/raid1/www/Hosts/bankrupt/TCREUR_Public/240506.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, May 6, 2024, Vol. 25, No. 91
Headlines
G E O R G I A
TBC LEASING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
G E R M A N Y
TELE COLUMBUS: EUR462.5MM Bank Debt Trades at 40% Discount
I R E L A N D
ARINI EUROPEAN II: Fitch Assigns 'B-sf' Rating to Class F Notes
AVOCA CLO XXX: S&P Assigns B- (sf) Rating to Class F Notes
JUBILEE 2024-XXVIII: Fitch Assigns B-(EXP)sf Rating to Cl. F Notes
JUBILEE 2024-XXVIII: S&P Assigns Prelim B- (sf) Rating to F Notes
SCULPTOR EUROPEAN XI: Fitch Assigns 'B-sf' Rating to Class F Notes
I T A L Y
YOUNI ITALY 2024-1: S&P Assigns B- (sf) Rating to Cl. E-Dfrd Notes
L U X E M B O U R G
ALTISOURCE SARL: $412MM Bank Debt Trades at 40% Discount
INTELSAT HOLDINGS: Moody's Puts 'B2' CFR on Review for Upgrade
NORTHPOLE NEWCO: $395.9MM Bank Debt Trades at 91% Discount
SITEL GROUP: EUR1BB Bank Debt Trades at 18% Discount
SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 98% Discount
TRINSEO MATERIALS: $750MM Bank Debt Trades at 30% Discount
N E T H E R L A N D S
LOPAREX MIDCO: $103.9MM Bank Debt Trades at 46% Discount
LOPAREX MIDCO: $233.9MM Bank Debt Trades at 18% Discount
S P A I N
BBVA CONSUMER 2024-1: Fitch Assigns B+(EXP)sf Rating to Cl. D Debt
S W E D E N
HILDING ANDERS: EUR300MM Bank Debt Trades at 66% Discount
SWEDEN: Number of Company Bankruptcies Up 72% in April 2024
T U R K E Y
TAM FINANS: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
VESTEL ELEKTRONIK: Moody's Assigns 'B3' CFR, Outlook Stable
U N I T E D K I N G D O M
ALEXANDRITE MONNET: S&P Assigns Prelim 'B+' LT ICR, Outlook Stable
ARJ CONSTRUCTION: Set to Go Into Administration
AUXEY BIDCO: S&P Alters Outlook to Negative, Affirms 'B+' LT ICR
BELLIS ACQUISITION: Fitch Rates New Sr. Sec Notes 'BB(EXP)'
CLARA.NET HOLDINGS: GBP80MM Bank Debt Trades at 13% Discount
EVERTON FOOTBALL: 777 Partners Accused of Fraud by Lender
PATISSERIE VALERIE: Ex-CFO Denies Fraud Charges in SFO Probe
THAMES WATER: Customers Will Have Paid GBP540MM for Sewer By 2025
UK SALADS: Owed Creditors Almost GBP18MM at Time of Collapse
X X X X X X X X
[*] BOND PRICING: For the Week April 29 to May 3, 2024
- - - - -
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G E O R G I A
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TBC LEASING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed JSC TBC Leasing's (TBCL) Long-Term
Issuer Default Rating (IDR) at 'BB', with a Stable Outlook.
KEY RATING DRIVERS
Support Drives Rating: TBCL's IDRs are driven by support from its
sole shareholder, TBC Bank JSC (BB/Stable/bb), which is reflected
in its Shareholder Support Rating (SSR) of 'bb'. Fitch believes the
propensity of TBC Bank to support TBCL is high, reflecting full
ownership, common branding, integration, a record of capital and
funding support and high reputational risks from a subsidiary
default. Potential support should be manageable for TBC Bank, given
the subsidiary's small relative size, with TBCL accounting for less
than 2% of TBC Bank's equity and 7% of its net income. The Stable
Outlook on TBCL's IDR mirrors that on the parent.
Weak Standalone Credit Profile: TBCL's standalone credit profile
does not drive the IDR as it is constrained by a monoline business
model, fairly weak asset quality, high risk appetite, and tolerance
for high leverage.
Reputational Risk: Fitch believes a failure to support TBCL would
significantly damage TBC Bank's reputation with its key lenders,
undermining its business model and growth potential. TBCL's foreign
lenders are largely the same international financial institutions
(IFIs) and investors from which TBC Bank sources a material portion
of its own wholesale funding.
Leading Position, Niche Market: TBCL operates solely in Georgia,
where it is the market leader with an 86% share at end-2023. The
company mainly provides financial leasing to corporate clients of
TBC Bank as well as to SMEs, and to a lesser extent to
micro-businesses and individuals. The company accounts for a modest
2% of TBC Bank's assets, but its significance to its product
offering has been increasing in recent years.
High Impairments, Collateral Mitigation: TBCL's clients are often
higher-risk than those of TBC Bank. The impaired ratio, including
both leases and other financial assets, was high at 22% at
end-2023. This is partly mitigated by access to collateral and the
adequate pricing of risk. Its Stage 3 ratio (including only
impaired leases) was 5.3% at end-2023, an improvement from 9.6% at
end-2021 and helped by an acceleration of repossessions and
stronger underwriting standards.
Strong Profitability: TBCL's profitability is a rating strength and
has improved post-pandemic with pre-tax income-to-average assets of
3.8% in 2023 and a return on equity (ROE) of 25.5%. This reflects
its high risk-and-high reward business model and small capital base
in absolute size. Cost of risk has remained contained (slightly
below 2% in 2023), which supports profitability amid strong
portfolio growth and higher interest income.
Reduced Leverage: TBCL's gross debt-to-tangible equity improved to
5.3x at end-2023 from 10.8x in 2020. Portfolio growth in recent
years has resulted in a reduction in concentration to single names
with the top 10 accounting for 13% of the portfolio at end-2023,
compared with 21% at end-2022.
Wholesale Funding Reliance: TBCL's funding profile is wholesale and
largely secured (about 90% at end-2023) with a pledge on its lease
portfolio. TBCL relies on TBC Bank for market access as it provides
letters of comfort to IFIs and local banks. TBCLalso benefits from
a contingency funding line of up to USD30 million from TBC Bank.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of TBC Bank's Long-Term IDR would lead to a downgrade
of TBCL's IDR.
A material weakening of TBC Bank's propensity or ability to support
TBCL could result in the subsidiary's rating being notched down
from the parent's IDR. This could be driven, for example, by
greater regulatory restrictions on support or a reduction in TBCL's
strategic importance.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of TBC Bank's Long-Term IDR would lead to a one-notch
upgrade of TBCL's IDR.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
TBCL's senior secured debt rating is equalised with the company's
Long-Term IDR, notwithstanding the bond's secured nature and an
outstanding buffer of contractually subordinated debt. This
reflects its expectations of average recoveries, because asset
recoveries in the event of both TBCL and TBC Bank being in default
would probably be weighed down by the considerable macro-economic
stress that would likely accompany such an event.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
Changes to TBCL's Long-Term IDR would be mirrored in the company's
senior secured bond rating. Conversion of the bond to unsecured
would not lead to a downgrade of the issue, provided this is
accompanied by a similar conversion of TBCL's other funding
facilities.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
TBCL's ratings are linked to TBC Bank's.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision
Entity/Debt Rating Prior
----------- ------ -----
JSC TBC Leasing LT IDR BB Affirmed BB
ST IDR B Affirmed B
LC LT IDR BB Affirmed BB
LC ST IDR B Affirmed B
Shareholder Support bb Affirmed bb
senior secured LT BB Affirmed BB
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G E R M A N Y
=============
TELE COLUMBUS: EUR462.5MM Bank Debt Trades at 40% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 60.3
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR462.5 million Term loan facility is scheduled to mature on
October 16, 2028. The amount is fully drawn and outstanding.
Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection
services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.
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I R E L A N D
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ARINI EUROPEAN II: Fitch Assigns 'B-sf' Rating to Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Arini European CLO II DAC final ratings,
as detailed below.
Entity/Debt Rating
----------- ------
Arini European
CLO II DAC
Class A XS2770011281 LT AAAsf New Rating
Class B XS2770011448 LT AAsf New Rating
Class C XS2770011950 LT Asf New Rating
Class D XS2770012172 LT BBB-sf New Rating
Class E XS2770012339 LT BB-sf New Rating
Class F XS2770012503 LT B-sf New Rating
Subordinated notes
XS2770012768 LT NRsf New Rating
TRANSACTION SUMMARY
Arini European CLO II DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
note proceeds have been used to fund an identified portfolio with a
target par of EUR500 million.
Squarepoint Capital LLP, acting as portfolio manager, has
outsourced the operational day-to-day management to Arini Capital
Management Limited, which must adhere to the compliance framework
of Squarepoint. Once Arini Capital Management Limited has received
all necessary certifications, they will replace Squarepoint as
manager. This change should make no difference to the operational
continuity for the day-to-day management of the CLO. The CLO
envisages a 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.0.
Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 64.9%.
Diversified Portfolio (Positive): The transaction has one matrix
effective at closing corresponding to the 10 largest obligors at
20% of the portfolio balance and a fixed-rate asset limit at 10%.
It has also one forward matrix corresponding to the same top 10
obligors and fixed-rate asset limits, which will be effective
one-year post closing, provided that the collateral principal
amount (defaults at Fitch-calculated collateral value) will be at
least at the target-par amount.
The transaction also includes various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Neutral): The WAL used for the Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period, including the satisfaction of the
over-collateralisation test and Fitch 'CCC' limit, together with a
consistently decreasing WAL covenant. In Fitch's opinion, these
conditions reduce the effective risk horizon of the portfolio
during the stress period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would result in no impact on class A to E
notes and a downgrade to below 'B-sf' for the class F notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D and E display a rating
cushion of two notches and the class C and F notes of three
notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the class A to D notes and to below 'B-sf' for the
class E and F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for the
notes, except for the 'AAAsf' rated notes.
During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades, except for the 'AAAsf; notes, may result from
better-than-expected portfolio credit quality and a shorter
remaining WAL test, meaning the notes are able to withstand
larger-than-expected losses for the transaction's remaining life.
After the end of the reinvestment period, upgrades may result from
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC 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 or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for Arini European CLO
II DAC. In cases where Fitch does not provide ESG relevance scores
in connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose in the key rating drivers
any ESG factor which has a significant impact on the rating on an
individual basis.
AVOCA CLO XXX: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned ratings to Avoca CLO XXX DAC's A-Loan
and class A, B-1, B-2, C, D, E, and F notes. The issuer also issued
unrated subordinated notes.
The ratings assigned to Avoca CLO XXX's loan and notes reflect
S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
CURRENT
S&P weighted-average rating factor 2,854.26
Default rate dispersion 463.45
Weighted-average life (years) 4.57
Obligor diversity measure 161.32
Industry diversity measure 22.84
Regional diversity measure 1.24
Transaction key metrics
CURRENT
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.27
Target 'AAA' weighted-average recovery (%) 36.98
Target weighted-average spread (net of floors; %) 4.09
Target weighted-average coupon (%) 4.28
Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the debt will switch to semiannual payments.
Rationale
S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.
"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.05%), the
covenanted weighted-average coupon (4.25%), and the actual
weighted-average recovery rates calculated in line with our CLO
criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"Until the end of the reinvestment period on Oct. 15, 2028, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.
"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk sufficiently mitigated
at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigates its exposure to counterparty risk
under our counterparty criteria, and the legal structure and
framework is bankruptcy remote, in line with our legal criteria.
"The CLO is managed by KKR Credit Advisors (Ireland) Unlimited Co.,
and the maximum potential rating on the liabilities is 'AAA' under
our operational risk criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, the ratings are commensurate with the
available credit enhancement for the A-Loan and class A and F
notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1 to E notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we have capped our ratings on the debt.
"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, our ratings are commensurate with the
available credit enhancement for all the rated classes of debt.
"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the A-Loan and class A to E notes
based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance
S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. The transaction documents prohibit assets from being
related to the following industries: anti-personnel mines, cluster
weapons, depleted uranium, nuclear weapons, white phosphorus,
biological or chemical weapons; non-sustainable palm oil
production; civilian firearms; tobacco; thermal coal or coal
extraction; payday lending; thermal coal production, speculative
extraction of oil and gas, oil sands and associated pipelines
industry; mining, extraction or production of tar sands; endangered
or protected wildlife; marijuana; pornography or prostitution;
opioid; and illegal drugs or narcotics; management and/or running
of any such private prison. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."
Ratings list
AMOUNT
CLASS RATING* (MIL. EUR) INTEREST RATE§ SUB (%)
A notes AAA (sf) 198.00 3M EURIBOR plus 1.47% 38.00
A-Loan AAA (sf) 50.00 3M EURIBOR plus 1.47% 38.00
B-1 AA (sf) 36.00 3M EURIBOR plus 2.15% 26.50
B-2 AA (sf) 10.00 5.65% 26.50
C A (sf) 22.00 3M EURIBOR plus 2.70% 21.00
D BBB- (sf) 28.00 3M EURIBOR plus 3.95% 14.00
E BB- (sf) 19.00 3M EURIBOR plus 6.59% 9.25
F B- (sf) 11.00 3M EURIBOR plus 8.20% 6.50
Sub. NR 31.70 N/A N/A
*The ratings assigned to the A-Loan and class A, B-1, and B-2 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
JUBILEE 2024-XXVIII: Fitch Assigns B-(EXP)sf Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2024-XXVIII DAC expected
ratings.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.
Entity/Debt Rating
----------- ------
JUBILEE CLO
2024-XXVIII DAC
Class A Notes LT AAA(EXP)sf Expected Rating
Class B-1 Notes LT AA(EXP)sf Expected Rating
Class B-2 Notes LT AA(EXP)sf Expected Rating
Class C Notes LT A(EXP)sf Expected Rating
Class D Notes LT BBB-(EXP)sf Expected Rating
Class E Notes LT BB-(EXP)sf Expected Rating
Class F Notes LT B-(EXP)sf Expected Rating
Sub Notes LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
Jubilee CLO 2024-XXVIII DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans, first-lien last-out loans
and high-yield bonds. Note proceeds will be used to fund a
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Alcentra Limited. The transaction will have a
4.5-year reinvestment period and a 7.5-year weighted average life
(WAL) test.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The
Fitch-weighted average rating factor (WARF) of the identified
portfolio is 24.3.
High Recovery Expectations (Positive): At least 92.5% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 63.6%.
Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 12.5%, top 10 obligor concentration
limit at 20% and maximum exposure to the three-largest
Fitch-defined industries at 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.
WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date, which can be one
year after closing at the earliest. The WAL extension is at the
option of the manager but subject to conditions including meeting
the collateral-quality tests and the collateral principal amount
being at least equal to the reinvestment target par.
Portfolio Management (Neutral): The transaction will have a
4.5-year reinvestment period, which is governed by reinvestment
criteria that are similar to those of other European transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines.
Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to a downgrade of no more than
one notch for the class C notes, to below 'B-sf' for the class F
notes and no impact on all the other notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B to E notes
display a rating cushion of two notches while the class F notes of
three notches. The class A notes have no rating cushion as they are
at the highest achievable rating.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of three
notches for the class A, B and E notes, four notches for the class
C notes, one notch for the class D notes, and to below 'B-sf' for
the class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would result in upgrades of no more than three notches
across the structure, apart from the 'AAAsf' notes.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC 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 or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for Jubilee CLO
2024-XXVIII DAC. In cases where Fitch does not provide ESG
relevance scores in connection with the credit rating of a
transaction, programme, instrument or issuer, Fitch will disclose
in the key rating drivers any ESG factor which has a significant
impact on the rating on an individual basis.
JUBILEE 2024-XXVIII: S&P Assigns Prelim B- (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Jubilee
CLO 2024-XXVIII DAC's class A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payment.
This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows and excess spread.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
Portfolio benchmarks
CURRENT
S&P Global Ratings weighted-average rating factor 2,773.48
Default rate dispersion 555.82
Weighted-average life (years) 4.92
Obligor diversity measure 115.09
Industry diversity measure 20.88
Regional diversity measure 1.22
Transaction key metrics
CURRENT
Total par amount (mil. EUR) 400.00
Defaulted assets (mil. EUR) 0
Number of performing obligors 134
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.50
'AAA' target portfolio weighted-average recovery (%) 37.20
Actual weighted-average spread (net of floors, %) 4.25
Actual weighted-average coupon (%) 5.48
Rating rationale
Early initial payment date
In accordance with the transaction terms, the issuer has the option
to designate an early initial payment date on Oct. 21, 2024 (3.8
months after the closing date) instead of the initial payment date
on Jan. 21, 2025 (6.8 months after closing).
This is provided that the following conditions are satisfied:
-- the effective date has occurred;
-- the issuer must provide at least 15 business days' notice if it
exercises the early initial payment date option; and
-- the investment manager reasonably determines that there are
sufficient interest proceeds available to meet all the issuer's
payment obligations on the Jan. 21, 2025 payment date in accordance
with the interest priority of payments.
Considering that an early initial payment date is optional and not
a mandatory requirement, S&P has considered this scenario as part
of the sensitivity analysis under its cash flow analysis.
Discount rate applied to interest smoothing amounts
The issuer can apply a discount rate to the aggregate amount of
interest proceeds generated from semi-annual and annual payment
obligations held in the interest smoothing account. As a result,
the issuer's smoothing account will hold a reduced amount of
semi-annual and annual interest proceeds for distribution across
subsequent payment dates. The issuer will make up for the reduced
amounts via the interest earned on the interest smoothing account,
provided that the investment manager ensures the total amount
distributed is at least equal to the amount if such a discount rate
had not been applied.
S&P said, "The application of this discount rate would lead to
fewer proceeds generating interest on the issuer's smoothing
account, which our cash flow analysis typically gives credit to, in
accordance with our framework. To address this, we have modelled no
interest accrued on any of the issuer's accounts in our cash flow
analysis.
"Our preliminary ratings reflect our assessment of the preliminary
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'. We consider that the portfolio will be
well-diversified at closing, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modelled the EUR400 million par
amount, the covenanted weighted-average spread of 4.15%, the
covenanted weighted-average coupon of 5.00%, and the target
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.
"We expect the transaction's documented counterparty replacement
and remedy mechanisms to adequately mitigate its exposure to
counterparty risk under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk
limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.
"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 and B-2 to E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we capped our assigned preliminary ratings on these
notes. The class A and F notes can withstand stresses commensurate
with the assigned preliminary ratings.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries (non-exhaustive list): controversial
weapons, cluster weapons, firearms, tobacco, biological weapons,
anti-personnel land mines, cluster munitions, payday lending,
pornography, prostitution, thermal coal mining, oil sands,
extraction of fossil fuels, and gambling. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."
Ratings list
PRELIM. PRELIM. AMOUNT
CLASS RATING* (MIL. EUR) SUB (%) INTEREST RATE§
A AAA (sf) 248.00 38.00 Three/six-month EURIBOR
plus 1.47%
B-1 AA (sf) 34.00 27.00 Three/six-month EURIBOR
plus 2.05%
B-2 AA (sf) 10.00 27.00 5.50%
C A (sf) 26.00 20.50 Three/six-month EURIBOR
plus 2.60%
D BBB- (sf) 25.00 14.25 Three/six-month EURIBOR
plus 3.85%
E BB- (sf) 17.00 10.00 Three/six-month EURIBOR
plus 6.78%
F B- (sf) 13.00 6.75 Three/six-month EURIBOR
plus 8.52%
Sub. Notes NR 29.74 N/A N/A
*S&P's preliminary ratings on the class A, B-1, and B-2 notes
address timely interest and ultimate principal payments. Our
preliminary ratings on the class C, D, E, and F notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
SCULPTOR EUROPEAN XI: Fitch Assigns 'B-sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Sculptor European CLO XI DAC ratings, as
detailed below.
Entity/Debt Rating
----------- ------
Sculptor European
CLO XI DAC
A XS2787870109 LT AAAsf New Rating
B-1 XS2787870521 LT AAsf New Rating
B-2 XS2787870448 LT AAsf New Rating
C XS2787870794 LT Asf New Rating
D XS2787871255 LT BBB-sf New Rating
E XS2787871172 LT BB-sf New Rating
F XS2787871339 LT B-sf New Rating
Subordinated Notes
XS2787871685 LT NRsf New Rating
TRANSACTION SUMMARY
Sculptor European CLO XI DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of corporate
rescue loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the note issuance have been
used to fund a portfolio with a target par of EUR350 million. The
portfolio is actively managed by Sculptor Europe Loan Management
Limited. The CLO has a 4.5-year reinvestment period and an 8.5-year
weighted average life (WAL).
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B''. The Fitch weighted
average rating factor of the identified portfolio is 23.9.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.3%.
Diversified Portfolio (Positive): The closing matrix and forward
matrix, the latter of which is set one year after closing, are
based on a 10 largest obligors limit of 22.5% of the portfolio
balance and a fixed-rate asset limit of 10%. The manager can elect
the forward matrix at any time one year after closing if the
aggregate collateral balance is at least above the target par.
The transaction also includes various concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
Cash Flow Modelling (Positive): The WAL used for the transaction's
stressed portfolio analysis was 12 months less than the WAL test
covenant to account for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and Fitch 'CCC' bucket limitation, together with a
gradually decreasing WAL covenant. In Fitch's opinion, these
conditions reduce the effective risk horizon of the portfolio
during stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and lead to downgrades of no more than one notch for the
class C to E notes and to below 'B-sf' for the class F notes.
Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the stressed portfolio, the rating cushion for the class B to F
notes is two notches. The class A notes display no rating cushion.
Should the cushion between the identified portfolio and the
stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to a downgrade of three
notches for the class D notes, four notches for the class A notes,
five notches for the class B and C notes and to below 'B-sf' for
the class E and F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the stressed portfolio
would lead to an upgrade of up to three notches for the rated
notes, except for the 'AAAsf' rated notes, which are at the highest
level on Fitch's scale and cannot be upgraded.
During the reinvestment period, based on the stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger-than-expected losses for the remaining
life of the transaction.
After the end of the reinvestment period, upgrades may occur on
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread available to cover losses in
the remaining portfolio.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Sculptor European CLO XI DAC
The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.
Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.
ESG CONSIDERATIONS
Fitch does not provide ESG relevance scores for Sculptor European
CLO XI DAC. In cases where Fitch does not provide ESG relevance
scores in connection with the credit rating of a transaction,
programme, instrument or issuer, Fitch will disclose in the key
rating drivers any ESG factor which has a significant impact on the
rating on an individual basis.
=========
I T A L Y
=========
YOUNI ITALY 2024-1: S&P Assigns B- (sf) Rating to Cl. E-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Youni Italy
2024-1 S.r.l.'s class A and B-Dfrd to E-Dfrd notes. At closing,
Youni Italy 2024-1 also issued unrated class F, X, and R notes.
This is Younited, Italian branch's (Younited) first public consumer
loan transaction. The underlying collateral comprises Italian
consumer loan receivables which Younited granted to its private
customers. The loans do not feature balloon payments.
The transaction is static, and the notes amortize from the first
payment date. The transaction has separate interest and principal
waterfalls. The interest waterfall features a principal deficiency
ledger mechanism, by which the issuer can use excess spread to cure
defaults.
The class A to F notes are backed by the collateral. The class X
notes are excess spread notes. They are repaid through the interest
waterfall as long as there is available excess spread.
The reserve provides liquidity support to all the rated notes. The
issuer can use principal proceeds to cure interest shortfalls on
the most senior class.
The notes amortize pro rata, unless a sequential amortization event
occurs. The transaction will then switch permanently to sequential
amortization.
The assets pay a monthly fixed interest rate, and the rated notes
pay one-month Euro Interbank Offered Rate plus a margin subject to
a floor of zero. The rated notes benefit from an interest rate swap
which, in S&P's opinion, mitigates the risk of potential interest
rate mismatches between the fixed-rate assets and floating-rate
liabilities.
S&P said, "Our rating on the class A notes addresses the timely
payment of interest. Our ratings on the other tranches address the
ultimate payment of interest until each class becomes the most
senior outstanding, and timely payment of interest thereafter. For
all the rated notes, our ratings address the ultimate payment of
principal by legal final maturity.
"The class E-Dfrd notes are not able to withstand our stresses at
the 'B' rating level. We believe their repayment does not depend on
favorable conditions, given that the issuer would be able to meet
its obligations under these tranches in a steady state scenario. We
therefore assigned our 'B- (sf)' rating to these notes in line with
our criteria.
"The class A notes have sufficient credit enhancement to withstand
our stresses at the 'AA+' level; however our structured finance
sovereign risk criteria constrain our preliminary rating on this
class at 'AA (sf)', six notches above our long-term unsolicited
sovereign credit rating on Italy (BBB).
"Our counterparty risk criteria also cap our ratings in this
transaction at 'AA' as the documented rating trigger on the bank
account is set at 'A-'. Our operational risk criteria do not cap
our ratings as we assessed both severity risk and portability risk
as low."
Ratings
CLASS RATING* AMOUNT (MIL. EUR)
A AA (sf) 184.874
B-Dfrd A (sf) 21.077
C-Dfrd BBB (sf) 14.453
D-Dfrd BB- (sf) 8.431
E-Dfrd B- (sf) 9.635
F NR 2.409
R NR 0.1
X NR 6.022
*S&P's rating on the class A notes addresses the timely payment of
interest and ultimate payment of principal, while its ratings on
the other classes address the ultimate payment of interest until
they become the most senior class of notes, and timely payment of
interest afterward. Payment of principal is no later than the legal
final maturity date.
NR--Not rated.
===================
L U X E M B O U R G
===================
ALTISOURCE SARL: $412MM Bank Debt Trades at 40% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 60
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $412 million Payment-in-kind Term loan facility is scheduled to
mature on April 2, 2025. About $226.2 million of the loan is
withdrawn and outstanding.
Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company's country of domicile is Luxembourg.
INTELSAT HOLDINGS: Moody's Puts 'B2' CFR on Review for Upgrade
--------------------------------------------------------------
Moody's Ratings placed Intelsat Holdings S.a.r.l.'s ("Intelsat") B2
corporate family rating and B2-PD probability of default rating on
review for upgrade. Moody's also placed Intelsat's main operating
company, Intelsat Jackson Holdings S.A.'s Ba2 senior secured
revolving credit facility rating and B2 senior secured first lien
notes rating on review for upgrade. Previously, the outlook was
positive for both Intelsat and Intelsat Jackson Holdings S.A. The
rating action follows SES S.A.'s (SES, Baa3 stable) announced
agreement to acquire Intelsat [1].
"The ratings have been placed on review for upgrade because
Intelsat is being acquired by a company that has a stronger credit
profile", said Peter Adu, Moody's Vice President and Senior Credit
Officer.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
The review for upgrade will focus on whether SES guarantees,
legally assumes, repays, or refinances Intelsat's rated debt. Even
if all or a portion of Intelsat's debt remains outstanding and is
not guaranteed or otherwise supported after the acquisition is
completed, the ratings could still be upgraded as Intelsat's credit
profile will benefit from its combination with a financially
stronger company. However, Moody's will require that sufficient
financial information for Intelsat be made available to monitor the
ratings. Should all the rated debt be repaid when the merger
closes, Moody's will withdraw all of Intelsat's ratings.
The transaction is subject to regulatory approvals, which are
expected to be received during the second half of 2025.
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
Headquartered in Luxembourg, and with administrative offices in
McLean, Virginia, Intelsat is one of the leading fixed satellite
services operators in the world.
Headquartered in Luxembourg, SES is also a leading company in the
fixed-satellite services market.
NORTHPOLE NEWCO: $395.9MM Bank Debt Trades at 91% Discount
----------------------------------------------------------
Participations in a syndicated loan under which NorthPole Newco
Sarl is a borrower were trading in the secondary market around 9
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $395.9 million Term loan facility is scheduled to mature on
March 3, 2025. About $296.9 million of the loan is withdrawn and
outstanding.
Northpole Newco S.a.r.l. is a cybersecurity software provider.
The
Company's country of domicile is Luxembourg.
SITEL GROUP: EUR1BB Bank Debt Trades at 18% Discount
----------------------------------------------------
Participations in a syndicated loan under which Sitel Group SA is a
borrower were trading in the secondary market around 81.6
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR1 billion Term loan facility is scheduled to mature on
August 28, 2028. The amount is fully drawn and outstanding.
Sitel Group S.A, domiciled in Luxembourg but with a US-based
headquarters and management team based in Miami, Florida, is a
leading global provider of CX products and solutions. The Company's
country of domicile is Luxembourg.
SK NEPTUNE HUSKY: $610MM Bank Debt Trades at 98% Discount
---------------------------------------------------------
Participations in a syndicated loan under which SK Neptune Husky
Group Sarl is a borrower were trading in the secondary market
around 2.3 cents-on-the-dollar during the week ended Friday, May 3,
2024, according to Bloomberg's Evaluated Pricing service data.
The $610 million Term loan facility is scheduled to mature on
January 3, 2029. The amount is fully drawn and outstanding.
SK Neptune Husky Intermediate IV S.a.r.l. is the parent of
Luxembourg-based pigments manufacturer Heubach. SK Neptune Husky
Group Sarl has its registered office in Luxembourg.
TRINSEO MATERIALS: $750MM Bank Debt Trades at 30% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Trinseo Materials
Operating SCA is a borrower were trading in the secondary market
around 69.8 cents-on-the-dollar during the week ended Friday, May
3, 2024, according to Bloomberg's Evaluated Pricing service data.
The $750 million Term loan facility is scheduled to mature on May
3, 2028. About $726.9 million of the loan is withdrawn and
outstanding.
Based in Luxembourg, Trinseo is a specialty material solutions
provider.
=====================
N E T H E R L A N D S
=====================
LOPAREX MIDCO: $103.9MM Bank Debt Trades at 46% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Loparex Midco BV is
a borrower were trading in the secondary market around 54.3
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $103.9 million Term loan facility is scheduled to mature on
February 1, 2027. The amount is fully drawn and outstanding.
Loparex is a provider of release liners. The majority of end
market
sales come from graphic arts, tapes, industrial, and medical.
Labelstock, hygiene, and composites accounts for a smaller portion
of end market sales. The Company’s country of domicile is
the
Netherlands.
LOPAREX MIDCO: $233.9MM Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Loparex Midco BV is
a borrower were trading in the secondary market around 82.2
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $233.9 million Term loan facility is scheduled to mature on
February 1, 2027. The amount is fully drawn and outstanding.
Loparex is a provider of release liners. The majority of end
market
sales come from graphic arts, tapes, industrial, and medical.
Labelstock, hygiene, and composites accounts for a smaller portion
of end market sales. The Company’s country of domicile is
the
Netherlands.
=========
S P A I N
=========
BBVA CONSUMER 2024-1: Fitch Assigns B+(EXP)sf Rating to Cl. D Debt
------------------------------------------------------------------
Fitch Ratings has assigned BBVA Consumer 2024-1 FT expected
ratings.
The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.
Entity/Debt Rating
----------- ------
BBVA Consumer
2024-1 FT
Class A LT AA-(EXP)sf Expected Rating
Class B LT A-(EXP)sf Expected Rating
Class C LT BB+(EXP)sf Expected Rating
Class D LT B+(EXP)sf Expected Rating
Class E LT NR(EXP)sf Expected Rating
Class Z LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
BBVA Consumer 2024-1 FT is a static securitisation of a portfolio
of fully amortising general-purpose consumer loans originated in
Spain by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA;
BBB+/Stable/F2) for Spanish residents. The portfolio includes
pre-approved loans (81.9% of preliminary portfolio balance) and
non-pre-approved loans (18.1%), the former underwritten to existing
BBVA customers mainly based on borrower credit profile and
transaction records with the lender.
KEY RATING DRIVERS
Asset Assumptions Reflect Pool Composition: Fitch calibrated
default rate assumptions for each product separately to reflect the
different performance expectations and considering BBVA's
historical data, Spain's economic outlook and the originator's
underwriting and servicing strategies. For pre-approved loans, a
6.0% base-case lifetime default rate has been calibrated compared
with 3.0% for non-pre-approved loans. On a blended portfolio basis,
Fitch has assumed base-case lifetime default and recovery rates of
5.5% and 30%.
Pro Rata Amortisation: The class A to E notes will be repaid pro
rata from the first payment date unless a sequential amortisation
event occurs, mainly defined in relation to the portfolio's
performance metrics. Fitch views the switch to sequential
amortisation as unlikely during the first years after closing,
given the performance expectations for the portfolio compared with
defined triggers. Moreover, the tail risk posed by the pro rata
paydown is mitigated by the mandatory switch to sequential
amortisation when the portfolio balance falls below 10% of its
initial balance.
Counterparty Arrangements Cap Ratings: The maximum achievable
rating for the transaction is 'AA+sf' in line with Fitch's
counterparty criteria due to the minimum eligibility rating
thresholds defined for the transaction account bank (TAB) of 'A-'
and for the hedge provider of 'A-' or 'F1', which are insufficient
to support 'AAAsf' ratings.
PIR Mitigated: Fitch views payment interruption risk (PIR) on the
notes in a scenario of servicing disruption as mitigated by the
liquidity protection (for the class A to B notes) and by the
minimum ratings of 'BBB' or 'F2' contractually defined for the
portfolio servicer, classified as an operational continuity bank.
As liquidity protection is not available for the class C and D
notes, and their interest payments are non-deferrable when they are
the most senior tranches, their maximum achievable rating is
'A+sf', in line with Fitch's criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.
Sensitivity to Increased Defaults:
Original ratings (class A/B/C/D): 'AA-(EXP)sf' / 'A-(EXP)sf'/
'BB+(EXP)sf'/ 'B+(EXP)sf'
Increase defaults by 10%: 'A+(EXP)sf' / 'BBB+(EXP)sf'/
'BB+(EXP)sf'/ 'B(EXP)sf'
Increase defaults by 25%: 'A (EXP)sf' / 'BBB(EXP)sf'/ 'BB(EXP)sf'/
'CCC(EXP)sf'
Increase defaults by 50%: 'BBB+(EXP)sf' / 'BBB-(EXP)sf'/
'B(EXP)sf'/ 'NR(EXP)sf'
Sensitivity to reduced recoveries:
Original ratings (class A/B/C/D): 'AA-(EXP)sf' / 'A-(EXP)sf'/
'BB+(EXP)sf'/ 'B+(EXP)sf'
Reduce recoveries by 10%: 'AA-(EXP)sf' / 'A-(EXP)sf'/ 'BB+(EXP)sf'/
'B(EXP)sf'
Reduce recoveries by 25%: 'A+(EXP)sf' / 'A-(EXP)sf'/ 'BB(EXP)sf'/
'B-(EXP)sf'
Reduce recoveries by 50%: 'A+(EXP)sf' / 'BBB+(EXP)sf'/ 'BB(EXP)sf'/
'CCC(EXP)sf'
Sensitivity to increased defaults and reduced recoveries:
Original ratings (class A/B/C/D): 'AA-(EXP)sf' / 'A-(EXP)sf'/
'BB+(EXP)sf'/ 'B+(EXP)sf'
Increase defaults by 10%, reduce recoveries by 10%: 'A+(EXP)sf' /
'BBB+(EXP)sf'/ 'BB(EXP)sf'/ 'B-(EXP)sf'
Increase defaults by 25%, reduce recoveries by 25%: 'A-(EXP)sf' /
'BBB(EXP)sf'/ 'B+(EXP)sf'/ 'NR(EXP)sf'
Increase defaults by 50%, reduce recoveries by 50%: 'BBB(EXP)sf' /
'BB+(EXP)sf'/ 'NR(EXP)sf'/ 'NR(EXP)sf'
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- For the senior notes, modified TAB and derivative provider
minimum eligibility rating thresholds compatible with 'AAAsf'
ratings as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria.
- Increasing credit enhancement ratios as the transaction
deleverages to fully compensate for the credit losses and cash flow
stresses commensurate with higher rating scenarios.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC 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 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, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
===========
S W E D E N
===========
HILDING ANDERS: EUR300MM Bank Debt Trades at 66% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Hilding Anders
International AB is a borrower were trading in the secondary market
around 34.5 cents-on-the-dollar during the week ended Friday, May
3, 2024, according to Bloomberg's Evaluated Pricing service data.
The EUR300 million Payment-in-kind Term loan facility is scheduled
to mature on February 28, 2026. The amount is fully drawn and
outstanding.
Hilding Anders International AB provides home furnishing products.
The Company manufactures beds, mattresses, pillows, and other
related products. Hilding Anders International serves customers
worldwide. The Company's country of domicile is Sweden.
SWEDEN: Number of Company Bankruptcies Up 72% in April 2024
-----------------------------------------------------------
Niclas Rolander at Bloomberg News reports that bankruptcies in
Sweden extended their streak of annual increases to 21 months in
April, according to data from Creditsafe, which expects no
immediate relief even as inflation slows and rate cuts are
approaching.
The number of bankruptcies was 72% higher in April than a year ago,
the credit reference agency said in a statement, Bloomberg relates.
The increase was led by e-commerce, real estate, hotels and
restaurants, and 942 companies went bankrupt last month, marking
the highest number in a month of April since 1994, Bloomberg notes.
"While we're starting to get used to this bleak trend of increasing
bankruptcies, the large percentage increases in the last six months
are remarkable," Henrik Jacobsson, chief executive at Creditsafe's
Swedish unit, as cited by Bloomberg, said, adding the rise is
likely to continue in coming months.
Price increases and higher borrowing costs have been particularly
hard to cope with for construction and commercial property
companies, and restaurants and retailers have also seen demand
decline as households hold back on spending, Bloomberg discloses.
In the first four months of the year, bankruptcies in the
construction industry increased by 63%, while defaults among
restaurants and hotels rose by 80%, Bloomberg states.
According to Bloomberg, after a slew of inflation readings that
have shown moderating price increases, the country's central bank
is expected to cut its benchmark rate either next week or in June,
starting an easing campaign that could bring some relief to
struggling companies.
===========
T U R K E Y
===========
TAM FINANS: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Tam Finans Faktoring A.S.'s (Tam Finans)
Long-Term Foreign-Currency (LTFC) and Local-Currency (LTLC) Issuer
Default Ratings (IDRs) to 'B' from 'B-'. The Outlooks on the IDR's
are Stable. At the same time, Fitch has revised Tam Finans's
National Rating to 'BBB+(tur)' from 'A-(tur)'.
The upgrade of the IDRs reflects material improvements in Turkiye's
operating environment (as reflected in the Sovereign Rating upgrade
on 8 March 2024), coupled with Tam Finans's resilient financial
performance. The revision of Tam Finans's National Rating reflects
the impact of Fitch's recent recalibration of its National Rating
mapping.
KEY RATING DRIVERS
Intrinsic Profile Drives Ratings: Tam Finans's ratings are driven
by its intrinsic credit profile, reflecting the company's small
franchise and a business model that is focused on higher-risk small
businesses operating in an improving but still-challenging
operating environment, as well as its high leverage. The ratings
also reflect its consistently strong profitability, limited credit
losses despite the inherently high-risk business model, granular
portfolio, low market risk, a liquid balance sheet and diversified,
albeit largely secured, funding sources.
High Leverage a Rating Constraint: Tam Finans's gross debt/tangible
equity ratio (end-2023: 9.5x) is considerably higher than the
sector average (5.0x) and reflects its high tolerance for leverage,
but also limited availability of capital sources. Capital is
tightly managed as its shareholder (a private equity firm) is
focused on optimising Tam Finans's return on equity (ROE).
Tam Finans's total equity has grown by close to 3.8x in absolute
terms since end-2021, with the help of strong profitability and
full profit retention; however, the high leverage weakens its
buffer against potential losses in Turkiye's improved but still
volatile operating environment. Inflation and appetite for
aggressive growth drive overall asset expansion and may weaken Tam
Finans's capital and leverage ratios in 2024.
Limited Market Risk; Funding Constraints: Tam Finans's highly
liquid balance sheet supports its funding and liquidity position.
About 90% of the assets are short-term factoring receivables with
an average maturity of around 92 days. Exposure to market risk is
low given Tam Finans's predominantly lira-denominated balance sheet
and low sensitivity to interest-rate risk, as both assets and
liabilities are short-dated and broadly matched in maturities.
However, funding is a constraint as it is predominately secured by
receivables, and mostly attracted from local banks.
Stable and Sound Profitability: Tam Finans's pre-tax income/average
assets ratio averaged 6.4% in 2020-2023, in line with the sector
average (6.4%). It was able to widen its interest margin (adjusted
by net fee income) in 2023. Its average cost/income ratio in
2020-2023 was 52%, considerably higher than the sector average of
30%.
Its business model is labour-intensive due to small-ticket sizes,
which highlights the importance of gaining further scale. Its solid
ROE of around 63% should be viewed in light of its high leverage
and high inflation in Turkiye. Profitability is strong, but Fitch
expects it to moderate in 2024, particularly in the second half,
due to a gradual rise in impairment charges and lower margins.
Adequately Managed Credit Risk: Tam Finans's impaired
receivables/gross receivables ratio was low at 1.5% at end-2023.
Impaired assets were 1.3x covered by loss provisions. Impairment
charges at 2.3% of average receivables in 2023 were in line with
the 2020-2023 average of 2.2%, and still comfortably within its
wide operating margins. Impairment charges amounted to a modest 20%
of 2023 pre-impairment profit. Fitch believes that its asset
quality is adequately managed for its high-risk business model, but
Fitch expects rising non-performing loans in 2024 from higher
interest rates and anticipated economic slowdown.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A deterioration in the domestic operating environment affecting
asset quality and earnings, would lead to a further lower tolerance
for leverage and, consequently, a downgrade.
A material and sustained increase in gross debt/tangible equity to
above 10x, combined with a weakened operating environment, could
lead to downgrade of the Long-Term IDRs - primarily due to weakened
access to funding and liquidity, as would a sharp deterioration in
asset quality or profitability that increases solvency risk.
Deterioration of the above factors relative to domestic peers'
could lead to a downgrade of the National Rating. Also, Fitch's
recalibration of its National Rating mapping, after a sovereign
rating action, may result in a downward revision of its National
Ratings.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Continued improvements in Turkiye's operating environment, coupled
with Tam Finans's resilient performance and further improvements in
the business profile might lead to a rating upgrade, although Fitch
views this unlikely in the medium term given Tam Finans's small
size in the Turkish financial system as well as its still high
leverage. A significantly improved creditworthiness relative to
domestic peers', could also result in an upgrade of the National
Rating.
Fitch's recalibration of its National Rating mapping, after a
sovereign rating action, may result in an upward revision of its
National Ratings.
ADJUSTMENTS
The 'b' sector risk operating environment score is below the 'bb'
category implied score due to the following adjustment reason(s):
sovereign rating (negative), macroeconomic stability (negative).
The 'b' funding, liquidity & coverage score is above the 'ccc'
category implied score due to the following adjustment reason:
business model/funding market convention (positive).
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Tam Finans
Faktoring A.S. LT IDR B Upgrade B-
ST IDR B Affirmed B
LC LT IDR B Upgrade B-
LC ST IDR B Affirmed B
Natl LT BBB+(tur) Revision Rating A-(tur)
VESTEL ELEKTRONIK: Moody's Assigns 'B3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Ratings has assigned a B3 long-term corporate family rating
and B3-PD probability of default rating to Vestel Elektronik Sanayi
Ve Ticaret A.S. (Vestel). Concurrently, Moody's has also assigned a
B3 instrument rating to the proposed benchmark-sized senior
unsecured notes to be issued by Vestel. The outlook is stable.
RATINGS RATIONALE
Vestel's ratings reflect (1) the company's strong market position
for televisions and household appliances in Turkiye (B3, Positive)
and Europe; (2) its strong diversification in terms of customers,
geographic reach, products and brands through a business model that
combines own brands, licensed brands and original design
manufacturing (ODM) for third party brands; (3) its high quality
production facilities in Turkiye that provide it with logistical
advantages over far Eastern producers to reach the European market
and put it in a good position to benefit from near-shoring and
supply chain diversification of manufacturing customers; and (4)
growing mobility electronics and energy storage business that is
set to benefit from the growth of electric vehicle (EV) usership
and renewable energies over the coming years.
The rating also reflects (1) the highly competitive nature of
Vestel's ODM business; (2) a structurally declining TV market in
Europe, combined with volatile input prices; (3) free cash flow
that has been negative since 2021 and Moody's expectation that it
will remain negative for the next 2 to 3 years; (4) execution risk
in building up its mobility electronics business; and (5)
weaknesses in liquidity due to material reliance on short term
debt, even after the planned bond issuance.
The company's credit metrics are adequate with debt/ EBITDA of 2.6x
and EBIT/ interest expense of 2.3x for 2023. Both ratios are based
on Moody's adjusted numbers and exclude unrealized foreign currency
related losses on non-lira denominated debt, as well as adjustments
and restatements linked to hyperinflation.
BOND ISSUANCE
The proposed bond issuance has been assigned a B3 rating. The notes
will be issued by Vestel with guarantees from all material
subsidiaries, except Vestel Beyaz, Vestel's publicly listed
subsidiary producing white goods, which generated a material 64% of
reported consolidated EBITDA in 2023. Under Turkish capital market
rules, as a listed entity, Vestel Beyaz is restricted from
guaranteeing debt that it is not directly benefitting from, however
the proposed bond terms and conditions provide for an obligation
for Vestel Beyaz to provide a guarantee in favor of bondholders in
the event that the Turkish capital market rules or restrictions
change over the life of the bond.
Debt at Vestel Beyaz will be structurally senior to the notes and
other debt issued by Vestel. To limit the amount of structurally
senior debt, the bond documentation will include covenants
restricting the amount of debt that can be incurred at Vestel Beyaz
and other non-guarantor subsidiaries to 0.75x consolidated EBITDA
of Vestel. These restrictions will keep structurally senior debt
relatively low and Moody's therefore does not notch down the rating
of the notes from the CFR. Should the proportion of structurally
senior debt to total debt materially increase in the future
however, the rating agency could introduce a notch down of the
bond.
ESG CONSIDERATIONS
Vestel's CIS-4 indicates the rating is lower than it would have
been if ESG risk exposures did not exist. The company is in
particular exposed to several governance related risks. Vestel's
liquidity management, which Moody's assesses under financial policy
and risk management, relies on short term debt from local Turkish
banks and exposes the company to the risk that debt could not be
rolled over on short notice.
Also, while being listed on the Istanbul Stock Exchange, the
company is majority owned by Zorlu Holding, a privately owned
conglomerate. This concentrated ownership creates risks related to
organizational structure and board structure, policies and
procedures. Organizational structure captures the risks of related
party transactions that could be detrimental to the company's
credit profile, while board structures, policies and procedures
reflects risks from the company's concentrated ownership. While the
board has some independent members, effectiveness of oversight
could be challenged through the concentrated control structure.
LIQUIDITY ANALYSIS
Moody's liquidity analysis assesses a company's ability to meet its
funding requirements under a scenario of not having access to new
funding (including for renewal of existing loans) over the next
12-18 months. Under this approach, Vestel's liquidity profile is
only marginally adequate after taking into account that Zorlu group
will remain a supportive shareholder. Following the note issuance,
the agency expects that around half of Vestel's debt will remain
short term. Combined with an expectation of negative free cash
flow for at least the next 1 to 2 years, this makes Vestel reliant
on the continued roll-over of maturing credit facilities and
exposes the company to the weak credit profile of Turkish banks,
even though in the past Vestel has been able to consistently roll
over these facilities.
In addition to cash of TRY2.3 billion ($99 million) as of December
2023, Vestel also has receivables of TRY30 billion ($1.3 billion)
from entities of Zorlu group. Interest on these deposits is
contractually cash paying, however in the past all interest has
been routinely accrued and it is unclear if and when these deposits
can be returned to Vestel. Moody's expects that in case Vestel
would require additional liquidity, Zorlu group would try to ensure
the repayment of the receivables, however the rating agency does
not have insights into Zorlu's credit profile or its ability to
provide liquidity in a timely manner. There is also no visibility
on when the receivables from the Zorlu group will eventually be
returned to Vestel as cash or could be offset by non-cash asset
transfers.
STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Vestel will
maintain stable operating performance while its liquidity profile
may strengthen over time but maintain significant weaknesses over
the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Positive pressure on the ratings could arise if the company's
liquidity profile significantly improves and there is no
deterioration in its operating and financial performance. Moody's
would also expect debt to EBITDA to remain below 4x and EBIT
interest coverage comfortably above 1.5x, both on a sustained basis
and excluding unrealized foreign currency related losses on
non-lira denominated debt. Due to material exposure to Turkiye,
Vestel has credit linkages to the sovereign and any upgrade would
therefore also be constrained by the rating of the sovereign.
Vestel's ratings could be downgraded if its liquidity profile
weakens or if debt to EBITDA exceeds 5x or EBIT interest coverage
falls below 1x, both on a sustained basis and excluding unrealized
foreign currency related losses on non-lira denominated debt. The
rating would also likely be downgraded if Turkiye's sovereign
rating is downgraded.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
===========================
U N I T E D K I N G D O M
===========================
ALEXANDRITE MONNET: S&P Assigns Prelim 'B+' LT ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to commercial real estate owner and operator
Alexandrite Monnet UK Holdco (Befimmo) and its preliminary 'B+'
issue rating, with a '3' recovery rating, to the proposed senior
secured notes.
The stable outlook reflects S&P's view that Befimmo will maintain
steady, predictable rental income from its good-quality office
property portfolio and long-term lease profile with high exposure
to public tenants.
In S&P's view, Befimmo's credit quality is underpinned by the
company's EUR2.8 billion portfolio comprising 36 office units and
12 coworking spaces, good asset quality mainly in prime areas, and
solid tenant base of large public sector organizations. Befimmo has
well-located office assets with about 70% of the portfolio in
Brussels' prime areas close to mobility hubs, where
supply-and-demand dynamics remain supportive. Also, institutions in
Belgium (unsolicited AA/Stable/A-1+) and the European Union
(AA+/Stable/A-1+) form Befimmo's solid tenant base, generating 56%
of rental income (as of December 2023). This, alongside long-term
leases, supports rental income stability and predictability. Also,
development risks remain limited; 87% of the committed development
pipeline is already pre-let, mitigating vacancy risks and providing
cash flow visibility.
These strengths create stable and predictable cash flow,
underpinning Befimmo's operational profile and earnings quality. In
2023, Befimmo delivered solid like-for-like rental income growth of
about 16%, supported by uncapped indexation and positive reversion
from new lettings and renegotiations. S&P assumes Befimmo's annual
like-for-like rental income growth will reach 5%-7% in 2024 and
2%-3% in 2025, benefiting from the company's fully inflation-linked
and uncapped lease contracts and solid demand for office spaces in
Belgium's key cities. This is particularly true in Brussels' prime
area, where most of Befimmo's portfolio is located. The company
benefits from an excellent weighted-average lease term of more than
10 years (or 9.5 years until first break) and high exposure to
public tenants (56% of total rents as of December 2023). The
portfolio occupancy rate, including future signed leases, remains
quite high at 95.8% as of December 2023, up from 95.3% in 2022,
showing the strong demand for the assets.
The rating is constrained by the company's relatively low debt
servicing capacity, with EBITDA-interest-coverage ratio at just
1.0x-1.1x over the coming 12 months. In fourth-quarter 2023,
Befimmo's real estate holding subsidiaries refinanced all their
capital structure (EUR1.4 billion) with three mortgage-secured
credit facilities (totaling EUR1.35 billion), at an average spread
of 2.1%, and a 11% EUR48 million mezzanine facility. S&P said, "We
view positively that the facilities are fully hedged against
changes in market interest rates. The company aims to fully
refinance the outstanding EUR500 million (out of the initial EUR530
million) acquisition facility through a EUR160 million shareholder
loan provided by the company's sole owner, Brookfield Asset
Management, and its proposed EUR350 million senior secured notes.
We therefore anticipate interest expense to increase substantially
over the next 12 months, thereby constraining the EBITDA interest
coverage ratio. That said, we understand Brookfield will back
Befimmo in the event of any shortfall, confirmed by an
unconditional letter of credit for six months of interest
replenished through the tenor of the bond. We expect that the
pressure will be partially compensated by solid revenue generation
and an increasing profitability margin thanks to sound rental
growth and project deliveries. Pro-forma the closing of the
transaction, we expect EBITDA interest coverage to be low at about
1.0x-1.1x over the next 12 months, with debt to debt plus equity to
remain close to 60%. This includes our expectations of further
like-for-like portfolio devaluation of about 4% in 2024 (-5.5% in
2023) due to yield expansion, partially offset by resilient cash
flow growth and an already high portfolio yield (5.6% as of
December 2023). We also forecast the company's ratio of debt to
EBITDA will remain high at about 18x in 2024 then gradually improve
toward 17x in 2025, benefiting from EBITDA growth."
On Jan. 6, 2023, Brookfield, through its subsidiary Alexandrite
Monnet Belgian Bidco, completed the full takeover of Befimmo SA.
Following the acquisition and subsequent delisting, Befimmo
reorganized in order to maintain its Private REIT (FIIS) status
under Belgian law. Befimmo Group FIIS retained most of the standing
real estate assets and Befimmo Real Estate Group incorporated the
operating businesses, including the flexible working solutions
supplier Silversquare, and the office meetings provider SPARKS. S&P
said, "We view Brookfield as a strategic owner, based on its
commitment to long-term ownership of Befimmo and its alignment with
Befimmo's new strategy of asset rotation and refocusing on core
assets and central locations. We also understand that Brookfield
aligns with the company's strategy for geographical
diversification, whereby it aims to become a Benelux real estate
platform and reduce concentration on its main market in Brussels.
We reflect Brookfield's sole private ownership and therefore lower
regulatory transparency vs listed companies under the moderately
negative management and governance score. Additionally, Brookfield
is willing to support the refinancing of the remaining takeover
bridge loan with the provision of a shareholder loan which we treat
as equity, given its deeply subordination, non-cash interest
payments, and maturity after all of the groups outstanding debt
obligations."
Pro forma the senior notes issuance, Befimmo's refinancing and
liquidity risks are limited over the next 12-24 months. Befimmo
does not face any debt maturities until December 2027, when the two
facilities, totaling about EUR256 million, linked to the Fedimmo
portfolio come due. Pro forma the proposed EUR350 million notes
issuance, the company's weighted-average maturity will stand close
to four years, and all the debt will remain hedged against interest
rate volatility, which mitigates short-term refinancing and
liquidity risks. S&P said, "However, we see high interest payments
limiting the company's liquidity headroom over the next 24 months,
based on our forecast of mostly flat funds from operations (FFO) in
2024. We understand that Brookfield remains committed to inject
additional equity should the company fails to cover the scheduled
interest payments, which mitigates short-term risks, in our view.
We also understand that capital expenditure (capex) needs remain
limited, with the main development projects coming to an end over
the next 24 months, and with the Zin Tower already contributing
additional rental income since February 2024."
S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final transaction documentation of the
proposed senior secured notes. Accordingly, the preliminary ratings
should not be construed as evidence of a final rating. If S&P
Global Ratings does not receive final documentation within a
reasonable timeframe, or if final documentation departs from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to: The
utilization of bond proceeds; maturity, size, and conditions of the
bonds; financial and other covenants; and security and ranking of
the bonds.
"The stable outlook reflects our expectation that Befimmo will
sustain stable and predictable rental income from its good-quality
office property portfolio and long-leases with reliable tenants.
The outlook also reflects our expectation that Befimmo will
maintain an EBITDA interest coverage close to 1.0x-1.1x and an
adjusted debt to debt plus equity at about 60% over the next 12
months."
Downside scenario
S&P could lower its preliminary ratings on Befimmo in the next 12
months if the company's credit metrics deteriorate more than it
anticipates, such as:
-- S&P Global Ratings-adjusted EBITDA interest coverage fails to
stay close to 1.0x;
-- Debt to debt plus equity increases well above 65%; or
-- Debt to EBITDA deviates materially from our base-case
projection.
S&P could also lower the preliminary rating if Befimmo's cash flow
from operations turns negative, e.g. due to higher-than-expected
capex, a stronger-than-anticipated decline in valuations, or weaker
EBITDA growth.
Furthermore, rating pressure could come from a weakening in the
company's overall business, for example, if S&P observed a
reduction in portfolio size, a decline of its exposure to public
tenants, or if a significant share of revenues are provided from
co-working space management.
Upside scenario
An upgrade would depend on Befimmo's ability to:
-- Improve its EBITDA interest coverage closer to 1.3x or above on
a sustainable basis;
-- Maintain debt to debt plus equity well below 65%; and
-- Improve debt to EBITDA towards 13x on an annualized basis.
An upgrade would also hinge on Befimmo ensuring a solid headroom
under its liquidity position and financial covenants and
maintaining a stable operating environment.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Befimmo. The company
is a privately held company, fully controlled by Brookfield.
Although we view Brookfield as a strategic owner, Befimmo's
corporate structure is less transparent than that of other private
and listed rated real estate companies."
Environmental and social factors are an overall neutral
consideration in S&P's credit rating analysis of Befimmo.
ARJ CONSTRUCTION: Set to Go Into Administration
-----------------------------------------------
The Planning, Building & Construction Today reports that
Stevenage-based contractor ARJ Construction has filed a notice of
intention to appoint administrators.
Hertfordshire-based contractors ARJ Construction were established
in 1991 and focused on projects ranging from GBP10 million to GBP60
million in value across residential, healthcare, education and
commercial sectors.
The fates of the 136 staff are unknown at this time, PBC Today
notes.
The most recent figures to April 30, 2023, showed a turnover of
GBP117 million, with a pre-tax profit of GBP2.8 million, PBC Today
discloses.
AUXEY BIDCO: S&P Alters Outlook to Negative, Affirms 'B+' LT ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'B+' long-term issuer credit rating on U.K.-Based
Talent Acquisition And Management Group Auxey Bidco (AMS). S&P also
affirmed its 'B+' issue rating and '3' recovery rating on the
GBP373 million-equivalent term loan B (TLB).
The negative outlook reflects S&P's expectation that the
challenging economic environment could weigh on AMS' operating
performance and result in S&P Global Ratings-adjusted leverage of
more than 5x and coverage of cash interest by FFO of less than 2x
on a sustained basis.
S&P said, "Auxey Bidco Ltd. (trading as Alexander Mann Solutions;
AMS) has been affected by weaker volumes and thereby has
unperformed our expectations, with S&P Global Ratings-adjusted debt
to EBITDA of 6x at year-end 2023.
"AMS' prospects remain uncertain after it underperformed our
expectations for 2023. Following a robust performance in 2022, AMS'
operating performance deteriorated in 2023 due to weaker volumes
from the existing contracts and lower-than-expected new wins,
resulting in S&P Global Ratings-adjusted EBITDA margins of 11%
compared with our expectations of 14% for 2023. AMS also incurred
higher-than-expected exceptional costs of about GBP8 million.
Almost half of these costs are related to redundancy expenses. This
resulted in higher S&P Global Ratings-adjusted leverage of 6x
(2022: 4.6x), compared with our previous expectation of 4x for 2023
and less than 5x for a 'B+' rating. Despite higher cash interest
costs, free operating cash flow (FOCF) was almost at break-even in
2023 due to working capital inflows of about GBP10 million as
volumes weakened.
"We expect volumes to recover from 2024, while interest costs
remain high. We expect strong recovery in volumes from 2024 as
hiring returns to more normalized levels, thereby supporting new
contract wins and the ramp up of existing contracts. Albeit lower
than previous expectations, we expect EBITDA margins of 12.8% in
2024 and 13% in 2025 compared with 11% in 2023. We also expect
lower exceptional costs compared with the 2023 level of GBP8
million. As a result, we expect S&P Global Ratings-adjusted
leverage of 4.7x at year-end 2024 and 4.0x at year-end 2025. Our
forecast for adjusted debt includes the GBP373 million-equivalent
TLB and operating lease liabilities of about GBP4.6 million. We
consider noncash-paying shareholder loans of GBP646 million
(including accumulated interest) as of 2023 as equity-like, in line
with our criteria for the treatment of noncommon equity in the
capital structure.
"We also acknowledge the countercyclical nature of AMS' cash flow
generation. For example, global job placement volumes fell
significantly during the pandemic in 2020 due to slow hire rates.
Management offset this by cutting costs and capital expenditure
(capex) to preserve cash. Cash generation is further supported by
working capital releases during periods of low volumes. We expect
negative FOCF at year-end 2024, purely due to timing of working
capital outflow due to 53 payment weeks and only 52 weeks of
inflow, which is expected to reverse in 2025, supporting strong
FOCF in 2025."
That said, securing new contracts remains uncertain and delays in
ramping up new contracts are possible. A prolonged weakness in
market conditions could limit AMS' long-term growth prospects.
S&P said, "In addition, we expect higher cash interest from 2024
onwards because favorable hedges expire by mid-2024. As a result,
we anticipate FFO cash interest coverage will recover toward 2x
only after year-end 2025, combined with improvement in EBITDA."
The negative outlook reflects the potential for a lower rating
within the next six to 12 months if AMS' operating performance
fails to recover and adjusted debt leverage remains above 5x.
Downside scenario
S&P could lower the ratings if:
-- AMS' operating performance deteriorates, such that its leverage
fails to improve below 5x;
-- FOCF is materially lower than our forecasts due to weak
operating performance and an inability to improve FFO cash coverage
above 2x; or
-- S&P believes that AMS' financial policy has become more
aggressive, with a tolerance for sustaining higher leverage than
current levels.
-- S&P could also revise the business risk profile to weak if the
company fails to recover volumes and improve EBITDA margins in line
with its expectations.
Upside scenario
S&P could revise the outlook to stable if AMS' operating
performance improves such that adjusted debt to EBITDA is less than
5x and FFO cash coverage is above 2x.
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of AMS. Our assessment of the company's
financial risk profile as highly leveraged reflects decision-making
that prioritizes the interest of the controlling owners, in line
with our view of most rated entities owned by private-equity
sponsors. Our assessment also reflects such owners' generally
finite holding periods and focus on maximizing shareholder
returns."
BELLIS ACQUISITION: Fitch Rates New Sr. Sec Notes 'BB(EXP)'
-----------------------------------------------------------
Fitch Ratings has assigned Bellis Acquisition Company Plc's new
planned senior secured notes an expected rating of 'BB(EXP)' with a
Recovery Rating of 'RR2', which is aligned with its existing senior
secured debt. Fitch has also affirmed the 'BB(EXP)' rating with a
Recovery Rating of 'RR2' assigned on 23 April 2024 to the new
GBP900 million equivalent planned Term Loans B (TLB). Final ratings
are subject to completion and documentation.
Fitch revised the Outlook on Bellis Finco plc's (ASDA) Long-Term
Issuer Default Rating (IDR) to Positive from Stable and affirmed
the IDR at 'B+' on 23 April 2024 on prospective cash flow
generation over the rating horizon, a good likelihood of
deleveraging below 5.0x by 2025 and a smooth refinancing of the
majority of the senior secured debt maturing in February 2026 12-15
months before its maturity.
The launched new GBP1,750 million senior secured notes (SSN) will
rank pari passu with ASDA's other senior secured debt, including
the new TLB that were launched last week. Fitch expects all
proceeds to be applied to repay existing debt, in addition to
around GBP320 million repayment from cash on balance sheet. Debt
reduction from cash on its own improves EBITDAR leverage in 2024,
but the positive impact is offset by its review of the treatment of
the Walmart instrument as debt because its redemption date in 2028
will be ahead of the maturity date for new refinanced debt.
KEY RATING DRIVERS
Progress Addressing Refinancing Risk: The proposed new GBP1,750
million SSN is a second step in the refinancing exercise, after
GBP900 million equivalent of TLB launched last week, aimed at part
refinancing of GBP3.66 billion existing term debt mostly maturing
in February 2026. The planned near GBP320 million debt reduction
from cash (net of GBP50 million transaction costs) has a marginal
positive impact on leverage metrics but is offset by its changed
treatment of the Walmart instrument.
After raising the new SSN, TLB, extending the term loan A (TLA) and
debt repayment from cash, this will leave GBP500 million existing
SSN due in February 2026, which ASDA could repay from cash or
refinance closer to maturity. Fitch models rising interest costs of
near GBP390 million in 2025. The TLA (GBP166 million currently
outstanding) extension to 2028 is subject to ASDA raising GBP1,750
million with the remaining non-refinanced debt due in 2026 not
exceeding GBP500 million upon closing of the whole refinancing.
New Debt Matures After Second-lien: The proposed new SSN and TLB
will mature in 2030 and 2031, respectively, after the second-lien
debt (GBP500 million 4% notes) due in February 2027 and the GBP684
million private placement with Apollo (due in October 2029). ASDA
could repay the second-lien debt from cash, but the 2028 Walmart
instrument, in its view, may imply the need to refinance the whole
capital structure in 2027.
A GBP667 million revolving credit facility (RCF), to be increased
by GBP80 million and extended to October 2028, benefits from
springing maturity ahead of the existing second-lien notes if more
than GBP350 million is still outstanding in October 2026. Its
maturity also springs ahead of the current senior secured notes and
TLB if there is more than GBP500 million outstanding by October
2025.
Profit Growth Execution Risk: Its overall EBITDA (post rents)
forecast in 2024 is near GBP1.25 billion. Fitch sees some remaining
execution risk in achieving continued sales growth, given some loss
of customers to competitors in 2023 and the UK food retail market
remaining competitive. Fitch assumes profit growth from improving
gross profit margin in ASDA standalone business along with
controlled operating cost base and delivery of around GBP80 million
of synergies. Its forecast incorporates near GBP300 million EBITDA
uplift (on proforma basis) between 2023 and 2025 which supports
deleveraging to below 5.0x EBITDAR in 2025.
Walmart Instrument Treated as Debt: Fitch now treats the original
GBP500 million Walmart PIK instrument as debt because its maturity
will be ahead of the senior secured debt under the new capital
structure. Fitch previously treated Walmart senior shares and GBP1
special participation share as equity because this instrument is
deeply subordinated and has an effective redemption date in
February 2028 after the debt maturities under existing capital
structure.
Walmart's senior shares accrue payment in kind interest and
documentation prescribes that at least GBP900 million, or an
estimate of 10% of equity value will be due upon maturity unless it
is subject to an IPO beforehand and Walmart would receive up to 10%
of diluted equity.
Deleveraging Potential: Fitch believes ASDA has the potential to
deleverage due to its cash generation capabilities, although there
has been limited gross debt reduction since the LBO in 2021. ASDA
envisages reducing its debt by around GBP320 million from cash as
part of the refinancing exercise. This follows limited TLA
amortisation and repayment of GBP200 million bridge facility (used
to fund its acquisition of Co-Op stores). Fitch expects
deleveraging towards 5.0x by 2024 to come from EBITDA growth rather
than further voluntary debt repayments.
Positive FCF; Improving from 2025: Fitch expects free cash flow
(FCF) generation to remain positive over the rating horizon but
suppressed in 2024 due to the final costs associated with IT
restructuring linked to Project Future. At around GBP290 million,
these are now around GBP130m higher than previously expected. As
this project completes, Fitch expects stronger cash generation that
will be partly absorbed by higher interest cost, taxes and capex,
with the margin reverting to slightly above 1% of sales from 2025.
Larger Business Scale: ASDA has grown to be a larger-scale and more
diversified business following the acquisitions. Fitch forecasts
2025 EBITDAR will exceed GBP1.7 billion, which maps to a 'bbb'
category score for scale under its Food Retail Navigator.
Resilient Food Retail Demand: ASDA has a strong business model in a
resilient but competitive UK food retail sector. It has a good
brand and has stabilised its market share due to its focus on value
and investment in price. ASDA holds the number-two position in
online grocery sales in the UK, accounting for around 16% of its
food and clothing sales in 2023.
DERIVATION SUMMARY
Fitch rates ASDA using its global Food Retail Navigator. The
acquisition of EG Group's UK and Ireland operations increased
ASDA's scale, broadened its diversification and improved its market
position, although it is still weaker than that of other large food
retailers in Europe, such as Tesco plc (BBB-/Stable) and Ahold
Delhaize NV.
Fitch views ASDA's and Market Holdco 3 Limited's (Morrisons;
B/Positive) business profiles as broadly comparable. However, the
EG business acquisition enhanced ASDA's scale, increased
diversification and recent lfl sales growth puts its business
profile slightly ahead of Morrisons. Both Morrisons and ASDA's
operations remain focused in the UK.
ASDA has larger scale, stronger diversification and a larger market
share than Morrisons, but the latter has stronger vertical
integration that supports profitability and a higher portion of
freehold assets. ASDA's recovery in lfl sales underlined some
competitive advantage when consumers trade down, while the market
remains very competitive and ASDA lost market share in 2023, albeit
its market share has been more stable since May 2023. The growing
convenience channel presents execution risk for both companies.
ASDA benefits from a stronger online market share than Morrisons.
Fitch expects around 1.0x difference in EBITDAR leverage between
ASDA (5.0x) and Morrisons (6.0x) by 2025. This is meaningfully
higher than Tesco's (around 3.5x excluding Tesco Bank), while more
comparable with its projection for smaller-scale WD FF Limited's
(B/Stable) leverage at slightly above 6.0x by end March 2026.
KEY ASSUMPTIONS
Fitch's Key Assumptions within its Rating Case for the Issuer:
- ASDA's standalone revenue to be slightly lower in 2024; driven by
growth in ex-petrol revenue (+2%) that is more than offset by a
decline in petrol revenue (-14% decline in volume vs 2023). Revenue
to grow on average around 2% onwards driven by ex-petrol revenue
growth that is partly offset by incrementally slowly declining fuel
volumes.
- Acquired ex EG Group UK standalone revenue estimated at around
GBP2.7 billion (2024) to grow slightly (average +1.5% p.a.) during
2025-2026. Fitch expects growth in grocery revenues due to
completed store conversions to the "ASDA Express" format and in the
foodservice segment. Fitch expects growth in fuel volumes as prices
are slightly lowered in 2024, followed by incremental slow decline
in fuel volumes. At the gross profit level this is compensated by
incremental increase in the pence per litre margin.
- Arthur revenues estimated at near GBP900 million per year over
the forecast horizon driven by grocery sales from store conversions
to "ASDA Express", offset by a decline in fuel revenue due to
gradual volume decline and a reduction in petrol retail prices post
acquisition. Fitch expects pump prices and gross profit margin at
ex EG sites and Arthur sites to remain above ASDA legacy sites.
- Combined revenue to grow on average by nearly 2% in 2025-2026
from GBP27.6 billion in 2024
- EBITDA margin to improve from 3.7% in 2023 to 5.3% in 2026,
mainly driven by growth of core business, non-fuel gross profit
margin improvement for core ASDA business, while maintaining well
controlled SG&A base, along with delivery of around GBP80 million
synergies (GBP86 million planned by management).
- Annual working-capital inflow of about GBP200 million in 2024 and
GB100 million per year in 2025-2026, driven by focus on working
capital management with improvement to come mainly from payable day
improvements and due to better inventory management
- Average capex of about GBP540 million per year in 2024-2026, on
the back of notably larger operation, larger growth capex and capex
to drive synergies.
- Exceptional costs of around GBP300 million in 2024; GBP270
million in 2024 relate to separating ASDA's IT systems (Project
Future) from its previous owner Walmart with completion by
end-2024.
- Fitch has assumed net repayment of debt of GBP360 million in
2024, driven by the refinancing of GBP3.675 billion of 2025 and
2026 maturities (TLA, TLB, and senior secured notes).
- Fitch treats Walmart PIK instrument (GBP500 million original
amount + accrued PIK element) as debt under the new capital
structure due to its maturity in 2028 now ahead of senior secured
debt.
- No dividends or major M&A activities over the next four years.
RECOVERY ANALYSIS
Fitch's Key Recovery Rating Assumptions:
Under its bespoke recovery analysis, higher recoveries would be
realised through reorganisation as a going-concern in bankruptcy
rather than liquidation. Fitch has assumed a 10% administrative
claim.
The going-concern EBITDA estimate of GBP825 million reflects
Fitch's view of the a sustainable, post-reorganisation EBITDA, upon
which Fitch bases the enterprise valuation (EV). The assumption
also reflects corrective measures taken in the reorganisation to
offset the adverse conditions that trigger its default, such as
cost-cutting efforts or a material business repositioning.
Fitch applies an EV multiple of 6.0x to the going-concern EBITDA to
calculate a post-reorganisation EV. This multiple is aligned with
Morrisons.
Asda's GBP667 million RCF is assumed to be fully drawn upon
default. The RCF ranks pari-passu with the company's GBP4,340
million senior secured debt (currently), comprising term loans,
senior secured notes and private placement, in the debt waterfall.
However, Fitch has treated as super senior the ground rent of
GBP400 million, which is secured by specific fixed assets and is
not available to the company's cash-flow backed lenders in debt
recovery.
Its waterfall analysis generated a ranked recovery for the senior
secured notes, term loans and private placement facility in the
'RR2' band, indicating a 'BB' instrument rating, two notches higher
than the IDR. The waterfall analysis output percentage on current
metrics and assumptions is 81% (unchanged). The senior secured
second lien debt (GBP500 million) is rated in the 'RR6' band with
an instrument rating of 'B-', two notches below the IDR with a zero
output percentage.
Under the new structure, the ranked recovery for the senior secured
debt remains in the 'RR2' band, indicating a 'BB(EXP)' instrument
rating for the new TLB and SSN, two notches above the IDR. The
waterfall analysis output percentage on expected metrics and
assumptions is higher at 85% thanks to reduction in senior secured
debt from cash as part of refinancing, partly offset by the GBP80
million larger RCF under the new capital structure. The second-lien
debt is rated in the 'RR6' band with an instrument rating of 'B-',
two notches below the IDR with a zero-output percentage (and this
would be unchanged). The Walmart instrument is subordinated and
therefore does not impact the senior secured instrument
recoveries.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Continued lfl sales growth along with improvement in gross
margin, successful integration of acquired businesses and delivery
of synergies, plus cost savings to offset operational cost
inflation, leading to growth in EBITDAR and FCF (over 1%)
- EBITDAR gross leverage below 5.0x on a sustained basis
- EBITDAR fixed charge cover above 2.0x on a sustained basis
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch could revise the Outlook to Stable if there was a lack of
progress in growing earnings and improving FCF, with EBITDAR gross
leverage not approaching 5.0x in 2024 as a result and there was a
lack of progress in refinancing.
- Lfl sales decline exceeding other big competitors, inability to
grow profits, failure to integrate and generate synergies from
acquired businesses, Project Future cost overruns leading to
low-to-neutral FCF, and reduced deleveraging capacity
- EBITDAR gross leverage remaining above 6.0x on a sustained basis
- EBITDAR fixed charge cover below 1.7x on a sustained basis
- Failure to address upcoming debt maturities 12-15 months in
advance
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Liquidity is adequate with around GBP850
million cash on balance sheet (after GBP190 million adjustment for
working-capital seasonality by Fitch) and undrawn RCF of GBP667
million as of December 2023. ASDA repaid the GBP200 million bridge
loan related to the acquisition of Co-Op stores in 4Q23.
With the refinancing transaction, Fitch expects there to be some
reduction in cash in 2024 due to debt repayment from cash, slightly
offset by inflows of working capital. ASDA plans to have an GBP80
million larger RCF under the new capital structure. Fitch projects
ASDA's cash balances to then build up over the rating horizon due
to positive FCF generation, more so once significant payments
related to IT separation one-off costs (Project Future) end in
2024. This would permit debt reduction from cash if the company
chooses to do so.
ESG CONSIDERATIONS
Bellis Finco plc has an ESG Relevance Score of '4' for Group
Structure due to the complexity of the group structure with a
number of related-party transactions. This has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
ISSUER PROFILE
ASDA is the third-largest supermarket chain in the UK, with around
a 14% market share operating around 1,200 stores.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Bellis Acquisition
Company Plc
senior secured LT BB(EXP) Expected Rating RR2
senior secured LT BB(EXP) Affirmed RR2 BB(EXP)
CLARA.NET HOLDINGS: GBP80MM Bank Debt Trades at 13% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Clara.Net Holdings
Ltd is a borrower were trading in the secondary market around 87.3
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.
The GBP80 million Term loan facility is scheduled to mature on July
10, 2028. The amount is fully drawn and outstanding.
Claranet is a medium-sized provider of managed IT services
primarily focusing on cloud-related services for small and
medium-sized companies and the sub-enterprise customer segment. It
also offers cybersecurity, connectivity and workplace solutions.
The Company's country of domicile is the United Kingdom.
EVERTON FOOTBALL: 777 Partners Accused of Fraud by Lender
---------------------------------------------------------
Samuel Agini at The Financial Times reports that 777 Partners has
been accused by one of its lenders of a fraud running into hundreds
of millions of dollars, in the latest setback for the Miami-based
investment firm's attempted takeover of Everton Football Club.
According to the lawsuit, which was filed in a federal court in New
York on April 3, 777 owes more than US$600 million in debt to
London asset manager Leadenhall Capital and Leadenhall Life, a
related investment company, the FT the FT relates.
Leadenhall is seeking damages after accusing 777 and co-founder
Josh Wander of pledging more than US$350 million in assets that
"either did not exist, were not actually owned by Wander's
entities, or had already been pledged to another lender", the FT
discloses.
The lawsuit raises further questions about 777's ability to close
the Everton deal following months of delays, the FT states.
777 had aimed to complete the acquisition of Everton by the end of
last year but it is yet to obtain approval from the Premier League,
which has said 777 must meet a series of conditions for the
takeover to go ahead, the FT notes.
According to the FT, the lawsuit portrayed Everton as "the latest
shiny object of Wander's fraudulent scheme". It alleged that Mr.
Wander's strategy has been based on "using debt to acquire new
assets that he can then use as collateral for more debt, which he
then fails to timely pay off, in a seemingly never-ending cycle of
|robbing Peter to pay Paul", the FT relays.
Everton has climbed to 15th in the table, 11 points clear of the
bottom three, the relegation zone that results in demotion from the
top flight, the FT discloses. Clubs and their owners dread the
prospect of dropping out of the Premier League because it cuts them
off from lucrative broadcast revenues, according to the FT.
Everton has built a points cushion at a time when its finances are
stretched. The club's net debt position increased to roughly
GBP330 million at the end of June 2023 from GBP141 million a year
earlier, the FT notes. Net losses widened to GBP89 million in the
year ended June 2023, from GBP38 million the prior year, the FT
discloses.
Everton's lenders include New York-based MSP Sports Capital, which
is part of a group that has provided GBP158 million of financing
for the club's new stadium in Liverpool, the FT notes. 777 is
required to repay this loan as a condition of the takeover, the FT
says. The other major lender is a company called Rights and Media
Funding, the FT states.
Separately, 777 has provided more than US$200 million of loans to
Everton since September last year to fund working capital
requirements.
British-Iranian businessman Farhad Moshiri agreed to sell Everton
after the club ran into financial difficulties due to heavy
spending on players and the new stadium, and hits to revenues from
the pandemic and its decision to cut ties to sponsors linked to
Uzbek-born oligarch Alisher Usmanov after Russia invaded Ukraine,
the FT recounts.
But 777, Moshiri's chosen buyer, has come under scrutiny from
regulators, rating agencies and the media, the FT notes. The
firm's ties to A-Cap, an insurance group led by chief executive
Kenneth King, have also raised concerns, the FT states.
PATISSERIE VALERIE: Ex-CFO Denies Fraud Charges in SFO Probe
------------------------------------------------------------
Islington Gazette reports that the former chief financial officer
of Patisserie Valerie along with three other defendants, including
his wife, have denied being part of a plot to commit fraud at the
collapsed cafe chain.
Christopher Marsh, a former director and chief financial officer of
Patisserie Holdings (PHP), the company behind Patisserie Valerie,
and his wife, accountant Louise Marsh, were charged by the Serious
Fraud Office (SFO), Islington Gazette discloses.
They appeared in the dock at London's Southwark Crown Court on
April 26 alongside Marsh's former number two, financial controller
Pritesh Mistry, and financial consultant Nilesh Lad, Islington
Gazette recounts.
According to Islington Gazette, Christopher Marsh, 49, and Louise
Marsh, 56, both of St Albans, Hertfordshire, Mistry, 41, of
Leicester, and Lad, 51, of Harrow, north-west London, each pleaded
not guilty to a charge of conspiracy to defraud.
The charge states they conspired to "dishonestly" agree to
"misstate and inflate" the figures for cash on the group's balance
sheet between October 2015 and October 2018, Islington Gazette
relates.
It is alleged that this put PHP Group's shareholders and creditors,
including banks, at risk, Islington Gazette notes.
The charges relate to the financial failure of the bakery chain,
which had 200 stores and tumbled into administration in 2019,
Islington Gazette relays.
On April 26, Christopher Marsh also pleaded not guilty to a charge
of making false representations as a company director, Islington
Gazette discloses.
Christopher Marsh, Mistry and Lad also pleaded not guilty to five
charges of fraud by false representation and one of making or
supplying an article for use in fraud, Islington Gazette states.
The trio are accused of making false statements to lenders HSBC and
Barclays about the bakery's cash reserves before it collapsed and
the reason that cheques were being stopped,
Islington Gazette discloses.
They also allegedly made false statements to auditor Grant
Thornton, including issuing certain invoices between 2015 and 2018
that were "untrue or misleading" or were not genuine, according to
Islington Gazette.
All four defendants were released on conditional bail, Islington
Gazette notes.
The trial has been set for March 2, 2026, Islington Gazette
states.
THAMES WATER: Customers Will Have Paid GBP540MM for Sewer By 2025
-----------------------------------------------------------------
Gill Plimmer at The Financial Times reports that Thames Water's
customers will have paid more than half a billion pounds in
addition to their water bills once a new 25km sewage tunnel under
London's river Thames is operational next year, a project they will
have to keep funding throughout its projected 125-year lifespan.
London's so-called "Super Sewer"is funded by a surcharge on Thames
Water customer bills, currently GBP26 a year per household, the FT
discloses. The utility's 16mn customers have paid GBP430 million
over the eight years since construction started and will have paid
GBP540 million by March 2025 when the tunnel is expected to be
operational, the FT relays, citing a study of the project's
accounts.
The study comes as testing on the GBP4.5 billion tunnel -- a cost
that compares with the GBP3.5 billion forecast a decade ago -- is
expected to start next week, with the removal of the deep
underground walls that have kept it separate from the existing
system while the new concrete caverns were being built, the FT
notes.
The project, which trades as Tideway, will be the biggest
improvement to the capital's sewerage network in 150 years. It
will divert most of the effluent from 34 combined sewage overflow
pipes in the central section of the river to a treatment plant in
south-east London.
Scrutiny of Tideway's funding model -- which serves as a blueprint
for other large infrastructure projects in the UK such as the new
Sizewell C nuclear plant -- comes amid wider concern about a
financial crisis engulfing Thames Water, the UK's biggest water
provider, the FT notes.
Thames Water's parent company told bondholders earlier this month
that it was in default, heightening fears that it could be
renationalised, the FT recounts. The utility wants to hike
customer bills by as much as 56% by 2030, making any surcharge to
pay for Tideway even more controversial, the FT discloses.
Water companies argue that higher bills are necessary to invest in
new infrastructure and combat pollution, an issue that has become a
lightning rod for popular anger.
David Hall, visiting professor at Greenwich University who
calculated the GBP540 million figure, said the project "makes
consumers pay three times over", the FT relates. "First they are
paying almost GBP0.5 billion up front, more than all the equity
invested by Thames Tideway's shareholders, then they are paying for
the returns of shareholder loans, and then from continuing debt."
Thames Water does not own Tideway. When the 7.2 metre-diameter
tunnel was being planned -- in response to a 2010 EU directive to
reduce sewage outflows -- Thames Water refused to inject new equity
into the project. The water company's shareholders at the time,
which included Australian asset manager Macquarie, argued that its
debts were too large and the risks of tunnelling near key landmarks
such as the Houses of Parliament too great, the FT notes.
Instead, the UK government and Thames Water agreed to set up an
entirely new company that would be privately financed and regulated
by Ofwat, the FT recounts. It was named Bazalgette, after the
engineer who designed London's sewage system 125 years ago. That
company now trades as Tideway, the FT notes.
Thames Water paid around GBP1.1 billion towards the cost of the
tunnel for enabling works, while Tideway's investors -- which
include Allianz, Dalmore Capital, Amber Infrastructure, and DIF,
which sold its stake in 2022 -- invested GBP509.7 million in equity
and loaned the company GBP764.5 million when it was set up in 2015,
the FT relates.
Since then the shareholders' loans have increased to GBP836
million, for which those investors agreed a rate of 8 per cent in
interest until they mature in 2064, according to the accounts, the
FT notes.
Overall, the shareholders have received GBP298.1 million over the
past eight years: GBP243.6 million of interest and GBP54.5 million
of capital repayments up to March 2023 in lieu of dividends,
according to Tideway, the FT notes.
The rest of Tideway's GBP4.2 billion debt is held with commercial
banks or via other intergroup loans, the FT discloses.
According to the FT, although Thames Water will be responsible for
above-ground infrastructure such as new parks created along the
river, Tideway will retain ownership of the tunnel and shafts,
which will be inspected every 10 years, some by drones.
UK SALADS: Owed Creditors Almost GBP18MM at Time of Collapse
------------------------------------------------------------
HortWeek reports that UK Salads owed creditors almost GBP18 million
when it collapsed in February, its administrators FRP have
revealed.
As reported by The Troubled Company Reporter-Europe on March 7,
2024, Business Sale disclosed that UK Salads Limited, a major UK
producer of salad items, fell into administration and ceased
trading. The company collapsed following a period of challenging
trading, with approximately 200 staff made redundant as a result,
according to Business Sale. FRP Advisory partners Alastair Massey
and Glyn Mummery were appointed as joint administrators to the
company on Feb. 28. The joint administrators said that "challenging
trading conditions" had left the company "unable to meet its
financial obligations", leading to it falling into administration
and ceasing trading, Business Sale noted. They added that they
were now considering the options available to the business and
"exploring interest from a number of parties."
Despite strong turnover growth and resilient operating profit, the
company said in its most recent accounts at Companies House cover
the year ending October 31, 2022, that it was "facing significantly
increasing high costs and turbulent market business conditions",
Business Sale disclosed. At the time, its fixed assets were valued
at close to GBP2.6 million and current assets at GBP22.4 million,
with net assets amounting to GBP10.3 million, according to Business
Sale.
The firm was founded in 1992 and based in Harlow, North East
London. It supplied major UK retailers, including the UK business
of German discount supermarket Aldi, with products including
cucumbers, tomatoes, peppers and aubergines.
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week April 29 to May 3, 2024
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Altice France Holding 10.500 5/15/2027 USD 35.593
Codere Finance 2 Luxem 11.000 9/30/2026 EUR 34.412
Solocal Group 10.940 3/15/2025 EUR 20.356
Solis Bond Co DAC 10.327 5/31/2024 EUR 50.000
Codere Finance 2 Luxem 12.750 11/30/2027 EUR 1.035
IOG Plc 13.428 9/20/2024 EUR 4.938
Caybon Holding AB 10.566 3/3/2025 SEK 35.210
Altice France Holding 10.500 5/15/2027 USD 38.336
Kvalitena AB publ 10.067 4/2/2024 SEK 45.000
Oscar Properties Holdi 11.270 7/5/2024 SEK 1.000
R-Logitech Finance SA 10.250 9/26/2027 EUR 15.334
Codere Finance 2 Luxem 13.625 11/30/2027 USD 1.000
Codere Finance 2 Luxem 13.625 11/30/2027 USD 1.000
Offentliga Hus I Norde 10.871 SEK 43.304
YA Holding AB 12.758 12/17/2024 SEK 15.026
Immigon Portfolioabbau 10.258 EUR 9.751
Tinkoff Bank JSC Via T 11.002 USD 43.213
Bilt Paper BV 10.360 USD 1.538
Saderea DAC 12.500 11/30/2026 USD 48.083
Ilija Batljan Invest A 10.768 SEK 3.500
Privatbank CJSC Via UK 10.250 1/23/2018 USD 3.768
Solocal Group 10.940 3/15/2025 EUR 8.893
UkrLandFarming PLC 10.875 3/26/2018 USD 4.206
Plusplus Capital Finan 11.000 7/29/2026 EUR 11.220
Marginalen Bank Bankak 12.996 SEK 45.000
Codere Finance 2 Luxem 11.000 9/30/2026 EUR 34.412
Avangardco Investments 10.000 10/29/2018 USD 0.108
Virgolino de Oliveira 11.750 2/9/2022 USD 0.677
Bourbon Corp SA 11.652 EUR 1.375
Virgolino de Oliveira 10.500 1/28/2018 USD 0.010
Transcapitalbank JSC V 10.000 USD 1.450
Virgolino de Oliveira 10.500 1/28/2018 USD 0.010
Bakkegruppen AS 11.720 2/3/2025 NOK 45.373
Sidetur Finance BV 10.000 4/20/2016 USD 0.373
Privatbank CJSC Via UK 10.875 2/28/2018 USD 5.264
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.242
Societe Generale SA 24.000 11/8/2024 USD 46.880
Goldman Sachs Internat 16.288 3/17/2027 USD 28.200
Societe Generale SA 14.300 8/22/2024 USD 8.930
Ukraine Government Bon 11.000 4/23/2037 UAH 24.795
Bulgaria Steel Finance 12.000 5/4/2013 EUR 0.216
Societe Generale SA 14.000 8/8/2024 USD 37.100
Societe Generale SA 15.000 9/29/2025 USD 6.370
Societe Generale SA 22.750 10/17/2024 USD 22.100
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Privatbank CJSC Via UK 11.000 2/9/2021 USD 1.000
Credit Suisse AG/Londo 20.000 11/29/2024 USD 15.740
Societe Generale SA 26.640 10/30/2025 USD 2.170
Credit Suisse AG/Londo 11.200 8/26/2024 USD 39.300
UBS AG/London 16.500 7/22/2024 CHF 22.020
Deutsche Bank AG/Londo 14.900 5/30/2028 TRY 48.606
Societe Generale SA 20.000 11/28/2025 USD 5.650
Societe Generale SA 20.000 12/18/2025 USD 19.600
Societe Generale SA 27.300 10/20/2025 USD 8.400
Societe Generale SA 11.000 7/14/2026 USD 12.350
Societe Generale SA 20.000 1/29/2026 USD 15.300
Societe Generale SA 20.000 7/21/2026 USD 3.940
Societe Generale SA 23.510 6/23/2026 USD 3.943
Virgolino de Oliveira 10.875 1/13/2020 USD 36.000
Societe Generale SA 16.000 7/3/2024 USD 16.500
BNP Paribas Issuance B 20.000 9/18/2026 EUR 28.600
Societe Generale SA 20.000 9/18/2026 USD 12.110
Sidetur Finance BV 10.000 4/20/2016 USD 0.373
Societe Generale SA 21.000 12/26/2025 USD 26.000
Societe Generale SA 16.000 8/1/2024 USD 13.800
Societe Generale SA 15.000 8/1/2024 USD 18.700
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
KPNQwest NV 10.000 3/15/2012 EUR 0.773
Petromena ASA 10.850 11/19/2018 USD 0.622
Deutsche Bank AG/Londo 12.780 3/16/2028 TRY 45.239
Ukraine Government Bon 11.000 4/24/2037 UAH 27.286
Societe Generale SA 16.000 8/1/2024 USD 30.600
Ukraine Government Bon 12.500 4/27/2029 UAH 38.506
Ukraine Government Bon 11.000 4/20/2037 UAH 24.435
Leonteq Securities AG/ 26.000 7/24/2024 CHF 47.920
Fast Credit Capital UC 11.500 7/13/2024 AMD 0.000
Converse Bank 10.500 5/22/2024 AMD 9.400
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 1.013
Lehman Brothers Treasu 11.750 3/1/2010 EUR 0.100
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Bank Julius Baer & Co 13.600 6/17/2024 CHF 50.100
Societe Generale SA 16.000 7/3/2024 USD 28.500
Bank Vontobel AG 13.000 6/26/2024 CHF 6.600
Russian Railways JSC 8.720 10/15/2040 RUB 50.000
Bank Vontobel AG 10.000 5/28/2024 CHF 5.400
UBS AG/London 21.600 8/2/2027 SEK 43.710
Inecobank CJSC 10.000 4/28/2025 AMD 0.000
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
Basler Kantonalbank 24.000 7/5/2024 CHF 35.500
Ukraine Government Bon 10.570 5/10/2027 UAH 44.648
Zurcher Kantonalbank F 24.673 6/28/2024 CHF 41.500
National Mortgage Co R 12.000 3/30/2026 AMD 0.000
Bilt Paper BV 10.360 USD 1.538
Virgolino de Oliveira 11.750 2/9/2022 USD 0.677
Lehman Brothers Treasu 14.900 9/15/2008 EUR 0.100
Ukraine Government Bon 11.000 2/16/2037 UAH 24.593
Ukraine Government Bon 11.000 3/24/2037 UAH 24.726
Ukraine Government Bon 11.000 4/8/2037 UAH 24.791
Ukraine Government Bon 11.000 4/1/2037 UAH 24.759
Bank Vontobel AG 13.500 1/8/2025 CHF 17.200
Leonteq Securities AG 24.000 1/13/2025 CHF 27.030
Bank Vontobel AG 14.000 3/5/2025 CHF 43.700
Landesbank Baden-Wuert 11.500 9/27/2024 EUR 49.000
UBS AG/London 19.500 7/19/2024 CHF 42.900
Bank Vontobel AG 18.000 7/19/2024 CHF 39.400
Leonteq Securities AG/ 27.000 7/24/2024 CHF 11.490
Landesbank Baden-Wuert 15.500 1/24/2025 EUR 44.910
Landesbank Baden-Wuert 12.500 6/28/2024 EUR 40.550
Landesbank Baden-Wuert 14.500 6/28/2024 EUR 36.180
Swissquote Bank SA 25.080 6/12/2024 CHF 38.150
EFG International Fina 11.120 12/27/2024 EUR 34.610
Bank Julius Baer & Co 15.300 6/17/2024 EUR 50.050
Russian Railways JSC 12.940 2/28/2040 RUB 50.000
Vontobel Financial Pro 19.500 6/28/2024 EUR 49.420
Raiffeisen Schweiz Gen 20.000 6/12/2024 CHF 32.240
Citigroup Global Marke 25.530 2/18/2025 EUR 1.180
UniCredit Bank GmbH 19.200 6/28/2024 EUR 46.480
BNP Paribas Emissions- 13.000 6/27/2024 EUR 50.300
Zurcher Kantonalbank F 16.000 6/14/2024 CHF 46.980
UBS AG/London 18.500 6/14/2024 CHF 26.240
Leonteq Securities AG/ 11.000 5/13/2024 CHF 35.470
Bank Julius Baer & Co 12.720 2/17/2025 CHF 41.100
Bank Vontobel AG 21.000 6/10/2024 CHF 36.100
Zurcher Kantonalbank F 17.500 6/7/2024 CHF 49.960
Raiffeisen Switzerland 18.000 6/12/2024 CHF 36.770
Raiffeisen Switzerland 16.000 6/12/2024 CHF 24.850
Zurcher Kantonalbank F 13.000 6/7/2024 CHF 46.490
Basler Kantonalbank 16.000 6/14/2024 CHF 24.180
EFG International Fina 24.000 6/14/2024 CHF 35.190
Ist Saiberian Petroleu 14.000 12/28/2024 RUB 10.170
UBS AG/London 13.500 8/15/2024 CHF 47.850
DZ Bank AG Deutsche Ze 11.200 6/28/2024 EUR 44.330
Landesbank Baden-Wuert 18.000 1/3/2025 EUR 49.380
Landesbank Baden-Wuert 15.000 1/3/2025 EUR 52.200
UBS AG/London 13.000 9/30/2024 CHF 17.880
UniCredit Bank GmbH 14.900 9/27/2024 EUR 46.690
Landesbank Baden-Wuert 13.000 3/28/2025 EUR 50.060
Leonteq Securities AG/ 22.000 10/2/2024 CHF 49.200
Landesbank Baden-Wuert 10.500 1/2/2026 EUR 48.660
Landesbank Baden-Wuert 15.000 3/28/2025 EUR 48.470
DZ Bank AG Deutsche Ze 13.250 6/26/2024 EUR 52.290
DZ Bank AG Deutsche Ze 14.000 9/25/2024 EUR 48.770
ObedinenieAgroElita OO 13.750 5/22/2024 RUB 50.000
Leonteq Securities AG/ 10.340 8/31/2026 EUR 53.030
UniCredit Bank GmbH 19.800 6/28/2024 EUR 29.390
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
UniCredit Bank GmbH 16.550 8/18/2025 USD 27.710
UniCredit Bank GmbH 13.800 9/27/2024 EUR 34.610
UniCredit Bank GmbH 15.800 9/27/2024 EUR 32.850
UniCredit Bank GmbH 16.900 9/27/2024 EUR 32.160
UniCredit Bank GmbH 19.100 9/27/2024 EUR 31.040
UniCredit Bank GmbH 18.000 9/27/2024 EUR 31.560
Societe Generale SA 15.000 10/31/2024 USD 49.800
Landesbank Baden-Wuert 23.000 6/28/2024 EUR 47.550
Landesbank Baden-Wuert 19.000 1/3/2025 EUR 52.260
Landesbank Baden-Wuert 25.000 1/3/2025 EUR 48.360
Landesbank Baden-Wuert 27.000 9/27/2024 EUR 51.670
UniCredit Bank GmbH 14.800 9/27/2024 EUR 33.670
Landesbank Baden-Wuert 27.000 6/28/2024 EUR 45.160
Landesbank Baden-Wuert 22.000 1/3/2025 EUR 49.020
Leonteq Securities AG 24.000 1/9/2025 CHF 49.560
Leonteq Securities AG 28.000 9/5/2024 CHF 45.040
UniCredit Bank GmbH 14.700 8/23/2024 EUR 33.590
UniCredit Bank GmbH 14.500 11/22/2024 EUR 36.940
UniCredit Bank GmbH 13.100 2/28/2025 EUR 40.660
UniCredit Bank GmbH 13.800 2/28/2025 EUR 40.000
UniCredit Bank GmbH 14.500 2/28/2025 EUR 39.220
UniCredit Bank GmbH 14.800 9/27/2024 EUR 36.450
UniCredit Bank GmbH 16.400 9/27/2024 EUR 42.500
Vontobel Financial Pro 15.500 6/28/2024 EUR 46.720
Vontobel Financial Pro 13.250 9/27/2024 EUR 49.490
BNP Paribas Issuance B 19.000 9/18/2026 EUR 0.820
HSBC Trinkaus & Burkha 20.250 6/28/2024 EUR 24.800
HSBC Trinkaus & Burkha 17.500 12/30/2024 EUR 32.720
HSBC Trinkaus & Burkha 18.750 9/27/2024 EUR 29.020
Bank Vontobel AG 12.000 9/30/2024 EUR 12.500
UniCredit Bank GmbH 14.300 8/23/2024 EUR 36.560
UniCredit Bank GmbH 13.900 11/22/2024 EUR 39.680
UniCredit Bank GmbH 13.700 9/27/2024 EUR 37.640
UniCredit Bank GmbH 15.100 9/27/2024 EUR 44.230
UniCredit Bank GmbH 13.500 2/28/2025 EUR 42.810
Societe Generale SA 25.260 10/30/2025 USD 8.557
HSBC Trinkaus & Burkha 17.600 9/27/2024 EUR 32.200
HSBC Trinkaus & Burkha 15.100 12/30/2024 EUR 35.940
HSBC Trinkaus & Burkha 12.500 12/30/2024 EUR 38.300
HSBC Trinkaus & Burkha 10.800 12/30/2024 EUR 40.620
UniCredit Bank GmbH 10.700 2/3/2025 EUR 24.590
UniCredit Bank GmbH 10.700 2/17/2025 EUR 24.850
Societe Generale SA 15.110 10/31/2024 USD 28.000
Landesbank Baden-Wuert 10.000 10/25/2024 EUR 37.550
Landesbank Baden-Wuert 11.500 10/25/2024 EUR 32.680
EFG International Fina 10.300 8/23/2024 USD 31.280
UniCredit Bank GmbH 17.800 6/28/2024 EUR 27.020
UniCredit Bank GmbH 19.200 6/28/2024 EUR 26.290
UniCredit Bank GmbH 18.800 12/31/2024 EUR 33.710
Landesbank Baden-Wuert 10.000 8/23/2024 EUR 44.250
BNP Paribas Emissions- 18.000 6/27/2024 EUR 47.300
BNP Paribas Emissions- 20.000 6/27/2024 EUR 47.560
BNP Paribas Emissions- 23.000 6/27/2024 EUR 46.020
BNP Paribas Emissions- 17.000 6/27/2024 EUR 49.280
BNP Paribas Emissions- 21.000 6/27/2024 EUR 45.760
Leonteq Securities AG 28.000 8/21/2024 CHF 41.810
Armenian Economy Devel 10.500 5/4/2025 AMD 0.000
UniCredit Bank GmbH 15.700 6/28/2024 EUR 44.890
UBS AG/London 10.000 3/23/2026 USD 27.090
HSBC Trinkaus & Burkha 17.000 6/28/2024 EUR 33.120
Societe Generale SA 10.010 8/29/2024 USD 47.400
Societe Generale SA 15.360 11/8/2024 USD 24.400
DZ Bank AG Deutsche Ze 16.000 6/28/2024 EUR 32.670
UniCredit Bank GmbH 19.500 6/28/2024 EUR 30.820
Leonteq Securities AG/ 20.000 8/7/2024 CHF 10.270
Leonteq Securities AG/ 30.000 8/7/2024 CHF 28.920
UniCredit Bank GmbH 18.500 12/31/2024 EUR 38.210
UniCredit Bank GmbH 19.300 12/31/2024 EUR 37.600
Raiffeisen Schweiz Gen 20.000 8/7/2024 CHF 37.580
UniCredit Bank GmbH 18.200 6/28/2024 EUR 31.960
Leonteq Securities AG/ 22.000 8/7/2024 CHF 28.750
DZ Bank AG Deutsche Ze 10.750 12/27/2024 EUR 45.000
UniCredit Bank GmbH 19.300 12/31/2024 EUR 36.610
Societe Generale SA 15.840 8/30/2024 USD #N/A N/A
UniCredit Bank GmbH 10.500 9/23/2024 EUR 30.130
Evocabank CJSC 11.000 9/28/2024 AMD 0.000
Leonteq Securities AG/ 21.000 8/14/2024 CHF 42.000
Leonteq Securities AG 20.000 7/3/2024 CHF 9.410
Leonteq Securities AG 26.000 7/3/2024 CHF 33.810
Swissquote Bank SA 23.990 7/3/2024 CHF 40.930
HSBC Trinkaus & Burkha 18.100 12/30/2024 EUR 47.330
HSBC Trinkaus & Burkha 15.700 12/30/2024 EUR 50.630
Corner Banca SA 18.500 9/23/2024 CHF 14.250
Raiffeisen Switzerland 20.000 6/26/2024 CHF 32.910
Vontobel Financial Pro 23.000 6/28/2024 EUR 41.620
Vontobel Financial Pro 11.000 6/28/2024 EUR 47.340
Leonteq Securities AG/ 27.600 6/26/2024 CHF 28.900
UniCredit Bank GmbH 15.600 6/28/2024 EUR 46.790
UniCredit Bank GmbH 14.100 6/28/2024 EUR 48.690
Vontobel Financial Pro 18.000 6/28/2024 EUR 46.090
Vontobel Financial Pro 19.500 6/28/2024 EUR 44.430
Vontobel Financial Pro 12.500 6/28/2024 EUR 47.550
Leonteq Securities AG 23.000 6/26/2024 CHF 35.910
Leonteq Securities AG/ 20.000 9/26/2024 USD 31.780
Leonteq Securities AG/ 21.600 6/26/2024 CHF 8.820
Leonteq Securities AG/ 25.000 9/5/2024 EUR 49.720
Swissquote Bank SA 29.000 6/4/2024 CHF 43.950
Leonteq Securities AG 24.000 9/4/2024 CHF 48.420
UniCredit Bank GmbH 19.400 6/28/2024 EUR 28.240
UniCredit Bank GmbH 19.100 12/31/2024 EUR 35.550
UniCredit Bank GmbH 20.000 12/31/2024 EUR 34.860
Leonteq Securities AG/ 24.000 8/14/2024 CHF 42.870
Zurcher Kantonalbank F 22.000 8/6/2024 USD 34.130
Leonteq Securities AG/ 20.000 7/3/2024 CHF 40.130
UniCredit Bank GmbH 16.100 12/31/2024 EUR 48.200
UniCredit Bank GmbH 17.000 12/31/2024 EUR 46.510
UniCredit Bank GmbH 18.000 12/31/2024 EUR 45.140
UniCredit Bank GmbH 18.900 12/31/2024 EUR 43.910
UniCredit Bank GmbH 19.800 12/31/2024 EUR 42.850
Vontobel Financial Pro 24.500 9/27/2024 EUR 44.720
Bank Vontobel AG 20.500 11/4/2024 CHF 38.500
Leonteq Securities AG/ 22.000 8/14/2024 CHF 41.440
Vontobel Financial Pro 24.500 6/28/2024 EUR 40.370
UniCredit Bank GmbH 10.300 9/27/2024 EUR 30.540
Landesbank Baden-Wuert 15.000 8/23/2024 EUR 35.330
UBS AG/London 14.250 8/19/2024 CHF 30.150
Raiffeisen Switzerland 10.500 7/11/2024 USD 24.330
Leonteq Securities AG 24.000 9/25/2024 CHF 50.590
Raiffeisen Schweiz Gen 20.000 9/25/2024 CHF 40.400
Raiffeisen Schweiz Gen 20.000 9/25/2024 CHF 28.500
UniCredit Bank GmbH 15.800 6/28/2024 EUR 24.950
UniCredit Bank GmbH 17.000 6/28/2024 EUR 24.320
UniCredit Bank GmbH 18.200 6/28/2024 EUR 23.750
UniCredit Bank GmbH 19.500 6/28/2024 EUR 23.240
UniCredit Bank GmbH 17.200 12/31/2024 EUR 31.270
UniCredit Bank GmbH 18.000 12/31/2024 EUR 31.110
UniCredit Bank GmbH 18.800 12/31/2024 EUR 30.990
UniCredit Bank GmbH 19.600 12/31/2024 EUR 30.910
Leonteq Securities AG 20.000 9/18/2024 CHF 50.810
UniCredit Bank GmbH 19.700 12/31/2024 EUR 33.510
HSBC Trinkaus & Burkha 22.250 6/27/2025 EUR 47.500
HSBC Trinkaus & Burkha 17.500 6/27/2025 EUR 50.470
HSBC Trinkaus & Burkha 11.250 6/27/2025 EUR 39.660
HSBC Trinkaus & Burkha 15.500 6/27/2025 EUR 36.930
Leonteq Securities AG 23.000 12/27/2024 CHF 33.390
Bank Vontobel AG 12.250 6/17/2024 CHF 44.100
UBS AG/London 15.750 10/21/2024 CHF 47.450
UBS AG/London 14.250 7/12/2024 EUR 17.700
Landesbank Baden-Wuert 11.000 1/3/2025 EUR 39.720
HSBC Trinkaus & Burkha 17.400 6/28/2024 EUR 47.520
Vontobel Financial Pro 14.500 6/28/2024 EUR 48.730
Vontobel Financial Pro 11.000 6/28/2024 EUR 40.630
Basler Kantonalbank 17.000 7/19/2024 CHF 40.060
Vontobel Financial Pro 16.500 6/28/2024 EUR 46.070
Vontobel Financial Pro 19.500 6/28/2024 EUR 43.870
Bank Vontobel AG 20.000 6/26/2024 CHF 32.900
UniCredit Bank GmbH 13.400 9/27/2024 EUR 39.310
Raiffeisen Schweiz Gen 16.000 7/24/2024 CHF 47.200
HSBC Trinkaus & Burkha 14.800 12/30/2024 EUR 38.260
HSBC Trinkaus & Burkha 13.400 12/30/2024 EUR 39.620
HSBC Trinkaus & Burkha 17.500 9/27/2024 EUR 48.550
HSBC Trinkaus & Burkha 17.400 12/30/2024 EUR 41.440
HSBC Trinkaus & Burkha 19.000 3/28/2025 EUR 39.570
HSBC Trinkaus & Burkha 16.300 3/28/2025 EUR 40.860
HSBC Trinkaus & Burkha 19.600 11/22/2024 EUR 41.970
Bank Vontobel AG 10.000 8/19/2024 CHF 7.900
Leonteq Securities AG/ 15.000 7/24/2024 CHF 8.760
Bank Vontobel AG 25.000 7/22/2024 USD 25.200
Vontobel Financial Pro 16.500 6/28/2024 EUR 47.920
Vontobel Financial Pro 15.000 6/28/2024 EUR 49.950
Vontobel Financial Pro 14.000 6/28/2024 EUR 47.750
Vontobel Financial Pro 21.500 6/28/2024 EUR 42.990
UniCredit Bank GmbH 17.800 6/28/2024 EUR 43.350
Bank Vontobel AG 22.000 5/31/2024 CHF 21.100
Finca Uco Cjsc 13.000 11/16/2024 AMD 0.000
Bank Vontobel AG 10.000 9/2/2024 EUR 50.000
Leonteq Securities AG/ 16.000 6/20/2024 CHF 25.370
Raiffeisen Switzerland 20.000 6/19/2024 CHF 36.520
HSBC Trinkaus & Burkha 19.700 6/28/2024 EUR 42.510
HSBC Trinkaus & Burkha 15.500 6/28/2024 EUR 52.440
Swissquote Bank SA 20.120 6/20/2024 CHF 9.330
DZ Bank AG Deutsche Ze 19.400 6/28/2024 EUR 45.390
Leonteq Securities AG/ 20.000 6/19/2024 CHF 35.620
Leonteq Securities AG/ 24.000 6/19/2024 CHF 36.440
Leonteq Securities AG/ 23.400 6/19/2024 CHF 35.080
Leonteq Securities AG/ 15.000 9/12/2024 USD 24.020
Leonteq Securities AG/ 21.000 5/22/2024 USD 25.160
Raiffeisen Switzerland 20.000 5/22/2024 CHF 30.180
Leonteq Securities AG/ 19.000 6/10/2024 CHF 34.180
BNP Paribas Emissions- 16.000 6/27/2024 EUR 49.060
DZ Bank AG Deutsche Ze 16.900 6/28/2024 EUR 51.850
Leonteq Securities AG/ 30.000 5/8/2024 CHF 24.420
Landesbank Baden-Wuert 13.000 1/3/2025 EUR 39.240
DZ Bank AG Deutsche Ze 12.500 6/26/2024 EUR 42.990
Raiffeisen Switzerland 20.000 5/8/2024 EUR 46.330
Bank Vontobel AG 10.500 7/29/2024 EUR 47.900
UBS AG/London 13.750 7/1/2024 CHF 35.150
Raiffeisen Switzerland 17.500 5/30/2024 CHF 39.250
Swissquote Bank SA 26.980 6/5/2024 CHF 32.140
Armenian Economy Devel 11.000 10/3/2025 AMD 0.000
Leonteq Securities AG/ 14.000 7/3/2024 CHF 8.620
Leonteq Securities AG/ 21.000 6/5/2024 CHF 38.640
Landesbank Baden-Wuert 15.500 9/27/2024 EUR 40.180
Leonteq Securities AG/ 24.000 6/5/2024 CHF 35.770
Leonteq Securities AG/ 28.000 6/5/2024 CHF 26.820
Vontobel Financial Pro 10.750 6/28/2024 EUR 49.170
Raiffeisen Switzerland 16.000 5/22/2024 CHF 24.040
Leonteq Securities AG/ 26.000 5/22/2024 CHF 26.470
Leonteq Securities AG/ 24.000 5/22/2024 CHF 38.700
ACBA Bank OJSC 11.500 3/1/2026 AMD 9.250
Bank Vontobel AG 12.000 6/10/2024 CHF 37.600
UBS AG/London 14.500 10/14/2024 CHF 44.950
HSBC Trinkaus & Burkha 13.600 9/27/2024 EUR 45.900
Finca Uco Cjsc 12.500 6/21/2024 AMD 0.000
Leonteq Securities AG 24.000 7/3/2024 CHF 37.910
HSBC Trinkaus & Burkha 15.900 9/27/2024 EUR 42.000
Landesbank Baden-Wuert 18.000 11/22/2024 EUR 50.130
HSBC Trinkaus & Burkha 18.300 9/27/2024 EUR 39.120
Landesbank Baden-Wuert 13.300 8/23/2024 EUR 42.210
DZ Bank AG Deutsche Ze 12.000 9/25/2024 EUR 52.400
Raiffeisen Schweiz Gen 20.000 9/11/2024 CHF 44.210
DZ Bank AG Deutsche Ze 12.750 6/26/2024 EUR 52.190
Citigroup Global Marke 14.650 7/22/2024 HKD 35.865
Leonteq Securities AG/ 28.000 5/30/2024 CHF 37.450
Leonteq Securities AG/ 27.000 5/30/2024 CHF 6.250
Ameriabank CJSC 10.000 2/20/2025 AMD 9.010
Zurcher Kantonalbank F 21.000 5/17/2024 CHF 45.110
Leonteq Securities AG/ 26.000 7/31/2024 CHF 35.740
Landesbank Baden-Wuert 12.000 1/24/2025 EUR 51.650
UniCredit Bank GmbH 11.900 6/28/2024 EUR 50.850
UniCredit Bank GmbH 18.000 6/28/2024 EUR 38.600
UniCredit Bank GmbH 19.800 6/28/2024 EUR 35.080
Zurcher Kantonalbank F 22.000 7/24/2024 USD 51.500
Swissquote Bank SA 27.050 7/31/2024 CHF 42.400
Swissquote Bank SA 16.380 7/31/2024 CHF 8.510
UniCredit Bank GmbH 13.200 6/28/2024 EUR 49.000
UniCredit Bank GmbH 17.100 6/28/2024 EUR 40.670
UniCredit Bank GmbH 18.900 6/28/2024 EUR 36.730
Landesbank Baden-Wuert 20.000 5/24/2024 EUR 48.810
Leonteq Securities AG 24.000 8/21/2024 CHF 46.420
Raiffeisen Switzerland 12.300 8/21/2024 CHF 12.300
Basler Kantonalbank 18.000 6/21/2024 CHF 37.700
DZ Bank AG Deutsche Ze 23.200 6/28/2024 EUR 47.720
DZ Bank AG Deutsche Ze 24.100 6/28/2024 EUR 50.750
HSBC Trinkaus & Burkha 17.300 9/27/2024 EUR 34.400
HSBC Trinkaus & Burkha 11.200 12/30/2024 EUR 42.820
HSBC Trinkaus & Burkha 19.600 12/30/2024 EUR 39.800
HSBC Trinkaus & Burkha 15.200 12/30/2024 EUR 43.470
HSBC Trinkaus & Burkha 18.100 3/28/2025 EUR 39.960
HSBC Trinkaus & Burkha 14.400 3/28/2025 EUR 42.430
Vontobel Financial Pro 17.000 9/27/2024 EUR 49.000
Vontobel Financial Pro 18.000 9/27/2024 EUR 47.590
Vontobel Financial Pro 21.000 9/27/2024 EUR 45.450
Vontobel Financial Pro 23.500 6/28/2024 EUR 40.950
Raiffeisen Switzerland 20.000 7/10/2024 CHF 39.270
ACBA Bank OJSC 11.000 12/1/2025 AMD 9.400
UBS AG/London 19.000 7/12/2024 CHF 36.500
Bank Vontobel AG 18.000 6/28/2024 CHF 38.300
Swissquote Bank SA 25.390 5/30/2024 CHF 39.930
Swissquote Bank SA 20.240 7/10/2024 CHF 56.540
Swissquote Bank SA 26.120 7/10/2024 CHF 37.210
Leonteq Securities AG/ 20.000 7/17/2024 CHF 45.340
HSBC Trinkaus & Burkha 19.000 6/28/2024 EUR 27.250
HSBC Trinkaus & Burkha 11.000 6/28/2024 EUR 35.690
HSBC Trinkaus & Burkha 15.000 6/28/2024 EUR 46.610
HSBC Trinkaus & Burkha 15.000 6/28/2024 EUR 30.050
Leonteq Securities AG 24.000 7/10/2024 CHF 40.030
Leonteq Securities AG 26.000 7/10/2024 CHF 36.920
UBS AG/London 18.750 5/31/2024 CHF 26.480
Swissquote Bank SA 21.320 7/17/2024 CHF 44.830
Swissquote Bank SA 26.040 7/17/2024 CHF 38.640
Leonteq Securities AG 21.000 7/17/2024 CHF 44.710
UniCredit Bank GmbH 19.700 6/28/2024 EUR 33.520
UniCredit Bank GmbH 18.600 12/31/2024 EUR 40.680
UniCredit Bank GmbH 19.500 12/31/2024 EUR 39.910
Bank Vontobel AG 23.000 6/4/2024 CHF 38.300
Vontobel Financial Pro 18.000 6/28/2024 EUR 49.210
Leonteq Securities AG/ 24.000 7/10/2024 CHF 36.840
Vontobel Financial Pro 21.000 6/28/2024 EUR 46.690
Swissquote Bank SA 24.040 9/11/2024 CHF 46.090
Leonteq Securities AG/ 22.000 9/11/2024 CHF 44.760
Leonteq Securities AG 18.000 9/11/2024 CHF 16.360
Vontobel Financial Pro 19.500 9/27/2024 EUR 46.510
Raiffeisen Switzerland 20.000 5/10/2024 CHF 40.990
UniCredit Bank GmbH 14.700 11/22/2024 EUR 38.490
EFG International Fina 15.000 7/12/2024 CHF 34.110
Swissquote Bank SA 23.200 8/28/2024 CHF 48.590
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
Vontobel Financial Pro 16.000 6/28/2024 EUR 47.420
Vontobel Financial Pro 19.000 6/28/2024 EUR 45.080
Leonteq Securities AG/ 23.000 5/15/2024 CHF 44.530
Raiffeisen Schweiz Gen 19.500 6/6/2024 CHF 38.700
Vontobel Financial Pro 13.500 6/28/2024 EUR 50.200
Leonteq Securities AG 20.000 8/28/2024 CHF 13.420
Raiffeisen Schweiz Gen 20.000 8/28/2024 CHF 17.200
UBS AG/London 25.000 7/12/2024 CHF 42.200
Landesbank Baden-Wuert 11.000 6/28/2024 EUR 27.310
Bank Vontobel AG 15.500 11/18/2024 CHF 42.900
Basler Kantonalbank 21.000 7/5/2024 CHF 39.740
Leonteq Securities AG 24.000 7/17/2024 CHF 31.530
Basler Kantonalbank 22.000 9/6/2024 CHF 45.360
UniCredit Bank GmbH 15.000 8/23/2024 EUR 35.130
Vontobel Financial Pro 18.000 9/27/2024 EUR 26.410
Leonteq Securities AG/ 23.000 7/24/2024 CHF 36.170
Vontobel Financial Pro 24.750 6/28/2024 EUR 31.590
Vontobel Financial Pro 23.000 6/28/2024 EUR 49.880
Leonteq Securities AG/ 19.000 6/3/2024 CHF 46.740
Leonteq Securities AG/ 19.000 5/24/2024 CHF 9.170
Societe Generale SA 16.000 8/30/2024 USD 20.400
Societe Generale SA 16.000 8/30/2024 USD 27.500
Societe Generale SA 18.000 8/30/2024 USD 14.000
Societe Generale SA 15.000 8/30/2024 USD 18.300
Bank Vontobel AG 11.500 5/16/2024 CHF 51.400
Leonteq Securities AG/ 24.000 5/17/2024 CHF 63.310
Basler Kantonalbank 18.000 6/17/2024 CHF 34.490
UBS AG/London 11.250 9/16/2024 EUR 50.950
Ukraine Government Bon 12.500 10/12/2029 UAH 37.196
Ukraine Government Bon 11.870 1/6/2027 UAH 49.217
Ukraine Government Bon 11.580 2/2/2028 UAH 41.453
Ukraine Government Bon 11.110 3/29/2028 UAH 39.925
Ukraine Government Bon 11.880 12/9/2026 UAH 49.941
Ukraine Government Bon 11.570 3/1/2028 UAH 41.065
Ukraine Government Bon 10.710 4/26/2028 UAH 38.912
Lehman Brothers Treasu 18.250 10/2/2008 USD 0.100
Lehman Brothers Treasu 14.900 11/16/2010 EUR 0.100
Lehman Brothers Treasu 16.000 10/8/2008 CHF 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 12/20/2017 AUD 0.100
Lehman Brothers Treasu 11.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 10.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 13.000 2/16/2009 CHF 0.100
Lehman Brothers Treasu 10.000 10/23/2008 USD 0.100
Lehman Brothers Treasu 10.000 10/22/2008 USD 0.100
Lehman Brothers Treasu 16.000 10/28/2008 USD 0.100
Lehman Brothers Treasu 16.200 5/14/2009 USD 0.100
Lehman Brothers Treasu 10.600 4/22/2014 MXN 0.100
Lehman Brothers Treasu 16.000 11/9/2008 USD 0.100
Lehman Brothers Treasu 10.000 5/22/2009 USD 0.100
Lehman Brothers Treasu 15.000 6/4/2009 CHF 0.100
Lehman Brothers Treasu 10.442 11/22/2008 CHF 0.100
Lehman Brothers Treasu 17.000 6/2/2009 USD 0.100
Lehman Brothers Treasu 13.500 6/2/2009 USD 0.100
Lehman Brothers Treasu 23.300 9/16/2008 USD 0.100
Lehman Brothers Treasu 12.400 6/12/2009 USD 0.100
Lehman Brothers Treasu 10.000 6/17/2009 USD 0.100
Lehman Brothers Treasu 11.000 7/4/2011 USD 0.100
Lehman Brothers Treasu 11.000 7/4/2011 CHF 0.100
Lehman Brothers Treasu 12.000 7/4/2011 EUR 0.100
Lehman Brothers Treasu 16.000 12/26/2008 USD 0.100
Lehman Brothers Treasu 13.432 1/8/2009 ILS 0.100
Lehman Brothers Treasu 13.150 10/30/2008 USD 0.100
Lehman Brothers Treasu 16.800 8/21/2009 USD 0.100
Lehman Brothers Treasu 14.100 11/12/2008 USD 0.100
Lehman Brothers Treasu 11.250 12/31/2008 USD 0.100
Lehman Brothers Treasu 13.000 12/14/2012 USD 0.100
Lehman Brothers Treasu 12.000 7/13/2037 JPY 0.100
Lehman Brothers Treasu 10.000 6/11/2038 JPY 0.100
BLT Finance BV 12.000 2/10/2015 USD 10.500
Banco Espirito Santo S 10.000 12/6/2021 EUR 0.058
Lehman Brothers Treasu 10.500 8/9/2010 EUR 0.100
Lehman Brothers Treasu 10.000 3/27/2009 USD 0.100
Lehman Brothers Treasu 11.000 6/29/2009 EUR 0.100
Lehman Brothers Treasu 11.000 12/19/2011 USD 0.100
Lehman Brothers Treasu 15.000 3/30/2011 EUR 0.100
Lehman Brothers Treasu 13.500 11/28/2008 USD 0.100
Bulgaria Steel Finance 12.000 5/4/2013 EUR 0.216
Lehman Brothers Treasu 13.000 7/25/2012 EUR 0.100
Teksid Aluminum Luxemb 12.375 7/15/2011 EUR 0.619
Credit Agricole Corpor 10.500 2/16/2027 TRY 50.684
Ukraine Government Bon 10.360 11/10/2027 UAH 40.791
Credit Agricole Corpor 10.200 12/13/2027 TRY 46.425
Codere Finance 2 Luxem 12.750 11/30/2027 EUR 1.035
Privatbank CJSC Via UK 10.875 2/28/2018 USD 5.264
UkrLandFarming PLC 10.875 3/26/2018 USD 4.206
Tailwind Energy Chinoo 12.500 9/27/2019 USD 1.500
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 0.242
PA Resources AB 13.500 3/3/2016 SEK 0.124
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2024. All rights reserved. ISSN 1529-2754.
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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