outcome of client disputes would also likely put pressure on the
ratings.
"We understand that Salini Impregilo is not planning to pursue
further debt-funded acquisitions in the next few years, and
believe that any such activity may put pressure on the ratings.
We may also lower our ratings if the company's liquidity position
deteriorates, although we see this as unlikely."
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N E T H E R L A N D S
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CADOGAN VII CLO: Fitch Rates Class F Notes 'B-(EXP)sf'
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Fitch Ratings has assigned Cadogan Square VII CLO B.V notes
expected ratings, as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Class M: not rated (EXP)
Cadogan Square VII CLO B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes will be used to
redeem the old notes, with a new identified portfolio comprising
the existing portfolio, as modified by sales and purchases
conducted by the manager. The portfolio is actively managed by
Credit Suisse Asset management Limited. The CLO envisages an
approximately 4.25-year reinvestment period and an 8.5-year
weighted average life (WAL).
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.
KEY RATING DRIVERS
'B' Portfolio Credit Quality: Fitch considers the average credit
quality of obligors to be in the 'B' range. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 33.2
versus a maximum covenant for assigning expected ratings of 34.
High Recovery Expectations: At least 96% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-
lien, unsecured and mezzanine assets. The Fitch-weighted average
recovery rate (WARR) of the current portfolio is 63.4% versus a
minimum covenant for assigning expected ratings of 63.2%
Interest Rate Exposure: Up to 12.5% of the portfolio can be
invested in fixed-rate assets, while fixed-rate liabilities
represent 4.4% of the target par. Fitch modelled both 0% and
12.5% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.
Diversified Asset Portfolio: The covenanted maximum exposure to
the top 10 obligors for assigning the expected ratings is 20% of
the portfolio balance. This covenant ensures that the asset
portfolio is not exposed to excessive obligor concentration.
Limited FX Risk: The transaction is allowed to invest up to 20%
of the portfolio in non-euro-denominated assets, provided these
are hedged with perfect asset swaps within six months of
purchase. Unhedged and principal hedged obligations are limited
at 4% and subject to principal haircuts. Unhedged and principal
hedged obligations can only be purchased if the transaction is
above the reinvestment target par.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to four notches for the rated notes.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority-registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
DRYDEN CLO 2017: Fitch Assigns 'BB(EXP)sf' Rating to Class E Debt
-----------------------------------------------------------------
Fitch Ratings has assigned Dryden 62 Euro CLO 2017 B.V. expected
ratings, as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA(EXP)sf'; Outlook Stable
Class B-2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
Dryden 62 Euro CLO 2017 B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by PGIM Limited. The CLO envisages a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).
The WAL test can be increased by nine months on any date on or
after the end of the non-call period if certain conditions are
met or at any time subject to rating agency confirmation from
Fitch.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch considers the average credit quality of obligors to be in
the 'B' range. The Fitch-weighted average rating factor of the
identified portfolio is 31.8.
High Recovery Expectations
At least 92.5% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 60.0%.
Interest Rate Exposure
Fixed-rate liabilities represent 9.25% of the target par, while
fixed-rate assets can represent up to 20% of the portfolio, with
a minimum at 10%. The transaction is therefore partially hedged
against rising interest rates.
Diversified Asset Portfolio
The transaction will feature different Fitch test matrices with
different allowances for exposure to the 10 largest obligors
(maximum 18% and 27.5%). The manager can then interpolate between
these matrices. The transaction also includes limits on maximum
industry exposure based on Fitch industry definitions. The
maximum exposure to the three-largest Fitch industries in the
portfolio is covenanted at 40%.
Limited FX Risk
The transaction is allowed to invest up to 30% of the portfolio
in non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase. Unhedged non-
euro assets must not exceed 2.5% of the portfolio at any time.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to five notches for the rated notes.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other
Nationally Recognised Statistical Rating Organisations and/or
European Securities and Markets Authority registered rating
agencies. Fitch has relied on the practices of the relevant
groups within Fitch and/or other rating agencies to assess the
asset portfolio information.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
SOURCES OF INFORMATION
The information was used in the analysis.
- Loan-by-loan data provided by Barclays Bank PLC as at
April 25, 2018
- Draft offering circular provided by Barclays Bank PLC as at
April 27, 2018
OCI NV: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to OCI N.V., a Netherlands-based producer of nitrogen
fertilizers and industrial chemicals. The outlook is stable.
S&P said, "At the same time, we assigned our 'BB-' issue rating
to OCI's $1.15 billion-equivalent euro- and U.S. dollar-
denominated senior secured notes with five-year maturity. The
recovery rating on the notes is '4', reflecting our expectation
of 30%-50% recovery (rounded estimate: 40%) in the event of a
payment default."
The final ratings are in line with the preliminary ratings S&P
assigned on April 10, 2018.
The rating reflects OCI's very steep deleveraging trend, with
funds from operations (FFO) to debt strengthening to around 20%
in 2018-2019, despite the very high leverage OCI reported on Dec.
31, 2017, translating into S&P Global Ratings-adjusted debt to
EBITDA of nearly 9.0x and FFO to debt of 5.5%. The elevated
leverage in 2017 was due to bottom-of-the-cycle conditions in the
nitrogen fertilizer market and extensive capital spending (capex)
programs that are now coming to an end.
S&P said, "From 2018, we expect OCI will show substantially
improved credit metrics, driven by increased volumes and higher
capacity utilization across new and existing assets in a
recovering market environment for both fertilizers and methanol.
We anticipate the company's adjusted EBITDA in 2018 will be
around $1.1 billion, up from $525 million in 2017. The completion
of large capex programs will lead to materially reduced capex and
strong free cash flow generation, which we anticipate OCI will
use for deleveraging."
The ongoing strengthening in EBITDA and cash flow is also due to
large cash dividends to be received from Natgasoline, a joint-
venture (JV) owned 50% by OCI. S&P said, "We anticipate
significant cash to be upstreamed from Natgasoline in 2018
following a planned dividend recapitalization and reduction to a
normalized level of $80 million-$90 million in 2019. As a result,
we expect adjusted debt to EBITDA will more than halve to below
4.0x in 2018 and further improve to around 3.5x in 2019. We view
OCI's financial risk profile as aggressive."
OCI is a global producer and distributor of nitrogen-based
fertilizers and commodity chemicals, primarily methanol. The
product portfolio comprises ammonia, urea, calcium-ammonium
nitrate, urea-ammonium nitrate, methanol, melamine, and diesel
exhaust fluid. The group generated $2.25 billion of sales and
reported EBITDA of $479.2 million in 2017. In April 2018, OCI
issued $1.15 billion new senior secured notes due 2023 (including
EUR400 million euro notes and $650 million dollar notes) at the
holding company level (OCI N.V.). Concurrently, OCI refinanced
its existing $660 million credit facility into new $1.1 billion
senior secured credit facilities (not rated) including a four-
year $400 million term loan A (denominated in euro) and a $700
million multi-currency revolving credit facility (RCF).
OCI enjoys a favorable position on the global cost curve in both
nitrogen fertilizers and methanol, thanks to its access to low-
cost natural gas feedstock in the U.S. and very competitive long-
term gas supply agreements in North Africa. As a result, OCI's
EBITDA margin has been above the industry average and higher than
that of European peers like Yara and EuroChem. S&P expects
margins to improve materially in the next two years, driven by
higher plant efficiency following the ramp-up of existing and new
assets with strong margins, such as nitrogen fertilizer plants
IFCo in the U.S. and Sorfert in Algeria.
OCI has invested more than $5 billion in acquisitions (BioMCN, a
methanol producer in the Netherlands), large-scale green-field
projects (IFCo in the U.S.; Natgasoline, a methanol production
facility in the U.S.), and continued operational improvements
since 2010. As a result, total production capacity will increase
by over 50% from 2016 levels to a run-rate of 13.4 million metric
tons per year in 2019 (including 50% capacity of Natgasoline).
The transformative capex projects are now nearing completion,
which will lead to a considerable increase in production volume
and very low maintenance capex.
All of OCI's plants are strategically located near end markets
with good logistical infrastructure and easy access to natural
gas supply. IFCo is located in the center of the Midwest Corn
Belt, with the highest demand for nitrogen fertilizer products in
the U.S. Natgasoline and OCI Beaumont are located on the Texas
Gulf Coast with easy access to domestic U.S. demand and
international markets, including Europe and Asia. The North
African assets focus on exports to European markets and benefit
from freight advantages to Europe, thanks to proximity and import
duty exemptions.
In addition, OCI holds strong market positions, though in a very
fragmented market. The company is globally the No.4 producer of
nitrogen fertilizer and the No.5 methanol producer by capacity.
A rating constraint is OCI's relatively modest size in the global
nitrogen fertilizer market. With revenues of $2.25 billion in
2017, OCI is smaller than industry peers like Yara, CF
Industries, and EuroChem in nitrogen fertilizer production, and
smaller than Methanex, CEL, Zagros, and SABIC in methanol
production.
Moreover, OCI has significant concentration in terms of both
geography and manufacturing footprint. With 53% of group revenues
in 2017 generated in Europe and 28% in North America, OCI is
highly concentrated in developed markets. There is also certain
concentration in OCI's asset base because a significant share of
assets is located in countries we classify as high risk. For
example, based on the 2019 run-rate capacity, 33% of production
assets are located in Egypt and Algeria. Excluding the 50% JV,
Natgasoline, the share of North Africa production capacity is
even higher at 35%.
S&P takes into consideration the large scale of OCI's production
facilities, the history of significant delays for the more
technologically complex structures, and cost overruns in carrying
out some green-field projects. While the construction of
Natgasoline was completed in April 2018 and the refurbishment at
BioMCN is expected to finish in the last quarter of 2018, the
pace of ramping up volumes at IFCo and Natgasoline and
maintaining high utilization across other assets is not fully
assured.
OCI's financial policy is focused on deleveraging. This is
illustrated by the company's clearly defined aim to use its free
operating cash flow to reduce reported gross debt so as to reach
the policy target of reported net debt to EBITDA of about 2.0x.
S&P expects no dividend payout until the net leverage target has
been achieved.
S&P said, "The stable outlook reflects our view that OCI will
show a substantial strengthening in operating performance and a
steep deleveraging in 2018. We anticipate that this will follow
the ramp-up of volumes and higher capacity utilization across new
and existing assets in the recovering market environment for both
fertilizers and methanol, along with the large cash dividend
anticipated from Natgasoline. The completion of large capex
programs will lead to materially reduced capex and continuous
strong free cash flow generation, which we expect OCI will use
for deleveraging. The stable outlook also factors in our
expectation that the company's FFO-to-debt ratio will approach
20% in 2018 and exceed 20% in 2019.
"We could raise the rating if the expected improvement in
operating performance, driven by successful completion of current
expansion projects and volume ramp-up, were to materialize in the
next 12-18 months, such that the adjusted FFO to debt was
consistently and sustainably above 20%. In such a case, the
company would also demonstrate sustained generation of
significant free cash flow over a cycle and a financial policy in
line with a higher rating.
"We could lower the rating if the improvement in operating
performance and the subsequent deleveraging were below our
expectations, such that adjusted FFO to debt remained below 20%.
This could follow weaker-than-expected market conditions, slower
ramp-up of production volumes, and lower plant efficiency because
of unexpected operational issues. In addition, negative free cash
flow, insufficient headroom under financial covenants, or a less
supportive financial policy than we expected would also result in
downward pressure on the rating."
SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive on
the Netherlands-based Samvardhana Motherson Automotive Systems
Group B.V. (SMRP). At the same time, S&P affirmed its 'BB+' long-
term issuer credit rating on SMRP.
S&P said, "We also affirmed our 'BB+' issue rating on SMRP's
EUR100 million senior secured notes, EUR300 million senior
secured notes, and US$400 million senior secured notes. We have
revised up the recovery rating on these instruments to '3' from
'4', now indicating our expectation of average recovery (50%-70%;
rounded estimate: 60%) in the event of a payment default.
"The outlook revision reflects our view of slower-than-expected
deleveraging at SMRP's parent company Motherson Sumi Systems
(MSSL). We believe the group's latest debt-financed acquisition
of Reydel Automotive France SAS for US$201 million, the slower-
than-expected ramp-up of new facilities, and a significant
appreciation in euro vis-a-vis Indian rupees will hamper
deleveraging at the group level. We expect the group's funds from
operations (FFO)-to-debt ratio to have strengthened to only 35%
in fiscal 2018 (ended March 31) -- versus our previous
expectation of above 40% -- from about 30% in fiscal 2017. These
factors diminish the possibility of strengthening the group
credit profile (GCP)."
The addition of Reydel, a global player in automotive instrument
and door panels, will strengthen SMRP's business risk profile
since the acquired company adds about 15% of revenues (about
EUR850 million). The acquisition will also reduce the company's
customer concentration on the Volkswagen group -- which will
represent about 40% of revenues versus from 48% previously -- as
Reydel adds new clients like Renault and PSA.
S&P said, "We believe that both SMRP and MSSL could continue to
grow faster than the industry on the back of a prudent mix of
organic and inorganic opportunities, but we assume the bulk of
its growth will come from debt-funded acquisitions like the
Reydel deal. We believe that both companies have good track
records of conservatively managing acquisitions and leverage. The
group's guidance of net debt leverage tolerance of 2.5x leads us
to think that it would not engage in sizable acquisitions that
could threaten its existing financial position. However, although
this cautious growth approach adds scale and diversity to the
company's business position, it prevents deleveraging sufficient
to strengthen the overall financial risk profile, in our view.
"Our estimates for fiscal 2019 and thereafter are based on a pro-
forma consolidation of Reydel's acquisition from the start of
fiscal 2019, although the company has guided the acquisition to
be effective as of the second quarter of fiscal 2019.
"Our base-case assumptions do not include potential acquisitions,
as these are opportunistic in nature and difficult to predict.
However, any transformational acquisition remains a risk to our
leverage estimates. We believe the company is committed to its
stated financial policies and debt tolerances. As such, the risk
of higher-than-expected leverage remains low."
With a 51% stake, MSSL is SMRP's main shareholder. Samvardhana
Motherson International Ltd. (not rated) holds the remaining 49%.
S&P said, "We classify SMRP as a core entity of the MSSL group.
We base this assessment on our view that SMRP is unlikely to be
sold, has MSSL's long-term commitment, constitutes a material
proportion of the consolidated MSSL group (70% of sales and 60%
of EBITDA), and shares a brand with the main group. That said,
the rating on SMRP is equal to our 'bb+' GCP, which is one notch
higher than our assessment of SMRP's stand-alone credit profile
(SACP) due to our understanding of better operational performance
and lower leverage at the parent level."
S&P said, "The stable outlook on SMRP reflects our view that the
company's operating performance will remain resilient over the
coming years, with stable operating profitability. We align our
view of SMRP's creditworthiness with that on MSSL, factoring in
our view of additional parental support. We expect MSSL will
continue its growth strategy while maintaining stable credit
metrics, with FFO to debt of about 35%-45% over the next 12-18
months.
"We could upgrade SMRP if MSSL improves its financial metrics,
such that FFO to debt exceeds 45% on a sustainable basis, and the
company commits to a more conservative financial policy, keeping
debt to EBITDA below 2x. This scenario will most likely occur in
the absence of any significant debt-funded acquisition.
"A weakening of SMRP's credit metrics may not lead us to lower
the rating, provided such declines are offset by the resilient
performance of MSSL's other activities. We could lower our
ratings, however, if MSSL's ratio of FFO to debt unexpectedly
declines below 30%. Such a situation could materialize if large
debt-fueled acquisitions indicate a deviation in the company's
debt tolerance or if the operating performance deteriorates,
probably due to the loss of a key customer.
"Rating pressure might also arise if we were to reassess SMRP's
core status within the MSSL group. This could occur, for example,
if MSSL sold some of its shares in SMRP, ultimately resulting in
MSSL no longer having a controlling stake in the company. Any
loss of substantial business from Volkswagen, on which SMRP
relies heavily, could have pronounced repercussions for SMRP if
not compensated by additional business from other automakers."
===========
N O R W A Y
===========
PETROLEUM GEO-SVCS: S&P Alters Outlook to Pos. & Affirms CCC+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Norwegian seismic group
Petroleum Geo-Services ASA (PGS) to positive from stable and
affirmed the long-term issuer credit rating at 'CCC+'.
S&P said, "At the same time, we affirmed our 'CCC+' issue rating
on PGS' US$400 million seven-year term loan. The '3' recovery
rating on this facility indicates our expectation of meaningful
(50%-70%) recovery (rounded estimate: 65%) in the event of a
payment default.
"The outlook revision reflects the early signs of recovery in the
seismic industry seen in the last few months, which has led to
better results for PGS than we expected in the last quarter of
2017 and in the first quarter of 2018. In our view, if the trend
continues in the next quarters, PGS will be able to generate
positive free operating cash flow (FOCF) of about $60 million in
2018, which would support a gradual deleveraging and a
transformation of the capital structure into a more sustainable
one. That said, the seismic industry continues to be volatile. At
this stage, we have limited visibility on PGS' performance in the
second half of the year, and the positive early signs could turn
out to be a false indication, if the major oil exploration
companies continue to tighten their exploration budgets.
"At the same time, we continue to see PGS' capital structure as
unsustainable, with adjusted debt of $1.6 billion as of March 31,
2018 (consisting of a reported gross debt of $1.2 billion and
operating leases of $0.3 billion), underlying the current 'CCC+'
rating. In our view, the absolute debt level, the volatile
EBITDA, and the limited FOCF point to the volatility of PGS'
credit metrics in the short term. For example, under our base
case, we project S&P Global Ratings' adjusted debt to EBITDA of
5.5x in 2018, versus more than 10.0x in 2017."
In the first quarter of 2018, PGS reported sales of $198 million
and EBITDA of $92 million (equivalent to an adjusted EBITDA of
about $37 million), compared with sales of $155 million and
EBITDA of $30 million in the first quarter of 2017. The
supportive results come after a trough year for the seismic
industry. The improvement owes mostly to the good performance of
the MultiClient segment. The second driver is the company's $100
million costcutting program.
S&P said, "In our view, the seismic subsector is one of the most
vulnerable in the oilfield services industry. When exploration
and production (E&P) companies revise their exploration budgets,
seismic companies have only a short lead time before this change
affects their results. Consequently, the 2017 financial results
for seismic companies still reflect E&P companies' small appetite
for spending cash on exploration.
"Under our Brent oil price assumption of $65 per barrel (/bbl)
for the rest of 2018, we do not project a material pick-up in the
exploration budget, meaning that 2018 will also be tough for
seismic data providers, but better than in 2017.
"That said, we consider current global capital expenditures
(capex) to be substantially below the levels needed to sustain
global oil production, which may support higher oil prices in the
future. In turn, this would provide some incentive for E&P
companies to spend more cash on exploration, reviving the demand
for PGS' services. WesternGeco, Schlumberger's seismic division,
recently announced that it would exit the seismic market, which
we view as positive for the two leading players: CGG and PGS.
"Under our base-case scenario, we project that PGS's adjusted
EBITDA will be $180 million-$220 million (equivalent to a
reported EBITDA of $480 million-$520 million when adding back the
spending on MultiClient and excluding the restructuring costs).
We assume that EBITDA could further improve by another $20
million-$50 million. In comparison, adjusted EBITDA stood at $155
million in 2017."
The following assumptions underpin our base-case scenario:
-- An average Brent oil price of $65/bbl in the rest of 2018,
declining to $60/bbl in 2019. Based on those working
assumptions, S&P does not expect a material change in E&P
companies' exploration budgets. The current Brent price is
$72/bbl.
-- Moderately increasing revenues in 2018 of about $850 million,
with some upside in 2019.
-- S&P's estimate of cash costs of about $650 million in 2018,
including restructuring costs (with further benefits to
materialize in 2019). Recently, the company guided for a
total cash cost of $600 million in 2018 (excluding the
restructuring costs of about $40 million, revised from $575
million).
-- Capex of about $60 million in 2018, down from $150 million in
2017 after the completion of spending on a new vessel. In
addition, PGS will continue to invest substantial amounts in
building its MultiClient library of seismic data. That said,
S&P assumes that the company will continue to benefit from
prefunding to cover its investments in new seismic data.
-- Moderate working capital outflows in 2018-2019, supporting
modest recovery in the activity.
-- No dividend payments.
Based on these assumptions, we arrive at the following credit
measures:
-- Adjusted debt to EBITDA around 5.5x in 2018, with further
improvement in 2019.
-- Positive FOCF of about $50 million in each one of the coming
years.
S&P said, "In our view, PGS' credit metrics and FOCF could change
somewhat as a result of the company's spending on the MultiClient
business. In this respect, we do not rule out a scenario in which
an industry uptick would nevertheless not fuel an increase in
FOCF, if PGS increases spending on MultiClient business.
"Our assessment of PGS' weak business risk profile is underpinned
by the lack of operational diversity, with heavy reliance on oil
and gas E&P companies' investments, which tend to be highly
cyclical. In addition, building a quality data library is risky
by nature, requiring ongoing heavy investment, not always with
contracts in place to support the investments. These risks are
partially mitigated by PGS' important global position within the
consolidated marine sector, which is supported by its relatively
competitive fleet."
The positive outlook on PGS reflects a potential positive rating
action in the coming six to 12 months if industry conditions
improve further, translating into improved credit metrics,
positive FOCF, and the company's ability to address its
maturities due in 2020.
S&P said, "Under our base-case scenario, we project adjusted debt
to EBITDA at around 5.5x in 2018, which corresponds with a higher
rating. That said, given the volatile nature of the seismic
industry, an upgrade would also hinge on actual results in the
coming quarters.
"We may raise the rating if we assess the company's capital
structure as sustainable, together with its liquidity remaining
adequate. Such a rating action would need to be supported by
further recovery in the market and successful execution of the
recently completed cost-cutting program. We would need to see
adjusted debt to EBITDA trending below 6x, together with positive
FOCF supporting a reduction in the absolute debt level.
"While we view PGS' current liquidity as adequate, an upgrade
would also be linked to the company's ability to refinance its
large maturities in 2020.
"We could revise the outlook to stable or negative, or lower the
rating, if the company's liquidity deteriorated, such that we
deemed a default likely within 12 months. In our view, such a
scenario could materialized if the current early signs of
improvement in the market prove short lived." Other scenarios
could include:
-- The order intake falls below the trough level seen in 2017;
-- S&P does not see a contribution from the cost-cutting
program; or
-- PGS intends to embark on another distressed exchange offer.
===========
R U S S I A
===========
RN BANK: S&P Affirms BB+/B Issuer Credit Ratings, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'BB+/B' long-term
and short-term issuer credit ratings on Russia-based RN Bank JSC.
The outlook is stable.
S&P said, "The affirmation reflects our opinion that RN Bank
continues to demonstrate sound operating performance and remains
a strategically important subsidiary of both RCI Banque
(BBB/Stable/A-2) and Nissan Motor Co. (A/Stable/A-1).
RN Bank's stand-alone credit profile (SACP) is 'b+'. This
assessment balances the risks related to the bank's business
concentration in the niche car financing segment in Russia with
solid underwriting procedures that have so far allowed it to
maintain good loan portfolio quality and ongoing financial and
managerial support from shareholders.
"We assess RN Bank's business position as weak, reflecting its
highly concentrated business focus on car financing linked with
two producers, Renault and Nissan. This makes it dependent on the
parent businesses' growth dynamics in Russia and their ongoing
support. We also note that RN Bank is smaller than global peers.
With total assets of Russian ruble (RUB) 81 billion (about US$1.4
billion) as of April 1, 2018, under Russian accounting standards
RN Bank ranked No. 72 among Russian banks. At the same time, the
recent acquisition of Avtovaz by Renault could support the bank's
business future growth as Lada cars produced by Avtovaz are
currently among the best selling vehicles in Russia.
"We think that RN Bank's capital and earnings are strong,
supported by the solid earnings generation capacity and announced
capital increase of RUB3 billion planned in the third quarter of
2018. We understand that shareholders will participate in capital
increase pro rata with their current stakes in RN Bank--RCI
Banque (30%), Nissan Motor Co. (30%), and UniCredit AO (40%). We
anticipate the bank's risk-adjusted capital ratio will be close
to 13% in the next 12-18 months, assuming annual loan portfolio
growth of 12%, credit costs around 1.2%-1.4% of total loans,
absence of dividends in 2018, and a dividend payout close to one-
third of the annual profit in 2019, under our estimate.
"Our assessment of RN Bank's risk position as adequate takes into
account the high sector concentration in the loan portfolio. This
is mitigated by the better-than-sector-average quality of its
assets and prudent risk management compared with other consumer
finance banks in Russia. We expect the level of RN Bank's
nonperforming loans (NPLs, more than 90 days overdue) will remain
in the range of 1.0%-1.3% of total loans in the next 12-18
months.
"We assess RN Bank's funding as average, supported by continued
funding support from shareholders. Although the bank's stable
funding ratio (SFR) at around 63% at the end of 2017 is below
average for Russian banks (above 100% on the same date), this is
mitigated by two factors: (i) low SFR is a result of a
significant amount of funding support--accounting for more than
half of total funding as of end-2017--provided from shareholders,
RCI Banque, UniCredit Bank AO, and Nissan Motor Co., which is
reported as short-term funding while in fact we expect this
funding from committed shareholders to be rolled-over regularly
and to remain a stable funding source for RN Bank over the next
few years; and (ii) we expect the overall funding base of RN Bank
to be very stable, as demonstrated by the track record over the
past years.
"We consider RN Bank's liquidity to be adequate, given the bank's
access to ample liquidity lines from the parents. The bank's
liquid assets accounted for 8.3% of total assets on April 1,
2018.
"We see RN Bank's group status toward RCI Banque and Nissan Motor
Co. as strategically important because RN Bank functions as a
financing vehicle supporting the sales of Renault-Nissan-
Mitsubishi Alliance production in Russia and thus underpinning
customer loyalty to these brands. Russia is one of the largest
markets for Renault-Nissan-Mitsubishi Alliance globally and both
shareholders have invested material resources to develop
production facilities in Russia in recent years. For this reason,
we consider that RCI Banque and Nissan Motor Co. would have
strong incentives to continue supporting RN Bank in its normal
operations and provide extraordinary support in the case of
stress.
"Although the share of funding from the parent companies
decreased to 52% of total funding as of end-2017 from 83% a year
ago, we believe that this was driven by purely commercial reasons
and we consider shareholders to remain committed to provide
financial support to the bank. In addition, RN Bank successfully
placed two bond issues in 2017 in the total amount of RUB10
billion, which reduced its total cost of funds.
"The stable outlook reflects our view that RN Bank's
creditworthiness will likely remain at the current level over the
next 12-18 months. We believe that the bank will continue
benefiting from the ongoing support of shareholders that provide
it with financial resources and managerial expertise. We expect
the bank's capitalization to remain strong, supported by the
sound earnings generating capacity and good quality of its loan
portfolio with credit costs staying at about 1.2%-1.4% of total
loans, which is below average for the Russian banking sector.
"We could downgrade RN Bank if we saw a diminished commitment
from RCI Banque or Nissan Motor Co. to provide support in terms
of capital or funding. We could also take this action if the
bank's strategy for the Russian market changed in such a way that
we considered that the bank's group status toward one or both
shareholders had weakened and our expectations for shareholder
support diminished.
"We would also consider lowering our ratings on RN Bank if its
SACP deteriorated due to weakening capital levels, with our risk-
adjusted capital ratio falling below 10%, or if we observed the
bank's increasing risk appetite, leading to material asset
quality deterioration. In addition, we could lower the ratings if
we considered, contrary to our current expectations, that its
funding profile had deteriorated or its liquidity management had
substantially weakened.
"We could upgrade RN Bank if we considered that its market
standing and business position had improved, demonstrated by a
strong track record of sustainable good operating results through
the macroeconomic cycle. We consider such an improvement unlikely
within the forecast horizon, but possible in the longer term."
=========
S P A I N
=========
CAMPOFRIO FOOD: Moody's Withdraws Ba2 CFR & Ba2-PD PDR
------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating and Ba2-PD probability of default rating of Campofrio Food
Group, S.A. Moody's rating action follows the full repayment of
Campofrio's rated debt on April 6, 2018, funded with the proceeds
from an intercompany loan provided by its parent company.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons given that the notes previously rated have been repaid.
COMPANY PROFILE
Headquartered in Madrid, Campofrio is the largest producer of
processed meat products in Europe. The company is 100% owned by
Sigma Alimentos Espa§a, S.L., a subsidiary of Sigma Alimentos
S.A. de C.V. (Sigma, Baa3 stable), a subsidiary of Alfa, S.A.B.
de C.V. (Alfa, Baa3 stable).
LIST OF AFFECTED RATINGS
Withdrawals:
Issuer: Campofrio Food Group, S.A.
LT Corporate Family Rating, Withdrawn , previously rated Ba2
Probability of Default Rating, Withdrawn , previously rated Ba2-
PD
Outlook Actions:
Issuer: Campofrio Food Group, S.A.
Outlook, Changed To Rating Withdrawn From Positive
===========
S W E D E N
===========
EVERGOOD 4 APS: S&P Assigns 'B' Rating on Leveraged Buyout
----------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to Evergood 4 Aps, the new parent company of
leading Nordic payment service provider Nets A/S. The outlook is
stable.
S&P said, "We also assigned our 'B' issue rating to the group's
first-lien term loan and revolving credit facility (RCF). The
recovery rating is '3', indicating our expectation of meaningful
(rounded estimate: 50%) recovery prospects for creditors in the
event of a payment default.
"The ratings are in line with the preliminary ratings we assigned
on Nov. 20, 2017.
"In addition, we affirmed our 'B' long-term issuer credit rating
on Nets A/S and its subsidiary Nassa TopCo. The outlook on both
entities is stable.
"At the same time, we raised our issue rating on Nassa Topco's
outstanding EUR220 million unsecured notes to 'BB-' from 'B+'. We
also revised upward the recovery rating to '1' from '2',
reflecting our expectation of almost full recovery (rounded
estimate: 95%) in the event of default."
The rating action follows Evergood's completion -- through
financial sponsors Hellman & Friedman -- of the leveraged buyout
of Nets A/S. It did so through the issuance of EUR1,940 million
equivalent of first-lien term loans, EUR590 million equivalent of
second-lien term loans, and EUR2,765 million equivalent of equity
capital. The first-lien term loan is EUR220 million less than it
was in the initially proposed capital structure. This is because
EUR220 million of the EUR400 million outstanding notes issued by
Nassa Topco have been incorporated into the capital structure and
have not been redeemed.
S&P said, "The rating reflects our forecast that Nets will
continue to post very high adjusted gross debt to EBITDA
(leverage) of more than 8x at year-end 2018. We also expect its
interest burden to increase significantly, leading to interest
coverage of about 2.5x. The rating also reflects the company's
financial sponsor ownership, which we believe will result in a
continued aggressive balance-sheet position." These constraints
are partly balanced by Nets' leading position as a Nordic payment
service provider, with a strong presence across the payment value
chain, especially in Denmark and Norway; improving EBITDA margin;
and solid medium-term growth prospects.
The underlying credit factors for the group are in line those
discussed in the previously published report "Evergood 4 ApS
Assigned Preliminary 'B' Rating; Outlook Stable; Proposed Debt
Rated 'B'."
S&P said, "Our ratings on Nets are in line with those on
Evergood, reflecting our assessment of Nets as a core subsidiary
of the group that essentially represents all the group's
operations.
"The stable outlook reflects our expectation that Nets will
continue increasing its revenues, maintain an adjusted EBITDA
margin above 20% and adequate liquidity, and generate significant
positive FOCF in 2018, excluding changes in working capital from
clearing activities.
"We could raise the rating if revenues and margins improve more
quickly than we're forecasting, resulting in EBITDA interest
coverage sustainably above 3.0x, FOCF to debt sustainably above
5%, and leverage declining to about 7x.
"We could lower the rating if revenues or EBITDA declined
substantially, for instance because of competitive pressure. We
could also consider a downgrade if FOCF approached breakeven
(excluding working-capital changes related to clearing
activities) or if we revised our assessment of the group's
liquidity downward to less than adequate."
===========
T U R K E Y
===========
TURK TELEKOM: S&P Lowers ICRs to 'BB+/B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its long- and short-term issuer credit
ratings on Turkish telecommunications operator Turk Telekom to
'BB+/B' from 'BBB-/A-3'. The outlook is stable.
S&P said, "We also lowered our issue rating on Turk Telekom's
senior unsecured debt to 'BB+' from 'BBB-'. We assigned a '3'
recovery rating to the debt, reflecting our expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of default.
"The rating actions follow our downgrade of Turkey (see "Turkey
Ratings Lowered On Deteriorating External Performance and Higher
Inflation; Outlook Stable," published May 1, 2018, on
RatingsDirect).
"Because we limit our rating on Turk Telekom to two notches above
the sovereign foreign currency rating, the rating action on the
sovereign resulted in a lower rating on the company. In addition,
we cap the rating on Turk Telekom at the 'BB+' transfer and
convertibility (T&C) assessment on Turkey because Turk Telekom is
a nonexport company. Our T&C assessment reflects our view of the
likelihood of Turkey restricting access to foreign exchange
liquidity for Turkish companies.
"We continue to assess Turk Telekom's stand-alone credit profile
(SACP) at 'bbb-', which is three notches higher than the foreign
currency credit rating on Turkey. Our rating on Turk Telekom is
higher than the sovereign foreign currency rating because Turk
Telekom passes our hypothetical sovereign default stress test,
which, among other factors, assumes a 50% devaluation of the lira
against hard currencies and a 15%-20% decline in organic EBITDA.
Because of this, we currently assess that our rating on Turk
Telekom can exceed the sovereign rating by two notches. We
believe the company would pass the hypothetical sovereign
default, because we understand that management keeps 67% of its
cash in hard currencies as of March 31, 2018, and aims to keep
sufficient cash reserves to serve its next 12-months' debt
obligations. Therefore, in the hypothetical case of depreciation
of the lira, we think the appreciation of the cash balance would
offset the increase in unhedged short-term debt maturities and
capex.
"The SACP primarily reflects our view of Turk Telekom's strong
position in its domestic fixed line business (63% subscriber
market share in retail broadband; 82% subscriber market share in
wholesale broadband as of fourth-quarter 2017); improving
position, albeit at a slow pace, in mobile market (26% subscriber
market share as of fourth-quarter 2017); extensive network
infrastructure (87% LTE [long-term evolution] population
coverage); and strong profitability (our expectation of S&P
Global Ratings' adjusted EBITDA margin of 37%-38% in 2018 and
2019). Moreover, we expect that the company's debt to EBITDA will
improve to 1.6x-1.8x in 2018 and 2019 from 2.2x in 2017, on an
S&P Global Ratings' adjusted basis, and consider that the company
is improving its free cash flow generation, with reduced capital
expenditure (capex) requirements and dividends (no payments for
2017). We expect free operating cash flow (FOCF) to debt to be
between 15%-20% in 2018 and 2019, compared with 11.7% in 2017."
Somewhat offsetting this is Turk Telekom's exposure to high
country risks in Turkey, exposure to foreign exchange risk
(approximately 40% of debt was hedged against U.S. dollar and
euro as of first-quarter 2018).
"The stable outlook on Turk Telekom mirrors our stable outlook on
Turkey, and our expectation of continued solid operational
performance. Our current assessment of Turk Telekom's SACP
reflects our expectation that for 2018 and 2019 the company will
maintain revenue growth of above 10% and a leverage (debt-to-
EBITDA) ratio below 2.25x.
"In addition to a negative rating action on the sovereign, we
could also downgrade Turk Telekom if we lowered our T&C
assessment on Turkey, due to deterioration in Turkish
corporations' access to domestic and external liquidity, or if we
believed the business risk of operating in Turkey had materially
increased.
"We could upgrade Turk Telekom if we raise the sovereign rating
on Turkey and the T&C assessment."
TURKCELL: S&P Cuts Issuer Credit Rating to 'BB+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Turkcell Iletisim Hizmetleri A.S. (Turkcell) to
'BB+' from 'BBB-'. The outlook is stable.
S&P said, "We lowered the issue rating on Turkcell's senior
unsecured notes and senior unsecured debt to 'BB+' from 'BBB-'.
We assigned a '3' recovery rating to this debt, indicating our
expectation of meaningful (50%-70%) recovery (rounded estimate:
65%) for noteholders in the case of a default.
"We lowered the rating following our downgrade of Turkey.
"Our rating on Turkcell can be two notches above the sovereign
foreign currency rating. Therefore, the rating action on the
sovereign resulted in a lower rating on the company. In addition,
we cap the rating on Turkcell at our 'BB+' transfer and
convertibility (T&C) assessment on Turkey because Turkcell is a
nonexport company. Our T&C assessment reflects our view of the
likelihood that Turkey would restrict access to foreign exchange
liquidity for Turkish companies.
"Our rating on Turkcell is two notches higher than our
unsolicited sovereign foreign currency rating on Turkey, because
Turkcell passes our hypothetical sovereign default stress test,
which, among other factors, assumes a 50% devaluation of the
Turkish lira against hard currencies and a 15%-20% decline in
organic EBITDA. We currently assess that the rating on Turkcell
can exceed the sovereign rating by two notches. This is because
we understand that management keeps almost 80% of its cash in
hard currencies, and aims to keep sufficient cash reserves to
serve its next 12 months of debt obligations. Therefore, in the
hypothetical case of a depreciation of the lira, we think the
appreciation of the cash balance would offset the increase in
unhedged short-term debt maturities and capital expenditures.
"However, we continue to assess Turkcell's stand-alone credit
profile (SACP) at 'bbb', supported by our expectations of
gradually stronger credit ratios, with adjusted debt to EBITDA
between 1.4x and 1.6x and funds from operations to debt at about
50%-60% in 2018 and 2019. First-quarter 2018 results reinforced
our view of the company's solid operational performance through
its focus on a digitalized strategy, with its offering including
instant messaging, music, TV, and personal cloud services.
"Our 'bbb' assessment of Turkcell's SACP reflects our
anticipation that Turkcell will post annual revenue growth
exceeding 10%, stabilizing margins, lower required capital
investments, and, with the recent $500 million bond issuance,
improved liquidity. For more details about our base case for
Turkcell, please see our latest publication on Turkcell, "Telecom
And Technology Provider Turkcell 'BBB-' Rating Affirmed On Solid
Operating Performance; Outlook Remains Negative," published March
28, 2018, on RatingsDirect.
"The stable outlook on Turkcell reflects our stable outlook on
Turkey, and our expectation of continued solid operational
performance. Our SACP assessment is reflective of our expectation
of revenue growth above 10% and a leverage ratio below 2.0x in
2018 and 2019.
"If we took a negative rating action on the sovereign, we could
downgrade Turkcell. Given that we cap the rating at the level of
the T&C assessment, we would also lower our rating on Turkcell if
we revised down our T&C assessment on Turkey, for example due to
deterioration in Turkish corporations' access to domestic and
external liquidity, or if we believed the business risk of
operating in Turkey had materially increased.
"We could upgrade Turkcell if we took the same action on the
sovereign and revised up the T&C assessment."
===========================
U N I T E D K I N G D O M
===========================
BEAUFORT: PwC Can Use Customer Funds to Pay Insolvency Fees
-----------------------------------------------------------
Kate Beioley at The Financial Times reports that customers of
collapsed UK brokerage Beaufort Securities have voted in favor of
retaining PwC as administrator and accepted its proposals to use
up to GBP100 million of private investors' funds to pay
insolvency fees, following a fiery creditors' meeting on May 10.
PwC confirmed on May 11 that clients of the broker, which was
shut down by the UK regulator in March, had voted in favor of its
proposals, which include a worst-case scenario of spending GBP100
million to return cash and assets valued at GBP550 million to
customers, the FT relates.
PwC also confirmed a creditors' committee had been appointed to
oversee the insolvency process, the FT discloses. PwC said the
committee represented "the spectrum of client interests", the FT
notes.
PwC told clients on May 10 it had so far spent GBP6 million on
the administration and expected to spend about GBP20 million by
the end of September, the FT recounts.
But customers remain angry about the potential cost of the
insolvency, which will be taken from their accounts, according to
the FT.
PwC has argued that major discrepancies in Beaufort's accounts
and the "exotic" and illiquid nature of many customer investments
make the process more costly and complex, the FT relays.
CARPETRIGHT PLC: Takes Out Second Loan from Major Shareholder
-------------------------------------------------------------
Jonathan Eley at The Financial Times reports that struggling
floor coverings retailer Carpetright has been forced to take out
a second loan from a major shareholder to stay afloat, this time
on much more punitive terms, highlighting the challenges facing
chain stores that must try to boost sales while digesting higher
costs and coping with a downturn in consumer spending.
Carpetright, whose market value has shrunk to just GBP27 million
from a peak of GBP900 million in late 2006, said it obtained an
unsecured loan of GBP17.25 million -- including a GBP2.25 million
arrangement fee -- from Meditor, which owns 29.9% of the company,
the FT relates.
The repayment date for principal and interest is July 31 2020,
and the interest rate is 18% a year compounding monthly,
suggesting that the company could end up repaying more than GBP25
million, the FT discloses.
A previous GBP12.5 million loan from Meditor, charged at 3% a
year, is due to be repaid from the proceeds of a GBP60 million
share issue that the company intends to launch this week, the FT
states.
The group's unsecured creditors recently approved a Company
Voluntary Arrangement, which allows a business to keep trading
while it pays creditors over an agreed period, the FT recounts.
According to the FT, the CVA will lead to 92 Carpetright stores
closing by the end of September, 113 will have their rents
reduced by between 30 and 50% and the remaining 195 will remain
on the same rents.
The retailer has also extended its existing bank credit facility,
the FT notes. It has no bond debt, the FT says. Wilf Walsh,
chief executive of Carpetright, acknowledged the terms of the
loan were tough but said the headwinds for the business were
clear, the FT relays.
COTE: Mulls CVA Following Financial Difficulties
------------------------------------------------
Paul Bisping at Business Sale reports that restaurant chain Cote
is considering pursuing insolvency for part of its business
following recent financial difficulties.
BC Partners-owned Cote is already looking to close a number of
its restaurants that trade under the Limeyard and Jackson & Rye
brands, all of which were purchased in 2016, Business Sale
discloses.
According to Business Sale, while the main Cote sites are said to
be performing "resiliently", Cote has revealed that it still
needs to take action on the other sites to prevent further
financial pressure on the group.
As a result, Cote has revealed that one potential option would be
a Company Voluntary Arrangement (CVA), which is a form of
insolvency that would allow for the closing of a number of sites
and a reduction in rent on remaining restaurants, Business Sale
relates. This could eventually lead to the partial business sale
of a branch of the group, Business Sale states.
Commenting on the news, a spokesman for Cote has confirmed that
the group is currently exploring a number of options as it
attempts to cope with the current difficulties facing the
restaurant sector and high street in general, Business Sale
notes.
MOTHERCARE PLC: To Seek Investor Funding, Expected to Unveil CVA
----------------------------------------------------------------
Ben Woods at The Telegraph reports that struggling baby chain
Mothercare plans to tap long-suffering investors for tens of
millions of pounds as it embarks on a sweeping restructuring plan
to revive its fortunes.
The Telegraph understands the troubled firm will hit major
shareholders with an equity share placing when it outlines a
rescue plan alongside full-year results this week.
The chain is also expected to unveil plans for a company
voluntary arrangement (CVA), a type of insolvency process that
allows companies to shut stores and drive down rents, The
Telegraph discloses.
Such a move could see Mothercare make swingeing cuts to its store
estate, sparking potentially hundreds of job losses, The
Telegraph states. The retailer has around 1,300 sites worldwide.
Mothercare has been working with investment bank Rothschild to
explore alternative financing options beyond its current lenders,
The Telegraph relays. Accountancy giant KPMG is handling
separate discussions with HSBC and Barclays over Mothercare's
existing debt, The Telegraph discloses.
The retail industry has been left licking its wounds after being
confronted by waning consumer confidence, the shift to online and
escalating costs, according to The Telegraph.
Hikes to the National Living Wage, inflation and rising taxes
sparked by last year's business rates revaluation have also put
margins under intense pressure, The Telegraph notes.
Mothercare plc is a retailer for parents and young children. The
principal activity of the Company is to operate as a specialist
omni-channel retailer, franchisor and wholesaler of products for
mothers-to-be, babies and children under the Mothercare and Early
Learning Centre brands. The Company's operating segments include
the UK business and the International business.
MRH: S&P Affirms 'B' ICR & Alters Outlook on Parent to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based petrol
station operator MRH's parent, LSF9 Robin Investments Ltd. (MRH),
to negative from stable. S&P affirmed its 'B' long-term issuer
credit rating on MRH.
S&P said, "We are also affirming our 'B+' long-term issue rating
on MRH's senior secured debt. The '2' recovery rating reflects
our expectations of substantial recovery (70%-90%; rounded
estimate 75%) in the event of default.
"The rating actions reflect that we equalize our ratings on MRH
with those on its new parent, CD&R Firefly 4 Ltd. (B/Negative/--
). We view MRH as a core subsidiary of CD&R Firefly 4 Ltd. and
consider that it is integral to the group's strategy and
performance, in particular through increased scale to drive
improved purchasing terms. MRH services approximately 490 fuel
stations and convenience stores in the U.K. and contributes more
than 50% of the combined entity's EBITDA."
The negative outlook on MRH mirrors that on CD&R Firefly 4 Ltd.
The ratings on the two entities will move in tandem, provided S&P
continues to regard MRH as a core subsidiary within the combined
group.
POUNDWORLD: Owner Instructs Deloitte to Seek Buyer for Business
---------------------------------------------------------------
Margi Murphy at The Telegraph reports that thousands of British
high street jobs may be under threat now that Poundworld's US
owner has ditched a rescue plan to bring the loss making discount
chain back from the brink, opting to sell up instead.
According to The Telegraph, American private equity backer TPG is
said to have instructed Deloitte to find a buyer for Poundworld,
which employs around 5,500 staff across the UK, by April.
Potential bidders were contacted on May 11 about the sale, The
Telegraph relays, citing Sky News.
Fewer than two weeks ago it emerged that the company was seeking
creditor approval to shut up to 100 stores, threatening hundreds
of jobs as part of a Company Voluntary Arrangement (CVA), The
Telegraph recounts.
But the decision to seek a buyer for the entire business could
spell the end for the rescue plan, The Telegraph notes.
Failure to strike a deal within weeks may lead to the discount
chain facing administration, The Telegraph states. TPG decided
to put the company up for sale after receiving interest from
prospective buyers, a source told Sky News, which first reported
on the sale, The Telegraph relates.
West Yorkshire-based Poundworld, which also owns the Bargain Buys
brand, launched in 2004 and serves more than two million
customers a week across its 355 shops.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 7 to May 11, 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 7.13 11/14/2004 EUR 0.56
Norske Skogindustrier 7.13 10/15/2033 USD 2.56
Northland Resources AB 15.00 7/15/2019 USD 2.62
Holdikks SAS 6.75 7/15/2021 EUR 65.38
Samaratransneft-Termin 10.00 3/20/2023 RUB 71.45
Rosneft Oil Co PJSC 7.75 12/9/2027 RUB 95.00
O1 Properties Finance 6.00 5/18/2021 USD 73.85
Federal Grid Co Unifie 3.50 6/30/2048 RUB 61.01
Ahtium PLC 4.00 12/16/2015 EUR 1.41
Deutsche Agrar Holding 7.25 9/28/2018 EUR 1.42
Lehman Brothers Treasu 8.25 12/3/2015 EUR 6.75
Cooperatieve Rabobank 0.50 10/29/2027 MXN 44.87
Norske Skog Holding AS 8.00 2/24/2023 USD 2.34
RN Bank JSC 9.45 4/16/2020 RUB 100.01
Lehman Brothers Treasu 5.00 3/18/2015 EUR 6.75
United Aircraft Corp P 8.00 3/17/2020 RUB 66.00
Oi Brasil Holdings Coo 5.63 6/22/2021 EUR 9.21
New World Resources NV 4.00 10/7/2020 EUR 0.22
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.20
Heta Asset Resolution 0.13 12/31/2023 EUR 34.63
Banco Espirito Santo S 10.00 12/6/2021 EUR 0.41
City of Novosibirsk Ru 7.85 11/27/2027 RUB 65.00
Krakowski Bank Spoldzi 5.08 9/20/2023 PLN 67.00
Kamaz PJSC 11.24 7/18/2030 RUB #N/A N/A
Intelsat Luxembourg SA 12.50 11/15/2024 USD 54.36
RN Bank JSC 10.40 7/9/2021 RUB #N/A N/A
SeaBird Exploration Fi 6.00 6/30/2020 USD 20.00
Stichting Afwikkeling 6.63 5/14/2018 EUR 1.43
Promsvyazbank OJSC Via 10.20 11/6/2019 USD 17.05
Aralco Finance SA 10.13 5/7/2020 USD 5.55
Braster SA 7.51 5/29/2019 PLN 72.00
Federal Grid Co Unifie 3.40 4/27/2048 RUB 61.01
LBI HF 6.10 8/25/2011 USD 6.00
Bank ZENIT PJSC 8.00 3/27/2025 RUB 72.03
RusHydro PJSC 8.50 2/2/2023 RUB 72.01
New World Resources NV 8.00 4/7/2020 EUR 3.42
Araratbank OJSC 6.50 10/29/2019 USD 25.88
Agrokor dd 9.13 2/1/2020 EUR 29.58
Bank Otkritie Financia 10.00 4/26/2019 USD 25.38
Societe Generale SA 12.00 4/2/2020 USD 70.48
Cooperatieve Rabobank 0.50 1/31/2033 MXN 25.42
Lenta LLC 11.75 3/3/2020 RUB 66.04
Landesbank Hessen-Thue 0.05 5/3/2041 EUR 67.17
Bank Intesa AO 9.75 10/10/2019 RUB 65.01
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.22
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
Vimpel-Communications 7.00 3/8/2022 RUB 72.02
Russian Bank for Small 7.50 8/11/2022 RUB 63.48
Espirito Santo Financi 5.13 5/30/2016 EUR 3.50
IKS 5 Finance OOO 10.90 3/9/2023 RUB 80.01
Otkritie Holding JSC 12.62 4/25/2028 RUB 12.12
Magadan Oblast 8.00 12/25/2022 RUB 100.00
OOO SPV Structural Inv 0.01 9/1/2023 RUB 73.29
Lehman Brothers Treasu 7.00 5/17/2035 EUR 6.75
HPI AG 3.50 EUR 1.15
Deutsche Bank AG/Londo 0.50 10/5/2021 IDR 72.70
Credito Padano Banca d 3.10 EUR 35.90
Ideal Standard Interna 11.75 5/1/2018 EUR 4.63
Agrokor dd 9.88 5/1/2019 EUR 30.52
Lehman Brothers Treasu 6.00 3/14/2011 EUR 6.75
Vimpel-Communications 1.00 10/3/2025 RUB 72.34
Sibur Holding PAO 9.65 9/16/2026 RUB 104.15
Banco Santander SA 2.00 USD 71.27
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 71.01
Russian Regional Devel 7.80 7/30/2021 RUB 66.33
Virgolino de Oliveira 11.75 2/9/2022 USD 6.85
Podkarpacki Bank Spold 4.98 10/6/2021 PLN 61.05
Hamburgische Landesban 0.05 10/30/2040 EUR 66.34
Johnston Press Bond Pl 8.63 6/1/2019 GBP 72.60
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 70.70
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 63.00
Societe Generale SA 1.88 10/31/2033 USD 65.50
Lehman Brothers Treasu 7.00 11/26/2013 EUR 6.75
Vantage Development SA 5.87 5/29/2020 PLN 101.01
Rusfinans Bank OOO 10.00 8/12/2026 RUB 75.00
Bank Nederlandse Gemee 0.50 9/20/2022 ZAR 70.28
Tonon Luxembourg SA 10.50 5/14/2024 USD 42.39
Penell GmbH Elektrogro 7.75 6/10/2019 EUR 3.00
Barclays Bank PLC 1.75 10/18/2028 USD 58.10
Muehl Product & Servic 6.75 3/10/2005 DEM 0.05
City of Moscow Russia 7.50 5/18/2021 RUB 65.01
Otkritie Holding JSC 11.25 12/10/2026 RUB 12.14
BKS Hybrid alpha GmbH 7.35 EUR 73.76
Rosbank PJSC 9.80 12/20/2026 RUB 64.13
Solon SE 1.38 12/6/2012 EUR 0.25
Banca Popolare di Vice 9.50 10/2/2025 EUR 0.57
City of Predeal Romani 2.50 5/15/2026 RON 60.00
Reso-Leasing OOO 8.90 10/3/2025 RUB 65.01
Banca Carige SpA 5.70 9/17/2020 EUR 66.73
Stichting Afwikkeling 8.45 8/20/2018 USD 1.43
Municipality Finance P 0.50 4/26/2022 ZAR 71.77
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00
Russian Highways 10.25 11/20/2020 RUB 101.26
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 63.00
Cooperatieve Rabobank 0.50 11/30/2027 MXN 42.93
Lehman Brothers Treasu 5.00 2/27/2014 EUR 6.75
Barclays Bank PLC 0.50 1/28/2033 MXN 26.21
Samolet Group 12.00 5/17/2022 RUB 90.00
Gazprom Neft PJSC 7.70 12/16/2024 RUB 62.03
WPE International Coop 10.38 9/30/2020 USD 18.75
Privatbank CJSC Via UK 10.88 2/28/2018 USD 28.76
TransFin-M PAO 10.25 11/3/2027 RUB 60.00
Virgolino de Oliveira 10.88 1/13/2020 USD 26.81
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.00
Reso-Leasing OOO 9.00 10/30/2025 RUB 61.01
Podkarpacki Bank Spold 5.81 7/2/2020 PLN 72.00
Societe Generale SA 0.91 6/30/2035 USD 67.25
Rosselkhozbank JSC 8.85 7/15/2025 RUB 38.00
Russian Railways JSC 11.20 10/16/2025 RUB 68.00
Delamare Finance PLC 1.95 2/19/2029 GBP 73.19
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.00
O1 Group Finance 10.25 4/22/2027 RUB 31.00
Rosneft Oil Co PJSC 8.65 12/3/2020 RUB 62.00
Barclays Bank PLC 1.81 9/13/2028 USD 65.10
Lehman Brothers Treasu 6.00 3/18/2015 USD 6.75
Espirito Santo Financi 5.05 11/15/2025 EUR 0.86
Transcapitalbank JSC 9.00 5/30/2023 RUB 63.01
Eiendomskreditt AS 4.42 NOK 56.91
UniCredit Bank Austria 0.06 1/24/2031 EUR 74.18
Heta Asset Resolution 0.22 12/31/2023 EUR 34.63
UmweltBank AG 2.85 EUR 54.63
Lehman Brothers Treasu 6.65 8/24/2011 AUD 6.75
Rosbank PJSC 10.40 5/27/2026 RUB 95.02
Transneft PJSC 8.75 4/14/2027 RUB 60.07
Credit Suisse AG/Londo 7.00 12/11/2019 USD 9.43
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.08
Bibby Offshore Service 7.50 6/15/2021 GBP 15.25
AKB Peresvet ZAO 13.50 10/16/2020 RUB 20.00
Polski Bank Spoldzielc 4.81 6/18/2020 PLN 52.00
ROSSETI PJSC 10.29 10/31/2045 RUB 68.00
Bank Nederlandse Gemee 0.50 8/9/2022 MXN 71.46
Delta Credit Bank JSC 11.00 5/18/2026 RUB 104.00
Vnesheconombank 9.76 12/17/2021 RUB 65.01
Agrokompleks OOO 0.10 12/8/2022 RUB 3.10
Pongs & Zahn AG 8.50 EUR 0.00
ML 33 Invest AS 7.50 NOK 68.71
Lenta LLC 12.40 8/28/2025 RUB 66.01
IKS 5 Finance OOO 9.75 8/1/2023 RUB 101.31
Transports publics fri 0.47 7/29/2051 CHF 74.88
Gazprom Capital OOO 8.90 2/3/2027 RUB 63.44
Societe Generale SA 8.60 7/29/2022 USD 54.00
Vnesheconombank 8.24 12/15/2022 RUB 62.00
SPORTTOTAL AG 6.00 3/17/2019 EUR 4.00
Municipality Finance P 0.50 6/19/2024 ZAR 59.97
Cooperatieve Rabobank 0.50 12/29/2027 MXN 42.40
Rosbank PJSC 10.40 6/30/2020 RUB 64.23
Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 62.00
Federal Grid Co Unifie 3.20 4/27/2048 RUB 61.01
Lehman Brothers Treasu 1.28 11/6/2010 JPY 6.75
Landesbank Hessen-Thue 0.06 4/23/2041 EUR 68.57
SUEK Finance OOO 12.50 8/19/2025 RUB 63.03
BTV Hybrid I GmbH 6.50 EUR 37.25
International Bank of 8.25 10/9/2024 USD 72.85
Barclays Bank PLC 0.50 4/24/2023 MXN 65.49
Lehman Brothers Treasu 0.50 12/20/2017 AUD 6.75
RusHydro PJSC 0.10 2/2/2023 RUB 60.35
ADDvise Group AB 7.25 10/10/2022 SEK 73.05
Lehman Brothers Treasu 4.00 7/27/2011 EUR 2.57
Bank Julius Baer & Co 7.80 11/30/2018 USD 77.05
Municipality Finance P 0.50 5/31/2022 ZAR 71.12
Russian Post FGUP 9.35 10/18/2019 RUB 73.00
Delta Credit Bank JSC 12.10 7/28/2025 RUB 101.21
Praim Finans OOO 9.34 7/13/2021 RUB 5.00
Republic of Komi Russi 9.50 11/16/2022 RUB 61.00
Moscow United Electric 10.00 5/26/2026 RUB 60.00
Lehman Brothers Treasu 9.25 6/20/2012 USD 2.57
Caixa Geral de Deposit 1.31 11/5/2018 EUR 68.65
Societe Generale SA 0.21 3/31/2034 USD 69.47
getBACK SA 5.79 11/27/2019 PLN 10.00
Municipality Finance P 0.50 5/8/2029 AUD 67.20
IKS 5 Finance OOO 11.90 10/11/2022 RUB 63.48
Rusfinans Bank OOO 10.05 6/10/2019 RUB #N/A N/A
Municipality Finance P 0.50 7/30/2029 AUD 72.17
Lehman Brothers Treasu 5.00 5/2/2022 EUR 2.57
Federal Grid Co Unifie 0.10 10/16/2020 RUB 63.01
Vnesheconombank 11.60 2/17/2025 RUB 66.00
Main Road JSC 4.50 11/22/2028 RUB 61.25
TransFin-M PAO 10.25 10/9/2026 RUB 66.00
Transbaltstroi OOO 11.00 11/26/2020 RUB 63.00
ROSSETI PJSC 11.25 11/14/2025 RUB 68.00
Centrosolar Group AG 7.00 2/15/2016 EUR 1.48
Finans-Avia OOO 0.01 7/31/2027 RUB 17.00
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00
Rosintrud OOO 11.00 2/5/2021 RUB 65.01
SAir Group 0.13 7/7/2005 CHF 12.10
Russian Post FGUP 2.75 12/6/2023 RUB 71.00
SAir Group 5.13 3/1/2003 CHF 13.00
Svensk Exportkredit AB 0.50 6/20/2029 AUD 71.62
Lehman Brothers Treasu 10.00 6/11/2038 JPY 2.57
Elli Investments Ltd 12.25 6/15/2020 GBP 58.72
Beluga Group PJSC 12.90 4/29/2020 RUB 106.00
COFIDUR SA 0.10 12/31/2024 EUR 21.00
getBACK SA 5.76 9/18/2019 PLN 50.00
Rosselkhozbank JSC 15.00 1/29/2025 RUB 90.01
Vimpel-Communications 1.00 10/3/2025 RUB 62.00
TransFin-M PAO 11.00 6/23/2021 RUB 64.01
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
SAir Group 6.25 10/27/2002 CHF 11.89
State Transport Leasin 14.30 12/10/2024 RUB 61.00
Plaza Centers NV 6.00 7/1/2020 ILS 72.25
Gold-Zack AG 7.00 12/14/2005 EUR 12.70
Atari SA 0.10 4/1/2020 EUR 6.05
Volga Capital PAO 12.00 6/27/2022 RUB 90.00
KB MIA AO 8.25 3/7/2025 RUB 65.01
Mriya Agro Holding PLC 10.95 3/30/2016 USD 7.12
HSBC Bank PLC 0.50 12/29/2026 AUD 71.20
Lehman Brothers Treasu 7.60 5/21/2013 USD 2.57
SUEK Finance OOO 12.50 8/19/2025 RUB 64.01
Russian Railways JSC 9.70 5/22/2046 RUB 68.00
Rossiysky Capital OJSC 7.75 1/16/2020 RUB 63.01
State Transport Leasin 8.42 9/5/2031 RUB 67.01
Credit Europe Bank Ltd 10.00 10/22/2018 RUB 66.01
Lehman Brothers Treasu 2.88 3/14/2013 CHF 6.75
Miratorg-Finans OOO 11.00 8/24/2021 RUB 66.00
SpareBank 1 SR-Bank AS 1.45 12/21/2030 EUR 74.11
Hypo Vorarlberg Bank A 5.87 EUR 44.77
PSN Pm OOO 12.00 8/31/2027 RUB 1.23
Rosselkhozbank JSC 17.00 12/13/2024 RUB 63.05
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 99.92
Bulgaria Steel Finance 12.00 5/4/2013 EUR 0.17
Lehman Brothers Treasu 5.00 5/12/2011 CHF 2.57
Bank Nederlandse Gemee 0.50 8/15/2022 ZAR 70.87
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
Lehman Brothers Treasu 4.00 7/20/2012 EUR 2.57
Societe Generale SA 14.88 11/29/2019 USD 51.09
Federal Grid Co Unifie 3.20 10/30/2048 RUB 61.01
Russian Railways JSC 5.10 4/29/2043 RUB 68.00
Kaupthing ehf 9.00 USD 0.12
Rusfinans Bank OOO 9.90 7/18/2018 RUB 100.60
Kaupthing ehf 5.00 1/4/2027 SKK 0.25
Nutritek International 8.75 12/11/2008 USD 2.00
SAir Group 5.50 7/23/2003 CHF 11.89
SG Issuer SA 6.80 1/6/2020 USD 73.14
Rosselkhozbank JSC 12.87 12/21/2021 RUB 69.61
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 99.92
Rosbank PJSC 9.35 9/29/2025 RUB 101.25
Bilt Paper BV 9.64 USD 22.27
ROSSETI PJSC 9.15 8/18/2026 RUB 68.00
Lehman Brothers Holdin 3.03 3/24/2009 JPY 2.76
German Pellets GmbH 8.00 EUR 0.01
getBACK SA 5.80 10/30/2019 PLN 11.00
Rosselkhozbank JSC 8.85 7/11/2025 RUB 64.00
Reso-Leasing OOO 9.25 9/21/2023 RUB 63.01
Russian Railways JSC 8.65 2/4/2032 RUB 63.01
Heta Asset Resolution 4.35 12/31/2023 EUR 34.63
Russian Post FGUP 5.07 11/17/2023 RUB 60.06
Podkarpacki Bank Spold 5.11 5/28/2023 PLN 51.50
TransFin-M PAO 10.50 6/28/2027 RUB #N/A N/A
Lehman Brothers Treasu 3.86 9/21/2011 SGD 6.75
Otkritie Holding JSC 10.00 9/17/2027 RUB 15.01
Bank ZENIT PJSC 10.00 6/13/2024 RUB 68.89
Rosneft Oil Co PJSC 8.50 7/14/2027 RUB 63.00
Araratbank OJSC 8.00 6/10/2018 USD 25.33
getBACK SA 5.72 10/5/2019 PLN 50.00
UniCredit Bank AO 9.20 11/20/2018 RUB 67.01
Lehman Brothers Treasu 5.00 8/16/2017 EUR 6.75
Eurocent SA 8.50 9/15/2018 PLN 4.20
Commerzbank AG 30.00 6/30/2020 USD 1.25
RBC PJSC 6.00 4/19/2018 RUB 61.59
Kamaz PJSC 10.39 12/5/2030 RUB #N/A N/A
TGC-1 PJSC 3.90 12/14/2021 RUB 63.01
Federal Grid Co Unifie 3.40 9/7/2048 RUB 61.01
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00
First Mortgage Co Univ 6.50 12/12/2019 USD 25.14
Kardan NV 6.78 2/2/2020 ILS 65.01
Region of Tambov Russi 8.00 12/5/2025 RUB 71.10
SAir Group 4.25 2/2/2007 CHF 11.89
Lehman Brothers Treasu 6.00 2/19/2023 USD 2.57
Lehman Brothers Treasu 7.00 6/6/2017 EUR 2.57
Kaupthing ehf 7.50 2/1/2045 USD 0.26
Societe Generale SA 8.00 5/28/2027 USD 53.45
Novikombank ZAO 10.00 6/12/2020 RUB 66.00
EFG International Fina 6.48 5/29/2018 EUR 1.55
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00
Bank ZENIT PJSC 8.00 11/11/2019 RUB 61.00
BLT Finance BV 7.50 5/15/2014 USD 0.34
Lehman Brothers Treasu 5.55 3/12/2015 EUR 2.57
Absolut Bank PAO 12.00 12/25/2018 RUB 60.00
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 72.91
Metalloinvest Holding 0.01 3/7/2022 RUB 63.00
Province of Brescia It 0.03 6/30/2036 EUR 68.67
Lehman Brothers Treasu 8.25 2/3/2016 EUR 2.57
Otkritie Holding JSC 11.50 8/5/2025 RUB 12.51
Upravlenie Otkhodami Z 4.00 4/29/2027 RUB 71.95
HSBC Bank PLC 0.50 12/8/2026 AUD 73.78
Societe Generale SA 0.50 5/30/2023 MXN 66.24
ROSSETI PJSC 9.15 8/18/2026 RUB 68.00
Heta Asset Resolution 7.50 12/31/2023 ATS 34.63
Araratbank OJSC 7.00 6/18/2019 USD 25.75
EFG International Fina 7.20 2/25/2019 EUR 6.80
Lehman Brothers Treasu 3.00 6/23/2009 EUR 6.75
Svensk Exportkredit AB 0.50 3/28/2029 AUD 72.06
Whale Finance LLC 8.75 3/13/2019 RUB 51.00
Lehman Brothers Treasu 4.60 10/11/2017 ILS 6.75
Bashneft PJSC 10.90 4/29/2026 RUB 70.01
ECM Real Estate Invest 5.00 10/9/2011 EUR 15.38
Metalloinvest Holding 0.01 3/10/2022 RUB 65.00
Rio Forte Investments 3.90 7/10/2014 USD 6.88
Lehman Brothers Treasu 8.00 2/16/2016 EUR 2.57
Lehman Brothers Treasu 7.15 3/21/2013 USD 2.57
Credit Suisse AG/Nassa 8.25 6/18/2018 CHF 69.83
UBS AG/London 10.00 5/31/2018 EUR 68.95
Podkarpacki Bank Spold 5.78 3/31/2025 PLN 47.00
Rosneft Oil Co PJSC 7.85 1/18/2021 RUB 61.00
Russian Railways JSC 3.50 2/28/2040 RUB 68.00
Barclays Bank PLC 0.98 4/16/2029 USD 64.83
LBI HF 7.43 USD 0.00
PromSvyazCapital AO 12.00 11/13/2026 RUB 65.00
Lehman Brothers Treasu 4.60 11/9/2011 EUR 6.75
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.84
Lehman Brothers Treasu 7.00 2/15/2010 CHF 2.57
Lehman Brothers Treasu 7.60 1/31/2013 AUD 2.57
Windreich GmbH 6.75 3/1/2015 EUR 14.78
Lehman Brothers Treasu 5.00 12/6/2011 EUR 2.57
Communaute Francaise d 0.50 6/27/2046 EUR 71.00
Federal Grid Co Unifie 9.35 10/17/2051 RUB 61.01
Siberian Gostinecs PAO 16.50 6/26/2019 RUB 41.01
Credit Suisse AG/Londo 9.86 2/27/2020 USD 9.70
Credit Suisse AG/Londo 7.00 7/1/2024 USD 9.92
Bank Spoldzielczy W Bi 5.28 4/9/2025 PLN 78.05
Rosselkhozbank JSC 8.85 7/14/2025 RUB 64.00
Lehman Brothers Treasu 10.00 1/3/2012 BRL 2.57
Lehman Brothers Treasu 23.30 9/16/2008 USD 2.57
Lehman Brothers Treasu 6.00 10/30/2012 EUR 2.57
IT Holding Finance SA 9.88 11/15/2012 EUR 0.16
Soyuz AKB OAO 7.40 10/11/2018 RUB 99.95
Rusfinans Bank OOO 8.90 4/24/2018 RUB 70.01
Fonciere Volta SA 4.50 7/30/2020 EUR 2.26
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.01
Podkarpacki Bank Spold 5.81 2/23/2025 PLN 50.00
Societe Generale SA 0.02 12/31/2034 USD 69.63
Bayerische Landesbank 3.00 10/5/2018 EUR 61.99
Federal Grid Co Unifie 3.50 3/23/2050 RUB 61.01
Municipiul Timisoara 1.91 5/15/2026 RON 70.00
Rusfinans Bank OOO 8.05 10/2/2018 RUB 64.01
Barclays Bank PLC 0.50 3/13/2023 RUB 74.04
Investpro OOO 13.00 12/31/2018 RUB 2.01
Astana Finance BV 9.00 11/16/2011 USD 16.00
Hamon & CIE SA 5.50 1/30/2020 EUR 66.14
Northland Resources AB 15.00 7/15/2019 USD 2.62
Norske Skogindustrier 7.00 12/30/2026 EUR 1.51
Metalloinvest Holding 11.85 10/21/2025 RUB 106.82
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
HSBC Trinkaus & Burkha 6.50 6/22/2018 EUR 62.47
Russian Railways JSC 4.00 10/11/2038 RUB 68.00
Russian Railways JSC 3.70 11/29/2028 RUB 68.00
Sovcombank PAO 8.00 6/24/2021 RUB 70.00
Societe Generale SA 1.15 6/26/2034 USD 67.75
Araratbank OJSC 7.25 6/27/2018 USD 25.23
Federal Grid Co Unifie 3.40 3/23/2050 RUB 61.01
DZ Bank AG Deutsche Ze 11.75 6/20/2018 EUR 71.33
Main Road JSC 4.00 10/30/2029 RUB 60.01
Oberbank Hybrid 1 GmbH 0.87 EUR 49.77
Lehman Brothers Treasu 0.50 7/2/2020 EUR 2.57
Risland OOO 9.25 1/10/2019 RUB 1.00
Lehman Brothers Treasu 0.25 10/19/2012 CHF 2.57
Lehman Brothers Treasu 14.90 9/15/2008 EUR 2.57
Lehman Brothers Treasu 4.15 8/25/2020 EUR 2.57
Norske Skogindustrier 2.00 12/30/2115 EUR 1.12
Cooperatieve Rabobank 0.50 8/21/2028 MXN 39.65
UBS AG 4.75 3/11/2019 USD 25.08
Credit Suisse AG 7.50 6/5/2018 USD 7.68
Credit Suisse AG/Londo 7.00 10/9/2018 USD 70.75
HSBC Trinkaus & Burkha 10.07 6/22/2018 EUR 61.92
Bayerische Landesbank 2.70 7/6/2018 EUR 51.98
Bayerische Landesbank 2.40 7/20/2018 EUR 58.22
Russian Railways JSC 6.40 5/30/2040 RUB 68.00
Federal Grid Co Unifie 3.20 10/30/2048 RUB 61.01
Federal Grid Co Unifie 3.50 6/30/2048 RUB 61.01
IDGC of the South PJSC 9.24 7/1/2022 RUB 65.00
Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 62.00
State of Saxony-Anhalt 0.65 7/3/2028 EUR 53.00
Citigroup Global Marke 13.60 1/25/2023 SEK 73.12
Lehman Brothers Treasu 6.00 5/23/2018 CZK 2.57
Lehman Brothers Treasu 11.00 7/4/2011 CHF 2.57
Credit Agricole Corpor 0.50 3/6/2023 RUB 73.97
Investpro OOO 12.75 9/6/2018 RUB 0.11
LBI HF 7.43 USD 0.00
Lehman Brothers Treasu 9.30 12/21/2010 EUR 2.57
Lehman Brothers Treasu 6.60 5/23/2012 AUD 2.57
AKB Peresvet ZAO 12.75 7/24/2018 RUB 22.00
Lloyds Bank PLC 0.50 7/26/2028 MXN 37.56
Espirito Santo Financi 5.63 7/28/2017 EUR 3.92
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasu 7.50 8/1/2035 EUR 2.57
Bashneft PJSC 10.50 5/12/2026 RUB 60.01
Lehman Brothers Treasu 5.22 3/1/2024 EUR 2.57
Landes-Hypothekenbank 0.02 3/7/2043 EUR 70.60
Svensk Exportkredit AB 0.50 8/28/2020 TRY 71.84
Lehman Brothers Treasu 7.59 11/22/2009 MXN 6.75
UniCredit Bank AG 7.00 6/22/2018 EUR 73.64
Raiffeisen Schweiz Gen 8.20 6/4/2018 USD 66.29
UniCredit Bank AG 9.10 6/22/2018 EUR 59.25
Nauka-Svyaz OAO 13.50 5/10/2018 RUB 75.00
UniCredit Bank AG 4.40 9/19/2018 EUR 46.16
Salvator Grundbesitz-A 9.50 12/31/2021 EUR 1.75
Beluga Group PJSC 9.75 5/28/2020 RUB 101.02
Union Technologies Inf 0.10 1/1/2020 EUR 5.30
QNB Finansbank AS/Turk 16.21 10/19/2018 TRY 14.25
Region Invest OOO 10.50 9/12/2019 RUB 0.28
RGS Nedvizhimost OOO 12.50 2/25/2021 RUB 0.34
Oberbank AG 7.40 EUR 70.49
Lehman Brothers Treasu 3.60 3/19/2018 JPY 2.57
Oberoesterreichische L 0.30 4/25/2042 EUR 71.55
Lehman Brothers Treasu 0.50 12/20/2017 AUD 2.57
SG Issuer SA 0.10 6/11/2029 NZD 61.80
Otkritie Holding JSC 10.00 4/20/2028 RUB 12.51
Bank Nederlandse Gemee 0.50 9/20/2022 MXN 70.80
LBI HF 2.25 2/14/2011 CHF 8.38
Heta Asset Resolution 0.43 12/31/2023 EUR 34.63
Rio Forte Investments 4.75 11/10/2015 EUR 6.88
Lehman Brothers Treasu 4.82 12/18/2036 EUR 2.57
Kaupthing ehf 3.75 2/15/2024 ISK 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.08
Lehman Brothers Treasu 4.10 6/10/2014 SGD 6.75
Atomenergoprom JSC 9.33 11/2/2026 RUB 100.96
Lehman Brothers Treasu 4.50 3/6/2013 CHF 2.57
KIT Finance Capital OO 10.53 9/4/2019 RUB 66.67
Lehman Brothers Treasu 4.00 3/10/2011 EUR 2.57
Lehman Brothers Treasu 11.00 12/19/2011 USD 2.57
UBS AG/London 5.50 11/1/2018 USD 70.40
Bank Julius Baer & Co 8.00 11/2/2018 USD 65.65
EFG International Fina 6.26 5/7/2018 EUR 43.95
Landesbank Baden-Wuert 12.40 11/23/2018 EUR 57.67
Sviaz Bank OAO 9.75 12/9/2021 RUB 67.01
Russian Railways JSC 3.20 9/19/2033 RUB 68.00
Commerzbank AG 27.00 5/23/2018 EUR 74.80
EFG International Fina 6.21 7/22/2019 EUR 58.95
Russian Railways JSC 3.50 6/8/2028 RUB 68.00
VEB-Leasing OAO 8.71 9/1/2025 RUB 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 USD 8.75
Bayerische Landesbank 2.90 6/22/2018 EUR 55.86
UniCredit Bank AG 3.75 9/7/2020 EUR 54.68
Raiffeisen Schweiz Gen 6.50 7/2/2018 USD 66.27
City of Siret Romania 3.21 3/1/2028 RON 50.00
Societe Generale SA 1.14 1/31/2034 USD #N/A N/A
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Bayerische Landesbank 2.60 11/16/2018 EUR 65.00
Russian Railways JSC 3.50 5/20/2044 RUB 68.00
Russian Railways JSC 6.40 10/15/2040 RUB 66.34
Polski Bank Spoldzielc 5.30 9/14/2027 PLN 61.00
AKB Peresvet ZAO 13.00 10/7/2017 RUB 23.50
Escher Marwick PLC 3.50 10/14/2031 USD 63.47
KIT Finance Capital OO 11.50 12/9/2026 RUB 66.00
Heta Asset Resolution 0.38 12/31/2023 EUR 34.63
Heta Asset Resolution 5.92 12/31/2023 EUR 34.63
Lehman Brothers Treasu 15.00 6/4/2009 CHF 2.57
Heta Asset Resolution 5.73 12/31/2023 EUR 34.63
Lehman Brothers Treasu 6.00 10/30/2012 USD 2.57
Lehman Brothers Treasu 6.72 12/29/2008 EUR 2.57
Lehman Brothers Treasu 8.28 3/26/2009 USD 2.57
Banca Adriatica Spa 7.75 6/30/2018 EUR 1.24
Northland Resources AB 12.25 3/26/2016 USD 2.62
Lehman Brothers Treasu 5.00 2/28/2032 EUR 2.57
Lehman Brothers Treasu 2.75 10/28/2009 EUR 2.57
Lehman Brothers Treasu 6.00 12/6/2016 USD 2.57
Lehman Brothers Treasu 5.12 4/30/2027 EUR 2.57
Otkritie Holding JSC 12.70 9/30/2027 RUB 29.18
Bank ZENIT PJSC 7.50 6/14/2024 RUB 67.01
Lehman Brothers Treasu 2.40 6/20/2011 JPY 2.57
Lehman Brothers Treasu 13.15 10/30/2008 USD 2.57
TM-energo finance OOO 6.00 2/14/2030 RUB 95.00
Lehman Brothers Treasu 10.60 4/22/2014 MXN 2.57
Astana Finance BV 7.88 6/8/2010 EUR 16.00
Lehman Brothers Treasu 7.80 3/31/2018 USD 2.57
Lehman Brothers Treasu 9.50 4/1/2018 USD 2.57
Lehman Brothers Treasu 8.00 3/21/2018 USD 2.57
Xsystem SA 10.00 3/31/2019 PLN 20.00
UBS AG/London 10.00 5/24/2018 EUR 69.50
EFG International Fina 7.00 11/27/2019 EUR 11.51
Landesbank Baden-Wuert 3.85 6/22/2018 EUR 70.43
Raiffeisen Switzerland 9.00 4/1/2019 EUR 10.21
UniCredit Bank AG 4.30 10/17/2018 EUR 46.10
Delta-Finance OOO 10.00 12/17/2020 RUB 1.00
UNGP-Finance OOO 10.00 12/16/2020 RUB 0.50
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
First Collection Burea 15.00 1/16/2019 RUB 75.10
EFG International Fina 10.50 5/18/2018 EUR 71.39
Russian Railways JSC 3.20 8/18/2033 RUB 68.00
UniCredit Bank AG 4.10 10/1/2020 EUR 66.16
Syntagma OOO 16.50 5/10/2022 RUB 1.00
Finca Uco Cjsc 7.50 2/22/2019 USD 25.55
Agrokompleks OOO 0.10 7/29/2019 RUB 3.10
Investpro OOO 11.50 10/13/2020 RUB 0.01
MIK OAO 15.00 2/19/2020 RUB 1.11
Region Invest OOO 9.53 1/12/2021 RUB 0.47
Lehman Brothers Treasu 0.50 6/2/2020 EUR 2.57
HSBC Bank PLC 0.50 4/11/2023 MXN 67.00
Lehman Brothers Treasu 5.00 11/22/2012 EUR 2.57
HSBC Bank PLC 0.50 6/23/2027 MXN 44.96
Center-Invest Commerci 9.90 7/20/2018 RUB 63.01
Laurel GmbH 7.13 11/16/2017 EUR 7.75
Sidetur Finance BV 10.00 4/20/2016 USD 5.26
Otkritie Holding JSC 11.50 7/20/2028 RUB 12.12
Hellas Telecommunicati 8.50 10/15/2013 EUR 1.05
Malahit AO 15.00 7/14/2025 RUB 0.01
Western High-Speed Dia 10.44 5/13/2031 RUB 100.00
UNGP-Finance OOO 10.00 4/20/2021 RUB 5.00
Lehman Brothers Treasu 4.50 12/30/2010 USD 2.57
SAir Group 2.75 7/30/2004 CHF 11.89
Lehman Brothers Treasu 6.00 9/20/2011 EUR 2.57
Lehman Brothers Treasu 3.40 9/21/2009 HKD 2.57
Lehman Brothers Treasu 2.50 8/23/2012 GBP 2.57
Solomenskij Lesozavod 10.00 9/29/2021 RUB 80.00
Societe Generale SA 0.50 4/30/2023 RUB 73.37
Rusfinans Bank OOO 8.05 6/30/2020 RUB 65.01
Lehman Brothers Treasu 2.50 12/15/2011 GBP 2.57
Vontobel Financial Pro 11.50 6/22/2018 EUR 53.55
DZ Bank AG Deutsche Ze 5.50 2/20/2019 EUR 75.47
Bayerische Landesbank 3.20 7/27/2018 EUR 53.50
Bank Julius Baer & Co 6.60 7/27/2018 USD 69.75
RBC PJSC 6.00 4/19/2018 RUB 61.00
Lehman Brothers Treasu 0.50 12/20/2017 USD 2.57
Lehman Brothers Treasu 8.50 7/6/2009 CHF 2.57
Bashneft PJSC 10.70 5/13/2024 RUB 100.00
Lehman Brothers Treasu 0.01 9/20/2011 USD 2.57
Lehman Brothers Treasu 1.46 2/19/2012 JPY 6.75
Deutsche Bank AG 5.20 6/19/2018 EUR 72.50
Deutsche Bank AG 7.20 6/19/2018 EUR 60.90
Deutsche 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 & Co 8.00 11/14/2018 EUR 70.00
Vontobel Financial Pro 12.00 6/22/2018 EUR 74.23
Leonteq Securities AG/ 10.40 2/13/2019 CHF 69.66
DZ Bank AG Deutsche Ze 6.25 11/23/2018 EUR 57.70
Commerzbank AG 13.00 6/22/2018 EUR 72.41
Commerzbank AG 11.75 8/24/2018 EUR 74.10
DZ Bank AG Deutsche Ze 15.00 6/22/2018 EUR 62.15
Raiffeisen Centrobank 7.25 12/25/2018 EUR 16.50
Vontobel Financial Pro 3.60 2/1/2019 EUR 74.23
HSBC Trinkaus & Burkha 10.50 6/22/2018 EUR 44.53
DZ Bank AG Deutsche Ze 5.25 5/25/2018 EUR 3.80
DZ Bank AG Deutsche Ze 6.00 6/22/2018 EUR 74.35
Deutsche Bank AG 6.20 6/19/2018 EUR 69.59
Deutsche Bank AG 6.20 6/19/2018 EUR 69.59
Goldman Sachs & Co Wer 17.00 6/20/2018 EUR 64.56
UBS AG/London 11.75 11/1/2018 USD 67.05
Commerzbank AG 11.00 6/22/2018 EUR 74.24
Vontobel Financial Pro 8.50 6/22/2018 EUR 74.61
HSBC Trinkaus & Burkha 11.70 6/22/2018 EUR 42.98
Vontobel Financial Pro 7.60 6/8/2018 EUR 73.89
UBS AG/London 10.60 6/21/2018 EUR 70.14
UBS AG/London 14.00 6/21/2018 EUR 67.11
BNP Paribas Emissions- 8.00 6/21/2018 EUR 45.74
BNP Paribas Emissions- 10.00 6/21/2018 EUR 46.09
Raiffeisen Schweiz Gen 8.80 7/3/2018 CHF 69.27
UBS AG/London 19.00 6/21/2018 EUR 61.64
BNP Paribas Emissions- 6.00 12/31/2018 EUR 48.38
Vontobel Financial Pro 6.00 6/22/2018 EUR 74.95
Commerzbank AG 7.25 5/24/2018 EUR 73.45
Commerzbank AG 11.50 7/27/2018 EUR 53.87
Deutsche Bank AG 7.20 6/19/2018 EUR 73.70
Raiffeisen Centrobank 7.54 12/28/2018 EUR 54.04
Raiffeisen Centrobank 6.23 12/28/2018 EUR 46.39
Vontobel Financial Pro 10.00 4/27/2018 EUR 66.84
Vontobel Financial Pro 10.00 9/28/2018 EUR 72.81
UBS AG/London 10.80 6/21/2018 EUR 75.17
HSBC Trinkaus & Burkha 3.50 4/27/2018 EUR 64.60
Vontobel Financial Pro 8.50 4/27/2018 EUR 68.86
Deutsche Bank AG 6.20 6/19/2018 EUR 73.50
Deutsche Bank AG 5.50 6/19/2018 EUR 76.30
BNP Paribas Emissions- 6.00 6/21/2018 EUR 74.43
DZ Bank AG Deutsche Ze 13.25 4/27/2018 EUR 73.81
UBS AG/London 9.40 6/22/2018 EUR 47.72
DZ Bank AG Deutsche Ze 5.25 4/27/2018 EUR 56.85
UBS AG/London 11.25 4/23/2018 CHF 64.55
Vontobel Financial Pro 9.20 6/8/2018 EUR 70.07
Deutsche Bank AG 5.50 12/27/2018 EUR 76.40
DZ Bank AG Deutsche Ze 5.00 4/27/2018 EUR 71.58
DZ Bank AG Deutsche Ze 8.50 1/2/2019 EUR 73.46
EFG International Fina 14.00 5/4/2018 USD 53.81
Leonteq Securities AG 7.20 5/2/2019 CHF 55.01
Leonteq Securities AG 14.00 8/2/2018 USD 67.17
UniCredit Bank AG 14.70 1/4/2019 EUR 72.13
UniCredit Bank AG 4.60 1/4/2019 EUR 7.90
UniCredit Bank AG 8.20 1/4/2019 EUR 9.66
UniCredit Bank AG 13.50 1/4/2019 EUR 74.78
UBS AG/London 8.30 6/22/2018 EUR 42.42
UBS AG/London 9.00 6/22/2018 EUR 71.87
BNP Paribas Emissions- 17.00 6/21/2018 EUR 68.97
BNP Paribas Emissions- 18.00 9/27/2018 EUR 68.98
UniCredit Bank AG 12.90 1/4/2019 EUR 71.80
UniCredit Bank AG 7.70 6/22/2018 EUR 5.36
UniCredit Bank AG 4.70 9/28/2018 EUR 75.27
Vontobel Financial Pro 12.00 5/25/2018 EUR 71.26
UniCredit Bank AG 10.80 9/28/2018 EUR 72.91
UniCredit Bank AG 12.00 1/4/2019 EUR 60.13
UniCredit Bank AG 4.20 6/22/2018 EUR 5.32
Commerzbank AG 1.00 11/2/2020 USD #N/A N/A
Deutsche Bank AG 5.50 12/27/2018 EUR 73.50
UniCredit Bank AG 13.50 1/4/2019 EUR 58.71
BNP Paribas Emissions- 7.00 12/31/2018 EUR 73.17
Bank Julius Baer & Co 7.30 8/16/2019 USD 72.10
UniCredit Bank AG 3.10 6/22/2018 EUR 5.49
UniCredit Bank AG 8.20 9/28/2018 EUR 64.51
Vontobel Financial Pro 8.50 4/27/2018 EUR 70.16
BNP Paribas Emissions- 8.00 6/21/2018 EUR 70.25
BNP Paribas Emissions- 12.00 6/21/2018 EUR 49.16
BNP Paribas Emissions- 9.50 6/21/2018 EUR 66.41
Goldman Sachs & Co Wer 13.00 4/25/2018 EUR 75.07
Leonteq Securities AG/ 15.20 11/28/2018 USD 71.24
UniCredit Bank AG 10.10 6/22/2018 EUR 5.57
UniCredit Bank AG 11.60 1/4/2019 EUR 11.72
UniCredit Bank AG 12.20 9/28/2018 EUR 75.70
BNP Paribas Emissions- 14.00 6/21/2018 EUR 74.90
Goldman Sachs & Co Wer 14.00 4/25/2018 EUR 65.67
Goldman Sachs & Co Wer 17.00 4/25/2018 EUR 70.22
BNP Paribas Emissions- 9.00 6/21/2018 EUR 73.40
BNP Paribas Emissions- 14.00 6/21/2018 EUR 63.65
Goldman Sachs & Co Wer 12.00 12/28/2018 EUR 74.40
UBS AG 4.26 3/7/2019 USD 56.88
Commerzbank AG 10.50 10/26/2018 EUR 56.09
HSBC Trinkaus & Burkha 9.30 4/27/2018 EUR 53.38
Deutsche Bank AG 5.50 9/25/2018 EUR 75.30
BNP Paribas Emissions- 13.00 6/21/2018 EUR 69.00
BNP Paribas Emissions- 12.00 6/21/2018 EUR 74.24
DZ Bank AG Deutsche Ze 5.75 6/22/2018 EUR 73.11
UBS AG/London 6.90 6/22/2018 EUR 52.24
DZ Bank AG Deutsche Ze 13.50 6/22/2018 EUR 70.03
BNP Paribas Emissions- 12.00 12/31/2018 EUR 73.16
UBS AG/London 8.20 6/22/2018 EUR 49.85
Bank Julius Baer & Co 10.00 10/24/2018 USD 62.10
BNP Paribas Emissions- 16.00 6/21/2018 EUR 73.23
Vontobel Financial Pro 4.00 6/22/2018 EUR 73.11
Vontobel Financial Pro 6.00 6/22/2018 EUR 69.85
Vontobel Financial Pro 11.55 6/22/2018 EUR 71.79
Vontobel Financial Pro 9.00 6/8/2018 EUR 74.34
BNP Paribas Emissions- 7.00 6/21/2018 EUR 48.29
Commerzbank AG 12.00 5/24/2018 EUR 74.13
Deutsche Bank AG 7.20 6/19/2018 EUR 70.10
Deutsche Bank AG 6.20 6/19/2018 EUR 66.60
Commerzbank AG 12.50 5/23/2018 EUR 52.03
Bashneft PJSC 9.50 12/10/2026 RUB 60.01
DZ Bank AG Deutsche Ze 9.00 6/18/2018 EUR 74.80
Landesbank Baden-Wuert 4.00 4/27/2018 EUR 75.88
UBS AG/London 8.00 6/22/2018 EUR 73.52
UBS AG/London 8.90 6/22/2018 EUR 71.11
UniCredit Bank AG 12.10 9/28/2018 EUR 71.67
UniCredit Bank AG 5.60 1/4/2019 EUR 8.30
Deutsche Bank AG 7.20 6/19/2018 EUR 74.40
Raiffeisen Centrobank 4.01 12/28/2018 EUR 75.01
Raiffeisen Centrobank 5.75 12/28/2018 EUR 75.23
Vontobel Financial Pro 8.00 6/22/2018 EUR 66.93
Vontobel Financial Pro 11.00 6/22/2018 EUR 63.10
BNP Paribas Emissions- 4.50 6/21/2018 EUR 65.54
Deutsche Bank AG 4.20 6/19/2018 EUR 73.10
Vontobel Financial Pro 4.00 12/21/2018 EUR 66.46
UBS AG/London 7.70 6/22/2018 EUR 70.70
Vontobel Financial Pro 9.50 6/22/2018 EUR 74.13
Vontobel Financial Pro 7.50 6/22/2018 EUR 76.64
HSBC Trinkaus & Burkha 8.10 4/27/2018 EUR 46.91
Vontobel Financial Pro 7.00 9/28/2018 EUR 76.47
Leonteq Securities AG 7.40 4/24/2020 USD 59.45
DZ Bank AG Deutsche Ze 8.50 6/22/2018 EUR 58.19
Vontobel Financial Pro 11.90 6/8/2018 EUR 73.75
Raiffeisen Switzerland 10.00 4/19/2018 USD 43.84
Vontobel Financial Pro 12.55 6/22/2018 EUR 68.10
Vontobel Financial Pro 14.50 6/22/2018 EUR 65.33
HSBC Trinkaus & Burkha 6.30 6/22/2018 EUR 66.40
HSBC Trinkaus & Burkha 6.30 6/22/2018 EUR 73.89
HSBC Trinkaus & Burkha 10.60 4/27/2018 EUR 54.75
Commerzbank AG 4.50 5/25/2018 EUR 65.69
Commerzbank AG 9.25 10/26/2018 EUR 57.46
Commerzbank AG 11.25 10/26/2018 EUR 55.24
Raiffeisen Centrobank 10.72 12/28/2018 EUR 57.27
Raiffeisen Centrobank 13.02 6/19/2018 EUR 56.66
Raiffeisen Centrobank 13.79 6/19/2018 EUR 22.03
Raiffeisen Centrobank 8.49 6/19/2018 EUR 14.93
Commerzbank AG 5.00 7/27/2018 EUR 64.90
HSBC Trinkaus & Burkha 7.60 9/28/2018 EUR 76.36
HSBC Trinkaus & Burkha 10.90 6/22/2018 EUR 69.46
HSBC Trinkaus & Burkha 9.80 6/22/2018 EUR 71.82
HSBC Trinkaus & Burkha 8.00 6/22/2018 EUR 49.27
HSBC Trinkaus & Burkha 10.10 4/27/2018 EUR 44.85
HSBC Trinkaus & Burkha 3.00 6/22/2018 EUR 71.48
Leonteq Securities AG 10.00 7/27/2018 EUR 70.52
HSBC Trinkaus & Burkha 11.80 6/22/2018 EUR 53.72
Commerzbank AG 12.50 5/25/2018 EUR 73.46
Commerzbank AG 12.25 7/27/2018 EUR 73.41
Commerzbank AG 5.25 10/26/2018 EUR 66.57
Commerzbank AG 7.25 10/26/2018 EUR 60.77
Vontobel Financial Pro 6.50 6/22/2018 EUR 71.96
Raiffeisen Centrobank 11.14 12/25/2018 EUR 23.60
Raiffeisen Centrobank 11.32 6/19/2018 EUR 18.72
Leonteq Securities AG 9.00 3/27/2020 USD 60.49
BNP Paribas Emissions- 11.00 12/31/2018 EUR 73.05
Bank Julius Baer & Co 8.25 4/19/2018 USD 71.65
Vontobel Financial Pro 10.50 6/22/2018 EUR 71.15
Goldman Sachs & Co Wer 16.00 9/26/2018 EUR 73.09
Vontobel Financial Pro 14.00 6/22/2018 EUR 70.83
Vontobel Financial Pro 12.50 6/22/2018 EUR 74.32
BNP Paribas Emissions- 19.00 6/21/2018 EUR 73.75
Leonteq Securities AG/ 12.80 10/30/2018 USD 77.60
UniCredit Bank AG 3.30 1/4/2019 EUR 7.79
UniCredit Bank AG 5.70 9/28/2018 EUR 71.26
UniCredit Bank AG 13.40 1/4/2019 EUR 73.21
BNP Paribas Emissions- 7.00 6/21/2018 EUR 74.60
BNP Paribas Emissions- 13.00 6/21/2018 EUR 67.92
Deutsche Bank AG 5.50 9/25/2018 EUR 74.80
Deutsche Bank AG 6.50 12/27/2018 EUR 74.20
Goldman Sachs & Co Wer 16.00 6/20/2018 EUR 68.66
Goldman Sachs & Co Wer 19.00 4/25/2018 EUR 68.84
Commerzbank AG 8.00 11/6/2020 USD 4.20
UBS AG/London 9.90 6/22/2018 EUR 70.30
BNP Paribas Emissions- 18.00 6/21/2018 EUR 72.05
BNP Paribas Emissions- 15.00 9/27/2018 EUR 72.20
UniCredit Bank AG 13.60 1/4/2019 EUR 13.01
UniCredit Bank AG 12.10 1/4/2019 EUR 74.42
UniCredit Bank AG 14.00 1/4/2019 EUR 71.04
BNP Paribas Emissions- 13.00 6/21/2018 EUR 71.76
BNP Paribas Emissions- 6.50 6/21/2018 EUR 73.60
BNP Paribas Emissions- 8.00 6/21/2018 EUR 57.75
BNP Paribas Emissions- 6.00 6/21/2018 EUR 72.23
BNP Paribas Emissions- 10.00 6/21/2018 EUR 73.18
Vontobel Financial Pro 12.10 6/8/2018 EUR 67.91
Vontobel Financial Pro 14.20 6/8/2018 EUR 66.10
UniCredit Bank AG 14.30 6/22/2018 EUR 69.45
DZ Bank AG Deutsche Ze 7.75 6/18/2018 EUR 74.58
BNP Paribas Emissions- 9.50 12/31/2018 EUR 71.80
Vontobel Financial Pro 10.55 6/8/2018 EUR 62.35
Vontobel Financial Pro 7.10 6/8/2018 EUR 61.86
Commerzbank AG 3.00 9/28/2018 EUR 67.52
Vontobel Financial Pro 27.00 5/25/2018 EUR 73.31
DZ Bank AG Deutsche Ze 7.25 6/18/2018 EUR 74.50
Commerzbank AG 3.25 10/26/2018 EUR 69.44
Leonteq Securities AG 16.60 5/7/2018 USD 52.73
Vontobel Financial Pro 8.00 11/23/2018 EUR 74.29
Vontobel Financial Pro 14.50 6/22/2018 EUR 72.80
Deutsche Bank AG 7.20 6/19/2018 EUR 66.30
Deutsche Bank AG 5.20 6/19/2018 EUR 65.90
Deutsche Bank AG 5.20 6/19/2018 EUR 58.10
Deutsche Bank AG 4.20 6/19/2018 EUR 65.70
Deutsche Bank AG 4.20 6/19/2018 EUR 72.20
Vontobel Financial Pro 10.50 6/22/2018 EUR 71.80
BNP Paribas Emissions- 4.00 12/31/2018 EUR 59.64
BNP Paribas Emissions- 6.00 12/31/2018 EUR 61.05
EFG International Fina 8.50 2/27/2019 USD 51.78
BNP Paribas Emissions- 6.00 6/21/2018 EUR 57.41
BNP Paribas Emissions- 8.00 12/31/2018 EUR 73.88
BNP Paribas Emissions- 8.50 6/21/2018 EUR 73.95
BNP Paribas Emissions- 8.00 6/21/2018 EUR 74.78
BNP Paribas Emissions- 13.00 6/21/2018 EUR 66.34
BNP Paribas Emissions- 10.00 6/21/2018 EUR 51.14
BNP Paribas Emissions- 8.00 6/21/2018 EUR 58.62
BNP Paribas Emissions- 9.00 6/21/2018 EUR 55.45
BNP Paribas Emissions- 13.00 6/21/2018 EUR 48.09
BNP Paribas Emissions- 6.00 6/21/2018 EUR 66.60
BNP Paribas Emissions- 12.00 6/21/2018 EUR 54.06
BNP Paribas Emissions- 13.00 6/21/2018 EUR 51.66
BNP Paribas Emissions- 7.00 6/21/2018 EUR 74.01
Commerzbank AG 8.50 7/27/2018 EUR 51.06
Commerzbank AG 12.50 7/27/2018 EUR 47.90
Commerzbank AG 3.75 8/24/2018 EUR 60.72
Commerzbank AG 7.75 8/24/2018 EUR 51.85
Commerzbank AG 11.75 8/24/2018 EUR 48.56
Commerzbank AG 6.75 9/28/2018 EUR 52.99
Commerzbank AG 10.75 9/28/2018 EUR 49.40
Commerzbank AG 4.50 10/26/2018 EUR 58.06
Commerzbank AG 6.50 10/26/2018 EUR 53.64
Commerzbank AG 10.50 10/26/2018 EUR 49.89
Commerzbank AG 4.50 5/25/2018 EUR 58.08
Commerzbank AG 8.50 5/25/2018 EUR 50.69
Credit Suisse AG/Londo 2.80 11/17/2020 USD 72.29
Credit Suisse AG/Londo 7.55 11/9/2018 USD 75.00
Deutsche Bank AG 10.20 6/19/2018 EUR 74.00
Deutsche Bank AG 5.20 6/19/2018 EUR 73.30
Deutsche Bank AG 10.20 6/19/2018 EUR 70.60
Vontobel Financial Pro 11.05 6/8/2018 EUR 69.68
Deutsche Bank AG 4.20 6/19/2018 EUR 72.84
Vontobel Financial Pro 9.80 6/8/2018 EUR 71.27
Vontobel Financial Pro 14.00 6/8/2018 EUR 63.10
Vontobel Financial Pro 8.95 6/8/2018 EUR 62.12
BNP Paribas Emissions- 9.00 6/21/2018 EUR 74.36
BNP Paribas Emissions- 12.00 6/21/2018 EUR 50.32
BNP Paribas Emissions- 5.00 6/21/2018 EUR 72.06
BNP Paribas Emissions- 10.00 6/21/2018 EUR 61.13
BNP Paribas Emissions- 10.00 6/21/2018 EUR 58.10
BNP Paribas Emissions- 3.50 6/21/2018 EUR 75.51
BNP Paribas Emissions- 12.00 6/21/2018 EUR 74.23
BNP Paribas Emissions- 10.00 6/21/2018 EUR 68.48
Commerzbank AG 10.50 7/27/2018 EUR 49.26
Commerzbank AG 5.75 8/24/2018 EUR 54.92
Commerzbank AG 9.75 8/24/2018 EUR 49.93
Commerzbank AG 4.75 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 1/2/2019 EUR 71.39
HSBC Trinkaus & Burkha 12.30 6/22/2018 EUR 55.20
HSBC Trinkaus & Burkha 3.90 9/28/2018 EUR 72.86
HSBC Trinkaus & Burkha 6.10 12/28/2018 EUR 66.66
HSBC Trinkaus & Burkha 7.80 7/27/2018 EUR 61.48
Commerzbank AG 16.75 4/26/2018 EUR 51.41
Commerzbank AG 5.25 6/21/2018 EUR 74.27
Bank Julius Baer & Co 5.60 7/6/2018 EUR 71.40
HSBC Trinkaus & Burkha 6.50 9/28/2018 EUR 75.55
HSBC Trinkaus & Burkha 8.10 9/28/2018 EUR 61.08
Landesbank Baden-Wuert 6.00 7/27/2018 EUR 72.29
Commerzbank AG 10.50 8/24/2018 EUR 54.36
Goldman Sachs & Co Wer 24.00 4/25/2018 EUR 65.88
Goldman Sachs & Co Wer 17.00 5/23/2018 EUR 72.06
Goldman Sachs & Co Wer 22.00 5/23/2018 EUR 67.86
Goldman Sachs & Co Wer 22.00 6/20/2018 EUR 67.80
Goldman Sachs & Co Wer 20.00 7/25/2018 EUR 69.41
Goldman Sachs & Co Wer 17.00 9/26/2018 EUR 71.57
Vontobel Financial Pro 11.50 6/22/2018 EUR 70.07
Leonteq Securities AG/ 7.00 6/26/2019 CHF 55.51
BNP Paribas Emissions- 7.00 9/27/2018 EUR 73.82
Vontobel Financial Pro 7.50 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
Goldman Sachs & Co Wer 16.00 6/20/2018 EUR 71.32
Goldman Sachs & Co Wer 21.00 6/20/2018 EUR 67.63
Goldman Sachs & Co Wer 15.00 7/25/2018 EUR 72.61
Commerzbank AG 7.75 8/24/2018 EUR 62.60
Commerzbank AG 11.75 8/24/2018 EUR 55.90
Vontobel Financial Pro 6.00 6/22/2018 EUR 72.82
EFG International Fina 7.40 6/28/2019 USD 58.10
UBS AG/London 16.90 6/21/2018 EUR 68.20
BNP Paribas Emissions- 6.00 6/21/2018 EUR 45.39
Vontobel Financial Pro 7.50 6/22/2018 EUR 75.22
Raiffeisen Centrobank 8.33 6/25/2019 EUR 19.65
DZ Bank AG Deutsche Ze 6.50 9/28/2018 EUR 71.95
DZ Bank AG Deutsche Ze 6.00 6/22/2018 EUR 68.14
BNP Paribas Emissions- 9.00 6/21/2018 EUR 73.72
Citigroup Global Marke 7.00 6/16/2022 SEK 50.63
Deutsche Bank AG 6.20 9/25/2018 EUR 72.20
Deutsche Bank AG 6.20 9/25/2018 EUR 66.80
Goldman Sachs & Co Wer 16.00 5/23/2018 EUR 71.97
Goldman Sachs & Co Wer 17.00 9/26/2018 EUR 71.57
DekaBank Deutsche Giro 3.00 6/27/2018 EUR 40.78
Bank Julius Baer & Co 6.50 6/14/2018 USD 49.05
UBS AG/London 13.25 9/6/2018 CHF 39.65
UBS AG/London 22.70 9/27/2018 EUR 74.91
UBS AG/London 17.00 6/28/2018 EUR 71.79
UBS AG/London 13.20 1/3/2019 EUR 73.93
Zurcher Kantonalbank F 7.50 7/6/2018 CHF 56.76
HSBC Trinkaus & Burkha 12.20 9/28/2018 EUR 54.45
HSBC Trinkaus & Burkha 10.70 9/28/2018 EUR 56.32
Goldman Sachs & Co Wer 18.00 4/25/2018 EUR 70.71
Goldman Sachs & Co Wer 14.00 9/26/2018 EUR 74.79
Goldman Sachs & Co Wer 15.00 12/28/2018 EUR 74.70
Vontobel Financial Pro 10.50 6/22/2018 EUR 69.89
Vontobel Financial Pro 11.55 9/28/2018 EUR 69.25
Vontobel Financial Pro 10.00 9/28/2018 EUR 68.55
Commerzbank AG 13.50 8/24/2018 EUR 52.88
UBS AG/London 12.10 6/28/2018 EUR 74.98
UBS AG/London 23.30 6/28/2018 EUR 69.35
BNP Paribas Emissions- 18.00 6/21/2018 EUR 72.31
EFG International Fina 5.50 9/21/2020 USD 69.27
BNP Paribas Emissions- 18.00 6/21/2018 EUR 50.09
BNP Paribas Emissions- 12.00 9/27/2018 EUR 57.00
BNP Paribas Emissions- 11.00 9/27/2018 EUR 72.92
DZ Bank AG Deutsche Ze 10.50 6/22/2018 EUR 66.56
DZ Bank AG Deutsche Ze 12.25 1/2/2019 EUR 60.76
BNP Paribas Emissions- 8.00 12/31/2018 EUR 56.63
BNP Paribas Emissions- 6.00 12/31/2018 EUR 55.22
BNP Paribas Emissions- 16.00 12/31/2018 EUR 62.26
HSBC Trinkaus & Burkha 4.50 12/28/2018 EUR 62.52
HSBC Trinkaus & Burkha 5.50 6/22/2018 EUR 68.46
HSBC Trinkaus & Burkha 7.50 9/28/2018 EUR 64.25
HSBC Trinkaus & Burkha 9.00 8/24/2018 EUR 60.72
HSBC Trinkaus & Burkha 9.30 4/27/2018 EUR 59.65
BNP Paribas Emissions- 16.00 6/21/2018 EUR 65.81
BNP Paribas Emissions- 12.00 6/21/2018 EUR 69.57
HSBC Trinkaus & Burkha 8.70 8/24/2018 EUR 62.31
BNP Paribas Emissions- 17.00 6/21/2018 EUR 73.83
BNP Paribas Emissions- 19.00 6/21/2018 EUR 69.32
BNP Paribas Emissions- 7.00 9/27/2018 EUR 54.68
BNP Paribas Emissions- 13.00 6/21/2018 EUR 75.51
BNP Paribas Emissions- 9.00 12/31/2018 EUR 53.22
UBS AG/London 9.60 6/21/2018 EUR 74.28
BNP Paribas Emissions- 10.00 6/21/2018 EUR 46.09
BNP Paribas Emissions- 8.00 12/31/2018 EUR 49.80
DZ Bank AG Deutsche Ze 7.25 6/22/2018 EUR 71.74
DZ Bank AG Deutsche Ze 8.25 9/28/2018 EUR 70.53
BNP Paribas Emissions- 19.00 12/31/2018 EUR 64.37
Leonteq Securities AG 8.20 10/17/2018 USD 49.85
Leonteq Securities AG 10.20 10/24/2018 EUR 51.36
Vontobel Financial Pro 4.50 3/22/2019 EUR 53.14
DZ Bank AG Deutsche Ze 13.75 7/25/2018 EUR 75.18
Landesbank Hessen-Thue 4.00 5/16/2018 EUR 47.16
Vontobel Financial Pro 4.00 1/2/2019 EUR 63.47
UBS AG/London 9.25 6/15/2018 CHF 55.65
Goldman Sachs & Co Wer 19.00 5/23/2018 EUR 67.36
Goldman Sachs & Co Wer 14.00 6/20/2018 EUR 72.38
Vontobel Financial Pro 9.50 5/29/2018 EUR 73.11
Vontobel Financial Pro 10.00 6/22/2018 EUR 74.19
Vontobel Financial Pro 11.00 6/22/2018 EUR 72.19
Vontobel Financial Pro 12.00 6/22/2018 EUR 70.32
UniCredit Bank AG 10.40 6/22/2018 EUR 60.40
UniCredit Bank AG 8.10 6/22/2018 EUR 64.86
UniCredit Bank AG 7.10 6/22/2018 EUR 73.24
UniCredit Bank AG 9.30 6/22/2018 EUR 69.66
UniCredit Bank AG 11.80 6/22/2018 EUR 66.55
UniCredit Bank AG 13.10 6/22/2018 EUR 56.74
UniCredit Bank AG 13.90 6/22/2018 EUR 74.80
UniCredit Bank AG 6.50 6/22/2018 EUR 66.26
UniCredit Bank AG 13.60 6/22/2018 EUR 73.34
UniCredit Bank AG 7.70 6/22/2018 EUR 62.53
UniCredit Bank AG 5.30 6/22/2018 EUR 70.44
UniCredit Bank AG 13.60 6/22/2018 EUR 51.49
UniCredit Bank AG 12.00 6/22/2018 EUR 53.77
Zurcher Kantonalbank F 6.00 5/16/2018 EUR 69.74
Vontobel Financial Pro 7.00 6/22/2018 EUR 67.05
Vontobel Financial Pro 11.00 6/22/2018 EUR 67.93
DZ Bank AG Deutsche Ze 8.25 6/22/2018 EUR 65.55
Commerzbank AG 10.75 4/26/2018 EUR 74.11
Commerzbank AG 11.75 4/26/2018 EUR 72.13
Commerzbank AG 12.75 4/26/2018 EUR 70.34
DZ Bank AG Deutsche Ze 7.00 6/18/2018 EUR 74.46
DZ Bank AG Deutsche Ze 9.00 6/18/2018 EUR 74.80
BNP Paribas Emissions- 7.00 9/27/2018 EUR 72.64
Commerzbank AG 9.50 4/26/2018 EUR 56.13
Commerzbank AG 11.50 4/26/2018 EUR 52.45
Commerzbank AG 8.25 4/26/2018 EUR 73.92
Commerzbank AG 10.25 4/26/2018 EUR 70.08
Commerzbank AG 10.25 4/26/2018 EUR 71.73
Commerzbank AG 10.50 4/25/2018 EUR 70.11
UniCredit Bank AG 7.00 6/22/2018 EUR 71.17
UniCredit Bank AG 8.10 6/22/2018 EUR 72.91
UniCredit Bank AG 10.00 6/22/2018 EUR 69.74
UniCredit Bank AG 12.20 6/22/2018 EUR 69.69
UniCredit Bank AG 10.60 6/22/2018 EUR 70.88
UniCredit Bank AG 11.50 6/22/2018 EUR 64.85
UniCredit Bank AG 14.10 6/22/2018 EUR 70.86
UBS AG/London 8.60 6/22/2018 EUR 70.08
Vontobel Financial Pro 7.00 6/8/2018 EUR 61.96
Vontobel Financial Pro 9.65 6/8/2018 EUR 67.94
Vontobel Financial Pro 5.25 6/8/2018 EUR 67.55
Vontobel Financial Pro 7.05 6/8/2018 EUR 67.81
Vontobel Financial Pro 8.70 6/8/2018 EUR 68.04
Vontobel Financial Pro 8.25 6/8/2018 EUR 73.44
Vontobel Financial Pro 7.25 6/8/2018 EUR 73.30
Vontobel Financial Pro 4.80 6/8/2018 EUR 72.95
DZ Bank AG Deutsche Ze 6.00 5/23/2018 EUR 73.45
Bank Julius Baer & Co 10.45 5/11/2018 USD 64.30
Bank Julius Baer & Co 6.30 5/11/2018 USD 67.25
Goldman Sachs & Co Wer 19.00 5/23/2018 EUR 71.26
Goldman Sachs & Co Wer 23.00 5/23/2018 EUR 68.84
Goldman Sachs & Co Wer 15.00 5/23/2018 EUR 71.41
Goldman Sachs & Co Wer 13.00 12/28/2018 EUR 74.80
Raiffeisen Centrobank 9.30 9/25/2018 EUR 67.77
UniCredit Bank AG 10.80 6/22/2018 EUR 72.60
UniCredit Bank AG 14.40 6/22/2018 EUR 63.82
UniCredit Bank AG 6.10 6/22/2018 EUR 70.24
UniCredit Bank AG 14.20 6/22/2018 EUR 68.66
UniCredit Bank AG 10.50 6/22/2018 EUR 56.31
UniCredit Bank AG 4.20 6/22/2018 EUR 75.35
Zurcher Kantonalbank F 6.00 5/16/2018 CHF 68.90
Credit Suisse AG/Londo 8.00 10/22/2018 USD 61.20
BNP Paribas Emissions- 7.00 9/27/2018 EUR 63.95
BNP Paribas Emissions- 13.00 9/27/2018 EUR 54.81
BNP Paribas Emissions- 8.00 12/31/2018 EUR 61.53
BNP Paribas Emissions- 15.00 6/21/2018 EUR 68.63
BNP Paribas Emissions- 13.00 9/27/2018 EUR 71.31
BNP Paribas Emissions- 16.00 9/27/2018 EUR 68.10
BNP Paribas Emissions- 9.00 12/31/2018 EUR 73.84
UniCredit Bank AG 13.00 1/4/2019 EUR 72.64
UniCredit Bank AG 10.20 1/4/2019 EUR 74.13
UniCredit Bank AG 11.00 1/3/2020 EUR 72.09
UniCredit Bank AG 6.80 1/3/2020 EUR 72.91
UniCredit Bank AG 7.70 1/3/2020 EUR 72.56
UniCredit Bank AG 12.40 1/3/2020 EUR 72.17
UniCredit Bank AG 7.00 1/3/2020 EUR 16.67
UniCredit Bank AG 4.30 1/3/2020 EUR 71.32
UniCredit Bank AG 3.50 6/28/2019 EUR 10.83
UniCredit Bank AG 9.90 1/3/2020 EUR 62.84
UniCredit Bank AG 6.30 6/28/2019 EUR 66.79
UniCredit Bank AG 11.30 6/28/2019 EUR 59.95
UniCredit Bank AG 9.20 6/28/2019 EUR 61.95
UniCredit Bank AG 15.00 6/28/2019 EUR 71.48
Vontobel Financial Pro 9.00 9/28/2018 EUR 55.49
Vontobel Financial Pro 11.00 9/28/2018 EUR 53.84
Goldman Sachs & Co Wer 13.00 6/20/2018 EUR 71.61
UniCredit Bank AG 3.50 12/19/2019 EUR 65.17
DekaBank Deutsche Giro 0.01 6/29/2046 EUR 56.01
BNP Paribas Emissions- 28.00 5/24/2018 EUR 64.09
BNP Paribas Emissions- 15.00 9/27/2018 EUR 74.58
Vontobel Financial Pro 8.00 1/2/2019 EUR 57.15
Vontobel Financial Pro 9.55 1/2/2019 EUR 55.73
BNP Paribas Emissions- 14.00 5/24/2018 EUR 72.91
BNP Paribas Emissions- 16.00 12/31/2018 EUR 72.17
BNP Paribas Emissions- 24.00 6/21/2018 EUR 65.50
BNP Paribas Emissions- 20.00 9/27/2018 EUR 69.86
BNP Paribas Emissions- 18.00 9/27/2018 EUR 72.22
Vontobel Financial Pro 8.50 1/2/2019 EUR 61.77
Vontobel Financial Pro 15.50 1/2/2019 EUR 54.59
Vontobel Financial Pro 14.50 6/22/2018 EUR 51.52
DZ Bank AG Deutsche Ze 6.00 9/28/2018 EUR 74.72
DZ Bank AG Deutsche Ze 10.25 6/22/2018 EUR 67.67
DZ Bank AG Deutsche Ze 8.75 6/22/2018 EUR 70.91
SG Issuer SA 5.50 4/10/2021 EUR 67.57
Bank Julius Baer & Co 9.10 8/6/2018 USD 51.00
Deutsche Bank AG/Londo 2.00 6/6/2018 EUR 50.81
Landesbank Baden-Wuert 2.90 7/27/2018 EUR 53.05
UniCredit Bank AG 5.00 6/25/2019 EUR 45.11
Raiffeisen Schweiz Gen 4.20 7/17/2019 CHF 72.46
Raiffeisen Schweiz Gen 4.00 7/24/2019 CHF 72.87
EFG International Fina 6.40 4/9/2020 EUR 73.60
Raiffeisen Schweiz Gen 4.20 5/22/2019 CHF 73.79
Raiffeisen Schweiz Gen 4.50 5/22/2018 CHF 72.65
Leonteq Securities AG 6.60 5/29/2018 EUR 51.55
UniCredit Bank AG 4.40 7/13/2018 EUR 45.61
Landesbank Baden-Wuert 3.00 7/26/2019 EUR 59.48
UniCredit Bank AG 5.40 11/29/2019 USD 51.40
Raiffeisen Schweiz Gen 4.30 6/5/2019 CHF 74.41
UniCredit Bank AG 3.75 10/2/2020 EUR 51.78
UniCredit Bank AG 4.60 7/2/2018 EUR 41.02
Landesbank Hessen-Thue 8.00 5/15/2020 EUR 73.67
Landesbank Baden-Wuert 3.20 7/27/2018 EUR 65.37
Landesbank Baden-Wuert 3.00 6/28/2019 EUR 52.67
Landesbank Baden-Wuert 3.35 6/22/2018 EUR 66.25
DekaBank Deutsche Giro 2.75 10/29/2018 EUR 43.01
Landesbank Hessen-Thue 4.00 4/30/2019 EUR 52.82
DekaBank Deutsche Giro 3.25 5/18/2018 EUR 74.11
Landesbank Baden-Wuert 3.00 8/24/2018 EUR 66.19
Leonteq Securities AG 5.00 5/7/2019 CHF 73.27
Raiffeisen Schweiz Gen 8.99 7/22/2019 EUR 21.86
DekaBank Deutsche Giro 3.25 4/20/2018 EUR 42.27
EFG International Fina 7.19 5/6/2019 EUR 8.27
UniCredit Bank AG 5.00 7/30/2018 EUR 48.61
Landesbank Baden-Wuert 4.00 6/22/2018 EUR 46.41
Landesbank Baden-Wuert 3.50 7/27/2018 EUR 47.26
UniCredit Bank AG 3.80 7/23/2020 EUR 52.36
EFG International Fina 5.30 6/24/2019 EUR 61.19
DekaBank Deutsche Giro 2.75 7/17/2019 EUR 62.90
Zurcher Kantonalbank F 5.75 7/27/2018 CHF 61.06
Credit Suisse AG/Londo 8.25 7/26/2018 USD 53.71
DZ Bank AG Deutsche Ze 7.25 6/22/2018 EUR 74.51
DZ Bank AG Deutsche Ze 9.00 6/18/2018 EUR 72.47
Commerzbank AG 10.25 4/26/2018 EUR 71.87
Commerzbank AG 7.50 4/26/2018 EUR 61.02
Zurcher Kantonalbank F 7.75 5/18/2018 EUR 70.58
Bank Julius Baer & Co 12.15 5/4/2018 USD 56.20
Commerzbank AG 10.50 4/26/2018 EUR 73.67
Commerzbank AG 12.00 4/26/2018 EUR 67.20
Commerzbank AG 8.50 4/26/2018 EUR 74.66
Commerzbank AG 14.00 4/25/2018 EUR 45.28
Leonteq Securities AG 15.00 8/22/2018 CHF 63.56
UniCredit Bank AG 14.40 6/22/2018 EUR 73.37
UniCredit Bank AG 14.60 6/22/2018 EUR 64.67
UniCredit Bank AG 9.40 6/22/2018 EUR 73.32
UniCredit Bank AG 13.10 6/22/2018 EUR 65.64
UniCredit Bank AG 9.00 6/22/2018 EUR 71.27
UniCredit Bank AG 11.90 6/22/2018 EUR 68.65
UniCredit Bank AG 8.20 6/22/2018 EUR 75.89
UniCredit Bank AG 13.60 6/22/2018 EUR 74.20
UniCredit Bank AG 14.90 6/22/2018 EUR 66.95
UniCredit Bank AG 6.10 6/22/2018 EUR 68.32
UniCredit Bank AG 13.90 6/22/2018 EUR 52.80
UniCredit Bank AG 11.60 6/22/2018 EUR 74.61
UniCredit Bank AG 12.60 6/22/2018 EUR 69.58
UniCredit Bank AG 11.50 6/22/2018 EUR 71.01
UniCredit Bank AG 14.40 6/22/2018 EUR 67.35
UniCredit Bank AG 11.80 6/22/2018 EUR 73.32
UniCredit Bank AG 12.60 6/22/2018 EUR 74.82
Vontobel Financial Pro 4.00 9/28/2018 EUR 66.32
Vontobel Financial Pro 8.00 9/28/2018 EUR 59.37
Credit Suisse AG/Londo 8.25 9/27/2018 USD 57.02
Commerzbank AG 12.50 11/23/2018 EUR 58.11
Vontobel Financial Pro 6.50 1/2/2019 EUR 75.06
Vontobel Financial Pro 10.50 1/2/2019 EUR 68.09
BNP Paribas Emissions- 13.00 12/31/2018 EUR 58.32
Vontobel Financial Pro 13.50 6/22/2018 EUR 72.64
Vontobel Financial Pro 15.05 6/22/2018 EUR 70.87
Leonteq Securities AG/ 12.80 1/10/2019 CHF 63.47
UniCredit Bank AG 11.80 9/28/2018 EUR 73.77
Commerzbank AG 9.75 7/27/2018 EUR 60.73
Commerzbank AG 11.75 7/27/2018 EUR 57.57
UniCredit Bank AG 12.10 9/28/2018 EUR 9.45
UniCredit Bank AG 6.00 9/28/2018 EUR 7.64
UniCredit Bank AG 4.90 9/28/2018 EUR 7.59
Commerzbank AG 14.75 4/26/2018 EUR 53.62
Commerzbank AG 10.00 5/24/2018 EUR 61.69
Commerzbank AG 7.25 6/21/2018 EUR 67.93
Commerzbank AG 11.25 6/21/2018 EUR 59.88
Vontobel Financial Pro 9.75 9/14/2018 EUR 71.00
Vontobel Financial Pro 12.70 6/8/2018 EUR 68.53
Vontobel Financial Pro 9.50 9/28/2018 EUR 68.03
Commerzbank AG 11.50 4/27/2018 EUR 58.38
UBS AG/London 6.00 6/28/2018 EUR 73.70
HSBC Trinkaus & Burkha 5.40 6/22/2018 EUR 66.23
DZ Bank AG Deutsche Ze 7.75 9/28/2018 EUR 67.53
Commerzbank AG 12.00 5/24/2018 EUR 58.47
Commerzbank AG 9.25 6/21/2018 EUR 63.37
Vontobel Financial Pro 4.00 9/28/2018 EUR 65.57
Vontobel Financial Pro 6.00 9/28/2018 EUR 66.46
UBS AG/London 6.50 1/7/2019 CHF 54.35
Bank Julius Baer & Co 6.80 9/12/2018 CHF 72.90
Bank Julius Baer & Co 6.45 7/13/2018 USD 69.10
Vontobel Financial Pro 7.55 6/22/2018 EUR 66.70
Commerzbank AG 7.75 9/28/2018 EUR 61.36
Credit Suisse AG/Nassa 7.50 7/29/2019 CHF 64.06
Commerzbank AG 14.00 6/22/2018 EUR 74.85
BNP Paribas Emissions- 16.00 6/21/2018 EUR 52.08
BNP Paribas Emissions- 10.00 9/27/2018 EUR 60.40
Vontobel Financial Pro 9.20 12/14/2018 EUR 73.53
Vontobel Financial Pro 9.40 6/8/2018 EUR 69.52
Vontobel Financial Pro 7.10 6/8/2018 EUR 71.38
Commerzbank AG 10.00 9/28/2018 EUR 57.05
Goldman Sachs & Co Wer 22.00 5/23/2018 EUR 75.16
Goldman Sachs & Co Wer 22.00 6/20/2018 EUR 74.92
Goldman Sachs & Co Wer 23.00 4/25/2018 EUR 74.45
Zurcher Kantonalbank F 5.41 10/4/2019 CHF 9.23
UBS AG/London 19.00 1/3/2019 EUR 71.96
UBS AG/London 13.10 1/3/2019 EUR 73.86
DZ Bank AG Deutsche Ze 9.50 6/22/2018 EUR 73.29
BNP Paribas Emissions- 7.00 6/21/2018 EUR 53.08
BNP Paribas Emissions- 13.00 9/27/2018 EUR 49.46
BNP Paribas Emissions- 7.00 12/31/2018 EUR 56.59
BNP Paribas Emissions- 8.00 12/31/2018 EUR 54.79
Vontobel Financial Pro 2.50 9/28/2018 EUR 69.68
Vontobel Financial Pro 12.50 9/28/2018 EUR 54.52
Deutsche Bank AG 5.50 6/19/2018 EUR 73.30
Goldman Sachs & Co Wer 21.00 4/25/2018 EUR 68.88
Commerzbank AG 10.75 5/24/2018 EUR 72.20
Commerzbank AG 6.25 5/24/2018 EUR 65.36
Commerzbank AG 12.25 5/24/2018 EUR 52.03
Deutsche Bank AG 6.20 7/25/2018 EUR 74.00
UBS AG/London 5.00 6/1/2018 CHF 64.10
Deutsche Bank AG 5.20 6/19/2018 EUR 69.00
Deutsche Bank AG 7.20 6/19/2018 EUR 63.50
Vontobel Financial Pro 9.80 9/14/2018 EUR 72.00
Deutsche Bank AG 5.20 6/19/2018 EUR 65.00
DZ Bank AG Deutsche Ze 6.50 6/22/2018 EUR 72.90
DZ Bank AG Deutsche Ze 6.00 6/22/2018 EUR 73.14
Vontobel Financial Pro 10.10 6/8/2018 EUR 66.92
BNP Paribas Emissions- 15.00 6/21/2018 EUR 74.66
EFG International Fina 8.00 3/9/2020 USD 58.29
Commerzbank AG 10.00 5/24/2018 EUR 74.89
Deutsche Bank AG 7.20 6/19/2018 EUR 73.10
Deutsche Bank AG 7.20 6/19/2018 EUR 66.80
Goldman Sachs & Co Wer 24.00 5/23/2018 EUR 74.11
Vontobel Financial Pro 8.80 12/14/2018 EUR 69.73
HSBC Trinkaus & Burkha 7.60 6/22/2018 EUR 62.60
HSBC Trinkaus & Burkha 10.30 9/28/2018 EUR 58.96
HSBC Trinkaus & Burkha 5.80 9/28/2018 EUR 69.34
HSBC Trinkaus & Burkha 9.70 4/27/2018 EUR 57.92
UniCredit Bank AG 13.80 6/22/2018 EUR 71.82
UniCredit Bank AG 9.50 6/22/2018 EUR 74.15
UniCredit Bank AG 11.00 6/22/2018 EUR 68.32
UniCredit Bank AG 8.60 6/22/2018 EUR 75.90
UniCredit Bank AG 14.50 6/22/2018 EUR 67.09
UniCredit Bank AG 9.00 6/22/2018 EUR 60.95
UniCredit Bank AG 13.20 6/22/2018 EUR 74.11
UniCredit Bank AG 5.60 6/22/2018 EUR 73.44
UniCredit Bank AG 14.10 6/22/2018 EUR 62.28
Commerzbank AG 14.00 9/28/2018 EUR 73.31
Commerzbank AG 17.00 6/22/2018 EUR 72.95
Commerzbank AG 15.00 8/24/2018 EUR 73.53
HSBC Trinkaus & Burkha 11.10 9/28/2018 EUR 55.20
HSBC Trinkaus & Burkha 12.10 6/22/2018 EUR 52.26
HSBC Trinkaus & Burkha 9.20 6/22/2018 EUR 57.35
HSBC Trinkaus & Burkha 6.70 6/22/2018 EUR 64.39
Stroytemp CJSC 9.00 11/13/2019 RUB 1.00
Leonteq Securities AG/ 5.00 12/27/2019 EUR 65.02
DZ Bank AG Deutsche Ze 8.40 6/22/2018 EUR 67.69
BNP Paribas Emissions- 14.00 12/31/2018 EUR 70.77
BNP Paribas Emissions- 16.00 6/21/2018 EUR 73.86
BNP Paribas Emissions- 12.00 9/27/2018 EUR 74.06
Commerzbank AG 3.00 7/27/2018 EUR 75.47
Commerzbank AG 20.00 5/25/2018 EUR 72.88
Commerzbank AG 19.00 6/22/2018 EUR 74.03
Zurcher Kantonalbank F 5.25 10/24/2018 CHF 62.11
DZ Bank AG Deutsche Ze 5.50 10/26/2018 EUR 7.16
UniCredit Bank AG 14.00 1/4/2019 EUR 72.25
UniCredit Bank AG 14.50 9/28/2018 EUR 72.31
UniCredit Bank AG 14.90 6/22/2018 EUR 73.94
UniCredit Bank AG 14.90 1/4/2019 EUR 71.80
UniCredit Bank AG 10.90 1/3/2020 EUR 22.57
Landesbank Baden-Wuert 3.00 6/22/2018 EUR 73.55
UniCredit Bank AG 5.00 1/3/2020 EUR 14.04
UniCredit Bank AG 11.60 1/3/2020 EUR 62.09
UniCredit Bank AG 5.80 1/3/2020 EUR 67.82
Raiffeisen Schweiz Gen 5.00 8/6/2018 CHF 72.02
Raiffeisen Schweiz Gen 5.00 8/29/2018 CHF 74.69
Raiffeisen Schweiz Gen 3.00 9/22/2020 CHF 75.00
Bank J Safra Sarasin A 12.10 7/6/2018 CHF 70.55
Podkarpacki Bank Spold 5.81 10/24/2024 PLN 55.00
Polski Bank Spoldzielc 4.81 11/26/2024 PLN 60.00
Landesbank Baden-Wuert 3.05 6/22/2018 EUR 56.10
Vontobel Financial Pro 3.00 1/2/2019 EUR 66.38
Vontobel Financial Pro 6.00 1/2/2019 EUR 59.98
UniCredit Bank AG 4.00 6/26/2018 EUR 39.99
Landesbank Baden-Wuert 3.00 5/25/2018 EUR 54.42
Landesbank Baden-Wuert 3.15 6/22/2018 EUR 50.04
Landesbank Baden-Wuert 3.30 6/22/2018 EUR 51.29
EFG International Fina 8.00 5/26/2020 USD 65.52
Deutsche Bank AG 6.20 6/19/2018 EUR 69.20
Deutsche Bank AG 4.20 9/25/2018 EUR 69.80
Deutsche Bank AG 6.20 9/25/2018 EUR 70.70
Deutsche Bank AG 4.20 9/25/2018 EUR 66.10
Deutsche Bank AG 4.20 12/27/2018 EUR 74.50
Raiffeisen Schweiz Gen 10.00 10/23/2018 CHF 63.71
DZ Bank AG Deutsche Ze 8.60 6/22/2018 EUR 70.88
Leonteq Securities AG/ 7.00 4/16/2020 CHF 70.06
UniCredit Bank AG 14.00 6/22/2018 EUR 74.61
UniCredit Bank AG 13.70 6/22/2018 EUR 68.22
UniCredit Bank AG 9.10 6/22/2018 EUR 67.79
UniCredit Bank AG 13.90 6/22/2018 EUR 67.88
UniCredit Bank AG 11.80 6/22/2018 EUR 71.35
UniCredit Bank AG 13.90 6/22/2018 EUR 65.60
UniCredit Bank AG 4.80 6/22/2018 EUR 72.84
UniCredit Bank AG 12.50 6/22/2018 EUR 58.64
UniCredit Bank AG 7.60 6/22/2018 EUR 67.52
UniCredit Bank AG 13.70 6/22/2018 EUR 73.40
UniCredit Bank AG 14.30 6/22/2018 EUR 72.70
UniCredit Bank AG 9.90 6/22/2018 EUR 62.65
Vontobel Financial Pro 5.50 9/28/2018 EUR 63.26
HSBC Trinkaus & Burkha 8.80 9/28/2018 EUR 69.51
HSBC Trinkaus & Burkha 4.50 9/28/2018 EUR 56.04
HSBC Trinkaus & Burkha 8.00 12/28/2018 EUR 54.18
HSBC Trinkaus & Burkha 5.50 12/28/2018 EUR 50.37
HSBC Trinkaus & Burkha 9.60 9/28/2018 EUR 74.49
Zurcher Kantonalbank F 6.00 5/23/2018 CHF 60.35
Deutsche Bank AG 4.20 9/25/2018 EUR 70.60
Deutsche Bank AG 4.20 12/27/2018 EUR 71.40
Credit Suisse AG/Nassa 8.00 8/24/2018 CHF 69.25
DZ Bank AG Deutsche Ze 9.00 6/18/2018 EUR 73.27
Deutsche Bank AG 4.20 6/19/2018 EUR 69.50
Deutsche Bank AG 4.20 6/19/2018 EUR 69.50
Deutsche Bank AG 4.20 12/27/2018 EUR 68.30
Commerzbank AG 13.25 8/24/2018 EUR 73.55
Deutsche Bank AG 4.20 12/27/2018 EUR 70.60
Deutsche Bank AG 4.20 6/19/2018 EUR 73.10
HSBC Trinkaus & Burkha 4.40 6/28/2019 EUR 70.06
DZ Bank AG Deutsche Ze 7.50 6/22/2018 EUR 74.70
DZ Bank AG Deutsche Ze 7.70 6/22/2018 EUR 73.03
Bank Julius Baer & Co 9.25 10/12/2018 USD 58.70
BNP Paribas Emissions- 7.00 6/21/2018 EUR 62.66
BNP Paribas Emissions- 15.00 9/27/2018 EUR 53.41
BNP Paribas Emissions- 12.00 9/27/2018 EUR 72.83
Commerzbank AG 21.25 4/27/2018 EUR 71.43
Vontobel Financial Pro 2.50 1/2/2019 EUR 69.93
Vontobel Financial Pro 5.00 6/22/2018 EUR 73.00
Commerzbank AG 17.75 5/25/2018 EUR 71.94
HSBC Trinkaus & Burkha 11.10 4/27/2018 EUR 53.29
HSBC Trinkaus & Burkha 5.50 12/28/2018 EUR 74.80
HSBC Trinkaus & Burkha 7.80 9/28/2018 EUR 71.41
HSBC Trinkaus & Burkha 7.60 6/22/2018 EUR 70.53
HSBC Trinkaus & Burkha 8.00 9/28/2018 EUR 72.71
Deutsche Bank AG 4.20 9/25/2018 EUR 70.60
Deutsche Bank AG 4.20 12/27/2018 EUR 71.40
UBS AG/London 5.50 5/17/2018 USD 46.70
Bank Julius Baer & Co 9.40 10/11/2018 USD 58.55
EFG International Fina 7.20 10/26/2020 USD 76.52
EFG International Fina 11.00 10/25/2018 CHF 60.94
Raiffeisen Centrobank 8.57 12/27/2019 EUR 22.33
Raiffeisen Centrobank 6.43 12/27/2019 EUR 17.95
Deutsche Bank AG 6.20 12/27/2018 EUR 68.40
Deutsche Bank AG 6.20 6/19/2018 EUR 73.50
Deutsche Bank AG 4.20 6/19/2018 EUR 68.90
Deutsche Bank AG 4.20 6/19/2018 EUR 65.10
Deutsche Bank AG 6.20 9/25/2018 EUR 74.80
Deutsche Bank AG 4.20 9/25/2018 EUR 73.90
Deutsche Bank AG 6.20 9/25/2018 EUR 67.00
HSBC Trinkaus & Burkha 4.30 12/28/2018 EUR 71.25
HSBC Trinkaus & Burkha 6.20 6/28/2019 EUR 59.21
HSBC Trinkaus & Burkha 2.50 6/22/2018 EUR 75.34
HSBC Trinkaus & Burkha 9.20 9/28/2018 EUR 55.40
HSBC Trinkaus & Burkha 4.90 9/28/2018 EUR 53.29
UniCredit Bank AG 14.90 6/22/2018 EUR 70.52
UniCredit Bank AG 10.50 6/22/2018 EUR 57.88
UniCredit Bank AG 13.80 6/22/2018 EUR 72.94
UniCredit Bank AG 14.70 6/22/2018 EUR 73.77
UniCredit Bank AG 13.20 6/22/2018 EUR 66.57
UniCredit Bank AG 10.90 6/22/2018 EUR 73.28
UniCredit Bank AG 12.10 6/22/2018 EUR 66.94
UniCredit Bank AG 14.30 6/22/2018 EUR 64.47
UniCredit Bank AG 12.90 6/22/2018 EUR 69.57
UniCredit Bank AG 7.50 6/22/2018 EUR 64.41
UniCredit Bank AG 12.20 6/22/2018 EUR 55.19
UniCredit Bank AG 13.00 6/22/2018 EUR 72.07
UniCredit Bank AG 14.90 6/22/2018 EUR 71.40
UniCredit Bank AG 15.00 6/22/2018 EUR 72.09
HSBC Trinkaus & Burkha 10.85 6/22/2018 EUR 70.30
Vontobel Financial Pro 6.00 6/22/2018 EUR 74.80
HSBC Trinkaus & Burkha 8.10 6/22/2018 EUR 74.06
Commerzbank AG 15.75 5/25/2018 EUR 74.06
Commerzbank AG 15.75 7/27/2018 EUR 73.55
HSBC Trinkaus & Burkha 12.30 9/28/2018 EUR 53.31
HSBC Trinkaus & Burkha 8.80 9/28/2018 EUR 59.80
HSBC Trinkaus & Burkha 6.70 9/28/2018 EUR 65.29
SG Issuer SA 0.82 8/2/2021 SEK 54.49
HSBC Trinkaus & Burkha 5.80 12/28/2018 EUR 75.02
HSBC Trinkaus & Burkha 7.80 9/28/2018 EUR 74.31
HSBC Trinkaus & Burkha 9.50 6/22/2018 EUR 74.03
Zurcher Kantonalbank F 6.60 5/15/2018 EUR 70.24
Bank Julius Baer & Co 11.50 10/10/2018 USD 58.85
Deutsche Bank AG 4.20 6/19/2018 EUR 73.80
Deutsche Bank AG 4.20 9/25/2018 EUR 74.90
Deutsche Bank AG 4.20 6/19/2018 EUR 66.30
Deutsche Bank AG 4.20 9/25/2018 EUR 67.30
Landesbank Baden-Wuert 7.00 6/22/2018 EUR 73.42
Deutsche Bank AG 6.20 12/27/2018 EUR 72.00
Deutsche Bank AG 4.20 12/27/2018 EUR 67.00
Deutsche Bank AG 6.20 6/19/2018 EUR 65.40
UBS AG/London 7.00 10/12/2018 USD 56.70
SG Issuer SA 0.80 11/30/2020 SEK 48.68
National Developing Co 16.00 4/15/2021 RUB 1.00
Promnefteservis OOO 10.50 11/21/2019 RUB 1.05
UniCredit Bank AG 9.80 1/4/2019 EUR 64.33
UniCredit Bank AG 11.10 1/4/2019 EUR 72.13
UniCredit Bank AG 10.10 1/4/2019 EUR 72.10
UniCredit Bank AG 8.40 1/4/2019 EUR 66.62
UniCredit Bank AG 10.80 1/4/2019 EUR 74.86
UniCredit Bank AG 14.00 6/22/2018 EUR 71.24
UniCredit Bank AG 7.10 1/4/2019 EUR 69.31
UniCredit Bank AG 12.10 1/4/2019 EUR 73.65
Societe Generale SA 12.01 7/20/2020 USD #N/A N/A
Vontobel Financial Pro 7.00 7/27/2018 EUR 74.01
Zurcher Kantonalbank F 6.00 1/17/2019 USD 55.57
DZ Bank AG Deutsche Ze 6.25 6/18/2018 EUR 70.13
DZ Bank AG Deutsche Ze 5.25 7/27/2018 EUR 69.00
Vontobel Financial Pro 11.00 7/27/2018 EUR 72.81
Leonteq Securities AG/ 10.20 10/24/2018 USD 57.07
Commerzbank AG 7.00 6/22/2018 EUR 72.23
DZ Bank AG Deutsche Ze 10.75 7/27/2018 EUR 71.12
EFG International Fina 6.00 8/3/2020 USD 63.06
EFG International Fina 12.20 8/2/2018 EUR 74.94
Vontobel Financial Pro 5.50 9/28/2018 EUR 66.99
Vontobel Financial Pro 9.00 9/28/2018 EUR 59.82
Vontobel Financial Pro 5.50 1/2/2019 EUR 68.17
Commerzbank AG 5.25 10/26/2018 EUR 72.71
Commerzbank AG 11.25 10/26/2018 EUR 60.40
Citigroup Global Marke 5.60 9/15/2022 SEK 59.51
Commerzbank AG 9.25 10/26/2018 EUR 63.02
Vontobel Financial Pro 10.00 1/2/2019 EUR 73.07
BNP Paribas Emissions- 15.00 12/31/2018 EUR 71.35
BNP Paribas Emissions- 19.00 6/21/2018 EUR 68.74
Commerzbank AG 13.50 9/28/2018 EUR 56.05
Commerzbank AG 9.25 6/22/2018 EUR 56.83
Raiffeisen Schweiz Gen 6.75 3/15/2019 CHF 71.30
BNP Paribas Emissions- 13.00 12/31/2018 EUR 73.60
BNP Paribas Emissions- 15.00 6/21/2018 EUR 72.53
BNP Paribas Emissions- 18.00 9/27/2018 EUR 68.81
Commerzbank AG 7.25 6/22/2018 EUR 60.38
BNP Paribas Emissions- 16.00 9/27/2018 EUR 71.70
Leonteq Securities AG/ 10.60 3/15/2019 CHF 67.45
Vontobel Financial Pro 8.00 1/2/2019 EUR 72.78
Commerzbank AG 17.00 6/22/2018 EUR 54.95
Commerzbank AG 7.25 10/26/2018 EUR 66.86
Landesbank Baden-Wuert 3.10 10/25/2019 EUR 70.04
Norddeutsche Landesban 3.00 10/30/2018 EUR 43.69
DekaBank Deutsche Giro 2.60 10/12/2018 EUR 64.46
Landesbank Baden-Wuert 3.35 11/23/2018 EUR 65.43
Landesbank Hessen-Thue 8.00 11/17/2020 EUR 73.82
Raiffeisen Centrobank 5.66 3/19/2019 EUR 65.19
T-Generation CJSC 12.00 6/14/2019 RUB 0.50
Baltic Leasing OOO 11.25 6/19/2020 RUB 65.01
Leonteq Securities AG 7.00 8/22/2018 CHF 46.65
DekaBank Deutsche Giro 3.00 8/16/2019 EUR 70.92
Leonteq Securities AG 8.40 9/27/2018 USD 49.11
SG Issuer SA 0.80 10/21/2020 SEK 46.72
UniCredit Bank AG 4.40 12/17/2019 EUR 75.76
Leonteq Securities AG 8.20 11/23/2018 USD 49.28
Vontobel Financial Pro 13.60 12/14/2018 EUR 74.97
Leonteq Securities AG/ 11.00 4/12/2019 EUR 72.56
DekaBank Deutsche Giro 3.50 10/28/2019 EUR 52.86
Leonteq Securities AG 8.40 9/6/2018 USD 46.84
Landesbank Baden-Wuert 2.80 11/23/2018 EUR 71.79
Landesbank Baden-Wuert 3.40 9/28/2018 EUR 52.02
Landesbank Baden-Wuert 3.00 9/27/2019 EUR 66.19
Leonteq Securities AG 5.00 9/4/2018 CHF 65.83
BNP Paribas Emissions- 3.00 10/12/2018 EUR 53.80
Zurcher Kantonalbank F 6.51 10/5/2018 CHF 57.39
Landesbank Baden-Wuert 2.60 8/23/2019 EUR 55.49
National Developing Co 12.00 7/19/2018 RUB 1.00
EFG International Fina 7.20 7/29/2020 EUR 21.12
Zurcher Kantonalbank F 7.82 8/6/2018 EUR 52.79
DZ Bank AG Deutsche Ze 7.40 6/18/2018 EUR 74.98
Vontobel Financial Pro 13.00 9/28/2018 EUR 54.74
Vontobel Financial Pro 12.00 1/2/2019 EUR 57.48
Vontobel Financial Pro 4.00 6/22/2018 EUR 70.20
Vontobel Financial Pro 9.50 6/22/2018 EUR 57.58
DZ Bank AG Deutsche Ze 8.50 9/28/2018 EUR 72.88
Vontobel Financial Pro 5.00 6/22/2018 EUR 65.92
Vontobel Financial Pro 6.50 6/22/2018 EUR 62.22
Vontobel Financial Pro 12.50 6/22/2018 EUR 53.73
UniCredit Bank AG 12.20 1/4/2019 EUR 74.69
DZ Bank AG Deutsche Ze 10.25 9/28/2018 EUR 69.18
Credit Suisse AG/Londo 7.00 7/19/2018 USD 73.42
UBS AG/London 10.10 6/28/2018 EUR 69.51
UBS AG/London 6.30 6/28/2018 EUR 73.11
UniCredit Bank AG 8.60 1/4/2019 EUR 73.80
UniCredit Bank AG 11.50 1/4/2019 EUR 70.58
UniCredit Bank AG 6.00 1/4/2019 EUR 72.40
UniCredit Bank AG 11.20 1/4/2019 EUR 62.29
DZ Bank AG Deutsche Ze 7.75 7/27/2018 EUR 60.63
DZ Bank AG Deutsche Ze 10.75 6/22/2018 EUR 70.07
Commerzbank AG 4.00 7/6/2018 EUR 37.40
HSBC Trinkaus & Burkha 11.00 6/22/2018 EUR 74.39
HSBC Trinkaus & Burkha 6.50 12/28/2018 EUR 73.02
UBS AG/London 16.40 6/28/2018 EUR 71.67
Commerzbank AG 5.25 6/22/2018 EUR 65.99
Commerzbank AG 13.25 10/26/2018 EUR 58.38
Commerzbank AG 18.00 5/25/2018 EUR 53.83
DZ Bank AG Deutsche Ze 8.25 9/28/2018 EUR 74.96
Vontobel Financial Pro 12.00 9/28/2018 EUR 56.84
BNP Paribas Emissions- 9.00 9/27/2018 EUR 71.61
BNP Paribas Emissions- 13.00 9/27/2018 EUR 68.94
BNP Paribas Emissions- 7.00 12/31/2018 EUR 72.43
BNP Paribas Emissions- 10.00 12/31/2018 EUR 70.18
BNP Paribas Emissions- 15.00 6/21/2018 EUR 49.57
BNP Paribas Emissions- 6.00 9/27/2018 EUR 58.63
BNP Paribas Emissions- 10.00 9/27/2018 EUR 53.59
BNP Paribas Emissions- 6.00 12/31/2018 EUR 60.13
BNP Paribas Emissions- 10.00 12/31/2018 EUR 56.21
BNP Paribas Emissions- 12.00 6/21/2018 EUR 73.53
BNP Paribas Emissions- 20.00 6/21/2018 EUR 64.81
Vontobel Financial Pro 11.50 1/2/2019 EUR 57.02
Raiffeisen Schweiz Gen 8.75 12/27/2018 CHF 64.73
DZ Bank AG Deutsche Ze 8.00 6/20/2018 EUR 74.13
Vontobel Financial Pro 6.00 9/28/2018 EUR 63.49
DZ Bank AG Deutsche Ze 5.50 9/28/2018 EUR 74.51
DZ Bank AG Deutsche Ze 10.75 9/28/2018 EUR 42.09
DZ Bank AG Deutsche Ze 7.25 6/18/2018 EUR 71.68
DZ Bank AG Deutsche Ze 7.75 6/22/2018 EUR 72.98
Vontobel Financial Pro 14.55 9/28/2018 EUR 55.43
Vontobel Financial Pro 8.50 9/28/2018 EUR 59.60
DZ Bank AG Deutsche Ze 9.50 6/22/2018 EUR 54.47
Goldman Sachs & Co Wer 17.00 4/25/2018 EUR 70.69
Goldman Sachs & Co Wer 21.00 5/23/2018 EUR 67.66
Commerzbank AG 5.75 8/24/2018 EUR 68.89
HSBC Trinkaus & Burkha 6.50 6/22/2018 EUR 75.84
HSBC Trinkaus & Burkha 8.30 9/28/2018 EUR 72.79
HSBC Trinkaus & Burkha 5.80 9/28/2018 EUR 67.29
HSBC Trinkaus & Burkha 9.70 7/27/2018 EUR 57.11
Commerzbank AG 9.50 7/27/2018 EUR 74.07
Vontobel Financial Pro 9.50 1/2/2019 EUR 70.65
UBS AG/London 15.30 6/21/2018 EUR 65.10
BNP Paribas Emissions- 6.00 6/21/2018 EUR 45.39
Commerzbank AG 1.00 2/19/2020 USD 62.25
Raiffeisen Centrobank 8.83 6/25/2019 EUR 20.18
Credit Suisse AG/Londo 8.25 8/29/2018 USD 57.78
Deutsche Bank AG 5.20 12/27/2018 EUR 72.70
Deutsche Bank AG 6.20 6/19/2018 EUR 65.20
Deutsche Bank AG 5.20 9/25/2018 EUR 66.40
Zurcher Kantonalbank F 6.75 8/20/2018 USD 47.01
Zurcher Kantonalbank F 6.50 6/20/2018 CHF 64.37
DZ Bank AG Deutsche Ze 10.75 8/24/2018 EUR 50.25
Deutsche Bank AG 6.20 6/19/2018 EUR 72.70
Vontobel Financial Pro 11.50 6/22/2018 EUR 74.14
BNP Paribas Emissions- 7.00 6/21/2018 EUR 73.37
DZ Bank AG Deutsche Ze 5.25 7/27/2018 EUR 4.86
Deutsche Bank AG 6.20 12/27/2018 EUR 73.40
UBS AG/London 12.25 8/23/2018 USD 70.45
HSBC Trinkaus & Burkha 3.00 6/22/2018 EUR 61.66
DZ Bank AG Deutsche Ze 5.25 9/28/2018 EUR 71.51
DZ Bank AG Deutsche Ze 6.00 9/28/2018 EUR 69.77
Deutsche Bank AG 5.20 9/25/2018 EUR 71.70
Leonteq Securities AG/ 7.00 6/19/2019 USD 55.52
Vontobel Financial Pro 13.00 6/22/2018 EUR 70.65
DZ Bank AG Deutsche Ze 5.25 6/22/2018 EUR 75.23
DZ Bank AG Deutsche Ze 6.25 6/18/2018 EUR 68.23
Goldman Sachs & Co Wer 22.00 4/25/2018 EUR 65.83
Goldman Sachs & Co Wer 19.00 7/25/2018 EUR 69.13
Goldman Sachs & Co Wer 13.00 9/26/2018 EUR 74.35
Goldman Sachs & Co Wer 14.00 12/28/2018 EUR 74.00
Commerzbank AG 9.75 8/24/2018 EUR 58.71
Vontobel Financial Pro 13.50 6/22/2018 EUR 74.16
DZ Bank AG Deutsche Ze 5.75 6/22/2018 EUR 67.52
DZ Bank AG Deutsche Ze 6.25 9/24/2018 EUR 69.91
Goldman Sachs & Co Wer 17.00 6/20/2018 EUR 72.91
UBS AG/London 10.90 6/21/2018 EUR 74.06
UBS AG/London 10.10 6/21/2018 EUR 70.78
BNP Paribas Emissions- 4.00 6/21/2018 EUR 45.04
UBS AG/London 16.90 6/21/2018 EUR 72.04
Vontobel Financial Pro 11.00 6/22/2018 EUR 70.38
Raiffeisen Centrobank 6.84 6/25/2019 EUR 16.43
Commerzbank AG 15.50 7/27/2018 EUR 55.64
Commerzbank AG 11.25 6/22/2018 EUR 53.26
Commerzbank AG 13.25 6/22/2018 EUR 51.22
Commerzbank AG 4.00 8/24/2018 EUR 72.77
Raiffeisen Centrobank 7.37 3/19/2019 EUR 62.38
Vontobel Financial Pro 13.50 9/28/2018 EUR 70.12
Vontobel Financial Pro 7.50 1/2/2019 EUR 65.96
Vontobel Financial Pro 14.00 7/27/2018 EUR 71.94
Vontobel Financial Pro 13.00 1/2/2019 EUR 73.33
Commerzbank AG 15.25 8/24/2018 EUR 58.21
Commerzbank AG 10.25 9/28/2018 EUR 63.64
Commerzbank AG 12.25 9/28/2018 EUR 61.29
DZ Bank AG Deutsche Ze 8.25 6/18/2018 EUR 72.75
DZ Bank AG Deutsche Ze 7.75 6/18/2018 EUR 74.48
Commerzbank AG 10.50 11/23/2018 EUR 60.15
EFG International Fina 7.20 10/5/2020 USD 70.72
DZ Bank AG Deutsche Ze 9.50 6/22/2018 EUR 73.29
DZ Bank AG Deutsche Ze 5.25 6/18/2018 EUR 65.56
DZ Bank AG Deutsche Ze 7.25 6/18/2018 EUR 63.58
DZ Bank AG Deutsche Ze 8.25 3/18/2019 EUR 71.66
Commerzbank AG 4.50 11/23/2018 EUR 73.65
Commerzbank AG 6.50 11/23/2018 EUR 67.05
Commerzbank AG 8.50 11/23/2018 EUR 62.89
HSBC Trinkaus & Burkha 7.60 8/24/2018 EUR 57.07
Vontobel Financial Pro 9.50 1/2/2019 EUR 58.22
Commerzbank AG 6.00 8/24/2018 EUR 62.50
Leonteq Securities AG/ 10.00 12/19/2018 CHF 55.17
UniCredit Bank AG 8.70 6/28/2019 EUR 73.16
UniCredit Bank AG 13.10 6/28/2019 EUR 72.00
UniCredit Bank AG 7.90 6/28/2019 EUR 14.12
UniCredit Bank AG 13.20 6/28/2019 EUR 19.68
Leonteq Securities AG 3.00 9/19/2019 CHF 61.74
Credit Suisse AG/Londo 7.00 11/15/2019 USD 7.90
UniCredit Bank AG 3.50 1/29/2020 EUR 60.68
Credit Suisse AG/Londo 8.00 11/29/2019 USD 6.31
BNP Paribas Emissions- 14.00 3/21/2019 EUR 73.48
Commerzbank AG 4.50 12/29/2022 USD 7.00
Commerzbank AG 4.50 12/30/2024 USD 15.22
Commerzbank AG 4.50 12/29/2022 USD 5.24
Raiffeisen Centrobank 12.71 12/28/2018 EUR 74.37
DZ Bank AG Deutsche Ze 9.25 12/28/2018 EUR 74.05
Kaupthing ehf 7.50 12/5/2014 ISK 0.25
Lehman Brothers Treasu 4.00 12/2/2012 EUR 2.57
Lehman Brothers Treasu 6.70 4/21/2011 USD 2.57
Lehman Brothers Treasu 3.00 9/12/2036 JPY 6.75
Lehman Brothers Treasu 4.68 12/12/2045 EUR 2.57
Digital Invest OOO 10.22 10/22/2020 RUB 0.34
HSBC Bank PLC 0.50 6/9/2023 MXN 66.10
Lehman Brothers Treasu 2.00 5/17/2010 EUR 2.57
Lehman Brothers Treasu 4.10 5/20/2009 USD 2.57
KIT Finance Capital OO 10.90 10/13/2026 RUB 100.50
Lehman Brothers Treasu 3.00 9/13/2010 JPY 6.75
Kaupthing ehf 9.75 9/10/2015 USD 0.25
Lehman Brothers Treasu 5.25 4/1/2023 EUR 2.57
Lehman Brothers Treasu 13.00 12/14/2012 USD 2.57
Lehman Brothers Treasu 4.87 10/8/2013 USD 2.57
Lehman Brothers Treasu 1.95 11/4/2013 EUR 2.57
Lehman Brothers Treasu 2.30 6/27/2013 USD 2.57
Lehman Brothers Treasu 11.25 12/31/2008 USD 2.57
Kaupthing ehf 6.50 10/8/2010 ISK 0.25
Lehman Brothers Treasu 2.37 7/15/2013 USD 2.57
Credit Suisse AG/Londo 0.50 1/8/2026 BRL 53.08
BNP Paribas Emissions- 8.25 4/26/2018 EUR 69.07
Lehman Brothers Treasu 4.00 5/30/2010 USD 2.57
Lehman Brothers Treasu 2.48 5/12/2009 USD 2.57
Lehman Brothers Treasu 0.80 12/30/2016 EUR 2.57
Lehman Brothers Treasu 5.50 7/8/2013 EUR 2.57
Lehman Brothers Treasu 12.00 7/4/2011 EUR 2.57
Lehman Brothers Treasu 8.88 1/28/2011 HKD 6.75
Lehman Brothers Treasu 11.00 7/4/2011 USD 2.57
Lehman Brothers Treasu 4.25 5/15/2010 EUR 2.57
Stroyzhilinvest 8.61 7/10/2019 RUB 62.00
Lehman Brothers Treasu 4.50 5/2/2017 EUR 6.75
Lehman Brothers Treasu 3.35 10/13/2016 EUR 2.57
Lehman Brothers Treasu 12.40 6/12/2009 USD 2.57
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Lehman Brothers Treasu 10.00 5/22/2009 USD 2.57
AKB Peresvet ZAO 0.51 8/4/2034 RUB 21.71
Lehman Brothers Treasu 17.00 6/2/2009 USD 2.57
Lehman Brothers Treasu 7.60 3/4/2010 NZD 2.57
Lehman Brothers Treasu 10.44 11/22/2008 CHF 2.57
Lehman Brothers Treasu 13.50 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.
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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.
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