/raid1/www/Hosts/bankrupt/TCREUR_Public/180716.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, July 16, 2018, Vol. 19, No. 139
Headlines
C R O A T I A
AGROKOR D.D.: Chapter 15 Case Summary
F R A N C E
INSEEC SAS: Moody's Assigns B2 CFR, Outlook Stable
G E R M A N Y
CALYXO GMBH: TS Group Buy Business; All Jobs Saved
PAPIERFABRIK TONNESMANN: Insolvency Proceedings Opened
G R E E C E
GREECE: Germany Delays Bailout Payment After VAT Hike Postponed
NAVIOS MIDSTREAM: Moody's Reviews B2 CFR for Downgrade
I R E L A N D
CVC CORDATUS XI: Moody's Assigns (P)B2 Rating to Class F Notes
CVC CORDATUS XI: Fitch Gives 'B-(EXP)' Rating to Class F Notes
ESTIA MORTGAGE II: S&P Raises Class C Notes Rating to 'CCC'
KANTOOR FINANCE 2018: S&P Assigns BB-(sf) Rating to Cl. E Notes
ST. PAUL'S CLO II: S&P Assigns B-(sf) Rating to Class F Notes
SUNRISE SPV 40: Moody's Assigns B1 Rating to Class E Notes
I T A L Y
BCC NPLS 2018: Moody's Assigns Caa2 Rating to Class B Notes
SUNRISE SPV 2018-1: Fitch Assigns 'Bsf' Rating to Class E Notes
M A L T A
* Malta Tourism Authority Sets Up Insolvency Fund for Customers
N E T H E R L A N D S
EA PARTNERS I: Fitch Affirms 'CC' Senior Secured Notes Rating
EA PARTNERS II: Fitch Affirms 'C' Senior Secured Notes Rating
P O R T U G A L
LUSITANO MORTGAGES NO. 1: Moody's Hikes Cl. E Notes Rating to B3
R U S S I A
BANK SOVETSKY: Credit Bank of Moscow Emerges as Winner in Tender
CB LIGHTBANK: Bank of Russia Provides Update on Investigation
NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Affirms Ba3 CFR
S E R B I A
JUGOREMEDIJA FABRIKA: Serbia Invites Bids for Company's Assets
S P A I N
NOVO BANCO: Moody's Affirms Caa1 Ratings, Outlook Developing
U N I T E D K I N G D O M
AZURE FINANCE 1: S&P Assigns BB+ Rating to Class D Notes
CARILLION PLC: NTMA Mulls Contractors Risk List After Collapse
INTEROUTE COMMUNICATIONS: S&P Withdraws 'B+' Issuer Credit Rating
NEWDAY FUNDING 2018-1: Fitch Rates GBP22.4MM Class F Notes 'Bsf'
POUNDWORLD: Set to Close Another 80 Stores, 1,024 Jobs Affected
TRINIDAD MORTGAGE 2018-1: S&P Rates Class F Notes BB+(sf)
X X X X X X X X
* BOND PRICING: For the Week July 9 to July 13, 2018
*********
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C R O A T I A
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AGROKOR D.D.: Chapter 15 Case Summary
-------------------------------------
Affiliated companies that filed voluntary petitions for relief
under Chapter 15 of the U.S. Bankruptcy Code:
Debtor Case No.
------ --------
Agrokor d.d. 18-12104
Ulica Marijiana Cavica 1
Zagreb, Croatia
Agrokor Trgovina d.o.o. 18-12105
Belje d.d. 18-12106
Ledo d.d. 18-12107
Jamnica d.d. 18-12108
Konzum d.d. 18-12109
PIK-Vinkovci d.d. 18-12110
Vupik d.d. 18-12111
Zvijezda d.d. 18-12112
Business Description: The Agrokor Group --
http://www.agrokor.hr/en-- is a
privately owned company in Croatia
engaged in retail, food, agriculture
and other areas of businesses.
Chapter 15 Petition Date: July 12, 2018
Court: United States Bankruptcy Court
Southern District of New York
(Manhattan)
Judge: Hon. Martin Glenn
Chapter 15 Petitioner: Fabris Perusko
Chapter 15
Petitioner's
Counsel: James H.M. Sprayregen, Esq.
Daniel Rudewicz, Esq.
KIRKLAND & ELLIS LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: james.sprayregen@kirkland.com
daniel.rudewicz@kirkland.com
- and -
Adam C. Paul, P.C.
Brad Weiland, Esq.
Whitney Fogelberg, Esq.
KIRKLAND & ELLIS LLP
300 North LaSalle
Chicago, IL 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email:
daniel.rudewicz@kirkland.com
brad.weiland@kirkland.com
whitney.fogelberg@kirkland.com
Foreign
Proceeding
in Which
Appointment
of the Foreign
Representative
Occurred: Extraordinary Administration
Proceedings in Companies of Systemic
Importance of the Republic of Croatia
Estimated Assets: Unknown
Estimated Debts: Unknown
A full-text copy of the Chapter 15 petition is available for free
at: http://bankrupt.com/misc/nysb18-12104.pdf
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F R A N C E
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INSEEC SAS: Moody's Assigns B2 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
Rating ("CFR") and a B2-PD Probability of Default rating to
Insignis SAS ("Insignis" or "the group"), the parent company for
the Inseec U. French private higher Education group. Concurrently,
Moody's has assigned B2 instrument ratings to the EUR 275 million
Term Loan B ("TLB") and EUR 25 million Revolving Credit Facility
("RCF"), both due 2025. The outlook on all ratings is stable.
The proceeds from the TLB will be used to repay existing debt and
fund a dividend to shareholders.
Moody's rating action reflects the following drivers:
- Well established position in the French private higher
education market, with supportive underlying growth rates for the
private higher education market in France.
- Concentration in business & management schools operating
predominantly in France, partially offset by a well-diversified
portfolio of programmes per school offering.
- Insignis' leverage, as measured by Moody's-adjusted
debt/EBITDA, is high at 6.1x as of the last 12 months to June 30,
2018, pro-forma for the completion of the transaction. This
assumes that existing shareholder loans receive Moody's equity
treatment.
- Moody's expectation that the group will reduce leverage to
around 5x in the next 12-18 months driven by strong enrolment
pipeline and EBITDA margin improvements.
RATINGS RATIONALE
The B2 corporate family rating (CFR) is supported by its (1) well
established market position in the fragmented French higher
education market, underpinned by its portfolio of four Grandes
êcoles ("GE"), one international university and 115+ programs
including Doctorate, Master, Licences and specialised
certifications, (2) strong revenue visibility from committed
student enrolments with predominantly upfront tuition payments and
supportive underlying growth rates for the private-pay education
market in France, (3) barriers to entry through regulatory
requirements and accreditations, and (4) sound cash flow
generation with EBITDA margins ahead of peer group.
Conversely the rating is constrained by (1) relatively high
Moody's-adjusted debt/EBITDA of 6.1x for 2018, pro-forma for the
completion of the transaction, (2) limited scale and geographical
diversification as the group operates mainly in France, (3)
concentration on mid-ranking business & management schools,
representing 76% of group revenues and (4) continuous investment
required in schools and campuses (while remaining stable and
relatively limited as a % of sales) as well as in
obtaining/maintaining accreditations.
LIQUIDITY PROFILE
Moody's considers that Insignis benefits from adequate liquidity
position pro forma for the transaction. Cash balances at closing
are expected to be around EUR 10 million, further supported by the
undrawn EUR 25 million revolving credit facility due 2025. There
is one net total leverage maintenance covenant on the RCF, tested
quarterly, under which Moody's expects the company to retain
sufficient headroom.
While Moody's also expects Insignis to generate positive free cash
flow on an annual basis, its cash flow profile is seasonal,
heavily influenced by the traditional academic year. The large
majority of revenue is from tuition fees and cash inflows are
therefore at their highest in the autumn months as students are
invoiced in September/October.
Going forward the group expects that the number of students
enrolled under professional contracts will increase considerably.
These contracts are invoiced on a quarterly basis and therefore
will increase working capital requirements. Insignis has
uncommitted factoring facilities in place to smoothen the impact
of these contracts on their working capital profile.
STRUCTURAL CONSIDERATIONS
The B2 ratings assigned to the TLB and RCF, in line with the
corporate family rating (CFR), reflect the all senior capital
structure. The security package provided to the first lien lenders
is relatively weak and limited to a pledge over shares, bank
accounts, and intercompany receivables, as well as guarantees from
operating companies.
RATING OUTLOOK
The stable rating outlook reflects Moody's expectations that
Insignis will continue to grow organically with positive free cash
flow generation enabling a deleveraging path. Moody's expects that
the group will maintain an adequate liquidity profile and will not
make any large debt-financed acquisitions and/or shareholders
distributions.
FACTORS THAT COULD LEAD TO AN UPGRADE
Moody's views the B2 CFR as weakly positioned given limited scale
and concentration, therefore an upgrade is unlikely in the short
to medium term. Upward pressure on the ratings could develop over
time if Moody's adjusted debt/EBITDA declines and is sustained
below 4.5x and free cash flow to debt is sustained above 5% while
maintaining an adequate liquidity profile.
FACTORS THAT COULD LEAD TO A DOWNGRADE
Downward pressure on the ratings could arise if Moody's adjusted
debt/EBITDA does not decrease below 5.5x or if free cash flow or
liquidity weakens. Any material negative impact from a change in
any of the group's schools regulatory approval status could also
pressure the ratings.
CORPORATE PROFILE
Insignis SAS is a leading French private Higher Education group
operating predominantly in France and serving 22,000+ students
across 115+ accredited programs. Founded in 1975, the group has
been controlled by Apax Partners since 2013, with Bpifrance and
management as minority shareholders. Since the Apax acquisition
the group has grown its student base (organically and via
acquisition) to 22,000+ students, from 12,000 students as of 2013.
For the fiscal year 2018, ended June 30, the group expects to
generate EUR217 million revenues.
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G E R M A N Y
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CALYXO GMBH: TS Group Buy Business; All Jobs Saved
--------------------------------------------------
Renewables Now reports that Calyxo GmbH, the German thin-film
solar module maker that filed for bankruptcy a few months back,
has been sold to mechanical and plant engineering company TS Group
with all jobs retained.
According to Renewables Now, TS Group has signed a deal on July 2
to buy all business operations of Calyxo, including production and
patents, it was announced by insolvency administrator Lucas
Floether on July 3. The company will remain at the current site
but will operate under the name TS Solar, the report says.
Following the cancellation of a major order which brought
financial difficulties for the company, Calyxo had to file for
bankruptcy in April, Renewables Now recalls. The salaries of
existing employees were secured by the insolvency money for three
months until the end of June, the report notes.
Later in April, it was announced that the cadmium telluride (CdTe)
thin-film solar modules developed by Calyxo had achieved a power
output of 103 W and 14.3% efficiency, up from 85-90 W and 12.5%
previously, Renewables Now says. The performance was confirmed in
an external measurement by the University of Coburg. Calyxo's goal
is to reach the benchmark of 115 W per module.
Renewables Now relates that the insolvency administrator said at
the time that the company could begin production of the improved
modules at its existing sites in a few months. He further noted
that this milestone was important for the process of finding an
investor.
Having increased the speed of its production lines, the company
can now manufacture more than 100 MWp of modules per year,
according to the April announcement, the report states.
Based in Bitterfeld-Wolfen, Germany, Calyxo GmbH produces thin-
film modules based on a cadmiumtelluride technology. It offers
CdTe CX for conversion of radiant energy to electrical energy; and
system components.
PAPIERFABRIK TONNESMANN: Insolvency Proceedings Opened
------------------------------------------------------
EUWID reports that after filing for insolvency around two months
ago, German specialty paper producer Papierfabrik Tonnesmann
Hînnetal GmbH is now in insolvency proceedings. Production is said
to be still down.
The insolvency proceedings over Tonnesmann were opened on July 1,
the report says. The company had filed for insolvency on May 15
this year. According to the report, the insolvency administrator's
office said it has not been possible to resume operations since
then. The company continued to search for a buyer, but the talks
turned out to be very difficult since production had now been at a
standstill for almost two months, it added.
Papierfabrik Tonnesmann Honnetal GmbH produced one-side coated
recycled papers for envelopes, dispatch bags, packaging and gift
wrapping paper. The company had 59 employees.
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G R E E C E
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GREECE: Germany Delays Bailout Payment After VAT Hike Postponed
---------------------------------------------------------------
Nikos Chrysoloras, Viktoria Dendrinou and Sotiris Nikas at
Bloomberg News report that Germany held up a final EUR15 billion
(US$17.5 billion) aid payment to Greece after the government in
Athens postponed a sales-tax increase, adding to signs that
Prime Minister Alexis Tsipras has his work cut out to regain the
trust of his euro-area creditors as he leads the country out of
its bailout program next month.
Euro-area finance ministers on July 12 gave the green light for
the loans to be disbursed to Greece once lawmakers sign off in
Berlin, Bloomberg recounts. The last-minute snag came when
Mr. Tsipras decided to push back a value-added tax hike on a
handful of islands that have been hit hard by the influx of
migrants, Bloomberg notes.
The lost revenue at issue is just EUR28 million, but Germany
insisted that Greece find savings elsewhere -- including its
defense budget -- to fill the gap, according to an internal memo
seen by Bloomberg. Mr. Tsipras, who faces a general election next
year and is behind in the polls, announced the delayed VAT
increase after agreeing to a request from Chancellor Angela Merkel
to take back refugees from Germany, Bloomberg relates.
"[Thurs]day's whole episode clearly cannot derail Greece's
so-called 'clean' exit from the bailout," Bloomberg quotes
analysts at Pantelakis Securities SA in Athens as saying in a note
on June 13. "However it does serve to show just how tight the
leash international lenders aim to hold on Greece even after Aug.
20."
According to Bloomberg, Pierre Moscovici, the EU commissioner for
economic affairs and taxation, told reporters in Brussels that the
delay doesn't threaten the payment, which will be made "in due
time."
Greece will remain under a so-called enhanced surveillance regime,
which includes quarterly reviews of its finances, Bloomberg
states.
NAVIOS MIDSTREAM: Moody's Reviews B2 CFR for Downgrade
------------------------------------------------------
Moody's Investors Service has placed the ratings of Navios
Maritime Midstream Partners LP ("Navios Midstream," "NAP") under
review for downgrade including its B2 corporate family rating
(CFR), its B2-PD probability of default rating (PDR), and the B2
rating of its term loan B due 2020.
The review follows the announcement on June 28, 2018 that Navios
Maritime Acquisition Corporation ("Navios Acquisition," "NNA," B3
negative) has made an offer to acquire the publicly held units of
Navios Maritime Midstream not already owned by Navios Acquisition
in a stock for units exchange. Moody's expects that if the
transaction is executed as outlined, the pro forma leverage of the
combined entity would be over 9.0x as compared to 3.7x for Navios
Midstream for the twelve months ending March 31, 2018.
Furthermore, owing to the re-chartering risk embedded in both
companies' contract expiration schedules, leverage is likely to
increase in 2018 and 2019 as existing charters expire and are
renewed at lower market rates.
The B2 rating of the $205 million Term Loan B due 2020 is in line
with the corporate family rating primarily because the term loan
comprises the majority of the company's debt. The Term Loan B is
secured by the first mortgages on all of Navios Midstream
Partners' vessels and is guaranteed by the vessel-operating
subsidiaries.
The transaction is subject to the negotiation and execution of a
definitive agreement, approval of the board of directors of Navios
Acquisition and the necessary approvals under Navios Midstream's
limited partnership agreement, as well as customary closing
conditions.
RATINGS RATIONALE
Moody's action reflects its expectation that, if the acquisition
is successful, NAP will become a subsidiary of NNA which has
significantly higher leverage and is rated one notch lower (B3
negative outlook). Moody's adjusted leverage for the group will be
around 9.2x pro forma for this transaction and is not expected to
decrease until the tanker market recovers compared to 3.7x for
NAP. Moody's does not anticipate material recovery in the tanker
industry until later in 2019 especially for very large crude
carriers (VLCC) which comprise Navios Midstream's fleet.
NNA will benefit from greater diversification with a pro forma
fleet of 41 vessels in total as compared to six for Navios
Midstream presently. Customer concentration will also be reduced
away from Cosco Dalian which comprised almost 45% of Navios
Midstream's revenues in the first quarter of 2018.
The proposal by Navios Acquisition values Navios Midstream at
approximately $80 million through the consideration of 6.292
Navios Acquisition shares for each outstanding publicly held unit
of Navios Midstream and represents a value of $3.838 per common
unit of Navios Midstream based on the closing price of Navios
Acquisition's shares as of June 28, 2018.
The enlarged group is expected to generate revenues and reported
EBITDA of approximately $250 million and $113 million respectively
in 2018 and Navios Maritime Holdings, Inc. (B3 stable), the
sponsor of Navios Acquisition, will continue to manage the
combined fleet. Despite its broader scope, the merged entity will
be facing significant re-chartering risk stemming from four of
Navios Midstream's VLCCs that come off charter at the end of 2018
or early in 2019, as well as from Navios Acquisition's fleet of
which all but one of the 35 vessels will need to be re-chartered
in the next twelve months.
The combined entity is expected to have adequate liquidity
supported by $76.9 million at March 31, 2018 at Navios Acquisition
and no debt maturities except $16.0 million in June 2019 as well
as $21.5 million of cash as of March 31, 2018 at Navios Midstream.
However, Moody's does not expect the group to generate material
positive cash flow in the next twelve months (after capex and
dividends as defined by Moody's).
Moody's will complete the review soon after the results of the
offer are announced. The review will focus on the group's
structure, the re-chartering opportunities for vessels coming off
contract and the relative ranking of the term loan B compared to
other liabilities within the group.
The principal methodology used in these ratings was Shipping
Industry published in December 2017.
Navios Midstream is a Marshall Islands MLP formed in October 2014
by Navios Maritime Acquisition Corporation (B3 negative) to own,
operate and acquire crude oil and product tankers under long-term
contracts. Navios Midstream is currently listed on the NYSE with a
market capitalisation of $89 million as of 25 June 2018. Navios
Acquisition owns a 59% ownership in Navios Midstream through a 57%
Limited Partner interest and a 2% General Partner interest. The
company reported consolidated revenues of $82 million in the
twelve months to March 31, 2018.
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I R E L A N D
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CVC CORDATUS XI: Moody's Assigns (P)B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by CVC
Cordatus Loan Fund XI Designated Activity Company:
EUR241,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)
EUR12,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)
EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aa2 (sf)
EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)
EUR20,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)
EUR27,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)
EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
RATINGS RATIONALE
Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's is
of the opinion that the collateral manager, CVC Credit Partners
European CLO Management LLP ("CVC Credit Partners"), has
sufficient experience and operational capacity and is capable of
managing this CLO.
CVC Cordatus Loan Fund XI Designated Activity Company is a managed
cash flow CLO. At least 90% of the portfolio must consist of
senior secured loans and senior secured bonds and up to 10% of the
portfolio may consist of unsecured obligations, second-lien loans,
mezzanine loans and high yield bonds. The bond bucket gives the
flexibility to CVC Cordatus Loan Fund XI Designated Activity
Company to hold bonds if Volcker Rule is changed. The portfolio is
expected to be approximately 60% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.
CVC Credit Partners will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR43.2M of subordinated notes which will not be
rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to pay
down the notes in order of seniority. This CLO has also access to
a liquidity facility of up to EUR 2.0m that an external party
provides for four years (subject to renewal by one or two years).
Drawings under the liquidity facility are allowed to pay interest
in the waterfall and are reimbursed at a super-senior level.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. CVC Credit Partners' investment decisions and
management of the transaction will also affect the notes'
performance.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution assumed
for the portfolio default rate. In each default scenario, the
corresponding loss for each class of notes is calculated given the
incoming cash flows from the assets and the outgoing payments to
third parties and noteholders. Therefore, the expected loss or EL
for each tranche is the sum product of (i) the probability of
occurrence of each default scenario and (ii) the loss derived from
the cash flow model in each default scenario for each tranche. As
such, Moody's encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR 400,000,000
Diversity Score: 42
Weighted Average Rating Factor (WARF): 2870
Weighted Average Spread (WAS): 3.60%
Weighted Average Recovery Rate (WARR): 43.0%
Weighted Average Life (WAL): 8.5 years.
Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign government
bond ratings of the eligible countries, as a worst case scenario,
a maximum 10% of the pool would be domiciled in countries with A3.
The remainder of the pool will be domiciled in countries which
currently have a local or foreign currency country ceiling of Aaa
or Aa1 to Aa3.
To address the risk of amounts drawn under the liquidity facility
being flushed through the waterfall to subordinated noteholders,
Moody's has modeled such draws (which flow through the interest
waterfall to the equity) and repayments (on a senior basis)
assuming that the amount drawn under the liquidity facility in
each period equals a percentage of the interest received on the
underlying portfolio in that period.
Stress Scenarios:
Together with the set of modeling assumptions, Moody's conducted
additional sensitivity analysis, which was an important component
in determining the provisional ratings assigned to the rated
notes. This sensitivity analysis includes increased default
probability relative to the base case. Here is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.
Percentage Change in WARF: WARF + 15% (to 3301 from 2870)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes:0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes.-1
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -2
Percentage Change in WARF: WARF +30% (to 3731 from 2870)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes.-2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -4
CVC CORDATUS XI: Fitch Gives 'B-(EXP)' Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XI Designated
Activity Company expected ratings, as follows:
EUR241 million Class A: 'AAA(EXP)sf'; Outlook Stable
EUR12 million Class B-1: 'AA(EXP)sf'; Outlook Stable
EUR30 million Class B-2: 'AA(EXP)sf'; Outlook Stable
EUR28 million Class C: 'A(EXP)sf'; Outlook Stable
EUR20 million Class D: 'BBB(EXP)sf'; Outlook Stable
EUR27 million Class E: 'BB(EXP)sf'; Outlook Stable
EUR13 million Class F: 'B-(EXP)sf'; Outlook Stable
EUR43.2 million subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
CVC Cordatus Loan Fund XI Designated Activity Company is a cash
flow collateralised loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR400 million
portfolio of mostly European leveraged loans and bonds. The
portfolio is actively managed by CVC Credit Partners Investment
Management Ltd. The CLO envisages a 4.5-year reinvestment period
and an 8.5-year weighted average life (WAL).
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality: Fitch considers the average
credit quality of the obligors to be in the 'B' range. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 34, below the indicative maximum covenant of 35.
Recovery: At least 90% of the portfolio will consist of senior
secured obligations. Fitch considers the recovery prospects for
these assets more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate (WARR)
of the identified portfolio is 62.65%, above the minimum covenant
of 61.75%.
Stress Portfolio: For the analysis, Fitch created a stress
portfolio based on the transaction's portfolio profile tests and
collateral quality tests. These included a top 10 obligor at 23%
limit, 8.5-year weighted average life, top industry limit at 15%
with the top three industries at 39%, and maximum 'CCC' bucket at
7.5%.
Limited Interest Rate Exposure: Up to 12.5% of the portfolio can
be invested in fixed-rate assets, while fixed-rate liabilities
represent 7.5% 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 at a
break-even WARR for the pricing point.
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 two 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.
ESTIA MORTGAGE II: S&P Raises Class C Notes Rating to 'CCC'
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Estia Mortgage
Finance II PLC's (Estia II) class A, B, and C notes.
S&P said, "The upgrades follow our credit and cash flow analysis
of the most recent transaction information as of the May 2018
interest payment date (IPD). Our analysis also reflects the
application of our general criteria for assigning and monitoring
ratings, our structured finance ratings above the sovereign (RAS)
criteria, and our current counterparty criteria.
"On June 25, 2018, we raised our long-term foreign and local
currency sovereign credit ratings on Greece to 'B+' from 'B'.
"Our recent rating actions also consider Greece's steadily
improving financial and economic conditions, which we have
reflected in our upgrade of the sovereign. We forecast that
financial and economic conditions will improve, with real GDP
growth increasing to 2.0% in 2018 and 2.5% in 2019, from -0.2% in
2016 and 1.3% in 2017. We expect unemployment to increase to 21.5%
in 2018 from 21.0% in 2017, before returning to this level in
2019.
"In performing the credit analysis on this pool, we used the
methodology and assumptions for Spanish residential mortgage-
backed securities (RMBS) as stated in our European residential
loans criteria, but with some adjustments."
The foreclosure frequencies and loss severities for the archetypal
Greece residential loan pool, assuming benign starting conditions,
are the following:
Rating Foreclosure Loss
Frequency (%) severity (%)
AAA 18.00 100.00
AA 12.00 100.00
A 9.00 97.41
BBB 6.60 92.43
BB 4.20 88.78
B 2.50 85.23
S&P said, "In our loss severity analysis, we have assumed no over-
or undervaluation, and a current loan-to-value (LTV) ratio equal
to the archetypal original LTV ratio. Our analysis also includes
the negative carry resulting from interest due on the rated
liabilities during the foreclosure period."
In S&P's view, Greece's economic environment is not benign and is
still recovering from the recent severe crisis. Therefore, S&P has
increased its foreclosure assumptions as follows to account for
the current economic condition:
Rating Foreclosure Loss
Frequency (%) severity (%)
AAA 30.00 100.00
AA 21.00 100.00
A 16.00 97.41
BBB 13.00 92.43
BB 9.00 88.78
B 7.50 85.23
S&P said, "We have also applied a 1.10x multiple for geographic
concentration if it exceeds the following regional limits: Eastern
Macedonia and Thrace 11%, Central Macedonia 35%, Western Macedonia
5%, Thessaly 13%, Epirus 6%, Ionian Islands 4%, Western Greece
13%, Central Greece 10%, Peloponnese 11%, Attica 60%, North Aegean
4%, South Aegean 6%, and Crete 12%."
S&P has also applied a 2.5x adjustment for loans to non-Greek
citizens. For loan seasoning, S&P has applied the following
adjustment factors:
-- 0.75x for loans with a seasoning of five to six years;
-- 0.70x for loans with a seasoning of six to seven years;
-- 0.65x for loans with a seasoning of seven to eight years;
-- 0.60x for loans with a seasoning of eight to nine years;
-- 0.55x for loans with a seasoning of nine and 10 years; and
-- 0.50x for loans with a seasoning of over 10 years.
S&P adjusted for jumbo valuations by applying a threshold of
EUR315,500.
In S&P's analysis, it has used the same cash-flow assumptions as
defined for all jurisdictions in our European residential loans
criteria. S&P applied cash flow assumptions to prepayment rate
stresses and servicing fees as follows:
-- Prepayment stress during recession (per year): 1%
-- High prepayment stress pre- and post-recession (per year):
24%
-- Low prepayment stress pre- and post-recession (per year): 1%
-- Stressed servicing fee (yearly): the higher of 2x contractual
rate and 50 basis points.
S&P has assumed a foreclosure period of 84 months.
S&P said, "Since our previous review, the available credit
enhancement for the class A, B, and C notes has increased to
24.6%, 9.0%, and 5.4%, from 16.6%, 3.8%, and 0.8%, respectively,
due to the portfolio's amortization and the sequential payment
structure.
The transaction also features a cash reserve of EUR31.25 million,
which is at its target level and cannot amortize as long as the
cumulative net default ratio exceeds 4.0% (currently at 8.43%). It
provides both liquidity support and credit enhancement, as it can
be used to cover interest shortfalls and defaults.
Arrears in the outstanding portfolio (excluding defaults) have
decreased to 13.9% as of April 2018 from the peak of 32.5% in July
2015 and from 23.5% in our previous review (in July 2015 as of the
IPD falling in April 2015). S&P said, "We have also added into our
analysis an arrears projection of 16.0%, which factors the loans
that were subject to a restructuring arrangement and the
repurchased late arrears loans. Severe delinquencies of more than
90 days are at 6.4%, down from 13.3% as of April 2015 and 17.6% in
July 2015."
S&P said, "Overall, we modeled 29.9% of arrears in the arrears'
matrix. The decrease in total arrears that started in 2016
reflects Greece's improving economic and financial conditions and
the servicer's (Piraeus Bank S.A.) repurchasing and subsequent
replacing of loans in late arrears. However arrears in Estia II
are still high compared with Estia Mortgage Finance (Estia I),
where total arrears were 5.4% as of March 2018. The majority of
Estia II's portfolio was originated between 2005 and 2009, when
there was a temporary relaxation of underwriting criteria in the
Greek market to support the increase in origination volumes. This
explains the worse performance in Estia II compared with Estia I.
We factored in our credit assumptions the higher weighted-average
current and original LTV ratio and we also assumed a further 0.1x
adjustment to the originator adjustment of 1.2x to take into
account the origination years of the loans in the pool."
The cumulative net default ratio is 8.43% and it has been almost
stable since October 2014, as there have been no new defaults
since then. Furthermore, in January 2016, the servicer repurchased
almost all of the defaulted loans for about EUR101 million and the
outstanding EUR4 million was repurchased in 2016. Therefore, the
current level of foreclosure is zero.
Prepayment levels are low and have been almost stable, ranging
between 0.5%-2.2% over the last two years.
S&P said, "We have analyzed the credit quality of the assets in
this transaction by conducting a loan-level analysis of the
mortgage pool. For each loan in the pool, our analysis estimated
the foreclosure frequency and the loss severity and, by
multiplying the foreclosure frequency by the loss severity, the
potential loss associated with each loan. To quantify the
potential losses associated with the entire pool, we calculated a
weighted-average foreclosure frequency (WAFF) and a weighted-
average loss severity (WALS) at each rating level. The product of
these two variables estimates the required loss protection, in the
absence of any additional factors. We assume that the probability
of foreclosure is a function of both borrower and loan
characteristics, and will become more likely (and the realized
loss on a loan more severe) as the economic environment
deteriorates."
After applying S&P's relevant criteria to this transaction,
assuming current conditions, its WAFF and WALS levels are as
follows:
Rating level WAFF (%) WALS (%)
AAA 52.64 42.46
AA 41.72 40.02
A 30.96 35.10
BBB 26.84 32.49
BB 20.81 30.66
B 17.15 28.95
In June 2010 the Greek parliament introduced a personal bankruptcy
process, which excluded the primary residence of the borrowers
from liquidation if the objective value was below EUR300,000. From
January 2016, further conditions were introduced to apply for the
exclusion of the primary residence from foreclosure for borrowers
who meet certain specific conditions relating to the household's
monthly expenses compared with the borrower's salary, and the
objective value of the house, depending on the family composition
and if borrowers are cooperative with the mortgage lender. Since
S&P has not received enough information to assess how many
borrowers in the current portfolio would meet those conditions, it
has included a sensitivity run in its cash flow analysis by
applying a 100% WALS assumption.
S&P said, "The application of our RAS criteria caps our ratings on
the notes in this transaction at four notches above our long-term
foreign currency rating on Greece (B+/Stable/B). However, as not
all of the conditions in paragraph 42 of the RAS criteria are met,
we cannot assign the two additional notches of uplift to the
ratings in this transaction. Consequently, our RAS criteria cap
our ratings in this transaction at 'BBB- (sf)'.
"We analyzed counterparty risks by applying our current
counterparty criteria. We consider that the transaction's
documented replacement mechanisms adequately mitigate its
counterparty risk exposure through Citibank N.A., London branch as
bank account provider. However, our counterparty criteria
constrain our ratings on the notes at the issuer credit rating
(ICR) on the swap counterparty (UBS AG [London Branch];
A+/Stable/A-1) plus one notch, because the swap documents are in
line with the previous version of our counterparty criteria.
"Taking into account the results of our credit and cash flow
analysis, and the application of our counterparty criteria and our
RAS criteria, we have raised to 'BB (sf)' from 'CCC (sf)' our
rating on the class A notes, which is the lower of (i) the ratings
as capped by our RAS criteria ('BBB- [sf]'), (ii) the result of
our cash-flows ('BB [sf]'), and (iii) the maximum potential rating
achievable under our counterparty criteria ('AA- [sf]').
"The class A notes have sufficient credit enhancement to withstand
our stresses at a higher rating than previously assigned. However,
they do not pass our cash flow scenarios at a higher rating level
than 'BB (sf)' if we assume a WALS of 100%."
The transaction has an interest payment deferral mechanism for the
class B notes to defer interest payments on this class of notes
after principal payments on the class A notes. Similarly, this
mechanism applies to the class C notes to defer interest payments
until principal payments have been made on the class A and B
notes. This mechanism applies if the net cumulative default ratio
exceeds 12.4% for the class B notes, or 9.5% for the class C
notes. Interest payments on both the class C and B notes are
deferred in our stressed cash flows at the 'B' rating level. In
particular, the class C notes' interest deferral mechanism is very
close to being breached, as the cumulative net default ratio is at
8.43%, even though it has been almost stable since July 2014. Even
though the class B and/or C interest deferral triggers are hit,
the transaction will pay timely interest on the class B and/or C
notes after principal is paid on the class A and B notes,
respectively, if the transaction has enough excess spread and cash
reserve to do so."
S&P said, "In our view, the class B notes have sufficient credit
enhancement to pay timely interest and principal by maturity in a
steady-state scenario, where the current level of arrears and
defaults shows little to no increase and collateral performance
remains steady. We do not expect the class B notes' trigger to be
hit in the next year. Anyway, this class benefits from a EUR31.25
million cash reserve plus enough excess spread for timely interest
payments, even though payments are deferred after principal on the
class A notes if the interest deferral trigger on the class B
notes is hit. Taking into account the results of our credit and
cash flow analysis and the application of our criteria for
assigning 'CCC' ratings, we have raised to 'B- (sf)' from 'CCC
(sf)' our rating on the class B notes."
The class C notes are still vulnerable and are dependent upon
favorable economic conditions to repay timely interest and
principal at maturity. S&P said, "Taking into account the results
of our credit and cash flow analysis and the application of our
criteria for assigning 'CCC' ratings, we have raised our rating on
the class C notes to 'CCC (sf)' from 'CC (sf)'."
Estia Mortgage Finance II is a Greek RMBS transaction backed by
Greek mortgage loans, which Piraeus Bank originated.
RATINGS LIST
Class Rating
To From
Estia Mortgage Finance II PLC EUR1.25 Billion Mortgage-Backed
Floating-Rate Notes
Ratings Raised
A BB (sf) CCC (sf)
B B- (sf) CCC (sf)
C CCC (sf) CC (sf)
KANTOOR FINANCE 2018: S&P Assigns BB-(sf) Rating to Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Kantoor Finance
2018 DAC's class A to E notes. At closing, Kantoor Finance 2018
also issued unrated class X1 and X2 certificates.
The transaction is backed by two Dutch commercial mortgage loans,
which Goldman Sachs Bank USA (Goldman Sachs) originated to
facilitate either the refinancing or acquisition of commercial
real estate between October 2017 and April 2018. The largest loan,
the PPF loan, has a current balance of EUR184.97 million and
equates to 74.6% of the pool by loan balance. The other loan, the
Iron loan, has a current balance of EUR58.37 million and a EUR4.49
million capital expenditure tranche, which equates to 25.4% of the
pool.
The aggregate market value of the two portfolios is EUR391.4
million, equivalent to a loan-to-value (LTV) ratio of 62.2%
(excluding Iron loan's capital expenditure tranche). Both loans
benefit from scheduled amortization.
As part of EU and U.S. risk retention requirements, the issuer and
the issuer lender (Goldman Sachs), will enter into a EUR12.4
million issuer loan agreement that represents 5% of each class of
notes and ranks pari passu to the notes of each class and the
class X certificates. The issuer lender advanced the issuer loan
to the issuer on the closing date. The issuer applies the issuer
loan proceeds as partial consideration for the purchase of the PPF
and Iron loans.
CREDIT EVALUATION
PPF Loan
The loan is secured on mortgages over a portfolio of nine
commercial properties located across the Netherlands. The
portfolio comprises seven office buildings, one mixed-use building
(office and hotel), and one retail property. The initial LTV ratio
is 61.0%. Scheduled amortization over the loan's term will result
in an LTV ratio at maturity of 58.0%. The loan's initial debt
service coverage ratio (DSCR) is 4.3x.
S&P considers that the PPF portfolio can sustain a net cash flow
of EUR20.3 million, which would imply a debt yield of 11.0%. S&P's
net recovery value for the portfolio is EUR233.4 million, which
represents a 23.0% haircut (discount) to the open market
valuation.
Iron Loan
The loan is secured by a mortgage over a portfolio of nine office
assets located across the Netherlands. The loan's initial LTV
ratio (excluding the capital expenditure tranche) is 66.0%, and
its LTV ratio at maturity is 62.2%, based on the material
scheduled amortization. The initial debt service coverage ratio is
3.6x.
S&P said, "We consider that the portfolio can sustain a net cash
flow of EUR7.0 million, which would imply a debt yield of 11.1%.
Our net recovery value for the portfolio is EUR68.4 million, which
represents a 22.6% haircut (discount) to the open market
valuation.
"In our analysis, we evaluated the underlying real estate
collateral securing each loan in order to generate an "expected
case" value. Our analysis focused on sustainable property cash
flows and capitalization rates. We assumed that a real estate
workout would be required throughout the five-year tail period
(the period between the maturity date of the loan that matures
last and the transaction's final maturity date) needed to repay
noteholders, if the respective borrowers were to default. We then
determined the recovery proceeds for both loans by applying a
recovery proceeds rate at each rating level. This analysis begins
with the adoption of base market value declines and recovery rate
assumptions for different rating levels. At each rating category,
we adjusted the base recovery rates to reflect specific property,
loan, and transaction characteristics.
"We aggregated the derived recovery proceeds above for each loan
at each rating level, and compared them with the proposed capital
structure. Following our credit analysis, we consider the
available credit enhancement for each class of notes to be
commensurate with our ratings on the notes."
RATINGS LIST
Kantoor Finance 2018 Designated Activity Company
EUR235.44 mil Commercial mortgage-backed floating-rate notes
Amount
Class Rating (mil, EUR)
A AAA (sf) 137.75
B AA (sf) 19.95
C A+ (sf) 28.50
D BBB+ (sf) 34.77
E BB- (sf) 14.47
X1 NR N/A
X2 NR N/A
NR--Not rated
N/A--Not applicable.
ST. PAUL'S CLO II: S&P Assigns B-(sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to St. Paul's CLO
II DAC's class A, B, C, D, E, and F notes.
The transaction is a reissue of St. Paul's CLO II, the purpose of
which is to allow Intermediate Capital Managers Ltd. to retain not
less than 5% of the principal amount outstanding of each class of
2018 notes as an originator manager for the purposes of the EU
retention requirements.
On July 12, 2018, the issuer used the issue proceeds of the 2018
notes to redeem the original notes at their full par amount plus
accrued interest. The expenses linked to the issue of the 2018
notes were fully paid by Intermediate Capital Managers.
The 2018 notes were issued with substantially the same terms and
conditions applicable to the original notes, including, but not
limited to:
-- the underlying collateral;
-- the principal amount of each class;
-- the rate of interest and applicable margin applicable to each
class;
-- the non-call period;
-- the provisions relating to redemption;
-- the priorities of payment;
-- the investment management fees; and
-- the eligibility criteria and portfolio profile tests.
S&P has analyzed the credit quality of the portfolio and cash flow
profile of the notes at closing by applying its "Global
Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs," published on Aug. 8, 2016.
As of S&P's closing date rating analysis:
-- The weighted-average rating of the performing assets in the
portfolio was 'B'.
-- The performing portfolio comprised 118 distinct obligors.
-- S&P estimated the total collateral balance to be EUR405.82
million (performing assets + principal cash).
-- The portfolio comprised 94.73% of floating-rate assets paying
a weighted-average spread of 3.69% (net of floors) and 5.27%
of fixed-rate assets paying a weighted-average coupon of
4.34%.
-- S&P's 'AAA' weighted-average recovery was 35.33%.
S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for each
class of notes. In our analysis, we took into account the fact
that the manager can still reinvest and change the credit risk
profile of the transaction until February 2021."
The transaction is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a revolving
pool, comprising euro-denominated senior secured loans and bonds
issued primarily by European borrowers. Intermediate Capital
Managers is the collateral manager. The non-call period ends in
February 2019 and the reinvestment period ends in February 2021.
RATINGS LIST
RATINGS ASSIGNED
St Paul's CLO II DAC
EUR429.5 Million Senior Secured Floating Notes (Including
EUR62.0 Million Subordinated Notes)
Class Rating Amount
(mil. EUR)
A AAA (sf) 241.50
B AA (sf) 40.00
C A (sf) 28.50
D BBB (sf) 21.50
E BB (sf) 25.00
F B- (sf) 11.00
Subordinated notes NR 62.0
NR--Not rated.
SUNRISE SPV 40: Moody's Assigns B1 Rating to Class E Notes
----------------------------------------------------------
Moody's Investors Service has assigned definitive long-term credit
ratings to the ABS Notes issued by Sunrise SPV 40 S.r.l. as
detailed below:
EUR800.8M Class A Limited Recourse Consumer Loans Backed Floating
Rate Notes due July 2042, Definitive Rating Assigned Aa2 (sf)
EUR119.5M Class B Limited Recourse Consumer Loans Backed Floating
Rate Notes due July 2042, Definitive Rating Assigned A1 (sf)
EUR71.8M Class C Limited Recourse Consumer Loans Backed Fixed Rate
Notes due July 2042, Definitive Rating Assigned Baa1 (sf)
EUR71.8M Class D Limited Recourse Consumer Loans Backed Fixed Rate
Notes due July 2042, Definitive Rating Assigned Baa3 (sf)
EUR77.7M Class E Limited Recourse Consumer Loans Backed Fixed Rate
Notes due July 2042, Definitive Rating Assigned B1 (sf)
Moody's has not assigned any ratings to the EUR70.5M Class M1
Asset-Backed Fixed Rate Notes due July 2042 and to the EUR0.1M
Class M2 Asset-Backed Fixed Rate and Variable Return Notes due
July 2042.
This transaction represents the third public securitisation
transaction rated by Moody's backed by Italian consumer loans
originated by Agos Ducato S.p.A., a leading consumer finance
company in Italy. The assets supporting the Notes, which amount to
EUR1,200.03 million, consist of consumer loans extended to
individuals resident in Italy. All loans pay a fixed rate of
interest until maturity, are fully amortising without any balloon
payment and must have paid a minimum of two scheduled installments
prior to their sale to the portfolio.
Agos also acts as the servicer of the portfolio during the life of
the transaction. In addition, Zenith Service S.p.A. (unrated), the
back-up servicer facilitator, will facilitate the search for a
substitute servicer upon termination of the servicer's mandate. In
case the servicer report is not available at any payment date,
continuity of payments for the rated Notes will be assured by the
calculation agent, Credit Agricole Corporate and Investment Bank
(Aa3(cr)/P-1(cr); A1/P-1), acting through its Milan branch, based
on estimates.
RATINGS RATIONALE
The ratings of the Notes are based on an analysis of the
characteristics of the underlying pool of consumer loans, sector
wide and originator specific performance data, protection provided
by credit enhancement, the cash reserves, the roles of external
counterparties and the structural integrity of the transaction.
Moody's Notes that the transaction benefits from credit strengths
such as: (i) the granular portfolio composition and good
geographical diversification; (ii) the fact that all loans pay a
fixed rate of interest until maturity and are fully amortising
without any balloon payments; and (iii) the good historical
performance data with regards to defaults and arrears provided by
the originator.
In addition, the transaction provides certain structural features
such as: (i) a cash reserve equal to 0.50% of the initial pool,
increasing to 3.00% during the revolving period and amortising to
3.00% of the outstanding pool thereafter (subject to the floor of
0.50% of the initial portfolio). The cash reserve will provide
both liquidity and principal loss coverage for the rated Notes;
(ii) additional source of liquidity provided by the payment
interruption risk reserve and the principal to pay interest
mechanism for the rated Notes; (iii) a commingling reserve which,
together with the daily sweep of collections to the Issuer
account, partially mitigate the risk of commingling; (iv) two
fixed-floating interest rate swaps hedging the fixed-floating
mismatch stemming from the Class A and Class B Notes paying a
floating rate of interest and the portfolio made of fixed rate
loans.
Moody's Notes that the transaction also features some credit
weaknesses such as: (i) the fact that the pool is revolving for
the initial 12 months which could lead to an asset quality drift
although this is mitigated to some extent by the portfolio
concentration limits; (ii) the weighted-average asset yield can
decrease to 6.80% during the revolving period and this has been
considered in the cash flow modelling of the transaction; and
(iii) 77.82% of the pool comprises personal loans which
historically exhibited higher default rates than other consumer
loan products.
MAIN MODEL ASSUMPTIONS
Moody's determined the portfolio lifetime expected defaults of
7.75%, Aa2 portfolio credit enhancement ("PCE") of 18.50% and mean
recoveries of 10.00%. The expected defaults and recoveries
captures its expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in its ABSROM cash flow model used
to rate consumer ABS transactions.
Portfolio expected defaults of 7.75% are in line with the EMEA ABS
Consumer sector average, and are based on Moody's assessment of
the lifetime expectation for the pool taking into account (i) the
historical default rates of the originator's loan book split by
new and used vehicles, furniture loans, personal loans and other
special purpose loans; (ii) benchmarking with other similar
transactions; and (iii) the fact that the transaction is revolving
for 12 months and the portfolio concentration limits during that
period.
Portfolio expected recoveries of 10.00% are in line with the EMEA
ABS Consumer sector average and it takes into account (i) the
historical recovery rates from the originator's loan book split by
new and used vehicles, furniture loans, personal loans and other
special purpose loans; (ii) the unsecured nature of the consumer
loans in Italy; and (iii) benchmarking with other similar
transactions.
The PCE of 18.50% is in line with the EMEA ABS Consumer sector
average and is based on Moody's assessment of the pool taking into
account (i) the proportion of personal loans in the initial pool
and allowed according to the concentration criteria; (ii) the
historical performance of the assets; (iii) prior Agos consumer
loan securitisations performance during a weak economic period;
and (iv) benchmarking with other similar transactions. The PCE of
18.50% coupled with its mean expected default and recovery
assumptions results in an implied coefficient of variation ("CoV")
of 39.60%.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors that may lead to an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
and an increase in credit enhancement of the Notes due to
deleveraging.
Factors that may lead to a downgrade of the ratings of the Notes
include (i) a decline in the overall performance of the pool and
(ii) a significant deterioration of the credit profile of the
originator/servicer, the swap counterparty or other key
transaction counterparties.
Finally, unforeseen regulatory changes or significant changes in
the legal environment may also result in changes of the ratings.
LOSS AND CASH FLOW ANALYSIS:
Moody's uses its cash flow model ABSROM as part of its
quantitative analysis of the transaction. Moody's ABSROM model
enables users to model various features of a standard European ABS
transaction -- including the specifics of the loss distribution of
the assets, their portfolio amortisation profile, yield as well as
the specific priority of payments, hedging and cash reserves on
the liability side of the ABS structure.
STRESS SCENARIOS:
In rating consumer loan ABS, default rate and recovery rate are
two key inputs that determine the transaction cash flows in the
cash flows model.
If the expected default rate increased to 9.75% from 7.75% and the
recovery rate decreased to 5.00% from 10.00% the model output
indicates that the Class A and B Notes would still achieve Aa3
(sf) and Baa1 (sf), respectively, assuming that all other factors
remained unchanged. Moody's Parameter Sensitivities provide a
quantitative/model-indicated calculation of the number of rating
notches that a Moody's structured finance security may vary if
certain input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged and is
not intended to measure how the rating of the security might
migrate over time, but rather how the initial rating of the
security might have differed if key rating input parameters were
varied. Parameter Sensitivities for the typical EMEA ABS Consumer
Loan transaction are calculated by stressing key variable inputs
in Moody's cash flow model.
=========
I T A L Y
=========
BCC NPLS 2018: Moody's Assigns Caa2 Rating to Class B Notes
-----------------------------------------------------------Moody's
Investors Service has assigned definitive long-term credit ratings
to the following Notes issued by BCC NPLS 2018 S.r.l.:
EUR282,000,000 Class A Asset-Backed Floating Rate Notes due June
2038, Assigned Baa3 (sf)
EUR31,400,000 Class B Asset-Backed Floating Rate Notes due June
2038, Assigned Caa2 (sf)
Moody's has not assigned any rating to EUR 10,460,000 Class J
Asset-Backed Fixed Rate and Variable Return Notes due June 2038.
RATINGS RATIONALE
This is the first Italian multi-originator transaction backed by
non-performing loans rated by Moody's. There are two banks
belonging to Gruppo Bancario Iccrea (unrated) and 21 local
cooperative banks acting as originators. The assets supporting the
Notes are NPLs with a gross book value of EUR1,046 million as of
December 31, 2017, including gross collections from the selection
date to the transfer date (June 25, 2018) of around EUR7.5
million.
The portfolio will be serviced by Prelios Credit Servicing S.p.A.
("PRECS"; unrated) in its role as master servicer and special
servicer. The servicing activities performed by PRECS will be
monitored by the monitoring agent Zenith Service S.p.A. ("Zenith";
unrated). In addition, Securitisation Services S.p.A. ("SECS";
unrated) has been appointed as back-up servicer at closing and
will step in to take over the role of master servicer in case the
master servicer agreement is terminated. The monitoring agent
together with the back-up servicer are helping the Issuer to find
a substitute special servicer in case the special servicing
agreement with PRECS is terminated.
Moody's ratings reflect an analysis of the characteristics of the
underlying pool of defaulted loans, sector-wide and originator-
specific performance data, protection provided by credit
enhancement, the roles of external counterparties, and the
structural integrity of the transaction. In order to estimate the
cash flows generated by the pool, Moody's used a model that, for
each loan, generates an estimate of: (i) the timing of
collections; and (ii) the collected amounts, which are used in a
cash flow model that is based on a Monte Carlo simulation.
The key drivers for the estimates of the collections and their
timing are:
(i) the historical data received from PRECS, which shows the
historical recovery rates and timing of the collections for the
secured and unsecured loans;
(ii) the portfolio composition with 72% of the GBV being secured
loans benefitting from a first lien mortgage and 19% of the GBV
representing unsecured loans. Only 15% of the first lien
properties have been evaluated by an expert appointed by a court,
the remaining being evaluated by a third party;
(iii) the granularity of the portfolio resulting from the 23
originators. Borrowers with a GBV below EUR 5.0 million represent
87% of the total portfolio. In addition, the top 1, top 5 and top
10 obligors respectively represent around 1%, 4.5% and 8.1% of the
pool in GBV terms;
(iv) borrowers defaulted from 2011 onwards represent 90% of the
total GBV;
(v) in relation to the secured portfolio benefitting from a first
lien mortgage, residential properties represent around 47% of the
GBV, the remaining 53% being commercial properties of different
types (land, unfinished properties and hotels represent 12%, 3%
and 1%, respectively). Secured loans benefitting from a first lien
and backed by properties (residential or commercial) located in
the North of Italy account for approximately 59.4% of the GBV;
(vi) loans representing around 46% of the GBV of the secured
portion of the portfolio are in their initial legal proceeding
stage (including 24% for which the legal stage is unknown),
whereas loans representing around 8% of the GBV of the secured
portion are in the cash distribution phase, i.e. the judicial
recovery process has been terminated and cash only needs to be
distributed among creditors;
(vii) 31% of the GBV are secured loans undergoing a bankruptcy
process, which usually takes significantly longer than a
foreclosure. Secured loans in foreclosure represent 22% of the
GBV;
(viii) benchmarking with comparable Italian NPL transactions.
Hedging:
As the collections from the pool are not directly connected to a
floating interest rate, a higher index payable on the Notes would
not be offset with higher collections from the pool. As a result,
the six-month EURIBOR for Class A is capped from December 2022 to
the final maturity date increasing over time from 2.5% to 3.5%.
Moreover, the transaction benefits from two interest rate caps
linked to six-month EURIBOR, with J.P. Morgan AG (Aa2/P-1 and
Aa2(cr)/P-1(cr)) acting as cap counterparty. The notional of the
interest rate cap is equal to the outstanding balance of the Class
A and Class B notes at closing decreasing over time with pre-
defined amounts. The Class A cap will have a strike starting at
0.50% moving up to 2.5% till June 2031, whereas the Class B cap
will have a strike starting at 0.5% and moving up to 4.0% till
June 2031. Moody's notes that in its expected scenario the Class A
Notes are hedged, while the Class B Notes might not be fully
hedged. As a result, Moody's has considered this risk in its
rating analysis of class A Notes, given that in certain scenarios
the Class B Notes interest is paid senior to the Class A Notes
principal.
Transaction structure:
The transaction benefits from an amortising cash reserve equal to
5.0% of the Class A Notes balance (corresponding to EUR14.125
million at closing) and funded by a limited recourse loan extended
by Iccrea Banca S.p.a. (unrated). The cash reserve is replenished
immediately after the payment of interest on the Class A notes and
mainly provides liquidity support to the Class A notes. Moreover,
interest on the Class B notes is postponed to a more junior
position in the waterfall, if the cumulative recoveries rate is
lower than 90% of the expected cumulative recovery rate according
to the initial business plan anticipated by the special servicer.
The Class A Notes will benefit from this structural feature,
whereas Class B Notes will be negatively impacted.
Moody's used its NPL cash-flow model as part of its quantitative
analysis of the transaction. The Moody's NPL model enables users
to model various features of a European NPL ABS transaction, such
as recovery rates under different scenarios, yield as well as the
specific priority of payments and reserve funds on the liability
side of the ABS structure.
The principal methodology used in these ratings was "Moody's
Approach to Rating Securitisations Backed by Non-Performing and
Re-Performing Loans" published in August 2016.
FACTORS THAT WOULD LEAD TO A UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors that may lead to an upgrade of the ratings include the
recovery process of the defaulted loans producing significantly
higher cash flows realised in a shorter time frame than expected
resulting from an improvement of the residential and commercial
real estate market.
Factors that may cause a downgrade of the ratings include
significantly less or slower cash flows generated from the
recovery process compared with its expectations at close due to
either a longer time for the courts to process the foreclosures
and bankruptcies or a change in economic conditions (such as the
situation of the real estate market) from its central scenario
forecast or idiosyncratic performance factors. For instance,
should economic conditions be worse than forecasted and the sale
of the properties would generate less cash flows for the Issuer or
it would take a longer time to sell the properties, all these
factors could result in a downgrade of the ratings. Additionally
counterparty risk could cause a downgrade of the ratings due to a
weakening of the credit profile of transaction counterparties.
Finally, unforeseen regulatory changes or significant changes in
the legal environment may also result in changes of the ratings.
SUNRISE SPV 2018-1: Fitch Assigns 'Bsf' Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Sunrise SPV 40 S.r.l. - Series
2018-1's asset-backed securities the following ratings:
Class A notes: 'AAsf'; Outlook Stable
Class B notes: 'Asf'; Outlook Stable
Class C notes: 'BBB+sf'; Outlook Stable
Class D notes: 'BBB-sf'; Outlook Stable
Class E notes: 'Bsf'; Outlook Stable
Class M1 notes: not rated
Class M2 notes: not rated
The transaction is a one-year revolving securitisation of
unsecured consumer loans granted to private customers by Agos
Ducato S.p.A. (Agos, A-/Stable/F1). This is the 14th public
securitisation of unsecured consumer loans originated by Agos.
The proceeds of the issuance of the notes, all denominated in EUR,
have been used to fund the purchase of a portfolio of personal
loans and loans that funded the purchase of vehicles, furniture or
other goods. Part of the proceeds have been used to fund a cash
reserve and a liquidity reserve. The class A and B notes pay a
floating coupon, while other notes pay a fixed interest rate. The
transaction envisages a 12-month revolving period.
KEY RATING DRIVERS
Mainly Unsecured Personal Loans
Most of the portfolio consists of personal loans (limited to 79%
by concentration through the revolving period, up from 75% in
previous Sunrise deals), which have higher historical loss rates
than other consumer loan products. In line with the Italian
consumer lending market, the originator only has unsecured
recourse against the obligor upon the latter's default.
Recently Improved Performance
Fitch expects a weighted-average (WA) lifetime portfolio default
rate of 8% and a WA recovery rate of 10.3%. The assumptions -
derived over the stressed portfolio composition at the end of the
revolving period - are based on the originator's historical
performance. Fitch has lowered its default assumption for personal
loans and vehicles compared with Sunrise 2017-1 after observing
better performance in Agos' loan book.
Revolving Period Risk Addressed
Fitch applied a WA stress multiple of 4.3x at 'AAsf' to expected
default rates. These are slightly lower than those used for
previous series with the same revolving period length and similar
portfolio features, due to the strong quantity of data (Fitch
currently rates six Sunrise deals) and tighter performance
triggers in this deal. Fitch believes that revolving conditions
are adequate as a package and addressed by the default stress
multiples.
High Portfolio Return
The transaction benefits from a minimum positive portfolio yield
of 6.8% during the revolving period; in Fitch's view, this
contributes to an increase of the cash reserve towards its post-
closing target of 3% of the current portfolio balance, barring
defaulted loans (from 0.5% of the initial portfolio funded at
closing).
Sovereign Cap
The rating of the class A notes is limited to 'AAsf' by the cap on
Italian structured finance transactions, at six notches above the
rating of Italy (BBB/Stable/F2).
RATING SENSITIVITIES
Rating sensitivities to increased default assumptions by 10% / 25%
/ 50%:
Class A notes: 'AA-sf' / 'A+sf' / 'A-sf'
Class B notes: 'A-sf' / 'BBB+sf' / 'BBB-sf'
Class C notes: 'BBBsf' / 'BBB-sf' / 'BB+sf'
Class D notes: 'BB+sf' / 'BBsf' / 'B+sf'
Class E notes: Not rateable / Not rateable / Not rateable
Rating sensitivities to decreased recovery assumptions by 10% /
25% / 50%:
Class A notes: 'AAsf' / 'AAsf' / 'AAsf'
Class B notes: 'Asf' / 'Asf' / 'Asf'
Class C notes: 'BBB+sf' / 'BBB+sf' / 'BBB+sf'
Class D notes: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'
Class E notes: 'Bsf' / 'Bsf' / 'Bsf'
Rating sensitivities to increased default and decreased recovery
assumptions by 10% / 25% / 50%:
Class A notes: 'AA-sf' / 'Asf' / 'A-sf'
Class B notes: 'A-sf' / 'BBB+sf' / 'BBB-sf'
Class C notes: 'BBBsf' / 'BBB-sf' / 'BBsf'
Class D notes: 'BB+sf' / 'BBsf' / 'B+sf'
Class E notes: Not rateable / Not rateable / Not rateable
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
Fitch reviewed the results of a third-party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.
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.
=========
M A L T A
=========
* Malta Tourism Authority Sets Up Insolvency Fund for Customers
---------------------------------------------------------------
Times of Malta reports that the Malta Tourism Authority has set up
an insolvency fund to provide security to customers in the event
of a licensed travel agent becoming insolvent.
According to the report, customers who would have booked travel
packages that were not availed of because of insolvency, would get
a refund of the payments made if they would have bought their
packages from an agent subscribed to the fund.
In a statement on July 6, the MTA said it said it undertook
several checks over the past months to ensure that travel packages
were only sold by appropriate licensed travel agents and that each
package organiser and/or package holiday retailer was subscribed
to the fund, Times of Malta relates.
Several travel agents both in Malta and Gozo were found to be
either in breach of license conditions or operating without the
necessary licence, the report says. Fines were issued and some
agents were subject to further legal action.
The public would only be covered for insolvency if they bought
their packages from a licensed agent, who should have an
insolvency fund membership certificate on display, it warned,
Times of Malta relates.
An insolvency claim could only be made if the customer was in
possession of an insolvency fund certificate which had to be
provided by the agent when a travel package was booked, according
to the report.
An awareness campaign is being undertaken by the authority
together with the Tourism Ministry, Times of Malta adds.
=====================
N E T H E R L A N D S
=====================
EA PARTNERS I: Fitch Affirms 'CC' Senior Secured Notes Rating
-------------------------------------------------------------
Fitch Ratings has affirmed EA Partners I B.V.'s (EAP I) notes'
senior secured rating at 'CC' with a Recovery Rating of 'RR3'
following the announcement of a remarketing event.
The affirmation reflects the fact that the senior secured rating
is derived from the creditworthiness of the obligor of the weakest
credit quality (Alitalia and Air Berlin in default), and Fitch's
conservative assessment of the notes' recovery prospects.
KEY RATING DRIVERS
Remarketing Event Neutral: The remarketing event for Alitalia's
and Air Berlin's debt obligations at EAP I was triggered by the
fact that the liquidity pool, which was drawn to cure a default of
these two obligors to pay interest on their debt obligations, fell
below 75% of the initial deposits (initial deposits account for
most of the liquidity pool).
Fitch does not expect the remarketing to have an adverse effect on
EAP I's senior secured rating because it is derived from the
creditworthiness of the obligor of the weakest credit quality
(Alitalia and Air Berlin in default), and Fitch's assessment of
the notes' recovery prospects, which already incorporates a
downside scenario for the remarketing of defaulted obligors. A
successful remarketing (eg sufficient proceeds to redeem a portion
of the notes at par plus accrued interest) could have a positive
impact on the ratings, but Fitch considers this to be unlikely.
Remarketing Process: If the remarketing agent determines that the
funds in the liquidity pool together with the highest bid received
in the debt obligation remarketing are insufficient to redeem the
notes at par, the remarketing agent shall not consummate the debt
obligation remarketing and the trustee shall give notice of a note
event of default.
Following a note event of default there are broadly two options
for restructuring of the notes. The first option includes the
remarketing of all obligations (performing and non-performing) and
the redemption of all notes outstanding. The second option
provides for the sale of the defaulted obligations at the
available bid price, partial redemption of the notes at a discount
and resetting of the interest on the outstanding notes.
The remarketing process includes two remarketing attempts. The
first has to be completed before 10 days prior to September 28
and, if the remarketing agent is unable to arrange a sale at or
prior to this time, a second remarketing commences which has to be
completed before 10 days prior to December 28.
Weakest Obligor Credit: Given the transaction's recourse to each
obligor on a several basis, the notes' ratings reflect the
creditworthiness of the obligor of the weakest credit quality and
recovery prospects for the notes. This is because the sole cash
flow for the service and repayment of the notes is the individual
cash flow streams from the obligors under their respective loans.
The transaction's noteholders are thus exposed to the underlying
creditworthiness of each individual obligor.
Cross Default: The notes do not have a cross-default provision,
which means that a default by one obligor under its debt
obligation does not constitute an event of default under other
debt obligations incurred under this transaction by other
obligors. However, events of default under each debt obligation
include a customary cross-default provision, which states that a
failure by the respective 'obligor or any of its material
subsidiaries to pay any of its own financial indebtedness when
due' will lead to an event of default under the debt obligations
of this obligor but not of any other obligor other than in the
case of Etihad Airways and Etihad Airport Services.
Etihad Airport Services is considered a material subsidiary of
Etihad Airways PJSC under this transaction's documentation.
Therefore, an uncured failure by Etihad Airport Services to make
payments under this transaction's debt obligation will constitute
an event of default under Etihad Airways' debt obligation under
this transaction.
This lack of a legal obligation to support other entities
underpins the transaction's rating approach, based on the credit
profile of the weakest obligors rather than on the stronger
entities supporting the weakest.
DERIVATION SUMMARY
The notes' rating reflects Fitch's view of the creditworthiness of
the obligor of the weakest credit quality and the recovery
prospects for the notes. The credit quality of the obligors varies
substantially depending on their business profiles and financial
profiles that Fitch generally sees as weak compared with peers.
Both Alitalia and Air Berlin filed for insolvency proceedings.
Etihad Airways' 'A' Issuer Default Rating is three notches below
that of the Emirate of Abu Dhabi.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer
- The proceeds from the notes' issue were on-lent to obligors.
- The notes are secured over assets that represent senior
unsecured claims to respective obligors.
- The notes do not have a cross-default provision.
- Unsuccessful remarketing under EAP I.
Key Recovery Rating Assumptions
- Alitalia's entry into administration, Air Berlin's
insolvency.
- No committed financial support from Etihad Airways to its
equity airline partners.
- Continuous performance of performing and financially sound
obligors and recoveries upon default for other obligors and
other features of the transactions.
- Fitch applied a bespoke recovery analysis for most of the
obligors. The recoveries were driven by the liquidation value
for most of the obligors. Fitch has assumed a 10%
administrative claim. The advance rates applied for inventory
(50%), accounts receivable (70%-80%) and property, plant and
equipment (50%-75%) are in line with peers and depend on
company-specific characteristics. Capital leases are not in
the recovery waterfall.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- A successful remarketing of Alitalia's and Air Berlin's debt
obligations may be positive, although Fitch considers this to
be unlikely
- Following an unsuccessful remarketing of Alitalia's and Air
Berlin's debt obligations and a subsequent note event of
default, the noteholders choose to re-balance the structure
and maintain it
- Sustained improvement of recovery prospects of the obligors,
unless there are limitations due to country-specific
treatment of Recovery Ratings, could be positive for the
notes' ratings.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Worsening recovery prospects of the obligors
LIQUIDITY
Liquidity Pool: The transaction features a liquidity pool, its
only cross-collateralised feature (excluding the ratchet account
component, which is not cross-collateralised), which is available
to service the interest or principal on the notes, if an obligor
fails to pay interest or principal on their respective debt
obligation when due. Contractually, the liquidity pool does not
have to be replenished if it is used to service the notes. The
utilisation of 100% of the liquidity pool is challenging due to a
75% threshold that triggers a remarketing of the debt obligation.
Insufficient Liquidity: The liquidity pool is not sufficient to
cover all the coupon payments of Alitalia and Air Berlin for the
whole duration of the notes under EAP I. Assuming that all other
obligors will remain performing, the amount of the total liquidity
pool only covers Alitalia's and Air Berlin's coupon payments until
March 2019 under EAP I (notes due in September 2020).
EA PARTNERS II: Fitch Affirms 'C' Senior Secured Notes Rating
-------------------------------------------------------------
Fitch Ratings has affirmed EA Partners II B.V.'s (EAP II) notes'
senior secured rating at 'C' with a Recovery Rating of 'RR4'
following a note event of default.
The affirmation reflects the fact that the senior secured rating
is derived from the creditworthiness of the obligor of the weakest
credit quality (Alitalia and Air Berlin in default), and Fitch's
assessment of the notes' recovery prospects, which already
incorporates a downside scenario for the remarketing of defaulted
obligors.
KEY RATING DRIVERS
Failed Remarketing: EAP II has announced that the second attempt
to remarket the Alitalia notes and the Air Berlin debt obligation
was also unsuccessful. The received bid along with the funds
available in the liquidity pool is insufficient to partially
redeem the notes at par, including accrued interest.
Notes Restructuring: Broadly there are two options for
restructuring of the notes. The first option includes the
remarketing of all obligations (performing and non-performing) and
the redemption of all notes outstanding. This is likely to result
in the affirmation of the 'C' senior secured rating. The second
option provides for the sale of the defaulted obligations at the
available bid price, partial redemption of the notes at a discount
and resetting of the interest on the outstanding notes. This may
lead to an upgrade as the weakest credit quality will be driven by
a non-defaulted obligor.
Weakest Obligor Credit: Given the transaction's recourse to each
obligor on a several basis, the notes' ratings reflect the
creditworthiness of the obligor of the weakest credit quality and
the notes' recovery prospects. This is because the sole cash flow
for the service and repayment of the notes is the individual cash
flow streams from the obligors under their respective loans. The
transaction's noteholders are thus exposed to the underlying
creditworthiness of each individual obligor.
Cross Default: The notes do not have a cross-default provision,
which means that a default by one obligor under its debt
obligation does not constitute an event of default under other
debt obligations incurred under this transaction by other
obligors. However, events of default under each debt obligation
include a customary cross-default provision, which states that a
failure by the respective 'obligor or any of its material
subsidiaries to pay any of its own financial indebtedness when
due' will lead to an event of default under the debt obligations
of this obligor but not of any other obligor other than in the
case of Etihad Airways PJSC and Etihad Airport Services.
Etihad Airport Services is considered a material subsidiary of
Etihad Airways under this transaction's documentation. Therefore,
an uncured failure by Etihad Airport Services to make payments
under this transaction's debt obligation will constitute an event
of default under Etihad Airways' debt obligation under this
transaction.
This lack of a legal obligation to support other entities
underpins this transaction's rating approach based on the credit
profile of the weakest obligors rather than on the stronger
entities supporting the weakest.
DERIVATION SUMMARY
The notes' rating reflects Fitch's view of the creditworthiness of
the obligor of the weakest credit quality and the notes' recovery
prospects. The credit quality of the obligors varies
substantially, depending on their business profiles and financial
profiles that Fitch generally sees as weak compared with peers.
Both Alitalia and Air Berlin filed for insolvency proceedings.
Etihad Airways' 'A' Issuer Default Rating is three notches below
that of the Emirate of Abu Dhabi.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch's Rating Case for the Issuer
- The proceeds from the notes' issue were on-lent to obligors.
- The notes are secured over assets that represent senior
unsecured claims to respective obligors.
- The notes do not have a cross-default provision.
- Unsuccessful remarketing under EAP II.
Key Recovery Rating Assumptions
- Alitalia's entry into administration, Air Berlin's
insolvency.
- No committed financial support from Etihad Airways to its
equity airline partners.
- Continuous performance of performing and financially sound
obligors and recoveries upon default for other obligors and
other features of the transactions.
- Fitch applied a bespoke recovery analysis for most of the
obligors. The recoveries were driven by the liquidation value
for most of the obligors. Fitch has assumed a 10%
administrative claim. The advance rates applied for inventory
(50%), accounts receivable (70%-80%) and property, plant and
equipment (50%-75%) are in line with peers and depend on
company-specific characteristics. Capital leases are not in
the recovery waterfall.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Following a note event of default, the noteholders choose to
re-balance (eg reset the interest) and maintain the
structure.
- Sustained improvement of recovery prospects of the obligors,
unless there are limitations due to country-specific
treatment of Recovery Ratings, could be positive for the
notes' ratings.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Unlikely given Fitch's definition of debt instruments ratings
and Recovery Ratings
LIQUIDITY
Liquidity Pool: The EAP II transaction features a liquidity pool,
its only cross-collateralised feature (excluding the ratchet
account component, which is not cross-collateralised), which is
available to service the interest or principal on the notes, if an
obligor fails to pay interest or principal on their respective
debt obligation when due. Contractually, the liquidity pool does
not have to be replenished if it is used to service the notes. The
utilisation of 100% of the liquidity pool is challenging due to a
75% threshold that triggers a remarketing of the debt obligation.
Insufficient Liquidity: The liquidity pool is not sufficient to
cover all the coupon payments of Alitalia and Air Berlin for the
whole duration of the notes under EAP II. Assuming that all other
obligors will remain performing, the amount of the total liquidity
pool only covers Alitalia's and Air Berlin's coupon payments until
December 2018 under EAP II (notes due in June 2021).
===============
P O R T U G A L
===============
LUSITANO MORTGAGES NO. 1: Moody's Hikes Cl. E Notes Rating to B3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 13 tranches
and affirmed 13 tranches in 6 Portuguese RMBS transactions.
The rating action reflects:
- Better than expected collateral performance.
- The increased levels of credit enhancement for the affected
Notes.
Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain current rating on the affected
Notes.
Issuer: Lusitano Mortgages No. 1 plc
EUR915.00M A Notes, Affirmed A1 (sf); previously on Dec 21, 2016
Affirmed A1 (sf)
EUR32.50M B Notes, Affirmed A1 (sf); previously on Dec 21, 2016
Affirmed A1 (sf)
EUR25.00M C Notes, Affirmed A1 (sf); previously on Dec 21, 2016
Upgraded to A1 (sf)
EUR22.50M D Notes, Upgraded to Baa2 (sf); previously on Jul 27,
2017 Upgraded to Ba1 (sf)
EUR5.00M E Notes, Upgraded to B3 (sf); previously on Dec 21, 2016
Affirmed Caa1 (sf)
Issuer: Magellan Mortgages No. 3 plc
EUR1413.75M A Notes, Upgraded to A2 (sf); previously on Jul 15,
2015 Upgraded to A3 (sf)
EUR33.75M B Notes, Upgraded to Ba1 (sf); previously on Jul 15,
2015 Upgraded to Ba2 (sf)
EUR15.75M C Notes, Upgraded to Ba3 (sf); previously on Jul 15,
2015 Upgraded to B2 (sf)
EUR36.75M D Notes, Affirmed B3 (sf); previously on Jul 27, 2017
Upgraded to B3 (sf)
Issuer: Magellan Mortgages No. 4 plc
EUR1413.75M A Notes, Upgraded to A3 (sf); previously on Jun 20,
2016 Downgraded to Baa1 (sf)
EUR33.75M B Notes, Affirmed Ba3 (sf); previously on Jun 20, 2016
Downgraded to Ba3 (sf)
EUR18.75M C Notes, Affirmed B3 (sf); previously on May 6, 2016
Affirmed B3 (sf)
EUR33.75M D Notes, Affirmed Caa2 (sf); previously on May 6, 2016
Affirmed Caa2 (sf)
Issuer: PELICAN MORTGAGES NO. 3
EUR717.38M A Notes, Upgraded to A2 (sf); previously on May 6, 2016
Upgraded to A3 (sf)
EUR14.25M B Notes, Affirmed Ba1 (sf); previously on Jul 27, 2017
Upgraded to Ba1 (sf)
EUR12.00M C Notes, Affirmed B2 (sf); previously on May 6, 2016
Upgraded to B2 (sf)
EUR6.38M D Notes, Affirmed Caa1 (sf); previously on May 6, 2016
Upgraded to Caa1 (sf)
Issuer: Atlantes Mortgages No.1 Plc
EUR462.50M A Notes, Affirmed A1 (sf); previously on Jan 28, 2016
Affirmed A1 (sf)
EUR22.50M B Notes, Affirmed A1 (sf); previously on Jan 28, 2016
Affirmed A1 (sf)
EUR12.50M C Notes, Upgraded to A2 (sf); previously on Jan 28, 2016
Upgraded to Baa2 (sf)
EUR2.50M D Notes, Upgraded to Ba2 (sf); previously on Jan 28, 2016
Upgraded to B2 (sf)
Issuer: HIPOTOTTA NO. 5 PLC
EUR1693.00M A2 Notes, Affirmed A1 (sf); previously on May 6, 2016
Affirmed A1 (sf)
EUR26.00M B Notes, Upgraded to A1 (sf); previously on Jul 27, 2017
Upgraded to A2 (sf)
EUR24.00M C Notes, Upgraded to A3 (sf); previously on May 6, 2016
Upgraded to Baa2 (sf)
EUR26.00M D Notes, Upgraded to Baa3 (sf); previously on Jul 27,
2017 Upgraded to Ba1 (sf)
EUR31.00M E Notes, Upgraded to Ba3 (sf); previously on May 6, 2016
Affirmed B3 (sf)
RATINGS RATIONALE
The rating action is prompted by:
- Decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) and Milan assumptions due to better than
expected collateral performance.
- Deal deleveraging resulting in an increase in credit
enhancement for the affected tranches.
Revision of Key Collateral Assumptions:
As part of the rating action, Moody's reassessed its lifetime loss
expectation for PELICAN MORTGAGES NO. 3 and HIPOTOTTA NO. 5 PLC,
reflecting the collateral performance to date.
Moody's decreased the EL assumption to 0.67% and 1.25% as a
percentage of original pool balance from 0.86% and 1.63% for
PELICAN MORTGAGES NO. 3 and HIPOTOTTA NO. 5 PLC respectively.
Moody's has also assessed loan-by-loan information as a part of
its detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has decreased the portfolio credit
Milan assumption to 7.5% for HIPOTOTTA NO. 5 PLC. Moody's updated
the MILAN CE due to the Minimum EL, Multiple EL, and a floor
defined in Moody's updated methodology for rating EMEA RMBS
transactions, for Magellan Mortgages No. 3 plc to 7.7%.
The other key collateral assumptions for the other transactions in
this action remain unchanged.
Increase in Available Credit Enhancement:
Sequential amortization and non-amortising reserve funds, and
trapping of excess spread led to the increase in the credit
enhancement available in Lusitano Mortgages No. 1 plc, Magellan
Mortgages No. 4 plc, Atlantes Mortgages No.1 Plc and tranches B
and C of HIPOTOTTA NO. 5 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 (i) performance of the underlying collateral that
is better than Moody's expected, (ii) deleveraging of the capital
structure and (iii) improvements in the credit quality of the
transaction counterparties, and (iv) a decrease in sovereign risk.
Factors or circumstances that could lead to a downgrade of the
ratings include (i) an increase in sovereign risk (ii) performance
of the underlying collateral that is worse than Moody's expected,
(iii) deterioration in the Notes' available credit enhancement,
and (iv) deterioration in the credit quality of the transaction
counterparties.
===========
R U S S I A
===========
BANK SOVETSKY: Credit Bank of Moscow Emerges as Winner in Tender
----------------------------------------------------------------
According to the Bank of Russia-endorsed plan for the Deposit
Insurance Agency State Corporation (hereinafter, the Agency)
participation in settlement of JSC Bank Sovetsky obligations
(hereinafter, the Settlement Plan), the Agency held a competitive
selection of an acquirer for some assets and liabilities of the
bank.
PJSC Credit Bank of Moscow was named as the winner in the tender
that took place on July 9, 2018.
According to the agreed Settlement Plan, PJSC Credit Bank of
Moscow will be assigned liabilities to JSC Bank Sovetsky's
creditors of which claims the bankruptcy legislation requires to
be satisfied as first priority (except for individual
entrepreneurs). This will allow saving household deposits of JSC
Bank Sovetsky customers in their entirety including those above
the insurance coverage of RUR1.4 million.
The arrangements will see PJSC Credit Bank of Moscow becoming a
full service banking provider for all individual customers under
bank deposit and bank account contracts on unchanged terms
including deposit rates and terms.
PJSC Credit Bank of Moscow is obliged to launch customer service
for JSC Bank Sovetsky depositors by no later than July 17, 2018.
Once implemented, the procedure for transfer of assets and
liabilities will enable accelerated settlements with first-
priority creditors and improved terms of settlements with second-
and third-priority creditors.
Information on insurance indemnity payouts to individual
entrepreneurs will appear on the Agency website.
Individual entrepreneurs are entitled to insurance indemnities for
their deposits in the amount of 100% of the sum of all their
accounts (deposits) in JSC Bank Sovetsky but no more than a total
of RUR1.4 million per depositor. Insurance indemnities for
individual entrepreneurs' accounts (deposits) will be paid out by
way of transfer of the amount of indemnity to the depositor-
specified account with a bank participating in the deposit
insurance system, which was opened for entrepreneurial activity
purposes.
Settlements with other JSC Bank Sovetsky creditors will be made as
part of liquidating procedures following the appointment of the
Agency as receiver (liquidator) of JSC Bank Sovetsky. Information
on the procedure for making creditor claims against JSC Bank
Sovetsky will appear on the Agency website.
The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.
CB LIGHTBANK: Bank of Russia Provides Update on Investigation
-------------------------------------------------------------
The provisional administration of CB Lightbank LLC (hereinafter,
the Bank) appointed by virtue of Bank of Russia Order No. OD-776,
dated March 29, 2018, due to the revocation of its banking
license, has established that the former management of the Bank
used its authority to assign preference order to over RUR90
million of creditor claims on monetary obligations.
Furthermore, the provisional administration has established that
the Bank's former management and owners actions suggest the
intention to siphon off assets by extending loans to borrowers
with dubious solvency, as well as to corporate borrowers without
real business operations; or the intention to conceal transactions
aimed at withdrawing the Bank's assets.
The provisional administration estimates the value of the Bank
assets to be not more than RUR403 million, while its liabilities
to creditors are over RUR810 million.
On May 18, 2018, the Arbitration Court of the City of Moscow
recognized CB Lightbank LLC as bankrupt. The State Corporation
Deposit Insurance Agency was appointed as a receiver.
The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offence conducted by
the Bank's executives to the Prosecutor General's Office of the
Russian Federation, the Ministry of Internal Affairs of the
Russian Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.
The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.
NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Affirms Ba3 CFR
--------------------------------------------------
Moody's Investors Service has affirmed Nizhnekamskneftekhim PJSC's
(NKNK) Corporate Family Rating (CFR) of Ba3 and its Probability of
Default Rating of Ba3-PD.
The outlook on the ratings is stable.
The affirmation of NKNK's Ba3 ratings and the stable outlook
recognizes Moody's expectation that NKNK will continue to deliver
credit metrics in line with the current rating guidance over at
least the next 12-18 months, despite a large-scale olefins project
on which the company has recently embarked.
In the longer term, NKNK's ability to maintain its financial
profile commensurate with the current rating could be pressured by
growing debt-funded project investments coupled with the inherent
volatility in the petrochemical markets. Moody's will closely
monitor NKNK's performance and its project's implementation in
line with the company's plan.
RATINGS RATIONALE
The affirmation of NKNK's Ba3 ratings follows a review by Moody's
of the structure and funding plan for the new olefin project and
extensive dialogue with NKNK management on their planned response
to potential challenges associated with the project's
implementation.
The project, valued at approximately EUR2.1 billion, envisages the
construction by NKNK of a new production facility under a contract
with Linde AG (A2 stable), on NKNK's existing industrial site in
Nizhnekamsk. The facility will operate a naphtha cracker with an
annual capacity of 600,000 tonnes of ethylene and pyrolysis
products processing units.
NKNK plans to complete construction and launch the facility in
2022 and ramp it up in 2023. The project will be largely (85%)
funded by borrowings, a sizable part of which will be guaranteed
by export credit agencies. The rest of funding will be sourced
from NKNK's cash reserves and operating cash flow.
The ratings affirmation considers the company's virtually debt
free balance sheet at year-end 2017, its large cash reserves and
sizable cash flow generation, which should allow it to mitigate
pressure from significant debt-funded investments on its financial
profile.
Moody's expects that the weakening of NKNK's financial metrics in
the course of the project's implementation can be accommodated
within the current rating under the downward rating triggers of
adjusted debt/EBITDA trending above 3x and retained cash flow/debt
trending below 20% on a sustained basis, despite a likely spike in
leverage close to the project completion. In particular, NKNK's
adjusted leverage may exceed 3x in 2021-22, when its debt peaks
and the construction of new facility is nearing completion. The
elevated leverage is likely to be temporary, subject to market
conditions, project implementation discipline and the company's
ability to maximize incremental cash flows from the new project
starting 2023. The potential pressure on NKNK's ability to service
its debt will also be a function of the debt repayment profile
under the project financing agreements, which are still to be
finalised.
The project's payback in line with NKNK's plan will be helped by
the company's cost competitiveness due to operational and
logistical efficiencies, weak rouble and assuming the oil price is
not materially above $80 per barrel.
At the same time, Moody's notes execution and operational risks
associated with this large-scale project. In this regard, Moody's
expects NKNK to remain committed to a prudent financial policy,
which balances shareholder and creditor needs via dividend
decisions, and envisages conservative debt and liquidity
management.
Moody's notes positively that NKNK has strong access to long-term
bank funding at attractive terms and conditions, which has been
illustrated by the company's track record and in particular by a
syndicated facility of up to EUR818.8 million, which NKNK has
recently signed with a Deutsche Bank-led consortium under Hermes
cover, to fund the contract with Linde AG.
Moody's expects NKNK's liquidity to remain healthy over the next
18 months, supported by sizable cash reserves (RUB17.5 billion, or
$306 million), strong projected cash flows, and committed long-
term bank facilities to fund increasing investments in the olefins
project.
NKNK's Ba3 rating remains further underpinned by (1) the company's
strong domestic market position and sizable exports; and (2) long-
term contractual access to feedstock in proximity to NKNK's
production sites, which saves on costs.
At the same time, the rating remains constrained by (1) NKNK's
susceptibility to risks inherent to the petrochemical industry,
and heightened by NKNK's moderate size; and (2) the high
concentration of NKNK's operations at two adjacent sites.
Moody's also notes that NKNK is exposed to Russia's (Ba1 positive)
and Tatarstan's (Ba2 positive) operating environment because the
company generates half of its revenue in Russia and has all of its
production facilities and major raw materials suppliers located in
Tatarstan.
RATIONALE FOR STABLE OUTLOOK
The stable outlook on NKNK's ratings reflects Moody's expectation
that NKNK's financial profile will remain broadly within the
current rating guidance over at least the next 12-18 months.
WHAT COULD CHANGE THE RATING UP / DOWN
Upward pressure on NKNK's ratings is unlikely in the short to
medium term, given the implementation of a large-scale project and
the consequent weakening of its financial profile.
Negative pressure on the rating would develop if (1) there is a
multi-notch downgrade of Russia's sovereign rating and Tatarstan's
sub-sovereign rating; (2) there are signs that NKNK's credit
quality will materially deteriorate (beyond current expectations),
with debt/EBITDA trending above 3x and retained cash flow/debt
below 20% both on a sustained basis; and (3) the company's
liquidity position deteriorates.
The principal methodology used in these ratings was Chemical
Industry published in January 2018.
Nizhnekamskneftekhim PJSC (NKNK) is a major Russian petrochemicals
company, part of the oil and petrochemicals sector of the Republic
of Tatarstan. In 2017, the company reported sales of RUB167.6
billion (around $2.9 billion) and adjusted EBITDA of around
RUB37.0 billion (around $634.5 million).
===========
S E R B I A
===========
JUGOREMEDIJA FABRIKA: Serbia Invites Bids for Company's Assets
--------------------------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency is
inviting bids for the purchase of assets of insolvent
pharmaceutical company Jugoremedija, the agency said.
SeeNews relates that the estimated value of the assets of
Jugoremedija for sale stands RSD3.887 billion ($38.6 million), the
Bankruptcy Supervision Agency said in a notice earlier this month.
According to Serbian media reports, a Russian company is
interested in the acquisition of the assets of Jugoremedija,
SeeNews relays.
The deadline for the submission of bids is August 6, the report
says.
The report notes that Jugoremedija was declared bankrupt in
November 2016, after which the Zrenjanin Commercial Court ordered
the sale of its assets to repay creditors. However, Jugoremedija's
biggest creditor Heta Real Estate Serbia, a subsidiary of
Austria's Heta Asset Resolution, failed to deliver a viable
restructuring plan for the drug maker within the deadline, the
Zrenjanin Commercial Court said.
An auction for the assets of Jugoremendija was carried out in
February, but it did not attract any bid. A Swiss company was
interested in Jugoremedija back then, SeeNews relates citing media
reports.
Jugoremedija - Fabrika Lekova, ad Zrenjanin produces
pharmaceutical products in Serbia. Most of the products are
generic versions of the originals and branded generics.
=========
S P A I N
=========
NOVO BANCO: Moody's Affirms Caa1 Ratings, Outlook Developing
------------------------------------------------------------
Moody's Investors Service has affirmed the long-term deposit
ratings of Novo Banco, S.A. (Novo Banco) at Caa1 and changed the
outlook to developing from positive. The rating action is
triggered by Moody's assessment of the bank's liability structure
following the announcement on June 29, 2018 of the outcome of the
exchange offer on Novo Banco's outstanding senior debt and the
issuance of EUR400 million of subordinated debt. The rating action
also reflects the bank's lower volume of junior deposits as of the
end of March 2018 (latest data available), which has resulted in
an overall reduction in the stock of Novo Banco's bail-in-able
liabilities despite recent market- funded debt issuance.
The rating agency has also taken the following actions on Novo
Banco: (1) affirmed the bank's baseline credit assessment (BCA)
and adjusted BCA at caa2; (2) affirmed the bank's long-term senior
unsecured debt ratings at Caa2; (3) affirmed the bank's long-term
Counterparty Risk (CR) Assessment at B2(cr) and (4) affirmed the
bank's long-term Counterparty Risk Rating at B2. The outlook on
the long-term senior unsecured debt ratings remains positive.
All of the bank's short-term ratings and assessments are
unaffected by Moody's rating action.
The developing outlook on the bank's long-term deposit ratings and
the positive outlook on the long-term senior debt ratings reflects
Moody's expectation of a gradual improvement of Novo Banco's very
weak credit fundamentals over the next 12 to 18 months if the bank
starts to deliver on the key targets of its restructuring plan,
namely a reduction of problematic assets and downsizing of its
operations as well as a sustained improvement on its very weak
revenue generation capacity.
Conversely, the developing outlook on Novo Banco's long-term
deposit ratings also reflects the adverse effect on these ratings
should there be a further reduction in the stock of junior
deposits.
RATINGS RATIONALE
--- RATIONALE FOR THE AFFIRMATION OF THE RATINGS
The affirmation of Novo Banco's standalone BCA at caa2 reflects
the ongoing challenges to the bank's credit profile stemming from
the bank's very weak asset risk and loss making operations. In
particular the rating agency has taken into consideration Novo
Banco's (1) very weak asset risk, with its nonperforming asset
(nonperforming loans + foreclosed real estate assets) ratio
estimated at a very high 37% as of the end of December 2017
(latest data available); and (2) very weak profitability metrics,
unlikely to recover before some visible progress is achieved in
the restructuring plan.
Despite recent improvements in the bank's loss-absorbing buffers,
Moody's still views that there remain significant challenges to
Novo Banco's credit profile, given the lack of visibility into its
strategy and the planned actions to ensure the institution's long-
term viability.
The affirmation of Novo Banco's Caa1 long-term deposit and Caa2
long-term senior debt ratings, reflects (1) the affirmation of the
bank's caa2 BCA; (2) the outcome of Moody's revised advanced Loss
Given Failure (LGF) analysis, which indicates low loss given
failure for depositors and moderate for senior debt creditors,
resulting in one notch of uplift and no uplift, respectively, from
the BCA; and (3) the low probability of government support, which
results in no further uplift for the deposits and senior debt
ratings.
-- RATIONALE FOR THE OUTLOOK
The developing outlook on the long-term deposit ratings and the
positive outlook on the bank's long-term senior debt ratings,
reflects the potential benefit to the bank's weak credit
fundamentals if Novo Banco starts to deliver on the key targets of
its restructuring plan, namely an improvement in its asset-risk
profile, a transformation of its operations and a recovery in its
very weak revenue generation capacity. The bank's credit profile
could also benefit from enhanced visibility into its medium-term
strategy and timeline of the measures that are being considered to
ensure Novo Banco's future viability.
The developing outlook on the long-term deposit ratings also
reflects the potential for downward pressure on these ratings if
upward pressure on Novo Banco's BCA does not materialize over the
next 12 to 18 months and the bank's liability structure evolves to
offer less protection for depositors as the stock of junior
deposits is further reduced. This could lead to a higher loss
given failure for junior deposits and hence a lower ratings uplift
from Moody's advanced LGF analysis. Over the outlook horizon, the
rating agency will assess the liability profile of Novo Banco
along with its near-term funding plan, as well as the bank's
performance and progress toward achieving its restructuring
targets.
WHAT COULD CHANGE THE RATING UP/DOWN
Novo Banco's standalone BCA could be upgraded if the bank makes
progress in reducing its stock of problematic assets and improving
its very weak profitability metrics as a result of the planned
restructuring of its operations.
An upgrade of the bank's BCA could trigger an upgrade of the
bank's long-term deposit and senior debt ratings.
Given the positive outlook, a downgrade of Novo Banco's long-term
senior debt ratings is currently unlikely. However, downward
pressure on the bank's standalone BCA could result if the bank's
risk-absorption capacity deteriorates owing to a further
deterioration in its asset risk or larger-than-expected losses, or
if the bank's liquidity deteriorates from its current position.
Downward pressure on Novo Banco's long-term deposit ratings could
develop if the bank reduces further the stock of junior deposits
while not being adequately compensated by the issuance of bail-in-
able debt instruments and/or a very substantial shrinkage of its
balance sheet.
In addition, a downgrade of the BCA would also be likely to affect
the deposit and debt ratings because they are linked to the
standalone BCA.
LIST OF AFFECTED RATINGS
Issuer: Novo Banco, S.A.
Affirmations:
Adjusted Baseline Credit Assessment, affirmed caa2
Baseline Credit Assessment, affirmed caa2
Long-term Counterparty Risk Assessment, affirmed B2(cr)
Long-term Counterparty Risk Ratings, affirmed B2
Long-term Bank Deposits, affirmed Caa1, outlook changed to
Developing from Positive
Senior Unsecured Regular Bond/Debenture, affirmed Caa2 Positive
Subordinate Regular Bond/Debenture, affirmed Caa3
Outlook Action:
Outlook changed to Developing(m) from Positive
Issuer: NB Finance Ltd.
Affirmations:
Backed Senior Unsecured Regular Bond/Debenture, affirmed Caa2
Positive
Outlook Action:
Outlook remains Positive
Issuer: Novo Banco S.A., London Branch
Affirmations:
Long-term Counterparty Risk Assessment, affirmed B2(cr)
Long-term Counterparty Risk Ratings, affirmed B2
Long-term Bank Deposits, affirmed Caa1, outlook changed to
Developing from Positive
Outlook Action:
Outlook changed to Developing from Positive
Issuer: Novo Banco S.A., Luxembourg Branch
Affirmations:
Long-term Counterparty Risk Assessment, affirmed B2(cr)
Long-term Counterparty Risk Ratings, affirmed B2
Long-term Bank Deposits, affirmed Caa1, outlook changed to
Developing from Positive
Senior Unsecured Regular Bond/Debenture, affirmed Caa2 Positive
Outlook Action:
Outlook changed to Developing(m) from Positive
Issuer: Novo Banco, S.A., Cayman Branch
Affirmations:
Long-term Counterparty Risk Assessment, affirmed B2(cr)
Long-term Counterparty Risk Ratings, affirmed B2
Long-term Bank Deposits, affirmed Caa1, outlook changed to
Developing from Positive
Outlook Action:
Outlook changed to Developing from Positive
Issuer: Novo Banco, S.A., Madeira Branch
Affirmations:
Long-term Counterparty Risk Assessment, affirmed B2(cr)
Long-term Counterparty Risk Ratings, affirmed B2
Long-term Bank Deposits, affirmed Caa1, outlook changed to
Developing from Positive
Outlook Action:
Outlook changed to Developing from Positive
===========================
U N I T E D K I N G D O M
===========================
AZURE FINANCE 1: S&P Assigns BB+ Rating to Class D Notes
--------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Azure Finance
No.1 PLC's class A, B, C, and D notes. At closing, the issuer also
issued unrated subordinated class E and X notes.
Azure 1 is the first public securitization of U.K. auto loans
originated by Blue Motor Finance Ltd. Blue Motor is an independent
auto lender in the U.K., with a focus on used car financing for
prime and near-prime customers.
The collateral backing the notes comprises U.K. fully amortizing
fixed-rate auto loan receivables arising under hire purchase (HP)
agreements granted to borrowers resident in the U.K. for the
purchase of used and new vehicles (including light commercial
vehicles and motorcycles). There are no personal contract purchase
(PCP) agreements in the pool, therefore the transaction is not
exposed to residual value risk.
The transaction features separate waterfalls for interest and
principal collections, and the notes amortize fully sequentially.
A combination of note subordination, cash reserves, and any
available excess spread provides credit enhancement for the rated
notes.
Blue Motor is the initial servicer of the portfolio. Following a
servicer termination event, including insolvency of the servicer,
the back-up servicer, Equiniti Credit Services, would assume
servicing responsibility for the portfolio.
The issuer is exposed to counterparty risk through Citibank N.A.,
London Branch, as bank account provider, and J.P. Morgan AG as an
interest rate cap provider.
RATING RATIONALE
Economic Outlook
S&P said, "In our base-case scenario, we forecast that the U.K.
will record GDP growth of 1.3% in 2018 and 1.5% in 2019, down from
1.7% in 2017. At the same time, we expect the unemployment rate to
increase to 4.5% in 2018 and 4.6% in 2019 from 4.4% in 2017. In
our view, changes in GDP growth and the unemployment rate are key
determinants of portfolio performance. Brexit remains a live
issue, although we see less risk of a disorderly exit in March
2019 now that the European Council has approved the political
agreement about the transition.
"In our base-case forecasts through the end of 2020, we assume
that during the agreed transition period, the legal text
supporting the withdrawal will be ratified and an outline
political agreement on the future relationship will be agreed. If,
for any reason, negotiations reach an impasse or fail entirely, we
would expect the economy to perform considerably worse than we
currently forecast.
"Based on our forecast for modest economic growth, slightly rising
unemployment, and increasing real wages in the U.K., we expect
that U.K. auto asset-backed securities (ABS) performance will
generally remain stable over the next 12-24 months. However, high
growth rates in consumer credit in recent years could result in a
moderate performance deterioration."
Operational Risk
Blue Motor is an independent auto lender in the U.K., with a focus
on used car financing for prime and near-prime customers. The
company came under the control of the current directors and senior
management in 2012, and it began originating hire purchase
agreements in 2015 with backing from Cabot Square Capital, a U.K.
based private equity firm. Significant investment has been made to
the information technology (IT) systems, which we believe is a
relative strength for the company. In addition, the senior
management team has an established track record in developing
financial sector and technology businesses.
S&P said, "Under our operational risk criteria, we view the
portability and severity risk of the portfolio as moderate, and
the disruption risk of the servicer, initially Blue Motor, as
high. A "cold" backup servicer, Equiniti Credit Services, was
appointed at closing. Consequently, our operational risk criteria
constrain the maximum potential rating assignable to the
transaction at 'AA'."
Credit Risk
The collateral backing the notes comprises U.K. fully amortizing
fixed-rate auto loan receivables arising under HP agreements
granted to borrowers resident in the U.K. for the purchase of used
and new vehicles (including light commercial vehicles and
motorcycles). There are no PCP agreements in the pool, so the
transaction is not exposed to residual value risk.
S&P said, "We analyzed performance data provided by the originator
at the subpool level, based on credit risk tier, examining
separate gross credit loss, and voluntary termination loss data,
as well as recoveries. We have analyzed credit risk by applying
our European auto ABS criteria.
"Blue Motor only started originating loan in 2015, so there is
less than three years of meaningful performance data available.
Given this data limitation, we used performance data and loss
timing curves from comparable auto ABS transactions in the U.K.
and U.S. to extrapolate losses for the portfolio and benchmark our
base-case and stress performance assumptions. However, the
transaction includes receivables with relatively long original
maturities of up to 85 months and also high loan-to-value (LTV)
ratios. We believe this creates additional uncertainty in the loss
forecast, given that origination volumes have been growing
significantly and the performance data that is available is over a
relatively benign economic environment. As a result, we do not
believe the assumptions required to establish our base-case
assumptions are commensurate with our 'AAA' rating definition, and
have applied a ratings cap of 'AA'.
"Based on the credit tier composition, we expect to see
approximately 14.0% of gross losses from hostile terminations as
our base case in the securitized pool. In addition, we expect to
see approximately 2.5% of gross losses from voluntary
terminations. We have sized the applicable multiple at the 'AA'
rating level at 3.25x for hostile terminations, and 2.75x for
voluntary terminations. We have also sized our cash flow modelling
assumptions for the recovery rate at 27.5% for investment-grade
rating categories, and 35.0% for speculative-grade rating
categories, after applying a discount over historical recovery
rates, based on our assessment of the volatility of past
performance, the collateral pool characteristics, and our outlook
for the U.K. used car market."
Payment Structure And Cash Flow Analysis
S&P assessed the ability of expected stressed cash flows,
commensurate with the assigned ratings for each class, to make
timely interest and ultimate principal payments on the rated notes
according to the transaction's documented payment structure, which
uses a split waterfall for interest and principal collections.
Interest due on the class B, C, D, and E notes is deferrable under
the transaction documents. However, once a class becomes the most
senior note outstanding, interest is due on a timely basis.
Nevertheless, S&P's ratings address timely payment of interest on
all rated classes of notes.
The transaction pays principal fully sequentially, meaning
principal on the class B, C, D, and E notes is not paid until the
class A notes are fully redeemed. The class X notes may be repaid
subordinated in the interest waterfall to the extent there is any
excess spread.
There are dedicated reserve amounts for each class of notes
available to pay interest shortfalls for the respective class over
the transaction's life. In addition, the reserves for all classes
are available to cover any senior expense shortfalls. The required
reserve amount for each class amortizes in line with the
outstanding note balance. Amounts released due to the decrease of
the target level are treated as available revenue receipts. In
addition, once the collateral balance is zero or at legal final
maturity, all reserve amounts will be applied in the interest
waterfall and would be available to cure any principal
deficiencies.
S&P's analysis indicates that the available credit enhancement for
the class A, B, C, and D notes is sufficient to withstand its
credit and cash flow stresses at the 'AA', 'A-', 'BBB', and 'BB+'
rating levels, respectively.
Counterparty Risk
The transaction is exposed to counterparty risk in relation to
Citibank N.A., London Branch, as account bank provider, and to
J.P. Morgan AG as the interest rate cap provider. In S&P's view,
the documented replacement framework and the remedy provisions
adequately mitigate counterparty risk in line with its current
counterparty criteria.
Legal Risk
The issuer is an English special-purpose entity, which we consider
to be bankruptcy remote under our legal criteria. Commingling risk
is mitigated by a declaration of trust over the servicer's
collection accounts, and we believe the cash reserve is sufficient
to cover the liquidity stress that could arise following the
servicer's insolvency. The legal opinion at closing confirmed that
the sale of the assets would survive the seller's insolvency. The
tax opinions address the issuer's tax liabilities under the
current tax legislation and S&P believes that the issuer's cash
flows are sufficient to meet all the tax liabilities identified.
In S&P's view, the transaction is not exposed to setoff risk
because the originator is not a deposit-taking institution and has
not underwritten any insurance policies for the borrowers.
Furthermore, there are eligibility criteria regarding loans to
employees of Blue Motor.
The issuer does not have any rights to the vehicles themselves,
but only in connection with the sale proceeds of the vehicles.
Accordingly, in case of the seller's insolvency, the issuer is
reliant on any insolvency official taking appropriate steps to
sell the assets. Because the sale proceeds have been assigned to
the issuer, the insolvency official does not have any financial
incentive to take these steps as it does not benefit the
bankruptcy estate's creditors. The inclusion of an insolvency
administrator's incentive fee at a senior level in the priority of
payments mitigates this risk, in S&P's view. In S&P's analysis, to
account for this risk, it considered that 5% of recovery proceeds
will have to be paid to the insolvency's administrator.
Ratings Stability
S&P analyzed the effect of a moderate stress on the credit
variables and its ultimate effect on our ratings on the notes. S&P
ran two scenarios to test the rating's stability, and the results
are in line with our credit stability criteria.
Sovereign Risk
S&P's long-term unsolicited credit rating on the U.K. is 'AA'.
Therefore, its ratings in this transaction are not constrained by
our structured finance ratings above the sovereign criteria.
RATINGS LIST
Azure Finance No. 1 PLC
Asset-Backed Floating- And Fixed-Rate Notes
Ratings Assigned
Class Rating Amount
(mil. GBP)
A AA (sf) 242.70
B A- (sf) 69.30
C BBB (sf) 23.70
D BB+ (sf) 11.00
E NR 18.30
X NR 40.20
NR--Not rated.
CARILLION PLC: NTMA Mulls Contractors Risk List After Collapse
--------------------------------------------------------------
Joe Brennan at The Irish Times reports that the National Treasury
Management Agency (NTMA) has been prompted by the collapse of the
UK outsourcer Carillion to look at setting up a list of public-
sector service suppliers, to help avoid the State becoming too
exposed to individual firms.
According to The Irish Times, speaking at a Oireachtas Public
Accounts Committee (PAC) hearing on July 12, NTMA chief executive
Conor O'Kelly said that such a list would allow procurement
officials in departments and Government agencies to assess if
Irish taxpayers had too much exposure to certain "counterparties".
While the UK operates a system where suppliers with contracts
across departments generating more than GBP100 million (EUR113.3
million) a year are assessed according to a "traffic light" rating
system, it emerged in the fallout from Carillion's implosion in
January that officials in London ignored advice last year to
assign the highest risk rating to the company, The Irish Times
discloses.
A report by the UK parliament's public accounts committee in May
said that the cabinet office did not act on an official
recommendation in November that Carillion be given a black "high
risk" rating, The Irish Times recounts. Carillion also won two
big UK government contracts last July after the company issued a
profit warning and its rating was downgraded to "red" from
"amber", The Irish Times states.
Mr. O'Kelly told reporters on July 9 at the launch of the NTMA's
latest annual report that too much emphasis had been placed up
until now on price when public contracts were being awarded, The
Irish Times relates.
"It seems clear that Carillion won a lot of contracts
[internationally] on price -- and price has a very high weighting
in nearly all public procurement contracts," The Irish Times
quotes Mr. O'Kelly as saying.
Mr. O'Kelly said in the future, however, officials seeking tenders
for public-private partnership contracts will have to place more
emphasis on the balance-sheet strength of companies on the other
side of the deal, The Irish Times notes.
Mr. O'Kelly added on July 12 that price usually accounted for 40%
of the scoring when tenders for public contracts were being
assessed, The Irish Times relays.
INTEROUTE COMMUNICATIONS: S&P Withdraws 'B+' Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' issuer and issue credit
ratings on Interoute Communications Holdings Ltd. and its debt.
S&P withdrew the rating on Interoute at the issuer's request after
GTT Communications Inc. completed its acquisition of Interoute and
all debt issued by Interoute Finco PLC was repaid.
NEWDAY FUNDING 2018-1: Fitch Rates GBP22.4MM Class F Notes 'Bsf'
----------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding's Series 2018-1 notes
final ratings as follows:
USD93.0 million Series 2018-1 Class A1: 'AAAsf'; Outlook Stable
GBP100.0 million Series 2018-1 Class A2: 'AAAsf'; Outlook Stable
GBP26.2 million Series 2018-1 Class B: 'AAsf'; Outlook Stable
GBP38.8 million Series 2018-1 Class C: 'Asf'; Outlook Stable
GBP48.3 million Series 2018-1 Class D: 'BBBsf'; Outlook Stable
GBP26.2 million Series 2018-1 Class E: 'BBsf'; Outlook Stable
GBP22.4 million Series 2018-1 Class F: 'Bsf'; Outlook Stable
Fitch has simultaneously affirmed Series 2017-1, Series 2016-1,
Series 2015-2, Series 2015-1, Series VFN-F1 V1 and Series VFN-F1
V2.
The notes issued by NewDay Funding 2018-1 plc are collateralised
by a pool of non-prime UK credit card receivables.
Part of the proceeds from the issuance of Series 2018-1 will be
used to redeem Series 2015-1 on July 16, 2018. Fitch understands
that the liquidity reserve for Series 2015-1 has been released
following the issuance of Series 2018-1. This has no impact on the
ratings given that amounts required to pay principal and interest
due on Series 2015-1 are already trapped in the receivables
trustee investment account for the upcoming payment.
KEY RATING DRIVERS
Non-Prime Asset Pool
The charge-off and payment rate performance of the portfolio
differs from that of other rated UK credit card trusts, due to the
non-prime nature of the underlying assets. Fitch assumes a steady
state charge-off rate of 18%, with a stress on the lower end of
the spectrum (3.5x for 'AAAsf'), considering the high absolute
level of the steady state assumption and lower historical
volatility in charge-offs. Fitch applied a steady state payment
rate assumption of 10%, with a median level of stress (45% at
'AAAsf').
Changing Pool Composition
The portfolio consists of an open book and a closed book, which
have displayed different historical performance trends. The
overall pool performance is expected to migrate towards the
performance of the open book as the closed book amortises. This
has been incorporated into Fitch's steady state asset assumptions.
Variable Funding Notes Add Flexibility
In addition to Series VFN-F1 providing the funding flexibility
that is typical and necessary for credit card trusts, the
structure employs a separate originator VFN, purchased and held by
NewDay Funding Transferor Ltd (the transferor). It provides credit
enhancement to the rated notes, adds protection against dilution
by way of a separate functional transferor interest, and meets the
EU risk retention requirements.
Key Counterparties Unrated
The NewDay Group will act in a number of capacities through its
various entities, most prominently as originator, servicer and
cash manager to the securitisation. In most other UK trusts, these
roles are fulfilled by large institutions with strong credit
profiles. The degree of reliance is mitigated in this transaction
by the transferability of operations, agreements with established
card service providers, a back-up cash management agreement and a
series-specific liquidity reserve.
Stable Asset Outlook
Fitch maintains its stable sector outlook, as performance remains
benign and any potential deterioration would remain fully
consistent with the steady-state assumptions for UK credit card
trusts.
Weak real wage growth and changes to the benign unemployment
levels in the UK would put the repayment ability of borrowers
under pressure in the near future. However, receivables
performance did not deteriorate during the most recent multi-year
period of negative real wage growth, likely due to the robust
labour market that coincided with that period. Fitch's current
expectation for UK unemployment supports the stable rating outlook
for credit card trusts.
RATING SENSITIVITIES
Rating sensitivity to increased charge-off rate
Increase base case by 25% / 50% / 75%
Series 2018-1 A: 'AAsf' / 'AA-sf' / 'A+sf'
Series 2018-1 B: 'A+sf' / 'Asf' / 'BBB+sf'
Series 2018-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2018-1 D: 'BB+sf' / 'BBsf' / 'B+sf'
Series 2018-1 E: 'B+sf' / 'Bsf' / NA
Series 2018-1 F: NA / NA / NA
Rating sensitivity to reduced Monthly Payment Rate (MPR)
Reduce base case by 15% / 25% / 35%
Series 2018-1 A: 'AAsf' / 'AA-sf' / 'Asf'
Series 2018-1 B: 'A+sf' / 'Asf' / 'A-sf'
Series 2018-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2018-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
Series 2018-1 E: 'BB-sf' / 'B+sf' / 'B+sf'
Series 2018-1 F: NA / NA / NA
Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)
Reduce base case by 50% / 75% / 100%
Series 2018-1 D: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'
Series 2018-1 E: 'BB-sf' / 'BB-sf' / 'BB-sf'
Series 2018-1 F: NA / NA / NA
No rating sensitivities are shown for class A to C, as Fitch is
already assuming a 100% purchase rate stress in these rating
scenarios
Rating sensitivity to increased charge-off rate and reduced MPR
Increase base case charge-offs by 25% and reduce MPR by 15% /
Increase base case charge-offs by 50% and reduce MPR by 25% /
Increase base case charge-offs by 75% and reduce MPR by 35%
Series 2018-1 A: 'A+sf' / 'A-sf' / 'BBB-sf'
Series 2018-1 B: 'A-sf' / 'BBBsf' / 'BB+sf'
Series 2018-1 C: 'BBBsf' / 'BB+sf' / 'BB-sf'
Series 2018-1 D: 'BBsf' / 'B+sf' / NA
Series 2018-1 E: 'Bsf' / NA / NA
Series 2018-1 F: NA / NA / NA
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan level
data contained in a sample of credit card receivables. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.
DATA ADEQUACY
Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.
Fitch conducted a review of a small targeted sample of NewDay's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.
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.
Fitch has simultaneously affirmed the following ratings:
GBP175 million Series VFN-F1 V1 Class A: 'BBBsf'; Outlook Stable
GBP15.7 million Series VFN-F1 V1 Class E: 'BBsf'; Outlook Stable
GBP13.6 million Series VFN-F V1 Class F: 'Bsf'; Outlook Stable
GBP195.6 million Series VFN-F1 V2 Class A: 'AAAsf'; Outlook Stable
GBP28.4 million Series VFN-F1 V2 Class B: 'AAsf'; Outlook Stable
GBP42.5 million Series VFN-F1 V2 Class C: 'Asf'; Outlook Stable
GBP58.5 million Series VFN-F1 V2 Class D: 'BBBsf'; Outlook Stable
GBP30 million Series VFN-F1 V2 Class E: 'BBsf'; Outlook Stable
GBP25.7 million Series VFN-F1 V2 Class F: 'Bsf'; Outlook Stable
GBP125 million Series 2017-1 Class A: 'AAAsf'; Outlook Stable
GBP19.3 million Series 2017-1 Class B: 'AAsf'; Outlook Stable
GBP28.3 million Series 2017-1 Class C: 'Asf'; Outlook Stable
GBP35.5 million Series 2017-1 Class D: 'BBBsf'; Outlook Stable
GBP19.8 million Series 2017-1 Class E: 'BBsf'; Outlook Stable
GBP16.5 million Series 2017-1 Class F: 'Bsf'; Outlook Stable
GBP129.3 million Series 2016-1 Class A: 'AAAsf'; Outlook Stable
GBP18.8 million Series 2016-1 Class B: 'AAsf'; Outlook Stable
GBP27.8 million Series 2016-1 Class C: 'Asf'; Outlook Stable
GBP37.9 million Series 2016-1 Class D: 'BBBsf'; Outlook Stable
GBP20.1 million Series 2016-1 Class E: 'BBsf'; Outlook Stable
GBP13.8 million Series 2016-1 Class F: 'B+sf'; Outlook Stable
GBP146.7 million Series 2015-2 Class A: 'AAAsf'; Outlook Stable
GBP21.3 million Series 2015-2 Class B: 'AAsf'; Outlook Stable
GBP31.5 million Series 2015-2 Class C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-2 Class D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-2 Class E: 'BBsf'; Outlook Stable
GBP15.6 million Series 2015-2 Class F: 'B+sf'; Outlook Stable
GBP147.3 million Series 2015-1 Class A: 'AAAsf'; Outlook Stable
GBP21.6 million Series 2015-1 Class B: 'AAsf'; Outlook Stable
GBP31.8 million Series 2015-1 Class C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-1 Class D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-1 Class E: 'BBsf'; Outlook Stable
GBP15.3 million Series 2015-1 Class F: 'B+sf'; Outlook Stable
POUNDWORLD: Set to Close Another 80 Stores, 1,024 Jobs Affected
---------------------------------------------------------------
BBC News reports that another 80 Poundworld stores will be closed,
resulting in 1,024 job losses, the company's administrators have
said.
According to BBC, the latest announcement means that 105 of the
company's 335 stores are now earmarked for closure.
Poundworld went into administration last month after failing to
cope with rising costs, fewer shoppers and greater competition,
BBC recounts.
The company's administrators, Deloitte, said talks to sell
remaining parts of the business continue, BBC relates.
"While we remain hopeful that a sale for part, or parts, of the
business can still happen, it has not been possible to sell the
business as a whole," BBC quotes administrator Clare Boardman --
cboardman@deloitte.co.uk -- as saying.
At least two potential deals have failed so far, including one
from the chain's founder Chris Edwards, who was offering to buy
around half of the stores, BBC notes.
TRINIDAD MORTGAGE 2018-1: S&P Rates Class F Notes BB+(sf)
---------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Trinidad
Mortgage Securities 2018-1 PLC's class A to F-Dfrd notes. At
closing, the issuer also issued unrated class G-Dfrd, H-Dfrd, X,
and Z notes.
S&P based its credit analysis on the pool, which totals GBP270.082
million, excluding loans in 180+ day arrears and loans classified
as defaults. The pool comprises nonconforming U.K. mortgage loans
originated by Magellan Homeloans, Cyprus Popular Bank (Camael
portfolio), and Heritable Bank PLC (Thrones 2013 portfolio).
Heritable Bank is in administration. Mars Capital acquired the
Camael and Thrones 2013 portfolios in 2014 and 2013, respectively.
The loans are secured on properties in England and Wales.
The balance of the class A to H-Dfrd note issuance is higher than
the initial portfolio's balance, with the excess being equal to
the prefunding amount and the Thrones 2013 portfolio. The issuer
will use part of the note issuance proceeds to acquire the Thrones
2013 portfolio on July 13, 2018. Up to and including the first
interest payment date on Oct. 24, 2018, the issuer can buy from
Magellan Homeloans an additional portfolio that has a balance that
is up to the prefunding amount. This portfolio will be subject to
certain prefunding conditions, based on which S&P has made
conservative assumptions relating to the prefunding pool's credit
and cash flow characteristics.
On the closing date, the issuer purchased the beneficial interest
in the portfolio from the seller (Magellan Funding No. 2 DAC),
using the notes' issuance proceeds. The legal title of each loan
remain with Mars Capital (Camael and Thrones 2013) and Magellan
Homeloans (Magellan pool). Mars Capital is also the servicer of
the loans in the pool.
S&P said, "Our ratings address the timely receipt of interest and
ultimate repayment of principal to the class A notes. The ratings
on the class B-Dfrd to F-Dfrd notes are initially interest-
deferred and address the ultimate repayment of principal and
interest. As each class of these notes becomes the most senior
class, our rating on it will address the ultimate repayment of
principal and timely payment of interest. For the most senior
class of notes, a deferral of interest would constitute an event
of default under the notes' terms and conditions.
"Our ratings reflect our assessment of the transaction's payment
structure, cash flow mechanics, and the results of our cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination, the general reserve, and excess
spread provide credit enhancement to the rated notes. In
particular, in assigning our rating on the class F-Dfrd notes we
have considered the rating volatility, sensitivity to different
stresses, the notes' position as the most junior rated notes in
the capital structure, and lower available credit enhancement than
the class E-Dfrd notes. Taking these factors into account, we
consider that the available credit enhancement for the rated notes
is commensurate with the ratings assigned."
RATINGS LIST
Trinidad Mortgage Securities 2018-1 PLC
GBP298.98 Million Mortgage-Backed Floating Rate Notes And
Unrated Notes
Ratings Assigned
Class Rating Amount
(mil. GBP)
A AAA (sf) 238.23
B-Dfrd AA (sf) 21.38
C-Dfrd A+ (sf) 16.79
D-Dfrd A- (sf) 12.21
E-Dfrd BBB (sf) 7.63
F-Dfrd BB+ (sf) 2.74
G-Dfrd NR 2.32
H-Dfrd NR 4.13
X NR 21.38
Z NR 11.15
NR--Not rated.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 9 to July 13, 2018
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
FF Group Finance Luxembour 1.750 7/3/2019 EUR 43.850
FF Group Finance Luxembour 3.250 11/2/2021 CHF 43.322
Casino Guichard Perrachon 1.941 EUR 58.719
Andrade Gutierrez Internat 4.000 4/30/2018 USD 70.000
Aryzta AG 5.314 CHF 67.275
Steinhoff Europe AG 1.875 1/24/2025 EUR 69.394
VIEO BV 6.750 9/7/2022 EUR 69.110
Mitsubishi UFJ Investor Se 4.177 12/15/2050 EUR 53.279
Aryzta AG 3.500 CHF 63.371
Rallye SA 3.250 2/8/2024 CHF 73.066
Astaldi SpA 4.875 6/21/2024 EUR 68.258
New Look Secured Issuer PL 6.500 7/1/2022 GBP 50.500
Holdikks SAS 6.750 7/15/2021 EUR 46.728
O1 Properties Finance PLC 8.250 9/27/2021 USD 64.553
Galapagos Holding SA 7.000 6/15/2022 EUR 61.100
QGOG Constellation SA 6.250 11/9/2019 USD 28.856
Steinhoff Finance Holding 1.250 10/21/2023 EUR 46.803
Ageasfinlux SA 1.022 EUR 60.344
House of Fraser Funding PL 6.377 9/15/2020 GBP 73.090
Credit Bank of Moscow Via 8.875 USD 76.950
Agrokor dd 9.875 5/1/2019 EUR 24.243
QGOG Constellation SA 9.500 11/9/2024 USD 38.844
Teva Pharmaceutical Financ 4.100 10/1/2046 USD 73.454
Ensco PLC 5.750 10/1/2044 USD 71.620
Offshore Drilling Holding 8.375 9/20/2020 USD 51.058
Oi Brasil Holdings Coopera 5.750 2/10/2022 USD 7.050
EA Partners I BV 6.875 9/28/2020 USD 73.030
BNP Paribas SA 2.528 USD 71.990
Turkey Government Bond 7.100 3/8/2023 TRY 69.650
Portugal Telecom Internati 5.000 11/4/2019 EUR 5.193
Rothschilds Continuation F 2.750 USD 71.414
Agrokor dd 9.125 2/1/2020 EUR 23.883
EA Partners II BV 6.750 6/1/2021 USD 69.134
Portugal Telecom Internati 4.625 5/8/2020 EUR 5.852
Vallourec SA 4.125 10/4/2022 EUR 7.289
Bank Otkritie Financial Co 10.000 4/26/2019 USD 16.667
Agrokor dd 8.875 2/1/2020 USD 24.347
Bourbon Corp 6.446 EUR 47.000
Neopost SA 3.375 EUR 56.590
OAS Investments GmbH 8.250 10/19/2019 USD 6.100
New Look Senior Issuer PLC 8.000 7/1/2023 GBP 26.125
Immigon Portfolioabbau AG 5.982 EUR 15.750
BIM SAS 2.500 11/13/2020 EUR 23.221
Econocom Group SA/NV 0.500 3/6/2023 EUR 7.988
Societe Generale SA 2.545 USD 74.575
Rickmers Holding AG 8.875 6/11/2018 EUR 2.255
New Look Secured Issuer PL 4.500 7/1/2022 EUR 49.343
Maisons du Monde SA 0.125 12/6/2023 EUR 48.680
Nexans SA 2.500 1/1/2019 EUR 74.029
Promsvyazbank OJSC Via PSB 10.200 11/6/2019 USD 14.442
EOS Imaging SA 6.000 5/31/2023 EUR 6.790
America Movil BV 5.500 9/17/2018 EUR 73.027
Air Berlin PLC 8.250 4/19/2018 EUR 0.455
Portugal Telecom Internati 5.875 4/17/2018 EUR 4.732
Grupo Isolux Corsan SA 3.000 12/30/2021 EUR 0.628
Portugal Telecom Internati 4.375 3/24/2017 EUR 5.025
Genfit 3.500 10/16/2022 EUR 30.846
Nexity SA 0.125 1/1/2023 EUR 71.170
ADLER Real Estate AG 2.500 7/19/2021 EUR 16.151
Pacific Drilling SA 5.375 6/1/2020 USD 37.250
Mriya Agro Holding PLC 9.450 4/19/2018 USD 7.750
Transcapitalbank JSC Via T 10.000 9/18/2020 USD 55.000
DNB Bank ASA 2.375 USD 71.692
Korian SA 2.500 EUR 41.310
Grupo Isolux Corsan SA 0.250 12/30/2021 EUR 0.622
Portugal Telecom Internati 4.500 6/16/2025 EUR 6.637
DNB Bank ASA 2.563 USD 71.692
Nexity SA 0.250 3/2/2025 EUR 70.268
Banco Espirito Santo SA 4.750 1/15/2018 EUR 28.656
Banco Espirito Santo SA 2.625 5/8/2017 EUR 28.777
Turkey Government Bond 8.800 9/27/2023 TRY 74.100
Oi Brasil Holdings Coopera 5.625 6/22/2021 EUR 6.984
OGX Austria GmbH 8.500 6/1/2018 USD 0.366
Johnston Press Bond Plc 8.625 6/1/2019 GBP 68.718
Air Berlin PLC 6.750 5/9/2019 EUR 1.076
Privatbank CJSC Via UK SPV 10.250 1/23/2018 USD 25.000
FIGEAC-AERO 1.125 10/18/2022 EUR 24.770
Mitsubishi UFJ Investor Se 3.921 12/30/2099 EUR 5.365
Avangardco Investments Pub 10.000 10/29/2018 USD 19.667
EFG International AG 1.262 EUR 56.234
Scandinavian Airlines Syst 0.625 CHF 26.167
Capital Raising GmbH 7.500 EUR 54.268
Scholz Holding Gmbh 8.500 12/31/2019 EUR 2.210
Portugal Telecom Internati 6.250 7/26/2016 EUR 5.000
Yuksel Insaat AS 9.500 11/10/2015 USD 18.932
Lambay Capital Securities 6.250 GBP 0.898
Banco Espirito Santo SA 4.000 1/21/2019 EUR 29.266
DNB Bank ASA 2.375 USD 71.692
Pierre & Vacances SA 2.000 4/1/2023 EUR 56.634
Afren PLC 6.625 12/9/2020 USD 0.058
Tonon Luxembourg SA 10.500 5/14/2024 USD 4.000
WPE International Cooperat 10.375 9/30/2020 USD 17.750
Alitalia-Societa Aerea Ita 5.250 7/30/2020 EUR 5.230
Privatbank CJSC Via UK SPV 11.000 2/9/2021 USD 10.840
Fred Olsen Energy ASA 4.030 2/28/2019 NOK 58.845
Orient Express Bank PJSC V 10.000 USD 56.004
Claranova SADIR 5.000 7/1/2023 EUR 1.120
UkrLandFarming PLC 10.875 3/26/2018 USD 20.000
Bilt Paper BV 9.640 USD 22.348
Frey 6.000 11/15/2022 EUR #N/A N/A
Intelsat Luxembourg SA 12.500 11/15/2024 USD 95.000
New World Resources NV 8.000 4/7/2020 EUR 1.477
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 5.288
QGOG Constellation SA 9.500 11/9/2024 USD 38.934
Hamon & CIE SA 5.500 1/30/2020 EUR 62.531
Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.222
OSX 3 Leasing BV 13.000 3/20/2015 USD 25.003
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.340
Cattles Ltd 7.125 7/5/2017 GBP 0.238
3W Power SA 10.000 8/29/2019 EUR 2.559
Veneto Banca SpA 9.500 12/1/2025 EUR 0.307
Santhera Pharmaceuticals H 5.000 2/17/2022 CHF 72.345
Credit Lyonnais SACA 0.765 EUR 70.000
Stichting Afwikkeling Onde 6.250 10/26/2020 EUR 4.577
Lloyds Bank PLC 0.755 12/27/2028 USD 63.918
Deutsche Bank AG/London 0.279 10/31/2034 USD 56.366
Waste Italia SpA 10.500 11/15/2019 EUR 2.204
Norske Skog Holding AS 8.000 2/24/2021 EUR 1.173
Hellenic Republic Governme 2.085 7/25/2057 EUR 39.875
Alno AG 8.500 5/14/2018 EUR 2.189
Manchester Building Societ 6.750 GBP 15.701
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 5.097
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 29.512
Dexia Credit Local SA 1.404 EUR 6.611
Pescanova SA 8.750 2/17/2019 EUR 1.616
SeniVita Sozial gemeinnuet 7.000 EUR 63.500
Credit Suisse AG 2.328 2/27/2030 USD 69.000
Lloyds Bank PLC 0.116 10/25/2033 USD 59.485
Aralco Finance SA 10.125 5/7/2020 USD 2.983
Lehman Brothers UK Capital 6.900 USD 2.744
International Industrial B 9.000 7/6/2011 EUR 0.363
Air Berlin PLC 5.625 5/9/2019 CHF 1.011
German Pellets GmbH 7.250 7/9/2018 EUR 0.940
Sairgroup Finance BV 4.375 6/8/2006 EUR 11.125
Espirito Santo Financial G 3.125 12/2/2018 EUR 0.271
Barclays Bank PLC 0.995 9/13/2028 USD 63.528
Allied Irish Banks PLC 12.500 6/25/2035 GBP 74.509
Andrade Gutierrez Internat 4.000 4/30/2018 USD 69.431
New World Resources NV 4.000 10/7/2020 EUR 0.151
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 1.000
Natwest Markets PLC 0.072 11/16/2030 USD 60.894
Elli Investments Ltd 12.250 6/15/2020 GBP 50.000
Beate Uhse AG 7.750 7/9/2019 EUR 1.785
Sidetur Finance BV 10.000 4/20/2016 USD 5.251
Credit Suisse AG 3.744 4/29/2031 USD 73.750
BBVA International Preferr 1.665 GBP 55.774
Kaupthing ehf 7.625 2/28/2015 USD 0.250
QGOG Constellation SA 6.250 11/9/2019 USD 29.023
Barclays Bank PLC 0.875 3/27/2029 USD 59.098
Afren PLC 10.250 4/8/2019 USD 0.366
Havila Shipping ASA 5.650 11/7/2020 NOK 62.432
Azubu Investments SA 5.000 8/25/2018 EUR 10.000
Stichting Afwikkeling Onde 11.250 EUR 1.073
Lehman Brothers UK Capital 5.125 EUR 7.379
OGX Austria GmbH 8.500 6/1/2018 USD 0.366
Touax SCA-SGTR-CITE-SGT-CM 6.000 7/10/2020 EUR 17.788
Offshore Drilling Holding 8.375 9/20/2020 USD 51.565
KTG Agrar SE 7.125 6/6/2017 EUR 3.823
Cirio Holding Luxembourg S 6.250 2/16/2004 EUR 0.975
Inside Secure SA 6.000 6/29/2022 EUR 3.781
Hybrid Raising GmbH 6.625 EUR 54.096
Praktiker AG 5.875 2/10/2016 EUR 1.085
Kommunekredit 0.500 7/30/2027 TRY 28.198
Pescanova SA 5.125 4/20/2017 EUR 1.276
Rem Offshore ASA 5.000 12/8/2024 NOK 49.990
OGX Austria GmbH 8.375 4/1/2022 USD 0.421
O1 Group Finance 9.750 4/22/2027 RUB 2.550
Breeze Finance SA 6.708 4/19/2027 EUR 29.050
Depfa Funding IV LP 1.547 EUR 57.167
Depfa Funding III LP 1.064 EUR 56.472
Espirito Santo Financial G 9.750 12/19/2025 EUR 0.542
LBI HF 6.100 8/25/2011 USD 5.000
Eniro AB 6.000 4/14/2020 SEK 5.184
GEWA 5 to 1 GmbH & Co KG 6.500 3/24/2018 EUR 23.050
Bank Nadra Via NDR Finance 8.250 7/31/2018 USD 0.884
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 24.848
GNB - Cia de Seguros de Vi 3.179 EUR 73.626
Afren PLC 11.500 2/1/2016 USD 0.082
Lehman Brothers UK Capital 3.875 EUR 8.246
Kaupthing ehf 5.750 10/4/2011 USD 0.250
Sazka AS 9.000 7/12/2021 EUR 0.304
German Pellets GmbH 7.250 11/27/2019 EUR 1.101
Vseukrainsky Aktsinerny Ba 10.900 6/14/2019 USD 0.546
Eurobank Ergasias SA 6.410 1/17/2028 EUR 66.790
Home Money LLC 18.000 4/19/2022 RUB 25.700
Havila Shipping ASA 4.940 11/7/2020 NOK 50.592
House of Fraser Funding PL 6.377 9/15/2020 GBP 73.108
Tonon Luxembourg SA 9.250 1/24/2020 USD 4.882
Agrokor dd 8.875 2/1/2020 USD 24.691
Espirito Santo Financial G 6.875 10/21/2019 EUR 0.094
Norske Skogindustrier ASA 7.125 10/15/2033 USD 4.226
JZ Capital Partners Ltd 6.000 7/30/2021 GBP 10.300
Banco Pastor SAU 2.079 EUR 6.712
Cirio Finance Luxembourg S 7.500 11/3/2002 EUR 4.587
Dexia SA 1.451 EUR 8.665
Republic of Italy Governme 0.077 7/31/2045 EUR 74.439
Volkswagen Bank Rus OOO 9.950 7/16/2021 RUB 81.780
Vneshprombank Ltd Via VPB 9.000 11/14/2016 USD 0.087
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Banca Popolare di Vicenza 9.500 9/29/2025 EUR 0.463
Banco Pinto & Sotto Mayor 1.127 EUR 47.560
Portigon AG 7.460 12/31/2019 EUR 30.300
Del Monte Finance Luxembou 6.625 5/24/2006 EUR 4.777
Northland Resources AB 4.000 10/15/2020 USD 0.138
AgroGeneration 8.000 4/1/2019 EUR 65.000
Bibby Offshore Services PL 7.500 6/15/2021 GBP 14.766
Barclays Bank PLC 0.116 5/30/2034 USD 61.500
INVEST-DEVELOPMENT PJSC 15.000 4/2/2026 RUB 65.000
Petrol AD 6.000 1/26/2022 EUR 31.653
Tatfondbank OAO Via TFB Fi 8.500 11/12/2019 USD 8.470
SeaBird Exploration Financ 6.000 6/30/2020 USD 20.000
Sequa Petroleum NV 5.000 4/29/2020 USD 69.761
World Wide Supply AS 7.750 5/26/2017 USD 15.259
Russian Railways JSC 7.250 4/4/2033 RUB 61.250
Teksid Aluminum Luxembourg 11.375 7/15/2011 EUR 0.139
Turkey Government Internat 7.100 3/8/2023 TRY 69.659
Societe Generale SA 8.250 5/26/2020 EUR 72.760
CRC Breeze Finance SA 6.110 5/8/2026 EUR 46.101
Pierre & Vacances SA 3.500 10/1/2019 EUR 37.724
Barclays Bank PLC 1.352 9/30/2031 USD 55.483
New Look Senior Issuer PLC 8.000 7/1/2023 GBP 26.125
Deutsche Bank AG/London 3.000 2/23/2035 EUR 75.000
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.880
Lehman Brothers Treasury C 6.000 2/15/2035 EUR 6.000
SAG Solarstrom AG 7.500 7/10/2017 EUR 33.625
Banco Espirito Santo SA 6.875 7/15/2016 EUR 27.574
Lehman Brothers UK Capital 5.750 EUR 3.000
Cooperatieve Rabobank UA 0.500 10/30/2043 MXN 11.629
Lloyds Bank PLC 0.496 7/5/2033 USD 55.676
Windreich GmbH 6.500 7/15/2016 EUR 13.125
Air Berlin Finance BV 6.000 3/6/2019 EUR 1.220
Ideal Standard Internation 11.750 5/1/2018 EUR 0.740
Finmek International SA 7.000 12/3/2004 EUR 5.158
Deutsche Bank AG/London 0.164 11/26/2034 USD 54.832
Rena GmbH 8.250 7/11/2018 EUR 2.000
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.151
Koninklijke Luchtvaart Maa 0.750 CHF 36.500
International Industrial B 11.000 2/19/2013 USD 0.209
Cooperatieve Rabobank UA 0.500 2/26/2029 HUF 60.500
Mobylife Holding A/S 7.250 5/23/2020 SEK 8.263
PNE AG 3.750 10/10/2019 EUR 3.400
Corporate Commercial Bank 8.250 8/8/2014 USD 1.854
Lehman Brothers Treasury C 7.250 10/5/2035 EUR 6.000
Barclays Bank PLC 0.060 11/29/2030 USD 60.649
OT Logistics SA 6.810 2/23/2020 PLN 65.100
O1 Properties Finance PLC 8.250 9/27/2021 USD 67.281
Manchester Building Societ 8.000 GBP 21.697
Bank Nederlandse Gemeenten 0.500 9/20/2022 MXN 70.077
Oi Brasil Holdings Coopera 5.750 2/10/2022 USD 5.317
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.224
UniCredit Bank Austria AG 0.171 12/31/2031 EUR 74.463
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.196
Barclays Bank PLC 0.630 4/30/2029 USD 71.039
Portugal Telecom Internati 5.242 11/6/2017 EUR 5.458
Lloyds Bank PLC 1.540 9/26/2033 USD 61.800
Artea 6.000 8/4/2019 EUR 14.120
ESFIL-Espirito Santo Finan 5.250 6/12/2015 EUR 0.034
Lehman Brothers Treasury C 6.000 11/2/2035 EUR 6.000
Decipher Production Ltd 12.500 9/27/2018 USD 1.873
A-TEC Industries AG 2.750 5/10/2014 EUR 0.357
Hellas Telecommunications 8.500 10/15/2013 EUR 0.424
Holdikks SAS 6.750 7/15/2021 EUR 47.333
Bank Nederlandse Gemeenten 0.500 8/15/2022 ZAR 70.887
O1 Properties Finance PLC 7.000 1/29/2021 USD 69.923
Intelsat Luxembourg SA 12.500 11/15/2024 USD 75.000
New Look Secured Issuer PL 6.500 7/1/2022 GBP 50.300
Deutsche Bank AG/London 0.144 9/30/2029 USD 62.136
KPNQwest NV 10.000 3/15/2012 EUR 0.090
Steilmann SE 7.000 3/9/2017 EUR 1.588
HSBC France SA 0.635 EUR 61.550
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.191
getgoods.de AG 7.750 10/2/2017 EUR 0.206
Sairgroup Finance BV 6.625 10/6/2010 EUR 11.125
Depfa Funding II LP 6.500 EUR 59.411
Windreich GmbH 6.500 3/1/2015 EUR 13.125
mybet Holding SE 6.250 12/12/2020 EUR 60.000
Alno AG 8.000 3/21/2019 EUR 4.000
Agroton Public Ltd 6.000 7/14/2019 USD 16.000
PA Resources AB 13.500 3/3/2016 SEK 0.124
Galapagos Holding SA 7.000 6/15/2022 EUR 61.260
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.113
Tonon Luxembourg SA 10.500 5/14/2024 USD 3.479
A-TEC Industries AG 5.750 11/2/2010 EUR 0.357
Turkey Government Internat 7.100 3/8/2023 TRY 69.659
SpareBank 1 SR-Bank ASA 1.457 12/21/2030 EUR 73.405
Republic of Italy Governme 0.082 7/31/2045 EUR 72.647
SAG Solarstrom AG 6.250 12/14/2015 EUR 33.625
getBACK SA 6.100 5/10/2020 PLN 27.100
Afren PLC 10.250 4/8/2019 USD 0.001
Steilmann SE 7.000 9/23/2018 EUR 1.586
Pacific Drilling SA 5.375 6/1/2020 USD 34.938
Turkey Government Bond 10.600 2/11/2026 TRY 76.350
Lloyds Bank PLC 1.140 4/26/2027 USD 69.334
DEMIRE Deutsche Mittelstan 6.000 12/30/2018 EUR 4.151
Banco Espirito Santo SA 6.900 6/28/2024 EUR 27.191
Burovoya Kompaniya Eurasia 10.250 6/21/2019 RUB 76.180
Finance and Credit Bank JS 9.250 1/25/2019 USD 0.727
APP International Finance 11.750 10/1/2005 USD 0.189
KPNQwest NV 8.875 2/1/2008 EUR 0.090
IT Holding Finance SA 9.875 11/15/2012 EUR 0.103
Bank Julius Baer & Co Ltd/ 10.000 1/10/2019 EUR 73.100
Societe Generale SA 1.600 1/9/2020 GBP 1.120
Ahtium PLC 9.750 4/4/2017 EUR 3.288
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 26.032
Stichting Afwikkeling Onde 2.422 EUR 1.073
Region of Molise Italy 0.132 12/15/2033 EUR 57.850
Barclays Bank PLC 1.084 10/10/2029 USD 57.296
HSBC Bank PLC 0.500 7/11/2023 BRL 60.334
BLT Finance BV 12.000 2/10/2015 USD 10.500
Barclays Bank PLC 1.248 1/31/2029 USD 56.144
Hamburgische Landesbank-Gi 0.052 1/22/2041 EUR 63.679
Svensk Exportkredit AB 0.500 4/24/2029 AUD 64.509
Landesbank Hessen-Thuering 0.061 5/3/2041 EUR 67.328
Waste Italia SpA 10.500 11/15/2019 EUR 2.204
Cooperatieve Rabobank UA 0.500 7/30/2043 MXN 11.600
IKS 5 Finance OOO 8.450 5/7/2032 RUB 81.260
MS Deutschland Beteiligung 6.875 12/18/2017 EUR 3.510
Steilmann SE 6.750 6/27/2017 EUR 2.214
KTG Agrar SE 7.250 10/15/2019 EUR 3.823
Norske Skog Holding AS 8.000 2/24/2021 EUR 1.173
Afren PLC 6.625 12/9/2020 USD 0.001
Banco Santander SA 2.000 USD 65.981
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.973
O1 Properties Finance PLC 6.000 5/18/2021 USD 65.017
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.380
Barclays Bank PLC 0.025 3/21/2031 USD 62.850
Aralco Finance SA 10.125 5/7/2020 USD 4.900
Barclays Bank PLC 0.980 4/16/2029 USD 58.518
Region of Abruzzo Italy 0.111 11/7/2036 EUR 60.073
Turkey Government Bond 10.500 8/11/2027 TRY 74.700
Veneto Banca SpA 6.411 EUR 1.196
Otkritie Holding JSC 11.560 7/27/2028 RUB 7.770
Stichting Afwikkeling Onde 6.625 5/14/2018 EUR 4.354
KPNQwest NV 8.125 6/1/2009 USD 0.090
Golden Gate AG 6.500 10/11/2014 EUR 39.100
Stichting Afwikkeling Onde 8.450 8/20/2018 USD 4.151
Deutsche Bank AG 1.725 1/16/2045 EUR 71.491
Pescanova SA 6.750 3/5/2015 EUR 1.446
Rostelecom PJSC 8.650 4/14/2027 RUB 80.000
Norske Skog Holding AS 8.000 2/24/2023 USD 2.423
Ahtium PLC 4.000 12/16/2015 EUR 1.500
Heta Asset Resolution AG 0.139 12/31/2023 EUR 34.625
Svensk Exportkredit AB 0.500 6/29/2029 AUD 64.002
Mriya Agro Holding PLC 9.450 4/19/2018 USD 8.074
OAS Investments GmbH 8.250 10/19/2019 USD 5.557
Svensk Exportkredit AB 0.500 8/29/2029 AUD 63.478
United Aircraft Corp PJSC 8.000 3/17/2020 RUB 61.900
Lehman Brothers Treasury C 7.000 5/17/2035 EUR 6.000
Lehman Brothers Treasury C 5.000 9/22/2014 EUR 6.000
Agrokor dd Via Aquarius + 4.921 8/8/2017 EUR 14.480
Barclays Bank PLC 0.248 10/30/2034 USD 58.207
New Look Secured Issuer PL 4.500 7/1/2022 EUR 49.500
Hamburgische Landesbank-Gi 0.052 10/30/2040 EUR 66.377
Municipality Finance PLC 0.500 6/19/2024 ZAR 58.512
New World Resources NV 8.000 4/7/2020 EUR 1.477
Stroika Finance Ltd Via Em 9.900 6/25/2019 RUB 11.600
Lehman Brothers Treasury C 5.100 5/8/2017 HKD 6.000
Wild Bunch AG 8.000 3/23/2019 EUR 45.000
Societe Generale SA 8.000 8/9/2022 USD 58.130
SUEK Finance OOO 10.500 10/23/2019 RUB 64.310
Rosbank PJSC 9.800 12/20/2026 RUB 81.410
Mox Telecom AG 7.250 11/2/2017 EUR 2.849
Finans-Avia OOO 9.000 7/31/2022 RUB 67.970
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.191
Barclays Bank PLC 0.500 2/28/2034 USD 63.451
International Finance Faci 0.500 6/24/2024 ZAR 57.488
IDGC of Centre PJSC 6.950 3/28/2028 RUB 63.660
Agrokor dd 9.125 2/1/2020 EUR 24.080
Gebr Sanders GmbH & Co KG 8.750 10/22/2018 EUR 20.216
Svensk Exportkredit AB 0.500 3/15/2022 ZAR 72.325
Landesbank Hessen-Thuering 0.068 4/23/2041 EUR 68.074
Solon SE 1.375 12/6/2012 EUR 0.100
SiC Processing GmbH 7.125 3/1/2016 EUR 2.740
Petromena ASA 10.850 11/19/2018 USD 0.607
BNP Paribas SA 0.500 9/29/2029 AUD 66.129
Rio Forte Investments SA 4.000 7/22/2014 EUR 6.282
Deutsche Bank AG/London 0.500 4/5/2038 MXN 15.405
Kardan NV 6.325 7/24/2018 ILS 40.150
Kommunalbanken AS 0.500 5/27/2022 ZAR 72.175
A-TEC Industries AG 8.750 10/27/2014 EUR 0.357
Deutsche Agrar Holding Gmb 7.250 9/28/2018 EUR 1.415
3W Power SA 5.500 11/11/2020 EUR 1.000
ML 33 Invest AS 7.500 NOK 68.712
Kaupthing ehf 5.750 10/4/2011 USD 0.250
Banca del Monte di Lucca-S 2.429 6/29/2020 EUR 58.963
Lloyds Bank PLC 0.459 7/26/2033 USD 59.555
Barclays Bank PLC 1.601 3/27/2029 USD 57.500
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 5.288
WPE International Cooperat 10.375 9/30/2020 USD 17.500
Minicentrales Dos SA 6.450 4/14/2028 EUR 65.750
Rosselkhozbank JSC 8.500 10/11/2022 RUB 72.020
Lehman Brothers Treasury C 5.000 2/16/2015 EUR 6.000
BOA Offshore AS 0.398 7/17/2047 NOK 10.000
Agrokor dd 9.875 5/1/2019 EUR 24.252
Cherkizovo Group PJSC 12.500 10/6/2020 RUB 81.260
Rosneft Oil Co PJSC 8.650 12/3/2020 RUB 62.010
OGX Austria GmbH 8.375 4/1/2022 USD 0.421
German Pellets GmbH 7.250 4/1/2016 EUR 1.018
Mifa Mitteldeutsche Fahrra 7.500 8/12/2018 EUR 2.260
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.946
Gazprom PJSC 3.400 10/21/2043 RUB 65.020
Kamaz PJSC 11.240 7/18/2030 RUB 70.000
Delamare Finance PLC 1.952 2/19/2029 GBP 73.471
Bank Nederlandse Gemeenten 10.010 6/17/2025 TRY 73.791
Lehman Brothers Treasury C 1.600 6/21/2010 JPY 2.571
Afren PLC 11.500 2/1/2016 USD 0.082
Bank Nederlandse Gemeenten 0.500 6/7/2022 ZAR 70.798
Minicentrales Dos SA 4.810 11/29/2034 EUR 65.750
IKS 5 Finance OOO 10.900 3/9/2023 RUB 66.230
SAir Group 0.125 7/7/2005 CHF 13.150
getBACK SA 6.100 9/14/2021 PLN 5.500
AKB Peresvet ZAO 0.510 2/14/2032 RUB 22.750
Turkey Government Internat 4.875 4/16/2043 USD 74.960
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Espirito Santo Financial G 5.050 11/15/2025 EUR 0.598
Societe Generale SA 0.146 9/30/2034 USD 60.375
Muehl Product & Service AG 6.750 3/10/2005 DEM 0.051
Otkritie Holding JSC 12.500 12/10/2026 RUB 7.560
Delta Credit Bank JSC 11.000 5/18/2026 RUB 64.110
Home Money LLC 20.000 10/23/2018 RUB 19.000
La Veggia Finance SPA 7.125 11/14/2004 EUR 0.285
RN Bank JSC 10.400 7/9/2021 RUB 62.120
Johnston Press Bond Plc 8.625 6/1/2019 GBP 69.979
Lehman Brothers Treasury C 8.250 12/3/2015 EUR 6.000
ECM Real Estate Investment 5.000 10/9/2011 EUR 15.375
Promsvyazbank OJSC Via PSB 10.200 11/6/2019 USD 14.442
Rena GmbH 7.000 12/15/2015 EUR 2.000
Vnesheconombank 8.240 12/15/2022 RUB 63.200
Northland Resources AB 4.000 10/15/2020 NOK 0.138
SUEK Finance OOO 12.500 8/19/2025 RUB 66.010
Lehman Brothers Treasury C 2.400 6/20/2011 JPY 2.571
Bank Otkritie Financial Co 10.000 4/26/2019 USD 18.531
Gazprombank OJSC Via GPB E 8.750 6/29/2024 RUB 51.365
Lehman Brothers Treasury C 8.250 3/16/2035 EUR 6.000
Bank Julius Baer & Co Ltd/ 12.100 12/27/2018 EUR 62.600
ADLER Real Estate AG 6.000 12/27/2018 EUR 14.001
Credit Agricole Corporate 2.400 5/17/2048 EUR 49.487
Grupo Isolux Corsan SA 3.000 12/30/2021 USD 1.822
Sberbank of Russia PJSC 0.010 5/16/2021 RUB 69.000
Veneto Banca SpA 6.944 5/15/2025 EUR 0.273
Barclays Bank PLC 0.500 4/24/2023 MXN 64.509
Lenta LLC 8.700 5/26/2020 RUB 100.520
Neftegazholding AO 0.010 7/21/2020 RUB 65.000
O1 Properties Finance ZAO 13.000 10/2/2020 RUB 85.000
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.169
VEB-Leasing OAO 8.710 9/1/2025 RUB 62.000
Minaya Capital AG 7.000 8/1/2018 EUR 38.400
Lehman Brothers Treasury C 10.000 5/22/2009 USD 2.571
Russian Railways JSC 3.400 4/29/2043 RUB 62.020
Lehman Brothers Treasury C 7.000 11/26/2013 EUR 6.000
Lloyds Bank PLC 0.116 4/25/2034 USD 54.000
Russian Railways JSC 3.500 2/28/2040 RUB 62.020
Fast Finance SA 10.500 1/15/2021 PLN 65.100
Marine Subsea AS 9.000 12/16/2019 USD 0.688
Activa Resources AG 0.500 11/15/2021 EUR 20.500
Svensk Exportkredit AB 0.500 1/31/2022 ZAR 73.384
Severo-Zapadnaya Koncessio 5.180 9/26/2031 RUB 60.110
AKB Peresvet ZAO 13.500 10/16/2020 RUB 20.000
Credit Bank of Moscow Via 8.875 USD 75.400
Barclays Bank PLC 0.220 12/23/2033 USD 63.250
Espirito Santo Financial P 5.125 5/30/2016 EUR 4.181
Federal Grid Co Unified En 3.400 3/23/2050 RUB 63.200
Rosneft Oil Co PJSC 8.350 11/24/2027 RUB 63.010
HSBC Trinkaus & Burkhardt 6.500 6/22/2018 EUR 64.390
Rosneft Oil Co PJSC 9.400 11/28/2024 RUB 100.400
OGK-2 PJSC 6.950 3/31/2023 RUB 62.020
Turkey Government Bond 9.000 7/24/2024 TRY 73.650
SUEK Finance OOO 12.500 8/19/2025 RUB 66.010
LBI HF 6.100 8/25/2011 USD 5.000
Municipality Finance PLC 0.500 7/30/2029 AUD 73.313
Societe Generale SA 10.000 7/30/2032 USD 74.420
Rosneft Oil Co PJSC 8.350 11/24/2027 RUB 63.010
Ideal Standard Internation 11.750 5/1/2018 EUR 0.740
Orient Express Bank PJSC 11.700 7/17/2018 RUB 95.000
SG Issuer SA 0.780 6/15/2020 SEK 48.480
Severo-Zapadnaya Koncessio 5.180 9/26/2031 RUB 65.010
Rossiysky Capital OJSC 7.750 1/20/2020 RUB 71.010
Oi Brasil Holdings Coopera 5.625 6/22/2021 EUR 6.984
Norske Skogindustrier ASA 7.125 10/15/2033 USD 4.226
Espirito Santo Financial G 5.050 11/15/2025 EUR 0.880
Vnesheconombank 9.760 12/17/2021 RUB 65.400
Tonon Luxembourg SA 9.250 1/24/2020 USD 4.882
Vimpel-Communications PJSC 1.000 10/3/2025 RUB 73.010
Deutsche Bank AG/London 0.500 10/5/2021 IDR 72.672
UmweltBank AG 2.850 EUR 72.642
Norske Skog Holding AS 8.000 2/24/2023 USD 2.423
Cooperatieve Rabobank UA 0.500 1/31/2033 MXN 25.901
Bank Nederlandse Gemeenten 0.500 8/9/2022 MXN 70.610
Societe Generale SA 0.018 12/31/2034 USD 60.375
Otkritie Holding JSC 12.700 9/30/2027 RUB 16.160
Lehman Brothers Treasury C 5.000 2/27/2014 EUR 6.000
Heta Asset Resolution AG 0.219 12/31/2023 EUR 34.625
Veneto Banca SpA 6.950 2/25/2025 EUR 0.228
getBACK SA 5.700 2/16/2021 PLN 36.000
New World Resources NV 4.000 10/7/2020 EUR 0.151
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.340
Oberbank Hybrid 1 GmbH 0.872 EUR 43.509
Bibby Offshore Services PL 7.500 6/15/2021 GBP 14.766
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.450
O1 Group Finance 9.750 5/13/2027 RUB 1.110
UkrLandFarming PLC 10.875 3/26/2018 USD 20.185
Lloyds Bank PLC 0.500 7/26/2028 MXN 37.283
Bilt Paper BV 9.640 USD 22.348
International Bank of Azer 8.250 10/9/2024 USD 64.706
BNP Paribas SA 13.000 8/24/2027 USD 74.500
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Atari SA 0.100 4/1/2020 EUR 6.050
RESO-Garantia Insurance PJ 11.750 3/24/2023 RUB 75.000
Societe Generale SA 0.459 10/31/2033 USD 69.200
Lehman Brothers Treasury C 6.000 3/14/2011 EUR 6.000
Rosneft Oil Co PJSC 7.850 12/3/2020 RUB 62.010
Russian Railways JSC 3.500 2/28/2040 RUB 62.030
Royalbeach Spielwaren Und 7.375 11/10/2020 EUR 1.100
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 1.000
HSBC Trinkaus & Burkhardt 10.070 6/22/2018 EUR 64.170
Plaza Centers NV 6.000 7/1/2020 ILS 65.000
Lehman Brothers Treasury C 5.000 5/2/2022 EUR 2.571
Gazprombank JSC 7.380 2/19/2021 RUB 70.010
Rosneft Oil Co PJSC 11.900 11/28/2024 RUB 100.400
Rosselkhozbank JSC 8.600 12/13/2024 RUB 64.490
Banco Santander SA 2.000 USD 64.345
Northland Resources AB 15.000 7/15/2019 USD 2.621
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 26.032
Sistema PJSFC 10.900 10/31/2025 RUB 64.430
getBACK SA 5.700 4/30/2021 PLN 28.000
Bank Julius Baer & Co Ltd/ 10.500 11/30/2018 USD 62.650
Lehman Brothers Treasury C 6.000 9/20/2011 EUR 2.571
Russian Post FGUP 9.350 10/18/2019 RUB 73.010
Leonteq Securities AG 16.500 10/16/2018 CHF 47.230
Russian Regional Developme 7.800 7/30/2021 RUB 100.700
Societe Generale SA 10.000 6/30/2032 USD 67.625
Gazprom PJSC 3.400 10/21/2043 RUB 65.020
Barclays Bank PLC 1.415 9/27/2028 USD 63.500
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
OOO SPV Structural Investm 0.010 9/1/2023 RUB 72.973
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Barclays Bank PLC 1.164 11/28/2029 USD 56.980
Lehman Brothers Treasury C 5.000 9/1/2011 EUR 2.571
Lehman Brothers Treasury C 7.600 5/21/2013 USD 2.571
Federal Grid Co Unified En 3.400 9/7/2048 RUB 63.200
ING Bank Eurasia JSC 7.150 3/30/2021 RUB 75.730
Sparebank 1 Ostfold Akersh 2.590 4/25/2028 NOK 73.762
Sberbank of Russia PJSC 12.270 1/2/2026 RUB 62.020
Salvator Grundbesitz-AG 9.500 12/31/2021 EUR 7.800
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Lehman Brothers Treasury C 5.000 3/18/2015 EUR 6.000
Laurel GmbH 7.125 11/16/2017 EUR 5.250
Svensk Exportkredit AB 0.500 2/22/2022 ZAR 72.688
Bank Nederlandse Gemeenten 0.500 7/12/2022 ZAR 71.317
Otkritie Holding JSC 12.620 4/25/2028 RUB 8.880
HPI AG 3.500 EUR 1.150
Bayerische Landesbank 2.900 6/22/2018 EUR 46.330
Russian Railways JSC 3.200 9/20/2039 RUB 62.020
Investpro OOO 13.000 12/31/2018 RUB 0.700
Russian Railways JSC 8.650 2/4/2032 RUB 65.070
Lehman Brothers Treasury C 8.000 4/20/2009 EUR 2.571
Banca Popolare di Vicenza 9.500 10/2/2025 EUR 0.463
Lehman Brothers Treasury C 1.000 5/9/2012 EUR 2.571
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Deutsche Bank AG/London 13.750 6/20/2026 TRY 66.993
getBACK SA 6.000 9/16/2018 PLN 5.500
Russian Railways JSC 3.200 8/18/2033 RUB 65.020
SAir Group 5.500 7/23/2003 CHF 13.092
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Atomenergoprom JSC 11.100 12/12/2025 RUB 71.010
BKS Hybrid alpha GmbH 7.350 EUR 58.157
Societe Generale SA 0.212 3/31/2034 USD 65.137
Autonomous Region of Yamal 7.000 12/25/2024 RUB 80.740
UBS AG/London 7.000 9/26/2019 EUR 70.740
Rosneft Oil Co PJSC 8.500 7/14/2027 RUB 63.010
getBACK SA 5.550 9/21/2018 PLN 15.000
DekaBank Deutsche Girozent 0.010 6/29/2046 EUR 55.670
Federal Grid Co Unified En 3.400 6/30/2048 RUB 63.220
Svensk Exportkredit AB 0.500 6/28/2022 ZAR 70.317
Municipality Finance PLC 0.500 4/26/2022 ZAR 71.525
Lenta LLC 12.400 8/28/2025 RUB 81.260
Bank ZENIT PJSC 8.000 3/27/2025 RUB 80.430
Centrosolar Group AG 7.000 2/15/2016 EUR 0.805
Cooperatieve Rabobank UA 0.500 10/29/2027 MXN 44.115
Sidetur Finance BV 10.000 4/20/2016 USD 5.251
DOM RF Russia Housing and 7.600 12/13/2027 RUB 100.400
Elli Investments Ltd 12.250 6/15/2020 GBP 50.000
UniCredit Bank AO 12.000 11/20/2019 RUB 60.220
State Transport Leasing Co 9.000 11/24/2031 RUB 79.920
Credit Europe Bank Ltd 10.000 9/14/2018 RUB 103.000
German Pellets GmbH 8.000 EUR 0.010
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Siberian Gostinecs PAO 16.500 6/26/2019 RUB 33.010
Federal Grid Co Unified En 0.100 10/16/2020 RUB 70.070
DOM RF Russia Housing and 6.750 3/24/2028 RUB 63.300
Svensk Exportkredit AB 0.500 8/28/2020 TRY 68.143
Avangard-Agro OOO 9.250 11/16/2027 RUB 67.050
Grupo Isolux Corsan SA 0.250 12/30/2021 USD 0.191
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.224
Rio Forte Investments SA 4.750 11/10/2015 EUR 6.250
International Finance Faci 0.500 6/29/2027 ZAR 40.679
UBS AG/London 8.500 1/6/2020 EUR 68.750
Araratbank OJSC 7.250 6/27/2018 USD 25.443
Lehman Brothers Treasury C 4.600 10/11/2017 ILS 6.000
AKB Peresvet ZAO 13.250 4/25/2018 RUB 22.750
Cerruti Finance SA 6.500 7/26/2004 EUR 1.130
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 5.097
Rusfinans Bank OOO 9.900 7/18/2018 RUB 70.000
RusHydro PJSC 0.100 2/2/2023 RUB 60.810
Baltic Leasing OOO 9.800 6/19/2020 RUB 62.370
LBI HF 7.431 USD 0.001
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Plaza Centers NV 6.900 7/1/2020 ILS 70.500
VTB Bank PJSC 9.000 9/18/2046 RUB 62.010
getBACK SA 5.780 3/17/2019 PLN 20.000
Federal Grid Co Unified En 3.400 10/30/2048 RUB 63.220
Lehman Brothers Treasury C 11.000 12/19/2011 USD 2.571
Lehman Brothers Treasury C 5.500 4/23/2014 EUR 2.571
Volga Capital PAO 12.000 6/27/2022 RUB 61.020
Leonteq Securities AG/Guer 10.650 9/6/2018 EUR 74.570
VEB-Leasing OAO 8.710 2/18/2025 RUB 97.010
Russian Railways JSC 3.400 6/8/2028 RUB 90.010
Otkritie Holding JSC 11.500 5/26/2032 RUB 30.580
Societe Generale SA 0.909 6/30/2035 USD 60.375
HSBC Bank PLC 0.500 12/29/2026 AUD 71.954
Lehman Brothers Treasury C 6.000 2/14/2012 EUR 2.571
UBS AG/London 11.250 7/1/2019 EUR 69.050
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
getBACK SA 5.770 11/27/2019 PLN 12.500
Kardan NV 6.775 2/2/2020 ILS 55.890
Russian Railways JSC 3.500 10/15/2040 RUB 62.050
Otkritie Holding JSC 11.500 7/22/2030 RUB 12.125
Russian Railways JSC 9.700 5/22/2046 RUB 62.030
KB MIA AO 8.250 3/7/2025 RUB 100.330
Lehman Brothers Treasury C 10.000 6/11/2038 JPY 2.571
Bank Nederlandse Gemeenten 0.500 9/20/2022 ZAR 70.224
Cooperatieve Rabobank UA 0.500 12/29/2027 MXN 42.016
Avangard-Agro OOO 9.500 9/23/2027 RUB 63.160
Credit Agricole Corporate 0.500 3/6/2023 RUB 72.278
Landesbank Baden-Wuerttemb 5.400 10/26/2018 EUR 55.840
Societe Generale SA 1.424 3/17/2032 USD 63.600
Federal Grid Co Unified En 3.400 3/23/2050 RUB 63.200
UniCredit Bank AG 4.300 10/17/2018 EUR 35.710
Russian Railways JSC 3.400 11/29/2028 RUB 65.020
Krakowski Bank Spoldzielcz 5.080 9/20/2023 PLN 57.010
Metalloinvest Holding Co O 11.900 2/12/2026 RUB 72.010
Heta Asset Resolution AG 0.432 12/31/2023 EUR 34.625
HSBC Bank PLC 0.500 12/22/2025 BRL 44.663
Zurcher Kantonalbank Finan 8.212 8/23/2018 EUR 55.360
DekaBank Deutsche Girozent 6.230 8/1/2018 EUR 68.330
SPORTTOTAL AG 6.000 3/17/2019 EUR 4.000
Rosneft Oil Co PJSC 9.400 11/28/2024 RUB 100.400
Cooperatieve Rabobank UA 0.500 8/21/2028 MXN 39.500
Freight One JSC 12.000 10/15/2025 RUB 106.850
Municipality Finance PLC 0.500 5/8/2029 AUD 68.975
Commerzbank AG 7.000 6/22/2018 EUR 58.660
Russian Railways JSC 6.400 5/30/2040 RUB 62.030
Sberbank of Russia PJSC 0.010 6/27/2021 RUB 62.470
Lehman Brothers Treasury C 4.000 7/20/2012 EUR 2.571
Metalloinvest Holding Co O 0.010 3/7/2022 RUB 65.000
Barclays Bank PLC 0.644 12/27/2028 USD 64.530
Bank Intesa AO 9.750 10/10/2019 RUB 67.010
Vimpel-Communications PJSC 1.000 10/3/2025 RUB 62.010
Lehman Brothers Treasury C 5.250 4/1/2023 EUR 2.571
Lehman Brothers Treasury C 11.000 6/29/2009 EUR 2.571
Kaupthing ehf 5.000 1/4/2027 SKK 0.250
Turkey Government Bond 8.500 9/14/2022 TRY 75.200
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.213
Lehman Brothers Treasury C 2.875 3/14/2013 CHF 6.000
Lehman Brothers Treasury C 14.900 9/15/2008 EUR 2.571
Miratorg-Finans OOO 11.000 8/24/2021 RUB 100.000
Vnesheconombank 11.600 2/17/2025 RUB 100.000
Natwest Markets PLC 6.200 9/7/2018 GBP 1.010
Federal Grid Co Unified En 0.100 10/16/2020 RUB 63.030
Otkritie Holding JSC 12.140 10/3/2036 RUB 12.125
Otkritie Holding JSC 11.500 8/5/2025 RUB 8.600
Barclays Bank PLC 0.980 7/22/2024 USD 75.000
Cooperatieve Rabobank UA 0.500 11/30/2027 MXN 42.663
Rio Forte Investments SA 3.900 7/10/2014 USD 6.250
Lehman Brothers Treasury C 5.220 3/1/2024 EUR 2.571
4FINANS MFK OOO 15.000 3/24/2023 RUB 62.310
PSN Pm OOO 12.000 8/31/2027 RUB 1.800
United Engine Corp JSC 8.800 4/17/2023 RUB 75.010
GPB Aerofinans OOO 9.670 3/15/2030 RUB 80.110
Lehman Brothers Treasury C 6.300 12/21/2018 USD 2.571
Societe Generale SA 0.500 5/30/2023 MXN 65.006
Lehman Brothers Treasury C 8.250 2/3/2016 EUR 2.571
Reso-Leasing OOO 9.250 9/21/2023 RUB 63.010
Heta Asset Resolution AG 4.350 12/31/2023 EUR 34.625
Astana Finance BV 9.000 11/16/2011 USD 16.000
Svensk Exportkredit AB 0.500 3/28/2029 AUD 73.207
Lehman Brothers Treasury C 5.550 3/12/2015 EUR 2.571
Raiffeisen Switzerland BV 10.000 2/11/2019 CHF 69.340
Leonteq Securities AG/Guer 11.000 12/12/2018 CHF 62.920
Deutsche Bank AG 5.200 12/27/2018 EUR 70.000
Leonteq Securities AG/Guer 10.000 9/5/2018 EUR 74.750
VTB Bank PJSC 9.000 12/6/2044 RUB 62.010
Federal Grid Co Unified En 3.400 4/27/2048 RUB 65.000
Podkarpacki Bank Spoldziel 5.780 10/24/2024 PLN 50.000
Federal Grid Co Unified En 3.400 6/30/2048 RUB 63.220
Leonteq Securities AG 3.000 9/19/2019 CHF 61.720
KPNQwest NV 8.875 2/1/2008 EUR 0.090
RusHydro PJSC 9.500 4/12/2021 RUB 65.210
Reso-Leasing OOO 8.900 10/3/2025 RUB 65.010
Escher Marwick PLC 3.500 10/14/2031 USD 57.882
Northland Resources AB 12.250 3/26/2016 USD 2.621
Delta Credit Bank JSC 5.000 10/30/2025 RUB 71.000
Russian Railways JSC 11.200 10/16/2025 RUB 67.010
Natwest Markets PLC 0.296 8/18/2031 USD 60.246
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 24.848
Kaupthing ehf 9.000 USD 0.122
Svensk Exportkredit AB 0.500 6/20/2029 AUD 72.785
Lehman Brothers Treasury C 1.280 11/6/2010 JPY 6.000
Bayerische Landesbank 5.000 8/17/2018 EUR 71.970
getBACK SA 5.900 12/30/2020 PLN 35.000
Credit Suisse AG/Nassau 10.000 10/29/2018 CHF 62.680
Russian Railways JSC 3.400 5/20/2044 RUB 90.010
Podkarpacki Bank Spoldziel 5.780 3/31/2025 PLN 40.000
SAir Group 5.125 3/1/2003 CHF 13.000
Main Road JSC 4.000 10/30/2029 RUB 60.860
Volga Sport ZAO 6.400 2/29/2024 RUB 65.000
Lehman Brothers Treasury C 7.600 1/31/2013 AUD 2.571
UniCredit Bank AO 9.000 8/6/2019 RUB 91.010
IT Holding Finance SA 9.875 11/15/2012 EUR 0.103
Western High-Speed Diamete 10.440 5/13/2031 RUB 101.000
Lehman Brothers Treasury C 0.500 8/1/2020 EUR 2.571
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.380
Finconsult OOO 8.000 2/1/2028 RUB 63.000
Anglian Water Services Fin 0.929 1/26/2057 GBP 74.948
Lehman Brothers Treasury C 6.000 3/18/2015 USD 6.000
Transneft PJSC 8.750 4/14/2027 RUB 60.320
Credit Suisse AG/London 9.000 3/19/2021 USD 9.650
Societe Generale SA 8.000 5/28/2027 USD 49.600
Driver & Bengsch AG 8.500 12/31/2027 EUR 0.001
Finans-Avia OOO 0.010 7/31/2027 RUB 16.020
VTB Bank PJSC 3.000 12/6/2044 RUB 62.010
Federal Grid Co Unified En 3.400 4/27/2048 RUB 63.250
Podkarpacki Bank Spoldziel 5.080 5/28/2023 PLN 45.100
VEB-Leasing OAO 8.650 1/16/2024 RUB 65.010
Russian Railways JSC 2.400 10/11/2038 RUB 62.020
Societe Generale SA 0.284 11/26/2034 USD 60.375
Windreich GmbH 6.750 3/1/2015 EUR 13.125
Region Invest OOO 9.530 1/12/2021 RUB 0.280
Reso-Leasing OOO 12.600 10/2/2026 RUB 85.000
Petromena ASA 9.750 5/24/2016 NOK 0.607
Rusfinans Bank OOO 9.950 8/22/2019 RUB 63.990
Turkey Government Bond 8.000 3/12/2025 TRY 65.700
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.113
HSBC Bank PLC 0.500 11/25/2025 BRL 45.047
LBI HF 5.080 3/1/2013 ISK 8.375
AKB Metallinvestbank PAO 8.500 5/21/2020 RUB 80.430
Lehman Brothers Treasury C 8.000 3/19/2012 USD 2.571
getBACK SA 6.000 10/2/2018 PLN 50.000
Vontobel Financial Product 10.000 7/10/2018 EUR 63.420
National Developing Co PAO 12.000 7/19/2018 RUB 1.500
Federal Grid Co Unified En 3.400 10/30/2048 RUB 63.220
getBACK SA 5.840 2/28/2019 PLN 15.000
Salvator Grundbesitz-AG 9.500 EUR 18.500
Russian Railways JSC 3.200 9/19/2033 RUB 62.020
Bayerische Landesbank 2.400 7/20/2018 EUR 47.300
Lehman Brothers Treasury C 3.500 12/20/2027 USD 2.571
Heta Asset Resolution AG 5.920 12/31/2023 EUR 34.625
Communaute Francaise de Be 0.500 6/27/2046 EUR 67.346
IDGC of Centre PJSC 11.580 11/11/2025 RUB 70.020
Rusfinans Bank OOO 8.050 6/30/2020 RUB 61.930
LBI HF 2.250 2/14/2011 CHF 8.375
Societe Generale SA 1.139 1/31/2034 USD 60.375
Region Invest OOO 10.360 7/19/2022 RUB 0.170
Barclays Bank PLC 1.044 5/14/2029 USD 57.500
Bashneft PJSC 12.000 5/9/2025 RUB 62.040
Lehman Brothers Treasury C 8.000 10/17/2014 EUR 2.571
Zurcher Kantonalbank Finan 8.400 9/28/2018 CHF 63.150
Credit Suisse AG/London 9.100 6/23/2020 USD 9.996
UBS AG/London 5.500 9/13/2018 CHF 55.100
Two Capitals Highway OOO 13.250 6/19/2030 RUB 64.630
SG Issuer SA 6.800 1/6/2020 USD 70.510
getBACK SA 5.750 9/18/2019 PLN 15.000
Russian Railways JSC 3.400 5/29/2035 RUB 62.020
Norddeutsche Landesbank Gi 3.000 10/30/2018 EUR 35.570
City of Predeal Romania 3.500 5/15/2026 RON 60.000
Bayerische Landesbank 3.000 12/21/2018 EUR 72.840
Leonteq Securities AG 8.200 10/17/2018 USD 48.150
Gold-Zack AG 7.000 12/14/2005 EUR 12.700
Nutritek International Cor 8.750 12/11/2008 USD 2.000
SAir Group 4.250 2/2/2007 CHF 13.125
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
PIK Group PJSC 7.750 3/24/2028 RUB 62.010
Lehman Brothers Treasury C 10.000 10/23/2008 USD 2.571
BELLAGIO Holding GmbH 1.914 EUR 50.320
Lehman Brothers Treasury C 6.650 8/24/2011 AUD 6.000
SAir Group 2.125 11/4/2004 CHF 13.125
Hellas Telecommunications 8.500 10/15/2013 EUR 1.048
Lehman Brothers Treasury C 4.000 2/28/2010 EUR 2.571
Malahit AO 15.000 7/14/2025 RUB 0.010
Avangard Bank PJSC 7.250 2/20/2026 RUB 62.030
Credit Suisse AG 0.500 12/16/2025 BRL 47.277
Whale Finance LLC 8.750 3/13/2019 RUB 54.010
Lehman Brothers Treasury C 15.000 3/30/2011 EUR 2.571
TransFin-M PAO 10.500 9/17/2019 RUB 63.000
Lehman Brothers Treasury C 0.500 7/2/2020 EUR 2.571
Credit Suisse AG/London 9.000 10/30/2020 USD 9.842
Credit Suisse AG/Nassau 9.500 8/17/2018 CHF 55.100
Leonteq Securities AG 16.000 4/9/2019 CHF 57.850
IDGC of the South PJSC 9.240 7/1/2022 RUB 65.010
Finca Uco Cjsc 7.500 2/22/2019 USD 25.844
VTB Bank PJSC 9.000 9/15/2044 RUB 62.010
UniCredit Bank AG 5.400 11/29/2019 USD 48.270
Leonteq Securities AG 7.000 10/23/2018 CHF 66.450
Podkarpacki Bank Spoldziel 4.980 10/6/2021 PLN 50.000
VTB Bank PJSC 3.000 11/26/2043 RUB 65.000
UniCredit Bank AG 15.000 6/22/2018 EUR 69.140
Credit Suisse AG/London 8.000 11/29/2019 USD 7.550
Stroytemp CJSC 9.000 11/13/2019 RUB 1.000
Promnefteservis OOO 10.500 11/21/2019 RUB 1.550
Landesbank Baden-Wuerttemb 3.850 6/22/2018 EUR 72.780
Region Kapital OOO 9.250 7/10/2018 RUB 65.000
Lehman Brothers Treasury C 6.000 10/30/2012 EUR 2.571
Russian Railways JSC 10.300 4/3/2026 RUB 65.020
AKB Peresvet ZAO 0.510 6/23/2021 RUB 20.010
RGS Nedvizhimost OOO 12.500 1/19/2021 RUB 0.335
Transports publics fribour 0.471 7/29/2051 CHF 73.063
Rossiysky Capital OJSC 13.000 11/22/2019 RUB 61.310
MIK OAO 15.000 2/19/2020 RUB 1.250
Turkey Government Bond 11.000 2/24/2027 TRY 76.650
RGS Nedvizhimost OOO 12.500 7/22/2021 RUB 0.335
Upravlenie Otkhodami ZAO 10.500 10/9/2030 RUB 100.000
Lehman Brothers Treasury C 2.500 12/15/2011 GBP 2.571
Archer Finance OOO 9.250 3/29/2022 RUB 60.100
Heta Asset Resolution AG 5.270 12/31/2023 EUR 34.625
Commerzbank AG 4.500 12/29/2022 USD #N/A N/A
Baltic Leasing OOO 9.800 6/19/2020 RUB 62.150
Province of Brescia Italy 0.032 6/30/2036 EUR 61.820
Kommunalbanken AS 4.800 12/1/2022 TRY 60.869
LBI HF 7.431 USD 0.001
Hypo Vorarlberg Bank AG 5.870 EUR 40.688
Societe Generale SA 15.720 1/27/2020 USD 54.419
Credit Suisse AG/Nassau 11.050 2/11/2019 CHF 68.700
UBS AG/London 8.250 7/4/2019 EUR 69.950
Commerzbank AG 10.250 8/24/2018 EUR 72.630
UBS AG/London 8.000 7/26/2018 CHF 59.150
Vontobel Financial Product 9.500 9/28/2018 EUR 54.890
getBACK SA 6.200 9/16/2019 PLN 70.000
Beluga Group PJSC 12.900 4/29/2020 RUB 67.260
Rosselkhozbank JSC 8.850 7/15/2025 RUB 62.540
Credit Suisse AG/London 7.550 11/9/2018 USD 69.100
Rosselkhozbank JSC 12.870 12/22/2021 RUB 68.120
VTB Bank PJSC 3.000 9/1/2044 RUB 65.000
VTB Bank PJSC 3.000 9/18/2046 RUB 65.000
Raiffeisen Centrobank AG 5.656 3/19/2019 EUR 66.590
Municipality Finance PLC 0.500 5/31/2022 ZAR 70.790
Lehman Brothers Treasury C 6.250 11/30/2012 EUR 2.571
Heta Asset Resolution AG 5.730 12/31/2023 EUR 34.625
AKB Peresvet ZAO 12.750 7/24/2018 RUB 21.010
VEB-Leasing OAO 7.270 4/2/2021 RUB 97.550
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
RusHydro PJSC 0.100 2/2/2023 RUB 70.000
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.169
Lehman Brothers Treasury C 7.250 6/20/2010 USD 2.571
Lehman Brothers Treasury C 3.025 1/31/2015 EUR 2.571
Kreditanstalt fuer Wiedera 0.250 10/6/2036 CAD 42.663
Kommunalbanken AS 5.000 9/8/2022 TRY 66.063
Baltic Leasing OOO 12.950 2/12/2021 RUB 65.730
Societe Generale SA 1.664 8/29/2034 USD 60.375
Rosbank PJSC 7.850 12/2/2022 RUB 61.700
Center-Invest Commercial B 10.500 7/20/2018 RUB 63.000
Societe Generale SA 0.500 4/4/2024 MXN 60.107
Kaupthing ehf 6.125 10/4/2016 USD 0.250
AKB Peresvet ZAO 0.510 8/4/2034 RUB 22.110
Lehman Brothers Treasury C 5.000 5/12/2011 CHF 2.571
Municipality Finance PLC 4.300 10/31/2022 TRY 73.282
Center-Invest Commercial B 8.400 8/17/2018 RUB 61.010
Vnesheconombank 8.350 11/24/2020 RUB 66.220
Lehman Brothers Treasury C 8.000 2/16/2016 EUR 2.571
getBACK SA 6.000 12/14/2018 PLN 15.000
getBACK SA 5.970 12/19/2018 PLN 15.000
EFG International Finance 10.400 11/15/2018 EUR 69.130
Leonteq Securities AG/Guer 15.200 11/28/2018 USD 72.180
Leonteq Securities AG 10.000 7/27/2018 EUR 64.320
Federal Grid Co Unified En 9.350 10/17/2051 RUB 65.000
UBS AG/London 8.000 7/19/2018 EUR 72.400
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
EFG International Finance 6.210 7/22/2019 EUR 48.740
getBACK SA 5.600 6/24/2019 PLN 10.000
Credit Suisse AG 7.000 11/30/2018 USD 10.010
EFG International Finance 9.600 10/15/2019 EUR 15.850
Kontsessii Vodosnabzheniya 10.250 3/17/2031 RUB 65.000
Bayerische Landesbank 2.700 7/6/2018 EUR 42.150
Podkarpacki Bank Spoldziel 5.810 7/2/2020 PLN 50.000
Agrokompleks OOO 0.100 7/29/2019 RUB 2.550
Lehman Brothers Treasury C 6.000 3/4/2015 USD 2.571
Lehman Brothers Treasury C 7.000 2/15/2010 CHF 2.571
Lehman Brothers Treasury C 13.000 2/16/2009 CHF 2.571
PSN Pm OOO 13.000 9/10/2026 RUB 24.000
Lehman Brothers Holdings P 3.030 3/24/2009 JPY 2.756
Barclays Bank PLC 0.500 3/13/2023 RUB 72.026
HSBC Bank PLC 0.500 6/9/2023 MXN 64.861
Lehman Brothers Treasury C 4.050 9/16/2008 EUR 2.571
Northland Resources AB 15.000 7/15/2019 USD 2.621
Region Invest OOO 7.350 5/4/2021 RUB 0.180
Barclays Bank PLC 0.500 1/28/2033 MXN 25.572
TransFin-M PAO 10.500 4/11/2019 RUB 65.000
Lehman Brothers Treasury C 10.442 11/22/2008 CHF 2.571
Otkritie Holding JSC 10.000 4/20/2028 RUB 7.300
SAir Group 2.750 7/30/2004 CHF 13.125
Credit Suisse AG/Nassau 8.000 8/24/2018 CHF 63.850
HSBC Trinkaus & Burkhardt 12.000 6/22/2018 EUR 64.810
UBS AG/London 5.500 11/1/2018 USD 60.500
Deutsche Bank AG/London 7.000 10/15/2018 USD 9.270
UBS AG/London 6.250 11/5/2018 CHF 70.900
Landesbank Baden-Wuerttemb 6.500 8/24/2018 EUR 67.770
Credit Suisse AG/London 10.500 4/9/2021 USD 10.320
HSBC Trinkaus & Burkhardt 7.000 6/22/2018 EUR 72.560
EFG International Finance 12.200 8/2/2018 EUR 62.720
Araratbank OJSC 6.500 10/29/2019 USD 25.721
Samolet Group 12.000 5/17/2022 RUB 62.950
Commerzbank AG 30.000 6/30/2020 USD 0.580
Leonteq Securities AG 8.400 9/6/2018 USD 43.060
getBACK SA 5.710 10/22/2019 PLN 15.000
Bank Julius Baer & Co Ltd/ 8.350 9/24/2018 USD 55.050
National Developing Co PAO 16.000 4/15/2021 RUB 1.000
Penell GmbH Elektrogrossha 7.750 6/10/2019 EUR 3.550
TGC-1 PJSC 4.000 2/14/2022 RUB 100.000
UniCredit Bank AG 4.000 6/26/2018 EUR 32.420
UniCredit Bank AG 4.400 9/19/2018 EUR 35.850
Agrokompleks OOO 0.100 12/8/2022 RUB 2.950
Praim Finans OOO 9.340 7/13/2021 RUB 5.000
Volga Sport ZAO 5.150 4/4/2022 RUB 60.220
Noyabrskaya Pge OOO 8.500 11/10/2020 RUB 60.000
Deutsche Bank AG 4.200 12/24/2018 EUR 73.180
Societe Generale SA 0.795 12/28/2029 USD 69.100
EFG International Finance 5.300 6/24/2019 EUR 49.330
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
KPNQwest NV 8.875 2/1/2008 EUR 0.090
Lehman Brothers Treasury C 6.000 10/30/2012 USD 2.571
Bashneft PJSC 12.000 5/19/2025 RUB 62.050
Lehman Brothers Treasury C 13.500 11/28/2008 USD 2.571
Region Invest OOO 10.500 9/12/2019 RUB 0.240
National Capital JSC 9.250 4/22/2019 RUB 100.000
Pioneer Group CJSC 0.010 6/3/2021 RUB 70.010
Metalloinvest Holding Co O 0.010 3/10/2022 RUB 53.510
Metalloinvest Holding Co O 0.010 3/7/2022 RUB 63.000
Upravlenie Otkhodami ZAO 4.000 4/29/2027 RUB 68.250
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Municipality Finance PLC 0.250 6/28/2040 CAD 33.255
National Capital JSC 9.500 7/25/2018 RUB 100.000
Banca Adriatica Spa 7.200 6/30/2018 EUR 1.237
KIT Finance Capital OOO 12.000 12/21/2020 RUB 99.800
HSBC Bank PLC 0.500 6/23/2027 MXN 43.929
RESO-Garantia Insurance PJ 0.020 9/13/2022 RUB 65.010
Oberbank AG 7.400 EUR 68.738
SAir Group 6.250 4/12/2005 CHF 13.125
Lehman Brothers Treasury C 3.860 9/21/2011 SGD 6.000
Bashneft PJSC 10.900 4/29/2026 RUB 93.010
RGS Nedvizhimost OOO 12.500 2/25/2021 RUB 0.335
Credito Padano Banca di Cr 3.100 EUR 36.477
Investpro OOO 12.750 9/6/2018 RUB 1.100
Horus Finance ZAO 13.000 3/6/2019 RUB 65.000
BNP Paribas SA 0.500 11/16/2032 MXN 25.287
Credit Suisse AG/London 0.500 1/8/2026 BRL 46.093
Heta Asset Resolution AG 7.500 12/31/2023 ATS 34.625
Bashneft PJSC 10.500 5/12/2026 RUB 62.020
Bashneft PJSC 12.100 6/3/2025 RUB 98.000
Heta Asset Resolution AG 4.875 12/31/2023 EUR 34.625
Espirito Santo Financial P 5.625 7/28/2017 EUR 3.947
Kaupthing ehf 9.750 9/10/2015 USD 0.250
Lehman Brothers Treasury C 10.000 1/3/2012 BRL 2.571
ECM Real Estate Investment 5.000 10/9/2011 EUR 15.375
Bashneft PJSC 10.700 5/13/2024 RUB 98.010
Region Invest OOO 7.350 4/15/2021 RUB 0.400
Lehman Brothers Treasury C 23.300 9/16/2008 USD 2.571
Lehman Brothers Treasury C 11.000 7/4/2011 CHF 2.571
Region Invest OOO 7.350 4/19/2021 RUB 0.140
SG Issuer SA 0.100 6/11/2029 NZD 61.918
Digital Invest OOO 7.350 4/8/2021 RUB 0.140
Region Invest OOO 7.350 4/20/2021 RUB 0.400
Lehman Brothers Treasury C 8.000 5/22/2009 USD 2.571
RGS Nedvizhimost OOO 12.000 6/21/2021 RUB 0.335
TransFin-M PAO 10.500 11/11/2024 RUB 63.000
EFG International Finance 11.800 10/18/2018 EUR 71.290
HSBC Trinkaus & Burkhardt 9.900 6/22/2018 EUR 74.960
getBACK SA 5.730 9/22/2018 PLN 20.000
Kontsessii Vodosnabzheniya 11.250 11/30/2030 RUB 65.000
VTB Bank PJSC 3.000 8/14/2043 RUB 65.000
EFG International Finance 11.000 7/19/2018 EUR 62.820
VTB Bank PJSC 3.000 9/15/2044 RUB 65.000
Bayerische Landesbank 2.600 11/16/2018 EUR 53.200
Bayerische Landesbank 3.000 10/5/2018 EUR 50.480
Kontsessii Vodosnabzheniya 10.250 6/7/2031 RUB 63.000
Expobank LLC 12.500 7/12/2019 RUB 80.000
EFG International Finance 7.190 5/6/2019 EUR 5.990
Bayerische Landesbank 3.200 7/27/2018 EUR 43.310
Kontsessii Vodosnabzheniya 11.000 8/10/2031 RUB 62.180
HSBC Bank PLC 0.500 4/27/2027 NZD 73.502
HSBC Bank PLC 0.500 4/11/2023 MXN 65.800
Lehman Brothers Treasury C 3.000 9/12/2036 JPY 6.000
Otkritie Holding JSC 11.500 7/23/2029 RUB 12.125
Otkritie Holding JSC 11.500 7/23/2029 RUB 12.125
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 3.600 3/19/2018 JPY 2.571
Windreich GmbH 6.250 3/1/2015 EUR 13.125
Lehman Brothers Treasury C 8.600 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 4.500 12/30/2010 USD 2.571
HSBC Bank PLC 0.500 2/24/2027 NZD 74.057
Lehman Brothers Treasury C 9.000 5/15/2022 USD 2.571
Otkritie Holding JSC 11.500 7/20/2028 RUB 9.500
AKB Peresvet ZAO 13.000 10/7/2017 RUB 22.750
Lehman Brothers Treasury C 8.000 10/23/2008 USD 2.571
AKB Peresvet ZAO 3.589 9/2/2020 RUB 18.030
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
UniCredit Bank AG 12.400 1/3/2020 EUR 73.220
Vontobel Financial Product 13.000 6/28/2019 EUR 69.240
BNP Paribas Emissions- und 13.000 3/21/2019 EUR 68.570
UniCredit Bank AG 14.500 6/28/2019 EUR 69.360
UniCredit Bank AG 10.400 1/3/2020 EUR 72.180
Raiffeisen Schweiz Genosse 10.500 10/16/2018 CHF 61.970
Zurcher Kantonalbank Finan 5.000 8/12/2019 CHF 54.180
HSBC Trinkaus & Burkhardt 2.500 6/22/2018 EUR 59.240
Vontobel Financial Product 8.000 1/2/2019 EUR 73.930
DZ Bank AG Deutsche Zentra 6.000 6/22/2018 EUR 71.420
Vontobel Financial Product 8.250 7/27/2018 EUR 60.930
Goldman Sachs & Co Wertpap 16.000 6/26/2019 EUR 70.510
UBS AG/London 8.000 4/29/2021 USD 9.780
getBACK SA 5.800 10/1/2019 PLN 15.000
getBACK SA 5.900 1/29/2019 PLN 12.500
Leonteq Securities AG/Guer 6.400 6/4/2020 CHF 60.790
Podkarpacki Bank Spoldziel 5.810 2/23/2025 PLN 50.000
Rosselkhozbank JSC 8.850 7/11/2025 RUB 62.030
BNP Paribas Emissions- und 3.000 10/12/2018 EUR 44.430
Rosselkhozbank JSC 8.850 7/14/2025 RUB 62.020
Landesbank Baden-Wuerttemb 3.050 6/22/2018 EUR 46.220
Landesbank Baden-Wuerttemb 8.000 9/28/2018 EUR 70.550
DZ Bank AG Deutsche Zentra 5.500 9/28/2018 EUR 73.060
DZ Bank AG Deutsche Zentra 9.250 6/22/2018 EUR 74.630
Otkritie Holding JSC 8.750 12/8/2027 RUB 16.010
getBACK SA 5.700 2/28/2019 PLN 20.000
UniCredit Bank AG 4.400 7/13/2018 EUR 36.880
Leonteq Securities AG/Guer 13.000 3/15/2019 EUR 69.130
Landesbank Baden-Wuerttemb 7.000 6/28/2019 EUR 67.240
Region Kapital OOO 9.250 7/10/2018 RUB 100.000
Heta Asset Resolution AG 5.030 12/31/2023 EUR 34.625
Lehman Brothers Treasury C 2.000 6/21/2011 EUR 2.571
Eiendomskreditt AS 5.370 NOK 67.239
Digital Invest OOO 9.080 3/8/2021 RUB 0.140
Lehman Brothers Treasury C 4.050 9/16/2008 EUR 2.571
Lehman Brothers Treasury C 13.500 6/2/2009 USD 2.571
DZ Bank AG Deutsche Zentra 6.400 6/22/2018 EUR 67.970
HSBC Trinkaus & Burkhardt 4.000 7/27/2018 EUR 73.360
Landesbank Baden-Wuerttemb 5.000 1/24/2020 EUR 73.110
HSBC Trinkaus & Burkhardt 5.500 6/22/2018 EUR 53.160
Commerzbank AG 13.750 7/27/2018 EUR 71.500
Commerzbank AG 11.000 8/24/2018 EUR 73.800
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 66.660
Vontobel Financial Product 6.500 1/2/2019 EUR 70.530
Vontobel Financial Product 10.500 6/22/2018 EUR 69.180
HSBC Trinkaus & Burkhardt 2.600 6/22/2018 EUR 73.970
Raiffeisen Schweiz Genosse 6.000 11/5/2018 CHF 55.990
Deutsche Bank AG 4.200 12/27/2018 EUR 60.700
Deutsche Bank AG 4.200 9/25/2018 EUR 56.900
Deutsche Bank AG 4.200 12/27/2018 EUR 57.900
Leonteq Securities AG/Guer 11.000 4/8/2019 EUR 68.540
Landesbank Baden-Wuerttemb 3.500 6/22/2018 EUR 74.050
Landesbank Baden-Wuerttemb 2.500 6/22/2018 EUR 71.200
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 67.270
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 68.690
Landesbank Baden-Wuerttemb 5.500 6/22/2018 EUR 64.140
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 68.240
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 55.120
Commerzbank AG 17.500 1/2/2019 EUR 61.830
Commerzbank AG 6.250 11/23/2018 EUR 68.490
UBS AG/London 9.400 3/28/2019 EUR 62.960
UBS AG/London 10.400 9/27/2018 EUR 62.090
UBS AG/London 10.600 1/3/2019 EUR 71.600
UBS AG/London 8.700 1/3/2019 EUR 73.060
Deutsche Bank AG 2.700 9/25/2018 EUR 74.000
UBS AG/London 13.200 1/3/2019 EUR 59.870
UBS AG/London 7.600 9/27/2018 EUR 65.260
UBS AG/London 5.900 3/28/2019 EUR 67.630
UBS AG/London 7.000 6/27/2019 EUR 69.280
UBS AG/London 12.200 1/3/2019 EUR 67.920
Vontobel Financial Product 11.000 6/22/2018 EUR 57.910
Commerzbank AG 9.500 11/23/2018 EUR 64.840
Vontobel Financial Product 6.000 9/28/2018 EUR 67.050
Vontobel Financial Product 7.500 9/28/2018 EUR 64.020
Vontobel Financial Product 8.550 9/28/2018 EUR 71.570
UniCredit Bank AG 13.900 6/22/2018 EUR 55.000
UniCredit Bank AG 11.500 6/22/2018 EUR 72.520
UniCredit Bank AG 12.500 6/22/2018 EUR 48.750
UniCredit Bank AG 7.600 6/22/2018 EUR 57.130
UniCredit Bank AG 14.100 6/22/2018 EUR 73.990
UBS AG/London 19.300 6/28/2018 EUR 61.570
Commerzbank AG 10.500 7/27/2018 EUR 70.600
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 42.180
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 46.550
UBS AG/London 18.000 6/28/2018 EUR 74.040
UBS AG/London 6.100 9/27/2018 EUR 69.380
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 61.100
HSBC Trinkaus & Burkhardt 8.000 9/28/2018 EUR 61.250
HSBC Trinkaus & Burkhardt 3.600 9/28/2018 EUR 70.510
HSBC Trinkaus & Burkhardt 9.200 6/22/2018 EUR 43.890
HSBC Trinkaus & Burkhardt 6.700 6/22/2018 EUR 49.750
UBS AG/London 8.250 8/3/2018 CHF 57.000
Leonteq Securities AG 7.200 5/2/2019 CHF 51.260
Deutsche Bank AG 4.200 9/25/2018 EUR 59.700
Deutsche Bank AG 5.500 9/25/2018 EUR 62.500
Deutsche Bank AG 5.500 12/27/2018 EUR 64.800
Deutsche Bank AG 5.500 12/27/2018 EUR 62.900
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 71.900
Deutsche Bank AG 6.200 7/25/2018 EUR 65.900
Deutsche Bank AG 6.200 10/24/2018 EUR 65.200
DekaBank Deutsche Girozent 6.700 1/31/2019 EUR 64.250
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 67.580
UBS AG/London 11.900 1/3/2019 EUR 71.510
HSBC Trinkaus & Burkhardt 5.000 7/27/2018 EUR 70.400
Raiffeisen Switzerland BV 5.000 8/14/2020 EUR 59.690
Deutsche Bank AG 2.700 9/25/2018 EUR 59.900
Deutsche Bank AG 2.700 12/27/2018 EUR 64.400
UBS AG/London 9.700 1/3/2019 EUR 73.360
Deutsche Bank AG 10.000 9/25/2018 EUR 55.200
UBS AG/London 15.200 9/27/2018 EUR 65.520
UBS AG/London 12.500 9/27/2018 EUR 69.470
Deutsche Bank AG 10.000 9/25/2018 EUR 64.300
UniCredit Bank AG 10.900 6/22/2018 EUR 60.000
UniCredit Bank AG 11.800 6/22/2018 EUR 58.230
UniCredit Bank AG 7.200 6/22/2018 EUR 65.100
UniCredit Bank AG 12.900 6/22/2018 EUR 56.570
UniCredit Bank AG 6.700 6/22/2018 EUR 70.810
DZ Bank AG Deutsche Zentra 4.500 9/28/2018 EUR 73.150
UniCredit Bank AG 7.500 6/22/2018 EUR 49.650
UniCredit Bank AG 10.700 6/22/2018 EUR 73.390
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 61.620
HSBC Trinkaus & Burkhardt 12.100 6/22/2018 EUR 39.440
DekaBank Deutsche Girozent 4.050 5/17/2019 EUR 65.700
Vontobel Financial Product 6.750 1/2/2019 EUR 58.990
Leonteq Securities AG 14.000 8/2/2018 USD 39.830
Deutsche Bank AG 4.200 9/25/2018 EUR 59.700
Vontobel Financial Product 13.450 12/14/2018 EUR 63.140
Vontobel Financial Product 5.200 12/14/2018 EUR 67.490
Leonteq Securities AG/Guer 11.000 4/12/2019 EUR 64.500
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 53.940
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 58.310
DZ Bank AG Deutsche Zentra 5.250 3/18/2019 EUR 59.340
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 70.020
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 70.240
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 72.650
DZ Bank AG Deutsche Zentra 6.250 3/18/2019 EUR 71.540
HSBC Trinkaus & Burkhardt 4.600 6/22/2018 EUR 72.150
HSBC Trinkaus & Burkhardt 4.100 8/24/2018 EUR 73.580
HSBC Trinkaus & Burkhardt 10.300 9/28/2018 EUR 41.460
HSBC Trinkaus & Burkhardt 7.500 9/28/2018 EUR 45.570
HSBC Trinkaus & Burkhardt 7.300 9/28/2018 EUR 73.580
Commerzbank AG 13.000 8/24/2018 EUR 72.240
Commerzbank AG 13.250 9/28/2018 EUR 71.430
Vontobel Financial Product 7.500 6/22/2018 EUR 57.990
Vontobel Financial Product 10.500 6/22/2018 EUR 57.840
Vontobel Financial Product 12.550 6/22/2018 EUR 65.780
Vontobel Financial Product 8.500 1/2/2019 EUR 63.480
Vontobel Financial Product 2.500 9/28/2018 EUR 50.200
Vontobel Financial Product 10.500 9/28/2018 EUR 39.240
Vontobel Financial Product 12.500 9/28/2018 EUR 37.920
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 62.650
Commerzbank AG 11.500 10/26/2018 EUR 73.710
Commerzbank AG 16.000 7/27/2018 EUR 60.280
Vontobel Financial Product 9.500 8/24/2018 EUR 65.160
Vontobel Financial Product 7.000 8/24/2018 EUR 65.620
Commerzbank AG 15.250 8/24/2018 EUR 61.760
DZ Bank AG Deutsche Zentra 4.000 8/2/2018 EUR 66.540
Deutsche Bank AG 5.500 9/25/2018 EUR 66.700
Vontobel Financial Product 6.000 6/22/2018 EUR 51.790
Deutsche Bank AG 5.500 9/25/2018 EUR 60.600
Deutsche Bank AG 5.500 12/27/2018 EUR 71.200
Deutsche Bank AG 5.500 12/27/2018 EUR 67.900
Deutsche Bank AG 5.500 12/27/2018 EUR 66.800
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 54.970
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 71.920
Vontobel Financial Product 11.500 9/28/2018 EUR 74.070
Deutsche Bank AG 6.200 8/22/2018 EUR 68.100
Commerzbank AG 12.500 11/23/2018 EUR 66.830
Deutsche Bank AG 5.500 9/25/2018 EUR 68.400
Deutsche Bank AG 6.200 7/25/2018 EUR 67.700
Deutsche Bank AG 6.200 8/22/2018 EUR 68.600
Deutsche Bank AG 6.200 8/22/2018 EUR 64.100
Deutsche Bank AG 6.200 8/22/2018 EUR 60.200
Deutsche Bank AG 6.200 10/24/2018 EUR 67.300
UBS AG/London 8.600 6/22/2018 EUR 57.170
UBS AG/London 10.700 1/3/2019 EUR 61.590
Deutsche Bank AG 2.700 9/25/2018 EUR 63.800
DZ Bank AG Deutsche Zentra 5.000 1/25/2019 EUR 65.350
Vontobel Financial Product 10.500 6/22/2018 EUR 54.290
HSBC Trinkaus & Burkhardt 8.470 1/25/2019 EUR 72.170
Vontobel Financial Product 13.000 6/22/2018 EUR 51.670
Vontobel Financial Product 5.000 9/28/2018 EUR 68.880
Vontobel Financial Product 7.550 9/28/2018 EUR 61.050
Vontobel Financial Product 10.550 9/28/2018 EUR 55.300
Vontobel Financial Product 14.000 9/28/2018 EUR 50.930
Vontobel Financial Product 5.000 1/2/2019 EUR 69.970
Vontobel Financial Product 8.500 1/2/2019 EUR 60.010
Vontobel Financial Product 12.550 1/2/2019 EUR 53.750
Commerzbank AG 14.750 8/24/2018 EUR 71.260
Deutsche Bank AG 6.200 7/25/2018 EUR 74.000
Deutsche Bank AG 6.200 7/25/2018 EUR 68.200
Deutsche Bank AG 6.200 7/25/2018 EUR 61.600
Deutsche Bank AG 6.200 7/25/2018 EUR 59.700
UniCredit Bank AG 11.900 6/22/2018 EUR 74.230
UniCredit Bank AG 9.100 6/28/2019 EUR 73.300
UniCredit Bank AG 13.300 6/28/2019 EUR 68.540
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 72.160
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 73.270
UniCredit Bank AG 10.500 9/28/2018 EUR 67.140
BNP Paribas Emissions- und 9.500 6/27/2019 EUR 71.600
Deutsche Bank AG 5.200 12/27/2018 EUR 72.400
Deutsche Bank AG 6.200 9/25/2018 EUR 69.200
UniCredit Bank AG 14.700 1/3/2020 EUR 69.380
Deutsche Bank AG 6.200 9/25/2018 EUR 73.300
UniCredit Bank AG 14.700 1/4/2019 EUR 41.000
UniCredit Bank AG 14.900 1/4/2019 EUR 64.830
UniCredit Bank AG 14.500 1/4/2019 EUR 9.590
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 62.440
BNP Paribas Emissions- und 6.000 6/27/2019 EUR 66.850
BNP Paribas Emissions- und 8.500 6/27/2019 EUR 64.800
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 62.710
BNP Paribas Emissions- und 16.000 6/27/2019 EUR 68.870
UniCredit Bank AG 9.300 3/22/2019 EUR 71.990
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 60.800
Commerzbank AG 11.250 1/2/2019 EUR 71.890
Vontobel Financial Product 7.100 12/14/2018 EUR 73.130
Vontobel Financial Product 12.650 12/14/2018 EUR 71.510
Commerzbank AG 10.750 7/27/2018 EUR 70.660
Raiffeisen Centrobank AG 10.237 3/19/2019 EUR 69.080
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 66.220
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 64.660
Bank Julius Baer & Co Ltd/ 8.000 11/2/2018 USD 62.300
Vontobel Financial Product 8.500 9/28/2018 EUR 66.580
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 72.100
BNP Paribas Emissions- und 8.000 6/27/2019 EUR 72.290
UniCredit Bank AG 9.400 3/22/2019 EUR 72.470
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 70.200
UniCredit Bank AG 13.600 3/22/2019 EUR 69.170
Commerzbank AG 12.250 1/2/2019 EUR 70.520
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 72.660
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 68.420
Zurcher Kantonalbank Finan 6.600 4/3/2019 CHF 63.060
UBS AG/London 11.750 11/1/2018 USD 62.700
Leonteq Securities AG/Guer 10.400 2/13/2019 CHF 70.700
Vontobel Financial Product 13.400 9/14/2018 EUR 69.900
Vontobel Financial Product 15.750 9/14/2018 EUR 64.510
Vontobel Financial Product 5.050 9/14/2018 EUR 66.840
Vontobel Financial Product 6.400 9/14/2018 EUR 66.180
Vontobel Financial Product 7.800 9/14/2018 EUR 67.520
Vontobel Financial Product 10.800 9/14/2018 EUR 67.130
DZ Bank AG Deutsche Zentra 15.000 6/22/2018 EUR 73.720
DZ Bank AG Deutsche Zentra 6.750 6/22/2018 EUR 72.640
Commerzbank AG 7.500 8/24/2018 EUR 73.920
Vontobel Financial Product 10.050 9/14/2018 EUR 73.420
Commerzbank AG 5.500 8/24/2018 EUR 70.760
UBS AG/London 12.800 9/27/2018 EUR 72.160
Commerzbank AG 10.500 8/24/2018 EUR 74.030
UBS AG/London 17.100 9/27/2018 EUR 74.040
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 61.700
BNP Paribas Emissions- und 12.000 10/25/2018 EUR 66.350
Vontobel Financial Product 7.550 1/25/2019 EUR 67.700
Vontobel Financial Product 9.250 9/14/2018 EUR 63.100
Commerzbank AG 22.000 11/23/2018 EUR 65.000
Commerzbank AG 8.500 8/24/2018 EUR 72.520
DZ Bank AG Deutsche Zentra 11.000 2/20/2019 EUR 62.730
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 63.180
Commerzbank AG 11.750 8/24/2018 EUR 38.710
Commerzbank AG 10.000 9/28/2018 EUR 71.600
Commerzbank AG 4.500 12/29/2022 USD #N/A N/A
Vontobel Financial Product 8.550 1/2/2019 EUR 65.250
Raiffeisen Centrobank AG 12.706 12/28/2018 EUR 63.160
Raiffeisen Centrobank AG 6.026 12/27/2019 EUR 70.940
Bank Julius Baer & Co Ltd/ 8.000 11/14/2018 EUR 66.800
Vontobel Financial Product 14.000 1/2/2019 EUR 73.160
Credit Suisse AG/Nassau 7.500 7/29/2019 CHF 49.770
UniCredit Bank AG 10.600 6/22/2018 EUR 75.000
UniCredit Bank AG 13.900 9/28/2018 EUR 71.580
UniCredit Bank AG 13.700 6/28/2019 EUR 72.370
UniCredit Bank AG 13.600 9/28/2018 EUR 68.970
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR #N/A N/A
UniCredit Bank AG 14.300 1/4/2019 EUR 71.680
HSBC Trinkaus & Burkhardt 1.000 12/28/2018 EUR 68.830
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 65.600
Commerzbank AG 13.000 9/28/2018 EUR 68.260
Commerzbank AG 10.250 1/2/2019 EUR 73.310
Vontobel Financial Product 12.250 12/14/2018 EUR 66.690
Commerzbank AG 9.750 7/27/2018 EUR 72.640
Commerzbank AG 12.750 7/27/2018 EUR 67.170
Commerzbank AG 23.250 10/26/2018 EUR 63.620
Commerzbank AG 20.000 11/23/2018 EUR 66.700
Commerzbank AG 9.500 8/24/2018 EUR 71.120
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 68.080
BNP Paribas Emissions- und 13.000 6/27/2019 EUR 65.860
Commerzbank AG 6.500 8/24/2018 EUR 69.040
Commerzbank AG 12.500 8/24/2018 EUR 70.310
UBS AG/London 20.200 9/27/2018 EUR 71.020
Commerzbank AG 9.750 8/24/2018 EUR 40.940
BNP Paribas Emissions- und 20.000 9/27/2018 EUR 70.980
Landesbank Baden-Wuerttemb 5.000 11/23/2018 EUR 60.450
Commerzbank AG 10.500 6/22/2018 EUR 71.090
Commerzbank AG 9.500 8/24/2018 EUR 70.680
Vontobel Financial Product 10.050 6/22/2018 EUR 63.550
Vontobel Financial Product 8.000 9/28/2018 EUR 71.200
Vontobel Financial Product 13.500 1/2/2019 EUR 67.970
DZ Bank AG Deutsche Zentra 7.750 9/24/2018 EUR 71.850
HSBC Trinkaus & Burkhardt 9.000 12/28/2018 EUR 72.090
Commerzbank AG 21.750 9/28/2018 EUR 64.050
Vontobel Financial Product 9.800 3/8/2019 EUR 65.880
Vontobel Financial Product 7.000 6/28/2019 EUR 72.080
Vontobel Financial Product 7.000 6/28/2019 EUR 72.080
Raiffeisen Centrobank AG 12.395 6/25/2019 EUR 71.520
EFG International Finance 7.660 10/5/2018 USD 53.270
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 69.980
Vontobel Financial Product 8.000 11/23/2018 EUR 64.630
Vontobel Financial Product 11.550 9/28/2018 EUR 68.830
Vontobel Financial Product 8.500 1/2/2019 EUR 72.470
Vontobel Financial Product 17.000 1/2/2019 EUR 65.760
Vontobel Financial Product 8.550 6/28/2019 EUR 72.820
Vontobel Financial Product 10.550 6/28/2019 EUR 70.560
Commerzbank AG 9.500 1/25/2019 EUR 69.970
HSBC Trinkaus & Burkhardt 7.600 10/26/2018 EUR 72.720
HSBC Trinkaus & Burkhardt 7.800 11/23/2018 EUR 73.300
HSBC Trinkaus & Burkhardt 3.500 10/26/2018 EUR 66.920
HSBC Trinkaus & Burkhardt 11.300 9/28/2018 EUR 72.510
HSBC Trinkaus & Burkhardt 5.400 9/28/2018 EUR 66.360
HSBC Trinkaus & Burkhardt 7.500 3/22/2019 EUR 65.540
Vontobel Financial Product 10.700 9/14/2018 EUR 65.810
Vontobel Financial Product 13.200 9/14/2018 EUR 64.110
Vontobel Financial Product 12.950 12/14/2018 EUR 65.000
Vontobel Financial Product 10.500 9/21/2018 EUR 63.560
Vontobel Financial Product 13.000 1/2/2019 EUR 65.800
Vontobel Financial Product 13.000 6/28/2019 EUR 67.880
Commerzbank AG 8.000 11/6/2020 USD 3.160
DZ Bank AG Deutsche Zentra 9.250 9/26/2018 EUR #N/A N/A
Bank Julius Baer & Co Ltd/ 9.500 8/23/2018 USD 62.400
Commerzbank AG 15.000 7/27/2018 EUR 65.670
Commerzbank AG 14.000 8/24/2018 EUR 66.890
Raiffeisen Centrobank AG 11.943 3/19/2019 EUR 69.340
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 71.600
Credit Suisse AG/London 8.000 10/9/2018 USD 53.450
Commerzbank AG 5.000 7/27/2018 EUR 45.820
BNP Paribas Emissions- und 19.000 10/25/2018 EUR 61.520
Vontobel Financial Product 11.650 9/14/2018 EUR 63.620
BNP Paribas Emissions- und 16.000 10/25/2018 EUR 62.740
Commerzbank AG 11.750 7/27/2018 EUR 68.850
Leonteq Securities AG/Guer 12.000 4/30/2019 EUR 72.270
Vontobel Financial Product 9.000 10/30/2018 EUR 70.540
Commerzbank AG 12.000 9/28/2018 EUR 71.880
BNP Paribas Emissions- und 13.000 6/27/2019 EUR 67.760
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 73.030
Commerzbank AG 11.500 8/24/2018 EUR 72.000
Commerzbank AG 3.750 8/24/2018 EUR 58.520
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 60.220
Commerzbank AG 9.000 7/27/2018 EUR 69.880
DZ Bank AG Deutsche Zentra 6.500 11/21/2018 EUR 72.220
Commerzbank AG 4.500 12/30/2024 USD #N/A N/A
Raiffeisen Centrobank AG 10.166 6/25/2019 EUR 71.510
Vontobel Financial Product 11.550 9/28/2018 EUR 74.610
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 69.330
Commerzbank AG 7.500 8/24/2018 EUR 67.800
UBS AG/London 16.600 9/27/2018 EUR 63.800
Commerzbank AG 12.000 6/22/2018 EUR 73.190
Commerzbank AG 5.750 8/24/2018 EUR 48.920
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 65.680
Vontobel Financial Product 12.350 12/14/2018 EUR 68.750
Vontobel Financial Product 9.800 12/14/2018 EUR 71.980
BNP Paribas Emissions- und 18.000 10/25/2018 EUR 71.790
Commerzbank AG 10.000 9/28/2018 EUR 40.110
Raiffeisen Centrobank AG 8.008 6/25/2019 EUR 71.970
Leonteq Securities AG/Guer 13.400 1/3/2019 EUR 64.120
Raiffeisen Centrobank AG 10.588 12/28/2018 EUR 69.680
Raiffeisen Centrobank AG 6.850 12/27/2019 EUR 73.080
Vontobel Financial Product 9.550 9/28/2018 EUR 70.910
Vontobel Financial Product 8.500 1/2/2019 EUR 63.320
Vontobel Financial Product 8.500 9/28/2018 EUR 72.260
UniCredit Bank AG 13.000 1/4/2019 EUR 61.850
UBS AG/London 8.750 8/16/2018 CHF 64.000
DZ Bank AG Deutsche Zentra 6.000 9/28/2018 EUR 61.400
DZ Bank AG Deutsche Zentra 5.200 3/28/2019 EUR 61.600
DZ Bank AG Deutsche Zentra 5.000 12/28/2018 EUR 69.810
Raiffeisen Schweiz Genosse 5.400 8/2/2019 CHF 71.450
DZ Bank AG Deutsche Zentra 5.000 3/28/2019 EUR 61.810
DZ Bank AG Deutsche Zentra 7.250 12/24/2018 EUR 64.310
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 67.720
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 72.790
DZ Bank AG Deutsche Zentra 8.600 12/24/2018 EUR 69.730
DZ Bank AG Deutsche Zentra 7.600 3/18/2019 EUR 70.850
Commerzbank AG 25.250 8/24/2018 EUR 58.440
Commerzbank AG 14.500 9/28/2018 EUR 73.510
Commerzbank AG 17.250 7/27/2018 EUR 63.290
Commerzbank AG 16.250 8/24/2018 EUR 64.310
Commerzbank AG 12.500 10/26/2018 EUR 68.630
Commerzbank AG 14.500 10/26/2018 EUR 66.640
DZ Bank AG Deutsche Zentra 5.000 8/24/2018 EUR 67.290
Leonteq Securities AG/Guer 12.800 1/10/2019 CHF 62.150
UniCredit Bank AG 12.500 9/28/2018 EUR 67.260
UniCredit Bank AG 13.800 9/28/2018 EUR 65.050
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 70.690
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 66.810
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 68.980
UniCredit Bank AG 14.200 9/28/2018 EUR 63.970
UniCredit Bank AG 14.200 6/28/2019 EUR 73.130
UniCredit Bank AG 13.600 9/28/2018 EUR 70.160
Deutsche Bank AG 6.200 12/27/2018 EUR 70.500
UniCredit Bank AG 11.400 3/22/2019 EUR 67.240
Deutsche Bank AG 6.200 9/25/2018 EUR 71.700
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 72.570
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 73.920
UniCredit Bank AG 13.400 1/3/2020 EUR 71.870
Deutsche Bank AG 5.200 9/25/2018 EUR 73.000
Credit Suisse AG/London 8.250 8/29/2018 USD 54.060
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 61.910
Deutsche Bank AG 6.200 2/20/2019 EUR 71.300
Commerzbank AG 10.500 10/26/2018 EUR 70.400
Commerzbank AG 11.500 10/26/2018 EUR 69.060
Commerzbank AG 5.250 10/26/2018 EUR 47.490
Commerzbank AG 7.250 10/26/2018 EUR 43.090
Commerzbank AG 9.250 10/26/2018 EUR 40.570
DZ Bank AG Deutsche Zentra 12.250 7/25/2018 EUR #N/A N/A
Commerzbank AG 8.750 1/2/2019 EUR 71.130
Deutsche Bank AG 6.200 2/20/2019 EUR 73.700
Deutsche Bank AG 6.200 2/20/2019 EUR 67.000
Commerzbank AG 19.750 1/2/2019 EUR 64.670
DZ Bank AG Deutsche Zentra 5.000 8/24/2018 EUR 67.160
UniCredit Bank AG 14.800 6/28/2019 EUR 69.770
UniCredit Bank AG 13.900 9/28/2018 EUR 67.280
Landesbank Hessen-Thuering 6.500 2/16/2023 EUR 73.530
UniCredit Bank AG 7.600 9/28/2018 EUR 69.670
BNP Paribas Emissions- und 7.500 3/21/2019 EUR 74.430
UniCredit Bank AG 14.900 9/28/2018 EUR 73.600
UniCredit Bank AG 11.800 9/28/2018 EUR 74.090
UniCredit Bank AG 13.800 6/28/2019 EUR 72.650
BNP Paribas Emissions- und 13.000 3/21/2019 EUR 73.650
UniCredit Bank AG 12.200 6/28/2019 EUR 67.530
Deutsche Bank AG 6.200 12/27/2018 EUR 72.900
Deutsche Bank AG 6.200 12/27/2018 EUR 68.300
Deutsche Bank AG 5.200 12/27/2018 EUR 67.800
Deutsche Bank AG 6.200 9/25/2018 EUR 66.900
UniCredit Bank AG 14.900 9/28/2018 EUR 59.310
UniCredit Bank AG 8.800 9/28/2018 EUR 68.940
UniCredit Bank AG 11.400 9/28/2018 EUR 70.490
UniCredit Bank AG 12.000 1/4/2019 EUR 43.030
UniCredit Bank AG 4.000 1/4/2019 EUR 59.440
UniCredit Bank AG 11.500 1/4/2019 EUR 67.250
DZ Bank AG Deutsche Zentra 7.200 3/28/2019 EUR 72.840
Commerzbank AG 10.500 10/26/2018 EUR 69.720
DZ Bank AG Deutsche Zentra 8.000 9/24/2018 EUR 63.160
Vontobel Financial Product 15.000 9/28/2018 EUR 69.770
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 66.580
Commerzbank AG 22.250 9/28/2018 EUR 58.900
Commerzbank AG 21.000 10/26/2018 EUR 60.100
Commerzbank AG 17.750 7/27/2018 EUR 71.480
DZ Bank AG Deutsche Zentra 6.300 3/18/2019 EUR 73.980
Vontobel Financial Product 9.750 7/27/2018 EUR 62.070
DZ Bank AG Deutsche Zentra 9.200 9/24/2018 EUR 67.830
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 61.890
DZ Bank AG Deutsche Zentra 6.500 3/18/2019 EUR 68.350
Vontobel Financial Product 13.500 6/22/2018 EUR 73.530
DZ Bank AG Deutsche Zentra 7.250 3/18/2019 EUR 73.730
DZ Bank AG Deutsche Zentra 6.600 12/24/2018 EUR 73.040
DZ Bank AG Deutsche Zentra 6.000 3/18/2019 EUR 73.850
Commerzbank AG 0.100 12/27/2018 RUB 2.160
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 59.600
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 66.850
DZ Bank AG Deutsche Zentra 6.250 12/24/2018 EUR 70.110
DZ Bank AG Deutsche Zentra 6.250 11/23/2018 EUR 41.410
Raiffeisen Centrobank AG 8.862 9/25/2018 EUR 68.080
DZ Bank AG Deutsche Zentra 5.500 3/20/2019 EUR 73.180
Commerzbank AG 9.500 10/26/2018 EUR 71.880
Commerzbank AG 14.750 1/2/2019 EUR 64.050
Commerzbank AG 10.000 11/23/2018 EUR 72.540
Commerzbank AG 11.000 11/23/2018 EUR 71.020
Leonteq Securities AG/Guer 12.800 10/30/2018 USD 72.260
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 65.850
DZ Bank AG Deutsche Zentra 8.500 3/18/2019 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 7.000 3/18/2019 EUR 69.170
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 72.180
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 73.810
DZ Bank AG Deutsche Zentra 15.000 7/25/2018 EUR #N/A N/A
Commerzbank AG 10.750 1/2/2019 EUR 67.940
Commerzbank AG 12.750 1/2/2019 EUR 65.740
Deutsche Bank AG 6.200 2/20/2019 EUR 72.400
Deutsche Bank AG 6.200 2/20/2019 EUR 71.300
Commerzbank AG 14.000 11/23/2018 EUR 67.460
Commerzbank AG 13.500 1/2/2019 EUR 68.640
Commerzbank AG 15.250 9/28/2018 EUR 65.610
UBS AG/London 7.000 2/22/2019 EUR 73.140
Deutsche Bank AG 6.200 2/20/2019 EUR 72.400
Deutsche Bank AG 6.200 1/23/2019 EUR 73.300
DZ Bank AG Deutsche Zentra 11.250 7/25/2018 EUR 70.820
Commerzbank AG 14.250 9/28/2018 EUR 63.300
Deutsche Bank AG 6.200 2/20/2019 EUR 69.900
DZ Bank AG Deutsche Zentra 10.750 8/24/2018 EUR 61.330
DZ Bank AG Deutsche Zentra 6.500 9/28/2018 EUR 73.560
Deutsche Bank AG 8.500 10/15/2018 USD 8.080
DZ Bank AG Deutsche Zentra 8.250 3/18/2019 EUR 63.870
DZ Bank AG Deutsche Zentra 6.250 9/24/2018 EUR 70.020
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR 67.310
DZ Bank AG Deutsche Zentra 6.700 3/18/2019 EUR 72.240
Vontobel Financial Product 10.500 10/26/2018 EUR 68.390
Raiffeisen Centrobank AG 7.374 3/19/2019 EUR 65.960
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 59.170
DZ Bank AG Deutsche Zentra 6.250 3/18/2019 EUR 67.270
DZ Bank AG Deutsche Zentra 7.200 12/24/2018 EUR 71.980
Deutsche Bank AG 6.200 1/23/2019 EUR 66.600
Deutsche Bank AG 6.200 2/20/2019 EUR 73.700
UniCredit Bank AG 12.800 9/28/2018 EUR 39.990
UniCredit Bank AG 6.600 6/28/2019 EUR 70.920
BNP Paribas Emissions- und 9.500 3/21/2019 EUR 72.060
UniCredit Bank AG 10.900 1/3/2020 EUR 72.820
Commerzbank AG 6.500 10/26/2018 EUR 72.980
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 73.480
UniCredit Bank AG 12.300 3/22/2019 EUR 68.310
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 59.300
Commerzbank AG 20.000 11/23/2018 EUR 61.210
DZ Bank AG Deutsche Zentra 6.700 9/24/2018 EUR 71.620
DZ Bank AG Deutsche Zentra 7.800 9/24/2018 EUR 69.640
DZ Bank AG Deutsche Zentra 7.600 12/24/2018 EUR 71.330
DZ Bank AG Deutsche Zentra 5.750 9/24/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 73.740
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 72.420
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 68.190
DZ Bank AG Deutsche Zentra 5.250 12/24/2018 EUR 74.010
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 74.990
Vontobel Financial Product 10.000 8/24/2018 EUR 69.670
Deutsche Bank AG 6.200 1/23/2019 EUR 72.000
Deutsche Bank AG 6.200 1/23/2019 EUR 69.500
Deutsche Bank AG 6.200 2/20/2019 EUR 69.900
Deutsche Bank AG 6.200 1/23/2019 EUR 70.900
Deutsche Bank AG 6.200 2/20/2019 EUR 67.000
Raiffeisen Centrobank AG 13.292 9/25/2018 EUR 66.820
Raiffeisen Centrobank AG 4.431 9/25/2018 EUR 70.450
Commerzbank AG 12.250 7/27/2018 EUR 73.790
DZ Bank AG Deutsche Zentra 13.750 7/25/2018 EUR #N/A N/A
Commerzbank AG 8.500 10/26/2018 EUR 73.560
Commerzbank AG 3.250 10/26/2018 EUR 57.160
Commerzbank AG 11.250 10/26/2018 EUR 38.860
Vontobel Financial Product 3.600 2/1/2019 EUR 69.910
Commerzbank AG 13.000 10/26/2018 EUR 64.660
Commerzbank AG 12.000 11/23/2018 EUR 69.680
Commerzbank AG 26.750 7/27/2018 EUR 56.760
Leonteq Securities AG/Guer 10.000 1/10/2019 USD 65.010
Commerzbank AG 12.750 10/26/2018 EUR 72.290
BNP Paribas Emissions- und 6.800 10/25/2018 EUR 69.180
UniCredit Bank AG 6.300 9/28/2018 EUR 47.890
Vontobel Financial Product 14.000 1/2/2019 EUR 66.860
Vontobel Financial Product 10.500 9/28/2018 EUR 71.000
Commerzbank AG 14.500 9/28/2018 EUR 66.560
Vontobel Financial Product 4.300 12/14/2018 EUR 58.870
HSBC Trinkaus & Burkhardt 4.500 9/28/2018 EUR 39.750
HSBC Trinkaus & Burkhardt 6.500 9/28/2018 EUR 69.160
HSBC Trinkaus & Burkhardt 5.800 12/28/2018 EUR 72.330
Commerzbank AG 6.500 6/22/2018 EUR 63.750
Commerzbank AG 3.000 9/28/2018 EUR 48.280
Vontobel Financial Product 13.550 6/22/2018 EUR 65.910
Vontobel Financial Product 7.000 8/24/2018 EUR 69.790
Vontobel Financial Product 8.500 1/2/2019 EUR 71.780
Leonteq Securities AG/Guer 13.200 1/16/2019 CHF 66.490
BNP Paribas Emissions- und 6.000 3/21/2019 EUR 74.280
BNP Paribas Emissions- und 5.000 6/27/2019 EUR 66.910
Commerzbank AG 5.750 8/24/2018 EUR 38.580
Commerzbank AG 8.750 9/28/2018 EUR 35.610
Commerzbank AG 4.500 7/27/2018 EUR 41.050
Commerzbank AG 6.500 7/27/2018 EUR 37.570
Commerzbank AG 10.250 10/26/2018 EUR 69.620
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 72.310
Commerzbank AG 14.000 9/28/2018 EUR 73.970
Commerzbank AG 14.500 7/27/2018 EUR 71.360
DZ Bank AG Deutsche Zentra 11.000 2/20/2019 EUR 67.340
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 62.300
HSBC Trinkaus & Burkhardt 4.000 6/28/2019 EUR 67.010
Vontobel Financial Product 10.500 1/2/2019 EUR 68.410
Vontobel Financial Product 12.000 1/2/2019 EUR 67.180
Vontobel Financial Product 15.000 1/2/2019 EUR 65.050
Vontobel Financial Product 8.500 1/2/2019 EUR 71.780
Commerzbank AG 11.500 9/28/2018 EUR 66.200
Commerzbank AG 12.750 8/24/2018 EUR 66.850
Commerzbank AG 8.500 11/23/2018 EUR 72.050
Raiffeisen Schweiz Genosse 10.000 10/16/2018 CHF 57.330
Vontobel Financial Product 8.000 9/28/2018 EUR 41.740
DZ Bank AG Deutsche Zentra 4.500 12/28/2018 EUR 70.910
Bank Julius Baer & Co Ltd/ 12.750 4/23/2019 USD 69.650
Bank Julius Baer & Co Ltd/ 14.100 1/24/2019 USD 68.300
Vontobel Financial Product 14.500 1/2/2019 EUR 72.360
Commerzbank AG 15.000 8/24/2018 EUR 67.790
BNP Paribas Emissions- und 7.000 3/21/2019 EUR 72.440
Commerzbank AG 3.750 8/24/2018 EUR 43.010
Commerzbank AG 11.750 8/24/2018 EUR 33.460
Commerzbank AG 4.750 9/28/2018 EUR 40.180
Vontobel Financial Product 7.750 3/8/2019 EUR 68.300
HSBC Trinkaus & Burkhardt 8.500 9/28/2018 EUR 70.950
HSBC Trinkaus & Burkhardt 9.000 3/22/2019 EUR 72.240
HSBC Trinkaus & Burkhardt 11.900 12/28/2018 EUR 68.480
Vontobel Financial Product 8.550 9/28/2018 EUR 69.790
Vontobel Financial Product 14.000 9/28/2018 EUR 64.620
Vontobel Financial Product 11.000 9/28/2018 EUR 68.080
Vontobel Financial Product 7.500 6/28/2019 EUR 73.560
Vontobel Financial Product 7.550 1/2/2019 EUR 73.700
Vontobel Financial Product 11.000 6/28/2019 EUR 69.210
Vontobel Financial Product 4.000 9/28/2018 EUR 47.310
BNP Paribas Emissions- und 3.000 6/27/2019 EUR 70.190
Commerzbank AG 8.000 2/22/2019 EUR 72.170
Commerzbank AG 10.500 7/27/2018 EUR 33.870
Commerzbank AG 8.500 10/26/2018 EUR 36.210
Commerzbank AG 7.750 8/24/2018 EUR 44.010
BNP Paribas Emissions- und 19.000 8/23/2018 EUR 61.100
Raiffeisen Centrobank AG 9.940 12/27/2019 EUR 72.550
Raiffeisen Centrobank AG 8.395 12/27/2019 EUR 72.650
Vontobel Financial Product 7.000 9/28/2018 EUR 62.540
Vontobel Financial Product 12.000 6/22/2018 EUR 63.560
Vontobel Financial Product 7.550 1/2/2019 EUR 69.390
Vontobel Financial Product 9.500 1/2/2019 EUR 63.840
Vontobel Financial Product 16.550 9/28/2018 EUR 65.470
BNP Paribas Emissions- und 13.000 10/25/2018 EUR 72.700
HSBC Trinkaus & Burkhardt 10.500 3/22/2019 EUR 70.790
HSBC Trinkaus & Burkhardt 6.400 3/22/2019 EUR 63.110
HSBC Trinkaus & Burkhardt 2.000 11/23/2018 EUR 72.320
HSBC Trinkaus & Burkhardt 3.500 2/23/2019 EUR 67.540
HSBC Trinkaus & Burkhardt 9.700 12/28/2018 EUR 73.890
HSBC Trinkaus & Burkhardt 5.600 3/22/2019 EUR 67.280
HSBC Trinkaus & Burkhardt 4.000 6/28/2019 EUR 70.010
HSBC Trinkaus & Burkhardt 3.300 10/26/2018 EUR 69.630
HSBC Trinkaus & Burkhardt 3.300 11/23/2018 EUR 69.680
Vontobel Financial Product 12.100 3/8/2019 EUR 64.020
Vontobel Financial Product 5.800 3/8/2019 EUR 71.250
Vontobel Financial Product 6.550 1/2/2019 EUR 70.990
Vontobel Financial Product 8.750 9/28/2018 EUR 65.170
Vontobel Financial Product 8.500 6/22/2018 EUR 73.470
Vontobel Financial Product 10.000 6/22/2018 EUR 70.710
Vontobel Financial Product 9.500 1/2/2019 EUR 70.030
Vontobel Financial Product 13.500 1/2/2019 EUR 66.060
Commerzbank AG 9.750 1/2/2019 EUR 67.880
Commerzbank AG 13.750 8/24/2018 EUR 66.110
BNP Paribas Emissions- und 5.000 3/21/2019 EUR 76.460
BNP Paribas Emissions- und 7.000 3/21/2019 EUR 72.240
BNP Paribas Emissions- und 8.500 3/21/2019 EUR 70.750
Commerzbank AG 7.750 8/24/2018 EUR 36.190
Commerzbank AG 9.750 8/24/2018 EUR 34.660
Commerzbank AG 6.750 9/28/2018 EUR 37.250
DZ Bank AG Deutsche Zentra 9.750 2/20/2019 EUR 67.510
Commerzbank AG 10.750 11/23/2018 EUR 69.420
Commerzbank AG 11.250 10/26/2018 EUR 68.680
Commerzbank AG 15.000 8/24/2018 EUR 73.400
Vontobel Financial Product 6.850 3/8/2019 EUR 70.520
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 68.060
HSBC Trinkaus & Burkhardt 5.500 12/28/2018 EUR 68.770
HSBC Trinkaus & Burkhardt 8.000 12/28/2018 EUR 38.760
Vontobel Financial Product 8.050 9/21/2018 EUR 54.370
Vontobel Financial Product 5.750 3/8/2019 EUR 63.880
HSBC Trinkaus & Burkhardt 6.800 6/22/2018 EUR 69.480
HSBC Trinkaus & Burkhardt 6.800 6/22/2018 EUR 69.410
BNP Paribas Emissions- und 17.000 8/23/2018 EUR 71.210
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 72.320
Vontobel Financial Product 14.000 9/28/2018 EUR 67.060
Vontobel Financial Product 10.500 9/28/2018 EUR 61.650
Vontobel Financial Product 10.000 1/2/2019 EUR 70.740
Vontobel Financial Product 11.500 1/2/2019 EUR 69.150
Vontobel Financial Product 15.550 1/2/2019 EUR 66.960
HSBC Trinkaus & Burkhardt 7.800 3/22/2019 EUR 61.950
HSBC Trinkaus & Burkhardt 2.400 6/28/2019 EUR 70.790
HSBC Trinkaus & Burkhardt 3.400 11/23/2018 EUR 67.010
HSBC Trinkaus & Burkhardt 2.000 1/25/2019 EUR 72.440
HSBC Trinkaus & Burkhardt 2.000 2/23/2019 EUR 72.390
HSBC Trinkaus & Burkhardt 5.400 12/28/2018 EUR 67.280
HSBC Trinkaus & Burkhardt 3.600 2/23/2019 EUR 70.190
Vontobel Financial Product 11.050 12/14/2018 EUR 66.190
Vontobel Financial Product 4.750 12/21/2018 EUR 72.110
Vontobel Financial Product 8.500 3/22/2019 EUR 66.920
Vontobel Financial Product 7.000 9/28/2018 EUR 71.880
Vontobel Financial Product 10.050 9/28/2018 EUR 67.840
Vontobel Financial Product 12.000 9/28/2018 EUR 66.160
Vontobel Financial Product 16.000 9/28/2018 EUR 63.210
Vontobel Financial Product 12.500 9/28/2018 EUR 66.290
Vontobel Financial Product 11.500 1/2/2019 EUR 73.160
Vontobel Financial Product 10.000 3/22/2019 EUR 73.220
Vontobel Financial Product 10.000 6/28/2019 EUR 73.450
Vontobel Financial Product 8.500 9/28/2018 EUR 72.270
Vontobel Financial Product 10.000 9/28/2018 EUR 70.160
Vontobel Financial Product 11.550 6/22/2018 EUR 68.250
Vontobel Financial Product 9.000 6/28/2019 EUR 70.930
Vontobel Financial Product 11.000 1/2/2019 EUR 68.670
Leonteq Securities AG/Guer 7.000 4/16/2020 CHF 68.800
Commerzbank AG 11.000 10/26/2018 EUR 66.700
Commerzbank AG 12.500 11/23/2018 EUR 67.960
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 70.500
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 63.780
HSBC Trinkaus & Burkhardt 9.800 9/28/2018 EUR 69.980
Commerzbank AG 12.500 7/27/2018 EUR 32.640
Commerzbank AG 10.750 9/28/2018 EUR 34.460
Commerzbank AG 4.500 10/26/2018 EUR 41.250
Commerzbank AG 6.500 10/26/2018 EUR 37.920
Commerzbank AG 10.500 10/26/2018 EUR 35.040
Commerzbank AG 8.750 10/26/2018 EUR 72.950
Commerzbank AG 15.750 7/27/2018 EUR 66.030
Vontobel Financial Product 9.000 1/25/2019 EUR 66.060
DZ Bank AG Deutsche Zentra 8.500 9/24/2018 EUR 60.450
EFG International Finance 10.400 2/7/2019 EUR 73.880
Vontobel Financial Product 17.000 1/2/2019 EUR 63.960
Vontobel Financial Product 14.550 9/28/2018 EUR 66.250
Vontobel Financial Product 11.000 1/2/2019 EUR 70.340
UBS AG/London 16.000 8/30/2018 CHF 21.950
UBS AG/London 6.000 8/30/2019 CHF 56.550
Zurcher Kantonalbank Finan 11.000 2/1/2019 EUR 71.400
Vontobel Financial Product 10.350 3/8/2019 EUR 60.510
Commerzbank AG 12.500 1/2/2019 EUR 69.140
Bank Julius Baer & Co Ltd/ 14.400 1/24/2019 USD 68.700
Commerzbank AG 5.500 9/28/2018 EUR 62.920
HSBC Trinkaus & Burkhardt 12.300 6/22/2018 EUR 41.770
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 40.630
HSBC Trinkaus & Burkhardt 3.900 9/28/2018 EUR 52.660
HSBC Trinkaus & Burkhardt 10.100 12/28/2018 EUR 42.850
Raiffeisen Schweiz Genosse 9.100 3/8/2019 CHF 59.380
Leonteq Securities AG/Guer 10.600 1/16/2019 EUR 72.010
Commerzbank AG 12.750 8/24/2018 EUR 65.020
Commerzbank AG 9.500 11/23/2018 EUR 70.800
Vontobel Financial Product 5.500 9/28/2018 EUR 44.820
BNP Paribas Emissions- und 3.500 9/26/2019 EUR 68.430
Commerzbank AG 7.000 11/23/2018 EUR 73.010
Commerzbank AG 8.500 7/27/2018 EUR 35.370
Commerzbank AG 12.000 9/28/2018 EUR 67.680
Commerzbank AG 15.750 7/27/2018 EUR 72.860
Vontobel Financial Product 9.200 12/14/2018 EUR 71.040
Vontobel Financial Product 11.600 12/14/2018 EUR 71.900
Vontobel Financial Product 15.550 1/2/2019 EUR 65.360
Vontobel Financial Product 12.550 9/28/2018 EUR 68.530
Vontobel Financial Product 12.500 1/2/2019 EUR 68.520
Vontobel Financial Product 3.950 3/8/2019 EUR 63.940
DZ Bank AG Deutsche Zentra 6.250 6/22/2018 EUR 53.150
DZ Bank AG Deutsche Zentra 6.250 6/22/2018 EUR 74.210
Vontobel Financial Product 5.500 6/22/2018 EUR 48.160
Commerzbank AG 7.000 8/24/2018 EUR 61.420
Commerzbank AG 8.000 9/28/2018 EUR 67.850
Commerzbank AG 6.500 1/2/2019 EUR 69.140
Commerzbank AG 4.000 7/27/2018 EUR 68.160
Commerzbank AG 3.750 10/26/2018 EUR 69.600
Commerzbank AG 12.250 7/27/2018 EUR 65.400
Leonteq Securities AG/Guer 11.000 9/12/2018 USD 48.580
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 44.420
Vontobel Financial Product 9.000 8/24/2018 EUR 61.850
EFG International Finance 10.400 1/24/2019 EUR 72.550
Vontobel Financial Product 7.550 1/2/2019 EUR 73.190
Vontobel Financial Product 9.500 6/22/2018 EUR 61.940
Vontobel Financial Product 10.000 6/22/2018 EUR 59.710
Vontobel Financial Product 7.500 6/22/2018 EUR 73.200
UniCredit Bank AG 10.400 6/22/2018 EUR 50.590
UniCredit Bank AG 8.100 6/22/2018 EUR 54.760
UniCredit Bank AG 6.500 6/22/2018 EUR 51.280
UniCredit Bank AG 7.700 6/22/2018 EUR 48.100
UniCredit Bank AG 12.000 6/22/2018 EUR 40.590
HSBC Trinkaus & Burkhardt 8.900 1/25/2019 EUR 65.650
Vontobel Financial Product 10.550 6/22/2018 EUR 64.670
HSBC Trinkaus & Burkhardt 13.100 1/25/2019 EUR 71.140
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 57.800
HSBC Trinkaus & Burkhardt 5.400 6/22/2018 EUR 74.740
HSBC Trinkaus & Burkhardt 11.900 1/25/2019 EUR 63.880
Commerzbank AG 7.500 11/23/2018 EUR 65.680
Vontobel Financial Product 2.500 1/29/2019 EUR 66.950
Commerzbank AG 13.000 7/27/2018 EUR 73.980
Commerzbank AG 15.500 1/2/2019 EUR 59.330
Commerzbank AG 12.500 7/27/2018 EUR 60.730
Commerzbank AG 10.500 1/2/2019 EUR 65.020
Vontobel Financial Product 11.000 6/22/2018 EUR 54.380
UBS AG/London 9.300 9/27/2018 EUR 71.210
Deutsche Bank AG 10.000 9/25/2018 EUR 74.900
Deutsche Bank AG 10.000 12/27/2018 EUR 66.700
Landesbank Baden-Wuerttemb 4.500 1/4/2019 EUR 73.870
UniCredit Bank AG 10.800 6/22/2018 EUR 74.320
Vontobel Financial Product 8.500 6/22/2018 EUR 62.330
UniCredit Bank AG 13.900 6/22/2018 EUR 72.990
UniCredit Bank AG 13.600 6/22/2018 EUR 38.600
UniCredit Bank AG 9.100 6/22/2018 EUR 45.300
HSBC Trinkaus & Burkhardt 4.300 8/24/2018 EUR 69.510
HSBC Trinkaus & Burkhardt 12.600 1/25/2019 EUR 63.410
DZ Bank AG Deutsche Zentra 6.100 9/24/2018 EUR 63.590
DZ Bank AG Deutsche Zentra 7.900 9/24/2018 EUR 60.260
Vontobel Financial Product 8.500 6/22/2018 EUR 67.470
HSBC Trinkaus & Burkhardt 10.500 9/28/2018 EUR 74.220
Vontobel Financial Product 6.500 6/22/2018 EUR 70.470
HSBC Trinkaus & Burkhardt 14.700 1/25/2019 EUR 62.830
HSBC Trinkaus & Burkhardt 7.100 1/25/2019 EUR 71.650
HSBC Trinkaus & Burkhardt 17.800 6/22/2018 EUR 61.750
Vontobel Financial Product 9.000 9/28/2018 EUR 74.970
Vontobel Financial Product 13.000 6/22/2018 EUR 73.530
Leonteq Securities AG/Guer 11.200 5/8/2019 CHF 69.090
HSBC Trinkaus & Burkhardt 6.200 6/22/2018 EUR 72.000
HSBC Trinkaus & Burkhardt 4.600 3/22/2019 EUR 69.170
HSBC Trinkaus & Burkhardt 4.200 1/25/2019 EUR 70.770
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 67.070
Commerzbank AG 11.500 7/27/2018 EUR 37.080
HSBC Trinkaus & Burkhardt 12.900 1/25/2019 EUR 73.010
HSBC Trinkaus & Burkhardt 11.100 1/25/2019 EUR 65.750
HSBC Trinkaus & Burkhardt 13.100 9/28/2018 EUR 61.410
Commerzbank AG 6.000 7/27/2018 EUR 63.210
Vontobel Financial Product 10.000 9/28/2018 EUR 73.400
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR 64.850
Vontobel Financial Product 7.000 6/22/2018 EUR 66.120
Commerzbank AG 5.000 1/2/2019 EUR 62.850
Commerzbank AG 10.500 8/24/2018 EUR 68.290
Commerzbank AG 10.750 9/28/2018 EUR 67.440
DZ Bank AG Deutsche Zentra 7.500 1/2/2019 EUR 65.080
Bank Julius Baer & Co Ltd/ 10.200 11/15/2018 CHF 57.850
UniCredit Bank AG 9.400 6/22/2018 EUR 66.040
UniCredit Bank AG 11.400 6/22/2018 EUR 62.940
HSBC Trinkaus & Burkhardt 6.200 9/28/2018 EUR 67.400
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 68.020
Commerzbank AG 5.750 10/26/2018 EUR 67.520
Commerzbank AG 10.000 7/27/2018 EUR 73.470
Commerzbank AG 12.750 10/26/2018 EUR 71.360
Leonteq Securities AG/Guer 11.000 2/18/2019 CHF 73.820
Vontobel Financial Product 7.000 6/22/2018 EUR 54.210
Vontobel Financial Product 10.500 6/22/2018 EUR 62.650
Vontobel Financial Product 9.500 6/22/2018 EUR 54.090
DZ Bank AG Deutsche Zentra 5.000 6/22/2018 EUR 1.630
UBS AG/London 3.200 9/27/2018 EUR 73.740
UBS AG/London 5.600 1/3/2019 EUR 70.600
Vontobel Financial Product 6.000 6/22/2018 EUR 70.740
UBS AG/London 7.100 3/28/2019 EUR 64.690
UBS AG/London 7.300 1/3/2019 EUR 67.190
UBS AG/London 5.000 3/28/2019 EUR 71.140
Vontobel Financial Product 12.000 6/22/2018 EUR 56.220
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 69.710
Vontobel Financial Product 5.000 9/28/2018 EUR 68.660
Vontobel Financial Product 6.000 6/22/2018 EUR 65.680
Vontobel Financial Product 4.000 9/28/2018 EUR 70.370
Vontobel Financial Product 6.500 6/22/2018 EUR 75.000
UniCredit Bank AG 4.400 6/22/2018 EUR 65.650
UniCredit Bank AG 13.600 6/22/2018 EUR 60.120
UniCredit Bank AG 10.500 6/22/2018 EUR 42.810
UniCredit Bank AG 7.500 6/22/2018 EUR 69.480
HSBC Trinkaus & Burkhardt 9.300 12/28/2018 EUR 65.210
Vontobel Financial Product 4.500 6/22/2018 EUR 73.810
HSBC Trinkaus & Burkhardt 7.300 12/28/2018 EUR 66.600
HSBC Trinkaus & Burkhardt 5.100 12/28/2018 EUR 68.850
Vontobel Financial Product 11.000 6/22/2018 EUR 62.250
Vontobel Financial Product 2.000 6/22/2018 EUR 53.830
Vontobel Financial Product 5.500 6/22/2018 EUR 68.580
BNP Paribas Emissions- und 7.000 1/24/2019 EUR 67.040
Vontobel Financial Product 7.500 9/28/2018 EUR 68.560
Landesbank Baden-Wuerttemb 4.500 11/23/2018 EUR 69.430
Deutsche Bank AG 10.000 12/27/2018 EUR 57.700
Raiffeisen Centrobank AG 9.304 9/25/2018 EUR 70.960
Vontobel Financial Product 8.500 9/28/2018 EUR 62.680
Commerzbank AG 12.750 9/28/2018 EUR 72.400
Vontobel Financial Product 7.000 9/28/2018 EUR 74.200
Vontobel Financial Product 4.000 6/22/2018 EUR 69.420
Vontobel Financial Product 5.000 6/22/2018 EUR 67.500
UniCredit Bank AG 3.200 6/22/2018 EUR 72.920
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 74.970
UniCredit Bank AG 4.200 6/22/2018 EUR 59.130
UniCredit Bank AG 5.800 6/22/2018 EUR 73.300
UniCredit Bank AG 5.300 6/22/2018 EUR 54.930
HSBC Trinkaus & Burkhardt 3.200 9/28/2018 EUR 72.740
HSBC Trinkaus & Burkhardt 4.300 10/26/2018 EUR 70.090
DZ Bank AG Deutsche Zentra 8.250 9/24/2018 EUR 58.570
DZ Bank AG Deutsche Zentra 6.750 9/24/2018 EUR 58.220
HSBC Trinkaus & Burkhardt 7.000 1/25/2019 EUR 66.900
Deutsche Bank AG 6.200 7/25/2018 EUR 63.700
Deutsche Bank AG 6.200 8/22/2018 EUR 66.300
Deutsche Bank AG 6.200 10/24/2018 EUR 69.600
Deutsche Bank AG 6.200 10/24/2018 EUR 63.100
Deutsche Bank AG 2.700 9/25/2018 EUR 68.300
Deutsche Bank AG 2.700 12/27/2018 EUR 68.700
Deutsche Bank AG 2.700 12/27/2018 EUR 60.500
UBS AG/London 9.300 1/3/2019 EUR 64.300
Vontobel Financial Product 5.000 6/22/2018 EUR 73.450
Vontobel Financial Product 6.500 6/22/2018 EUR 68.220
EFG International Finance 8.400 8/23/2018 USD 55.130
Vontobel Financial Product 7.500 6/22/2018 EUR 65.870
Vontobel Financial Product 8.500 6/22/2018 EUR 64.000
Commerzbank AG 23.500 8/24/2018 EUR 57.060
Vontobel Financial Product 6.550 9/28/2018 EUR 65.420
UniCredit Bank AG 6.100 6/22/2018 EUR 59.700
UniCredit Bank AG 14.200 6/22/2018 EUR 70.310
UniCredit Bank AG 13.100 6/22/2018 EUR 47.030
Vontobel Financial Product 7.500 8/24/2018 EUR 68.260
HSBC Trinkaus & Burkhardt 11.800 6/22/2018 EUR 40.670
HSBC Trinkaus & Burkhardt 6.300 6/22/2018 EUR 51.400
HSBC Trinkaus & Burkhardt 9.800 6/22/2018 EUR 69.610
Raiffeisen Schweiz Genosse 6.000 5/9/2019 CHF 74.720
Commerzbank AG 25.000 7/27/2018 EUR 56.290
Deutsche Bank AG 5.500 9/25/2018 EUR 69.000
Deutsche Bank AG 5.500 9/25/2018 EUR 64.500
DZ Bank AG Deutsche Zentra 6.900 9/24/2018 EUR 67.640
UniCredit Bank AG 14.300 6/22/2018 EUR 55.780
Vontobel Financial Product 12.000 6/22/2018 EUR 74.930
Deutsche Bank AG 6.200 10/24/2018 EUR 69.100
Commerzbank AG 16.000 7/27/2018 EUR 70.060
Commerzbank AG 13.750 9/28/2018 EUR 72.400
Commerzbank AG 5.250 11/23/2018 EUR 69.890
Deutsche Bank AG 5.500 12/27/2018 EUR 70.700
Deutsche Bank AG 6.200 8/22/2018 EUR 62.100
Deutsche Bank AG 6.200 10/24/2018 EUR 61.200
Vontobel Financial Product 14.000 6/22/2018 EUR 56.360
Vontobel Financial Product 11.000 6/22/2018 EUR 63.300
Commerzbank AG 8.750 7/27/2018 EUR 68.630
Commerzbank AG 10.750 7/27/2018 EUR 63.050
Commerzbank AG 11.750 7/27/2018 EUR 61.460
Commerzbank AG 3.750 7/27/2018 EUR 60.570
Commerzbank AG 5.750 7/27/2018 EUR 50.920
Vontobel Financial Product 10.500 7/27/2018 EUR 60.130
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 62.570
Goldman Sachs & Co Wertpap 21.000 7/25/2018 EUR 65.290
Goldman Sachs & Co Wertpap 16.000 12/28/2018 EUR 71.500
Goldman Sachs & Co Wertpap 19.000 7/25/2018 EUR 70.060
Goldman Sachs & Co Wertpap 25.000 7/25/2018 EUR 64.730
Goldman Sachs & Co Wertpap 18.000 8/22/2018 EUR 71.250
Goldman Sachs & Co Wertpap 24.000 8/22/2018 EUR 66.430
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 70.710
Goldman Sachs & Co Wertpap 19.000 8/22/2018 EUR 72.210
Leonteq Securities AG/Guer 11.000 11/26/2018 EUR 60.890
Vontobel Financial Product 12.700 9/14/2018 EUR 60.160
DZ Bank AG Deutsche Zentra 5.600 6/22/2018 EUR 65.960
Commerzbank AG 11.250 10/26/2018 EUR 70.340
Bank Julius Baer & Co Ltd/ 7.000 8/3/2018 CHF 50.350
Deutsche Bank AG 4.200 9/25/2018 EUR 56.800
Deutsche Bank AG 4.200 9/25/2018 EUR 53.700
Vontobel Financial Product 12.950 9/21/2018 EUR 68.940
DZ Bank AG Deutsche Zentra 7.500 6/22/2018 EUR 71.140
DZ Bank AG Deutsche Zentra 6.700 6/22/2018 EUR 62.910
Vontobel Financial Product 12.000 12/14/2018 EUR 70.450
DZ Bank AG Deutsche Zentra 4.600 6/22/2018 EUR 65.330
Vontobel Financial Product 9.500 1/2/2019 EUR 62.140
Bank Julius Baer & Co Ltd/ 10.200 2/19/2019 USD 66.350
Commerzbank AG 10.000 11/23/2018 EUR 71.950
Vontobel Financial Product 8.500 6/22/2018 EUR 73.050
UniCredit Bank AG 12.600 6/22/2018 EUR 70.820
UniCredit Bank AG 13.700 6/22/2018 EUR 69.190
UniCredit Bank AG 14.900 6/22/2018 EUR 70.910
UniCredit Bank AG 14.100 6/22/2018 EUR 72.250
UniCredit Bank AG 4.900 6/22/2018 EUR 70.720
UniCredit Bank AG 11.000 6/22/2018 EUR 58.900
UniCredit Bank AG 14.400 6/22/2018 EUR 68.880
UniCredit Bank AG 14.500 6/22/2018 EUR 54.250
UniCredit Bank AG 4.800 6/22/2018 EUR 56.950
UniCredit Bank AG 12.200 6/22/2018 EUR 41.700
UniCredit Bank AG 7.600 6/22/2018 EUR 67.700
UniCredit Bank AG 5.600 6/22/2018 EUR 62.540
UniCredit Bank AG 13.000 6/22/2018 EUR 70.380
UniCredit Bank AG 11.800 6/22/2018 EUR 71.850
UniCredit Bank AG 14.900 6/22/2018 EUR 69.360
UniCredit Bank AG 9.900 6/22/2018 EUR 52.600
Vontobel Financial Product 9.500 6/22/2018 EUR 73.830
HSBC Trinkaus & Burkhardt 12.300 9/28/2018 EUR 37.270
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 38.700
UBS AG/London 17.000 6/28/2018 EUR 53.700
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 71.860
Vontobel Financial Product 9.250 9/14/2018 EUR 74.520
HSBC Trinkaus & Burkhardt 9.600 9/28/2018 EUR 60.040
DZ Bank AG Deutsche Zentra 10.750 6/22/2018 EUR 64.700
First Mortgage Co Universa 6.500 12/12/2019 USD 25.044
Deutsche Bank AG 6.200 9/25/2018 EUR 60.800
Deutsche Bank AG 6.200 9/25/2018 EUR 57.300
Deutsche Bank AG 4.200 12/27/2018 EUR 61.300
Vontobel Financial Product 14.700 9/14/2018 EUR 74.380
Landesbank Baden-Wuerttemb 6.000 1/24/2020 EUR 70.890
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 48.210
Deutsche Bank AG 4.200 12/27/2018 EUR 54.700
Deutsche Bank AG 6.200 9/25/2018 EUR 54.200
Leonteq Securities AG/Guer 10.000 1/3/2020 CHF 71.920
Vontobel Financial Product 13.600 12/14/2018 EUR 60.380
DZ Bank AG Deutsche Zentra 7.700 6/22/2018 EUR 60.000
DZ Bank AG Deutsche Zentra 4.800 6/22/2018 EUR 71.900
HSBC Trinkaus & Burkhardt 6.200 12/28/2018 EUR 68.460
HSBC Trinkaus & Burkhardt 6.400 8/24/2018 EUR 66.520
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 49.620
HSBC Trinkaus & Burkhardt 9.000 8/24/2018 EUR 42.540
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 70.540
UBS AG/London 11.300 6/28/2018 EUR 60.240
HSBC Trinkaus & Burkhardt 2.800 6/22/2018 EUR 71.800
HSBC Trinkaus & Burkhardt 7.000 12/28/2018 EUR 66.730
Deutsche Bank AG 4.200 9/25/2018 EUR 62.800
Deutsche Bank AG 4.200 12/27/2018 EUR 60.700
Vontobel Financial Product 4.350 9/14/2018 EUR 61.280
HSBC Trinkaus & Burkhardt 6.400 9/28/2018 EUR 63.940
Vontobel Financial Product 13.300 9/14/2018 EUR 68.810
HSBC Trinkaus & Burkhardt 5.300 12/28/2018 EUR 72.660
HSBC Trinkaus & Burkhardt 9.500 6/22/2018 EUR 60.720
EFG International Finance 10.000 8/16/2018 EUR 68.120
Landesbank Baden-Wuerttemb 7.000 6/22/2018 EUR 60.150
EFG International Finance 8.000 5/26/2020 USD 60.510
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 64.890
Deutsche Bank AG 6.200 12/27/2018 EUR 58.800
Deutsche Bank AG 6.200 12/27/2018 EUR 62.300
Vontobel Financial Product 10.700 9/14/2018 EUR 67.110
DZ Bank AG Deutsche Zentra 8.600 6/22/2018 EUR 58.070
Vontobel Financial Product 10.750 12/14/2018 EUR 69.860
UniCredit Bank AG 13.300 6/22/2018 EUR 73.650
UniCredit Bank AG 6.000 6/22/2018 EUR 73.460
UniCredit Bank AG 8.200 6/22/2018 EUR 66.040
UniCredit Bank AG 13.400 6/22/2018 EUR 74.670
UniCredit Bank AG 14.300 6/22/2018 EUR 54.990
UniCredit Bank AG 9.900 6/22/2018 EUR 61.880
UniCredit Bank AG 7.400 6/22/2018 EUR 68.340
DZ Bank AG Deutsche Zentra 4.500 6/22/2018 EUR 74.600
UniCredit Bank AG 14.600 6/22/2018 EUR 74.970
UniCredit Bank AG 9.600 6/22/2018 EUR 75.000
UBS AG/London 6.300 3/28/2019 EUR 72.150
HSBC Trinkaus & Burkhardt 10.850 6/22/2018 EUR 57.370
HSBC Trinkaus & Burkhardt 4.200 12/28/2018 EUR 73.420
HSBC Trinkaus & Burkhardt 7.800 9/28/2018 EUR 75.030
Commerzbank AG 19.250 1/25/2019 EUR 71.490
DZ Bank AG Deutsche Zentra 9.500 9/26/2018 EUR 65.530
DZ Bank AG Deutsche Zentra 8.750 12/28/2018 EUR 69.850
UniCredit Bank AG 8.500 1/4/2019 EUR 72.630
UniCredit Bank AG 11.100 1/4/2019 EUR 74.530
UniCredit Bank AG 10.500 1/3/2020 EUR 71.450
UniCredit Bank AG 10.700 3/22/2019 EUR 69.170
UniCredit Bank AG 9.700 3/22/2019 EUR 75.690
UniCredit Bank AG 13.400 9/28/2018 EUR 72.210
UniCredit Bank AG 9.500 9/28/2018 EUR 70.890
UniCredit Bank AG 7.400 6/28/2019 EUR 73.140
UniCredit Bank AG 11.300 6/28/2019 EUR 69.920
BNP Paribas Emissions- und 18.000 12/31/2018 EUR 71.150
BNP Paribas Emissions- und 22.000 12/31/2018 EUR 68.410
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 70.710
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 70.910
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 69.840
BNP Paribas Emissions- und 23.000 9/27/2018 EUR 75.470
BNP Paribas Emissions- und 24.000 9/27/2018 EUR 68.670
BNP Paribas Emissions- und 28.000 9/27/2018 EUR 64.700
BNP Paribas Emissions- und 17.000 12/31/2018 EUR 72.050
Citigroup Global Markets F 13.600 1/25/2023 SEK 71.880
Commerzbank AG 15.750 2/22/2019 EUR 70.810
Commerzbank AG 17.750 2/22/2019 EUR 69.040
SG Issuer SA 11.350 3/26/2019 EUR 66.090
Commerzbank AG 11.000 2/22/2019 EUR 72.660
Vontobel Financial Product 4.500 3/22/2019 EUR 49.820
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 70.600
Vontobel Financial Product 10.000 3/22/2019 EUR 72.690
Vontobel Financial Product 11.000 1/2/2019 EUR 71.250
Vontobel Financial Product 13.000 1/2/2019 EUR 69.930
Vontobel Financial Product 15.050 1/2/2019 EUR 68.770
Vontobel Financial Product 13.000 3/22/2019 EUR 70.460
Vontobel Financial Product 11.550 6/28/2019 EUR 71.570
DZ Bank AG Deutsche Zentra 10.750 3/20/2019 EUR 70.530
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR 72.930
DZ Bank AG Deutsche Zentra 9.250 9/26/2018 EUR 69.640
HSBC Trinkaus & Burkhardt 9.300 6/22/2018 EUR 70.440
Vontobel Financial Product 8.000 6/22/2018 EUR 71.510
Vontobel Financial Product 9.000 6/22/2018 EUR 66.900
Vontobel Financial Product 10.500 6/22/2018 EUR 62.990
Vontobel Financial Product 12.000 6/22/2018 EUR 59.470
Raiffeisen Centrobank AG 11.137 12/25/2018 EUR 22.410
Raiffeisen Centrobank AG 6.216 12/25/2018 EUR 69.260
Raiffeisen Centrobank AG 7.252 12/25/2018 EUR 15.120
Raiffeisen Centrobank AG 8.029 12/25/2018 EUR 69.520
Raiffeisen Centrobank AG 2.321 12/28/2018 EUR 60.550
Raiffeisen Centrobank AG 4.126 12/28/2018 EUR 8.770
Raiffeisen Centrobank AG 9.324 12/25/2018 EUR 19.010
Raiffeisen Centrobank AG 3.868 12/28/2018 EUR 59.940
HSBC Trinkaus & Burkhardt 4.020 7/27/2018 EUR 69.930
HSBC Trinkaus & Burkhardt 5.000 8/24/2018 EUR 71.980
Landesbank Hessen-Thuering 4.350 2/24/2023 EUR 63.010
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 63.090
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 61.060
BNP Paribas Emissions- und 4.500 12/31/2018 EUR 71.580
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 69.890
Vontobel Financial Product 8.000 12/7/2018 EUR 69.700
HSBC Trinkaus & Burkhardt 9.100 6/22/2018 EUR 68.240
DekaBank Deutsche Girozent 3.000 11/30/2018 EUR 74.440
Landesbank Baden-Wuerttemb 9.000 7/27/2018 EUR 67.030
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 73.380
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 72.960
Landesbank Baden-Wuerttemb 5.000 7/27/2018 EUR 70.410
Vontobel Financial Product 14.500 6/22/2018 EUR 72.970
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 70.370
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 62.240
Vontobel Financial Product 10.500 6/22/2018 EUR 73.070
BNP Paribas Emissions- und 4.000 12/31/2018 EUR 60.930
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 61.960
EFG International Finance 8.500 2/27/2019 USD 50.210
Bank Julius Baer & Co Ltd/ 9.400 10/11/2018 USD 54.500
EFG International Finance 7.200 10/26/2020 USD 72.850
EFG International Finance 11.000 10/25/2018 CHF 40.960
Raiffeisen Centrobank AG 8.571 12/27/2019 EUR 20.570
Raiffeisen Centrobank AG 6.429 12/27/2019 EUR 16.020
UBS AG/London 12.500 10/11/2018 CHF 57.900
UBS AG/London 7.000 10/12/2018 USD 53.300
Raiffeisen Switzerland BV 11.400 4/12/2019 CHF 66.880
Leonteq Securities AG/Guer 12.000 1/23/2019 CHF 70.860
HSBC Trinkaus & Burkhardt 4.300 12/28/2018 EUR 44.830
HSBC Trinkaus & Burkhardt 3.100 12/28/2018 EUR 51.810
HSBC Trinkaus & Burkhardt 6.200 6/28/2019 EUR 43.140
HSBC Trinkaus & Burkhardt 4.400 6/28/2019 EUR 49.290
HSBC Trinkaus & Burkhardt 3.700 6/28/2019 EUR 55.090
HSBC Trinkaus & Burkhardt 9.300 6/22/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 6.900 6/22/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 9.200 9/28/2018 EUR 38.940
Raiffeisen Schweiz Genosse 10.000 10/23/2018 CHF 73.060
Credit Suisse AG/London 8.000 10/22/2018 USD 57.240
Bank Julius Baer & Co Ltd/ 9.250 10/12/2018 USD 54.900
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 45.390
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 38.290
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 37.140
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 44.010
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.890
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 64.910
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 63.390
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 70.160
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 63.250
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 72.150
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 73.100
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 68.710
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 67.050
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 71.810
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 66.470
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 62.320
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 58.860
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 73.170
BNP Paribas Emissions- und 14.000 12/31/2018 EUR 62.040
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 73.360
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 72.110
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 68.420
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 67.440
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 73.400
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 73.410
Commerzbank AG 3.000 7/27/2018 EUR 54.220
Commerzbank AG 17.750 7/27/2018 EUR 73.780
Commerzbank AG 16.750 8/24/2018 EUR 74.640
Zurcher Kantonalbank Finan 5.250 10/24/2018 CHF 60.490
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 60.850
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 60.830
DZ Bank AG Deutsche Zentra 6.500 9/28/2018 EUR 63.370
DZ Bank AG Deutsche Zentra 6.750 1/2/2019 EUR 69.230
DZ Bank AG Deutsche Zentra 7.300 10/24/2018 EUR 72.970
DZ Bank AG Deutsche Zentra 10.500 1/2/2019 EUR 72.490
DZ Bank AG Deutsche Zentra 5.500 10/26/2018 EUR 3.870
Credit Suisse AG/Nassau 8.000 10/25/2018 USD 66.260
UniCredit Bank AG 13.000 1/4/2019 EUR 73.960
UniCredit Bank AG 14.000 1/4/2019 EUR 73.170
UniCredit Bank AG 14.500 9/28/2018 EUR 62.910
UniCredit Bank AG 14.900 1/4/2019 EUR 65.490
UniCredit Bank AG 10.300 9/28/2018 EUR 69.450
UniCredit Bank AG 12.600 9/28/2018 EUR 66.560
UniCredit Bank AG 14.900 6/22/2018 EUR 74.240
UniCredit Bank AG 13.300 1/4/2019 EUR 72.280
UniCredit Bank AG 14.900 1/4/2019 EUR 72.350
UniCredit Bank AG 13.200 9/28/2018 EUR 71.950
UniCredit Bank AG 10.600 1/3/2020 EUR 72.230
UniCredit Bank AG 14.500 6/28/2019 EUR 65.860
UniCredit Bank AG 10.400 6/28/2019 EUR 71.500
UniCredit Bank AG 11.000 1/3/2020 EUR 75.340
UniCredit Bank AG 12.400 1/3/2020 EUR 74.580
UniCredit Bank AG 11.800 1/3/2020 EUR 67.540
UniCredit Bank AG 5.000 1/3/2020 EUR 10.550
UniCredit Bank AG 8.900 6/28/2019 EUR 74.850
UniCredit Bank AG 13.700 1/3/2020 EUR 68.670
UniCredit Bank AG 12.200 1/3/2020 EUR 71.900
UniCredit Bank AG 11.600 1/3/2020 EUR 48.070
UniCredit Bank AG 5.800 1/3/2020 EUR 51.760
UniCredit Bank AG 9.600 1/3/2020 EUR 72.240
UniCredit Bank AG 4.300 1/3/2020 EUR 55.010
UniCredit Bank AG 10.800 6/28/2019 EUR 73.010
UniCredit Bank AG 8.900 6/28/2019 EUR 72.230
UniCredit Bank AG 13.300 6/28/2019 EUR 70.160
UniCredit Bank AG 14.200 6/28/2019 EUR 63.480
UniCredit Bank AG 9.900 1/3/2020 EUR 48.250
UniCredit Bank AG 11.600 1/3/2020 EUR 70.560
UniCredit Bank AG 3.100 1/3/2020 EUR 59.960
UniCredit Bank AG 10.200 1/3/2020 EUR 69.430
UniCredit Bank AG 3.400 6/28/2019 EUR 59.770
UniCredit Bank AG 6.300 6/28/2019 EUR 49.670
UniCredit Bank AG 11.300 6/28/2019 EUR 44.620
UniCredit Bank AG 9.200 6/28/2019 EUR 45.930
UniCredit Bank AG 8.700 6/28/2019 EUR 75.060
UniCredit Bank AG 13.100 6/28/2019 EUR 71.760
UniCredit Bank AG 15.000 6/28/2019 EUR 70.560
UniCredit Bank AG 11.900 6/28/2019 EUR 65.560
UniCredit Bank AG 8.700 6/28/2019 EUR 70.530
UniCredit Bank AG 13.200 6/28/2019 EUR 15.390
Landesbank Baden-Wuerttemb 7.000 10/26/2018 EUR 72.430
Vontobel Financial Product 9.000 9/28/2018 EUR 38.860
Vontobel Financial Product 11.000 9/28/2018 EUR 37.540
Vontobel Financial Product 14.550 1/2/2019 EUR 72.390
Vontobel Financial Product 10.000 1/2/2019 EUR 70.290
Vontobel Financial Product 12.500 1/2/2019 EUR 67.440
Vontobel Financial Product 2.500 1/2/2019 EUR 50.750
Vontobel Financial Product 3.000 1/2/2019 EUR 47.940
Vontobel Financial Product 4.000 1/2/2019 EUR 45.440
Vontobel Financial Product 6.000 1/2/2019 EUR 42.770
Vontobel Financial Product 8.000 1/2/2019 EUR 40.680
Vontobel Financial Product 9.550 1/2/2019 EUR 39.650
Bank Julius Baer & Co Ltd/ 5.950 1/24/2019 CHF 71.450
Leonteq Securities AG/Guer 10.000 1/30/2019 CHF 58.920
Raiffeisen Schweiz Genosse 10.250 10/30/2018 CHF 57.080
Vontobel Financial Product 14.000 9/28/2018 EUR 71.090
Vontobel Financial Product 10.550 10/26/2018 EUR 70.090
Vontobel Financial Product 8.000 10/26/2018 EUR 70.290
Zurcher Kantonalbank Finan 8.000 10/31/2019 CHF 60.640
Bank Julius Baer & Co Ltd/ 10.000 10/24/2018 USD 57.900
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 62.820
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 59.360
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 65.680
Zurcher Kantonalbank Finan 4.500 11/2/2018 CHF 55.040
Credit Suisse AG/London 5.150 12/7/2018 EUR 73.520
Commerzbank AG 1.000 11/2/2020 USD #N/A N/A
UBS AG/London 7.300 6/22/2018 EUR 70.910
Leonteq Securities AG 9.000 3/27/2020 USD 56.900
HSBC Trinkaus & Burkhardt 8.000 6/22/2018 EUR 67.640
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 72.570
HSBC Trinkaus & Burkhardt 8.000 6/22/2018 EUR 37.650
HSBC Trinkaus & Burkhardt 5.700 6/22/2018 EUR 42.850
HSBC Trinkaus & Burkhardt 12.000 6/22/2018 EUR 62.240
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 70.650
HSBC Trinkaus & Burkhardt 7.700 6/22/2018 EUR 64.290
HSBC Trinkaus & Burkhardt 5.800 6/22/2018 EUR 67.860
HSBC Trinkaus & Burkhardt 5.200 6/22/2018 EUR 67.520
HSBC Trinkaus & Burkhardt 3.000 6/22/2018 EUR 74.220
HSBC Trinkaus & Burkhardt 11.700 6/22/2018 EUR 32.220
HSBC Trinkaus & Burkhardt 10.500 6/22/2018 EUR 33.600
Koncessii Teplosnabzheniya 9.250 4/6/2032 RUB 63.000
Vontobel Financial Product 11.500 6/22/2018 EUR 73.080
UniCredit Bank AG 5.200 5/4/2020 USD 54.020
Commerzbank AG 12.500 3/22/2019 EUR 69.640
Commerzbank AG 14.500 3/22/2019 EUR 67.530
Leonteq Securities AG/Guer 18.000 4/9/2019 USD 60.610
HSBC Trinkaus & Burkhardt 9.200 1/25/2019 EUR 70.280
Credit Suisse AG/London 11.900 3/31/2020 USD 10.130
Goldman Sachs & Co Wertpap 12.000 12/28/2018 EUR 72.990
Landesbank Hessen-Thuering 4.000 2/17/2021 EUR 67.340
DekaBank Deutsche Girozent 3.100 1/10/2020 EUR 65.530
Commerzbank AG 13.750 10/26/2018 EUR 67.380
Vontobel Financial Product 9.050 3/8/2019 EUR 71.040
Vontobel Financial Product 10.200 3/8/2019 EUR 59.480
EFG International Finance 7.400 9/13/2019 USD 60.910
Raiffeisen Schweiz Genosse 7.780 8/31/2018 USD 54.340
HSBC Trinkaus & Burkhardt 3.400 6/22/2018 EUR 57.060
HSBC Trinkaus & Burkhardt 8.700 12/28/2018 EUR 44.280
HSBC Trinkaus & Burkhardt 7.600 10/26/2018 EUR 44.850
Bank Julius Baer & Co Ltd/ 11.500 10/10/2018 USD 54.400
HSBC Trinkaus & Burkhardt 6.300 3/22/2019 EUR 65.390
HSBC Trinkaus & Burkhardt 2.400 6/28/2019 EUR 73.270
UBS AG/London 5.600 3/21/2019 EUR 71.610
UBS AG/London 5.900 1/3/2019 EUR 70.850
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 35.420
Leonteq Securities AG/Guer 10.200 10/24/2018 USD 52.660
Deutsche Bank AG 6.200 9/25/2018 EUR 74.100
UBS AG/London 6.300 9/26/2019 EUR 73.900
Commerzbank AG 14.000 6/22/2018 EUR 38.450
Deutsche Bank AG 4.200 9/25/2018 EUR 71.100
Deutsche Bank AG 3.200 9/25/2018 EUR 66.100
Deutsche Bank AG 3.200 12/27/2018 EUR 71.400
BNP Paribas Emissions- und 3.500 9/27/2018 EUR 73.760
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 34.390
Deutsche Bank AG 4.200 12/27/2018 EUR 67.300
UBS AG/London 7.800 3/28/2019 EUR 69.110
Goldman Sachs & Co Wertpap 19.000 7/25/2018 EUR 70.750
Vontobel Financial Product 14.550 6/22/2018 EUR 72.880
Deutsche Bank AG 3.200 12/27/2018 EUR 64.600
UBS AG/London 12.900 1/3/2019 EUR 66.230
UBS AG/London 5.900 3/28/2019 EUR 71.830
Deutsche Bank AG 4.200 9/25/2018 EUR 64.200
Commerzbank AG 5.000 12/21/2018 EUR 67.190
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 48.020
BNP Paribas Emissions- und 7.400 7/26/2018 EUR 58.640
UBS AG/London 6.400 6/27/2019 EUR 72.780
UBS AG/London 9.200 1/3/2019 EUR 68.490
Zurcher Kantonalbank Finan 7.500 7/6/2018 CHF 54.640
Commerzbank AG 11.250 11/23/2018 EUR 70.500
HSBC Trinkaus & Burkhardt 3.000 6/22/2018 EUR 66.500
HSBC Trinkaus & Burkhardt 12.200 9/28/2018 EUR 38.090
HSBC Trinkaus & Burkhardt 7.400 12/28/2018 EUR 71.280
HSBC Trinkaus & Burkhardt 5.600 9/28/2018 EUR 67.180
DekaBank Deutsche Girozent 3.000 6/27/2018 EUR 32.760
Raiffeisen Centrobank AG 7.930 12/27/2019 EUR 73.250
Goldman Sachs & Co Wertpap 17.000 9/26/2018 EUR 71.220
Deutsche Bank AG 4.200 12/27/2018 EUR 65.100
Deutsche Bank AG 4.200 12/27/2018 EUR 71.900
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 67.400
UBS AG/London 8.000 6/22/2018 EUR 64.210
Landesbank Baden-Wuerttemb 4.000 1/4/2019 EUR 74.500
Landesbank Baden-Wuerttemb 5.000 1/4/2019 EUR 71.260
UniCredit Bank AG 6.900 1/4/2019 EUR 74.000
Landesbank Baden-Wuerttemb 3.000 2/22/2019 EUR 73.220
Landesbank Baden-Wuerttemb 4.000 2/22/2019 EUR 69.990
Deutsche Bank AG 5.200 7/25/2018 EUR 68.100
Vontobel Financial Product 10.000 3/27/2019 EUR 71.010
Deutsche Bank AG 5.200 7/25/2018 EUR 73.900
Deutsche Bank AG 5.200 7/25/2018 EUR 67.600
UBS AG/London 7.700 6/22/2018 EUR 67.700
UniCredit Bank AG 8.400 1/4/2019 EUR 67.610
UniCredit Bank AG 7.700 1/4/2019 EUR 69.370
Vontobel Financial Product 6.000 9/28/2018 EUR 56.230
UBS AG/London 8.300 6/22/2018 EUR 32.270
HSBC Trinkaus & Burkhardt 5.000 6/22/2018 EUR 60.340
Bank J Safra Sarasin AG/Gu 12.100 7/6/2018 CHF 52.010
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 64.110
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 74.040
Raiffeisen Schweiz Genosse 8.800 7/3/2018 CHF 60.900
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 59.300
DZ Bank AG Deutsche Zentra 5.600 6/22/2018 EUR 68.410
HSBC Trinkaus & Burkhardt 6.500 12/28/2018 EUR 73.710
Raiffeisen Schweiz Genosse 10.000 10/3/2018 CHF 68.540
Vontobel Financial Product 5.500 6/22/2018 EUR 72.730
UBS AG/London 6.900 6/22/2018 EUR 59.040
UBS AG/London 10.100 6/22/2018 EUR 64.140
Vontobel Financial Product 8.000 6/22/2018 EUR 71.330
Vontobel Financial Product 9.500 6/22/2018 EUR 67.230
Vontobel Financial Product 12.500 6/22/2018 EUR 59.460
UniCredit Bank AG 10.800 6/22/2018 EUR 63.240
Vontobel Financial Product 8.000 8/24/2018 EUR 62.410
Vontobel Financial Product 6.500 9/28/2018 EUR 69.260
Vontobel Financial Product 10.500 6/22/2018 EUR 61.650
Vontobel Financial Product 5.500 7/27/2018 EUR 73.420
UniCredit Bank AG 7.300 1/4/2019 EUR 70.500
Vontobel Financial Product 9.550 1/2/2019 EUR 64.020
UniCredit Bank AG 8.400 1/4/2019 EUR 47.920
UniCredit Bank AG 10.500 1/4/2019 EUR 68.950
UniCredit Bank AG 11.800 1/4/2019 EUR 66.590
Goldman Sachs & Co Wertpap 10.000 3/20/2019 EUR 63.130
UniCredit Bank AG 9.400 6/22/2018 EUR 66.080
Landesbank Hessen-Thuering 3.300 7/13/2018 EUR 67.700
UniCredit Bank AG 8.100 6/22/2018 EUR 69.200
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 69.520
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 65.280
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 70.720
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 71.990
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 70.600
Vontobel Financial Product 6.000 9/28/2018 EUR 71.630
Vontobel Financial Product 7.500 9/28/2018 EUR 67.190
Vontobel Financial Product 7.000 7/27/2018 EUR 68.340
Vontobel Financial Product 9.000 7/27/2018 EUR 63.990
UniCredit Bank AG 6.800 1/4/2019 EUR 71.060
UniCredit Bank AG 10.100 1/4/2019 EUR 69.250
DZ Bank AG Deutsche Zentra 7.750 7/27/2018 EUR 42.390
Goldman Sachs & Co Wertpap 16.000 9/26/2018 EUR 70.910
Vontobel Financial Product 5.500 6/22/2018 EUR 73.470
UniCredit Bank AG 12.200 1/4/2019 EUR 60.720
UniCredit Bank AG 11.400 1/4/2019 EUR 61.860
UniCredit Bank AG 12.200 1/4/2019 EUR 65.550
DZ Bank AG Deutsche Zentra 8.250 9/28/2018 EUR 56.740
Vontobel Financial Product 14.500 6/22/2018 EUR 66.700
Vontobel Financial Product 10.500 9/28/2018 EUR 61.800
Vontobel Financial Product 11.500 7/27/2018 EUR 60.250
Vontobel Financial Product 6.500 6/22/2018 EUR 70.750
UniCredit Bank AG 9.000 1/4/2019 EUR 66.020
Goldman Sachs & Co Wertpap 6.000 12/28/2018 EUR 73.200
Goldman Sachs & Co Wertpap 7.000 3/20/2019 EUR 71.160
Bank Julius Baer & Co Ltd/ 9.400 7/27/2018 EUR 69.900
Landesbank Baden-Wuerttemb 7.000 6/28/2019 EUR 73.250
UniCredit Bank AG 8.200 1/4/2019 EUR 73.810
Vontobel Financial Product 8.500 9/28/2018 EUR 65.260
Vontobel Financial Product 11.500 9/28/2018 EUR 60.280
Vontobel Financial Product 12.500 9/28/2018 EUR 58.870
Vontobel Financial Product 9.500 6/22/2018 EUR 63.700
Vontobel Financial Product 13.500 6/22/2018 EUR 57.940
UniCredit Bank AG 8.600 1/4/2019 EUR 68.310
Vontobel Financial Product 8.000 1/2/2019 EUR 67.120
UniCredit Bank AG 6.000 1/4/2019 EUR 52.680
UniCredit Bank AG 8.400 1/4/2019 EUR 71.110
DZ Bank AG Deutsche Zentra 5.250 9/28/2018 EUR 68.320
UniCredit Bank AG 9.200 1/4/2019 EUR 71.420
UniCredit Bank AG 12.400 6/22/2018 EUR 60.640
UniCredit Bank AG 14.000 6/22/2018 EUR 58.250
Landesbank Baden-Wuerttemb 2.000 6/28/2019 EUR 72.840
Landesbank Baden-Wuerttemb 4.000 6/28/2019 EUR 66.250
UBS AG/London 9.400 6/22/2018 EUR 53.300
DZ Bank AG Deutsche Zentra 8.250 9/28/2018 EUR 54.900
Zurcher Kantonalbank Finan 3.000 7/22/2019 CHF 54.920
Deutsche Bank AG 7.200 12/27/2018 EUR 65.300
Deutsche Bank AG 5.200 9/25/2018 EUR 64.400
Deutsche Bank AG 5.200 7/25/2018 EUR 73.900
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 61.830
Commerzbank AG 17.250 8/24/2018 EUR 70.930
Deutsche Bank AG 5.200 9/25/2018 EUR 67.700
Deutsche Bank AG 5.200 12/27/2018 EUR 68.500
Commerzbank AG 14.250 8/24/2018 EUR 69.020
Commerzbank AG 10.750 9/28/2018 EUR 72.290
Commerzbank AG 13.000 11/23/2018 EUR 70.630
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 54.820
Commerzbank AG 16.250 8/24/2018 EUR 67.740
Commerzbank AG 14.750 9/28/2018 EUR 68.990
Vontobel Financial Product 9.000 6/22/2018 EUR 67.470
Vontobel Financial Product 3.000 1/2/2019 EUR 56.690
Vontobel Financial Product 4.000 6/22/2018 EUR 55.010
Vontobel Financial Product 9.500 6/22/2018 EUR 44.040
Vontobel Financial Product 14.500 6/22/2018 EUR 38.520
Zurcher Kantonalbank Finan 6.000 1/17/2019 USD 54.290
DZ Bank AG Deutsche Zentra 6.100 9/24/2018 EUR 61.590
Vontobel Financial Product 7.500 9/28/2018 EUR 68.380
Vontobel Financial Product 7.000 6/22/2018 EUR 70.520
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR 70.540
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 70.700
DZ Bank AG Deutsche Zentra 9.500 6/22/2018 EUR 41.360
DZ Bank AG Deutsche Zentra 6.250 9/24/2018 EUR 71.850
Vontobel Financial Product 10.500 9/28/2018 EUR 63.600
Zurcher Kantonalbank Finan 6.750 8/20/2018 USD 45.350
Leonteq Securities AG/Guer 7.000 6/19/2019 USD 52.170
Commerzbank AG 14.750 8/24/2018 EUR 69.910
Vontobel Financial Product 7.000 7/27/2018 EUR 59.680
Vontobel Financial Product 5.500 9/28/2018 EUR 47.700
Vontobel Financial Product 8.500 1/2/2019 EUR 44.070
Vontobel Financial Product 6.500 6/22/2018 EUR 48.140
Vontobel Financial Product 12.500 6/22/2018 EUR 40.530
Vontobel Financial Product 11.000 2/22/2019 EUR 74.020
DZ Bank AG Deutsche Zentra 10.250 6/22/2018 EUR 55.100
Commerzbank AG 12.750 9/28/2018 EUR 70.470
Commerzbank AG 11.750 10/26/2018 EUR 71.520
Commerzbank AG 11.000 11/23/2018 EUR 72.370
Commerzbank AG 12.250 8/24/2018 EUR 70.790
Commerzbank AG 13.750 10/26/2018 EUR 69.910
Vontobel Financial Product 9.000 6/22/2018 EUR 61.970
Vontobel Financial Product 13.500 6/22/2018 EUR 59.200
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 62.780
Vontobel Financial Product 5.500 1/2/2019 EUR 49.040
Vontobel Financial Product 15.500 1/2/2019 EUR 38.860
Vontobel Financial Product 2.500 6/22/2018 EUR 61.600
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 58.750
DZ Bank AG Deutsche Zentra 11.000 6/22/2018 EUR 63.730
Vontobel Financial Product 11.000 7/27/2018 EUR 58.130
Vontobel Financial Product 5.000 6/22/2018 EUR 51.340
Vontobel Financial Product 2.550 9/28/2018 EUR 56.000
DZ Bank AG Deutsche Zentra 6.750 7/27/2018 EUR 71.420
Vontobel Financial Product 9.000 9/28/2018 EUR 42.000
DZ Bank AG Deutsche Zentra 11.750 6/22/2018 EUR 73.530
DZ Bank AG Deutsche Zentra 11.000 7/27/2018 EUR 64.690
Commerzbank AG 7.500 6/22/2018 EUR 63.310
EFG International Finance 7.400 6/28/2019 USD 52.720
DZ Bank AG Deutsche Zentra 5.900 9/24/2018 EUR 68.980
Bank J Safra Sarasin AG/Gu 11.000 7/10/2018 CHF 72.010
UniCredit Bank AG 7.100 1/4/2019 EUR 50.050
HSBC Trinkaus & Burkhardt 13.100 12/28/2018 EUR 71.760
UniCredit Bank AG 10.000 1/4/2019 EUR 65.900
Vontobel Financial Product 10.000 6/22/2018 EUR 61.430
UniCredit Bank AG 8.400 1/4/2019 EUR 68.320
UniCredit Bank AG 5.300 1/4/2019 EUR 74.260
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 68.950
Vontobel Financial Product 8.000 8/7/2019 EUR 72.870
Landesbank Baden-Wuerttemb 4.500 1/4/2019 EUR 71.740
UniCredit Bank AG 10.900 1/4/2019 EUR 64.890
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 73.460
UBS AG/London 9.500 7/26/2018 EUR 59.350
UniCredit Bank AG 6.400 1/4/2019 EUR 73.350
UniCredit Bank AG 9.800 1/4/2019 EUR 64.480
UniCredit Bank AG 10.900 1/4/2019 EUR 64.050
UniCredit Bank AG 12.100 1/4/2019 EUR 73.720
UniCredit Bank AG 10.000 1/4/2019 EUR 63.280
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 65.740
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 61.860
Raiffeisen Centrobank AG 5.470 6/25/2019 EUR 71.010
HSBC Trinkaus & Burkhardt 16.800 9/28/2018 EUR 67.470
UniCredit Bank AG 10.800 1/4/2019 EUR 75.260
UniCredit Bank AG 9.200 1/4/2019 EUR 67.060
Vontobel Financial Product 11.000 6/22/2018 EUR 56.400
UniCredit Bank AG 7.200 1/4/2019 EUR 68.300
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 41.710
UniCredit Bank AG 11.200 1/4/2019 EUR 67.340
Raiffeisen Centrobank AG 8.329 6/25/2019 EUR 18.310
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 66.910
UniCredit Bank AG 7.300 1/4/2019 EUR 76.380
Vontobel Financial Product 9.500 9/28/2018 EUR 63.470
Vontobel Financial Product 8.500 6/22/2018 EUR 65.890
Vontobel Financial Product 13.000 1/2/2019 EUR 59.250
Vontobel Financial Product 6.500 1/2/2019 EUR 70.750
UniCredit Bank AG 11.500 1/4/2019 EUR 64.770
UniCredit Bank AG 10.600 1/4/2019 EUR 63.110
UniCredit Bank AG 11.600 1/4/2019 EUR 66.460
UniCredit Bank AG 6.000 1/4/2019 EUR 72.580
UniCredit Bank AG 11.800 1/4/2019 EUR 63.930
DZ Bank AG Deutsche Zentra 5.000 7/27/2018 EUR 64.630
DZ Bank AG Deutsche Zentra 5.250 7/27/2018 EUR 2.010
UniCredit Bank AG 10.000 1/4/2019 EUR 68.630
UniCredit Bank AG 4.900 1/4/2019 EUR 55.750
UniCredit Bank AG 9.800 1/4/2019 EUR 46.150
UniCredit Bank AG 7.500 1/4/2019 EUR 69.590
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.940
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 67.250
Raiffeisen Centrobank AG 6.837 6/25/2019 EUR 14.960
Raiffeisen Centrobank AG 8.826 6/25/2019 EUR 18.830
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 71.590
Commerzbank AG 18.250 9/28/2018 EUR 70.230
UniCredit Bank AG 7.000 1/4/2019 EUR 71.260
Landesbank Baden-Wuerttemb 7.500 1/4/2019 EUR 73.990
DZ Bank AG Deutsche Zentra 8.500 7/27/2018 EUR 67.890
UniCredit Bank AG 5.500 1/4/2019 EUR 70.980
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 65.930
Vontobel Financial Product 15.000 6/22/2018 EUR 66.970
Vontobel Financial Product 12.000 6/22/2018 EUR 59.680
Vontobel Financial Product 15.050 6/22/2018 EUR 56.250
Vontobel Financial Product 7.500 6/22/2018 EUR 68.230
Vontobel Financial Product 14.000 7/27/2018 EUR 56.970
UniCredit Bank AG 6.000 1/4/2019 EUR 72.950
UniCredit Bank AG 10.100 1/4/2019 EUR 66.460
Vontobel Financial Product 11.000 1/2/2019 EUR 61.300
DZ Bank AG Deutsche Zentra 6.000 9/28/2018 EUR 71.730
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 56.040
DZ Bank AG Deutsche Zentra 6.250 9/28/2018 EUR 64.170
UniCredit Bank AG 11.200 1/4/2019 EUR 44.620
Vontobel Financial Product 7.550 6/22/2018 EUR 57.720
DZ Bank AG Deutsche Zentra 5.000 7/27/2018 EUR 1.960
HSBC Trinkaus & Burkhardt 4.500 12/28/2018 EUR 59.910
HSBC Trinkaus & Burkhardt 4.500 12/28/2018 EUR 59.700
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 70.910
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 62.370
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 71.620
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 67.770
UBS AG/London 6.500 7/19/2018 EUR 72.300
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 65.240
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 42.070
Raiffeisen Centrobank AG 10.573 12/28/2018 EUR 68.860
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.790
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 68.750
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 36.500
Raiffeisen Centrobank AG 12.454 12/28/2018 EUR 66.600
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 70.970
HSBC Trinkaus & Burkhardt 7.300 6/22/2018 EUR 64.780
HSBC Trinkaus & Burkhardt 11.000 6/22/2018 EUR 60.770
HSBC Trinkaus & Burkhardt 7.900 12/28/2018 EUR 63.000
Vontobel Financial Product 6.500 1/2/2019 EUR 72.480
Bank Julius Baer & Co Ltd/ 6.450 7/13/2018 USD 59.500
Landesbank Baden-Wuerttemb 4.550 11/23/2018 EUR 63.660
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 69.840
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 65.030
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 68.530
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 69.660
DZ Bank AG Deutsche Zentra 5.200 9/28/2018 EUR 71.980
Vontobel Financial Product 9.500 9/28/2018 EUR 57.130
Vontobel Financial Product 4.500 6/22/2018 EUR 57.700
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 58.630
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.210
DZ Bank AG Deutsche Zentra 6.500 9/24/2018 EUR 58.090
HSBC Trinkaus & Burkhardt 6.200 12/28/2018 EUR 69.840
Leonteq Securities AG/Guer 18.000 2/4/2019 CHF 61.870
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 66.020
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 42.560
Landesbank Hessen-Thuering 5.000 2/11/2019 EUR 72.700
UBS AG/London 16.400 6/28/2018 EUR 56.820
Bank Julius Baer & Co Ltd/ 9.100 8/6/2018 USD 47.350
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 71.430
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 70.510
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 39.960
UBS AG/London 4.300 9/27/2018 EUR 70.550
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 68.610
HSBC Trinkaus & Burkhardt 8.900 6/22/2018 EUR 66.200
BNP Paribas Emissions- und 5.000 9/27/2018 EUR 70.190
Commerzbank AG 4.000 7/6/2018 EUR 29.980
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 69.510
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 71.620
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 66.460
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 66.430
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 61.580
HSBC Trinkaus & Burkhardt 8.300 6/22/2018 EUR 60.810
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 61.600
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 70.630
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 66.750
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 69.330
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 58.070
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 70.800
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 68.100
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 65.970
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 71.780
Vontobel Financial Product 10.500 7/27/2018 EUR 57.270
Vontobel Financial Product 9.750 9/14/2018 EUR 71.510
Landesbank Hessen-Thuering 2.250 7/13/2020 EUR 66.600
Vontobel Financial Product 10.350 9/14/2018 EUR 74.920
Vontobel Financial Product 6.750 9/14/2018 EUR 53.950
Credit Suisse AG/Nassau 7.000 9/24/2018 EUR 66.200
Vontobel Financial Product 7.050 1/2/2019 EUR 70.940
Vontobel Financial Product 8.000 9/28/2018 EUR 69.460
Vontobel Financial Product 9.000 9/28/2018 EUR 69.720
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 68.450
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 61.970
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 60.260
Vontobel Financial Product 4.850 9/14/2018 EUR 70.690
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 63.590
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 66.400
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 39.200
Deutsche Bank AG 5.200 9/25/2018 EUR 64.500
Deutsche Bank AG 5.200 9/25/2018 EUR 69.600
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 63.610
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 64.110
Deutsche Bank AG 5.200 9/25/2018 EUR 74.000
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 71.480
UBS AG/London 8.500 7/19/2018 CHF 57.250
Raiffeisen Centrobank AG 11.676 12/28/2018 EUR 67.880
Vontobel Financial Product 10.000 6/22/2018 EUR 72.530
Vontobel Financial Product 5.500 9/28/2018 EUR 68.820
Vontobel Financial Product 6.550 9/28/2018 EUR 69.090
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 63.660
Vontobel Financial Product 9.000 8/24/2018 EUR 69.920
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.130
Commerzbank AG 14.250 8/24/2018 EUR 73.660
Commerzbank AG 15.750 9/28/2018 EUR 72.510
Commerzbank AG 20.000 9/28/2018 EUR 67.100
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 66.930
Landesbank Baden-Wuerttemb 2.000 7/27/2018 EUR 71.600
DZ Bank AG Deutsche Zentra 9.000 6/22/2018 EUR 71.460
Vontobel Financial Product 6.450 9/14/2018 EUR 67.880
Commerzbank AG 15.000 10/26/2018 EUR 73.490
Credit Suisse AG/London 8.540 1/7/2020 USD 9.982
Deutsche Bank AG 7.200 9/25/2018 EUR 63.600
Deutsche Bank AG 5.200 9/25/2018 EUR 68.900
Vontobel Financial Product 6.550 9/28/2018 EUR 73.930
Commerzbank AG 10.000 3/2/2020 EUR 71.690
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 67.030
EFG International Finance 8.000 3/9/2020 USD 56.840
Vontobel Financial Product 7.500 6/22/2018 EUR 56.680
Vontobel Financial Product 9.500 6/22/2018 EUR 56.730
Vontobel Financial Product 6.000 7/27/2018 EUR 66.840
MultiBotSystems Investment 10.250 7/14/2023 RUB 100.050
Vontobel Financial Product 3.550 9/28/2018 EUR 73.140
Vontobel Financial Product 6.000 1/18/2019 EUR 60.370
Vontobel Financial Product 4.000 9/28/2018 EUR 55.720
Vontobel Financial Product 10.550 7/27/2018 EUR 62.920
Vontobel Financial Product 5.550 6/22/2018 EUR 56.670
Vontobel Financial Product 10.550 7/27/2018 EUR 40.570
UBS AG/London 6.000 9/27/2018 EUR 69.310
DekaBank Deutsche Girozent 3.000 6/21/2021 EUR 66.480
UBS AG/London 14.400 1/3/2019 EUR 65.100
Deutsche Bank AG 3.200 9/25/2018 EUR 68.400
Deutsche Bank AG 4.200 12/27/2018 EUR 69.500
Credit Suisse AG/London 7.000 10/9/2018 USD 74.050
Vontobel Financial Product 13.000 6/22/2018 EUR 56.350
Deutsche Bank AG 6.200 12/27/2018 EUR 69.000
Deutsche Bank AG 6.200 9/25/2018 EUR 73.000
Deutsche Bank AG 4.200 9/25/2018 EUR 66.300
Deutsche Bank AG 3.200 12/27/2018 EUR 69.000
HSBC Trinkaus & Burkhardt 10.700 9/28/2018 EUR 39.530
HSBC Trinkaus & Burkhardt 9.700 7/27/2018 EUR 39.640
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 66.700
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 69.940
Citigroup Global Markets F 7.000 6/16/2022 SEK 51.330
Bank Julius Baer & Co Ltd/ 5.600 7/6/2018 EUR 66.250
HSBC Trinkaus & Burkhardt 8.100 9/28/2018 EUR 43.170
HSBC Trinkaus & Burkhardt 10.300 9/28/2018 EUR 63.920
Deutsche Bank AG 5.200 9/25/2018 EUR 72.700
Goldman Sachs & Co Wertpap 18.000 7/25/2018 EUR 67.500
Deutsche Bank AG 6.200 12/27/2018 EUR 74.300
Commerzbank AG 12.250 1/2/2019 EUR 71.570
Commerzbank AG 16.250 8/24/2018 EUR 71.140
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 73.350
Vontobel Financial Product 10.000 6/22/2018 EUR 62.990
Deutsche Bank AG 6.200 9/25/2018 EUR 68.000
Deutsche Bank AG 3.200 9/25/2018 EUR 70.900
Deutsche Bank AG 4.200 9/25/2018 EUR 68.700
Deutsche Bank AG 3.200 9/25/2018 EUR 63.900
Deutsche Bank AG 3.200 12/27/2018 EUR 66.700
Vontobel Financial Product 11.500 6/22/2018 EUR 59.460
Goldman Sachs & Co Wertpap 14.000 7/25/2018 EUR 72.560
Goldman Sachs & Co Wertpap 17.000 8/22/2018 EUR 68.630
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 70.880
Commerzbank AG 11.750 1/25/2019 EUR 71.880
Deutsche Bank AG 6.200 9/25/2018 EUR 53.000
HSBC Trinkaus & Burkhardt 8.500 9/28/2018 EUR 67.660
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 65.010
Deutsche Bank AG 5.200 12/27/2018 EUR 73.800
Deutsche Bank AG 5.200 9/25/2018 EUR 52.700
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 64.680
Goldman Sachs & Co Wertpap 16.000 9/26/2018 EUR 69.890
Goldman Sachs & Co Wertpap 15.000 12/28/2018 EUR 74.610
Goldman Sachs & Co Wertpap 14.000 12/28/2018 EUR 72.930
Vontobel Financial Product 1.650 9/14/2018 EUR 74.040
DZ Bank AG Deutsche Zentra 13.750 8/22/2018 EUR 68.820
Vontobel Financial Product 11.800 9/14/2018 EUR 74.240
UBS AG/London 6.500 1/7/2019 CHF 50.700
Commerzbank AG 18.750 1/2/2019 EUR 71.140
DZ Bank AG Deutsche Zentra 11.000 6/22/2018 EUR 60.040
Raiffeisen Centrobank AG 7.536 12/28/2018 EUR 54.720
Deutsche Bank AG 5.200 12/27/2018 EUR 70.300
Zurcher Kantonalbank Finan 5.750 7/27/2018 CHF 61.570
Credit Suisse AG/London 8.250 7/26/2018 USD 50.060
Bank Julius Baer & Co Ltd/ 6.600 7/27/2018 USD 63.600
UniCredit Bank AG 5.800 6/22/2018 EUR 69.130
Vontobel Financial Product 6.200 9/14/2018 EUR 75.850
Vontobel Financial Product 8.000 6/22/2018 EUR 71.000
Commerzbank AG 24.250 8/24/2018 EUR 64.870
Deutsche Bank AG 5.200 9/25/2018 EUR 71.400
Deutsche Bank AG 5.200 7/25/2018 EUR 68.100
Deutsche Bank AG 5.200 7/25/2018 EUR 63.600
Deutsche Bank AG 5.200 9/25/2018 EUR 68.900
Deutsche Bank AG 5.200 12/27/2018 EUR 65.700
Raiffeisen Schweiz Genosse 9.200 2/12/2019 CHF 69.510
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 69.270
Vontobel Financial Product 10.500 6/22/2018 EUR 59.910
EFG International Finance 6.000 8/3/2020 USD 61.800
Commerzbank AG 15.250 8/24/2018 EUR 71.930
Commerzbank AG 17.250 8/24/2018 EUR 70.370
Commerzbank AG 14.750 9/28/2018 EUR 72.710
Commerzbank AG 14.000 10/26/2018 EUR 73.630
Vontobel Financial Product 13.000 6/22/2018 EUR 74.410
Deutsche Bank AG 5.200 7/25/2018 EUR 70.600
Commerzbank AG 17.000 8/24/2018 EUR 71.320
Commerzbank AG 15.500 9/28/2018 EUR 72.530
Deutsche Bank AG 5.200 9/25/2018 EUR 68.400
Vontobel Financial Product 9.000 7/27/2018 EUR 69.650
Landesbank Baden-Wuerttemb 8.000 7/27/2018 EUR 63.760
Landesbank Baden-Wuerttemb 4.500 7/27/2018 EUR 68.000
Vontobel Financial Product 5.500 1/2/2019 EUR 70.130
DZ Bank AG Deutsche Zentra 7.750 9/28/2018 EUR 68.300
DZ Bank AG Deutsche Zentra 7.400 9/24/2018 EUR 65.800
Vontobel Financial Product 7.800 9/14/2018 EUR 74.100
Vontobel Financial Product 9.500 6/22/2018 EUR 69.110
Vontobel Financial Product 6.000 6/22/2018 EUR 74.020
UniCredit Bank AG 4.000 6/22/2018 EUR 61.490
UniCredit Bank AG 3.500 6/22/2018 EUR 64.060
Vontobel Financial Product 5.800 9/14/2018 EUR 68.520
Vontobel Financial Product 10.300 9/14/2018 EUR 54.720
Vontobel Financial Product 8.600 9/14/2018 EUR 54.350
UniCredit Bank AG 12.900 6/22/2018 EUR 70.610
UniCredit Bank AG 14.400 6/22/2018 EUR 68.780
Zurcher Kantonalbank Finan 9.500 7/13/2018 CHF 65.910
Landesbank Baden-Wuerttemb 3.000 10/26/2018 EUR 72.520
Commerzbank AG 11.250 1/25/2019 EUR 67.880
Commerzbank AG 14.750 2/22/2019 EUR 64.470
Commerzbank AG 16.750 2/22/2019 EUR 62.850
Leonteq Securities AG/Guer 11.800 12/21/2018 USD 66.950
Vontobel Financial Product 10.500 9/28/2018 EUR 70.540
Deutsche Bank AG 6.200 9/24/2019 EUR 73.000
Deutsche Bank AG 6.200 12/27/2018 EUR 72.700
Deutsche Bank AG 6.200 12/27/2018 EUR 70.200
Deutsche Bank AG 4.200 3/19/2019 EUR 72.200
Bank Julius Baer & Co Ltd/ 5.500 9/26/2018 CHF 57.150
DZ Bank AG Deutsche Zentra 10.750 9/28/2018 EUR 49.920
Commerzbank AG 9.250 1/25/2019 EUR 71.310
Commerzbank AG 13.250 1/25/2019 EUR 65.380
Deutsche Bank AG 4.200 9/24/2019 EUR 72.700
Deutsche Bank AG 4.200 3/19/2019 EUR 69.800
Deutsche Bank AG 4.200 6/25/2019 EUR 72.200
HSBC Trinkaus & Burkhardt 7.600 8/24/2018 EUR 40.030
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 69.030
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 67.480
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 67.290
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 72.770
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 37.640
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 42.990
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 69.810
Commerzbank AG 7.750 7/27/2018 EUR 45.640
Commerzbank AG 9.750 7/27/2018 EUR 42.170
DZ Bank AG Deutsche Zentra 7.000 6/22/2018 EUR 73.090
Vontobel Financial Product 13.900 9/14/2018 EUR 74.850
Credit Suisse AG/London 7.000 11/8/2018 USD 51.890
Vontobel Financial Product 6.000 6/22/2018 EUR 60.750
Goldman Sachs & Co Wertpap 19.000 1/23/2019 EUR 68.210
Goldman Sachs & Co Wertpap 23.000 12/28/2018 EUR 67.020
EFG International Finance 5.500 9/21/2020 USD 67.800
UBS AG/London 22.700 9/27/2018 EUR 58.850
UBS AG/London 16.100 9/27/2018 EUR 63.620
DZ Bank AG Deutsche Zentra 9.750 9/28/2018 EUR 73.050
Vontobel Financial Product 10.650 3/8/2019 EUR 66.290
Commerzbank AG 11.250 6/22/2018 EUR 40.310
DZ Bank AG Deutsche Zentra 8.000 9/26/2018 EUR 73.170
Zurcher Kantonalbank Finan 6.250 9/21/2018 CHF 58.610
Leonteq Securities AG/Guer 7.600 9/18/2019 USD 64.100
Raiffeisen Schweiz Genosse 6.750 3/15/2019 CHF 62.670
Vontobel Financial Product 9.750 3/8/2019 EUR 72.170
Raiffeisen Schweiz Genosse 4.000 7/24/2019 CHF 71.550
Vontobel Financial Product 6.700 3/8/2019 EUR 61.420
Commerzbank AG 13.250 6/22/2018 EUR 38.480
Raiffeisen Schweiz Genosse 8.990 7/22/2019 EUR 21.670
DZ Bank AG Deutsche Zentra 6.750 12/28/2018 EUR 74.120
Deutsche Bank AG 4.200 12/24/2019 EUR 73.200
Citigroup Global Markets F 5.600 9/15/2022 SEK 63.290
Commerzbank AG 10.250 7/27/2018 EUR 70.500
Commerzbank AG 12.250 7/27/2018 EUR 67.830
Commerzbank AG 11.750 8/24/2018 EUR 68.720
Vontobel Financial Product 13.050 3/8/2019 EUR 70.010
Vontobel Financial Product 8.750 9/28/2018 EUR 70.390
Goldman Sachs & Co Wertpap 7.000 6/26/2019 EUR 74.130
Goldman Sachs & Co Wertpap 7.000 10/24/2018 EUR 71.310
Landesbank Baden-Wuerttemb 2.900 7/27/2018 EUR 43.010
Raiffeisen Schweiz Genosse 4.200 7/17/2019 CHF 71.780
UniCredit Bank AG 14.400 1/4/2019 EUR 60.240
UniCredit Bank AG 12.000 9/28/2018 EUR 65.400
UniCredit Bank AG 3.400 1/4/2019 EUR 63.860
UniCredit Bank AG 13.500 1/4/2019 EUR 42.010
HSBC Trinkaus & Burkhardt 5.800 6/22/2018 EUR 69.470
Commerzbank AG 10.500 10/26/2018 EUR 39.640
Commerzbank AG 12.750 11/23/2018 EUR 73.770
DZ Bank AG Deutsche Zentra 9.500 9/24/2018 EUR 67.800
Bank Julius Baer & Co Ltd/ 6.250 2/13/2019 CHF 69.450
Commerzbank AG 7.750 7/27/2018 EUR 69.600
DZ Bank AG Deutsche Zentra 6.750 10/26/2018 EUR 67.570
DZ Bank AG Deutsche Zentra 5.500 2/20/2019 EUR 71.430
HSBC Trinkaus & Burkhardt 5.500 3/22/2019 EUR 68.890
HSBC Trinkaus & Burkhardt 5.900 12/28/2018 EUR 65.950
Vontobel Financial Product 10.500 9/21/2018 EUR 70.090
Deutsche Bank AG 5.200 10/24/2018 EUR 73.300
Deutsche Bank AG 5.200 12/27/2018 EUR 72.200
Vontobel Financial Product 9.250 9/14/2018 EUR 72.110
Vontobel Financial Product 12.000 9/14/2018 EUR 67.900
Deutsche Bank AG 5.200 10/24/2018 EUR 64.800
Deutsche Bank AG 5.200 11/21/2018 EUR 69.700
Deutsche Bank AG 5.200 11/21/2018 EUR 65.300
Deutsche Bank AG 5.200 6/25/2019 EUR 72.400
Commerzbank AG 10.500 1/25/2019 EUR 71.180
Commerzbank AG 4.500 1/25/2019 EUR 70.020
Commerzbank AG 8.500 1/25/2019 EUR 65.790
Commerzbank AG 15.250 1/25/2019 EUR 69.340
Commerzbank AG 3.750 12/21/2018 EUR 73.140
Vontobel Financial Product 9.500 9/28/2018 EUR 69.080
Vontobel Financial Product 7.500 1/2/2019 EUR 70.060
HSBC Trinkaus & Burkhardt 7.400 3/22/2019 EUR 67.010
Commerzbank AG 13.500 11/23/2018 EUR 72.850
Deutsche Bank AG 5.200 10/24/2018 EUR 70.500
Deutsche Bank AG 5.200 11/21/2018 EUR 70.900
Deutsche Bank AG 5.200 3/19/2019 EUR 72.000
Deutsche Bank AG 5.200 3/19/2019 EUR 67.700
Deutsche Bank AG 5.200 6/25/2019 EUR 68.200
Deutsche Bank AG 5.200 10/24/2018 EUR 71.100
Deutsche Bank AG 5.200 11/21/2018 EUR 71.600
Deutsche Bank AG 5.200 6/25/2019 EUR 72.900
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 69.140
DZ Bank AG Deutsche Zentra 5.000 12/28/2018 EUR #N/A N/A
Vontobel Financial Product 9.050 1/2/2019 EUR 69.130
Vontobel Financial Product 11.000 1/2/2019 EUR 67.680
Commerzbank AG 9.000 2/22/2019 EUR 72.070
Credit Suisse AG/London 7.000 7/19/2018 USD 73.380
Commerzbank AG 5.000 12/21/2018 EUR 74.550
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR 73.230
Commerzbank AG 12.500 1/25/2019 EUR 68.730
Commerzbank AG 6.500 1/25/2019 EUR 67.480
Commerzbank AG 13.250 1/25/2019 EUR 71.890
Commerzbank AG 19.250 1/25/2019 EUR 65.170
Commerzbank AG 10.500 1/25/2019 EUR 71.740
Commerzbank AG 11.750 1/25/2019 EUR 73.530
Commerzbank AG 16.000 8/24/2018 EUR 66.620
Vontobel Financial Product 8.800 9/14/2018 EUR 64.890
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 69.730
UniCredit Bank AG 6.000 9/28/2018 EUR 4.180
UniCredit Bank AG 3.100 9/28/2018 EUR 58.320
Deutsche Bank AG 5.200 9/25/2018 EUR 66.600
UniCredit Bank AG 11.000 9/28/2018 EUR 63.810
UniCredit Bank AG 12.900 9/28/2018 EUR 61.420
Commerzbank AG 6.000 10/26/2018 EUR 66.830
UniCredit Bank AG 11.400 1/3/2020 EUR 69.510
UniCredit Bank AG 13.800 1/3/2020 EUR 69.280
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 59.760
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 65.790
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 63.590
UniCredit Bank AG 11.500 1/4/2019 EUR 63.630
Vontobel Financial Product 16.100 12/14/2018 EUR 74.860
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 66.420
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 65.330
BNP Paribas Emissions- und 18.000 6/27/2019 EUR 67.400
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 64.630
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 62.630
BNP Paribas Emissions- und 14.000 3/21/2019 EUR 65.070
UniCredit Bank AG 14.800 3/22/2019 EUR 70.740
UniCredit Bank AG 14.400 3/22/2019 EUR 73.040
UBS AG/London 12.250 8/23/2018 USD 61.250
Vontobel Financial Product 9.550 12/14/2018 EUR 69.580
EFG International Finance 12.000 11/15/2018 CHF 71.220
Vontobel Financial Product 12.500 9/14/2018 EUR 71.190
Commerzbank AG 11.500 2/22/2019 EUR 69.320
HSBC Trinkaus & Burkhardt 6.100 12/28/2018 EUR 48.030
HSBC Trinkaus & Burkhardt 4.100 12/28/2018 EUR 53.520
HSBC Trinkaus & Burkhardt 7.800 7/27/2018 EUR 42.990
Raiffeisen Schweiz Genosse 12.000 9/11/2018 CHF 61.430
HSBC Trinkaus & Burkhardt 6.000 9/28/2018 EUR 64.620
Commerzbank AG 13.250 8/24/2018 EUR 73.830
Deutsche Bank AG 5.200 10/24/2018 EUR 69.300
Deutsche Bank AG 5.200 12/27/2018 EUR 73.000
Commerzbank AG 5.500 1/25/2019 EUR 68.640
Commerzbank AG 7.500 1/25/2019 EUR 66.480
Commerzbank AG 24.000 9/28/2018 EUR 60.200
Bank Julius Baer & Co Ltd/ 6.800 9/12/2018 CHF 54.950
DZ Bank AG Deutsche Zentra 5.500 12/28/2018 EUR 74.180
Vontobel Financial Product 8.050 9/28/2018 EUR 70.630
Vontobel Financial Product 12.000 9/28/2018 EUR 75.420
UBS AG/London 6.000 11/8/2018 EUR 65.750
Landesbank Baden-Wuerttemb 4.500 9/28/2018 EUR 70.590
Raiffeisen Centrobank AG 6.037 6/25/2019 EUR 12.950
HSBC Trinkaus & Burkhardt 16.200 9/28/2018 EUR 64.670
Vontobel Financial Product 10.000 9/28/2018 EUR 70.540
Commerzbank AG 16.500 8/24/2018 EUR 70.190
Vontobel Financial Product 15.050 9/14/2018 EUR 64.370
Deutsche Bank AG 5.200 3/19/2019 EUR 73.000
Deutsche Bank AG 5.200 6/25/2019 EUR 73.200
Commerzbank AG 9.500 1/25/2019 EUR 72.500
Commerzbank AG 11.500 1/25/2019 EUR 69.940
Bank Julius Baer & Co Ltd/ 7.200 2/13/2019 CHF 70.400
Commerzbank AG 17.250 1/25/2019 EUR 67.160
Commerzbank AG 9.500 1/25/2019 EUR 72.850
Commerzbank AG 11.500 1/25/2019 EUR 70.750
Zurcher Kantonalbank Finan 5.000 7/11/2018 CHF 63.660
Vontobel Financial Product 10.500 6/22/2018 EUR 56.180
Vontobel Financial Product 7.000 6/22/2018 EUR 56.040
Vontobel Financial Product 10.050 1/2/2019 EUR 57.580
Vontobel Financial Product 6.550 9/28/2018 EUR 67.160
Vontobel Financial Product 13.000 9/28/2018 EUR 38.050
Vontobel Financial Product 12.000 1/2/2019 EUR 40.920
DZ Bank AG Deutsche Zentra 6.750 6/22/2018 EUR 70.650
DZ Bank AG Deutsche Zentra 10.750 7/27/2018 EUR 56.460
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 72.960
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 73.420
Landesbank Baden-Wuerttemb 3.000 7/27/2018 EUR 67.590
DZ Bank AG Deutsche Zentra 7.500 6/22/2018 EUR 63.770
Vontobel Financial Product 11.500 6/22/2018 EUR 56.070
Vontobel Financial Product 8.500 6/22/2018 EUR 56.050
Vontobel Financial Product 9.500 1/2/2019 EUR 57.290
Commerzbank AG 13.500 11/23/2018 EUR 70.940
Vontobel Financial Product 8.000 6/22/2018 EUR 56.040
Vontobel Financial Product 11.550 9/28/2018 EUR 55.410
Vontobel Financial Product 8.000 1/2/2019 EUR 56.520
Vontobel Financial Product 10.000 9/28/2018 EUR 55.020
Vontobel Financial Product 6.550 1/2/2019 EUR 63.960
Leonteq Securities AG/Guer 7.000 6/26/2019 CHF 51.860
DZ Bank AG Deutsche Zentra 9.500 9/28/2018 EUR 41.380
DZ Bank AG Deutsche Zentra 10.300 1/2/2019 EUR 61.850
Landesbank Baden-Wuerttemb 6.000 11/23/2018 EUR 65.590
Landesbank Baden-Wuerttemb 4.000 11/23/2018 EUR 71.590
Commerzbank AG 16.750 7/27/2018 EUR 70.000
Commerzbank AG 13.250 10/26/2018 EUR 72.690
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 71.370
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 68.730
HSBC Trinkaus & Burkhardt 11.900 6/22/2018 EUR 62.920
HSBC Trinkaus & Burkhardt 10.100 6/22/2018 EUR 67.220
Deutsche Bank AG 6.200 6/25/2019 EUR 71.900
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 59.110
Landesbank Baden-Wuerttemb 5.500 8/24/2018 EUR 68.530
Bank Julius Baer & Co Ltd/ 7.300 8/16/2019 USD 68.850
DZ Bank AG Deutsche Zentra 5.500 9/28/2018 EUR 66.380
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 70.420
DZ Bank AG Deutsche Zentra 5.500 6/22/2018 EUR 59.860
UniCredit Bank AG 14.700 1/4/2019 EUR 71.720
UniCredit Bank AG 3.400 6/22/2018 EUR 69.860
UniCredit Bank AG 14.600 1/4/2019 EUR 64.300
UniCredit Bank AG 13.500 1/4/2019 EUR 74.260
UniCredit Bank AG 9.600 9/28/2018 EUR 70.210
UniCredit Bank AG 11.500 9/28/2018 EUR 72.820
UniCredit Bank AG 9.700 9/28/2018 EUR 66.670
Landesbank Baden-Wuerttemb 4.600 3/22/2019 EUR 74.770
UniCredit Bank AG 10.100 9/28/2018 EUR 72.140
UniCredit Bank AG 10.500 9/28/2018 EUR 75.770
UniCredit Bank AG 5.700 9/28/2018 EUR 50.960
UniCredit Bank AG 11.800 9/28/2018 EUR 66.340
Landesbank Baden-Wuerttemb 3.000 6/28/2019 EUR 68.820
Landesbank Baden-Wuerttemb 5.000 3/22/2019 EUR 64.770
Vontobel Financial Product 4.000 6/22/2018 EUR 63.940
Vontobel Financial Product 8.000 6/22/2018 EUR 57.880
Vontobel Financial Product 11.000 6/22/2018 EUR 54.040
Commerzbank AG 8.750 7/27/2018 EUR 66.940
Commerzbank AG 9.750 7/27/2018 EUR 64.850
Commerzbank AG 11.750 7/27/2018 EUR 39.650
Commerzbank AG 13.750 7/27/2018 EUR 37.640
Vontobel Financial Product 9.500 7/27/2018 EUR 59.290
Commerzbank AG 6.000 7/27/2018 EUR 68.700
UniCredit Bank AG 14.800 6/22/2018 EUR 72.620
UniCredit Bank AG 9.100 6/22/2018 EUR 63.890
UniCredit Bank AG 4.200 6/22/2018 EUR 72.840
UniCredit Bank AG 12.100 6/22/2018 EUR 57.530
UniCredit Bank AG 9.000 6/22/2018 EUR 46.680
Commerzbank AG 7.750 7/27/2018 EUR 69.300
UniCredit Bank AG 5.000 6/29/2018 EUR 67.150
Leonteq Securities AG 7.400 4/24/2020 USD 56.430
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 72.150
UniCredit Bank AG 13.900 6/22/2018 EUR 74.250
UniCredit Bank AG 5.600 6/22/2018 EUR 68.740
Landesbank Baden-Wuerttemb 4.000 11/23/2018 EUR 69.090
Commerzbank AG 8.500 11/23/2018 EUR 63.610
Deutsche Bank AG 5.500 9/25/2018 EUR 67.800
Deutsche Bank AG 5.500 12/27/2018 EUR 67.000
HSBC Trinkaus & Burkhardt 8.700 9/28/2018 EUR 69.960
Leonteq Securities AG 10.400 11/22/2019 EUR 68.690
Deutsche Bank AG 4.200 12/27/2018 EUR 71.900
DZ Bank AG Deutsche Zentra 9.000 6/22/2018 EUR 71.280
DZ Bank AG Deutsche Zentra 13.500 8/24/2018 EUR 63.510
UniCredit Bank AG 14.900 6/22/2018 EUR 67.650
Landesbank Hessen-Thuering 4.000 10/10/2018 EUR 69.100
UniCredit Bank AG 6.100 6/22/2018 EUR 53.050
UniCredit Bank AG 13.900 6/22/2018 EUR 39.590
UniCredit Bank AG 13.800 6/22/2018 EUR 58.790
UniCredit Bank AG 11.600 6/22/2018 EUR 61.480
Vontobel Financial Product 14.500 6/22/2018 EUR 62.660
HSBC Trinkaus & Burkhardt 13.400 6/22/2018 EUR 38.650
Vontobel Financial Product 11.500 6/22/2018 EUR 40.520
HSBC Trinkaus & Burkhardt 8.900 6/22/2018 EUR 45.400
Vontobel Financial Product 5.000 9/28/2018 EUR 44.690
Vontobel Financial Product 11.000 1/2/2019 EUR 40.400
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 72.070
HSBC Trinkaus & Burkhardt 5.700 6/22/2018 EUR 66.030
Vontobel Financial Product 8.550 1/2/2019 EUR 65.830
DZ Bank AG Deutsche Zentra 5.000 1/25/2019 EUR 71.340
Vontobel Financial Product 12.000 6/22/2018 EUR 53.100
Vontobel Financial Product 14.000 6/22/2018 EUR 50.320
Vontobel Financial Product 4.000 9/28/2018 EUR 73.780
Vontobel Financial Product 6.050 9/28/2018 EUR 64.640
Vontobel Financial Product 9.000 9/28/2018 EUR 57.980
Vontobel Financial Product 12.500 9/28/2018 EUR 53.040
Vontobel Financial Product 6.000 1/2/2019 EUR 66.080
Vontobel Financial Product 10.000 1/2/2019 EUR 57.700
Vontobel Financial Product 7.000 1/2/2019 EUR 62.700
Vontobel Financial Product 11.500 1/2/2019 EUR 55.700
DZ Bank AG Deutsche Zentra 7.000 8/24/2018 EUR 64.610
Vontobel Financial Product 6.600 9/14/2018 EUR 64.560
Vontobel Financial Product 11.650 9/14/2018 EUR 55.160
Vontobel Financial Product 3.450 9/14/2018 EUR 68.150
Vontobel Financial Product 13.100 9/14/2018 EUR 55.270
UniCredit Bank AG 6.400 6/22/2018 EUR 66.870
Deutsche Bank AG 4.200 12/27/2018 EUR 74.600
Deutsche Bank AG 6.200 12/27/2018 EUR 72.900
UniCredit Bank AG 14.100 6/22/2018 EUR 68.970
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 59.290
UniCredit Bank AG 5.900 6/22/2018 EUR 71.330
UniCredit Bank AG 11.600 6/22/2018 EUR 74.920
Landesbank Baden-Wuerttemb 4.000 8/24/2018 EUR 73.440
Landesbank Baden-Wuerttemb 7.000 8/24/2018 EUR 64.340
DZ Bank AG Deutsche Zentra 5.500 6/22/2018 EUR 66.790
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 59.870
UniCredit Bank AG 11.700 9/28/2018 EUR 72.830
UniCredit Bank AG 4.600 1/4/2019 EUR 4.870
UniCredit Bank AG 8.600 9/28/2018 EUR 72.420
UniCredit Bank AG 10.100 6/22/2018 EUR 2.200
UniCredit Bank AG 3.100 6/22/2018 EUR 2.750
UniCredit Bank AG 7.700 6/22/2018 EUR 2.290
UniCredit Bank AG 10.800 9/28/2018 EUR 73.120
UniCredit Bank AG 8.200 9/28/2018 EUR 45.580
UniCredit Bank AG 4.700 9/28/2018 EUR 54.400
UBS AG/London 6.000 9/27/2018 EUR 69.330
Leonteq Securities AG/Guer 11.000 11/21/2018 CHF 71.840
Vontobel Financial Product 10.500 8/24/2018 EUR 69.530
DZ Bank AG Deutsche Zentra 5.100 1/2/2019 EUR 73.040
Vontobel Financial Product 10.500 1/2/2019 EUR 63.870
Vontobel Financial Product 6.000 9/28/2018 EUR 70.070
Landesbank Baden-Wuerttemb 3.000 11/23/2018 EUR 72.710
Commerzbank AG 15.500 8/24/2018 EUR 70.940
Deutsche Bank AG 5.500 9/25/2018 EUR 66.000
Deutsche Bank AG 5.500 12/27/2018 EUR 68.700
BNP Paribas Emissions- und 5.000 3/21/2019 EUR 70.520
Bank Julius Baer & Co Ltd/ 5.500 8/27/2018 CHF 65.700
Vontobel Financial Product 8.500 9/28/2018 EUR 67.010
Vontobel Financial Product 10.500 9/28/2018 EUR 64.950
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 63.010
Commerzbank AG 4.750 10/26/2018 EUR 67.280
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 66.840
Deutsche Bank AG 5.500 9/25/2018 EUR 69.700
Deutsche Bank AG 5.500 12/27/2018 EUR 70.500
Vontobel Financial Product 7.000 1/2/2019 EUR 70.910
Vontobel Financial Product 10.500 6/22/2018 EUR 69.470
HSBC Trinkaus & Burkhardt 7.500 6/22/2018 EUR 74.730
Vontobel Financial Product 5.250 9/14/2018 EUR 68.750
Deutsche Bank AG 6.200 3/19/2019 EUR 72.700
UniCredit Bank AG 12.200 6/22/2018 EUR 71.770
Deutsche Bank AG 4.200 12/27/2018 EUR 63.700
Landesbank Baden-Wuerttemb 4.600 11/23/2018 EUR 73.920
Deutsche Bank AG 4.200 12/27/2018 EUR 57.800
Deutsche Bank AG 6.200 12/27/2018 EUR 55.700
Deutsche Bank AG 4.200 9/25/2018 EUR 60.200
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 73.900
HSBC Trinkaus & Burkhardt 8.700 8/24/2018 EUR 43.730
Goldman Sachs & Co Wertpap 13.000 1/23/2019 EUR 70.910
Goldman Sachs & Co Wertpap 20.000 2/20/2019 EUR 68.520
Goldman Sachs & Co Wertpap 19.000 3/20/2019 EUR 69.330
Goldman Sachs & Co Wertpap 24.000 9/26/2018 EUR 65.240
Goldman Sachs & Co Wertpap 13.000 10/24/2018 EUR 70.170
Goldman Sachs & Co Wertpap 25.000 10/24/2018 EUR 65.450
Goldman Sachs & Co Wertpap 20.000 11/21/2018 EUR 67.270
Goldman Sachs & Co Wertpap 7.000 3/20/2019 EUR 73.560
Goldman Sachs & Co Wertpap 7.000 9/26/2018 EUR 70.820
UBS AG/London 8.750 8/28/2019 CHF 72.400
Landesbank Baden-Wuerttemb 3.100 10/25/2019 EUR 58.210
VTB Bank PJSC 9.000 8/14/2043 RUB 62.010
SG Issuer SA 0.800 11/30/2020 SEK 51.000
Landesbank Baden-Wuerttemb 2.800 11/23/2018 EUR 61.230
T-Generation CJSC 12.000 6/14/2019 RUB 0.500
DekaBank Deutsche Girozent 3.500 10/28/2019 EUR 42.610
Beluga Group PJSC 9.750 5/28/2020 RUB 65.000
Pongs & Zahn AG 8.500 EUR 0.002
getBACK SA 5.720 10/5/2019 PLN 15.000
Landesbank Hessen-Thuering 7.770 7/15/2021 EUR 59.970
Landesbank Hessen-Thuering 3.250 12/27/2018 EUR 73.700
SG Issuer SA 5.500 4/10/2021 EUR 65.970
Raiffeisen Schweiz Genosse 5.000 8/6/2018 CHF 69.970
Deutsche Bank AG 5.200 9/25/2018 EUR 74.000
Deutsche Bank AG 5.200 7/25/2018 EUR 67.600
Deutsche Bank AG 5.200 7/25/2018 EUR 70.600
DZ Bank AG Deutsche Zentra 9.000 9/28/2018 EUR 62.600
Bank Julius Baer & Co Ltd/ 5.800 7/13/2018 USD 67.550
HSBC Trinkaus & Burkhardt 5.600 7/27/2018 EUR 68.230
HSBC Trinkaus & Burkhardt 5.800 10/26/2018 EUR 69.660
Vontobel Financial Product 12.000 2/22/2019 EUR 70.860
Vontobel Financial Product 9.000 6/22/2018 EUR 70.280
Vontobel Financial Product 6.500 6/22/2018 EUR 72.980
HSBC Trinkaus & Burkhardt 5.400 6/28/2019 EUR 69.450
HSBC Trinkaus & Burkhardt 4.500 6/28/2019 EUR 72.410
Commerzbank AG 21.000 10/26/2018 EUR 68.290
HSBC Trinkaus & Burkhardt 3.200 6/22/2018 EUR 67.070
HSBC Trinkaus & Burkhardt 6.500 9/28/2018 EUR 64.760
Commerzbank AG 14.000 6/22/2018 EUR 60.900
Vontobel Financial Product 7.000 1/2/2019 EUR 62.040
HSBC Trinkaus & Burkhardt 4.700 9/28/2018 EUR 71.390
HSBC Trinkaus & Burkhardt 9.800 6/22/2018 EUR 45.410
HSBC Trinkaus & Burkhardt 5.400 6/22/2018 EUR 51.390
HSBC Trinkaus & Burkhardt 8.200 9/28/2018 EUR 65.410
HSBC Trinkaus & Burkhardt 4.100 6/22/2018 EUR 41.430
HSBC Trinkaus & Burkhardt 5.200 6/22/2018 EUR 67.070
HSBC Trinkaus & Burkhardt 8.700 6/22/2018 EUR 64.990
Vontobel Financial Product 6.500 1/2/2019 EUR 52.970
Vontobel Financial Product 4.050 9/28/2018 EUR 53.490
Polski Bank Spoldzielczy w 5.300 9/14/2027 PLN 55.010
Commerzbank AG 20.250 8/24/2018 EUR 68.500
Commerzbank AG 22.250 8/24/2018 EUR 66.580
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 39.280
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 44.400
Commerzbank AG 14.000 7/27/2018 EUR 63.320
Commerzbank AG 15.250 8/24/2018 EUR 40.100
Commerzbank AG 12.250 9/28/2018 EUR 42.930
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 64.840
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 72.930
BNP Paribas Emissions- und 4.500 12/31/2018 EUR 70.490
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 70.990
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 66.740
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 67.170
BNP Paribas Emissions- und 25.000 9/27/2018 EUR 61.730
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 63.910
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 66.190
BNP Paribas Emissions- und 20.000 9/27/2018 EUR 59.860
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 63.060
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 70.770
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 65.450
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 57.180
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 72.770
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 64.400
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 67.820
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 71.950
UniCredit Bank AG 3.600 1/5/2020 EUR 75.140
Commerzbank AG 10.000 8/24/2018 EUR 63.900
Vontobel Financial Product 8.550 9/28/2018 EUR 74.600
Vontobel Financial Product 7.000 1/2/2019 EUR 75.710
Vontobel Financial Product 8.000 1/2/2019 EUR 74.480
BNP Paribas Emissions- und 3.000 12/31/2018 EUR 71.480
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 64.500
Commerzbank AG 14.750 7/27/2018 EUR 72.510
Commerzbank AG 12.500 11/23/2018 EUR 41.200
Commerzbank AG 12.000 8/24/2018 EUR 61.660
Commerzbank AG 9.250 9/28/2018 EUR 65.200
Commerzbank AG 10.250 9/28/2018 EUR 63.950
Commerzbank AG 11.750 10/26/2018 EUR 62.500
Commerzbank AG 5.250 11/23/2018 EUR 73.340
Commerzbank AG 7.250 11/23/2018 EUR 68.920
Commerzbank AG 8.250 11/23/2018 EUR 67.180
Commerzbank AG 9.250 11/23/2018 EUR 65.750
Commerzbank AG 11.250 11/23/2018 EUR 63.360
Commerzbank AG 6.500 11/23/2018 EUR 47.980
DZ Bank AG Deutsche Zentra 6.250 3/20/2019 EUR 69.610
HSBC Trinkaus & Burkhardt 10.900 6/28/2019 EUR 67.850
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 4.250 12/28/2018 EUR 69.540
Goldman Sachs & Co Wertpap 15.000 11/21/2018 EUR 69.540
Commerzbank AG 14.250 7/27/2018 EUR 67.650
Commerzbank AG 13.750 8/24/2018 EUR 68.470
Commerzbank AG 15.250 6/22/2018 EUR 72.510
Commerzbank AG 11.000 9/28/2018 EUR 72.590
Commerzbank AG 12.000 9/28/2018 EUR 71.020
Commerzbank AG 3.750 9/28/2018 EUR 55.730
Commerzbank AG 5.750 9/28/2018 EUR 47.590
Commerzbank AG 7.750 9/28/2018 EUR 43.250
Commerzbank AG 9.750 9/28/2018 EUR 40.560
Commerzbank AG 11.750 9/28/2018 EUR 38.590
Commerzbank AG 6.000 9/28/2018 EUR 69.490
Commerzbank AG 7.000 9/28/2018 EUR 68.120
Commerzbank AG 8.000 9/28/2018 EUR 67.010
Vontobel Financial Product 8.500 9/28/2018 EUR 67.340
Deutsche Bank AG 4.200 12/27/2018 EUR 63.900
Credit Suisse AG/London 8.250 9/27/2018 USD 53.170
Leonteq Securities AG/Guer 10.200 12/20/2018 CHF 57.500
Leonteq Securities AG/Guer 12.200 12/20/2018 USD 57.680
Commerzbank AG 4.000 8/24/2018 EUR 52.150
DZ Bank AG Deutsche Zentra 5.000 3/20/2019 EUR 73.880
Commerzbank AG 15.250 1/25/2019 EUR 63.480
Deutsche Bank AG 4.200 12/27/2018 EUR 71.700
Deutsche Bank AG 4.200 12/27/2018 EUR 69.200
Deutsche Bank AG 4.200 6/25/2019 EUR 72.900
Deutsche Bank AG 4.200 9/24/2019 EUR 73.500
Samolet Group 13.500 10/30/2026 RUB 100.000
DZ Bank AG Deutsche Zentra 5.000 9/28/2018 EUR 68.950
Leonteq Securities AG 8.200 11/23/2018 USD 45.530
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 69.120
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 70.900
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 40.180
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 74.210
Deutsche Bank AG 6.200 9/25/2018 EUR 69.800
Deutsche Bank AG 4.200 12/27/2018 EUR 69.800
Vontobel Financial Product 7.500 9/28/2018 EUR 69.580
Deutsche Bank AG 4.200 9/24/2019 EUR 70.500
Deutsche Bank AG 4.200 12/24/2019 EUR 71.000
Deutsche Bank AG 4.200 6/25/2019 EUR 69.900
Commerzbank AG 6.000 8/24/2018 EUR 44.070
Leonteq Securities AG/Guer 10.000 12/19/2018 CHF 38.630
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 67.450
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 73.900
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 41.560
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 71.730
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 72.260
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 71.950
Vontobel Financial Product 13.000 9/28/2018 EUR 66.420
Deutsche Bank AG 6.200 9/25/2018 EUR 63.600
Deutsche Bank AG 6.200 12/27/2018 EUR 70.800
Polski Bank Spoldzielczy w 4.780 11/26/2024 PLN 60.000
Landesbank Baden-Wuerttemb 2.500 8/24/2018 EUR 69.780
Zurcher Kantonalbank Finan 7.820 8/6/2018 EUR 50.800
Intertekhelektro-Novaya Ge 8.500 4/21/2020 RUB 65.000
Landesbank Baden-Wuerttemb 3.400 9/28/2018 EUR 41.610
DekaBank Deutsche Girozent 3.000 8/16/2019 EUR 59.410
Landesbank Baden-Wuerttemb 3.000 11/23/2018 EUR 63.170
Landesbank Baden-Wuerttemb 3.000 8/24/2018 EUR 67.490
getBACK SA 5.680 10/30/2019 PLN 20.000
DekaBank Deutsche Girozent 2.600 10/12/2018 EUR 52.080
Leonteq Securities AG 7.000 8/22/2018 CHF 42.890
Landesbank Baden-Wuerttemb 3.000 9/27/2019 EUR 55.360
Landesbank Baden-Wuerttemb 3.350 11/23/2018 EUR 53.530
UniCredit Bank AG 4.100 10/1/2020 EUR 55.130
Leonteq Securities AG 5.000 9/4/2018 CHF 64.140
AKB Derzhava OJSC 15.000 9/12/2025 RUB 100.000
Rossiysky Capital OJSC 7.750 1/16/2020 RUB 61.900
Landesbank Hessen-Thuering 8.000 11/17/2020 EUR 73.480
UniCredit Bank AG 4.400 12/17/2019 EUR 70.910
Landesbank Baden-Wuerttemb 2.600 8/23/2019 EUR 46.150
EFG International Finance 7.200 7/29/2020 EUR 18.580
Leonteq Securities AG 5.200 8/14/2018 CHF 73.060
Rosbank PJSC 0.030 4/30/2024 RUB 100.000
UBS AG/London 5.000 8/6/2018 CHF 73.950
UniCredit Bank AG 6.800 6/22/2018 EUR 72.630
Raiffeisen Centrobank AG 10.954 6/25/2019 EUR 73.730
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 67.200
UniCredit Bank AG 4.300 6/29/2018 EUR 57.020
Vontobel Financial Product 8.150 9/14/2018 EUR 60.960
Vontobel Financial Product 7.800 9/14/2018 EUR 60.660
Leonteq Securities AG 15.000 8/22/2018 CHF 71.820
Deutsche Bank AG 4.200 9/25/2018 EUR 73.600
Deutsche Bank AG 6.200 9/25/2018 EUR 71.300
Deutsche Bank AG 4.200 12/27/2018 EUR 75.000
UniCredit Bank AG 13.300 6/22/2018 EUR 74.860
DZ Bank AG Deutsche Zentra 7.600 1/2/2019 EUR 61.900
Landesbank Baden-Wuerttemb 7.000 1/25/2019 EUR 71.520
Credit Suisse AG/London 8.000 8/22/2018 CHF 68.100
Landesbank Baden-Wuerttemb 5.000 6/28/2019 EUR 71.240
Deutsche Bank AG 6.200 6/24/2019 EUR 72.990
DZ Bank AG Deutsche Zentra 11.750 1/2/2019 EUR 73.130
Raiffeisen Schweiz Genosse 4.200 5/22/2019 CHF 70.270
VTB Bank PJSC 9.000 11/26/2043 RUB 62.010
SG Issuer SA 0.800 10/21/2020 SEK 57.890
Leonteq Securities AG/Guer 5.000 12/27/2019 EUR 65.340
Landesbank Baden-Wuerttemb 3.150 6/22/2018 EUR 41.160
Landesbank Baden-Wuerttemb 3.300 6/22/2018 EUR 42.180
Raiffeisen Centrobank AG 10.627 9/25/2018 EUR 74.160
Raiffeisen Centrobank AG 8.635 9/25/2018 EUR 59.840
Raiffeisen Centrobank AG 10.627 9/25/2018 EUR 60.220
Raiffeisen Centrobank AG 7.970 9/25/2018 EUR 74.470
Landesbank Baden-Wuerttemb 3.000 9/28/2018 EUR 72.320
Landesbank Baden-Wuerttemb 4.000 9/28/2018 EUR 68.490
HSBC Trinkaus & Burkhardt 9.000 7/27/2018 EUR 68.600
DZ Bank AG Deutsche Zentra 6.000 6/22/2018 EUR 61.790
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 58.920
Vontobel Financial Product 11.500 6/22/2018 EUR 52.970
Credit Suisse AG/Nassau 8.250 7/10/2018 EUR 65.960
UniCredit Bank AG 13.000 6/22/2018 EUR 72.040
UniCredit Bank AG 9.000 6/22/2018 EUR 72.160
UniCredit Bank AG 14.600 6/22/2018 EUR 59.160
Leonteq Securities AG 8.400 7/10/2018 CHF 45.140
Leonteq Securities AG 10.000 7/10/2018 USD 45.450
UniCredit Bank AG 14.000 6/22/2018 EUR 70.560
UniCredit Bank AG 3.500 6/22/2018 EUR 74.420
UniCredit Bank AG 4.700 6/22/2018 EUR 69.730
UniCredit Bank AG 4.000 6/22/2018 EUR 71.750
UniCredit Bank AG 5.400 6/22/2018 EUR 67.780
UniCredit Bank AG 10.800 6/22/2018 EUR 58.690
UniCredit Bank AG 7.000 6/22/2018 EUR 64.240
UniCredit Bank AG 8.800 6/22/2018 EUR 61.080
UniCredit Bank AG 7.900 6/22/2018 EUR 62.630
UniCredit Bank AG 9.800 6/22/2018 EUR 59.590
UniCredit Bank AG 11.800 6/22/2018 EUR 56.880
UniCredit Bank AG 10.700 6/22/2018 EUR 67.220
UniCredit Bank AG 11.700 6/22/2018 EUR 65.000
UniCredit Bank AG 9.800 6/22/2018 EUR 69.600
UniCredit Bank AG 12.600 6/22/2018 EUR 62.920
UniCredit Bank AG 8.100 6/22/2018 EUR 74.910
UniCredit Bank AG 15.000 6/22/2018 EUR 53.210
UniCredit Bank AG 6.200 6/22/2018 EUR 65.960
UniCredit Bank AG 13.900 6/22/2018 EUR 54.370
UniCredit Bank AG 12.800 6/22/2018 EUR 55.610
UniCredit Bank AG 12.000 6/22/2018 EUR 73.580
UniCredit Bank AG 13.600 6/22/2018 EUR 60.980
UniCredit Bank AG 14.900 6/22/2018 EUR 73.370
UniCredit Bank AG 13.800 6/22/2018 EUR 74.980
DZ Bank AG Deutsche Zentra 7.200 6/22/2018 EUR 74.240
DZ Bank AG Deutsche Zentra 9.900 6/22/2018 EUR 69.610
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 74.030
BNP Paribas Emissions- und 5.000 9/27/2018 EUR 68.970
BNP Paribas Emissions- und 3.500 9/27/2018 EUR 62.860
DZ Bank AG Deutsche Zentra 5.250 6/22/2018 EUR 64.470
DZ Bank AG Deutsche Zentra 5.200 6/22/2018 EUR 71.910
DZ Bank AG Deutsche Zentra 5.300 6/22/2018 EUR 65.840
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 61.420
DZ Bank AG Deutsche Zentra 9.500 6/22/2018 EUR 58.460
EFG International Finance 8.000 4/21/2020 USD 57.100
DZ Bank AG Deutsche Zentra 7.000 6/22/2018 EUR 70.700
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 70.240
DZ Bank AG Deutsche Zentra 5.250 6/22/2018 EUR 65.030
Vontobel Financial Product 11.250 6/22/2018 EUR 63.710
Vontobel Financial Product 8.000 6/22/2018 EUR 63.840
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 68.780
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 57.970
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 55.910
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 50.480
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 48.130
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 59.220
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 58.230
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 71.130
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 71.760
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 69.660
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 60.030
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 73.270
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 70.680
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 67.970
BNP Paribas Emissions- und 14.000 12/31/2018 EUR 70.980
Deutsche Bank AG 4.200 10/24/2018 EUR 74.000
Deutsche Bank AG 4.200 6/25/2019 EUR 71.300
DZ Bank AG Deutsche Zentra 6.750 3/18/2019 EUR 66.880
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 68.870
DZ Bank AG Deutsche Zentra 5.250 1/2/2019 EUR 71.430
Commerzbank AG 3.250 10/26/2018 EUR 49.930
Commerzbank AG 17.000 6/22/2018 EUR 72.350
Commerzbank AG 21.000 6/22/2018 EUR 66.840
Commerzbank AG 19.000 7/27/2018 EUR 62.800
Commerzbank AG 13.500 8/24/2018 EUR 71.640
Commerzbank AG 17.500 8/24/2018 EUR 64.700
Commerzbank AG 19.500 8/24/2018 EUR 62.240
Commerzbank AG 14.000 9/28/2018 EUR 70.230
Commerzbank AG 18.000 9/28/2018 EUR 63.960
Commerzbank AG 13.000 10/26/2018 EUR 72.020
Commerzbank AG 16.250 11/23/2018 EUR 66.320
Vontobel Financial Product 8.000 11/23/2018 EUR 60.410
Commerzbank AG 7.750 8/24/2018 EUR 70.720
Commerzbank AG 8.000 9/28/2018 EUR 70.660
Commerzbank AG 15.500 7/27/2018 EUR 37.870
Commerzbank AG 7.250 10/26/2018 EUR 47.630
Commerzbank AG 9.250 10/26/2018 EUR 44.650
Landesbank Hessen-Thuering 4.000 6/21/2019 EUR 64.200
Deutsche Bank AG 6.200 9/25/2018 EUR 70.100
Deutsche Bank AG 6.200 9/25/2018 EUR 64.400
Deutsche Bank AG 6.200 12/27/2018 EUR 71.500
Deutsche Bank AG 6.200 12/27/2018 EUR 65.900
Deutsche Bank AG 8.200 9/25/2018 EUR 70.600
Commerzbank AG 11.500 7/27/2018 EUR 65.960
Commerzbank AG 12.750 7/27/2018 EUR 70.810
Vontobel Financial Product 5.500 1/2/2019 EUR 72.620
Vontobel Financial Product 7.500 1/2/2019 EUR 69.000
Vontobel Financial Product 9.500 1/2/2019 EUR 65.880
Vontobel Financial Product 10.550 1/2/2019 EUR 64.530
Vontobel Financial Product 11.500 1/2/2019 EUR 63.240
Vontobel Financial Product 7.500 9/28/2018 EUR 67.190
Vontobel Financial Product 10.550 9/28/2018 EUR 63.730
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 58.760
DZ Bank AG Deutsche Zentra 5.600 3/18/2019 EUR 68.660
DZ Bank AG Deutsche Zentra 5.400 9/24/2018 EUR 70.530
DZ Bank AG Deutsche Zentra 7.200 9/24/2018 EUR 66.560
DZ Bank AG Deutsche Zentra 6.800 12/24/2018 EUR 68.080
DZ Bank AG Deutsche Zentra 5.250 9/28/2018 EUR 69.170
DZ Bank AG Deutsche Zentra 5.250 3/22/2019 EUR 71.310
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 65.470
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 69.210
Commerzbank AG 9.500 10/26/2018 EUR 65.080
DZ Bank AG Deutsche Zentra 6.500 3/18/2019 EUR 60.180
Vontobel Financial Product 6.000 9/28/2018 EUR 44.950
Vontobel Financial Product 8.500 9/28/2018 EUR 41.870
Vontobel Financial Product 12.000 9/28/2018 EUR 39.630
Vontobel Financial Product 9.500 1/2/2019 EUR 41.460
Vontobel Financial Product 11.500 1/2/2019 EUR 40.610
Vontobel Financial Product 5.550 9/28/2018 EUR 71.510
Commerzbank AG 7.000 1/2/2019 EUR 72.030
Commerzbank AG 8.000 1/2/2019 EUR 69.850
Commerzbank AG 9.000 1/2/2019 EUR 68.410
Commerzbank AG 10.000 1/2/2019 EUR 66.970
Commerzbank AG 11.000 1/2/2019 EUR 65.560
Commerzbank AG 12.000 1/2/2019 EUR 64.610
Commerzbank AG 14.750 1/2/2019 EUR 70.410
Commerzbank AG 16.750 1/2/2019 EUR 68.170
Commerzbank AG 6.750 1/2/2019 EUR 70.720
Commerzbank AG 7.750 1/2/2019 EUR 69.710
Commerzbank AG 8.750 1/2/2019 EUR 68.830
Commerzbank AG 15.000 7/27/2018 EUR 59.790
Commerzbank AG 14.250 8/24/2018 EUR 60.790
Commerzbank AG 13.500 9/28/2018 EUR 61.900
Commerzbank AG 13.000 10/26/2018 EUR 62.710
Commerzbank AG 12.500 11/23/2018 EUR 63.500
Commerzbank AG 15.000 6/22/2018 EUR 63.990
Commerzbank AG 10.250 9/28/2018 EUR 44.790
Landesbank Baden-Wuerttemb 4.600 1/25/2019 EUR 59.910
BNP Paribas Emissions- und 15.000 12/31/2018 EUR 69.750
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.380
EFG International Finance 13.000 12/6/2018 EUR 71.770
Zurcher Kantonalbank Finan 4.750 11/30/2018 CHF 55.370
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 71.740
BNP Paribas Emissions- und 22.000 9/27/2018 EUR 63.200
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 73.240
Bank Julius Baer & Co Ltd/ 7.800 11/30/2018 USD 73.350
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 67.230
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 59.540
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 69.120
Commerzbank AG 5.750 6/22/2018 EUR 71.720
Vontobel Financial Product 10.550 9/28/2018 EUR 73.230
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 70.360
Commerzbank AG 10.500 11/23/2018 EUR 42.700
Commerzbank AG 11.000 8/24/2018 EUR 62.740
Commerzbank AG 13.000 8/24/2018 EUR 60.740
Commerzbank AG 11.250 9/28/2018 EUR 62.800
Commerzbank AG 12.250 9/28/2018 EUR 61.790
Commerzbank AG 6.250 11/23/2018 EUR 70.880
Commerzbank AG 10.250 11/23/2018 EUR 64.430
Commerzbank AG 4.500 11/23/2018 EUR 53.450
Commerzbank AG 8.500 11/23/2018 EUR 44.780
Vontobel Financial Product 8.500 1/2/2019 EUR 70.560
Vontobel Financial Product 9.550 9/28/2018 EUR 63.530
Vontobel Financial Product 10.500 1/2/2019 EUR 64.190
Vontobel Financial Product 15.000 1/2/2019 EUR 66.520
DekaBank Deutsche Girozent 3.500 12/20/2018 EUR 58.610
DZ Bank AG Deutsche Zentra 8.250 3/20/2019 EUR 65.480
DZ Bank AG Deutsche Zentra 8.500 12/28/2018 EUR #N/A N/A
Rosselkhozbank JSC 12.870 12/21/2021 RUB 71.010
Vontobel Financial Product 8.500 1/2/2019 EUR 54.000
Vontobel Financial Product 7.500 1/2/2019 EUR 53.490
Vontobel Financial Product 4.050 9/14/2018 EUR 73.660
Vontobel Financial Product 9.800 9/14/2018 EUR 57.850
Deutsche Bank AG 6.200 3/19/2019 EUR 71.300
Deutsche Bank AG 6.200 6/25/2019 EUR 73.400
Goldman Sachs & Co Wertpap 7.000 9/26/2018 EUR 66.790
UniCredit Bank AG 14.600 6/22/2018 EUR 73.000
Deutsche Bank AG 5.200 12/24/2019 EUR 74.200
UniCredit Bank AG 8.100 6/22/2018 EUR 63.430
UniCredit Bank AG 10.000 6/22/2018 EUR 60.350
UniCredit Bank AG 13.100 6/22/2018 EUR 56.230
UniCredit Bank AG 9.000 6/22/2018 EUR 61.860
DZ Bank AG Deutsche Zentra 10.250 6/22/2018 EUR 62.750
DZ Bank AG Deutsche Zentra 10.750 8/24/2018 EUR 61.920
Raiffeisen Schweiz Genosse 7.600 8/22/2018 CHF 55.660
Deutsche Bank AG 4.200 9/25/2018 EUR 70.800
DZ Bank AG Deutsche Zentra 7.250 6/22/2018 EUR 70.650
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 65.300
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 66.990
DZ Bank AG Deutsche Zentra 6.250 12/24/2018 EUR 58.680
DZ Bank AG Deutsche Zentra 13.500 6/22/2018 EUR 58.590
UniCredit Bank AG 14.900 6/22/2018 EUR 57.540
UniCredit Bank AG 10.500 6/22/2018 EUR 44.040
UniCredit Bank AG 9.500 6/22/2018 EUR 64.440
UniCredit Bank AG 13.800 6/22/2018 EUR 71.120
DZ Bank AG Deutsche Zentra 6.800 12/24/2018 EUR 64.560
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 64.750
DZ Bank AG Deutsche Zentra 9.750 6/22/2018 EUR 69.050
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 67.260
DZ Bank AG Deutsche Zentra 7.250 6/22/2018 EUR 58.920
DZ Bank AG Deutsche Zentra 6.250 9/28/2018 EUR 54.400
Leonteq Securities AG/Guer 10.000 6/20/2019 CHF 74.490
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 64.790
DZ Bank AG Deutsche Zentra 6.000 12/24/2018 EUR 66.110
DZ Bank AG Deutsche Zentra 4.600 3/18/2019 EUR 66.390
DZ Bank AG Deutsche Zentra 10.250 9/28/2018 EUR 71.670
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 54.130
DZ Bank AG Deutsche Zentra 8.750 1/2/2019 EUR 44.850
DZ Bank AG Deutsche Zentra 12.250 1/2/2019 EUR 72.180
Vontobel Financial Product 5.050 9/28/2018 EUR 53.750
Vontobel Financial Product 11.550 1/2/2019 EUR 55.580
Vontobel Financial Product 13.500 9/28/2018 EUR 55.910
Vontobel Financial Product 12.550 1/2/2019 EUR 56.100
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 60.630
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 34.440
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 38.030
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 65.880
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 70.270
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 67.770
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 66.970
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 71.990
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 72.510
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 69.300
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 73.600
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 72.140
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 72.390
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 71.000
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 74.380
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 73.130
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 69.970
Commerzbank AG 13.500 8/24/2018 EUR 36.380
Landesbank Baden-Wuerttemb 7.000 11/23/2018 EUR 71.410
Commerzbank AG 6.500 8/24/2018 EUR 68.190
Commerzbank AG 5.000 10/26/2018 EUR 72.590
Commerzbank AG 7.000 10/26/2018 EUR 68.070
HSBC Trinkaus & Burkhardt 5.900 9/28/2018 EUR 70.230
HSBC Trinkaus & Burkhardt 7.300 12/28/2018 EUR 69.320
HSBC Trinkaus & Burkhardt 5.600 12/28/2018 EUR 71.160
HSBC Trinkaus & Burkhardt 4.000 6/22/2018 EUR 74.910
HSBC Trinkaus & Burkhardt 9.600 12/28/2018 EUR 66.050
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 68.830
Vontobel Financial Product 17.000 9/28/2018 EUR 69.280
Vontobel Financial Product 13.500 9/28/2018 EUR 68.390
DZ Bank AG Deutsche Zentra 8.250 3/18/2019 EUR 63.390
DZ Bank AG Deutsche Zentra 7.750 9/24/2018 EUR 66.010
Commerzbank AG 13.500 9/28/2018 EUR 39.050
Leonteq Securities AG/Guer 13.400 2/27/2019 EUR 67.900
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 73.130
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 12.250 6/22/2018 EUR 73.640
DZ Bank AG Deutsche Zentra 4.250 9/28/2018 EUR 73.190
Commerzbank AG 13.250 10/26/2018 EUR 41.050
Commerzbank AG 7.000 9/28/2018 EUR 72.530
Commerzbank AG 5.250 10/26/2018 EUR 52.340
Commerzbank AG 11.250 10/26/2018 EUR 42.590
Deutsche Bank AG 4.200 9/25/2018 EUR 69.600
Deutsche Bank AG 4.200 9/25/2018 EUR 63.900
Deutsche Bank AG 4.200 12/27/2018 EUR 70.500
Deutsche Bank AG 4.200 12/27/2018 EUR 64.900
Commerzbank AG 8.750 8/24/2018 EUR 68.540
Commerzbank AG 17.000 6/22/2018 EUR 40.960
Deutsche Bank AG 8.200 12/27/2018 EUR 72.500
Deutsche Bank AG 8.200 9/25/2018 EUR 68.400
Deutsche Bank AG 8.200 12/27/2018 EUR 70.000
Vontobel Financial Product 7.500 1/2/2019 EUR 71.550
Vontobel Financial Product 10.000 11/23/2018 EUR 64.300
Vontobel Financial Product 14.000 9/28/2018 EUR 60.920
Vontobel Financial Product 6.500 1/2/2019 EUR 70.750
Vontobel Financial Product 8.550 1/2/2019 EUR 67.400
Vontobel Financial Product 13.000 1/2/2019 EUR 62.340
Vontobel Financial Product 6.500 9/28/2018 EUR 69.260
Vontobel Financial Product 9.050 9/28/2018 EUR 65.400
Vontobel Financial Product 12.000 9/28/2018 EUR 62.180
DZ Bank AG Deutsche Zentra 6.300 9/24/2018 EUR 68.400
DZ Bank AG Deutsche Zentra 6.100 12/24/2018 EUR 69.730
DZ Bank AG Deutsche Zentra 5.100 3/18/2019 EUR 70.290
DZ Bank AG Deutsche Zentra 5.000 1/2/2019 EUR 68.430
DZ Bank AG Deutsche Zentra 7.750 6/22/2018 EUR 69.660
Commerzbank AG 6.750 6/22/2018 EUR 68.700
Commerzbank AG 26.750 6/22/2018 EUR 66.560
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 61.870
Vontobel Financial Product 14.550 9/28/2018 EUR 38.450
Vontobel Financial Product 4.500 9/28/2018 EUR 73.910
Zurcher Kantonalbank Finan 6.509 10/5/2018 CHF 44.630
Kontsessii Vodosnabzheniya 12.000 4/7/2031 RUB 62.430
Araratbank OJSC 7.000 6/18/2019 USD 25.545
Leonteq Securities AG 10.200 10/24/2018 EUR 63.820
Raiffeisen Schweiz Genosse 6.500 7/2/2018 USD 69.940
Leonteq Securities AG 8.400 9/27/2018 USD 45.140
Landesbank Hessen-Thuering 4.000 10/14/2020 EUR 67.790
DZ Bank AG Deutsche Zentra 15.000 8/22/2018 EUR 70.590
Vontobel Financial Product 7.550 6/22/2018 EUR 71.980
Commerzbank AG 19.000 10/26/2018 EUR 70.130
Commerzbank AG 18.000 11/23/2018 EUR 71.300
HSBC Trinkaus & Burkhardt 4.200 12/28/2018 EUR 71.170
Deutsche Bank AG 5.200 7/25/2018 EUR 73.300
Deutsche Bank AG 5.200 7/25/2018 EUR 63.600
Deutsche Bank AG 5.200 12/27/2018 EUR 69.500
HSBC Trinkaus & Burkhardt 5.600 12/28/2018 EUR 68.760
Commerzbank AG 3.000 11/23/2018 EUR 63.580
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 70.930
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 72.530
Deutsche Bank AG 4.200 10/24/2018 EUR 68.900
Deutsche Bank AG 4.200 11/21/2018 EUR 69.300
Deutsche Bank AG 4.200 3/19/2019 EUR 71.200
DZ Bank AG Deutsche Zentra 4.750 3/18/2019 EUR 72.430
DZ Bank AG Deutsche Zentra 6.200 3/18/2019 EUR 73.850
DZ Bank AG Deutsche Zentra 5.250 12/24/2018 EUR 69.640
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 70.640
Commerzbank AG 19.000 6/22/2018 EUR 69.380
Commerzbank AG 15.000 7/27/2018 EUR 68.850
Commerzbank AG 17.000 7/27/2018 EUR 65.460
Commerzbank AG 21.000 7/27/2018 EUR 60.390
Commerzbank AG 23.000 7/27/2018 EUR 58.380
Commerzbank AG 15.500 8/24/2018 EUR 67.850
Commerzbank AG 21.500 8/24/2018 EUR 59.900
Commerzbank AG 16.000 9/28/2018 EUR 66.770
Commerzbank AG 20.000 9/28/2018 EUR 61.520
Commerzbank AG 15.000 10/26/2018 EUR 68.270
Commerzbank AG 17.000 10/26/2018 EUR 65.250
Commerzbank AG 19.000 10/26/2018 EUR 62.710
Commerzbank AG 14.250 11/23/2018 EUR 69.440
Commerzbank AG 18.250 11/23/2018 EUR 63.580
Vontobel Financial Product 7.500 11/23/2018 EUR 71.830
DZ Bank AG Deutsche Zentra 5.250 1/2/2019 EUR 66.840
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 38.600
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 40.430
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 39.150
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 70.430
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 71.520
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 68.840
Vontobel Financial Product 7.000 1/25/2019 EUR 66.760
BNP Paribas Emissions- und 14.000 9/27/2018 EUR 66.690
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 70.920
BNP Paribas Emissions- und 9.500 6/27/2019 EUR 73.770
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 69.210
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.740
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 68.210
Leonteq Securities AG/Guer 8.000 12/27/2019 EUR 66.640
EFG International Finance 10.000 12/28/2018 EUR 69.640
Landesbank Hessen-Thuering 7.250 3/15/2023 EUR 69.490
Raiffeisen Schweiz Genosse 8.750 12/27/2018 CHF 48.910
Commerzbank AG 4.500 6/22/2018 EUR 73.370
Commerzbank AG 5.500 8/24/2018 EUR 70.370
Commerzbank AG 5.750 9/28/2018 EUR 70.130
Commerzbank AG 6.000 10/26/2018 EUR 70.180
Commerzbank AG 8.000 10/26/2018 EUR 66.380
HSBC Trinkaus & Burkhardt 16.000 6/22/2018 EUR 70.140
Vontobel Financial Product 15.550 9/28/2018 EUR 68.910
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 61.570
DZ Bank AG Deutsche Zentra 8.750 12/24/2018 EUR 68.430
EFG International Finance 12.600 11/29/2018 EUR 65.020
DZ Bank AG Deutsche Zentra 5.250 3/22/2019 EUR 64.900
DZ Bank AG Deutsche Zentra 13.000 6/22/2018 EUR 71.590
DZ Bank AG Deutsche Zentra 12.250 6/22/2018 EUR 70.040
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 70.000
DZ Bank AG Deutsche Zentra 9.250 6/22/2018 EUR 67.210
Commerzbank AG 13.000 3/13/2023 USD 9.250
Raiffeisen Schweiz Genosse 5.000 8/29/2018 CHF 73.230
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 40.310
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 41.330
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 56.710
Bank Julius Baer & Co Ltd/ 5.600 12/5/2018 CHF 75.050
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 45.940
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 62.410
HSBC Trinkaus & Burkhardt 7.000 12/28/2018 EUR 60.900
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 42.870
DekaBank Deutsche Girozent 3.000 1/7/2019 EUR 67.110
Credit Suisse AG/London 9.000 1/23/2020 USD 7.920
Vontobel Financial Product 6.500 1/2/2019 EUR 70.470
Raiffeisen Schweiz Genosse 10.000 12/31/2024 CHF 71.940
Vontobel Financial Product 7.000 12/27/2019 EUR 68.260
Vontobel Financial Product 9.500 9/28/2018 EUR 68.300
Polski Bank Spoldzielczy w 4.780 6/18/2020 PLN 50.000
BNP Paribas Emissions- und 3.000 12/31/2018 EUR 71.480
Vontobel Financial Product 6.000 1/2/2019 EUR 65.040
UniCredit Bank AG 3.500 1/29/2020 EUR 47.810
Vontobel Financial Product 7.500 1/2/2019 EUR 65.820
Vontobel Financial Product 8.000 9/28/2018 EUR 67.870
Vontobel Financial Product 8.500 1/2/2019 EUR 67.380
Vontobel Financial Product 10.000 1/2/2019 EUR 68.200
UniCredit Bank AG 3.500 12/19/2019 EUR 51.250
EFG International Finance 7.000 11/27/2019 EUR 10.020
Commerzbank AG 8.250 10/26/2018 EUR 69.540
Commerzbank AG 9.500 9/28/2018 EUR 67.940
Landesbank Hessen-Thuering 4.250 7/9/2019 EUR 62.800
Vontobel Financial Product 6.550 9/28/2018 EUR 67.450
Vontobel Financial Product 10.500 1/2/2019 EUR 55.040
Vontobel Financial Product 5.500 1/2/2019 EUR 52.450
Vontobel Financial Product 10.500 9/28/2018 EUR 55.140
Raiffeisen Schweiz Genosse 3.000 9/22/2020 CHF 73.580
DekaBank Deutsche Girozent 2.750 7/17/2019 EUR 48.050
HSBC Trinkaus & Burkhardt 9.900 12/28/2018 EUR 63.960
Vontobel Financial Product 2.850 9/21/2018 EUR 73.440
Vontobel Financial Product 12.000 12/14/2018 EUR 61.220
Vontobel Financial Product 14.900 12/14/2018 EUR 70.200
HSBC Trinkaus & Burkhardt 5.600 8/24/2018 EUR 68.720
Vontobel Financial Product 9.400 12/14/2018 EUR 63.460
Vontobel Financial Product 10.700 12/14/2018 EUR 62.280
Vontobel Financial Product 12.000 9/14/2018 EUR 72.190
HSBC Trinkaus & Burkhardt 7.700 12/28/2018 EUR 67.090
HSBC Trinkaus & Burkhardt 5.800 3/22/2019 EUR 71.600
HSBC Trinkaus & Burkhardt 5.800 11/23/2018 EUR 70.050
Vontobel Financial Product 15.450 9/14/2018 EUR 69.240
HSBC Trinkaus & Burkhardt 5.000 12/28/2018 EUR 72.020
Vontobel Financial Product 12.800 9/21/2018 EUR 71.490
Vontobel Financial Product 13.800 12/14/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 10.600 6/22/2018 EUR 42.910
UniCredit Bank AG 3.750 9/7/2020 EUR 44.710
HSBC Trinkaus & Burkhardt 5.400 9/28/2018 EUR 46.420
Vontobel Financial Product 7.000 11/23/2018 EUR 66.160
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 64.530
UniCredit Bank AG 4.600 7/2/2018 EUR 33.350
Landesbank Hessen-Thuering 4.000 4/8/2019 EUR 67.340
Vontobel Financial Product 3.050 12/14/2018 EUR 69.910
Vontobel Financial Product 4.100 12/14/2018 EUR 62.750
Deutsche Bank AG 6.200 9/24/2018 EUR 70.370
UniCredit Bank AG 3.750 10/2/2020 EUR 42.640
DZ Bank AG Deutsche Zentra 11.250 1/2/2019 EUR 61.390
Vontobel Financial Product 4.400 12/14/2018 EUR 66.770
Vontobel Financial Product 5.450 12/14/2018 EUR 68.230
Landesbank Baden-Wuerttemb 8.000 6/22/2018 EUR 64.420
Landesbank Baden-Wuerttemb 2.000 6/22/2018 EUR 74.200
Landesbank Baden-Wuerttemb 3.000 6/28/2019 EUR 43.750
Commerzbank AG 11.250 6/22/2018 EUR 71.390
UBS AG/London 5.200 1/3/2019 EUR 70.330
Deutsche Bank AG 6.200 9/24/2018 EUR 73.170
Deutsche Bank AG 6.200 9/24/2018 EUR 70.370
Deutsche Bank AG 6.200 3/18/2019 EUR 72.550
Deutsche Bank AG 6.200 12/24/2018 EUR 71.540
Deutsche Bank AG 6.200 9/24/2018 EUR 73.170
Deutsche Bank AG 6.200 12/24/2018 EUR 71.540
UniCredit Bank AG 5.000 6/25/2019 EUR 36.840
Vontobel Financial Product 9.500 11/23/2018 EUR 39.900
Deutsche Bank AG 4.200 9/24/2018 EUR 69.860
DekaBank Deutsche Girozent 2.750 9/18/2018 EUR 65.810
Landesbank Hessen-Thuering 4.000 4/30/2019 EUR 38.240
Vontobel Financial Product 6.400 12/14/2018 EUR 55.380
Vontobel Financial Product 7.600 12/14/2018 EUR 55.940
UniCredit Bank AG 4.100 11/7/2018 EUR 72.470
UniCredit Bank AG 5.000 11/5/2018 EUR 59.490
Vontobel Financial Product 8.800 12/14/2018 EUR 56.500
Vontobel Financial Product 6.600 12/14/2018 EUR 67.800
Vontobel Financial Product 8.450 12/14/2018 EUR 64.830
Deutsche Bank AG 6.200 3/18/2019 EUR 72.550
Deutsche Bank AG 6.200 6/24/2019 EUR 72.990
EFG International Finance 7.200 2/25/2019 EUR 4.460
Vontobel Financial Product 7.750 12/14/2018 EUR 69.380
Landesbank Baden-Wuerttemb 3.350 6/22/2018 EUR 66.490
Leonteq Securities AG 5.000 5/7/2019 CHF 70.230
UBS AG/London 6.000 3/28/2019 EUR 67.670
Deutsche Bank AG 4.200 6/24/2019 EUR 73.360
Deutsche Bank AG 4.200 6/24/2019 EUR 70.970
Deutsche Bank AG 4.200 9/24/2018 EUR 69.860
Deutsche Bank AG 4.200 12/24/2018 EUR 73.180
Deutsche Bank AG 4.200 12/24/2018 EUR 70.530
Deutsche Bank AG 4.200 3/18/2019 EUR 71.070
Bank Julius Baer & Co Ltd/ 8.550 12/12/2018 CHF 50.550
Deutsche Bank AG 4.200 9/24/2018 EUR 72.660
Deutsche Bank AG 4.200 9/24/2018 EUR 72.660
Deutsche Bank AG 4.200 12/24/2018 EUR 70.530
Deutsche Bank AG 4.200 6/24/2019 EUR 73.360
Koncessii Teplosnabzheniya 11.000 11/11/2032 RUB 62.120
Deutsche Bank AG 4.200 3/18/2019 EUR 71.070
Deutsche Bank AG 4.200 6/24/2019 EUR 70.970
Zurcher Kantonalbank Finan 3.000 12/12/2018 CHF 48.120
EFG International Finance 6.400 4/9/2020 EUR 73.600
Landesbank Hessen-Thuering 8.000 5/15/2020 EUR 66.110
Vontobel Financial Product 8.250 9/28/2018 EUR 69.010
VTB Bank PJSC 9.000 9/1/2044 RUB 62.010
Raiffeisen Switzerland BV 9.000 4/1/2019 EUR 9.570
SG Issuer SA 0.820 8/2/2021 SEK 56.210
Commerzbank AG 7.250 10/26/2018 EUR 70.720
Commerzbank AG 9.250 10/26/2018 EUR 68.430
Commerzbank AG 10.250 8/24/2018 EUR 66.820
Vontobel Financial Product 8.000 1/2/2019 EUR 59.280
Vontobel Financial Product 10.000 1/2/2019 EUR 59.120
BNP Paribas Emissions- und 17.000 12/31/2018 EUR 67.720
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 52.990
BNP Paribas Emissions- und 15.000 12/31/2018 EUR 51.210
Deutsche Bank AG 3.200 3/19/2019 EUR 69.500
UBS AG/London 8.400 1/3/2019 EUR 63.820
EFG International Finance 11.000 12/20/2018 EUR 62.480
UniCredit Bank AG 5.500 1/4/2019 EUR 70.250
UniCredit Bank AG 15.000 1/4/2019 EUR 72.580
UBS AG/London 12.900 1/3/2019 EUR 72.850
UBS AG/London 7.000 1/3/2019 EUR 67.030
UBS AG/London 19.000 1/3/2019 EUR 57.780
DekaBank Deutsche Girozent 2.750 10/29/2018 EUR 34.260
UBS AG/London 5.600 6/27/2019 EUR 71.980
UBS AG/London 5.600 9/26/2019 EUR 72.900
UniCredit Bank AG 5.000 7/30/2018 EUR 38.760
UBS AG/London 13.100 1/3/2019 EUR 59.880
UBS AG/London 14.700 1/3/2019 EUR 71.490
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 37.990
UBS AG/London 4.800 3/28/2019 EUR 71.010
Landesbank Baden-Wuerttemb 3.000 7/26/2019 EUR 49.620
UBS AG/London 8.750 6/6/2019 EUR 64.150
UBS AG/London 5.000 9/27/2018 EUR 69.090
DekaBank Deutsche Girozent 2.800 5/13/2019 EUR 73.120
Raiffeisen Schweiz Genosse 4.300 6/5/2019 CHF 70.450
UniCredit Bank AG 12.700 9/28/2018 EUR 68.860
UniCredit Bank AG 14.900 9/28/2018 EUR 61.420
UniCredit Bank AG 13.300 9/28/2018 EUR 62.790
Deutsche Bank AG 3.200 6/25/2019 EUR 69.300
UniCredit Bank AG 7.600 9/28/2018 EUR 64.520
UniCredit Bank AG 3.800 7/23/2020 EUR 43.580
UniCredit Bank AG 14.400 9/28/2018 EUR 72.430
UniCredit Bank AG 6.300 9/28/2018 EUR 70.000
UniCredit Bank AG 12.800 1/4/2019 EUR 69.370
Landesbank Baden-Wuerttemb 3.000 6/22/2018 EUR 64.270
Landesbank Baden-Wuerttemb 3.500 7/27/2018 EUR 38.160
Leonteq Securities AG/Guer 10.600 3/15/2019 CHF 51.150
Vontobel Financial Product 5.400 1/6/2020 EUR 73.250
UniCredit Bank AG 11.800 9/28/2018 EUR 64.320
Landesbank Baden-Wuerttemb 3.000 8/24/2018 EUR 53.880
Landesbank Baden-Wuerttemb 3.200 7/27/2018 EUR 53.070
Landesbank Baden-Wuerttemb 12.400 11/23/2018 EUR 40.740
Landesbank Baden-Wuerttemb 5.000 6/22/2018 EUR 68.740
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 70.700
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 73.000
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 74.150
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 72.200
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 73.680
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 68.940
Deutsche Bank AG 4.200 9/25/2018 EUR 69.300
Deutsche Bank AG 4.200 9/25/2018 EUR 67.400
Deutsche Bank AG 4.200 9/25/2018 EUR 63.100
Deutsche Bank AG 4.200 12/27/2018 EUR 68.000
Deutsche Bank AG 6.200 12/27/2018 EUR 64.900
EFG International Finance 7.200 10/5/2020 USD 68.420
Raiffeisen Centrobank AG 7.653 3/19/2019 EUR 69.220
UBS AG/London 13.250 9/6/2018 CHF 51.000
Goldman Sachs & Co Wertpap 21.000 1/23/2019 EUR 67.560
Goldman Sachs & Co Wertpap 13.000 2/20/2019 EUR 71.870
Goldman Sachs & Co Wertpap 16.000 10/24/2018 EUR 68.760
Goldman Sachs & Co Wertpap 23.000 11/21/2018 EUR 66.540
Goldman Sachs & Co Wertpap 7.000 1/23/2019 EUR 72.770
Goldman Sachs & Co Wertpap 7.000 2/20/2019 EUR 73.170
Goldman Sachs & Co Wertpap 6.000 6/26/2019 EUR 72.250
Goldman Sachs & Co Wertpap 7.000 11/21/2018 EUR 71.750
Goldman Sachs & Co Wertpap 7.000 12/28/2018 EUR 72.330
UBS AG/London 17.500 9/27/2018 EUR 65.270
UBS AG/London 10.400 9/27/2018 EUR 70.520
Lehman Brothers Treasury C 7.500 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 7.320 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 3.500 6/20/2011 EUR 2.571
Lehman Brothers Treasury C 5.500 6/22/2010 USD 6.000
Lehman Brothers Treasury C 10.000 10/22/2008 USD 2.571
Lehman Brothers Treasury C 3.450 5/23/2013 USD 2.571
Lehman Brothers Treasury C 7.500 2/14/2010 AUD 2.571
TransFin-M PAO 10.000 10/3/2024 RUB 63.000
Business-Consulting OAO 9.000 3/26/2020 RUB 62.380
Center-Invest Commercial B 8.500 11/13/2018 RUB 61.310
TransFin-M PAO 10.500 2/26/2025 RUB 63.000
Lehman Brothers Treasury C 4.600 11/9/2011 EUR 6.000
Lehman Brothers Treasury C 4.800 11/16/2012 HKD 2.571
Lehman Brothers Treasury C 12.220 11/21/2017 USD 2.571
Digital Invest OOO 7.350 4/21/2020 RUB 0.140
Lehman Brothers Treasury C 10.000 2/16/2009 CHF 2.571
Lehman Brothers Treasury C 5.375 2/4/2014 USD 2.571
Ladya-Finans LLC 12.000 10/29/2021 RUB 62.010
Societe Generale SA 0.500 5/22/2024 MXN 59.358
Lehman Brothers Treasury C 1.000 2/26/2010 USD 2.571
Oberoesterreichische Lande 0.300 4/25/2042 EUR 70.965
Lehman Brothers Treasury C 11.000 2/16/2009 CHF 2.571
Societe Generale SA 0.500 4/30/2023 RUB 71.171
Lehman Brothers Treasury C 5.500 11/30/2012 CZK 2.571
Aragon OOO 10.250 5/4/2022 RUB 65.000
Lehman Brothers Treasury C 7.800 3/31/2018 USD 2.571
Lehman Brothers Treasury C 7.150 3/21/2013 USD 2.571
Lehman Brothers Treasury C 7.050 4/8/2015 USD 2.571
Lehman Brothers Treasury C 4.000 3/10/2011 EUR 2.571
Lehman Brothers Treasury C 11.750 3/1/2010 EUR 2.571
Digital Invest OOO 7.350 4/9/2021 RUB 0.170
Digital Invest OOO 7.350 4/7/2021 RUB 0.140
Lehman Brothers Treasury C 6.000 2/19/2023 USD 2.571
SAir Group 6.250 10/27/2002 CHF 13.125
Lenenergo PJSC 7.850 7/9/2025 RUB 99.950
Lehman Brothers Treasury C 4.200 12/3/2008 HKD 6.000
Risland OOO 9.250 1/10/2019 RUB 1.000
Finstone OOO 9.250 1/10/2019 RUB 100.000
Lehman Brothers Treasury C 1.950 11/4/2013 EUR 2.571
Lehman Brothers Treasury C 4.870 10/8/2013 USD 2.571
Lehman Brothers Treasury C 4.680 12/12/2045 EUR 2.571
Lehman Brothers Treasury C 6.700 4/21/2011 USD 2.571
Lehman Brothers Treasury C 7.500 6/15/2017 USD 2.571
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
Lehman Brothers Treasury C 4.100 6/10/2014 SGD 6.000
Lehman Brothers Treasury C 2.480 5/12/2009 USD 2.571
Lehman Brothers Treasury C 4.000 5/30/2010 USD 2.571
TransFin-M PAO 12.500 8/11/2025 RUB 63.000
Lehman Brothers Treasury C 6.000 12/30/2017 EUR 2.571
Lehman Brothers Treasury C 10.000 8/2/2037 JPY 2.571
Lehman Brothers Treasury C 13.000 7/25/2012 EUR 2.571
Lehman Brothers Treasury C 8.050 12/20/2010 HKD 2.571
Lehman Brothers Treasury C 3.000 12/3/2012 EUR 2.571
Lehman Brothers Treasury C 7.060 12/29/2008 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 9.300 12/21/2010 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 16.000 10/8/2008 CHF 2.571
Lehman Brothers Treasury C 14.900 11/16/2010 EUR 2.571
Lehman Brothers Treasury C 2.500 11/9/2011 CHF 2.571
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Rosbank PJSC 0.040 4/30/2024 RUB 100.000
National Capital JSC 9.250 4/22/2019 RUB 100.000
Nota-Bank OJSC 13.500 4/1/2016 RUB 31.500
Lehman Brothers Treasury C 3.000 8/13/2011 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 6.000
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 4.000 1/4/2011 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 8.800 12/27/2009 EUR 2.571
Lehman Brothers Treasury C 7.625 7/22/2011 HKD 2.571
Lehman Brothers Treasury C 6.720 12/29/2008 EUR 2.571
Lehman Brothers Treasury C 2.500 8/23/2012 GBP 2.571
Lehman Brothers Treasury C 4.000 7/27/2011 EUR 2.571
Lehman Brothers Treasury C 5.000 8/16/2017 EUR 6.000
United Confectioners Finan 8.000 4/3/2023 RUB 65.000
Lehman Brothers Treasury C 2.250 5/12/2009 USD 2.571
Lehman Brothers Treasury C 2.750 10/28/2009 EUR 2.571
Barclays Bank PLC 1.645 6/3/2041 USD 70.900
Lehman Brothers Treasury C 7.000 9/20/2011 USD 2.571
Lehman Brothers Treasury C 16.800 8/21/2009 USD 2.571
Lehman Brothers Treasury C 6.450 2/20/2010 AUD 2.571
Lehman Brothers Treasury C 6.600 5/23/2012 AUD 2.571
Lehman Brothers Treasury C 16.000 10/28/2008 USD 2.571
Lehman Brothers Treasury C 5.250 7/8/2014 EUR 2.571
Lehman Brothers Treasury C 4.000 8/11/2010 USD 6.000
Lehman Brothers Treasury C 4.300 6/4/2012 USD 2.571
Lehman Brothers Treasury C 6.250 9/5/2011 EUR 2.571
Lehman Brothers Treasury C 4.600 8/1/2013 EUR 2.571
Lehman Brothers Treasury C 14.100 11/12/2008 USD 2.571
Lehman Brothers Treasury C 6.000 8/7/2013 EUR 2.571
Lehman Brothers Treasury C 8.280 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 12.000 7/4/2011 EUR 2.571
Lehman Brothers Treasury C 4.000 6/5/2011 USD 2.571
Barclays Bank PLC 1.988 12/1/2040 USD 72.885
Lehman Brothers Treasury C 7.500 5/30/2010 AUD 2.571
Lehman Brothers Treasury C 11.000 5/9/2020 USD 2.571
IDGC of Centre PJSC 9.320 8/14/2026 RUB 70.020
Lehman Brothers Treasury C 13.150 10/30/2008 USD 2.571
Center-Invest Commercial B 8.250 5/22/2019 RUB 61.910
Metalenergmontazh OOO 10.000 5/7/2020 RUB 63.070
Lehman Brothers Treasury C 4.500 3/7/2015 EUR 2.571
Kommunekredit 0.500 5/11/2029 CAD 75.236
Lehman Brothers Treasury C 0.750 3/29/2012 EUR 2.571
Lehman Brothers Treasury C 7.000 6/6/2017 EUR 2.571
Banca Adriatica Spa 7.750 6/30/2018 EUR 1.237
Banca Adriatica Spa 8.000 6/30/2018 EUR 1.237
Lehman Brothers Treasury C 8.280 3/26/2009 USD 2.571
Lehman Brothers Treasury C 7.600 3/26/2009 EUR 2.571
Lehman Brothers Treasury C 2.000 5/17/2010 EUR 2.571
Invektor 7.000 7/30/2019 RUB 63.000
Profit Garant Ltd 7.000 7/30/2019 RUB 94.300
Otkritie Holding JSC 10.000 9/17/2027 RUB 7.500
Lehman Brothers Treasury C 5.120 4/30/2027 EUR 2.571
Lehman Brothers Treasury C 4.100 8/23/2010 USD 2.571
Lehman Brothers Treasury C 4.150 8/25/2020 EUR 2.571
Lehman Brothers Treasury C 6.000 12/6/2016 USD 2.571
Lehman Brothers Treasury C 7.750 2/21/2016 EUR 2.571
Lehman Brothers Treasury C 4.900 7/28/2020 EUR 2.571
Lehman Brothers Treasury C 6.000 7/28/2010 EUR 2.571
Lehman Brothers Treasury C 6.000 7/28/2010 EUR 2.571
Lehman Brothers Treasury C 7.500 8/1/2035 EUR 2.571
Lehman Brothers Treasury C 7.000 7/11/2010 EUR 2.571
Lehman Brothers Treasury C 3.000 8/8/2017 EUR 2.571
Lehman Brothers Treasury C 6.500 5/16/2015 EUR 2.571
Lehman Brothers Treasury C 3.500 9/29/2017 EUR 2.571
Lehman Brothers Treasury C 10.000 1/4/2010 USD 2.571
Lehman Brothers Treasury C 0.010 9/20/2011 USD 2.571
Lehman Brothers Treasury C 1.500 2/8/2012 CHF 2.571
Lehman Brothers Treasury C 3.000 8/15/2017 EUR 2.571
Soyuz AKB OAO 13.000 11/22/2019 RUB 65.010
Lehman Brothers Treasury C 9.250 6/20/2012 USD 2.571
Societe Generale SA 0.000 6/26/2034 USD 57.334
Lehman Brothers Treasury C 3.000 9/13/2010 JPY 6.000
Lehman Brothers Treasury C 11.250 12/31/2008 USD 2.571
Lehman Brothers Treasury C 12.000 7/13/2037 JPY 2.571
Lehman Brothers Treasury C 8.500 7/6/2009 CHF 2.571
Lehman Brothers Treasury C 4.600 7/6/2016 EUR 2.571
Lehman Brothers Treasury C 7.500 9/13/2009 CHF 2.571
Lehman Brothers Treasury C 5.103 6/22/2046 EUR 2.571
Lehman Brothers Treasury C 4.500 8/2/2009 USD 2.571
Solomenskij Lesozavod ZAO 10.000 9/29/2021 RUB #N/A N/A
Lehman Brothers Treasury C 8.000 5/22/2009 USD 2.571
Lehman Brothers Treasury C 7.250 10/6/2008 EUR 2.571
Digital Invest OOO 7.350 10/22/2020 RUB 0.120
Lehman Brothers Treasury C 7.000 11/28/2008 CHF 2.571
Lehman Brothers Treasury C 4.500 3/6/2013 CHF 2.571
Lehman Brothers Treasury C 9.000 3/17/2009 GBP 2.571
Lehman Brothers Treasury C 4.000 4/24/2009 USD 2.571
Lehman Brothers Treasury C 9.000 6/13/2009 USD 2.571
Kaupthing ehf 6.125 10/4/2016 USD 0.250
Lehman Brothers Treasury C 7.375 9/20/2008 EUR 2.571
Lehman Brothers Treasury C 10.500 8/9/2010 EUR 2.571
Lehman Brothers Treasury C 4.350 8/8/2016 SGD 6.000
Lehman Brothers Treasury C 8.000 12/27/2032 JPY 2.571
Lehman Brothers Treasury C 3.500 9/19/2017 EUR 2.571
KIT Finance Capital OOO 8.000 9/16/2026 RUB 100.000
Lehman Brothers Treasury C 4.820 12/18/2036 EUR 2.571
Lehman Brothers Treasury C 2.300 4/28/2014 JPY 2.571
Lehman Brothers Treasury C 3.000 6/23/2009 EUR 6.000
Lehman Brothers Treasury C 6.850 12/22/2008 EUR 2.571
Lehman Brothers Treasury C 3.630 3/2/2012 EUR 2.571
Lehman Brothers Treasury C 5.250 11/21/2009 USD 2.571
BTV Hybrid I GmbH 6.500 EUR 29.475
Kaupthing ehf 7.500 2/1/2045 USD 0.259
Lehman Brothers Treasury C 5.000 8/1/2025 EUR 2.571
Lehman Brothers Treasury C 7.000 4/14/2009 EUR 2.571
Lehman Brothers Treasury C 6.000 10/24/2008 EUR 2.571
Lehman Brothers Treasury C 5.500 6/15/2009 CHF 2.571
Lehman Brothers Treasury C 8.000 8/3/2009 USD 2.571
Lehman Brothers Treasury C 1.500 10/25/2011 EUR 2.571
Lehman Brothers Treasury C 4.500 7/24/2014 EUR 2.571
Lehman Brothers Treasury C 5.750 6/15/2009 CHF 2.571
Lehman Brothers Treasury C 3.850 4/24/2009 USD 2.571
Lehman Brothers Treasury C 10.000 3/27/2009 USD 2.571
Lehman Brothers Treasury C 0.250 7/21/2014 EUR 2.571
Lehman Brothers Treasury C 7.500 10/24/2008 USD 2.571
Lehman Brothers Treasury C 4.950 10/25/2036 EUR 2.571
Lehman Brothers Treasury C 7.750 1/30/2009 EUR 2.571
Lehman Brothers Treasury C 5.000 10/24/2008 CHF 2.571
Lehman Brothers Treasury C 4.000 10/24/2012 EUR 2.571
Lehman Brothers Treasury C 4.000 11/24/2016 EUR 2.571
Lehman Brothers Treasury C 7.585 11/22/2009 MXN 6.000
Lehman Brothers Treasury C 4.000 4/13/2011 CHF 2.571
HSBC Bank PLC 0.500 12/8/2026 AUD 73.456
Lehman Brothers Treasury C 4.700 3/23/2016 EUR 2.571
Lehman Brothers Treasury C 3.700 6/6/2009 EUR 2.571
Univer Capital LLC 12.000 3/6/2019 RUB 59.000
Lehman Brothers Treasury C 4.250 3/13/2021 EUR 2.571
Lehman Brothers Treasury C 0.500 2/16/2009 EUR 2.571
KIT Finance Capital OOO 10.900 10/13/2026 RUB 100.500
Lehman Brothers Treasury C 5.250 5/26/2026 EUR 2.571
KIT Finance Capital OOO 9.800 3/21/2022 RUB 100.500
Lehman Brothers Treasury C 2.000 11/16/2009 EUR 2.571
Lehman Brothers Treasury C 6.000 3/17/2011 EUR 2.571
Lehman Brothers Treasury C 4.700 3/23/2016 EUR 2.571
KIT Finance Capital OOO 10.530 9/4/2019 RUB 66.670
HSBC Bank PLC 0.500 1/29/2027 NZD 74.134
Priam JSC 11.000 12/3/2026 RUB 98.500
Digital Invest OOO 7.350 11/3/2020 RUB 0.140
Kommunalbanken AS 0.500 12/16/2020 TRY 65.854
TransFin-M PAO 10.500 6/17/2024 RUB 63.000
Lehman Brothers Treasury C 7.550 12/29/2008 USD 2.571
Lehman Brothers Treasury C 3.820 10/20/2009 USD 2.571
Lehman Brothers Treasury C 5.000 12/6/2011 EUR 2.571
KIT Finance Capital OOO 11.500 12/9/2026 RUB 98.900
Lehman Brothers Treasury C 13.000 12/14/2012 USD 2.571
Lehman Brothers Treasury C 4.100 5/20/2009 USD 2.571
Eiendomskreditt AS 4.420 NOK 56.982
Lehman Brothers Treasury C 2.370 7/15/2013 USD 2.571
Kaupthing ehf 7.500 12/5/2014 ISK 0.250
Kaupthing ehf 6.500 10/8/2010 ISK 0.250
Lehman Brothers Treasury C 2.300 6/27/2013 USD 2.571
Landes-Hypothekenbank Stei 0.023 3/7/2043 EUR 70.065
Lehman Brothers Treasury C 5.000 3/13/2009 EUR 2.571
Commerzbank AG 6.000 1/25/2019 EUR 72.460
Lehman Brothers Treasury C 6.500 7/24/2026 EUR 2.571
Lehman Brothers Treasury C 5.000 4/24/2017 EUR 2.571
Lehman Brothers Treasury C 7.390 5/4/2017 USD 2.571
Societe Generale SA 0.500 4/3/2023 RUB 71.753
Lehman Brothers Treasury C 4.500 5/2/2017 EUR 6.000
Lehman Brothers Treasury C 6.000 5/23/2018 CZK 2.571
Lehman Brothers Treasury C 4.000 5/17/2010 USD 2.571
Credit Suisse AG/London 3.000 11/15/2025 ZAR 66.093
Lehman Brothers Treasury C 5.000 2/28/2032 EUR 2.571
Lehman Brothers Treasury C 0.250 10/19/2012 CHF 2.571
Lehman Brothers Treasury C 3.500 10/24/2011 USD 2.571
Lehman Brothers Treasury C 1.680 3/5/2015 EUR 2.571
Lehman Brothers Treasury C 6.750 4/5/2012 EUR 2.571
Lehman Brothers Treasury C 0.800 12/30/2016 EUR 2.571
Lehman Brothers Treasury C 3.350 10/13/2016 EUR 2.571
Lehman Brothers Treasury C 4.250 5/15/2010 EUR 2.571
Lehman Brothers Treasury C 1.750 2/7/2010 EUR 2.571
Lehman Brothers Treasury C 6.000 6/21/2011 EUR 2.571
Lehman Brothers Treasury C 7.000 2/15/2012 EUR 2.571
Lehman Brothers Treasury C 4.100 2/19/2010 EUR 2.571
Lehman Brothers Treasury C 6.600 2/22/2012 EUR 2.571
Lehman Brothers Treasury C 4.690 2/19/2017 EUR 2.571
Lehman Brothers Treasury C 5.200 3/19/2018 EUR 2.571
Lehman Brothers Treasury C 6.000 5/12/2017 EUR 2.571
Lehman Brothers Treasury C 7.500 5/2/2017 EUR 2.571
Lehman Brothers Treasury C 3.500 10/31/2011 USD 2.571
Lehman Brothers Treasury C 18.250 10/2/2008 USD 2.571
Lehman Brothers Treasury C 3.400 9/21/2009 HKD 2.571
Lehman Brothers Treasury C 4.000 10/12/2010 USD 2.571
Lehman Brothers Treasury C 1.500 10/12/2010 EUR 2.571
Lehman Brothers Treasury C 7.000 10/22/2010 EUR 2.571
Rosbank PJSC 0.020 4/30/2024 RUB 61.900
Rosbank PJSC 0.010 4/30/2024 RUB 61.900
Lehman Brothers Treasury C 6.600 2/9/2009 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 8.000 12/31/2010 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 16.000 12/26/2008 USD 2.571
Lehman Brothers Treasury C 7.750 1/3/2012 AUD 2.571
Lehman Brothers Treasury C 3.100 6/4/2010 USD 2.571
Lehman Brothers Treasury C 2.500 8/15/2012 CHF 2.571
Lehman Brothers Treasury C 5.000 11/22/2012 EUR 2.571
Lehman Brothers Treasury C 16.000 11/9/2008 USD 2.571
Lehman Brothers Treasury C 7.600 3/4/2010 NZD 2.571
Lehman Brothers Treasury C 10.000 6/17/2009 USD 2.571
Lehman Brothers Treasury C 17.000 6/2/2009 USD 2.571
Lehman Brothers Treasury C 13.432 1/8/2009 ILS 2.571
Lehman Brothers Treasury C 3.000 6/3/2010 EUR 2.571
Societe Generale SA 0.500 6/12/2023 RUB 70.535
Lehman Brothers Treasury C 0.500 6/2/2020 EUR 2.571
Lehman Brothers Treasury C 11.000 7/4/2011 USD 2.571
Lehman Brothers Treasury C 5.500 7/8/2013 EUR 2.571
National Capital JSC 9.800 9/15/2020 RUB 100.000
Lehman Brothers Treasury C 10.600 4/22/2014 MXN 2.571
Lehman Brothers Treasury C 16.200 5/14/2009 USD 2.571
Lehman Brothers Treasury C 9.000 5/6/2011 CHF 2.571
Lehman Brothers Treasury C 5.000 2/15/2018 EUR 2.571
LBI HF 8.650 5/1/2011 ISK 8.375
Heta Asset Resolution AG 0.378 12/31/2023 EUR 34.625
Lehman Brothers Treasury C 8.000 3/21/2018 USD 2.571
Lehman Brothers Treasury C 8.875 1/28/2011 HKD 6.000
TransFin-M PAO 11.000 6/23/2021 RUB 65.000
Lehman Brothers Treasury C 12.400 6/12/2009 USD 2.571
Lehman Brothers Treasury C 9.750 6/22/2018 USD 2.571
Lehman Brothers Treasury C 15.000 6/4/2009 CHF 2.571
Lehman Brothers Treasury C 2.000 6/28/2011 EUR 2.571
Lehman Brothers Treasury C 4.000 12/2/2012 EUR 2.571
Lehman Brothers Treasury C 9.500 4/1/2018 USD 2.571
SAir Group 2.750 7/30/2004 CHF 13.125
Lehman Brothers Treasury C 2.300 6/6/2013 USD 2.571
Lehman Brothers Treasury C 1.460 2/19/2012 JPY 6.000
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2018. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
* * * End of Transmission * * *